UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-08961
TIAA-CREF LIFE FUNDS
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
John M. McCann, Esq.
TIAA-CREF Life Funds
8500 Andrew Carnegie Blvd.
Charlotte, North Carolina 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2020
Item 1. Reports to Stockholders.
TIAA-CREF Life Funds
| December 31, 2020 |
TIAA-CREF Life Funds
The annual report contains the audited financial statements.
Fund name
| Ticker | |||
Growth Equity Fund
| TLGQX | |||
Growth & Income Fund
| TLGWX | |||
Large-Cap Value Fund
| TLLVX | |||
Real Estate Securities Fund
| TLRSX | |||
Small-Cap Equity Fund
| TLEQX | |||
Social Choice Equity Fund
| TLCHX | |||
Stock Index Fund
| TLSTX | |||
International Equity Fund
| TLINX | |||
Core Bond Fund (formerly Bond Fund)
| TLBDX | |||
Money Market Fund
| TLMXX | |||
Balanced Fund
| TLBAX |
Annual
Report
3 | ||||
4 | ||||
6 | ||||
7 | ||||
9 | ||||
Fund performance | ||||
10 | ||||
13 | ||||
16 | ||||
19 | ||||
22 | ||||
25 | ||||
28 | ||||
31 | ||||
34 | ||||
38 | ||||
41 | ||||
45 | ||||
Audited financial statements | ||||
86 | ||||
90 | ||||
94 | ||||
102 | ||||
108 | ||||
127 | ||||
129 | ||||
130 | ||||
135 | ||||
Inside back cover | ||||
This annual report contains information about the TIAA-CREF Life Funds and describes their results for the twelve months ended December 31, 2020. The report contains four main sections:
• | A market review from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. |
• | The summary portfolios of investments list the industries and types of securities in which each fund had investments as of December 31, 2020. |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
The TIAA-CREF Life Funds serve as underlying investment vehicles for certain variable annuity and variable life insurance separate accounts. The returns of the funds shown in this review do not reflect the administrative expense and the mortality and expense risk charges of these separate accounts. Because of these additional deductions, the returns contractholders of these separate accounts will experience are lower, for the same periods, than the figures shown here. For more information on the performance of your variable annuity and variable life insurance separate accounts, please visit TIAA.org.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-223-1200. We urge you to read the prospectus carefully before investing.
TIAA-CREF Life Funds ◾ 2020 Annual Report 3
Domestic and international stock markets experienced steep declines in the early months of the COVID-19 pandemic but rallied to post solid gains for the full year. The U.S. economy contracted sharply in the spring of 2020, shaken by the virus and measures imposed to limit its spread. But a powerful recovery that began in the summer months helped the economy regain a great deal of lost ground. Most international economies also experienced a contraction, followed by growth later in the period. Responding to the economic challenge, the U.S. Federal Reserve lowered the federal funds target rate to 0.00%–0.25% in March 2020. The European Central Bank authorized a new bond-buying program to support its economies, and the Bank of England lowered its benchmark interest rate.
• | Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from a gain of 1.3% for the Real Estate Securities Fund to an advance of 44.0% for the Growth Equity Fund. |
• | The Balanced Fund returned 14.2% while the Core Bond Fund gained 7.9%. |
• | Most of the TIAA-CREF Life Funds outperformed their respective benchmarks. |
TIAA-CREF Life Funds performance review
For the twelve-month period, all of the TIAA-CREF Life Funds advanced and most outperformed their respective benchmarks. Overall, the performance of stocks outpaced that of bonds, and U.S. equities gained more than foreign stocks.
The Growth Equity Fund’s 44.0% advance outpaced the performance of its benchmark, the Russell 1000® Growth Index. The Growth & Income Fund gained 20.4% and outpaced the S&P 500® Index. The Small-Cap Equity Fund advanced 12.8%, lagging the Russell 2000® Index. The Large-Cap Value Fund rose 4.0%, surpassing the Russell 1000 Value Index. The Real Estate Securities Fund’s gain of 1.3% outpaced its benchmark, the FTSE Nareit All Equity REITs Index.
The Social Choice Equity Fund, which does not invest in certain stocks because of environmental, social and governance criteria, returned 20.5% and trailed the Russell 3000® Index. The Stock Index Fund lagged this same benchmark with a gain of 20.8%. The International Equity Fund, which invests in developed foreign markets, easily outperformed the MSCI EAFE® Index with a return of 15.3%.
The Balanced Fund, which invests in both stock and bond funds, outpaced its composite benchmark with a gain of 14.2%. The Core Bond Fund returned 7.9%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index. The Money Market Fund advanced 0.4%, exceeding the iMoneyNet Money Market Fund Averages™—All Government. For more information regarding the performance of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.
4 2020 Annual Report ∎ TIAA-CREF Life Funds
Stocks and bonds rose amid COVID-19 crisis
The domestic equity market, as represented by the broad Russell 3000 Index, gained 20.9% for the twelve months. International stocks, as measured in U.S.-dollar terms by the MSCI EAFE Index, rose 7.8%. U.S. investment-grade fixed-rate bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, advanced 7.5%. Yields on U.S. Treasury securities of all maturities declined, sending bond prices higher (bond yields move in the opposite direction of prices).
Keeping a focus on long-term goals
The events of 2020 should remind investors of two important principles. First, it’s nearly impossible to predict future events or their impact on the financial markets. At the outset, few could have foreseen the true global impact of the COVID-19 pandemic and how it would change the way we conduct our everyday lives. Second, while the market’s initial reaction to the pandemic was severe, the recovery was equally as dramatic, illustrating the importance of adhering to a well-thought-out financial plan that includes a diversified portfolio of asset classes. We believe this can be a prudent strategy to help investors manage through the inevitable ups and downs of the financial markets. Of course, diversification does not guarantee against market losses and past performance cannot guarantee future results. |
Brad Finkle |
If you have any questions or concerns about your investments, we suggest that you speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be pleased to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Life Funds ◾ 2020 Annual 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 obtain a complete list of the TIAA-CREF Life Funds’ holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP filings are as of March 31 or September 30. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
TIAA-CREF Life Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-223-1200.
Fund management
The TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.
6 2020 Annual Report ∎ TIAA-CREF Life Funds
Equity indexes
Broad market indexes
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
The MSCI EAFE® Index measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia, and the Far East.
Large-cap indexes
The S&P 500® Index is a market capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.
The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.
The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.
Small-cap index
The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.
Specialty equity index
The FTSE Nareit All Equity REITs Index measures the performance of certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.
TIAA-CREF Life Funds ◾ 2020 Annual Report 7
About the funds’ benchmarks
Fixed-income index
The Bloomberg Barclays U.S. Aggregate Bond Index measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
Multi-asset class indexes
Composite benchmark
The Balanced Fund Composite Index is a composite of three unmanaged benchmark indexes, each of which represents one of the three market sectors in which the underlying funds invest: domestic equity (Russell 3000 Index), international equity (MSCI EAFE Index), and fixed income (Bloomberg Barclays U.S. Aggregate Bond Index). The Fund’s composite benchmark combines those public indexes in proportions that reflect the Fund’s target market sector allocations.
Broad market index
The Morningstar Moderately Conservative Target Risk Index has a 40% global equity market exposure based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderately Conservative Target Risk Index reflect a multi-asset class exposure and similar risk profile as the Balanced Fund.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.
FTSE International Limited (“FTSE”) © FTSE 2021. FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. Nareit® is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
8 2020 Annual Report ∎ TIAA-CREF Life Funds
Important information about expenses
All shareholders of the TIAA-CREF Life Funds incur ongoing costs, including management fees and other fund expenses.
The TIAA-CREF Life Funds are the underlying investment vehicles for certain variable life insurance and variable annuity contracts issued by TIAA-CREF Life Insurance Company. These contracts have additional administrative expense fees and mortality and expense risk charges. Because of these additional deductions, the costs to investors will be higher than the figures shown in the expense examples. Information about these additional charges can be found in the product prospectuses.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds. Shareholders of the TIAA-CREF Life Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020–December 31, 2020).
Actual expenses
The first line in each table uses the Fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
TIAA-CREF Life Funds ◾ 2020 Annual Report 9
Performance for the twelve months ended December 31, 2020
The Growth Equity Fund returned 43.97% for the year, compared with the 38.49% return of its benchmark, the Russell 1000® Growth Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000® Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund posted a sizeable gain and outperformed its benchmark
Ten of the eleven industry sectors in the Russell 1000 Growth Index advanced for the twelve months. Information technology (up 53.3%)—the benchmark’s largest sector—contributed more than one-half of the index’s return. The next-largest contributors were consumer discretionary (up 62.6%), communication services (up 36.6%) and health care (up 19.4%). Together, these four sectors represented over 80.0% of the benchmark’s total market capitalization on December 31, 2020. Energy (down 18.2%)—the benchmark’s smallest sector after utilities—was the sole decliner as oil and gas prices slumped.
The Fund outperformed its benchmark for the period on the strength of several stock and sector allocations. The top contributor to relative performance was an overweight position in electric car maker Tesla, which reported record quarterly vehicle sales. Next in line was an out-of-benchmark position in Dutch payment processor Adyen, which benefited from the pandemic-driven surge in online shopping. An overweight position in semiconductor company NVIDIA also benefited performance.
These and other favorable security selections were partly offset by stock picks that did not perform as anticipated. The largest detractor was an underweight position in Apple, whose stock price soared amid strong sales of laptop and tablet computers used for remote work and education. The next-largest detractors were out-of-benchmark positions in pharmaceutical firm AstraZeneca and Walt Disney.
10 2020 Annual Report ∎ TIAA-CREF Life Funds
Growth Equity Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Growth Equity Fund | 4/3/00 | 43.97 | % | 20.14 | % | 17.67 | % | 0.57 | % | 0.52 | % | |||||||||||||||||
Russell 1000® Growth Index | — | 38.49 | 21.00 | 17.21 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
TIAA-CREF Life Funds ◾ 2020 Annual Report 11
Growth Equity Fund
Expense example
Six months ended December 31, 2020
Growth Equity Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,276.05 | $ | 2.98 | ||||||
5% annual hypothetical return | 1,000.00 | 1,022.52 | 2.64 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 166.44 million | ||
Portfolio turnover rate | 120% | |||
Number of holdings | 87 | |||
Weighted median market capitalization | $ | 198.72 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 67.1 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $50 billion | 74.3 | |||
More than $15 billion–$50 billion | 22.8 | |||
More than $2 billion–$15 billion | 2.7 | |||
$2 billion or less | 0.2 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Information technology | 34.4 | |||
Consumer discretionary | 19.8 | |||
Communication services | 17.8 | |||
Health care | 12.8 | |||
Industrials | 5.5 | |||
Consumer staples | 5.4 | |||
Financials | 1.2 | |||
Materials | 0.5 | |||
Short-term investments, other assets & liabilities, net | 2.6 | |||
Total | 100.0 |
12 2020 Annual Report ∎ TIAA-CREF Life Funds
Performance for the twelve months ended December 31, 2020
The Growth & Income Fund returned 20.44% for the year, compared with the 18.40% return of its benchmark, the S&P 500® Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.
The S&P 500 Index, a market capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy, lagged the 20.89% gain of the Russell 3000® Index, a broad measure of the U.S. stock market. The Russell 3000 Index includes a broader base of stocks, which helped it outperform the S&P 500.
Fund surpassed its benchmark
Eight of the eleven industry sectors in the S&P 500 Index recorded gains for the twelve months. Information technology (up 43.9%)—the benchmark’s largest sector—performed best, followed by consumer discretionary (up 33.3%) and communication services (up 23.6%). Together, these three sectors represented over one-half of the benchmark’s total market capitalization on December 31, 2020. Energy was the worst-performing sector (down 33.7%), as oil and gas prices slumped. Real estate (down 2.2%) and financials (down 1.7%) also suffered losses.
The Fund outperformed its benchmark for the year, helped primarily by an out-of-benchmark investment in Enphase Energy, an underweight position in ExxonMobil and the exclusion of index component Wells Fargo. Enphase Energy saw rising demand for microinverters used in rooftop solar energy systems. Also, its Encharge storage system was positively received by homeowners and installers. ExxonMobil slashed spending as oil prices declined and the pandemic reduced demand. Wells Fargo reported falling net interest income due to low interest rates, higher expenses and increased allowances for credit losses.
These positive factors were partly offset by holdings that did not perform as anticipated. The top three detractors were overweight positions in Royal Caribbean Group, insurer American International Group (AIG) and Citigroup. Royal Caribbean Group saw business operations severely curtailed by the pandemic; AIG suffered underwriting losses stemming from factors including COVID-19 and natural disasters; and Citigroup saw net income decline as a result of lower revenues, increased expenses and higher credit costs.
TIAA-CREF Life Funds ◾ 2020 Annual Report 13
Growth & Income Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Growth & Income Fund | 4/3/00 | 20.44 | % | 14.36 | % | 13.72 | % | 0.55 | % | 0.52 | % | |||||||||||||||||
S&P 500® Index | — | 18.40 | 15.22 | 13.88 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
14 2020 Annual Report ∎ TIAA-CREF Life Funds
Growth & Income Fund
Expense example
Six months ended December 31, 2020
Growth & Income Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* | |||||||||
Actual return | $ | 1,000.00 | $ | 1,255.77 | $ | 2.95 | ||||||
5% annual hypothetical return | 1,000.00 | 1,022.52 | 2.64 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 177.15 million | ||
Portfolio turnover rate | 64% | |||
Number of holdings | 180 | |||
Weighted median market capitalization | $ | 151.25 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 47.6 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $50 billion | 65.2 | |||
More than $15 billion–$50 billion | 22.2 | |||
More than $2 billion–$15 billion | 12.2 | |||
$2 billion or less | 0.4 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Information technology | 26.9 | |||
Health care | 14.5 | |||
Consumer discretionary | 13.9 | |||
Communication services | 10.9 | |||
Financials | 9.3 | |||
Industrials | 8.7 | |||
Consumer staples | 6.4 | |||
Materials | 4.3 | |||
Energy | 2.0 | |||
Real estate | 1.5 | |||
Utilities | 1.5 | |||
Short-term investments, other assets & liabilities, net | 0.1 | |||
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2020 Annual Report 15
Performance for the twelve months ended December 31, 2020
The Large-Cap Value Fund returned 4.01% for the year, compared with the 2.80% return of its benchmark, the Russell 1000® Value Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000® Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund surpassed its benchmark
Seven of the eleven industry sectors in the Russell 1000 Value Index advanced for the twelve months. Industrials (up 11.9%) was the top contributor to the index’s return, followed by health care (up 13.1%) and information technology (up 10.4%). Materials (up 18.4%) posted the strongest gain and was also a major contributor. Together, these four sectors represented almost 40.0% of the benchmark’s total market capitalization on December 31, 2020. Energy (down 33.5%) was the largest detractor from the index’s return amid a decline in oil and gas prices. Financials (down 4.6%)—the index’s largest sector—was the second-biggest detractor.
The Fund outperformed its benchmark mainly because of several successful stock choices. The top contributors to relative performance were an out-of-benchmark position in Microsoft and an overweight holding in agricultural equipment maker Deere & Company. Microsoft benefited from strong growth in its cloud-computing business, while Deere & Company raised its profit outlook, in part due to improving conditions in the farm economy. An underweight position in poorly performing ExxonMobil was beneficial as it was hurt by declining oil prices and reduced demand due to the COVID-19 pandemic.
The largest detractors for the year were overweight positions in Diamondback Energy, which was hurt by the weakness in oil and gas prices, and Citigroup, whose earnings suffered as it increased reserves for potential loan losses. An overweight holding in electric utility FirstEnergy also detracted from the Fund’s relative return.
16 2020 Annual Report ∎ TIAA-CREF Life Funds
Large-Cap Value Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Large-Cap Value Fund | 10/28/02 | 4.01 | % | 8.92 | % | 9.19 | % | 0.62 | % | 0.52 | % | |||||||||||||||||
Russell 1000® Value Index | — | 2.80 | 9.74 | 10.50 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
TIAA-CREF Life Funds ◾ 2020 Annual Report 17
Large-Cap Value Fund
Expense example
Six months ended December 31, 2020
Large-Cap Value Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,238.44 | $ | 2.93 | ||||||
5% annual hypothetical return | 1,000.00 | 1,022.52 | 2.64 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 73.83 million | ||
Portfolio turnover rate | 30% | |||
Number of holdings | 82 | |||
Weighted median market capitalization | $ | 120.50 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 30.2 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $50 billion | 76.2 | |||
More than $15 billion–$50 billion | 19.2 | |||
More than $2 billion–$15 billion | 4.6 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Financials | 22.1 | |||
Industrials | 16.9 | |||
Health care | 15.8 | |||
Information technology | 12.4 | |||
Communication services | 10.3 | |||
Consumer discretionary | 6.0 | |||
Consumer staples | 4.6 | |||
Materials | 4.5 | |||
Energy | 3.2 | |||
Utilities | 2.9 | |||
Real estate | 1.0 | |||
Short-term investments, other assets & liabilities, net | 0.3 | |||
Total | 100.0 |
18 2020 Annual Report ∎ TIAA-CREF Life Funds
Performance for the twelve months ended December 31, 2020
The Real Estate Securities Fund returned 1.27% for the year, compared with the –5.12% return of its benchmark, the FTSE Nareit All Equity REITs Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. REITs returned –13.30% in the first half of the period as the global impact of the virus became more apparent. REITs rallied in the final six months, however, advancing 9.43%.
The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%. Bond prices rose during the period as yields on U.S. Treasury securities of all maturities fell (bond yields move in the opposite direction of prices).
Fund advanced and surpassed its benchmark
Among the benchmark’s 16 property sectors and subsectors, returns were mostly negative for the period. The largest losses were seen in the regional malls (down 37.7%), shopping centers (down 27.5%) and lodging/resorts (down 23.6%) sectors. The best-performing sector was data centers (up 21.0%).
For the twelve-month period, the Fund significantly outperformed its benchmark, mostly due to astute security selection and allocation decisions. An out-of-benchmark allocation to technology services company GDS Holdings contributed most to relative performance, followed by an overweight position in hotel properties REIT Park Hotels & Resorts, which performed well. Out-of-benchmark allocations to Megaport, a technology service provider, and MGM Resorts International, a global entertainment company, also contributed to the Fund’s relative performance versus the benchmark as both posted substantial gains.
These positive effects were partly offset by an overweight position in retail REIT SITE Centers, which struggled during the period, and an underweight position in office services REIT Digital Realty Trust, which benefited from strong leasing activity. An out-of-benchmark allocation to Starwood Property Trust, a diversified real estate company, and an overweight position in Hudson Pacific Properties, an office property REIT, also hurt the Fund’s relative performance as both suffered losses.
TIAA-CREF Life Funds ◾ 2020 Annual Report 19
Real Estate Securities Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Real Estate Securities Fund | 10/28/02 | 1.27 | % | 8.26 | % | 10.02 | % | 0.63 | % | 0.57 | % | |||||||||||||||||
FTSE Nareit All Equity REITs Index | — | –5.12 | 6.70 | 9.27 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
20 2020 Annual Report ∎ TIAA-CREF Life Funds
Real Estate Securities Fund
Expense example
Six months ended December 31, 2020
Real Estate Securities Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,112.53 | $ | 3.03 | ||||||
5% annual hypothetical return | 1,000.00 | 1,022.27 | 2.90 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 80.82 million | ||
Portfolio turnover rate | 44% | |||
Number of holdings | 61 | |||
Weighted median market capitalization | $ | 20.74 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 55.5 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $50 billion | 24.2 | |||
More than $15 billion–$50 billion | 40.9 | |||
More than $2 billion–$15 billion | 33.1 | |||
$2 billion or less | 1.8 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Specialized REITs | 30.7 | |||
Residential REITs | 18.1 | |||
Industrial REITs | 13.0 | |||
Retail REITs | 10.9 | |||
Health care REITs | 9.3 | |||
Office REITs | 5.4 | |||
Internet services & infrastructure | 2.7 | |||
Hotel & resort REITs | 2.5 | |||
Casinos & gaming | 2.4 | |||
Hotels, resorts & cruise lines | 1.4 | |||
Diversified REITs | 1.1 | |||
Short-term investments, other assets & liabilities, net | 2.5 | |||
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2020 Annual Report 21
Performance for the twelve months ended December 31, 2020
The Small-Cap Equity Fund returned 12.80% for the year, compared with the 19.96% return of its benchmark, the Russell 2000® Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000® Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund posted a double-digit gain but trailed its benchmark
Seven of the eleven industry sectors in the Russell 2000 Index generated positive returns for the year. Health care (up 46.1%)—the index’s largest component—delivered the strongest gain and contributed more than 60.0% of the index’s return. Information technology (up 37.9%) and consumer discretionary (up 33.7%) also made significant contributions. Together, these three sectors accounted for almost one-half of the benchmark’s total market capitalization on December 31, 2020. Energy was the worst-performing sector (down 37.0%), as oil and gas prices slumped. Financials (down 4.1%)—the index’s second-largest sector—was the biggest detractor, followed by real estate (down 4.7%).
The Fund advanced but underperformed its benchmark for the year as certain stock selections did not perform as expected. The largest detractors were an underweight position in Teladoc Health, a virtual health care company that experienced strong demand, and a lack of exposure to Quidel, a maker of medical diagnostic products that received regulatory approval for several COVID-19 tests. The next-largest detractors were overweight positions in ProPetro Holding, an oilfield services provider, and Ryman Hospitality Properties, a real estate investment trust.
The top contributors to relative performance were overweight positions in mobile software company Digital Turbine, whose stock soared alongside record revenues and earnings, and Boston Beer, which benefited from robust demand for its hard seltzer products. Next came overweight investments in Lattice Semiconductor and genetic testing firm Natera.
