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)
Jeremy D. Franklin, Esq.
TIAA-CREF Life Funds
8500 Andrew Carnegie Blvd.
Charlotte, N.C. 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2018
Item 1. Reports to Stockholders.
Semiannual Report ∎ June 30, 2018 | ||
TIAA-CREF Life Funds | ||
The semiannual report contains the financial statements (unaudited).
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Fund name
| Ticker
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| ||||||
Growth Equity Fund
|
TLGQX
| |||||
| ||||||
Growth & Income Fund
|
TLGWX
| |||||
| ||||||
Large-Cap Value Fund
|
TLLVX
| |||||
| ||||||
Real Estate Securities Fund
|
TLRSX
| |||||
| ||||||
Small-Cap Equity Fund
|
TLEQX
| |||||
| ||||||
Social Choice Equity Fund
|
TLCHX
| |||||
| ||||||
Stock Index Fund
|
TLSTX
| |||||
| ||||||
International Equity Fund
|
TLINX
| |||||
| ||||||
Bond Fund
|
TLBDX
| |||||
| ||||||
Money Market Fund
|
TLMXX
| |||||
| ||||||
Balanced Fund
|
TLBAX
| |||||
|
Contents
| 3 | |
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4 | |
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6 | |
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7 | |
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9 | |
Fund performance | ||
10 | ||
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13 | |
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16 | |
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19 | |
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22 | |
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25 | |
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28 | |
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31 | |
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34 | |
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37 | |
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40 | |
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43 | |
Financial statements (unaudited) | ||
84 | ||
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88 | |
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92 | |
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100 | |
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106 | |
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121 | |
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132 | |
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Inside back cover
|
This semiannual report contains information about the TIAA-CREF Life Funds and describes their results for the six months ended June 30, 2018. 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, 2018. |
• | 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 read 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 the performance of your variable annuity and variable life insurance separate accounts, please visit TIAA.org.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-223-1200. We urge you to read the prospectus carefully before investing.
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 3
Global equity markets generated mixed results during the first six months of 2018 amid rising U.S. interest rates and uneven economic growth overseas. The U.S. economy expanded at a healthy pace, and domestic stocks gained ground during the period. The Federal Reserve raised the federal funds target rate twice during the period in response to the economy’s continued growth. Yields on shorter-term U.S. Treasury securities rose more than those on longer-term government bonds, possibly reflecting uncertainty about the pace of future economic expansion. Growth of some foreign economies slowed, and international stocks recorded losses. Central banks in Europe committed to maintaining historically low benchmark interest rates well into 2019.
• | Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from a decline of 4.8% for the International Equity Fund to a gain of 10.9% for the Growth Equity Fund. |
• | The Balanced Fund advanced 0.3%, while the Bond Fund fell 2.0%. |
• | The majority of TIAA-CREF Life Funds (including the Money Market Fund) either outperformed or matched their respective benchmarks for the six-month period. |
TIAA-CREF Life Funds performance review
In the first half of 2018, the majority of TIAA-CREF Life Funds either outpaced or performed in line with their respective benchmarks. Domestic growth stocks outperformed value shares, and smaller-cap equities outpaced large-cap stocks. U.S.-based equities surpassed international stocks, and equities generally outpaced fixed-income securities.
The Growth Equity Fund and the Growth & Income Fund gained 10.9% and 4.2%, correspondingly, and outpaced their respective benchmarks. The Large-Cap Value Fund declined 1.2% but also outperformed its benchmark.
The Small-Cap Equity Fund gained 4.6%, but trailed the performance of its benchmark, the Russell 2000® Index. The Real Estate Securities Fund advanced 1.6%, outperforming its benchmark, the FTSE Nareit All Equity REITs Index.
The Social Choice Equity Fund, which does not invest in certain stocks because of its environmental, social and governance criteria, gained 2.5%, but underperformed its benchmark. The Stock Index Fund returned 3.2%, closely tracking its benchmark.
With respect to foreign developed-markets, the International Equity Fund declined 4.8% and underperformed its benchmark, the MSCI EAFE Index.
In the fixed-income category, the Bond Fund fell 2.0% and trailed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.
The Balanced Fund, which invests in stock and bond funds, returned 0.3%, matching the performance of its composite index benchmark, while the Money Market Fund benefited from two more U.S. interest-rate hikes during the period.
For full details on all of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.
4 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Domestic stocks advanced
The U.S. stock market, as measured by the broad-based Russell 3000® Index, returned 3.2% for the six-month period, responding to continued economic growth amid rising but moderate inflation. Domestic equity markets struggled with increased volatility during the first three months of the period but recorded solid gains in the final three months.
Foreign equities, as represented in U.S.-dollar terms by the MSCI EAFE Index, fell 2.7%.
U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, declined 1.6%, reflecting two interest-rate increases by the Federal Reserve and generally rising rates during the period. Corporate bonds were the weakest performing fixed-income sector. |
Brad Finkle
|
How to manage uncertainty
We are now in the second-longest period of economic expansion in U.S. history. The bull market for domestic stocks recently celebrated its remarkable ninth anniversary. But amid these impressive developments, there are also reasons for concern. U.S. bond yields are moving in ways that have historically warned of potential economic trouble ahead, with short-term yields showing greater increases than those for long-term bonds. Some economies in Europe and elsewhere overseas, which had been expanding in stride with the United States, now appear to be slowing. Increasing global political tensions, along with the unpredictable economic consequences of new trade tariffs, are factors worthy of caution.
It is impossible to anticipate the future direction or pace of financial markets, but change itself is a certainty. Keeping long-term goals in mind, we believe a well-balanced and diversified portfolio of financial assets is a wise and prudent way for investors to manage market change, whatever it may be. (Of course, diversification does not guarantee against market loss.)
As always, 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.
Brad Finkle
President
TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 5
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 also 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, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-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 sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
TIAA-CREF Life Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800-223-1200.
Fund management
The TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.
6 2018 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 ◾ 2018 Semiannual Report 7
About the funds’ benchmarks
Fixed-income Index
The Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
Multi-asset Class Indexes
Composite 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.
Broad market index
The Morningstar Moderately Conservative Target Risk Index has a 40% global equity market exposure based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderately Conservative Target Risk Index reflect a multi-asset class exposure and similar risk profile as the Balanced Fund.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.
FTSE International Limited (“FTSE”) © FTSE 2018. 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 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Important information about expenses
All shareholders of the TIAA-CREF Life Funds incur ongoing costs, including management fees and other fund expenses.
The TIAA-CREF Life Funds are the underlying investment vehicles for certain variable life insurance and variable annuity contracts issued by TIAA-CREF Life Insurance Company. These contracts have additional administrative expense fees and mortality and expense risk charges. Because of these additional deductions, the costs to investors will be higher than the figures shown in the expense examples. Information about these additional charges can be found in the product prospectuses.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds. Shareholders of the TIAA-CREF Life Funds do not incur a sales charge on purchases, on reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2018–June 30, 2018).
Actual expenses
The first line in each table uses the Fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with 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 ◾ 2018 Semiannual Report 9
Performance for the six months ended June 30, 2018
The Growth Equity Fund returned 10.85% for the period, compared with the 7.25% return of its benchmark, the Russell 1000® Growth Index. For the twelve months ended June 30, 2018, the Fund returned 27.33%, versus 22.51% for the index.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months.
The broad U.S. stock market, as measured by the Russell 3000® Index, advanced 3.22%. Growth stocks outperformed value shares by a wide margin, and small caps surpassed mid- and large-cap equities for the period. (Returns by investment style and capitalization size are based on the Russell indexes.)
For the ten years ended June 30, 2018, the Russell 1000 Growth Index posted an average annual return of 11.83%, versus the 8.49% average annual return of the Russell 1000 Value Index.
Fund produced double-digit gains, surpassed its benchmark
Seven of the eleven industry sectors of the Russell 1000 Growth Index produced positive returns for the six months. Consumer discretionary (up 14.2%) and information technology (up 12.2%) contributed most to the index’s return. Together, these two sectors represented more than one-half of the benchmark’s total market capitalization on June 30, 2018. The utilities, health care, financials, energy and real estate sectors each produced single-digit returns. Telecommunication services (down 4.7%) was the worst-performing sector. The consumer staples, materials and industrials sectors each generated slightly smaller losses.
The Fund produced solid gains and outperformed its benchmark through a combination of favorable stock selection and sector allocation. An overweight position in Netflix, which had triple-digit returns during the period, had the largest impact on the Fund’s relative performance. Overweight positions in technology companies Adobe Systems and Intuit also aided relative performance.
By contrast, an out-of-benchmark position in Walmart, which reported slower online sales growth, was the largest detractor from the Fund’s performance versus its benchmark. Overweight positions in Starbucks, which lowered its sales forecast, and in diversified industrial company Parker-Hannifin, which performed poorly, also hurt the Fund’s relative performance.
10 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Growth Equity Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Growth Equity Fund
|
4/3/00
|
|
10.85
|
%
|
|
27.33
|
%
|
|
17.65
|
%
|
|
11.74
|
%
|
|
0.59
|
%
|
|
0.52%
|
| |||||||
Russell 1000® Growth Index
|
—
|
|
7.25
|
|
|
22.51
|
|
|
16.36
|
|
|
11.83
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Growth Equity Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$1,108.53 |
|
|
$2.72 |
| |||
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, 2018. 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 ◾ 2018 Semiannual Report 11
Growth Equity Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$109.90 million |
| |
Portfolio turnover rate* | 46% | |||
Number of holdings | 81 | |||
Weighted median market capitalization | $99.92 billion | |||
Price/earnings ratio (weighted 12-month trailing average)†
|
|
39.79
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $50 billion |
|
73.8 |
| |
More than $15 billion–$50 billion |
|
21.1 |
| |
More than $2 billion–$15 billion
|
|
5.1
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Information technology |
|
52.0 |
| |
Consumer discretionary |
|
19.0 |
| |
Health care |
|
13.1 |
| |
Industrials |
|
7.5 |
| |
Consumer staples |
|
2.8 |
| |
Materials |
|
2.2 |
| |
Energy |
|
0.9 |
| |
Financials |
|
0.8 |
| |
Telecommunication services |
|
0.2 |
| |
Short-term investments, other assets & liabilities, net
|
|
1.5
|
| |
Total |
|
100.0 |
|
12 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2018
The Growth & Income Fund returned 4.23% for the period, compared with the 2.65% return of its benchmark, the S&P 500® Index. For the twelve months ended June 30, 2018, the Fund returned 16.91%, versus 14.37% for the index.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months.
The S&P 500 Index, a market capitalization-weighted index of the stocks of 500 leading companies in leading industries of the U.S. economy, underperformed the 3.22% return of the Russell 3000® Index, a broad measure of the U.S. stock market comprised of small-, mid- and large-cap stocks. A portion of the Russell 3000 Index consists of small-cap equities, which surpassed large caps for the period.
For the ten years ended June 30, 2018, the S&P 500 Index had an average annual return of 10.17%, versus the 10.23% average annual return of the Russell 3000 Index.
Fund advanced, outpaced its benchmark
Six of the eleven industry sectors within the S&P 500 Index gained ground for the six months. Consumer discretionary (up 11.5%), information technology (up 10.8%)—the largest sector in the benchmark—and energy (up 6.8%) performed best. Together, these three sectors represented close to one-half of the total market capitalization of the index on June 30, 2018. Consumer staples (down 9.0%) and telecommunication services (down 8.4%) were the worst performers.
Favorable stock selection helped the Fund outperform its benchmark. The top contributor was an overweight position in Netflix, which was bolstered by the success of its original content and subscriber growth outside the United States. Next was an out-of-benchmark investment in World Wrestling Entertainment, followed by an overweight position in technology company salesforce.com.
Some of the Fund’s holdings detracted, the largest of which was an out-of-benchmark position in Universal Display. The manufacturer of organic light-emitting diode technologies reported disappointing revenue growth. The next-largest detractors were overweight positions in poorly performing diversified industrial company Parker-Hannifin and flooring manufacturer Mohawk Industries.
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 13
Growth & Income Fund
Performance as of June 30, 2018
Total return
|
Average annual total return
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Growth & Income Fund
|
4/3/00
|
|
4.23
|
%
|
|
16.91
|
%
|
|
13.84
|
%
|
|
10.59
|
%
|
|
0.58
|
%
|
|
0.52%
|
| |||||||
S&P 500® Index
|
—
|
|
2.65
|
|
|
14.37
|
|
|
13.42
|
|
|
10.17
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Growth & Income Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$1,042.32 |
|
|
$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, 2018. 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 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Growth & Income Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$147.97 million |
| |
Portfolio turnover rate* |
|
28% |
| |
Number of holdings |
|
321 |
| |
Weighted median market capitalization |
|
$78.67 billion |
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
|
35.57
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $50 billion |
|
60.8 |
| |
More than $15 billion–$50 billion |
|
20.9 |
| |
More than $2 billion–$15 billion |
|
17.6 |
| |
$2 billion or less
|
|
0.7
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Information technology |
|
27.2 |
| |
Health care |
|
15.0 |
| |
Consumer discretionary |
|
14.3 |
| |
Financials |
|
11.5 |
| |
Industrials |
|
10.1 |
| |
Consumer staples |
|
8.8 |
| |
Energy |
|
6.8 |
| |
Materials |
|
3.9 |
| |
Utilities |
|
1.6 |
| |
Telecommunication services |
|
0.4 |
| |
Real estate |
|
0.1 |
| |
Short-term investments, other assets & liabilities, net
|
|
0.3
|
| |
Total |
|
100.0 |
|
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 15
Performance for the six months ended June 30, 2018
The Large-Cap Value Fund returned –1.21% for the period, compared with the –1.69% return of its benchmark, the Russell 1000® Value Index. For the twelve months ended June 30, 2018, the Fund returned 7.03%, versus 6.77% for the index.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months.
The broad U.S. stock market, as measured by the Russell 3000® Index, advanced 3.22%. Growth stocks outperformed value shares by a wide margin, and small caps surpassed mid- and large-cap equities for the period. (Returns by investment style and capitalization size are based on the Russell indexes.)
For the ten years ended June 30, 2018, the Russell 1000 Value Index generated an average annual gain of 8.49%, compared to the 11.83% average annual return of the Russell 1000 Growth Index.
Fund was more resilient than its benchmark
Six of the eleven industry sectors of the Russell 1000 Value Index posted losses for the six months. Consumer staples (down 11.7%) was the worst-performing sector. Telecommunication services (down 10.0%) and industrials (down 7.1%) were next in line, followed by financials (down 4.6%). Financials—the index’s largest sector—was hurt by concerns about banks’ profitability. Together, these four sectors represented close to one-half of the benchmark’s total market capitalization on June 30, 2018. Energy (up 7.9%) produced the strongest return amid rising oil prices, and information technology (up 4.9%) benefited from a positive earnings outlook for companies in the sector.
The Fund outperformed its benchmark on the strength of several successful stock choices, led by out-of-index positions in aircraft manufacturer Bombardier and Pandora Media. Bombardier showed good progress on its multiyear turnaround program, while Pandora benefited from higher subscription revenue. Nonbenchmark holdings in Teva Pharmaceutical Industries and semiconductor maker Advanced Micro Devices also helped. Unfavorable stock allocations dampened these positive effects. The biggest detractor was an overweight position in Kraft Heinz, followed by a lack of exposure to Twenty-First Century Fox and an out-of-benchmark investment in industrial company Triumph.
16 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Large-Cap Value Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Large-Cap Value Fund
|
10/28/02
|
|
–1.21
|
%
|
|
7.03
|
%
|
|
9.59
|
%
|
|
8.49
|
%
|
|
0.63
|
%
|
|
0.52%
|
| |||||||
Russell 1000® Value Index
|
—
|
|
–1.69
|
|
|
6.77
|
|
|
10.34
|
|
|
8.49
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Large-Cap Value Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$987.94 |
|
|
$2.56 |
| |||
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, 2018. 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 ◾ 2018 Semiannual Report 17
Large-Cap Value Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$75.46 million |
| |
Portfolio turnover rate* |
|
34% |
| |
Number of holdings |
|
179 |
| |
Weighted median market capitalization |
|
$37.31 billion |
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
|
45.40
|
|
* | The portfolio turnover rate covers the six-period from January 1, 2018–June 30, 2018 is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $50 billion |
|
45.8 |
| |
More than $15 billion–$50 billion |
|
24.9 |
| |
More than $2 billion–$15 billion |
|
26.3 |
| |
$2 billion or less
|
|
3.0
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Financials |
|
21.6 |
| |
Health care |
|
13.4 |
| |
Energy |
|
13.0 |
| |
Information technology
|
|
12.2 |
| |
Consumer discretionary |
|
10.4 |
| |
Industrials |
|
8.0 |
| |
Materials |
|
6.5 |
| |
Consumer staples |
|
6.2 |
| |
Telecommunication services |
|
4.5 |
| |
Utilities |
|
2.8 |
| |
Real estate |
|
0.6 |
| |
Short-term investments, other assets & liabilities, net
|
|
0.8
|
| |
Total |
|
100.0 |
|
18 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2018
The Real Estate Securities Fund returned 1.55% for the period, compared with the 1.27% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the twelve months ended June 30, 2018, the Fund returned 6.89%, versus 4.93% 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, a robust labor market and, despite an upward trend, a generally low interest-rate environment. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Amid continued U.S. economic growth, the Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Fed policymakers indicated that they anticipate at least two more rate increases in 2018. Yields on shorter-term U.S. Treasury securities rose more than those on longer-term government bonds, reflecting possible concerns about the prospects for the pace of growth in the future (bond yields move in the opposite direction of prices).
For the ten years ended June 30, 2018, the Fund’s benchmark posted an average annual gain of 8.30%, trailing the 10.23% average annual return of the Russell 3000®Index but surpassing the 3.72% average annual gain of the Bloomberg Barclays U.S. Aggregate Bond Index.
Fund produced gains, surpassed its benchmark
Among the benchmark’s 16 property sectors and subsectors, most advanced for the six months. The largest gains were seen in the self-storage (up 12.3%), lodging/resorts (up 8.5%) and timber REITs (up 7.1%) sectors. The largest declines were seen in diversified REITs (down 6.1%), shopping centers (down 4.6%) and data centers (down 3.1%).
For the six-month period, the Fund produced gains and surpassed its benchmark as a result of strong security selection. An out-of-benchmark position in technology services company GDS Holdings, which produced high double-digit gains, contributed most to relative performance, followed by an underweight investment in real estate investment manager Colony Capital. Overweight positions in Rexford Industrial Realty, an industrial REIT, and National Storage Affiliates Trust also contributed to the Fund’s relative performance versus the benchmark.
These positive effects were partly offset by overweight positions in QTS Realty Trust, Healthcare Trust of America and retail REIT Regency Centers Corporation, all of which struggled during the period. An underweight position in Public Storage, a self-storage company that is run as a real estate investment 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 ◾ 2018 Semiannual Report 19
Real Estate Securities Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Real Estate Securities Fund
|
10/28/02
|
|
1.55
|
%
|
|
6.89
|
%
|
|
9.36
|
%
|
|
8.21
|
%
|
|
0.66
|
%
|
|
0.57%
|
| |||||||
FTSE Nareit All Equity REITs Index
|
—
|
|
1.27
|
|
|
4.93
|
|
|
8.88
|
|
|
8.30
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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 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, 2019, 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, 2018
Real Estate Securities Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$1,015.46 |
|
|
$2.85 |
| |||
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, 2018. 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 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Real Estate Securities Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$73.98 million |
| |
Portfolio turnover rate* |
|
12% |
| |
Number of holdings |
|
66 |
| |
Weighted median market capitalization |
|
$12.58 billion |
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
|
42.80
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $50 billion |
|
9.7 |
| |
More than $15 billion–$50 billion |
|
35.7 |
| |
More than $2 billion–$15 billion |
|
50.3 |
| |
$2 billion or less
|
|
4.3
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Specialized REITs |
|
25.9 |
| |
Retail REITs |
|
17.1 |
| |
Residential REITs |
|
16.4 |
| |
Office REITs |
|
11.7 |
| |
Industrial REITs |
|
10.4 |
| |
Health care REITs |
|
5.5 |
| |
Hotel & resort REITs |
|
3.4 |
| |
Mortgage REITs |
|
1.6 |
| |
Diversified REITs |
|
1.4 |
| |
Data processing & outsourced services |
|
1.4 |
| |
IT consulting & other services |
|
0.8 |
| |
Real estate services |
|
0.8 |
| |
Homebuilding |
|
0.5 |
| |
Casinos & gaming |
|
0.4 |
| |
Real estate operating companies |
|
0.3 |
| |
Short-term investments, other assets & liabilities, net
|
| 2.4
|
| |
Total |
|
100.0 |
|
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 21
Performance for the six months ended June 30, 2018
The Small-Cap Equity Fund returned 4.55% for the period, compared with the 7.66% return of its benchmark, the Russell 2000® Index. For the twelve months ended June 30, 2018, the Fund returned 14.99%, versus 17.57% for the index.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months.
The broad U.S. stock market, as measured by the Russell 3000® Index, advanced 3.22%. Growth stocks outperformed value shares by a wide margin, and small caps surpassed mid- and large-cap equities for the period. (Returns by investment style and capitalization size are based on the Russell indexes.)
For the ten years ended June 30, 2018, the Russell 2000 Index posted an average annual return of 10.60%, versus the 10.23% average annual return of the Russell 3000 Index.
Fund advanced but trailed its benchmark
All eleven industry sectors of the Russell 2000 Index advanced for the six months. The growth-oriented health care (up 16.3%) and information technology (up 13.8%) sectors posted the strongest gains and contributed most to the index’s return. Together, these two sectors represented nearly one-third of the benchmark’s total market capitalization on June 30, 2018. Returns for the remaining nine sectors lagged that of the index. Materials (up 0.5%) and industrials (up 0.7%) registered the smallest gains. Financials (up 4.9%)—the benchmark’s largest sector—fared better, supported by an improving regulatory environment.
The Fund underperformed its benchmark during the period, as certain stock selections did not perform as anticipated. The biggest detractor was an overweight position in Beacon Roofing Supply, whose earnings were hurt by severe winter weather and higher operating expenses. The next-largest detractors were overweight positions in mortgage insurer MGIC Investment, which cut premiums, and semiconductor intellectual property firm CEVA. These negative effects were tempered by several successful stock choices. The top contributor was an overweight holding in Insperity, a provider of human resources solutions that announced record operating results. The next-largest contributors were overweights in software firm MuleSoft and weight loss company Medifast.
22 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Small-Cap Equity Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Small-Cap Equity Fund
|
10/28/02
|
|
4.55
|
%
|
|
14.99
|
%
|
|
12.98
|
%
|
|
10.74
|
%
|
|
0.71
|
%
|
|
0.53%
|
| |||||||
Russell 2000® Index
|
—
|
|
7.66
|
|
|
17.57
|
|
|
12.46
|
|
|
10.60
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Small-Cap Equity Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$1,045.54 |
|
|
$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, 2018. 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 ◾ 2018 Semiannual Report 23
Small-Cap Equity Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$57.83 million |
| |
Portfolio turnover rate* |
|
48% |
| |
Number of holdings |
|
282 |
| |
Weighted median market capitalization |
|
$2.77 billion |
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
|
32.43
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $15 billion–$50 billion |
|
0.9 |
| |
More than $2 billion–$15 billion |
|
66.2 |
| |
$2 billion or less
|
|
32.9
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Information technology |
|
16.5 |
| |
Financials |
|
16.2 |
| |
Industrials |
|
15.3 |
| |
Health care |
|
14.8 |
| |
Consumer discretionary |
|
12.5 |
| |
Real estate |
|
6.8 |
| |
Energy |
|
5.5 |
| |
Utilities |
|
4.1 |
| |
Materials |
|
4.0 |
| |
Consumer staples |
|
2.9 |
| |
Telecommunication services |
|
1.1 |
| |
Short-term investments, other assets & liabilities, net
|
|
0.3
|
| |
Total |
|
100.0 |
|
24 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2018
The Social Choice Equity Fund returned 2.54% for the period, compared with the 3.22% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2018, the Fund returned 13.72%, versus 14.78% for the index. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.
Because of its ESG criteria, the Fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these companies produced mixed results, but the net effect was that the Fund underperformed its benchmark.
Notable detractors among stocks the Fund omitted were Amazon.com, Adobe Systems and Facebook. Amazon.com continued to post impressive revenue, aided by the growing number of Prime subscribers and usage of Amazon Web Services (AWS). Adobe Systems reported strong revenues and announced a strategic acquisition. Facebook’s share price climbed, despite a data breach controversy surrounding the company’s association with Cambridge Analytica.
The Fund benefited by excluding some stocks, especially AT&T, Philip Morris and Comcast. AT&T reported disappointing earnings as wireless promotions and declines in entertainment and Internet profits weighed on results. Philip Morris suffered its largest one-day drop since 2008 as sales of its iQOS (heated-tobacco electronic cigarettes) device declined sharply. Comcast’s share price fell as its bid for British satellite broadcaster Sky was not well received by investors.
Fund advanced but trailed its benchmark
To compensate for the Fund’s exclusion of some stocks within the Russell 3000 Index, the Fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.
Not all stocks held by the Fund performed as anticipated. An underweight investment in Apple and overweight positions in Charter Communications and Kraft Heinz all detracted from the Fund’s relative performance. Apple’s stock rose on news of a $100 billion share buyback and 16% dividend increase. The share price of Charter Communications declined as the company reported a greater-than-expected loss of video subscribers. The stock price of Kraft Heinz fell on disappointing sales.
Conversely, several positions made positive contributions. The best contributors were overweight positions in Netflix, salesforce.com and Mastercard. The share price of Netflix continued to hit all-time highs, benefiting from the success of its original content and subscriber growth outside the United States. Technology company salesforce.com reported two consecutive quarters of record sales. Mastercard saw impressive revenue growth helped by the ongoing transition to electronic payments and the increasing popularity of online shopping.
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 25
Social Choice Equity Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Social Choice Equity Fund
|
4/3/00
|
|
2.54
|
%
|
|
13.72
|
%
|
|
11.90
|
%
|
|
9.71
|
%
|
|
0.33
|
%
|
|
0.22%
|
| |||||||
Russell 3000® Index
|
—
|
|
3.22
|
|
|
14.78
|
|
|
13.29
|
|
|
10.23
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Social Choice Equity Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$1,025.44 |
|
|
$1.10 |
| |||
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, 2018. 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 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Social Choice Equity Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$60.64 million |
| |
Portfolio turnover rate* |
|
26% |
| |
Number of holdings |
|
610 |
| |
Weighted median market capitalization |
|
$43.98 billion |
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
|
26.92
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $50 billion |
|
44.8 |
| |
More than $15 billion–$50 billion |
|
37.1 |
| |
More than $2 billion–$15 billion |
|
15.1 |
| |
$2 billion or less
|
|
3.0
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Information technology |
|
22.6 |
| |
Financials |
|
16.2 |
| |
Health care |
|
13.1 |
| |
Consumer discretionary |
|
12.5 |
| |
Industrials |
|
11.0 |
| |
Consumer staples |
|
6.4 |
| |
Energy |
|
5.9 |
| |
Real estate |
|
4.0 |
| |
Materials |
|
3.7 |
| |
Utilities |
|
3.3 |
| |
Telecommunication services |
|
0.9 |
| |
Short-term investments, other assets & liabilities, net
|
|
0.4
|
| |
Total |
|
100.0 |
|
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 27
Performance for the six months ended June 30, 2018
The Stock Index Fund returned 3.17% for the period, compared with the 3.22% return of its benchmark, the Russell 3000®Index. For the twelve months ended June 30, 2018, the Fund returned 14.68%, versus 14.78% for the index.
For the six-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months.
The broad U.S. stock market, as measured by the Russell 3000 Index, advanced 3.22%. Growth stocks outperformed value shares by a wide margin, and small caps surpassed mid- and large-cap equities for the period. (Returns by investment style and capitalization size are based on the Russell indexes.)
Six of eleven sectors posted gains
Six of the eleven industry sectors in the Fund’s benchmark posted positive performance for the six months. Information technology (up 11.1%)—the largest sector in the benchmark—and consumer discretionary (up 10.2%) contributed most to the index’s return. Energy (up 7.5%) and health care (up 3.5%) also produced solid gains. Together, these four sectors represented more than one-half of the total market capitalization of the index on June 30, 2018. Real estate (up 1.4%) and utilities (up 1.0%) also advanced, but they had minimal impact on the benchmark’s performance given their low weight. Consumer staples (down 8.0%) and telecommunication services (down 8.0%) were the worst performers during the period.
For the six-month period, four of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Amazon.com performed best with sizable double-digit gains, followed by Microsoft. Apple was next in line, rising on strong revenue growth in its iPhone and wearables products. Facebook also posted solid results. Berkshire Hathaway, the conglomerate headed by Warren Buffet, suffered a loss, largely due to the implementation of a new accounting rule.
28 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Stock Index Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Stock Index Fund
|
1/4/99
|
|
3.17
|
%
|
|
14.68
|
%
|
|
13.22
|
%
|
|
10.19
|
%
|
|
0.12
|
%
|
|
0.09%
|
| |||||||
Russell 3000® Index
|
—
|
|
3.22
|
|
|
14.78
|
|
|
13.29
|
|
|
10.23
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Stock Index Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$1,031.67 |
|
|
$0.45 |
| |||
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, 2018. 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 ◾ 2018 Semiannual Report 29
Stock Index Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
|
$464.04 million |
| |
Portfolio turnover rate* |
|
2% |
| |
Number of holdings |
|
2,932 |
| |
Weighted median market capitalization |
|
$63.90 billion |
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
|
25.31
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
% of equity investments |
| ||
Market capitalization
|
| as of 6/30/2018
|
| |
More than $50 billion |
|
56.3 |
| |
More than $15 billion–$50 billion |
|
21.3 |
| |
More than $2 billion–$15 billion |
|
18.7 |
| |
$2 billion or less
|
|
3.7
|
| |
Total |
|
100.0 |
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
Information technology |
|
24.4 |
| |
Financials |
|
14.1 |
| |
Health care |
|
13.7 |
| |
Consumer discretionary |
|
13.0 |
| |
Industrials |
|
10.2 |
| |
Consumer staples |
|
6.2 |
| |
Energy |
|
6.0 |
| |
Real estate |
|
3.8 |
| |
Materials |
|
3.1 |
| |
Utilities |
|
2.9 |
| |
Telecommunication services |
|
1.8 |
| |
Short-term investments, other assets & liabilities, net
|
|
0.8
|
| |
Total |
|
100.0 |
|
30 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2018
The International Equity Fund returned –4.81% for the period, compared with the –2.75% return of its benchmark, the MSCI EAFE Index. For the twelve months ended June 30, 2018, the Fund returned 6.60%, versus 6.84% for the index.
During the six-month period, uneven economic growth and trade tensions with the United States helped drive stock prices lower in both developed- and emerging-markets countries. Economic expansion in the European Union slowed during the first quarter of 2018, while China’s economy recorded strong growth in the first quarter of the year. Emerging-markets countries struggled with the impact of a stronger U.S. dollar and generally higher interest rates. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. The European Central Bank decided to end its bond-buying program—intended to support the euro area economy—by the end of 2018, but it signaled that it would leave benchmark interest rates at their present levels until at least the summer of 2019.
Most markets within the MSCI EAFE Index, which includes 21 developed nations outside North America, declined in U.S.-dollar terms. The strong U.S. dollar was a headwind to performance.
Fund underperformed its benchmark
The Fund lagged its benchmark during the period, primarily due to an out-of-benchmark investment in Grupo Supervielle and overweight positions in Credit Suisse and Daimler. Financial services company Grupo Supervielle was affected as Argentina’s central bank repeatedly hiked interest rates trying to stop the peso’s decline. Swiss banking giant Credit Suisse posted better-than-expected profits, but restructuring efforts weighed on the stock. Tariffs on vehicles exported from the United States to China hurt Daimler’s profit outlook.
By contrast, overweight positions in Kering, Linde and Sony aided the Fund’s relative performance. Paris luxury fashion group Kering reported strong sales driven by its Gucci brand. German industrial gases producer Linde benefited as profits rose and regulators approved its merger with Praxair. Sony reported strong earnings helped by its video game and home entertainment segments.
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 ◾ 2018 Semiannual Report 31
International Equity Fund
Performance as of June 30, 2018
Total return
|
Average annual
|
Annual operating
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
International Equity Fund
|
4/3/00
|
|
-4.81
|
%
|
|
6.60
|
%
|
|
6.98
|
%
|
|
3.36
|
%
|
|
0.70
|
%
|
|
0.60
|
%
| |||||||
MSCI EAFE Index
| —
|
| -2.75
|
|
| 6.84
|
|
| 6.44
|
|
| 2.84
|
|
| —
|
|
| —
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
International Equity Fund
|
Beginning
|
Ending
|
Expenses paid
| |||||||||
Actual return
|
| $1,000.00
|
|
| $ 951.87
|
|
| $2.90
|
| |||
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, 2018. 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 2018 Semiannual Report ◾ TIAA-CREF Life Funds
International Equity Fund
Fund profile
as of 6/30/2018
| ||||
Net assets
|
| $108.13 million
|
| |
Portfolio turnover rate*
|
| 33%
|
| |
Number of holdings
|
| 64
|
| |
Weighted median market capitalization
|
| $36.45 billion
|
| |
Price/earnings ratio (weighted 12-month trailing average)†
|
| 16.29
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
Sector
|
% of net assets
| |||
Consumer discretionary
|
| 30.3
|
| |
Financials
|
| 21.6
|
| |
Industrials
|
| 18.9
|
| |
Materials
|
| 12.0
|
| |
Information technology
|
| 7.3
|
| |
Consumer staples
|
| 5.5
|
| |
Energy
|
| 1.4
|
| |
Real estate
|
| 1.0
|
| |
Health care
|
| 1.0
|
| |
Short-term investments, other assets & liabilities, net
|
| 1.0
|
| |
Total
|
|
100.0 |
|
Holdings by company size
Market capitalization
|
|
% of equity investments
|
| |
More than $50 billion
|
| 26.7
|
| |
More than $15 billion–$50 billion
|
| 41.4
|
| |
More than $2 billion–$15 billion
|
| 31.2
|
| |
$2 billion or less
| 0.7 | |||
Total |
| 100.0
|
|
Holdings by country
% of portfolio investments as of 6/30/2018
| ||||
Germany
|
| 19.0
|
| |
Japan
|
| 18.4
|
| |
France
|
| 17.7
|
| |
United Kingdom
|
| 14.0
|
| |
India
|
| 8.7
|
| |
Italy
|
| 7.2
|
| |
Switzerland
|
| 5.4
|
| |
Denmark
|
| 1.6
|
| |
9 other nations
|
| 5.7
|
| |
Short-term investments
|
| 2.3
|
| |
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 33
Performance for the six months ended June 30, 2018
The Bond Fund returned –2.04% for the period, compared with the –1.62% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2018, the Fund returned –0.45%, versus –0.40% for the index.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained strength over the six months.
The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Fed policymakers indicated that they anticipate at least two more rate increases in 2018. Yields on shorter-term U.S. Treasury securities rose more than those on longer-term government bonds, reflecting possible concerns about the prospects for the pace of growth in the future (bond yields move in the opposite direction of prices). The European Central Bank decided to end its bond-buying program—intended to support the euro area economy—by the end of 2018, but it signaled that it would leave benchmark interest rates at their present levels until at least the summer of 2019.
Fund underperformed its benchmark
For the six-month period, nearly all of the sectors in the benchmark delivered negative returns. Corporate bonds, which accounted for 25.3% of the index’s total market capitalization on June 30, 2018, declined most with a return of –3.3%. Municipals, the benchmark’s smallest sector, were next, falling 2.4%. U.S. Treasuries, the largest index sector with a weight of 37.2%, returned –1.1%, while mortgage-backed securities (MBS) declined 1.0%. The only sector to register positive performance was asset-backed securities, with a marginal gain.
The Fund underperformed its benchmark during the period, primarily due to an overweight position in corporate bonds. The government credit sector was the next-largest detractor, also the result of an overweight position relative to the benchmark.
These negative effects were partly offset by the U.S. Treasury sector, as the Fund’s underweight position proved beneficial. The Fund’s holdings of MBS also contributed to its relative performance, and yield curve positioning across the portfolio was generally beneficial.
34 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Bond Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| ||||||||||||||||||||
Bond Fund
|
7/8/03
|
|
–2.04
|
%
|
|
–0.45
|
%
|
|
2.77
|
%
|
|
3.87
|
%
|
|
0.36
|
%
|
|
0.35%
|
| |||||||
Bloomberg Barclays U.S. Aggregate Bond Index
|
—
|
|
–1.62
|
|
|
–0.40
|
|
|
2.27
|
|
|
3.72
|
|
|
—
|
|
|
—
|
|
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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, 2018
Bond Fund
|
Beginning
| Ending
| Expenses paid during period* (1/1/18–6/30/18)
| |||||||||
Actual return |
|
$1,000.00 |
|
|
$ 979.63 |
|
|
$1.72 |
| |||
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, 2018. 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 ◾ 2018 Semiannual Report 35
Bond Fund
Fund profile
as of 6/30/2018
| ||||
Net assets |
$ |
195.06 million |
| |
Portfolio turnover rate* |
|
71% |
| |
Portfolio turnover rate, excluding mortgage dollar roll transactions* |
|
66% |
| |
Number of issues |
|
784 |
| |
Option-adjusted duration† |
|
5.67 years |
| |
Average maturity‡
|
|
7.81 years
|
|
* | The portfolio turnover rate covers the six-month period from January 1, 2018–June 30, 2018 and is not annualized. |
† | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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 | ||||
Sector
| as of 6/30/2018
| |||
Corporate bonds |
|
26.5 |
| |
U.S. Treasury securities |
|
21.3 |
| |
Foreign government & corporate bonds denominated in U.S. dollars |
|
15.4 |
| |
Mortgage-backed securities |
|
13.3 |
| |
Asset-backed securities |
|
10.6 |
| |
Commercial mortgage-backed securities
|
|
4.5 |
| |
Bank loan obligations |
|
0.6 |
| |
Municipal bonds |
|
0.5 |
| |
U.S. agency securities |
|
0.2 |
| |
Preferred stock |
|
0.1 |
| |
Short-term investments, other assets & liabilities, net
|
|
7.0
|
| |
Total |
|
100.0 |
|
Holdings by maturity
% of fixed-income investments | ||||
(excluding short-term investments) as of 6/30/2018
| ||||
Less than 1 year |
|
5.0 |
| |
1–3 years |
|
16.0 |
| |
3–5 years |
|
16.6 |
| |
5–10 years |
|
47.1
|
| |
Over 10 years
|
| 15.3
|
| |
Total |
|
100.0 |
|
Holdings by credit quality
% of fixed-income investments | ||||
(excluding short-term investments) as of 6/30/2018
| ||||
U.S. Treasury & U.S. agency securities* |
|
37.2 |
| |
Aaa/AAA |
|
7.7 |
| |
Aa/AA |
|
3.8 |
| |
A/A |
|
15.0 |
| |
Baa/BBB |
|
28.5 |
| |
Ba/BB |
|
2.9 |
| |
B/B |
|
3.4 |
| |
Below B/B |
|
0.7 |
| |
Non-rated
|
|
0.8
|
| |
Total |
|
100.0 |
|
* | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
36 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2018
The Money Market Fund returned 0.71% for the period, compared with the 0.57% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018.
The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Fed policymakers indicated that they anticipate at least two more rate increases in 2018. Yields on shorter-term U.S. Treasury securities rose more than those on longer-term government bonds, reflecting possible concerns about the prospects for the pace of growth in the future (bond yields move in the opposite direction of prices).
As a result of the Fed’s actions and signals, yields on LIBOR—a key interest-rate benchmark for money market funds—continued to rise. For the six-month period, one-month LIBOR yields rose from 1.56% on January 2, 2018, to 2.09% on June 29, 2018. Over the same period, three-month LIBOR rose from 1.70% to 2.34%; six-month LIBOR rose from 1.84% to 2.50%; and twelve-month LIBOR rose from 2.11% to 2.76%. (LIBOR is an indication of the interest rates that banks expect to pay to other banks for loans on the London market and is the most widely used benchmark for short-term rates.)
Fund outperformed 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 increased its exposure to longer-dated floating-rate government agency securities, which benefited performance as short-term rates increased and was a key factor in the Fund’s outperformance. As of June 26, 2018, the Fund’s weighted average maturity (WAM) was 46 days, versus 31 days for the iMoneyNet government fund average, and this longer WAM also benefited the Fund’s relative performance. (iMoneyNet releases their data on a weekly basis, and June 26 was the last date of release for the month.)
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 37
Money Market Fund
Net annualized yield for the 7 days ended June 26, 2018§
|
Current yield
|
|
|
Effective yield
|
| |||
Money Market Fund |
|
1.72 |
% |
|
1.73 |
% | ||
iMoneyNet Money Fund Averages—All Government†
|
|
1.43
|
|
|
1.44
|
|
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, 2018
Total return
| Average annual total return
| Annual operating expenses*
| ||||||||||||||||||||||||
Inception
|
6 months
|
1 year
|
5 years
|
10 years
|
gross
|
net
| ||||||||||||||||||||
Money Market Fund
|
7/8/03
|
|
0.71
|
%
|
|
1.18
|
%
|
|
0.35
|
%
|
|
0.37
|
%
|
|
0.26
|
%
|
|
0.15
|
%
| |||||||
iMoneyNet Money Fund Averages—All Government†
| —
|
| 0.57
|
|
| 0.89
|
|
| 0.23
|
|
| 0.18
|
|
| —
|
|
| —
|
|
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, the 7-day current and effective annualized yields and total returns would have been lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You could lose money by investing in this Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Fund’s sponsor has no legal obligation to provide support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. For a detailed discussion of risk, please see the prospectus. The current yield more closely reflects current earnings than does 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. |
* | 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, 2019, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
38 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Money Market Fund
Expense example
Six months ended June 30, 2018
Money Market Fund
| Beginning
| Ending account value
|
Expenses paid
| |||||||
Actual return
|
|
$1,000.00
|
|
|
$1,007.12
|
|
$0.75
| |||
5% annual hypothetical return
|
| 1,000.00
|
|
| 1,024.05
|
| 0.75
|
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2018. 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 6/30/2018
| ||||
Net assets |
$ |
79.94 million |
| |
Number of issues
|
|
132
|
|
Portfolio composition
% of net assets | ||||
Sector
|
| as of 6/30/2018
|
| |
U.S. government agency securities |
|
59.6 |
| |
U.S. Treasury securities |
|
21.8 |
| |
Floating-rate securities, government |
|
17.4 |
| |
Other assets & liabilities, net |
|
1.2 |
| |
Total |
|
100.0 |
|
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 39
Performance for the six months ended June 30, 2018
The Balanced Fund returned 0.26% for the period, compared with the 0.26% 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, 2018, the Fund returned 6.57%, versus 6.28% for the index.
During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Fed policymakers indicated that they anticipate at least two more rate increases in 2018. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months.
U.S. stocks, as measured by the broad Russell 3000 Index, rose 3.22%. Growth stocks outperformed value shares by a wide margin, and small caps surpassed mid- and large-cap equities for the period. (Returns by investment style and capitalization size are based on the Russell indexes.) The MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, declined 2.75%. (The MSCI EAFE Index returns are in U.S. dollars.) The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, fell 1.62%, with the largest loss coming from the corporate bond sector.
Fund matched its benchmark, aided by strength in U.S. equity funds
For the six-month period, the Fund’s absolute performance benefited from the positive returns of U.S. stocks held by the underlying funds of the Balanced Fund. The Growth Equity Fund posted the largest gain.
The Fund’s performance was in line with its composite benchmark, helped by the relative strength of most of its underlying U.S. equity funds. Among them, the Growth Equity Fund was the largest contributor, followed by the Growth & Income Fund and the Large-Cap Value Fund.
Conversely, the Bond Fund detracted most from the Fund’s performance relative to its benchmark. The International Equity Fund and the Small-Cap Equity Fund also hurt the Fund’s relative performance.
40 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Balanced Fund
Performance as of June 30, 2018
Total return
|
Average annual
| Annual operating expenses*†
| ||||||||||||||||||||
Inception
| 6 months
| 1 year
| since inception
| gross
| net
| |||||||||||||||||
Balanced Fund
|
1/31/14
|
|
0.26
|
%
|
|
6.57
|
%
|
|
6.41
|
%
|
|
0.64
|
%
|
|
0.51%
|
| ||||||
Balanced Fund Composite Index‡
| —
|
| 0.26
|
|
| 6.28
|
| 6.35 | § |
| —
|
|
| —
|
| |||||||
Broad market indexes# | ||||||||||||||||||||||
Morningstar Moderately Conservative Target Risk Index | — | –0.53 | 4.68 | 4.63 | § | — | — | |||||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | — | –1.62 | –0.40 | 2.14 | § | — | — | |||||||||||||||
Russell 3000® Index | — | 3.22 | 14.78 | 11.96 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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 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, 2019, 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. |
‡ | As of the close of business on June 30, 2018, 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. |
# | On May 1, 2018, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the Morningstar Moderately Conservative Target Risk Index (40% global equity market exposure). For additional information, please read the Fund’s current prospectus. |
TIAA-CREF Life Funds ◾ 2018 Semiannual Report 41
Balanced Fund
Expense example
Six months ended June 30, 2018
Balanced Fund
|
Beginning
| Ending
| Expenses paid
| Effective
| ||||||||
Actual return |
|
$1,000.00 |
|
|
$1,002.58 |
|
$0.50 |
$2.53 | ||||
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, 2018. 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 6/30/2018
|
| ||
Net assets
|
| $61.81 million
|
|
Asset allocation
% of net assets | ||||
as of 6/30/2018
| ||||
Equity | ||||
U.S. equity | 40.1 | |||
International equity | 9.9 | |||
Fixed income |
|
49.9 |
| |
Other assets & liabilities, net
|
| 0.1
|
| |
Total |
|
100.0
|
|
Target allocation
42 2018 Semiannual Report ◾ TIAA-CREF Life Funds
Summary portfolio of investments (unaudited) |
Growth Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 576,499 | 0.5 | % | ||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
9,668 | Airbus SE | 1,128,205 | 1.0 | |||||||||||||
5,931 | Boeing Co | 1,989,910 | 1.8 | |||||||||||||
3,553 | Northrop Grumman Corp | 1,093,258 | 1.0 | |||||||||||||
Other | 2,137,048 | 2.0 | ||||||||||||||
|
| |||||||||||||||
6,348,421 | 5.8 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 951,816 | 0.9 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
19,761 | Nike, Inc (Class B) | 1,574,556 | 1.4 | |||||||||||||
Other | 550,291 | 0.5 | ||||||||||||||
|
| |||||||||||||||
2,124,847 | 1.9 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
11,725 | Marriott International, Inc (Class A) | 1,484,385 | 1.4 | |||||||||||||
Other | 795,404 | 0.7 | ||||||||||||||
|
| |||||||||||||||
2,279,789 | 2.1 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | 866,840 | 0.8 | ||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
7,926 | EOG Resources, Inc | 986,232 | 0.9 | |||||||||||||
|
| |||||||||||||||
986,232 | 0.9 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
20,362 | n | Walmart, Inc | 1,744,005 | 1.6 | ||||||||||||
|
| |||||||||||||||
1,744,005 | 1.6 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 803,518 | 0.7 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
15,891 | Abbott Laboratories | 969,192 | 0.9 | |||||||||||||
16,445 | * | Cerner Corp | 983,247 | 0.9 | ||||||||||||
8,729 | * | Edwards Lifesciences Corp | 1,270,680 | 1.1 | ||||||||||||
4,985 | * | Intuitive Surgical, Inc | 2,385,223 | 2.2 | ||||||||||||
6,654 | Stryker Corp | 1,123,594 | 1.0 | |||||||||||||
Other | 424,254 | 0.4 | ||||||||||||||
|
| |||||||||||||||
7,156,190 | 6.5 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 530,664 | 0.5 | ||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 43 |
Summary portfolio of investments (unaudited) | continued |
Growth Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
MATERIALS | ||||||||||||||||
6,473 | Praxair, Inc | $ | 1,023,705 | 0.9 | % | |||||||||||
3,403 | Sherwin-Williams Co | 1,386,961 | 1.3 | |||||||||||||
|
| |||||||||||||||
2,410,666 | 2.2 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
10,476 | Walt Disney Co | 1,097,990 | 1.0 | |||||||||||||
Other | 94 | 0.0 | ||||||||||||||
|
| |||||||||||||||
1,098,084 | 1.0 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
17,162 | Gilead Sciences, Inc | 1,215,756 | 1.1 | |||||||||||||
4,435 | * | Illumina, Inc | 1,238,651 | 1.1 | ||||||||||||
5,854 | * | Jazz Pharmaceuticals plc | 1,008,644 | 0.9 | ||||||||||||
4,341 | Lonza Group AG. | 1,147,093 | 1.1 | |||||||||||||
7,325 | * | Vertex Pharmaceuticals, Inc | 1,244,957 | 1.1 | ||||||||||||
12,630 | Zoetis, Inc | 1,075,950 | 1.0 | |||||||||||||
Other | 342,282 | 0.3 | ||||||||||||||
|
| |||||||||||||||
7,273,333 | 6.6 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
3,453 | * | Amazon.com, Inc | 5,869,410 | 5.3 | ||||||||||||
13,537 | Expedia, Inc | 1,627,012 | 1.5 | |||||||||||||
10,983 | Home Depot, Inc | 2,142,783 | 1.9 | |||||||||||||
29,296 | Industria De Diseno Textil S.A. | 997,649 | 0.9 | |||||||||||||
1,937 | Kering | 1,091,111 | 1.0 | |||||||||||||
6,158 | * | NetFlix, Inc | 2,410,426 | 2.2 | ||||||||||||
Other | 638,617 | 0.6 | ||||||||||||||
|
| |||||||||||||||
14,777,008 | 13.4 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
8,994 | Broadcom, Inc | 2,182,304 | 2.0 | |||||||||||||
6,923 | NVIDIA Corp | 1,640,059 | 1.5 | |||||||||||||
Other | 1,823,074 | 1.6 | ||||||||||||||
|
| |||||||||||||||
5,645,437 | 5.1 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
19,926 | Activision Blizzard, Inc | 1,520,752 | 1.4 | |||||||||||||
12,787 | * | Adobe Systems, Inc | 3,117,598 | 2.8 | ||||||||||||
5,684 | * | Alibaba Group Holding Ltd (ADR) | 1,054,552 | 1.0 | ||||||||||||
2,288 | * | Alphabet, Inc (Class A) | 2,583,587 | 2.3 | ||||||||||||
3,901 | * | Alphabet, Inc (Class C) | 4,352,151 | 4.0 | ||||||||||||
12,472 | Automatic Data Processing, Inc | 1,672,994 | 1.5 | |||||||||||||
5,119 | * | Baidu, Inc (ADR) | 1,243,917 | 1.1 | ||||||||||||
17,758 | * | Facebook, Inc | 3,450,735 | 3.1 | ||||||||||||
14,961 | Intuit, Inc | 3,056,607 | 2.8 | |||||||||||||
15,400 | MasterCard, Inc (Class A) | 3,026,408 | 2.8 |
44 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES—continued | ||||||||||||||||
66,992 | n | Microsoft Corp | $ | 6,606,081 | 6.0 | % | ||||||||||
24,416 | * | PayPal Holdings, Inc | 2,033,120 | 1.8 | ||||||||||||
22,302 | * | salesforce.com, Inc | 3,041,993 | 2.8 | ||||||||||||
41,606 | Tencent Holdings Ltd | 2,089,261 | 1.9 | |||||||||||||
27,577 | * | Twitter, Inc | 1,204,288 | 1.1 | ||||||||||||
20,444 | Visa, Inc (Class A) | 2,707,808 | 2.5 | |||||||||||||
Other | 3,652,628 | 3.3 | ||||||||||||||
|
| |||||||||||||||
46,414,480 | 42.2 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
11,762 | n | Apple, Inc | 2,177,264 | 2.0 | ||||||||||||
35,577 | Cisco Systems, Inc | 1,530,878 | 1.4 | |||||||||||||
10,742 | TE Connectivity Ltd | 967,425 | 0.9 | |||||||||||||
Other | 523,780 | 0.4 | ||||||||||||||
|
| |||||||||||||||
5,199,347 | 4.7 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | 171,379 | 0.2 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
4,131 | FedEx Corp | 937,985 | 0.9 | |||||||||||||
|
| |||||||||||||||
937,985 | 0.9 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $68,399,378) | 108,296,540 | 98.5 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$1,350,000 | Federal Home Loan Bank (FHLB) | 1.630%, 07/02/18 | 1,350,000 | 1.3 | ||||||||||||
|
| |||||||||||||||
1,350,000 | 1.3 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
598,228 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 598,228 | 0.5 | ||||||||||||
|
| |||||||||||||||
598,228 | 0.5 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,948,166) | 1,948,228 | 1.8 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $70,347,544) | 110,244,768 | 100.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (343,662 | ) | (0.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 109,901,106 | 100.0 | % | ||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 45 |
Summary portfolio of investments (unaudited) | concluded |
Growth Equity Fund § June 30, 2018
Abbreviation(s):
ADR | American Depository Receipt |
* | 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 6/30/2018, the aggregate value of securities on loan is $574,441.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Written options outstanding as of June 30, 2018 were as follows (See Note 3):
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Microsoft Corp, Put | 16 | $ | (1,952 | ) | $ | 87.50 | 9/21/18 | $ | (1,456 | ) | ||||||||||
Walmart, Inc, Put | 20 | (1,920 | ) | 75.00 | 9/21/18 | (980 | ) | |||||||||||||
| ||||||||||||||||||||
Total | 36 | $ | (3,872 | ) | $ | (2,436 | ) | |||||||||||||
|
46 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) |
Growth & Income Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 783,642 | 0.5 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
93,907 | Bank of America Corp | 2,647,239 | 1.8 | |||||||||||||
25,916 | n | Citigroup, Inc | 1,734,299 | 1.2 | ||||||||||||
9,799 | Comerica, Inc | 890,925 | 0.6 | |||||||||||||
29,616 | JPMorgan Chase & Co | 3,085,987 | 2.1 | |||||||||||||
6,950 | PNC Financial Services Group, Inc | 938,945 | 0.6 | |||||||||||||
Other | 1,959,703 | 1.3 | ||||||||||||||
|
| |||||||||||||||
11,257,098 | 7.6 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
3,900 | n | Boeing Co | 1,308,489 | 0.9 | ||||||||||||
9,185 | Caterpillar, Inc | 1,246,129 | 0.8 | |||||||||||||
11,649 | n | Honeywell International, Inc | 1,678,038 | 1.1 | ||||||||||||
3,725 | n | Northrop Grumman Corp | 1,146,183 | 0.8 | ||||||||||||
Other | 5,906,125 | 4.0 | ||||||||||||||
|
| |||||||||||||||
11,284,964 | 7.6 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||||
12,319 | Waste Management, Inc | 1,002,027 | 0.7 | |||||||||||||
|
| |||||||||||||||
1,002,027 | 0.7 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 3,550,636 | 2.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 1,894,807 | 1.3 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
6,445 | CME Group, Inc | 1,056,464 | 0.7 | |||||||||||||
25,543 | Morgan Stanley | 1,210,738 | 0.8 | |||||||||||||
Other | 1,817,081 | 1.2 | ||||||||||||||
|
| |||||||||||||||
4,084,283 | 2.7 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
17,836 | n | Chevron Corp | 2,255,005 | 1.5 | ||||||||||||
13,174 | * | Continental Resources, Inc | 853,148 | 0.6 | ||||||||||||
12,505 | EOG Resources, Inc | 1,555,997 | 1.0 | |||||||||||||
Other | 5,428,617 | 3.7 | ||||||||||||||
|
| |||||||||||||||
10,092,767 | 6.8 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 441,183 | 0.3 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
26,750 | Coca-Cola Co | 1,173,255 | 0.8 | |||||||||||||
5,085 | Costco Wholesale Corp | 1,062,664 | 0.7 | |||||||||||||
22,022 | Mondelez International, Inc | 902,902 | 0.6 | |||||||||||||
10,323 | Philip Morris International, Inc | 833,479 | 0.6 | |||||||||||||
Other | 5,798,504 | 3.9 | ||||||||||||||
|
| |||||||||||||||
9,770,804 | 6.6 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
24,111 | Abbott Laboratories | 1,470,530 | 1.0 | |||||||||||||
3,955 | n | Anthem, Inc | 941,409 | 0.7 |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 47 |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES—continued | ||||||||||||||||
12,704 | Baxter International, Inc | $ | 938,063 | 0.6 | % | |||||||||||
31,638 | * | Boston Scientific Corp | 1,034,563 | 0.7 | ||||||||||||
3,070 | n | Humana, Inc | 913,724 | 0.6 | ||||||||||||
1,924 | *,n | Intuitive Surgical, Inc | 920,595 | 0.6 | ||||||||||||
10,437 | Medtronic plc | 893,512 | 0.6 | |||||||||||||
7,083 | n | Stryker Corp | 1,196,035 | 0.8 | ||||||||||||
Other | 3,040,263 | 2.1 | ||||||||||||||
|
| |||||||||||||||
11,348,694 | 7.7 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
12,068 | Procter & Gamble Co | 942,028 | 0.6 | |||||||||||||
Other | 1,904,747 | 1.3 | ||||||||||||||
|
| |||||||||||||||
2,846,775 | 1.9 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | 1,735,590 | 1.2 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
26,995 | DowDuPont, Inc | 1,779,510 | 1.2 | |||||||||||||
8,268 | n | Praxair, Inc | 1,307,584 | 0.9 | ||||||||||||
Other | 2,658,320 | 1.8 | ||||||||||||||
|
| |||||||||||||||
5,745,414 | 3.9 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
13,086 | Walt Disney Co | 1,371,544 | 0.9 | |||||||||||||
Other | 1,574,212 | 1.1 | ||||||||||||||
|
| |||||||||||||||
2,945,756 | 2.0 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
13,912 | AbbVie, Inc | 1,288,947 | 0.9 | |||||||||||||
20,913 | Schering-Plough Corp | 1,269,419 | 0.9 | |||||||||||||
Other | 8,207,736 | 5.5 | ||||||||||||||
|
| |||||||||||||||
10,766,102 | 7.3 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 185,728 | 0.1 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
2,781 | * | Amazon.com, Inc | 4,727,144 | 3.2 | ||||||||||||
12,106 | Home Depot, Inc | 2,361,881 | 1.6 | |||||||||||||
4,987 | *,n | NetFlix, Inc | 1,952,061 | 1.3 | ||||||||||||
Other | 2,876,235 | 2.0 | ||||||||||||||
|
| |||||||||||||||
11,917,321 | 8.1 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
33,342 | Intel Corp | 1,657,431 | 1.1 | |||||||||||||
6,552 | n | NVIDIA Corp | 1,552,168 | 1.0 | ||||||||||||
Other | 3,378,746 | 2.3 | ||||||||||||||
|
| |||||||||||||||
6,588,345 | 4.4 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
11,671 | Activision Blizzard, Inc | 890,731 | 0.6 | |||||||||||||
3,667 | * | Alphabet, Inc (Class C) | 4,091,088 | 2.8 | ||||||||||||
13,065 | *,n | Facebook, Inc | 2,538,791 | 1.7 |
48 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES—continued | ||||||||||||||||
9,630 | MasterCard, Inc (Class A) | $ | 1,892,488 | 1.3 | % | |||||||||||
53,710 | Microsoft Corp | 5,296,343 | 3.6 | |||||||||||||
12,740 | * | PayPal Holdings, Inc | 1,060,860 | 0.7 | ||||||||||||
12,532 | * | salesforce.com, Inc | 1,709,365 | 1.1 | ||||||||||||
7,043 | *,n | Take-Two Interactive Software, Inc | 833,609 | 0.6 | ||||||||||||
Other | 6,444,981 | 4.3 | ||||||||||||||
|
| |||||||||||||||
24,758,256 | 16.7 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
30,053 | n | Apple, Inc | 5,563,111 | 3.8 | ||||||||||||
46,422 | Cisco Systems, Inc | 1,997,539 | 1.3 | |||||||||||||
Other | 1,461,666 | 1.0 | ||||||||||||||
|
| |||||||||||||||
9,022,316 | 6.1 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | 577,145 | 0.4 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 2,689,964 | 1.8 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
5,763 | NextEra Energy, Inc | 962,594 | 0.7 | |||||||||||||
Other | 1,323,650 | 0.9 | ||||||||||||||
|
| |||||||||||||||
2,286,244 | 1.6 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $99,043,398) | 147,575,861 | 99.7 | |||||||||||||
|
| |||||||||||||||
PURCHASED OPTIONS | ||||||||||||||||
CAPITAL GOODS | 536 | 0.0 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 10,300 | 0.0 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 955 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | (Cost $8,749) | 11,791 | 0.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | 650,000 | 0.4 | ||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
1,309,266 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,309,266 | 1.0 | ||||||||||||
|
| |||||||||||||||
1,309,266 | 1.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,959,237) | 1,959,266 | 1.4 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $101,011,384) | 149,546,918 | 101.1 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (1,573,712 | ) | (1.1 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 147,973,206 | 100.0 | % | ||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 49 |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2018
* | 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 6/30/18, the aggregate value of securities exempt from registration under Rule 144(A) of the securities Act of 1933 amounted to $617,418 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
At 6/30/2018, the aggregate value of securities on loan is $1,279,129.
“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.
Purchased options outstanding as of June 30, 2018 were as follows (See Note 3):
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Centene Corp, Call | 7 | $ | 3,444 | $ | 130.00 | 12/21/18 | $ | 5,250 | ||||||||||||
Centene Corp, Call | 5 | 2,510 | 125.00 | 1/18/19 | 5,050 | |||||||||||||||
General Electric Co, Call | 8 | 640 | 15.00 | 1/18/19 | 536 | |||||||||||||||
QUALCOMM, Inc, Call | 8 | 1,054 | 60.00 | 7/20/18 | 360 | |||||||||||||||
QUALCOMM, Inc, Call | 7 | 1,101 | 62.50 | 8/17/18 | 595 | |||||||||||||||
| ||||||||||||||||||||
Total | 35 | $ | 8,749 | $ | 11,791 | |||||||||||||||
|
Written options outstanding as of June 30, 2018 were as follows (See Note 3):
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Albemarle Corp, Put | 7 | $ | (4,822 | ) | $ | 95.00 | 12/21/18 | $ | (5,495 | ) | ||||||||||
Albemarle Corp, Put | 1 | (878 | ) | 87.50 | 1/18/19 | (500 | ) | |||||||||||||
Allergan plc, Call | 5 | (375 | ) | 185.00 | 7/20/18 | (185 | ) | |||||||||||||
Allergan plc, Put | 5 | (9,665 | ) | 180.00 | 1/18/19 | (10,550 | ) | |||||||||||||
American Water Works Co, Inc, Put | 13 | (2,509 | ) | 75.00 | 12/21/18 | (845 | ) | |||||||||||||
Anthem, Inc, Put | 4 | (2,490 | ) | 210.00 | 9/21/18 | (876 | ) | |||||||||||||
Apple, Inc, Call | 5 | (3,230 | ) | 200.00 | 10/19/18 | (2,000 | ) | |||||||||||||
Apple, Inc, Put | 5 | (1,390 | ) | 165.00 | 10/19/18 | (1,195 | ) | |||||||||||||
Big Lots, Inc, Put | 18 | (4,284 | ) | 35.00 | 10/19/18 | (1,710 | ) | |||||||||||||
Bluebird Bio, Inc, Put | 3 | (3,339 | ) | 145.00 | 8/17/18 | (2,160 | ) | |||||||||||||
Boeing Co, Call | 3 | (1,089 | ) | 387.50 | 7/13/18 | (18 | ) | |||||||||||||
Bristol-Myers Squibb Co, Put | 10 | (995 | ) | 45.00 | 9/21/18 | (160 | ) | |||||||||||||
Caesarstone Ltd, Put | 22 | (2,266 | ) | 15.00 | 10/19/18 | (3,685 | ) | |||||||||||||
Celgene Corp, Put | 7 | (21,686 | ) | 110.00 | 1/18/19 | (21,595 | ) | |||||||||||||
Celgene Corp, Put | 11 | (13,178 | ) | 90.00 | 1/18/19 | (13,662 | ) | |||||||||||||
Centene Corp, Call | 7 | (1,736 | ) | 140.00 | 12/21/18 | (2,362 | ) | |||||||||||||
Centene Corp, Call | 5 | (990 | ) | 140.00 | 1/18/19 | (2,280 | ) | |||||||||||||
Centene Corp, Put | 9 | (1,817 | ) | 90.00 | 12/21/18 | (967 | ) | |||||||||||||
|
50 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2018
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Centene Corp, Put | 7 | $ | (3,486 | ) | $ | 97.50 | 1/18/19 | $ | (1,330 | ) | ||||||||||
Chevron Corp, Call | 6 | (486 | ) | 131.00 | 7/20/18 | (468 | ) | |||||||||||||
Chevron Corp, Call | 3 | (579 | ) | 145.00 | 12/21/18 | (402 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Call | 1 | (2,378 | ) | 520.00 | 12/21/18 | (1,255 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Call | 2 | (3,716 | ) | 540.00 | 12/21/18 | (1,900 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Put | 3 | (3,755 | ) | 380.00 | 10/19/18 | (3,150 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Put | 3 | (6,294 | ) | 360.00 | 12/21/18 | (3,405 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Put | 3 | (4,584 | ) | 400.00 | 12/21/18 | (6,750 | ) | |||||||||||||
Chubb Ltd, Put | 7 | (854 | ) | 120.00 | 8/17/18 | (854 | ) | |||||||||||||
Cigna Corp, Put | 5 | (4,540 | ) | 165.00 | 1/18/19 | (4,200 | ) | |||||||||||||
Citigroup, Inc, Call | 12 | (396 | ) | 71.50 | 7/20/18 | (396 | ) | |||||||||||||
Clovis Oncology, Inc, Put | 2 | (1,352 | ) | 45.00 | 10/19/18 | (1,400 | ) | |||||||||||||
Coherent, Inc, Put | 5 | (7,640 | ) | 145.00 | 2/15/19 | (7,640 | ) | |||||||||||||
ConAgra Brands, Inc, Put | 23 | (1,140 | ) | 35.00 | 8/17/18 | (1,541 | ) | |||||||||||||
Constellation Brands Inc, Call | 4 | (412 | ) | 242.50 | 7/6/18 | (20 | ) | |||||||||||||
Constellation Brands Inc, Put | 4 | (392 | ) | 215.00 | 7/6/18 | (280 | ) | |||||||||||||
Deere & Co, Put | 3 | (195 | ) | 135.00 | 7/20/18 | (564 | ) | |||||||||||||
Deere & Co, Put | 3 | (1,382 | ) | 135.00 | 8/17/18 | (1,188 | ) | |||||||||||||
Discovery, Inc, Put | 21 | (871 | ) | 17.50 | 10/19/18 | (357 | ) | |||||||||||||
DISH Network Corp, Put | 14 | (12,152 | ) | 45.00 | 1/18/19 | (17,710 | ) | |||||||||||||
Estee Lauder Cos, Inc, Put | 2 | (442 | ) | 125.00 | 7/20/18 | (24 | ) | |||||||||||||
Estee Lauder Cos, Inc, Put | 6 | (402 | ) | 135.00 | 7/20/18 | (420 | ) | |||||||||||||
Exact Sciences Corp, Call | 14 | (3,892 | ) | 80.00 | 8/17/18 | (420 | ) | |||||||||||||
Exact Sciences Corp, Put | 14 | (826 | ) | 55.00 | 7/20/18 | (1,330 | ) | |||||||||||||
Exact Sciences Corp, Put | 18 | (2,592 | ) | 60.00 | 8/17/18 | (8,910 | ) | |||||||||||||
Expedia Group, Inc, Put | 5 | (3,304 | ) | 105.00 | 1/18/19 | (2,250 | ) | |||||||||||||
Facebook, Inc, Call | 3 | (741 | ) | 210.00 | 7/27/18 | (480 | ) | |||||||||||||
Facebook, Inc, Call | 2 | (416 | ) | 215.00 | 8/17/18 | (472 | ) | |||||||||||||
Facebook, Inc, Put | 5 | (499 | ) | 170.00 | 7/20/18 | (135 | ) | |||||||||||||
Facebook, Inc, Put | 3 | (225 | ) | 180.00 | 7/20/18 | (270 | ) | |||||||||||||
FedEx Corp, Call | 8 | (1,948 | ) | 250.00 | 8/17/18 | (1,248 | ) | |||||||||||||
FedEx Corp, Call | 4 | (668 | ) | 260.00 | 8/17/18 | (284 | ) | |||||||||||||
FedEx Corp, Put | 4 | (1,260 | ) | 220.00 | 8/17/18 | (1,936 | ) | |||||||||||||
FedEx Corp, Put | 4 | (3,928 | ) | 220.00 | 10/19/18 | (3,380 | ) | |||||||||||||
Fifth Third Bancorp, Put | 21 | (651 | ) | 28.00 | 7/20/18 | (924 | ) | |||||||||||||
General Electric Co, Call | 17 | (289 | ) | 18.00 | 1/18/19 | (306 | ) | |||||||||||||
General Electric Co, Put | 33 | (1,584 | ) | 13.00 | 12/21/18 | (2,673 | ) | |||||||||||||
General Electric Co, Put | 17 | (2,431 | ) | 14.00 | 1/18/19 | (2,261 | )�� | |||||||||||||
Goldman Sachs Group, Inc, Put | 2 | (4,022 | ) | 235.00 | 1/18/19 | (4,375 | ) | |||||||||||||
Hain Celestial Group, Inc, Put | 22 | (4,246 | ) | 26.00 | 1/18/19 | (3,300 | ) | |||||||||||||
Hasbro, Inc, Put | 8 | (1,464 | ) | 70.00 | 10/19/18 | (240 | ) | |||||||||||||
Humana, Inc, Call | 3 | (1,290 | ) | 340.00 | 11/16/18 | (877 | ) | |||||||||||||
IAC/Interactive Corp, Call | 5 | (288 | ) | 180.00 | 7/20/18 | (50 | ) | |||||||||||||
Incyte Corp, Put | 3 | (1,128 | ) | 60.00 | 1/18/19 | (1,170 | ) | |||||||||||||
Ingredion, Inc, Put | 3 | (2,154 | ) | 115.00 | 10/19/18 | (2,325 | ) | |||||||||||||
International Business Machines Corp, Put | 7 | (4,095 | ) | 135.00 | 1/18/19 | (4,200 | ) | |||||||||||||
Intuitive Surgical, Inc, Put | 3 | (2,224 | ) | 395.00 | 7/20/18 | (390 | ) | |||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 51 |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2018
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Jazz Pharmaceuticals plc, Call | 3 | $ | (849 | ) | $ | 195.00 | 9/21/18 | $ | (750 | ) | ||||||||||
Jazz Pharmaceuticals plc, Put | 3 | (549 | ) | 165.00 | 7/20/18 | (465 | ) | |||||||||||||
Knight-Swift Transportation Holdings, Inc, Put | 13 | (2,509 | ) | 35.00 | 11/16/18 | (2,080 | ) | |||||||||||||
Mattel, Inc, Put | 22 | (4,356 | ) | 13.00 | 1/18/19 | (1,980 | ) | |||||||||||||
McDonald’s Corp, Put | 2 | (278 | ) | 145.00 | 8/17/18 | (220 | ) | |||||||||||||
McDonald’s Corp, Put | 3 | (1,411 | ) | 150.00 | 9/21/18 | (915 | ) | |||||||||||||
MGP Ingredients, Inc, Put | 12 | (588 | ) | 80.00 | 7/20/18 | (630 | ) | |||||||||||||
Micron Technology, Inc, Put | 13 | (3,657 | ) | 52.50 | 8/17/18 | (4,212 | ) | |||||||||||||
MKS Instruments, Inc, Put | 8 | (752 | ) | 90.00 | 7/20/18 | (1,100 | ) | |||||||||||||
Mohawk Industries, Inc, Put | 3 | (3,602 | ) | 200.00 | 1/18/19 | (2,865 | ) | |||||||||||||
Molina Healthcare, Inc, Put | 11 | (649 | ) | 75.00 | 7/20/18 | (303 | ) | |||||||||||||
Monster Beverage Corp, Put | 15 | (1,260 | ) | 45.00 | 9/21/18 | (375 | ) | |||||||||||||
Monster Beverage Corp, Put | 10 | (1,286 | ) | 45.00 | 12/21/18 | (775 | ) | |||||||||||||
Nektar Therapeutics, Put | 12 | (16,296 | ) | 55.00 | 1/18/19 | (17,040 | ) | |||||||||||||
NetFlix, Inc, Call | 3 | (294 | ) | 442.50 | 7/6/18 | (57 | ) | |||||||||||||
NetFlix, Inc, Call | 3 | (3,024 | ) | 450.00 | 8/17/18 | (2,859 | ) | |||||||||||||
NetFlix, Inc, Put | 3 | (780 | ) | 330.00 | 7/6/18 | (72 | ) | |||||||||||||
NetFlix, Inc, Put | 5 | (834 | ) | 340.00 | 7/13/18 | (475 | ) | |||||||||||||
NetFlix, Inc, Put | 3 | (954 | ) | 310.00 | 8/17/18 | (1,335 | ) | |||||||||||||
Newell Brands, Inc, Put | 15 | (2,820 | ) | 25.00 | 1/18/19 | (3,337 | ) | |||||||||||||
Northrop Grumman Corp, Call | 3 | (420 | ) | 327.50 | 7/20/18 | (405 | ) | |||||||||||||
Northrop Grumman Corp, Put | 1 | (1,568 | ) | 300.00 | 1/18/19 | (1,650 | ) | |||||||||||||
Northrop Grumman Corp, Put | 2 | (3,966 | ) | 310.00 | 1/18/19 | (3,932 | ) | |||||||||||||
Nutanix, Inc, Put | 8 | (592 | ) | 40.00 | 8/17/18 | (460 | ) | |||||||||||||
NVIDIA Corp, Put | 4 | (6,352 | ) | 185.00 | 1/18/19 | (2,800 | ) | |||||||||||||
NXP Semiconductors NV, Put | 7 | (1,225 | ) | 80.00 | 8/17/18 | (578 | ) | |||||||||||||
Parker-Hannifin Corp, Call | 5 | (1,640 | ) | 190.00 | 8/17/18 | (65 | ) | |||||||||||||
Parker-Hannifin Corp, Put | 5 | (790 | ) | 150.00 | 8/17/18 | (1,850 | ) | |||||||||||||
Parker-Hannifin Corp, Put | 4 | (4,992 | ) | 155.00 | 1/18/19 | (4,280 | ) | |||||||||||||
Praxair, Inc, Put | 3 | (3,340 | ) | 140.00 | 1/18/19 | (840 | ) | |||||||||||||
Pure Storage, Inc, Put | 20 | (1,900 | ) | 17.50 | 11/16/18 | (800 | ) | |||||||||||||
PVH Corp, Call | 7 | (1,071 | ) | 170.00 | 7/20/18 | (70 | ) | |||||||||||||
PVH Corp, Put | 7 | (290 | ) | 135.00 | 7/20/18 | (196 | ) | |||||||||||||
QUALCOMM, Inc, Call | 8 | (274 | ) | 65.00 | 7/20/18 | (80 | ) | |||||||||||||
QUALCOMM, Inc, Call | 7 | (371 | ) | 67.50 | 8/17/18 | (196 | ) | |||||||||||||
QUALCOMM, Inc, Put | 17 | (1,075 | ) | 50.00 | 7/20/18 | (459 | ) | |||||||||||||
QUALCOMM, Inc, Put | 15 | (660 | ) | 50.00 | 8/17/18 | (1,140 | ) | |||||||||||||
Raytheon Co, Put | 3 | (378 | ) | 150.00 | 11/16/18 | (326 | ) | |||||||||||||
Raytheon Co, Put | 3 | (1,938 | ) | 185.00 | 11/16/18 | (2,123 | ) | |||||||||||||
Red Hat, Inc, Put | 7 | (709 | ) | 130.00 | 7/20/18 | (1,260 | ) | |||||||||||||
Regeneron Pharmaceuticals, Inc, Call | 3 | (980 | ) | 365.00 | 7/20/18 | (1,110 | ) | |||||||||||||
Regeneron Pharmaceuticals, Inc, Put | 3 | (7,174 | ) | 315.00 | 2/15/19 | (6,375 | ) | |||||||||||||
Rockwell Automation, Inc, Call | 1 | (619 | ) | 175.00 | 10/19/18 | (575 | ) | |||||||||||||
Rockwell Automation, Inc, Call | 1 | (716 | ) | 185.00 | 1/18/19 | (550 | ) | |||||||||||||
Rockwell Automation, Inc, Put | 2 | (1,162 | ) | 150.00 | 10/19/18 | (630 | ) | |||||||||||||
Rockwell Automation, Inc, Put | 2 | (1,827 | ) | 160.00 | 1/18/20 | (1,760 | ) | |||||||||||||
Stanley Black & Decker, Inc, Put | 5 | (2,565 | ) | 135.00 | 10/19/18 | (3,975 | ) | |||||||||||||
|
52 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Growth & Income Fund § June 30, 2018
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Stryker Corp, Put | 5 | $ | (2,591 | ) | $ | 155.00 | 12/21/18 | $ | (2,000 | ) | ||||||||||
Take-Two Interactive Software, Inc, Put | 7 | (2,134 | ) | 70.00 | 1/18/19 | (647 | ) | |||||||||||||
Tapestry, Inc, Put | 7 | (1,211 | ) | 40.00 | 11/16/18 | (665 | ) | |||||||||||||
Tapestry, Inc, Put | 13 | (4,394 | ) | 45.00 | 11/16/18 | (3,120 | ) | |||||||||||||
Tiffany & Co, Call | 10 | (4,929 | ) | 140.00 | 11/16/18 | (5,000 | ) | |||||||||||||
Tiffany & Co, Put | 10 | (4,380 | ) | 110.00 | 11/16/18 | (1,770 | ) | |||||||||||||
Tiffany & Co, Put | 10 | (5,531 | ) | 120.00 | 1/18/19 | (5,325 | ) | |||||||||||||
Ulta Beauty, Inc, Put | 2 | (3,556 | ) | 210.00 | 9/21/18 | (1,000 | ) | |||||||||||||
United Parcel Service, Inc, Put | 8 | (4,360 | ) | 100.00 | 10/19/18 | (2,056 | ) | |||||||||||||
Universal Display Corp, Put | 7 | (3,089 | ) | 75.00 | 8/17/18 | (1,838 | ) | |||||||||||||
WABCO Holdings, Inc, Put | 7 | (3,913 | ) | 115.00 | 12/21/18 | (4,690 | ) | |||||||||||||
Walmart, Inc, Put | 9 | (874 | ) | 75.00 | 9/21/18 | (441 | ) | |||||||||||||
Walmart, Inc, Put | 10 | (2,270 | ) | 80.00 | 9/21/18 | (1,190 | ) | |||||||||||||
WellCare Health Plans, Inc, Call | 3 | (759 | ) | 270.00 | 9/21/18 | (1,110 | ) | |||||||||||||
World Wrestling Entertainment, Call | 10 | (640 | ) | 90.00 | 8/17/18 | (450 | ) | |||||||||||||
World Wrestling Entertainment, Put | 10 | (470 | ) | 55.00 | 8/17/18 | (450 | ) | |||||||||||||
Zimmer Biomet Holdings, Inc, Put | 7 | (5,586 | ) | 110.00 | 12/21/18 | (4,060 | ) | |||||||||||||
| ||||||||||||||||||||
Total | 957 | $ | (326,381 | ) | $ | (285,847 | ) | |||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 53 |
Summary portfolio of investments (unaudited) |
Large-Cap Value Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||||
23,452 | General Motors Co | $ | 924,009 | 1.2 | % | |||||||||||
Other | 294,135 | 0.4 | ||||||||||||||
|
| |||||||||||||||
1,218,144 | 1.6 | |||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
88,005 | Bank of America Corp | 2,480,861 | 3.3 | |||||||||||||
24,476 | Citigroup, Inc | 1,637,934 | 2.2 | |||||||||||||
10,845 | JPMorgan Chase & Co | 1,130,049 | 1.5 | |||||||||||||
30,476 | Regions Financial Corp | 541,863 | 0.7 | |||||||||||||
20,561 | Wells Fargo & Co | 1,139,902 | 1.5 | |||||||||||||
Other | 1,657,320 | 2.2 | ||||||||||||||
|
| |||||||||||||||
8,587,929 | 11.4 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
184,248 | * | Bombardier, Inc | 728,779 | 1.0 | ||||||||||||
46,540 | General Electric Co | 633,410 | 0.8 | |||||||||||||
14,300 | * | HD Supply Holdings, Inc | 613,327 | 0.8 | ||||||||||||
Other | 2,824,392 | 3.8 | ||||||||||||||
|
| |||||||||||||||
4,799,908 | 6.4 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 1,021,298 | 1.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 2,250,795 | 3.0 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
5,523 | Goldman Sachs Group, Inc | 1,218,208 | 1.6 | |||||||||||||
Other | 2,618,091 | 3.4 | ||||||||||||||
|
| |||||||||||||||
3,836,299 | 5.0 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
54,767 | Cenovus Energy, Inc | 568,481 | 0.8 | |||||||||||||
7,613 | Chevron Corp | 962,512 | 1.3 | |||||||||||||
16,382 | * | Devon Energy Corp | 720,153 | 1.0 | ||||||||||||
5,013 | EOG Resources, Inc | 623,768 | 0.8 | |||||||||||||
13,042 | Exxon Mobil Corp | 1,078,965 | 1.4 | |||||||||||||
36,063 | * | Parsley Energy, Inc | 1,091,988 | 1.4 | ||||||||||||
20,917 | TechnipFMC plc | 663,905 | 0.9 | |||||||||||||
Other | 4,089,955 | 5.4 | ||||||||||||||
|
| |||||||||||||||
9,799,727 | 13.0 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 419,771 | 0.6 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
22,638 | Kraft Heinz Co | 1,422,119 | 1.9 | |||||||||||||
15,431 | Mondelez International, Inc | 632,671 | 0.8 | |||||||||||||
11,291 | Philip Morris International, Inc | 911,636 | 1.2 | |||||||||||||
Other | 662,738 | 0.9 | ||||||||||||||
|
| |||||||||||||||
3,629,164 | 4.8 | |||||||||||||||
|
|
54 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Large-Cap Value Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
13,953 | CVS Health Corp | $ | 897,876 | 1.2 | % | |||||||||||
5,052 | McKesson Corp | 673,937 | 0.9 | |||||||||||||
5,575 | * | Molina Healthcare, Inc | 546,015 | 0.7 | ||||||||||||
Other | 1,033,806 | 1.4 | ||||||||||||||
|
| |||||||||||||||
3,151,634 | 4.2 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
8,138 | Procter & Gamble Co | 635,252 | 0.8 | |||||||||||||
|
| |||||||||||||||
635,252 | 0.8 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
15,600 | American International Group, Inc | 827,112 | 1.1 | |||||||||||||
23,590 | Metlife, Inc | 1,028,524 | 1.4 | |||||||||||||
60,000 | Ping An Insurance Group Co of China Ltd | 549,460 | 0.7 | |||||||||||||
Other | 1,546,526 | 2.0 | ||||||||||||||
|
| |||||||||||||||
3,951,622 | 5.2 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
15,646 | DowDuPont, Inc | 1,031,384 | 1.3 | |||||||||||||
24,219 | Louisiana-Pacific Corp | 659,241 | 0.9 | |||||||||||||
8,054 | WR Grace and Co | 590,439 | 0.8 | |||||||||||||
Other | 2,638,591 | 3.5 | ||||||||||||||
|
| |||||||||||||||
4,919,655 | 6.5 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
5,932 | Walt Disney Co | 621,733 | 0.8 | |||||||||||||
Other | 701,630 | 1.0 | ||||||||||||||
|
| |||||||||||||||
1,323,363 | 1.8 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
7,020 | Allergan plc | 1,170,375 | 1.6 | |||||||||||||
14,924 | Gilead Sciences, Inc | 1,057,216 | 1.4 | |||||||||||||
4,802 | Johnson & Johnson | 582,675 | 0.8 | |||||||||||||
42,133 | Pfizer, Inc | 1,528,585 | 2.0 | |||||||||||||
9,349 | Schering-Plough Corp | 567,484 | 0.8 | |||||||||||||
38,601 | Teva Pharmaceutical Industries Ltd (ADR) | 938,776 | 1.2 | |||||||||||||
Other | 1,079,418 | 1.4 | ||||||||||||||
|
| |||||||||||||||
6,924,529 | 9.2 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 476,158 | 0.6 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
4,263 | Advance Auto Parts, Inc | 578,489 | 0.7 | |||||||||||||
4,928 | Expedia, Inc | 592,296 | 0.8 | |||||||||||||
Other | 831,176 | 1.1 | ||||||||||||||
|
| |||||||||||||||
2,001,961 | 2.6 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 55 |
Summary portfolio of investments (unaudited) | continued |
Large-Cap Value Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
36,761 | * | Advanced Micro Devices, Inc | $ | 551,047 | 0.7 | % | ||||||||||
11,942 | Intel Corp | 593,637 | 0.8 | |||||||||||||
Other | 1,090,024 | 1.5 | ||||||||||||||
|
| |||||||||||||||
2,234,708 | 3.0 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
17,435 | Oracle Corp | 768,186 | 1.0 | |||||||||||||
71,813 | *,e | Pandora Media, Inc | 565,886 | 0.7 | ||||||||||||
18,905 | * | Teradata Corp | 759,036 | 1.0 | ||||||||||||
Other | 1,485,851 | 2.0 | ||||||||||||||
|
| |||||||||||||||
3,578,959 | 4.7 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
34,685 | Cisco Systems, Inc | 1,492,496 | 2.0 | |||||||||||||
Other | 1,899,550 | 2.5 | ||||||||||||||
|
| |||||||||||||||
3,392,046 | 4.5 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
39,230 | AT&T, Inc | 1,259,675 | 1.7 | |||||||||||||
25,002 | Verizon Communications, Inc | 1,257,851 | 1.7 | |||||||||||||
Other | 848,685 | 1.1 | ||||||||||||||
|
| |||||||||||||||
3,366,211 | 4.5 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 1,206,281 | 1.6 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
21,588 | FirstEnergy Corp | 775,225 | 1.0 | |||||||||||||
Other | 1,351,976 | 1.8 | ||||||||||||||
|
| |||||||||||||||
2,127,201 | 2.8 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $63,959,719) | 74,852,615 | 99.2 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$800,000 | Federal Home Loan Bank (FHLB) | 1.630%, 07/02/18 | 800,000 | 1.1 | ||||||||||||
|
| |||||||||||||||
800,000 | 1.1 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
1,134,725 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,134,725 | 1.5 | ||||||||||||
|
| |||||||||||||||
1,134,725 | 1.5 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,934,688) | 1,934,725 | 2.6 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $65,894,407) | 76,787,340 | 101.8 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (1,325,532 | ) | (1.8 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 75,461,808 | 100.0 | % | ||||||||||||
|
|
56 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Value Fund § June 30, 2018
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,079,857. |
“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 § 2018 Semiannual Report | 57 |
Summary portfolio of investments (unaudited) |
Real Estate Securities Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
CASINOS & GAMING | $ | 290,300 | 0.4 | % | ||||||||||||
|
| |||||||||||||||
DATA PROCESSING & OUTSOURCED SERVICES | ||||||||||||||||
25,000 | * | GDS Holdings Ltd (ADR) | 1,002,250 | 1.4 | ||||||||||||
|
| |||||||||||||||
1,002,250 | 1.4 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED REITS | ||||||||||||||||
10,000 | iShares Dow Jones US Real Estate Index Fund | 805,800 | 1.1 | |||||||||||||
Other | 218,400 | 0.3 | ||||||||||||||
|
| |||||||||||||||
1,024,200 | 1.4 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE REITS | ||||||||||||||||
50,000 | HCP, Inc | 1,291,000 | 1.7 | |||||||||||||
20,000 | Ventas, Inc | 1,139,000 | 1.5 | |||||||||||||
20,000 | Welltower, Inc | 1,253,800 | 1.7 | |||||||||||||
Other | 404,400 | 0.6 | ||||||||||||||
|
| |||||||||||||||
4,088,200 | 5.5 | |||||||||||||||
|
| |||||||||||||||
HOMEBUILDING | 392,640 | 0.5 | ||||||||||||||
|
| |||||||||||||||
HOTEL & RESORT REITS | ||||||||||||||||
52,000 | Host Marriott Corp | 1,095,640 | 1.5 | |||||||||||||
65,000 | Sunstone Hotel Investors, Inc | 1,080,300 | 1.4 | |||||||||||||
Other | 350,290 | 0.5 | ||||||||||||||
|
| |||||||||||||||
2,526,230 | 3.4 | |||||||||||||||
|
| |||||||||||||||
INDUSTRIAL REITS | ||||||||||||||||
24,000 | Duke Realty Corp | 696,720 | 0.9 | |||||||||||||
46,000 | Prologis, Inc | 3,021,740 | 4.1 | |||||||||||||
78,000 | Rexford Industrial Realty, Inc | 2,448,420 | 3.3 | |||||||||||||
23,000 | Terreno Realty Corp | 866,410 | 1.2 | |||||||||||||
Other | 649,160 | 0.9 | ||||||||||||||
|
| |||||||||||||||
7,682,450 | 10.4 | |||||||||||||||
|
| |||||||||||||||
IT CONSULTING & OTHER SERVICES | ||||||||||||||||
9,500 | * | InterXion Holding NV | 592,990 | 0.8 | ||||||||||||
|
| |||||||||||||||
592,990 | 0.8 | |||||||||||||||
|
| |||||||||||||||
MORTGAGE REITS | ||||||||||||||||
45,000 | Starwood Property Trust, Inc | 976,950 | 1.3 | |||||||||||||
Other | 227,125 | 0.3 | ||||||||||||||
|
| |||||||||||||||
1,204,075 | 1.6 | |||||||||||||||
|
| |||||||||||||||
OFFICE REITS | ||||||||||||||||
14,500 | Alexandria Real Estate Equities, Inc | 1,829,465 | 2.5 | |||||||||||||
17,500 | Boston Properties, Inc | 2,194,850 | 3.0 | |||||||||||||
28,000 | Hudson Pacific Properties | 992,040 | 1.3 | |||||||||||||
16,500 | Kilroy Realty Corp | 1,248,060 | 1.7 | |||||||||||||
14,000 | SL Green Realty Corp | 1,407,420 | 1.9 |
58 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Real Estate Securities Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
OFFICE REITS—continued | ||||||||||||||||
7,500 | Vornado Realty Trust | $ | 554,400 | 0.8 | % | |||||||||||
Other | 401,170 | 0.5 | ||||||||||||||
|
| |||||||||||||||
8,627,405 | 11.7 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE OPERATING COMPANIES | 184,686 | 0.3 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE SERVICES | ||||||||||||||||
28,000 | Kennedy-Wilson Holdings, Inc | 592,200 | 0.8 | |||||||||||||
|
| |||||||||||||||
592,200 | 0.8 | |||||||||||||||
|
| |||||||||||||||
RESIDENTIAL REITS | ||||||||||||||||
30,000 | American Homes 4 Rent | 665,400 | 0.9 | |||||||||||||
7,000 | AvalonBay Communities, Inc | 1,203,230 | 1.6 | |||||||||||||
14,000 | Camden Property Trust | 1,275,820 | 1.7 | |||||||||||||
21,000 | Equity Lifestyle Properties, Inc | 1,929,900 | 2.6 | |||||||||||||
25,000 | Equity Residential | 1,592,250 | 2.2 | |||||||||||||
7,000 | Essex Property Trust, Inc | 1,673,490 | 2.3 | |||||||||||||
68,000 | Invitation Homes, Inc | 1,568,080 | 2.1 | |||||||||||||
18,500 | Sun Communities, Inc | 1,810,780 | 2.5 | |||||||||||||
Other | 402,680 | 0.5 | ||||||||||||||
|
| |||||||||||||||
12,121,630 | 16.4 | |||||||||||||||
|
| |||||||||||||||
RETAIL REITS | ||||||||||||||||
14,000 | Agree Realty Corp | 738,780 | 1.0 | |||||||||||||
40,000 | DDR Corp | 716,000 | 1.0 | |||||||||||||
12,500 | Federal Realty Investment Trust | 1,581,875 | 2.1 | |||||||||||||
32,000 | GGP, Inc | 653,760 | 0.9 | |||||||||||||
25,000 | Regency Centers Corp | 1,552,000 | 2.1 | |||||||||||||
57,000 | Retail Opportunities Investment Corp | 1,092,120 | 1.5 | |||||||||||||
24,000 | Simon Property Group, Inc | 4,084,560 | 5.5 | |||||||||||||
155,000 | Spirit Realty Capital, Inc | 1,244,650 | 1.7 | |||||||||||||
Other | 974,685 | 1.3 | ||||||||||||||
|
| |||||||||||||||
12,638,430 | 17.1 | |||||||||||||||
|
| |||||||||||||||
SPECIALIZED REITS | ||||||||||||||||
20,000 | American Tower Corp | 2,883,400 | 3.9 | |||||||||||||
25,500 | Crown Castle International Corp | 2,749,410 | 3.7 | |||||||||||||
10,000 | CyrusOne, Inc | 583,600 | 0.8 | |||||||||||||
7,000 | Digital Realty Trust, Inc | 781,060 | 1.0 | |||||||||||||
6,500 | Equinix, Inc | 2,794,285 | 3.8 | |||||||||||||
12,500 | Extra Space Storage, Inc | 1,247,625 | 1.7 | |||||||||||||
36,000 | Four Corners Property Trust, Inc | 886,680 | 1.2 | |||||||||||||
15,000 | Gaming and Leisure Properties, Inc | 537,000 | 0.7 | |||||||||||||
30,000 | National Storage Affiliates Trust | 924,600 | 1.2 | |||||||||||||
6,500 | Public Storage, Inc | 1,474,590 | 2.0 | |||||||||||||
15,000 | QTS Realty Trust, Inc | 592,500 | 0.8 | |||||||||||||
7,500 | * | SBA Communications Corp | 1,238,400 | 1.7 |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 59 |
Summary portfolio of investments (unaudited) | concluded |
Real Estate Securities Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SPECIALIZED REITS—continued | ||||||||||||||||
63,000 | Weyerhaeuser Co | $ | 2,296,980 | 3.1 | % | |||||||||||
Other | 240,360 | 0.3 | ||||||||||||||
|
| |||||||||||||||
19,230,490 | 25.9 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $52,972,619) | 72,198,176 | 97.6 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$1,500,000 | Federal Home Loan Bank (FHLB) | 1.630%, 07/02/18 | 1,500,000 | 2.0 | ||||||||||||
|
| |||||||||||||||
1,500,000 | 2.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,499,932) | 1,500,000 | 2.0 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $54,472,551) | 73,698,176 | 99.6 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 278,925 | 0.4 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 73,977,101 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
* | Non-income producing |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
60 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) |
Small-Cap Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 285,671 | 0.5 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
6,550 | Bank of NT Butterfield & Son Ltd | 299,466 | 0.5 | |||||||||||||
8,060 | Cathay General Bancorp | 326,349 | 0.6 | |||||||||||||
8,040 | Hancock Holding Co | 375,066 | 0.6 | |||||||||||||
4,330 | IBERIABANK Corp | 328,214 | 0.6 | |||||||||||||
12,230 | Provident Financial Services, Inc | 336,692 | 0.6 | |||||||||||||
14,170 | Sterling Bancorp/DE | 332,995 | 0.6 | |||||||||||||
11,987 | United Community Banks, Inc | 367,641 | 0.6 | |||||||||||||
6,930 | Walker & Dunlop, Inc | 385,655 | 0.7 | |||||||||||||
Other | 3,417,257 | 5.9 | ||||||||||||||
|
| |||||||||||||||
6,169,335 | 10.7 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
4,380 | Applied Industrial Technologies, Inc | 307,257 | 0.5 | |||||||||||||
7,269 | Comfort Systems USA, Inc | 332,920 | 0.6 | |||||||||||||
2,900 | Curtiss-Wright Corp | 345,158 | 0.6 | |||||||||||||
6,037 | EMCOR Group, Inc | 459,899 | 0.8 | |||||||||||||
6,200 | * | Generac Holdings, Inc | 320,726 | 0.6 | ||||||||||||
7,000 | Hillenbrand, Inc | 330,050 | 0.6 | |||||||||||||
10,970 | * | Rexnord Corp | 318,788 | 0.5 | ||||||||||||
6,290 | * | Trex Co, Inc | 393,691 | 0.7 | ||||||||||||
Other | 2,670,626 | 4.7 | ||||||||||||||
|
| |||||||||||||||
5,479,115 | 9.6 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||||
3,960 | Brink’s Co | 315,810 | 0.5 | |||||||||||||
4,670 | Insperity, Inc | 444,817 | 0.8 | |||||||||||||
3,200 | MSA Safety, Inc | 308,288 | 0.5 | |||||||||||||
Other | 1,270,553 | 2.2 | ||||||||||||||
|
| |||||||||||||||
2,339,468 | 4.0 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 2,285,691 | 4.0 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
4,100 | Choice Hotels International, Inc | 309,960 | 0.6 | |||||||||||||
3,015 | * | Grand Canyon Education, Inc | 336,504 | 0.6 | ||||||||||||
8,260 | Planet Fitness, Inc | 362,944 | 0.6 | |||||||||||||
5,560 | Texas Roadhouse, Inc (Class A) | 364,236 | 0.6 | |||||||||||||
Other | 645,414 | 1.1 | ||||||||||||||
|
| |||||||||||||||
2,019,058 | 3.5 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
3,035 | Evercore Partners, Inc (Class A) | 320,041 | 0.5 | |||||||||||||
3,300 | e | iShares Russell 2000 Index Fund | 540,441 | 0.9 | ||||||||||||
Other | 1,493,788 | 2.6 | ||||||||||||||
|
| |||||||||||||||
2,354,270 | 4.0 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 61 |
Summary portfolio of investments (unaudited) | continued |
Small-Cap Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
ENERGY | ||||||||||||||||
5,960 | * | PDC Energy, Inc | $ | 360,282 | 0.6 | % | ||||||||||
7,200 | Peabody Energy Corp | 327,456 | 0.6 | |||||||||||||
Other | 2,480,665 | 4.3 | ||||||||||||||
|
| |||||||||||||||
3,168,403 | 5.5 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 947,304 | 1.6 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
3,880 | Hill-Rom Holdings, Inc | 338,879 | 0.6 | |||||||||||||
Other | 3,071,995 | 5.3 | ||||||||||||||
|
| |||||||||||||||
3,410,874 | 5.9 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
2,300 | Medifast, Inc | 368,368 | 0.6 | |||||||||||||
2,590 | * | USANA Health Sciences, Inc | 298,627 | 0.5 | ||||||||||||
Other | 78,190 | 0.2 | ||||||||||||||
|
| |||||||||||||||
745,185 | 1.3 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
10,916 | American Equity Investment Life Holding Co | 392,976 | 0.7 | |||||||||||||
Other | 456,485 | 0.8 | ||||||||||||||
|
| |||||||||||||||
849,461 | 1.5 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
8,939 | Schnitzer Steel Industries, Inc (Class A) | 301,244 | 0.5 | |||||||||||||
Other | 2,030,597 | 3.5 | ||||||||||||||
|
| |||||||||||||||
2,331,841 | 4.0 | |||||||||||||||
|
| |||||||||||||||
MEDIA | 487,086 | 0.8 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
7,590 | * | Catalent, Inc | 317,945 | 0.6 | ||||||||||||
3,219 | * | PRA Health Sciences, Inc | 300,526 | 0.5 | ||||||||||||
Other | 4,518,068 | 7.8 | ||||||||||||||
|
| |||||||||||||||
5,136,539 | 8.9 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | ||||||||||||||||
3,460 | EastGroup Properties, Inc | 330,638 | 0.6 | |||||||||||||
11,070 | First Industrial Realty Trust, Inc | 369,074 | 0.6 | |||||||||||||
12,800 | Geo Group, Inc | 352,512 | 0.6 | |||||||||||||
6,480 | Potlatch Corp | 329,508 | 0.6 | |||||||||||||
2,469 | PS Business Parks, Inc | 317,266 | 0.6 | |||||||||||||
3,600 | Ryman Hospitality Properties | 299,340 | 0.5 | |||||||||||||
12,370 | Xenia Hotels & Resorts, Inc | 301,333 | 0.5 | |||||||||||||
Other | 1,611,224 | 2.8 | ||||||||||||||
|
| |||||||||||||||
3,910,895 | 6.8 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
3,560 | * | Five Below, Inc | 347,848 | 0.6 | ||||||||||||
Other | 1,817,564 | 3.1 | ||||||||||||||
|
| |||||||||||||||
2,165,412 | 3.7 | |||||||||||||||
|
|
62 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Small-Cap Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
6,900 | * | Semtech Corp | $ | 324,645 | 0.5 | % | ||||||||||
Other | 1,372,124 | 2.4 | ||||||||||||||
|
| |||||||||||||||
1,696,769 | 2.9 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
2,526 | * | EPAM Systems, Inc | 314,057 | 0.6 | ||||||||||||
8,410 | * | Etsy, Inc | 354,818 | 0.6 | ||||||||||||
Other | 4,410,500 | 7.6 | ||||||||||||||
|
| |||||||||||||||
5,079,375 | 8.8 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 2,778,942 | 4.8 | ||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
34,162 | * | Vonage Holdings Corp | 440,348 | 0.8 | ||||||||||||
Other | 197,698 | 0.3 | ||||||||||||||
|
| |||||||||||||||
638,046 | 1.1 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 999,411 | 1.7 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
4,200 | iShares Micro-Cap ETF | 443,604 | 0.8 | |||||||||||||
7,200 | New Jersey Resources Corp | 322,200 | 0.5 | |||||||||||||
5,237 | NorthWestern Corp | 299,818 | 0.5 | |||||||||||||
Other | 1,327,964 | 2.3 | ||||||||||||||
|
| |||||||||||||||
2,393,586 | 4.1 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $48,705,874) | 57,671,737 | 99.7 | |||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
1,276,683 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,276,683 | 2.2 | ||||||||||||
|
| |||||||||||||||
1,276,683 | 2.2 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,276,683) | 1,276,683 | 2.2 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $49,982,557) | 58,948,420 | 101.9 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (1,121,801 | ) | (1.9 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 57,826,619 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
EFT | Exchange-traded fund |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,247,060. |
Securities have been segregated to cover margin or other requirements on open futures transactions.