22 2020 Annual Report ∎ TIAA-CREF Life Funds
Small-Cap Equity Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Small-Cap Equity Fund | 10/28/02 | 12.80 | % | 11.07 | % | 10.66 | % | 0.72 | % | 0.53 | % | |||||||||||||||||
Russell 2000® Index | — | 19.96 | 13.26 | 11.20 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
TIAA-CREF Life Funds ◾ 2020 Annual Report 23
Small-Cap Equity Fund
Expense example
Six months ended December 31, 2020
Small-Cap Equity Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,363.79 | $ | 3.15 | ||||||
5% annual hypothetical return | 1,000.00 | 1,022.47 | 2.69 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.53%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 60.25 million | ||
Portfolio turnover rate | 97% | |||
Number of holdings | 416 | |||
Weighted median market capitalization | $ | 2.52 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | –86.4 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $15 billion–$50 billion | 1.2 | |||
More than $2 billion–$15 billion | 63.7 | |||
$2 billion or less | 35.1 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Health care | 19.3 | |||
Industrials | 16.2 | |||
Financials | 14.5 | |||
Information technology | 12.7 | |||
Consumer discretionary | 12.5 | |||
Real estate | 5.9 | |||
Materials | 5.3 | |||
Consumer staples | 3.4 | |||
Energy | 2.6 | |||
Communication services | 2.3 | |||
Utilities | 1.7 | |||
Short-term investments, other assets & liabilities, net | 3.6 | |||
Total | 100.0 |
24 2020 Annual Report ∎ TIAA-CREF Life Funds
Performance for the twelve months ended December 31, 2020
The Social Choice Equity Fund returned 20.47% for the year, compared with the 20.89% return of its benchmark, the Russell 3000® Index. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.
Because of its ESG criteria, the Fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these companies produced mixed results, but the net effect was that the Fund underperformed its benchmark.
The Fund’s performance relative to its benchmark was hindered by excluding PayPal, Facebook and Netflix. PayPal reported the strongest growth in total payment volume and revenue in its history. Facebook benefited from strong advertising demand as the trend toward e-commerce accelerated. Netflix experienced revenue and paid membership increases as home entertainment demand rose as a result of COVID-19.
Conversely, excluding ExxonMobil, AT&T and Wells Fargo was beneficial. ExxonMobil slashed spending as oil prices declined and the pandemic reduced demand. AT&T saw revenues fall, particularly in its Time Warner division, as COVID-19 affected business operations. Wells Fargo reported declining net interest income due to low interest rates and higher expenses.
Fund advanced but underperformed its benchmark
To compensate for the Fund’s exclusion of some stocks within the Russell 3000 Index, the Fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.
Among stocks the Fund held, overweight positions in energy giant Schlumberger, U.S. Bancorp and energy company ConocoPhillips were most detrimental. Schlumberger was awarded a number of contracts, but worldwide revenues declined as COVID-19 disrupted business operations. Results in North America were further affected by reduced drilling and hurricane disruptions. U.S. Bancorp saw net income drop due to low interest rates, decreased consumer and business spending during the pandemic, and changes in credit quality.
ConocoPhillips was hurt by lower energy prices and a reduction in volume. Conversely, overweight investments in electric car maker Tesla, semiconductor company NVIDIA and Apple were most beneficial. Tesla reported record vehicle deliveries and profitability. NVIDIA saw substantial overall revenue gains, particularly in its gaming and data center businesses. In spite of a volatile and challenging environment, Apple set new records for revenue led by its Mac and services divisions.
TIAA-CREF Life Funds ◾ 2020 annual Report 25
Social Choice Equity Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Social Choice Equity Fund | 4/3/00 | 20.47 | % | 15.43 | % | 12.96 | % | 0.31 | % | 0.22 | % | |||||||||||||||||
Russell 3000® Index | — | 20.89 | 15.43 | 13.79 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
26 2020 Annual Report ∎ TIAA-CREF Life Funds
Social Choice Equity Fund
Expense example
Six months ended December 31, 2020
Social Choice Equity Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,237.92 | $ | 1.24 | ||||||
5% annual hypothetical return | 1,000.00 | 1,024.03 | 1.12 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 81.81 million | ||
Portfolio turnover rate | 29% | |||
Number of holdings | 581 | |||
Weighted median market capitalization | $ | 71.38 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 59.0 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $50 billion | 61.7 | |||
More than $15 billion–$50 billion | 25.1 | |||
More than $2 billion–$15 billion | 11.2 | |||
$2 billion or less | 2.0 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Information technology | 25.9 | |||
Health care | 14.8 | |||
Financials | 11.6 | |||
Consumer discretionary | 11.5 | |||
Communication services | 9.3 | |||
Industrials | 9.3 | |||
Consumer staples | 5.8 | |||
Real estate | 3.1 | |||
Materials | 3.0 | |||
Utilities | 2.6 | |||
Energy | 2.3 | |||
Short-term investments, other assets & liabilities, net | 0.8 | |||
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2020 Annual Report 27
Performance for the twelve months ended December 31, 2020
The Stock Index Fund returned 20.76% for the year, compared with the 20.89% return of its benchmark, the Russell 3000® Index.
For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000 Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Information technology drove the benchmark’s gain
Seven of the eleven industry sectors in the Russell 3000 Index advanced for the twelve months. Information technology (up 46.1%)—the benchmark’s largest sector—contributed more than one-half of the index’s return. Consumer discretionary (up 46.9%), health care (up 19.0%) and communication services (up 25.8%) were the next-largest contributors. Together, these four sectors represented more than 60.0% of the benchmark’s total market capitalization on December 31, 2020. Energy (down 33.3%) was the worst-performing sector amid a sharp decline in oil prices. Financials (down 2.2%) was the largest detractor, hurt by concerns about banks’ profitability in the low interest-rate environment.
For the twelve-month period, all of the five largest stocks in the Russell 3000 Index posted sizeable gains that exceeded the overall return of the benchmark. Apple led the way, benefiting from strong sales of laptop and tablet computers, followed by Amazon.com, which helped supply essential products as people sheltered in place during the pandemic. Next in line were Microsoft, Facebook and Alphabet (the parent company of Google).
28 2020 Annual Report ∎ TIAA-CREF Life Funds
Stock Index Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Stock Index Fund | 1/4/99 | 20.76 | % | 15.34 | % | 13.71 | % | 0.10 | % | 0.09 | % | |||||||||||||||||
Russell 3000® Index | — | 20.89 | 15.43 | 13.79 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
TIAA-CREF Life Funds ◾ 2020 Annual Report 29
Stock Index Fund
Expense example
Six months ended December 31, 2020
Stock Index Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,251.39 | $ | 0.51 | ||||||
5% annual hypothetical return | 1,000.00 | 1,024.68 | 0.46 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half- year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 678.73 million | ||
Portfolio turnover rate | 3% | |||
Number of holdings | 2,876 | |||
Weighted median market capitalization | $ | 109.24 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 47.1 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
% of equity investments | ||||
Market capitalization | as of 12/31/2020 | |||
More than $50 billion | 64.3 | |||
More than $15 billion–$50 billion | 19.7 | |||
More than $2 billion–$15 billion | 13.8 | |||
$2 billion or less | 2.2 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Information technology | 27.1 | |||
Health care | 13.9 | |||
Consumer discretionary | 12.4 | |||
Financials | 10.7 | |||
Communication services | 9.8 | |||
Industrials | 9.2 | |||
Consumer staples | 5.8 | |||
Real estate | 3.2 | |||
Materials | 2.8 | |||
Utilities | 2.6 | |||
Energy | 2.1 | |||
Short-term investments, other assets & liabilities, net | 0.4 | |||
Total | 100.0 |
30 2020 Annual Report ∎ TIAA-CREF Life Funds
Performance for the twelve months ended December 31, 2020
The International Equity Fund returned 15.34% for the year, compared with the 7.82% return of its benchmark, the MSCI EAFE® Index.
International equities fell early in the period as the COVID-19 pandemic spread around the world. However, stocks in both developed and emerging markets recovered to post solid gains for the twelve months. Most global economies contracted amid early efforts to control the spread of the virus, but they recovered in the following months. The Chinese economy returned to growth year-over-year in the second quarter of 2020, while economies in the 19-nation euro area and the United Kingdom expanded again in the third quarter. Central banks around the world responded aggressively to the pandemic. The U.S. Federal Reserve reduced the federal funds target rate twice in March to 0.00%–0.25%. The European Central Bank expanded its emergency bond-buying program. The Bank of England also increased stimulus efforts and cut its benchmark interest rate to 0.1%.
Within the MSCI EAFE Index, which includes 21 developed nations outside North America, 15 country components produced gains in U.S.-dollar terms for the twelve months. Returns for all country components were lower in local-currency terms.
Fund posted a double-digit gain and outperformed its benchmark
Favorable stock selection and sector allocation helped the Fund surpass its benchmark. The largest contributor was an overweight position in Japanese game maker Nintendo, which benefited from strong sales of its hardware, software and digital product offerings. Next were overweight investments in Infineon Technologies, a German semiconductor manufacturer, and Sony.
Not all of the Fund’s holdings outperformed. Overweight investments in Britain’s Lloyds Banking Group, Italian bank UniCredit and Dutch aerospace and defense company Airbus were the main detractors.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
TIAA-CREF Life Funds ◾ 2020 Annual Report 31
International Equity Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
International Equity Fund | 4/3/00 | 15.34 | % | 7.83 | % | 5.13 | % | 0.71 | % | 0.60 | % | |||||||||||||||||
MSCI EAFE® Index | — | 7.82 | 7.45 | 5.51 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
32 2020 Annual Report ∎ TIAA-CREF Life Funds
International Equity Fund
Expense example
Six months ended December 31, 2020
International Equity Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,272.51 | $ | 3.43 | ||||||
5% annual hypothetical return | 1,000.00 | 1,022.12 | 3.05 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 122.45 million | ||
Portfolio turnover rate | 88% | |||
Number of holdings | 76 | |||
Weighted median market capitalization | $ | 66.57 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 33.1 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by country
% of portfolio investments as of 12/31/2020 | ||||
Japan | 20.4 | |||
France | 14.8 | |||
Germany | 12.2 | |||
United Kingdom | 12.2 | |||
Australia | 7.7 | |||
Switzerland | 7.5 | |||
Netherlands | 4.4 | |||
Denmark | 3.6 | |||
11 other nations | 17.2 | |||
Total | 100.0 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Financials | 16.6 | |||
Consumer discretionary | 16.4 | |||
Industrials |
| 16.3 |
| |
Information technology |
| 11.8 |
| |
Materials | 11.1 | |||
Health care | 10.2 | |||
Consumer staples | 7.6 | |||
Utilities | 4.8 | |||
Communication services | 4.3 | |||
Energy | 0.8 | |||
Short-term investments, | ||||
other assets & liabilities, net | 0.1 | |||
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 12/31/2020 | |||
More than $50 billion | 62.6 | |||
More than $15 billion–$50 billion | 30.0 | |||
More than $2 billion–$15 billion | 7.4 | |||
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2020 Annual Report 33
Performance for the twelve months ended December 31, 2020
The Core Bond Fund (formerly the Bond Fund) returned 7.86% for the year, compared with the 7.51% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020.
The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%. Bond prices rose during the period as yields on U.S. Treasury securities of all maturities fell (bond yields move in the opposite direction of prices). Central banks around the world also took action as major international economies were jolted by the impact of the pandemic but later staged recoveries. The European Central Bank expanded its emergency bond-buying program, and the Bank of England cut its benchmark interest rate to 0.1%.
Fund surpassed its benchmark
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the twelve-month period. The U.S. Treasuries sector, the largest in the index with a weight of 38.2%, advanced 8.0%. Corporate bonds, the second-largest sector accounting for 26.4% of the index’s total market capitalization on December 31, 2020, returned 9.9%. Mortgage-backed securities—the benchmark’s third-largest sector at 26.0%—rose a more modest 4.0%. Commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) advanced 8.1% and 4.5%, respectively.
The Fund outperformed its benchmark for the period. Asset allocation was the primary performance driver. An overweight position in corporate bonds (including high yield and emerging markets) was beneficial as risk appetites returned and spreads tightened dramatically following the March 2020 sell-off. Corporate bonds also benefited from direct and indirect government support, as well as an ongoing search for yield that accelerated as the year progressed. Allocations to government-related agency securities, especially in emerging markets, were also helpful. Security selection within corporates contributed due to an emphasis on companies with the financial flexibility to weather a recession. Security selection within ABS and CMBS detracted given less liquidity and concerns around the COVID-19 impact on select subsectors. Yield curve positioning (how the Fund was invested across different maturities) was also a small drag.
34 2020 Annual Report ∎ TIAA-CREF Life Funds
Core Bond Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Core Bond Fund | 7/8/03 | 7.86 | % | 5.00 | % | 4.24 | % | 0.37 | % | 0.35 | % | |||||||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | — | 7.51 | 4.44 | 3.84 | — | — |
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 and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
$10,000 over 10 years
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.
TIAA-CREF Life Funds ◾ 2020 Annual Report 35
Core Bond Fund
Expense example
Six months ended December 31, 2020
Core Bond Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,033.67 | $ | 1.79 | ||||||
5% annual hypothetical return | 1,000.00 | 1,023.38 | 1.78 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 217.82 million | ||
Portfolio turnover rate | 154% | |||
Portfolio turnover rate, excluding | 91% | |||
Number of issues | 985 | |||
Option-adjusted duration‡ | 5.80 years | |||
Average maturity§ | 7.61 years |
‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
§ | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
Corporate bonds | 32.0 | |||
Mortgage-backed securities | 24.6 | |||
Foreign government & corporate bonds denominated in U.S. dollars | 14.6 | |||
U.S. Treasury securities | 7.7 | |||
Asset-backed securities | 6.8 | |||
Commercial mortgage-backed securities | 6.3 | |||
Municipal bonds | 2.3 | |||
Bank loan obligations | 1.4 | |||
Preferred stock | 0.1 | |||
Short-term investments, other assets & liabilities, net | 4.2 | |||
Total | 100.0 |
36 2020 Annual Report ∎ TIAA-CREF Life Funds
Core Bond Fund
Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 12/31/2020 | ||||
Less than 1 year | 2.1 | |||
1–3 years | 20.6 | |||
3–5 years | 31.3 | |||
5–10 years | 29.8 | |||
Over 10 years | 16.2 | |||
Total | 100.0 |
Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 12/31/2020 | ||||
U.S. Treasury & U.S. agency securities* | 32.7 | |||
Aaa/AAA | 4.9 | |||
Aa/AA | 7.1 | |||
A/A | 16.9 | |||
Baa/BBB | 29.1 | |||
Ba/BB | 3.6 | |||
B/B | 2.5 | |||
Below B/B | 0.6 | |||
Non-rated | 2.6 | |||
Total | 100.0 |
* | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
TIAA-CREF Life Funds ◾ 2020 Annual Report 37
Performance for the twelve months ended December 31, 2020
The Money Market Fund returned 0.41% for the year, compared with the 0.28% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020.
The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%. Bond prices rose during the period as yields on U.S. Treasury securities of all maturities fell (bond yields move in the opposite direction of prices). Central banks around the world also took action as major international economies were jolted by the impact of the pandemic but later staged recoveries. The European Central Bank expanded its emergency bond-buying program, and the Bank of England cut its benchmark interest rate to 0.1%.
The low interest-rate environment pushed yields on the short-term government securities in which the Fund invests sharply lower. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, has become widely accepted by government agencies as a key indicator of short-term government money market rates. Over the twelve-month period, SOFR declined from 1.54% on January 2, 2020, to 0.07% on December 31, 2020. With short-term interest rates at historic lows, money market fund yields followed suit—a trend that is expected to continue.
Fund surpassed the iMoneyNet average
For the year, the Money Market Fund’s return outperformed that of the iMoneyNet average. The Fund continued to invest in floating-rate government agency securities, which provide a yield enhancement over short-term fixed-rate securities while maintaining the high credit quality of government agency issues. As of December 29, 2020, the Fund’s weighted average maturity (WAM) was 43 days, versus 48 days for the iMoneyNet average. iMoneyNet releases their data on a weekly basis, and December 29 was the last date of release for the month.
38 2020 Annual Report ∎ TIAA-CREF Life Funds
Money Market Fund
Net annualized yield for the 7 days ended December 29, 2020§
Current yield | Effective yield | |||||||
Money Market Fund | 0.00 | % | 0.00 | % | ||||
iMoneyNet Money Fund Averages™—All Government‡ | 0.01 | 0.01 |
The current yield more closely reflects current earnings than does the total return.
§ | Typically, iMoneyNet reports its 7-day yields as of Tuesday of each week. |
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses* | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
Money Market Fund | 7/8/03 | 0.41 | % | 1.04 | % | 0.53 | % | 0.23 | % | 0.15 | % | |||||||||||||||||
iMoneyNet Money Fund Averages™—All Government‡ | — | 0.28 | 0.80 | 0.41 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, the 7-day current and effective annualized yields and total returns would have been lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You could lose money by investing in this Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Fund’s sponsor has no legal obligation to provide support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. For a detailed discussion of risk, please see the prospectus. The current yield more closely reflects current earnings than does the total return.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Beginning September 9, 2020, part or all of the investment management fees of the TIAA-CREF Life Money Market Fund are being voluntarily waived. Without these reimbursements, expenses would be higher and returns lower. |
‡ | The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating-rate notes. You cannot invest directly in it. |
TIAA-CREF Life Funds ◾ 2020 Annual Report 39
Money Market Fund
Expense example
Six months ended December 31, 2020
Money Market Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | |||||||||
Actual return | $ | 1,000.00 | $ | 1,000.03 | $ | 0.65 | ||||||
5% annual hypothetical return | 1,000.00 | 1,024.48 | 0.66 |
* | “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 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.13%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 115.04 million | ||
Number of issues | 78 |
Portfolio composition
Sector | % of net assets as of 12/31/2020 | |||
U.S. Treasury securities* | 56.2 | |||
U.S. government agency securities* | 25.0 | |||
Floating-rate securities, government* | 21.6 | |||
Repurchase agreements | 1.7 | |||
Other assets & liabilities, net | –4.5 | |||
Total | 100.0 |
* | These securities are guaranteed by the full faith and credit of the U.S. government. |
40 2020 Annual Report ∎ TIAA-CREF Life Funds
Performance for the twelve months ended December 31, 2020
The Balanced Fund returned 14.16% for the year, compared with the 13.66% return of its benchmark, the Balanced Fund Composite Index, which is a weighted average of the Russell 3000® Index, the MSCI EAFE® Index and the Bloomberg Barclays U.S. Aggregate Bond Index.
The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.
U.S. stocks, as measured by the Russell 3000 Index, posted an overall return of 20.89%. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.) The MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, returned 7.82%. (The MSCI EAFE Index returns are in U.S. dollars.) The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 7.51%, driven by declining market yields as well as strength in corporate bonds.
Fund surpassed its composite benchmark
For the twelve-month period, all underlying funds of the Balanced Fund advanced. The Fund’s absolute return—that is, without regard to the performance of its composite benchmark—benefited most from gains in U.S. stocks held by the underlying funds. The Growth Equity Fund posted the largest advance, followed by the Stock Index Fund and the Growth & Income Fund.
The Fund outperformed its composite benchmark for the period, helped by strength in its underlying international and U.S. equity funds. Among them, the International Equity Fund was the largest contributor, followed by the Growth Equity Fund, the Growth & Income Fund and the Real Estate Securities Fund.
Conversely, the Core Bond Fund was the largest detractor from the Fund’s performance relative to its benchmark. The Small-Cap Equity Fund and the Stock Index Fund also hampered performance.
TIAA-CREF Life Funds ◾ 2020 Annual Report 41
Balanced Fund
Performance as of December 31, 2020
Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||||||||||
Inception date | 1 year | 5 years | since inception | gross | net | |||||||||||||||||||||||
Balanced Fund | 1/31/14 | 14.16 | % | 9.15 | % | 7.81 | % | 0.61 | % | 0.51 | % | |||||||||||||||||
Balanced Fund Composite Index† | — | 13.66 | 9.39 | 8.07 | § | — | — | |||||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||||
Morningstar Moderately Conservative Target Risk Index | — | 11.86 | 8.17 | 6.41 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | As of the close of business on December 31, 2020, the Balanced Fund Composite Index consisted of: 50.0% Bloomberg Barclays U.S. Aggregate Bond Index; 40.0% Russell 3000® Index; and 10.0% MSCI EAFE® Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Fund. |
42 2020 Annual Report ∎ TIAA-CREF Life Funds
Balanced Fund
$10,000 invested at Fund’s inception
(Inception: January 31, 2014)
Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the values of the Fund’s composite benchmark and broad market indexes during the same period.
Expense example
Six months ended December 31, 2020
Balanced Fund | Beginning account value (7/1/20) | Ending account value (12/31/20) | Expenses paid during period* (7/1/20–12/31/20) | Effective expenses paid during period† (7/1/20–12/31/20) | ||||||||||||
Actual return | $ | 1,000.00 | $ | 1,142.54 | $ | 0.54 | $ | 2.75 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,024.63 | 0.51 | 2.59 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Fund’s annualized six-month expense ratio for that period was 0.10%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
† | “Effective expenses paid during period” is based on the Fund’s total expense ratio for the most recent fiscal half-year, which includes the Fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the Fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.51%. |
For more information about this expense example, please see page 9.