“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 § 2018 Semiannual Report | 63 |
Summary portfolio of investments (unaudited) |
Social Choice Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 404,241 | 0.7 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
30,087 | Bank of America Corp | 848,153 | 1.4 | |||||||||||||
2,981 | PNC Financial Services Group, Inc | 402,733 | 0.6 | |||||||||||||
Other | 2,169,022 | 3.6 | ||||||||||||||
|
| |||||||||||||||
3,419,908 | 5.6 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
2,695 | 3M Co | 530,160 | 0.9 | |||||||||||||
2,802 | Caterpillar, Inc | 380,147 | 0.6 | |||||||||||||
Other | 3,399,906 | 5.6 | ||||||||||||||
|
| |||||||||||||||
4,310,213 | 7.1 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 713,314 | 1.2 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
6,643 | Nike, Inc (Class B) | 529,315 | 0.9 | |||||||||||||
Other | 415,219 | 0.7 | ||||||||||||||
|
| |||||||||||||||
944,534 | 1.6 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
2,870 | Marriott International, Inc (Class A) | 363,342 | 0.6 | |||||||||||||
8,146 | Starbucks Corp | 397,932 | 0.7 | |||||||||||||
Other | 575,228 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,336,502 | 2.2 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
4,549 | American Express Co | 445,802 | 0.7 | |||||||||||||
6,964 | Bank of New York Mellon Corp | 375,568 | 0.6 | |||||||||||||
773 | BlackRock, Inc | 385,758 | 0.7 | |||||||||||||
2,326 | CME Group, Inc | 381,278 | 0.6 | |||||||||||||
Other | 2,203,313 | 3.6 | ||||||||||||||
|
| |||||||||||||||
3,791,719 | 6.2 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
21,447 | Kinder Morgan, Inc | 378,969 | 0.6 | |||||||||||||
5,174 | Occidental Petroleum Corp | 432,960 | 0.7 | |||||||||||||
7,387 | Schlumberger Ltd | 495,151 | 0.8 | |||||||||||||
3,424 | Valero Energy Corp | 379,482 | 0.7 | |||||||||||||
Other | 1,873,017 | 3.1 | ||||||||||||||
|
| |||||||||||||||
3,559,579 | 5.9 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 425,482 | 0.7 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
14,870 | Coca-Cola Co | 652,198 | 1.1 | |||||||||||||
9,639 | Mondelez International, Inc | 395,199 | 0.6 | |||||||||||||
5,706 | PepsiCo, Inc | 621,212 | 1.0 | |||||||||||||
Other | 519,651 | 0.9 | ||||||||||||||
|
| |||||||||||||||
2,188,260 | 3.6 | |||||||||||||||
|
|
64 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Social Choice Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
1,812 | Becton Dickinson & Co | $ | 434,083 | 0.7 | % | |||||||||||
1,273 | Humana, Inc | 378,883 | 0.6 | |||||||||||||
Other | 2,210,827 | 3.7 | ||||||||||||||
|
| |||||||||||||||
3,023,793 | 5.0 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
9,129 | Procter & Gamble Co | 712,610 | 1.2 | |||||||||||||
Other | 535,886 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,248,496 | 2.1 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
7,522 | American International Group, Inc | 398,816 | 0.7 | |||||||||||||
2,994 | Chubb Ltd | 380,298 | 0.6 | |||||||||||||
Other | 1,806,071 | 3.0 | ||||||||||||||
|
| |||||||||||||||
2,585,185 | 4.3 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | 2,238,628 | 3.7 | ||||||||||||||
|
| |||||||||||||||
MEDIA | 843,145 | 1.4 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
4,585 | AbbVie, Inc | 424,800 | 0.7 | |||||||||||||
2,990 | Amgen, Inc | 551,924 | 0.9 | |||||||||||||
7,178 | Bristol-Myers Squibb Co | 397,231 | 0.7 | |||||||||||||
5,416 | Eli Lilly & Co | 462,147 | 0.8 | |||||||||||||
5,390 | Gilead Sciences, Inc | 381,828 | 0.6 | |||||||||||||
10,532 | Schering-Plough Corp | 639,292 | 1.0 | |||||||||||||
Other | 2,089,219 | 3.4 | ||||||||||||||
|
| |||||||||||||||
4,946,441 | 8.1 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | ||||||||||||||||
2,786 | American Tower Corp | 401,657 | 0.7 | |||||||||||||
Other | 2,031,763 | 3.3 | ||||||||||||||
|
| |||||||||||||||
2,433,420 | 4.0 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
254 | * | Booking Holdings, Inc | 514,881 | 0.8 | ||||||||||||
3,817 | Home Depot, Inc | 744,697 | 1.2 | |||||||||||||
4,834 | Lowe’s Companies, Inc | 461,985 | 0.8 | |||||||||||||
1,665 | * | NetFlix, Inc | 651,731 | 1.1 | ||||||||||||
Other | 1,686,071 | 2.8 | ||||||||||||||
|
| |||||||||||||||
4,059,365 | 6.7 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
15,291 | Intel Corp | 760,116 | 1.2 | |||||||||||||
2,088 | NVIDIA Corp | 494,647 | 0.8 | |||||||||||||
4,821 | Texas Instruments, Inc | 531,515 | 0.9 | |||||||||||||
Other | 520,839 | 0.9 | ||||||||||||||
|
| |||||||||||||||
2,307,117 | 3.8 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 65 |
Summary portfolio of investments (unaudited) | continued |
Social Choice Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
3,318 | Accenture plc | $ | 542,792 | 0.9 | % | |||||||||||
4,054 | International Business Machines Corp | 566,344 | 0.9 | |||||||||||||
1,997 | Intuit, Inc | 407,997 | 0.7 | |||||||||||||
19,450 | d | Microsoft Corp | 1,917,965 | 3.2 | ||||||||||||
12,907 | Oracle Corp | 568,682 | 0.9 | |||||||||||||
3,781 | * | salesforce.com, Inc | 515,728 | 0.8 | ||||||||||||
Other | 2,178,608 | 3.6 | ||||||||||||||
|
| |||||||||||||||
6,698,116 | 11.0 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
11,976 | Apple, Inc | 2,216,878 | 3.6 | |||||||||||||
17,201 | Cisco Systems, Inc | 740,159 | 1.2 | |||||||||||||
16,100 | HP, Inc | 365,309 | 0.6 | |||||||||||||
Other | 1,434,781 | 2.4 | ||||||||||||||
|
| |||||||||||||||
4,757,127 | 7.8 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | 539,843 | 0.9 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
3,330 | Union Pacific Corp | 471,795 | 0.8 | |||||||||||||
3,991 | United Parcel Service, Inc (Class B) | 423,964 | 0.7 | |||||||||||||
Other | 741,461 | 1.2 | ||||||||||||||
|
| |||||||||||||||
1,637,220 | 2.7 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | 2,014,219 | 3.3 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $40,552,323) | 60,425,867 | 99.6 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$1,150,000 | Federal Home Loan Bank (FHLB) | 1.630%, 07/02/18 | 1,150,000 | 1.9 | ||||||||||||
|
| |||||||||||||||
1,150,000 | 1.9 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
1,068,657 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,068,657 | 1.8 | ||||||||||||
|
| |||||||||||||||
1,068,657 | 1.8 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $2,218,605) | 2,218,657 | 3.7 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $42,770,928) | 62,644,524 | 103.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (2,006,472 | ) | (3.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 60,638,052 | 100.0 | % | ||||||||||||
|
|
66 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Social Choice Equity Fund § June 30, 2018
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contract. |
At 6/30/2018, the aggregate value of securities on loan is $1,033,182.
“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.
Futures contracts outstanding as of June 30, 2018 were as follows (See Note 3):
Description | Number of contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
| ||||||||||||||||||
S&P 500 E Mini Index | 1 | 9/21/18 | $ | 136,077 | $ | 136,080 | $ | 3 | ||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 67 |
Summary portfolio of investments (unaudited) |
Stock Index Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 3,995,494 | 0.9 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
155,405 | Bank of America Corp | 4,380,867 | 0.9 | |||||||||||||
41,945 | Citigroup, Inc | 2,806,959 | 0.6 | |||||||||||||
55,698 | JPMorgan Chase & Co | 5,803,732 | 1.2 | |||||||||||||
72,221 | Wells Fargo & Co | 4,003,932 | 0.9 | |||||||||||||
Other | 13,062,598 | 2.8 | ||||||||||||||
|
| |||||||||||||||
30,058,088 | 6.4 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
9,463 | 3M Co | 1,861,561 | 0.4 | |||||||||||||
9,029 | Boeing Co | 3,029,320 | 0.6 | |||||||||||||
141,690 | General Electric Co | 1,928,401 | 0.4 | |||||||||||||
12,296 | Honeywell International, Inc | 1,771,239 | 0.4 | |||||||||||||
Other | 24,596,489 | 5.3 | ||||||||||||||
|
| |||||||||||||||
33,187,010 | 7.1 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 4,605,536 | 1.0 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 6,638,574 | 1.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
12,930 | McDonald’s Corp | 2,026,002 | 0.4 | |||||||||||||
Other | 8,144,328 | 1.8 | ||||||||||||||
|
| |||||||||||||||
10,170,330 | 2.2 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | 17,647,659 | 3.8 | ||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
31,324 | Chevron Corp | 3,960,293 | 0.9 | |||||||||||||
69,660 | d | Exxon Mobil Corp | 5,762,972 | 1.2 | ||||||||||||
Other | 18,005,100 | 3.9 | ||||||||||||||
|
| |||||||||||||||
27,728,365 | 6.0 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
23,481 | Walmart, Inc | 2,011,148 | 0.4 | |||||||||||||
Other | 2,245,306 | 0.5 | ||||||||||||||
|
| |||||||||||||||
4,256,454 | 0.9 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
31,087 | Altria Group, Inc | 1,765,431 | 0.4 | |||||||||||||
63,035 | Coca-Cola Co | 2,764,715 | 0.6 | |||||||||||||
23,282 | PepsiCo, Inc | 2,534,711 | 0.6 | |||||||||||||
25,510 | Philip Morris International, Inc | 2,059,677 | 0.4 | |||||||||||||
Other | 8,905,919 | 1.9 | ||||||||||||||
|
| |||||||||||||||
18,030,453 | 3.9 | |||||||||||||||
|
|
68 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Stock Index Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
22,306 | Medtronic plc | $ | 1,909,617 | 0.4 | % | |||||||||||
15,734 | UnitedHealth Group, Inc | 3,860,179 | 0.9 | |||||||||||||
Other | 22,416,279 | 4.8 | ||||||||||||||
|
| |||||||||||||||
28,186,075 | 6.1 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
41,339 | Procter & Gamble Co | 3,226,922 | 0.7 | |||||||||||||
Other | 3,093,284 | 0.7 | ||||||||||||||
|
| |||||||||||||||
6,320,206 | 1.4 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
31,904 | * | Berkshire Hathaway, Inc (Class B) | 5,954,882 | 1.3 | ||||||||||||
Other | 11,951,117 | 2.6 | ||||||||||||||
|
| |||||||||||||||
17,905,999 | 3.9 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
38,173 | DowDuPont, Inc | 2,516,364 | 0.6 | |||||||||||||
Other | 11,663,064 | 2.5 | ||||||||||||||
|
| |||||||||||||||
14,179,428 | 3.1 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
75,052 | Comcast Corp (Class A) | 2,462,456 | 0.5 | |||||||||||||
24,544 | Walt Disney Co | 2,572,457 | 0.6 | |||||||||||||
Other | 5,296,729 | 1.1 | ||||||||||||||
|
| |||||||||||||||
10,331,642 | 2.2 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
26,111 | AbbVie, Inc | 2,419,184 | 0.5 | |||||||||||||
10,902 | Amgen, Inc | 2,012,400 | 0.4 | |||||||||||||
44,183 | Johnson & Johnson | 5,361,165 | 1.2 | |||||||||||||
95,265 | Pfizer, Inc | 3,456,214 | 0.7 | |||||||||||||
44,311 | Schering-Plough Corp | 2,689,678 | 0.6 | |||||||||||||
Other | 19,265,635 | 4.2 | ||||||||||||||
|
| |||||||||||||||
35,204,276 | 7.6 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 17,769,734 | 3.8 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
6,687 | * | Amazon.com, Inc | 11,366,562 | 2.4 | ||||||||||||
18,976 | Home Depot, Inc | 3,702,218 | 0.8 | |||||||||||||
6,853 | * | NetFlix, Inc | 2,682,470 | 0.6 | ||||||||||||
Other | 11,487,124 | 2.5 | ||||||||||||||
|
| |||||||||||||||
29,238,374 | 6.3 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
76,728 | Intel Corp | 3,814,149 | 0.8 | |||||||||||||
9,573 | NVIDIA Corp | 2,267,844 | 0.5 | |||||||||||||
15,957 | Texas Instruments, Inc | 1,759,259 | 0.4 | |||||||||||||
Other | 10,285,184 | 2.2 | ||||||||||||||
|
| |||||||||||||||
18,126,436 | 3.9 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 69 |
Summary portfolio of investments (unaudited) | continued |
Stock Index Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
8,011 | * | Adobe Systems, Inc | $ | 1,953,162 | 0.4 | % | ||||||||||
4,916 | * | Alphabet, Inc (Class A) | 5,551,098 | 1.2 | ||||||||||||
5,011 | * | Alphabet, Inc (Class C) | 5,590,522 | 1.2 | ||||||||||||
39,116 | * | Facebook, Inc | 7,601,021 | 1.6 | ||||||||||||
15,088 | International Business Machines Corp | 2,107,794 | 0.5 | |||||||||||||
15,129 | MasterCard, Inc (Class A) | 2,973,151 | 0.6 | |||||||||||||
124,705 | Microsoft Corp | 12,297,160 | 2.7 | |||||||||||||
47,304 | Oracle Corp | 2,084,214 | 0.5 | |||||||||||||
29,439 | Visa, Inc (Class A) | 3,899,196 | 0.8 | |||||||||||||
Other | 26,079,553 | 5.6 | ||||||||||||||
|
| |||||||||||||||
70,136,871 | 15.1 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
80,911 | Apple, Inc | 14,977,435 | 3.2 | |||||||||||||
79,300 | Cisco Systems, Inc | 3,412,279 | 0.7 | |||||||||||||
Other | 7,244,477 | 1.6 | ||||||||||||||
|
| |||||||||||||||
25,634,191 | 5.5 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
119,499 | AT&T, Inc | 3,837,113 | 0.8 | |||||||||||||
67,977 | Verizon Communications, Inc | 3,419,923 | 0.8 | |||||||||||||
Other | 1,061,935 | 0.2 | ||||||||||||||
|
| |||||||||||||||
8,318,971 | 1.8 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
12,547 | Union Pacific Corp | 1,777,659 | 0.4 | |||||||||||||
Other | 7,628,234 | 1.6 | ||||||||||||||
|
| |||||||||||||||
9,405,893 | 2.0 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | 13,441,307 | 2.9 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $223,875,967) | 460,517,366 | 99.2 | |||||||||||||
|
| |||||||||||||||
RIGHTS / WARRANTS | ||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 121 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL RIGHTS / WARRANTS | (Cost $9) | 121 | 0.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$3,350,000 | Federal Home Loan Bank (FHLB) | 1.630%, 07/02/18 | 3,350,000 | 0.8 | ||||||||||||
|
| |||||||||||||||
3,350,000 | 0.8 | |||||||||||||||
|
|
70 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Stock Index Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
3,870,014 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 3,870,014 | 0.8 | % | ||||||||||
|
| |||||||||||||||
3,870,014 | 0.8 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $7,219,862) | 7,220,014 | 1.6 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $231,095,838) | 467,737,501 | 100.8 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (3,695,787 | ) | (0.8 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 464,041,714 | 100.0 | % | ||||||||||||
|
|
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
At 6/30/2018, the aggregate value of securities on loan is $3,739,346.
“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.
Futures contracts outstanding as of June 30, 2018 were as follows (See Note 3):
Description | Number of contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
| ||||||||||||||||||
S&P 500 E Mini Index | 24 | 9/21/18 | $ | 3,310,873 | $ | 3,265,920 | $ | (44,953 | ) | |||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 71 |
Summary portfolio of investments (unaudited) |
International Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
ARGENTINA | $ | 664,989 | 0.6 | % | ||||||||||||
|
| |||||||||||||||
AUSTRIA | ||||||||||||||||
34,402 | Wienerberger AG. | 858,112 | 0.8 | |||||||||||||
|
| |||||||||||||||
858,112 | 0.8 | |||||||||||||||
|
| |||||||||||||||
CHINA | 788,469 | 0.7 | ||||||||||||||
|
| |||||||||||||||
DENMARK | ||||||||||||||||
21,500 | DSV AS | 1,730,787 | 1.6 | |||||||||||||
|
| |||||||||||||||
1,730,787 | 1.6 | |||||||||||||||
|
| |||||||||||||||
FRANCE | ||||||||||||||||
99,695 | Accor S.A. | 4,882,653 | 4.5 | |||||||||||||
57,649 | *,e,g | ALD S.A. | 981,819 | 0.9 | ||||||||||||
94,886 | Credit Agricole S.A. | 1,259,376 | 1.2 | |||||||||||||
5,953 | Kering | 3,353,322 | 3.1 | |||||||||||||
17,582 | Nexity | 1,109,968 | 1.0 | |||||||||||||
40,058 | Schneider Electric S.A. | 3,331,493 | 3.1 | |||||||||||||
24,097 | Valeo S.A. | 1,313,855 | 1.2 | |||||||||||||
28,899 | Vinci S.A. | 2,774,047 | 2.6 | |||||||||||||
Other | 371,850 | 0.3 | ||||||||||||||
|
| |||||||||||||||
19,378,383 | 17.9 | |||||||||||||||
|
| |||||||||||||||
GERMANY | ||||||||||||||||
23,824 | Bayerische Motoren Werke AG. | 2,153,509 | 2.0 | |||||||||||||
6,763 | Continental AG. | 1,539,108 | 1.4 | |||||||||||||
52,509 | Daimler AG. (Registered) | 3,363,575 | 3.1 | |||||||||||||
41,674 | Lanxess AG. | 3,239,980 | 3.0 | |||||||||||||
28,721 | * | Linde AG. (Tender) | 6,823,501 | 6.3 | ||||||||||||
141,166 | TUI AG. (DI) | 3,087,583 | 2.9 | |||||||||||||
Other | 491,186 | 0.4 | ||||||||||||||
|
| |||||||||||||||
20,698,442 | 19.1 | |||||||||||||||
|
| |||||||||||||||
HONG KONG | ||||||||||||||||
45,183 | Melco Crown Entertainment Ltd (ADR) | 1,265,124 | 1.2 | |||||||||||||
|
| |||||||||||||||
1,265,124 | 1.2 | |||||||||||||||
|
| |||||||||||||||
INDIA | ||||||||||||||||
63,955 | Asian Paints Ltd | 1,180,500 | 1.1 | |||||||||||||
3,252 | Eicher Motors Ltd | 1,356,070 | 1.2 | |||||||||||||
73,124 | HDFC Bank Ltd | 2,252,560 | 2.1 | |||||||||||||
109,692 | Housing Development Finance Corp | 3,056,522 | 2.8 | |||||||||||||
60,130 | IndusInd Bank Ltd | 1,697,328 | 1.6 | |||||||||||||
|
| |||||||||||||||
9,542,980 | 8.8 | |||||||||||||||
|
| |||||||||||||||
ITALY | ||||||||||||||||
158,874 | Mediobanca S.p.A. | 1,469,589 | 1.4 | |||||||||||||
35,116 | Moncler S.p.A | 1,593,389 | 1.5 |
72 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
International Equity Fund § June 30, 2018
Shares | Company | Value | % of net assets | |||||||||||||
ITALY—continued | ||||||||||||||||
238,659 | Prada S.p.A | $ | 1,099,590 | 1.0 | % | |||||||||||
225,624 | * | UniCredit S.p.A. | 3,739,582 | 3.4 | ||||||||||||
|
| |||||||||||||||
7,902,150 | 7.3 | |||||||||||||||
|
| |||||||||||||||
JAPAN | ||||||||||||||||
12,460 | e | Dentsu, Inc | 589,830 | 0.5 | ||||||||||||
271,257 | Hitachi Ltd | 1,911,001 | 1.8 | |||||||||||||
49,985 | Ishikawajima-Harima Heavy Industries Co Ltd | 1,738,678 | 1.6 | |||||||||||||
217,608 | JX Holdings, Inc | 1,509,716 | 1.4 | |||||||||||||
63,629 | Komatsu Ltd | 1,811,426 | 1.7 | |||||||||||||
19,211 | Konami Corp | 976,143 | 0.9 | |||||||||||||
14,600 | Murata Manufacturing Co Ltd | 2,450,994 | 2.3 | |||||||||||||
3,866 | Nintendo Co Ltd | 1,261,975 | 1.2 | |||||||||||||
7,928 | Shin-Etsu Chemical Co Ltd | 704,549 | 0.6 | |||||||||||||
71,049 | Sony Corp | 3,638,728 | 3.4 | |||||||||||||
55,602 | Toyota Motor Corp | 3,595,724 | 3.3 | |||||||||||||
|
| |||||||||||||||
20,188,764 | 18.7 | |||||||||||||||
|
| |||||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||||
2,325 | Samsung SDI Co Ltd | 445,954 | 0.4 | |||||||||||||
|
| |||||||||||||||
445,954 | 0.4 | |||||||||||||||
|
| |||||||||||||||
NETHERLANDS | 373,202 | 0.4 | ||||||||||||||
|
| |||||||||||||||
RUSSIA | ||||||||||||||||
30,420 | Sberbank of Russian Federation (ADR) | 435,143 | 0.4 | |||||||||||||
|
| |||||||||||||||
435,143 | 0.4 | |||||||||||||||
|
| |||||||||||||||
SPAIN | 168,787 | 0.2 | ||||||||||||||
|
| |||||||||||||||
SWEDEN | ||||||||||||||||
44,132 | Electrolux AB (Series B) | 1,001,514 | 1.0 | |||||||||||||
Other | 243,355 | 0.2 | ||||||||||||||
|
| |||||||||||||||
1,244,869 | 1.2 | |||||||||||||||
|
| |||||||||||||||
SWITZERLAND | ||||||||||||||||
300,954 | Credit Suisse Group | 4,500,184 | 4.2 | |||||||||||||
5,732 | Vifor Pharma AG. | 914,332 | 0.8 | |||||||||||||
Other | 537,914 | 0.5 | ||||||||||||||
|
| |||||||||||||||
5,952,430 | 5.5 | |||||||||||||||
|
| |||||||||||||||
UNITED KINGDOM | ||||||||||||||||
181,039 | CNH Industrial NV | 1,912,402 | 1.8 | |||||||||||||
18,897 | Experian Group Ltd | 466,163 | 0.4 | |||||||||||||
5,339,363 | Lloyds TSB Group plc | 4,430,158 | 4.1 | |||||||||||||
11,378 | Reckitt Benckiser Group plc | 934,871 | 0.9 | |||||||||||||
1,377,138 | Tesco plc | 4,659,677 | 4.3 | |||||||||||||
157,859 | Travis Perkins plc | 2,958,070 | 2.7 | |||||||||||||
|
| |||||||||||||||
15,361,341 | 14.2 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $102,227,213) | 106,999,926 | 99.0 | |||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 73 |
Summary portfolio of investments (unaudited) | concluded |
International Equity Fund § June 30, 2018
Principal | Issuer | Value | % of net assets | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$800,000 | Federal Home Loan Bank (FHLB) | 1.630%, 07/02/18 | $ | 800,000 | 0.7 | % | ||||||||||
|
| |||||||||||||||
800,000 | 0.7 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
1,696,322 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,696,322 | 1.6 | ||||||||||||
|
| |||||||||||||||
1,696,322 | 1.6 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $2,496,286) | 2,496,322 | 2.3 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $104,723,499) | 109,496,248 | 101.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (1,368,088 | ) | (1.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 108,128,160 | 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 $1,620,006. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act 1933. Such securities are deem liquid and may be resold in transactions exempt from registration to qualified institutional buyers. Restricted security. At 6/30/18, the aggregate value of these securities amounted to $981,819 or 0.9% 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.
74 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary of market values by sector (unaudited) |
International Equity Fund § June 30, 2018
Sector | Value | % of net assets | ||||||
CONSUMER DISCRETIONARY | $ | 32,777,643 | 30.3 | % | ||||
FINANCIALS | 23,370,943 | 21.6 | ||||||
INDUSTRIALS | 20,462,521 | 18.9 | ||||||
MATERIALS | 12,941,131 | 12.0 | ||||||
INFORMATION TECHNOLOGY | 7,834,536 | 7.3 | ||||||
CONSUMER STAPLES | 5,967,750 | 5.5 | ||||||
ENERGY | 1,509,715 | 1.4 | ||||||
REAL ESTATE | 1,109,968 | 1.0 | ||||||
HEALTH CARE | 1,025,719 | 1.0 | ||||||
SHORT-TERM INVESTMENTS | 2,496,322 | 2.3 | ||||||
OTHER ASSETS & LIABILITIES, NET | (1,368,088 | ) | (1.3 | ) | ||||
|
| |||||||
NET ASSETS | $ | 108,128,160 | 100.0 | % | ||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 75 |
Summary portfolio of investments (unaudited) |
Bond Fund § June 30, 2018
Principal | Issuer | Value | % of net assets | |||||||||||||
BANK LOAN OBLIGATIONS | ||||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | $ | 72,623 | 0.0 | % | ||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 169,687 | 0.1 | ||||||||||||||
|
| |||||||||||||||
ENERGY | 16,575 | 0.0 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 29,183 | 0.0 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 143,558 | 0.1 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 24,081 | 0.0 | ||||||||||||||
|
| |||||||||||||||
MEDIA | 96,416 | 0.1 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | 494,800 | 0.3 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 64,549 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | (Cost $1,110,477) | 1,111,472 | 0.6 | |||||||||||||
|
| |||||||||||||||
BONDS | ||||||||||||||||
CORPORATE BONDS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | 900,894 | 0.5 | ||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
$750,000 | Citigroup, Inc | 3.200%, 10/21/26 | 697,843 | 0.4 | ||||||||||||
Other | 12,743,901 | 6.5 | ||||||||||||||
|
| |||||||||||||||
13,441,744 | 6.9 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | 1,713,490 | 0.9 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 1,057,894 | 0.6 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 169,004 | 0.1 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 231,100 | 0.1 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
1,125,000 | Wells Fargo & Co | 2.625%, 07/22/22 | 1,083,673 | 0.5 | ||||||||||||
Other | 5,392,778 | 2.8 | ||||||||||||||
|
| |||||||||||||||
6,476,451 | 3.3 | |||||||||||||||
|
| |||||||||||||||
ENERGY | 8,044,543 | 4.1 | ||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 1,584,421 | 0.8 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 2,151,489 | 1.1 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 1,151,784 | 0.6 | ||||||||||||||
|
| |||||||||||||||
INSURANCE | 2,908,935 | 1.5 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 2,636,597 | 1.4 | ||||||||||||||
|
| |||||||||||||||
MEDIA | 3,112,060 | 1.5 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,738,498 | 1.4 | ||||||||||||||
|
|
76 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Bond Fund § June 30, 2018
Principal | Issuer | Value | % of net assets | |||||||||||||
REAL ESTATE | $ | 4,004,357 | 2.1 | % | ||||||||||||
|
| |||||||||||||||
RETAILING | 2,140,060 | 1.1 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 719,989 | 0.4 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | 1,823,222 | 1.0 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 2,332,121 | 1.2 | ||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | 3,306,149 | 1.7 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 1,724,380 | 0.9 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | 7,423,718 | 3.8 | ||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS | (Cost $73,914,614) | 71,792,900 | 37.0 | |||||||||||||
|
| |||||||||||||||
GOVERNMENT BONDS | ||||||||||||||||
AGENCY SECURITIES | 397,220 | 0.2 | ||||||||||||||
|
| |||||||||||||||
FOREIGN GOVERNMENT BONDS | 9,577,762 | 4.9 | ||||||||||||||
|
| |||||||||||||||
MORTGAGE BACKED | ||||||||||||||||
$1,355,235 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500%, 10/01/45 | 1,355,326 | 0.7 | ||||||||||||
2,974,593 | FGLMC | 3.000%–6.500%, 03/01/33–03/01/48 | 3,009,936 | 1.5 | ||||||||||||
873,241 | Federal National Mortgage Association (FNMA) | 3.500%, 07/01/32 | 884,473 | 0.4 | ||||||||||||
631,990 | FNMA | 5.500%, 07/01/40 | 685,677 | 0.3 | ||||||||||||
716,170 | FNMA | 4.500%, 11/01/44 | 750,887 | 0.4 | ||||||||||||
1,520,298 | FNMA | 3.000%, 12/25/45 | 1,488,307 | 0.8 | ||||||||||||
833,615 | FNMA | 3.500%, 01/01/46 | 833,271 | 0.4 | ||||||||||||
925,364 | FNMA | 3.500%, 12/01/46 | 923,504 | 0.5 | ||||||||||||
681,497 | h | FNMA | 3.500%, 01/01/47 | 680,022 | 0.4 | |||||||||||
1,166,001 | FNMA | 3.000%, 02/25/48 | 1,140,266 | 0.6 | ||||||||||||
1,039,561 | FNMA | 4.500%, 03/01/48 | 1,094,901 | 0.6 | ||||||||||||
2,944,803 | h | FNMA | 4.000%, 04/01/48 | 3,006,093 | 1.5 | |||||||||||
750,000 | h | FNMA | 4.500%, 07/01/48 | 781,942 | 0.4 | |||||||||||
4,437,290 | FNMA | 3.000%–7.500%, 08/01/21–03/01/48 | 4,584,201 | 2.3 | ||||||||||||
1,091,130 | Government National Mortgage Association (GNMA) | 3.500%, 12/20/47 | 1,095,957 | 0.6 | ||||||||||||
1,186,932 | GNMA | 3.000%, 01/20/48 | 1,161,622 | 0.6 | ||||||||||||
1,122,040 | GNMA | 3.500%, 01/20/48 | 1,127,005 | 0.6 | ||||||||||||
Other | 1,293,645 | 0.7 | ||||||||||||||
|
| |||||||||||||||
25,897,035 | 13.3 | |||||||||||||||
|
| |||||||||||||||
MUNICIPAL BONDS | ||||||||||||||||
1,000,000 | State of Illinois | 5.100%, 06/01/33 | 946,360 | 0.5 | ||||||||||||
Other | 97,892 | 0.0 | ||||||||||||||
|
| |||||||||||||||
1,044,252 | 0.5 | |||||||||||||||
|
| |||||||||||||||
U.S. TREASURY SECURITIES | ||||||||||||||||
1,000,000 | United States Treasury Bond | 3.125%, 11/15/41 | 1,026,250 | 0.5 | ||||||||||||
2,935,700 | United States Treasury Bond | 3.000%, 11/15/45 | 2,943,154 | 1.5 | ||||||||||||
1,865,000 | United States Treasury Bond | 2.875%, 11/15/46 | 1,824,276 | 0.9 | ||||||||||||
765,000 | United States Treasury Bond | 3.000%, 05/15/47 | 766,404 | 0.4 |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 77 |
Summary portfolio of investments (unaudited) | continued |
Bond Fund § June 30, 2018
Principal | Issuer | Value | % of net assets | |||||||||||||
U.S. TREASURY SECURITIES—continued | ||||||||||||||||
$ 1,945,000 | United States Treasury Bond | 3.000%, 02/15/48 | $ | 1,949,559 | 1.0 | % | ||||||||||
1,850,000 | United States Treasury Note | 0.750%, 08/31/18 | 1,846,497 | 0.9 | ||||||||||||
1,000,000 | United States Treasury Note | 0.750%, 09/30/18 | 996,956 | 0.5 | ||||||||||||
900,000 | United States Treasury Note | 1.125%, 01/31/19 | 894,410 | 0.5 | ||||||||||||
785,000 | United States Treasury Note | 1.625%, 03/15/20 | 773,317 | 0.4 | ||||||||||||
720,000 | United States Treasury Note | 2.250%, 03/31/20 | 716,709 | 0.4 | ||||||||||||
2,000,000 | United States Treasury Note | 1.500%, 05/15/20 | 1,962,656 | 1.0 | ||||||||||||
1,785,000 | United States Treasury Note | 2.500%, 05/31/20 | 1,784,094 | 0.9 | ||||||||||||
2,158,000 | United States Treasury Note | 1.375%, 05/31/21 | 2,082,470 | 1.1 | ||||||||||||
2,835,000 | United States Treasury Note | 2.625%, 06/15/21 | 2,835,111 | 1.5 | ||||||||||||
880,000 | United States Treasury Note | 2.750%, 05/31/23 | 880,791 | 0.5 | ||||||||||||
2,070,000 | United States Treasury Note | 2.250%, 12/31/23 | 2,015,016 | 1.0 | ||||||||||||
3,605,000 | United States Treasury Note | 2.125%, 03/31/24 | 3,479,247 | 1.8 | ||||||||||||
1,000,000 | United States Treasury Note | 2.125%, 07/31/24 | 962,344 | 0.5 | ||||||||||||
1,830,000 | United States Treasury Note | 2.125%, 09/30/24 | 1,758,945 | 0.9 | ||||||||||||
2,090,000 | United States Treasury Note | 2.875%, 04/30/25 | 2,097,756 | 1.1 | ||||||||||||
3,868,000 | United States Treasury Note | 2.875%, 05/15/28 | 3,874,044 | 2.0 | ||||||||||||
3,178,000 | United States Treasury Note | 0.875%–2.375%, 12/31/18–10/31/24 | 3,098,700 | 1.6 | ||||||||||||
Other | 879,356 | 0.4 | ||||||||||||||
|
| |||||||||||||||
41,448,062 | 21.3 | |||||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT BONDS | (Cost $79,768,810) | 78,364,331 | 40.2 | |||||||||||||
|
| |||||||||||||||
STRUCTURED ASSETS | ||||||||||||||||
ASSET BACKED | ||||||||||||||||
1,000,000 | g | Capital Automotive REIT Series 2014-1A (Class A) | 3.660%, 10/15/44 | 988,822 | 0.5 | |||||||||||
860,726 | g | MVW Owner Trust Series 2017-1A (Class A) | 2.420%, 12/20/34 | 839,226 | 0.4 | |||||||||||
738,750 | g | Taco Bell Funding LLC | ||||||||||||||
Series 2016-1A (Class A2I) | 3.832%, 05/25/46 | 739,637 | 0.4 | |||||||||||||
Other | 12,490,973 | 6.3 | ||||||||||||||
|
| |||||||||||||||
15,058,658 | 7.6 | |||||||||||||||
|
| |||||||||||||||
OTHER MORTGAGE BACKED | ||||||||||||||||
722,864 | i | COBALT CMBS Commercial Mortgage Trust Series 2007-C3 (Class AJ) | 6.015%, 05/15/46 | 737,175 | 0.4 | |||||||||||
761,431 | Connecticut Avenue Securities Series 2016-C06 (Class 1M1), LIBOR 1 M + 1.300% | 3.391%, 04/25/29 | 767,972 | 0.4 | ||||||||||||
1,000,000 | DBJPM Mortgage Trust Series 2016-C3 (Class A5) | 2.890%, 09/10/49 | 943,457 | 0.5 | ||||||||||||
1,300,000 | i | DBUBS Mortgage Trust Series 2011-LC2A (Class D) | 5.719%, 07/10/44 | 1,339,903 | 0.7 | |||||||||||
1,000,000 | i | GS Mortgage Securities Corp II Series 2018-GS9 (Class A4) | 3.992%, 03/10/51 | 1,016,528 | 0.5 | |||||||||||
951,187 | Structured Agency Credit Risk Debt Note (STACR) Series 2017-DNA3 (Class M1), LIBOR 1 M + 0.750% | 2.841%, 03/25/30 | 953,539 | 0.5 |
78 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Bond Fund § June 30, 2018
Principal | Issuer | Value | % of net assets | |||||||||||||
OTHER MORTGAGE BACKED—continued | ||||||||||||||||
$ 756,429 | i | Wachovia Bank Commercial Mortgage Trust Series 2007-C34 (Class AJ) | 6.309%, 05/15/46 | $ | 769,175 | 0.4 | % | |||||||||
Other | 8,406,373 | 4.1 | ||||||||||||||
|
| |||||||||||||||
14,934,122 | 7.5 | |||||||||||||||
|
| |||||||||||||||
TOTAL STRUCTURED ASSETS | (Cost $30,373,366) | 29,992,780 | 15.1 | |||||||||||||
|
| |||||||||||||||
TOTAL BONDS | (Cost $184,056,790) | 180,150,011 | 92.3 | |||||||||||||
|
| |||||||||||||||
PREFERRED STOCKS | ||||||||||||||||
BANKS | 143,596 | 0.1 | ||||||||||||||
|
| |||||||||||||||
TOTAL PREFERRED STOCKS | (Cost $569,550) | 143,596 | 0.1 | |||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
TREASURY DEBT | ||||||||||||||||
9,690,000 | United States Treasury Bill | 1.789%, 08/16/18 | 9,667,940 | 5.0 | ||||||||||||
|
| |||||||||||||||
9,667,940 | 5.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $9,667,899) | 9,667,940 | 5.0 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $195,404,716) | 191,073,019 | 98.0 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 3,984,386 | 2.0 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 195,057,405 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
LIBOR | London Interbank Offered Rate |
M | Month |
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 6/30/18, the aggregate value of these securities, including those in “Other,” was $35,439,776 or 18.2% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
“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 § 2018 Semiannual Report | 79 |
Summary portfolio of investments (unaudited) |
Money Market Fund § June 30, 2018
Principal | Issuer | Value | % net assets | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 750,000 | Federal Farm Credit Bank (FFCB) | 0.010%, 07/02/18 | $ | 749,964 | 0.9 | % | ||||||||||
1,000,000 | FFCB | 0.010%, 07/10/18 | 999,565 | 1.3 | ||||||||||||
690,000 | FFCB | 0.010%, 07/20/18 | 689,366 | 0.9 | ||||||||||||
610,000 | FFCB | 0.010%, 07/25/18 | 609,305 | 0.8 | ||||||||||||
750,000 | FFCB | 0.010%, 07/30/18 | 748,949 | 0.9 | ||||||||||||
1,000,000 | FFCB | 0.010%, 07/31/18 | 998,517 | 1.3 | ||||||||||||
800,000 | FFCB | 0.010%, 08/13/18 | 798,194 | 1.0 | ||||||||||||
800,000 | FFCB | 0.010%, 09/04/18 | 797,227 | 1.0 | ||||||||||||
994,000 | FFCB | 0.010%, 09/10/18 | 990,266 | 1.2 | ||||||||||||
605,000 | FFCB | 0.010%, 09/21/18 | 602,354 | 0.8 | ||||||||||||
1,000,000 | FFCB | 0.010%, 10/05/18 | 994,787 | 1.2 | ||||||||||||
757,000 | FFCB | 0.010%, 10/29/18 | 751,821 | 0.9 | ||||||||||||
6,325,000 | FFCB | 0.010%, 07/05/18–02/11/19 | 6,305,992 | 7.9 | ||||||||||||
860,000 | Federal Home Loan Bank (FHLB) | 0.010%, 07/09/18 | 859,650 | 1.1 | ||||||||||||
1,355,000 | FHLB | 0.010%, 07/12/18 | 1,354,232 | 1.7 | ||||||||||||
916,000 | FHLB | 0.010%, 07/13/18 | 915,451 | 1.1 | ||||||||||||
1,474,000 | FHLB | 0.010%, 07/27/18 | 1,471,956 | 1.8 | ||||||||||||
950,000 | FHLB | 0.010%, 08/01/18 | 948,465 | 1.2 | ||||||||||||
805,000 | FHLB | 0.010%, 08/03/18 | 803,620 | 1.0 | ||||||||||||
900,000 | FHLB | 0.010%, 08/08/18 | 898,182 | 1.1 | ||||||||||||
765,000 | FHLB | 0.010%, 08/15/18 | 763,164 | 1.0 | ||||||||||||
800,000 | FHLB | 0.010%, 08/17/18 | 798,005 | 1.0 | ||||||||||||
1,000,000 | FHLB | 0.010%, 09/14/18 | 995,979 | 1.2 | ||||||||||||
690,000 | FHLB | 0.010%, 10/26/18 | 685,403 | 0.9 | ||||||||||||
713,000 | FHLB | 0.010%, 11/30/18 | 706,843 | 0.9 | ||||||||||||
4,000,000 | FHLB | 0.010%, 07/03/18–12/03/18 | 3,990,508 | 5.0 | ||||||||||||
1,050,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.010%, 07/09/18 | 1,049,599 | 1.3 | ||||||||||||
860,000 | FHLMC | 0.010%, 07/16/18 | 859,375 | 1.1 | ||||||||||||
1,000,000 | FHLMC | 0.010%, 07/18/18 | 999,197 | 1.3 | ||||||||||||
1,070,000 | FHLMC | 0.010%, 09/19/18 | 1,065,489 | 1.3 | ||||||||||||
2,985,000 | FHLMC | 0.010%, 07/06/18–11/02/18 | 2,977,583 | 3.7 | ||||||||||||
725,000 | Federal National Mortgage Association (FNMA) | 0.010%, 07/06/18 | 724,827 | 0.9 | ||||||||||||
900,000 | FNMA | 0.010%, 07/11/18 | 899,566 | 1.1 | ||||||||||||
805,000 | FNMA | 0.010%, 07/17/18 | 804,374 | 1.0 | ||||||||||||
1,000,000 | FNMA | 0.010%, 07/23/18 | 998,976 | 1.3 | ||||||||||||
750,000 | FNMA | 0.010%, 07/25/18 | 749,105 | 0.9 | ||||||||||||
820,000 | FNMA | 0.010%, 08/13/18 | 818,208 | 1.0 | ||||||||||||
1,433,000 | FNMA | 0.010%, 08/28/18 | 1,428,679 | 1.8 | ||||||||||||
1,961,000 | FNMA | 0.010%, 07/16/18–08/29/18 | 1,957,508 | 2.4 | ||||||||||||
Other | 1,015,149 | 1.4 | ||||||||||||||
|
| |||||||||||||||
47,575,400 | 59.6 | |||||||||||||||
|
| |||||||||||||||
TREASURY DEBT | ||||||||||||||||
1,125,000 | United States Treasury Bill | 0.010%, 07/05/18 | 1,124,780 | 1.4 | ||||||||||||
915,000 | United States Treasury Bill | 0.010%, 07/19/18 | 914,328 | 1.2 | ||||||||||||
1,050,000 | United States Treasury Bill | 0.010%, 07/26/18 | 1,048,703 | 1.3 | ||||||||||||
1,500,000 | United States Treasury Bill | 0.010%, 08/09/18 | 1,497,102 | 1.9 |
80 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Money Market Fund § June 30, 2018
Principal | Issuer | Value | % net assets | |||||||||||||
TREASURY DEBT—continued | ||||||||||||||||
$ 1,552,000 | United States Treasury Bill | 0.010%, 08/16/18 | $ | 1,548,534 | 1.9 | % | ||||||||||
672,000 | United States Treasury Bill | 0.010%, 08/23/18 | 670,148 | 0.8 | ||||||||||||
730,000 | United States Treasury Bill | 0.010%, 09/06/18 | 727,407 | 0.9 | ||||||||||||
1,205,000 | United States Treasury Bill | 0.010%, 09/20/18 | 1,199,929 | 1.5 | ||||||||||||
955,000 | United States Treasury Bill | 0.010%, 10/04/18 | 950,183 | 1.2 | ||||||||||||
1,270,000 | United States Treasury Bill | 0.010%, 10/11/18 | 1,264,075 | 1.6 | ||||||||||||
663,000 | United States Treasury Bill | 0.010%, 11/01/18 | 658,555 | 0.8 | ||||||||||||
1,000,000 | United States Treasury Bill | 0.010%, 11/08/18 | 994,006 | 1.3 | ||||||||||||
700,000 | United States Treasury Bill | 0.010%, 11/15/18 | 694,632 | 0.9 | ||||||||||||
1,000,000 | United States Treasury Bill | 0.010%, 11/29/18 | 991,470 | 1.3 | ||||||||||||
2,038,000 | United States Treasury Bill | 0.010%, 08/30/18–12/13/18 | 2,026,814 | 2.5 | ||||||||||||
1,148,000 | United States Treasury Note | 0.750%–1.000%, 07/31/18–10/15/18 | 1,145,851 | 1.3 | ||||||||||||
|
| |||||||||||||||
17,456,517 | 21.8 | |||||||||||||||
|
| |||||||||||||||
VARIABLE RATE SECURITIES | ||||||||||||||||
4,100,000 | i | Federal Agricultural Mortgage Corp (FAMC), LIBOR 1 M – 0.120%–EFFR + 0.150% | 1.881%–2.060%, 08/03/18–09/27/19 | 4,100,000 | 5.1 | |||||||||||
6,250,000 | i | Federal Farm Credit Bank (FFCB), LIBOR 1 M – 0.125%–LIBOR 3 M – 0.160% | 1.900%–2.188%, 08/08/18–05/29/20 | 6,250,542 | 7.8 | |||||||||||
1,900,000 | i | Federal Home Loan Bank (FHLB), LIBOR 1 M – 0.070%–LIBOR 3 M – 0.200% | 1.976%–2.155%, 01/18/19–07/12/19 | 1,900,073 | 2.4 | |||||||||||
935,000 | i | United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.170% | 2.079%, 10/31/18 | 935,761 | 1.2 | |||||||||||
Other | 750,000 | 0.9 | ||||||||||||||
|
| |||||||||||||||
13,936,376 | 17.4 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $78,968,293) | 78,968,293 | 98.8 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $78,968,293) | 78,968,293 | 98.8 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 968,714 | 1.2 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 79,937,007 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
EFFR | Effective Federal Funds Rate |
LIBOR | London Interbank Offered Rate |
M | Month |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 81 |
Summary portfolio of investments (unaudited) |
Balanced Fund § June 30, 2018
Shares | Security | Value | % of net assets | |||||||||||||
TIAA-CREF LIFE FUNDS—99.9% (a) | ||||||||||||||||
FIXED INCOME—49.9% | ||||||||||||||||
3,049,386 | TIAA-CREF Life Bond Fund | $ | 30,798,804 | 49.9 | % | |||||||||||
|
| |||||||||||||||
TOTAL FIXED INCOME | 30,798,804 | 49.9 | ||||||||||||||
|
| |||||||||||||||
INTERNATIONAL EQUITY—9.9% | ||||||||||||||||
689,676 | TIAA-CREF Life International Equity Fund | 6,138,116 | 9.9 | |||||||||||||
|
| |||||||||||||||
TOTAL INTERNATIONAL EQUITY | 6,138,116 | 9.9 | ||||||||||||||
|
| |||||||||||||||
U.S. EQUITY—40.1% | ||||||||||||||||
345,639 | TIAA-CREF Life Growth Equity Fund | 5,613,182 | 9.1 | |||||||||||||
330,022 | TIAA-CREF Life Growth & Income Fund | 6,178,010 | 10.0 | |||||||||||||
359,440 | TIAA-CREF Life Large-Cap Value Fund | 5,592,889 | 9.0 | |||||||||||||
91,301 | TIAA-CREF Life Real Estate Securities Fund | 1,259,039 | 2.0 | |||||||||||||
74,438 | TIAA-CREF Life Small-Cap Equity Fund | 1,230,457 | 2.0 | |||||||||||||
202,658 | TIAA-CREF Life Stock Index Fund | 4,950,928 | 8.0 | |||||||||||||
|
| |||||||||||||||
TOTAL U.S. EQUITY | 24,824,505 | 40.1 | ||||||||||||||
|
| |||||||||||||||
TOTAL TIAA-CREF LIFE FUNDS | (Cost $55,144,647) | 61,761,425 | 99.9 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $55,144,647) | 61,761,425 | 99.9 | |||||||||||||
OTHER ASSETS AND LIABILITIES, NET | 44,560 | 0.1 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 61,805,985 | 100.0 | % | ||||||||||||
|
|
(a) | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
82 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
[This page intentionally left blank.]
TIAA-CREF Life Funds § 2018 Semiannual Report | 83 |
Statements of assets and liabilities (unaudited) |
TIAA-CREF Life Funds § June 30, 2018
Growth Equity Fund | ||||||||
| ||||||||
ASSETS | ||||||||
Portfolio investments, at value*† | $ | 110,244,768 | ||||||
Cash | 4,710 | |||||||
Receivable from securities transactions | 1,760,830 | |||||||
Receivable from Fund shares sold | 11,838 | |||||||
Dividends and interest receivable | 26,860 | |||||||
Due from affiliates | 348 | |||||||
Other | 8,580 | |||||||
| ||||||||
Total assets | 112,057,934 | |||||||
| ||||||||
LIABILITIES | ||||||||
Management fees payable | 4,042 | |||||||
Due to affiliates | 803 | |||||||
Overdraft payable | — | |||||||
Payable for collateral for securities loaned | 598,228 | |||||||
Payable for securities transactions | 1,343,681 | |||||||
Payable for Fund shares redeemed | 172,054 | |||||||
Written optionsà | 2,436 | |||||||
Payable for trustee compensation | 7,119 | |||||||
Accrued expenses and other payables | 28,465 | |||||||
| ||||||||
Total liabilities | 2,156,828 | |||||||
| ||||||||
NET ASSETS | $ | 109,901,106 | ||||||
| ||||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in-capital | $ | 56,680,336 | ||||||
Undistributed net investment income (loss) | 660,564 | |||||||
Accumulated net realized gain (loss) on total investments | 12,661,602 | |||||||
Net unrealized appreciation (depreciation) on total investments | 39,898,604 | |||||||
| ||||||||
NET ASSETS | $ | 109,901,106 | ||||||
| ||||||||
Outstanding shares of beneficial interest, | 6,765,527 | |||||||
| ||||||||
Net asset value per share | $ | 16.24 | ||||||
| ||||||||
* Includes securities loaned of | $ | 574,441 | ||||||
† Portfolio investments, cost | $ | 70,347,544 | ||||||
à Written options premiums | $ | 3,872 |
84 | 2018 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 | ||||||||||||||||
| ||||||||||||||||||||
$ | 149,546,918 | $ | 76,787,340 | $ | 73,698,176 | $ | 58,948,420 | $ | 62,644,524 | |||||||||||
44,535 | 10,514 | 51,136 | — | 30,841 | ||||||||||||||||
1,172,847 | 43,630 | — | 466,754 | — | ||||||||||||||||
209 | 17,630 | — | 17,394 | 1,013 | ||||||||||||||||
111,298 | 76,941 | 314,294 | 51,232 | 60,786 | ||||||||||||||||
486 | 614 | 447 | 679 | 481 | ||||||||||||||||
13,610 | 9,665 | 10,382 | 6,375 | 6,154 | ||||||||||||||||
| ||||||||||||||||||||
150,889,903 | 76,946,334 | 74,074,435 | 59,490,854 | 62,743,799 | ||||||||||||||||
| ||||||||||||||||||||
5,464 | 2,787 | 3,028 | 2,193 | 746 | ||||||||||||||||
833 | 798 | 812 | 785 | 785 | ||||||||||||||||
— | — | — | 177,508 | — | ||||||||||||||||
1,309,266 | 1,134,725 | — | 1,276,683 | 1,068,657 | ||||||||||||||||
1,111,920 | 245,036 | — | 124,376 | 945,353 | ||||||||||||||||
159,134 | 65,049 | 59,943 | 49,245 | 59,445 | ||||||||||||||||
285,847 | — | — | — | — | ||||||||||||||||
11,604 | 8,627 | 9,383 | 6,493 | 6,294 | ||||||||||||||||
32,629 | 27,504 | 24,168 | 26,952 | 24,467 | ||||||||||||||||
| ||||||||||||||||||||
2,916,697 | 1,484,526 | 97,334 | 1,664,235 | 2,105,747 | ||||||||||||||||
| ||||||||||||||||||||
$ | 147,973,206 | $ | 75,461,808 | $ | 73,977,101 | $ | 57,826,619 | $ | 60,638,052 | |||||||||||
| ||||||||||||||||||||
$ | 82,897,890 | $ | 54,716,418 | $ | 49,303,317 | $ | 37,796,887 | $ | 29,452,196 | |||||||||||
2,111,068 | 1,687,442 | 2,667,825 | 539,363 | 1,575,466 | ||||||||||||||||
14,388,301 | 8,165,415 | 2,780,334 | 10,524,506 | 9,736,791 | ||||||||||||||||
48,575,947 | 10,892,533 | 19,225,625 | 8,965,863 | 19,873,599 | ||||||||||||||||
| ||||||||||||||||||||
$ | 147,973,206 | $ | 75,461,808 | $ | 73,977,101 | $ | 57,826,619 | $ | 60,638,052 | |||||||||||
| ||||||||||||||||||||
| 7,903,188 | 4,850,265 | 5,363,357 | 3,497,229 | 3,499,217 | |||||||||||||||
| ||||||||||||||||||||
$ | 18.72 | $ | 15.56 | $ | 13.79 | $ | 16.53 | $ | 17.33 | |||||||||||
| ||||||||||||||||||||
$ | 1,279,129 | $ | 1,079,857 | $ | — | $ | 1,247,060 | $ | 1,033,182 | |||||||||||
$ | 101,011,384 | $ | 65,894,407 | $ | 54,472,551 | $ | 49,982,557 | $ | 42,770,928 | |||||||||||
$ | 326,381 | $ | — | $ | — | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 85 |
Statements of assets and liabilities (unaudited) |
TIAA-CREF Life Funds § June 30, 2018
Stock Index Fund | ||||||||
| ||||||||
ASSETS | ||||||||
Portfolio investments, at value*† | $ | 467,737,501 | ||||||
Affiliated investments, at value‡ | — | |||||||
Cash# | 48,751 | |||||||
Cash—foreign^ | — | |||||||
Receivable from securities transactions | — | |||||||
Receivable for delayed delivery securities | — | |||||||
Receivable from Fund shares sold | 95,410 | |||||||
Dividends and interest receivable | 409,084 | |||||||
Due from affiliates | 482 | |||||||
Receivable for variation margin on open futures contracts | 2,520 | |||||||
Other | 24,557 | |||||||
| ||||||||
Total assets | 468,318,305 | |||||||
| ||||||||
LIABILITIES | ||||||||
Management fees payable | 2,283 | |||||||
Due to affiliates | 974 | |||||||
Payable for collateral for securities loaned | 3,870,014 | |||||||
Payable for securities transactions | — | |||||||
Payable for delayed delivery securities | — | |||||||
Payable for Fund shares redeemed | 320,399 | |||||||
Payable for trustee compensation | 25,553 | |||||||
Accrued expenses and other payables | 57,368 | |||||||
| ||||||||
Total liabilities | 4,276,591 | |||||||
| ||||||||
NET ASSETS | $ | 464,041,714 | ||||||
| ||||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in-capital | $ | 220,620,332 | ||||||
Undistributed net investment income (loss) | 11,808,699 | |||||||
Accumulated net realized gain (loss) on total investments | (4,984,027 | ) | ||||||
Net unrealized appreciation (depreciation) on total investments | 236,596,710 | |||||||
| ||||||||
NET ASSETS | $ | 464,041,714 | ||||||
| ||||||||
Outstanding shares of beneficial interest, | 18,994,611 | |||||||
| ||||||||
Net asset value per share | $ | 24.43 | ||||||
| ||||||||
* Includes securities loaned of | $ | 3,739,346 | ||||||
# Includes cash collateral for mortgage dollar rolls of | $ | — | ||||||
† Portfolio investments, cost | $ | 231,095,838 | ||||||
‡ Affiliated investments, cost | $ | — | ||||||
^ Foreign cash, cost | $ | — |
86 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
International Equity Fund | Bond Fund | Money Market Fund | Balanced Fund | |||||||||||||
| ||||||||||||||||
$ | 109,496,248 | $ | 191,073,019 | $ | 78,968,293 | $ | — | |||||||||
— | — | — | 61,761,425 | |||||||||||||
3,690 | 2,738,383 | 3,072 | 63,330 | |||||||||||||
24,726 | — | — | — | |||||||||||||
509,508 | 1,609,422 | — | 128,992 | |||||||||||||
— | 97,495 | — | — | |||||||||||||
150,794 | 54,380 | 1,037,749 | — | |||||||||||||
208,019 | 1,197,192 | 26,727 | — | |||||||||||||
938 | 914 | 742 | 517 | |||||||||||||
— | — | — | — | |||||||||||||
12,430 | 15,397 | 1,130 | 1,651 | |||||||||||||
| ||||||||||||||||
110,406,353 | 196,786,202 | 80,037,713 | 61,955,915 | |||||||||||||
| ||||||||||||||||
4,393 | 4,808 | 659 | 507 | |||||||||||||
813 | 881 | 809 | 1,128 | |||||||||||||
1,696,322 | — | — | — | |||||||||||||
421,730 | 494,321 | — | 129,033 | |||||||||||||
— | 1,141,928 | — | — | |||||||||||||
75,680 | 486 | 63,051 | 1,501 | |||||||||||||
10,378 | 17,524 | 1,302 | 1,775 | |||||||||||||
68,877 | 68,849 | 34,885 | 15,986 | |||||||||||||
| ||||||||||||||||
2,278,193 | 1,728,797 | 100,706 | 149,930 | |||||||||||||
| ||||||||||||||||
$ | 108,128,160 | $ | 195,057,405 | $ | 79,937,007 | $ | 61,805,985 | |||||||||
| ||||||||||||||||
$ | 96,813,849 | $ | 192,823,939 | $ | 79,937,851 | $ | 55,432,642 | |||||||||
3,005,564 | 7,862,059 | (693 | ) | (17,092 | ) | |||||||||||
3,552,226 | (1,296,214 | ) | (151 | ) | (226,343 | ) | ||||||||||
4,756,521 | (4,332,379 | ) | — | 6,616,778 | ||||||||||||
| ||||||||||||||||
$ | 108,128,160 | $ | 195,057,405 | $ | 79,937,007 | $ | 61,805,985 | |||||||||
| ||||||||||||||||
| 12,145,162 |
| 19,303,369 | 79,934,566 | 5,301,613 | |||||||||||
| ||||||||||||||||
$ | 8.90 | $ | 10.10 | $ | 1.00 | $ | 11.66 | |||||||||
| ||||||||||||||||
$ | 1,620,006 | $ | — | $ | — | $ | — | |||||||||
$ | — | $ | 960,000 | $ | — | $ | — | |||||||||
$ | 104,723,499 | $ | 195,404,716 | $ | 78,968,293 | $ | — | |||||||||
$ | — | $ | — | $ | — | $ | 55,144,647 | |||||||||
$ | 24,771 | $ | — | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 87 |
Statements of operations (unaudited) |
TIAA-CREF Life Funds § For the period ended June 30, 2018
Growth Equity Fund | ||||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends* | $ | 548,397 | ||||||
Interest | 9,795 | |||||||
Income from securities lending | 4,515 | |||||||
Payment from affiliate | 3,292 | |||||||
| ||||||||
Total income | 565,999 | |||||||
| ||||||||
EXPENSES | ||||||||
Management fees | 238,292 | |||||||
Shareholder servicing | 1,441 | |||||||
Professional fees | 16,625 | |||||||
Custody and accounting fees | 14,203 | |||||||
Administrative service fees | 10,087 | |||||||
Shareholder reports | 7,195 | |||||||
Trustee fees and expenses | 460 | |||||||
Other expenses | 4,654 | |||||||
| ||||||||
Total expenses | 292,957 | |||||||
Less: Expenses reimbursed by the investment adviser | (16,995 | ) | ||||||
| ||||||||
Net expenses | 275,962 | |||||||
| ||||||||
Net investment income (loss) | 290,037 | |||||||
| ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||
Realized gain (loss): | ||||||||
Portfolio investments | 6,399,703 | |||||||
Futures contracts | — | |||||||
Swap contracts | — | |||||||
Purchased options | (146,164 | ) | ||||||
Written options | (203,540 | ) | ||||||
Foreign currency transactions | (1,739 | ) | ||||||
| ||||||||
Net realized gain (loss) on total investments | 6,048,260 | |||||||
| ||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Portfolio investments | 4,324,771 | |||||||
Futures contracts | — | |||||||
Purchased options | 131,044 | |||||||
Written options | (19,218 | ) | ||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (65 | ) | ||||||
| ||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 4,436,532 | |||||||
| ||||||||
Net realized and unrealized gain (loss) on total investments | 10,484,792 | |||||||
| ||||||||
Net increase (decrease) in net assets from operations | $ | 10,774,829 | ||||||
| ||||||||
* Net of foreign withholding taxes of | $ | 19,105 |
88 | 2018 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 | ||||||||||||||||
| ||||||||||||||||||||
$ | 1,119,408 | $ | 765,688 | $ | 1,152,568 | $ | 271,729 | $ | 578,166 | |||||||||||
5,028 | 3,659 | 6,404 | 1,215 | 2,665 | ||||||||||||||||
2,585 | 3,600 | — | 1,396 | 4,700 | ||||||||||||||||
4,810 | 2,495 | 2,483 | — | — | ||||||||||||||||
| ||||||||||||||||||||
1,131,831 | 775,442 | 1,161,455 | 274,340 | 585,531 | ||||||||||||||||
| ||||||||||||||||||||
330,788 | 167,121 | 174,600 | 131,372 | 46,063 | ||||||||||||||||
1,659 | 1,604 | 1,628 | 1,249 | 1,629 | ||||||||||||||||
16,788 | 16,727 | 17,259 | 15,536 | 13,618 | ||||||||||||||||
24,524 | 18,306 | 6,663 | 16,436 | 6,851 | ||||||||||||||||
10,359 | 9,866 | 9,816 | 9,768 | 9,803 | ||||||||||||||||
10,658 | 6,379 | 5,802 | 6,293 | 4,508 | ||||||||||||||||
700 | 339 | 328 | 255 | 293 | ||||||||||||||||
7,690 | 4,127 | 4,261 | 5,838 | 7,587 | ||||||||||||||||
| ||||||||||||||||||||
403,166 | 224,469 | 220,357 | 186,747 | 90,352 | ||||||||||||||||
(20,836 | ) | (31,037 | ) | (21,123 | ) | (35,165 | ) | (22,764 | ) | |||||||||||
| ||||||||||||||||||||
382,330 | 193,432 | 199,234 | 151,582 | 67,588 | ||||||||||||||||
| ||||||||||||||||||||
749,501 | 582,010 | 962,221 | 122,758 | 517,943 | ||||||||||||||||
| ||||||||||||||||||||
5,794,924 | 4,121,747 | 292,754 | 4,620,562 | 6,903,033 | ||||||||||||||||
— | — | — | 17,790 | (6,768 | ) | |||||||||||||||
— | — | — | (10,434 | ) | — | |||||||||||||||
(16,046 | ) | — | — | — | — | |||||||||||||||
(49,132 | ) | — | — | — | — | |||||||||||||||
1,901 | 519 | — | — | — | ||||||||||||||||
| ||||||||||||||||||||
5,731,647 | 4,122,266 | 292,754 | 4,627,918 | 6,896,265 | ||||||||||||||||
| ||||||||||||||||||||
(336,977 | ) | (5,553,622 | ) | (296,987 | ) | (2,126,085 | ) | (5,889,446 | ) | |||||||||||
— | — | — | (7,579 | ) | (4,301 | ) | ||||||||||||||
9,449 | — | — | — | — | ||||||||||||||||
16,923 | — | — | — | — | ||||||||||||||||
| 319 |
| (497 | ) | — | — | — | |||||||||||||
| ||||||||||||||||||||
| (310,286 | ) | (5,554,119 | ) | (296,987 | ) | (2,133,664 | ) | (5,893,747 | ) | ||||||||||
| ||||||||||||||||||||
5,421,361 | (1,431,853 | ) | (4,233 | ) | 2,494,254 | 1,002,518 | ||||||||||||||
| ||||||||||||||||||||
$ | 6,170,862 | $ | (849,843 | ) | $ | 957,988 | $ | 2,617,012 | $ | 1,520,461 | ||||||||||
| ||||||||||||||||||||
$ | 15,272 | $ | 6,682 | $ | — | $ | — | $ | 12 |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 89 |
Statements of operations (unaudited) |
TIAA-CREF Life Funds § For the period ended June 30, 2018
Stock Index Fund | ||||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends* | $ | 4,035,937 | ||||||
Interest | 34,150 | |||||||
Income from securities lending | 44,865 | |||||||
Payment from affiliate | — | |||||||
| ||||||||
Total income | 4,114,952 | |||||||
| ||||||||
EXPENSES | ||||||||
Management fees | 135,837 | |||||||
Shareholder servicing | 1,503 | |||||||
Professional fees | 20,508 | |||||||
Custody and accounting fees | 13,875 | |||||||
Administrative service fees | 12,385 | |||||||
Shareholder reports | 24,818 | |||||||
Trustee fees and expenses | 2,100 | |||||||
Other expenses | 9,102 | |||||||
| ||||||||
Total expenses | 220,128 | |||||||
Less: Expenses reimbursed by the investment adviser | (16,343 | ) | ||||||
| ||||||||
Net expenses | 203,785 | |||||||
| ||||||||
Net investment income (loss) | 3,911,167 | |||||||
| ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||
Realized gain (loss): | ||||||||
Portfolio investments | ||||||||
Unaffiliated investments | 2,062,583 | |||||||
Affiliated investments | — | |||||||
Futures contracts | (30,187 | ) | ||||||
Foreign currency transactions | — | |||||||
| ||||||||
Net realized gain (loss) on total investments | 2,032,396 | |||||||
| ||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Portfolio investments | ||||||||
Unaffiliated investments | 8,142,533 | |||||||
Affiliated investments | — | |||||||
Futures contracts | (88,192 | ) | ||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | — | |||||||
| ||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 8,054,341 | |||||||
| ||||||||
Net realized and unrealized gain (loss) on total investments | 10,086,737 | |||||||
| ||||||||
Net increase (decrease) in net assets from operations | $ | 13,997,904 | ||||||
| ||||||||
* Net of foreign withholding taxes of | $ | 170 |
90 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
International Equity Fund | Bond Fund | Money Market Fund | Balanced Fund | |||||||||||||
| ||||||||||||||||
$ | 2,209,302 | $ | — | $ | — | $ | — | |||||||||
8,983 | 3,161,782 | 632,737 | 488 | |||||||||||||
13,622 | — | — | — | |||||||||||||
4,834 | — | — | — | |||||||||||||
| ||||||||||||||||
2,236,741 | 3,161,782 | 632,737 | 488 | |||||||||||||
| ||||||||||||||||
287,116 | 290,993 | 39,897 | 30,204 | |||||||||||||
1,645 | 1,459 | 1,053 | 1,450 | |||||||||||||
20,626 | 24,708 | 14,012 | 11,272 | |||||||||||||
39,000 | 19,036 | 22,733 | 5,904 | |||||||||||||
10,165 | 10,612 | 9,868 | 3,149 | |||||||||||||
9,543 | 14,032 | 6,197 | 4,115 | |||||||||||||
542 | 865 | 357 | 238 | |||||||||||||
36,863 | 6,574 | 2,626 | 2,642 | |||||||||||||
| ||||||||||||||||
405,500 | 368,279 | 96,743 | 58,974 | |||||||||||||
(60,738 | ) | (27,239 | ) | (36,839 | ) | (28,667 | ) | |||||||||
| ||||||||||||||||
344,762 | 341,040 | 59,904 | 30,307 | |||||||||||||
| ||||||||||||||||
1,891,979 | 2,820,742 | 572,833 | (29,819 | ) | ||||||||||||
| ||||||||||||||||
3,616,485 | (1,166,162 | ) | (74 | ) | 223,814 | |||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
(23,210 | ) | (943 | ) | — | — | |||||||||||
| ||||||||||||||||
3,593,275 | (1,167,105 | ) | (74 | ) | 223,814 | |||||||||||
| ||||||||||||||||
(10,930,900 | ) | (5,575,550 | ) | — | (75,731 | ) | ||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
| (4,167 | ) | (500 | ) | — | — | ||||||||||
| ||||||||||||||||
| (10,935,067 | ) | (5,576,050 | ) | — | (75,731 | ) | |||||||||
| ||||||||||||||||
(7,341,792 | ) | (6,743,155 | ) | (74 | ) | 148,083 | ||||||||||
| ||||||||||||||||
$ | (5,449,813 | ) | $ | (3,922,413 | ) | $ | 572,759 | $ | 118,264 | |||||||
| ||||||||||||||||
$ | 275,149 | $ | 1,706 | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 91 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Growth Equity Fund | ||||||||||||
June 30, 2018 | December 31, 2017* | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 290,037 | $ | 379,609 | ||||||||
Net realized gain (loss) on total investments | 6,048,260 | 7,246,349 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 4,436,532 | 17,848,658 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 10,774,829 | 25,474,616 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | — | — | ||||||||||
From realized gains | — | (1,338,467 | ) | |||||||||
| ||||||||||||
Total distributions | — | (1,338,467 | ) | |||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 11,752,063 | 13,788,648 | ||||||||||
Reinvestments of distributions | — | 1,338,467 | ||||||||||
Redemptions | (9,726,202 | ) | (16,908,757 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 2,025,861 | (1,781,642 | ) | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | 12,800,690 | 22,354,507 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 97,100,416 | 74,745,909 | ||||||||||
| ||||||||||||
End of period | $ | 109,901,106 | $ | 97,100,416 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 660,564 | $ | 370,527 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 758,295 | 564,988 | ||||||||||
Shares reinvested | — | 4,106,138 | ||||||||||
Shares redeemed | (622,818 | ) | (746,802 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 135,477 | 3,924,324 | ||||||||||
|
* | As described in Note 8, the share data was adjusted for the 5-for-2 stock split that occurred on October 25, 2017. |
92 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Growth & Income Fund | Large-Cap Value Fund | |||||||||||||||||||
June 30, 2018 | December 31, 2017* | June 30, 2018 | December 31, 2017* | |||||||||||||||||
| ||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
$ | 749,501 | $ | 1,364,505 | $ | 582,010 | $ | 1,042,715 | |||||||||||||
5,731,647 | 9,473,437 | 4,122,266 | 5,981,163 | |||||||||||||||||
(310,286 | ) | 18,429,310 | (5,554,119 | ) | 1,757,572 | |||||||||||||||
| ||||||||||||||||||||
6,170,862 | 29,267,252 | (849,843 | ) | 8,781,450 | ||||||||||||||||
| ||||||||||||||||||||
— | — | — | — | |||||||||||||||||
— | (928,401 | ) | — | (302,191 | ) | |||||||||||||||
| ||||||||||||||||||||
— | (928,401 | ) | — | (302,191 | ) | |||||||||||||||
| ||||||||||||||||||||
4,444,998 | 7,511,932 | 4,702,731 | 4,431,140 | |||||||||||||||||
— | 928,331 | — | 302,153 | |||||||||||||||||
(8,448,931 | ) | (18,248,994 | ) | (4,861,181 | ) | (11,422,287 | ) | |||||||||||||
| ||||||||||||||||||||
(4,003,933 | ) | (9,808,731 | ) | (158,450 | ) | (6,688,994 | ) | |||||||||||||
| ||||||||||||||||||||
2,166,929 | 18,530,120 | (1,008,293 | ) | 1,790,265 | ||||||||||||||||
145,806,277 | 127,276,157 | 76,470,101 | 74,679,836 | |||||||||||||||||
| ||||||||||||||||||||
$ | 147,973,206 | $ | 145,806,277 | $ | 75,461,808 | $ | 76,470,101 | |||||||||||||
| ||||||||||||||||||||
$ | 2,111,068 | $ | 1,361,567 | $ | 1,687,442 | $ | 1,105,432 | |||||||||||||
| ||||||||||||||||||||
238,443 | 240,240 | 300,531 | 147,183 | |||||||||||||||||
— | 4,968,313 | — | 2,996,387 | |||||||||||||||||
(454,526 | ) | (578,655 | ) | (306,971 | ) | (409,234 | ) | |||||||||||||
| ||||||||||||||||||||
(216,083 | ) | 4,629,898 | (6,440 | ) | 2,734,336 | |||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 93 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Real Estate Securities Fund | ||||||||||||
June 30, 2018 | December 31, 2017* | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 962,221 | $ | 1,398,888 | ||||||||
Net realized gain (loss) on total investments | 292,754 | 3,244,851 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (296,987 | ) | 4,071,112 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 957,988 | 8,714,851 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | — | — | ||||||||||
From realized gains | — | (1,962,261 | ) | |||||||||
| ||||||||||||
Total distributions | — | (1,962,261 | ) | |||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 2,060,284 | 5,606,864 | ||||||||||
Reinvestments of distributions | — | 1,962,120 | ||||||||||
Redemptions | (6,185,025 | ) | (10,568,490 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (4,124,741 | ) | (2,999,506 | ) | ||||||||
| ||||||||||||
Net increase (decrease) in net assets | (3,166,753 | ) | 3,753,084 | |||||||||
NET ASSETS | ||||||||||||
Beginning of period | 77,143,854 | 73,390,770 | ||||||||||
| ||||||||||||
End of period | $ | 73,977,101 | $ | 77,143,854 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 2,667,825 | $ | 1,705,604 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 160,173 | 210,802 | ||||||||||
Shares reinvested | — | 3,509,672 | ||||||||||
Shares redeemed | (475,754 | ) | (405,755 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (315,581 | ) | 3,314,719 | |||||||||
|
* | As described in Note 8, the share data was adjusted for the 5-for-2 stock split that occurred on October 25, 2017. |
94 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
Small-Cap Equity Fund | Social Choice Equity Fund | |||||||||||||||||||
June 30, 2018 | December 31, 2017* | June 30, 2018 | December 31, 2017* | |||||||||||||||||
| ||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
$ | 122,758 | $ | 378,520 | $ | 517,943 | $ | 990,558 | |||||||||||||
4,627,918 | 6,193,058 | 6,896,265 | 2,933,124 | |||||||||||||||||
(2,133,664 | ) | 1,176,205 | (5,893,747 | ) | 6,914,501 | |||||||||||||||
| ||||||||||||||||||||
2,617,012 | 7,747,783 | 1,520,461 | 10,838,183 | |||||||||||||||||
| ||||||||||||||||||||
— | — | — | (6,835 | ) | ||||||||||||||||
— | (1,162,850 | ) | — | (208,722 | ) | |||||||||||||||
| ||||||||||||||||||||
— | (1,162,850 | ) | — | (215,557 | ) | |||||||||||||||
| ||||||||||||||||||||
2,032,628 | 5,699,514 | 1,364,361 | 3,585,942 | |||||||||||||||||
— | 1,162,850 | — | 215,519 | |||||||||||||||||
(5,411,617 | ) | (9,230,658 | ) | (3,631,352 | ) | (5,634,488 | ) | |||||||||||||
| ||||||||||||||||||||
(3,378,989 | ) | (2,368,294 | ) | (2,266,991 | ) | (1,833,027 | ) | |||||||||||||
| ||||||||||||||||||||
(761,977 | ) | 4,216,639 | (746,530 | ) | 8,789,599 | |||||||||||||||
58,588,596 | 54,371,957 | 61,384,582 | 52,594,983 | |||||||||||||||||
| ||||||||||||||||||||
$ | 57,826,619 | $ | 58,588,596 | $ | 60,638,052 | $ | 61,384,582 | |||||||||||||
| ||||||||||||||||||||
$ | 539,363 |
| $ | 416,605 | $ | 1,575,466 | $ | 1,057,523 | ||||||||||||
| ||||||||||||||||||||
125,498 | 193,772 | 78,440 | 107,123 | |||||||||||||||||
— | 2,277,887 | — | 2,204,925 | |||||||||||||||||
(334,925 | ) | (312,476 | ) | (210,740 | ) | (180,705 | ) | |||||||||||||
| ||||||||||||||||||||
(209,427 | ) | 2,159,183 | (132,300 | ) | 2,131,343 | |||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 95 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Stock Index Fund | ||||||||||||
June 30, 2018 | December 31, 2017* | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 3,911,167 | $ | 7,611,528 | ||||||||
Net realized gain (loss) on total investments | 2,032,396 | 3,252,175 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 8,054,341 | 66,493,460 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 13,997,904 | 77,357,163 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | — | — | ||||||||||
From realized gains | — | (421,541 | ) | |||||||||
| ||||||||||||
Total distributions | — | (421,541 | ) | |||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 25,500,230 | 54,522,509 | ||||||||||
Reinvestments of distributions | — | 421,541 | ||||||||||
Redemptions | (20,886,411 | ) | (51,236,444 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 4,613,819 | 3,707,606 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets | 18,611,723 | 80,643,228 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 445,429,991 | 364,786,763 | ||||||||||
| ||||||||||||
End of period | $ | 464,041,714 | $ | 445,429,991 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 11,808,699 | $ | 7,897,532 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 1,050,226 | 1,224,657 | ||||||||||
Shares reinvested | — | 11,277,806 | ||||||||||
Shares redeemed | (864,648 | ) | (1,142,941 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 185,578 | 11,359,522 | ||||||||||
|
* | As described in Note 8, the share data was adjusted for the 5-for-2 stock split that occurred on October 25, 2017. |
96 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
International Equity Fund | Bond Fund | |||||||||||||||||||
June 30, 2018 | December 31, 2017* | June 30, 2018 | December 31, 2017* | |||||||||||||||||
| ||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
$ | 1,891,979 | $ | 1,288,941 | $ | 2,820,742 | $ | 5,064,068 | |||||||||||||
3,593,275 | 14,087,540 | (1,167,105 | ) | 649,151 | ||||||||||||||||
(10,935,067 | ) | 13,552,587 | (5,576,050 | ) | 2,544,411 | |||||||||||||||
| ||||||||||||||||||||
(5,449,813 | ) | 28,929,068 | (3,922,413 | ) | 8,257,630 | |||||||||||||||
| ||||||||||||||||||||
— | (1,210,511 | ) | — | (37,244 | ) | |||||||||||||||
— | — | — | — | |||||||||||||||||
| ||||||||||||||||||||
— | (1,210,511 | ) | — | (37,244 | ) | |||||||||||||||
| ||||||||||||||||||||
6,949,752 | 11,688,260 | 10,378,574 | 24,890,008 | |||||||||||||||||
— | 1,210,511 | — | 37,244 | |||||||||||||||||
(8,777,508 | ) | (13,949,175 | ) | (11,367,302 | ) | (11,022,815 | ) | |||||||||||||
| ||||||||||||||||||||
(1,827,756 | ) | (1,050,404 | ) | (988,728 | ) | 13,904,437 | ||||||||||||||
| ||||||||||||||||||||
(7,277,569 | ) | 26,668,153 | (4,911,141 | ) | 22,124,823 | |||||||||||||||
115,405,729 | 88,737,576 | 199,968,546 | 177,843,723 | |||||||||||||||||
| ||||||||||||||||||||
$ | 108,128,160 | $ | 115,405,729 | $ | 195,057,405 | $ | 199,968,546 | |||||||||||||
| ||||||||||||||||||||
$ | 3,005,564 | $ | 1,113,585 | $ | 7,862,059 | $ | 5,041,317 | |||||||||||||
| ||||||||||||||||||||
734,754 | 673,883 | 1,021,789 | 1,403,977 | |||||||||||||||||
— | 7,540,417 | — | 11,346,816 | |||||||||||||||||
(931,532 | ) | (866,413 | ) | (1,118,432 | ) | (563,454 | ) | |||||||||||||
| ||||||||||||||||||||
(196,778 | ) | 7,347,887 | (96,643 | ) | 12,187,339 | |||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 97 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Money Market Fund | ||||||||||||
June 30, 2018 | December 31, 2017 | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 572,833 | $ | 583,742 | ||||||||
Net realized gain (loss) on total investments | (74 | ) | (77 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on total investments | — | — | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 572,759 | 583,665 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | (572,833 | ) | (583,742 | ) | ||||||||
From realized gains | — | — | ||||||||||
| ||||||||||||
Total distributions | (572,833 | ) | (583,742 | ) | ||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 57,115,456 | 83,760,116 | ||||||||||
Reinvestments of distributions | 572,833 | 583,742 | ||||||||||
Redemptions | (60,161,916 | ) | (80,192,281 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (2,473,627 | ) | 4,151,577 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | (2,473,701 | ) | 4,151,500 | |||||||||
NET ASSETS | ||||||||||||
Beginning of period | 82,410,708 | 78,259,208 | ||||||||||
| ||||||||||||
End of period | $ | 79,937,007 | $ | 82,410,708 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | (693 | ) | $ | (693 | ) | ||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 57,115,456 | 83,760,116 | ||||||||||
Shares reinvested | 572,833 | 583,742 | ||||||||||
Shares redeemed | (60,161,916 | ) | (80,192,281 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (2,473,627 | ) | 4,151,577 | |||||||||
|
98 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
Balanced Fund | ||||||||
June 30, 2018 | December 31, 2017 | |||||||
| ||||||||
(unaudited) | ||||||||
$ | (29,819 | ) | $ | 13,607 | ||||
223,814 | 196,799 | |||||||
| (75,731 | ) | 6,822,312 | |||||
| ||||||||
118,264 | 7,032,718 | |||||||
| ||||||||
— | — | |||||||
— | (564,726 | ) | ||||||
| ||||||||
— | (564,726 | ) | ||||||
| ||||||||
3,401,225 | 7,075,201 | |||||||
— | 564,614 | |||||||
(1,056,306 | ) | (4,721,985 | ) | |||||
| ||||||||
2,344,919 | 2,917,830 | |||||||
| ||||||||
2,463,183 | 9,385,822 | |||||||
59,342,802 | 49,956,980 | |||||||
| ||||||||
$ | 61,805,985 | $ | 59,342,802 | |||||
| ||||||||
$ | (17,092 | ) | $ | 12,727 | ||||
| ||||||||
290,622 | 645,111 | |||||||
— | 50,143 | |||||||
(89,481 | ) | (434,816 | ) | |||||
| ||||||||
201,141 | 260,438 | |||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2018 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 | |||||||||||||||||||||||||||||
GROWTH EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | $ | 14.65 | $ | 0.04 | $ | 1.55 | $ | 1.59 | $ | — | $ | — | $ | — | |||||||||||||||||||||
12/31/17 | * | 11.05 | 0.06 | 3.74 | 3.80 | — | (0.20 | ) | (0.20 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 11.55 | 0.06 | (0.17 | ) | (0.11 | ) | (0.06 | ) | (0.33 | ) | (0.39 | ) | |||||||||||||||||||||||
12/31/15 | * | 10.81 | 0.03 | 1.01 | 1.04 | (0.02 | ) | (0.28 | ) | (0.30 | ) | |||||||||||||||||||||||||
12/31/14 | * | 10.55 | 0.04 | 1.15 | 1.19 | (0.03 | ) | (0.90 | ) | (0.93 | ) | |||||||||||||||||||||||||
12/31/13 | * | 7.56 | 0.03 | 2.98 | 3.01 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||||||||
GROWTH & INCOME FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 17.96 | 0.09 | 0.67 | 0.76 | — | — | — | ||||||||||||||||||||||||||||
12/31/17 | * | 14.59 | 0.16 | 3.32 | 3.48 | — | (0.11 | ) | (0.11 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 14.28 | 0.18 | 1.05 | 1.23 | (0.20 | ) | (0.72 | ) | (0.92 | ) | |||||||||||||||||||||||||
12/31/15 | * | 15.02 | 0.16 | 0.32 | 0.48 | (0.17 | ) | (1.05 | ) | (1.22 | ) | |||||||||||||||||||||||||
12/31/14 | * | 14.81 | 0.15 | 1.50 | 1.65 | (0.16 | ) | (1.28 | ) | (1.44 | ) | |||||||||||||||||||||||||
12/31/13 | * | 12.15 | 0.16 | 3.99 | 4.15 | (0.16 | ) | (1.33 | ) | (1.49 | ) | |||||||||||||||||||||||||
LARGE-CAP VALUE FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 15.75 | 0.12 | (0.31 | ) | (0.19 | ) | — | — | — | ||||||||||||||||||||||||||
12/31/17 | * | 14.08 | 0.21 | 1.52 | 1.73 | — | (0.06 | ) | (0.06 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 12.48 | 0.24 | 2.11 | 2.35 | (0.24 | ) | (0.51 | ) | (0.75 | ) | |||||||||||||||||||||||||
12/31/15 | * | 14.72 | 0.18 | (0.95 | ) | (0.77 | ) | (0.24 | ) | (1.23 | ) | (1.47 | ) | |||||||||||||||||||||||
12/31/14 | * | 14.66 | 0.26 | 1.06 | 1.32 | (0.27 | ) | (0.99 | ) | (1.26 | ) | |||||||||||||||||||||||||
12/31/13 | * | 11.76 | 0.22 | 3.79 | 4.01 | (0.27 | ) | (0.84 | ) | (1.11 | ) | |||||||||||||||||||||||||
REAL ESTATE SECURITIES FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 13.58 | 0.18 | 0.03 | 0.21 | — | — | — | ||||||||||||||||||||||||||||
12/31/17 | * | 12.42 | 0.24 | 1.27 | 1.51 | — | (0.35 | ) | (0.35 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 13.34 | 0.23 | 0.29 | 0.52 | (0.38 | ) | (1.06 | ) | (1.44 | ) | |||||||||||||||||||||||||
12/31/15 | * | 14.66 | 0.32 | 0.27 | 0.59 | (0.40 | ) | (1.51 | ) | (1.91 | ) | |||||||||||||||||||||||||
12/31/14 | * | 11.74 | 0.24 | 3.11 | 3.35 | (0.22 | ) | (0.21 | ) | (0.43 | ) | |||||||||||||||||||||||||
12/31/13 | * | 11.74 | 0.21 | 0.01 | 0.22 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||||||||||
SMALL-CAP EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 15.81 | 0.03 | 0.69 | 0.72 | — | — | — | ||||||||||||||||||||||||||||
12/31/17 | * | 14.06 | 0.10 | 1.97 | 2.07 | — | (0.32 | ) | (0.32 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 12.16 | 0.10 | 2.32 | 2.42 | (0.12 | ) | (0.40 | ) | (0.52 | ) | |||||||||||||||||||||||||
12/31/15 | * | 13.43 | 0.09 | (0.13 | ) | (0.04 | ) | (0.08 | ) | (1.15 | ) | (1.23 | ) | |||||||||||||||||||||||
12/31/14 | * | 14.53 | 0.11 | 0.87 | 0.98 | (0.11 | ) | (1.97 | ) | (2.08 | ) | |||||||||||||||||||||||||
12/31/13 | * | 12.35 | 0.11 | 4.77 | 4.88 | (0.10 | ) | (2.60 | ) | (2.70 | ) |
100 | 2018 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
| Ratios and supplemental data | ||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||||
Net asset value, end of period | Total return† † | Total return excluding payment from affiliatesu | Net assets at end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | Net excluding | Portfolio turnover rate | ||||||||||||||||||||||||||||
$ | 16.24 | 10.85 | %b | 10.85 | %b | $ | 109,901 | 0.55 | %c | 0.52 | %c | 0.55 | %c | 0.54 | %c | 46 | %b | |||||||||||||||||||
14.65 | 34.54 | 34.53 | 97,100 | 0.59 | 0.52 | 0.43 | 0.43 | 81 | ||||||||||||||||||||||||||||
11.05 | (0.96 | ) | (0.99 | ) | 74,746 | 0.60 | 0.52 | 0.55 | 0.51 | 106 | ||||||||||||||||||||||||||
11.55 | 9.67 | 9.67 | 81,569 | 0.57 | 0.52 | 0.24 | 0.24 | 78 | ||||||||||||||||||||||||||||
10.81 | 11.25 | 11.25 | 70,492 | 0.59 | 0.52 | 0.35 | 0.35 | 103 | ||||||||||||||||||||||||||||
10.55 | 39.94 | 39.94 | 61,802 | 0.66 | 0.52 | 0.29 | 0.29 | 105 | ||||||||||||||||||||||||||||
18.72 | 4.23 | b | 4.23 | b | 147,973 | 0.55 | c | 0.52 | c | 1.02 | c | 1.01 | c | 28 | b | |||||||||||||||||||||
17.96 | 23.91 | 23.91 | 145,806 | 0.58 | 0.52 | 1.00 | 1.00 | 70 | ||||||||||||||||||||||||||||
14.59 | 8.60 | 8.53 | 127,276 | 0.58 | 0.52 | 1.28 | 1.22 | 88 | ||||||||||||||||||||||||||||
14.28 | 3.34 | 3.34 | 132,244 | 0.55 | 0.52 | 1.01 | 1.01 | 82 | ||||||||||||||||||||||||||||
15.02 | 11.09 | 11.09 | 147,873 | 0.56 | 0.52 | 0.98 | 0.98 | 103 | ||||||||||||||||||||||||||||
14.81 | 34.38 | 34.38 | 131,597 | 0.61 | 0.52 | 1.15 | 1.15 | 141 | ||||||||||||||||||||||||||||
15.56 | (1.21 | )b | (1.21 | )b | 75,462 | 0.60 | c | 0.52 | c | 1.57 | c | 1.56 | c | 34 | b | |||||||||||||||||||||
15.75 | 12.34 | 12.34 | 76,470 | 0.63 | 0.53 | 1.39 | 1.39 | 55 | ||||||||||||||||||||||||||||
14.08 | 18.74 | 18.58 | 74,680 | 0.64 | 0.52 | 1.86 | 1.70 | 68 | ||||||||||||||||||||||||||||
12.48 | (5.00 | ) | (5.00 | ) | 64,052 | 0.58 | 0.52 | 1.25 | 1.25 | 61 | ||||||||||||||||||||||||||
14.72 | 8.98 | 8.98 | 112,643 | 0.56 | 0.52 | 1.75 | 1.75 | 60 | ||||||||||||||||||||||||||||
14.66 | 34.31 | 34.31 | 104,869 | 0.60 | 0.52 | 1.54 | 1.54 | 58 | ||||||||||||||||||||||||||||
13.79 | 1.55 | b | 1.55 | b | 73,977 | 0.63 | c | 0.57 | c | 2.76 | c | 2.75 | c | 12 | b | |||||||||||||||||||||
13.58 | 12.32 | 12.32 | 77,144 | 0.66 | 0.58 | 1.86 | 1.86 | 35 | ||||||||||||||||||||||||||||
12.42 | 3.96 | 3.85 | 73,391 | 0.65 | 0.57 | 1.71 | 1.60 | 59 | ||||||||||||||||||||||||||||
13.34 | 4.37 | 4.37 | 73,223 | 0.59 | 0.57 | 2.12 | 2.12 | 30 | ||||||||||||||||||||||||||||
14.66 | 28.47 | 28.47 | 128,653 | 0.58 | 0.57 | 1.76 | 1.76 | 45 | ||||||||||||||||||||||||||||
11.74 | 1.89 | 1.89 | 96,202 | 0.63 | 0.57 | 1.72 | 1.72 | 58 | ||||||||||||||||||||||||||||
16.53 | 4.55 | b | 4.55 | b | 57,827 | 0.65 | c | 0.53 | c | 0.43 | c | 0.43 | c | 48 | b | |||||||||||||||||||||
15.81 | 14.90 | 14.90 | 58,589 | 0.71 | 0.53 | 0.68 | 0.68 | 77 | ||||||||||||||||||||||||||||
14.06 | 19.87 | 19.87 | 54,372 | 0.71 | 0.53 | 0.84 | 0.84 | 91 | ||||||||||||||||||||||||||||
12.16 | (0.15 | ) | (0.15 | ) | 49,403 | 0.63 | 0.53 | 0.68 | 0.68 | 92 | ||||||||||||||||||||||||||
13.43 | 6.85 | 6.85 | 52,734 | 0.64 | 0.54 | 0.73 | 0.73 | 98 | ||||||||||||||||||||||||||||
14.53 | 39.87 | 39.87 | 51,437 | 0.73 | 0.55 | 0.72 | 0.72 | 87 |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 101 |
Financial highlights |
TIAA-CREF Life Funds
Selected per share data |
| |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Less distributions from | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Net asset value, beginning of period | Net investment income (loss)a | Net realized on total |
Total from | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
SOCIAL CHOICE EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | $ | 16.90 | $ | 0.14 | $ | 0.29 | $ | 0.43 | $ | — | $ | — | $ | — | |||||||||||||||||||||
12/31/17 | * | 14.02 | 0.27 | 2.66 | 2.93 | (0.00 | )d | (0.05 | ) | (0.05 | ) | |||||||||||||||||||||||||
12/31/16 | * | 13.61 | 0.34 | 1.48 | 1.82 | (0.34 | ) | (1.07 | ) | (1.41 | ) | |||||||||||||||||||||||||
12/31/15 | * | 15.47 | 0.27 | (0.72 | ) | (0.45 | ) | (0.39 | ) | (1.02 | ) | (1.41 | ) | |||||||||||||||||||||||
12/31/14 | * | 14.56 | 0.26 | 1.34 | 1.60 | (0.28 | ) | (0.41 | ) | (0.69 | ) | |||||||||||||||||||||||||
12/31/13 | * | 11.01 | 0.22 | 3.54 | 3.76 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||||||||||
STOCK INDEX FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 23.68 | 0.21 | 0.54 | 0.75 | — | — | — | ||||||||||||||||||||||||||||
12/31/17 | * | 19.59 | 0.40 | 3.71 | 4.11 | — | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 17.74 | 0.40 | 1.86 | 2.26 | (0.41 | ) | — | (0.41 | ) | ||||||||||||||||||||||||||
12/31/15 | * | 18.17 | 0.35 | (0.28 | ) | 0.07 | (0.36 | ) | (0.14 | ) | (0.50 | ) | ||||||||||||||||||||||||
12/31/14 | * | 16.49 | 0.32 | 1.73 | 2.05 | (0.33 | ) | (0.04 | ) | (0.37 | ) | |||||||||||||||||||||||||
12/31/13 | * | 12.59 | 0.28 | 3.92 | 4.20 | (0.28 | ) | (0.02 | ) | (0.30 | ) | |||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 9.35 | 0.15 | (0.60 | ) | (0.45 | ) | — | — | — | ||||||||||||||||||||||||||
12/31/17 | * | 7.11 | 0.10 | 2.24 | 2.34 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 7.14 | 0.11 | (0.03 | ) | 0.08 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
12/31/15 | * | 7.32 | 0.10 | (0.18 | ) | (0.08 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||||
12/31/14 | * | 8.06 | 0.12 | (0.76 | ) | (0.64 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||||
12/31/13 | * | 6.64 | 0.13 | 1.47 | 1.60 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||||||||||
BOND FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 10.31 | 0.15 | (0.36 | ) | (0.21 | ) | — | — | — | ||||||||||||||||||||||||||
12/31/17 | * | 9.86 | 0.27 | 0.18 | 0.45 | (0.00 | )d | — | (0.00 | )d | ||||||||||||||||||||||||||
12/31/16 | * | 9.82 | 0.28 | 0.13 | 0.41 | (0.29 | ) | (0.08 | ) | (0.37 | ) | |||||||||||||||||||||||||
12/31/15 | * | 10.22 | 0.29 | (0.23 | ) | 0.06 | (0.35 | ) | (0.11 | ) | (0.46 | ) | ||||||||||||||||||||||||
12/31/14 | * | 9.98 | 0.24 | 0.31 | 0.55 | (0.23 | ) | (0.08 | ) | (0.31 | ) | |||||||||||||||||||||||||
12/31/13 | * | 10.46 | 0.26 | (0.42 | ) | (0.16 | ) | (0.25 | ) | (0.07 | ) | (0.32 | ) | |||||||||||||||||||||||
MONEY MARKET FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | 1.00 | 0.01 | (0.00 | )d | 0.01 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||
12/31/17 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||||
12/31/16 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | 0.00 | d | — | (0.00 | )d | ||||||||||||||||||||||||
12/31/15 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | 0.00 | d | — | (0.00 | )d | ||||||||||||||||||||||||
12/31/14 | 1.00 | — | 0.00 | d | 0.00 | d | — | — | — | |||||||||||||||||||||||||||
12/31/13 | 1.00 | 0.00 | d | — | 0.00 | d | 0.00 | d | — | (0.00 | )d |
102 | 2018 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 | |||||||||||||||||||||||||||||||
$ | 17.33 | 2.54 | %b | 2.54 | %b | $ | 60,638 | 0.29 | %c | 0.22 | %c | 1.69 | %c | 1.69 | %c | 26 | %b | 26 | %b | |||||||||||||||||||||
16.90 | 20.96 | 20.96 | 61,385 | 0.33 | 0.22 | 1.75 | 1.75 | 13 | 13 | |||||||||||||||||||||||||||||||
14.02 | 13.35 | 13.35 | 52,595 | 0.36 | 0.22 | 2.44 | 2.44 | 21 | 21 | |||||||||||||||||||||||||||||||
13.61 | (2.70 | ) | (2.70 | ) | 47,408 | 0.28 | 0.22 | 1.76 | 1.76 | 9 | 9 | |||||||||||||||||||||||||||||
15.47 | 10.98 | 10.98 | 71,967 | 0.26 | 0.22 | 1.68 | 1.68 | 10 | 10 | |||||||||||||||||||||||||||||||
14.56 | 34.13 | 34.13 | 64,931 | 0.33 | 0.22 | 1.68 | 1.68 | 11 | 11 | |||||||||||||||||||||||||||||||
24.43 | 3.17 | b | 3.17 | b | 464,042 | 0.10 | c | 0.09 | c | 1.73 | c | 1.73 | c | 2 | b | 2 | b | |||||||||||||||||||||||
23.68 | 21.01 | 21.01 | 445,430 | 0.12 | 0.09 | 1.88 | 1.88 | 7 | 7 | |||||||||||||||||||||||||||||||
19.59 | 12.71 | 12.71 | 364,787 | 0.12 | 0.09 | 2.19 | 2.19 | 12 | 12 | |||||||||||||||||||||||||||||||
17.74 | 0.43 | 0.43 | 332,443 | 0.11 | 0.09 | 1.91 | 1.91 | 7 | 7 | |||||||||||||||||||||||||||||||
18.17 | 12.46 | 12.46 | 328,728 | 0.12 | 0.09 | 1.86 | 1.86 | 8 | 8 | |||||||||||||||||||||||||||||||
16.49 | 33.43 | 33.43 | 283,117 | 0.16 | 0.09 | 1.90 | 1.90 | 5 | 5 | |||||||||||||||||||||||||||||||
8.90 | (4.81 | )b | (4.81 | )b | 108,128 | 0.71 | c | 0.60 | c | 3.29 | c | 3.29 | c | 33 | b | 33 | b | |||||||||||||||||||||||
9.35 | 32.98 | 32.97 | 115,406 | 0.70 | 0.60 | 1.24 | 1.24 | 119 | 119 | |||||||||||||||||||||||||||||||
7.11 | 1.06 | 0.96 | 88,738 | 0.69 | 0.60 | 1.57 | 1.47 | 94 | 94 | |||||||||||||||||||||||||||||||
7.14 | (0.98 | ) | (0.98 | ) | 91,819 | 0.66 | 0.60 | 1.29 | 1.29 | 77 | 77 | |||||||||||||||||||||||||||||
7.32 | (7.90 | ) | (7.90 | ) | 90,680 | 0.66 | 0.60 | 1.46 | 1.46 | 91 | 91 | |||||||||||||||||||||||||||||
8.06 | 24.15 | 24.15 | 98,106 | 0.74 | 0.60 | 1.79 | 1.79 | 133 | 133 | |||||||||||||||||||||||||||||||
10.10 | (2.04 | )b | (2.04 | )b | 195,057 | 0.38 | c | 0.35 | c | 2.91 | c | 2.91 | c | 71 | b | 66 | b | |||||||||||||||||||||||
10.31 | 4.54 | 4.54 | 199,969 | 0.36 | 0.35 | 2.69 | 2.69 | 147 | 114 | |||||||||||||||||||||||||||||||
9.86 | 4.23 | 4.23 | 177,844 | 0.42 | 0.35 | 2.80 | 2.80 | 217 | 143 | |||||||||||||||||||||||||||||||
9.82 | 0.57 | 0.57 | 179,096 | 0.39 | 0.35 | 2.77 | 2.77 | 155 | 155 | |||||||||||||||||||||||||||||||
10.22 | 5.47 | 5.47 | 230,823 | 0.39 | 0.35 | 2.38 | 2.38 | 180 | 180 | |||||||||||||||||||||||||||||||
9.98 | (1.54 | ) | (1.54 | ) | 189,409 | 0.44 | 0.35 | 2.46 | 2.46 | 133 | 133 | |||||||||||||||||||||||||||||
1.00 | 0.71 | b | 0.71 | b | 79,937 | 0.24 | c | 0.15 | c | 1.44 | c | 1.44 | c | — | — | |||||||||||||||||||||||||
1.00 | 0.74 | 0.74 | 82,411 | 0.26 | 0.15 | 0.75 | 0.75 | — | — | |||||||||||||||||||||||||||||||
1.00 | 0.28 | 0.28 | 78,259 | 0.26 | 0.15 | 0.28 | 0.28 | — | — | |||||||||||||||||||||||||||||||
1.00 | 0.00 | 0.00 | 71,238 | 0.23 | 0.15 | 0.00 | 0.00 | — | — | |||||||||||||||||||||||||||||||
1.00 | 0.00 | 0.00 | 68,628 | 0.23 | 0.11 | 0.00 | 0.00 | — | — | |||||||||||||||||||||||||||||||
1.00 | 0.01 | 0.01 | 73,406 | 0.27 | 0.13 | 0.00 | 0.00 | — | — |
See notes to financial statements | TIAA-CREF Life Funds § 2018 Semiannual Report | 103 |
Financial highlights |
TIAA-CREF Life Funds
Selected per share data |
| |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Less distributions from | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Net asset value, beginning of period | Net investment income (loss)a | Net realized on total |
Total from | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
BALANCED FUND |
| |||||||||||||||||||||||||||||||||||
6/30/18 | # | $ | 11.63 | $ | (0.01 | ) | $ | 0.04 | $ | 0.03 | $ | — | $ | — | $ | — | ||||||||||||||||||||
12/31/17 | 10.32 | 0.00 | 1.42 | 1.42 | — | (0.11 | ) | (0.11 | ) | |||||||||||||||||||||||||||
12/31/16 | 10.12 | 0.23 | 0.39 | 0.62 | (0.25 | ) | (0.17 | ) | (0.42 | ) | ||||||||||||||||||||||||||
12/31/15 | 10.45 | 0.22 | (0.09 | ) | 0.13 | (0.30 | ) | (0.16 | ) | (0.46 | ) | |||||||||||||||||||||||||
12/31/14 | † | 10.00 | 0.29 | 0.43 | 0.72 | (0.27 | ) | (0.00 | )d | (0.27 | ) |
# | Unaudited |
* | This per share data has been retroactively adjusted for the 5-for-2 stock split that occurred on October 25, 2017. |
† | The Fund commenced operations on January 31, 2014. |
†† | Total returns for the shares of the Funds do not include the effect of expenses attributable to the varible annuity or variable life insurance product; if they did, returns for the shares fo the Funds would have been lower. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
e | The Fund’s expenses do not include the expenses of the underlying Funds. |
u | Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item. |
104 | 2018 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 | ||||||||||||||||||||||
$ | 11.66 | 0.26 | %b | $ | 61,806 | 0.20 | %ce | 0.10 | %ce | (0.10 | )%c | 6 | %b | |||||||||||||||
11.63 | 13.82 | 59,343 | 0.23 | e | 0.10 | e | 0.02 | 14 | ||||||||||||||||||||
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 § 2018 Semiannual Report | 105 |
Notes to financial statements (unaudited) |
TIAA-CREF Life Funds
Note 1—organization and significant accounting policies
TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, 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
106 | 2018 Semiannual Report § TIAA-CREF Life Funds |
of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts
TIAA-CREF Life Funds § 2018 Semiannual Report | 107 |
Notes to financial statements (unaudited) |
payable to the trustees for compensation are included separately in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.
New rule 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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets or results of operations.
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, in relation to the implementation of the liquidity risk management program and the 15% illiquid investment limit, must be adopted by December 1, 2018. In February 2018, the Commission issued Release No. IC-33010, which delayed the compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. Management is currently assessing the impact of this rule to the Funds’ financial statements and various filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
• | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the
108 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized as Level 2 of the fair value hierarchy.
Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.
The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized as Level 2 of the fair value hierarchy.
Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as Level 1 of the fair value hierarchy.
Options: Purchased and written options traded over the counter and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
TIAA-CREF Life Funds § 2018 Semiannual Report | 109 |
Notes to financial statements (unaudited) |
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, 2018, there were no material transfers between levels by the Funds.
As of June 30, 2018, 100% of the value of investments in the Small-Cap Equity Fund and the Balanced Fund was 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, 2018, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Growth Equity |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 18,767,372 | $ | 2,088,854 | $ | — | $ | 20,856,226 | ||||||||
Health care | 13,282,430 | 1,147,093 | — | 14,429,523 | ||||||||||||
Industrials | 7,110,017 | 1,128,205 | — | 8,238,222 | ||||||||||||
Information technology | 55,170,004 | 2,089,261 | — | 57,259,265 | ||||||||||||
Telecommunication services | — | 171,379 | — | 171,379 | ||||||||||||
All other equity investments* | 7,341,925 | — | — | 7,341,925 | ||||||||||||
Short-term investments | 598,228 | 1,350,000 | — | 1,948,228 | ||||||||||||
Written options** | (2,436 | ) | — | — | (2,436 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 102,267,540 | $ | 7,974,792 | $ | — | $ | 110,242,332 | ||||||||
| ||||||||||||||||
Growth & Income | ||||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 19,154,964 | $ | 1,937,198 | $ | — | $ | 21,092,162 | ||||||||
Consumer staples | 11,768,174 | 1,290,588 | — | 13,058,762 | ||||||||||||
Financials | 16,433,616 | 643,355 | — | 17,076,971 | ||||||||||||
Health care | 20,727,356 | 1,387,440 | — | 22,114,796 | ||||||||||||
Industrials | 14,192,064 | 784,892 | — | 14,976,956 | ||||||||||||
Information technology | 39,388,095 | 980,823 | — | 40,368,918 | ||||||||||||
All other equity investments* | 18,887,296 | — | — | 18,887,296 | ||||||||||||
Short-term investments | 1,309,266 | 650,000 | — | 1,959,266 | ||||||||||||
Purchased options | 11,791 | — | — | 11,791 | ||||||||||||
Written options** | (285,847 | ) | — | — | (285,847 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 141,586,775 | $ | 7,674,296 | $ | — | $ | 149,261,071 | ||||||||
|
110 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Large-Cap Value | ||||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 7,272,062 | $ | 543,499 | $ | — | $ | 7,815,561 | ||||||||
Energy | 9,491,898 | 307,829 | — | 9,799,727 | ||||||||||||
Financials | 15,826,389 | 549,460 | — | 16,375,849 | ||||||||||||
Industrials | 5,277,250 | 728,779 | 160 | 6,006,189 | ||||||||||||
Information technology | 8,987,474 | 218,239 | — | 9,205,713 | ||||||||||||
Materials | 4,023,094 | 896,561 | — | 4,919,655 | ||||||||||||
All other equity investments* | 20,729,921 | — | — | 20,729,921 | ||||||||||||
Short-term investments | 1,134,725 | 800,000 | — | 1,934,725 | ||||||||||||
| ||||||||||||||||
Total | $ | 72,742,813 | $ | 4,044,367 | $ | 160 | $ | 76,787,340 | ||||||||
| ||||||||||||||||
Real Estate Securities |
| |||||||||||||||
Equity investments* | $ | 72,198,176 | $ | — | $ | — | $ | 72,198,176 | ||||||||
Short-term investments | — | 1,500,000 | — | 1,500,000 | ||||||||||||
| ||||||||||||||||
Total | $ | 72,198,176 | $ | 1,500,000 | $ | — | $ | 73,698,176 | ||||||||
| ||||||||||||||||
Social Choice Equity | ||||||||||||||||
Equity investments* | $ | 60,425,867 | $ | — | $ | — | $ | 60,425,867 | ||||||||
Short-term investments | 1,068,657 | 1,150,000 | — | 2,218,657 | ||||||||||||
Futures contracts** | 3 | — | — | 3 | ||||||||||||
| ||||||||||||||||
Total | $ | 61,494,527 | $ | 1,150,000 | $ | — | $ | 62,644,527 | ||||||||
| ||||||||||||||||
Stock Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 60,374,302 | $ | 112 | $ | — | $ | 60,374,414 | ||||||||
Financials | 65,611,508 | — | 238 | 65,611,746 | ||||||||||||
Health care | 63,390,352 | 9 | 112 | 63,390,473 | ||||||||||||
Industrials | 47,196,119 | — | 2,320 | 47,198,439 | ||||||||||||
All other equity investments* | 223,942,415 | — | — | 223,942,415 | ||||||||||||
Short-term investments | 3,870,014 | 3,350,000 | — | 7,220,014 | ||||||||||||
Futures contracts** | (44,953 | ) | — | — | (44,953 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 464,339,757 | $ | 3,350,121 | $ | 2,670 | $ | 467,692,548 | ||||||||
| ||||||||||||||||
International Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 1,265,124 | $ | 29,731,744 | $ | — | $ | 30,996,868 | ||||||||
Europe | — | 72,268,402 | — | 72,268,402 | ||||||||||||
All other equity investments* | 1,040,687 | 2,693,969 | — | 3,734,656 | ||||||||||||
Short-term investments | 1,696,322 | 800,000 | — | 2,496,322 | ||||||||||||
| ||||||||||||||||
Total | $ | 4,002,133 | $ | 105,494,115 | $ | — | $ | 109,496,248 | ||||||||
|
TIAA-CREF Life Funds § 2018 Semiannual Report | 111 |
Notes to financial statements (unaudited) |
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Bond | ||||||||||||||||
Bank loan obligations | $ | — | $ | 1,111,472 | $ | — | $ | 1,111,472 | ||||||||
Corporate bonds | — | 71,725,770 | 67,130 | 71,792,900 | ||||||||||||
Government bonds | — | 78,364,331 | — | 78,364,331 | ||||||||||||
Structured assets | — | 29,754,334 | 238,446 | 29,992,780 | ||||||||||||
Preferred stocks | 143,596 | — | — | 143,596 | ||||||||||||
Short-term investments | — | 9,667,940 | — | 9,667,940 | ||||||||||||
| ||||||||||||||||
Total | $ | 143,596 | $ | 190,623,847 | $ | 305,576 | $ | 191,073,019 | ||||||||
|
* | For detailed categories, see the accompanying summary portfolio of investments. |
** | Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio investments. |
Note 3—derivative instruments
As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.
At June 30, 2018, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:
Assets derivatives | Liabilities derivatives | |||||||||||||||||||
Derivative contract | Location | Fair value amount | Location | Fair value amount | ||||||||||||||||
| ||||||||||||||||||||
Growth Equity Fund | ||||||||||||||||||||
Equity contracts | Written options | $ | (2,436 | ) | ||||||||||||||||
| ||||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||
Equity contracts | Portfolio investments | $ | 11,791 | |||||||||||||||||
Equity contracts | Written options | (285,847 | ) | |||||||||||||||||
| ||||||||||||||||||||
Social Choice Equity Fund | ||||||||||||||||||||
Equity contracts | Futures contracts | * | 3 | |||||||||||||||||
| ||||||||||||||||||||
Stock Index Fund | ||||||||||||||||||||
Equity contracts | Futures contracts | * | (44,953 | ) | ||||||||||||||||
|
* | 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. |
112 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
For the period ended June 30, 2018, 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 | $ | (146,164 | ) | $ | 131,044 | ||||||
Equity contracts | Written options | (203,540 | ) | (19,218 | ) | |||||||
| ||||||||||||
Growth & Income Fund | ||||||||||||
Equity contracts | Purchased options | (16,046 | ) | 9,449 | ||||||||
Equity contracts | Written options | (49,132 | ) | 16,923 | ||||||||
| ||||||||||||
Small-Cap Equity Fund | ||||||||||||
Equity contracts | Futures contracts | 17,790 | (7,579 | ) | ||||||||
Equity contracts | Swap contracts | (10,434 | ) | — | ||||||||
| ||||||||||||
Social Choice Equity Fund | ||||||||||||
Equity contracts | Futures contracts | (6,768 | ) | (4,301 | ) | |||||||
| ||||||||||||
Stock Index Fund | ||||||||||||
Equity contracts | Futures contracts | (30,187 | ) | (88,192 | ) | |||||||
|
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, 2018, the Stock Index Fund and the Social Choice Equity Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of June 30, 2018 are disclosed in the summary portfolio of investments and the full schedules of investments.
Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange
TIAA-CREF Life Funds § 2018 Semiannual Report | 113 |
Notes to financial statements (unaudited) |
traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2018, the Growth Equity Fund and the Growth & Income Fund had exposure to options, based on underlying notional values, generally between 0% and 7% of net assets. The purchased and written options outstanding as of June 30, 2018 are disclosed in the summary portfolio of investments and the full schedules of investments.
Note 4—investment adviser and affiliates
Teachers Advisors, LLC (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
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, 2018, the investment management fees and
114 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:
Fund | Investment management fee | Maximum expense amounts* | ||||||
| ||||||||
Growth Equity | 0.45% | 0.52% | ||||||
Growth & Income | 0.45% | 0.52% | ||||||
Large-Cap Value | 0.45% | 0.52% | ||||||
Real Estate Securities | 0.50% | 0.57% | ||||||
Small-Cap Equity | 0.46% | 0.53% | ||||||
Social Choice Equity | 0.15% | 0.22% | ||||||
Stock Index | 0.06% | 0.09% | ||||||
International Equity | 0.50% | 0.60% | ||||||
Bond | 0.30% | 0.35% | ||||||
Money Market | 0.10% | 0.15% | ||||||
Balanced | 0.10% | 0.10% | ||||||
|
* | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2019. 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, 2018, the Funds did not engage in security transactions with affiliated entities.
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, 2018, there were no redemptions.
The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2018:
Underlying Fund | Investments in funds held by TIAA-CREF Life | Investments Life Balanced | Total | |||||||||
| ||||||||||||
Growth Equity | 95 | % | 5 | % | 100 | % | ||||||
Growth & Income | 96 | 4 | 100 | |||||||||
Large-Cap Value | 93 | 7 | 100 | |||||||||
Real Estate Securities | 98 | 2 | 100 |
TIAA-CREF Life Funds § 2018 Semiannual Report | 115 |
Notes to financial statements (unaudited) |
Underlying Fund | Investments in funds held by TIAA-CREF Life | Investments Life Balanced | Total | |||||||||
| ||||||||||||
Small-Cap Equity | 98 | % | 2 | % | 100 | % | ||||||
Social Choice Equity | 100 | — | 100 | |||||||||
Stock Index | 99 | 1 | 100 | |||||||||
International Equity | 94 | 6 | 100 | |||||||||
Bond | 84 | 16 | 100 | |||||||||
Money Market | 100 | — | 100 | |||||||||
Balanced | 100 | — | 100 | |||||||||
|
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Balanced Fund invests its assets in shares of the affiliated TIAA-CREF Life Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
Issue | Value at 12/31/17 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Value at 6/30/18 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
TIAA-CREF Life Balanced Fund |
| |||||||||||||||||||||||||||
TIAA-CREF Life Funds: |
| |||||||||||||||||||||||||||
Growth Equity | $ | 5,379 | $ | 330 | $ | 694 | $ | 122 | $ | 476 | $ | — | $ | 5,613 | ||||||||||||||
Growth & Income | 5,936 | 379 | 399 | 39 | 223 | — | 6,178 | |||||||||||||||||||||
Large-Cap Value | 5,300 | 708 | 359 | 16 | (72 | ) | — | 5,593 | ||||||||||||||||||||
Real Estate Securities | 1,193 | 246 | 205 | (4 | ) | 29 | — | 1,259 | ||||||||||||||||||||
Small Cap Equity | 1,183 | 100 | 110 | 4 | 53 | — | 1,230 | |||||||||||||||||||||
Stock Index | 4,736 | 327 | 270 | 16 | 142 | — | 4,951 | |||||||||||||||||||||
International Equity | 5,947 | 957 | 486 | 60 | (340 | ) | — | 6,138 | ||||||||||||||||||||
Bond | 29,621 | 3,096 | 1,303 | (29 | ) | (586 | ) | — | 30,799 | |||||||||||||||||||
| ||||||||||||||||||||||||||||
$ | 59,295 | $ | 6,143 | $ | 3,826 | $ | 224 | $ | (75 | ) | $ | — | $ | 61,761 | ||||||||||||||
|
Note 5—investments
Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of June 30, 2018, 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
116 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
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. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.
Mortgage dollar roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Net unrealized appreciation (depreciation): At June 30, 2018, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | ||||||||||||
| ||||||||||||||||
Growth Equity | $ | 70,658,863 | $ | 40,413,430 | $ | (829,961 | ) | $ | 39,583,469 | |||||||
Growth & Income | 101,244,282 | 49,987,983 | (1,971,194 | ) | 48,016,789 | |||||||||||
Large-Cap Value | 67,611,823 | 12,133,450 | (2,957,933 | ) | 9,175,517 | |||||||||||
Real Estate Securities | 54,560,151 | 19,557,721 | (419,696 | ) | 19,138,025 | |||||||||||
Small-Cap Equity | 50,067,916 | 10,318,124 | (1,437,620 | ) | 8,880,504 |
TIAA-CREF Life Funds § 2018 Semiannual Report | 117 |
Notes to financial statements (unaudited) |
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | ||||||||||||
| ||||||||||||||||
Social Choice Equity | $ | 42,868,564 | $ | 20,929,035 | $ | (1,153,072 | ) | $ | 19,775,963 | |||||||
Stock Index | 241,197,158 | 235,422,232 | (8,926,842 | ) | 226,495,390 | |||||||||||
International Equity | 104,865,984 | 10,780,789 | (6,150,525 | ) | 4,630,264 | |||||||||||
Bond | 195,483,682 | 559,595 | (4,970,258 | ) | (4,410,663 | ) | ||||||||||
Balanced | 55,920,044 | 6,005,311 | (163,930 | ) | 5,841,381 | |||||||||||
|
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2018 were as follows:
Fund | Non-U.S. government purchases | U.S. government purchases | Non-U.S. government sales | U.S. government sales | ||||||||||||
| ||||||||||||||||
Growth Equity | $ | 50,085,978 | $ | — | $ | 47,554,259 | $ | — | ||||||||
Growth & Income | 41,310,543 | — | 44,497,929 | — | ||||||||||||
Large-Cap Value | 24,983,404 | — | 25,529,659 | — | ||||||||||||
Real Estate Securities | 8,453,507 | — | 12,019,981 | — | ||||||||||||
Small-Cap Equity | 27,437,752 | — | 30,228,858 | — | ||||||||||||
Social Choice Equity | 15,860,481 | — | 17,399,446 | — | ||||||||||||
Stock Index | 21,276,549 | — | 9,962,676 | — | ||||||||||||
International Equity | 37,108,171 | — | 37,046,992 | — | ||||||||||||
Bond | 39,015,663 | 94,396,878 | 38,060,290 | 95,664,943 | ||||||||||||
Balanced | 6,141,335 | — | 3,822,721 | — | ||||||||||||
|
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended December 31, 2017 was as follows:
2017 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| ||||||||||||
Growth Equity | $ | — | $ | 1,338,467 | $ | 1,338,467 | ||||||
Growth & Income | — | 928,401 | 928,401 | |||||||||
Large-Cap Value | — | 302,191 | 302,191 | |||||||||
Real Estate Securities | — | 1,962,261 | 1,962,261 | |||||||||
Small-Cap Equity | — | 1,162,850 | 1,162,850 | |||||||||
Social Choice Equity | 6,835 | 208,722 | 215,557 | |||||||||
Stock Index | — | 421,541 | 421,541 | |||||||||
International Equity | 1,210,511 | — | 1,210,511 | |||||||||
Bond | 37,244 | — | 37,244 | |||||||||
Money Market | 583,742 | — | 583,742 | |||||||||
Balanced | — | 564,726 | 564,726 | |||||||||
|
118 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
The tax character of the fiscal year 2018 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 $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. 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, 2018, there were no borrowings under this credit facility by the Funds.
Note 8—share split
Effective October 25, 2017, the Growth Equity Fund, Growth & Income Fund, International Equity Fund, Large-cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, and the Bond Fund underwent a 5-for-2 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Funds by the split factor, with a corresponding decrease in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder’s investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits.
Note 9—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.
TIAA-CREF Life Funds § 2018 Semiannual Report | 119 |
Notes to financial statements (unaudited) | concluded |
Note 10—legal proceedings
The Social Choice Equity Fund was named as defendant and a putative member of the proposed defendant class of shareholders, or could be added as a defendant, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Fund’s exposure related to this matter was 0.18% of net assets as of June 30, 2018.
120 | 2018 Semiannual Report § TIAA-CREF Life Funds |
Approval of investment management agreement (unaudited) |
Board renewal of the investment management agreement for the TIAA-CREF Life Funds
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Overview of the renewal process
The Board held a meeting on March 15, 2018, 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.
Among other matters, the Operations Committee, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirms or establishes certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment
TIAA-CREF Life Funds § 2018 Semiannual Report | 121 |
Approval of investment management agreement (unaudited) |
performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies 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 objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board).
Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.
In advance of the Board meeting held on March 15, 2018, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Fund’s direct payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between
122 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
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 and did ask questions and request additional information throughout their deliberations, and they reviewed responses from Advisors to follow-up requests presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to 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 the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.
In addition to 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.
While the contract renewal process includes a series of meetings leading up to the March 15, 2018 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.
TIAA-CREF Life Funds § 2018 Semiannual Report | 123 |
Approval of investment management agreement (unaudited) |
The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 15, 2018, all Board members in attendance voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund (“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, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios and, with respect to the Balanced Fund, which is a fund of funds that may invest its assets in the securities of affiliated and unaffiliated investment companies or other investment pools, referred to as “underlying funds”; selecting underlying funds and allocating the Balanced Fund’s assets among the underlying funds; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance 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 Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and
124 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.
Investment performance
The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe of mutual funds that underlie variable insurance products (as applicable) and its benchmark index. The Board also reviewed the performance of the Stock Index Fund before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on this 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. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable.
Cost and profitability
The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2017. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2017.
Fees charged by other advisers
The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers,
TIAA-CREF Life Funds § 2018 Semiannual Report | 125 |
Approval of investment management agreement (unaudited) |
regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds that underlie variable insurance products. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.
Economies of scale
The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because Advisors operated each Fund at a loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.
Fee and performance comparisons with other Advisors clients
The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such companies and accounts. The Board considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.
Other benefits
The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Investment and 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
126 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to the commission arrangements made on behalf of the Funds (i.e., soft dollars). Additionally, the Funds are utilized primarily as investment options for products offered by an affiliate of Advisors, TIAA-CREF Life Insurance Company.
Fund-by-fund factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2017. 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, 2017. Statements below regarding “net profit” or “net loss” refer to whether Advisors earned a profit or incurred a loss for the services that it rendered to a Fund during 2017 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 2nd, 2nd, 1st and 2nd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 3rd, 1st and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors 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. |
TIAA-CREF Life Funds § 2018 Semiannual Report | 127 |
Approval of investment management agreement (unaudited) |
• | The Fund was in the 2nd, 1st, 2nd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
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 4th quintile of its Performance Group for each of the one-, three-, five- and ten-year periods. The Fund was in the 4th, 3rd, 4th 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 1st, 1st, 1st and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors 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. |
128 | 2018 Semiannual Report § TIAA-CREF Life Funds |
continued |
• | The Fund was in the 2nd, 1st, 1st and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 1st and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 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 4th, 4th, 3rd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 3rd, 3rd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors 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 1st quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy. |
• | For the three-year period, the Fund’s adjusted relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of net asset value rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000®Index, differed by –1 basis points. For reference, one basis point equals 0.01%. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period |
TIAA-CREF Life Funds § 2018 Semiannual Report | 129 |
Approval of investment management agreement (unaudited) |
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 3rd, 2nd, 1st and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 1st, 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. |
Bond Fund
• | The Fund’s annual contractual investment management fee rate is 0.30% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 2nd, 1st, 2nd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 1st and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Money Market Fund
• | The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 1st quintile of both its Performance Group and its Performance Universe for each of the one-, three-, five- and ten-year periods. |
• | Money market funds are not rated by Morningstar. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Balanced Fund
• | The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets. |
130 | 2018 Semiannual Report § TIAA-CREF Life Funds |
concluded |