TIAA-CREF Life Funds ◾ 2020 Annual Report 43
Balanced Fund
Fund profile
as of 12/31/2020 | ||||
Net assets | $ | 74.16 million |
Asset allocation
% of net assets as of 12/31/20 | ||||
Equity | ||||
U.S. equity | 40.48 | |||
International equity | 10.13 | |||
Fixed income | 49.37 | |||
Other assets & liabilities, net | 0.02 | |||
Total | 100.00 |
Target allocation
Equity 50.00% Fixed Income 50.00% |
44 2020 Annual Report ∎ TIAA-CREF Life Funds
Summary portfolio of investments |
Growth Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||||
3,408 | * | Tesla, Inc | $ | 2,404,923 | 1.4 | % | ||||||||||
|
| |||||||||||||||
2,404,923 | 1.4 | |||||||||||||||
|
| |||||||||||||||
BANKS | 262,678 | 0.2 | ||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
5,292 | Roper Technologies Inc | 2,281,328 | 1.3 | |||||||||||||
Other | 298,803 | 0.2 | ||||||||||||||
|
| |||||||||||||||
2,580,131 | 1.5 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||||
37,060 | Experian Group Ltd | 1,407,859 | 0.8 | |||||||||||||
17,228 | Waste Connections, Inc | 1,767,076 | 1.1 | |||||||||||||
Other | 1,419,059 | 0.9 | ||||||||||||||
|
| |||||||||||||||
4,593,994 | 2.8 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
11,053 | Nike, Inc (Class B) | 1,563,668 | 0.9 | |||||||||||||
Other | 2,038,438 | 1.3 | ||||||||||||||
|
| |||||||||||||||
3,602,106 | 2.2 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
55,728 | Carnival Corp | 1,207,068 | 0.7 | |||||||||||||
1,124 | * | Chipotle Mexican Grill, Inc (Class A) | 1,558,662 | 0.9 | ||||||||||||
6,836 | * | Flutter Entertainment plc | 1,414,098 | 0.9 | ||||||||||||
Other | 1,135,272 | 0.7 | ||||||||||||||
|
| |||||||||||||||
5,315,100 | 3.2 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
4,658 | S&P Global, Inc | 1,531,224 | 0.9 | |||||||||||||
Other | 170,808 | 0.1 | ||||||||||||||
|
| |||||||||||||||
1,702,032 | 1.0 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
9,843 | Costco Wholesale Corp | 3,708,646 | 2.2 | |||||||||||||
|
| |||||||||||||||
3,708,646 | 2.2 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
22,719 | * | Monster Beverage Corp | 2,101,053 | 1.3 | ||||||||||||
Other | 1,887,393 | 1.1 | ||||||||||||||
|
| |||||||||||||||
3,988,446 | 2.4 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
3,348 | * | Align Technology, Inc | 1,789,104 | 1.1 | ||||||||||||
7,639 | Cigna Corp | 1,590,287 | 0.9 | |||||||||||||
2,018 | * | Intuitive Surgical, Inc | 1,650,926 | 1.0 | ||||||||||||
Other | 2,830,394 | 1.7 | ||||||||||||||
|
| |||||||||||||||
7,860,711 | 4.7 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 45 |
Summary portfolio of investments | continued |
Growth Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
4,861 | Estee Lauder Cos (Class A) | $ | 1,293,950 | 0.8 | % | |||||||||||
|
| |||||||||||||||
1,293,950 | 0.8 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | 75,989 | 0.0 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 799,489 | 0.5 | ||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||||
4,902 | * | Alphabet, Inc (Class C) | 8,587,716 | 5.2 | ||||||||||||
11,302 | Electronic Arts, Inc | 1,622,967 | 1.0 | |||||||||||||
27,001 | * | Facebook, Inc | 7,375,593 | 4.4 | ||||||||||||
15,442 | * | Match Group, Inc | 2,334,676 | 1.4 | ||||||||||||
23,206 | * | Twitter, Inc | 1,256,605 | 0.7 | ||||||||||||
8,750 | * | Walt Disney Co | 1,585,325 | 0.9 | ||||||||||||
Other | 2,253,686 | 1.4 | ||||||||||||||
|
| |||||||||||||||
25,016,568 | 15.0 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
69,939 | * | Avantor, Inc | 1,968,783 | 1.2 | ||||||||||||
7,342 | Eli Lilly & Co | 1,239,623 | 0.7 | |||||||||||||
5,559 | * | Illumina, Inc | 2,056,830 | 1.2 | ||||||||||||
5,406 | * | Vertex Pharmaceuticals, Inc | 1,277,654 | 0.8 | ||||||||||||
17,471 | Zoetis, Inc | 2,891,450 | 1.7 | |||||||||||||
Other | 4,000,421 | 2.5 | ||||||||||||||
|
| |||||||||||||||
13,434,761 | 8.1 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
4,073 | * | Amazon.com, Inc | 13,265,476 | 8.0 | ||||||||||||
1,329 | * | Booking Holdings, Inc | 2,960,042 | 1.8 | ||||||||||||
15,147 | * | CarMax, Inc | 1,430,785 | 0.8 | ||||||||||||
27,086 | TJX Companies, Inc | 1,849,703 | 1.1 | |||||||||||||
Other | 2,195,283 | 1.3 | ||||||||||||||
|
| |||||||||||||||
21,701,289 | 13.0 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
17,520 | Applied Materials, Inc | 1,511,976 | 0.9 | |||||||||||||
3,876 | Broadcom, Inc | 1,697,107 | 1.0 | |||||||||||||
25,148 | Marvell Technology Group Ltd | 1,195,536 | 0.7 | |||||||||||||
5,136 | NVIDIA Corp | 2,682,019 | 1.6 | |||||||||||||
11,803 | QUALCOMM, Inc | 1,798,069 | 1.1 | |||||||||||||
9,581 | Skyworks Solutions, Inc | 1,464,743 | 0.9 | |||||||||||||
17,019 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 1,855,752 | 1.1 | |||||||||||||
Other | 410,517 | 0.3 | ||||||||||||||
|
| |||||||||||||||
12,615,719 | 7.6 | |||||||||||||||
|
|
46 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Growth Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
749 | *,g | Adyen NV | $ | 1,740,332 | 1.1 | % | ||||||||||
6,505 | Intuit, Inc | 2,470,924 | 1.5 | |||||||||||||
42,026 | Microsoft Corp | 9,347,423 | 5.6 | |||||||||||||
29,447 | * | PayPal Holdings, Inc | 6,896,488 | 4.1 | ||||||||||||
24,173 | * | salesforce.com, Inc | 5,379,218 | 3.2 | ||||||||||||
3,589 | * | ServiceNow, Inc | 1,975,493 | 1.2 | ||||||||||||
26,395 | Visa, Inc (Class A) | 5,773,378 | 3.5 | |||||||||||||
Other | 3,154,440 | 1.9 | ||||||||||||||
|
| |||||||||||||||
36,737,696 | 22.1 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
59,145 | Apple, Inc | 7,847,950 | 4.7 | |||||||||||||
|
| |||||||||||||||
7,847,950 | 4.7 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
11,337 | * | IAC | 2,146,661 | 1.3 | ||||||||||||
12,548 | * | T-Mobile US, Inc | 1,692,098 | 1.0 | ||||||||||||
Other | 797,563 | 0.5 | ||||||||||||||
|
| |||||||||||||||
4,636,322 | 2.8 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
38,913 | * | Uber Technologies, Inc | 1,984,563 | 1.2 | ||||||||||||
|
| |||||||||||||||
1,984,563 | 1.2 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $98,237,111) | 162,163,063 | 97.4 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$3,000,000 | Federal Home Loan Bank (FHLB) | 0.075%–0.080%, 01/27/21 | 2,999,865 | 1.9 | ||||||||||||
|
| |||||||||||||||
2,999,865 | 1.9 | |||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||||
1,660,000 | r | Fixed Income Clearing Corp (FICC) | 0.050%, 01/04/21 | 1,660,000 | 1.0 | |||||||||||
|
| |||||||||||||||
1,660,000 | 1.0 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
81,403 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080% | 81,403 | 0.0 | |||||||||||
|
| |||||||||||||||
81,403 | 0.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $4,741,233) | 4,741,268 | 2.9 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $102,978,344) | 166,904,331 | 100.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (469,105 | ) | (0.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 166,435,226 | 100.0 | % | ||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 47 |
Summary portfolio of investments | concluded |
Growth Equity Fund § December 31, 2020
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities, including those in “Other,” is $2,537,895 or 1.5% of net assets. |
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $1,660,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $1,693,222. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/20, the aggregate value of securities on loan is $335,269. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
48 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments |
Growth & Income Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||||
8,155 | Aptiv plc | $ | 1,062,515 | 0.6 | % | |||||||||||
2,330 | *,n | Tesla, Inc | 1,644,211 | 0.9 | ||||||||||||
Other | 640,132 | 0.4 | ||||||||||||||
|
| |||||||||||||||
3,346,858 | 1.9 | |||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
85,287 | Bank of America Corp | 2,585,049 | 1.5 | |||||||||||||
26,706 | JPMorgan Chase & Co | 3,393,531 | 1.9 | |||||||||||||
Other | 1,725,110 | 1.0 | ||||||||||||||
|
| |||||||||||||||
7,703,690 | 4.4 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
4,407 | Deere & Co | 1,185,703 | 0.7 | |||||||||||||
11,747 | Eaton Corp | 1,411,285 | 0.8 | |||||||||||||
9,867 | Honeywell International, Inc | 2,098,711 | 1.2 | |||||||||||||
13,616 | ITT, Inc | 1,048,704 | 0.6 | |||||||||||||
Other | 6,472,840 | 3.6 | ||||||||||||||
|
| |||||||||||||||
12,217,243 | 6.9 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 558,119 | 0.3 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
7,057 | Nike, Inc (Class B) | 998,354 | 0.6 | |||||||||||||
Other | 2,097,978 | 1.1 | ||||||||||||||
|
| |||||||||||||||
3,096,332 | 1.7 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 3,668,717 | 2.1 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
12,447 | Discover Financial Services | 1,126,827 | 0.6 | |||||||||||||
42,833 | Equitable Holdings, Inc | 1,096,096 | 0.6 | |||||||||||||
26,422 | Morgan Stanley | 1,810,700 | 1.0 | |||||||||||||
Other | 1,146,259 | 0.7 | ||||||||||||||
|
| |||||||||||||||
5,179,882 | 2.9 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
11,769 | n | Chevron Corp | 993,892 | 0.6 | ||||||||||||
Other | 2,490,750 | 1.4 | ||||||||||||||
|
| |||||||||||||||
3,484,642 | 2.0 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
8,600 | Walmart, Inc | 1,239,690 | 0.7 | |||||||||||||
Other | 1,182,254 | 0.7 | ||||||||||||||
|
| |||||||||||||||
2,421,944 | 1.4 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
17,570 | Mondelez International, Inc | 1,027,318 | 0.6 | |||||||||||||
13,419 | PepsiCo, Inc | 1,990,038 | 1.1 | |||||||||||||
Other | 2,324,097 | 1.3 | ||||||||||||||
|
| |||||||||||||||
5,341,453 | 3.0 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 49 |
Summary portfolio of investments | continued |
Growth & Income Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
6,981 | Danaher Corp | $ | 1,550,759 | 0.9 | % | |||||||||||
3,127 | n | Humana, Inc | 1,282,914 | 0.7 | ||||||||||||
9,798 | Medtronic plc | 1,147,738 | 0.7 | |||||||||||||
4,512 | UnitedHealth Group, Inc | �� | 1,582,268 | 0.9 | ||||||||||||
6,293 | Zimmer Biomet Holdings, Inc | 969,688 | 0.6 | |||||||||||||
Other | 5,967,028 | 3.3 | ||||||||||||||
|
| |||||||||||||||
12,500,395 | 7.1 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
17,753 | Procter & Gamble Co | 2,470,152 | 1.4 | |||||||||||||
Other | 1,153,659 | 0.6 | ||||||||||||||
|
| |||||||||||||||
3,623,811 | 2.0 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
20,676 | n | Hartford Financial Services Group, Inc | 1,012,710 | 0.6 | ||||||||||||
Other | 2,539,887 | 1.4 | ||||||||||||||
|
| |||||||||||||||
3,552,597 | 2.0 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
17,258 | DuPont de Nemours, Inc | 1,227,216 | 0.7 | |||||||||||||
7,457 | Linde plc | 1,964,994 | 1.1 | |||||||||||||
Other | 4,493,303 | 2.5 | ||||||||||||||
|
| |||||||||||||||
7,685,513 | 4.3 | |||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||||
3,159 | * | Alphabet, Inc (Class C) | 5,534,189 | 3.1 | ||||||||||||
26,981 | Comcast Corp (Class A) | 1,413,805 | 0.8 | |||||||||||||
12,069 | * | Facebook, Inc | 3,296,768 | 1.9 | ||||||||||||
3,006 | *,n | Netflix, Inc | 1,625,434 | 0.9 | ||||||||||||
14,589 | * | Walt Disney Co | 2,643,235 | 1.5 | ||||||||||||
Other | 2,278,922 | 1.3 | ||||||||||||||
|
| |||||||||||||||
16,792,353 | 9.5 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
19,068 | AbbVie, Inc | 2,043,136 | 1.1 | |||||||||||||
17,247 | Merck & Co, Inc | 1,410,805 | 0.8 | |||||||||||||
31,409 | Pfizer, Inc | 1,156,165 | 0.6 | |||||||||||||
Other | 8,501,325 | 4.9 | ||||||||||||||
|
| |||||||||||||||
13,111,431 | 7.4 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 2,696,541 | 1.5 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
2,298 | * | Amazon.com, Inc | 7,484,425 | 4.2 | ||||||||||||
9,228 | n | Expedia Group, Inc | 1,221,787 | 0.7 | ||||||||||||
7,960 | n | Home Depot, Inc | 2,114,335 | 1.2 | ||||||||||||
7,692 | Target Corp | 1,357,869 | 0.8 | |||||||||||||
Other | 2,403,386 | 1.3 | ||||||||||||||
|
| |||||||||||||||
14,581,802 | 8.2 | |||||||||||||||
|
|
50 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Growth & Income Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
4,510 | NVIDIA Corp | $ | 2,355,122 | 1.3 | % | |||||||||||
12,594 | n | QUALCOMM, Inc | 1,918,570 | 1.1 | ||||||||||||
Other | 7,435,003 | 4.2 | ||||||||||||||
|
| |||||||||||||||
11,708,695 | 6.6 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
11,115 | * | Fiserv, Inc | 1,265,554 | 0.7 | ||||||||||||
5,912 | Mastercard, Inc (Class A) | 2,110,229 | 1.2 | |||||||||||||
44,203 | Microsoft Corp | 9,831,631 | 5.5 | |||||||||||||
7,118 | * | PayPal Holdings, Inc | 1,667,036 | 0.9 | ||||||||||||
8,624 | *,n | salesforce.com, Inc | 1,919,099 | 1.1 | ||||||||||||
2,220 | * | ServiceNow, Inc | 1,221,955 | 0.7 | ||||||||||||
Other | 2,018,231 | 1.2 | ||||||||||||||
|
| |||||||||||||||
20,033,735 | 11.3 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
88,072 | n | Apple, Inc | 11,686,274 | 6.6 | ||||||||||||
9,549 | TE Connectivity Ltd | 1,156,097 | 0.7 | |||||||||||||
Other | 3,065,824 | 1.7 | ||||||||||||||
|
| |||||||||||||||
15,908,195 | 9.0 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
23,110 | Verizon Communications, Inc | 1,357,713 | 0.7 | |||||||||||||
Other | 1,241,373 | 0.7 | ||||||||||||||
|
| |||||||||||||||
2,599,086 | 1.4 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
7,484 | United Parcel Service, Inc (Class B) | 1,260,306 | 0.7 | |||||||||||||
Other | 1,372,263 | 0.8 | ||||||||||||||
|
| |||||||||||||||
2,632,569 | 1.5 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
19,222 | NextEra Energy, Inc | 1,482,977 | 0.8 | |||||||||||||
Other | 1,118,409 | 0.7 | ||||||||||||||
|
| |||||||||||||||
2,601,386 | 1.5 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $94,101,835) | 177,046,989 | 99.9 | |||||||||||||
|
| |||||||||||||||
PURCHASED OPTIONS | ||||||||||||||||
CAPITAL GOODS | 3,924 | 0.0 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 8,064 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | (Cost $17,709) | 11,988 | 0.0 | |||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 51 |
Summary portfolio of investments | continued |
Growth & Income Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
542,275 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080% | $ | 542,275 | 0.3 | % | |||||||||
|
| |||||||||||||||
542,275 | 0.3 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $542,275) | 542,275 | 0.3 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $94,661,819) | 177,601,252 | 100.2 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (447,747 | ) | (0.2 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 177,153,505 | 100.0 | % | ||||||||||||
|
|
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/20, the aggregate value of securities on loan is $617,617. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Purchased options outstanding as of December 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
BioMarin Pharmaceutical, Inc, Call | 12 | $ | 8,604 | $ | 95.00 | 04/16/21 | $ | 8,064 | ||||||||||||
Boeing Co, Call | 3 | 9,105 | 250.00 | 05/21/21 | 3,924 | |||||||||||||||
| ||||||||||||||||||||
Total | 15 | $ | 17,709 | $ | 11,988 | |||||||||||||||
|
Written options outstanding as of December 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Alkermes plc, Put | 22 | $ | (3,186) | $ | 14.00 | 05/21/21 | $ | (1,265 | ) | |||||||||||
Alliance Data Systems Corp, Put | 20 | (2,559) | 60.00 | 01/15/21 | (440 | ) | ||||||||||||||
Apple, Inc, Call | 28 | (50,858) | 140.00 | 06/18/21 | (28,000 | ) | ||||||||||||||
Apple, Inc, Put | 52 | (50,242) | 105.00 | 06/18/21 | (16,900 | ) | ||||||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 22 | (32,303) | 45.00 | 06/18/21 | (32,340 | ) | ||||||||||||||
Best Buy Co, Inc, Call | 16 | (1,919) | 115.00 | 01/15/21 | (224 | ) | ||||||||||||||
Best Buy Co, Inc, Put | 8 | (1,000) | 90.00 | 01/15/21 | (288 | ) | ||||||||||||||
Biogen, Inc, Put | 3 | (11,185) | 250.00 | 03/19/21 | (8,700 | ) | ||||||||||||||
Biogen, Inc, Put | 5 | (20,013) | 255.00 | 04/16/21 | (16,825 | ) | ||||||||||||||
BioMarin Pharmaceutical, Inc, Call | 12 | (5,375) | 105.00 | 04/16/21 | (5,340 | ) | ||||||||||||||
|
52 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Growth & Income Fund § December 31, 2020
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
BioMarin Pharmaceutical, Inc, Put | 12 | $ | (2,855) | $ | 70.00 | 04/16/21 | $ | (3,408 | ) | |||||||||||
Boeing Co, Call | 3 | (6,084) | 280.00 | 05/21/21 | (2,220 | ) | ||||||||||||||
Boeing Co, Put | 3 | (8,701) | 205.00 | 05/21/21 | (6,315 | ) | ||||||||||||||
Carlisle Cos, Inc, Call | 5 | (1,390) | 170.00 | 03/19/21 | (1,800 | ) | ||||||||||||||
Carlisle Cos, Inc, Put | 5 | (1,640) | 125.00 | 03/19/21 | (1,237 | ) | ||||||||||||||
CarMax, Inc, Put | 11 | (1,244) | 80.00 | 02/19/21 | (853 | ) | ||||||||||||||
CF Industries Holdings, Inc, Put | 24 | (1,223) | 32.50 | 01/15/21 | (96 | ) | ||||||||||||||
Chevron Corp, Call | 5 | (1,640) | 105.00 | 03/19/21 | (390 | ) | ||||||||||||||
Chevron Corp, Put | 5 | (1,165) | 80.00 | 03/19/21 | (2,075 | ) | ||||||||||||||
Chevron Corp, Put | 5 | (4,965) | 72.50 | 06/18/21 | (2,050 | ) | ||||||||||||||
Chewy, Inc, Put | 10 | (560) | 80.00 | 01/15/21 | (920 | ) | ||||||||||||||
Children’s Place, Inc, Call | 14 | (7,223) | 65.00 | 06/18/21 | (8,610 | ) | ||||||||||||||
Children’s Place, Inc, Put | 33 | (24,014 | ) | 30.00 | 03/19/21 | (3,300 | ) | |||||||||||||
Children’s Place, Inc, Put | 14 | (4,475 | ) | 30.00 | 06/18/21 | (3,395 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Call | 1 | (6,804 | ) | 1,600.00 | 06/18/21 | (5,655 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Put | 1 | (2,627 | ) | 1,000.00 | 06/18/21 | (2,200 | ) | |||||||||||||
Citigroup, Inc, Call | 9 | (2,196 | ) | 65.00 | 06/18/21 | (3,915 | ) | |||||||||||||
Citigroup, Inc, Put | 9 | (2,661 | ) | 47.50 | 06/18/21 | (1,476 | ) | |||||||||||||
Corteva, Inc, Call | 16 | (783 | ) | 45.00 | 03/19/21 | (800 | ) | |||||||||||||
Corteva, Inc, Put | 16 | (2,207 | ) | 33.00 | 03/19/21 | (1,280 | ) | |||||||||||||