• | The Fund’s total expense ratio was in the 2nd quintile of its Expense Group, while the Fund’s actual investment management fee rate and contractual investment management fee rate each ranked 1 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were in the 2nd, 1st and 1st quintiles of its Expense Universe, respectively. |
• | The Fund was in the 1st quintile of its Performance Group for each of the one- and three-year periods. The Fund was in the 3rd and 1st quintiles of its Performance Universe for the one- and three-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 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 § 2018 Semiannual Report | 131 |
index providers (unaudited) |
Russell indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
Bloomberg Barclays indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
FTSE index
Source: FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “Nareit®” is a trade mark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Standard & Poor’s index
The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly
132 | 2018 Semiannual Report § TIAA-CREF Life Funds |
or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Fund. S&P Dow Jones Indices has no obligation to take the needs of the Fund or the owners of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
MSCI indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be
TIAA-CREF Life Funds § 2018 Semiannual Report | 133 |
Additional information about index providers (unaudited) | concluded |
relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Morningstar indexes
©2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
134 | 2018 Semiannual Report § TIAA-CREF Life Funds |
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TIAA website
Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options
TIAA.org
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Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums
800-842-2252
24 hours a day, 7 days a week
National contact center
Retirement saving and planning, income options and payments, beneficiary services and tax reporting
800-842-2252
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday
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After-tax annuities and life insurance For an existing policy or contract
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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.
©2018 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
TIAA
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Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
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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, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 98.5% | ||||||||
AUTOMOBILES & COMPONENTS - 0.5% | ||||||||
1,681 | *,e | Tesla, Inc | $ | 576,499 | ||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 576,499 | |||||||
|
| |||||||
CAPITAL GOODS - 5.8% | ||||||||
9,668 | Airbus SE | 1,128,205 | ||||||
5,931 | Boeing Co | 1,989,910 | ||||||
3,553 | Northrop Grumman Corp | 1,093,258 | ||||||
2,453 | Parker-Hannifin Corp | 382,300 | ||||||
2,995 | Roper Industries, Inc | 826,350 | ||||||
2,959 | * | United Rentals, Inc | 436,808 | |||||
1,594 | W.W. Grainger, Inc | 491,590 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 6,348,421 | |||||||
|
| |||||||
COMMERCIAL��& PROFESSIONAL SERVICES - 0.9% | ||||||||
1,361 | * | CoStar Group, Inc | 561,589 | |||||
7,564 | * | IHS Markit Ltd | 390,227 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 951,816 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.9% |
| |||||||
19,761 | Nike, Inc (Class B) | 1,574,556 | ||||||
11,781 | Tapestry, Inc | 550,291 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 2,124,847 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.1% | ||||||||
622 | * | Chipotle Mexican Grill, Inc (Class A) | 268,312 | |||||
11,725 | Marriott International, Inc (Class A) | 1,484,385 | ||||||
10,790 | Starbucks Corp | 527,092 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,279,789 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 0.8% | ||||||||
3,930 | Goldman Sachs Group, Inc | 866,840 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 866,840 | |||||||
|
| |||||||
ENERGY - 0.9% | ||||||||
7,926 | EOG Resources, Inc | 986,232 | ||||||
|
| |||||||
TOTAL ENERGY | 986,232 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 1.6% | ||||||||
20,362 | n | Walmart, Inc | 1,744,005 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 1,744,005 | |||||||
|
|
1
TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES | COMPANY | VALUE | ||||||
FOOD, BEVERAGE & TOBACCO - 0.7% | ||||||||
14,023 | * | Monster Beverage Corp | $ | 803,518 | ||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 803,518 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.5% | ||||||||
15,891 | Abbott Laboratories | 969,192 | ||||||
1,240 | * | Align Technology, Inc | 424,254 | |||||
16,445 | * | Cerner Corp | 983,247 | |||||
8,729 | * | Edwards Lifesciences Corp | 1,270,680 | |||||
4,985 | * | Intuitive Surgical, Inc | 2,385,223 | |||||
6,654 | Stryker Corp | 1,123,594 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 7,156,190 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.5% | ||||||||
3,719 | Estee Lauder Cos (Class A) | 530,664 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 530,664 | |||||||
|
| |||||||
MATERIALS - 2.2% | ||||||||
6,473 | Praxair, Inc | 1,023,705 | ||||||
3,403 | Sherwin-Williams Co | 1,386,961 | ||||||
|
| |||||||
TOTAL MATERIALS | 2,410,666 | |||||||
|
| |||||||
MEDIA - 1.0% | ||||||||
27 | *,m | Rovi Guides, Inc | 94 | |||||
10,476 | Walt Disney Co | 1,097,990 | ||||||
|
| |||||||
TOTAL MEDIA | 1,098,084 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.6% | ||||||||
2,757 | * | Alexion Pharmaceuticals, Inc | 342,282 | |||||
17,162 | Gilead Sciences, Inc | 1,215,756 | ||||||
4,435 | * | Illumina, Inc | 1,238,651 | |||||
5,854 | * | Jazz Pharmaceuticals plc | 1,008,644 | |||||
4,341 | Lonza Group AG. | 1,147,093 | ||||||
7,325 | * | Vertex Pharmaceuticals, Inc | 1,244,957 | |||||
12,630 | Zoetis, Inc | 1,075,950 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 7,273,333 | |||||||
|
| |||||||
RETAILING - 13.4% | ||||||||
3,453 | * | Amazon.com, Inc | 5,869,410 | |||||
5,641 | * | BJ’s Wholesale Club Holdings, Inc | 133,410 | |||||
13,537 | Expedia, Inc | 1,627,012 | ||||||
10,983 | Home Depot, Inc | 2,142,783 | ||||||
29,296 | Industria De Diseno Textil S.A. | 997,649 | ||||||
1,937 | Kering | 1,091,111 | ||||||
6,158 | * | NetFlix, Inc | 2,410,426 | |||||
2,164 | * | Ulta Beauty, Inc | 505,207 | |||||
|
| |||||||
TOTAL RETAILING | 14,777,008 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT- 5.1% | ||||||||
25,846 | * | Advanced Micro Devices, Inc | 387,432 | |||||
19,695 | Applied Materials, Inc | 909,712 | ||||||
8,994 | Broadcom, Inc | 2,182,304 |
2
TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES | COMPANY | VALUE | ||||||
6,923 | NVIDIA Corp | $ | 1,640,059 | |||||
8,059 | Xilinx, Inc | 525,930 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 5,645,437 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 42.2% | ||||||||
19,926 | Activision Blizzard, Inc | 1,520,752 | ||||||
12,787 | * | Adobe Systems, Inc | 3,117,598 | |||||
5,684 | * | Alibaba Group Holding Ltd (ADR) | 1,054,552 | |||||
2,288 | * | Alphabet, Inc (Class A) | 2,583,587 | |||||
3,901 | * | Alphabet, Inc (Class C) | 4,352,151 | |||||
12,472 | Automatic Data Processing, Inc | 1,672,994 | ||||||
5,119 | * | Baidu, Inc (ADR) | 1,243,917 | |||||
24,489 | * | eBay, Inc | 887,971 | |||||
17,758 | * | Facebook, Inc | 3,450,735 | |||||
5,917 | * | Gartner, Inc | 786,369 | |||||
6,661 | * | GoDaddy, Inc | 470,266 | |||||
1,618 | * | Guidewire Software, Inc | 143,646 | |||||
5,287 | * | IAC/InterActiveCorp | 806,215 | |||||
14,961 | Intuit, Inc | 3,056,607 | ||||||
15,400 | MasterCard, Inc (Class A) | 3,026,408 | ||||||
66,992 | n | Microsoft Corp | 6,606,081 | |||||
24,416 | * | PayPal Holdings, Inc | 2,033,120 | |||||
2,491 | * | Red Hat, Inc | 334,716 | |||||
22,302 | * | salesforce.com, Inc | 3,041,993 | |||||
3,625 | * | Square, Inc | 223,445 | |||||
41,606 | Tencent Holdings Ltd | 2,089,261 | ||||||
27,577 | * | Twitter, Inc | 1,204,288 | |||||
20,444 | Visa, Inc (Class A) | 2,707,808 | ||||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 46,414,480 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7% | ||||||||
11,762 | n | Apple, Inc | 2,177,264 | |||||
35,577 | Cisco Systems, Inc | 1,530,878 | ||||||
4,501 | Motorola, Inc | 523,780 | ||||||
10,742 | TE Connectivity Ltd | 967,425 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 5,199,347 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 0.2% | ||||||||
2,400 | Softbank Corp | 171,379 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 171,379 | |||||||
|
| |||||||
TRANSPORTATION - 0.9% | ||||||||
4,131 | FedEx Corp | 937,985 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 937,985 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 108,296,540 | |||||||
|
| |||||||
(Cost $68,399,378) |
3
TIAA-CREF LIFE FUNDS - Growth Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.8% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.3% |
| |||||||||||||||
$ 1,350,000 | Federal Home Loan Bank (FHLB) | 1.630 | % | 07/02/18 | $ | 1,350,000 | ||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 1,350,000 | ||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5% |
| |||||||||||||||
598,228 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 598,228 | |||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 598,228 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 1,948,228 | |||||||||||||||
|
| |||||||||||||||
(Cost $1,948,166) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% |
| 110,244,768 | ||||||||||||||
(Cost $70,347,544) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% |
| (343,662 | ) | |||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 109,901,106 | ||||||||||||||
|
|
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 $574,441. |
m | Indicates a security that has been deemed illiquid. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements to open written options contracts. |
Written options outstanding as of June 30, 2018 were as follows (See Note 3):
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Microsoft Corp, Put | 16 | $(1,952) | $ | 87.50 | 9/21/18 | $ | 1,456 | |||||||||||
Walmart, Inc, Put | 20 | (1,920) | 75.00 | 9/21/18 | 980 | |||||||||||||
Total | 36 | $(3,872) | $ | 2,436 | ||||||||||||||
4
TIAA-CREF LIFE FUNDS - Growth & Income Fund
TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.7% | ||||||||
AUTOMOBILES & COMPONENTS - 0.5% | ||||||||
6,022 | Delphi Automotive plc | $ | 551,796 | |||||
5,100 | Delphi Technologies plc | 231,846 | ||||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 783,642 | |||||||
|
| |||||||
BANKS - 7.6% | ||||||||
93,907 | Bank of America Corp | 2,647,239 | ||||||
25,916 | n | Citigroup, Inc | 1,734,299 | |||||
19,782 | Citizens Financial Group, Inc | 769,520 | ||||||
9,799 | Comerica, Inc | 890,925 | ||||||
37,048 | Huntington Bancshares, Inc | 546,828 | ||||||
44,819 | ING Groep NV | 643,355 | ||||||
29,616 | JPMorgan Chase & Co | 3,085,987 | ||||||
6,950 | PNC Financial Services Group, Inc | 938,945 | ||||||
|
| |||||||
TOTAL BANKS | 11,257,098 | |||||||
|
| |||||||
CAPITAL GOODS - 7.6% | ||||||||
3,900 | n | Boeing Co | 1,308,489 | |||||
9,185 | Caterpillar, Inc | 1,246,129 | ||||||
5,275 | n | Deere & Co | 737,445 | |||||
5,788 | Dover Corp | 423,682 | ||||||
16,222 | * | Evoqua Water Technologies Corp | 332,551 | |||||
5,212 | Fortive Corp | 401,897 | ||||||
44,956 | n | General Electric Co | 611,851 | |||||
2,796 | Harris Corp | 404,134 | ||||||
12,137 | * | HD Supply Holdings, Inc | 520,556 | |||||
11,649 | n | Honeywell International, Inc | 1,678,038 | |||||
9,546 | ITT, Inc | 498,969 | ||||||
2,686 | L3 Technologies, Inc | 516,572 | ||||||
3,725 | n | Northrop Grumman Corp | 1,146,183 | |||||
4,984 | n | Parker-Hannifin Corp | 776,756 | |||||
390 | Rockwell Automation, Inc | 64,830 | ||||||
2,268 | Siemens AG. | 298,822 | ||||||
2,718 | *,n | WABCO Holdings, Inc | 318,060 | |||||
|
| |||||||
TOTAL CAPITAL GOODS | 11,284,964 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | ||||||||
12,319 | Waste Management, Inc | 1,002,027 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1,002,027 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 2.4% | ||||||||
4,444 | * | Lululemon Athletica, Inc | 554,833 | |||||
20,397 | e,n | Mattel, Inc | 334,919 | |||||
5,048 | n | PVH Corp | 755,786 |
5
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
9,380 | Sony Corp | $ | 480,391 | |||||
13,925 | *,g | Spin Master Corp | 617,418 | |||||
17,283 | n | Tapestry, Inc | 807,289 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 3,550,636 | |||||||
|
| |||||||
CONSUMER SERVICES - 1.3% | ||||||||
9,402 | Carnival Corp | 538,829 | ||||||
997 | *,n | Chipotle Mexican Grill, Inc (Class A) | 430,076 | |||||
3,890 | Las Vegas Sands Corp | 297,040 | ||||||
2,390 | * | Stars Group, Inc | 86,681 | |||||
3,240 | Wynn Resorts Ltd | 542,181 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 1,894,807 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 2.7% | ||||||||
16,113 | Blackstone Group LP | 518,355 | ||||||
6,445 | CME Group, Inc | 1,056,464 | ||||||
25,543 | Morgan Stanley | 1,210,738 | ||||||
7,827 | State Street Corp | 728,616 | ||||||
12,130 | Voya Financial, Inc | 570,110 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 4,084,283 | |||||||
|
| |||||||
ENERGY - 6.8% | ||||||||
4,630 | * | Apergy Corp | 193,303 | |||||
17,836 | n | Chevron Corp | 2,255,005 | |||||
3,809 | * | Concho Resources, Inc | 526,975 | |||||
13,174 | * | Continental Resources, Inc | 853,148 | |||||
4,614 | Delek US Holdings, Inc | 231,484 | ||||||
5,631 | Diamondback Energy, Inc | 740,871 | ||||||
12,505 | EOG Resources, Inc | 1,555,997 | ||||||
17,406 | Halliburton Co | 784,314 | ||||||
9,865 | Occidental Petroleum Corp | 825,503 | ||||||
22,143 | * | Parsley Energy, Inc | 670,490 | |||||
13,122 | * | RSP Permian, Inc | 577,631 | |||||
1,287 | Valero Energy Corp | 142,638 | ||||||
40,788 | * | WPX Energy, Inc | 735,408 | |||||
|
| |||||||
TOTAL ENERGY | 10,092,767 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.3% | ||||||||
5,151 | n | Walmart, Inc | 441,183 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 441,183 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 6.6% | ||||||||
26,750 | Coca-Cola Co | 1,173,255 | ||||||
16,624 | Coca-Cola European Partners plc (Class A) | 675,599 | ||||||
15,436 | n | ConAgra Foods, Inc | 551,528 | |||||
3,665 | n | Constellation Brands, Inc (Class A) | 802,159 | |||||
5,085 | Costco Wholesale Corp | 1,062,664 | ||||||
3,547 | Danone | 258,975 | ||||||
7,949 | Diageo plc | 285,575 | ||||||
4,513 | Fresh Del Monte Produce, Inc | 201,054 | ||||||
2,124 | Heineken NV | 212,800 | ||||||
8,546 | Kraft Heinz Co | 536,860 |
6
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
5,025 | Lamb Weston Holdings, Inc | $ | 344,263 | |||||
22,022 | Mondelez International, Inc | 902,902 | ||||||
14,243 | *,n | Monster Beverage Corp | 816,124 | |||||
6,059 | PepsiCo, Inc | 659,643 | ||||||
10,323 | Philip Morris International, Inc | 833,479 | ||||||
6,977 | Pinnacle Foods, Inc | 453,924 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 9,770,804 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.7% | ||||||||
24,111 | Abbott Laboratories | 1,470,530 | ||||||
3,955 | n | Anthem, Inc | 941,409 | |||||
12,704 | Baxter International, Inc | 938,063 | ||||||
31,638 | * | Boston Scientific Corp | 1,034,563 | |||||
4,211 | * | Edwards Lifesciences Corp | 612,995 | |||||
3,070 | n | Humana, Inc | 913,724 | |||||
2,722 | * | Idexx Laboratories, Inc | 593,233 | |||||
1,924 | *,n | Intuitive Surgical, Inc | 920,595 | |||||
1,945 | * | iRhythm Technologies, Inc | 157,798 | |||||
10,437 | Medtronic plc | 893,512 | ||||||
7,083 | n | Stryker Corp | 1,196,035 | |||||
3,564 | Universal Health Services, Inc (Class B) | 397,172 | ||||||
2,870 | *,n | WellCare Health Plans, Inc | 706,709 | |||||
5,136 | n | Zimmer Biomet Holdings, Inc | 572,356 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 11,348,694 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.9% | ||||||||
10,059 | Colgate-Palmolive Co | 651,924 | ||||||
5,043 | n | Estee Lauder Cos (Class A) | 719,586 | |||||
2,163 | L’Oreal S.A. | 533,237 | ||||||
12,068 | Procter & Gamble Co | 942,028 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 2,846,775 | |||||||
|
| |||||||
INSURANCE - 1.2% | ||||||||
12,327 | American International Group, Inc | 653,577 | ||||||
8,082 | * | Athene Holding Ltd | 354,315 | |||||
5,729 | n | Chubb Ltd | 727,698 | |||||
|
| |||||||
TOTAL INSURANCE | 1,735,590 | |||||||
|
| |||||||
MATERIALS - 3.9% | ||||||||
11,145 | * | Allegheny Technologies, Inc | 279,963 | |||||
26,995 | DowDuPont, Inc | 1,779,510 | ||||||
6,301 | Eastman Chemical Co | 629,848 | ||||||
8,627 | FMC Corp | 769,615 | ||||||
15,012 | Freeport-McMoRan Copper & Gold, Inc (Class B) | 259,107 | ||||||
7,714 | Nutrien Ltd | 419,487 | ||||||
8,268 | n | Praxair, Inc | 1,307,584 | |||||
11,440 | * | Summit Materials, Inc | 300,300 | |||||
|
| |||||||
TOTAL MATERIALS | 5,745,414 | |||||||
|
| |||||||
MEDIA - 2.0% | ||||||||
16,635 | Comcast Corp (Class A) | 545,794 | ||||||
12,866 | Viacom, Inc (Class B) | 388,039 |
7
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
13,086 | Walt Disney Co | $ | 1,371,544 | |||||
8,794 | e,n | World Wrestling Entertainment, Inc (Class A) | 640,379 | |||||
|
| |||||||
TOTAL MEDIA | 2,945,756 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3% | ||||||||
13,912 | AbbVie, Inc | 1,288,947 | ||||||
4,966 | n | Allergan plc | 827,932 | |||||
14,364 | AstraZeneca plc (ADR) | 504,320 | ||||||
4,585 | * | BioMarin Pharmaceutical, Inc | 431,907 | |||||
2,867 | *,n | Bluebird Bio, Inc | 449,976 | |||||
6,452 | n | Bristol-Myers Squibb Co | 357,054 | |||||
6,429 | Daiichi Sankyo Co Ltd | 245,610 | ||||||
7,558 | Eli Lilly & Co | 644,924 | ||||||
3,537 | *,n | Exact Sciences Corp | 211,477 | |||||
21,187 | * | Immunogen, Inc | 206,149 | |||||
2,902 | *,n | Jazz Pharmaceuticals plc | 500,015 | |||||
1,669 | Lonza Group AG. | 441,027 | ||||||
3,782 | *,n | Nektar Therapeutics | 184,675 | |||||
3,192 | * | Neurocrine Biosciences, Inc | 313,582 | |||||
7,022 | Novo Nordisk AS | 324,350 | ||||||
21,189 | Pfizer, Inc | 768,737 | ||||||
885 | *,n | Regeneron Pharmaceuticals, Inc | 305,316 | |||||
1,883 | * | Sage Therapeutics, Inc | 294,746 | |||||
20,913 | Schering-Plough Corp | 1,269,419 | ||||||
33,696 | Teva Pharmaceutical Industries Ltd (ADR) | 819,487 | ||||||
2,360 | Vifor Pharma AG. | 376,452 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 10,766,102 | |||||||
|
| |||||||
REAL ESTATE - 0.1% | ||||||||
9,549 | Outfront Media, Inc | 185,728 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 185,728 | |||||||
|
| |||||||
RETAILING - 8.1% | ||||||||
2,781 | * | Amazon.com, Inc | 4,727,144 | |||||
5,008 | * | ASOS plc | 401,706 | |||||
17,207 | * | BJ’s Wholesale Club Holdings, Inc | 406,945 | |||||
12,106 | Home Depot, Inc | 2,361,881 | ||||||
777 | Kering | 437,684 | ||||||
6,269 | Kohl’s Corp | 457,010 | ||||||
4,987 | *,n | NetFlix, Inc | 1,952,061 | |||||
4,348 | n | Tiffany & Co | 572,197 | |||||
2,573 | *,n | Ulta Beauty, Inc | 600,693 | |||||
|
| |||||||
TOTAL RETAILING | 11,917,321 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4% | ||||||||
28,223 | * | Advanced Micro Devices, Inc | 423,063 | |||||
15,839 | Applied Materials, Inc | 731,603 | ||||||
2,792 | Broadcom, Inc | 677,451 | ||||||
5,409 | * | Cavium, Inc | 467,879 | |||||
33,342 | Intel Corp | 1,657,431 | ||||||
3,388 | Monolithic Power Systems, Inc | 452,874 | ||||||
6,552 | n | NVIDIA Corp | 1,552,168 | |||||
5,153 | n | QUALCOMM, Inc | 289,186 |
8
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
3,915 | e,n | Universal Display Corp | $ | 336,690 | ||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 6,588,345 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 16.7% | ||||||||
11,671 | Activision Blizzard, Inc | 890,731 | ||||||
3,074 | * | Adobe Systems, Inc | 749,472 | |||||
3,667 | * | Alphabet, Inc (Class C) | 4,091,088 | |||||
3,128 | Dassault Systemes S.A. | 437,744 | ||||||
2,794 | * | DocuSign, Inc | 147,943 | |||||
10,243 | DXC Technology Co | 825,688 | ||||||
13,065 | *,n | Facebook, Inc | 2,538,791 | |||||
2,422 | * | Guidewire Software, Inc | 215,025 | |||||
5,193 | *,n | IAC/InterActiveCorp | 791,881 | |||||
9,630 | MasterCard, Inc (Class A) | 1,892,488 | ||||||
53,710 | Microsoft Corp | 5,296,343 | ||||||
8,804 | *,n | Nutanix, Inc | 454,022 | |||||
12,740 | * | PayPal Holdings, Inc | 1,060,860 | |||||
2,520 | * | Proofpoint, Inc | 290,581 | |||||
12,532 | * | salesforce.com, Inc | 1,709,365 | |||||
2,894 | * | ServiceNow, Inc | 499,128 | |||||
980 | * | Spotify Technology S.A. | 164,875 | |||||
7,043 | *,n | Take-Two Interactive Software, Inc | 833,609 | |||||
10,815 | Tencent Holdings Ltd | 543,079 | ||||||
11,033 | * | Teradata Corp | 442,975 | |||||
8,451 | * | Twitter, Inc | 369,055 | |||||
3,494 | * | VMware, Inc (Class A) | 513,513 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 24,758,256 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 6.1% | ||||||||
30,053 | n | Apple, Inc | 5,563,111 | |||||
46,422 | Cisco Systems, Inc | 1,997,539 | ||||||
5,114 | Cognex Corp | 228,135 | ||||||
4,741 | Motorola, Inc | 551,710 | ||||||
3,702 | National Instruments Corp | 155,410 | ||||||
22,044 | *,n | Pure Storage, Inc | 526,411 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 9,022,316 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 0.4% | ||||||||
17,974 | AT&T, Inc | 577,145 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 577,145 | |||||||
|
| |||||||
TRANSPORTATION - 1.8% | ||||||||
6,038 | DSV AS | 486,069 | ||||||
3,483 | n | FedEx Corp | 790,850 | |||||
3,445 | JB Hunt Transport Services, Inc | 418,740 | ||||||
15,169 | n | Knight-Swift Transportation Holdings, Inc | 579,608 | |||||
2,927 | Union Pacific Corp | 414,697 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 2,689,964 | |||||||
|
| |||||||
UTILITIES - 1.6% | ||||||||
5,340 | Ameren Corp | 324,939 | ||||||
9,885 | Evergy, Inc | 555,043 |
9
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||||||||
12,355 | FirstEnergy Corp | $ | 443,668 | |||||||||||||
5,763 | NextEra Energy, Inc | 962,594 | ||||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 2,286,244 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 147,575,861 | |||||||||||||||
|
| |||||||||||||||
(Cost $99,043,398) | ||||||||||||||||
PURCHASED OPTIONS - 0.0% | ||||||||||||||||
CAPITAL GOODS - 0.0% | ||||||||||||||||
800 | General Electric Co | 536 | ||||||||||||||
|
| |||||||||||||||
TOTAL CAPITAL GOODS | 536 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | ||||||||||||||||
700 | Centene Corp | 5,250 | ||||||||||||||
500 | Centene Corp | 5,050 | ||||||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 10,300 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% | ||||||||||||||||
700 | QUALCOMM, Inc | 595 | ||||||||||||||
800 | QUALCOMM, Inc | 360 | ||||||||||||||
|
| |||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 955 | |||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | 11,791 | |||||||||||||||
|
| |||||||||||||||
(Cost $8,749) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.4% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.4% |
| |||||||||||||||
$ 650,000 | Federal Home Loan Bank (FHLB) | 1.630 | % | 07/02/18 | 650,000 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 650,000 | ||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0% |
| |||||||||||||||
1,309,266 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,309,266 | |||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,309,266 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 1,959,266 | |||||||||||||||
|
| |||||||||||||||
(Cost $1,959,237) | ||||||||||||||||
TOTAL INVESTMENTS - 101.1% |
| 149,546,918 | ||||||||||||||
(Cost $101,011,384) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.1)% |
| (1,573,712 | ) | |||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 147,973,206 | ||||||||||||||
|
|
10
TIAA-CREF LIFE FUNDS - Growth & Income Fund
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,279,129. |
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 6/30/18, the aggregate value of these securities amounted $617,418 or 0.4% of net assets. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
Purchased options outstanding as of June 30, 2018 were as follows (See Note 3):
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Centene Corp, Call | 7 | $ | 3,444 | $ | 130.00 | 12/21/18 | $ | 5,250 | ||||||||||||
Centene Corp, Call | 5 | 2,510 | 125.00 | 1/18/19 | 5,050 | |||||||||||||||
General Electric Co, Call | 8 | 640 | 15.00 | 1/18/19 | 536 | |||||||||||||||
QUALCOMM, Inc, Call | 8 | 1,054 | 60.00 | 7/20/18 | 360 | |||||||||||||||
QUALCOMM, Inc, Call | 7 | 1,101 | 62.50 | 8/17/18 | 595 | |||||||||||||||
Total | 35 | $ | 8,749 | $ | 11,791 | |||||||||||||||
Written options outstanding as of June 30, 2018 were as follows (See Note 3):
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Albemarle Corp, Put | 7 | $ | (4,822) | $ | 95.00 | 12/21/18 | $ | (5,495 | ) | |||||||||||
Albemarle Corp, Put | 1 | (878) | 87.50 | 1/18/19 | (500 | ) | ||||||||||||||
Allergan plc, Call | 5 | (375) | 185.00 | 7/20/18 | (185 | ) | ||||||||||||||
Allergan plc, Put | 5 | (9,665) | 180.00 | 1/18/19 | (10,550 | ) | ||||||||||||||
American Water Works Co, Inc, Put | 13 | (2,509) | 75.00 | 12/21/18 | (845 | ) | ||||||||||||||
Anthem, Inc, Put | 4 | (2,490) | 210.00 | 9/21/18 | (876 | ) | ||||||||||||||
Apple, Inc, Call | 5 | (3,230) | 200.00 | 10/19/18 | (2,000 | ) | ||||||||||||||
Apple, Inc, Put | 5 | (1,390) | 165.00 | 10/19/18 | (1,195 | ) | ||||||||||||||
Big Lots, Inc, Put | 18 | (4,284) | 35.00 | 10/19/18 | (1,710 | ) | ||||||||||||||
Bluebird Bio, Inc, Put | 3 | (3,339) | 145.00 | 8/17/18 | (2,160 | ) | ||||||||||||||
Boeing Co, Call | 3 | (1,089) | 387.50 | 7/13/18 | (18 | ) | ||||||||||||||
Bristol-Myers Squibb Co, Put | 10 | (995) | 45.00 | 9/21/18 | (160 | ) | ||||||||||||||
Caesarstone Ltd, Put | 22 | (2,266) | 15.00 | 10/19/18 | (3,685 | ) | ||||||||||||||
Celgene Corp, Put | 7 | (21,686) | 110.00 | 1/18/19 | (21,595 | ) | ||||||||||||||
Celgene Corp, Put | 11 | (13,178) | 90.00 | 1/18/19 | (13,662 | ) | ||||||||||||||
Centene Corp, Call | 7 | (1,736) | 140.00 | 12/21/18 | (2,362 | ) | ||||||||||||||
Centene Corp, Call | 5 | (990) | 140.00 | 1/18/19 | (2,280 | ) | ||||||||||||||
Centene Corp, Put | 9 | (1,817) | 90.00 | 12/21/18 | (967 | ) | ||||||||||||||
Centene Corp, Put | 7 | (3,486) | 97.50 | 1/18/19 | (1,330 | ) | ||||||||||||||
Chevron Corp, Call | 6 | (486) | 131.00 | 7/20/18 | (468 | ) | ||||||||||||||
Chevron Corp, Call | 3 | (579) | 145.00 | 12/21/18 | (402 | ) | ||||||||||||||
Chipotle Mexican Grill, Inc, Call | 1 | (2,378) | 520.00 | 12/21/18 | (1,255 | ) | ||||||||||||||
Chipotle Mexican Grill, Inc, Call | 2 | (3,716) | 540.00 | 12/21/18 | (1,900 | ) | ||||||||||||||
Chipotle Mexican Grill, Inc, Put | 3 | (3,755) | 380.00 | 10/19/18 | (3,150 | ) | ||||||||||||||
Chipotle Mexican Grill, Inc, Put | 3 | (6,294) | 360.00 | 12/21/18 | (3,405 | ) | ||||||||||||||
Chipotle Mexican Grill, Inc, Put | 3 | (4,584) | 400.00 | 12/21/18 | (6,750 | ) | ||||||||||||||
Chubb Ltd, Put | 7 | (854) | 120.00 | 8/17/18 | (854 | ) | ||||||||||||||
Cigna Corp, Put | 5 | (4,540) | 165.00 | 1/18/19 | (4,200 | ) | ||||||||||||||
Citigroup, Inc, Call | 12 | (396) | 71.50 | 7/20/18 | (396 | ) | ||||||||||||||
Clovis Oncology, Inc, Put | 2 | (1,352) | 45.00 | 10/19/18 | (1,400 | ) | ||||||||||||||
Coherent, Inc, Put | 5 | (7,640) | 145.00 | 2/15/19 | (7,640 | ) | ||||||||||||||
ConAgra Brands, Inc, Put | 23 | (1,140) | 35.00 | 8/17/18 | (1,541 | ) | ||||||||||||||
Constellation Brands Inc, Call | 4 | (412) | 242.50 | 7/6/18 | (20 | ) | ||||||||||||||
Constellation Brands Inc, Put | 4 | (392) | 215.00 | 7/6/18 | (280 | ) | ||||||||||||||
Deere & Co, Put | 3 | (195) | 135.00 | 7/20/18 | (564 | ) |
11
TIAA-CREF LIFE FUNDS - Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Deere & Co, Put | 3 | $ | (1,382) | $ | 135.00 | 8/17/18 | $ | (1,188 | ) | |||||||||||
Discovery, Inc, Put | 21 | (871) | 17.50 | 10/19/18 | (357 | ) | ||||||||||||||
DISH Network Corp, Put | 14 | (12,152) | 45.00 | 1/18/19 | (17,710 | ) | ||||||||||||||
Estee Lauder Cos, Inc, Put | 2 | (442) | 125.00 | 7/20/18 | (24 | ) | ||||||||||||||
Estee Lauder Cos, Inc, Put | 6 | (402) | 135.00 | 7/20/18 | (420 | ) | ||||||||||||||
Exact Sciences Corp, Call | 14 | (3,892) | 80.00 | 8/17/18 | (420 | ) | ||||||||||||||
Exact Sciences Corp, Put | 14 | (826) | 55.00 | 7/20/18 | (1,330 | ) | ||||||||||||||
Exact Sciences Corp, Put | 18 | (2,592) | 60.00 | 8/17/18 | (8,910 | ) | ||||||||||||||
Expedia Group, Inc, Put | 5 | (3,304) | 105.00 | 1/18/19 | (2,250 | ) | ||||||||||||||
Facebook, Inc, Call | 3 | (741) | 210.00 | 7/27/18 | (480 | ) | ||||||||||||||
Facebook, Inc, Call | 2 | (416) | 215.00 | 8/17/18 | (472 | ) | ||||||||||||||
Facebook, Inc, Put | 5 | (499) | 170.00 | 7/20/18 | (135 | ) | ||||||||||||||
Facebook, Inc, Put | 3 | (225) | 180.00 | 7/20/18 | (270 | ) | ||||||||||||||
FedEx Corp, Call | 8 | (1,948) | 250.00 | 8/17/18 | (1,248 | ) | ||||||||||||||
FedEx Corp, Call | 4 | (668) | 260.00 | 8/17/18 | (284 | ) | ||||||||||||||
FedEx Corp, Put | 4 | (1,260) | 220.00 | 8/17/18 | (1,936 | ) | ||||||||||||||
FedEx Corp, Put | 4 | (3,928) | 220.00 | 10/19/18 | (3,380 | ) | ||||||||||||||
Fifth Third Bancorp, Put | 21 | (651) | 28.00 | 7/20/18 | (924 | ) | ||||||||||||||
General Electric Co, Call | 17 | (289) | 18.00 | 1/18/19 | (306 | ) | ||||||||||||||
General Electric Co, Put | 33 | (1,584) | 13.00 | 12/21/18 | (2,673 | ) | ||||||||||||||
General Electric Co, Put | 17 | (2,431) | 14.00 | 1/18/19 | (2,261 | ) | ||||||||||||||
Goldman Sachs Group, Inc, Put | 2 | (4,022) | 235.00 | 1/18/19 | (4,375 | ) | ||||||||||||||
Hain Celestial Group, Inc, Put | 22 | (4,246) | 26.00 | 1/18/19 | (3,300 | ) | ||||||||||||||
Hasbro, Inc, Put | 8 | (1,464) | 70.00 | 10/19/18 | (240 | ) | ||||||||||||||
Humana, Inc, Call | 3 | (1,290) | 340.00 | 11/16/18 | (877 | ) | ||||||||||||||
IAC, Call | 5 | (288) | 180.00 | 7/20/18 | (50 | ) | ||||||||||||||
Incyte Corp, Put | 3 | (1,128) | 60.00 | 1/18/19 | (1,170 | ) | ||||||||||||||
Ingredion, Inc, Put | 3 | (2,154) | 115.00 | 10/19/18 | (2,325 | ) | ||||||||||||||
International Business Machines Corp, Put | 7 | (4,095) | 135.00 | 1/18/19 | (4,200 | ) | ||||||||||||||
Intuitive Surgical, Inc, Put | 3 | (2,224) | 395.00 | 7/20/18 | (390 | ) | ||||||||||||||
Jazz Pharmaceuticals plc, Call | 3 | (849) | 195.00 | 9/21/18 | (750 | ) | ||||||||||||||
Jazz Pharmaceuticals plc, Put | 3 | (549) | 165.00 | 7/20/18 | (465 | ) | ||||||||||||||
Knight-Swift Transportation Holdings, Inc, Put | 13 | (2,509) | 35.00 | 11/16/18 | (2,080 | ) | ||||||||||||||
Mattel, Inc, Put | 22 | (4,356) | 13.00 | 1/18/19 | (1,980 | ) | ||||||||||||||
McDonald’s Corp, Put | 2 | (278) | 145.00 | 8/17/18 | (220 | ) | ||||||||||||||
McDonald’s Corp, Put | 3 | (1,411) | 150.00 | 9/21/18 | (915 | ) | ||||||||||||||
MGP Ingredients, Inc, Put | 12 | (588) | 80.00 | 7/20/18 | (630 | ) | ||||||||||||||
Micron Technology, Inc, Put | 13 | (3,657) | 52.50 | 8/17/18 | (4,212 | ) | ||||||||||||||
MKS Instruments, Inc, Put | 8 | (752) | 90.00 | 7/20/18 | (1,100 | ) | ||||||||||||||
Mohawk Industries, Inc, Put | 3 | (3,602) | 200.00 | 1/18/19 | (2,865 | ) | ||||||||||||||
Molina Healthcare, Inc, Put | 11 | (649) | 75.00 | 7/20/18 | (303 | ) | ||||||||||||||
Monster Beverage Corp, Put | 15 | (1,260) | 45.00 | 9/21/18 | (375 | ) | ||||||||||||||
Monster Beverage Corp, Put | 10 | (1,286) | 45.00 | 12/21/18 | (775 | ) | ||||||||||||||
Nektar Therapeutics, Put | 12 | (16,296) | 55.00 | 1/18/19 | (17,040 | ) | ||||||||||||||
NetFlix, Inc, Call | 3 | (294) | 442.50 | 7/6/18 | (57 | ) | ||||||||||||||
NetFlix, Inc, Call | 3 | (3,024) | 450.00 | 8/17/18 | (2,859 | ) | ||||||||||||||
NetFlix, Inc, Put | 3 | (780) | 330.00 | 7/6/18 | (72 | ) | ||||||||||||||
NetFlix, Inc, Put | 5 | (834) | 340.00 | 7/13/18 | (475 | ) | ||||||||||||||
NetFlix, Inc, Put | 3 | (954) | 310.00 | 8/17/18 | (1,335 | ) | ||||||||||||||
Newell Brands, Inc, Put | 15 | (2,820) | 25.00 | 1/18/19 | (3,337 | ) | ||||||||||||||
Northrop Grumman Corp, Call | 3 | (420) | 327.50 | 7/20/18 | (405 | ) | ||||||||||||||
Northrop Grumman Corp, Put | 1 | (1,568) | 300.00 | 1/18/19 | (1,650 | ) | ||||||||||||||
Northrop Grumman Corp, Put | 2 | (3,966) | 310.00 | 1/18/19 | (3,932 | ) | ||||||||||||||
Nutanix, Inc, Put | 8 | (592) | 40.00 | 8/17/18 | (460 | ) | ||||||||||||||
NVIDIA Corp, Put | 4 | (6,352) | 185.00 | 1/18/19 | (2,800 | ) | ||||||||||||||
NXP Semiconductors NV, Put | 7 | (1,225) | 80.00 | 8/17/18 | (578 | ) | ||||||||||||||
Parker-Hannifin Corp, Call | 5 | (1,640) | 190.00 | 8/17/18 | (65 | ) | ||||||||||||||
Parker-Hannifin Corp, Put | 5 | (790) | 150.00 | 8/17/18 | (1,850 | ) | ||||||||||||||
Parker-Hannifin Corp, Put | 4 | (4,992) | 155.00 | 1/18/19 | (4,280 | ) | ||||||||||||||
Praxair, Inc, Put | 3 | (3,340) | 140.00 | 1/18/19 | (840 | ) | ||||||||||||||
Pure Storage, Inc, Put | 20 | (1,900) | 17.50 | 11/16/18 | (800 | ) | ||||||||||||||
PVH Corp, Call | 7 | (1,071) | 170.00 | 7/20/18 | (70 | ) | ||||||||||||||
PVH Corp, Put | 7 | (290) | 135.00 | 7/20/18 | (196 | ) | ||||||||||||||
QUALCOMM, Inc, Call | 8 | (274) | 65.00 | 7/20/18 | (80 | ) | ||||||||||||||
QUALCOMM, Inc, Call | 7 | (371) | 67.50 | 8/17/18 | (196 | ) | ||||||||||||||
QUALCOMM, Inc, Put | 17 | (1,075) | 50.00 | 7/20/18 | (459 | ) | ||||||||||||||
QUALCOMM, Inc, Put | 15 | (660) | 50.00 | 8/17/18 | (1,140 | ) | ||||||||||||||
Raytheon Co, Put | 3 | (378) | 150.00 | 11/16/18 | (326 | ) | ||||||||||||||
Raytheon Co, Put | 3 | (1,938) | 185.00 | 11/16/18 | (2,123 | ) | ||||||||||||||
Red Hat, Inc, Put | 7 | (709) | 130.00 | 7/20/18 | (1,260 | ) |
12
TIAA-CREF LIFE FUNDS - Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Regeneron Pharmaceuticals, Inc, Call | 3 | $ | (980) | $ | 365.00 | 7/20/18 | $ | (1,110 | ) | |||||||||||
Regeneron Pharmaceuticals, Inc, Put | 3 | (7,174) | 315.00 | 2/15/19 | (6,375 | ) | ||||||||||||||
Rockwell Automation, Inc, Call | 1 | (619) | 175.00 | 10/19/18 | (575 | ) | ||||||||||||||
Rockwell Automation, Inc, Call | 1 | (716) | 185.00 | 1/18/19 | (550 | ) | ||||||||||||||
Rockwell Automation, Inc, Put | 2 | (1,162) | 150.00 | 10/19/18 | (630 | ) | ||||||||||||||
Rockwell Automation, Inc, Put | 2 | (1,827) | 160.00 | 1/17/20 | (1,760 | ) | ||||||||||||||
Stanley Black & Decker, Inc, Put | 5 | (2,565) | 135.00 | 10/19/18 | (3,975 | ) | ||||||||||||||
Stryker Corp, Put | 5 | (2,591) | 155.00 | 12/21/18 | (2,000 | ) | ||||||||||||||
Take-Two Interactive Software, Inc, Put | 7 | (2,134) | 70.00 | 1/18/19 | (647 | ) | ||||||||||||||
Tapestry, Inc, Put | 7 | (1,211) | 40.00 | 11/16/18 | (665 | ) | ||||||||||||||
Tapestry, Inc, Put | 13 | (4,394) | 45.00 | 11/16/18 | (3,120 | ) | ||||||||||||||
Tiffany & Co, Call | 10 | (4,929) | 140.00 | 11/16/18 | (5,000 | ) | ||||||||||||||
Tiffany & Co, Put | 10 | (4,380) | 110.00 | 11/16/18 | (1,770 | ) | ||||||||||||||
Tiffany & Co, Put | 10 | (5,531) | 120.00 | 1/18/19 | (5,325 | ) | ||||||||||||||
Ulta Beauty, Inc, Put | 2 | (3,556) | 210.00 | 9/21/18 | (1,000 | ) | ||||||||||||||
United Parcel Service, Inc, Put | 8 | (4,360) | 100.00 | 10/19/18 | (2,056 | ) | ||||||||||||||
Universal Display Corp, Put | 7 | (3,089) | 75.00 | 8/17/18 | (1,838 | ) | ||||||||||||||
WABCO Holdings, Inc, Put | 7 | (3,913) | 115.00 | 12/21/18 | (4,690 | ) | ||||||||||||||
Walmart, Inc, Put | 9 | (874) | 75.00 | 9/21/18 | (441 | ) | ||||||||||||||
Walmart, Inc, Put | 10 | (2,270) | 80.00 | 9/21/18 | (1,190 | ) | ||||||||||||||
WellCare Health Plans, Inc, Call | 3 | (759) | 270.00 | 9/21/18 | (1,110 | ) | ||||||||||||||
World Wrestling Entertainment, Call | 10 | (640) | 90.00 | 8/17/18 | (450 | ) | ||||||||||||||
World Wrestling Entertainment, Put | 10 | (470) | 55.00 | 8/18/18 | (450 | ) | ||||||||||||||
Zimmer Biomet Holdings, Inc, Put | 7 | (5,586) | 110.00 | 12/21/18 | (4,060 | ) | ||||||||||||||
Total | 957 | $ | (326,381) | $ | (285,847 | ) | ||||||||||||||
13
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
TIAA-CREF LIFE FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.2% | ||||||||
AUTOMOBILES & COMPONENTS - 1.6% | ||||||||
23,452 | General Motors Co | $ | 924,009 | |||||
12,909 | Peugeot S.A. | 294,135 | ||||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 1,218,144 | |||||||
|
| |||||||
BANKS - 11.4% | ||||||||
88,005 | Bank of America Corp | 2,480,861 | ||||||
24,476 | Citigroup, Inc | 1,637,934 | ||||||
6,046 | Citizens Financial Group, Inc | 235,189 | ||||||
5,382 | Comerica, Inc | 489,332 | ||||||
8,367 | Fifth Third Bancorp | 240,133 | ||||||
16,564 | Huntington Bancshares, Inc | 244,485 | ||||||
10,845 | JPMorgan Chase & Co | 1,130,049 | ||||||
30,476 | Regions Financial Corp | 541,863 | ||||||
20,561 | Wells Fargo & Co | 1,139,902 | ||||||
8,506 | Zions Bancorporation | 448,181 | ||||||
|
| |||||||
TOTAL BANKS | 8,587,929 | |||||||
|
| |||||||
CAPITAL GOODS - 6.4% | ||||||||
17,060 | Arconic, Inc | 290,191 | ||||||
184,248 | * | Bombardier, Inc | 728,779 | |||||
6,920 | * | Colfax Corp | 212,098 | |||||
3,581 | Eaton Corp | 267,644 | ||||||
6,412 | * | Evoqua Water Technologies Corp | 131,446 | |||||
4,941 | Fortive Corp | 381,000 | ||||||
46,540 | General Electric Co | 633,410 | ||||||
8,713 | GrafTech International Ltd | 156,747 | ||||||
14,300 | * | HD Supply Holdings, Inc | 613,327 | |||||
1,857 | * | Herc Holdings, Inc | 104,623 | |||||
151 | * | JELD-WEN Holding, Inc | 4,317 | |||||
3,387 | Johnson Controls International plc | 113,295 | ||||||
2,942 | * | SPX Corp | 103,117 | |||||
8,076 | * | SPX FLOW, Inc | 353,487 | |||||
20,120 | Triumph Group, Inc | 394,352 | ||||||
2,496 | United Technologies Corp | 312,075 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 4,799,908 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||
36,104 | Cyrela Brazil Realty S.A. | 102,469 | ||||||
5,106 | Lennar Corp (Class A) | 268,065 | ||||||
11,665 | Newell Rubbermaid, Inc | 300,840 | ||||||
15,566 | *,e | Under Armour, Inc (Class A) | 349,924 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 1,021,298 | |||||||
|
|
14
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
CONSUMER SERVICES - 3.0% | ||||||||
32,597 | Arcos Dorados Holdings, Inc | $ | 226,549 | |||||
5,442 | Carnival Corp | 311,881 | ||||||
8,395 | Extended Stay America, Inc | 181,416 | ||||||
8,381 | Melco Crown Entertainment Ltd (ADR) | 234,668 | ||||||
13,590 | Red Rock Resorts, Inc | 455,265 | ||||||
7,298 | Restaurant Brands International, Inc | 440,069 | ||||||
2,396 | Wynn Resorts Ltd | 400,947 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,250,795 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 5.0% | ||||||||
2,437 | American Express Co | 238,826 | ||||||
16,237 | * | AXA Equitable Holdings, Inc | 334,645 | |||||
1,984 | Bank of New York Mellon Corp | 106,997 | ||||||
13,371 | Blackstone Group LP | 430,145 | ||||||
4,007 | Capital One Financial Corp | 368,244 | ||||||
5,523 | Goldman Sachs Group, Inc | 1,218,208 | ||||||
8,278 | Morgan Stanley | 392,377 | ||||||
4,302 | State Street Corp | 400,473 | ||||||
10,377 | Synchrony Financial | 346,384 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 3,836,299 | |||||||
|
| |||||||
ENERGY - 13.0% | ||||||||
2,313 | Anadarko Petroleum Corp | 169,427 | ||||||
3,426 | Apache Corp | 160,165 | ||||||
2,544 | Arch Coal, Inc | 199,526 | ||||||
54,767 | Cenovus Energy, Inc | 568,481 | ||||||
7,613 | Chevron Corp | 962,512 | ||||||
2,050 | * | Concho Resources, Inc | 283,618 | |||||
16,382 | Devon Energy Corp | 720,153 | ||||||
148 | Diamondback Energy, Inc | 19,472 | ||||||
5,013 | EOG Resources, Inc | 623,768 | ||||||
13,042 | Exxon Mobil Corp | 1,078,965 | ||||||
17,751 | * | Matador Resources Co | 533,418 | |||||
36,924 | * | MEG Energy Corp | 307,829 | |||||
19,549 | Nabors Industries Ltd | 125,309 | ||||||
3,713 | National Oilwell Varco, Inc | 161,144 | ||||||
3,508 | Occidental Petroleum Corp | 293,549 | ||||||
36,063 | * | Parsley Energy, Inc | 1,091,988 | |||||
19,354 | Plains All American Pipeline LP | 457,529 | ||||||
5,366 | Plains GP Holdings LP | 128,301 | ||||||
3,510 | RPC, Inc | 51,141 | ||||||
5,374 | * | RSP Permian, Inc | 236,563 | |||||
20,917 | TechnipFMC plc | 663,905 | ||||||
104,775 | * | Weatherford International Ltd | 344,710 | |||||
17,838 | Williams Cos, Inc | 483,588 | ||||||
7,469 | * | WPX Energy, Inc | 134,666 | |||||
|
| |||||||
TOTAL ENERGY | 9,799,727 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.6% | ||||||||
4,901 | Walmart, Inc | 419,771 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 419,771 | |||||||
|
|
15
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
FOOD, BEVERAGE & TOBACCO - 4.8% | ||||||||
2,410 | Bunge Ltd | $ | 168,001 | |||||
5,384 | General Mills, Inc | 238,296 | ||||||
22,638 | Kraft Heinz Co | 1,422,119 | ||||||
712 | Molson Coors Brewing Co (Class B) | 48,444 | ||||||
15,431 | Mondelez International, Inc | 632,671 | ||||||
11,291 | Philip Morris International, Inc | 911,636 | ||||||
3,197 | Pinnacle Foods, Inc | 207,997 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 3,629,164 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.2% | ||||||||
1,679 | Aetna Inc | 308,096 | ||||||
610 | Anthem, Inc | 145,198 | ||||||
1,014 | Baxter International, Inc | 74,874 | ||||||
13,953 | CVS Health Corp | 897,876 | ||||||
5,052 | McKesson Corp | 673,937 | ||||||
2,652 | Medtronic plc | 227,038 | ||||||
5,575 | * | Molina Healthcare, Inc | 546,015 | |||||
2,500 | Zimmer Biomet Holdings, Inc | 278,600 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,151,634 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||
8,138 | Procter & Gamble Co | 635,252 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 635,252 | |||||||
|
| |||||||
INSURANCE - 5.2% | ||||||||
15,600 | American International Group, Inc | 827,112 | ||||||
5,075 | * | Athene Holding Ltd | 222,488 | |||||
1,461 | * | Berkshire Hathaway, Inc (Class B) | 272,696 | |||||
3,462 | Chubb Ltd | 439,743 | ||||||
4,250 | Hartford Financial Services Group, Inc | 217,303 | ||||||
11,301 | Manulife Financial Corp | 203,079 | ||||||
23,590 | Metlife, Inc | 1,028,524 | ||||||
60,000 | Ping An Insurance Group Co of China Ltd | 549,460 | ||||||
1,563 | Travelers Cos, Inc | 191,217 | ||||||
|
| |||||||
TOTAL INSURANCE | 3,951,622 | |||||||
|
| |||||||
MATERIALS - 6.5% | ||||||||
3,116 | Ashland Global Holdings, Inc | 243,609 | ||||||
2,053 | * | Berry Plastics Group, Inc | 94,315 | |||||
5,680 | * | Crown Holdings, Inc | 254,237 | |||||
15,646 | DowDuPont, Inc | 1,031,384 | ||||||
29,403 | First Quantum Minerals Ltd | 433,223 | ||||||
20,829 | Freeport-McMoRan Copper & Gold, Inc (Class B) | 359,508 | ||||||
253 | * | GCP Applied Technologies, Inc | 7,324 | |||||
45,458 | Glencore Xstrata plc | 215,825 | ||||||
24,219 | Louisiana-Pacific Corp | 659,241 | ||||||
7,837 | Olin Corp | 225,079 | ||||||
10,211 | ThyssenKrupp AG. | 247,513 | ||||||
18,895 | Tronox Ltd | 371,854 | ||||||
1,442 | Vulcan Materials Co | 186,104 | ||||||
8,054 | WR Grace and Co | 590,439 | ||||||
|
| |||||||
TOTAL MATERIALS | 4,919,655 | |||||||
|
|
16
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
MEDIA - 1.8% | ||||||||
10,476 | Comcast Corp (Class A) | $ | 343,717 | |||||
10,649 | * | DISH Network Corp (Class A) | 357,913 | |||||
5,932 | Walt Disney Co | 621,733 | ||||||
|
| |||||||
TOTAL MEDIA | 1,323,363 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2% | ||||||||
7,020 | Allergan plc | 1,170,375 | ||||||
1,574 | * | Biogen Idec, Inc | 456,838 | |||||
2,518 | Bristol-Myers Squibb Co | 139,346 | ||||||
14,924 | Gilead Sciences, Inc | 1,057,216 | ||||||
4,802 | Johnson & Johnson | 582,675 | ||||||
5,465 | * | Mylan NV | 197,505 | |||||
2,012 | * | PerkinElmer, Inc | 147,339 | |||||
42,133 | Pfizer, Inc | 1,528,585 | ||||||
9,349 | Schering-Plough Corp | 567,484 | ||||||
3,112 | *,e | TESARO, Inc | 138,390 | |||||
38,601 | Teva Pharmaceutical Industries Ltd (ADR) | 938,776 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 6,924,529 | |||||||
|
| |||||||
REAL ESTATE - 0.6% | ||||||||
627 | AvalonBay Communities, Inc | 107,775 | ||||||
12,094 | MGM Growth Properties LLC | 368,383 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 476,158 | |||||||
|
| |||||||
RETAILING - 2.6% | ||||||||
4,263 | Advance Auto Parts, Inc | 578,489 | ||||||
10,235 | Bed Bath & Beyond, Inc | 203,932 | ||||||
1,382 | * | Dollar Tree, Inc | 117,470 | |||||
4,928 | Expedia, Inc | 592,296 | ||||||
38,382 | * | Groupon, Inc | 165,043 | |||||
180,000 | Hengdeli Holdings Ltd | 8,108 | ||||||
2,599 | Target Corp | 197,836 | ||||||
28,904 | Via Varejo S.A. | 138,787 | ||||||
|
| |||||||
TOTAL RETAILING | 2,001,961 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% | ||||||||
36,761 | * | Advanced Micro Devices, Inc | 551,047 | |||||
9,240 | * | Cree, Inc | 384,107 | |||||
11,942 | Intel Corp | 593,637 | ||||||
3,597 | * | Mellanox Technologies Ltd | 303,227 | |||||
99 | * | Micron Technology, Inc | 5,192 | |||||
7,083 | QUALCOMM, Inc | 397,498 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,234,708 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 4.7% | ||||||||
11,371 | * | eBay, Inc | 412,312 | |||||
4,831 | * | GreenSky, Inc | 102,176 | |||||
3,636 | International Business Machines Corp | 507,949 | ||||||
1,365 | * | MicroStrategy, Inc (Class A) | 174,379 | |||||
17,435 | Oracle Corp | 768,186 |
17
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
71,813 | *,e | Pandora Media, Inc | $ | 565,886 | ||||
18,905 | * | Teradata Corp | 759,036 | |||||
71,016 | * | Zynga, Inc | 289,035 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 3,578,959 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.5% | ||||||||
34,685 | Cisco Systems, Inc | 1,492,496 | ||||||
3,790 | Corning, Inc | 104,263 | ||||||
226 | * | Extreme Networks, Inc | 1,799 | |||||
6,799 | Hewlett Packard Enterprise Co | 99,333 | ||||||
11,171 | * | Infinera Corp | 110,928 | |||||
16,512 | Juniper Networks, Inc | 452,759 | ||||||
4,367 | * | Lumentum Holdings, Inc | 252,849 | |||||
1,300 | Murata Manufacturing Co Ltd | 218,239 | ||||||
71,458 | Nokia Corp | 410,884 | ||||||
10,354 | Xerox Corp | 248,496 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 3,392,046 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 4.5% | ||||||||
39,230 | AT&T, Inc | 1,259,675 | ||||||
18,922 | CenturyLink, Inc | 352,706 | ||||||
25,042 | *,e | Sprint Corp | 136,229 | |||||
13,120 | Telephone & Data Systems, Inc | 359,750 | ||||||
25,002 | Verizon Communications, Inc | 1,257,851 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 3,366,211 | |||||||
|
| |||||||
TRANSPORTATION - 1.6% | ||||||||
6,714 | American Airlines Group, Inc | 254,864 | ||||||
15,994 | *,†,b,m | AMR Corp (Escrow) | 160 | |||||
5,830 | * | Kirby Corp | 487,388 | |||||
12,140 | Knight-Swift Transportation Holdings, Inc | 463,869 | ||||||
|
| �� | ||||||
TOTAL TRANSPORTATION | 1,206,281 | |||||||
|
| |||||||
UTILITIES - 2.8% | ||||||||
2,465 | Duke Energy Corp | 194,932 | ||||||
1,359 | Edison International | 85,984 | ||||||
3,274 | Entergy Corp | 264,507 | ||||||
4,762 | Exelon Corp | 202,861 | ||||||
21,588 | FirstEnergy Corp | 775,225 | ||||||
7,745 | PG&E Corp | 329,627 | ||||||
1,831 | Pinnacle West Capital Corp | 147,505 | ||||||
1,090 | Sempra Energy | 126,560 | ||||||
|
| |||||||
TOTAL UTILITIES | 2,127,201 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 74,852,615 | |||||||
|
| |||||||
(Cost $63,959,719) |
18
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
SHORT-TERM INVESTMENTS - 2.6% |
| |||||||||||||||||
GOVERNMENT AGENCY DEBT - 1.1% |
| |||||||||||||||||
$ 800,000 | Federal Home Loan Bank (FHLB) | 1.630 | % | 07/02/18 | $ | 800,000 | ||||||||||||
|
| |||||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 800,000 | ||||||||||||||||
|
| |||||||||||||||||
SHARES | COMPANY | |||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5% |
| |||||||||||||||||
1,134,725 | c | State Street Navigator Securities Lending Government Money Market Portfolio |
| 1,134,725 | ||||||||||||||
|
| |||||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 1,134,725 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 1,934,725 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $1,934,688) | ||||||||||||||||||
TOTAL INVESTMENTS - 101.8% (Cost $65,894,407) | 76,787,340 | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.8)% | (1,325,532 | ) | ||||||||||||||||
|
| |||||||||||||||||
NET ASSETS - 100.0% | $ | 75,461,808 | ||||||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
† | Security is categorized as Level 3 in the fair value hierarchy. |
b | In bankruptcy |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,079,857. |
m | Indicates a security that has been deemed illiquid. |
19
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
TIAA-CREF LIFE FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 97.6% | ||||||||
CASINOS & GAMING - 0.4% | ||||||||
10,000 | MGM Resorts International | $ | 290,300 | |||||
|
| |||||||
TOTAL CASINOS & GAMING | 290,300 | |||||||
|
| |||||||
DATA PROCESSING & OUTSOURCED SERVICES - 1.4% | ||||||||
25,000 | * | GDS Holdings Ltd (ADR) | 1,002,250 | |||||
|
| |||||||
TOTAL DATA PROCESSING & OUTSOURCED SERVICES | 1,002,250 | |||||||
|
| |||||||
DIVERSIFIED REITS - 1.4% | ||||||||
35,000 | Colony Capital, Inc | 218,400 | ||||||
10,000 | iShares Dow Jones US Real Estate Index Fund | 805,800 | ||||||
|
| |||||||
TOTAL DIVERSIFIED REITS | 1,024,200 | |||||||
|
| |||||||
HEALTH CARE REITS - 5.5% | ||||||||
50,000 | HCP, Inc | 1,291,000 | ||||||
15,000 | Healthcare Trust of America, Inc | 404,400 | ||||||
20,000 | Ventas, Inc | 1,139,000 | ||||||
20,000 | Welltower, Inc | 1,253,800 | ||||||
|
| |||||||
TOTAL HEALTH CARE REITS | 4,088,200 | |||||||
|
| |||||||
HOMEBUILDING - 0.5% | ||||||||
24,000 | * | TRI Pointe Homes, Inc | 392,640 | |||||
|
| |||||||
TOTAL HOMEBUILDING | 392,640 | |||||||
|
| |||||||
HOTEL & RESORT REITS - 3.4% | ||||||||
52,000 | Host Marriott Corp | 1,095,640 | ||||||
11,500 | MGM Growth Properties LLC | 350,290 | ||||||
65,000 | Sunstone Hotel Investors, Inc | 1,080,300 | ||||||
|
| |||||||
TOTAL HOTEL & RESORT REITS | 2,526,230 | |||||||
|
| |||||||
INDUSTRIAL REITS - 10.4% | ||||||||
4,000 | DCT Industrial Trust, Inc | 266,920 | ||||||
24,000 | Duke Realty Corp | 696,720 | ||||||
4,000 | EastGroup Properties, Inc | 382,240 | ||||||
46,000 | Prologis, Inc | 3,021,740 | ||||||
78,000 | Rexford Industrial Realty, Inc | 2,448,420 | ||||||
23,000 | Terreno Realty Corp | 866,410 | ||||||
|
| |||||||
TOTAL INDUSTRIAL REITS | 7,682,450 | |||||||
|
| |||||||
IT CONSULTING & OTHER SERVICES - 0.8% | ||||||||
9,500 | * | InterXion Holding NV | 592,990 | |||||
|
| |||||||
TOTAL IT CONSULTING & OTHER SERVICES | 592,990 | |||||||
|
| |||||||
MORTGAGE REITS - 1.6% | ||||||||
11,500 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 227,125 |
20
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
SHARES | COMPANY | VALUE | ||||||
45,000 | Starwood Property Trust, Inc | $ | 976,950 | |||||
|
| |||||||
TOTAL MORTGAGE REITS | 1,204,075 | |||||||
|
| |||||||
OFFICE REITS - 11.7% | ||||||||
14,500 | Alexandria Real Estate Equities, Inc | 1,829,465 | ||||||
17,500 | Boston Properties, Inc | 2,194,850 | ||||||
28,000 | Hudson Pacific Properties | 992,040 | ||||||
11,000 | JBG SMITH Properties | 401,170 | ||||||
16,500 | Kilroy Realty Corp | 1,248,060 | ||||||
14,000 | SL Green Realty Corp | 1,407,420 | ||||||
7,500 | Vornado Realty Trust | 554,400 | ||||||
|
| |||||||
TOTAL OFFICE REITS | 8,627,405 | |||||||
|
| |||||||
REAL ESTATE OPERATING COMPANIES - 0.3% | ||||||||
13,640 | * | Essential Properties Realty Trust, Inc | 184,686 | |||||
|
| |||||||
TOTAL REAL ESTATE OPERATING COMPANIES | 184,686 | |||||||
|
| |||||||
REAL ESTATE SERVICES - 0.8% | ||||||||
28,000 | Kennedy-Wilson Holdings, Inc | 592,200 | ||||||
|
| |||||||
TOTAL REAL ESTATE SERVICES | 592,200 | |||||||
|
| |||||||
RESIDENTIAL REITS - 16.4% | ||||||||
30,000 | American Homes 4 Rent | 665,400 | ||||||
7,000 | AvalonBay Communities, Inc | 1,203,230 | ||||||
14,000 | Camden Property Trust | 1,275,820 | ||||||
21,000 | Equity Lifestyle Properties, Inc | 1,929,900 | ||||||
25,000 | Equity Residential | 1,592,250 | ||||||
7,000 | Essex Property Trust, Inc | 1,673,490 | ||||||
68,000 | Invitation Homes, Inc | 1,568,080 | ||||||
4,000 | Mid-America Apartment Communities, Inc | 402,680 | ||||||
18,500 | Sun Communities, Inc | 1,810,780 | ||||||
|
| |||||||
TOTAL RESIDENTIAL REITS | 12,121,630 | |||||||
|
| |||||||
RETAIL REITS - 17.1% | ||||||||
14,000 | Agree Realty Corp | 738,780 | ||||||
40,000 | DDR Corp | 716,000 | ||||||
12,500 | Federal Realty Investment Trust | 1,581,875 | ||||||
32,000 | GGP, Inc | 653,760 | ||||||
5,000 | Macerich Co | 284,150 | ||||||
5,500 | Realty Income Corp | 295,845 | ||||||
25,000 | Regency Centers Corp | 1,552,000 | ||||||
57,000 | Retail Opportunities Investment Corp | 1,092,120 | ||||||
24,000 | Simon Property Group, Inc | 4,084,560 | ||||||
15,500 | * | Spirit MTA REIT | 159,650 | |||||
155,000 | Spirit Realty Capital, Inc | 1,244,650 | ||||||
4,000 | Taubman Centers, Inc | 235,040 | ||||||
|
| |||||||
TOTAL RETAIL REITS | 12,638,430 | |||||||
|
| |||||||
SPECIALIZED REITS - 25.9% | ||||||||
20,000 | American Tower Corp | 2,883,400 | ||||||
25,500 | Crown Castle International Corp | 2,749,410 | ||||||
10,000 | CyrusOne, Inc | 583,600 |
21
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
SHARES | COMPANY | VALUE | ||||||||||||||
7,000 | Digital Realty Trust, Inc | $ | 781,060 | |||||||||||||
6,500 | Equinix, Inc | 2,794,285 | ||||||||||||||
12,500 | Extra Space Storage, Inc | 1,247,625 | ||||||||||||||
36,000 | Four Corners Property Trust, Inc | 886,680 | ||||||||||||||
15,000 | Gaming and Leisure Properties, Inc | 537,000 | ||||||||||||||
30,000 | National Storage Affiliates Trust | 924,600 | ||||||||||||||
6,500 | Public Storage, Inc | 1,474,590 | ||||||||||||||
15,000 | QTS Realty Trust, Inc | 592,500 | ||||||||||||||
7,500 | * | SBA Communications Corp | 1,238,400 | |||||||||||||
12,000 | Uniti Group, Inc | 240,360 | ||||||||||||||
63,000 | Weyerhaeuser Co | 2,296,980 | ||||||||||||||
|
| |||||||||||||||
TOTAL SPECIALIZED REITS |
| 19,230,490 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS |
| 72,198,176 | ||||||||||||||
|
| |||||||||||||||
(Cost $52,972,619) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.0% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 2.0% |
| |||||||||||||||
$ 1,500,000 | Federal Home Loan Bank (FHLB) | 1.630 | % | 07/02/18 | 1,500,000 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 1,500,000 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 1,500,000 | |||||||||||||||
|
| |||||||||||||||
(Cost $1,499,932) | ||||||||||||||||
TOTAL INVESTMENTS - 99.6% |
| 73,698,176 | ||||||||||||||
(Cost $54,472,551) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% |
| 278,925 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 73,977,101 | ||||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
* | Non-income producing |
22
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
TIAA-CREF LIFE FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.7% | ||||||||
AUTOMOBILES & COMPONENTS - 0.5% | ||||||||
4,000 | * | Stoneridge, Inc | $ | 140,560 | ||||
1,490 | Thor Industries, Inc | 145,111 | ||||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 285,671 | |||||||
|
| |||||||
BANKS - 10.7% | ||||||||
6,550 | Bank of NT Butterfield & Son Ltd | 299,466 | ||||||
4,870 | Berkshire Hills Bancorp, Inc | 197,722 | ||||||
8,060 | Cathay General Bancorp | 326,349 | ||||||
8,400 | Centerstate Banks of Florida, Inc | 250,488 | ||||||
9,340 | * | Customers Bancorp, Inc | 265,069 | |||||
3,490 | * | Eagle Bancorp, Inc | 213,937 | |||||
8,320 | * | Essent Group Ltd | 298,022 | |||||
4,360 | * | FCB Financial Holdings, Inc | 256,368 | |||||
2,070 | Federal Agricultural Mortgage Corp (Class C) | 185,224 | ||||||
10,700 | First Commonwealth Financial Corp | 165,957 | ||||||
5,000 | First Interstate Bancsystem, Inc | 211,000 | ||||||
4,800 | First Merchants Corp | 222,720 | ||||||
6,300 | * | Flagstar Bancorp, Inc | 215,838 | |||||
8,040 | Hancock Holding Co | 375,066 | ||||||
4,330 | IBERIABANK Corp | 328,214 | ||||||
3,900 | * | MGIC Investment Corp | 41,808 | |||||
9,043 | Oritani Financial Corp | 146,497 | ||||||
12,230 | Provident Financial Services, Inc | 336,692 | ||||||
9,200 | Simmons First National Corp (Class A) | 275,080 | ||||||
14,170 | Sterling Bancorp/DE | 332,995 | ||||||
4,400 | Umpqua Holdings Corp | 99,396 | ||||||
11,987 | United Community Banks, Inc | 367,641 | ||||||
6,930 | Walker & Dunlop, Inc | 385,655 | ||||||
7,600 | Washington Federal, Inc | 248,520 | ||||||
1,420 | Wintrust Financial Corp | 123,611 | ||||||
|
| |||||||
TOTAL BANKS | 6,169,335 | |||||||
|
| |||||||
CAPITAL GOODS - 9.6% | ||||||||
6,500 | * | Aerojet Rocketdyne Holdings, Inc | 191,685 | |||||
4,380 | Applied Industrial Technologies, Inc | 307,257 | ||||||
9,828 | * | Atkore International Group, Inc | 204,128 | |||||
7,269 | Comfort Systems USA, Inc | 332,920 | ||||||
2,380 | Crane Co | 190,709 | ||||||
2,900 | Curtiss-Wright Corp | 345,158 | ||||||
6,037 | EMCOR Group, Inc | 459,899 | ||||||
2,914 | EnerSys | 217,501 | ||||||
6,200 | * | Generac Holdings, Inc | 320,726 | |||||
7,642 | * | GMS, Inc | 207,022 | |||||
7,000 | Hillenbrand, Inc | 330,050 |
23
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
3,850 | ITT, Inc | $ | 201,239 | |||||
1,900 | Kadant, Inc | 182,685 | ||||||
1,000 | * | Mastec, Inc | 50,750 | |||||
11,120 | * | Meritor, Inc | 228,738 | |||||
3,080 | Moog, Inc (Class A) | 240,117 | ||||||
5,212 | * | Patrick Industries, Inc | 296,302 | |||||
10,970 | * | Rexnord Corp | 318,788 | |||||
1,230 | * | Teledyne Technologies, Inc | 244,844 | |||||
6,290 | * | Trex Co, Inc | 393,691 | |||||
8,190 | * | Univar, Inc | 214,906 | |||||
|
| |||||||
TOTAL CAPITAL GOODS | 5,479,115 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 4.0% | ||||||||
13,400 | ACCO Brands Corp | 185,590 | ||||||
3,960 | Brink’s Co | 315,810 | ||||||
5,300 | Exponent, Inc | 255,990 | ||||||
4,670 | Insperity, Inc | 444,817 | ||||||
3,200 | MSA Safety, Inc | 308,288 | ||||||
2,700 | * | On Assignment, Inc | 211,113 | |||||
4,990 | * | TriNet Group, Inc | 279,141 | |||||
5,228 | Viad Corp | 283,619 | ||||||
1,102 | * | WageWorks, Inc | 55,100 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2,339,468 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 4.0% | ||||||||
12,780 | Callaway Golf Co | 242,437 | ||||||
300 | * | Cavco Industries, Inc | 62,295 | |||||
3,030 | Columbia Sportswear Co | 277,154 | ||||||
2,260 | * | Deckers Outdoor Corp | 255,131 | |||||
2,000 | * | Helen of Troy Ltd | 196,900 | |||||
7,900 | KB Home | 215,196 | ||||||
2,280 | * | Malibu Boats Inc | 95,623 | |||||
5,130 | * | Roku, Inc | 218,641 | |||||
4,800 | * | Skechers U.S.A., Inc (Class A) | 144,048 | |||||
5,130 | Steven Madden Ltd | 272,403 | ||||||
1,200 | * | Taylor Morrison Home Corp | 24,936 | |||||
3,586 | * | TopBuild Corp | 280,927 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 2,285,691 | |||||||
|
| |||||||
CONSUMER SERVICES - 3.5% | ||||||||
2,400 | * | Bright Horizons Family Solutions | 246,048 | |||||
4,100 | Choice Hotels International, Inc | 309,960 | ||||||
10,770 | * | Denny’s Corp | 171,566 | |||||
3,015 | * | Grand Canyon Education, Inc | 336,504 | |||||
8,260 | Planet Fitness, Inc | 362,944 | ||||||
6,800 | Red Rock Resorts, Inc | 227,800 | ||||||
5,560 | Texas Roadhouse, Inc (Class A) | 364,236 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,019,058 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 4.0% | ||||||||
6,827 | Artisan Partners Asset Management, Inc | 205,834 | ||||||
12,810 | BGC Partners, Inc (Class A) | 145,009 | ||||||
3,035 | Evercore Partners, Inc (Class A) | 320,041 |
24
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
2,600 | * | Green Dot Corp | $ | 190,814 | ||||
4,330 | Houlihan Lokey, Inc | 221,783 | ||||||
3,300 | e | iShares Russell 2000 Index Fund | 540,441 | |||||
12,710 | New Residential Investment Corp | 222,298 | ||||||
21,582 | * | SLM Corp | 247,114 | |||||
4,994 | Stifel Financial Corp | 260,936 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 2,354,270 | |||||||
|
| |||||||
ENERGY - 5.5% | ||||||||
1,940 | Arch Coal, Inc | 152,154 | ||||||
9,560 | * | C&J Energy Services, Inc | 225,616 | |||||
5,443 | * | Cactus, Inc | 183,919 | |||||
5,347 | Delek US Holdings, Inc | 268,259 | ||||||
4,709 | * | Exterran Corp | 117,913 | |||||
9,410 | Green Plains Renewable Energy, Inc | 172,203 | ||||||
14,650 | * | Keane Group, Inc | 200,265 | |||||
13,946 | * | McDermott International, Inc | 274,039 | |||||
19,650 | * | Newpark Resources, Inc | 213,203 | |||||
19,050 | * | Oasis Petroleum, Inc | 247,079 | |||||
8,200 | * | Par Pacific Holdings, Inc | 142,516 | |||||
5,960 | * | PDC Energy, Inc | 360,282 | |||||
7,200 | Peabody Energy Corp | 327,456 | ||||||
7,540 | * | Renewable Energy Group, Inc | 134,589 | |||||
8,394 | * | SandRidge Energy, Inc | 148,910 | |||||
|
| |||||||
TOTAL ENERGY | 3,168,403 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 1.6% | ||||||||
900 | * | Boston Beer Co, Inc (Class A) | 269,730 | |||||
9,460 | Dean Foods Co | 99,425 | ||||||
2,124 | Lancaster Colony Corp | 294,004 | ||||||
840 | e | National Beverage Corp | 89,796 | |||||
10,186 | Vector Group Ltd | 194,349 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 947,304 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.9% | ||||||||
8,500 | * | Allscripts Healthcare Solutions, Inc | 102,000 | |||||
1,280 | * | athenahealth, Inc | 203,699 | |||||
2,690 | Conmed Corp | 196,908 | ||||||
4,600 | * | Globus Medical, Inc | 232,116 | |||||
3,880 | Hill-Rom Holdings, Inc | 338,879 | ||||||
10,490 | * | HMS Holdings Corp | 226,794 | |||||
695 | * | ICU Medical, Inc | 204,087 | |||||
1,140 | * | Inogen Inc | 212,416 | |||||
4,310 | * | Integer Holding Corp | 278,641 | |||||
10,800 | * | Lantheus Holdings, Inc | 157,140 | |||||
2,244 | * | LHC Group, Inc | 192,064 | |||||
2,440 | * | Magellan Health Services, Inc | 234,118 | |||||
2,570 | * | Masimo Corp | 250,961 | |||||
2,800 | * | NuVasive, Inc | 145,936 | |||||
12,964 | * | OraSure Technologies, Inc | 213,517 | |||||
3,900 | * | Orthofix International NV | 221,598 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,410,874 | |||||||
|
|
25
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.3% | ||||||||
2,300 | Medifast, Inc | $ | 368,368 | |||||
1,000 | Nu Skin Enterprises, Inc (Class A) | 78,190 | ||||||
2,590 | * | USANA Health Sciences, Inc | 298,627 | |||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 745,185 | |||||||
|
| |||||||
INSURANCE - 1.5% | ||||||||
10,916 | American Equity Investment Life Holding Co | 392,976 | ||||||
3,900 | Axis Capital Holdings Ltd | 216,918 | ||||||
7,310 | `* | Third Point Reinsurance Ltd | 91,375 | |||||
4,222 | Universal Insurance Holdings, Inc | 148,192 | ||||||
|
| |||||||
TOTAL INSURANCE | 849,461 | |||||||
|
| |||||||
MATERIALS - 4.0% | ||||||||
5,340 | Boise Cascade Co | 238,698 | ||||||
4,851 | * | Ferro Corp | 101,143 | |||||
10,700 | *,m | Ferroglobe plc | 0 | |||||
3,600 | * | Ingevity Corp | 291,096 | |||||
3,340 | Innospec, Inc | 255,677 | ||||||
4,437 | * | Koppers Holdings, Inc | 170,159 | |||||
2,760 | Materion Corp | 149,454 | ||||||
2,670 | Reliance Steel & Aluminum Co | 233,732 | ||||||
8,939 | Schnitzer Steel Industries, Inc (Class A) | 301,244 | ||||||
2,200 | Stepan Co | 171,622 | ||||||
3,000 | Tronox Ltd | 59,040 | ||||||
2,220 | *,e | US Concrete, Inc | 116,550 | |||||
5,800 | * | Worthington Industries, Inc | 243,426 | |||||
|
| |||||||
TOTAL MATERIALS | 2,331,841 | |||||||
|
| |||||||
MEDIA - 0.8% | ||||||||
920 | * | Madison Square Garden Co | 285,375 | |||||
2,770 | World Wrestling Entertainment, Inc (Class A) | 201,711 | ||||||
|
| |||||||
TOTAL MEDIA | 487,086 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.9% | ||||||||
22,337 | * | Achillion Pharmaceuticals, Inc | 63,214 | |||||
4,500 | * | AMAG Pharmaceuticals, Inc | 87,750 | |||||
5,200 | *,e | Amicus Therapeutics, Inc | 81,224 | |||||
8,000 | * | Amneal Pharmaceuticals, Inc | 131,280 | |||||
7,540 | * | Amphastar Pharmaceuticals, Inc | 115,060 | |||||
3,800 | * | Ardelyx, Inc | 14,060 | |||||
3,663 | * | Arena Pharmaceuticals, Inc | 159,707 | |||||
14,572 | * | Array Biopharma, Inc | 244,518 | |||||
1,520 | * | Blueprint Medicines Corp | 96,490 | |||||
3,500 | * | Calithera Biosciences, Inc | 17,500 | |||||
7,590 | * | Catalent, Inc | 317,945 | |||||
600 | * | Clovis Oncology, Inc | 27,282 | |||||
4,729 | * | Concert Pharmaceuticals Inc | 79,589 | |||||
1,500 | * | Corcept Therapeutics, Inc | 23,580 | |||||
1,300 | * | CytomX Therapeutics, Inc | 29,718 | |||||
2,720 | * | Editas Medicine, Inc | 97,458 | |||||
2,346 | * | FibroGen, Inc | 146,860 |
26
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,220 | * | Five Prime Therapeutics, Inc | $ | 66,718 | ||||
1,200 | * | Foundation Medicine, Inc | 164,040 | |||||
3,300 | * | Global Blood Therapeutics, Inc | 149,160 | |||||
1,600 | * | Heron Therapeutics, Inc | 62,160 | |||||
12,900 | * | Horizon Pharma plc | 213,624 | |||||
14,600 | * | Immunogen, Inc | 142,058 | |||||
1,790 | * | Insmed, Inc | 42,333 | |||||
3,664 | * | Intersect ENT, Inc | 137,217 | |||||
4,300 | * | Iovance Biotherapeutics, Inc | 55,040 | |||||
3,600 | * | Karyopharm Therapeutics, Inc | 61,164 | |||||
3,300 | Luminex Corp | 97,449 | ||||||
1,800 | * | Medicines Co | 66,060 | |||||
5,580 | * | Momenta Pharmaceuticals, Inc | 114,111 | |||||
900 | * | MyoKardia, Inc | 44,685 | |||||
4,530 | Phibro Animal Health Corp | 208,606 | ||||||
2,600 | * | Portola Pharmaceuticals, Inc | 98,202 | |||||
3,219 | * | PRA Health Sciences, Inc | 300,526 | |||||
4,800 | * | PTC Therapeutics, Inc | 161,904 | |||||
1,700 | * | Puma Biotechnology, Inc | 100,555 | |||||
2,340 | * | REGENXBIO, Inc | 167,895 | |||||
4,300 | * | Retrophin, Inc | 117,218 | |||||
9,600 | * | Sangamo Biosciences, Inc | 136,320 | |||||
7,650 | * | Spectrum Pharmaceuticals, Inc | 160,344 | |||||
4,394 | * | Syneos Health, Inc | 206,079 | |||||
2,338 | * | Ultragenyx Pharmaceutical, Inc | 179,722 | |||||
7,880 | * | Vanda Pharmaceuticals, Inc | 150,114 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 5,136,539 | |||||||
|
| |||||||
REAL ESTATE - 6.8% | ||||||||
5,330 | American Assets Trust, Inc | 204,086 | ||||||
11,440 | CareTrust REIT, Inc | 190,933 | ||||||
4,400 | Chatham Lodging Trust | 93,368 | ||||||
19,820 | Cousins Properties, Inc | 192,056 | ||||||
16,500 | DiamondRock Hospitality Co | 202,620 | ||||||
3,460 | EastGroup Properties, Inc | 330,638 | ||||||
11,070 | First Industrial Realty Trust, Inc | 369,074 | ||||||
12,800 | Geo Group, Inc | 352,512 | ||||||
7,020 | Pebblebrook Hotel Trust | 272,376 | ||||||
6,480 | Potlatch Corp | 329,508 | ||||||
9,490 | Preferred Apartment Communities, Inc | 161,235 | ||||||
2,469 | PS Business Parks, Inc | 317,266 | ||||||
3,600 | Ryman Hospitality Properties | 299,340 | ||||||
8,340 | Sabra Healthcare REIT, Inc | 181,228 | ||||||
2,115 | Saul Centers, Inc | 113,322 | ||||||
12,370 | Xenia Hotels & Resorts, Inc | 301,333 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 3,910,895 | |||||||
|
| |||||||
RETAILING - 3.7% | ||||||||
5,990 | Aaron’s, Inc | 260,265 | ||||||
5,100 | American Eagle Outfitters, Inc | 118,575 | ||||||
4,384 | * | At Home Group, Inc | 171,634 | |||||
4,410 | Caleres, Inc | 151,660 | ||||||
890 | Children’s Place Retail Stores, Inc | 107,512 |
27
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
3,560 | * | Five Below, Inc | $ | 347,848 | ||||
40,200 | * | Groupon, Inc | 172,860 | |||||
5,200 | *,e | Lumber Liquidators, Inc | 126,620 | |||||
5,590 | Nutri/System, Inc | 215,215 | ||||||
4,600 | e | PetMed Express, Inc | 202,630 | |||||
300 | * | RH | 41,910 | |||||
2,900 | * | Urban Outfitters, Inc | 129,195 | |||||
4,770 | * | Zumiez, Inc | 119,488 | |||||
|
| |||||||
TOTAL RETAILING | 2,165,412 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9% | ||||||||
3,672 | * | Advanced Energy Industries, Inc | 213,306 | |||||
2,435 | Cabot Microelectronics Corp | 261,909 | ||||||
5,190 | * | Ceva, Inc | 156,738 | |||||
4,480 | * | Diodes, Inc | 154,426 | |||||
5,000 | Entegris, Inc | 169,500 | ||||||
10,700 | * | Rambus, Inc | 134,178 | |||||
6,900 | * | Semtech Corp | 324,645 | |||||
2,832 | * | Silicon Laboratories, Inc | 282,067 | |||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,696,769 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 8.8% | ||||||||
1,350 | * | CACI International, Inc (Class A) | 227,542 | |||||
2,350 | *,e | Cargurus, Inc | 81,639 | |||||
4,000 | * | Cornerstone OnDemand, Inc | 189,720 | |||||
3,200 | * | Coupa Software, Inc | 199,168 | |||||
5,090 | CSG Systems International, Inc | 208,028 | ||||||
2,526 | * | EPAM Systems, Inc | 314,057 | |||||
8,410 | * | Etsy, Inc | 354,818 | |||||
9,591 | EVERTEC, Inc | 209,563 | ||||||
6,690 | * | Five9, Inc | 231,273 | |||||
3,510 | * | ForeScout Technologies, Inc | 120,253 | |||||
1,690 | * | HubSpot, Inc | 211,926 | |||||
4,700 | * | Imperva, Inc | 226,775 | |||||
3,320 | Mantech International Corp (Class A) | 178,085 | ||||||