Deckers Outdoor Corp, Put | 6 | (1,050 | ) | 210.00 | 01/15/21 | (210 | ) | |||||||||||||
DexCom, Inc, Put | 7 | (18,998 | ) | 320.00 | 03/19/21 | (9,555 | ) | |||||||||||||
Enphase Energy, Inc, Call | 4 | (7,592 | ) | 220.00 | 05/21/21 | (7,956 | ) | |||||||||||||
Enphase Energy, Inc, Call | 4 | (7,592 | ) | 240.00 | 05/21/21 | (6,328 | ) | |||||||||||||
Enphase Energy, Inc, Put | 4 | (640 | ) | 95.00 | 01/15/21 | (32 | ) | |||||||||||||
Enphase Energy, Inc, Put | 8 | (6,744 | ) | 130.00 | 02/19/21 | (3,224 | ) | |||||||||||||
Enphase Energy, Inc, Put | 4 | (4,592 | ) | 130.00 | 05/21/21 | (4,960 | ) | |||||||||||||
Expedia Group, Inc, Call | 7 | (4,117 | ) | 145.00 | 04/16/21 | (5,775 | ) | |||||||||||||
Expedia Group, Inc, Put | 7 | (4,456 | ) | 105.00 | 04/16/21 | (2,485 | ) | |||||||||||||
FireEye, Inc, Put | 22 | (616 | ) | 15.00 | 02/19/21 | (352 | ) | |||||||||||||
Hartford Financial Services Group, Inc, Put | 12 | (2,519 | ) | 35.00 | 03/19/21 | (270 | ) | |||||||||||||
Home Depot, Inc, Call | 4 | (5,368 | ) | 300.00 | 04/16/21 | (1,100 | ) | |||||||||||||
Home Depot, Inc, Put | 4 | (3,600 | ) | 250.00 | 04/16/21 | (3,416 | ) | |||||||||||||
Horizon Therapeutics PLC, Put | 14 | (941 | ) | 60.00 | 01/15/21 | (210 | ) | |||||||||||||
Humana, Inc, Call | 3 | (8,334 | ) | 445.00 | 02/19/21 | (1,944 | ) | |||||||||||||
IAC/Interactive Corp, Put | 6 | (3,168 | ) | 135.00 | 03/19/21 | (555 | ) | |||||||||||||
Intel Corp, Put | 22 | (1,954 | ) | 40.00 | 02/19/21 | (638 | ) | |||||||||||||
Kirby Corp, Put | 20 | (18,436 | ) | 45.00 | 03/19/21 | (3,250 | ) | |||||||||||||
Marvell Technology Group Ltd, Put | 22 | (791 | ) | 36.00 | 01/15/21 | (286 | ) | |||||||||||||
Mastercard, Inc, Call | 2 | (364 | ) | 390.00 | 02/05/21 | (659 | ) | |||||||||||||
Motorola Solutions, Inc, Put | 5 | (10,091 | ) | 140.00 | 01/15/21 | (112 | ) | |||||||||||||
NetFlix, Inc, Put | 3 | (525 | ) | 425.00 | 01/15/21 | (102 | ) | |||||||||||||
Nordstrom, Inc, Call | 27 | (4,859 | ) | 32.50 | 01/15/21 | (3,375 | ) | |||||||||||||
Pacific Biosciences of California, Inc, Put | 22 | (987 | ) | 18.00 | 01/15/21 | (660 | ) | |||||||||||||
QUALCOMM, Inc, Put | 7 | (691 | ) | 125.00 | 01/15/21 | (140 | ) | |||||||||||||
salesforce.com, Inc, Put | 3 | (894 | ) | 190.00 | 01/15/21 | (84 | ) | |||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 53 |
Summary portfolio of investments | concluded |
Growth & Income Fund § December 31, 2020
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
| ||||||||||||||||||||
Seagen, Inc, Put | 6 | $ | (1,780 | ) | $ | 145.00 | 01/15/21 | $ | (192 | ) | ||||||||||
Snap, Inc, Call | 14 | (601 | ) | 65.00 | 01/08/21 | (56 | ) | |||||||||||||
Stryker Corp, Put | 2 | (910 | ) | 175.00 | 01/15/21 | (25 | ) | |||||||||||||
Teradata Corp, Put | 37 | (10,675 | ) | 22.50 | 04/16/21 | (8,048 | ) | |||||||||||||
Tesla, Inc, Put | 1 | (588 | ) | 480.00 | 01/15/21 | (86 | ) | |||||||||||||
Tesla, Inc, Put | 1 | (718 | ) | 500.00 | 01/15/21 | (106 | ) | |||||||||||||
Universal Display Corp, Put | 4 | (1,150 | ) | 175.00 | 01/15/21 | (80 | ) | |||||||||||||
Universal Health Services, Inc, Put | 8 | (5,368 | ) | 110.00 | 07/16/21 | (4,160 | ) | |||||||||||||
Urban Outfitters, Inc, Put | 24 | (1,775 | ) | 24.00 | 01/15/21 | (1,200 | ) | |||||||||||||
World Wrestling Entertainment, Inc, Put | 16 | (9,295 | ) | 40.00 | 01/15/21 | (240 | ) | |||||||||||||
Wynn Resorts Ltd, Put | 5 | (7,589 | ) | 77.50 | 03/19/21 | (575 | ) | |||||||||||||
Wynn Resorts Ltd, Put | 5 | (8,170 | ) | 80.00 | 03/19/21 | (700 | ) | |||||||||||||
Wynn Resorts Ltd, Put | 10 | (7,329 | ) | 87.50 | 06/18/21 | (5,625 | ) | |||||||||||||
XPO Logistics, Inc, Put | 8 | (1,544 | ) | 100.00 | 02/19/21 | (1,160 | ) | |||||||||||||
| ||||||||||||||||||||
Total | 779 | $ | (440,508 | ) | $ | (242,248 | ) | |||||||||||||
|
54 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments |
Large-Cap Value Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
BANKS | ||||||||||||||||
75,927 | Bank of America Corp | $ | 2,301,347 | 3.1 | % | |||||||||||
28,442 | Citigroup, Inc | 1,753,734 | 2.4 | |||||||||||||
23,358 | JPMorgan Chase & Co | 2,968,101 | 4.0 | |||||||||||||
5,184 | PNC Financial Services Group, Inc | 772,416 | 1.1 | |||||||||||||
16,489 | US Bancorp | 768,222 | 1.0 | |||||||||||||
Other | 226,954 | 0.3 | ||||||||||||||
|
| |||||||||||||||
8,790,774 | 11.9 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
4,112 | Caterpillar, Inc | 748,466 | 1.0 | |||||||||||||
5,205 | Deere & Co | 1,400,405 | 1.9 | |||||||||||||
6,100 | Dover Corp | 770,125 | 1.0 | |||||||||||||
6,276 | Eaton Corp | 753,999 | 1.0 | |||||||||||||
8,359 | Honeywell International, Inc | 1,777,959 | 2.4 | |||||||||||||
16,388 | Masco Corp | 900,193 | 1.2 | |||||||||||||
4,168 | Parker-Hannifin Corp | 1,135,405 | 1.5 | |||||||||||||
6,400 | Trane Technologies plc | 929,024 | 1.3 | |||||||||||||
Other | 1,947,406 | 2.7 | ||||||||||||||
|
| |||||||||||||||
10,362,982 | 14.0 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
235 | * | NVR, Inc | 958,767 | 1.3 | ||||||||||||
|
| |||||||||||||||
958,767 | 1.3 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
7,284 | Hilton Worldwide Holdings, Inc | 810,418 | 1.1 | |||||||||||||
Other | 713,264 | 1.0 | ||||||||||||||
|
| |||||||||||||||
1,523,682 | 2.1 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
8,924 | American Express Co | 1,079,001 | 1.5 | |||||||||||||
4,907 | * | Berkshire Hathaway, Inc (Class B) | 1,137,786 | 1.6 | ||||||||||||
1,167 | BlackRock, Inc | 842,037 | 1.1 | |||||||||||||
5,075 | Goldman Sachs Group, Inc | 1,338,328 | 1.8 | |||||||||||||
|
| |||||||||||||||
4,397,152 | 6.0 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
12,230 | Chevron Corp | 1,032,824 | 1.4 | |||||||||||||
Other | 1,364,437 | 1.8 | ||||||||||||||
|
| |||||||||||||||
2,397,261 | 3.2 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
8,510 | Walmart, Inc | 1,226,716 | 1.7 | |||||||||||||
|
| |||||||||||||||
1,226,716 | 1.7 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 1,173,135 | 1.6 | ||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 55 |
Summary portfolio of investments | continued |
Large-Cap Value Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
3,149 | Anthem, Inc | $ | 1,011,112 | 1.4 | % | |||||||||||
5,069 | Cigna Corp | 1,055,264 | 1.4 | |||||||||||||
4,712 | HCA Healthcare, Inc | 774,936 | 1.0 | |||||||||||||
8,827 | Medtronic plc | 1,033,995 | 1.4 | |||||||||||||
3,124 | UnitedHealth Group, Inc | 1,095,524 | 1.5 | |||||||||||||
7,061 | Zimmer Biomet Holdings, Inc | 1,088,030 | 1.5 | |||||||||||||
|
| |||||||||||||||
6,058,861 | 8.2 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
6,870 | Procter & Gamble Co | 955,892 | 1.3 | |||||||||||||
|
| |||||||||||||||
955,892 | 1.3 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
21,050 | American International Group, Inc | 796,953 | 1.1 | |||||||||||||
7,684 | Chubb Ltd | 1,182,721 | 1.6 | |||||||||||||
Other | 1,140,616 | 1.5 | ||||||||||||||
|
| |||||||||||||||
3,120,290 | 4.2 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
11,214 | * | Crown Holdings, Inc | 1,123,643 | 1.5 | ||||||||||||
5,907 | PPG Industries, Inc | 851,908 | 1.1 | |||||||||||||
Other | 1,367,053 | 1.9 | ||||||||||||||
|
| |||||||||||||||
3,342,604 | 4.5 | |||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||||
900 | * | Alphabet, Inc (Class C) | 1,576,692 | 2.1 | ||||||||||||
39,446 | Comcast Corp (Class A) | 2,066,971 | 2.8 | |||||||||||||
10,351 | * | Walt Disney Co | 1,875,394 | 2.6 | ||||||||||||
Other | 693,966 | 0.9 | ||||||||||||||
|
| |||||||||||||||
6,213,023 | 8.4 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
14,827 | Bristol-Myers Squibb Co | 919,719 | 1.3 | |||||||||||||
14,227 | Johnson & Johnson | 2,239,045 | 3.0 | |||||||||||||
9,390 | Merck & Co, Inc | 768,102 | 1.0 | |||||||||||||
31,577 | Pfizer, Inc | 1,162,349 | 1.6 | |||||||||||||
Other | 523,298 | 0.7 | ||||||||||||||
|
| |||||||||||||||
5,612,513 | 7.6 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 710,177 | 1.0 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
5,054 | Home Depot, Inc | 1,342,443 | 1.8 | |||||||||||||
Other | 556,818 | 0.8 | ||||||||||||||
|
| |||||||||||||||
1,899,261 | 2.6 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
5,063 | Analog Devices, Inc | 747,957 | 1.0 | |||||||||||||
12,760 | Applied Materials, Inc | 1,101,188 | 1.5 |
56 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Large-Cap Value Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
17,985 | Intel Corp | $ | 896,013 | 1.2 | % | |||||||||||
10,075 | * | Micron Technology, Inc | 757,439 | 1.0 | ||||||||||||
5,025 | NXP Semiconductors NV | 799,025 | 1.1 | |||||||||||||
Other | 381,594 | 0.5 | ||||||||||||||
|
| |||||||||||||||
4,683,216 | 6.3 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
3,833 | Accenture plc | 1,001,218 | 1.4 | |||||||||||||
5,321 | Microsoft Corp | 1,183,497 | 1.6 | |||||||||||||
Other | 387,169 | 0.5 | ||||||||||||||
|
| |||||||||||||||
2,571,884 | 3.5 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
10,319 | TE Connectivity Ltd | 1,249,321 | 1.7 | |||||||||||||
Other | 663,106 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,912,427 | 2.6 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
5,589 | * | T-Mobile US, Inc | 753,677 | 1.0 | ||||||||||||
Other | 639,200 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,392,877 | 1.9 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
5,830 | Union Pacific Corp | 1,213,923 | 1.6 | |||||||||||||
Other | 948,575 | 1.3 | ||||||||||||||
|
| |||||||||||||||
2,162,498 | 2.9 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | 2,175,337 | 2.9 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $53,540,275) | 73,641,329 | 99.7 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | 174,992 | 0.2 | ||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT | 120,000 | 0.2 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $294,991) | 294,992 | 0.4 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $53,835,266) | 73,936,321 | 100.1 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (107,592 | ) | (0.1 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 73,828,729 | 100.0 | % | ||||||||||||
|
|
* | Non-income producing |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 57 |
Summary portfolio of investments |
Real Estate Securities Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
CASINOS & GAMING | ||||||||||||||||
10,000 | Las Vegas Sands Corp | $ | 596,000 | 0.7 | % | |||||||||||
23,000 | MGM Resorts International | 724,730 | 0.9 | |||||||||||||
5,500 | Wynn Resorts Ltd | 620,565 | 0.8 | |||||||||||||
|
| |||||||||||||||
1,941,295 | 2.4 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED REITS | ||||||||||||||||
21,000 | STORE Capital Corp | 713,580 | 0.9 | |||||||||||||
Other | 205,040 | 0.2 | ||||||||||||||
|
| |||||||||||||||
918,620 | 1.1 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE REITS | ||||||||||||||||
50,000 | Healthpeak Properties Inc | 1,511,500 | 1.9 | |||||||||||||
25,500 | Omega Healthcare Investors, Inc | 926,160 | 1.1 | |||||||||||||
39,500 | Sabra Healthcare REIT, Inc | 686,115 | 0.9 | |||||||||||||
38,500 | Ventas, Inc | 1,888,040 | 2.3 | |||||||||||||
38,500 | Welltower, Inc | 2,487,870 | 3.1 | |||||||||||||
|
| |||||||||||||||
7,499,685 | 9.3 | |||||||||||||||
|
| |||||||||||||||
HOTEL & RESORT REITS | ||||||||||||||||
50,000 | Host Hotels and Resorts, Inc | 731,500 | 0.9 | |||||||||||||
21,000 | MGM Growth Properties LLC | 657,300 | 0.8 | |||||||||||||
38,000 | Park Hotels & Resorts, Inc | 651,700 | 0.8 | |||||||||||||
|
| |||||||||||||||
2,040,500 | 2.5 | |||||||||||||||
|
| |||||||||||||||
HOTELS, RESORTS & CRUISE LINES | ||||||||||||||||
5,500 | Hilton Worldwide Holdings, Inc | 611,930 | 0.8 | |||||||||||||
4,000 | Marriott International, Inc (Class A) | 527,680 | 0.6 | |||||||||||||
|
| |||||||||||||||
1,139,610 | 1.4 | |||||||||||||||
|
| |||||||||||||||
INDUSTRIAL REITS | ||||||||||||||||
12,500 | Duke Realty Corp | 499,625 | 0.6 | |||||||||||||
5,000 | EastGroup Properties, Inc | 690,300 | 0.8 | |||||||||||||
55,000 | Prologis, Inc | 5,481,300 | 6.8 | |||||||||||||
55,000 | Rexford Industrial Realty, Inc | 2,701,050 | 3.3 | |||||||||||||
20,000 | Terreno Realty Corp | 1,170,200 | 1.5 | |||||||||||||
|
| |||||||||||||||
10,542,475 | 13.0 | |||||||||||||||
|
| |||||||||||||||
INTERNET SERVICES & INFRASTRUCTURE | ||||||||||||||||
12,000 | * | GDS Holdings Ltd (ADR) | 1,123,680 | 1.4 | ||||||||||||
55,000 | * | Megaport Ltd | 604,089 | 0.8 | ||||||||||||
Other | 424,637 | 0.5 | ||||||||||||||
|
| |||||||||||||||
2,152,406 | 2.7 | |||||||||||||||
|
| |||||||||||||||
OFFICE REITS | ||||||||||||||||
9,000 | Alexandria Real Estate Equities, Inc | 1,603,980 | 2.0 | |||||||||||||
11,000 | Boston Properties, Inc | 1,039,830 | 1.3 |
58 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Real Estate Securities Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
OFFICE REITS—continued | ||||||||||||||||
9,500 | SL Green Realty Corp | $ | 566,010 | 0.7 | % | |||||||||||
19,000 | Vornado Realty Trust | 709,460 | 0.9 | |||||||||||||
Other | 459,200 | 0.5 | ||||||||||||||
|
| |||||||||||||||
4,378,480 | 5.4 | |||||||||||||||
|
| |||||||||||||||
RESIDENTIAL REITS | ||||||||||||||||
44,500 | American Homes 4 Rent | 1,335,000 | 1.6 | |||||||||||||
10,000 | AvalonBay Communities, Inc | 1,604,300 | 2.0 | |||||||||||||
38,000 | Equity Lifestyle Properties, Inc | 2,407,680 | 3.0 | |||||||||||||
32,500 | Equity Residential | 1,926,600 | 2.4 | |||||||||||||
4,000 | Essex Property Trust, Inc | 949,680 | 1.2 | |||||||||||||
80,000 | Invitation Homes, Inc | 2,376,000 | 2.9 | |||||||||||||
10,500 | Mid-America Apartment Communities, Inc | 1,330,245 | 1.6 | |||||||||||||
18,000 | Sun Communities, Inc | 2,735,100 | 3.4 | |||||||||||||
|
| |||||||||||||||
14,664,605 | 18.1 | |||||||||||||||
|
| |||||||||||||||
RETAIL REITS | ||||||||||||||||
12,000 | Agree Realty Corp | 798,960 | 1.0 | |||||||||||||
15,000 | Realty Income Corp | 932,550 | 1.1 | |||||||||||||
23,000 | Regency Centers Corp | 1,048,570 | 1.3 | |||||||||||||
47,500 | Simon Property Group, Inc | 4,050,800 | 5.0 | |||||||||||||
13,500 | Spirit Realty Capital, Inc | 542,295 | 0.7 | |||||||||||||
Other | 1,467,740 | 1.8 | ||||||||||||||
|
| |||||||||||||||
8,840,915 | 10.9 | |||||||||||||||
|
| |||||||||||||||
SPECIALIZED REITS | ||||||||||||||||
25,000 | American Tower Corp | 5,611,500 | 7.0 | |||||||||||||
20,500 | Crown Castle International Corp | 3,263,395 | 4.0 | |||||||||||||
13,500 | Digital Realty Trust, Inc | 1,883,385 | 2.3 | |||||||||||||
6,500 | Equinix, Inc | 4,642,170 | 5.8 | |||||||||||||
9,000 | Extra Space Storage, Inc | 1,042,740 | 1.3 | |||||||||||||
20,000 | Gaming and Leisure Properties, Inc | 848,000 | 1.1 | |||||||||||||
8,000 | Lamar Advertising Co | 665,760 | 0.8 | |||||||||||||
9,000 | Public Storage, Inc | 2,078,370 | 2.6 | |||||||||||||
5,800 | SBA Communications Corp | 1,636,354 | 2.0 | |||||||||||||
55,000 | VICI Properties, Inc | 1,402,500 | 1.8 | |||||||||||||
30,000 | Weyerhaeuser Co | 1,005,900 | 1.3 | |||||||||||||
Other | 568,020 | 0.7 | ||||||||||||||
|
| |||||||||||||||
24,648,094 | 30.7 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $50,829,718) | 78,766,685 | 97.5 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$1,000,000 | Federal Home Loan Bank (FHLB) | 0.075%, 01/27/21 | 999,955 | 1.2 | ||||||||||||
Other | 391,993 | 0.5 | ||||||||||||||
|
| |||||||||||||||
1,391,948 | 1.7 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 59 |
Summary portfolio of investments | concluded |
Real Estate Securities Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
REPURCHASE AGREEMENT | $ | 485,000 | 0.6 | % | ||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,876,936) | 1,876,948 | 2.3 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $52,706,654) | 80,643,633 | 99.8 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 172,694 | 0.2 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 80,816,327 | 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 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments |
Small-Cap Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 761,939 | 1.3 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
6,951 | Essent Group Ltd | 300,283 | 0.5 | |||||||||||||
16,137 | Radian Group, Inc | 326,774 | 0.5 | |||||||||||||
14,033 | United Community Banks, Inc | 399,099 | 0.7 | |||||||||||||
3,097 | Walker & Dunlop, Inc | 284,986 | 0.5 | |||||||||||||
Other | 4,327,077 | 7.2 | ||||||||||||||
|
| |||||||||||||||
5,638,219 | 9.4 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
5,412 | Advanced Drainage Systems, Inc | 452,335 | 0.7 | |||||||||||||
8,007 | * | BMC Stock Holdings, Inc | 429,816 | 0.7 | ||||||||||||
7,451 | Comfort Systems USA, Inc | 392,370 | 0.7 | |||||||||||||
12,050 | * | Plug Power, Inc | 408,615 | 0.7 | ||||||||||||
1,590 | * | RBC Bearings, Inc | 284,674 | 0.5 | ||||||||||||
8,745 | d | Rexnord Corp | 345,340 | 0.6 | ||||||||||||
4,330 | * | Sunrun, Inc | 300,415 | 0.5 | ||||||||||||
Other | 4,302,769 | 7.1 | ||||||||||||||
|
| |||||||||||||||
6,916,334 | 11.5 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||||
3,123 | Exponent, Inc | 281,164 | 0.5 | |||||||||||||
5,340 | * | TriNet Group, Inc | 430,404 | 0.7 | ||||||||||||
10,000 | * | Upwork, Inc | 345,200 | 0.6 | ||||||||||||
Other | 1,015,405 | 1.6 | ||||||||||||||
|
| |||||||||||||||
2,072,173 | 3.4 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
4,120 | * | CROCS, Inc | 258,159 | 0.4 | ||||||||||||
11,485 | * | Sonos, Inc | 268,634 | 0.4 | ||||||||||||
4,410 | * | YETI Holdings, Inc | 301,953 | 0.5 | ||||||||||||
Other | 1,166,720 | 2.0 | ||||||||||||||
|
| |||||||||||||||
1,995,466 | 3.3 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 2,372,365 | 3.9 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
9,903 | Stifel Financial Corp | 499,705 | 0.8 | |||||||||||||
Other | 1,691,979 | 2.8 | ||||||||||||||
|
| |||||||||||||||
2,191,684 | 3.6 | |||||||||||||||
|
| |||||||||||||||
ENERGY | 1,547,956 | 2.6 | ||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
10,983 | * | BJ’s Wholesale Club Holdings, Inc | 409,446 | 0.7 | ||||||||||||
Other | 333,858 | 0.5 | ||||||||||||||
|
| |||||||||||||||