1,100 | * | New Relic, Inc | 110,649 | |||||
3,765 | * | Paylocity Holding Corp | 221,608 | |||||
4,542 | * | Perficient, Inc | 119,773 | |||||
5,352 | Progress Software Corp | 207,765 | ||||||
2,000 | * | Proofpoint, Inc | 230,620 | |||||
3,400 | * | Qualys, Inc | 286,620 | |||||
6,700 | * | Quotient Technology, Inc | 87,770 | |||||
1,500 | * | SPS Commerce, Inc | 110,220 | |||||
6,900 | TiVo Corp | 92,805 | ||||||
2,610 | * | Trade Desk, Inc | 244,818 | |||||
6,510 | * | Verint Systems, Inc | 288,719 | |||||
3,590 | * | Virtusa Corp | 174,761 | |||||
4,700 | * | XO Group, Inc | 150,400 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 5,079,375 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8% | ||||||||
4,160 | * | ARRIS International plc | 101,691 | |||||
1,659 | * | Ciena Corp | 43,980 |
28
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
1,090 | * | Coherent, Inc | $ | 170,498 | ||||
6,450 | * | Control4 Corp | 156,799 | |||||
11,300 | * | Electro Scientific Industries, Inc | 178,201 | |||||
21,100 | * | Extreme Networks, Inc | 167,956 | |||||
3,900 | * | Fabrinet | 143,871 | |||||
4,600 | * | Insight Enterprises, Inc | 225,078 | |||||
4,400 | Jabil Circuit, Inc | 121,704 | ||||||
5,210 | * | Kemet Corp | 125,822 | |||||
3,100 | * | OSI Systems, Inc | 239,723 | |||||
7,100 | * | Sanmina Corp | 208,030 | |||||
2,600 | SYNNEX Corp | 250,926 | ||||||
2,950 | * | Tech Data Corp | 242,254 | |||||
8,200 | * | TTM Technologies, Inc | 144,566 | |||||
25,180 | * | Viavi Solutions, Inc | 257,843 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,778,942 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.1% | ||||||||
7,210 | Telephone & Data Systems, Inc | 197,698 | ||||||
34,162 | * | Vonage Holdings Corp | 440,348 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 638,046 | |||||||
|
| |||||||
TRANSPORTATION - 1.7% | ||||||||
3,940 | * | Air Transport Services Group, Inc | 89,005 | |||||
1,700 | Copa Holdings S.A. (Class A) | 160,854 | ||||||
9,470 | * | Echo Global Logistics, Inc | 276,998 | |||||
4,547 | Skywest, Inc | 235,989 | ||||||
6,300 | Werner Enterprises, Inc | 236,565 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 999,411 | |||||||
|
| |||||||
UTILITIES - 4.1% | ||||||||
4,200 | e | iShares Micro-Cap ETF | 443,604 | |||||
7,200 | New Jersey Resources Corp | 322,200 | ||||||
5,237 | NorthWestern Corp | 299,818 | ||||||
8,757 | NRG Yield, Inc (Class A) | 149,307 | ||||||
3,860 | Otter Tail Corp | 183,736 | ||||||
11,860 | Pattern Energy Group, Inc | 222,375 | ||||||
4,974 | PNM Resources, Inc | 193,489 | ||||||
8,384 | South Jersey Industries, Inc | 280,612 | ||||||
3,913 | Southwest Gas Corp | 298,445 | ||||||
|
| |||||||
TOTAL UTILITIES | 2,393,586 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 57,671,737 | |||||||
|
| |||||||
(Cost $48,705,874) | ||||||||
SHORT-TERM INVESTMENTS - 2.2% | ||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2% | ||||||||
1,276,683 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,276,683 | |||||
|
| |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,276,683 | |||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS | 1,276,683 | |||||||
|
| |||||||
(Cost $1,276,683) |
29
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
VALUE | ||||||||
TOTAL INVESTMENTS - 101.9% | $ | 58,948,420 | ||||||
(Cost $49,982,557) | ||||||||
OTHER ASSETS & LIABILITIES, NET - (1.9)% | (1,121,801 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 57,826,619 | ||||||
|
|
Abbreviation(s):
ETF | Exchange Traded Fund |
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 $1,247,060. |
m | Indicates a security that has been deemed illiquid. |
30
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.6% | ||||||||
AUTOMOBILES & COMPONENTS - 0.7% | ||||||||
229 | BorgWarner, Inc | $ | 9,884 | |||||
862 | Delphi Automotive plc | 78,985 | ||||||
1,500 | Harley-Davidson, Inc | 63,120 | ||||||
292 | * | Modine Manufacturing Co | 5,329 | |||||
117 | Tenneco, Inc | 5,143 | ||||||
705 | *,e | Tesla, Inc | 241,780 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 404,241 | |||||||
|
| |||||||
BANKS - 5.6% | ||||||||
312 | Ameris Bancorp | 16,645 | ||||||
885 | Associated Banc-Corp | 24,160 | ||||||
30,087 | Bank of America Corp | 848,153 | ||||||
196 | Bank of Hawaii Corp | 16,350 | ||||||
131 | Bank of the Ozarks, Inc | 5,900 | ||||||
6,657 | BB&T Corp | 335,779 | ||||||
7,757 | Citizens Financial Group, Inc | 301,747 | ||||||
2,226 | Comerica, Inc | 202,388 | ||||||
128 | Commerce Bancshares, Inc | 8,283 | ||||||
69 | Cullen/Frost Bankers, Inc | 7,469 | ||||||
590 | * | Customers Bancorp, Inc | 16,744 | |||||
486 | * | FCB Financial Holdings, Inc | 28,577 | |||||
287 | Federal Agricultural Mortgage Corp (Class C) | 25,681 | ||||||
3,032 | Fifth Third Bancorp | 87,018 | ||||||
201 | First Interstate Bancsystem, Inc | 8,482 | ||||||
182 | First Merchants Corp | 8,445 | ||||||
349 | First Republic Bank | 33,780 | ||||||
244 | Heritage Financial Corp | 8,503 | ||||||
577 | * | HomeStreet, Inc | 15,550 | |||||
251 | * | HomeTrust Bancshares, Inc | 7,066 | |||||
12,026 | Keycorp | 234,988 | ||||||
329 | Live Oak Bancshares, Inc | 10,084 | ||||||
1,771 | M&T Bank Corp | 301,336 | ||||||
528 | * | MGIC Investment Corp | 5,660 | |||||
2,366 | New York Community Bancorp, Inc | 26,121 | ||||||
479 | Northfield Bancorp, Inc | 7,961 | ||||||
130 | OceanFirst Financial Corp | 3,895 | ||||||
1,023 | OFG Bancorp | 14,373 | ||||||
145 | Old National Bancorp | 2,697 | ||||||
417 | Opus Bank | 11,968 | ||||||
199 | PacWest Bancorp | 9,835 | ||||||
189 | People’s United Financial, Inc | 3,419 | ||||||
498 | Pinnacle Financial Partners, Inc | 30,552 | ||||||
2,981 | PNC Financial Services Group, Inc | 402,733 | ||||||
10,924 | Regions Financial Corp | 194,229 |
31
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
130 | Stock Yards Bancorp, Inc | $ | 4,959 | |||||
297 | * | SVB Financial Group | 85,762 | |||||
952 | * | The Bancorp, Inc | 9,958 | |||||
538 | * | Tristate Capital Holdings, Inc | 14,042 | |||||
50 | UMB Financial Corp | 3,811 | ||||||
102 | United Bankshares, Inc | 3,713 | ||||||
107 | Webster Financial Corp | 6,816 | ||||||
49 | Westamerica Bancorporation | 2,769 | ||||||
110 | * | Western Alliance Bancorp | 6,227 | |||||
290 | Zions Bancorporation | 15,280 | ||||||
|
| |||||||
TOTAL BANKS | 3,419,908 | |||||||
|
| |||||||
CAPITAL GOODS - 7.1% | ||||||||
2,695 | 3M Co | 530,160 | ||||||
356 | A.O. Smith Corp | 21,057 | ||||||
200 | Air Lease Corp | 8,394 | ||||||
155 | Argan, Inc | 6,347 | ||||||
1,093 | Barnes Group, Inc | 64,378 | ||||||
200 | Briggs & Stratton Corp | 3,522 | ||||||
1,027 | * | Builders FirstSource, Inc | 18,784 | |||||
2,802 | Caterpillar, Inc | 380,147 | ||||||
33 | * | Chart Industries, Inc | 2,035 | |||||
786 | Cummins, Inc | 104,538 | ||||||
1,749 | Deere & Co | 244,510 | ||||||
377 | Dover Corp | 27,596 | ||||||
224 | * | DXP Enterprises, Inc | 8,557 | |||||
2,685 | Eaton Corp | 200,677 | ||||||
72 | EnerSys | 5,374 | ||||||
782 | * | Esterline Technologies Corp | 57,712 | |||||
1,324 | Fastenal Co | 63,724 | ||||||
677 | Fortive Corp | 52,203 | ||||||
492 | Graco, Inc | 22,248 | ||||||
372 | Hexcel Corp | 24,693 | ||||||
2,558 | Illinois Tool Works, Inc | 354,385 | ||||||
1,107 | Ingersoll-Rand plc | 99,331 | ||||||
5,067 | Johnson Controls International plc | 169,491 | ||||||
2,286 | * | KEYW Holding Corp, The | 19,980 | |||||
886 | L3 Technologies, Inc | 170,396 | ||||||
3,766 | Masco Corp | 140,924 | ||||||
400 | * | Meritor, Inc | 8,228 | |||||
1,785 | PACCAR, Inc | 110,599 | ||||||
600 | Parker-Hannifin Corp | 93,510 | ||||||
1,590 | *,e | Plug Power, Inc | 3,212 | |||||
1,029 | * | Quanta Services, Inc | 34,369 | |||||
538 | Rockwell Automation, Inc | 89,432 | ||||||
2,490 | Rockwell Collins, Inc | 335,353 | ||||||
478 | Roper Industries, Inc | 131,885 | ||||||
339 | * | Sensata Technologies Holding plc | 16,130 | |||||
85 | Snap-On, Inc | 13,661 | ||||||
639 | Spirit Aerosystems Holdings, Inc (Class A) | 54,896 | ||||||
79 | Stanley Works | 10,492 | ||||||
717 | * | Teledyne Technologies, Inc | 142,726 | |||||
131 | Tennant Co | 10,349 |
32
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
233 | * | Titan Machinery, Inc | $ | 3,623 | ||||
777 | TransDigm Group, Inc | 268,174 | ||||||
298 | * | United Rentals, Inc | 43,991 | |||||
141 | * | Veritiv Corp | 5,619 | |||||
194 | W.W. Grainger, Inc | 59,830 | ||||||
2,670 | * | Wesco Aircraft Holdings, Inc | 30,037 | |||||
179 | Woodward Governor Co | 13,758 | ||||||
433 | Xylem, Inc | 29,176 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 4,310,213 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | ||||||||
901 | ACCO Brands Corp | 12,479 | ||||||
171 | * | Cimpress NV | 24,788 | |||||
2,764 | * | Copart, Inc | 156,332 | |||||
245 | Deluxe Corp | 16,221 | ||||||
236 | Exponent, Inc | 11,399 | ||||||
224 | Heidrick & Struggles International, Inc | 7,840 | ||||||
168 | HNI Corp | 6,250 | ||||||
4,051 | * | IHS Markit Ltd | 208,991 | |||||
148 | Insperity, Inc | 14,097 | ||||||
190 | Interface, Inc | 4,360 | ||||||
291 | Manpower, Inc | 25,043 | ||||||
1,175 | Robert Half International, Inc | 76,493 | ||||||
93 | RR Donnelley & Sons Co | 536 | ||||||
730 | *,e | Team, Inc | 16,863 | |||||
282 | Tetra Tech, Inc | 16,497 | ||||||
1,607 | TransUnion | 115,125 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 713,314 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.6% | ||||||||
200 | Callaway Golf Co | 3,794 | ||||||
354 | * | Century Communities, Inc | 11,169 | |||||
10 | Columbia Sportswear Co | 915 | ||||||
14 | * | Deckers Outdoor Corp | 1,580 | |||||
1,066 | * | Fossil Group, Inc | 28,643 | |||||
306 | * | Green Brick Partners, Inc | 2,999 | |||||
616 | Hanesbrands, Inc | 13,564 | ||||||
13 | Hasbro, Inc | 1,200 | ||||||
200 | *,e | iRobot Corp | 15,154 | |||||
399 | Lennar Corp (Class A) | 20,948 | ||||||
69 | *,e | LGI Homes, Inc | 3,983 | |||||
169 | * | Lululemon Athletica, Inc | 21,100 | |||||
931 | e | Mattel, Inc | 15,287 | |||||
72 | * | Meritage Homes Corp | 3,164 | |||||
255 | * | Mohawk Industries, Inc | 54,639 | |||||
200 | Movado Group, Inc | 9,660 | ||||||
2,597 | Newell Rubbermaid, Inc | 66,977 | ||||||
6,643 | Nike, Inc (Class B) | 529,315 | ||||||
71 | *,e | Tempur Sealy International, Inc | 3,412 | |||||
2 | Tupperware Corp | 82 | ||||||
841 | *,e | Under Armour, Inc | 17,728 | |||||
1,121 | *,e | Under Armour, Inc (Class A) | 25,200 | |||||
965 | VF Corp | 78,667 |
33
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
105 | Whirlpool Corp | $ | 15,354 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 944,534 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.2% | ||||||||
506 | ARAMARK Holdings Corp | 18,772 | ||||||
121 | e | Brinker International, Inc | 5,760 | |||||
356 | Carriage Services, Inc | 8,740 | ||||||
666 | Choice Hotels International, Inc | 50,350 | ||||||
681 | Darden Restaurants, Inc | 72,908 | ||||||
13 | DineEquity, Inc | 972 | ||||||
60 | Dunkin Brands Group, Inc | 4,144 | ||||||
2,182 | Hilton Worldwide Holdings, Inc | 172,727 | ||||||
315 | * | Houghton Mifflin Harcourt Co | 2,410 | |||||
394 | ILG, Inc | 13,014 | ||||||
2,870 | Marriott International, Inc (Class A) | 363,342 | ||||||
907 | * | Norwegian Cruise Line Holdings Ltd | 42,856 | |||||
1,008 | Royal Caribbean Cruises Ltd | 104,429 | ||||||
304 | Service Corp International | 10,880 | ||||||
564 | * | ServiceMaster Global Holdings, Inc | 33,541 | |||||
8,146 | Starbucks Corp | 397,932 | ||||||
123 | Vail Resorts, Inc | 33,725 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 1,336,502 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 6.2% | ||||||||
549 | Ally Financial, Inc | 14,422 | ||||||
4,549 | American Express Co | 445,802 | ||||||
302 | Ameriprise Financial, Inc | 42,244 | ||||||
6,964 | Bank of New York Mellon Corp | 375,568 | ||||||
773 | BlackRock, Inc | 385,758 | ||||||
3,090 | Capital One Financial Corp | 283,971 | ||||||
6,589 | Charles Schwab Corp | 336,698 | ||||||
2,326 | CME Group, Inc | 381,278 | ||||||
3,615 | Discover Financial Services | 254,532 | ||||||
68 | Factset Research Systems, Inc | 13,471 | ||||||
2,065 | Franklin Resources, Inc | 66,183 | ||||||
221 | * | Green Dot Corp | 16,219 | |||||
3,135 | Invesco Ltd | 83,266 | ||||||
566 | Legg Mason, Inc | 19,657 | ||||||
368 | Moody’s Corp | 62,766 | ||||||
2,415 | Northern Trust Corp | 248,479 | ||||||
1,162 | * | On Deck Capital, Inc | 8,134 | |||||
1,723 | S&P Global, Inc | 351,302 | ||||||
2,464 | State Street Corp | 229,374 | ||||||
885 | T Rowe Price Group, Inc | 102,740 | ||||||
1,163 | TD Ameritrade Holding Corp | 63,698 | ||||||
131 | Voya Financial, Inc | 6,157 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 3,791,719 | |||||||
|
| |||||||
ENERGY - 5.9% | ||||||||
1,460 | * | Antero Resources Corp | 31,171 | |||||
1,431 | Apache Corp | 66,899 | ||||||
49 | Archrock, Inc | 588 | ||||||
2,780 | Baker Hughes a GE Co | 91,823 |
34
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
1,813 | * | Cheniere Energy, Inc | $ | 118,189 | ||||
255 | Cimarex Energy Co | 25,944 | ||||||
5,018 | ConocoPhillips | 349,353 | ||||||
441 | *,e | Covia Holdings Corp | 8,185 | |||||
170 | Delek US Holdings, Inc | 8,529 | ||||||
2,704 | Devon Energy Corp | 118,868 | ||||||
950 | EQT Corp | 52,421 | ||||||
374 | * | Exterran Corp | 9,365 | |||||
777 | * | Forum Energy Technologies, Inc | 9,596 | |||||
484 | Green Plains Renewable Energy, Inc | 8,857 | ||||||
1,309 | * | Helix Energy Solutions Group, Inc | 10,904 | |||||
1,422 | Hess Corp | 95,118 | ||||||
21,447 | Kinder Morgan, Inc | 378,969 | ||||||
3,719 | Marathon Oil Corp | 77,578 | ||||||
22 | * | Matrix Service Co | 404 | |||||
1,626 | * | McDermott International, Inc | 31,951 | |||||
3,642 | National Oilwell Varco, Inc | 158,063 | ||||||
347 | * | Natural Gas Services Group, Inc | 8,189 | |||||
555 | * | Newpark Resources, Inc | 6,022 | |||||
2,245 | Noble Energy, Inc | 79,204 | ||||||
5,174 | Occidental Petroleum Corp | 432,960 | ||||||
4 | Oceaneering International, Inc | 102 | ||||||
2 | * | Oil States International, Inc | 64 | |||||
2,755 | Oneok, Inc | 192,382 | ||||||
108 | PBF Energy, Inc | 4,528 | ||||||
193 | * | PDC Energy, Inc | 11,667 | |||||
891 | Pioneer Natural Resources Co | 168,613 | ||||||
679 | * | Renewable Energy Group, Inc | 12,120 | |||||
7,387 | Schlumberger Ltd | 495,151 | ||||||
324 | SM Energy Co | 8,323 | ||||||
4,022 | * | Southwestern Energy Co | 21,317 | |||||
2,344 | * | Superior Energy Services | 22,830 | |||||
1,777 | * | Tetra Technologies, Inc | 7,908 | |||||
336 | * | Unit Corp | 8,588 | |||||
259 | US Silica Holdings Inc | 6,654 | ||||||
3,424 | Valero Energy Corp | 379,482 | ||||||
9,964 | * | Weatherford International Ltd | 32,781 | |||||
388 | World Fuel Services Corp | 7,919 | ||||||
|
| |||||||
TOTAL ENERGY | 3,559,579 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.7% | ||||||||
837 | Casey’s General Stores, Inc | 87,952 | ||||||
467 | * | Chefs’ Warehouse Holdings, Inc | 13,309 | |||||
1,048 | * | Performance Food Group Co | 38,462 | |||||
142 | Pricesmart, Inc | 12,851 | ||||||
1,236 | * | Smart & Final Stores, Inc | 6,860 | |||||
358 | Spartan Stores, Inc | 9,136 | ||||||
2,327 | * | Sprouts Farmers Market, Inc | 51,357 | |||||
954 | * | United Natural Foods, Inc | 40,698 | |||||
4,359 | * | US Foods Holding Corp | 164,857 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 425,482 | |||||||
|
|
35
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
FOOD, BEVERAGE & TOBACCO - 3.6% | ||||||||
301 | Archer Daniels Midland Co | $ | 13,795 | |||||
430 | Bunge Ltd | 29,975 | ||||||
1,318 | Campbell Soup Co | 53,432 | ||||||
14,870 | Coca-Cola Co | 652,198 | ||||||
151 | * | Darling International, Inc | 3,002 | |||||
4,638 | General Mills, Inc | 205,278 | ||||||
1,482 | e | Hormel Foods Corp | 55,145 | |||||
2,276 | Kellogg Co | 159,024 | ||||||
9,639 | Mondelez International, Inc | 395,199 | ||||||
5,706 | PepsiCo, Inc | 621,212 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 2,188,260 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.0% | ||||||||
323 | * | Abiomed, Inc | 132,123 | |||||
440 | * | Acadia Healthcare Co, Inc | 18,000 | |||||
471 | * | Align Technology, Inc | 161,148 | |||||
485 | * | Amedisys, Inc | 41,448 | |||||
389 | * | AMN Healthcare Services, Inc | 22,795 | |||||
355 | * | Angiodynamics, Inc | 7,895 | |||||
628 | * | athenahealth, Inc | 99,940 | |||||
702 | * | AtriCure, Inc | 18,989 | |||||
1,812 | Becton Dickinson & Co | 434,083 | ||||||
386 | * | Brookdale Senior Living, Inc | 3,509 | |||||
650 | * | Capital Senior Living Corp | 6,935 | |||||
2,905 | Cardinal Health, Inc | 141,851 | ||||||
1,426 | * | Centene Corp | 175,697 | |||||
1,910 | * | Cerner Corp | 114,199 | |||||
1,964 | * | Cerus Corp | 13,100 | |||||
270 | Computer Programs & Systems, Inc | 8,883 | ||||||
193 | Cooper Cos, Inc | 45,442 | ||||||
791 | Dentsply Sirona, Inc | 34,622 | ||||||
1,475 | * | Edwards Lifesciences Corp | 214,716 | |||||
373 | * | Endologix, Inc | 2,111 | |||||
1,329 | * | Envision Healthcare Corp | 58,489 | |||||
1,269 | * | GenMark Diagnostics, Inc | 8,096 | |||||
1,718 | HCA Holdings, Inc | 176,267 | ||||||
294 | * | Henry Schein, Inc | 21,356 | |||||
84 | * | HMS Holdings Corp | 1,816 | |||||
1,250 | * | Hologic, Inc | 49,688 | |||||
1,273 | Humana, Inc | 378,883 | ||||||
454 | * | Idexx Laboratories, Inc | 98,945 | |||||
257 | * | Integer Holding Corp | 16,615 | |||||
630 | * | Laboratory Corp of America Holdings | 113,104 | |||||
389 | * | LHC Group, Inc | 33,295 | |||||
548 | * | LifePoint Hospitals, Inc | 26,742 | |||||
85 | * | LivaNova plc | 8,485 | |||||
59 | * | Medidata Solutions, Inc | 4,753 | |||||
356 | * | Merit Medical Systems, Inc | 18,227 | |||||
645 | * | Omnicell, Inc | 33,830 | |||||
1,080 | * | OraSure Technologies, Inc | 17,788 | |||||
61 | Owens & Minor, Inc | 1,019 | ||||||
324 | * | Premier, Inc | 11,787 | |||||
321 | * | Providence Service Corp | 25,215 |
36
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
200 | Quest Diagnostics, Inc | $ | 21,988 | |||||
545 | Resmed, Inc | 56,451 | ||||||
391 | * | Surgery Partners, Inc | 5,826 | |||||
321 | * | Teladoc, Inc | 18,634 | |||||
608 | * | Tivity Health, Inc | 21,402 | |||||
216 | * | Triple-S Management Corp (Class B) | 8,437 | |||||
273 | US Physical Therapy, Inc | 26,208 | ||||||
158 | * | Varian Medical Systems, Inc | 17,968 | |||||
284 | * | Veeva Systems, Inc | 21,828 | |||||
775 | * | Vocera Communications, Inc | 23,165 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,023,793 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.1% | ||||||||
5 | Clorox Co | 676 | ||||||
4,475 | Colgate-Palmolive Co | 290,025 | ||||||
953 | Estee Lauder Cos (Class A) | 135,983 | ||||||
950 | Kimberly-Clark Corp | 100,073 | ||||||
57 | Medifast, Inc | 9,129 | ||||||
9,129 | Procter & Gamble Co | 712,610 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,248,496 | |||||||
|
| |||||||
INSURANCE - 4.3% | ||||||||
6,031 | Aflac, Inc | 259,454 | ||||||
532 | Allstate Corp | 48,556 | ||||||
7,522 | American International Group, Inc | 398,816 | ||||||
105 | Arthur J. Gallagher & Co | 6,854 | ||||||
855 | Aspen Insurance Holdings Ltd | 34,798 | ||||||
312 | Axis Capital Holdings Ltd | 17,353 | ||||||
2,994 | Chubb Ltd | 380,298 | ||||||
2,282 | Loews Corp | 110,175 | ||||||
3,846 | Marsh & McLennan Cos, Inc | 315,257 | ||||||
1,236 | Principal Financial Group | 65,446 | ||||||
4,725 | Progressive Corp | 279,484 | ||||||
3,377 | Prudential Financial, Inc | 315,783 | ||||||
2,581 | Travelers Cos, Inc | 315,760 | ||||||
664 | XL Group Ltd | 37,151 | ||||||
|
| |||||||
TOTAL INSURANCE | 2,585,185 | |||||||
|
| |||||||
MATERIALS - 3.7% | ||||||||
1,619 | Air Products & Chemicals, Inc | 252,127 | ||||||
251 | Albemarle Corp | 23,677 | ||||||
47 | Aptargroup, Inc | 4,389 | ||||||
420 | Avery Dennison Corp | 42,882 | ||||||
1,098 | Ball Corp | 39,034 | ||||||
6 | Bemis Co, Inc | 253 | ||||||
456 | Celanese Corp (Series A) | 50,643 | ||||||
483 | * | Century Aluminum Co | 7,607 | |||||
123 | * | Clearwater Paper Corp | 2,841 | |||||
1,063 | Commercial Metals Co | 22,440 | ||||||
2,527 | Ecolab, Inc | 354,614 | ||||||
636 | H.B. Fuller Co | 34,140 | ||||||
72 | International Flavors & Fragrances, Inc | 8,925 | ||||||
1,738 | International Paper Co | 90,515 |
37
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
205 | Kapstone Paper and Packaging Corp | $ | 7,072 | |||||
850 | Louisiana-Pacific Corp | 23,137 | ||||||
2,024 | LyondellBasell Industries AF S.C.A | 222,336 | ||||||
20 | Martin Marietta Materials, Inc | 4,467 | ||||||
394 | Minerals Technologies, Inc | 29,688 | ||||||
1,894 | Mosaic Co | 53,127 | ||||||
2,234 | Newmont Mining Corp | 84,244 | ||||||
3,778 | Nucor Corp | 236,125 | ||||||
121 | PolyOne Corp | 5,230 | ||||||
2,291 | Praxair, Inc | 362,322 | ||||||
58 | Reliance Steel & Aluminum Co | 5,077 | ||||||
1,105 | Royal Gold, Inc | 102,588 | ||||||
157 | Sealed Air Corp | 6,665 | ||||||
392 | * | Summit Materials, Inc | 10,290 | |||||
107 | Trinseo S.A. | 7,592 | ||||||
195 | * | US Concrete, Inc | 10,238 | |||||
452 | Vulcan Materials Co | 58,335 | ||||||
1,333 | WestRock Co | 76,008 | ||||||
|
| |||||||
TOTAL MATERIALS | 2,238,628 | |||||||
|
| |||||||
MEDIA - 1.4% | ||||||||
156 | Cinemark Holdings, Inc | 5,472 | ||||||
1,162 | Clear Channel Outdoor Holdings, Inc (Class A) | 4,997 | ||||||
2,993 | *,e | Discovery, Inc (Class A) | 82,307 | |||||
3,954 | * | Discovery, Inc (Class C) | 100,827 | |||||
1,519 | Entravision Communications Corp (Class A) | 7,595 | ||||||
1,552 | * | Gray Television, Inc | 24,522 | |||||
398 | Interpublic Group of Cos, Inc | 9,329 | ||||||
83 | John Wiley & Sons, Inc (Class A) | 5,179 | ||||||
2,043 | * | Liberty Broadband Corp (Class C) | 154,696 | |||||
675 | * | Live Nation, Inc | 32,785 | |||||
1,705 | New York Times Co (Class A) | 44,160 | ||||||
1,742 | Omnicom Group, Inc | 132,862 | ||||||
610 | Sinclair Broadcast Group, Inc (Class A) | 19,612 | ||||||
31,717 | e | Sirius XM Holdings, Inc | 214,724 | |||||
56 | World Wrestling Entertainment, Inc (Class A) | 4,078 | ||||||
|
| |||||||
TOTAL MEDIA | 843,145 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | ||||||||
4,585 | AbbVie, Inc | 424,800 | ||||||
1,187 | * | Acadia Pharmaceuticals, Inc | 18,125 | |||||
157 | * | Acceleron Pharma, Inc | 7,618 | |||||
120 | * | Acorda Therapeutics, Inc | 3,444 | |||||
3,090 | Agilent Technologies, Inc | 191,086 | ||||||
244 | * | Agios Pharmaceuticals, Inc | 20,552 | |||||
1,264 | * | Akorn, Inc | 20,970 | |||||
2,990 | Amgen, Inc | 551,924 | ||||||
744 | * | Bellicum Pharmaceuticals, Inc | 5,491 | |||||
1,868 | * | BioCryst Pharmaceuticals, Inc | 10,704 | |||||
1,040 | * | Biogen Idec, Inc | 301,850 | |||||
773 | * | BioMarin Pharmaceutical, Inc | 72,817 | |||||
156 | * | Bluebird Bio, Inc | 24,484 | |||||
7,178 | Bristol-Myers Squibb Co | 397,231 |
38
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
105 | * | Cambrex Corp | $ | 5,491 | ||||
3,687 | * | Celgene Corp | 292,821 | |||||
994 | * | Coherus Biosciences, Inc | 13,916 | |||||
225 | * | Collegium Pharmaceutical, Inc | 5,366 | |||||
5,416 | Eli Lilly & Co | 462,147 | ||||||
70 | * | Esperion Thereapeutics, Inc | 2,743 | |||||
492 | * | FibroGen, Inc | 30,799 | |||||
5,390 | Gilead Sciences, Inc | 381,828 | ||||||
186 | * | Halozyme Therapeutics, Inc | 3,138 | |||||
338 | * | Illumina, Inc | 94,400 | |||||
343 | *,e | Inovio Pharmaceuticals, Inc | 1,345 | |||||
335 | * | Intersect ENT, Inc | 12,546 | |||||
116 | * | Intra-Cellular Therapies, Inc | 2,050 | |||||
715 | * | Iovance Biotherapeutics, Inc | 9,152 | |||||
947 | * | IQVIA Holdings, Inc | 94,530 | |||||
80 | * | Mettler-Toledo International, Inc | 46,290 | |||||
836 | * | Nektar Therapeutics | 40,822 | |||||
1,079 | *,e | Opko Health, Inc | 5,071 | |||||
697 | * | Prestige Brands Holdings, Inc | 26,751 | |||||
1,704 | * | Progenics Pharmaceuticals, Inc | 13,700 | |||||
281 | * | Prothena Corp plc | 4,097 | |||||
89 | * | Sage Therapeutics, Inc | 13,931 | |||||
779 | * | Sangamo Biosciences, Inc | 11,062 | |||||
278 | * | Sarepta Therapeutics, Inc | 36,746 | |||||
10,532 | Schering-Plough Corp | 639,292 | ||||||
69 | *,e | Spark Therapeutics, Inc | 5,710 | |||||
286 | *,e | TESARO, Inc | 12,718 | |||||
527 | *,e | Theravance Biopharma, Inc | 11,952 | |||||
363 | * | Ultragenyx Pharmaceutical, Inc | 27,904 | |||||
1,280 | * | Vertex Pharmaceuticals, Inc | 217,549 | |||||
272 | * | Waters Corp | 52,656 | |||||
3,719 | Zoetis, Inc | 316,822 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,946,441 | |||||||
|
| |||||||
REAL ESTATE - 4.0% | ||||||||
203 | *,e | Altisource Portfolio Solutions S.A. | 5,922 | |||||
641 | American Campus Communities, Inc | 27,486 | ||||||
2,786 | American Tower Corp | 401,657 | ||||||
1,054 | Boston Properties, Inc | 132,193 | ||||||
511 | CatchMark Timber Trust Inc | 6,505 | ||||||
1,526 | * | CBRE Group, Inc | 72,851 | |||||
339 | Coresite Realty | 37,568 | ||||||
165 | Douglas Emmett, Inc | 6,630 | ||||||
1,687 | Duke Realty Corp | 48,974 | ||||||
581 | Easterly Government Properties, Inc | 11,481 | ||||||
626 | Equinix, Inc | 269,111 | ||||||
1,212 | First Industrial Realty Trust, Inc | 40,408 | ||||||
494 | Forest City Realty Trust, Inc | 11,268 | ||||||
4,150 | HCP, Inc | 107,153 | ||||||
3,352 | Host Marriott Corp | 70,627 | ||||||
504 | * | Howard Hughes Corp | 66,780 | |||||
1,339 | Iron Mountain, Inc | 46,878 | ||||||
903 | * | iStar Financial, Inc | 9,743 |
39
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
32 | Jones Lang LaSalle, Inc | $ | 5,312 | |||||
14 | Kilroy Realty Corp | 1,059 | ||||||
325 | Liberty Property Trust | 14,407 | ||||||
642 | NorthStar Realty Europe Corp | 9,303 | ||||||
5,300 | Prologis, Inc | 348,157 | ||||||
296 | QTS Realty Trust, Inc | 11,692 | ||||||
129 | e | Realogy Holdings Corp | 2,941 | |||||
110 | RMR Group, Inc | 8,629 | ||||||
915 | * | SBA Communications Corp | 151,085 | |||||
1,180 | Senior Housing Properties Trust | 21,346 | ||||||
975 | Tier REIT, Inc | 23,185 | ||||||
1,550 | UDR, Inc | 58,187 | ||||||
798 | Vornado Realty Trust | 58,988 | ||||||
17 | Washington REIT | 516 | ||||||
3,996 | Welltower, Inc | 250,509 | ||||||
2,602 | Weyerhaeuser Co | 94,869 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 2,433,420 | |||||||
|
| |||||||
RETAILING - 6.7% | ||||||||
1,681 | * | 1-800-FLOWERS.COM, Inc (Class A) | 21,097 | |||||
77 | Aaron’s, Inc | 3,346 | ||||||
366 | Advance Auto Parts, Inc | 49,666 | ||||||
703 | American Eagle Outfitters, Inc | 16,345 | ||||||
1,193 | Best Buy Co, Inc | 88,974 | ||||||
254 | * | Booking Holdings, Inc | 514,881 | |||||
852 | * | CarMax, Inc | 62,085 | |||||
1,624 | Expedia, Inc | 195,189 | ||||||
44 | * | Five Below, Inc | 4,299 | |||||
2,255 | Gap, Inc | 73,039 | ||||||
202 | * | Genesco, Inc | 8,019 | |||||
259 | *,e | GNC Holdings, Inc | 912 | |||||
9,910 | * | Groupon, Inc | 42,613 | |||||
345 | * | Hibbett Sports, Inc | 7,900 | |||||
3,817 | Home Depot, Inc | 744,697 | ||||||
1,875 | Kohl’s Corp | 136,687 | ||||||
988 | *,e | Lands’ End, Inc | 27,565 | |||||
1,082 | * | LKQ Corp | 34,516 | |||||
4,834 | Lowe’s Companies, Inc | 461,985 | ||||||
1,665 | * | NetFlix, Inc | 651,731 | |||||
573 | Nordstrom, Inc | 29,670 | ||||||
1,231 | Nutri/System, Inc | 47,393 | ||||||
125 | Office Depot, Inc | 319 | ||||||
701 | *,e | Overstock.com, Inc | 23,589 | |||||
390 | Rent-A-Center, Inc | 5,741 | ||||||
2,660 | Ross Stores, Inc | 225,435 | ||||||
149 | Shoe Carnival, Inc | 4,835 | ||||||
1,193 | * | Shutterfly, Inc | 107,406 | |||||
903 | Target Corp | 68,736 | ||||||
194 | Tiffany & Co | 25,530 | ||||||
504 | TJX Companies, Inc | 47,971 | ||||||
202 | Tractor Supply Co | 15,451 | ||||||
1,008 | * | TripAdvisor, Inc | 56,156 | |||||
386 | * | Ulta Beauty, Inc | 90,116 |
40
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
1,071 | *,e | Wayfair, Inc | $ | 127,192 | ||||
435 | e | Williams-Sonoma, Inc | 26,700 | |||||
78 | Winmark Corp | 11,579 | ||||||
|
| |||||||
TOTAL RETAILING | 4,059,365 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8% | ||||||||
6,791 | Applied Materials, Inc | 313,676 | ||||||
218 | * | Cirrus Logic, Inc | 8,356 | |||||
282 | * | First Solar, Inc | 14,850 | |||||
243 | * | Integrated Device Technology, Inc | 7,747 | |||||
15,291 | Intel Corp | 760,116 | ||||||
804 | Lam Research Corp | 138,972 | ||||||
2,088 | NVIDIA Corp | 494,647 | ||||||
4,821 | Texas Instruments, Inc | 531,515 | ||||||
433 | e | Universal Display Corp | 37,238 | |||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,307,117 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 11.0% | ||||||||
3,318 | Accenture plc | 542,792 | ||||||
1,554 | * | Autodesk, Inc | 203,714 | |||||
452 | * | Benefitfocus, Inc | 15,187 | |||||
4,365 | * | Black Knight, Inc | 233,746 | |||||
438 | Blackbaud, Inc | 44,873 | ||||||
3,936 | Booz Allen Hamilton Holding Co | 172,121 | ||||||
3,136 | CA, Inc | 111,798 | ||||||
1,656 | * | Cadence Design Systems, Inc | 71,721 | |||||
964 | * | Cardtronics plc | 23,310 | |||||
400 | * | ChannelAdvisor Corp | 5,620 | |||||
4,496 | * | Conduent, Inc | 81,692 | |||||
671 | CSG Systems International, Inc | 27,424 | ||||||
430 | * | Ellie Mae, Inc | 44,651 | |||||
1,023 | * | Etsy, Inc | 43,160 | |||||
1,072 | * | Euronet Worldwide, Inc | 89,801 | |||||
355 | * | ExlService Holdings, Inc | 20,097 | |||||
54 | * | Fair Isaac Corp | 10,439 | |||||
2,257 | *,e | Gogo, Inc | 10,969 | |||||
4,054 | International Business Machines Corp | 566,344 | ||||||
1,997 | Intuit, Inc | 407,997 | ||||||
2,018 | * | Limelight Networks, Inc | 9,021 | |||||
986 | LogMeIn, Inc | 101,805 | ||||||
359 | * | Manhattan Associates, Inc | 16,877 | |||||
19,450 | d | Microsoft Corp | 1,917,965 | |||||
860 | * | MINDBODY, Inc | 33,196 | |||||
650 | * | New Relic, Inc | 65,384 | |||||
748 | * | Nutanix, Inc | 38,574 | |||||
496 | * | OneSpan, Inc | 9,746 | |||||
12,907 | Oracle Corp | 568,682 | ||||||
2,998 | *,e | Pandora Media, Inc | 23,624 | |||||
1,429 | * | Perficient, Inc | 37,683 | |||||
635 | * | PTC, Inc | 59,569 | |||||
417 | * | Qualys, Inc | 35,153 | |||||
1,613 | * | Quotient Technology, Inc | 21,130 | |||||
498 | * | RingCentral, Inc | 35,034 |
41
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
3,781 | * | salesforce.com, Inc | $ | 515,728 | ||||
727 | Science Applications International Corp | 58,836 | ||||||
1,102 | * | ServiceSource International LLC | 4,342 | |||||
523 | * | SPS Commerce, Inc | 38,430 | |||||
484 | * | Sykes Enterprises, Inc | 13,930 | |||||
3,786 | Symantec Corp | 78,181 | ||||||
218 | * | Tableau Software, Inc | 21,310 | |||||
2,401 | * | Teradata Corp | 96,400 | |||||
663 | TiVo Corp | 8,917 | ||||||
2,655 | Travelport Worldwide Ltd | 49,224 | ||||||
820 | * | Twilio, Inc | 45,936 | |||||
166 | * | Ultimate Software Group, Inc | 42,714 | |||||
478 | * | Virtusa Corp | 23,269 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 6,698,116 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.8% | ||||||||
130 | * | Anixter International, Inc | 8,229 | |||||
11,976 | Apple, Inc | 2,216,878 | ||||||
41 | Belden CDT, Inc | 2,506 | ||||||
1,563 | Benchmark Electronics, Inc | 45,561 | ||||||
17,201 | Cisco Systems, Inc | 740,159 | ||||||
390 | * | Coherent, Inc | 61,004 | |||||
5,700 | Corning, Inc | 156,807 | ||||||
800 | * | Cray, Inc | 19,680 | |||||
413 | CTS Corp | 14,868 | ||||||
483 | Daktronics, Inc | 4,110 | ||||||
1,665 | Dolby Laboratories, Inc (Class A) | 102,714 | ||||||
973 | * | Fabrinet | 35,894 | |||||
257 | * | FARO Technologies, Inc | 13,968 | |||||
1,050 | * | Finisar Corp | 18,900 | |||||
14,833 | Hewlett Packard Enterprise Co | 216,710 | ||||||
16,100 | HP, Inc | 365,309 | ||||||
117 | * | Insight Enterprises, Inc | 5,725 | |||||
169 | InterDigital, Inc | 13,672 | ||||||
440 | * | Itron, Inc | 26,422 | |||||
2,480 | Jabil Circuit, Inc | 68,597 | ||||||
78 | * | Keysight Technologies, Inc | 4,604 | |||||
689 | * | Kimball Electronics, Inc | 12,609 | |||||
286 | Littelfuse, Inc | 65,259 | ||||||
77 | * | Lumentum Holdings, Inc | 4,458 | |||||
1,076 | Motorola, Inc | 125,214 | ||||||
1,811 | National Instruments Corp | 76,026 | ||||||
148 | * | Netgear, Inc | 9,250 | |||||
200 | * | Novanta, Inc | 12,460 | |||||
18 | Plantronics, Inc | 1,372 | ||||||
282 | * | Plexus Corp | 16,790 | |||||
228 | * | Rogers Corp | 25,413 | |||||
396 | * | Scansource, Inc | 15,959 | |||||
750 | * | Super Micro Computer, Inc | 17,738 | |||||
160 | SYNNEX Corp | 15,442 | ||||||
773 | * | Tech Data Corp | 63,479 | |||||
1,213 | * | TTM Technologies, Inc | 21,385 | |||||
1,315 | Vishay Intertechnology, Inc | 30,508 |
42
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,227 | Xerox Corp | $ | 101,448 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 4,757,127 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 0.9% | ||||||||
263 | * | Boingo Wireless, Inc | 5,941 | |||||
9,949 | CenturyLink, Inc | 185,449 | ||||||
734 | * | Cincinnati Bell, Inc | 11,524 | |||||
275 | Cogent Communications Group, Inc | 14,685 | ||||||
918 | Consolidated Communications Holdings, Inc | 11,347 | ||||||
1,927 | * | Iridium Communications, Inc | 31,025 | |||||
522 | * | Orbcomm, Inc | 5,272 | |||||
21,764 | *,e | Sprint Corp | 118,396 | |||||
3,444 | * | Vonage Holdings Corp | 44,393 | |||||
3,065 | * | Zayo Group Holdings, Inc | 111,811 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 539,843 | |||||||
|
| |||||||
TRANSPORTATION - 2.7% | ||||||||
106 | * | Avis Budget Group, Inc | 3,445 | |||||
6 | CH Robinson Worldwide, Inc | 502 | ||||||
3,738 | CSX Corp | 238,410 | ||||||
2,700 | Delta Air Lines, Inc | 133,758 | ||||||
176 | * | Echo Global Logistics, Inc | 5,148 | |||||
299 | * | Hertz Global Holdings, Inc | 4,587 | |||||
1,005 | Norfolk Southern Corp | 151,624 | ||||||
6 | Ryder System, Inc | 431 | ||||||
3,990 | Southwest Airlines Co | 203,011 | ||||||
15 | * | Spirit Airlines, Inc | 545 | |||||
3,330 | Union Pacific Corp | 471,795 | ||||||
3,991 | United Parcel Service, Inc (Class B) | 423,964 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 1,637,220 | |||||||
|
| |||||||
UTILITIES - 3.3% | ||||||||
2,737 | American Electric Power Co, Inc | 189,537 | ||||||
140 | American Water Works Co, Inc | 11,953 | ||||||
135 | Avista Corp | 7,109 | ||||||
3,627 | Consolidated Edison, Inc | 282,833 | ||||||
5,182 | Dominion Resources, Inc | 353,309 | ||||||
1,306 | Edison International | 82,631 | ||||||
2,470 | Eversource Energy | 144,767 | ||||||
40 | Idacorp, Inc | 3,690 | ||||||
220 | New Jersey Resources Corp | 9,845 | ||||||
236 | NRG Yield, Inc (Class C) | 4,059 | ||||||
3 | Pinnacle West Capital Corp | 242 | ||||||
956 | Public Service Enterprise Group, Inc | 51,758 | ||||||
1,992 | Sempra Energy | 231,291 | ||||||
701 | South Jersey Industries, Inc | 23,462 | ||||||
7,180 | Southern Co | 332,506 | ||||||
2,096 | WEC Energy Group, Inc | 135,506 | ||||||
77 | WGL Holdings, Inc | 6,834 | ||||||
3,128 | Xcel Energy, Inc | 142,887 | ||||||
|
| |||||||
TOTAL UTILITIES | 2,014,219 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 60,425,867 | |||||||
|
| |||||||
(Cost $40,552,323) |
43
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 3.7% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.9% |
| |||||||||||||||
$ 1,150,000 | Federal Home Loan Bank (FHLB) | 1.630 | % | 07/02/18 | $ | 1,150,000 | ||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 1,150,000 | ||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8% |
| |||||||||||||||
1,068,657 | c | State Street Navigator Securities Lending Government Money Market Portfolio |
| 1,068,657 | ||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 1,068,657 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 2,218,657 | |||||||||||||||
|
| |||||||||||||||
(Cost $2,218,605) | ||||||||||||||||
TOTAL INVESTMENTS - 103.3% |
| 62,644,524 | ||||||||||||||
(Cost $42,770,928) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (3.3)% |
| (2,006,472 | ) | |||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 60,638,052 | ||||||||||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,033,182. |
Futures contracts outstanding as of June 30, 2018 were as follows (See Note 3):
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 1 | 9/21/18 | $ | 136,077 | $ | 136,080 | $ | 3 |
44
TIAA-CREF LIFE FUNDS - Stock Index Fund
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.2% | ||||||||
AUTOMOBILES & COMPONENTS - 0.9% | ||||||||
1,634 | Adient plc | $ | 80,376 | |||||
1,752 | * | American Axle & Manufacturing Holdings, Inc | 27,261 | |||||
3,646 | BorgWarner, Inc | 157,361 | ||||||
828 | Cooper Tire & Rubber Co | 21,776 | ||||||
274 | * | Cooper-Standard Holding, Inc | 35,804 | |||||
2,264 | Dana Holding Corp | 45,710 | ||||||
4,457 | Delphi Automotive plc | 408,395 | ||||||
407 | * | Dorman Products, Inc | 27,802 | |||||
64,435 | Ford Motor Co | 713,295 | ||||||
545 | * | Fox Factory Holding Corp | 25,370 | |||||
21,449 | General Motors Co | 845,091 | ||||||
4,430 | Gentex Corp | 101,979 | ||||||
573 | * | Gentherm, Inc | 22,519 | |||||
3,947 | Goodyear Tire & Rubber Co | 91,926 | ||||||
2,737 | Harley-Davidson, Inc | 115,173 | ||||||
377 | LCI Industries, Inc | 33,987 | ||||||
1,077 | Lear Corp | 200,117 | ||||||
772 | * | Modine Manufacturing Co | 14,089 | |||||
292 | *,e | Motorcar Parts of America, Inc | 5,463 | |||||
209 | * | Shiloh Industries, Inc | 1,818 | |||||
514 | Spartan Motors, Inc | 7,761 | ||||||
330 | Standard Motor Products, Inc | 15,952 | ||||||
449 | * | Stoneridge, Inc | 15,778 | |||||
383 | Superior Industries International, Inc | 6,856 | ||||||
995 | Tenneco, Inc | 43,740 | ||||||
2,199 | * | Tesla, Inc | 754,147 | |||||
841 | Thor Industries, Inc | 81,905 | ||||||
321 | Tower International, Inc | 10,208 | ||||||
496 | * | Visteon Corp | 64,103 | |||||
486 | Winnebago Industries, Inc | 19,732 | ||||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 3,995,494 | |||||||
|
| |||||||
BANKS - 6.4% | ||||||||
254 | 1st Source Corp | 13,571 | ||||||
233 | Access National Corp | 6,664 | ||||||
95 | ACNB Corp | 3,235 | ||||||
166 | * | Allegiance Bancshares, Inc | 7,196 | |||||
127 | American National Bankshares, Inc | 5,080 | ||||||
563 | Ameris Bancorp | 30,036 | ||||||
129 | Ames National Corp | 3,980 |
45
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
174 | Arrow Financial Corp | $ | 6,334 | |||||
2,719 | Associated Banc-Corp | 74,229 | ||||||
318 | * | Atlantic Capital Bancshares, Inc | 6,249 | |||||
697 | Banc of California, Inc | 13,626 | ||||||
260 | Bancfirst Corp | 15,392 | ||||||
1,326 | BancorpSouth Bank | 43,692 | ||||||
155,405 | Bank of America Corp | 4,380,867 | ||||||
254 | Bank of Commerce Holdings | 3,238 | ||||||
677 | Bank of Hawaii Corp | 56,475 | ||||||
87 | Bank of Marin Bancorp | 7,034 | ||||||
838 | Bank of NT Butterfield & Son Ltd | 38,313 | ||||||
2,233 | Bank of the Ozarks, Inc | 100,574 | ||||||
238 | BankFinancial Corp | 4,201 | ||||||
1,888 | BankUnited | 77,125 | ||||||
81 | Bankwell Financial Group, Inc | 2,604 | ||||||
511 | Banner Corp | 30,726 | ||||||
219 | Bar Harbor Bankshares | 6,634 | ||||||
163 | * | Baycom Corp | 4,034 | |||||
12,757 | BB&T Corp | 643,463 | ||||||
152 | BCB Bancorp, Inc | 2,280 | ||||||
1,199 | Beneficial Bancorp, Inc | 19,424 | ||||||
557 | Berkshire Hills Bancorp, Inc | 22,614 | ||||||
400 | Blue Hills Bancorp, Inc | 8,880 | ||||||
945 | * | BofI Holding, Inc | 38,660 | |||||
421 | BOK Financial Corp | 39,578 | ||||||
1,073 | Boston Private Financial Holdings, Inc | 17,061 | ||||||
287 | Bridge Bancorp, Inc | 10,318 | ||||||
1,046 | Brookline Bancorp, Inc | 19,456 | ||||||
253 | Bryn Mawr Bank Corp | 11,714 | ||||||
124 | * | BSB Bancorp, Inc | 4,266 | |||||
147 | e | Business First Bancshares, Inc | 3,873 | |||||
120 | * | Byline Bancorp, Inc | 2,681 | |||||
283 | C&F Financial Corp | 17,702 | ||||||
694 | Cadence BanCorp | 20,036 | ||||||
59 | e | Cambridge Bancorp | 5,106 | |||||
238 | Camden National Corp | 10,879 | ||||||
156 | Capital City Bank Group, Inc | 3,686 | ||||||
2,332 | Capitol Federal Financial | 30,689 | ||||||
128 | * | Capstar Financial Holdings, Inc | 2,372 | |||||
222 | Carolina Financial Corp | 9,528 | ||||||
1,496 | Cathay General Bancorp | 60,573 | ||||||
287 | e | CBTX, Inc | 9,485 | |||||
1,286 | Centerstate Banks of Florida, Inc | 38,349 | ||||||
470 | Central Pacific Financial Corp | 13,465 | ||||||
161 | Central Valley Community Bancorp | 3,407 | ||||||
47 | Century Bancorp, Inc | 3,591 | ||||||
244 | Charter Financial Corp | 5,893 | ||||||
1,211 | Chemical Financial Corp | 67,416 | ||||||
46 | Chemung Financial Corp | 2,305 | ||||||
2,128 | CIT Group, Inc | 107,272 | ||||||
41,945 | Citigroup, Inc | 2,806,959 | ||||||
167 | Citizens & Northern Corp | 4,319 | ||||||
7,995 | Citizens Financial Group, Inc | 311,005 |
46
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
236 | City Holding Co | $ | 17,754 | |||||
157 | Civista Bancshares, Inc | 3,806 | ||||||
226 | CNB Financial Corp | 6,794 | ||||||
587 | CoBiz, Inc | 12,609 | ||||||
127 | Codorus Valley Bancorp, Inc | 3,896 | ||||||
1,129 | Columbia Banking System, Inc | 46,176 | ||||||
735 | *,e | Columbia Financial, Inc | 12,164 | |||||
2,897 | Comerica, Inc | 263,395 | ||||||
1,596 | Commerce Bancshares, Inc | 103,277 | ||||||
102 | Commerce Union Bancshares, Inc | 2,861 | ||||||
763 | Community Bank System, Inc | 45,070 | ||||||
338 | * | Community Bankers Trust Corp | 3,025 | |||||
61 | Community Financial Corp | 2,157 | ||||||
238 | Community Trust Bancorp, Inc | 11,888 | ||||||
422 | ConnectOne Bancorp, Inc | 10,508 | ||||||
77 | County Bancorp, Inc | 2,117 | ||||||
938 | Cullen/Frost Bankers, Inc | 101,529 | ||||||
438 | * | Customers Bancorp, Inc | 12,430 | |||||
1,534 | CVB Financial Corp | 34,392 | ||||||
500 | Dime Community Bancshares | 9,750 | ||||||
638 | * | Eagle Bancorp, Inc | 39,109 | |||||
2,453 | East West Bancorp, Inc | 159,936 | ||||||
100 | * | Entegra Financial Corp | 2,930 | |||||
147 | Enterprise Bancorp, Inc | 5,943 | ||||||
347 | Enterprise Financial Services Corp | 18,721 | ||||||
161 | * | Equity Bancshares, Inc | 6,678 | |||||
578 | * | Esquire Financial Holdings, Inc | 15,253 | |||||
127 | ESSA Bancorp, Inc | 2,010 | ||||||
1,561 | * | Essent Group Ltd | 55,915 | |||||
384 | Evans Bancorp, Inc | 17,702 | ||||||
144 | Farmers & Merchants Bancorp, Inc | 5,810 | ||||||
111 | Farmers Capital Bank Corp | 5,783 | ||||||
378 | Farmers National Banc Corp | 6,029 | ||||||
362 | FB Financial Corp | 14,741 | ||||||
661 | * | FCB Financial Holdings, Inc | 38,867 | |||||
139 | Federal Agricultural Mortgage Corp (Class C) | 12,438 | ||||||
321 | Fidelity Southern Corp | 8,157 | ||||||
11,286 | Fifth Third Bancorp | 323,908 | ||||||
202 | Financial Institutions, Inc | 6,646 | ||||||
440 | First Bancorp (NC) | 18,000 | ||||||
3,399 | * | First Bancorp (Puerto Rico) | 26,002 | |||||
162 | First Bancorp, Inc | 4,572 | ||||||
130 | First Bancshares, Inc | 4,673 | ||||||
586 | First Busey Corp | 18,588 | ||||||
266 | First Business Financial Services, Inc | 6,916 | ||||||
136 | First Citizens Bancshares, Inc (Class A) | 54,849 | ||||||
1,371 | First Commonwealth Financial Corp | 21,264 | ||||||
242 | First Community Bancshares, Inc | 7,710 | ||||||
593 | First Community Corp | 14,884 | ||||||
240 | First Connecticut Bancorp | 7,344 | ||||||
156 | First Defiance Financial Corp | 10,461 | ||||||
1,384 | First Financial Bancorp | 42,420 | ||||||
987 | e | First Financial Bankshares, Inc | 50,238 |
47
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
188 | First Financial Corp | $ | 8,526 | |||||
130 | First Financial Northwest, Inc | 2,538 | ||||||
445 | * | First Foundation, Inc | 8,250 | |||||
64 | e | First Guaranty Bancshares, Inc | 1,665 | |||||
1,052 | First Hawaiian, Inc | 30,529 | ||||||
5,859 | First Horizon National Corp | 104,525 | ||||||
85 | First Internet Bancorp | 2,898 | ||||||
744 | First Interstate Bancsystem, Inc | 31,397 | ||||||
960 | First Merchants Corp | 44,544 | ||||||
93 | First Mid-Illinois Bancshares, Inc | 3,655 | ||||||
1,595 | First Midwest Bancorp, Inc | 40,625 | ||||||
158 | * | First Northwest Bancorp | 2,523 | |||||
321 | First of Long Island Corp | 7,977 | ||||||
2,649 | First Republic Bank | 256,397 | ||||||
610 | * | Flagstar Bancorp, Inc | 20,899 | |||||
358 | Flushing Financial Corp | 9,344 | ||||||
76 | FNB Bancorp | 2,787 | ||||||
5,725 | FNB Corp | 76,829 | ||||||
206 | * | Franklin Financial Network, Inc | 7,746 | |||||
247 | FS Bancorp, Inc | 15,623 | ||||||
2,673 | Fulton Financial Corp | 44,104 | ||||||
325 | German American Bancorp, Inc | 11,651 | ||||||
1,201 | Glacier Bancorp, Inc | 46,455 | ||||||
161 | Great Southern Bancorp, Inc | 9,209 | ||||||
849 | Great Western Bancorp, Inc | 35,650 | ||||||
335 | Green Bancorp, Inc | 7,236 | ||||||
45 | e | Greene County Bancorp, Inc | 1,525 | |||||
365 | Guaranty Bancorp | 10,877 | ||||||
26 | Guaranty Bancshares, Inc | 856 | ||||||
1,541 | Hancock Holding Co | 71,888 | ||||||
484 | Hanmi Financial Corp | 13,721 | ||||||
200 | * | HarborOne Bancorp, Inc | 3,788 | |||||
429 | Heartland Financial USA, Inc | 23,531 | ||||||
553 | Heritage Commerce Corp | 9,395 | ||||||
460 | Heritage Financial Corp | 16,031 | ||||||
1,168 | Hilltop Holdings, Inc | 25,778 | ||||||
22 | Hingham Institution for Savings | 4,833 | ||||||
89 | Home Bancorp, Inc | 4,143 | ||||||
2,960 | Home Bancshares, Inc | 66,778 | ||||||
314 | * | HomeStreet, Inc | 8,462 | |||||
265 | * | HomeTrust Bancshares, Inc | 7,460 | |||||
1,956 | Hope Bancorp, Inc | 34,875 | ||||||
501 | Horizon Bancorp | 10,366 | ||||||
129 | * | Howard Bancorp, Inc | 2,322 | |||||
18,430 | Huntington Bancshares, Inc | 272,027 | ||||||
909 | IBERIABANK Corp | 68,902 | ||||||
171 | *,e | Impac Mortgage Holdings, Inc | 1,630 | |||||
399 | Independent Bank Corp (MA) | 31,282 | ||||||
308 | Independent Bank Corp (MI) | 7,854 | ||||||
324 | Independent Bank Group, Inc | 21,643 | ||||||
843 | International Bancshares Corp | 36,080 | ||||||
120 | Investar Holding Corp | 3,318 | ||||||
4,402 | Investors Bancorp, Inc | 56,302 |
48
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
55,698 | JPMorgan Chase & Co | $ | 5,803,732 | |||||
2,079 | Kearny Financial Corp | 27,963 | ||||||
17,530 | Keycorp | 342,536 | ||||||
584 | Lakeland Bancorp, Inc | 11,592 | ||||||
525 | Lakeland Financial Corp | 25,300 | ||||||
141 | LCNB Corp | 2,778 | ||||||
693 | LegacyTexas Financial Group, Inc | 27,041 | ||||||
125 | *,e | LendingTree, Inc | 26,725 | |||||
310 | Live Oak Bancshares, Inc | 9,502 | ||||||
2,442 | M&T Bank Corp | 415,506 | ||||||
400 | Macatawa Bank Corp | 4,856 | ||||||
101 | * | Malvern Bancorp, Inc | 2,459 | |||||
1,317 | MB Financial, Inc | 61,504 | ||||||
283 | MBT Financial Corp | 3,014 | ||||||
226 | Mercantile Bank Corp | 8,353 | ||||||
155 | Merchants Bancorp | 4,422 | ||||||
856 | Meridian Bancorp, Inc | 16,392 | ||||||
123 | Meta Financial Group, Inc | 11,980 | ||||||
101 | * | Metropolitan Bank Holding Corp | 5,300 | |||||
5,850 | * | MGIC Investment Corp | 62,712 | |||||
324 | Middlefield Banc Corp | 16,427 | ||||||
324 | Midland States Bancorp, Inc | 11,100 | ||||||
1,202 | Midsouth Bancorp, Inc | 15,927 | ||||||
169 | MidWestOne Financial Group, Inc | 5,709 | ||||||
101 | MutualFirst Financial, Inc | 3,813 | ||||||
535 | National Bank Holdings Corp | 20,646 | ||||||
109 | National Bankshares, Inc | 5,058 | ||||||
164 | * | National Commerce Corp | 7,593 | |||||
502 | * | Nationstar Mortgage Holdings, Inc | 8,800 | |||||
669 | NBT Bancorp, Inc | 25,522 | ||||||
8,219 | New York Community Bancorp, Inc | 90,738 | ||||||
140 | * | Nicolet Bankshares, Inc | 7,715 | |||||
1,790 | * | NMI Holdings, Inc | 29,177 | |||||
115 | Northeast Bancorp | 2,507 | ||||||
643 | Northfield Bancorp, Inc | 10,687 | ||||||
104 | Northrim BanCorp, Inc | 4,113 | ||||||
1,478 | Northwest Bancshares, Inc | 25,702 | ||||||
64 | Norwood Financial Corp | 2,305 | ||||||
714 | OceanFirst Financial Corp | 21,391 | ||||||
596 | OFG Bancorp | 8,374 | ||||||
68 | e | Ohio Valley Banc Corp | 3,567 | |||||
134 | Old Line Bancshares, Inc | 4,678 | ||||||
2,084 | Old National Bancorp | 38,762 | ||||||
432 | Old Second Bancorp, Inc | 6,221 | ||||||
319 | Opus Bank | 9,155 | ||||||
249 | Origin Bancorp, Inc | 10,194 | ||||||
610 | Oritani Financial Corp | 9,882 | ||||||
111 | Orrstown Financial Services, Inc | 2,886 | ||||||
241 | * | Pacific Mercantile Bancorp | 2,350 | |||||
609 | * | Pacific Premier Bancorp, Inc | 23,233 | |||||
2,138 | PacWest Bancorp | 105,660 | ||||||
205 | Park National Corp | 22,841 | ||||||
649 | Parke Bancorp, Inc | 15,349 |
49
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
290 | PCSB Financial Corp | $ | 5,762 | |||||
259 | Peapack Gladstone Financial Corp | 8,959 | ||||||
67 | Penns Woods Bancorp, Inc | 3,000 | ||||||
165 | * | PennyMac Financial Services, Inc | 3,242 | |||||
70 | Peoples Bancorp of North Carolina, Inc | 2,242 | ||||||
261 | Peoples Bancorp, Inc | 9,861 | ||||||
101 | Peoples Financial Services Corp | 4,749 | ||||||
6,304 | People’s United Financial, Inc | 114,039 | ||||||
194 | People’s Utah Bancorp | 6,926 | ||||||
823 | * | PHH Corp | 8,938 | |||||
1,330 | Pinnacle Financial Partners, Inc | 81,596 | ||||||
7,679 | PNC Financial Services Group, Inc | 1,037,433 | ||||||
1,571 | Popular, Inc | 71,025 | ||||||
188 | Preferred Bank | 11,554 | ||||||
175 | Premier Financial Bancorp, Inc | 3,267 | ||||||
1,035 | Prosperity Bancshares, Inc | 70,753 | ||||||
68 | * | Provident Bancorp, Inc | 1,782 | |||||
964 | Provident Financial Services, Inc | 26,539 | ||||||
132 | Prudential Bancorp, Inc | 2,548 | ||||||
190 | QCR Holdings, Inc | 9,016 | ||||||
4,289 | Radian Group, Inc | 69,568 | ||||||
104 | RBB Bancorp | 3,340 | ||||||
18,527 | Regions Financial Corp | 329,410 | ||||||
670 | Renasant Corp | 30,498 | ||||||
146 | Republic Bancorp, Inc (Class A) | 6,614 | ||||||
750 | * | Republic First Bancorp, Inc | 5,888 | |||||
2,003 | Riverview Bancorp, Inc | 16,905 | ||||||
540 | S&T Bancorp, Inc | 23,350 | ||||||
495 | Sandy Spring Bancorp, Inc | 20,300 | ||||||
617 | * | Seacoast Banking Corp of Florida | 19,485 | |||||
726 | ServisFirst Bancshares, Inc | 30,296 | ||||||
185 | Shore Bancshares, Inc | 3,519 | ||||||
177 | SI Financial Group, Inc | 2,611 | ||||||
192 | Sierra Bancorp | 5,422 | ||||||
867 | * | Signature Bank | 110,872 | |||||
1,396 | Simmons First National Corp (Class A) | 41,740 | ||||||
116 | * | SmartFinancial, Inc | 2,988 | |||||
670 | South State Corp | 57,788 | ||||||
101 | * | Southern First Bancshares, Inc | 4,464 | |||||
86 | Southern Missouri Bancorp, Inc | 3,356 | ||||||
169 | Southern National Bancorp of Virginia, Inc | 3,015 | ||||||
432 | Southside Bancshares, Inc | 14,550 | ||||||
584 | State Bank & Trust Co | 19,506 | ||||||
259 | Sterling Bancorp, Inc | 3,460 | ||||||
3,716 | Sterling Bancorp/DE | 87,326 | ||||||
339 | Stock Yards Bancorp, Inc | 12,933 | ||||||
164 | Summit Financial Group, Inc | 4,402 | ||||||
7,662 | SunTrust Banks, Inc | 505,845 | ||||||
881 | * | SVB Financial Group | 254,398 | |||||
1,928 | Synovus Financial Corp | 101,856 | ||||||
2,589 | TCF Financial Corp | 63,741 | ||||||
150 | Territorial Bancorp, Inc | 4,650 | ||||||
932 | * | Texas Capital Bancshares, Inc | 85,278 |
50
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,347 | TFS Financial Corp | $ | 21,242 | |||||
714 | * | The Bancorp, Inc | 7,468 | |||||
100 | Timberland Bancorp, Inc | 3,734 | ||||||
229 | Tompkins Trustco, Inc | 19,667 | ||||||
996 | TowneBank | 31,972 | ||||||
330 | Trico Bancshares | 12,359 | ||||||
343 | * | Tristate Capital Holdings, Inc | 8,952 | |||||
599 | * | Triumph Bancorp, Inc | 24,409 | |||||
1,387 | Trustco Bank Corp NY | 12,344 | ||||||
1,035 | Trustmark Corp | 33,772 | ||||||
685 | UMB Financial Corp | 52,218 | ||||||
3,528 | Umpqua Holdings Corp | 79,698 | ||||||
1,105 | Union Bankshares Corp | 42,962 | ||||||
60 | Union Bankshares, Inc | 3,114 | ||||||
1,552 | United Bankshares, Inc | 56,493 | ||||||
1,078 | United Community Banks, Inc | 33,062 | ||||||
740 | United Community Financial Corp | 8,133 | ||||||
770 | United Financial Bancorp, Inc (New) | 13,490 | ||||||
113 | United Security Bancshares | 1,266 | ||||||
119 | Unity Bancorp, Inc | 2,707 | ||||||
364 | Univest Corp of Pennsylvania | 10,010 | ||||||
25,135 | US Bancorp | 1,257,253 | ||||||
6,127 | Valley National Bancorp | 74,504 | ||||||
226 | * | Veritex Holdings, Inc | 7,022 | |||||
681 | Walker & Dunlop, Inc | 37,898 | ||||||
1,396 | Washington Federal, Inc | 45,649 | ||||||
232 | Washington Trust Bancorp, Inc | 13,479 | ||||||
384 | Waterstone Financial, Inc | 6,547 | ||||||
1,651 | Webster Financial Corp | 105,169 | ||||||
72,221 | Wells Fargo & Co | 4,003,932 | ||||||
654 | WesBanco, Inc | 29,456 | ||||||
239 | West Bancorporation, Inc | 6,011 | ||||||
399 | Westamerica Bancorporation | 22,547 | ||||||
1,643 | * | Western Alliance Bancorp | 93,010 | |||||
413 | Western New England Bancorp, Inc | 4,543 | ||||||
886 | Wintrust Financial Corp | 77,126 | ||||||
3,175 | * | WMIH Corp | 4,255 | |||||
466 | WSFS Financial Corp | 24,838 | ||||||
3,277 | Zions Bancorporation | 172,665 | ||||||
|
| |||||||
TOTAL BANKS | 30,058,088 | |||||||
|
| |||||||
CAPITAL GOODS - 7.1% | ||||||||
9,463 | 3M Co | 1,861,561 | ||||||
2,472 | A.O. Smith Corp | 146,219 | ||||||
644 | Aaon, Inc | 21,413 | ||||||
511 | AAR Corp | 23,756 | ||||||
917 | Actuant Corp (Class A) | 26,914 | ||||||
685 | Acuity Brands, Inc | 79,371 | ||||||
1,072 | Advanced Drainage Systems, Inc | 30,606 | ||||||
2,781 | * | Aecom Technology Corp | 91,856 | |||||
522 | * | Aegion Corp | 13,442 | |||||
1,069 | * | Aerojet Rocketdyne Holdings, Inc | 31,525 | |||||
318 | * | Aerovironment, Inc | 22,715 |
51
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,041 | AGCO Corp | $ | 63,210 | |||||
1,858 | Air Lease Corp | 77,980 | ||||||
726 | Aircastle Ltd | 14,883 | ||||||
148 | Alamo Group, Inc | 13,373 | ||||||
445 | Albany International Corp (Class A) | 26,767 | ||||||
1,475 | Allegion plc | 114,106 | ||||||
91 | Allied Motion Technologies, Inc | 4,357 | ||||||
2,013 | Allison Transmission Holdings, Inc | 81,506 | ||||||
449 | Altra Holdings, Inc | 19,352 | ||||||
317 | * | Ameresco, Inc | 3,804 | |||||
127 | American Railcar Industries, Inc | 5,014 | ||||||
254 | * | American Woodmark Corp | 23,254 | |||||
3,763 | Ametek, Inc | 271,538 | ||||||
438 | Apogee Enterprises, Inc | 21,098 | ||||||
567 | Applied Industrial Technologies, Inc | 39,775 | ||||||
7,689 | Arconic, Inc | 130,790 | ||||||
244 | Argan, Inc | 9,992 | ||||||
367 | * | Armstrong Flooring, Inc | 5,153 | |||||
902 | * | Armstrong World Industries, Inc | 57,006 | |||||
334 | Astec Industries, Inc | 19,973 | ||||||
340 | * | Astronics Corp | 12,230 | |||||
491 | * | Atkore International Group, Inc | 10,198 | |||||
1,023 | * | Axon Enterprise, Inc | 64,633 | |||||
406 | AZZ, Inc | 17,641 | ||||||
782 | Barnes Group, Inc | 46,060 | ||||||
1,120 | * | Beacon Roofing Supply, Inc | 47,734 | |||||
87 | *,e | Blue Bird Corp | 1,944 | |||||
144 | * | BlueLinx Holdings, Inc | 5,404 | |||||
941 | * | BMC Stock Holdings, Inc | 19,620 | |||||
9,029 | Boeing Co | 3,029,320 | ||||||
656 | Briggs & Stratton Corp | 11,552 | ||||||
2,096 | * | Builders FirstSource, Inc | 38,336 | |||||
1,582 | BWX Technologies, Inc | 98,590 | ||||||
351 | e | Caesarstone Sdot-Yam Ltd | 5,300 | |||||
250 | * | CAI International, Inc | 5,810 | |||||
986 | Carlisle Cos, Inc | 106,794 | ||||||
9,519 | Caterpillar, Inc | 1,291,443 | ||||||
467 | * | Chart Industries, Inc | 28,805 | |||||
259 | CIRCOR International, Inc | 9,573 | ||||||
1,386 | * | Colfax Corp | 42,481 | |||||
262 | Columbus McKinnon Corp | 11,360 | ||||||
575 | Comfort Systems USA, Inc | 26,335 | ||||||
388 | * | Commercial Vehicle Group, Inc | 2,848 | |||||
601 | * | Continental Building Products Inc | 18,962 | |||||
901 | Crane Co | 72,197 | ||||||
225 | * | CSW Industrials, Inc | 11,891 | |||||
360 | Cubic Corp | 23,112 | ||||||
2,527 | Cummins, Inc | 336,091 | ||||||
674 | Curtiss-Wright Corp | 80,219 | ||||||
5,264 | Deere & Co | 735,907 | ||||||
199 | DMC Global, Inc | 8,935 | ||||||
2,203 | Donaldson Co, Inc | 99,399 | ||||||
347 | Douglas Dynamics, Inc | 16,656 |
52
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,490 | Dover Corp | $ | 182,268 | |||||
160 | * | Ducommun, Inc | 5,294 | |||||
240 | * | DXP Enterprises, Inc | 9,168 | |||||
486 | * | Dycom Industries, Inc | 45,932 | |||||
80 | Eastern Co | 2,244 | ||||||
7,123 | Eaton Corp | 532,373 | ||||||
916 | EMCOR Group, Inc | 69,781 | ||||||
10,251 | Emerson Electric Co | 708,754 | ||||||
318 | Encore Wire Corp | 15,089 | ||||||
281 | *,e | Energous Corp | 4,167 | |||||
568 | *,e | Energy Recovery, Inc | 4,589 | |||||
681 | EnerSys | 50,830 | ||||||
274 | * | Engility Holdings, Inc | 8,395 | |||||
1,395 | * | Enphase Energy, Inc | 9,388 | |||||
330 | EnPro Industries, Inc | 23,084 | ||||||
56 | EnviroStar, Inc | 2,257 | ||||||
1,954 | Equifax, Inc | 244,465 | ||||||
398 | ESCO Technologies, Inc | 22,965 | ||||||
408 | * | Esterline Technologies Corp | 30,110 | |||||
1,196 | * | Evoqua Water Technologies Corp | 24,518 | |||||
4,827 | Fastenal Co | 232,324 | ||||||
819 | Federal Signal Corp | 19,075 | ||||||
2,038 | Flowserve Corp | 82,335 | ||||||
2,196 | Fluor Corp | 107,121 | ||||||
5,090 | Fortive Corp | 392,490 | ||||||
2,359 | Fortune Brands Home & Security, Inc | 126,655 | ||||||
199 | * | Foundation Building Materials, Inc | 3,061 | |||||
719 | Franklin Electric Co, Inc | 32,427 | ||||||
165 | Freightcar America, Inc | 2,770 | ||||||
10,949 | * | FuelCell Energy, Inc | 14,453 | |||||
1,699 | * | Gardner Denver Holdings, Inc | 49,934 | |||||
730 | * | Gates Industrial Corp plc | 11,877 | |||||
608 | GATX Corp | 45,132 | ||||||
103 | * | Gencor Industries, Inc | 1,663 | |||||
981 | * | Generac Holdings, Inc | 50,747 | |||||
4,266 | General Dynamics Corp | 795,225 | ||||||
141,690 | General Electric Co | 1,928,401 | ||||||
567 | * | Gibraltar Industries, Inc | 21,263 | |||||
336 | Global Brass & Copper Holdings, Inc | 10,534 | ||||||
370 | * | GMS, Inc | 10,023 | |||||
271 | Gorman-Rupp Co | 9,485 | ||||||
2,760 | Graco, Inc | 124,807 | ||||||
546 | GrafTech International Ltd | 9,823 | ||||||
128 | Graham Corp | 3,304 | ||||||
696 | Granite Construction, Inc | 38,739 | ||||||
890 | * | Great Lakes Dredge & Dock Corp | 4,673 | |||||
720 | Greenbrier Cos, Inc | 37,980 | ||||||
448 | Griffon Corp | 7,974 | ||||||
627 | H&E Equipment Services, Inc | 23,581 | ||||||
1,922 | Harris Corp | 277,806 | ||||||
1,393 | * | Harsco Corp | 30,785 | |||||
632 | * | HC2 Holdings, Inc | 3,697 | |||||
3,063 | * | HD Supply Holdings, Inc | 131,372 |
53
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
760 | HEICO Corp | $ | 55,427 | |||||
1,158 | HEICO Corp (Class A) | 70,550 | ||||||
380 | * | Herc Holdings, Inc | 21,409 | |||||
1,413 | Hexcel Corp | 93,795 | ||||||
981 | Hillenbrand, Inc | 46,254 | ||||||
12,296 | Honeywell International, Inc | 1,771,239 | ||||||
857 | Hubbell, Inc | 90,619 | ||||||
710 | Huntington Ingalls | 153,921 | ||||||
96 | Hurco Cos, Inc | 4,296 | ||||||
158 | Hyster-Yale Materials Handling, Inc | 10,152 | ||||||
1,286 | IDEX Corp | 175,513 | ||||||
137 | * | IES Holdings, Inc | 2,295 | |||||
5,580 | Illinois Tool Works, Inc | 773,053 | ||||||
1,588 | * | Infrastructure and Energy Alternatives, Inc | 14,784 | |||||
4,114 | Ingersoll-Rand plc | 369,149 | ||||||
289 | Insteel Industries, Inc | 9,653 | ||||||
1,338 | ITT, Inc | 69,937 | ||||||
2,070 | Jacobs Engineering Group, Inc | 131,424 | ||||||
1,178 | * | JELD-WEN Holding, Inc | 33,679 | |||||
486 | John Bean Technologies Corp | 43,205 | ||||||
15,059 | Johnson Controls International plc | 503,724 | ||||||
166 | Kadant, Inc | 15,961 | ||||||
415 | Kaman Corp | 28,921 | ||||||
2,207 | KBR, Inc | 39,549 | ||||||
1,244 | Kennametal, Inc | 44,660 | ||||||
770 | *,e | KEYW Holding Corp, The | 6,730 | |||||
781 | * | KLX, Inc | 56,154 | |||||
1,099 | *,e | Kratos Defense & Security Solutions, Inc | 12,649 | |||||
1,320 | L3 Technologies, Inc | 253,862 | ||||||
87 | * | Lawson Products, Inc | 2,118 | |||||
122 | * | LB Foster Co (Class A) | 2,800 | |||||
606 | Lennox International, Inc | 121,291 | ||||||
1,115 | Lincoln Electric Holdings, Inc | 97,852 | ||||||
165 | Lindsay Corp | 16,003 | ||||||
4,099 | Lockheed Martin Corp | 1,210,968 | ||||||
258 | * | Lydall, Inc | 11,262 | |||||
1,227 | * | Manitex International, Inc | 15,313 | |||||
539 | * | Manitowoc Co, Inc | 13,939 | |||||
4,995 | Masco Corp | 186,913 | ||||||
503 | * | Masonite International Corp | 36,141 | |||||
1,083 | * | Mastec, Inc | 54,962 | |||||
906 | Maxar Technologies Ltd | 45,771 | ||||||
726 | * | Mercury Systems, Inc | 27,632 | |||||
1,303 | * | Meritor, Inc | 26,803 | |||||
885 | *,e | Middleby Corp | 92,412 | |||||
1,406 | * | Milacron Holdings Corp | 26,616 | |||||
168 | Miller Industries, Inc | 4,292 | ||||||
491 | Moog, Inc (Class A) | 38,278 | ||||||
1,441 | * | MRC Global, Inc | 31,226 | |||||
688 | MSC Industrial Direct Co (Class A) | 58,377 | ||||||
883 | Mueller Industries, Inc | 26,057 | ||||||
2,381 | Mueller Water Products, Inc (Class A) | 27,905 | ||||||
301 | * | MYR Group, Inc | 10,673 |
54
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
76 | National Presto Industries, Inc | $ | 9,424 | |||||
783 | * | Navistar International Corp | 31,884 | |||||
628 | * | NCI Building Systems, Inc | 13,188 | |||||
345 | * | Nexeo Solutions, Inc | 3,150 | |||||
442 | NN, Inc | 8,354 | ||||||
957 | Nordson Corp | 122,888 | ||||||
2,664 | Northrop Grumman Corp | 819,713 | ||||||
149 | * | Northwest Pipe Co | 2,886 | |||||
1,637 | * | NOW, Inc | 21,821 | |||||
123 | * | NV5 Holdings, Inc | 8,524 | |||||
2,708 | * | nVent Electric plc | 67,971 | |||||
44 | Omega Flex, Inc | 3,481 | ||||||
454 | * | Orion Marine Group, Inc | 3,750 | |||||
1,266 | Oshkosh Truck Corp | 89,025 | ||||||
1,733 | Owens Corning, Inc | 109,820 | ||||||
5,726 | PACCAR, Inc | 354,783 | ||||||
2,205 | Parker-Hannifin Corp | 343,649 | ||||||
381 | * | Patrick Industries, Inc | 21,660 | |||||
2,708 | Pentair plc | 113,953 | ||||||
763 | * | PGT, Inc | 15,909 | |||||
3,537 | *,e | Plug Power, Inc | 7,145 | |||||
125 | Powell Industries, Inc | 4,354 | ||||||
51 | Preformed Line Products Co | 4,528 | ||||||
613 | Primoris Services Corp | 16,692 | ||||||
418 | * | Proto Labs, Inc | 49,721 | |||||
492 | Quanex Building Products Corp | 8,831 | ||||||
2,753 | * | Quanta Services, Inc | 91,950 | |||||
551 | Raven Industries, Inc | 21,186 | ||||||
4,703 | Raytheon Co | 908,526 | ||||||
360 | * | RBC Bearings, Inc | 46,372 | |||||
687 | Regal-Beloit Corp | 56,197 | ||||||
562 | e | REV Group, Inc | 9,560 | |||||
1,622 | * | Rexnord Corp | 47,135 | |||||
2,075 | Rockwell Automation, Inc | 344,927 | ||||||
2,667 | Rockwell Collins, Inc | 359,192 | ||||||
1,667 | Roper Industries, Inc | 459,942 | ||||||
96 | * | Rush Enterprises, Inc | 4,214 | |||||
461 | * | Rush Enterprises, Inc (Class A) | 19,998 | |||||
2,806 | * | Sensata Technologies Holding plc | 133,509 | |||||
720 | Simpson Manufacturing Co, Inc | 44,777 | ||||||
641 | * | SiteOne Landscape Supply, Inc | 53,825 | |||||
924 | Snap-On, Inc | 148,505 | ||||||
136 | * | Sparton Corp | 2,583 | |||||
1,891 | Spirit Aerosystems Holdings, Inc (Class A) | 162,456 | ||||||
647 | * | SPX Corp | 22,677 | |||||
646 | * | SPX FLOW, Inc | 28,275 | |||||
195 | Standex International Corp | 19,929 | ||||||
2,569 | Stanley Works | 341,189 | ||||||
394 | * | Sterling Construction Co, Inc | 5,134 | |||||
365 | Sun Hydraulics Corp | 17,589 | ||||||
2,418 | * | Sunrun, Inc | 31,797 | |||||
582 | * | Teledyne Technologies, Inc | 115,853 | |||||
268 | Tennant Co | 21,172 |
55
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,185 | Terex Corp | $ | 49,995 | |||||
427 | * | Textainer Group Holdings Ltd | 6,789 | |||||
4,224 | Textron, Inc | 278,404 | ||||||
509 | * | Thermon Group Holdings | 11,641 | |||||
1,085 | Timken Co | 47,252 | ||||||
784 | Titan International, Inc | 8,412 | ||||||
282 | * | Titan Machinery, Inc | 4,385 | |||||
1,747 | Toro Co | 105,257 | ||||||
160 | * | TPI Composites, Inc | 4,678 | |||||
813 | TransDigm Group, Inc | 280,599 | ||||||
902 | * | Trex Co, Inc | 56,456 | |||||
716 | * | Trimas Corp | 21,050 | |||||
2,728 | Trinity Industries, Inc | 93,461 | ||||||
1,184 | Triton International Ltd | 36,301 | ||||||
753 | Triumph Group, Inc | 14,759 | ||||||
585 | * | Tutor Perini Corp | 10,793 | |||||
142 | * | Twin Disc, Inc | 3,524 | |||||
1,363 | * | United Rentals, Inc | 201,206 | |||||
12,343 | United Technologies Corp | 1,543,245 | ||||||
2,029 | * | Univar, Inc | 53,241 | |||||
873 | Universal Forest Products, Inc | 31,969 | ||||||
1,341 | * | USG Corp | 57,824 | |||||
345 | Valmont Industries, Inc | 52,009 | ||||||
156 | * | Vectrus, Inc | 4,808 | |||||
155 | * | Veritiv Corp | 6,177 | |||||
253 | * | Vicor Corp | 11,018 | |||||
744 | W.W. Grainger, Inc | 229,450 | ||||||
918 | Wabash National Corp | 17,130 | ||||||
980 | * | WABCO Holdings, Inc | 114,680 | |||||
1,411 | Wabtec Corp | 139,096 | ||||||
549 | Watsco, Inc | 97,876 | ||||||
434 | Watts Water Technologies, Inc (Class A) | 34,026 | ||||||
2,009 | * | Welbilt, Inc | 44,821 | |||||
849 | * | Wesco Aircraft Holdings, Inc | 9,551 | |||||
755 | * | WESCO International, Inc | 43,111 | |||||
71 | * | Willis Lease Finance Corp | 2,243 | |||||
524 | * | Willscot Corp | 7,755 | |||||
826 | Woodward Governor Co | 63,486 | ||||||
2,937 | Xylem, Inc | 197,895 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 33,187,010 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | ||||||||
868 | ABM Industries, Inc | 25,328 | ||||||
731 | * | Acacia Research (Acacia Technologies) | 3,034 | |||||
1,696 | ACCO Brands Corp | 23,490 | ||||||
1,679 | e | ADT, Inc | 14,523 | |||||
1,128 | * | Advanced Disposal Services, Inc | 27,952 | |||||
110 | Barrett Business Services, Inc | 10,623 | ||||||
109 | BG Staffing, Inc | 2,534 | ||||||
723 | Brady Corp (Class A) | 27,872 | ||||||
805 | Brink’s Co | 64,199 | ||||||
599 | * | Casella Waste Systems, Inc (Class A) | 15,340 | |||||
778 | * | CBIZ, Inc | 17,894 |
56
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
433 | Ceco Environmental Corp | $ | 2,659 | |||||
390 | * | Cimpress NV | 56,534 | |||||
1,443 | Cintas Corp | 267,056 | ||||||
819 | * | Clean Harbors, Inc | 45,495 | |||||
3,383 | * | Copart, Inc | 191,342 | |||||
577 | * | CoStar Group, Inc | 238,088 | |||||
1,794 | Covanta Holding Corp | 29,601 | ||||||
128 | CRA International, Inc | 6,514 | ||||||
754 | Deluxe Corp | 49,922 | ||||||
698 | Dun & Bradstreet Corp | 85,610 | ||||||
2,090 | *,†,m | Dyax Corp | 2,320 | |||||
394 | Ennis, Inc | 8,018 | ||||||
556 | Essendant, Inc | 7,350 | ||||||
804 | Exponent, Inc | 38,833 | ||||||
178 | Forrester Research, Inc | 7,467 | ||||||
148 | * | Franklin Covey Co | 3,633 | |||||
640 | * | FTI Consulting, Inc | 38,707 | |||||
191 | * | GP Strategies Corp | 3,362 | |||||
1,153 | e | Healthcare Services Group | 49,798 | |||||
286 | Heidrick & Struggles International, Inc | 10,010 | ||||||
247 | * | Heritage-Crystal Clean, Inc | 4,965 | |||||
928 | Herman Miller, Inc | 31,459 | ||||||
569 | * | Hill International, Inc | 3,357 | |||||
682 | HNI Corp | 25,370 | ||||||
334 | * | Huron Consulting Group, Inc | 13,661 | |||||
282 | ICF International, Inc | 20,036 | ||||||
6,456 | * | IHS Markit Ltd | 333,065 | |||||
708 | * | Innerworkings, Inc | 6,153 | |||||
568 | Insperity, Inc | 54,102 | ||||||
961 | Interface, Inc | 22,055 | ||||||
2,145 | KAR Auction Services, Inc | 117,546 | ||||||
481 | Kelly Services, Inc (Class A) | 10,798 | ||||||
366 | Kforce, Inc | 12,554 | ||||||
577 | Kimball International, Inc (Class B) | 9,324 | ||||||
752 | Knoll, Inc | 15,649 | ||||||
1,048 | Korn/Ferry International | 64,903 | ||||||
518 | LSC Communications, Inc | 8,112 | ||||||
1,129 | Manpower, Inc | 97,162 | ||||||
491 | Matthews International Corp (Class A) | 28,871 | ||||||
379 | McGrath RentCorp | 23,979 | ||||||
1,666 | *,†,m | Media General, Inc | 0 | |||||
259 | * | Mistras Group, Inc | 4,890 | |||||
682 | Mobile Mini, Inc | 31,986 | ||||||
518 | MSA Safety, Inc | 49,904 | ||||||
210 | Multi-Color Corp | 13,576 | ||||||
729 | * | Navigant Consulting, Inc | 16,140 | |||||
6,023 | Nielsen NV | 186,291 | ||||||
160 | * | NL Industries, Inc | 1,392 | |||||
781 | * | On Assignment, Inc | 61,066 | |||||
2,896 | Pitney Bowes, Inc | 24,819 | ||||||
482 | Quad Graphics, Inc | 10,040 | ||||||
3,657 | Republic Services, Inc | 249,993 |
57
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
514 | Resources Connection, Inc | $ | 8,687 | |||||
1,949 | Robert Half International, Inc | 126,880 | ||||||
1,780 | Rollins, Inc | 93,592 | ||||||
1,220 | RR Donnelley & Sons Co | 7,027 | ||||||
269 | * | SP Plus Corp | 10,007 | |||||
1,350 | Steelcase, Inc (Class A) | 18,225 | ||||||
1,291 | * | Stericycle, Inc | 84,289 | |||||
449 | * | Team, Inc | 10,372 | |||||
864 | Tetra Tech, Inc | 50,544 | ||||||
3,120 | TransUnion | 223,517 | ||||||
632 | * | TriNet Group, Inc | 35,354 | |||||
645 | * | TrueBlue, Inc | 17,383 | |||||
237 | Unifirst Corp | 41,925 | ||||||
338 | US Ecology, Inc | 21,531 | ||||||
2,712 | * | Verisk Analytics, Inc | 291,920 | |||||
318 | Viad Corp | 17,251 | ||||||
134 | VSE Corp | 6,403 | ||||||
580 | * | WageWorks, Inc | 29,000 | |||||
7,127 | Waste Management, Inc | 579,710 | ||||||
116 | * | Willdan Group, Inc | 3,593 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 4,605,536 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||
351 | Acushnet Holdings Corp | 8,585 | ||||||
840 | * | American Outdoor Brands Corp | 10,105 | |||||
194 | Bassett Furniture Industries, Inc | 5,345 | ||||||