743,304 | 1.2 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 61 |
Summary portfolio of investments | continued |
Small-Cap Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
5,020 | * | Celsius Holdings, Inc | $ | 252,556 | 0.4 | % | ||||||||||
Other | 562,034 | 1.0 | ||||||||||||||
|
| |||||||||||||||
814,590 | 1.4 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
2,841 | Conmed Corp | 318,192 | 0.5 | |||||||||||||
12,980 | * | R1 RCM, Inc | 311,780 | 0.5 | ||||||||||||
6,450 | * | Tenet Healthcare Corp | 257,549 | 0.4 | ||||||||||||
Other | 3,244,989 | 5.4 | ||||||||||||||
�� |
| |||||||||||||||
4,132,510 | 6.8 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 478,567 | 0.8 | ||||||||||||||
|
| |||||||||||||||
INSURANCE | 905,826 | 1.5 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
6,940 | Louisiana-Pacific Corp | 257,960 | 0.4 | |||||||||||||
3,470 | Sensient Technologies Corp | 255,982 | 0.4 | |||||||||||||
12,553 | * | Summit Materials, Inc | 252,064 | 0.4 | ||||||||||||
16,200 | United States Steel Corp | 271,674 | 0.5 | |||||||||||||
Other | 2,180,992 | 3.6 | ||||||||||||||
|
| |||||||||||||||
3,218,672 | 5.3 | |||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | 983,917 | 1.7 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
11,278 | * | Amicus Therapeutics, Inc | 260,409 | 0.4 | ||||||||||||
2,990 | * | Arvinas, Inc | 253,941 | 0.4 | ||||||||||||
3,533 | * | CareDx, Inc | 255,966 | 0.4 | ||||||||||||
5,046 | * | Natera, Inc | 502,178 | 0.8 | ||||||||||||
2,580 | * | Twist Bioscience Corp | 364,528 | 0.6 | ||||||||||||
Other | 5,944,998 | 9.9 | ||||||||||||||
|
| |||||||||||||||
7,582,020 | 12.5 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | ||||||||||||||||
2,091 | EastGroup Properties, Inc | 288,683 | 0.5 | |||||||||||||
8,307 | National Storage Affiliates Trust | 299,301 | 0.5 | |||||||||||||
2,781 | PS Business Parks, Inc | 369,511 | 0.6 | |||||||||||||
9,786 | STAG Industrial, Inc | 306,498 | 0.5 | |||||||||||||
Other | 2,289,563 | 3.8 | ||||||||||||||
|
| |||||||||||||||
3,553,556 | 5.9 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
10,869 | Rent-A-Center, Inc | 416,174 | 0.7 | |||||||||||||
Other | 1,962,024 | 3.3 | ||||||||||||||
|
| |||||||||||||||
2,378,198 | 4.0 | |||||||||||||||
|
|
62 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Small-Cap Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
6,425 | * | Formfactor, Inc | $ | 276,403 | 0.5 | % | ||||||||||
7,073 | * | Lattice Semiconductor Corp | 324,085 | 0.5 | ||||||||||||
Other | 969,958 | 1.6 | ||||||||||||||
|
| |||||||||||||||
1,570,446 | 2.6 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
2,980 | * | Alarm.com Holdings, Inc | 308,281 | 0.5 | ||||||||||||
9,030 | * | Digital Turbine, Inc | 510,737 | 0.9 | ||||||||||||
4,049 | Mantech International Corp (Class A) | 360,118 | 0.6 | |||||||||||||
13,867 | Perspecta, Inc | 333,917 | 0.6 | |||||||||||||
6,226 | * | Tenable Holdings, Inc | 325,371 | 0.5 | ||||||||||||
4,200 | * | Verint Systems, Inc | 282,156 | 0.5 | ||||||||||||
4,778 | * | Workiva, Inc | 437,760 | 0.7 | ||||||||||||
Other | 1,915,867 | 3.1 | ||||||||||||||
|
| |||||||||||||||
4,474,207 | 7.4 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
9,211 | * | Sanmina Corp | 293,739 | 0.5 | ||||||||||||
Other | 1,319,788 | 2.2 | ||||||||||||||
|
| |||||||||||||||
1,613,527 | 2.7 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | 378,724 | 0.6 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 766,459 | 1.3 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | 1,004,039 | 1.7 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $42,495,085) | 58,094,698 | 96.4 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$2,000,000 | Federal Home Loan Bank (FHLB) | 0.080%, 01/27/21 | 1,999,910 | 3.4 | ||||||||||||
|
| |||||||||||||||
1,999,910 | 3.4 | |||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||||
320,000 | r | Fixed Income Clearing Corp (FICC) | 0.050%, 01/04/21 | 320,000 | 0.5 | |||||||||||
|
| |||||||||||||||
320,000 | 0.5 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
595,661 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080% | 595,661 | 1.0 | |||||||||||
|
| |||||||||||||||
595,661 | 1.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $2,915,545) | 2,915,571 | 4.9 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $45,410,630) | 61,010,269 | 101.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (755,997 | ) | (1.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 60,254,272 | 100.0 | % | ||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 63 |
Summary portfolio of investments | concluded |
Small-Cap Equity Fund § December 31, 2020
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $320,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $326,437. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/20, the aggregate value of securities on loan is $1,050,198. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of December 31, 2020 were as follows:
Description | Number of contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
| ||||||||||||||||||
CME E-mini Russell 2000 Index Futures | 21 | 03/19/21 | $ | 2,000,802 | $ | 2,073,540 | $ | 72,738 | ||||||||||
|
64 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments |
Social Choice Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||||
2,184 | * | Tesla, Inc | $ | 1,541,183 | 1.9 | % | ||||||||||
Other | 129,073 | 0.1 | ||||||||||||||
|
| |||||||||||||||
1,670,256 | 2.0 | |||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
3,388 | PNC Financial Services Group, Inc | 504,812 | 0.6 | |||||||||||||
Other | 1,565,965 | 1.9 | ||||||||||||||
|
| |||||||||||||||
2,070,777 | 2.5 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
2,781 | 3M Co | 486,091 | 0.6 | |||||||||||||
2,436 | Caterpillar, Inc | 443,401 | 0.6 | |||||||||||||
Other | 3,585,298 | 4.3 | ||||||||||||||
|
| |||||||||||||||
4,514,790 | 5.5 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 1,135,773 | 1.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
5,121 | Nike, Inc (Class B) | 724,468 | 0.9 | |||||||||||||
Other | 522,821 | 0.6 | ||||||||||||||
|
| |||||||||||||||
1,247,289 | 1.5 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
5,888 | Starbucks Corp | 629,898 | 0.8 | |||||||||||||
Other | 1,431,981 | 1.7 | ||||||||||||||
|
| |||||||||||||||
2,061,879 | 2.5 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
4,755 | American Express Co | 574,927 | 0.7 | |||||||||||||
790 | BlackRock, Inc | 570,017 | 0.7 | |||||||||||||
4,566 | Intercontinental Exchange Group, Inc | 526,414 | 0.7 | |||||||||||||
8,844 | Morgan Stanley | 606,079 | 0.7 | |||||||||||||
1,401 | S&P Global, Inc | 460,551 | 0.6 | |||||||||||||
Other | 2,376,858 | 2.9 | ||||||||||||||
|
| |||||||||||||||
5,114,846 | 6.3 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
6,431 | Chevron Corp | 543,098 | 0.7 | |||||||||||||
Other | 1,301,808 | 1.6 | ||||||||||||||
|
| |||||||||||||||
1,844,906 | 2.3 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 509,171 | 0.6 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
14,247 | Coca-Cola Co | 781,305 | 1.0 | |||||||||||||
5,239 | PepsiCo, Inc | 776,944 | 0.9 | |||||||||||||
Other | 757,855 | 0.9 | ||||||||||||||
|
| |||||||||||||||
2,316,104 | 2.8 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 65 |
Summary portfolio of investments | continued |
Social Choice Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
1,151 | Humana, Inc | $ | 472,221 | 0.6 | % | |||||||||||
Other | 5,386,920 | 6.6 | ||||||||||||||
|
| |||||||||||||||
5,859,141 | 7.2 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
7,975 | Procter & Gamble Co | 1,109,641 | 1.4 | |||||||||||||
Other | 814,494 | 1.0 | ||||||||||||||
|
| |||||||||||||||
1,924,135 | 2.4 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | 2,268,666 | 2.8 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
2,652 | Linde plc | 698,829 | 0.9 | |||||||||||||
Other | 1,725,551 | 2.1 | ||||||||||||||
|
| |||||||||||||||
2,424,380 | 3.0 | |||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||||
5,817 | Activision Blizzard, Inc | 540,108 | 0.7 | |||||||||||||
755 | * | Alphabet, Inc (Class A) | 1,323,243 | 1.6 | ||||||||||||
740 | * | Alphabet, Inc (Class C) | 1,296,391 | 1.6 | ||||||||||||
6,526 | * | Pinterest, Inc | 430,063 | 0.5 | ||||||||||||
Other | 2,691,169 | 3.3 | ||||||||||||||
|
| |||||||||||||||
6,280,974 | 7.7 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
5,055 | AbbVie, Inc | 541,643 | 0.7 | |||||||||||||
2,356 | Amgen, Inc | 541,692 | 0.7 | |||||||||||||
9,057 | Bristol-Myers Squibb Co | 561,806 | 0.7 | |||||||||||||
3,440 | Eli Lilly & Co | 580,810 | 0.7 | |||||||||||||
8,976 | Merck & Co, Inc | 734,237 | 0.9 | |||||||||||||
1,164 | Thermo Fisher Scientific, Inc | 542,168 | 0.7 | |||||||||||||
2,999 | Zoetis, Inc | 496,334 | 0.6 | |||||||||||||
Other | 2,218,591 | 2.6 | ||||||||||||||
|
| |||||||||||||||
6,217,281 | 7.6 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | ||||||||||||||||
2,076 | American Tower Corp | 465,979 | 0.6 | |||||||||||||
4,561 | Prologis, Inc | 454,549 | 0.6 | |||||||||||||
Other | 1,627,861 | 1.9 | ||||||||||||||
|
| |||||||||||||||
2,548,389 | 3.1 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
267 | * | Booking Holdings, Inc | 594,681 | 0.7 | ||||||||||||
9,033 | eBay, Inc | 453,908 | 0.6 | |||||||||||||
3,352 | Home Depot, Inc | 890,358 | 1.1 | |||||||||||||
2,772 | Lowe’s Companies, Inc | 444,934 | 0.6 | |||||||||||||
2,632 | Target Corp | 464,627 | 0.6 | |||||||||||||
Other | 1,566,952 | 1.9 | ||||||||||||||
|
| |||||||||||||||
4,415,460 | 5.5 | |||||||||||||||
|
|
66 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Social Choice Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
17,173 | Intel Corp | $ | 855,559 | 1.1 | % | |||||||||||
2,008 | NVIDIA Corp | 1,048,577 | 1.3 | |||||||||||||
4,372 | Texas Instruments, Inc | 717,576 | 0.9 | |||||||||||||
Other | 928,466 | 1.0 | ||||||||||||||
|
| |||||||||||||||
3,550,178 | 4.3 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
2,890 | Accenture plc | 754,897 | 0.9 | |||||||||||||
1,826 | * | Adobe, Inc | 913,219 | 1.1 | ||||||||||||
1,807 | * | Autodesk, Inc | 551,749 | 0.7 | ||||||||||||
4,981 | International Business Machines Corp | 627,008 | 0.8 | |||||||||||||
1,484 | Intuit, Inc | 563,697 | 0.7 | |||||||||||||
17,739 | d | Microsoft Corp | 3,945,508 | 4.8 | ||||||||||||
3,310 | * | salesforce.com, Inc | 736,574 | 0.9 | ||||||||||||
Other | 3,204,154 | 3.9 | ||||||||||||||
|
| |||||||||||||||
11,296,806 | 13.8 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
37,505 | Apple, Inc | 4,976,538 | 6.1 | |||||||||||||
15,505 | Cisco Systems, Inc | 693,849 | 0.8 | |||||||||||||
Other | 827,489 | 0.9 | ||||||||||||||
|
| |||||||||||||||
6,497,876 | 7.8 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
14,965 | Verizon Communications, Inc | 879,194 | 1.1 | |||||||||||||
Other | 469,233 | 0.5 | ||||||||||||||
|
| |||||||||||||||
1,348,427 | 1.6 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
4,987 | CSX Corp | 452,570 | 0.6 | |||||||||||||
3,541 | United Parcel Service, Inc (Class B) | 596,304 | 0.7 | |||||||||||||
Other | 898,615 | 1.1 | ||||||||||||||
|
| |||||||||||||||
1,947,489 | 2.4 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | 2,098,112 | 2.6 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $45,974,942) | 81,163,105 | 99.2 | |||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 67 |
Summary portfolio of investments | concluded |
Social Choice Equity Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 249,989 | 0.4 | % | ||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT | 420,000 | 0.5 | ||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
200,881 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080% | 200,881 | 0.2 | |||||||||||
|
| |||||||||||||||
200,881 | 0.2 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $870,867) | 870,870 | 1.1 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $46,845,809) | 82,033,975 | 100.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (221,565 | ) | (0.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 81,812,410 | 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. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/20, the aggregate value of securities on loan is $574,821. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of December 31, 2020 were as follows:
Description | Number of contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
| ||||||||||||||||||
S&P 500 E Mini Index | 3 | 03/19/21 | $ | 548,496 | $ | 562,320 | $ | 13,824 | ||||||||||
|
68 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments |
Stock Index Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||||
13,446 | * | Tesla, Inc | $ | 9,488,439 | 1.4 | % | ||||||||||
Other | 3,455,314 | 0.5 | ||||||||||||||
|
| |||||||||||||||
12,943,753 | 1.9 | |||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
137,545 | Bank of America Corp | 4,168,989 | 0.6 | |||||||||||||
53,787 | JPMorgan Chase & Co | 6,834,714 | 1.0 | |||||||||||||
Other | 16,777,225 | 2.5 | ||||||||||||||
|
| |||||||||||||||
27,780,928 | 4.1 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
12,451 | Honeywell International, Inc | 2,648,328 | 0.4 | |||||||||||||
Other | 38,620,251 | 5.7 | ||||||||||||||
|
| |||||||||||||||
41,268,579 | 6.1 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 7,441,106 | 1.1 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
21,707 | Nike, Inc (Class B) | 3,070,889 | 0.5 | |||||||||||||
Other | 7,163,482 | 1.0 | ||||||||||||||
|
| |||||||||||||||
10,234,371 | 1.5 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
13,228 | McDonald’s Corp | 2,838,464 | 0.4 | |||||||||||||
Other | 10,745,045 | 1.6 | ||||||||||||||
|
| |||||||||||||||
13,583,509 | 2.0 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
33,436 | * | Berkshire Hathaway, Inc (Class B) | 7,752,805 | 1.2 | ||||||||||||
Other | 23,074,207 | 3.4 | ||||||||||||||
|
| |||||||||||||||
30,827,012 | 4.6 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
34,287 | Chevron Corp | 2,895,537 | 0.4 | |||||||||||||
75,261 | d | Exxon Mobil Corp | 3,102,258 | 0.5 | ||||||||||||
Other | 8,529,572 | 1.2 | ||||||||||||||
|
| |||||||||||||||
14,527,367 | 2.1 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
7,839 | Costco Wholesale Corp | 2,953,578 | 0.4 | |||||||||||||
24,865 | Walmart, Inc | 3,584,290 | 0.5 | |||||||||||||
Other | 2,263,478 | 0.3 | ||||||||||||||
|
| |||||||||||||||
8,801,346 | 1.2 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
68,627 | Coca-Cola Co | 3,763,505 | 0.6 | |||||||||||||
24,575 | PepsiCo, Inc | 3,644,472 | 0.6 | |||||||||||||
Other | 12,780,650 | 1.8 | ||||||||||||||
|
| |||||||||||||||
20,188,627 | 3.0 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 69 |
Summary portfolio of investments | continued |
Stock Index Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
30,784 | Abbott Laboratories | $ | 3,370,540 | 0.5 | % | |||||||||||
23,865 | Medtronic plc | 2,795,546 | 0.4 | |||||||||||||
16,771 | UnitedHealth Group, Inc | 5,881,254 | 0.9 | |||||||||||||
Other | 31,589,661 | 4.6 | ||||||||||||||
|
| |||||||||||||||
43,637,001 | 6.4 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
43,333 | Procter & Gamble Co | 6,029,354 | 0.9 | |||||||||||||
Other | 4,532,199 | 0.7 | ||||||||||||||
|
| |||||||||||||||
10,561,553 | 1.6 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | 13,835,432 | 2.0 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 19,157,205 | 2.8 | ||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||||
5,347 | * | Alphabet, Inc (Class A) | 9,371,366 | 1.4 | ||||||||||||
5,174 | * | Alphabet, Inc (Class C) | 9,064,227 | 1.4 | ||||||||||||
80,428 | Comcast Corp (Class A) | 4,214,427 | 0.6 | |||||||||||||
42,716 | * | Facebook, Inc | 11,668,303 | 1.7 | ||||||||||||
7,584 | * | Netflix, Inc | 4,100,896 | 0.6 | ||||||||||||
32,247 | * | Walt Disney Co | 5,842,511 | 0.9 | ||||||||||||
Other | 12,287,089 | 1.7 | ||||||||||||||
|
| |||||||||||||||
56,548,819 | 8.3 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
31,367 | AbbVie, Inc | 3,360,974 | 0.5 | |||||||||||||
40,584 | Bristol-Myers Squibb Co | 2,517,426 | 0.4 | |||||||||||||
15,104 | Eli Lilly & Co | 2,550,159 | 0.4 | |||||||||||||
46,882 | Johnson & Johnson | 7,378,289 | 1.1 | |||||||||||||
44,984 | Merck & Co, Inc | 3,679,691 | 0.6 | |||||||||||||
99,199 | Pfizer, Inc | 3,651,515 | 0.6 | |||||||||||||
7,037 | Thermo Fisher Scientific, Inc | 3,277,694 | 0.5 | |||||||||||||
Other | 24,237,168 | 3.4 | ||||||||||||||
|
| |||||||||||||||
50,652,916 | 7.5 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 21,437,757 | 3.2 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
7,543 | * | Amazon.com, Inc | 24,567,023 | 3.6 | ||||||||||||
19,087 | Home Depot, Inc | 5,069,889 | 0.8 | |||||||||||||
Other | 17,645,346 | 2.6 | ||||||||||||||
|
| |||||||||||||||
47,282,258 | 7.0 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
6,958 | Broadcom, Inc | 3,046,560 | 0.5 | |||||||||||||
72,784 | Intel Corp | 3,626,099 | 0.5 | |||||||||||||
10,526 | NVIDIA Corp | 5,496,677 | 0.8 | |||||||||||||
20,151 | QUALCOMM, Inc | 3,069,803 | 0.5 | |||||||||||||
16,316 | Texas Instruments, Inc | 2,677,945 | 0.4 | |||||||||||||
Other | 14,682,004 | 2.2 | ||||||||||||||
|
| |||||||||||||||
32,599,088 | 4.9 | |||||||||||||||
|
|
70 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Stock Index Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
11,398 | Accenture plc | $ | 2,977,272 | 0.5 | % | |||||||||||
8,581 | * | Adobe, Inc | 4,291,530 | 0.6 | ||||||||||||
15,719 | Mastercard, Inc (Class A) | 5,610,740 | 0.8 | |||||||||||||
133,241 | Microsoft Corp | 29,635,463 | 4.4 | |||||||||||||
20,897 | * | PayPal Holdings, Inc | 4,894,077 | 0.7 | ||||||||||||
15,564 | * | salesforce.com, Inc | 3,463,457 | 0.5 | ||||||||||||
29,998 | Visa, Inc (Class A) | 6,561,463 | 1.0 | |||||||||||||
Other | 42,813,254 | 6.3 | ||||||||||||||
|
| |||||||||||||||
100,247,256 | 14.8 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
287,073 | Apple, Inc | 38,091,716 | 5.6 | |||||||||||||
75,223 | Cisco Systems, Inc | 3,366,229 | 0.5 | |||||||||||||
Other | 8,877,399 | 1.3 | ||||||||||||||
|
| |||||||||||||||
50,335,344 | 7.4 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
126,019 | AT&T, Inc | 3,624,306 | 0.5 | |||||||||||||
73,569 | Verizon Communications, Inc | 4,322,179 | 0.7 | |||||||||||||
Other | 2,201,962 | 0.3 | ||||||||||||||
|
| |||||||||||||||
10,148,447 | 1.5 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
12,071 | Union Pacific Corp | 2,513,424 | 0.4 | |||||||||||||
Other | 11,194,408 | 1.6 | ||||||||||||||
|
| |||||||||||||||
13,707,832 | 2.0 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
35,016 | NextEra Energy, Inc | 2,701,484 | 0.4 | |||||||||||||
Other | 15,255,830 | 2.2 | ||||||||||||||
|
| |||||||||||||||
17,957,314 | 2.6 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $256,093,920) | 675,704,820 | 99.6 | |||||||||||||
|
| |||||||||||||||
RIGHTS / WARRANTS | ||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 44 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL RIGHTS / WARRANTS | (Cost $24) | 44 | 0.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | 1,999,911 | 0.3 | ||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT | 880,000 | 0.1 | ||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 71 |
Summary portfolio of investments | concluded |
Stock Index Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
2,293,283 | c | State Street Navigator Securities Lending | 0.080% | $ | 2,293,283 | 0.3 | % | |||||||||
|
| |||||||||||||||
2,293,283 | 0.3 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $5,173,168) | 5,173,194 | 0.7 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $261,267,112) | 680,878,058 | 100.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (2,145,981 | ) | (0.3 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 678,732,077 | 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. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/20, the aggregate value of securities on loan is $3,436,389. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of December 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
| ||||||||||||||||||
S&P 500 E Mini Index | 13 | 03/19/21 | $ | 2,405,476 | $ | 2,436,720 | $ | 31,244 | ||||||||||
|
72 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments |
International Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUSTRALIA | ||||||||||||||||
52,221 | BHP Billiton Ltd | $ | 1,706,297 | 1.4 | % | |||||||||||
29,522 | Commonwealth Bank of Australia | 1,876,477 | 1.5 | |||||||||||||
5,876 | CSL Ltd | 1,283,862 | 1.0 | |||||||||||||
72,126 | Fortescue Metals Group Ltd | 1,302,769 | 1.1 | |||||||||||||
30,587 | Rio Tinto plc | 2,302,378 | 1.9 | |||||||||||||
Other | 957,076 | 0.8 | ||||||||||||||
|
| |||||||||||||||
9,428,859 | 7.7 | |||||||||||||||
|
| |||||||||||||||
BRAZIL | 1,314,209 | 1.1 | ||||||||||||||
|
| |||||||||||||||
CHINA | 3,080,612 | 2.5 | ||||||||||||||
|
| |||||||||||||||
DENMARK | ||||||||||||||||
13,471 | DSV AS | 2,263,960 | 1.9 | |||||||||||||
10,449 | g | Orsted AS | 2,137,919 | 1.7 | ||||||||||||
|
| |||||||||||||||
4,401,879 | 3.6 | |||||||||||||||
|
| |||||||||||||||
FINLAND | 1,036,927 | 0.9 | ||||||||||||||
|
| |||||||||||||||
FRANCE | ||||||||||||||||
26,532 | Airbus SE | 2,911,731 | 2.4 | |||||||||||||
38,991 | BNP Paribas S.A. | 2,058,420 | 1.7 | |||||||||||||
36,086 | Compagnie de Saint-Gobain | 1,659,681 | 1.4 | |||||||||||||
108,932 | Credit Agricole S.A. | 1,377,110 | 1.1 | |||||||||||||
7,651 | Dassault Systemes S.A. | 1,551,772 | 1.3 | |||||||||||||
11,516 | Essilor International S.A. | 1,794,589 | 1.5 | |||||||||||||
2,430 | Kering | 1,763,532 | 1.4 | |||||||||||||
18,831 | Schneider Electric S.A. | 2,721,596 | 2.2 | |||||||||||||
13,854 | Vinci S.A. | 1,379,988 | 1.1 | |||||||||||||
Other | 911,438 | 0.7 | ||||||||||||||
|
| |||||||||||||||
18,129,857 | 14.8 | |||||||||||||||
|
| |||||||||||||||
GERMANY | ||||||||||||||||
4,547 | Adidas-Salomon AG. | 1,654,220 | 1.3 | |||||||||||||
17,525 | HeidelbergCement AG. | 1,304,832 | 1.1 | |||||||||||||
95,045 | Infineon Technologies AG. | 3,629,636 | 3.0 | |||||||||||||
18,144 | Lanxess AG. | 1,379,863 | 1.1 | |||||||||||||
34,736 | RWE AG. | 1,469,584 | 1.2 | |||||||||||||
23,503 | Siemens AG. | 3,385,523 | 2.8 | |||||||||||||
Other | 2,110,936 | 1.7 | ||||||||||||||
|
| |||||||||||||||
14,934,594 | 12.2 | |||||||||||||||
|
| |||||||||||||||
HONG KONG | ||||||||||||||||
40,999 | Hong Kong Exchanges and Clearing Ltd | 2,248,865 | 1.8 | |||||||||||||
|
| |||||||||||||||
2,248,865 | 1.8 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 73 |
Summary portfolio of investments | continued |
International Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
IRELAND | ||||||||||||||||
44,310 | CRH plc | $ | 1,884,352 | 1.5 | % | |||||||||||
|
| |||||||||||||||
1,884,352 | 1.5 | |||||||||||||||
|
| |||||||||||||||
ITALY | ||||||||||||||||
138,230 | Enel S.p.A. | 1,406,453 | 1.1 | |||||||||||||
27,171 | Moncler S.p.A | 1,670,489 | 1.4 | |||||||||||||
Other | 728,124 | 0.6 | ||||||||||||||
|
| |||||||||||||||
3,805,066 | 3.1 | |||||||||||||||
|
| |||||||||||||||
JAPAN | ||||||||||||||||
83,100 | Daiichi Sankyo Co Ltd | 2,847,852 | 2.3 | |||||||||||||
8,184 | Daikin Industries Ltd | 1,820,670 | 1.5 | |||||||||||||
56,851 | * | Hitachi Ltd | 2,243,869 | 1.8 | ||||||||||||
19,600 | Kao Corp | 1,514,221 | 1.3 | |||||||||||||
5,774 | Nintendo Co Ltd | 3,706,568 | 3.0 | |||||||||||||
49,300 | Recruit Holdings Co Ltd | 2,070,745 | 1.7 | |||||||||||||
45,792 | Sony Corp | 4,614,368 | 3.8 | |||||||||||||
33,983 | Toyota Motor Corp | 2,622,470 | 2.2 | |||||||||||||
Other | 3,482,734 | 2.8 | ||||||||||||||
|
| |||||||||||||||
24,923,497 | 20.4 | |||||||||||||||
|
| |||||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||||
1,670 | * | LG Chem Ltd | 1,269,895 | 1.0 | ||||||||||||
|
| |||||||||||||||
1,269,895 | 1.0 | |||||||||||||||
|
| |||||||||||||||
NETHERLANDS | ||||||||||||||||
6,764 | ASML Holding NV | 3,274,973 | 2.7 | |||||||||||||
224,891 | ING Groep NV | 2,091,000 | 1.7 | |||||||||||||
|
| |||||||||||||||
5,365,973 | 4.4 | |||||||||||||||
|
| |||||||||||||||
RUSSIA | 1,914,885 | 1.6 | ||||||||||||||
|
| |||||||||||||||
SPAIN | 889,492 | 0.7 | ||||||||||||||
|
| |||||||||||||||
SWITZERLAND | ||||||||||||||||
130,070 | Credit Suisse Group | 1,679,317 | 1.4 | |||||||||||||
3,054 | Lonza Group AG. | 1,967,285 | 1.6 | |||||||||||||
21,515 | Nestle S.A. | 2,543,315 | 2.1 | |||||||||||||
8,105 | Roche Holding AG. | 2,822,959 | 2.3 | |||||||||||||
Other | 197,017 | 0.1 | ||||||||||||||
|
| |||||||||||||||
9,209,893 | 7.5 | |||||||||||||||
|
| |||||||||||||||
TAIWAN | ||||||||||||||||
14,011 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 1,527,759 | 1.3 | |||||||||||||
|
| |||||||||||||||
1,527,759 | 1.3 | |||||||||||||||
|
|
74 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
International Equity Fund § December 31, 2020
Shares | Company | Value | % of net assets | |||||||||||||
UNITED KINGDOM | ||||||||||||||||
28,903 | Ashtead Group plc | $ | 1,361,360 | 1.1 | % | |||||||||||
24,040 | AstraZeneca plc | 2,397,107 | 2.0 | |||||||||||||
991,789 | Barclays plc | 1,989,621 | 1.6 | |||||||||||||
39,977 | British American Tobacco plc | 1,484,621 | 1.2 | |||||||||||||
7,508 | Linde plc (Xetra) | 1,979,683 | 1.6 | |||||||||||||
15,960 | Reckitt Benckiser Group plc | 1,424,498 | 1.2 | |||||||||||||
558,609 | Tesco plc | 1,762,840 | 1.4 | |||||||||||||
136,469 | * | THG Holdings Ltd | 1,455,647 | 1.2 | ||||||||||||
Other | 1,034,449 | 0.9 | ||||||||||||||
|
| |||||||||||||||
14,889,826 | 12.2 | |||||||||||||||
|
| |||||||||||||||
UNITED STATES | 2,012,386 | 1.6 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $99,135,374) | 122,268,826 | 99.9 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $99,135,374) | 122,268,826 | 99.9 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 177,155 | 0.1 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 122,445,981 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities, including those in “Other,” is $3,251,871 or 2.7% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 75 |
Summary of market values by sector (unaudited) |
International Equity Fund § December 31, 2020
Sector | Value | % of net assets | ||||||
FINANCIALS | $ | 20,172,096 | 16.6 | % | ||||
CONSUMER DISCRETIONARY | 20,090,480 | 16.4 | ||||||
INDUSTRIALS | 20,005,922 | 16.3 | ||||||
INFORMATION TECHNOLOGY | 14,435,085 | 11.8 | ||||||
MATERIALS | 13,603,693 | 11.1 | ||||||
HEALTH CARE | 12,433,016 | 10.2 | ||||||
CONSUMER STAPLES | 9,264,844 | 7.6 | ||||||
UTILITIES | 5,903,448 | 4.8 | ||||||
COMMUNICATION SERVICES | 5,323,315 | 4.3 | ||||||
ENERGY | 1,036,927 | 0.8 | ||||||
OTHER ASSETS & LIABILITIES, NET | 177,155 | 0.1 | ||||||
|
| |||||||
NET ASSETS | $ | 122,445,981 | 100.0 | % | ||||
|
|
76 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | �� |
Core Bond Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
BANK LOAN OBLIGATIONS | ||||||||||||||||
CAPITAL GOODS | $ | 130,774 | 0.1 | % | ||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 228,113 | 0.1 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 90,412 | 0.0 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | 33,911 | 0.0 | ||||||||||||||
|
| |||||||||||||||
ENERGY | 121,746 | 0.1 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 274,479 | 0.1 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 480,965 | 0.2 | ||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 34,935 | 0.0 | ||||||||||||||
|
| |||||||||||||||
INSURANCE | 192,739 | 0.1 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 342,027 | 0.2 | ||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | 243,036 | 0.1 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 233,700 | 0.1 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 96,098 | 0.1 | ||||||||||||||
|
| |||||||||||||||
RETAILING | 24,645 | 0.0 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | 232,840 | 0.1 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 181,413 | 0.1 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 79,081 | 0.0 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | 32,944 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | (Cost $3,086,891) | 3,053,858 | 1.4 | |||||||||||||
|
| |||||||||||||||
BONDS | ||||||||||||||||
CORPORATE BONDS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | 700,120 | 0.3 | ||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
$ 1,775,000 | Bank of America Corp | 2.456%–2.496%, 10/22/2025–02/13/2031 | 1,886,756 | �� | 0.9 | |||||||||||
2,250,000 | Bank of America Corp | 1.197%–6.100%, 08/01/25–N/A‡ | 2,418,073 | 1.1 | ||||||||||||
775,000 | Citigroup, Inc | 2.666%, 01/29/31 | 830,971 | 0.4 | ||||||||||||
510,000 | HSBC Holdings plc | 4.292%, 09/12/26 | 581,116 | 0.3 | ||||||||||||
600,000 | JPMorgan Chase & Co | 2.739%, 10/15/30 | 652,918 | 0.3 | ||||||||||||
Other | 12,937,922 | 5.9 | ||||||||||||||
|
| |||||||||||||||
19,307,756 | 8.9 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | 2,710,573 | 1.2 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 699,789 | 0.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 8,802 | 0.0 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 902,770 | 0.4 | ||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 77 |
Summary portfolio of investments | continued |
Core Bond Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
$ 900,000 | General Motors Financial Co, Inc | 3.450%, 01/14/22 | $ | 924,061 | 0.4 | % | ||||||||||
700,000 | Morgan Stanley | 3.125%, 07/27/26 | 783,868 | 0.4 | ||||||||||||
Other | 6,564,588 | 3.0 | ||||||||||||||
|
| |||||||||||||||
8,272,517 | 3.8 | |||||||||||||||
|
| |||||||||||||||
ENERGY | 7,763,402 | 3.7 | ||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 1,369,682 | 0.6 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 3,329,757 | 1.5 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 4,817,897 | 2.2 | ||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 7,298 | 0.0 | ||||||||||||||
|
| |||||||||||||||
INSURANCE | 4,369,902 | 2.0 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 3,579,441 | 1.7 | ||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||||
600,000 | Charter Communications Operating LLC | 4.800%, 03/01/50 | 715,910 | 0.3 | ||||||||||||
2,150,000 | Comcast Corp | 1.500%–4.150%, 04/15/24–08/15/52 | 2,340,612 | 1.0 | ||||||||||||
Other | 3,097,913 | 1.5 | ||||||||||||||
|
| |||||||||||||||
6,154,435 | 2.8 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,183,071 | 1.9 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 5,614,746 | 2.5 | ||||||||||||||
|
| |||||||||||||||
RETAILING | 1,165,210 | 0.5 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 785,705 | 0.4 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | 1,952,923 | 0.9 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
575,000 | Apple, Inc | 2.050%, 09/11/26 | 614,703 | 0.3 | ||||||||||||
Other | 618,202 | 0.3 | ||||||||||||||
|
| |||||||||||||||
1,232,905 | 0.6 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
2,226,000 | g | AT&T, Inc | 2.250%–4.500%, 03/01/29–09/15/59 | 2,386,764 | 1.1 | |||||||||||
Other | 2,828,855 | 1.3 | ||||||||||||||
|
| |||||||||||||||
5,215,619 | 2.4 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 1,262,768 | 0.6 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | 6,467,903 | 2.9 | ||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS | (Cost $84,201,487) | 91,874,991 | 42.2 | |||||||||||||
|
|
78 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Core Bond Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
GOVERNMENT BONDS | ||||||||||||||||
FOREIGN GOVERNMENT BONDS | $ | 7,324,450 | 3.4 | % | ||||||||||||
|
| |||||||||||||||
MORTGAGE BACKED | ||||||||||||||||
$ 1,677,737 | Federal Home Loan Mortgage Corp (FHLMC) | 3.000%, 11/01/49 | 1,801,790 | 0.8 | ||||||||||||
636,206 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500%, 08/01/45 | 699,030 | 0.3 | ||||||||||||
830,661 | FGLMC | 3.500%, 10/01/45 | 908,296 | 0.4 | ||||||||||||
944,591 | FGLMC | 3.000%, 02/01/47 | 998,958 | 0.5 | ||||||||||||
2,402,763 | FGLMC | 3.500%–5.000%, 06/01/36–08/01/48 | 2,640,806 | 1.2 | ||||||||||||
2,000,000 | h | Federal National Mortgage Association (FNMA) | 2.000%, 01/25/36 | 2,090,639 | 1.0 | |||||||||||
1,000,000 | h | FNMA | 2.500%, 01/25/36 | 1,042,861 | 0.5 | |||||||||||
791,703 | FNMA | 3.000%, 12/25/45 | 821,599 | 0.4 | ||||||||||||
790,394 | FNMA | 3.000%, 02/25/48 | 841,112 | 0.4 | ||||||||||||
624,996 | FNMA | 4.500%, 03/01/48 | 694,443 | 0.3 | ||||||||||||
907,204 | FNMA | 3.500%, 04/01/48 | 961,200 | 0.4 | ||||||||||||
1,082,470 | FNMA | 2.500%, 10/01/50 | 1,141,907 | 0.5 | ||||||||||||
2,972,178 | FNMA | 2.500%, 11/01/50 | 3,135,378 | 1.4 | ||||||||||||
3,900,000 | h | FNMA | 2.000%, 01/25/51 | 4,050,663 | 1.9 | |||||||||||
1,000,000 | h | FNMA | 2.500%, 01/25/51 | 1,053,983 | 0.5 | |||||||||||
1,250,000 | h | FNMA | 2.000%, 02/25/51 | 1,295,994 | 0.6 | |||||||||||
2,175,000 | FNMA | 3.000%, 02/25/51 | 2,280,509 | 1.1 | ||||||||||||
9,220,238 | i | FNMA | 0.000%–7.500%, 08/01/21–07/01/50 | 9,768,478 | 4.7 | |||||||||||
2,500,000 | Government National Mortgage Association (GNMA) | 2.000%, 01/20/51 | 2,613,962 | 1.2 | ||||||||||||
3,800,000 | GNMA | 2.500%, 01/20/51 | 4,021,916 | 1.8 | ||||||||||||
3,200,000 | GNMA | 3.000%, 02/20/51 | 3,347,843 | 1.5 | ||||||||||||
Other | 2,721,856 | 1.1 | ||||||||||||||
|
| |||||||||||||||
48,933,223 | 22.5 | |||||||||||||||
|
| |||||||||||||||
MUNICIPAL BONDS | ||||||||||||||||
1,400,000 | State of Illinois | 5.100%, 06/01/33 | 1,506,694 | 0.7 | ||||||||||||
Other | 3,436,928 | 1.6 | ||||||||||||||
|
| |||||||||||||||
4,943,622 | 2.3 | |||||||||||||||
|
| |||||||||||||||
U.S. TREASURY SECURITIES | ||||||||||||||||
800,000 | United States Treasury Bond | 3.125%, 11/15/41 | 1,044,625 | 0.5 | ||||||||||||
2,785,700 | United States Treasury Bond | 3.000%, 11/15/45 | 3,618,472 | 1.7 | ||||||||||||
1,865,000 | United States Treasury Bond | 2.875%, 11/15/46 | 2,378,166 | 1.1 | ||||||||||||
765,000 | United States Treasury Bond | 3.000%, 05/15/47 | 999,909 | 0.5 | ||||||||||||
1,032,420 | k | United States Treasury Inflation Indexed Bonds | 0.500%, 04/15/24 | 1,106,496 | 0.5 | |||||||||||
5,225,000 | United States Treasury Note | 0.375%, 11/30/25 | 5,231,123 | 2.4 | ||||||||||||
1,080,000 | United States Treasury Note | 0.500%, 10/31/27 | 1,071,056 | 0.5 | ||||||||||||
807,000 | United States Treasury Note | 1.250%, 05/15/50 | 730,461 | 0.3 | ||||||||||||
Other | 545,152 | 0.2 | ||||||||||||||
|
| |||||||||||||||
16,725,460 | 7.7 | |||||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT BONDS | (Cost $74,085,345) | 77,926,755 | 35.9 | |||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 79 |
Summary portfolio of investments | continued |
Core Bond Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
STRUCTURED ASSETS | ||||||||||||||||
ASSET BACKED | ||||||||||||||||
$ 923,642 | g | Capital Automotive REIT | ||||||||||||||
Series—2014 1A (Class A) | 3.660%, 10/15/44 | $ | 926,203 | 0.4 | % | |||||||||||
Other | 16,141,301 | 7.4 | ||||||||||||||
|
| |||||||||||||||
17,067,504 | 7.8 | |||||||||||||||
|
| |||||||||||||||
OTHER MORTGAGE BACKED | ||||||||||||||||
745,447 | COMM Mortgage Trust | |||||||||||||||
Series—2012 CR4 (Class A3) | 2.853%, 10/15/45 | 767,244 | 0.4 | |||||||||||||
1,000,000 | g,i | COMM Mortgage Trust | ||||||||||||||
Series—2013 CR8 (Class B) | 3.950%, 06/10/46 | 1,044,975 | 0.5 | |||||||||||||
550,000 | i | COMM Mortgage Trust | ||||||||||||||
Series—2015 CR23 (Class B) | 4.183%, 05/10/48 | 598,929 | 0.3 | |||||||||||||
600,000 | i | COMM Mortgage Trust | ||||||||||||||
Series—2015 LC23 (Class AM) | 4.158%, 10/10/48 | 671,606 | 0.3 | |||||||||||||
1,000,000 | g,i | DBUBS Mortgage Trust | ||||||||||||||
Series—2011 LC2A (Class D) | 5.487%, 07/10/44 | 955,842 | 0.4 | |||||||||||||
680,000 | JPMBB Commercial Mortgage Securities Trust | |||||||||||||||
Series—2014 C21 (Class A5) | 3.775%, 08/15/47 | 746,081 | 0.4 | |||||||||||||
1,850,000 | i | JPMBB Commercial Mortgage Securities Trust | 3.917%–4.619%, 05/15/48–08/15/48 | 2,026,680 | 1.0 | |||||||||||
595,534 | g,i | Sequoia Mortgage Trust | ||||||||||||||
Series—2019 4 (Class A1) | 3.500%, 11/25/49 | 606,907 | 0.3 | |||||||||||||
675,000 | g,i | UBS-Barclays Commercial Mortgage Trust | ||||||||||||||
Series—2013 C6 (Class B) | 3.875%, 04/10/46 | 671,331 | 0.3 | |||||||||||||