565 | * | Beazer Homes USA, Inc | 8,334 | |||||
1,393 | Brunswick Corp | 89,821 | ||||||
1,433 | Callaway Golf Co | 27,184 | ||||||
750 | Carter’s, Inc | 81,292 | ||||||
132 | * | Cavco Industries, Inc | 27,410 | |||||
772 | * | Century Communities, Inc | 24,357 | |||||
307 | * | Clarus Corp | 2,533 | |||||
454 | Columbia Sportswear Co | 41,527 | ||||||
1,159 | * | CROCS, Inc | 20,410 | |||||
167 | Culp, Inc | 4,100 | ||||||
498 | * | Deckers Outdoor Corp | 56,219 | |||||
5,415 | DR Horton, Inc | 222,015 | ||||||
167 | Escalade, Inc | 2,355 | ||||||
327 | Ethan Allen Interiors, Inc | 8,011 | ||||||
122 | Flexsteel Industries, Inc | 4,868 | ||||||
730 | * | Fossil Group, Inc | 19,615 | |||||
1,889 | * | Garmin Ltd | 115,229 | |||||
682 | * | G-III Apparel Group Ltd | 30,281 | |||||
1,762 | *,e | GoPro, Inc | 11,347 | |||||
578 | * | Green Brick Partners, Inc | 5,664 | |||||
132 | Hamilton Beach Brands Holding Co | 3,835 | ||||||
5,680 | Hanesbrands, Inc | 125,074 | ||||||
1,873 | Hasbro, Inc | 172,897 | ||||||
411 | * | Helen of Troy Ltd | 40,463 | |||||
173 | Hooker Furniture Corp | 8,114 | ||||||
2,504 | * | Hovnanian Enterprises, Inc (Class A) | 4,082 | |||||
379 | * | Installed Building Products Inc | 21,432 |
58
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
443 | *,e | iRobot Corp | $ | 33,566 | ||||
75 | Johnson Outdoors, Inc | 6,340 | ||||||
1,294 | KB Home | 35,249 | ||||||
696 | La-Z-Boy, Inc | 21,298 | ||||||
2,061 | Leggett & Platt, Inc | 92,003 | ||||||
224 | Lennar Corp (B Shares) | 9,563 | ||||||
4,512 | Lennar Corp (Class A) | 236,880 | ||||||
273 | *,e | LGI Homes, Inc | 15,760 | |||||
163 | Lifetime Brands, Inc | 2,062 | ||||||
1,585 | * | Lululemon Athletica, Inc | 197,887 | |||||
385 | * | M/I Homes, Inc | 10,195 | |||||
287 | * | Malibu Boats Inc | 12,037 | |||||
156 | Marine Products Corp | 2,774 | ||||||
5,317 | e | Mattel, Inc | 87,305 | |||||
295 | * | MCBC Holdings, Inc | 8,540 | |||||
932 | MDC Holdings, Inc | 28,678 | ||||||
602 | * | Meritage Homes Corp | 26,458 | |||||
2,340 | * | Michael Kors Holdings Ltd | 155,844 | |||||
998 | * | Mohawk Industries, Inc | 213,841 | |||||
227 | Movado Group, Inc | 10,964 | ||||||
66 | Nacco Industries, Inc (Class A) | 2,227 | ||||||
545 | * | Nautilus, Inc | 8,557 | |||||
389 | * | New Home Co Inc | 3,878 | |||||
7,369 | Newell Rubbermaid, Inc | 190,047 | ||||||
20,431 | Nike, Inc (Class B) | 1,627,942 | ||||||
52 | * | NVR, Inc | 154,458 | |||||
276 | Oxford Industries, Inc | 22,902 | ||||||
199 | * | Perry Ellis International, Inc | 5,407 | |||||
973 | Polaris Industries, Inc | 118,881 | ||||||
630 | Pool Corp | 95,445 | ||||||
4,225 | Pulte Homes, Inc | 121,469 | ||||||
1,215 | PVH Corp | 181,910 | ||||||
885 | Ralph Lauren Corp | 111,262 | ||||||
508 | Rocky Brands, Inc | 15,240 | ||||||
694 | * | Roku, Inc | 29,578 | |||||
2,609 | * | Skechers U.S.A., Inc (Class A) | 78,296 | |||||
109 | Skyline Corp | 3,819 | ||||||
922 | Steven Madden Ltd | 48,958 | ||||||
272 | Sturm Ruger & Co, Inc | 15,232 | ||||||
133 | Superior Uniform Group, Inc | 2,754 | ||||||
4,883 | Tapestry, Inc | 228,085 | ||||||
2,015 | * | Taylor Morrison Home Corp | 41,872 | |||||
725 | *,e | Tempur Sealy International, Inc | 34,836 | |||||
2,373 | Toll Brothers, Inc | 87,777 | ||||||
563 | * | TopBuild Corp | 44,105 | |||||
2,459 | * | TRI Pointe Homes, Inc | 40,229 | |||||
917 | Tupperware Corp | 37,817 | ||||||
707 | * | Turtle Beach Corp | 14,366 | |||||
3,626 | *,e | Under Armour, Inc | 76,436 | |||||
2,878 | *,e | Under Armour, Inc (Class A) | 64,697 | |||||
226 | * | Unifi, Inc | 7,164 | |||||
217 | * | Universal Electronics, Inc | 7,172 | |||||
320 | * | Vera Bradley, Inc | 4,493 |
59
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
5,296 | VF Corp | $ | 431,730 | |||||
896 | * | Vista Outdoor, Inc | 13,879 | |||||
2,014 | * | Vuzix Corp | 15,004 | |||||
99 | Weyco Group, Inc | 3,604 | ||||||
1,133 | Whirlpool Corp | 165,679 | ||||||
576 | * | William Lyon Homes, Inc | 13,363 | |||||
1,465 | Wolverine World Wide, Inc | 50,938 | ||||||
423 | * | Zagg, Inc | 7,318 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 6,638,574 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.2% | ||||||||
965 | * | Adtalem Global Education, Inc | 46,416 | |||||
239 | * | American Public Education, Inc | 10,062 | |||||
4,005 | ARAMARK Holdings Corp | 148,585 | ||||||
1,019 | BBX Capital Corp | 9,202 | ||||||
1,433 | * | Belmond Ltd. | 15,978 | |||||
1 | * | Biglari Holdings, Inc (A Shares) | 950 | |||||
17 | * | Biglari Holdings, Inc (B Shares) | 3,119 | |||||
356 | BJ’s Restaurants, Inc | 21,360 | ||||||
1,539 | Bloomin’ Brands, Inc | 30,934 | ||||||
141 | e | Bluegreen Vacations Corp | 3,356 | |||||
268 | * | Bojangles’, Inc | 3,859 | |||||
1,270 | Boyd Gaming Corp | 44,018 | ||||||
949 | * | Bright Horizons Family Solutions | 97,291 | |||||
763 | e | Brinker International, Inc | 36,319 | |||||
9,591 | * | Caesars Entertainment Corp | 102,624 | |||||
222 | * | Cambium Learning Group, Inc | 2,475 | |||||
178 | Capella Education Co | 17,569 | ||||||
1,137 | * | Career Education Corp | 18,385 | |||||
6,627 | Carnival Corp | 379,793 | ||||||
234 | Carriage Services, Inc | 5,745 | ||||||
507 | * | Carrols Restaurant Group, Inc | 7,529 | |||||
348 | * | Century Casinos, Inc | 3,045 | |||||
702 | e | Cheesecake Factory | 38,652 | |||||
1,956 | * | Chegg, Inc | 54,357 | |||||
396 | * | Chipotle Mexican Grill, Inc (Class A) | 170,823 | |||||
520 | Choice Hotels International, Inc | 39,312 | ||||||
210 | Churchill Downs, Inc | 62,265 | ||||||
247 | * | Chuy’s Holdings, Inc | 7,583 | |||||
294 | e | Cracker Barrel Old Country Store, Inc | 45,926 | |||||
2,024 | Darden Restaurants, Inc | 216,689 | ||||||
657 | * | Dave & Buster’s Entertainment, Inc | 31,273 | |||||
331 | * | Del Frisco’s Restaurant Group, Inc | 4,171 | |||||
519 | * | Del Taco Restaurants, Inc | 7,359 | |||||
1,168 | * | Denny’s Corp | 18,606 | |||||
266 | DineEquity, Inc | 19,897 | ||||||
687 | Domino’s Pizza, Inc | 193,851 | ||||||
948 | * | Drive Shack, Inc | 7,319 | |||||
1,432 | Dunkin Brands Group, Inc | 98,908 | ||||||
302 | * | El Pollo Loco Holdings, Inc | 3,443 | |||||
1,053 | * | Eldorado Resorts, Inc | 41,172 | |||||
38 | *,e | Empire Resorts, Inc | 752 | |||||
3,065 | Extended Stay America, Inc | 66,235 |
60
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
402 | * | Fiesta Restaurant Group, Inc | $ | 11,537 | ||||
149 | * | Golden Entertainment, Inc | 4,021 | |||||
73 | Graham Holdings Co | 42,785 | ||||||
783 | * | Grand Canyon Education, Inc | 87,391 | |||||
3,944 | H&R Block, Inc | 89,844 | ||||||
326 | * | Habit Restaurants, Inc | 3,260 | |||||
1,521 | * | Hilton Grand Vacations, Inc | 52,779 | |||||
4,675 | Hilton Worldwide Holdings, Inc | 370,073 | ||||||
1,746 | * | Houghton Mifflin Harcourt Co | 13,357 | |||||
738 | Hyatt Hotels Corp | 56,937 | ||||||
1,670 | ILG, Inc | 55,160 | ||||||
1,684 | International Game Technology plc | 39,136 | ||||||
389 | International Speedway Corp (Class A) | 17,388 | ||||||
211 | * | J Alexander’s Holdings, Inc | 2,353 | |||||
490 | Jack in the Box, Inc | 41,709 | ||||||
521 | * | K12, Inc | 8,529 | |||||
5,824 | Las Vegas Sands Corp | 444,721 | ||||||
861 | * | Laureate Education, Inc | 12,338 | |||||
322 | * | Lindblad Expeditions Holdings, Inc | 4,266 | |||||
4,783 | Marriott International, Inc (Class A) | 605,528 | ||||||
340 | Marriott Vacations Worldwide Corp | 38,406 | ||||||
12,930 | McDonald’s Corp | 2,026,002 | ||||||
8,887 | MGM Resorts International | 257,990 | ||||||
173 | * | Monarch Casino & Resort, Inc | 7,621 | |||||
49 | Nathan’s Famous, Inc | 4,611 | ||||||
279 | *,e | Noodles & Co | 3,432 | |||||
3,341 | * | Norwegian Cruise Line Holdings Ltd | 157,862 | |||||
422 | e | Papa John’s International, Inc | 21,404 | |||||
1,314 | * | Penn National Gaming, Inc | 44,137 | |||||
848 | * | Pinnacle Entertainment, Inc | 28,603 | |||||
1,306 | Planet Fitness, Inc | 57,386 | ||||||
148 | * | PlayAGS, Inc | 4,006 | |||||
320 | * | Potbelly Corp | 4,144 | |||||
142 | RCI Hospitality Holdings, Inc | 4,494 | ||||||
238 | * | Red Lion Hotels Corp | 2,773 | |||||
204 | * | Red Robin Gourmet Burgers, Inc | 9,506 | |||||
1,049 | Red Rock Resorts, Inc | 35,141 | ||||||
607 | * | Regis Corp | 10,040 | |||||
2,772 | Royal Caribbean Cruises Ltd | 287,179 | ||||||
473 | Ruth’s Chris Steak House, Inc | 13,268 | ||||||
843 | * | Scientific Games Corp (Class A) | 41,433 | |||||
1,062 | *,e | SeaWorld Entertainment, Inc | 23,173 | |||||
2,922 | Service Corp International | 104,578 | ||||||
2,355 | * | ServiceMaster Global Holdings, Inc | 140,052 | |||||
337 | *,e | Shake Shack, Inc | 22,303 | |||||
1,116 | e | Six Flags Entertainment Corp | 78,176 | |||||
673 | Sonic Corp | 23,165 | ||||||
602 | * | Sotheby’s (Class A) | 32,713 | |||||
164 | Speedway Motorsports, Inc | 2,847 | ||||||
22,143 | Starbucks Corp | 1,081,686 | ||||||
167 | Strayer Education, Inc | 18,873 | ||||||
1,016 | Texas Roadhouse, Inc (Class A) | 66,558 | ||||||
645 | Vail Resorts, Inc | 176,853 |
61
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
619 | * | Weight Watchers International, Inc | $ | 62,581 | ||||
2,954 | Wendy’s | 50,750 | ||||||
454 | Wingstop, Inc | 23,662 | ||||||
1,610 | Wyndham Hotels & Resorts, Inc | 94,716 | ||||||
1,610 | Wyndham Worldwide Corp | 71,275 | ||||||
1,664 | Wynn Resorts Ltd | 278,454 | ||||||
6,317 | Yum China Holdings, Inc | 242,952 | ||||||
5,274 | Yum! Brands, Inc | 412,532 | ||||||
274 | *,e | Zoe’s Kitchen, Inc | 2,674 | |||||
|
| |||||||
TOTAL CONSUMER SERVICES | 10,170,330 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 3.8% | ||||||||
887 | Affiliated Managers Group, Inc | 131,870 | ||||||
430 | AG Mortgage Investment Trust | 8,080 | ||||||
7,598 | AGNC Investment Corp | 141,247 | ||||||
7,199 | Ally Financial, Inc | 189,118 | ||||||
11,552 | American Express Co | 1,132,096 | ||||||
2,386 | Ameriprise Financial, Inc | 333,754 | ||||||
19,010 | Annaly Capital Management, Inc | 195,613 | ||||||
1,539 | Anworth Mortgage Asset Corp | 7,649 | ||||||
2,164 | Apollo Commercial Real Estate Finance, Inc | 39,558 | ||||||
756 | Arbor Realty Trust, Inc | 7,885 | ||||||
406 | Ares Commercial Real Estate Corp | 5,607 | ||||||
359 | e | Arlington Asset Investment Corp (Class A) | 3,701 | |||||
566 | * | ARMOUR Residential REIT, Inc | 12,910 | |||||
693 | Artisan Partners Asset Management, Inc | 20,894 | ||||||
268 | * | Ashford, Inc | 17,366 | |||||
86 | e | Associated Capital Group, Inc | 3,264 | |||||
2,788 | * | AXA Equitable Holdings, Inc | 57,461 | |||||
212 | B. Riley Financial, Inc | 4,781 | ||||||
461 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 11,345 | ||||||
15,236 | Bank of New York Mellon Corp | 821,677 | ||||||
4,169 | BGC Partners, Inc (Class A) | 47,193 | ||||||
2,016 | BlackRock, Inc | 1,006,065 | ||||||
2,008 | Blackstone Mortgage Trust, Inc | 63,111 | ||||||
1,084 | * | Cannae Holdings, Inc | 20,108 | |||||
7,981 | Capital One Financial Corp | 733,454 | ||||||
1,473 | �� | Capstead Mortgage Corp | 13,183 | |||||
1,847 | CBOE Holdings, Inc | 192,217 | ||||||
19,682 | Charles Schwab Corp | 1,005,750 | ||||||
189 | Cherry Hill Mortgage Investment Corp | 3,375 | ||||||
3,165 | Chimera Investment Corp | 57,856 | ||||||
5,618 | CME Group, Inc | 920,903 | ||||||
321 | Cohen & Steers, Inc | 13,389 | ||||||
1,289 | Colony Credit Real Estate, Inc | 26,721 | ||||||
387 | * | Cowen Group, Inc | 5,360 | |||||
174 | *,e | Credit Acceptance Corp | 61,492 | |||||
153 | * | Curo Group Holdings Corp | 3,817 | |||||
2,338 | CYS Investments, Inc | 17,535 | ||||||
49 | Diamond Hill Investment Group, Inc | 9,527 | ||||||
5,700 | Discover Financial Services | 401,337 | ||||||
397 | * | Donnelley Financial Solutions, Inc | 6,896 | |||||
776 | Dynex Capital, Inc | 5,067 |
62
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
4,309 | * | E*TRADE Financial Corp | $ | 263,538 | ||||
2,009 | Eaton Vance Corp | 104,850 | ||||||
241 | * | Elevate Credit, Inc | 2,039 | |||||
375 | * | Encore Capital Group, Inc | 13,725 | |||||
522 | * | Enova International, Inc | 19,079 | |||||
638 | Evercore Partners, Inc (Class A) | 67,277 | ||||||
422 | Exantas Capital Corp | 4,296 | ||||||
796 | * | Ezcorp, Inc (Class A) | 9,592 | |||||
613 | Factset Research Systems, Inc | 121,435 | ||||||
1,485 | Federated Investors, Inc (Class B) | 34,630 | ||||||
2,135 | * | FGL Holdings | 17,913 | |||||
1,246 | Financial Engines, Inc | 55,945 | ||||||
737 | FirstCash, Inc | 66,219 | ||||||
5,414 | Franklin Resources, Inc | 173,519 | ||||||
546 | e | Gain Capital Holdings, Inc | 4,122 | |||||
93 | GAMCO Investors, Inc (Class A) | 2,489 | ||||||
5,815 | Goldman Sachs Group, Inc | 1,282,615 | ||||||
662 | Granite Point Mortgage Trust, Inc | 12,148 | ||||||
251 | Great Ajax Corp | 3,283 | ||||||
713 | * | Green Dot Corp | 52,327 | |||||
424 | e | Greenhill & Co, Inc | 12,042 | |||||
218 | Hamilton Lane, Inc | 10,457 | ||||||
630 | Houlihan Lokey, Inc | 32,269 | ||||||
1,126 | Interactive Brokers Group, Inc (Class A) | 72,526 | ||||||
9,374 | IntercontinentalExchange Group, Inc | 689,458 | ||||||
241 | * | INTL FCStone, Inc | 12,462 | |||||
6,556 | Invesco Ltd | 174,127 | ||||||
1,752 | Invesco Mortgage Capital, Inc | 27,857 | ||||||
524 | Investment Technology Group, Inc | 10,962 | ||||||
5,119 | Jefferies Financial Group, Inc | 116,406 | ||||||
168 | KKR Real Estate Finance Trust, Inc | 3,323 | ||||||
1,088 | Ladder Capital Corp | 16,995 | ||||||
1,533 | Ladenburg Thalmann Financial Services, Inc | 5,212 | ||||||
1,898 | Lazard Ltd (Class A) | 92,831 | ||||||
1,355 | Legg Mason, Inc | 47,059 | ||||||
5,056 | * | LendingClub Corp | 19,162 | |||||
1,384 | LPL Financial Holdings, Inc | 90,707 | ||||||
578 | MarketAxess Holdings, Inc | 114,363 | ||||||
144 | Marlin Business Services Corp | 4,298 | ||||||
7,296 | MFA Mortgage Investments, Inc | 55,304 | ||||||
609 | Moelis & Co | 35,718 | ||||||
2,727 | Moody’s Corp | 465,117 | ||||||
20,344 | Morgan Stanley | 964,306 | ||||||
298 | Morningstar, Inc | 38,218 | ||||||
1,489 | MSCI, Inc (Class A) | 246,325 | ||||||
822 | MTGE Investment Corp | 16,111 | ||||||
1,986 | NASDAQ OMX Group, Inc | 181,262 | ||||||
4,428 | Navient Corp | 57,697 | ||||||
312 | Nelnet, Inc (Class A) | 18,224 | ||||||
5,709 | New Residential Investment Corp | 99,850 | ||||||
1,709 | New York Mortgage Trust, Inc | 10,271 | ||||||
483 | *,†,m | NewsStar Financial, Inc | 238 | |||||
3,386 | Northern Trust Corp | 348,386 |
63
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
866 | OM Asset Management plc | $ | 12,349 | |||||
750 | * | On Deck Capital, Inc | 5,250 | |||||
1,264 | * | OneMain Holdings, Inc | 42,079 | |||||
147 | Oppenheimer Holdings, Inc | 4,116 | ||||||
511 | Orchid Island Capital, Inc | 3,843 | ||||||
1,030 | PennyMac Mortgage Investment Trust | 19,560 | ||||||
324 | Pico Holdings, Inc | 3,775 | ||||||
229 | Piper Jaffray Cos | 17,599 | ||||||
271 | PJT Partners, Inc | 14,469 | ||||||
719 | * | PRA Group, Inc | 27,717 | |||||
257 | Pzena Investment Management, Inc (Class A) | 2,367 | ||||||
2,252 | Raymond James Financial, Inc | 201,216 | ||||||
1,174 | Redwood Trust, Inc | 19,336 | ||||||
143 | * | Regional Management Corp | 5,008 | |||||
4,118 | S&P Global, Inc | 839,619 | ||||||
296 | * | Safeguard Scientifics, Inc | 3,789 | |||||
1,924 | Santander Consumer USA Holdings, Inc | 36,729 | ||||||
2,255 | SEI Investments Co | 140,983 | ||||||
111 | Silvercrest Asset Management Group, Inc | 1,809 | ||||||
6,760 | * | SLM Corp | 77,402 | |||||
5,920 | State Street Corp | 551,093 | ||||||
1,033 | Stifel Financial Corp | 53,974 | ||||||
12,328 | Synchrony Financial | 411,509 | ||||||
3,885 | T Rowe Price Group, Inc | 451,010 | ||||||
4,611 | TD Ameritrade Holding Corp | 252,544 | ||||||
181 | TPG RE Finance Trust, Inc | 3,678 | ||||||
3,532 | Two Harbors Investment Corp | 55,806 | ||||||
618 | Virtu Financial, Inc | 16,408 | ||||||
103 | Virtus Investment Partners, Inc | 13,179 | ||||||
2,789 | Voya Financial, Inc | 131,083 | ||||||
1,255 | Waddell & Reed Financial, Inc (Class A) | 22,552 | ||||||
614 | Western Asset Mortgage Capital Corp | 6,398 | ||||||
125 | Westwood Holdings Group, Inc | 7,442 | ||||||
1,867 | WisdomTree Investments, Inc | 16,952 | ||||||
90 | * | World Acceptance Corp | 9,991 | |||||
259 | ZAIS Financial Corp | 4,209 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 17,647,659 | |||||||
|
| |||||||
ENERGY - 6.0% | ||||||||
2,365 | * | Abraxas Petroleum Corp | 6,835 | |||||
376 | Adams Resources & Energy, Inc | 16,168 | ||||||
1,516 | * | Alta Mesa Resources, Inc | 10,324 | |||||
2,424 | * | Amyris, Inc | 15,489 | |||||
8,402 | Anadarko Petroleum Corp | 615,447 | ||||||
2,303 | Andeavor | 302,108 | ||||||
4,322 | * | Antero Resources Corp | 92,275 | |||||
6,181 | Apache Corp | 288,962 | ||||||
1,245 | * | Apergy Corp | 51,979 | |||||
6,598 | *,e | Approach Resources, Inc | 16,099 | |||||
338 | Arch Coal, Inc | 26,509 | ||||||
2,039 | Archrock, Inc | 24,468 | ||||||
454 | * | Ardmore Shipping Corp | 3,723 | |||||
6,741 | Baker Hughes a GE Co | 222,655 |
64
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
265 | * | Basic Energy Services, Inc | $ | 2,944 | ||||
314 | * | Bonanza Creek Energy, Inc | 11,891 | |||||
645 | Bristow Group, Inc | 9,101 | ||||||
1,022 | * | C&J Energy Services, Inc | 24,119 | |||||
7,299 | Cabot Oil & Gas Corp | 173,716 | ||||||
370 | * | Cactus, Inc | 12,502 | |||||
747 | *,e | California Resources Corp | 33,944 | |||||
3,134 | * | Callon Petroleum Co | 33,659 | |||||
335 | * | CARBO Ceramics, Inc | 3,072 | |||||
1,289 | * | Carrizo Oil & Gas, Inc | 35,899 | |||||
2,955 | * | Centennial Resource Development, Inc | 53,367 | |||||
3,384 | * | Cheniere Energy, Inc | 220,603 | |||||
14,182 | *,e | Chesapeake Energy Corp | 74,314 | |||||
31,324 | Chevron Corp | 3,960,293 | ||||||
1,627 | Cimarex Energy Co | 165,531 | ||||||
1,943 | * | Clean Energy Fuels Corp | 7,170 | |||||
1,183 | * | Cloud Peak Energy, Inc | 4,129 | |||||
3,564 | * | CNX Resources Corp | 63,368 | |||||
2,383 | * | Concho Resources, Inc | 329,688 | |||||
19,271 | ConocoPhillips | 1,341,647 | ||||||
445 | * | CONSOL Energy, Inc | 17,066 | |||||
1,365 | * | Continental Resources, Inc | 88,397 | |||||
485 | *,e | Covia Holdings Corp | 9,002 | |||||
236 | e | CVR Energy, Inc | 8,730 | |||||
1,875 | * | Dawson Geophysical Co | 14,813 | |||||
1,312 | Delek US Holdings, Inc | 65,823 | ||||||
9,900 | * | Denbury Resources, Inc | 47,619 | |||||
8,453 | Devon Energy Corp | 371,594 | ||||||
1,283 | DHT Holdings, Inc | 6,017 | ||||||
994 | *,e | Diamond Offshore Drilling, Inc | 20,735 | |||||
1,589 | Diamondback Energy, Inc | 209,065 | ||||||
424 | * | Dorian LPG Ltd | 3,239 | |||||
582 | * | Dril-Quip, Inc | 29,915 | |||||
153 | * | Earthstone Energy, Inc | 1,354 | |||||
10,091 | * | Eclipse Resources Corp | 16,146 | |||||
1,520 | * | Energen Corp | 110,686 | |||||
7,615 | * | Energy Fuels, Inc | 17,286 | |||||
583 | * | Energy XXI Gulf Coast, Inc | 5,154 | |||||
9,505 | EOG Resources, Inc | 1,182,707 | ||||||
871 | *,e | EP Energy Corp | 2,613 | |||||
4,284 | EQT Corp | 236,391 | ||||||
272 | * | Era Group, Inc | 3,522 | |||||
468 | Evolution Petroleum Corp | 4,610 | ||||||
499 | * | Exterran Corp | 12,495 | |||||
1,888 | * | Extraction Oil & Gas, Inc | 27,735 | |||||
69,660 | d | Exxon Mobil Corp | 5,762,972 | |||||
1,061 | * | Forum Energy Technologies, Inc | 13,103 | |||||
790 | Frank’s International NV | 6,162 | ||||||
1,164 | e | Frontline Ltd | 6,798 | |||||
348 | * | FTS International, Inc | 4,956 | |||||
635 | GasLog Ltd | 12,128 | ||||||
1,502 | Golar LNG Ltd | 44,249 | ||||||
1,162 | * | Goodrich Petroleum Corp | 14,374 |
65
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
569 | Green Plains Renewable Energy, Inc | $ | 10,413 | |||||
2,531 | * | Gulfport Energy Corp | 31,815 | |||||
2,401 | * | Halcon Resources Corp | 10,540 | |||||
223 | Hallador Energy Co | 1,592 | ||||||
14,405 | Halliburton Co | 649,089 | ||||||
2,257 | * | Helix Energy Solutions Group, Inc | 18,801 | |||||
1,788 | Helmerich & Payne, Inc | 114,003 | ||||||
4,433 | Hess Corp | 296,523 | ||||||
1,515 | * | HighPoint Resources Corp | 9,211 | |||||
2,656 | HollyFrontier Corp | 181,750 | ||||||
4,277 | * | Independence Contract Drilling, Inc | 17,621 | |||||
461 | * | International Seaways, Inc | 10,668 | |||||
171 | * | ION Geophysical Corp | 4,155 | |||||
13 | * | Isramco, Inc | 1,598 | |||||
1,246 | *,e | Jagged Peak Energy, Inc | 16,223 | |||||
488 | * | Keane Group, Inc | 6,671 | |||||
154 | * | Key Energy Services, Inc | 2,501 | |||||
31,528 | Kinder Morgan, Inc | 557,100 | ||||||
4,331 | * | Kosmos Energy LLC | 35,817 | |||||
2,550 | * | Laredo Petroleum Holdings, Inc | 24,531 | |||||
207 | *,e | Liberty Oilfield Services, Inc | 3,875 | |||||
792 | *,e | Lilis Energy, Inc | 4,118 | |||||
67 | * | Mammoth Energy Services, Inc | 2,275 | |||||
13,766 | Marathon Oil Corp | 287,159 | ||||||
7,470 | Marathon Petroleum Corp | 524,095 | ||||||
1,401 | * | Matador Resources Co | 42,100 | |||||
383 | * | Matrix Service Co | 7,028 | |||||
3,470 | * | McDermott International, Inc | 68,186 | |||||
178 | * | Midstates Petroleum Co, Inc | 2,423 | |||||
2,551 | Murphy Oil Corp | 86,147 | ||||||
4,845 | Nabors Industries Ltd | 31,056 | ||||||
6,228 | National Oilwell Varco, Inc | 270,295 | ||||||
180 | * | Natural Gas Services Group, Inc | 4,248 | |||||
164 | *,e | NCS Multistage Holdings, Inc | 2,383 | |||||
3,111 | * | Newfield Exploration Co | 94,108 | |||||
1,448 | * | Newpark Resources, Inc | 15,711 | |||||
132 | * | Nine Energy Service, Inc | 4,372 | |||||
4,315 | * | Noble Corp plc | 27,314 | |||||
7,761 | Noble Energy, Inc | 273,808 | ||||||
1,550 | Nordic American Tanker Shipping | 4,154 | ||||||
1,729 | * | Northern Oil And Gas, Inc | 5,446 | |||||
4,419 | * | Oasis Petroleum, Inc | 57,314 | |||||
12,586 | Occidental Petroleum Corp | 1,053,196 | ||||||
869 | * | Ocean Rig UDW, Inc | 25,618 | |||||
1,532 | Oceaneering International, Inc | 39,005 | ||||||
784 | * | Oil States International, Inc | 25,166 | |||||
6,836 | Oneok, Inc | 477,358 | ||||||
546 | * | Overseas Shipholding Group, Inc | 2,118 | |||||
355 | Panhandle Oil and Gas, Inc (Class A) | 6,781 | ||||||
482 | * | Par Pacific Holdings, Inc | 8,377 | |||||
4,180 | * | Parsley Energy, Inc | 126,570 | |||||
3,250 | Patterson-UTI Energy, Inc | 58,500 | ||||||
1,704 | PBF Energy, Inc | 71,449 |
66
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,032 | * | PDC Energy, Inc | $ | 62,384 | ||||
1,293 | Peabody Energy Corp | 58,806 | ||||||
217 | * | Penn Virginia Corp | 18,421 | |||||
176 | * | PHI, Inc | 1,790 | |||||
6,850 | Phillips 66 | 769,324 | ||||||
1,332 | * | Pioneer Energy Services Corp | 7,792 | |||||
2,740 | Pioneer Natural Resources Co | 518,518 | ||||||
3,185 | * | Profire Energy, Inc | 10,765 | |||||
1,178 | * | ProPetro Holding Corp | 18,471 | |||||
3,764 | * | Questar Market Resources, Inc | 46,147 | |||||
3,580 | Range Resources Corp | 59,893 | ||||||
641 | * | Renewable Energy Group, Inc | 11,442 | |||||
335 | *,e | Resolute Energy Corp | 10,452 | |||||
92 | * | Rex American Resources Corp | 7,449 | |||||
195 | * | RigNet, Inc | 2,009 | |||||
994 | * | Ring Energy, Inc | 12,544 | |||||
1,813 | * | Rowan Cos plc | 29,407 | |||||
901 | RPC, Inc | 13,128 | ||||||
2,363 | * | RSP Permian, Inc | 104,019 | |||||
1,348 | *,e | Sanchez Energy Corp | 6,093 | |||||
537 | * | SandRidge Energy, Inc | 9,526 | |||||
22,585 | Schlumberger Ltd | 1,513,873 | ||||||
4,774 | Scorpio Tankers, Inc | 13,415 | ||||||
308 | * | SEACOR Holdings, Inc | 17,639 | |||||
303 | * | SEACOR Marine Holdings, Inc | 6,996 | |||||
988 | * | Select Energy Services, Inc | 14,356 | |||||
1,275 | SemGroup Corp | 32,385 | ||||||
946 | Ship Finance International Ltd | 14,143 | ||||||
148 | * | SilverBow Resources, Inc | 4,274 | |||||
1,739 | SM Energy Co | 44,675 | ||||||
338 | *,e | Smart Sand, Inc | 1,795 | |||||
148 | * | Solaris Oilfield Infrastructure, Inc | 2,115 | |||||
10,291 | * | Southwestern Energy Co | 54,542 | |||||
4,016 | * | SRC Energy, Inc | 44,256 | |||||
2,325 | * | Superior Energy Services | 22,646 | |||||
300 | * | Talos Energy, Inc | 9,639 | |||||
3,386 | Targa Resources Investments, Inc | 167,573 | ||||||
818 | e | Teekay Corp | 6,340 | |||||
1,777 | Teekay Tankers Ltd (Class A) | 2,079 | ||||||
2,673 | *,e | Tellurian, Inc | 22,239 | |||||
1,816 | * | Tetra Technologies, Inc | 8,081 | |||||
384 | * | Tidewater, Inc | 11,109 | |||||
6,861 | * | Transocean Ltd (NYSE) | 92,212 | |||||
799 | * | Unit Corp | 20,422 | |||||
2,051 | *,e | Uranium Energy Corp | 3,302 | |||||
1,275 | US Silica Holdings Inc | 32,755 | ||||||
7,034 | Valero Energy Corp | 779,578 | ||||||
1,529 | * | W&T Offshore, Inc | 10,932 | |||||
16,146 | * | Weatherford International Ltd | 53,120 | |||||
1,434 | * | Whiting Petroleum Corp | 75,600 | |||||
481 | * | WildHorse Resource Development Corp | 12,198 | |||||
13,417 | Williams Cos, Inc | 363,735 | ||||||
1,068 | World Fuel Services Corp | 21,798 |
67
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
6,188 | * | WPX Energy, Inc | $ | 111,570 | ||||
3,641 | * | Zion Oil & Gas, Inc | 14,764 | |||||
|
| |||||||
TOTAL ENERGY | 27,728,365 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.9% | ||||||||
418 | Andersons, Inc | 14,296 | ||||||
618 | Casey’s General Stores, Inc | 64,939 | ||||||
300 | * | Chefs’ Warehouse Holdings, Inc | 8,550 | |||||
213 | Ingles Markets, Inc (Class A) | 6,773 | ||||||
13,874 | Kroger Co | 394,715 | ||||||
1,271 | * | Natural Grocers by Vitamin C | 16,193 | |||||
1,464 | * | Performance Food Group Co | 53,729 | |||||
385 | Pricesmart, Inc | 34,843 | ||||||
17,265 | *,e | Rite Aid Corp | 29,869 | |||||
389 | * | Smart & Final Stores, Inc | 2,159 | |||||
584 | Spartan Stores, Inc | 14,904 | ||||||
2,100 | * | Sprouts Farmers Market, Inc | 46,347 | |||||
602 | * | SUPERVALU, Inc | 12,353 | |||||
7,942 | Sysco Corp | 542,359 | ||||||
784 | * | United Natural Foods, Inc | 33,445 | |||||
3,445 | * | US Foods Holding Corp | 130,290 | |||||
127 | Village Super Market (Class A) | 3,741 | ||||||
13,795 | Walgreens Boots Alliance, Inc | 827,907 | ||||||
23,481 | Walmart, Inc | 2,011,148 | ||||||
148 | Weis Markets, Inc | 7,894 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 4,256,454 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 3.9% | ||||||||
1,894 | *,e | 22nd Century Group, Inc | 4,659 | |||||
100 | Alico, Inc | 3,170 | ||||||
868 | * | Alliance One International, Inc | 13,758 | |||||
31,087 | Altria Group, Inc | 1,765,431 | ||||||
9,091 | Archer Daniels Midland Co | 416,641 | ||||||
995 | e | B&G Foods, Inc (Class A) | 29,751 | |||||
137 | * | Boston Beer Co, Inc (Class A) | 41,059 | |||||
846 | Brown-Forman Corp | 41,336 | ||||||
4,544 | Brown-Forman Corp (Class B) | 222,701 | ||||||
2,300 | Bunge Ltd | 160,333 | ||||||
247 | e | Calavo Growers, Inc | 23,749 | |||||
486 | * | Cal-Maine Foods, Inc | 22,283 | |||||
2,801 | e | Campbell Soup Co | 113,553 | |||||
1,334 | *,e | Castle Brands, Inc | 1,588 | |||||
72 | Coca-Cola Bottling Co Consolidated | 9,729 | ||||||
63,035 | Coca-Cola Co | 2,764,715 | ||||||
6,348 | ConAgra Foods, Inc | 226,814 | ||||||
2,556 | Constellation Brands, Inc (Class A) | 559,432 | ||||||
7,196 | Costco Wholesale Corp | 1,503,820 | ||||||
190 | * | Craft Brewers Alliance, Inc | 3,924 | |||||
2,547 | * | Darling International, Inc | 50,634 | |||||
1,357 | Dean Foods Co | 14,262 | ||||||
2,925 | * | Dr Pepper Snapple Group, Inc | 356,850 | |||||
200 | * | Farmer Bros Co | 6,110 | |||||
3,010 | Flowers Foods, Inc | 62,698 |
68
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
499 | Fresh Del Monte Produce, Inc | $ | 22,230 | |||||
388 | *,e | Freshpet, Inc | 10,651 | |||||
9,541 | General Mills, Inc | 422,285 | ||||||
1,593 | * | Hain Celestial Group, Inc | 47,471 | |||||
2,341 | Hershey Co | 217,853 | ||||||
4,615 | e | Hormel Foods Corp | 171,724 | |||||
1,568 | * | Hostess Brands, Inc | 21,325 | |||||
1,227 | Ingredion, Inc | 135,829 | ||||||
277 | J&J Snack Foods Corp | 42,234 | ||||||
1,765 | J.M. Smucker Co | 189,702 | ||||||
131 | John B. Sanfilippo & Son, Inc | 9,753 | ||||||
3,980 | Kellogg Co | 278,083 | ||||||
9,865 | Kraft Heinz Co | 619,719 | ||||||
2,490 | Lamb Weston Holdings, Inc | 170,590 | ||||||
289 | Lancaster Colony Corp | 40,003 | ||||||
422 | * | Landec Corp | 6,288 | |||||
187 | Limoneira Co | 4,602 | ||||||
2,055 | McCormick & Co, Inc | 238,565 | ||||||
203 | MGP Ingredients, Inc | 18,028 | ||||||
3,002 | Molson Coors Brewing Co (Class B) | 204,256 | ||||||
23,753 | Mondelez International, Inc | 973,873 | ||||||
6,733 | * | Monster Beverage Corp | 385,801 | |||||
183 | e | National Beverage Corp | 19,563 | |||||
23,282 | PepsiCo, Inc | 2,534,711 | ||||||
25,510 | Philip Morris International, Inc | 2,059,677 | ||||||
908 | * | Pilgrim’s Pride Corp | 18,278 | |||||
2,073 | Pinnacle Foods, Inc | 134,869 | ||||||
1,066 | * | Post Holdings, Inc | 91,697 | |||||
404 | * | Primo Water Corp | 7,066 | |||||
317 | Sanderson Farms, Inc | 33,333 | ||||||
4 | Seaboard Corp | 15,851 | ||||||
134 | * | Seneca Foods Corp | 3,618 | |||||
937 | * | Simply Good Foods Co | 13,530 | |||||
379 | e | Tootsie Roll Industries, Inc | 11,692 | |||||
864 | * | TreeHouse Foods, Inc | 45,369 | |||||
78 | Turning Point Brands, Inc | 2,488 | ||||||
4,897 | Tyson Foods, Inc (Class A) | 337,158 | ||||||
340 | Universal Corp | 22,457 | ||||||
1,532 | Vector Group Ltd | 29,231 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 18,030,453 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.1% | ||||||||
155 | *,e | AAC Holdings, Inc | 1,452 | |||||
339 | Abaxis, Inc | 28,140 | ||||||
28,202 | Abbott Laboratories | 1,720,040 | ||||||
690 | * | Abiomed, Inc | 282,245 | |||||
1,387 | * | Acadia Healthcare Co, Inc | 56,742 | |||||
1,245 | * | Accuray, Inc | 5,105 | |||||
119 | * | Addus HomeCare Corp | 6,813 | |||||
5,262 | Aetna Inc | 965,577 | ||||||
1,305 | * | Align Technology, Inc | 446,493 | |||||
2,817 | * | Allscripts Healthcare Solutions, Inc | 33,804 | |||||
460 | * | Amedisys, Inc | 39,312 |
69
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
137 | * | American Renal Associates Holdings, Inc | $ | 2,161 | ||||
2,579 | AmerisourceBergen Corp | 219,911 | ||||||
725 | * | AMN Healthcare Services, Inc | 42,485 | |||||
563 | * | Angiodynamics, Inc | 12,521 | |||||
216 | * | Anika Therapeutics, Inc | 6,912 | |||||
2,249 | * | Antares Pharma, Inc | 5,802 | |||||
4,175 | Anthem, Inc | 993,775 | ||||||
398 | *,e | Apollo Medical Holdings, Inc | 10,292 | |||||
712 | * | athenahealth, Inc | 113,308 | |||||
480 | * | AtriCure, Inc | 12,984 | |||||
27 | Atrion Corp | 16,184 | ||||||
725 | * | Avanos Medical, Inc | 41,506 | |||||
560 | * | AxoGen, Inc | 28,140 | |||||
8,216 | Baxter International, Inc | 606,669 | ||||||
4,344 | Becton Dickinson & Co | 1,040,649 | ||||||
1,877 | *,e | BioScrip, Inc | 5,500 | |||||
430 | * | BioTelemetry, Inc | 19,350 | |||||
22,844 | * | Boston Scientific Corp | 746,999 | |||||
2,873 | * | Brookdale Senior Living, Inc | 26,116 | |||||
590 | Cantel Medical Corp | 58,032 | ||||||
442 | * | Capital Senior Living Corp | 4,716 | |||||
5,081 | Cardinal Health, Inc | 248,105 | ||||||
501 | * | Cardiovascular Systems, Inc | 16,202 | |||||
977 | * | Castlight Health, Inc | 4,152 | |||||
3,398 | * | Centene Corp | 418,668 | |||||
5,118 | * | Cerner Corp | 306,005 | |||||
1,570 | * | Cerus Corp | 10,472 | |||||
245 | Chemed Corp | 78,843 | ||||||
3,903 | Cigna Corp | 663,315 | ||||||
240 | * | Civitas Solutions, Inc | 3,936 | |||||
1,533 | *,e | Community Health Systems, Inc | 5,090 | |||||
168 | Computer Programs & Systems, Inc | 5,527 | ||||||
422 | Conmed Corp | 30,890 | ||||||
818 | Cooper Cos, Inc | 192,598 | ||||||
163 | * | Corvel Corp | 8,802 | |||||
702 | * | Cotiviti Holdings, Inc | 30,979 | |||||
544 | * | Cross Country Healthcare, Inc | 6,120 | |||||
480 | * | CryoLife, Inc | 13,368 | |||||
407 | *,e | CryoPort, Inc | 6,422 | |||||
202 | * | Cutera, Inc | 8,141 | |||||
16,534 | CVS Health Corp | 1,063,963 | ||||||
466 | *,e | CytoSorbents Corp | 5,312 | |||||
10,196 | Danaher Corp | 1,006,141 | ||||||
2,220 | * | DaVita, Inc | 154,157 | |||||
3,684 | Dentsply Sirona, Inc | 161,249 | ||||||
1,428 | * | DexCom, Inc | 135,631 | |||||
1,292 | * | Diplomat Pharmacy, Inc | 33,024 | |||||
3,469 | * | Edwards Lifesciences Corp | 504,982 | |||||
1,608 | Encompass Health Corp | 108,894 | ||||||
1,285 | * | Endologix, Inc | 7,273 | |||||
737 | Ensign Group, Inc | 26,399 | ||||||
1,929 | * | Envision Healthcare Corp | 84,895 | |||||
1,209 | * | Evolent Health, Inc | 25,449 |
70
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
9,148 | * | Express Scripts Holding Co | $ | 706,317 | ||||
97 | * | FONAR Corp | 2,575 | |||||
995 | * | Genesis Health Care, Inc | 2,279 | |||||
665 | * | GenMark Diagnostics, Inc | 4,243 | |||||
803 | *,e | Glaukos Corp | 32,634 | |||||
1,094 | * | Globus Medical, Inc | 55,203 | |||||
886 | * | Haemonetics Corp | 79,457 | |||||
4,515 | HCA Holdings, Inc | 463,239 | ||||||
867 | * | HealthEquity, Inc | 65,112 | |||||
399 | HealthStream, Inc | 10,897 | ||||||
2,474 | * | Henry Schein, Inc | 179,711 | |||||
99 | * | Heska Corp | 10,275 | |||||
1,196 | Hill-Rom Holdings, Inc | 104,459 | ||||||
1,310 | * | HMS Holdings Corp | 28,322 | |||||
4,366 | * | Hologic, Inc | 173,549 | |||||
2,242 | Humana, Inc | 667,286 | ||||||
233 | * | ICU Medical, Inc | 68,420 | |||||
1,446 | * | Idexx Laboratories, Inc | 315,141 | |||||
263 | * | Inogen Inc | 49,005 | |||||
978 | *,e | Inovalon Holdings, Inc | 9,707 | |||||
127 | *,e | Inspire Medical Systems, Inc | 4,529 | |||||
908 | * | Insulet Corp | 77,816 | |||||
472 | * | Integer Holding Corp | 30,515 | |||||
1,162 | * | Integra LifeSciences Holdings Corp | 74,844 | |||||
100 | * | IntriCon Corp | 4,030 | |||||
1,852 | * | Intuitive Surgical, Inc | 886,145 | |||||
463 | Invacare Corp | 8,612 | ||||||
383 | * | iRhythm Technologies, Inc | 31,073 | |||||
629 | * | K2M Group Holdings, Inc | 14,153 | |||||
1,388 | * | Kindred Healthcare, Inc | 12,492 | |||||
1,659 | * | Laboratory Corp of America Holdings | 297,840 | |||||
465 | * | Lantheus Holdings, Inc | 6,766 | |||||
236 | LeMaitre Vascular, Inc | 7,901 | ||||||
490 | * | LHC Group, Inc | 41,939 | |||||
582 | * | LifePoint Hospitals, Inc | 28,402 | |||||
755 | * | LivaNova plc | 75,364 | |||||
426 | * | Magellan Health Services, Inc | 40,875 | |||||
849 | * | Masimo Corp | 82,905 | |||||
3,381 | McKesson Corp | 451,025 | ||||||
1,067 | * | Medidata Solutions, Inc | 85,958 | |||||
1,425 | * | MEDNAX, Inc | 61,674 | |||||
22,306 | Medtronic plc | 1,909,617 | ||||||
646 | Meridian Bioscience, Inc | 10,271 | ||||||
759 | * | Merit Medical Systems, Inc | 38,861 | |||||
992 | * | Molina Healthcare, Inc | 97,156 | |||||
274 | *,e | NantHealth, Inc | 907 | |||||
173 | National Healthcare Corp | 12,176 | ||||||
208 | National Research Corp | 7,779 | ||||||
500 | * | Natus Medical, Inc | 17,250 | |||||
780 | * | Neogen Corp | 62,548 | |||||
613 | * | Nevro Corp | 48,948 | |||||
1,159 | * | Novocure Ltd | 36,277 | |||||
791 | * | NuVasive, Inc | 41,227 |
71
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
229 | * | Nuvectra Corp | $ | 4,701 | ||||
1,011 | * | NxStage Medical, Inc | 28,207 | |||||
575 | * | Omnicell, Inc | 30,159 | |||||
873 | * | OraSure Technologies, Inc | 14,378 | |||||
267 | * | Orthofix International NV | 15,171 | |||||
942 | Owens & Minor, Inc | 15,741 | ||||||
346 | * | Oxford Immunotec Global plc | 4,460 | |||||
1,530 | Patterson Cos, Inc | 34,685 | ||||||
496 | * | Penumbra, Inc | 68,522 | |||||
113 | *,e | PetIQ, Inc | 3,035 | |||||
1,204 | * | Premier, Inc | 43,802 | |||||
199 | * | Providence Service Corp | 15,631 | |||||
145 | *,e | Pulse Biosciences, Inc | 2,195 | |||||
818 | * | Quality Systems, Inc | 15,951 | |||||
2,225 | Quest Diagnostics, Inc | 244,617 | ||||||
528 | * | Quidel Corp | 35,112 | |||||
2,913 | * | Quorum Health Corp | 14,565 | |||||
1,555 | * | R1 RCM, Inc | 13,497 | |||||
576 | * | RadNet, Inc | 8,640 | |||||
2,353 | Resmed, Inc | 243,724 | ||||||
726 | *,e | Rockwell Medical, Inc | 3,579 | |||||
837 | * | RTI Biologics, Inc | 3,850 | |||||
1,678 | * | Select Medical Holdings Corp | 30,456 | |||||
1,097 | * | Senseonics Holdings, Inc | 4,509 | |||||
220 | *,e | Sientra, Inc | 4,292 | |||||
166 | Simulations Plus, Inc | 3,694 | ||||||
646 | * | Staar Surgical Co | 20,026 | |||||
1,419 | STERIS Plc | 149,009 | ||||||
5,563 | Stryker Corp | 939,368 | ||||||
328 | * | Surgery Partners, Inc | 4,887 | |||||
300 | * | SurModics, Inc | 16,560 | |||||
280 | * | Tabula Rasa HealthCare, Inc | 17,872 | |||||
280 | * | Tactile Systems Technology, Inc | 14,560 | |||||
721 | *,e | Tandem Diabetes Care, Inc | 15,876 | |||||
1,001 | * | Teladoc, Inc | 58,108 | |||||
734 | Teleflex, Inc | 196,866 | ||||||
1,657 | * | Tenet Healthcare Corp | 55,626 | |||||
569 | * | Tivity Health, Inc | 20,029 | |||||
2,530 | *,e | TransEnterix, Inc | 11,031 | |||||
360 | * | Triple-S Management Corp (Class B) | 14,062 | |||||
15,734 | UnitedHealth Group, Inc | 3,860,179 | ||||||
1,403 | Universal Health Services, Inc (Class B) | 156,350 | ||||||
187 | US Physical Therapy, Inc | 17,952 | ||||||
49 | Utah Medical Products, Inc | 5,397 | ||||||
587 | * | Varex Imaging Corp | 21,772 | |||||
1,596 | * | Varian Medical Systems, Inc | 181,497 | |||||
2,071 | * | Veeva Systems, Inc | 159,177 | |||||
427 | *,e | ViewRay, Inc | 2,955 | |||||
433 | * | Vocera Communications, Inc | 12,942 | |||||
740 | * | WellCare Health Plans, Inc | 182,218 | |||||
1,214 | West Pharmaceutical Services, Inc | 120,538 | ||||||
1,633 | *,e | Wright Medical Group NV | 42,393 | |||||
3,331 | Zimmer Biomet Holdings, Inc | 371,207 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 28,186,075 | |||||||
|
|
72
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | ||||||||
160 | * | Central Garden & Pet Co | $ | 6,957 | ||||
580 | * | Central Garden and Pet Co (Class A) | 23,473 | |||||
4,108 | Church & Dwight Co, Inc | 218,381 | ||||||
2,093 | Clorox Co | 283,078 | ||||||
13,889 | Colgate-Palmolive Co | 900,146 | ||||||
7,842 | Coty, Inc | 110,572 | ||||||
893 | * | Edgewell Personal Care Co | 45,061 | |||||
326 | *,e | elf Beauty, Inc | 4,968 | |||||
957 | Energizer Holdings, Inc | 60,253 | ||||||
3,546 | Estee Lauder Cos (Class A) | 505,979 | ||||||
1,873 | * | Herbalife Ltd | 100,618 | |||||
1,858 | * | HRG Group, Inc | 24,321 | |||||
253 | Inter Parfums, Inc | 13,535 | ||||||
5,684 | Kimberly-Clark Corp | 598,753 | ||||||
160 | Medifast, Inc | 25,626 | ||||||
111 | Natural Health Trends Corp | 2,777 | ||||||
140 | * | Nature’s Sunshine Products, Inc | 1,309 | |||||
992 | Nu Skin Enterprises, Inc (Class A) | 77,564 | ||||||
80 | Oil-Dri Corp of America | 3,371 | ||||||
41,339 | Procter & Gamble Co | 3,226,922 | ||||||
185 | *,e | Revlon, Inc (Class A) | 3,247 | |||||
381 | e | Spectrum Brands, Inc | 31,097 | |||||
180 | * | USANA Health Sciences, Inc | 20,754 | |||||
215 | WD-40 Co | 31,444 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 6,320,206 | |||||||
|
| |||||||
INSURANCE - 3.9% | ||||||||
12,512 | Aflac, Inc | 538,266 | ||||||
232 | Alleghany Corp | 133,393 | ||||||
5,748 | Allstate Corp | 524,620 | ||||||
699 | * | AMBAC Financial Group, Inc | 13,875 | |||||
1,557 | American Equity Investment Life Holding Co | 56,052 | ||||||
1,241 | American Financial Group, Inc | 133,197 | ||||||
14,902 | American International Group, Inc | 790,104 | ||||||
114 | American National Insurance Co | 13,633 | ||||||
299 | Amerisafe, Inc | 17,267 | ||||||
1,758 | Amtrust Financial Services, Inc | 25,614 | ||||||
4,000 | Aon plc | 548,680 | ||||||
6,048 | * | Arch Capital Group Ltd | 160,030 | |||||
509 | Argo Group International Holdings Ltd | 29,598 | ||||||
2,914 | Arthur J. Gallagher & Co | 190,226 | ||||||
930 | Aspen Insurance Holdings Ltd | 37,851 | ||||||
856 | Assurant, Inc | 88,587 | ||||||
1,876 | Assured Guaranty Ltd | 67,030 | ||||||
2,520 | * | Athene Holding Ltd | 110,477 | |||||
1,308 | Axis Capital Holdings Ltd | 72,751 | ||||||
144 | Baldwin & Lyons, Inc (Class B) | 3,514 | ||||||
31,904 | * | Berkshire Hathaway, Inc (Class B) | 5,954,882 | |||||
1,957 | * | Brighthouse Financial, Inc | 78,417 | |||||
3,924 | Brown & Brown, Inc | 108,813 |
73
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
7,544 | Chubb Ltd | $ | 958,239 | |||||
2,548 | Cincinnati Financial Corp | 170,359 | ||||||
712 | *,e | Citizens, Inc (Class A) | 5,546 | |||||
426 | CNA Financial Corp | 19,460 | ||||||
2,753 | Conseco, Inc | 52,417 | ||||||
300 | Crawford & Co (Class B) | 2,595 | ||||||
143 | Donegal Group, Inc (Class A) | 1,946 | ||||||
264 | * | eHealth, Inc | 5,834 | |||||
124 | EMC Insurance Group, Inc | 3,445 | ||||||
488 | Employers Holdings, Inc | 19,618 | ||||||
247 | * | Enstar Group Ltd | 51,203 | |||||
389 | Erie Indemnity Co (Class A) | 45,614 | ||||||
642 | Everest Re Group Ltd | 147,968 | ||||||
150 | FBL Financial Group, Inc (Class A) | 11,813 | ||||||
201 | * | FedNat Holding Co | 4,637 | |||||
1,977 | First American Financial Corp | 102,250 | ||||||
4,270 | FNF Group | 160,637 | ||||||
7,696 | * | Genworth Financial, Inc (Class A) | 34,632 | |||||
104 | Global Indemnity Ltd | 4,054 | ||||||
161 | * | Goosehead Insurance, Inc | 4,019 | |||||
463 | * | Greenlight Capital Re Ltd (Class A) | 6,575 | |||||
198 | * | Hallmark Financial Services | 1,976 | |||||
664 | Hanover Insurance Group, Inc | 79,388 | ||||||
5,901 | Hartford Financial Services Group, Inc | 301,718 | ||||||
121 | HCI Group, Inc | 5,030 | ||||||
161 | * | Health Insurance Innovations, Inc | 5,208 | |||||
362 | e | Heritage Insurance Holdings, Inc | 6,035 | |||||
637 | Horace Mann Educators Corp | 28,410 | ||||||
90 | Independence Holding Co | 2,993 | ||||||
166 | Infinity Property & Casualty Corp | 23,630 | ||||||
23 | Investors Title Co | 4,247 | ||||||
648 | James River Group Holdings Ltd | 25,460 | ||||||
614 | Kemper Corp | 46,449 | ||||||
123 | Kingstone Cos, Inc | 2,079 | ||||||
497 | Kinsale Capital Group, Inc | 27,265 | ||||||
3,740 | Lincoln National Corp | 232,815 | ||||||
4,769 | Loews Corp | 230,247 | ||||||
910 | Maiden Holdings Ltd | 7,053 | ||||||
224 | * | Markel Corp | 242,894 | |||||
8,427 | Marsh & McLennan Cos, Inc | 690,761 | ||||||
2,003 | *,e | MBIA, Inc | 18,107 | |||||
429 | Mercury General Corp | 19,545 | ||||||
14,071 | Metlife, Inc | 613,496 | ||||||
742 | National General Holdings Corp | 19,537 | ||||||
35 | National Western Life Group, Inc | 10,754 | ||||||
334 | Navigators Group, Inc | 19,038 | ||||||
158 | * | NI Holdings, Inc | 2,678 | |||||
4,481 | Old Republic International Corp | 89,217 | ||||||
727 | Primerica, Inc | 72,409 | ||||||
4,749 | Principal Financial Group | 251,460 | ||||||
820 | ProAssurance Corp | 29,069 | ||||||
9,549 | Progressive Corp | 564,823 | ||||||
6,869 | Prudential Financial, Inc | 642,320 |
74
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,056 | Reinsurance Group of America, Inc (Class A) | $ | 140,955 | |||||
697 | RenaissanceRe Holdings Ltd | 83,863 | ||||||
600 | RLI Corp | 39,714 | ||||||
227 | Safety Insurance Group, Inc | 19,386 | ||||||
874 | Selective Insurance Group, Inc | 48,070 | ||||||
243 | State Auto Financial Corp | 7,268 | ||||||
351 | Stewart Information Services Corp | 15,118 | ||||||
1,153 | * | Third Point Reinsurance Ltd | 14,413 | |||||
433 | Tiptree Financial, Inc | 2,944 | ||||||
1,809 | Torchmark Corp | 147,271 | ||||||
4,467 | Travelers Cos, Inc | 546,493 | ||||||
342 | *,e | Trupanion, Inc | 13,201 | |||||
338 | United Fire & Casualty Co | 18,424 | ||||||
255 | United Insurance Holdings Corp | 4,993 | ||||||
503 | Universal Insurance Holdings, Inc | 17,655 | ||||||
3,600 | UnumProvident Corp | 133,164 | ||||||
1,400 | Validus Holdings Ltd | 94,640 | ||||||
1,489 | W.R. Berkley Corp | 107,819 | ||||||
56 | White Mountains Insurance Group Ltd | 50,770 | ||||||
2,214 | Willis Towers Watson plc | 335,642 | ||||||
4,260 | XL Group Ltd | 238,347 | ||||||
|
| |||||||
TOTAL INSURANCE | 17,905,999 | |||||||
|
| |||||||
MATERIALS - 3.1% | ||||||||
450 | A. Schulman, Inc | 20,025 | ||||||
324 | Advanced Emissions Solutions, Inc | 3,681 | ||||||
461 | * | AdvanSix, Inc | 16,886 | |||||
332 | * | AgroFresh Solutions, Inc | 2,327 | |||||
3,596 | Air Products & Chemicals, Inc | 560,005 | ||||||
6,324 | *,e | AK Steel Holding Corp | 27,446 | |||||
1,889 | Albemarle Corp | 178,189 | ||||||
2,897 | * | Alcoa Corp | 135,811 | |||||
2,222 | * | Allegheny Technologies, Inc | 55,817 | |||||
429 | American Vanguard Corp | 9,846 | ||||||
1,121 | Aptargroup, Inc | 104,679 | ||||||
271 | Ardagh Group S.A. | 4,504 | ||||||
943 | Ashland Global Holdings, Inc | 73,724 | ||||||
1,514 | Avery Dennison Corp | 154,579 | ||||||
3,458 | * | Axalta Coating Systems Ltd | 104,812 | |||||
485 | Balchem Corp | 47,598 | ||||||
5,623 | Ball Corp | 199,898 | ||||||
1,456 | Bemis Co, Inc | 61,458 | ||||||
2,289 | * | Berry Plastics Group, Inc | 105,157 | |||||
597 | Boise Cascade Co | 26,686 | ||||||
953 | Cabot Corp | 58,867 | ||||||
723 | Carpenter Technology Corp | 38,008 | ||||||
2,181 | Celanese Corp (Series A) | 242,222 | ||||||
831 | * | Century Aluminum Co | 13,088 | |||||
3,995 | CF Industries Holdings, Inc | 177,378 | ||||||
111 | Chase Corp | 13,015 | ||||||
2,911 | Chemours Co | 129,132 | ||||||
261 | * | Clearwater Paper Corp | 6,029 | |||||
4,904 | * | Cleveland-Cliffs, Inc | 41,341 |
75
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,861 | * | Coeur Mining, Inc | $ | 21,744 | ||||
1,801 | Commercial Metals Co | 38,019 | ||||||
532 | Compass Minerals International, Inc | 34,979 | ||||||
2,049 | * | Crown Holdings, Inc | 91,713 | |||||
976 | Domtar Corp | 46,594 | ||||||
38,173 | DowDuPont, Inc | 2,516,364 | ||||||
735 | Eagle Materials, Inc | 77,153 | ||||||
2,397 | Eastman Chemical Co | 239,604 | ||||||
4,238 | Ecolab, Inc | 594,719 | ||||||
1,255 | * | Ferro Corp | 26,167 | |||||
1,000 | *,m | Ferroglobe plc | 0 | |||||
835 | * | Flotek Industries, Inc | 2,697 | |||||
2,292 | FMC Corp | 204,469 | ||||||
325 | * | Forterra, Inc | 3,162 | |||||
24,379 | Freeport-McMoRan Copper & Gold, Inc (Class B) | 420,782 | ||||||
400 | FutureFuel Corp | 5,604 | ||||||
1,119 | * | GCP Applied Technologies, Inc | 32,395 | |||||
816 | * | Gold Resource Corp | 5,377 | |||||
4,828 | Graphic Packaging Holding Co | 70,054 | ||||||
87 | Greif, Inc | 5,011 | ||||||
395 | Greif, Inc (Class A) | 20,892 | ||||||
784 | H.B. Fuller Co | 42,085 | ||||||
142 | Hawkins, Inc | 5,020 | ||||||
193 | Haynes International, Inc | 7,091 | ||||||
6,116 | Hecla Mining Co | 21,284 | ||||||
3,508 | Huntsman Corp | 102,434 | ||||||
658 | * | Ingevity Corp | 53,206 | |||||
294 | Innophos Holdings, Inc | 13,994 | ||||||
373 | Innospec, Inc | 28,553 | ||||||
1,352 | International Flavors & Fragrances, Inc | 167,594 | ||||||
7,009 | International Paper Co | 365,029 | ||||||
1,493 | * | Intrepid Potash, Inc | 6,121 | |||||
261 | Kaiser Aluminum Corp | 27,173 | ||||||
1,463 | Kapstone Paper and Packaging Corp | 50,473 | ||||||
2,396 | * | Klondex Mines Ltd | 5,535 | |||||
256 | KMG Chemicals, Inc | 18,888 | ||||||
315 | * | Koppers Holdings, Inc | 12,080 | |||||
468 | * | Kraton Polymers LLC | 21,593 | |||||
357 | Kronos Worldwide, Inc | 8,043 | ||||||
2,555 | Louisiana-Pacific Corp | 69,547 | ||||||
406 | * | LSB Industries, Inc | 2,152 | |||||
5,309 | LyondellBasell Industries AF S.C.A | 583,194 | ||||||
8,475 | * | Marrone Bio Innovations, Inc | 15,594 | |||||
1,050 | Martin Marietta Materials, Inc | 234,496 | ||||||
300 | Materion Corp | 16,245 | ||||||
741 | Minerals Technologies, Inc | 55,834 | ||||||
5,507 | Mosaic Co | 154,471 | ||||||
371 | Myers Industries, Inc | 7,123 | ||||||
257 | Neenah Paper, Inc | 21,806 | ||||||
116 | NewMarket Corp | 46,922 | ||||||
8,626 | Newmont Mining Corp | 325,286 | ||||||
5,183 | Nucor Corp | 323,937 |
76
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
3,054 | Olin Corp | $ | 87,711 | |||||
163 | Olympic Steel, Inc | 3,327 | ||||||
694 | * | Omnova Solutions, Inc | 7,218 | |||||
2,868 | * | Owens-Illinois, Inc | 48,211 | |||||
1,586 | Packaging Corp of America | 177,299 | ||||||
658 | PH Glatfelter Co | 12,890 | ||||||
3,394 | * | Platform Specialty Products Corp | 39,370 | |||||
1,269 | PolyOne Corp | 54,846 | ||||||
4,122 | PPG Industries, Inc | 427,575 | ||||||
462 | * | PQ Group Holdings, Inc | 8,316 | |||||
4,713 | Praxair, Inc | 745,361 | ||||||
201 | Quaker Chemical Corp | 31,129 | ||||||
1,995 | * | Ramaco Resources, Inc | 13,885 | |||||
877 | Rayonier Advanced Materials, Inc | 14,988 | ||||||
1,105 | Reliance Steel & Aluminum Co | 96,732 | ||||||
1,100 | Royal Gold, Inc | 102,124 | ||||||
2,208 | RPM International, Inc | 128,771 | ||||||
272 | * | Ryerson Holding Corp | 3,033 | |||||
421 | Schnitzer Steel Industries, Inc (Class A) | 14,188 | ||||||
438 | Schweitzer-Mauduit International, Inc | 19,149 | ||||||
716 | Scotts Miracle-Gro Co (Class A) | 59,543 | ||||||
2,697 | Sealed Air Corp | 114,488 | ||||||
694 | Sensient Technologies Corp | 49,656 | ||||||
1,340 | Sherwin-Williams Co | 546,144 | ||||||
1,161 | Silgan Holdings, Inc | 31,150 | ||||||
1,720 | Sonoco Products Co | 90,300 | ||||||
1,302 | Southern Copper Corp (NY) | 61,025 | ||||||
3,643 | Steel Dynamics, Inc | 167,396 | ||||||
302 | Stepan Co | 23,559 | ||||||
1,996 | * | Summit Materials, Inc | 52,395 | |||||
1,010 | * | SunCoke Energy, Inc | 13,534 | |||||
4,844 | Tahoe Resources, Inc | 23,832 | ||||||
717 | * | TimkenSteel Corp | 11,723 | |||||
322 | * | Trecora Resources | 4,782 | |||||
394 | Tredegar Corp | 9,259 | ||||||
733 | Trinseo S.A. | 52,006 | ||||||
1,458 | Tronox Ltd | 28,693 | ||||||
97 | * | UFP Technologies, Inc | 2,992 | |||||
30 | United States Lime & Minerals, Inc | 2,517 | ||||||
3,129 | United States Steel Corp | 108,733 | ||||||
238 | *,e | US Concrete, Inc | 12,495 | |||||
592 | Valhi, Inc | 2,818 | ||||||
3,141 | Valvoline, Inc | 67,751 | ||||||
1,196 | * | Verso Corp | 26,025 | |||||
2,165 | Vulcan Materials Co | 279,415 | ||||||
610 | Warrior Met Coal, Inc | 16,818 | ||||||
559 | Westlake Chemical Corp | 60,165 | ||||||
4,102 | WestRock Co | 233,896 | ||||||
702 | * | Worthington Industries, Inc | 29,463 | |||||
1,067 | WR Grace and Co | 78,222 | ||||||
|
| |||||||
TOTAL MATERIALS | 14,179,428 | |||||||
|
|
77
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
MEDIA - 2.2% | ||||||||
855 | e | AMC Entertainment Holdings, Inc | $ | 13,594 | ||||
741 | * | AMC Networks, Inc | 46,090 | |||||
76 | Beasley Broadcasting Group, Inc | 851 | ||||||
698 | * | Boston Omaha Corp | 14,707 | |||||
72 | Cable One, Inc | 52,797 | ||||||
5,327 | CBS Corp (Class B) | 299,484 | ||||||
1,847 | * | Central European Media Enterprises Ltd (Class A) (NASDAQ) | 7,665 | |||||
2,946 | * | Charter Communications, Inc | 863,797 | |||||
1,638 | Cinemark Holdings, Inc | 57,461 | ||||||
566 | Clear Channel Outdoor Holdings, Inc (Class A) | 2,434 | ||||||
75,052 | Comcast Corp (Class A) | 2,462,456 | ||||||
17 | *,e | Daily Journal Corp | 3,913 | |||||
2,851 | *,e | Discovery, Inc (Class A) | 78,402 | |||||
5,566 | * | Discovery, Inc (Class C) | 141,933 | |||||
3,453 | * | DISH Network Corp (Class A) | 116,055 | |||||
235 | Emerald Expositions Events, Inc | 4,841 | ||||||
2,009 | e | Entercom Communications Corp (Class A) | 15,168 | |||||
1,005 | Entravision Communications Corp (Class A) | 5,025 | ||||||
454 | *,e | Eros International plc | 5,902 | |||||
916 | EW Scripps Co (Class A) | 12,265 | ||||||
218 | *,e | Fluent, Inc | 534 | |||||
1,767 | Gannett Co, Inc | 18,907 | ||||||
1,557 | * | GCI Liberty, Inc | 70,190 | |||||
1,876 | * | Gray Television, Inc | 29,641 | |||||
248 | * | Hemisphere Media Group, Inc | 3,249 | |||||
902 | * | Imax Corp | 19,979 | |||||
6,297 | Interpublic Group of Cos, Inc | 147,602 | ||||||
693 | John Wiley & Sons, Inc (Class A) | 43,243 | ||||||
170 | * | Liberty Braves Group (Class A) | 4,371 | |||||
525 | * | Liberty Braves Group (Class C) | 13,576 | |||||
392 | * | Liberty Broadband Corp (Class A) | 29,651 | |||||
1,723 | * | Liberty Broadband Corp (Class C) | 130,466 | |||||
1,811 | * | Liberty Latin America Ltd | 35,097 | |||||
681 | * | Liberty Latin America Ltd (Class A) | 13,021 | |||||
398 | * | Liberty Media Group (Class A) | 14,053 | |||||
3,180 | * | Liberty Media Group (Class C) | 118,073 | |||||
1,395 | * | Liberty SiriusXM Group (Class A) | 62,845 | |||||
2,800 | * | Liberty SiriusXM Group (Class C) | 127,008 | |||||
786 | e | Lions Gate Entertainment Corp (Class A) | 19,509 | |||||
1,548 | Lions Gate Entertainment Corp (Class B) | 36,316 | ||||||
2,254 | * | Live Nation, Inc | 109,477 | |||||
439 | * | LiveXLive Media, Inc | 2,533 | |||||
200 | * | Loral Space & Communications, Inc | 7,520 | |||||
306 | * | Madison Square Garden Co | 94,918 | |||||
294 | Marcus Corp | 9,555 | ||||||
884 | * | MDC Partners, Inc | 4,066 | |||||
597 | e | Meredith Corp | 30,447 | |||||
934 | * | MSG Networks, Inc | 22,369 | |||||
970 | National CineMedia, Inc | 8,148 | ||||||
804 | New Media Investment Group, Inc | 14,858 | ||||||
1,938 | New York Times Co (Class A) | 50,194 | ||||||
6,379 | News Corp | 98,874 | ||||||
1,884 | News Corp (Class B) | 29,861 |
78
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
706 | Nexstar Broadcasting Group, Inc (Class A) | $ | 51,820 | |||||
3,754 | Omnicom Group, Inc | 286,318 | ||||||
444 | * | Reading International, Inc | 7,082 | |||||
32 | *,m | Rovi Guides, Inc | 112 | |||||
51 | Saga Communications, Inc | 1,964 | ||||||
438 | Scholastic Corp | 19,408 | ||||||
1,071 | Sinclair Broadcast Group, Inc (Class A) | 34,433 | ||||||
21,148 | e | Sirius XM Holdings, Inc | 143,172 | |||||
3,394 | TEGNA, Inc | 36,825 | ||||||
1,489 | Tribune Co | 56,984 | ||||||
414 | * | tronc, Inc | 7,154 | |||||
17,113 | Twenty-First Century Fox, Inc | 850,345 | ||||||
8,179 | Twenty-First Century Fox, Inc (Class B) | 402,979 | ||||||
150 | e | Viacom, Inc | 5,318 | |||||
5,848 | Viacom, Inc (Class B) | 176,376 | ||||||
24,544 | Walt Disney Co | 2,572,457 | ||||||
341 | *,e | WideOpenWest, Inc | 3,294 | |||||
695 | e | World Wrestling Entertainment, Inc (Class A) | 50,610 | |||||
|
| |||||||
TOTAL MEDIA | 10,331,642 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6% | ||||||||
26,111 | AbbVie, Inc | 2,419,184 | ||||||
404 | *,e | Abeona Therapeutics, Inc | 6,464 | |||||
1,514 | *,e | Acadia Pharmaceuticals, Inc | 23,119 | |||||
406 | *,e | Accelerate Diagnostics, Inc | 9,054 | |||||
492 | * | Acceleron Pharma, Inc | 23,872 | |||||
459 | *,e | Achaogen, Inc | 3,975 | |||||
1,810 | * | Achillion Pharmaceuticals, Inc | 5,122 | |||||
319 | *,e | Aclaris Therapeutics, Inc | 6,370 | |||||
662 | * | Acorda Therapeutics, Inc | 18,999 | |||||
265 | *,e | Adamas Pharmaceuticals, Inc | 6,845 | |||||
638 | *,e | Aduro Biotech, Inc | 4,466 | |||||
883 | * | Adverum Biotechnologies, Inc | 4,680 | |||||
1,425 | * | Aeglea BioTherapeutics, Inc | 15,077 | |||||
702 | * | Aerie Pharmaceuticals, Inc | 47,420 | |||||
1,104 | *,e | Agenus, Inc | 2,506 | |||||
5,456 | Agilent Technologies, Inc | 337,399 | ||||||
823 | * | Agios Pharmaceuticals, Inc | 69,321 | |||||
554 | * | Aimmune Therapeutics, Inc | 14,897 | |||||
239 | *,e | Akcea Therapeutics, Inc | 5,667 | |||||
576 | * | Akebia Therapeutics, Inc | 5,748 | |||||
1,391 | * | Akorn, Inc | 23,077 | |||||
147 | * | Albireo Pharma, Inc | 5,219 | |||||
965 | *,e | Alder Biopharmaceuticals, Inc | 15,247 | |||||
3,495 | * | Alexion Pharmaceuticals, Inc | 433,904 | |||||
2,380 | * | Alkermes plc | 97,961 | |||||
5,561 | Allergan plc | 927,130 | ||||||
1,548 | * | Alnylam Pharmaceuticals, Inc | 152,463 | |||||
533 | * | AMAG Pharmaceuticals, Inc | 10,394 | |||||
10,902 | Amgen, Inc | 2,012,400 | ||||||
2,936 | *,e | Amicus Therapeutics, Inc | 45,860 | |||||
2,013 | * | Amneal Pharmaceuticals, Inc | 33,033 | |||||
552 | * | Amphastar Pharmaceuticals, Inc | 8,424 |
79
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
6,494 | * | Ampio Pharmaceuticals, Inc | $ | 14,287 | ||||
305 | * | AnaptysBio, Inc | 21,667 | |||||
121 | * | ANI Pharmaceuticals, Inc | 8,083 | |||||
582 | *,e | Apellis Pharmaceuticals, Inc | 12,804 | |||||
626 | * | Aratana Therapeutics, Inc | 2,661 | |||||
574 | * | Arbutus Biopharma Corp | 4,190 | |||||
650 | * | Ardelyx, Inc | 2,405 | |||||
884 | * | Arena Pharmaceuticals, Inc | 38,542 | |||||
1,405 | * | Arqule, Inc | 7,770 | |||||
3,325 | * | Array Biopharma, Inc | 55,794 | |||||
1,400 | *,e | Arrowhead Research Corp | 19,040 | |||||
216 | * | Assembly Biosciences, Inc | 8,469 | |||||
719 | *,e | Atara Biotherapeutics, Inc | 26,423 | |||||
673 | *,e | Athenex, Inc | 12,558 | |||||
1,583 | *,e | Athersys, Inc | 3,119 | |||||
516 | * | Audentes Therapeutics, Inc | 19,716 | |||||
1,650 | *,e | AVEO Pharmaceuticals, Inc | 3,729 | |||||
3,969 | * | Avid Bioservices, Inc | 15,558 | |||||
419 | * | Bellicum Pharmaceuticals, Inc | 3,092 | |||||
1,257 | * | BioCryst Pharmaceuticals, Inc | 7,203 | |||||
3,481 | * | Biogen Idec, Inc | 1,010,325 | |||||
451 | * | Biohaven Pharmaceutical Holding Co Ltd | 17,824 | |||||
2,842 | * | BioMarin Pharmaceutical, Inc | 267,716 | |||||
379 | * | Bio-Rad Laboratories, Inc (Class A) | 109,357 | |||||
89 | * | Biospecifics Technologies Corp | 3,993 | |||||
578 | Bio-Techne Corp | 85,515 | ||||||
1,211 | *,e | BioTime, Inc | 2,495 | |||||
829 | * | Bluebird Bio, Inc | 130,112 | |||||
676 | * | Blueprint Medicines Corp | 42,912 | |||||
26,877 | Bristol-Myers Squibb Co | 1,487,373 | ||||||
1,641 | Bruker BioSciences Corp | 47,655 | ||||||
470 | * | Calithera Biosciences, Inc | 2,350 | |||||
127 | *,e | Calyxt, Inc | 2,371 | |||||
504 | * | Cambrex Corp | 26,359 | |||||
425 | * | Cara Therapeutics Inc | 8,139 | |||||
519 | * | CareDx, Inc | 6,353 | |||||
807 | *,e | CASI Pharmaceuticals, Inc | 6,642 | |||||
2,296 | * | Catalent, Inc | 96,179 | |||||
1,294 | * | Catalyst Biosciences, Inc | 15,101 | |||||
1,095 | * | Catalyst Pharmaceuticals, Inc | 3,416 | |||||
11,767 | * | Celgene Corp | 934,535 | |||||
776 | * | Cellular Biomedicine Group, Inc | 15,171 | |||||
728 | * | Charles River Laboratories International, Inc | 81,725 | |||||
402 | * | ChemoCentryx, Inc | 5,294 | |||||
913 | * | Chimerix, Inc | 4,346 | |||||
3,917 | * | ChromaDex Corp | 14,532 | |||||
315 | * | Clearside Biomedical, Inc | 3,367 | |||||
747 | * | Clovis Oncology, Inc | 33,966 | |||||
646 | * | Codexis, Inc | 9,302 | |||||
359 | * | Cohbar, Inc | 2,351 | |||||
601 | * | Coherus Biosciences, Inc | 8,414 | |||||
351 | * | Collegium Pharmaceutical, Inc | 8,371 | |||||
271 | * | Concert Pharmaceuticals Inc | 4,561 |
80
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
708 | *,e | Corbus Pharmaceuticals Holdings, Inc | $ | 3,575 | ||||
1,401 | *,e | Corcept Therapeutics, Inc | 22,024 | |||||
478 | *,e | Corium International, Inc | 3,829 | |||||
145 | *,e | Corvus Pharmaceuticals, Inc | 1,592 | |||||
828 | * | CTI BioPharma Corp | 4,123 | |||||
288 | * | Cue Biopharma, Inc | 3,416 | |||||
949 | * | Cymabay Therapeutics, Inc | 12,736 | |||||
639 | * | Cytokinetics, Inc | 5,304 | |||||
459 | * | CytomX Therapeutics, Inc | 10,493 | |||||
127 | * | Deciphera Pharmaceuticals, Inc | 4,997 | |||||
243 | * | Denali Therapeutics, Inc | 3,706 | |||||
928 | * | Depomed, Inc | 6,190 | |||||
587 | * | Dermira, Inc | 5,400 | |||||
716 | * | Dicerna Pharmaceuticals Inc | 8,771 | |||||
520 | * | Dova Pharmaceuticals, Inc | 15,558 | |||||
2,721 | * | Durect Corp | 4,245 | |||||
1,036 | * | Dynavax Technologies Corp | 15,799 | |||||
122 | *,e | Eagle Pharmaceuticals, Inc | 9,231 | |||||
736 | * | Editas Medicine, Inc | 26,371 | |||||
15,688 | Eli Lilly & Co | 1,338,657 | ||||||
348 | * | Eloxx Pharmaceuticals, Inc | 5,940 | |||||
709 | * | Emergent Biosolutions, Inc | 35,797 | |||||
232 | * | Enanta Pharmaceuticals, Inc | 26,889 | |||||
3,476 | * | Endo International plc | 32,779 | |||||
1,045 | * | Endocyte, Inc | 14,421 | |||||
623 | * | Enzo Biochem, Inc | 3,233 | |||||
620 | * | Epizyme, Inc | 8,401 | |||||
623 | *,e | Esperion Thereapeutics, Inc | 24,415 | |||||
1,923 | * | Exact Sciences Corp | 114,976 | |||||
5,221 | * | Exelixis, Inc | 112,356 | |||||
835 | *,e | Fate Therapeutics, Inc | 9,469 | |||||
1,429 | * | Fennec Pharmaceuticals, Inc | 14,919 | |||||
1,241 | * | FibroGen, Inc | 77,687 | |||||
428 | * | Five Prime Therapeutics, Inc | 6,767 | |||||
438 | *,e | Flexion Therapeutics Inc | 11,322 | |||||
515 | * | Fluidigm Corp | 3,069 | |||||
5,470 | *,e | Fortress Biotech, Inc | 16,301 | |||||
227 | * | Foundation Medicine, Inc | 31,031 | |||||
336 | *,e | G1 Therapeutics, Inc | 14,603 | |||||
303 | * | Genomic Health, Inc | 15,271 | |||||
2,277 | *,e | Geron Corp | 7,810 | |||||
21,269 | Gilead Sciences, Inc | 1,506,696 | ||||||
805 | * | Global Blood Therapeutics, Inc | 36,386 | |||||
541 | * | GlycoMimetics Inc | 8,726 | |||||
2,005 | * | Halozyme Therapeutics, Inc | 33,824 | |||||
2,728 | * | Harvard Bioscience, Inc | 14,595 | |||||
1,027 | * | Heron Therapeutics, Inc | 39,899 | |||||
2,514 | * | Horizon Pharma plc | 41,632 | |||||
2,749 | * | Idera Pharmaceuticals, Inc | 3,629 | |||||
2,433 | * | Illumina, Inc | 679,513 | |||||
629 | * | Immune Design Corp | 2,862 | |||||
2,066 | * | Immunogen, Inc | 20,102 | |||||
2,121 | * | Immunomedics, Inc | 50,204 |
81
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,861 | * | Incyte Corp | $ | 191,687 | ||||
718 | *,e | Innovate Biopharmaceuticals, Inc | 16,923 | |||||
1,186 | * | Innoviva, Inc | 16,367 | |||||
1,045 | *,e | Inovio Pharmaceuticals, Inc | 4,096 | |||||
1,335 | * | Insmed, Inc | 31,573 | |||||
340 | *,e | Insys Therapeutics, Inc | 2,462 | |||||
536 | *,e | Intellia Therapeutics, Inc | 14,665 | |||||
353 | * | Intercept Pharmaceuticals, Inc | 29,620 | |||||
388 | * | Intersect ENT, Inc | 14,531 | |||||
527 | * | Intra-Cellular Therapies, Inc | 9,312 | |||||
861 | *,e | Intrexon Corp | 12,002 | |||||
587 | * | Invitae Corp | 4,314 | |||||
2,281 | * | Ionis Pharmaceuticals, Inc | 95,049 | |||||
1,361 | * | Iovance Biotherapeutics, Inc | 17,421 | |||||
2,693 | * | IQVIA Holdings, Inc | 268,815 | |||||
2,083 | * | Ironwood Pharmaceuticals, Inc | 39,827 | |||||
941 | * | Jazz Pharmaceuticals plc | 162,134 | |||||
44,183 | Johnson & Johnson | 5,361,165 | ||||||
97 | *,e | Jounce Therapeutics, Inc | 743 | |||||
1,126 | * | Kadmon Holdings, Inc | 4,493 | |||||
127 | * | Kala Pharmaceuticals, Inc | 1,744 | |||||
499 | * | Karyopharm Therapeutics, Inc | 8,478 | |||||
1,346 | * | Keryx Biopharmaceuticals, Inc | 5,061 | |||||
337 | * | Kindred Biosciences Inc | 3,589 | |||||
217 | * | Kura Oncology, Inc | 3,949 | |||||
268 | *,e | La Jolla Pharmaceutical Co | 7,818 | |||||
429 | *,e | Lannett Co, Inc | 5,834 | |||||
657 | *,e | Lexicon Pharmaceuticals, Inc | 7,884 | |||||
305 | * | Ligand Pharmaceuticals, Inc (Class B) | 63,187 | |||||
429 | * | Loxo Oncology, Inc | 74,423 | |||||
628 | Luminex Corp | 18,545 | ||||||
515 | * | MacroGenics, Inc | 10,635 | |||||
93 | * | Madrigal Pharmaceuticals, Inc | 26,011 | |||||
1,553 | * | Mallinckrodt plc | 28,979 | |||||
2,279 | *,e | MannKind Corp | 4,330 | |||||
592 | * | Marinus Pharmaceuticals, Inc | 4,185 | |||||
1,076 | * | Medicines Co | 39,489 | |||||
458 | *,e | MediciNova, Inc | 3,646 | |||||
111 | * | Medpace Holdings, Inc | 4,773 | |||||
128 | * | Melinta Therapeutics, Inc | 813 | |||||
98 | *,e | Menlo Therapeutics, Inc | 796 | |||||
177 | * | Mersana Therapeutics, Inc | 3,161 | |||||
396 | * | Mettler-Toledo International, Inc | 229,137 | |||||
1,570 | *,e | MiMedx Group, Inc | 10,032 | |||||
553 | * | Minerva Neurosciences, Inc | 4,562 | |||||
216 | *,e | Miragen Therapeutics, Inc | 1,385 | |||||
291 | *,e | Mirati Therapeutics, Inc | 14,346 | |||||
1,150 | * | Momenta Pharmaceuticals, Inc | 23,518 | |||||
8,360 | * | Mylan NV | 302,130 | |||||
491 | * | MyoKardia, Inc | 24,378 | |||||
1,032 | * | Myriad Genetics, Inc | 38,566 | |||||
276 | * | NanoString Technologies, Inc | 3,776 | |||||
484 | *,e | NantKwest, Inc | 1,481 |
82
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
482 | * | Natera, Inc | $ | 9,071 | ||||
2,571 | * | Nektar Therapeutics | 125,542 | |||||
820 | * | NeoGenomics, Inc | 10,750 | |||||
297 | *,e | Neos Therapeutics, Inc | 1,856 | |||||
1,442 | * | Neurocrine Biosciences, Inc | 141,662 | |||||
298 | * | NewLink Genetics Corp | 1,418 | |||||
4,132 | *,e | Novavax, Inc | 5,537 | |||||
416 | *,e | Nymox Pharmaceutical Corp | 1,398 | |||||
362 | *,e | Ocular Therapeutix, Inc | 2,444 | |||||
107 | *,e | Odonate Therapeutics, Inc | 2,363 | |||||
652 | *,e | Omeros Corp | 11,827 | |||||
5,196 | *,e | Opko Health, Inc | 24,421 | |||||
258 | * | Optinose, Inc | 7,219 | |||||
1,615 | *,e | Organovo Holdings, Inc | 2,261 | |||||
1,907 | * | Ovid therapeutics, Inc | 14,875 | |||||
1,315 | * | Pacific Biosciences of California, Inc | 4,668 | |||||
609 | * | Pacira Pharmaceuticals, Inc | 19,518 | |||||
14,286 | * | Palatin Technologies, Inc | 13,855 | |||||
374 | *,e | Paratek Pharmaceuticals, Inc | 3,815 | |||||
2,346 | * | PDL BioPharma, Inc | 5,490 | |||||
1,920 | * | PerkinElmer, Inc | 140,602 | |||||
2,143 | Perrigo Co plc | 156,246 | ||||||
2,778 | * | Pfenex, Inc | 15,029 | |||||
95,265 | Pfizer, Inc | 3,456,214 | ||||||
293 | Phibro Animal Health Corp | 13,493 | ||||||
529 | * | Pieris Pharmaceuticals, Inc | 2,682 | |||||
140 | * | PolarityTE, Inc | 3,296 | |||||
1,084 | * | Portola Pharmaceuticals, Inc | 40,943 | |||||
771 | * | PRA Health Sciences, Inc | 71,981 | |||||
817 | * | Prestige Brands Holdings, Inc | 31,356 | |||||
1,110 | * | Progenics Pharmaceuticals, Inc | 8,924 | |||||
5,051 | * | Proteostasis Therapeutics, Inc | 14,092 | |||||
594 | * | Prothena Corp plc | 8,661 | |||||
729 | * | PTC Therapeutics, Inc | 24,589 | |||||
453 | * | Puma Biotechnology, Inc | 26,795 | |||||
3,585 | QIAGEN NV | 129,634 | ||||||
177 | * | Ra Pharmaceuticals, Inc | 1,761 | |||||
582 | *,e | Radius Health, Inc | 17,152 | |||||
137 | *,e | Reata Pharmaceuticals, Inc | 4,791 | |||||
183 | * | Recro Pharma, Inc | 919 | |||||
1,288 | * | Regeneron Pharmaceuticals, Inc | 444,347 | |||||
425 | * | REGENXBIO, Inc | 30,494 | |||||
526 | * | Repligen Corp | 24,743 | |||||
594 | * | Retrophin, Inc | 16,192 | |||||
352 | * | Revance Therapeutics, Inc | 9,662 | |||||
147 | * | Rhythm Pharmaceuticals, Inc | 4,595 | |||||
1,863 | * | Rigel Pharmaceuticals, Inc | 5,272 | |||||
337 | *,e | Rocket Pharmaceuticals, Inc | 6,615 | |||||
721 | * | Sage Therapeutics, Inc | 112,858 | |||||
1,935 | * | Sangamo Biosciences, Inc | 27,477 | |||||
1,019 | * | Sarepta Therapeutics, Inc | 134,691 | |||||
404 | * | Savara, Inc | 4,573 | |||||
44,311 | Schering-Plough Corp | 2,689,678 |
83
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,816 | * | Seattle Genetics, Inc | $ | 120,564 | ||||
190 | *,e | Selecta Biosciences, Inc | 2,518 | |||||
309 | *,e | Seres Therapeutics, Inc | 2,657 | |||||
243 | *,e | Sienna Biopharmaceuticals, Inc | 3,691 | |||||
842 | * | SIGA Technologies, Inc | 5,001 | |||||
146 | * | Solid Biosciences, Inc | 5,202 | |||||
1,400 | * | Sorrento Therapeutics, Inc | 10,080 | |||||
483 | *,e | Spark Therapeutics, Inc | 39,973 | |||||
1,594 | * | Spectrum Pharmaceuticals, Inc | 33,410 | |||||
334 | * | Stemline Therapeutics, Inc | 5,361 | |||||
725 | * | Supernus Pharmaceuticals, Inc | 43,391 | |||||
152 | * | Syndax Pharmaceuticals, Inc | 1,067 | |||||
839 | * | Syneos Health, Inc | 39,349 | |||||
4,271 | *,e | Synergy Pharmaceuticals, Inc | 7,432 | |||||
1,588 | * | Synlogic, Inc | 15,610 | |||||
204 | * | Syros Pharmaceuticals, Inc | 2,083 | |||||
416 | * | T2 Biosystems, Inc | 3,220 | |||||
648 | *,e | Teligent, Inc | 2,242 | |||||
579 | *,e | TESARO, Inc | 25,748 | |||||
573 | * | Tetraphase Pharmaceuticals, Inc | 2,046 | |||||
748 | * | TG Therapeutics, Inc | 9,836 | |||||
2,459 | *,e | TherapeuticsMD, Inc | 15,344 | |||||
661 | *,e | Theravance Biopharma, Inc | 14,992 | |||||
6,606 | Thermo Fisher Scientific, Inc | 1,368,367 | ||||||
133 | *,e | Tocagen, Inc | 1,242 | |||||
4,055 | * | Tyme Technologies, Inc | 12,814 | |||||
757 | * | Ultragenyx Pharmaceutical, Inc | 58,191 | |||||
696 | * | United Therapeutics Corp | 78,752 | |||||
677 | * | Vanda Pharmaceuticals, Inc | 12,897 | |||||
353 | * | Veracyte, Inc | 3,297 | |||||
850 | * | Verastem, Inc | 5,848 | |||||
597 | * | Vericel Corp | 5,791 | |||||
4,234 | * | Vertex Pharmaceuticals, Inc | 719,611 | |||||
701 | * | Viking Therapeutics, Inc | 6,653 | |||||
2,440 | * | Vital Therapies, Inc | 16,714 | |||||
282 | * | Voyager Therapeutics, Inc | 5,510 | |||||
— | *,e | vTv Therapeutics, Inc | 0 | |||||
1,265 | * | Waters Corp | 244,891 | |||||
192 | * | WaVe Life Sciences Pte Ltd | 7,344 | |||||
743 | * | Xencor Inc | 27,498 | |||||
1,723 | * | Zafgen, Inc | 17,626 | |||||
2,318 | *,e | ZIOPHARM Oncology, Inc | 7,000 | |||||
8,045 | Zoetis, Inc | 685,354 | ||||||
629 | * | Zogenix, Inc | 27,802 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 35,204,276 | |||||||
|
| |||||||
REAL ESTATE - 3.8% | ||||||||
1,300 | Acadia Realty Trust | 35,581 | ||||||
632 | Agree Realty Corp | 33,351 | ||||||
1,021 | Alexander & Baldwin, Inc | 23,993 | ||||||
57 | Alexander’s, Inc | 21,810 | ||||||
1,618 | Alexandria Real Estate Equities, Inc | 204,143 | ||||||
196 | *,e | Altisource Portfolio Solutions S.A. | 5,717 |
84
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
714 | American Assets Trust, Inc | $ | 27,339 | |||||
2,096 | American Campus Communities, Inc | 89,876 | ||||||
4,773 | American Homes 4 Rent | 105,865 | ||||||
7,205 | American Tower Corp | 1,038,745 | ||||||
720 | Americold Realty Trust | 15,854 | ||||||
2,440 | Apartment Investment & Management Co (Class A) | 103,212 | ||||||
4,063 | Apple Hospitality REIT, Inc | 72,646 | ||||||
694 | Armada Hoffler Properties, Inc | 10,341 | ||||||