Other | 10,285,925 | 4.5 | ||||||||||||||
|
| |||||||||||||||
18,375,520 | 8.4 | |||||||||||||||
|
| |||||||||||||||
TOTAL STRUCTURED ASSETS | (Cost $34,620,351) | 35,443,024 | 16.2 | |||||||||||||
|
| |||||||||||||||
TOTAL BONDS | (Cost $192,907,183) | 205,244,770 | 94.3 | |||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
COMMON STOCKS | ||||||||||||||||
MEDIA & ENTERTAINMENT | 42,542 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $63,509) | 42,542 | 0.0 | |||||||||||||
|
| |||||||||||||||
PREFERRED STOCKS | ||||||||||||||||
BANKS | 292,043 | 0.1 | ||||||||||||||
|
| |||||||||||||||
TOTAL PREFERRED STOCKS | (Cost $659,550) | 292,043 | 0.1 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 7,539,000 | Federal Home Loan Bank (FHLB) | 0.067%–0.080%, 01/20/21 | 7,538,765 | 3.4 | ||||||||||||
11,919,000 | FHLB | 0.080%, 01/27/21 | 11,918,467 | 5.5 |
80 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Core Bond Fund § December 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||||
GOVERNMENT AGENCY DEBT—continued | ||||||||||||||||
$ 5,000,000 | FHLB | 0.080%, 02/03/21 | $ | 4,999,667 | 2.3 | % | ||||||||||
Other | 139,996 | 0.1 | ||||||||||||||
|
| |||||||||||||||
24,596,895 | 11.3 | |||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||||
4,985,000 | r | Fixed Income Clearing Corp (FICC) | 0.050%, 01/04/21 | 4,985,000 | 2.3 | |||||||||||
|
| |||||||||||||||
4,985,000 | 2.3 | |||||||||||||||
|
| |||||||||||||||
TREASURY DEBT | ||||||||||||||||
EGP 3,275,000 | Egypt Treasury Bill | 0.000%, 5/25/21 | 198,522 | 0.1 | ||||||||||||
|
| |||||||||||||||
198,522 | 0.1 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $29,780,748) | 29,780,417 | 13.7 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $226,497,881) | 238,413,630 | 109.5 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (20,590,393 | ) | (9.5 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 217,823,237 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
EGP | Egyptian Pound |
REIT | Real Estate Investment Trust |
‡ | Perpetual security |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities, including those in “Other,” is $49,868,695 or 22.9% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $4,985,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $5,084,723. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 81 |
Summary portfolio of investments |
Money Market Fund § December 31, 2020
Principal | Issuer | Value | % net assets | |||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||||
$ 1,500,000 | Federal Home Loan Bank (FHLB) | 0.010%, 01/04/21 | $ | 1,499,989 | 1.3 | % | ||||||||||||
2,275,000 | FHLB | 0.010%, 01/13/21 | 2,274,921 | 2.0 | ||||||||||||||
3,200,000 | FHLB | 0.010%, 01/27/21 | 3,199,804 | 2.8 | ||||||||||||||
2,000,000 | FHLB | 0.010%, 02/05/21 | 1,999,780 | 1.7 | ||||||||||||||
1,264,000 | FHLB | 0.010%, 02/19/21 | 1,263,845 | 1.1 | ||||||||||||||
2,723,000 | FHLB | 0.010%, 02/24/21 | 2,722,647 | 2.4 | ||||||||||||||
1,640,000 | FHLB | 0.010%, 03/09/21 | 1,639,698 | 1.4 | ||||||||||||||
2,000,000 | FHLB | 0.010%, 03/17/21 | 1,999,629 | 1.7 | ||||||||||||||
3,433,000 | FHLB | 0.010%, 03/19/21 | 3,432,343 | 3.0 | ||||||||||||||
7,390,000 | FHLB | 0.010%–0.010%, 01/19/21–05/28/21 | 8,739,009 | 7.6 | ||||||||||||||
|
| |||||||||||||||||
28,771,665 | 25.0 | |||||||||||||||||
|
| |||||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||||||
1,975,000 | r | Fixed Income Clearing Corp (FICC) | 0.050%, 01/04/21 | 1,975,000 | 1.7 | |||||||||||||
|
| |||||||||||||||||
1,975,000 | 1.7 | |||||||||||||||||
|
| |||||||||||||||||
TREASURY DEBT | ||||||||||||||||||
4,070,000 | United States Cash Management Bill | 0.010%, 01/05/21 | 4,069,958 | 3.5 | ||||||||||||||
1,452,000 | United States Cash Management Bill | 0.010%, 01/12/21 | 1,451,958 | 1.3 | ||||||||||||||
2,666,000 | United States Cash Management Bill | 0.010%, 02/09/21 | 2,665,732 | 2.3 | ||||||||||||||
1,450,000 | United States Cash Management Bill | 0.010%, 02/16/21 | 1,449,862 | 1.3 | ||||||||||||||
1,452,000 | United States Cash Management Bill | 0.010%, 02/23/21 | 1,451,795 | 1.3 | ||||||||||||||
2,999,000 | United States Cash Management Bill | 0.010%, 03/02/21 | 2,998,587 | 2.6 | ||||||||||||||
3,338,000 | United States Cash Management Bill | 0.010%, 03/16/21 | 3,337,383 | 2.9 | ||||||||||||||
5,271,000 | United States Cash Management Bill | 0.010%, 03/23/21 | 5,270,025 | 4.6 | ||||||||||||||
1,911,000 | United States Cash Management Bill | 0.010%, 04/06/21 | 1,910,534 | 1.7 | ||||||||||||||
4,332,000 | United States Cash Management Bill | 0.010%, 04/27/21 | 4,330,795 | 3.8 | ||||||||||||||
3,351,000 | United States Cash Management Bill | 0.010%–0.010%, 01/26/21–04/13/21 | 3,350,459 | 2.9 | ||||||||||||||
1,445,000 | United States Treasury Bill | 0.010%, 01/14/21 | 1,444,951 | 1.3 | ||||||||||||||
1,269,000 | United States Treasury Bill | 0.010%, 01/21/21 | 1,268,950 | 1.1 | ||||||||||||||
3,280,000 | United States Treasury Bill | 0.010%, 01/28/21 | 3,279,801 | 2.9 | ||||||||||||||
1,846,000 | United States Treasury Bill | 0.010%, 02/02/21 | 1,845,832 | 1.6 | ||||||||||||||
4,239,000 | United States Treasury Bill | 0.010%, 02/04/21 | 4,238,603 | 3.7 | ||||||||||||||
3,500,000 | United States Treasury Bill | 0.010%, 02/11/21 | 3,499,598 | 3.0 | ||||||||||||||
3,152,000 | United States Treasury Bill | 0.010%, 02/18/21 | 3,151,578 | 2.7 | ||||||||||||||
4,118,000 | United States Treasury Bill | 0.010%, 02/25/21 | 4,117,381 | 3.6 | ||||||||||||||
2,000,000 | United States Treasury Bill | 0.010%, 03/04/21 | 1,999,681 | 1.7 | ||||||||||||||
1,500,000 | United States Treasury Bill | 0.010%, 03/11/21 | 1,499,761 | 1.3 | ||||||||||||||
2,000,000 | United States Treasury Bill | 0.010%, 03/18/21 | 1,999,663 | 1.7 | ||||||||||||||
2,421,000 | United States Treasury Bill | 0.010%, 04/01/21 | 2,420,584 | 2.1 | ||||||||||||||
1,527,000 | United States Treasury Bill | 0.010%–0.010%, 03/25/21–04/29/21 | 1,526,626 | 1.3 | ||||||||||||||
|
| |||||||||||||||||
64,580,097 | 56.2 | |||||||||||||||||
|
| |||||||||||||||||
VARIABLE RATE SECURITIES | ||||||||||||||||||
1,000,000 | i | Federal Agricultural Mortgage Corp (FAMC), SOFR + 0.070% | 0.160%, 02/08/21 | 1,000,000 | 0.9 | |||||||||||||
1,000,000 | i | Federal Farm Credit Bank (FFCB), SOFR + 0.040% | 0.130%, 08/04/21 | 1,000,000 | 0.9 | |||||||||||||
1,000,000 | i | FFCB, SOFR + 0.055% | 0.145%, 10/15/21 | 1,000,000 | 0.9 |
82 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Money Market Fund § December 31, 2020
Principal | Issuer | Value | % net assets | |||||||||||||||
$ 1,000,000 | i | FFCB, SOFR + 0.070% | 0.160%, 02/17/22 | $ | 1,000,000 | 0.9 | % | |||||||||||
1,000,000 | i | FFCB, SOFR + 0.040% | 0.130%, 06/01/22 | 999,964 | 0.8 | |||||||||||||
1,000,000 | i | FFCB, SOFR + 0.190% | 0.280%, 07/14/22 | 1,000,000 | 0.9 | |||||||||||||
1,725,000 | i | Federal Farm Credit Bank (FFCB), SOFR + 0.045%–US Treasury Bill 3 M + 0.160% | 0.135%–0.255%, 01/19/21–10/21/22 | 1,724,913 | 1.5 | |||||||||||||
1,000,000 | i | Federal Home Loan Bank (FHLB), SOFR + 0.030% | 0.120%, 01/11/21 | 1,000,000 | 0.9 | |||||||||||||
1,000,000 | i | FHLB, SOFR + 0.040% | 0.130%, 02/26/21 | 1,000,000 | 0.9 | |||||||||||||
2,500,000 | i | FHLB, SOFR + 0.230% | 0.320%, 04/13/21 | 2,500,000 | 2.2 | |||||||||||||
1,000,000 | i | FHLB, SOFR + 0.070% | 0.160%, 04/21/21 | 1,000,000 | 0.8 | |||||||||||||
2,000,000 | i | FHLB, SOFR + 0.120% | 0.210%, 10/13/21 | 2,000,000 | 1.7 | |||||||||||||
1,000,000 | i | FHLB, SOFR + 0.065% | 0.155%, 12/21/21 | 1,000,000 | 0.9 | |||||||||||||
1,000,000 | i | FHLB, SOFR + 0.080% | 0.170%, 02/22/22 | 1,000,000 | 0.8 | |||||||||||||
1,000,000 | i | FHLB, SOFR + 0.055% | 0.145%, 05/13/22 | 1,000,000 | 0.9 | |||||||||||||
1,000,000 | i | FHLB, SOFR + 0.085% | 0.175%, 10/05/22 | 1,000,000 | 0.8 | |||||||||||||
3,000,000 | i | Federal Home Loan Bank (FHLB) | 0.100%–0.180%, 01/28/21–12/08/22 | 1,650,000 | 1.4 | |||||||||||||
1,000,000 | i | Federal Home Loan Mortgage Corp (FHLMC), SOFR + 0.030% | 0.120%, 02/24/21 | 1,000,000 | 0.9 | |||||||||||||
1,000,000 | i | FHLMC, SOFR + 0.095% | 0.185%, 08/19/22 | 1,000,000 | 0.9 | |||||||||||||
2,000,000 | i | Federal National Mortgage Association (FNMA), SOFR + 0.050% | 0.140%, 03/04/21 | 2,000,000 | 1.7 | |||||||||||||
|
| |||||||||||||||||
24,874,877 | 21.6 | |||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $120,201,639) | 120,201,639 | 104.5 | |||||||||||||||
|
| |||||||||||||||||
TOTAL PORTFOLIO | (Cost $120,201,639) | 120,201,639 | 104.5 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET | (5,162,784 | ) | (4.5 | ) | ||||||||||||||
|
| |||||||||||||||||
NET ASSETS | $ | 115,038,855 | 100.0 | % | ||||||||||||||
|
|
Abbreviation(s):
M Month
SOFR | Secure Overnight Financing Rate |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $1,975,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $2,014,538. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 83 |
Portfolio of investments |
Balanced Fund § December 31, 2020
Shares | Security | Value | % of net assets | |||||||||||||
TIAA-CREF LIFE FUNDS—100.0% a | ||||||||||||||||
FIXED INCOME—49.4% | ||||||||||||||||
3,298,273 | TIAA-CREF Life Core Bond Fund | $ | 36,610,836 | 49.4 | % | |||||||||||
|
| |||||||||||||||
TOTAL FIXED INCOME | 36,610,836 | 49.4 | ||||||||||||||
|
| |||||||||||||||
INTERNATIONAL EQUITY—10.1% | ||||||||||||||||
815,108 | TIAA-CREF Life International Equity Fund | 7,515,292 | 10.1 | |||||||||||||
|
| |||||||||||||||
TOTAL INTERNATIONAL EQUITY | 7,515,292 | 10.1 | ||||||||||||||
|
| |||||||||||||||
U.S. EQUITY—40.5% | ||||||||||||||||
319,406 | TIAA-CREF Life Growth Equity Fund | 6,988,602 | 9.4 | |||||||||||||
350,942 | TIAA-CREF Life Growth & Income Fund | 7,510,165 | 10.1 | |||||||||||||
429,004 | TIAA-CREF Life Large-Cap Value Fund | 6,520,868 | 8.8 | |||||||||||||
103,694 | TIAA-CREF Life Real Estate Securities Fund | 1,506,668 | 2.1 | |||||||||||||
106,223 | TIAA-CREF Life Small-Cap Equity Fund | 1,498,807 | 2.0 | |||||||||||||
180,929 | TIAA-CREF Life Stock Index Fund | 5,994,176 | 8.1 | |||||||||||||
|
| |||||||||||||||
TOTAL U.S. EQUITY | 30,019,286 | 40.5 | ||||||||||||||
|
| |||||||||||||||
TOTAL TIAA-CREF LIFE FUNDS | (Cost $59,405,120) | 74,145,414 | 100.0 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $59,405,120) | 74,145,414 | 100.0 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 12,052 | 0.0 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 74,157,466 | 100.0 | % | ||||||||||||
|
|
a | The Fund Invest its assets in the affiliated TIAA-CREF Life Funds. |
84 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
[This page intentionally left blank.]
TIAA-CREF Life Funds § 2020 Annual Report | 85 |
Statements of assets and liabilities |
TIAA-CREF Life Funds § December 31, 2020
Growth Equity Fund | ||||||||
| ||||||||
ASSETS | ||||||||
Portfolio investments, at value*† | $ | 166,904,331 | ||||||
Cash | 3,981 | |||||||
Receivable from securities transactions | — | |||||||
Receivable from Fund shares sold | 42,278 | |||||||
Dividends and interest receivable | 23,967 | |||||||
Due from affiliates | 619 | |||||||
Receivable for variation margin on open futures contracts | — | |||||||
Other | 16,619 | |||||||
| ||||||||
Total assets | 166,991,795 | |||||||
| ||||||||
LIABILITIES | ||||||||
Management fees payable | 61,651 | |||||||
Due to affiliates | 770 | |||||||
Overdraft payable | — | |||||||
Payable for collateral for securities loaned | 81,403 | |||||||
Payable for securities transactions | 34,373 | |||||||
Payable for Fund shares redeemed | 327,052 | |||||||
Written optionsà | — | |||||||
Payable for trustee compensation | 10,095 | |||||||
Accrued expenses and other payables | 41,225 | |||||||
| ||||||||
Total liabilities | 556,569 | |||||||
| ||||||||
NET ASSETS | $ | 166,435,226 | ||||||
| ||||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in-capital | $ | 70,595,480 | ||||||
Total distributable earnings (loss) | 95,839,746 | |||||||
| ||||||||
NET ASSETS | $ | 166,435,226 | ||||||
| ||||||||
Outstanding shares of beneficial interest, | 7,607,577 | |||||||
| ||||||||
Net asset value per share | $ | 21.88 | ||||||
| ||||||||
* Includes securities loaned of | $ | 335,269 | ||||||
† Portfolio investments, cost | $ | 102,978,344 | ||||||
à Written options premiums | $ | — |
86 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Growth & Income Fund | Large-Cap Value Fund | Real Estate Securities Fund | Small-Cap Equity Fund | Social Choice Equity Fund | ||||||||||||||||
| ||||||||||||||||||||
$ | 177,601,252 | $ | 73,936,321 | $ | 80,643,633 | $ | 61,010,269 | $ | 82,033,975 | |||||||||||
— | 760 | 4,546 | — | — | ||||||||||||||||
833,765 | — | 272,269 | — | 62,677 | ||||||||||||||||
8,575 | 834 | 2,857 | 958 | — | ||||||||||||||||
102,983 | 54,055 | 384,179 | 40,875 | 57,738 | ||||||||||||||||
1,572 | 4,880 | 3,484 | 6,181 | 4,176 | ||||||||||||||||
— | — | — | 72,780 | 13,831 | ||||||||||||||||
23,132 | 13,967 | 15,698 | 8,002 | 8,069 | ||||||||||||||||
| ||||||||||||||||||||
178,571,279 | 74,010,817 | 81,326,666 | 61,139,065 | 82,180,466 | ||||||||||||||||
| ||||||||||||||||||||
66,512 | 27,581 | 33,623 | 22,922 | 10,176 | ||||||||||||||||
771 | 734 | 745 | 721 | 736 | ||||||||||||||||
157,912 | — | — | 71,777 | 7,461 | ||||||||||||||||
542,275 | — | — | 595,661 | 200,881 | ||||||||||||||||
47,523 | — | 375,511 | — | — | ||||||||||||||||
292,508 | 122,909 | 69,153 | 147,058 | 112,862 | ||||||||||||||||
242,248 | — | — | — | — | ||||||||||||||||
15,472 | 10,668 | 11,639 | 8,017 | 8,110 | ||||||||||||||||
52,553 | 20,196 | 19,668 | 38,637 | 27,830 | ||||||||||||||||
| ||||||||||||||||||||
1,417,774 | 182,088 | 510,339 | 884,793 | 368,056 | ||||||||||||||||
| ||||||||||||||||||||
$ | 177,153,505 | $ | 73,828,729 | $ | 80,816,327 | $ | 60,254,272 | $ | 81,812,410 | |||||||||||
| ||||||||||||||||||||
$ | 89,772,301 | $ | 55,538,749 | $ | 51,923,645 | $ | 47,409,297 | $ | 43,254,670 | |||||||||||
87,381,204 | 18,289,980 | 28,892,682 | 12,844,975 | 38,557,740 | ||||||||||||||||
| ||||||||||||||||||||
$ | 177,153,505 | $ | 73,828,729 | $ | 80,816,327 | $ | 60,254,272 | $ | 81,812,410 | |||||||||||
| ||||||||||||||||||||
8,279,360 | 4,857,912 | 5,561,784 | 4,269,297 | 4,381,800 | ||||||||||||||||
| ||||||||||||||||||||
$ | 21.40 | $ | 15.20 | $ | 14.53 | $ | 14.11 | $ | 18.67 | |||||||||||
| ||||||||||||||||||||
$ | 617,617 | $ | — | $ | — | $ | 1,050,198 | $ | 574,821 | |||||||||||
$ | 94,661,819 | $ | 53,835,266 | $ | 52,706,654 | $ | 45,410,630 | $ | 46,845,809 | |||||||||||
$ | 440,508 | $ | — | $ | — | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 87 |
Statements of assets and liabilities |
TIAA-CREF Life Funds § December 31, 2020
Stock Index Fund | ||||||||
| ||||||||
ASSETS | ||||||||
Portfolio investments, at value*† | $ | 680,878,058 | ||||||
Affiliated investments, at value‡ | — | |||||||
Cash§ | — | |||||||
Receivable from securities transactions | 5,953 | |||||||
Receivable for delayed delivery securities | — | |||||||
Receivable from Fund shares sold | 227,699 | |||||||
Dividends and interest receivable | 529,612 | |||||||
Due from affiliates | — | |||||||
Receivable for variation margin on open futures contracts | 31,273 | |||||||
Other | 38,156 | |||||||
| ||||||||
Total assets | 681,710,751 | |||||||
| ||||||||
LIABILITIES | ||||||||
Management fees payable | 33,901 | |||||||
Due to affiliates | 2,263 | |||||||
Overdraft payable | 14,042 | |||||||
Payable for collateral for securities loaned | 2,293,283 | |||||||
Payable for securities transactions | — | |||||||
Payable for delayed delivery securities | — | |||||||
Payable for Fund shares redeemed | 546,177 | |||||||
Payable for trustee compensation | 38,138 | |||||||
Accrued expenses and other payables | 50,870 | |||||||
| ||||||||
Total liabilities | 2,978,674 | |||||||
| ||||||||
NET ASSETS | $ | 678,732,077 | ||||||
| ||||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in-capital | $ | 257,239,163 | ||||||
Total distributable earnings (loss) | 421,492,914 | |||||||
| ||||||||
NET ASSETS | $ | 678,732,077 | ||||||
| ||||||||
Outstanding shares of beneficial interest, | 20,485,508 | |||||||
| ||||||||
Net asset value per share | $ | 33.13 | ||||||
| ||||||||
* Includes securities loaned of | $ | 3,436,389 | ||||||
† Portfolio investments, cost | $ | 261,267,112 | ||||||
‡ Affiliated investments, cost | $ | — | ||||||
§ Includes cash collateral for mortgage dollar rolls of | $ | — |
88 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
International Fund | Core Bond Fund | Money Market Fund | Balanced Fund | |||||||||||||
| ||||||||||||||||
$ | 122,268,826 | $ | 238,413,630 | $ | 120,201,639 | $ | — | |||||||||
— | — | — | 74,145,414 | |||||||||||||
— | 933,007 | 2,294 | 60,155 | |||||||||||||
249,257 | 56,532 | — | 405,946 | |||||||||||||
— | 8,292,907 | — | — | |||||||||||||
827 | 391,939 | 16,477 | 3,880 | |||||||||||||
287,724 | 1,147,209 | 6,917 | — | |||||||||||||
3,353 | 5,232 | 9,366 | 5,060 | |||||||||||||
— | — | — | — | |||||||||||||
19,510 | 29,895 | — | 3,207 | |||||||||||||
| ||||||||||||||||
122,829,497 | 249,270,351 | 120,236,693 | 74,623,662 | |||||||||||||
| ||||||||||||||||
50,902 | 55,016 | 10,184 | 6,209 | |||||||||||||
752 | 821 | 734 | 803 | |||||||||||||
125 | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | 39,900 | — | 391,939 | |||||||||||||
— | 31,244,326 | |||||||||||||||
265,876 | 17,842 | 5,148,230 | 54,530 | |||||||||||||
13,108 | 22,892 | — | 3,235 | |||||||||||||
52,753 | 66,317 | 38,690 | 9,480 | |||||||||||||
| ||||||||||||||||
383,516 | 31,447,114 | 5,197,838 | 466,196 | |||||||||||||
| ||||||||||||||||
$ | 122,445,981 | $ | 217,823,237 | $ | 115,038,855 | $ | 74,157,466 | |||||||||
| ||||||||||||||||
$ | 104,717,457 | $ | 197,047,524 | $ | 115,025,152 | $ | 57,505,706 | |||||||||
17,728,524 | 20,775,713 | 13,703 | 16,651,760 | |||||||||||||
| ||||||||||||||||
$ | 122,445,981 | $ | 217,823,237 | $ | 115,038,855 | $ | 74,157,466 | |||||||||
| ||||||||||||||||
13,275,076 | 19,622,340 | 115,022,798 | 5,464,108 | |||||||||||||
| ||||||||||||||||
$ | 9.22 | $ | 11.10 | $ | 1.00 | $ | 13.57 | |||||||||
| ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
$ | 99,135,374 | $ | 226,497,881 | $ | 120,201,639 | $ | — | |||||||||
$ | — | $ | — | $ | — | $ | 59,405,120 | |||||||||