1,645 | Ashford Hospitality Trust, Inc | 13,324 | ||||||
179 | * | AV Homes, Inc | 3,831 | |||||
2,244 | AvalonBay Communities, Inc | 385,721 | ||||||
364 | Bluerock Residential Growth REIT, Inc | 3,247 | ||||||
2,473 | Boston Properties, Inc | 310,164 | ||||||
403 | BraeMar Hotels & Resorts, Inc | 4,602 | ||||||
2,649 | Brandywine Realty Trust | 44,715 | ||||||
4,778 | Brixmor Property Group, Inc | 83,281 | ||||||
1,146 | Brt Realty Trust | 14,611 | ||||||
1,459 | Camden Property Trust | 132,959 | ||||||
1,679 | CareTrust REIT, Inc | 28,023 | ||||||
568 | CatchMark Timber Trust Inc | 7,231 | ||||||
2,955 | CBL & Associates Properties, Inc | 16,459 | ||||||
5,436 | * | CBRE Group, Inc | 259,515 | |||||
1,224 | Cedar Realty Trust, Inc | 5,777 | ||||||
572 | Chatham Lodging Trust | 12,138 | ||||||
909 | Chesapeake Lodging Trust | 28,761 | ||||||
471 | City Office REIT, Inc | 6,043 | ||||||
1,977 | Clipper Realty, Inc | 16,884 | ||||||
8,422 | Colony Capital, Inc | 52,553 | ||||||
1,903 | Columbia Property Trust, Inc | 43,217 | ||||||
199 | Community Healthcare Trust, Inc | 5,944 | ||||||
74 | Consolidated-Tomoka Land Co | 4,552 | ||||||
1,864 | CoreCivic, Inc | 44,531 | ||||||
185 | CorEnergy Infrastructure Trust, Inc | 6,956 | ||||||
675 | * | CorePoint Lodging, Inc | 17,482 | |||||
582 | Coresite Realty | 64,497 | ||||||
1,557 | Corporate Office Properties Trust | 45,137 | ||||||
6,513 | Cousins Properties, Inc | 63,111 | ||||||
6,702 | Crown Castle International Corp | 722,610 | ||||||
3,228 | CubeSmart | 104,006 | ||||||
1,577 | CyrusOne, Inc | 92,034 | ||||||
1,671 | DCT Industrial Trust, Inc | 111,506 | ||||||
2,580 | DDR Corp | 46,182 | ||||||
3,453 | DiamondRock Hospitality Co | 42,403 | ||||||
3,311 | Digital Realty Trust, Inc | 369,441 | ||||||
2,632 | Douglas Emmett, Inc | 105,754 | ||||||
5,730 | Duke Realty Corp | 166,342 | ||||||
587 | Easterly Government Properties, Inc | 11,599 | ||||||
673 | EastGroup Properties, Inc | 64,312 | ||||||
1,148 | Education Realty Trust, Inc | 47,642 | ||||||
2,070 | Empire State Realty Trust, Inc | 35,397 | ||||||
1,161 | Entertainment Properties Trust | 75,221 | ||||||
1,307 | Equinix, Inc | 561,866 | ||||||
2,199 | * | Equity Commonwealth | 69,269 |
85
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,525 | Equity Lifestyle Properties, Inc | $ | 140,148 | |||||
5,742 | Equity Residential | 365,708 | ||||||
1,056 | Essex Property Trust, Inc | 252,458 | ||||||
2,082 | Extra Space Storage, Inc | 207,804 | ||||||
482 | Farmland Partners, Inc | 4,242 | ||||||
1,127 | Federal Realty Investment Trust | 142,622 | ||||||
2,259 | First Industrial Realty Trust, Inc | 75,315 | ||||||
3,596 | Forest City Realty Trust, Inc | 82,025 | ||||||
240 | *,e | Forestar Group, Inc | 4,980 | |||||
1,235 | Four Corners Property Trust, Inc | 30,418 | ||||||
1,621 | Franklin Street Properties Corp | 13,876 | ||||||
766 | Front Yard Residential Corp | 7,982 | ||||||
102 | * | FRP Holdings, Inc | 6,605 | |||||
3,570 | Gaming and Leisure Properties, Inc | 127,806 | ||||||
1,959 | Geo Group, Inc | 53,951 | ||||||
763 | Getty Realty Corp | 21,494 | ||||||
10,010 | GGP, Inc | 204,504 | ||||||
475 | Gladstone Commercial Corp | 9,130 | ||||||
1,177 | Gladstone Land Corp | 14,913 | ||||||
1,861 | Global Medical REIT, Inc | 16,488 | ||||||
1,165 | Global Net Lease, Inc | 23,801 | ||||||
1,628 | Government Properties Income Trust | 25,804 | ||||||
2,531 | Gramercy Property Trust | 69,147 | ||||||
775 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 15,306 | ||||||
7,353 | HCP, Inc | 189,854 | ||||||
1,899 | Healthcare Realty Trust, Inc | 55,223 | ||||||
3,069 | Healthcare Trust of America, Inc | 82,740 | ||||||
697 | Hersha Hospitality Trust | 14,951 | ||||||
647 | HFF, Inc (Class A) | 22,224 | ||||||
1,796 | Highwoods Properties, Inc | 91,111 | ||||||
2,629 | Hospitality Properties Trust | 75,216 | ||||||
12,207 | Host Marriott Corp | 257,201 | ||||||
692 | * | Howard Hughes Corp | 91,690 | |||||
2,438 | Hudson Pacific Properties | 86,378 | ||||||
1,062 | Independence Realty Trust, Inc | 10,949 | ||||||
361 | Industrial Logistics Properties Trust | 8,068 | ||||||
107 | Innovative Industrial Properties, Inc | 3,918 | ||||||
1,924 | Investors Real Estate Trust | 10,640 | ||||||
4,609 | Invitation Homes, Inc | 106,284 | ||||||
4,508 | Iron Mountain, Inc | 157,825 | ||||||
1,070 | * | iStar Financial, Inc | 11,545 | |||||
1,626 | JBG SMITH Properties | 59,300 | ||||||
145 | Jernigan Capital, Inc | 2,764 | ||||||
748 | Jones Lang LaSalle, Inc | 124,161 | ||||||
2,137 | Kennedy-Wilson Holdings, Inc | 45,198 | ||||||
1,527 | Kilroy Realty Corp | 115,502 | ||||||
6,452 | Kimco Realty Corp | 109,619 | ||||||
1,264 | Kite Realty Group Trust | 21,589 | ||||||
1,299 | Lamar Advertising Co | 88,735 | ||||||
1,839 | LaSalle Hotel Properties | 62,949 | ||||||
3,541 | Lexington Realty Trust | 30,913 | ||||||
2,305 | Liberty Property Trust | 102,181 | ||||||
715 | Life Storage, Inc | 69,577 |
86
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
612 | LTC Properties, Inc | $ | 26,157 | |||||
2,145 | Macerich Co | 121,900 | ||||||
1,437 | Mack-Cali Realty Corp | 29,142 | ||||||
406 | * | Marcus & Millichap, Inc | 15,838 | |||||
169 | * | Maui Land & Pineapple Co, Inc | 1,893 | |||||
453 | MedEquities Realty Trust, Inc | 4,992 | ||||||
6,177 | Medical Properties Trust, Inc | 86,725 | ||||||
1,844 | Mid-America Apartment Communities, Inc | 185,635 | ||||||
1,089 | Monmouth Real Estate Investment Corp (Class A) | 18,001 | ||||||
700 | National Health Investors, Inc | 51,576 | ||||||
2,436 | National Retail Properties, Inc | 107,087 | ||||||
958 | National Storage Affiliates Trust | 29,526 | ||||||
1,266 | New Senior Investment Group, Inc | 9,584 | ||||||
411 | Newmark Group, Inc | 5,849 | ||||||
280 | NexPoint Residential Trust, Inc | 7,966 | ||||||
892 | NorthStar Realty Europe Corp | 12,925 | ||||||
3,138 | Omega Healthcare Investors, Inc | 97,278 | ||||||
251 | One Liberty Properties, Inc | 6,629 | ||||||
2,153 | Outfront Media, Inc | 41,876 | ||||||
3,099 | Paramount Group, Inc | 47,725 | ||||||
3,211 | Park Hotels & Resorts, Inc | 98,353 | ||||||
1,101 | Pebblebrook Hotel Trust | 42,719 | ||||||
1,134 | Pennsylvania REIT | 12,463 | ||||||
2,932 | Physicians Realty Trust | 46,736 | ||||||
2,219 | Piedmont Office Realty Trust, Inc | 44,225 | ||||||
944 | Potlatch Corp | 48,002 | ||||||
1,193 | Preferred Apartment Communities, Inc | 20,269 | ||||||
8,766 | Prologis, Inc | 575,839 | ||||||
358 | PS Business Parks, Inc | 46,003 | ||||||
2,440 | Public Storage, Inc | 553,538 | ||||||
754 | QTS Realty Trust, Inc | 29,783 | ||||||
1,587 | * | Quality Care Properties, Inc | 34,136 | |||||
1,201 | Ramco-Gershenson Properties | 15,865 | ||||||
2,010 | Rayonier, Inc | 77,767 | ||||||
349 | Re/Max Holdings, Inc | 18,305 | ||||||
2,208 | e | Realogy Holdings Corp | 50,342 | |||||
4,547 | Realty Income Corp | 244,583 | ||||||
1,597 | *,e | Redfin Corp | 36,875 | |||||
2,330 | Regency Centers Corp | 144,646 | ||||||
1,675 | Retail Opportunities Investment Corp | 32,093 | ||||||
3,851 | Retail Properties of America, Inc | 49,216 | ||||||
1,360 | Rexford Industrial Realty, Inc | 42,690 | ||||||
2,670 | RLJ Lodging Trust | 58,874 | ||||||
148 | RMR Group, Inc | 11,611 | ||||||
778 | Ryman Hospitality Properties | 64,691 | ||||||
2,917 | Sabra Healthcare REIT, Inc | 63,386 | ||||||
172 | Safety Income and Growth, Inc | 3,263 | ||||||
177 | Saul Centers, Inc | 9,484 | ||||||
1,863 | * | SBA Communications Corp | 307,619 | |||||
1,303 | Select Income REIT | 29,278 | ||||||
3,633 | Senior Housing Properties Trust | 65,721 | ||||||
458 | Seritage Growth Properties | 19,433 | ||||||
5,060 | Simon Property Group, Inc | 861,161 |
87
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,436 | SL Green Realty Corp | $ | 144,361 | |||||
758 | * | Spirit MTA REIT | 7,807 | |||||
7,580 | Spirit Realty Capital, Inc | 60,867 | ||||||
831 | * | St. Joe Co | 14,916 | |||||
1,388 | STAG Industrial, Inc | 37,795 | ||||||
4,344 | Starwood Property Trust, Inc | 94,308 | ||||||
3,219 | STORE Capital Corp | 88,201 | ||||||
93 | Stratus Properties, Inc | 2,841 | ||||||
2,137 | Summit Hotel Properties, Inc | 30,580 | ||||||
1,222 | Sun Communities, Inc | 119,609 | ||||||
3,681 | Sunstone Hotel Investors, Inc | 61,178 | ||||||
1,459 | Tanger Factory Outlet Centers, Inc | 34,272 | ||||||
931 | Taubman Centers, Inc | 54,706 | ||||||
268 | * | Tejon Ranch Co | 6,512 | |||||
1,034 | Terreno Realty Corp | 38,951 | ||||||
721 | Tier REIT, Inc | 17,145 | ||||||
30 | * | Transcontinental Realty Investors, Inc | 1,004 | |||||
568 | * | Trinity Place Holdings, Inc | 3,720 | |||||
4,118 | UDR, Inc | 154,590 | ||||||
435 | UMH Properties, Inc | 6,677 | ||||||
2,586 | Uniti Group, Inc | 51,798 | ||||||
198 | Universal Health Realty Income Trust | 12,668 | ||||||
1,716 | Urban Edge Properties | 39,245 | ||||||
465 | Urstadt Biddle Properties, Inc (Class A) | 10,523 | ||||||
5,691 | Ventas, Inc | 324,102 | ||||||
15,295 | VEREIT, Inc | 113,795 | ||||||
4,427 | VICI Properties, Inc | 91,373 | ||||||
2,759 | Vornado Realty Trust | 203,945 | ||||||
3,960 | Washington Prime Group, Inc | 32,116 | ||||||
1,207 | Washington REIT | 36,608 | ||||||
1,872 | Weingarten Realty Investors | 57,676 | ||||||
5,986 | Welltower, Inc | 375,262 | ||||||
12,491 | Weyerhaeuser Co | 455,422 | ||||||
550 | Whitestone REIT | 6,864 | ||||||
1,596 | WP Carey, Inc | 105,895 | ||||||
1,682 | Xenia Hotels & Resorts, Inc | 40,974 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 17,769,734 | |||||||
|
| |||||||
RETAILING - 6.3% | ||||||||
426 | * | 1-800-FLOWERS.COM, Inc (Class A) | 5,346 | |||||
1,334 | Aaron’s, Inc | 57,962 | ||||||
1,074 | Abercrombie & Fitch Co (Class A) | 26,292 | ||||||
1,214 | Advance Auto Parts, Inc | 164,740 | ||||||
6,687 | * | Amazon.com, Inc | 11,366,562 | |||||
2,547 | American Eagle Outfitters, Inc | 59,218 | ||||||
122 | * | America’s Car-Mart, Inc | 7,552 | |||||
305 | * | Asbury Automotive Group, Inc | 20,908 | |||||
419 | * | At Home Group, Inc | 16,404 | |||||
1,001 | * | Autonation, Inc | 48,629 | |||||
437 | * | AutoZone, Inc | 293,196 | |||||
603 | * | Barnes & Noble Education, Inc | 3,401 | |||||
965 | Barnes & Noble, Inc | 6,128 | ||||||
2,179 | Bed Bath & Beyond, Inc | 43,417 |
88
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
3,937 | Best Buy Co, Inc | $ | 293,621 | |||||
334 | e | Big 5 Sporting Goods Corp | 2,538 | |||||
744 | e | Big Lots, Inc | 31,084 | |||||
791 | * | Booking Holdings, Inc | 1,603,428 | |||||
865 | * | Boot Barn Holdings, Inc | 17,949 | |||||
526 | e | Buckle, Inc | 14,149 | |||||
1,083 | * | Burlington Stores, Inc | 163,024 | |||||
639 | Caleres, Inc | 21,975 | ||||||
440 | e | Camping World Holdings, Inc | 10,991 | |||||
2,903 | * | CarMax, Inc | 211,542 | |||||
458 | * | Carvana Co | 19,053 | |||||
368 | Cato Corp (Class A) | 9,060 | ||||||
2,056 | Chico’s FAS, Inc | 16,736 | ||||||
288 | Children’s Place Retail Stores, Inc | 34,790 | ||||||
243 | Citi Trends, Inc | 6,668 | ||||||
291 | * | Conn’s, Inc | 9,603 | |||||
231 | * | Container Store Group, Inc | 1,943 | |||||
775 | Core-Mark Holding Co, Inc | 17,592 | ||||||
1,351 | Dick’s Sporting Goods, Inc | 47,623 | ||||||
236 | e | Dillard’s, Inc (Class A) | 22,302 | |||||
4,462 | Dollar General Corp | 439,953 | ||||||
3,790 | * | Dollar Tree, Inc | 322,150 | |||||
1,032 | DSW, Inc (Class A) | 26,646 | ||||||
144 | * | Duluth Holdings, Inc | 3,426 | |||||
1,964 | Expedia, Inc | 236,053 | ||||||
1,208 | * | Express Parent LLC | 11,053 | |||||
839 | * | Five Below, Inc | 81,979 | |||||
613 | * | Floor & Decor Holdings, Inc | 30,239 | |||||
1,924 | Foot Locker, Inc | 101,299 | ||||||
616 | * | Francesca’s Holdings Corp | 4,651 | |||||
142 | * | Gaia, Inc | 2,875 | |||||
1,573 | e | GameStop Corp (Class A) | 22,919 | |||||
3,661 | Gap, Inc | 118,580 | ||||||
313 | * | Genesco, Inc | 12,426 | |||||
2,404 | Genuine Parts Co | 220,663 | ||||||
1,054 | *,e | GNC Holdings, Inc | 3,710 | |||||
324 | Group 1 Automotive, Inc | 20,412 | ||||||
7,081 | * | Groupon, Inc | 30,448 | |||||
904 | Guess?, Inc | 19,346 | ||||||
286 | Haverty Furniture Cos, Inc | 6,178 | ||||||
323 | *,e | Hibbett Sports, Inc | 7,397 | |||||
18,976 | Home Depot, Inc | 3,702,218 | ||||||
619 | * | Hudson Ltd | 10,826 | |||||
1,819 | * | J. Jill, Inc | 16,989 | |||||
6,812 | *,e | JC Penney Co, Inc | 15,940 | |||||
247 | * | Kirkland’s, Inc | 2,875 | |||||
2,690 | Kohl’s Corp | 196,101 | ||||||
3,738 | L Brands, Inc | 137,857 | ||||||
221 | * | Lands’ End, Inc | 6,166 | |||||
837 | * | Liberty Expedia Holdings, Inc | 36,778 | |||||
1,108 | * | Liberty TripAdvisor Holdings, Inc | 17,839 | |||||
367 | Lithia Motors, Inc (Class A) | 34,707 | ||||||
5,184 | * | LKQ Corp | 165,370 |
89
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
13,593 | Lowe’s Companies, Inc | $ | 1,299,083 | |||||
442 | *,e | Lumber Liquidators, Inc | 10,763 | |||||
4,990 | Macy’s, Inc | 186,776 | ||||||
389 | * | MarineMax, Inc | 7,372 | |||||
1,815 | * | Michaels Cos, Inc | 34,794 | |||||
452 | e | Monro Muffler, Inc | 26,261 | |||||
539 | * | Murphy USA, Inc | 40,042 | |||||
574 | * | National Vision Holdings, Inc | 20,991 | |||||
6,853 | * | NetFlix, Inc | 2,682,470 | |||||
2,965 | * | New York & Co, Inc | 15,181 | |||||
1,826 | Nordstrom, Inc | 94,550 | ||||||
463 | Nutri/System, Inc | 17,825 | ||||||
7,986 | Office Depot, Inc | 20,364 | ||||||
750 | * | Ollie’s Bargain Outlet Holdings, Inc | 54,375 | |||||
1,309 | * | O’Reilly Automotive, Inc | 358,103 | |||||
263 | * | Overstock.com, Inc | 8,850 | |||||
419 | * | Party City Holdco, Inc | 6,390 | |||||
554 | Penske Auto Group, Inc | 25,955 | ||||||
306 | e | PetMed Express, Inc | 13,479 | |||||
1,303 | Pier 1 Imports, Inc | 3,101 | ||||||
7,241 | * | Qurate Retail Group, Inc QVC Group | 153,654 | |||||
699 | Rent-A-Center, Inc | 10,289 | ||||||
337 | * | RH | 47,079 | |||||
6,053 | Ross Stores, Inc | 512,992 | ||||||
2,233 | *,e | Sally Beauty Holdings, Inc | 35,795 | |||||
203 | Shoe Carnival, Inc | 6,587 | ||||||
526 | * | Shutterfly, Inc | 47,356 | |||||
961 | Signet Jewelers Ltd | 53,576 | ||||||
660 | * | Sleep Number Corp | 19,153 | |||||
455 | Sonic Automotive, Inc (Class A) | 9,373 | ||||||
571 | *,e | Sportsman’s Warehouse Holdings, Inc | 2,924 | |||||
856 | Tailored Brands, Inc | 21,845 | ||||||
8,742 | Target Corp | 665,441 | ||||||
2,104 | Tiffany & Co | 276,886 | ||||||
528 | Tile Shop Holdings, Inc | 4,066 | ||||||
297 | Tilly’s, Inc | 4,500 | ||||||
10,212 | TJX Companies, Inc | 971,978 | ||||||
1,996 | Tractor Supply Co | 152,674 | ||||||
1,758 | * | TripAdvisor, Inc | 97,938 | |||||
929 | * | Ulta Beauty, Inc | 216,884 | |||||
1,237 | * | Urban Outfitters, Inc | 55,108 | |||||
908 | * | Wayfair, Inc | 107,834 | |||||
1,350 | e | Williams-Sonoma, Inc | 82,863 | |||||
37 | Winmark Corp | 5,493 | ||||||
314 | * | Zumiez, Inc | 7,866 | |||||
|
| |||||||
TOTAL RETAILING | 29,238,374 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9% | ||||||||
728 | *,e | Acacia Communications, Inc | 25,342 | |||||
617 | * | Advanced Energy Industries, Inc | 35,842 | |||||
14,728 | * | Advanced Micro Devices, Inc | 220,773 | |||||
302 | * | Alpha & Omega Semiconductor Ltd | 4,300 | |||||
507 | *,e | Ambarella, Inc | 19,575 |
90
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,455 | * | Amkor Technology, Inc | $ | 12,498 | ||||
6,070 | Analog Devices, Inc | 582,234 | ||||||
17,224 | Applied Materials, Inc | 795,577 | ||||||
341 | * | Aquantia Corp | 3,949 | |||||
510 | * | Axcelis Technologies, Inc | 10,098 | |||||
582 | * | AXT, Inc | 4,103 | |||||
7,089 | Broadcom, Inc | 1,720,075 | ||||||
1,076 | Brooks Automation, Inc | 35,099 | ||||||
418 | Cabot Microelectronics Corp | 44,960 | ||||||
1,125 | * | Cavium, Inc | 97,313 | |||||
333 | * | Ceva, Inc | 10,057 | |||||
1,003 | * | Cirrus Logic, Inc | 38,445 | |||||
420 | Cohu, Inc | 10,294 | ||||||
1,538 | * | Cree, Inc | 63,935 | |||||
5,761 | Cypress Semiconductor Corp | 89,756 | ||||||
584 | * | Diodes, Inc | 20,130 | |||||
2,131 | Entegris, Inc | 72,241 | ||||||
1,340 | * | First Solar, Inc | 70,564 | |||||
1,075 | * | Formfactor, Inc | 14,298 | |||||
434 | * | Ichor Holdings Ltd | 9,209 | |||||
285 | *,e | Impinj, Inc | 6,301 | |||||
657 | *,e | Inphi Corp | 21,425 | |||||
2,526 | * | Integrated Device Technology, Inc | 80,529 | |||||
76,728 | Intel Corp | 3,814,149 | ||||||
2,671 | Kla-Tencor Corp | 273,858 | ||||||
981 | * | Kopin Corp | 2,806 | |||||
2,721 | Lam Research Corp | 470,325 | ||||||
1,895 | * | Lattice Semiconductor Corp | 12,431 | |||||
627 | *,e | MA-COM Technology Solutions | 14,446 | |||||
7,056 | Marvell Technology Group Ltd | 151,281 | ||||||
4,597 | Maxim Integrated Products, Inc | 269,660 | ||||||
927 | * | MaxLinear, Inc | 14,452 | |||||
3,871 | Microchip Technology, Inc | 352,067 | ||||||
19,063 | * | Micron Technology, Inc | 999,664 | |||||
1,013 | MKS Instruments, Inc | 96,944 | ||||||
730 | Monolithic Power Systems, Inc | 97,579 | ||||||
364 | * | Nanometrics, Inc | 12,889 | |||||
478 | *,e | NeoPhotonics Corp Ltd | 2,978 | |||||
77 | NVE Corp | 9,377 | ||||||
9,573 | NVIDIA Corp | 2,267,844 | ||||||
5,663 | * | NXP Semiconductors NV | 618,796 | |||||
7,472 | * | ON Semiconductor Corp | 166,140 | |||||
409 | * | PDF Solutions, Inc | 4,900 | |||||
1,020 | * | Photronics, Inc | 8,135 | |||||
446 | Power Integrations, Inc | 32,580 | ||||||
2,063 | * | Qorvo, Inc | 165,391 | |||||
24,219 | QUALCOMM, Inc | 1,359,170 | ||||||
1,707 | * | Rambus, Inc | 21,406 | |||||
488 | * | Rudolph Technologies, Inc | 14,445 | |||||
1,008 | * | Semtech Corp | 47,426 | |||||
609 | * | Sigma Designs, Inc | 3,715 | |||||
654 | * | Silicon Laboratories, Inc | 65,138 | |||||
2,993 | Skyworks Solutions, Inc | 289,273 |
91
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
170 | *,e | SMART Global Holdings, Inc | $ | 5,418 | ||||
886 | *,e | SunPower Corp | 6,796 | |||||
3,141 | Teradyne, Inc | 119,578 | ||||||
15,957 | Texas Instruments, Inc | 1,759,259 | ||||||
789 | * | Ultra Clean Holdings | 13,097 | |||||
833 | e | Universal Display Corp | 71,638 | |||||
729 | * | Veeco Instruments, Inc | 10,388 | |||||
1,813 | Versum Materials, Inc | 67,353 | ||||||
846 | * | Xcerra Corp | 11,819 | |||||
4,149 | Xilinx, Inc | 270,764 | ||||||
754 | Xperi Corp | 12,139 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 18,126,436 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 15.1% | ||||||||
874 | * | 2U, Inc | 73,031 | |||||
1,358 | * | 8x8, Inc | 27,228 | |||||
754 | * | A10 Networks, Inc | 4,697 | |||||
10,598 | Accenture plc | 1,733,727 | ||||||
1,810 | * | ACI Worldwide, Inc | 44,653 | |||||
12,400 | Activision Blizzard, Inc | 946,368 | ||||||
1,208 | * | Acxiom Corp | 36,180 | |||||
8,011 | * | Adobe Systems, Inc | 1,953,162 | |||||
2,865 | * | Akamai Technologies, Inc | 209,804 | |||||
492 | * | Alarm.com Holdings, Inc | 19,867 | |||||
829 | Alliance Data Systems Corp | 193,323 | ||||||
4,916 | * | Alphabet, Inc (Class A) | 5,551,098 | |||||
5,011 | * | Alphabet, Inc (Class C) | 5,590,522 | |||||
399 | * | Altair Engineering, Inc | 13,638 | |||||
470 | * | Alteryx, Inc | 17,935 | |||||
273 | * | Amber Road, Inc | 2,569 | |||||
2,546 | Amdocs Ltd | 168,520 | ||||||
370 | * | American Software, Inc (Class A) | 5,391 | |||||
1,376 | * | Ansys, Inc | 239,672 | |||||
237 | * | Appfolio, Inc | 14,493 | |||||
543 | * | Apptio, Inc | 19,657 | |||||
1,169 | * | Aspen Technology, Inc | 108,413 | |||||
1,474 | * | Atlassian Corp plc | 92,154 | |||||
3,666 | * | Autodesk, Inc | 480,576 | |||||
7,179 | Automatic Data Processing, Inc | 962,991 | ||||||
1,669 | * | Avaya Holdings Corp | 33,514 | |||||
245 | * | Benefitfocus, Inc | 8,232 | |||||
2,278 | * | Black Knight, Inc | 121,987 | |||||
741 | Blackbaud, Inc | 75,915 | ||||||
535 | * | Blackline, Inc | 23,235 | |||||
637 | * | Blucora, Inc | 23,569 | |||||
2,283 | Booz Allen Hamilton Holding Co | 99,836 | ||||||
626 | * | Bottomline Technologies, Inc | 31,194 | |||||
2,047 | * | Box, Inc | 51,155 | |||||
460 | * | Brightcove, Inc | 4,439 | |||||
1,930 | Broadridge Financial Solutions, Inc | 222,143 | ||||||
5,285 | CA, Inc | 188,410 | ||||||
379 | * | CACI International, Inc (Class A) | 63,880 | |||||
4,753 | * | Cadence Design Systems, Inc | 205,852 |
92
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
126 | * | Carbon Black, Inc | $ | 3,276 | ||||
391 | * | Carbonite, Inc | 13,646 | |||||
708 | * | Cardtronics plc | 17,119 | |||||
253 | * | Care.com, Inc | 5,283 | |||||
788 | *,e | Cargurus, Inc | 27,375 | |||||
1,131 | * | Cars.com, Inc | 32,109 | |||||
185 | Cass Information Systems, Inc | 12,732 | ||||||
2,269 | CDK Global, Inc | 147,598 | ||||||
366 | * | Ceridian HCM Holding, Inc | 12,148 | |||||
378 | * | ChannelAdvisor Corp | 5,311 | |||||
620 | * | Cision Ltd | 9,269 | |||||
2,232 | * | Citrix Systems, Inc | 234,003 | |||||
1,550 | * | Cloudera, Inc | 21,142 | |||||
9,541 | Cognizant Technology Solutions Corp (Class A) | 753,644 | ||||||
606 | * | Commvault Systems, Inc | 39,905 | |||||
3,045 | * | Conduent, Inc | 55,328 | |||||
399 | ConvergeOne Holdings, Inc | 3,747 | ||||||
1,462 | Convergys Corp | 35,731 | ||||||
807 | * | Cornerstone OnDemand, Inc | 38,276 | |||||
857 | * | Coupa Software, Inc | 53,340 | |||||
520 | CSG Systems International, Inc | 21,252 | ||||||
3,255 | * | Dell Technologies, Inc-VMware Inc | 275,308 | |||||
157 | *,e | Digimarc Corp | 4,208 | |||||
396 | * | DocuSign, Inc | 20,968 | |||||
4,799 | DXC Technology Co | 386,847 | ||||||
15,240 | * | eBay, Inc | 552,602 | |||||
387 | Ebix, Inc | 29,509 | ||||||
291 | * | eGain Corp | 4,394 | |||||
4,909 | * | Electronic Arts, Inc | 692,267 | |||||
527 | * | Ellie Mae, Inc | 54,724 | |||||
895 | * | Endurance International Group Holdings, Inc | 8,905 | |||||
665 | * | Envestnet, Inc | 36,542 | |||||
818 | * | EPAM Systems, Inc | 101,702 | |||||
2,169 | * | Etsy, Inc | 91,510 | |||||
781 | * | Euronet Worldwide, Inc | 65,424 | |||||
422 | * | Everbridge, Inc | 20,011 | |||||
989 | * | Everi Holdings, Inc | 7,121 | |||||
941 | EVERTEC, Inc | 20,561 | ||||||
795 | * | Exela Technologies, Inc | 3,776 | |||||
511 | * | ExlService Holdings, Inc | 28,928 | |||||
39,116 | * | Facebook, Inc | 7,601,021 | |||||
486 | * | Fair Isaac Corp | 93,954 | |||||
5,383 | Fidelity National Information Services, Inc | 570,759 | ||||||
3,709 | * | FireEye, Inc | 57,082 | |||||
1,318 | * | First American Corp | 68,404 | |||||
8,010 | * | First Data Corp | 167,649 | |||||
6,756 | * | Fiserv, Inc | 500,552 | |||||
812 | * | Five9, Inc | 28,071 | |||||
1,454 | * | FleetCor Technologies, Inc | 306,285 | |||||
464 | * | ForeScout Technologies, Inc | 15,897 | |||||
2,302 | * | Fortinet, Inc | 143,714 | |||||
1,455 | * | Gartner, Inc | 193,369 | |||||
2,688 | Genpact Ltd | 77,764 |
93
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,692 | Global Payments, Inc | $ | 300,131 | |||||
1,606 | * | Glu Mobile, Inc | 10,294 | |||||
2,415 | * | GoDaddy, Inc | 170,499 | |||||
890 | *,e | Gogo, Inc | 4,325 | |||||
1,482 | * | GrubHub, Inc | 155,477 | |||||
477 | * | GTT Communications, Inc | 21,465 | |||||
1,282 | * | Guidewire Software, Inc | 113,816 | |||||
450 | Hackett Group, Inc | 7,231 | ||||||
1,110 | * | Hortonworks, Inc | 20,224 | |||||
632 | * | HubSpot, Inc | 79,253 | |||||
1,205 | * | IAC/InterActiveCorp | 183,750 | |||||
524 | * | Imperva, Inc | 25,283 | |||||
513 | * | Information Services Group, Inc | 2,103 | |||||
506 | * | Instructure, Inc | 21,530 | |||||
319 | * | Internap Corp | 3,324 | |||||
15,088 | International Business Machines Corp | 2,107,794 | ||||||
3,973 | Intuit, Inc | 811,704 | ||||||
736 | j2 Global, Inc | 63,745 | ||||||
1,367 | Jack Henry & Associates, Inc | 178,202 | ||||||
198 | * | Leaf Group Ltd | 2,148 | |||||
2,386 | Leidos Holdings, Inc | 140,774 | ||||||
1,126 | * | Limelight Networks, Inc | 5,033 | |||||
325 | * | Liquidity Services, Inc | 2,129 | |||||
827 | * | Liveperson, Inc | 17,450 | |||||
811 | LogMeIn, Inc | 83,736 | ||||||
1,102 | * | Manhattan Associates, Inc | 51,805 | |||||
349 | Mantech International Corp (Class A) | 18,720 | ||||||
15,129 | MasterCard, Inc (Class A) | 2,973,151 | ||||||
831 | *,e | Match Group, Inc | 32,193 | |||||
1,014 | MAXIMUS, Inc | 62,980 | ||||||
1,034 | * | Meet Group, Inc | 4,632 | |||||
124,705 | Microsoft Corp | 12,297,160 | ||||||
147 | * | MicroStrategy, Inc (Class A) | 18,779 | |||||
573 | * | MINDBODY, Inc | 22,118 | |||||
467 | * | Mitek Systems, Inc | 4,156 | |||||
872 | * | MobileIron, Inc | 3,880 | |||||
351 | * | Model N, Inc | 6,529 | |||||
445 | * | MoneyGram International, Inc | 2,977 | |||||
644 | Monotype Imaging Holdings, Inc | 13,073 | ||||||
713 | * | New Relic, Inc | 71,721 | |||||
1,004 | NIC, Inc | 15,612 | ||||||
4,492 | * | Nuance Communications, Inc | 62,371 | |||||
1,701 | * | Nutanix, Inc | 87,721 | |||||
1,388 | * | Okta, Inc | 69,914 | |||||
469 | * | OneSpan, Inc | 9,216 | |||||
47,304 | Oracle Corp | 2,084,214 | ||||||
5,413 | *,e | Pandora Media, Inc | 42,654 | |||||
202 | *,e | Park City Group, Inc | 1,596 | |||||
5,370 | Paychex, Inc | 367,040 | ||||||
764 | * | Paycom Software, Inc | 75,506 | |||||
401 | * | Paylocity Holding Corp | 23,603 | |||||
19,557 | * | PayPal Holdings, Inc | 1,628,511 | |||||
570 | Pegasystems, Inc | 31,236 |
94
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
509 | * | Perficient, Inc | $ | 13,422 | ||||
2,303 | Perspecta, Inc | 47,327 | ||||||
307 | * | Presidio, Inc | 4,022 | |||||
766 | Progress Software Corp | 29,736 | ||||||
810 | * | Proofpoint, Inc | 93,401 | |||||
410 | * | PROS Holdings, Inc | 14,994 | |||||
1,957 | * | PTC, Inc | 183,586 | |||||
587 | * | Q2 Holdings, Inc | 33,488 | |||||
144 | QAD, Inc (Class A) | 7,222 | ||||||
485 | * | Qualys, Inc | 40,886 | |||||
583 | * | QuinStreet, Inc | 7,404 | |||||
1,155 | * | Quotient Technology, Inc | 15,131 | |||||
578 | * | Rapid7, Inc | 16,311 | |||||
1,124 | * | RealPage, Inc | 61,932 | |||||
2,897 | * | Red Hat, Inc | 389,270 | |||||
138 | Reis, Inc | 3,008 | ||||||
1,074 | * | RingCentral, Inc | 75,556 | |||||
279 | * | Rosetta Stone, Inc | 4,472 | |||||
3,993 | Sabre Corp | 98,388 | ||||||
617 | * | SailPoint Technologies Holding, Inc | 15,141 | |||||
11,633 | * | salesforce.com, Inc | 1,586,741 | |||||
682 | Science Applications International Corp | 55,194 | ||||||
96 | *,e | SecureWorks Corp | 1,195 | |||||
123 | * | SendGrid, Inc | 3,262 | |||||
2,923 | * | ServiceNow, Inc | 504,130 | |||||
1,229 | * | ServiceSource International LLC | 4,842 | |||||
118 | * | ShotSpotter, Inc | 4,476 | |||||
309 | * | Shutterstock, Inc | 14,665 | |||||
2,335 | * | Splunk, Inc | 231,422 | |||||
256 | * | SPS Commerce, Inc | 18,811 | |||||
4,639 | * | Square, Inc | 285,948 | |||||
3,316 | SS&C Technologies Holdings, Inc | 172,100 | ||||||
279 | * | Stamps.com, Inc | 70,601 | |||||
580 | e | Switch, Inc | 7,059 | |||||
605 | * | Sykes Enterprises, Inc | 17,412 | |||||
10,223 | Symantec Corp | 211,105 | ||||||
2,573 | * | Synopsys, Inc | 220,172 | |||||
543 | Syntel, Inc | 17,425 | ||||||
1,150 | * | Tableau Software, Inc | 112,413 | |||||
1,927 | * | Take-Two Interactive Software, Inc | 228,080 | |||||
317 | * | TechTarget, Inc | 9,003 | |||||
485 | * | TeleNav, Inc | 2,716 | |||||
2,058 | * | Teradata Corp | 82,629 | |||||
1,823 | TiVo Corp | 24,519 | ||||||
3,016 | Total System Services, Inc | 254,912 | ||||||
508 | * | Trade Desk, Inc | 47,650 | |||||
1,927 | Travelport Worldwide Ltd | 35,727 | ||||||
963 | * | TrueCar, Inc | 9,717 | |||||
235 | TTEC Holdings, Inc | 8,119 | ||||||
143 | *,e | Tucows, Inc | 8,673 | |||||
1,161 | * | Twilio, Inc | 65,039 | |||||
11,820 | * | Twitter, Inc | 516,179 | |||||
664 | * | Tyler Technologies, Inc | 147,474 |
95
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
479 | * | Ultimate Software Group, Inc | $ | 123,251 | ||||
769 | *,e | Unisys Corp | 9,920 | |||||
106 | * | Upland Software, Inc | 3,643 | |||||
446 | * | Varonis Systems, Inc | 33,227 | |||||
1,007 | * | Verint Systems, Inc | 44,660 | |||||
1,801 | * | VeriSign, Inc | 247,493 | |||||
766 | *,e | VirnetX Holding Corp | 2,604 | |||||
427 | * | Virtusa Corp | 20,786 | |||||
29,439 | Visa, Inc (Class A) | 3,899,196 | ||||||
1,135 | * | VMware, Inc (Class A) | 166,811 | |||||
623 | * | Website Pros, Inc | 16,105 | |||||
7,633 | Western Union Co | 155,179 | ||||||
664 | * | WEX, Inc | 126,479 | |||||
2,470 | * | Workday, Inc | 299,166 | |||||
379 | * | Workiva, Inc | 9,248 | |||||
4,835 | * | Worldpay, Inc | 395,406 | |||||
376 | * | XO Group, Inc | 12,032 | |||||
1,209 | * | Yelp, Inc | 47,369 | |||||
1,309 | * | Yext, Inc | 25,316 | |||||
1,663 | * | Zendesk, Inc | 90,617 | |||||
820 | * | Zillow Group, Inc | 48,995 | |||||
1,956 | * | Zillow Group, Inc (Class C) | 115,521 | |||||
803 | * | Zix Corp | 4,328 | |||||
218 | *,e | Zscaler, Inc | 7,794 | |||||
11,803 | * | Zynga, Inc | 48,038 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 70,136,871 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 5.5% | ||||||||
1,699 | *,e | 3D Systems Corp | 23,463 | |||||
806 | Adtran, Inc | 11,969 | ||||||
513 | * | Aerohive Networks, Inc | 2,037 | |||||
400 | * | Agilysys, Inc | 6,200 | |||||
4,875 | Amphenol Corp (Class A) | 424,856 | ||||||
430 | * | Anixter International, Inc | 27,219 | |||||
80,911 | Apple, Inc | 14,977,435 | ||||||
285 | *,e | Applied Optoelectronics, Inc | 12,796 | |||||
978 | * | Arista Networks, Inc | 251,825 | |||||
2,818 | * | ARRIS International plc | 68,886 | |||||
1,464 | * | Arrow Electronics, Inc | 110,210 | |||||
470 | * | Avid Technology, Inc | 2,444 | |||||
1,997 | Avnet, Inc | 85,651 | ||||||
720 | AVX Corp | 11,282 | ||||||
438 | Badger Meter, Inc | 19,579 | ||||||
144 | Bel Fuse, Inc (Class B) | 3,010 | ||||||
636 | Belden CDT, Inc | 38,872 | ||||||
773 | Benchmark Electronics, Inc | 22,533 | ||||||
528 | * | CalAmp Corp | 12,371 | |||||
643 | * | Calix, Inc | 5,015 | |||||
113 | * | Casa Systems, Inc | 1,845 | |||||
2,397 | CDW Corp | 193,654 | ||||||
2,191 | * | Ciena Corp | 58,083 | |||||
79,300 | Cisco Systems, Inc | 3,412,279 | ||||||
153 | * | Clearfield, Inc | 1,691 |
96
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,598 | Cognex Corp | $ | 115,897 | |||||
382 | * | Coherent, Inc | 59,752 | |||||
3,172 | * | CommScope Holding Co, Inc | 92,638 | |||||
356 | Comtech Telecommunications Corp | 11,349 | ||||||
375 | * | Control4 Corp | 9,116 | |||||
13,392 | Corning, Inc | 368,414 | ||||||
622 | * | Cray, Inc | 15,301 | |||||
485 | CTS Corp | 17,460 | ||||||
548 | Daktronics, Inc | 4,663 | ||||||
1,043 | e | Diebold, Inc | 12,464 | |||||
400 | * | Digi International, Inc | 5,280 | |||||
953 | Dolby Laboratories, Inc (Class A) | 58,791 | ||||||
250 | *,e | Eastman Kodak Co | 950 | |||||
740 | * | EchoStar Corp (Class A) | 32,856 | |||||
447 | * | Electro Scientific Industries, Inc | 7,049 | |||||
717 | * | Electronics for Imaging, Inc | 23,346 | |||||
202 | * | ePlus, Inc | 19,008 | |||||
1,698 | * | Extreme Networks, Inc | 13,516 | |||||
1,006 | * | F5 Networks, Inc | 173,485 | |||||
561 | * | Fabrinet | 20,695 | |||||
256 | * | FARO Technologies, Inc | 13,914 | |||||
1,732 | * | Finisar Corp | 31,176 | |||||
2,680 | * | Fitbit, Inc | 17,500 | |||||
2,414 | Flir Systems, Inc | 125,456 | ||||||
1,256 | * | Harmonic, Inc | 5,338 | |||||
25,322 | Hewlett Packard Enterprise Co | 369,954 | ||||||
26,771 | HP, Inc | 607,434 | ||||||
909 | * | II-VI, Inc | 39,496 | |||||
400 | * | Immersion Corp | 6,176 | |||||
2,249 | * | Infinera Corp | 22,333 | |||||
554 | * | Insight Enterprises, Inc | 27,107 | |||||
539 | InterDigital, Inc | 43,605 | ||||||
631 | * | IPG Photonics Corp | 139,218 | |||||
397 | * | Iteris, Inc | 1,921 | |||||
536 | * | Itron, Inc | 32,187 | |||||
2,790 | Jabil Circuit, Inc | 77,171 | ||||||
5,692 | Juniper Networks, Inc | 156,075 | ||||||
1,292 | * | Kemet Corp | 31,202 | |||||
3,258 | * | Keysight Technologies, Inc | 192,320 | |||||
411 | * | Kimball Electronics, Inc | 7,521 | |||||
1,352 | * | Knowles Corp | 20,686 | |||||
254 | * | KVH Industries, Inc | 3,404 | |||||
375 | Littelfuse, Inc | 85,568 | ||||||
1,213 | * | Lumentum Holdings, Inc | 70,233 | |||||
509 | *,e | Maxwell Technologies, Inc | 2,647 | |||||
49 | Mesa Laboratories, Inc | 10,343 | ||||||
569 | Methode Electronics, Inc | 22,931 | ||||||
2,659 | Motorola, Inc | 309,428 | ||||||
261 | MTS Systems Corp | 13,742 | ||||||
171 | * | Napco Security Technologies, Inc | 2,505 | |||||
1,665 | National Instruments Corp | 69,897 | ||||||
1,908 | * | NCR Corp | 57,202 | |||||
4,378 | NetApp, Inc | 343,804 |
97
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
505 | * | Netgear, Inc | $ | 31,563 | ||||
1,389 | * | Netscout Systems, Inc | 41,253 | |||||
105 | * | nLight, Inc | 3,471 | |||||
497 | * | Novanta, Inc | 30,963 | |||||
2,605 | * | Oclaro, Inc | 23,263 | |||||
280 | * | OSI Systems, Inc | 21,652 | |||||
1,446 | * | Palo Alto Networks, Inc | 297,110 | |||||
291 | Park Electrochemical Corp | 6,748 | ||||||
196 | PC Connection, Inc | 6,507 | ||||||
526 | Plantronics, Inc | 40,108 | ||||||
521 | * | Plexus Corp | 31,020 | |||||
2,657 | * | Pure Storage, Inc | 63,449 | |||||
326 | * | Quantenna Communications, Inc | 5,066 | |||||
704 | * | Ribbon Communications, Inc | 5,012 | |||||
281 | * | Rogers Corp | 31,320 | |||||
1,157 | * | Sanmina Corp | 33,900 | |||||
381 | * | Scansource, Inc | 15,354 | |||||
776 | * | Stratasys Ltd | 14,853 | |||||
589 | * | Super Micro Computer, Inc | 13,930 | |||||
548 | * | Synaptics, Inc | 27,603 | |||||
461 | SYNNEX Corp | 44,491 | ||||||
187 | Systemax, Inc | 6,420 | ||||||
545 | * | Tech Data Corp | 44,755 | |||||
3,952 | * | Trimble Navigation Ltd | 129,784 | |||||
1,439 | * | TTM Technologies, Inc | 25,370 | |||||
362 | *,e | Ubiquiti Networks, Inc | 30,669 | |||||
591 | * | USA Technologies, Inc | 8,274 | |||||
1,742 | * | VeriFone Systems, Inc | 39,752 | |||||
830 | *,e | Viasat, Inc | 54,548 | |||||
3,584 | * | Viavi Solutions, Inc | 36,700 | |||||
2,099 | Vishay Intertechnology, Inc | 48,697 | ||||||
161 | * | Vishay Precision Group, Inc | 6,142 | |||||
5,010 | Western Digital Corp | 387,824 | ||||||
3,647 | Xerox Corp | 87,528 | ||||||
924 | * | Zebra Technologies Corp (Class A) | 132,363 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 25,634,191 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.8% | ||||||||
119,499 | AT&T, Inc | 3,837,113 | ||||||
110 | ATN International, Inc | 5,805 | ||||||
1,215 | * | Boingo Wireless, Inc | 27,447 | |||||
16,015 | CenturyLink, Inc | 298,520 | ||||||
645 | * | Cincinnati Bell, Inc | 10,126 | |||||
635 | Cogent Communications Group, Inc | 33,909 | ||||||
1,064 | Consolidated Communications Holdings, Inc | 13,151 | ||||||
1,231 | e | Frontier Communications Corp | 6,598 | |||||
126 | * | Hawaiian Telcom Holdco, Inc | 3,644 | |||||
666 | *,e | Intelsat S.A. | 11,095 | |||||
1,269 | * | Iridium Communications, Inc | 20,431 | |||||
1,450 | * | NII Holdings, Inc | 5,655 | |||||
259 | * | Ooma, Inc | 3,665 | |||||
1,000 | * | Orbcomm, Inc | 10,100 | |||||
184 | * | pdvWireless, Inc | 4,591 |
98
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
728 | Shenandoah Telecom Co | $ | 23,806 | |||||
309 | Spok Holdings, Inc | 4,650 | ||||||
9,867 | *,e | Sprint Corp | 53,676 | |||||
1,512 | Telephone & Data Systems, Inc | 41,459 | ||||||
5,007 | * | T-Mobile US, Inc | 299,168 | |||||
247 | * | US Cellular Corp | 9,149 | |||||
67,977 | Verizon Communications, Inc | 3,419,923 | ||||||
4,303 | * | Vonage Holdings Corp | 55,466 | |||||
586 | *,e | Windstream Holdings, Inc | 3,088 | |||||
3,200 | * | Zayo Group Holdings, Inc | 116,736 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 8,318,971 | |||||||
|
| |||||||
TRANSPORTATION - 2.0% | ||||||||
818 | * | Air Transport Services Group, Inc | 18,479 | |||||
2,129 | Alaska Air Group, Inc | 128,570 | ||||||
203 | Allegiant Travel Co | 28,207 | ||||||
123 | Amerco, Inc | 43,806 | ||||||
6,977 | American Airlines Group, Inc | 264,847 | ||||||
378 | Arkansas Best Corp | 17,275 | ||||||
363 | * | Atlas Air Worldwide Holdings, Inc | 26,027 | |||||
1,153 | * | Avis Budget Group, Inc | 37,473 | |||||
2,375 | CH Robinson Worldwide, Inc | 198,693 | ||||||
512 | Copa Holdings S.A. (Class A) | 48,445 | ||||||
542 | Costamare, Inc | 4,325 | ||||||
185 | * | Covenant Transportation Group, Inc | 5,828 | |||||
13,565 | CSX Corp | 865,176 | ||||||
306 | * | Daseke, Inc | 3,039 | |||||
10,586 | Delta Air Lines, Inc | 524,430 | ||||||
609 | * | Eagle Bulk Shipping, Inc | 3,313 | |||||
427 | * | Echo Global Logistics, Inc | 12,490 | |||||
2,887 | Expeditors International of Washington, Inc | 211,040 | ||||||
4,074 | FedEx Corp | 925,042 | ||||||
466 | Forward Air Corp | 27,531 | ||||||
127 | * | Genco Shipping & Trading Ltd | 1,968 | |||||
1,141 | * | Genesee & Wyoming, Inc (Class A) | 92,786 | |||||
828 | Hawaiian Holdings, Inc | 29,767 | ||||||
728 | Heartland Express, Inc | 13,504 | ||||||
866 | * | Hertz Global Holdings, Inc | 13,284 | |||||
505 | * | Hub Group, Inc (Class A) | 25,149 | |||||
1,477 | JB Hunt Transport Services, Inc | 179,529 | ||||||
5,176 | * | JetBlue Airways Corp | 98,240 | |||||
1,654 | Kansas City Southern Industries, Inc | 175,258 | ||||||
947 | * | Kirby Corp | 79,169 | |||||
2,000 | Knight-Swift Transportation Holdings, Inc | 76,420 | ||||||
719 | Landstar System, Inc | 78,515 | ||||||
1,216 | Macquarie Infrastructure Co LLC | 51,315 | ||||||
531 | Marten Transport Ltd | 12,452 | ||||||
668 | Matson, Inc | 25,638 | ||||||
4,620 | Norfolk Southern Corp | 697,019 | ||||||
1,051 | Old Dominion Freight Line | 156,557 | ||||||
310 | * | PAM Transportation Services, Inc | 14,561 | |||||
124 | Park-Ohio Holdings Corp | 4,625 | ||||||
580 | * | Radiant Logistics, Inc | 2,268 |
99
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
883 | Ryder System, Inc | $ | 63,452 | |||||
780 | * | Safe Bulkers, Inc | 2,652 | |||||
390 | * | Saia, Inc | 31,532 | |||||
932 | Schneider National, Inc | 25,639 | ||||||
934 | Scorpio Bulkers, Inc | 6,631 | ||||||
802 | Skywest, Inc | 41,624 | ||||||
8,950 | Southwest Airlines Co | 455,376 | ||||||
1,133 | * | Spirit Airlines, Inc | 41,185 | |||||
12,547 | Union Pacific Corp | 1,777,659 | ||||||
4,047 | * | United Continental Holdings, Inc | 282,197 | |||||
11,392 | United Parcel Service, Inc (Class B) | 1,210,172 | ||||||
122 | Universal Truckload Services, Inc | 3,203 | ||||||
669 | * | USA Truck, Inc | 15,701 | |||||
701 | Werner Enterprises, Inc | 26,323 | ||||||
1,949 | * | XPO Logistics, Inc | 195,251 | |||||
521 | * | YRC Worldwide, Inc | 5,236 | |||||
|
| |||||||
TOTAL TRANSPORTATION | 9,405,893 | |||||||
|
| |||||||
UTILITIES - 2.9% | ||||||||
11,476 | AES Corp | 153,893 | ||||||
892 | Allete, Inc | 69,050 | ||||||
3,794 | Alliant Energy Corp | 160,562 | ||||||
4,027 | Ameren Corp | 245,043 | ||||||
8,083 | American Electric Power Co, Inc | 559,748 | ||||||
819 | American States Water Co | 46,814 | ||||||
2,880 | American Water Works Co, Inc | 245,894 | ||||||
3,091 | Aqua America, Inc | 108,741 | ||||||
177 | * | AquaVenture Holdings Ltd | 2,758 | |||||
111 | Artesian Resources Corp | 4,303 | ||||||
1,866 | *,e | Atlantic Power Corp | 4,105 | |||||
1,817 | Atmos Energy Corp | 163,784 | ||||||
1,049 | Avangrid, Inc | 55,524 | ||||||
1,326 | Avista Corp | 69,827 | ||||||
832 | Black Hills Corp | 50,927 | ||||||
324 | *,e | Cadiz, Inc | 4,244 | |||||
747 | California Water Service Group | 29,096 | ||||||
6,767 | Centerpoint Energy, Inc | 187,514 | ||||||
244 | Chesapeake Utilities Corp | 19,508 | ||||||
4,698 | CMS Energy Corp | 222,121 | ||||||
165 | Connecticut Water Service, Inc | 10,778 | ||||||
5,107 | Consolidated Edison, Inc | 398,244 | ||||||
420 | Consolidated Water Co, Inc | 5,418 | ||||||
10,441 | Dominion Resources, Inc | 711,867 | ||||||
2,842 | DTE Energy Co | 294,516 | ||||||
11,526 | Duke Energy Corp | 911,476 | ||||||
5,084 | Edison International | 321,665 | ||||||
767 | El Paso Electric Co | 45,330 | ||||||
2,999 | Entergy Corp | 242,289 | ||||||
4,614 | Evergy, Inc | 259,076 | ||||||
5,173 | Eversource Energy | 303,190 | ||||||
15,930 | Exelon Corp | 678,618 | ||||||
7,682 | FirstEnergy Corp | 275,861 | ||||||
133 | Global Water Resources, Inc | 1,250 |
100
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,875 | Hawaiian Electric Industries, Inc | $ | 64,312 | |||||
864 | Idacorp, Inc | 79,695 | ||||||
3,502 | MDU Resources Group, Inc | 100,437 | ||||||
640 | MGE Energy, Inc | 40,352 | ||||||
240 | Middlesex Water Co | 10,121 | ||||||
1,346 | National Fuel Gas Co | 71,284 | ||||||
1,312 | New Jersey Resources Corp | 58,712 | ||||||
7,765 | NextEra Energy, Inc | 1,296,988 | ||||||
5,689 | NiSource, Inc | 149,507 | ||||||
445 | Northwest Natural Gas Co | 28,391 | ||||||
871 | NorthWestern Corp | 49,865 | ||||||
5,571 | NRG Energy, Inc | 171,030 | ||||||
545 | NRG Yield, Inc (Class A) | 9,292 | ||||||
1,281 | NRG Yield, Inc (Class C) | 22,033 | ||||||
3,602 | OGE Energy Corp | 126,826 | ||||||
811 | ONE Gas, Inc | 60,614 | ||||||
751 | Ormat Technologies, Inc | 39,946 | ||||||
743 | Otter Tail Corp | 35,367 | ||||||
1,257 | Pattern Energy Group, Inc | 23,569 | ||||||
8,339 | PG&E Corp | 354,908 | ||||||
1,858 | Pinnacle West Capital Corp | 149,680 | ||||||
1,320 | PNM Resources, Inc | 51,348 | ||||||
1,479 | Portland General Electric Co | 63,242 | ||||||
11,252 | PPL Corp | 321,245 | ||||||
8,222 | Public Service Enterprise Group, Inc | 445,139 | ||||||
250 | * | Pure Cycle Corp | 2,387 | |||||
105 | RGC Resources, Inc | 3,064 | ||||||
2,297 | SCANA Corp | 88,480 | ||||||
4,248 | Sempra Energy | 493,235 | ||||||
254 | SJW Corp | 16,820 | ||||||
1,236 | South Jersey Industries, Inc | 41,369 | ||||||
16,303 | Southern Co | 754,992 | ||||||
699 | Southwest Gas Corp | 53,313 | ||||||
162 | e | Spark Energy, Inc | 1,580 | |||||
732 | Spire, Inc | 51,716 | ||||||
2,000 | TerraForm Power, Inc | 23,400 | ||||||
2,984 | UGI Corp | 155,377 | ||||||
217 | Unitil Corp | 11,076 | ||||||
1,461 | Vectren Corp | 104,388 | ||||||
6,610 | Vistra Energy Corp | 156,393 | ||||||
557 | *,e | Vivint Solar, Inc | 2,757 | |||||
5,177 | WEC Energy Group, Inc | 334,693 | ||||||
874 | WGL Holdings, Inc | 77,568 | ||||||
8,216 | Xcel Energy, Inc | 375,307 | ||||||
203 | York Water Co | 6,455 | ||||||
|
| |||||||
TOTAL UTILITIES | 13,441,307 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 460,517,366 | |||||||
|
| |||||||
(Cost $223,875,967) |
101
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 | ||||||||||
145 | m | Tobira Therapeutics, Inc | 9 | |||||||||||
|
| |||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 121 | |||||||||||||
|
| |||||||||||||
TOTAL RIGHTS / WARRANTS | 121 | |||||||||||||
|
| |||||||||||||
(Cost $9) | ||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||
SHORT-TERM INVESTMENTS - 1.6% | ||||||||||||||
GOVERNMENT AGENCY DEBT - 0.8% | ||||||||||||||
$ 3,350,000 | Federal Home Loan Bank (FHLB) | 1.630% | 07/02/18 | 3,350,000 | ||||||||||
|
| |||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 3,350,000 | |||||||||||||
|
| |||||||||||||
SHARES | COMPANY | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8% | ||||||||||||||
3,870,014 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 3,870,014 | |||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 3,870,014 | |||||||||||||
|
| |||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 7,220,014 | |||||||||||||
|
| |||||||||||||
(Cost $7,219,862) | ||||||||||||||
TOTAL INVESTMENTS - 100.8% | 467,737,501 | |||||||||||||
(Cost $231,095,838) | ||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.8)% | (3,695,787 | ) | ||||||||||||
|
| |||||||||||||
NET ASSETS - 100.0% | $ | 464,041,714 | ||||||||||||
|
|
Abbreviation(s):
CVR | Contingent Value Rights |
REIT | Real Estate Investment Trust |
* | Non-income producing |
† | Security is categorized as Level 3 in the fair value hierarchy. |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,739,346. |
m | Indicates a security that has been deemed illiquid. |
Futures contracts outstanding as of June 30, 2018 were as follows (See Note 3):
Description | Number of long (short) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 24 | 9/21/18 | $ | 3,310,873 | $ | 3,265,920 | $ | (44,953 | ) |
102
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.0% | ||||||||
ARGENTINA - 0.6% | ||||||||
4,427 | Grupo Financiero Galicia S.A. (ADR) (Class B) | $ | 146,003 | |||||
36,342 | Grupo Supervielle S.A. (ADR) | 384,498 | ||||||
13,108 | * | Loma Negra Cia Industrial Argentina S.A. (ADR) | 134,488 | |||||
|
| |||||||
TOTAL ARGENTINA | 664,989 | |||||||
|
| |||||||
AUSTRIA - 0.8% | ||||||||
34,402 | Wienerberger AG. | 858,112 | ||||||
|
| |||||||
TOTAL AUSTRIA | 858,112 | |||||||
|
| |||||||
CHINA - 0.7% | ||||||||
2,025 | * | Alibaba Group Holding Ltd (ADR) | 375,698 | |||||
8,220 | Tencent Holdings Ltd | 412,771 | ||||||
|
| |||||||
TOTAL CHINA | 788,469 | |||||||
|
| |||||||
DENMARK - 1.6% | ||||||||
21,500 | DSV AS | 1,730,787 | ||||||
|
| |||||||
TOTAL DENMARK | 1,730,787 | |||||||
|
| |||||||
FRANCE - 17.9% | ||||||||
99,695 | Accor S.A. | 4,882,653 | ||||||
2,232 | Airbus SE | 260,463 | ||||||
57,649 | e,g | ALD S.A. | 981,819 | |||||
94,886 | Credit Agricole S.A. | 1,259,376 | ||||||
790 | Essilor International S.A. | 111,387 | ||||||
5,953 | Kering | 3,353,322 | ||||||
17,582 | Nexity | 1,109,968 | ||||||
40,058 | Schneider Electric S.A. | 3,331,493 | ||||||
24,097 | Valeo S.A. | 1,313,855 | ||||||
28,899 | Vinci S.A. | 2,774,047 | ||||||
|
| |||||||
TOTAL FRANCE | 19,378,383 | |||||||
|
| |||||||
GERMANY - 19.1% | ||||||||
23,824 | Bayerische Motoren Werke AG. | 2,153,509 | ||||||
6,763 | Continental AG. | 1,539,108 | ||||||
52,509 | Daimler AG. (Registered) | 3,363,575 | ||||||
41,674 | Lanxess AG. | 3,239,980 | ||||||
28,721 | Linde AG. (Tender) | 6,823,501 | ||||||
513 | * | Puma SE | 300,140 | |||||
1,450 | Siemens AG. | 191,046 | ||||||
141,166 | TUI AG. (DI) | 3,087,583 | ||||||
|
| |||||||
TOTAL GERMANY | 20,698,442 | |||||||
|
| |||||||
HONG KONG - 1.2% | ||||||||
45,183 | Melco Crown Entertainment Ltd (ADR) | 1,265,124 | ||||||
|
| |||||||
TOTAL HONG KONG | 1,265,124 | |||||||
|
|
103
TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||
INDIA - 8.8% | ||||||||
63,955 | Asian Paints Ltd | $ | 1,180,500 | |||||
3,252 | Eicher Motors Ltd | 1,356,070 | ||||||
73,124 | HDFC Bank Ltd | 2,252,560 | ||||||
109,692 | Housing Development Finance Corp | 3,056,522 | ||||||
60,130 | IndusInd Bank Ltd | 1,697,328 | ||||||
|
| |||||||
TOTAL INDIA | 9,542,980 | |||||||
|
| |||||||
ITALY - 7.3% | ||||||||
158,874 | Mediobanca S.p.A. | 1,469,589 | ||||||
35,116 | Moncler S.p.A | 1,593,389 | ||||||
238,659 | Prada S.p.A | 1,099,590 | ||||||
225,624 | UniCredit S.p.A. | 3,739,582 | ||||||
|
| |||||||
TOTAL ITALY | 7,902,150 | |||||||
|
| |||||||
JAPAN - 18.7% | ||||||||
12,460 | e | Dentsu, Inc | 589,830 | |||||
271,257 | Hitachi Ltd | 1,911,001 | ||||||
49,985 | Ishikawajima-Harima Heavy Industries Co Ltd | 1,738,678 | ||||||
217,608 | JX Holdings, Inc | 1,509,716 | ||||||
63,629 | Komatsu Ltd | 1,811,426 | ||||||
19,211 | Konami Corp | 976,143 | ||||||
14,600 | Murata Manufacturing Co Ltd | 2,450,994 | ||||||
3,866 | Nintendo Co Ltd | 1,261,975 | ||||||
7,928 | Shin-Etsu Chemical Co Ltd | 704,549 | ||||||
71,049 | Sony Corp | 3,638,728 | ||||||
55,602 | Toyota Motor Corp | 3,595,724 | ||||||
|
| |||||||
TOTAL JAPAN | 20,188,764 | |||||||
|
| |||||||
KOREA, REPUBLIC OF - 0.4% | ||||||||
2,325 | Samsung SDI Co Ltd | 445,954 | ||||||
|
| |||||||
TOTAL KOREA, REPUBLIC OF | 445,954 | |||||||
|
| |||||||
NETHERLANDS - 0.4% | ||||||||
3,725 | Heineken NV | 373,202 | ||||||
|
| |||||||
TOTAL NETHERLANDS | 373,202 | |||||||
|
| |||||||
RUSSIA - 0.4% | ||||||||
30,420 | Sberbank of Russian Federation (ADR) | 435,143 | ||||||
|
| |||||||
TOTAL RUSSIA | 435,143 | |||||||
|
| |||||||
SPAIN - 0.2% | ||||||||
12,627 | e | Siemens Gamesa Renewable Energy | 168,787 | |||||
|
| |||||||
TOTAL SPAIN | 168,787 | |||||||
|
| |||||||
SWEDEN - 1.2% | ||||||||
8,403 | Atlas Copco AB (A Shares) | 243,355 | ||||||
44,132 | Electrolux AB (Series B) | 1,001,514 | ||||||
|
| |||||||
TOTAL SWEDEN | 1,244,869 | |||||||
|
|
104
TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
SWITZERLAND - 5.5% | ||||||||||||||||
762 | Burckhardt Compression Holding AG. | $ | 270,312 | |||||||||||||
300,954 | Credit Suisse Group | 4,500,184 | ||||||||||||||
625 | Geberit AG. | 267,602 | ||||||||||||||
5,732 | Vifor Pharma AG. | 914,332 | ||||||||||||||
|
| |||||||||||||||
TOTAL SWITZERLAND |
| 5,952,430 | ||||||||||||||
|
| |||||||||||||||
UNITED KINGDOM - 14.2% | ||||||||||||||||
181,039 | CNH Industrial NV | 1,912,402 | ||||||||||||||
18,897 | Experian Group Ltd | 466,163 | ||||||||||||||
5,339,363 | Lloyds TSB Group plc | 4,430,158 | ||||||||||||||
11,378 | Reckitt Benckiser Group plc | 934,871 | ||||||||||||||
1,377,138 | Tesco plc | 4,659,677 | ||||||||||||||
157,859 | Travis Perkins plc | 2,958,070 | ||||||||||||||
|
| |||||||||||||||
TOTAL UNITED KINGDOM |
| 15,361,341 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS |
| 106,999,926 | ||||||||||||||
|
| |||||||||||||||
(Cost $102,227,213) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.3% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.7% |
| |||||||||||||||
$ 800,000 | Federal Home Loan Bank (FHLB) | 1.630 | % | 07/02/18 | 800,000 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 800,000 | ||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.6% | ||||||||||||||||
1,696,322 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,696,322 | |||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,696,322 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 2,496,322 | |||||||||||||||
|
| |||||||||||||||
(Cost $2,496,286) | ||||||||||||||||
TOTAL INVESTMENTS - 101.3% | 109,496,248 | |||||||||||||||
(Cost $104,723,499) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.3)% | (1,368,088 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 108,128,160 | ||||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,620,006. |
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 6/30/18, the aggregate value of these securities amounted $981,819 or 0.9% of net assets. |
105
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2018
Sector | Value | % of net assets | ||||||
CONSUMER DISCRETIONARY | $ | 32,777,643 | 30.3 | % | ||||
FINANCIALS | 23,370,943 | 21.6 | ||||||
INDUSTRIALS | 20,462,521 | 18.9 | ||||||
MATERIALS | 12,941,131 | 12.0 | ||||||
INFORMATION TECHNOLOGY | 7,834,536 | 7.3 | ||||||
CONSUMER STAPLES | 5,967,750 | 5.5 | ||||||
ENERGY | 1,509,715 | 1.4 | ||||||
REAL ESTATE | 1,109,968 | 1.0 | ||||||
HEALTH CARE | 1,025,719 | 1.0 | ||||||
SHORT-TERM INVESTMENTS | 2,496,322 | 2.3 | ||||||
OTHER ASSETS & LIABILITIES, NET | (1,368,088 | ) | (1.3 | ) | ||||
|
|
|
| |||||
NET ASSETS | $ | 108,128,160 | 100.0 | % | ||||
|
|
|
|
106
TIAA-CREF LIFE FUNDS - Bond Fund
TIAA-CREF LIFE FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
BANK LOAN OBLIGATIONS - 0.6% |
| |||||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.0% |
| |||||||||||||||||
$ 72,351 | i | ProQuest LLC | LIBOR 1 M + 3.750% | 5.840 | % | 10/24/21 | $ | 72,623 | ||||||||||
|
| |||||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
| 72,623 | ||||||||||||||||
|
| |||||||||||||||||
CONSUMER SERVICES - 0.1% |
| |||||||||||||||||
73,736 | i | Allied Universal Holdco LLC | LIBOR 1 M + 3.750% | 5.840 | 07/28/22 | 72,538 | ||||||||||||
97,515 | i | KinderCare Education LLC | LIBOR 3 M + 3.750% | 6.080 | 08/12/22 | 97,149 | ||||||||||||
|
| |||||||||||||||||
TOTAL CONSUMER SERVICES |
| 169,687 | ||||||||||||||||
|
| |||||||||||||||||
ENERGY - 0.0% |
| |||||||||||||||||
15,000 | i | California Resources Corp | LIBOR 1 M + 10.375% | 12.466 | 12/31/21 | 16,575 | ||||||||||||
|
| |||||||||||||||||
TOTAL ENERGY |
| 16,575 | ||||||||||||||||
|
| |||||||||||||||||
FOOD, BEVERAGE & TOBACCO - 0.0% |
| |||||||||||||||||
29,404 | i | Hostess Brands LLC | LIBOR 1 M + 2.250% | 4.340 | 08/03/22 | 29,183 | ||||||||||||
|
| |||||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO |
| 29,183 | ||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.1% |
| |||||||||||||||||
96,180 | i | DaVita HealthCare Partners, Inc | LIBOR 1 M + 2.750% | 4.840 | 06/24/21 | 96,318 | ||||||||||||
47,190 | i | Greatbatch Ltd | LIBOR 1 M + 3.250% | 5.300 | 10/27/22 | 47,240 | ||||||||||||
|
| |||||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
| 143,558 | ||||||||||||||||
|
| |||||||||||||||||
MATERIALS - 0.0% |
| |||||||||||||||||
24,061 | i | Plaze, Inc | LIBOR 3 M + 3.500% | 5.810 | 07/29/22 | 24,081 | ||||||||||||
|
| |||||||||||||||||
TOTAL MATERIALS |
| 24,081 | ||||||||||||||||
|
| |||||||||||||||||
MEDIA - 0.1% |
| |||||||||||||||||
97,267 | i | CDS US Intermediate Holdings, Inc | LIBOR 1 M + 3.750% | 5.840 | 07/08/22 | 96,416 | ||||||||||||
|
| |||||||||||||||||
TOTAL MEDIA |
| 96,416 | ||||||||||||||||
|
| |||||||||||||||||
SOFTWARE & SERVICES - 0.3% |
| |||||||||||||||||
37,220 | i | Mitchell International, Inc | LIBOR 1 M + 3.250% | 5.340 | 11/29/24 | 36,925 | ||||||||||||
461,530 | i | Mitchell International, Inc | LIBOR 1 M + 3.250% | 5.340 | 11/29/24 | 457,875 | ||||||||||||
|
| |||||||||||||||||
TOTAL SOFTWARE & SERVICES |
| 494,800 | ||||||||||||||||
|
| |||||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% |
| |||||||||||||||||
64,562 | i | Sensata Technologies BV | LIBOR 1 M + 1.750% | 3.800 | 10/14/21 | 64,549 | ||||||||||||
|
| |||||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 64,549 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS |
| 1,111,472 | ||||||||||||||||
|
| |||||||||||||||||
(Cost $1,110,477) |
107
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
BONDS - 92.3% |
| |||||||||||||||||
CORPORATE BONDS - 37.0% |
| |||||||||||||||||
AUTOMOBILES & COMPONENTS - 0.5% |
| |||||||||||||||||
$ 125,000 | Aptiv plc | 3.150 | % | 11/19/20 | $ | 124,087 | ||||||||||||
100,000 | g | Dana Financing Luxembourg Sarl | 6.500 | 06/01/26 | 101,500 | |||||||||||||
200,000 | General Motors Co | 4.200 | 10/01/27 | 191,644 | ||||||||||||||
125,000 | General Motors Co | 5.200 | 04/01/45 | 114,648 | ||||||||||||||
200,000 | g | Hyundai Capital America | 3.250 | 09/20/22 | 194,510 | |||||||||||||
175,000 | Magna International, Inc | 3.625 | 06/15/24 | 174,505 | ||||||||||||||
|
| |||||||||||||||||
TOTAL AUTOMOBILES & COMPONENTS |
| 900,894 | ||||||||||||||||
|
| |||||||||||||||||
BANKS - 6.9% | ||||||||||||||||||
200,000 | g | ADCB Finance Cayman Ltd | 4.000 | 03/29/23 | 199,130 | |||||||||||||
200,000 | g | Akbank TAS | 7.200 | 03/16/27 | 180,572 | |||||||||||||
200,000 | g | Banco del Estado de Chile | 2.668 | 01/08/21 | 194,500 | |||||||||||||
200,000 | g | Banco General S.A. | 4.125 | 08/07/27 | 187,140 | |||||||||||||
200,000 | g | Banco Internacional del Peru SAA Interbank | 3.375 | 01/18/23 | 189,440 | |||||||||||||
200,000 | Banco Santander S.A. | 3.125 | 02/23/23 | 189,720 | ||||||||||||||
200,000 | Banco Santander S.A. | 3.800 | 02/23/28 | 182,604 | ||||||||||||||
300,000 | Bank of America Corp | 2.151 | 11/09/20 | 293,204 | ||||||||||||||
200,000 | Bank of America Corp | 3.875 | 08/01/25 | 198,938 | ||||||||||||||
300,000 | Bank of America Corp | 3.248 | 10/21/27 | 279,480 | ||||||||||||||
125,000 | Bank of America Corp | 3.419 | 12/20/28 | 117,662 | ||||||||||||||
100,000 | Bank of Montreal | 3.803 | 12/15/32 | 92,631 | ||||||||||||||
225,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 223,232 | |||||||||||||
200,000 | Barclays plc | 4.338 | 05/16/24 | 197,462 | ||||||||||||||
125,000 | Barclays plc | 3.650 | 03/16/25 | 117,052 | ||||||||||||||
100,000 | g | BNP Paribas S.A. | 4.375 | 03/01/33 | 93,783 | |||||||||||||
100,000 | g | BPCE S.A. | 3.000 | 05/22/22 | 96,620 | |||||||||||||
250,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 249,854 | ||||||||||||||
175,000 | Capital One Bank USA NA | 2.650 | 08/08/22 | 167,869 | ||||||||||||||
60,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | �� | 58,425 | |||||||||||||
750,000 | Citigroup, Inc | 3.200 | 10/21/26 | 697,843 | ||||||||||||||
175,000 | Citigroup, Inc | 4.300 | 11/20/26 | 170,704 | ||||||||||||||
200,000 | Citigroup, Inc | 3.668 | 07/24/28 | 190,139 | ||||||||||||||
100,000 | Citizens Bank NA | 2.650 | 05/26/22 | 96,674 | ||||||||||||||
125,000 | Compass Bank | 2.875 | 06/29/22 | 120,637 | ||||||||||||||
250,000 | Cooperatieve Rabobank UA | 2.500 | 01/19/21 | 245,478 | ||||||||||||||
325,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 304,140 | ||||||||||||||
100,000 | g | Credit Agricole S.A. | 2.500 | 04/15/19 | 99,783 | |||||||||||||
250,000 | g | Credit Agricole S.A. | 3.750 | 04/24/23 | 244,855 | |||||||||||||
150,000 | g | Credit Agricole S.A. | 3.250 | 10/04/24 | 141,194 | |||||||||||||
200,000 | g | DBS Group Holdings Ltd | 4.520 | 12/11/28 | 201,470 | |||||||||||||
175,000 | Deutsche Bank AG. | 3.950 | 02/27/23 | 167,981 | ||||||||||||||
125,000 | Discover Bank | 3.200 | 08/09/21 | 123,567 | ||||||||||||||
200,000 | g | Export Credit Bank of Turkey | 5.375 | 10/24/23 | 181,425 | |||||||||||||
150,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 152,721 | |||||||||||||
100,000 | HSBC Holdings plc | 3.262 | 03/13/23 | 97,938 | ||||||||||||||
200,000 | HSBC Holdings plc | 3.033 | 11/22/23 | 192,987 | ||||||||||||||
200,000 | HSBC Holdings plc | 3.950 | 05/18/24 | 199,444 |
108
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
$ 200,000 | HSBC Holdings plc | 4.375 | % | 11/23/26 | $ | 196,876 | ||||||||||||
200,000 | HSBC Holdings plc | 4.041 | 03/13/28 | 194,089 | ||||||||||||||
250,000 | Huntington National Bank | 2.500 | 08/07/22 | 240,859 | ||||||||||||||
375,000 | JPMorgan Chase & Co | 2.750 | 06/23/20 | 371,651 | ||||||||||||||
325,000 | JPMorgan Chase & Co | 2.295 | 08/15/21 | 313,960 | ||||||||||||||
200,000 | JPMorgan Chase & Co | 2.776 | 04/25/23 | 193,992 | ||||||||||||||
150,000 | JPMorgan Chase & Co | 2.700 | 05/18/23 | 143,950 | ||||||||||||||
350,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 330,841 | ||||||||||||||
175,000 | JPMorgan Chase & Co | 2.950 | 10/01/26 | 162,498 | ||||||||||||||
100,000 | JPMorgan Chase & Co | 3.882 | 07/24/38 | 92,466 | ||||||||||||||
80,000 | KeyBank NA | 2.500 | 12/15/19 | 79,368 | ||||||||||||||
100,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 99,695 | |||||||||||||
225,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 221,454 | ||||||||||||||
350,000 | PNC Bank NA | 2.600 | 07/21/20 | 345,758 | ||||||||||||||
250,000 | PNC Bank NA | 2.450 | 11/05/20 | 245,702 | ||||||||||||||
150,000 | PNC Bank NA | 2.700 | 11/01/22 | 144,147 | ||||||||||||||
200,000 | Santander Holdings USA, Inc | 3.400 | 01/18/23 | 193,041 | ||||||||||||||
100,000 | Santander Holdings USA, Inc | 4.400 | 07/13/27 | 95,865 | ||||||||||||||
100,000 | Santander UK Group Holdings plc | 3.571 | 01/10/23 | 97,251 | ||||||||||||||
300,000 | g | Skandinaviska Enskilda Banken AB | 2.625 | 11/17/20 | 295,164 | |||||||||||||
75,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 75,001 | ||||||||||||||
150,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 148,286 | ||||||||||||||
250,000 | Sumitomo Mitsui Banking Corp | 3.650 | 07/23/25 | 248,254 | ||||||||||||||
250,000 | Sumitomo Mitsui Financial Group, Inc | 2.442 | 10/19/21 | 241,392 | ||||||||||||||
125,000 | SunTrust Banks, Inc | 2.900 | 03/03/21 | 123,461 | ||||||||||||||
100,000 | SunTrust Banks, Inc | 2.750 | 05/01/23 | 96,553 | ||||||||||||||
125,000 | SunTrust Banks, Inc | 4.000 | 05/01/25 | 125,573 | ||||||||||||||
250,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 243,458 | ||||||||||||||
100,000 | Toronto-Dominion Bank | 3.625 | 09/15/31 | 94,062 | ||||||||||||||
200,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/22 | 183,934 | |||||||||||||
200,000 | g | UBS AG. | 2.450 | 12/01/20 | 195,396 | |||||||||||||
125,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 124,632 | ||||||||||||||
200,000 | g,i | United Overseas Bank Ltd | LIBOR 3 M + 0.480% | 2.842 | 04/23/21 | 200,341 | ||||||||||||
150,000 | Westpac Banking Corp | 4.322 | 11/23/31 | 144,476 | ||||||||||||||
|
| |||||||||||||||||
TOTAL BANKS |
| 13,441,744 | ||||||||||||||||
|
| |||||||||||||||||
CAPITAL GOODS - 0.9% | ||||||||||||||||||
50,000 | g | Cleaver-Brooks, Inc | 7.875 | 03/01/23 | 51,500 | |||||||||||||
150,000 | General Electric Co | 4.125 | 10/09/42 | 139,206 | ||||||||||||||
175,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 172,625 | ||||||||||||||
100,000 | Lockheed Martin Corp | 3.550 | 01/15/26 | 98,382 | ||||||||||||||
150,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 148,473 | |||||||||||||
200,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 197,567 | |||||||||||||
100,000 | Mosaic Co | 4.050 | 11/15/27 | 95,527 | ||||||||||||||
175,000 | Rockwell Collins, Inc | 3.500 | 03/15/27 | 166,756 | ||||||||||||||
100,000 | g | Stena AB | 7.000 | 02/01/24 | 92,000 | |||||||||||||
100,000 | Textron, Inc | 3.875 | 03/01/25 | 98,784 | ||||||||||||||
325,000 | Timken Co | 3.875 | 09/01/24 | 321,461 | ||||||||||||||
150,000 | United Technologies Corp | 3.750 | 11/01/46 | 131,209 | ||||||||||||||
|
| |||||||||||||||||
TOTAL CAPITAL GOODS |
| 1,713,490 | ||||||||||||||||
|
| |||||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.6% | ||||||||||||||||||
100,000 | RELX Capital, Inc | 3.500 | 03/16/23 | 98,909 |
109
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 350,000 | Republic Services, Inc | 3.550 | % | 06/01/22 | $ | 352,145 | ||||||||||||
290,000 | Republic Services, Inc | 2.900 | 07/01/26 | 269,211 | ||||||||||||||
75,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 75,563 | ||||||||||||||
175,000 | Waste Management, Inc | 3.150 | 11/15/27 | 164,261 | ||||||||||||||
50,000 | Waste Management, Inc | 3.900 | 03/01/35 | 48,598 | ||||||||||||||
50,000 | Waste Management, Inc | 4.100 | 03/01/45 | 49,207 | ||||||||||||||
|
| |||||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
| 1,057,894 | ||||||||||||||||
|
| |||||||||||||||||
CONSUMER DURABLES & APPAREL - 0.1% | ||||||||||||||||||
175,000 | Newell Rubbermaid, Inc | 4.200 | 04/01/26 | 169,004 | ||||||||||||||
|
| |||||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL |
| 169,004 | ||||||||||||||||
|
| |||||||||||||||||
CONSUMER SERVICES - 0.1% | ||||||||||||||||||
100,000 | ADT Corp | 6.250 | 10/15/21 | 103,500 | ||||||||||||||
60,000 | g | Boyd Gaming Corp | 6.000 | 08/15/26 | 59,175 | |||||||||||||
70,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 68,425 | ||||||||||||||
|
| |||||||||||||||||
TOTAL CONSUMER SERVICES |
| 231,100 | ||||||||||||||||
|
| |||||||||||||||||
DIVERSIFIED FINANCIALS - 3.3% | ||||||||||||||||||
150,000 | AerCap Ireland Capital DAC | 4.125 | 07/03/23 | 149,143 | ||||||||||||||
200,000 | American Express Co | 2.500 | 08/01/22 | 191,734 | ||||||||||||||
50,000 | American Express Credit Corp | 2.700 | 03/03/22 | 48,909 | ||||||||||||||
50,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 51,159 | ||||||||||||||
125,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 120,397 | ||||||||||||||
200,000 | g | Credit Suisse Group AG. | 2.997 | 12/14/23 | 191,269 | |||||||||||||
200,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 197,408 | ||||||||||||||
150,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 144,223 | ||||||||||||||
200,000 | Ford Motor Credit Co LLC | 3.339 | 03/28/22 | 195,698 | ||||||||||||||
100,000 | GE Capital International Funding Co | 4.418 | 11/15/35 | 96,818 | ||||||||||||||
125,000 | General Motors Financial Co, Inc | 3.950 | 04/13/24 | 122,278 | ||||||||||||||
300,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 289,620 | ||||||||||||||
125,000 | Goldman Sachs Group, Inc | 3.272 | 09/29/25 | 118,752 | ||||||||||||||
150,000 | Goldman Sachs Group, Inc | 3.691 | 06/05/28 | 142,144 | ||||||||||||||
100,000 | Goldman Sachs Group, Inc | 4.017 | 10/31/38 | 91,053 | ||||||||||||||
125,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 123,928 | ||||||||||||||
200,000 | g | GrupoSura Finance S.A. | 5.500 | 04/29/26 | 204,202 | |||||||||||||
100,000 | Icahn Enterprises LP | 6.250 | 02/01/22 | 102,000 | ||||||||||||||
250,000 | g | ICICI Bank Ltd | 3.800 | 12/14/27 | 228,998 | |||||||||||||
100,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 106,021 | ||||||||||||||
50,000 | Jefferies Group LLC | 4.150 | 01/23/30 | 44,101 | ||||||||||||||
100,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 99,704 | ||||||||||||||
100,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 99,046 | ||||||||||||||
175,000 | Morgan Stanley | 2.750 | 05/19/22 | 169,484 | ||||||||||||||
250,000 | Morgan Stanley | 3.737 | 04/24/24 | 248,421 | ||||||||||||||
450,000 | Morgan Stanley | 3.125 | 07/27/26 | 418,454 | ||||||||||||||
150,000 | Morgan Stanley | 3.625 | 01/20/27 | 144,311 | ||||||||||||||
50,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 51,280 | ||||||||||||||
100,000 | g | Quicken Loans, Inc | 5.250 | 01/15/28 | 92,230 | |||||||||||||
125,000 | Raymond James Financial, Inc | 4.950 | 07/15/46 | 127,018 | ||||||||||||||
50,000 | Shire Acquisitions Investments Ireland DAC | 3.200 | 09/23/26 | 45,803 | ||||||||||||||
125,000 | TD Ameritrade Holding Corp | 3.300 | 04/01/27 | 119,230 | ||||||||||||||
150,000 | g | UBS Group Funding Jersey Ltd | 2.950 | 09/24/20 | 148,412 | |||||||||||||
200,000 | g | UBS Group Funding Jersey Ltd | 2.650 | 02/01/22 | 192,629 |
110
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 175,000 | Unilever Capital Corp | 2.900 | % | 05/05/27 | $ | 165,628 | ||||||||||||
1,125,000 | Wells Fargo & Co | 2.625 | 07/22/22 | 1,083,673 | ||||||||||||||
325,000 | Wells Fargo & Co | 3.584 | 05/22/28 | 311,273 | ||||||||||||||
|
| |||||||||||||||||
TOTAL DIVERSIFIED FINANCIALS |
| 6,476,451 | ||||||||||||||||
|
| |||||||||||||||||
ENERGY - 4.1% | ||||||||||||||||||
200,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 3.650 | 11/02/29 | 184,839 | |||||||||||||
100,000 | Anadarko Petroleum Corp | 5.550 | 03/15/26 | 107,139 | ||||||||||||||
25,000 | Anadarko Petroleum Corp | 4.500 | 07/15/44 | 23,263 | ||||||||||||||
100,000 | Andeavor Logistics LP | 4.250 | 12/01/27 | 96,207 | ||||||||||||||
100,000 | Andeavor Logistics LP | 5.200 | 12/01/47 | 96,381 | ||||||||||||||
100,000 | g | APT Pipelines Ltd | 4.250 | 07/15/27 | 97,984 | |||||||||||||
300,000 | BP Capital Markets plc | 2.315 | 02/13/20 | 297,111 | ||||||||||||||
100,000 | BP Capital Markets plc | 2.520 | 09/19/22 | 96,440 | ||||||||||||||
125,000 | BP Capital Markets plc | 3.279 | 09/19/27 | 120,130 | ||||||||||||||
150,000 | Canadian Natural Resources Ltd | 4.950 | 06/01/47 | 154,695 | ||||||||||||||
125,000 | Cenovus Energy, Inc | 5.400 | 06/15/47 | 122,284 | ||||||||||||||
100,000 | Cimarex Energy Co | 3.900 | 05/15/27 | 95,985 | ||||||||||||||
125,000 | Concho Resources, Inc | 3.750 | 10/01/27 | 120,067 | ||||||||||||||
125,000 | Continental Resources, Inc | 3.800 | 06/01/24 | 121,893 | ||||||||||||||
50,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 53,000 | ||||||||||||||
100,000 | Enbridge, Inc | 3.700 | 07/15/27 | 94,725 | ||||||||||||||
150,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 148,578 | ||||||||||||||
150,000 | Energy Transfer Partners LP | 4.950 | 06/15/28 | 149,476 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 97,681 | ||||||||||||||
75,000 | Enterprise Products Operating LLC | 4.450 | 02/15/43 | 70,527 | ||||||||||||||
50,000 | Enterprise Products Operating LLC | 4.850 | 03/15/44 | 49,736 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 92,965 | ||||||||||||||
17,000 | g | EP Energy LLC | 9.375 | 05/01/24 | 13,940 | |||||||||||||
50,000 | EQT Midstream Partners LP | 4.125 | 12/01/26 | 46,064 | ||||||||||||||
75,000 | Exterran Partners LP | 6.000 | 10/01/22 | 74,250 | ||||||||||||||
200,000 | Exxon Mobil Corp | 2.222 | 03/01/21 | 196,305 | ||||||||||||||
125,000 | Genesis Energy LP | 6.250 | 05/15/26 | 117,812 | ||||||||||||||
100,000 | HollyFrontier Corp | 5.875 | 04/01/26 | 107,754 | ||||||||||||||
100,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 100,721 | ||||||||||||||
175,000 | Kinder Morgan, Inc | 4.300 | 03/01/28 | 169,543 | ||||||||||||||
150,000 | Marathon Oil Corp | 2.700 | 06/01/20 | 147,725 | ||||||||||||||
25,000 | Marathon Oil Corp | 5.200 | 06/01/45 | 26,300 | ||||||||||||||
175,000 | MPLX LP | 4.125 | 03/01/27 | 166,873 | ||||||||||||||
125,000 | MPLX LP | 4.000 | 03/15/28 | 118,892 | ||||||||||||||
125,000 | MPLX LP | 4.500 | 04/15/38 | 115,380 | ||||||||||||||
125,000 | MPLX LP | 4.700 | 04/15/48 | 115,991 | ||||||||||||||
150,000 | Noble Energy, Inc | 3.850 | 01/15/28 | 143,289 | ||||||||||||||
150,000 | Noble Energy, Inc | 5.050 | 11/15/44 | 149,792 | ||||||||||||||
200,000 | ONE Gas, Inc | 2.070 | 02/01/19 | 199,300 | ||||||||||||||
100,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 99,372 | ||||||||||||||
100,000 | ONEOK, Inc | 4.000 | 07/13/27 | 96,724 | ||||||||||||||
125,000 | h | ONEOK, Inc | 4.550 | 07/15/28 | 126,049 | |||||||||||||
200,000 | g | Peru LNG Srl | 5.375 | 03/22/30 | 198,000 | |||||||||||||
100,000 | g | Petrobras Global Finance BV | 5.999 | 01/27/28 | 90,500 | |||||||||||||
50,000 | Petrobras Global Finance BV | 7.250 | 03/17/44 | 46,250 | ||||||||||||||
75,000 | Petroleos Mexicanos | 6.375 | 02/04/21 | 78,937 | ||||||||||||||
150,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 142,000 |
111
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 80,000 | Petroleos Mexicanos | 4.250 | % | 01/15/25 | $ | 74,800 | ||||||||||||
150,000 | Petroleos Mexicanos | 6.500 | 03/13/27 | 153,450 | ||||||||||||||
100,000 | g | Petroleos Mexicanos | 5.350 | 02/12/28 | 94,400 | |||||||||||||
100,000 | g | Petroleos Mexicanos | 6.350 | 02/12/48 | 90,500 | |||||||||||||
175,000 | Phillips 66 Partners LP | 3.550 | 10/01/26 | 163,588 | ||||||||||||||
100,000 | Phillips 66 Partners LP | 4.900 | 10/01/46 | 95,777 | ||||||||||||||
45,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 47,854 | ||||||||||||||
150,000 | Pioneer Natural Resources Co | �� | 3.450 | 01/15/21 | 150,309 | |||||||||||||
125,000 | Pioneer Natural Resources Co | 4.450 | 01/15/26 | 128,495 | ||||||||||||||
250,000 | g | Reliance Industries Ltd | 3.667 | 11/30/27 | 229,533 | |||||||||||||
175,000 | Sabine Pass Liquefaction LLC | 4.200 | 03/15/28 | 168,224 | ||||||||||||||
75,000 | Shell International Finance BV | 2.375 | 08/21/22 | 72,546 | ||||||||||||||
75,000 | Shell International Finance BV | 4.000 | 05/10/46 | 72,575 | ||||||||||||||
200,000 | Statoil ASA | 2.450 | 01/17/23 | 192,886 | ||||||||||||||
50,000 | Suncor Energy, Inc | 4.000 | 11/15/47 | 46,657 | ||||||||||||||
125,000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 116,767 | ||||||||||||||
50,000 | g | Sunoco LP | 4.875 | 01/15/23 | 48,000 | |||||||||||||
25,000 | g | Targa Resources Partners LP | 5.875 | 04/15/26 | 25,188 | |||||||||||||
10,000 | Tesoro Logistics LP | 6.375 | 05/01/24 | 10,675 | ||||||||||||||
40,000 | g | USA Compression Partners LP | 6.875 | 04/01/26 | 41,400 | |||||||||||||
25,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 28,068 | ||||||||||||||
125,000 | Valero Energy Partners LP | 4.500 | 03/15/28 | 122,846 | ||||||||||||||
150,000 | Western Gas Partners LP | 3.950 | 06/01/25 | 141,419 | ||||||||||||||
50,000 | Western Gas Partners LP | 4.650 | 07/01/26 | 49,103 | ||||||||||||||
25,000 | g | Whiting Petroleum Corp | 6.625 | 01/15/26 | 25,781 | |||||||||||||
75,000 | Williams Partners LP | 3.600 | 03/15/22 | 74,614 | ||||||||||||||
75,000 | Williams Partners LP | 4.900 | 01/15/45 | 71,594 | ||||||||||||||
150,000 | g | YPF S.A. | 6.950 | 07/21/27 | 128,625 | |||||||||||||
|
| |||||||||||||||||
TOTAL ENERGY |
| 8,044,543 | ||||||||||||||||
|
| |||||||||||||||||
FOOD & STAPLES RETAILING - 0.8% | ||||||||||||||||||
100,000 | Albertsons Cos LLC | 6.625 | 06/15/24 | 94,250 | ||||||||||||||
175,000 | CVS Health Corp | 3.700 | 03/09/23 | 173,218 | ||||||||||||||
275,000 | CVS Health Corp | 2.875 | 06/01/26 | 250,236 | ||||||||||||||
350,000 | CVS Health Corp | 4.300 | 03/25/28 | 345,107 | ||||||||||||||
400,000 | CVS Health Corp | 4.780 | 03/25/38 | 395,383 | ||||||||||||||
140,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 137,900 | ||||||||||||||
100,000 | Kroger Co | 3.700 | 08/01/27 | 95,058 | ||||||||||||||
100,000 | Walgreens Boots Alliance, Inc | 3.450 | 06/01/26 | 93,269 | ||||||||||||||
|
| |||||||||||||||||
TOTAL FOOD & STAPLES RETAILING |
| 1,584,421 | ||||||||||||||||
|
| |||||||||||||||||
FOOD, BEVERAGE & TOBACCO - 1.1% | ||||||||||||||||||
250,000 | Anheuser-Busch InBev Finance, Inc | 2.650 | 02/01/21 | 246,502 | ||||||||||||||
150,000 | Anheuser-Busch InBev Finance, Inc | 3.300 | 02/01/23 | 148,698 | ||||||||||||||
300,000 | Anheuser-Busch InBev Finance, Inc | 3.650 | 02/01/26 | 293,786 | ||||||||||||||
100,000 | Anheuser-Busch InBev Worldwide, Inc | 4.000 | 04/13/28 | 99,728 | ||||||||||||||
125,000 | Anheuser-Busch InBev Worldwide, Inc | 4.600 | 04/15/48 | 122,564 | ||||||||||||||
250,000 | g | BAT Capital Corp | 3.557 | 08/15/27 | 232,511 | |||||||||||||
100,000 | Constellation Brands, Inc | 3.600 | 02/15/28 | 94,480 | ||||||||||||||
200,000 | Diageo Capital plc | 3.500 | 09/18/23 | 200,606 | ||||||||||||||
200,000 | Diageo Capital plc | 3.875 | 05/18/28 | 201,597 | ||||||||||||||
150,000 | g | Heineken NV | 3.500 | 01/29/28 | 144,294 | |||||||||||||
100,000 | g | Heineken NV | 4.350 | 03/29/47 | 98,717 |
112
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 175,000 | Mondelez International, Inc | 4.125 | % | 05/07/28 | $ | 173,435 | ||||||||||||
100,000 | Tyson Foods, Inc | 3.550 | 06/02/27 | 94,571 | ||||||||||||||
|
| |||||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO |
| 2,151,489 | ||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.6% | ||||||||||||||||||
150,000 | Anthem, Inc | 3.650 | 12/01/27 | 142,038 | ||||||||||||||
250,000 | Becton Dickinson and Co | 3.700 | 06/06/27 | 236,373 | ||||||||||||||
75,000 | Cardinal Health, Inc | 3.410 | 06/15/27 | 68,892 | ||||||||||||||
100,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 99,233 | ||||||||||||||
150,000 | Express Scripts Holding Co | 3.400 | 03/01/27 | 137,005 | ||||||||||||||
30,000 | LifePoint Health, Inc | 5.375 | 05/01/24 | 28,875 | ||||||||||||||
75,000 | Medtronic, Inc | 4.625 | 03/15/45 | 79,439 | ||||||||||||||
175,000 | Thermo Fisher Scientific, Inc | 2.950 | 09/19/26 | 161,610 | ||||||||||||||
50,000 | Thermo Fisher Scientific, Inc | 3.200 | 08/15/27 | 46,726 | ||||||||||||||
100,000 | Zimmer Biomet Holdings, Inc | 3.700 | 03/19/23 | 99,253 | ||||||||||||||
55,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 52,340 | ||||||||||||||
|
| |||||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
| 1,151,784 | ||||||||||||||||
|
| |||||||||||||||||
INSURANCE - 1.5% | ||||||||||||||||||
100,000 | ACE INA Holdings, Inc | 2.875 | 11/03/22 | 98,223 | ||||||||||||||
100,000 | Allstate Corp | 3.280 | 12/15/26 | 96,030 | ||||||||||||||
100,000 | Allstate Corp | 5.750 | 08/15/53 | 102,750 | ||||||||||||||
100,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 93,802 | ||||||||||||||
90,000 | American International Group, Inc | 3.750 | 07/10/25 | 86,865 | ||||||||||||||
125,000 | American International Group, Inc | 3.900 | 04/01/26 | 120,848 | ||||||||||||||
175,000 | Aon plc | 3.500 | 06/14/24 | 170,159 | ||||||||||||||
200,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 206,788 | ||||||||||||||
100,000 | CNA Financial Corp | 3.950 | 05/15/24 | 99,944 | ||||||||||||||
100,000 | CNA Financial Corp | 3.450 | 08/15/27 | 92,609 | ||||||||||||||
100,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 94,398 | ||||||||||||||
100,000 | Humana, Inc | 3.950 | 03/15/27 | 98,301 | ||||||||||||||
100,000 | Lincoln National Corp | 3.800 | 03/01/28 | 95,514 | ||||||||||||||
100,000 | Markel Corp | 3.500 | 11/01/27 | 92,785 | ||||||||||||||
100,000 | MetLife, Inc | 3.600 | 11/13/25 | 98,574 | ||||||||||||||
175,000 | Prudential Financial, Inc | 3.878 | 03/27/28 | 172,898 | ||||||||||||||
100,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 112,638 | |||||||||||||
225,000 | Travelers Cos, Inc | 4.000 | 05/30/47 | 216,225 | ||||||||||||||
150,000 | UnitedHealth Group, Inc | 2.950 | 10/15/27 | 139,915 | ||||||||||||||
100,000 | UnitedHealth Group, Inc | 3.750 | 10/15/47 | 91,832 | ||||||||||||||
500,000 | g,i | Vitality Re IX Ltd | 3.512 | 01/10/22 | 501,800 | |||||||||||||
25,000 | WR Berkley Corp | 5.375 | 09/15/20 | 26,037 | ||||||||||||||
|
| |||||||||||||||||
TOTAL INSURANCE |
| 2,908,935 | ||||||||||||||||
|
| |||||||||||||||||
MATERIALS - 1.4% | ||||||||||||||||||
35,000 | Air Products & Chemicals, Inc | 4.375 | 08/21/19 | 35,597 | ||||||||||||||
100,000 | Albemarle Corp | 5.450 | 12/01/44 | 106,363 | ||||||||||||||
25,000 | Barrick Gold Corp | 3.850 | 04/01/22 | 25,359 | ||||||||||||||
225,000 | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 208,687 | ||||||||||||||
200,000 | g | Cemex SAB de C.V. | 7.750 | 04/16/26 | 216,680 | |||||||||||||
200,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.500 | 09/16/25 | 204,182 | |||||||||||||
200,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.625 | 08/01/27 | 190,506 | |||||||||||||
100,000 | g | CRH America Finance, Inc | 3.400 | 05/09/27 | 94,088 | |||||||||||||
50,000 | Dow Chemical Co | 4.375 | 11/15/42 | 47,435 |
113
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 200,000 | g | Equate Petrochemical BV | 3.000 | % | 03/03/22 | $ | 191,284 | |||||||||||
50,000 | g | Glencore Funding LLC | 4.000 | 03/27/27 | 47,179 | |||||||||||||
100,000 | International Paper Co | 3.000 | 02/15/27 | 90,487 | ||||||||||||||
150,000 | International Paper Co | 4.350 | 08/15/48 | 134,444 | ||||||||||||||
200,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 192,404 | |||||||||||||
100,000 | g | James Hardie International Finance DAC | 4.750 | 01/15/25 | 97,500 | |||||||||||||
200,000 | g | Klabin Finance S.A. | 4.875 | 09/19/27 | 180,100 | |||||||||||||
75,000 | LYB International Finance II BV | 3.500 | 03/02/27 | 70,311 | ||||||||||||||
50,000 | Newmont Mining Corp | 4.875 | 03/15/42 | 50,103 | ||||||||||||||
125,000 | Nucor Corp | 3.950 | 05/01/28 | 125,125 | ||||||||||||||
100,000 | Nutrien Ltd | 4.125 | 03/15/35 | 92,642 | ||||||||||||||
60,000 | g | OCI NV | 6.625 | 04/15/23 | 60,835 | |||||||||||||
80,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 80,900 | |||||||||||||
100,000 | Sherwin-Williams Co | 3.450 | 06/01/27 | 94,386 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MATERIALS |
| 2,636,597 | ||||||||||||||||
|
| |||||||||||||||||
MEDIA - 1.5% | ||||||||||||||||||
500,000 | 21st Century Fox America, Inc | 3.000 | 09/15/22 | 489,295 | ||||||||||||||
50,000 | 21st Century Fox America, Inc | 6.900 | 08/15/39 | 63,619 | ||||||||||||||
100,000 | AMC Entertainment Holdings, Inc | 5.875 | 02/15/22 | 101,750 | ||||||||||||||
25,000 | g | CBS Corp | 2.900 | 06/01/23 | 23,773 | |||||||||||||
100,000 | CBS Corp | 3.375 | 02/15/28 | 88,987 | ||||||||||||||
75,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 74,989 | ||||||||||||||
75,000 | Charter Communications Operating LLC | 4.464 | 07/23/22 | 75,836 | ||||||||||||||
325,000 | Charter Communications Operating LLC | 4.908 | 07/23/25 | 328,118 | ||||||||||||||
100,000 | Charter Communications Operating LLC | 5.375 | 05/01/47 | 90,744 | ||||||||||||||
300,000 | Comcast Corp | 2.350 | 01/15/27 | 262,763 | ||||||||||||||
300,000 | Comcast Corp | 3.200 | 07/15/36 | 249,416 | ||||||||||||||
100,000 | Discovery Communications LLC | 2.950 | 03/20/23 | 95,601 | ||||||||||||||
100,000 | Discovery Communications LLC | 3.950 | 03/20/28 | 94,664 | ||||||||||||||
50,000 | g | EMI Music Publishing Group North America Holdings, Inc | 7.625 | 06/15/24 | 54,107 | |||||||||||||
40,000 | g | Meredith Corp | 6.875 | 02/01/26 | 39,450 | |||||||||||||
125,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 124,067 | |||||||||||||
50,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 49,130 | |||||||||||||
15,000 | g | Tegna, Inc | 4.875 | 09/15/21 | 15,019 | |||||||||||||
80,000 | g | Tegna, Inc | 5.500 | 09/15/24 | 80,000 | |||||||||||||
75,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 73,327 | ||||||||||||||
450,000 | Time Warner, Inc | 2.100 | 06/01/19 | 446,864 | ||||||||||||||
100,000 | Time Warner, Inc | 3.800 | 02/15/27 | 94,553 | ||||||||||||||
50,000 | Viacom, Inc | 3.450 | 10/04/26 | 45,774 | ||||||||||||||
50,000 | Viacom, Inc | 5.850 | 09/01/43 | 50,214 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MEDIA |
| 3,112,060 | ||||||||||||||||
|
| |||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4% | ||||||||||||||||||
100,000 | Abbott Laboratories | 3.875 | 09/15/25 | 99,648 | ||||||||||||||
400,000 | Abbott Laboratories | 3.750 | 11/30/26 | 393,028 | ||||||||||||||
100,000 | Abbott Laboratories | 5.300 | 05/27/40 | 109,396 | ||||||||||||||
150,000 | AbbVie, Inc | 3.200 | 05/14/26 | 139,880 | ||||||||||||||
125,000 | AbbVie, Inc | 4.400 | 11/06/42 | 118,644 | ||||||||||||||
100,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 97,076 | ||||||||||||||
100,000 | Actavis Funding SCS | 4.550 | 03/15/35 | 94,821 | ||||||||||||||
195,000 | Amgen, Inc | 2.600 | 08/19/26 | 175,946 |
114
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 100,000 | AstraZeneca plc | 3.125 | % | 06/12/27 | $ | 93,621 | ||||||||||||
75,000 | Celgene Corp | 3.875 | 08/15/25 | 72,860 | ||||||||||||||
275,000 | Celgene Corp | 3.450 | 11/15/27 | 252,759 | ||||||||||||||
100,000 | Celgene Corp | 3.900 | 02/20/28 | 94,805 | ||||||||||||||
150,000 | Gilead Sciences, Inc | 2.950 | 03/01/27 | 140,070 | ||||||||||||||
36,000 | Gilead Sciences, Inc | 4.000 | 09/01/36 | 34,617 | ||||||||||||||
50,000 | Gilead Sciences, Inc | 4.150 | 03/01/47 | 47,740 | ||||||||||||||
100,000 | GlaxoSmithKline Capital, Inc | 3.875 | 05/15/28 | 100,768 | ||||||||||||||
150,000 | Johnson & Johnson | 2.900 | 01/15/28 | 143,111 | ||||||||||||||
100,000 | Johnson & Johnson | 3.400 | 01/15/38 | 94,381 | ||||||||||||||
25,000 | Mylan NV | 3.950 | 06/15/26 | 23,897 | ||||||||||||||
125,000 | g | Mylan, Inc | 4.550 | 04/15/28 | 122,109 | |||||||||||||
175,000 | Novartis Capital Corp | 3.000 | 11/20/25 | 168,805 | ||||||||||||||
150,000 | Teva Pharmaceutical Finance Netherlands III BV | 3.150 | 10/01/26 | 120,516 | ||||||||||||||
|
| |||||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| 2,738,498 | ||||||||||||||||
|
| |||||||||||||||||
REAL ESTATE - 2.1% | ||||||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/27 | 96,505 | ||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 96,024 | ||||||||||||||
100,000 | American Tower Corp | 3.000 | 06/15/23 | 95,855 | ||||||||||||||
50,000 | American Tower Corp | 3.375 | 10/15/26 | 46,263 | ||||||||||||||
150,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 148,041 | ||||||||||||||
100,000 | Brandywine Operating Partnership LP | 3.950 | 11/15/27 | �� | 94,973 | |||||||||||||
200,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 192,843 | ||||||||||||||
160,000 | Brixmor Operating Partnership LP | 4.125 | 06/15/26 | 154,813 | ||||||||||||||
75,000 | Brixmor Operating Partnership LP | 3.900 | 03/15/27 | 70,872 | ||||||||||||||
35,000 | Camden Property Trust | 4.625 | 06/15/21 | 36,091 | ||||||||||||||
100,000 | Camden Property Trust | 2.950 | 12/15/22 | 97,348 | ||||||||||||||
110,000 | Crown Castle International Corp | 4.875 | 04/15/22 | 113,371 | ||||||||||||||
50,000 | Crown Castle International Corp | 3.700 | 06/15/26 | 47,130 | ||||||||||||||
100,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 103,572 | ||||||||||||||
87,000 | DDR Corp | 3.625 | 02/01/25 | 82,531 | ||||||||||||||
50,000 | Digital Realty Trust LP | 3.700 | 08/15/27 | 47,498 | ||||||||||||||
100,000 | Duke Realty LP | 3.250 | 06/30/26 | 93,759 | ||||||||||||||
100,000 | Equity One, Inc | 3.750 | 11/15/22 | 99,558 | ||||||||||||||
75,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 73,491 | ||||||||||||||
100,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 98,148 | ||||||||||||||
175,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 170,667 | ||||||||||||||
100,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 98,274 | ||||||||||||||
125,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 117,447 | ||||||||||||||
100,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 96,273 | ||||||||||||||
100,000 | Highwoods Realty LP | 4.125 | 03/15/28 | 98,163 | ||||||||||||||
50,000 | Kimco Realty Corp | 3.800 | 04/01/27 | 47,543 | ||||||||||||||
100,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 101,674 | ||||||||||||||
125,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 123,227 | ||||||||||||||
100,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 95,808 | ||||||||||||||
50,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 50,055 | ||||||||||||||
100,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 97,486 | ||||||||||||||
100,000 | National Retail Properties, Inc | 4.000 | 11/15/25 | 98,079 | ||||||||||||||
150,000 | Regency Centers LP | 3.900 | 11/01/25 | 146,749 | ||||||||||||||
200,000 | Regency Centers LP | 3.600 | 02/01/27 | 189,979 | ||||||||||||||
125,000 | Ventas Realty LP | 4.000 | 03/01/28 | 120,797 | ||||||||||||||
50,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 49,302 |
115
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 100,000 | Weingarten Realty Investors | 3.500 | % | 04/15/23 | $ | 98,566 | ||||||||||||
100,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 101,841 | ||||||||||||||
100,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 97,118 | ||||||||||||||
100,000 | Weingarten Realty Investors | 3.250 | 08/15/26 | 92,112 | ||||||||||||||
25,000 | Welltower, Inc | 4.000 | 06/01/25 | 24,511 | ||||||||||||||
|
| |||||||||||||||||
TOTAL REAL ESTATE |
| 4,004,357 | ||||||||||||||||
|
| |||||||||||||||||
RETAILING - 1.1% | ||||||||||||||||||
25,000 | Asbury Automotive Group, Inc | 6.000 | 12/15/24 | 24,773 | ||||||||||||||
50,000 | AutoNation, Inc | 3.800 | 11/15/27 | 46,407 | ||||||||||||||
300,000 | AutoZone, Inc | 2.500 | 04/15/21 | 292,717 | ||||||||||||||
200,000 | Home Depot, Inc | 2.000 | 04/01/21 | 195,061 | ||||||||||||||
150,000 | Home Depot, Inc | 3.350 | 09/15/25 | 147,598 | ||||||||||||||
100,000 | Home Depot, Inc | 3.000 | 04/01/26 | 95,519 | ||||||||||||||
100,000 | Home Depot, Inc | 3.500 | 09/15/56 | 85,818 | ||||||||||||||
70,000 | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 72,275 | ||||||||||||||
125,000 | O’Reilly Automotive, Inc | 3.600 | 09/01/27 | 118,058 | ||||||||||||||
100,000 | †,g | PetSmart, Inc | 7.125 | 03/15/23 | 67,130 | |||||||||||||
125,000 | g | Rolls-Royce plc | 2.375 | 10/14/20 | 122,583 | |||||||||||||
100,000 | g | Rolls-Royce plc | 3.625 | 10/14/25 | 98,545 | |||||||||||||
100,000 | g | Staples, Inc | 8.500 | 09/15/25 | 93,250 | |||||||||||||
100,000 | Target Corp | 2.500 | 04/15/26 | 91,852 | ||||||||||||||
125,000 | Target Corp | 3.625 | 04/15/46 | 111,267 | ||||||||||||||
350,000 | Walmart, Inc | 3.700 | 06/26/28 | 352,303 | ||||||||||||||
125,000 | Walmart, Inc | 3.950 | 06/28/38 | 124,904 | ||||||||||||||
|
| |||||||||||||||||
TOTAL RETAILING |
| 2,140,060 | ||||||||||||||||
|
| |||||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4% | ||||||||||||||||||
300,000 | Intel Corp | 2.875 | 05/11/24 | 290,425 | ||||||||||||||
70,000 | Intel Corp | 2.600 | 05/19/26 | 65,248 | ||||||||||||||
25,000 | Intel Corp | 3.734 | 12/08/47 | 23,532 | ||||||||||||||
100,000 | Maxim Integrated Products, Inc | 3.450 | 06/15/27 | 94,504 | ||||||||||||||
125,000 | g | Microchip Technology, Inc | 3.922 | 06/01/21 | 125,198 | |||||||||||||
100,000 | Texas Instruments, Inc | 2.625 | 05/15/24 | 95,707 | ||||||||||||||
25,000 | Texas Instruments, Inc | 4.150 | 05/15/48 | 25,375 | ||||||||||||||
|
| |||||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| 719,989 | ||||||||||||||||
|
| |||||||||||||||||
SOFTWARE & SERVICES - 1.0% | ||||||||||||||||||
100,000 | Activision Blizzard Inc | 2.300 | 09/15/21 | 96,751 | ||||||||||||||
75,000 | Activision Blizzard Inc | 3.400 | 09/15/26 | 71,195 | ||||||||||||||
575,000 | Microsoft Corp | 2.400 | 08/08/26 | 531,708 | ||||||||||||||
100,000 | Microsoft Corp | 4.100 | 02/06/37 | 104,119 | ||||||||||||||
110,000 | Microsoft Corp | 3.700 | 08/08/46 | 106,774 | ||||||||||||||
100,000 | NCR Corp | 5.875 | 12/15/21 | 101,500 | ||||||||||||||
125,000 | Oracle Corp | 2.500 | 05/15/22 | 121,681 | ||||||||||||||
275,000 | Oracle Corp | 2.650 | 07/15/26 | 253,523 | ||||||||||||||
100,000 | Oracle Corp | 3.800 | 11/15/37 | 94,525 | ||||||||||||||
125,000 | Oracle Corp | 4.000 | 11/15/47 | 117,942 | ||||||||||||||
100,000 | salesforce.com, Inc | 3.700 | 04/11/28 | 99,244 | ||||||||||||||
125,000 | Total System Services, Inc | 4.450 | 06/01/28 | 124,260 | ||||||||||||||
|
| |||||||||||||||||
TOTAL SOFTWARE & SERVICES |
| 1,823,222 | ||||||||||||||||
|
|
116
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2% | ||||||||||||||||||
$ 200,000 | Amphenol Corp | 3.125 | % | 09/15/21 | $ | 198,828 | ||||||||||||
275,000 | Apple, Inc | 2.450 | 08/04/26 | 252,315 | ||||||||||||||
500,000 | Apple, Inc | 3.200 | 05/11/27 | 482,299 | ||||||||||||||
75,000 | Broadcom Corp | 3.875 | 01/15/27 | 70,913 | ||||||||||||||
50,000 | Broadcom Corp | 3.500 | 01/15/28 | 45,516 | ||||||||||||||
250,000 | Cisco Systems, Inc | 1.850 | 09/20/21 | 238,648 | ||||||||||||||
75,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 75,375 | |||||||||||||
100,000 | Corning, Inc | 4.375 | 11/15/57 | 87,100 | ||||||||||||||
225,000 | g | Dell International LLC | 4.420 | 06/15/21 | 228,193 | |||||||||||||
100,000 | g | Dell International LLC | 6.020 | 06/15/26 | 105,127 | |||||||||||||
100,000 | L3 Technologies, Inc | 3.850 | 06/15/23 | 99,758 | ||||||||||||||
100,000 | Motorola Solutions, Inc | 4.600 | 02/23/28 | 99,419 | ||||||||||||||
100,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 99,838 | ||||||||||||||
150,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 150,687 | ||||||||||||||
100,000 | Tyco Electronics Group S.A. | 3.700 | 02/15/26 | 98,105 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 2,332,121 | ||||||||||||||||
|
| |||||||||||||||||
TELECOMMUNICATION SERVICES - 1.7% | ||||||||||||||||||
625,000 | AT&T, Inc | 3.400 | 05/15/25 | 587,789 | ||||||||||||||
300,000 | g | AT&T, Inc | 4.300 | 02/15/30 | 283,654 | |||||||||||||
150,000 | AT&T, Inc | 4.500 | 05/15/35 | 138,659 | ||||||||||||||
125,000 | g | AT&T, Inc | 5.150 | 11/15/46 | 117,673 | |||||||||||||
100,000 | AT&T, Inc | 4.500 | 03/09/48 | 85,834 | ||||||||||||||
50,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 66,234 | ||||||||||||||
50,000 | France Telecom S.A. | 5.375 | 01/13/42 | 54,556 | ||||||||||||||
200,000 | g | MTN Mauritius Investment Ltd | 6.500 | 10/13/26 | 200,194 | |||||||||||||
200,000 | g | SK Telecom Co Ltd | 3.750 | 04/16/23 | 198,008 | |||||||||||||
100,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 96,673 | ||||||||||||||
50,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 51,875 | ||||||||||||||
200,000 | g | Turkcell Iletisim Hizmetleri AS. | 5.800 | 04/11/28 | 180,793 | |||||||||||||
100,000 | Verizon Communications, Inc | 3.376 | 02/15/25 | 96,045 | ||||||||||||||
683,000 | g | Verizon Communications, Inc | 4.329 | 09/21/28 | 676,900 | |||||||||||||
258,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 237,857 | ||||||||||||||
100,000 | Verizon Communications, Inc | 4.125 | 08/15/46 | 85,356 | ||||||||||||||
150,000 | Vodafone Group plc | 4.375 | 05/30/28 | 148,049 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
| 3,306,149 | ||||||||||||||||
|
| |||||||||||||||||
TRANSPORTATION - 0.9% | ||||||||||||||||||
125,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 118,969 | ||||||||||||||
100,000 | CSX Corp | 3.800 | 11/01/46 | 88,532 | ||||||||||||||
100,000 | CSX Corp | 4.300 | 03/01/48 | 95,211 | ||||||||||||||
200,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 197,691 | ||||||||||||||
125,000 | Delta Air Lines, Inc | 3.800 | 04/19/23 | 123,484 | ||||||||||||||
100,000 | FedEx Corp | 4.100 | 02/01/45 | 90,041 | ||||||||||||||
100,000 | FedEx Corp | 4.050 | 02/15/48 | 89,652 | ||||||||||||||
200,000 | Kansas City Southern | 2.350 | 05/15/20 | 196,311 | ||||||||||||||
100,000 | Norfolk Southern Corp | 4.050 | 08/15/52 | 91,114 | ||||||||||||||
175,000 | Northrop Grumman Corp | 3.250 | 01/15/28 | 164,648 | ||||||||||||||
100,000 | Northrop Grumman Corp | 4.030 | 10/15/47 | 93,676 | ||||||||||||||
200,000 | g | Pelabuhan Indonesia III Persero PT | 4.500 | 05/02/23 | 198,471 | |||||||||||||
175,000 | Union Pacific Corp | 4.500 | 09/10/48 | 176,580 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TRANSPORTATION |
| 1,724,380 | ||||||||||||||||
|
|
117
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
UTILITIES - 3.8% | ||||||||||||||||||
$ 100,000 | AEP Transmission Co LLC | 3.100 | % | 12/01/26 | $ | 95,643 | ||||||||||||
100,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 97,558 | ||||||||||||||
50,000 | AES Corp | 4.875 | 05/15/23 | 49,875 | ||||||||||||||
200,000 | AGL Capital Corp | 3.875 | 11/15/25 | 196,754 | ||||||||||||||
100,000 | Alabama Power Co | 4.150 | 08/15/44 | 98,615 | ||||||||||||||
100,000 | American Water Capital Corp | 3.000 | 12/01/26 | 94,023 | ||||||||||||||
100,000 | American Water Capital Corp | 4.000 | 12/01/46 | 97,255 | ||||||||||||||
150,000 | American Water Capital Corp | 3.750 | 09/01/47 | 138,369 | ||||||||||||||
75,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 77,842 | ||||||||||||||
125,000 | Baltimore Gas & Electric Co | 3.750 | 08/15/47 | 116,992 | ||||||||||||||
200,000 | g | Bayer US Finance II LLC | 4.375 | 12/15/28 | 200,297 | |||||||||||||
200,000 | g | Bayer US Finance II LLC | 4.875 | 06/25/48 | 201,901 | |||||||||||||
50,000 | Berkshire Hathaway Energy Co | 3.250 | 04/15/28 | 47,533 | ||||||||||||||
200,000 | Black Hills Corp | 4.250 | 11/30/23 | 203,113 | ||||||||||||||
100,000 | Black Hills Corp | 3.150 | 01/15/27 | 92,354 | ||||||||||||||
75,000 | g | Calpine Corp | 5.250 | 06/01/26 | 70,687 | |||||||||||||
200,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 203,621 | ||||||||||||||
100,000 | CMS Energy Corp | 3.600 | 11/15/25 | 97,906 | ||||||||||||||
25,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 25,393 | ||||||||||||||
100,000 | Consolidated Edison, Inc | 2.000 | 05/15/21 | 96,488 | ||||||||||||||
100,000 | DTE Electric Co | 3.750 | 08/15/47 | 94,492 | ||||||||||||||
15,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 15,262 | ||||||||||||||
100,000 | Duke Energy Corp | 1.800 | 09/01/21 | 95,670 | ||||||||||||||
150,000 | Duke Energy Corp | 2.650 | 09/01/26 | 135,052 | ||||||||||||||
200,000 | Enel Chile S.A. | 4.875 | 06/12/28 | 201,400 | ||||||||||||||
100,000 | Entergy Corp | 2.950 | 09/01/26 | 91,306 | ||||||||||||||
175,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 173,794 | ||||||||||||||
150,000 | Fortis, Inc | 3.055 | 10/04/26 | 136,617 | ||||||||||||||
50,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 51,475 | ||||||||||||||
100,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 93,451 | ||||||||||||||
25,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 25,430 | ||||||||||||||
200,000 | g | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 192,912 | |||||||||||||
100,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 100,736 | ||||||||||||||
200,000 | g | Listrindo Capital BV | 4.950 | 09/14/26 | 179,000 | |||||||||||||
125,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 116,080 | ||||||||||||||
200,000 | g | Minejesa Capital BV | 4.625 | 08/10/30 | 181,690 | |||||||||||||
250,000 | NextEra Energy Capital Holdings, Inc | 3.550 | 05/01/27 | 240,216 | ||||||||||||||
175,000 | NiSource Finance Corp | 3.490 | 05/15/27 | 167,506 | ||||||||||||||
100,000 | NRG Energy, Inc | 6.250 | 05/01/24 | 102,500 | ||||||||||||||
50,000 | g | NRG Energy, Inc | 5.750 | 01/15/28 | 49,125 | |||||||||||||
125,000 | Ohio Power Co | 4.150 | 04/01/48 | 125,602 | ||||||||||||||
125,000 | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 124,000 | ||||||||||||||
100,000 | Pacific Gas & Electric Co | 3.750 | 08/15/42 | 82,440 | ||||||||||||||
125,000 | Pacific Gas & Electric Co | 4.250 | 03/15/46 | 111,068 | ||||||||||||||
200,000 | g | Perusahaan Listrik Negara PT | 5.450 | 05/21/28 | 203,079 | |||||||||||||
300,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 304,527 | ||||||||||||||
250,000 | PPL Electric Utilities Corp | 3.000 | 09/15/21 | 248,841 | ||||||||||||||
50,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 51,434 | ||||||||||||||
175,000 | PSEG Power LLC | 3.850 | 06/01/23 | 174,138 | ||||||||||||||
80,000 | Public Service Co of Colorado | 4.750 | 08/15/41 | 86,774 | ||||||||||||||
100,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 102,644 | ||||||||||||||
125,000 | Sempra Energy | 2.875 | 10/01/22 | 121,077 |
118
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 100,000 | Southern California Edison Co | 4.125% | 03/01/48 | $ | 94,532 | |||||||||||||
100,000 | Southern Co Gas Capital Corp | 3.950 | 10/01/46 | 91,881 | ||||||||||||||
150,000 | Southern Power Co | 2.500 | 12/15/21 | 145,739 | ||||||||||||||
150,000 | Southern Power Co | 4.150 | 12/01/25 | 150,186 | ||||||||||||||
150,000 | Southwest Gas Corp | 3.700 | 04/01/28 | 149,501 | ||||||||||||||
55,000 | Virginia Electric & Power Co | 2.950 | 01/15/22 | 54,387 | ||||||||||||||
125,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 122,639 | ||||||||||||||
100,000 | Xcel Energy, Inc | 3.350 | 12/01/26 | 95,971 | ||||||||||||||
35,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 37,325 | ||||||||||||||
|
| |||||||||||||||||
TOTAL UTILITIES |
| 7,423,718 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL CORPORATE BONDS | 71,792,900 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $73,914,614) | ||||||||||||||||||
GOVERNMENT BONDS - 40.2% | ||||||||||||||||||
AGENCY SECURITIES - 0.2% | ||||||||||||||||||
400,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 397,220 | ||||||||||||||
|
| |||||||||||||||||
TOTAL AGENCY SECURITIES |
| 397,220 | ||||||||||||||||
|
| |||||||||||||||||
FOREIGN GOVERNMENT BONDS - 4.9% | ||||||||||||||||||
200,000 | Argentina Republic Government International Bond | 5.625 | 01/26/22 | 186,900 | ||||||||||||||
200,000 | Argentina Republic Government International Bond | 5.875 | 01/11/28 | 162,500 | ||||||||||||||
200,000 | g | Bermuda Government International Bond | 3.717 | 01/25/27 | 185,300 | |||||||||||||
BRL 350,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/21 | 91,675 | ||||||||||||||
$ 200,000 | Brazilian Government International Bond | 5.625 | 02/21/47 | 169,800 | ||||||||||||||
150,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 07/28/20 | 147,259 | |||||||||||||
200,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 189,800 | ||||||||||||||
200,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 196,750 | ||||||||||||||
200,000 | g | Costa Rica Government International Bond | 7.158 | 03/12/45 | 197,500 | |||||||||||||
225,000 | g | Ecuador Government International Bond | 9.650 | 12/13/26 | 210,757 | |||||||||||||
200,000 | g | Egypt Government International Bond | 5.577 | 02/21/23 | 189,494 | |||||||||||||
125,000 | g | El Salvador Government International Bond | 8.625 | 02/28/29 | 133,750 | |||||||||||||
100,000 | European Investment Bank | 4.875 | 02/15/36 | 123,419 | ||||||||||||||
200,000 | g | Export-Import Bank of India | 3.875 | 02/01/28 | 187,865 | |||||||||||||
250,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 238,877 | |||||||||||||
300,000 | g | Guatemala Government International Bond | 4.375 | 06/05/27 | 278,250 | |||||||||||||
EUR 170,000 | g | Hellenic Republic Government Bond | 3.375 | 02/15/25 | 196,429 | |||||||||||||
$ 300,000 | Israel Government International Bond | 3.250 | 01/17/28 | 289,406 | ||||||||||||||
225,000 | Israel Government International Bond | 4.125 | 01/17/48 | 211,946 | ||||||||||||||
189,000 | g | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 174,827 | |||||||||||||
150,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 168,081 | ||||||||||||||
200,000 | Japan Bank for International Cooperation | 2.375 | 04/20/26 | 188,488 | ||||||||||||||
250,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 237,436 | |||||||||||||
350,000 | g | Kuwait International Government Bond | 2.750 | 03/20/22 | 340,859 | |||||||||||||
100,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 100,300 | ||||||||||||||
250,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 246,125 | ||||||||||||||
200,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 186,376 | ||||||||||||||
200,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 185,750 | |||||||||||||
100,000 | g | Nigeria Government International Bond | 7.143 | 02/23/30 | 94,260 | |||||||||||||
200,000 | Panama Government International Bond | 4.500 | 05/15/47 | 194,000 | ||||||||||||||
200,000 | g | Paraguay Government International Bond | 5.600 | 03/13/48 | 194,000 | |||||||||||||
200,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.400 | 03/29/22 | 195,750 |
119
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||||
$ 400,000 | g | Perusahaan Penerbit SBSN Indonesia III | 4.400 | % | 03/01/28 | $ | 390,400 | |||||||||||||
125,000 | Peruvian Government International Bond | 5.625 | 11/18/50 | 145,156 | ||||||||||||||||
150,000 | g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 131,250 | |||||||||||||||
200,000 | g | Provincia de Mendoza Argentina | 8.375 | 05/19/24 | 184,266 | |||||||||||||||
250,000 | Republic of South Africa Government International Bond | 4.850 | 09/27/27 | 236,115 | ||||||||||||||||
226,000 | g | Romanian Government International Bond | 5.125 | 06/15/48 | 217,194 | |||||||||||||||
325,000 | g | Saudi Government International Bond | 2.875 | 03/04/23 | 312,608 | |||||||||||||||
650,000 | g | Saudi Government International Bond | 4.500 | 04/17/30 | 648,630 | |||||||||||||||
200,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 177,106 | |||||||||||||||
200,000 | g | Senegal Government International Bond | 6.750 | 03/13/48 | 170,384 | |||||||||||||||
200,000 | g | Sri Lanka Government International Bond | 5.750 | 01/18/22 | 196,485 | |||||||||||||||
250,000 | g | Ukraine Government International Bond | 7.375 | 09/25/32 | 213,995 | |||||||||||||||
UYU 2,765,000 | g | Uruguay Government International Bond | 9.875 | 06/20/22 | 87,293 | |||||||||||||||
$ 125,000 | Uruguay Government International Bond | 4.375 | 10/27/27 | 126,563 | ||||||||||||||||
70,000 | Uruguay Government International Bond | 5.100 | 06/18/50 | 68,810 | ||||||||||||||||
200,000 | g | Zambia Government International Bond | 8.500 | 04/14/24 | 177,578 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL FOREIGN GOVERNMENT BONDS |
| 9,577,762 | ||||||||||||||||||
|
| |||||||||||||||||||
MORTGAGE BACKED - 13.3% | ||||||||||||||||||||
225,567 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/43 | 228,116 | ||||||||||||||||
86,573 | FHLMC | 3.500 | 09/15/44 | 86,735 | ||||||||||||||||
282,885 | i | FHLMC | LIBOR 1 M + 9.920% | 6.603 | 06/15/48 | 300,249 | ||||||||||||||
1,485 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 6.000 | 03/01/33 | 1,622 | ||||||||||||||||
85,046 | FGLMC | 6.000 | 11/01/33 | 94,875 | ||||||||||||||||
8,291 | FGLMC | 6.000 | 09/01/34 | 9,147 | ||||||||||||||||
23,724 | FGLMC | 6.000 | 08/01/37 | 26,220 | ||||||||||||||||
5,669 | FGLMC | 6.500 | 09/01/37 | 6,314 | ||||||||||||||||
4,288 | FGLMC | 6.500 | 11/01/37 | 4,776 | ||||||||||||||||
18,168 | FGLMC | 5.000 | 04/01/38 | 19,419 | ||||||||||||||||
1,632 | FGLMC | 6.500 | 05/01/38 | 1,818 | ||||||||||||||||
4,471 | FGLMC | 5.500 | 01/01/39 | 4,775 | ||||||||||||||||
14,750 | FGLMC | 5.000 | 07/01/39 | 15,752 | ||||||||||||||||
20,971 | FGLMC | 5.000 | 01/01/40 | 22,406 | ||||||||||||||||
341,330 | FGLMC | 3.500 | 04/01/45 | 341,512 | ||||||||||||||||
1,355,235 | FGLMC | 3.500 | 10/01/45 | 1,355,326 | ||||||||||||||||
441,428 | FGLMC | 4.000 | 12/01/45 | 453,708 | ||||||||||||||||
467,373 | h | FGLMC | 3.500 | 08/01/46 | 467,941 | |||||||||||||||
145,980 | FGLMC | 3.000 | 01/01/47 | 141,319 | ||||||||||||||||
557,723 | FGLMC | 3.000 | 02/01/47 | 540,138 | ||||||||||||||||
593,735 | FGLMC | 4.000 | 09/01/47 | 613,493 | ||||||||||||||||
238,528 | FGLMC | 4.000 | 03/01/48 | 244,701 | ||||||||||||||||
32,225 | Federal National Mortgage Association (FNMA) | 6.000 | 08/01/21 | 33,302 | ||||||||||||||||
1,171 | FNMA | 5.500 | 09/01/24 | 1,255 | ||||||||||||||||
97,311 | FNMA | 3.500 | 01/01/26 | 98,603 | ||||||||||||||||
221,736 | FNMA | 3.500 | 06/01/32 | 224,990 | ||||||||||||||||
873,241 | FNMA | 3.500 | 07/01/32 | 884,473 | ||||||||||||||||
8,546 | FNMA | 6.500 | 07/01/32 | 9,489 | ||||||||||||||||
207,511 | FNMA | 5.500 | 03/01/34 | 225,654 | ||||||||||||||||
18,830 | FNMA | 6.500 | 02/01/35 | 20,754 | ||||||||||||||||
165,727 | FNMA | 5.000 | 05/01/35 | 177,452 | ||||||||||||||||
7,414 | FNMA | 7.500 | 07/01/35 | 7,446 | ||||||||||||||||
225,037 | FNMA | 5.000 | 02/01/36 | 241,015 |
120
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 2,553 | FNMA | 6.500 | % | 09/01/36 | $ | 2,814 | ||||||||||||
12,074 | FNMA | 7.000 | 02/01/37 | 12,993 | ||||||||||||||
16,353 | FNMA | 7.000 | 04/01/37 | 18,259 | ||||||||||||||
1,266 | FNMA | 6.500 | 08/01/37 | 1,396 | ||||||||||||||
2,133 | FNMA | 7.000 | 11/01/37 | 2,317 | ||||||||||||||
1,104 | FNMA | 6.500 | 02/01/38 | 1,216 | ||||||||||||||
223 | FNMA | 6.500 | 03/01/38 | 245 | ||||||||||||||
57,794 | FNMA | 6.500 | 07/01/39 | 64,936 | ||||||||||||||
60,366 | FNMA | 5.000 | 03/01/40 | 64,862 | ||||||||||||||
631,990 | FNMA | 5.500 | 07/01/40 | 685,677 | ||||||||||||||
275,216 | FNMA | 6.000 | 10/01/40 | 302,993 | ||||||||||||||
130,035 | FNMA | 5.000 | 02/01/41 | 140,607 | ||||||||||||||
105,343 | FNMA | 5.000 | 07/01/41 | 112,972 | ||||||||||||||
70,311 | FNMA | 4.500 | 03/01/44 | 73,872 | ||||||||||||||
375,005 | FNMA | 4.500 | 10/01/44 | 393,129 | ||||||||||||||
716,170 | FNMA | 4.500 | 11/01/44 | 750,887 | ||||||||||||||
82,010 | FNMA | 3.000 | 02/25/45 | 80,944 | ||||||||||||||
478,441 | FNMA | 3.000 | 02/25/45 | 474,003 | ||||||||||||||
1,520,298 | FNMA | 3.000 | 12/25/45 | 1,488,307 | ||||||||||||||
833,615 | FNMA | 3.500 | 01/01/46 | 833,271 | ||||||||||||||
545,888 | FNMA | 4.000 | 01/01/46 | 560,335 | ||||||||||||||
925,364 | FNMA | 3.500 | 12/01/46 | 923,504 | ||||||||||||||
681,497 | h | FNMA | 3.500 | 01/01/47 | 680,022 | |||||||||||||
572,800 | h | FNMA | 3.000 | 04/01/47 | 555,557 | |||||||||||||
9,409 | h | FNMA | 3.500 | 08/01/47 | 9,384 | |||||||||||||
191,903 | h | FNMA | 3.500 | 11/01/47 | 191,101 | |||||||||||||
244,815 | FNMA | 4.500 | 02/01/48 | 257,848 | ||||||||||||||
1,166,001 | FNMA | 3.000 | 02/25/48 | 1,140,266 | ||||||||||||||
216,739 | FNMA | 4.000 | 03/01/48 | 222,458 | ||||||||||||||
1,039,561 | FNMA | 4.500 | 03/01/48 | 1,094,901 | ||||||||||||||
2,944,803 | h | FNMA | 4.000 | 04/01/48 | 3,006,093 | |||||||||||||
750,000 | h | FNMA | 4.500 | 07/01/48 | 781,942 | |||||||||||||
7,213 | Government National Mortgage Association (GNMA) | 5.000 | 03/15/34 | 7,531 | ||||||||||||||
52,388 | GNMA | 5.000 | 06/15/34 | 54,695 | ||||||||||||||
6,465 | GNMA | 5.000 | 04/15/38 | 6,882 | ||||||||||||||
3,207 | GNMA | 6.000 | 08/15/38 | 3,506 | ||||||||||||||
3,250 | GNMA | 6.000 | 08/20/38 | 3,593 | ||||||||||||||
18,932 | GNMA | 4.500 | 04/15/40 | 20,031 | ||||||||||||||
594,995 | GNMA | 3.000 | 12/20/47 | 582,307 | ||||||||||||||
1,091,130 | GNMA | 3.500 | 12/20/47 | 1,095,957 | ||||||||||||||
1,186,932 | GNMA | 3.000 | 01/20/48 | 1,161,622 | ||||||||||||||
1,122,040 | GNMA | 3.500 | 01/20/48 | 1,127,005 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MORTGAGE BACKED |
| 25,897,035 | ||||||||||||||||
|
| |||||||||||||||||
MUNICIPAL BONDS - 0.5% |
| |||||||||||||||||
100,000 | Commonwealth Financing Authority | 3.864 | 06/01/38 | 97,892 | ||||||||||||||
1,000,000 | State of Illinois | 5.100 | 06/01/33 | 946,360 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MUNICIPAL BONDS |
| 1,044,252 | ||||||||||||||||
|
| |||||||||||||||||
U.S. TREASURY SECURITIES - 21.3% |
| |||||||||||||||||
1,000,000 | United States Treasury Bond | 3.125 | 11/15/41 | 1,026,250 | ||||||||||||||
2,935,700 | United States Treasury Bond | 3.000 | 11/15/45 | 2,943,154 | ||||||||||||||
290,000 | United States Treasury Bond | 2.500 | 05/15/46 | 263,254 |
121
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||||
$ 1,865,000 | United States Treasury Bond | 2.875 | % | 11/15/46 | $ | 1,824,276 | ||||||||||||||
765,000 | United States Treasury Bond | 3.000 | 05/15/47 | 766,404 | ||||||||||||||||
1,945,000 | United States Treasury Bond | 3.000 | 02/15/48 | 1,949,559 | ||||||||||||||||
600,000 | United States Treasury Bond | 3.125 | 05/15/48 | 616,102 | ||||||||||||||||
1,850,000 | United States Treasury Note | 0.750 | 08/31/18 | 1,846,497 | ||||||||||||||||
1,000,000 | United States Treasury Note | 0.750 | 09/30/18 | 996,956 | ||||||||||||||||
255,000 | United States Treasury Note | 1.250 | 12/31/18 | 253,835 | ||||||||||||||||
900,000 | United States Treasury Note | 1.125 | 01/31/19 | 894,410 | ||||||||||||||||
75,000 | United States Treasury Note | 1.125 | 02/28/19 | 74,449 | ||||||||||||||||
170,000 | United States Treasury Note | 1.250 | 04/30/19 | 168,493 | ||||||||||||||||
360,000 | United States Treasury Note | 1.250 | 05/31/19 | 356,498 | ||||||||||||||||
220,000 | United States Treasury Note | 1.375 | 07/31/19 | 217,645 | ||||||||||||||||
435,000 | United States Treasury Note | 0.875 | 09/15/19 | 427,031 | ||||||||||||||||
8,000 | United States Treasury Note | 1.375 | 09/30/19 | 7,897 | ||||||||||||||||
45,000 | United States Treasury Note | 1.500 | 10/31/19 | 44,441 | ||||||||||||||||
70,000 | United States Treasury Note | 1.750 | 11/30/19 | 69,294 | ||||||||||||||||
45,000 | United States Treasury Note | 2.000 | 01/31/20 | 44,661 | ||||||||||||||||
785,000 | United States Treasury Note | 1.625 | 03/15/20 | 773,317 | ||||||||||||||||
720,000 | United States Treasury Note | 2.250 | 03/31/20 | 716,709 | ||||||||||||||||
95,000 | United States Treasury Note | 2.375 | 04/30/20 | 94,748 | ||||||||||||||||
2,000,000 | United States Treasury Note | 1.500 | 05/15/20 | 1,962,656 | ||||||||||||||||
1,785,000 | United States Treasury Note | 2.500 | 05/31/20 | 1,784,094 | ||||||||||||||||
2,158,000 | United States Treasury Note | 1.375 | 05/31/21 | 2,082,470 | ||||||||||||||||
2,835,000 | United States Treasury Note | 2.625 | 06/15/21 | 2,835,111 | ||||||||||||||||
175,000 | United States Treasury Note | 2.000 | 11/30/22 | 169,818 | ||||||||||||||||
675,000 | United States Treasury Note | 1.625 | 05/31/23 | 640,617 | ||||||||||||||||
880,000 | United States Treasury Note | 2.750 | 05/31/23 | 880,791 | ||||||||||||||||
2,070,000 | United States Treasury Note | 2.250 | 12/31/23 | 2,015,016 | ||||||||||||||||
3,605,000 | United States Treasury Note | 2.125 | 03/31/24 | 3,479,247 | ||||||||||||||||
300,000 | United States Treasury Note | 2.000 | 04/30/24 | 287,320 | ||||||||||||||||
1,000,000 | United States Treasury Note | 2.125 | 07/31/24 | 962,344 | ||||||||||||||||
1,830,000 | United States Treasury Note | 2.125 | 09/30/24 | 1,758,945 | ||||||||||||||||
250,000 | United States Treasury Note | 2.250 | 10/31/24 | 241,953 | ||||||||||||||||
2,090,000 | United States Treasury Note | 2.875 | 04/30/25 | 2,097,756 | ||||||||||||||||
3,868,000 | United States Treasury Note | 2.875 | 05/15/28 | 3,874,044 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL U.S. TREASURY SECURITIES |
| 41,448,062 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL GOVERNMENT BONDS | 78,364,331 | |||||||||||||||||||
|
| |||||||||||||||||||
(Cost $79,768,810) | ||||||||||||||||||||
STRUCTURED ASSETS - 15.1% | ||||||||||||||||||||
ASSET BACKED - 7.6% | ||||||||||||||||||||
500,000 | American Express Credit Account Master Trust | 2.350 | 05/15/25 | 485,494 | ||||||||||||||||
Series - 2017 7 (Class A) | ||||||||||||||||||||
200,000 | AmeriCredit Automobile Receivables Trust | 3.340 | 08/08/21 | 200,582 | ||||||||||||||||
Series - 2015 3 (Class D) | ||||||||||||||||||||
500,000 | g | Avis Budget Rental Car Funding AESOP LLC | 2.970 | 03/20/24 | 487,784 | |||||||||||||||
Series - 2017 2A (Class A) | ||||||||||||||||||||
1,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 988,822 | |||||||||||||||
Series - 2014 1A (Class A) | ||||||||||||||||||||
494,167 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 492,989 | |||||||||||||||
Series - 2017 1A (Class A1) |
122
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
$ 500,000 | Capital One Multi-Asset Execution Trust | 2.290 | % | 07/15/25 | $ | 484,607 | ||||||||||||
Series - 2017 A6 (Class A6) | ||||||||||||||||||
500,000 | CarMax Auto Owner Trust | 2.330 | 05/15/23 | 488,849 | ||||||||||||||
Series - 2017 4 (Class A4) | ||||||||||||||||||
144,702 | †,g,i | CBRE Realty Finance | LIBOR 3 M + 0.300% | 2.631 | 04/07/52 | 7,037 | ||||||||||||
Series - 2007 1A (Class A2) | ||||||||||||||||||
12,479 | Centex Home Equity | 5.540 | 01/25/32 | 12,653 | ||||||||||||||
Series - 2002 A (Class AF6) | ||||||||||||||||||
500,000 | CNH Equipment Trust | 2.360 | 11/15/24 | 487,396 | ||||||||||||||
Series - 2017 C (Class A4) | ||||||||||||||||||
497,500 | g | DB Master Finance LLC | 3.629 | 11/20/47 | 488,550 | |||||||||||||
Series - 2017 1A (Class A2I) | ||||||||||||||||||
490,000 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 502,064 | |||||||||||||
Series - 2015 1A (Class A2II) | ||||||||||||||||||
496,250 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 480,975 | |||||||||||||
Series - 2017 1A (Class A2II) | ||||||||||||||||||
525,000 | g | Domino’s Pizza Master Issuer LLC | 4.116 | 07/25/48 | 530,518 | |||||||||||||
Series - 2018 1A (Class A2I) | ||||||||||||||||||
500,000 | g | Ford Credit Auto Owner Trust | 2.360 | 03/15/29 | 482,168 | |||||||||||||
Series - 2017 2 (Class A) | ||||||||||||||||||
500,000 | g | Ford Credit Auto Owner Trust | 319.000 | 07/15/31 | 491,871 | |||||||||||||
Series - 2018 1 (Class A) | ||||||||||||||||||
500,000 | Ford Credit Floorplan Master Owner Trust | 2.160 | 09/15/22 | 490,288 | ||||||||||||||
Series - 2017 2 (Class A1) | ||||||||||||||||||
500,000 | Ford Credit Floorplan Master Owner Trust | 2.480 | 09/15/24 | 487,011 | ||||||||||||||
Series - 2017 3 (Class A) | ||||||||||||||||||
145,000 | g,i | FREMF Mortgage Trust | 3.714 | 04/25/48 | 140,988 | |||||||||||||
Series - 2015 K45 (Class B) | ||||||||||||||||||
500,000 | g | GM Financial Consumer Automobile Receivables Trust | 2.130 | 03/16/23 | 486,979 | |||||||||||||
Series - 2017 3A (Class A4) | ||||||||||||||||||
232,881 | g | HERO Funding Trust | 3.190 | 09/20/48 | 225,146 | |||||||||||||
Series - 2017 3A (Class A1) | ||||||||||||||||||
232,881 | g | HERO Funding Trust | 3.950 | 09/20/48 | 232,624 | |||||||||||||
Series - 2017 3A (Class A2) | ||||||||||||||||||
500,000 | g | Hertz Vehicle Financing II LP | 3.290 | 02/25/24 | 488,847 | |||||||||||||
Series - 2018 1A (Class A) | ||||||||||||||||||
860,726 | g | MVW Owner Trust | 2.420 | 12/20/34 | 839,226 | |||||||||||||
Series - 2017 1A (Class A) | ||||||||||||||||||
500,000 | Nissan Auto Lease Trust | 2.050 | 09/15/20 | 495,179 | ||||||||||||||
Series - 2017 B (Class A3) | ||||||||||||||||||
52,248 | g,i | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 51,283 | |||||||||||||
Series - 2014 AA (Class B) | ||||||||||||||||||
250,000 | g | Pretium Mortgage Credit Partners I LLC (Step Bond) | 4.125 | 08/27/33 | 250,000 | |||||||||||||
Series - 2018 NPL3 (Class A1) | ||||||||||||||||||
500,000 | g | Santander Retail Auto Lease Trust | 2.370 | 01/20/22 | 492,999 | |||||||||||||
Series - 2017 A (Class A4) | ||||||||||||||||||
165,588 | g | SLM Student Loan Trust | 3.830 | 01/17/45 | 166,391 | |||||||||||||
Series - 2012 A (Class A2) | ||||||||||||||||||
500,000 | g | SoFi Professional Loan Program LLC | 2.840 | 01/25/41 | 488,047 | |||||||||||||
Series - 2017 F (Class A2FX) | ||||||||||||||||||
161,381 | †,g | SolarCity LMC | 4.020 | 07/20/44 | 151,408 | |||||||||||||
Series - 2014 2 (Class A) | ||||||||||||||||||
213,456 | g | SpringCastle America Funding LLC | 3.050 | 04/25/29 | 212,675 | |||||||||||||
Series - 2016 AA (Class A) |
123
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
$ 500,000 | Synchrony Credit Card Master Note Trust | 2.620 | % | 10/15/25 | $ | 486,637 | ||||||||||||
Series - 2017 2 (Class A) | ||||||||||||||||||
738,750 | g | Taco Bell Funding LLC | 3.832 | 05/25/46 | 739,637 | |||||||||||||
Series - 2016 1A (Class A2I) | ||||||||||||||||||
498,652 | g | VOLT LXV LLC (Step Bond) | 3.750 | 04/25/48 | 498,219 | |||||||||||||
Series - 2018 NPL1 (Class A1) | ||||||||||||||||||
39,696 | †,g | Wachovia Amortization Controlled Heloc NIM | 5.683 | 08/12/47 | 38,886 | |||||||||||||
Series - 2006 N1 (Class N1) | ||||||||||||||||||
497,500 | g | Wendys Funding LLC | 3.573 | 03/15/48 | 483,829 | |||||||||||||
Series - 2018 1A (Class A2I) | ||||||||||||||||||
|
| |||||||||||||||||
TOTAL ASSET BACKED |
| 15,058,658 | ||||||||||||||||
|
| |||||||||||||||||
OTHER MORTGAGE BACKED - 7.5% | ||||||||||||||||||
53,243 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 53,404 | |||||||||||||
Series - 2007 1 (Class AM) | ||||||||||||||||||
52,533 | g,i | Banc of America Commercial Mortgage Trust | 6.095 | 02/10/51 | 52,879 | |||||||||||||
Series - 2007 4 (Class D) | ||||||||||||||||||
165,000 | g,i | Banc of America Commercial Mortgage Trust | 6.095 | 02/10/51 | 167,062 | |||||||||||||
Series - 2007 4 (Class E) | ||||||||||||||||||
200,000 | g | BBCMS Trust | 4.197 | 08/10/35 | 205,910 | |||||||||||||
Series - 2015 SRCH (Class A2) | ||||||||||||||||||
67,062 | i | CHL Mortgage Pass-Through Trust | 3.585 | 02/20/35 | 67,748 | |||||||||||||
Series - 2004 HYB9 (Class 1A1) | ||||||||||||||||||
500,000 | Citigroup Commercial Mortgage Trust | 3.576 | 04/10/49 | 492,241 | ||||||||||||||
Series - 2016 GC37 (Class AS) | ||||||||||||||||||
722,864 | i | COBALT CMBS Commercial Mortgage Trust | 6.015 | 05/15/46 | 737,175 | |||||||||||||
Series - 2007 C3 (Class AJ) | ||||||||||||||||||
545,822 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.450% | 3.541 | 01/25/29 | 550,032 | ||||||||||||
Series - 2016 C04 (Class 1M1) | ||||||||||||||||||
761,431 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.300% | 3.391 | 04/25/29 | 767,972 | ||||||||||||
Series - 2016 C06 (Class 1M1) | ||||||||||||||||||
79,773 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.950% | 3.041 | 10/25/29 | 80,221 | ||||||||||||
Series - 2017 C03 (Class 1M1) | ||||||||||||||||||
672,927 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.600% | 2.691 | 07/25/30 | 672,029 | ||||||||||||
Series - 2018 C01 (Class 1M1) | ||||||||||||||||||
44,378 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.680% | 2.771 | 10/25/30 | 44,365 | ||||||||||||
Series - 2018 C03 (Class 1M1) | ||||||||||||||||||
80,000 | †,i | Connecticut Avenue Securities | LIBOR 1 M + 0.750% | 2.852 | 12/25/30 | 80,002 | ||||||||||||
Series - 2018 C04 (Class 2M1) | ||||||||||||||||||
1,000,000 | DBJPM Mortgage Trust | 2.890 | 09/10/49 | 943,457 | ||||||||||||||
Series - 2016 C3 (Class A5) | ||||||||||||||||||
1,300,000 | g,i | DBUBS Mortgage Trust | 5.719 | 07/10/44 | 1,339,903 | |||||||||||||
Series - 2011 LC2A (Class D) | ||||||||||||||||||
175,000 | g,i | DBUBS Mortgage Trust | 5.884 | 11/10/46 | 183,006 | |||||||||||||
Series - 2011 LC1A (Class C) | ||||||||||||||||||
231,608 | g,i | Flagstar Mortgage Trust | 4.000 | 05/25/48 | 230,916 | |||||||||||||
Series - 2018 3INV (Class A3) | ||||||||||||||||||
1,000,000 | i | GS Mortgage Securities Corp II | 3.992 | 03/10/51 | 1,016,528 | |||||||||||||
Series - 2018 GS9 (Class A4) | ||||||||||||||||||
364,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.865 | 02/15/46 | 370,438 | |||||||||||||
Series - 2011 C3 (Class D) |
124
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
$ 100,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.522 | % | 07/15/46 | $ | 104,601 | |||||||||||
Series - 2011 C4 (Class C) | ||||||||||||||||||
400,000 | JP Morgan Chase Commercial Mortgage Securities Trust | 3.744 | 07/15/50 | 393,832 | ||||||||||||||
Series - 2017 JP6 (Class AS) | ||||||||||||||||||
165,297 | i | JP Morgan Mortgage Acquisition Trust | LIBOR 1 M + 0.160% | 2.251 | 06/25/37 | 162,371 | ||||||||||||
Series - 2007 CH5 (Class A1) | ||||||||||||||||||
67,636 | g,h,i | JP Morgan Mortgage Trust | 3.500 | 05/25/46 | 65,776 | |||||||||||||
Series - 2016 1 (Class A13) | ||||||||||||||||||
38,405 | g,i | JP Morgan Mortgage Trust | 3.500 | 01/25/47 | 37,946 | |||||||||||||
Series - 2017 1 (Class A3) | ||||||||||||||||||
27,412 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 26,827 | |||||||||||||
Series - 2017 2 (Class A13) | ||||||||||||||||||
66,318 | g,i | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 65,033 | |||||||||||||
Series - 2017 2 (Class A3) | ||||||||||||||||||
51,638 | g,i | JP Morgan Mortgage Trust | 3.500 | 08/25/47 | 51,020 | |||||||||||||
Series - 2017 3 (Class 1A5) | ||||||||||||||||||
480,000 | g,i | JP Morgan Mortgage Trust | 3.500 | 12/25/48 | 474,225 | |||||||||||||
Series - 2018 6 (Class 1A3) | ||||||||||||||||||
59,086 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 59,073 | |||||||||||||
Series - 2007 C6 (Class AM) | ||||||||||||||||||
297,503 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 296,585 | |||||||||||||
Series - 2006 HQ10 (Class AJ) | ||||||||||||||||||
190,114 | i | Morgan Stanley Capital I Trust | 6.285 | 06/11/49 | 192,078 | |||||||||||||
Series - 2007 IQ15 (Class AJ) | ||||||||||||||||||
152,183 | g,i | Sequoia Mortgage Trust | 3.500 | 11/25/46 | 151,163 | |||||||||||||
Series - 2016 3 (Class A10) | ||||||||||||||||||
583,581 | g,i | Sequoia Mortgage Trust | 3.500 | 05/25/48 | 577,526 | |||||||||||||
Series - 2018 5 (Class A4) | ||||||||||||||||||
99,381 | g,i | Sequoia Mortgage Trust | 4.000 | 06/25/48 | 99,703 | |||||||||||||
Series - 2018 CH2 (Class A21) | ||||||||||||||||||
100,000 | g,i | Sequoia Mortgage Trust | 4.000 | 07/25/48 | 100,684 | |||||||||||||
Series - 2018 6 (Class A4) | ||||||||||||||||||
203,597 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.200% | 4.291 | 09/25/24 | 209,775 | ||||||||||||
Series - 2014 HQ2 (Class M2) | ||||||||||||||||||
44,034 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.200% | 4.291 | 03/25/25 | 44,229 | ||||||||||||
Series - 2015 HQ1 (Class M2) | ||||||||||||||||||
250,000 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 3.800% | 5.891 | 03/25/25 | 267,843 | ||||||||||||
Series - 2015 HQ1 (Class M3) | ||||||||||||||||||
228,732 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.950% | 4.041 | 05/25/25 | 234,730 | ||||||||||||
Series - 2015 HQ2 (Class M2) | ||||||||||||||||||
9,162 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.200% | 3.291 | 07/25/29 | 9,234 | ||||||||||||
Series - 2017 DNA1 (Class M1) | ||||||||||||||||||
951,187 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 0.750% | 2.841 | 03/25/30 | 953,539 | ||||||||||||
Series - 2017 DNA3 (Class M1) | ||||||||||||||||||
169,459 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 0.450% | 2.541 | 07/25/30 | 168,758 | ||||||||||||
Series - 2018 DNA1 (Class M1) | ||||||||||||||||||
60,000 | g,i | Structured Agency Credit Risk Debt Note (STACR) | 3.820 | 05/25/48 | 60,022 | |||||||||||||
Series - 2018 SPI2 (Class M1) | ||||||||||||||||||
756,429 | i | Wachovia Bank Commercial Mortgage Trust | 6.309 | 05/15/46 | 769,175 | |||||||||||||
Series - 2007 C34 (Class AJ) | ||||||||||||||||||
72,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.384 | 05/15/46 | 73,551 | |||||||||||||
Series - 2007 C34 (Class C) | ||||||||||||||||||
34,923 | i | Wachovia Bank Commercial Mortgage Trust | 6.209 | 02/15/51 | 35,813 | |||||||||||||
Series - 2007 C33 (Class AM) |
125
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 490,000 | Wells Fargo Commercial Mortgage Trust | 3.406 | % | 05/15/48 | $ | 476,533 | ||||||||||||
Series - 2015 NXS1 (Class AS) | ||||||||||||||||||
50,000 | g,i | Wells Fargo Mortgage Backed Securities Trust | 5.276 | 11/15/43 | 51,605 | |||||||||||||
Series - 2010 C1 (Class B) | ||||||||||||||||||
645,000 | i | WFRBS Commercial Mortgage Trust | 4.387 | 12/15/46 | 665,584 | |||||||||||||
Series - 2013 C18 (Class AS) | ||||||||||||||||||
|
| |||||||||||||||||
TOTAL OTHER MORTGAGE BACKED |
| 14,934,122 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL STRUCTURED ASSETS | 29,992,780 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $30,373,366) | ||||||||||||||||||
TOTAL BONDS | 180,150,011 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $184,056,790) | ||||||||||||||||||
SHARES | COMPANY | |||||||||||||||||
PREFERRED STOCKS - 0.1% | ||||||||||||||||||
BANKS - 0.1% | ||||||||||||||||||
5,517 | * | Federal Home Loan Mortgage Corp | 8.375 | 12/30/49 | 34,481 | |||||||||||||
17,265 | * | Federal National Mortgage Association | 8.250 | 12/30/49 | 109,115 | |||||||||||||
|
| |||||||||||||||||
TOTAL BANKS |
| 143,596 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL PREFERRED STOCKS | 143,596 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $569,550) | ||||||||||||||||||
PRINCIPAL | ISSUER | |||||||||||||||||
SHORT-TERM INVESTMENTS – 5.0% | ||||||||||||||||||
TREASURY DEBT – 5.0% | ||||||||||||||||||
$ 9,690,000 | United States Treasury Bill | 1.789 | 08/16/18 | 9,667,940 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TREASURY DEBT |
| 9,667,940 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 9,667,940 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $9,667,899) | ||||||||||||||||||
TOTAL INVESTMENTS - 98.0% | 191,073,019 | |||||||||||||||||
(Cost $195,404,716) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 2.0% | 3,984,386 | |||||||||||||||||
|
| |||||||||||||||||
NET ASSETS - 100.0% | $ | 195,057,405 | ||||||||||||||||
|
|
Abbreviation(s):
BRL | Brazilian Real |
EUR | Euro |
LIBOR | London Interbank Offered Rates |
M | Month |
MTN | Medium Term Note |
REIT | Real Estate Investment Trust |
UYU | Uruguayan Peso |
126
TIAA-CREF LIFE FUNDS - Bond Fund
* | Non-income producing |
† | Security is categorized as Level 3 in the fair value hierarchy. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/18, the aggregate value of these securities was $35,439,776 or 18.2% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
127
TIAA-CREF LIFE FUNDS - Money Market Fund
TIAA-CREF LIFE FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
SHORT-TERM INVESTMENTS - 98.8% |
| |||||||||||||||||
GOVERNMENT AGENCY DEBT - 59.6% | ||||||||||||||||||
$ 350,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | % | 09/28/18 | $ | 348,330 | ||||||||||||
200,000 | FAMC | 0.010 | 10/02/18 | 199,039 | ||||||||||||||
750,000 | Federal Farm Credit Bank (FFCB) | 0.010 | 07/02/18 | 749,964 | ||||||||||||||
400,000 | FFCB | 0.010 | 07/05/18 | 399,923 | ||||||||||||||
500,000 | FFCB | 0.010 | 07/09/18 | 499,804 | ||||||||||||||
1,000,000 | FFCB | 0.010 | 07/10/18 | 999,565 | ||||||||||||||
375,000 | FFCB | 0.010 | 07/11/18 | 374,821 | ||||||||||||||
500,000 | FFCB | 0.010 | 07/13/18 | 499,718 | ||||||||||||||
500,000 | FFCB | 0.010 | 07/17/18 | 499,620 | ||||||||||||||
500,000 | FFCB | 0.010 | 07/18/18 | 499,587 | ||||||||||||||
690,000 | FFCB | 0.010 | 07/20/18 | 689,366 | ||||||||||||||
610,000 | FFCB | 0.010 | 07/25/18 | 609,305 | ||||||||||||||
750,000 | FFCB | 0.010 | 07/30/18 | 748,949 | ||||||||||||||
1,000,000 | FFCB | 0.010 | 07/31/18 | 998,517 | ||||||||||||||
520,000 | FFCB | 0.010 | 08/02/18 | 519,159 | ||||||||||||||
800,000 | FFCB | 0.010 | 08/13/18 | 798,194 | ||||||||||||||
430,000 | FFCB | 0.010 | 08/14/18 | 429,001 | ||||||||||||||
800,000 | FFCB | 0.010 | 09/04/18 | 797,227 | ||||||||||||||
994,000 | FFCB | 0.010 | 09/10/18 | 990,266 | ||||||||||||||
500,000 | FFCB | 0.010 | 09/12/18 | 498,084 | ||||||||||||||
605,000 | FFCB | 0.010 | 09/21/18 | 602,354 | ||||||||||||||
500,000 | FFCB | 0.010 | 09/25/18 | 497,695 | ||||||||||||||
400,000 | FFCB | 0.010 | 10/04/18 | 397,952 | ||||||||||||||
1,000,000 | FFCB | 0.010 | 10/05/18 | 994,787 | ||||||||||||||
600,000 | FFCB | 0.010 | 10/26/18 | 596,119 | ||||||||||||||
757,000 | FFCB | 0.010 | 10/29/18 | 751,821 | ||||||||||||||
500,000 | FFCB | 0.010 | 11/21/18 | 495,909 | ||||||||||||||
100,000 | FFCB | 0.010 | 02/11/19 | 98,600 | ||||||||||||||
500,000 | Federal Home Loan Bank (FHLB) | 0.010 | 07/03/18 | 499,951 | ||||||||||||||
860,000 | FHLB | 0.010 | 07/09/18 | 859,650 | ||||||||||||||
370,000 | FHLB | 0.010 | 07/11/18 | 369,808 | ||||||||||||||
1,355,000 | FHLB | 0.010 | 07/12/18 | 1,354,232 | ||||||||||||||
916,000 | FHLB | 0.010 | 07/13/18 | 915,451 | ||||||||||||||
300,000 | FHLB | 0.010 | 07/18/18 | 299,735 | ||||||||||||||
257,000 | FHLB | 0.010 | 07/20/18 | 256,754 | ||||||||||||||
465,000 | FHLB | 0.010 | 07/24/18 | 464,428 | ||||||||||||||
1,474,000 | FHLB | 0.010 | 07/27/18 | 1,471,956 | ||||||||||||||
950,000 | FHLB | 0.010 | 08/01/18 | 948,465 | ||||||||||||||
805,000 | FHLB | 0.010 | 08/03/18 | 803,620 | ||||||||||||||
900,000 | FHLB | 0.010 | 08/08/18 | 898,182 | ||||||||||||||
470,000 | FHLB | 0.010 | 08/14/18 | 468,903 | ||||||||||||||
765,000 | FHLB | 0.010 | 08/15/18 | 763,164 | ||||||||||||||
800,000 | FHLB | 0.010 | 08/17/18 | 798,005 | ||||||||||||||
400,000 | FHLB | 0.010 | 08/24/18 | 398,872 |
128
TIAA-CREF LIFE FUNDS - Money Market Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||||
$ 250,000 | FHLB | 0.010 | % | 08/29/18 | $ | 249,220 | ||||||||||||||
500,000 | FHLB | 0.010 | 08/31/18 | 498,356 | ||||||||||||||||
1,000,000 | FHLB | 0.010 | 09/14/18 | 995,979 | ||||||||||||||||
188,000 | FHLB | 0.010 | 09/28/18 | 187,108 | ||||||||||||||||
690,000 | FHLB | 0.010 | 10/26/18 | 685,403 | ||||||||||||||||
100,000 | FHLB | 0.010 | 11/07/18 | 99,255 | ||||||||||||||||
713,000 | FHLB | 0.010 | 11/30/18 | 706,843 | ||||||||||||||||
200,000 | FHLB | 0.010 | 12/03/18 | 198,118 | ||||||||||||||||
500,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.010 | 07/06/18 | 499,880 | ||||||||||||||||
1,050,000 | FHLMC | 0.010 | 07/09/18 | 1,049,599 | ||||||||||||||||
500,000 | FHLMC | 0.010 | 07/11/18 | 499,743 | ||||||||||||||||
860,000 | FHLMC | 0.010 | 07/16/18 | 859,375 | ||||||||||||||||
1,000,000 | FHLMC | 0.010 | 07/18/18 | 999,197 | ||||||||||||||||
500,000 | FHLMC | 0.010 | 08/20/18 | 498,681 | ||||||||||||||||
128,000 | FHLMC | 0.010 | 08/23/18 | 127,678 | ||||||||||||||||
500,000 | FHLMC | 0.010 | 09/04/18 | 498,267 | ||||||||||||||||
202,000 | FHLMC | 0.010 | 09/05/18 | 201,296 | ||||||||||||||||
500,000 | FHLMC | 0.010 | 09/12/18 | 498,084 | ||||||||||||||||
1,070,000 | FHLMC | 0.010 | 09/19/18 | 1,065,489 | ||||||||||||||||
155,000 | FHLMC | 0.010 | 11/02/18 | 153,954 | ||||||||||||||||
725,000 | Federal National Mortgage Association (FNMA) | 0.010 | 07/06/18 | 724,827 | ||||||||||||||||
900,000 | FNMA | 0.010 | 07/11/18 | 899,566 | ||||||||||||||||
500,000 | FNMA | 0.010 | 07/16/18 | 499,639 | ||||||||||||||||
805,000 | FNMA | 0.010 | 07/17/18 | 804,374 | ||||||||||||||||
278,000 | FNMA | 0.010 | 07/18/18 | 277,764 | ||||||||||||||||
1,000,000 | FNMA | 0.010 | 07/23/18 | 998,976 | ||||||||||||||||
750,000 | FNMA | 0.010 | 07/25/18 | 749,105 | ||||||||||||||||
555,000 | FNMA | 0.010 | 08/07/18 | 553,959 | ||||||||||||||||
820,000 | FNMA | 0.010 | 08/13/18 | 818,208 | ||||||||||||||||
288,000 | FNMA | 0.010 | 08/22/18 | 287,210 | ||||||||||||||||
1,433,000 | FNMA | 0.010 | 08/28/18 | 1,428,679 | ||||||||||||||||
340,000 | FNMA | 0.010 | 08/29/18 | 338,936 | ||||||||||||||||
468,000 | Tennessee Valley Authority (TVA) | 0.010 | 07/10/18 | 467,780 | ||||||||||||||||
|
| |||||||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 47,575,400 | |||||||||||||||||||
|
| |||||||||||||||||||
TREASURY DEBT - 21.8% | ||||||||||||||||||||
1,125,000 | United States Treasury Bill | 0.010 | 07/05/18 | 1,124,780 | ||||||||||||||||
915,000 | United States Treasury Bill | 0.010 | 07/19/18 | 914,328 | ||||||||||||||||
1,050,000 | United States Treasury Bill | 0.010 | 07/26/18 | 1,048,703 | ||||||||||||||||
1,500,000 | United States Treasury Bill | 0.010 | 08/09/18 | 1,497,102 | ||||||||||||||||
1,552,000 | United States Treasury Bill | 0.010 | 08/16/18 | 1,548,534 | ||||||||||||||||
672,000 | United States Treasury Bill | 0.010 | 08/23/18 | 670,148 | ||||||||||||||||
388,000 | United States Treasury Bill | 0.010 | 08/30/18 | 386,824 | ||||||||||||||||
730,000 | United States Treasury Bill | 0.010 | 09/06/18 | 727,407 | ||||||||||||||||
350,000 | United States Treasury Bill | 0.010 | 09/13/18 | 348,849 | ||||||||||||||||
1,205,000 | United States Treasury Bill | 0.010 | 09/20/18 | 1,199,929 | ||||||||||||||||
500,000 | United States Treasury Bill | 0.010 | 09/27/18 | 497,665 | ||||||||||||||||
955,000 | United States Treasury Bill | 0.010 | 10/04/18 | 950,183 | ||||||||||||||||
1,270,000 | United States Treasury Bill | 0.010 | 10/11/18 | 1,264,075 | ||||||||||||||||
663,000 | United States Treasury Bill | 0.010 | 11/01/18 | 658,555 | ||||||||||||||||
1,000,000 | United States Treasury Bill | 0.010 | 11/08/18 | 994,006 | ||||||||||||||||
700,000 | United States Treasury Bill | 0.010 | 11/15/18 | 694,632 | ||||||||||||||||
1,000,000 | United States Treasury Bill | 0.010 | 11/29/18 | 991,470 |
129
TIAA-CREF LIFE FUNDS - Money Market Fund
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
$ 500,000 | United States Treasury Bill | 0.010 | % | 12/06/18 | $ | 496,283 | ||||||||||||
300,000 | United States Treasury Bill | 0.010 | 12/13/18 | 297,193 | ||||||||||||||
250,000 | United States Treasury Note | 0.750 | 07/31/18 | 249,786 | ||||||||||||||
250,000 | United States Treasury Note | 1.000 | 08/15/18 | 249,740 | ||||||||||||||
348,000 | United States Treasury Note | 0.750 | 08/31/18 | 347,297 | ||||||||||||||
300,000 | United States Treasury Note | 0.875 | 10/15/18 | 299,028 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TREASURY DEBT | 17,456,517 | |||||||||||||||||
|
| |||||||||||||||||
VARIABLE RATE SECURITIES - 17.4% | ||||||||||||||||||
500,000 | i | Federal Agricultural Mortgage Corp (FAMC) | LIBOR 1 M - 0.120% | 1.881 | 08/03/18 | 500,000 | ||||||||||||
500,000 | i | FAMC | LIBOR 1 M - 0.100% | 1.882 | 11/01/18 | 500,000 | ||||||||||||
500,000 | i | FAMC | LIBOR 1 M - 0.120% | 1.965 | 11/19/18 | 500,000 | ||||||||||||
300,000 | i | FAMC | EFFR + 0.100% | 2.010 | 11/30/18 | 300,000 | ||||||||||||
500,000 | i | FAMC | EFFR + 0.120% | 2.030 | 12/28/18 | 500,000 | ||||||||||||
300,000 | i | FAMC | LIBOR 1 M - 0.075% | 1.926 | 02/04/19 | 300,000 | ||||||||||||
500,000 | i | FAMC | LIBOR 1 M - 0.105% | 1.989 | 03/01/19 | 500,000 | ||||||||||||
500,000 | i | FAMC | EFFR + 0.010% | 1.920 | 04/01/19 | 500,000 | ||||||||||||
500,000 | i | FAMC | EFFR + 0.150% | 2.060 | 09/27/19 | 500,000 | ||||||||||||
500,000 | i | Federal Farm Credit Bank (FFCB) | LIBOR 1 M - 0.100% | 1.930 | 08/08/18 | 500,001 | ||||||||||||
300,000 | i | FFCB | FRED - 2.850% | 2.150 | 08/10/18 | 300,007 | ||||||||||||
300,000 | i | FFCB | LIBOR 1 M + 0.030% | 2.133 | 08/27/18 | 299,997 | ||||||||||||
500,000 | i | FFCB | LIBOR 1 M - 0.050% | 2.035 | 09/17/18 | 499,989 | ||||||||||||
500,000 | i | FFCB | FRED - 3.020% | 1.980 | 01/14/19 | 500,297 | ||||||||||||
500,000 | i | FFCB | LIBOR 3 M - 0.160% | 2.188 | 01/15/19 | 500,000 | ||||||||||||
500,000 | i | FFCB | LIBOR 1 M - 0.110% | 1.981 | 01/25/19 | 500,014 | ||||||||||||
500,000 | i | FFCB | FRED - 3.020% | 1.980 | 03/27/19 | 500,408 | ||||||||||||
500,000 | i | FFCB | LIBOR 1 M - 0.145% | 1.949 | 03/29/19 | 499,981 | ||||||||||||
500,000 | i | FFCB | LIBOR 1 M - 0.125% | 1.900 | 06/07/19 | 500,000 | ||||||||||||
250,000 | i | FFCB | FRED - 3.080% | 1.920 | 06/27/19 | 250,025 | ||||||||||||
250,000 | i | FFCB | FRED - 3.080% | 1.920 | 08/16/19 | 249,972 | ||||||||||||
300,000 | i | FFCB | US Treasury Bill 3 M + 0.050% | 1.959 | 10/18/19 | 300,000 | ||||||||||||
250,000 | i | FFCB | FRED - 3.065% | 1.935 | 12/26/19 | 249,851 | ||||||||||||
300,000 | i | FFCB | US Treasury Bill 3 M + 0.055% | 1.964 | 01/27/20 | 300,000 | ||||||||||||
300,000 | i | FFCB | FRED - 2.870% | 2.130 | 05/29/20 | 300,000 | ||||||||||||
500,000 | i | Federal Home Loan Bank (FHLB) | LIBOR 3 M - 0.200% | 2.155 | 01/18/19 | 500,027 | ||||||||||||
500,000 | i | FHLB | LIBOR 1 M - 0.040% | 2.044 | 02/22/19 | 500,180 | ||||||||||||
400,000 | i | FHLB | LIBOR 3 M - 0.235% | 2.079 | 03/06/19 | 399,870 | ||||||||||||
500,000 | i | FHLB | LIBOR 1 M - 0.070% | 1.976 | 07/12/19 | 499,996 | ||||||||||||
500,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | LIBOR 1 M - 0.160% | 1.925 | 07/19/18 | 500,000 | ||||||||||||
250,000 | i | FHLMC | LIBOR 1 M - 0.100% | 1.930 | 08/08/19 | 250,000 | ||||||||||||
935,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.170% | 2.079 | 10/31/18 | 935,761 | ||||||||||||
|
| |||||||||||||||||
TOTAL VARIABLE RATE SECURITIES | 13,936,376 | |||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 78,968,293 | ||||||||||||||||
|
| |||||||||||||||||
(Cost $78,968,293) |
| |||||||||||||||||
TOTAL PORTFOLIO - 98.8% |
| 78,968,293 | ||||||||||||||||
(Cost $78,968,293) |
| |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 1.2% |
| 968,714 | ||||||||||||||||
|
| |||||||||||||||||
NET ASSETS - 100.0% | $ | 79,937,007 | ||||||||||||||||
|
|
130
TIAA-CREF LIFE FUNDS - Money Market Fund
Abbreviation(s):
EFFR | Effective Federal Funds Rate |
FRED | Federal Bank Prime Loan Rate |
LIBOR | London Interbank Offered Rates |
M | Month |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
131
TIAA-CREF LIFE FUNDS - Balanced Fund
TIAA-CREF LIFE FUNDS
BALANCED FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2018
SHARES | SECURITY | VALUE | ||||||||||||||
TIAA-CREF Life Funds - 99.9%(a) | ||||||||||||||||
FIXED INCOME - 49.9% | ||||||||||||||||
3,049,386 | TIAA-CREF Life Bond Fund | $ | 30,798,804 | |||||||||||||
|
| |||||||||||||||
TOTAL FIXED INCOME | 30,798,804 | |||||||||||||||
|
| |||||||||||||||
INTERNATIONAL EQUITY - 9.9% | ||||||||||||||||
689,676 | TIAA-CREF Life International Equity Fund | 6,138,116 | ||||||||||||||
|
| |||||||||||||||
TOTAL INTERNATIONAL EQUITY | 6,138,116 | |||||||||||||||
|
| |||||||||||||||
U.S. EQUITY - 40.1% | ||||||||||||||||
345,639 | TIAA-CREF Life Growth Equity Fund | 5,613,182 | ||||||||||||||
330,022 | TIAA-CREF Life Growth & Income Fund |
| 6,178,010 | |||||||||||||
359,440 | TIAA-CREF Life Large-Cap Value Fund | 5,592,889 | ||||||||||||||
91,301 | TIAA-CREF Life Real Estate Securities Fund | 1,259,039 | ||||||||||||||
74,438 | TIAA-CREF Life Small-Cap Equity Fund | 1,230,457 | ||||||||||||||
202,658 | TIAA-CREF Life Stock Index Fund | 4,950,928 | ||||||||||||||
|
| |||||||||||||||
TOTAL U.S. EQUITY | 24824505 | |||||||||||||||
|
| |||||||||||||||
TOTAL TIAA-CREF LIFE FUNDS | 61,761,425 | |||||||||||||||
|
| |||||||||||||||
(Cost $55,144,647) | ||||||||||||||||
TOTAL INVESTMENTS - 99.9% |
| 61,761,425 | ||||||||||||||
(Cost $55,144,647) |
| |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% |
| 44,560 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% |
| $ | 61,805,985 | |||||||||||||
|
|
(a) | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
132
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, 2018 | 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, 2018 | By: | /s/ Bradley Finkle | ||||||
Bradley Finkle | ||||||||
Principal Executive Officer and President | ||||||||
(principal executive officer) |
Dated: August 15, 2018 | 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