$ | — | $ | 960,000 | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 89 |
Statements of operations |
TIAA-CREF Life Funds § For the year ended December 31, 2020
Growth Equity Fund | ||||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends* | $ | 953,383 | ||||||
Payment from affiliate | 20,676 | |||||||
Income from securities lending | 4,360 | |||||||
Interest* | 4,041 | |||||||
| ||||||||
Total income | 982,460 | |||||||
| ||||||||
EXPENSES | ||||||||
Management fees | 600,545 | |||||||
Shareholder servicing | 2,695 | |||||||
Custody and accounting fees | 41,688 | |||||||
Professional fees | 21,769 | |||||||
Administrative service fees | 19,099 | |||||||
Shareholder reports | 12,139 | |||||||
Trustee fees and expenses | 1,642 | |||||||
Other expenses | 17,262 | |||||||
| ||||||||
Total expenses | 716,839 | |||||||
Less: Expenses reimbursed by the investment adviser | (22,743 | ) | ||||||
| ||||||||
Net expenses | 694,096 | |||||||
| ||||||||
Net investment income (loss) | 288,364 | |||||||
| ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||
Realized gain (loss): | ||||||||
Portfolio investments‡ | 31,990,844 | |||||||
Purchased options | 2,412 | |||||||
Written options | 5,162 | |||||||
Futures contracts | — | |||||||
Foreign currency transactions | (2,618 | ) | ||||||
| ||||||||
Net realized gain (loss) on total investments | 31,995,800 | |||||||
| ||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Portfolio investments | 18,841,563 | |||||||
Purchased options | — | |||||||
Written options | — | |||||||
Futures contracts | — | |||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (4,352 | ) | ||||||
| ||||||||
Net change in unrealized appreciation (depreciation) on total investments and from unaffiliated investments | 18,837,211 | |||||||
| ||||||||
Net realized and unrealized gain (loss) on total investments | 50,833,011 | |||||||
| ||||||||
Net increase (decrease) in net assets from operations | $ | 51,121,375 | ||||||
| ||||||||
* Net of foreign withholding taxes of | $ | 8,908 | ||||||
‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | 7,920,998 |
90 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Growth & Income Fund | Large-Cap Value Fund | Real Estate Securities Fund | Small-Cap Equity Fund | Social Choice Equity Fund | ||||||||||||||||
| ||||||||||||||||||||
$ | 2,218,346 | $ | 1,517,379 | $ | 1,851,898 | $ | 473,100 | $ | 1,101,746 | |||||||||||
24,579 | 10,217 | 13,229 | — | — | ||||||||||||||||
4,053 | — | — | 26,435 | 4,782 | ||||||||||||||||
2,393 | 1,239 | 3,545 | 8,227 | 986 | ||||||||||||||||
| ||||||||||||||||||||
2,249,371 | 1,528,835 | 1,868,672 | 507,762 | 1,107,514 | ||||||||||||||||
| ||||||||||||||||||||
688,026 | 290,562 | 383,962 | 216,713 | 103,737 | ||||||||||||||||
3,039 | 2,629 | 2,693 | 2,289 | 2,973 | ||||||||||||||||
51,409 | 32,126 | 20,287 | 38,492 | 26,289 | ||||||||||||||||
22,840 | 21,061 | 22,451 | 18,141 | 14,522 | ||||||||||||||||
19,374 | 18,241 | 18,414 | 17,997 | 18,300 | ||||||||||||||||
13,658 | 13,331 | 10,422 | 8,620 | 9,581 | ||||||||||||||||
1,974 | 865 | 1,027 | 618 | 886 | ||||||||||||||||
20,054 | 16,672 | 17,599 | 22,101 | 31,520 | ||||||||||||||||
| ||||||||||||||||||||
820,374 | 395,487 | 476,855 | 324,971 | 207,808 | ||||||||||||||||
(25,204 | ) | (59,670 | ) | (39,081 | ) | (75,165 | ) | (55,603 | ) | |||||||||||
| ||||||||||||||||||||
795,170 | 335,817 | 437,774 | 249,806 | 152,205 | ||||||||||||||||
| ||||||||||||||||||||
1,454,201 | 1,193,018 | 1,430,898 | 257,956 | 955,309 | ||||||||||||||||
| ||||||||||||||||||||
3,651,146 | (1,985,982 | ) | (345,548 | ) | (3,236,530 | ) | 2,274,325 | |||||||||||||
40,003 | — | — | — | — | ||||||||||||||||
(143,361 | ) | — | — | — | — | |||||||||||||||
— | — | — | 314,604 | 140,654 | ||||||||||||||||
(313 | ) | — | (88 | ) | — | — | ||||||||||||||
| ||||||||||||||||||||
3,547,475 | (1,985,982 | ) | (345,636 | ) | (2,921,926 | ) | 2,414,979 | |||||||||||||
| ||||||||||||||||||||
24,854,415 | 2,754,737 | (438,735 | ) | 9,597,472 | 10,430,440 | |||||||||||||||
(5,585 | ) | — | — | — | — | |||||||||||||||
91,939 | — | — | — | — | ||||||||||||||||
— | — | — | 72,598 | 9,572 | ||||||||||||||||
| 499 | 87 | — | — | — | |||||||||||||||
| ||||||||||||||||||||
| 24,941,268 | 2,754,824 | (438,735 | ) | 9,670,070 | 10,440,012 | ||||||||||||||
| ||||||||||||||||||||
28,488,743 | 768,842 | (784,371 | ) | 6,748,144 | 12,854,991 | |||||||||||||||
| ||||||||||||||||||||
$ | 29,942,944 | $ | 1,961,860 | $ | 646,527 | $ | 7,006,100 | $ | 13,810,300 | |||||||||||
| ||||||||||||||||||||
$ | 8,517 | $ | 981 | $ | — | $ | 1,154 | $ | 55 | |||||||||||
$ | (40,230 | ) | $ | 7,701 | $ | — | $ | (11,880 | ) | $ | 16,614 |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 91 |
Statements of operations |
TIAA-CREF Life Funds § For the year ended December 31, 2020
Stock Index Fund | ||||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends: | ||||||||
Unaffiliated investments* | $ | 9,552,974 | ||||||
Affiliated investments | — | |||||||
Payment from affiliate | — | |||||||
Income from securities lending | 75,793 | |||||||
Interest* | 10,303 | |||||||
| ||||||||
Total income | 9,639,070 | |||||||
| ||||||||
EXPENSES | ||||||||
Management fees | 345,629 | |||||||
Shareholder servicing | 2,899 | |||||||
Custody and accounting fees | 35,278 | |||||||
Professional fees | 43,121 | |||||||
Administrative service fees | 24,881 | |||||||
Shareholder reports | 37,090 | |||||||
Trustee fees and expenses | 7,466 | |||||||
Other expenses | 26,009 | |||||||
| ||||||||
Total expenses | 522,373 | |||||||
Less: Expenses reimbursed by the investment adviser | (3,861 | ) | ||||||
| ||||||||
Net expenses | 518,512 | |||||||
| ||||||||
Net investment income (loss) | 9,120,558 | |||||||
| ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS |
| |||||||
Realized gain (loss): | ||||||||
Portfolio investments: | ||||||||
Unaffiliated investments‡ | 1,960,643 | |||||||
Affiliated investments | — | |||||||
Futures contracts | 461,327 | |||||||
Forward foreign currency contracts | — | |||||||
Swap contracts | — | |||||||
Foreign currency transactions | — | |||||||
Realized gain distributions from affiliated investments | — | |||||||
| ||||||||
Net realized gain (loss) on total investments | 2,421,970 | |||||||
| ||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Portfolio investments: | ||||||||
Unaffiliated investments | 105,547,449 | |||||||
Affiliated investments | — | |||||||
Futures contracts | 14,772 | |||||||
Swap contracts | — | |||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | — | |||||||
| ||||||||
Net change in unrealized appreciation (depreciation) on total investments and from unaffiliated and affiliated investments | 105,562,221 | |||||||
| ||||||||
Net realized and unrealized gain (loss) on total investments | 107,984,191 | |||||||
| ||||||||
Net increase (decrease) in net assets from operations | $ | 117,104,749 | ||||||
| ||||||||
* Net of foreign withholding taxes of | $ | 836 | ||||||
‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | 68,130 |
92 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
International Equity Fund | Core Bond Fund | Money Market Fund | Balanced Fund | |||||||||||||
| ||||||||||||||||
$ | 2,106,973 | $ | — | $ | — | $ | — | |||||||||
— | — | — | 1,435,524 | |||||||||||||
20,747 | — | — | — | |||||||||||||
2,671 | — | — | — | |||||||||||||
12,998 | 5,901,841 | 615,815 | 145 | |||||||||||||
| ||||||||||||||||
2,143,389 | 5,901,841 | 615,815 | 1,435,669 | |||||||||||||
| ||||||||||||||||
506,566 | 617,226 | 119,369 | 66,500 | |||||||||||||
2,734 | 2,731 | 1,788 | 2,620 | |||||||||||||
57,980 | 46,090 | 47,707 | 10,182 | |||||||||||||
29,429 | 44,081 | 16,779 | 6,830 | |||||||||||||
18,734 | 20,075 | 17,162 | 12,123 | |||||||||||||
16,833 | 17,136 | 18,131 | 8,971 | |||||||||||||
1,308 | 2,749 | 1,533 | 907 | |||||||||||||
14,192 | 17,941 | 10,328 | 13,542 | |||||||||||||
| ||||||||||||||||
647,776 | 768,029 | 232,797 | 121,675 | |||||||||||||
(39,840 | ) | (46,708 | ) | (64,616 | ) | (55,111 | ) | |||||||||
| ||||||||||||||||
607,936 | 721,321 | 168,181 | 66,564 | |||||||||||||
| ||||||||||||||||
1,535,453 | 5,180,520 | 447,634 | 1,369,105 | |||||||||||||
| ||||||||||||||||
(4,012,862 | ) | 4,254,370 | 4,963 | (17,164 | ) | |||||||||||
— | — | — | 746,882 | |||||||||||||
— | 2,464 | — | — | |||||||||||||
— | (29,204 | ) | — | — | ||||||||||||
— | 48,370 | — | — | |||||||||||||
(48,017 | ) | 22,603 | — | — | ||||||||||||
— | — | — | 866,267 | |||||||||||||
| ||||||||||||||||
(4,060,879 | ) | 4,298,603 | 4,963 | 1,595,985 | ||||||||||||
| ||||||||||||||||
19,218,568 | 5,654,948 | — | — | |||||||||||||
— | — | — | 6,163,476 | |||||||||||||
— | — | — | — | |||||||||||||
— | 56,141 | — | — | |||||||||||||
| 19,923 | 1,509 | — | — | ||||||||||||
| ||||||||||||||||
| 19,238,491 | 5,712,598 | — | 6,163,476 | ||||||||||||
| ||||||||||||||||
15,177,612 | 10,011,201 | 4,963 | 7,759,461 | |||||||||||||
| ||||||||||||||||
$ | 16,713,065 | $ | 15,191,721 | $ | 452,597 | $ | 9,128,566 | |||||||||
| ||||||||||||||||
$ | 165,991 | $ | (1,475 | ) | $ | — | $ | — | ||||||||
$ | (78,590 | ) | $ | — | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 93 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the year ended
Growth Equity Fund | ||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||
| ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 288,364 | $ | 445,946 | ||||||||
Net realized gain (loss) on total investments | 31,995,800 | 10,445,567 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 18,837,211 | 18,901,582 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 51,121,375 | 29,793,095 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | (10,356,297 | ) | (9,852,252 | ) | ||||||||
| ||||||||||||
Total distributions | (10,356,297 | ) | (9,852,252 | ) | ||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 37,578,418 | 19,747,363 | ||||||||||
Reinvestments of distributions | 10,356,297 | 9,852,252 | ||||||||||
Redemptions | (40,203,080 | ) | (29,818,242 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 7,731,635 | (218,627 | ) | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | 48,496,713 | 19,722,216 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 117,938,513 | 98,216,297 | ||||||||||
| ||||||||||||
End of period | $ | 166,435,226 | $ | 117,938,513 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold: | 2,111,441 | 1,254,743 | ||||||||||
Shares reinvested: | 549,989 | 648,174 | ||||||||||
Shares redeemed: | (2,255,366 | ) | (1,853,506 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 406,064 | 49,411 | ||||||||||
|
94 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
Growth & Income Fund | Large-Cap Value Fund | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
| ||||||||||||||||||||
$ | 1,454,201 | $ | 2,007,637 | $ | 1,193,018 | $ | 1,303,774 | |||||||||||||
3,547,475 | 6,538,991 | (1,985,982 | ) | 58,734 | ||||||||||||||||
24,941,268 | 29,549,956 | 2,754,824 | 16,022,389 | |||||||||||||||||
| ||||||||||||||||||||
29,942,944 | 38,096,584 | 1,961,860 | 17,384,897 | |||||||||||||||||
| ||||||||||||||||||||
(8,699,826 | ) | (10,482,636 | ) | (1,299,154 | ) | (4,521,279 | ) | |||||||||||||
| ||||||||||||||||||||
(8,699,826 | ) | (10,482,636 | ) | (1,299,154 | ) | (4,521,279 | ) | |||||||||||||
| ||||||||||||||||||||
10,693,429 | 10,802,608 | 10,721,832 | 5,506,608 | |||||||||||||||||
8,699,145 | 10,481,822 | 1,298,983 | 4,520,681 | |||||||||||||||||
(23,706,990 | ) | (18,341,918 | ) | (13,955,827 | ) | (10,745,965 | ) | |||||||||||||
| ||||||||||||||||||||
(4,314,416 | ) | 2,942,512 | (1,935,012 | ) | (718,676 | ) | ||||||||||||||
| ||||||||||||||||||||
16,928,702 | 30,556,460 | (1,272,306 | ) | 12,144,942 | ||||||||||||||||
160,224,803 | 129,668,343 | 75,101,035 | 62,956,093 | |||||||||||||||||
| ||||||||||||||||||||
$ | 177,153,505 | $ | 160,224,803 | $ | 73,828,729 | $ | 75,101,035 | |||||||||||||
| ||||||||||||||||||||
590,401 | 600,798 | 810,807 | 390,939 | |||||||||||||||||
472,266 | 597,595 | 99,387 | 327,823 | |||||||||||||||||
(1,299,064 | ) | (1,025,933 | ) | (1,085,251 | ) | (762,899 | ) | |||||||||||||
| ||||||||||||||||||||
(236,397 | ) | 172,460 | (175,057 | ) | (44,137 | ) | ||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 95 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the year ended
Real Estate Securities Fund | ||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||
| ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 1,430,898 | $ | 1,458,833 | ||||||||
Net realized gain (loss) on total investments | (345,636 | ) | 4,606,778 | |||||||||
Net change in unrealized appreciation (depreciation) on total investments | (438,735 | ) | 14,591,340 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 646,527 | 20,656,951 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | (6,053,015 | ) | (2,961,221 | ) | ||||||||
| ||||||||||||
Total distributions | (6,053,015 | ) | (2,961,221 | ) | ||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 7,620,372 | 9,358,741 | ||||||||||
Reinvestments of distributions | 6,052,541 | 2,960,994 | ||||||||||
Redemptions | (12,426,848 | ) | (12,180,978 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 1,246,065 | 138,757 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets | (4,160,423 | ) | 17,834,487 | |||||||||
NET ASSETS | ||||||||||||
Beginning of period | 84,976,750 | 67,142,263 | ||||||||||
| ||||||||||||
End of period | $ | 80,816,327 | $ | 84,976,750 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold: | 535,348 | 625,756 | ||||||||||
Shares reinvested: | 450,338 | 191,898 | ||||||||||
Shares redeemed: | (870,099 | ) | (825,812 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 115,587 | (8,158 | ) | |||||||||
|
96 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
Small-Cap Equity Fund | Social Choice Equity Fund | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
| ||||||||||||||||||||
$ | 257,956 | $ | 456,316 | $ | 955,309 | $ | 1,119,613 | |||||||||||||
(2,921,926 | ) | 1,822,390 | 2,414,979 | 4,208,956 | ||||||||||||||||
9,670,070 | 8,502,220 | 10,440,012 | 11,924,427 | |||||||||||||||||
| ||||||||||||||||||||
7,006,100 | 10,780,926 | 13,810,300 | 17,252,996 | |||||||||||||||||
| ||||||||||||||||||||
(2,212,238 | ) | (7,432,814 | ) | (5,322,958 | ) | (9,738,511 | ) | |||||||||||||
| ||||||||||||||||||||
(2,212,238 | ) | (7,432,814 | ) | (5,322,958 | ) | (9,738,511 | ) | |||||||||||||
| ||||||||||||||||||||
7,619,004 | 5,501,866 | 6,667,477 | 3,636,248 | |||||||||||||||||
2,212,239 | 7,432,814 | 5,322,140 | 9,736,822 | |||||||||||||||||
(7,979,521 | ) | (9,098,858 | ) | (9,554,192 | ) | (5,838,722 | ) | |||||||||||||
| ||||||||||||||||||||
1,851,722 | 3,835,822 | 2,435,425 | 7,534,348 | |||||||||||||||||
| ||||||||||||||||||||
6,645,584 | 7,183,934 | 10,922,767 | 15,048,833 | |||||||||||||||||
53,608,688 | 46,424,754 | 70,889,643 | 55,840,810 | |||||||||||||||||
| ||||||||||||||||||||
$ | 60,254,272 | $ | 53,608,688 | $ | 81,812,410 | $ | 70,889,643 | |||||||||||||
| ||||||||||||||||||||
690,937 | 400,288 | 408,689 | 222,007 | |||||||||||||||||
204,458 | 597,013 | 328,730 | 630,623 | |||||||||||||||||
(708,733 | ) | (655,934 | ) | (586,853 | ) | (350,023 | ) | |||||||||||||
| ||||||||||||||||||||
186,662 | 341,367 | 150,566 | 502,607 | |||||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 97 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the year ended
Stock Index Fund | ||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||
| ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 9,120,558 | $ | 10,021,008 | ||||||||
Net realized gain (loss) on total investments | 2,421,970 | 2,087,958 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 105,562,221 | 122,828,981 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 117,104,749 | 134,937,947 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | (12,391,194 | ) | (12,650,546 | ) | ||||||||
| ||||||||||||
Total distributions | (12,391,194 | ) | (12,650,546 | ) | ||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 48,638,143 | 76,894,751 | ||||||||||
Reinvestments of distributions | 12,391,194 | 12,650,546 | ||||||||||
Redemptions | (71,166,430 | ) | (57,204,427 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (10,137,093 | ) | 32,340,870 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | 94,576,462 | 154,628,271 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 584,155,615 | 429,527,344 | ||||||||||
| ||||||||||||
End of period | $ | 678,732,077 | $ | 584,155,615 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold: | 1,794,172 | 3,010,585 | ||||||||||
Shares reinvested: | 433,713 | 489,005 | ||||||||||
Shares redeemed: | (2,590,043 | ) | (2,228,220 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (362,158 | ) | 1,271,370 | |||||||||
|
98 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
International Equity Fund | Core Bond Fund | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
| ||||||||||||||||||||
$ | 1,535,453 | $ | 1,677,107 | $ | 5,180,520 | $ | 6,035,594 | |||||||||||||
(4,060,879 | ) | (2,246,662 | ) | 4,298,603 | 1,752,631 | |||||||||||||||
| 19,238,491 |
| 20,631,816 | 5,712,598 | 10,108,997 | |||||||||||||||
| ||||||||||||||||||||
16,713,065 | 20,062,261 | 15,191,721 | 17,897,222 | |||||||||||||||||
| ||||||||||||||||||||
(1,665,039 | ) | (6,557,386 | ) | (5,983,037 | ) | (5,808,915 | ) | |||||||||||||
| ||||||||||||||||||||
(1,665,039 | ) | (6,557,386 | ) | (5,983,037 | ) | (5,808,915 | ) | |||||||||||||
| ||||||||||||||||||||
14,181,132 | 12,862,037 | 25,101,091 | 23,263,126 | |||||||||||||||||
1,665,040 | 6,557,386 | 5,982,838 | 5,808,719 | |||||||||||||||||
(16,066,771 | ) | (11,356,621 | ) | (25,470,164 | ) | (27,444,248 | ) | |||||||||||||
| ||||||||||||||||||||
(220,599 | ) | 8,062,802 | 5,613,765 | 1,627,597 | ||||||||||||||||
| ||||||||||||||||||||
14,827,427 | 21,567,677 | 14,822,449 | 13,715,904 | |||||||||||||||||
107,618,554 | 86,050,877 | 203,000,788 | 189,284,884 | |||||||||||||||||
| ||||||||||||||||||||
$ | 122,445,981 | $ | 107,618,554 | $ | 217,823,237 | $ | 203,000,788 | |||||||||||||
| ||||||||||||||||||||
1,919,745 | 1,659,808 | 2,287,222 | 2,237,072 | |||||||||||||||||
208,130 | 875,485 | 546,877 | 551,112 | |||||||||||||||||
(2,099,616 | ) | (1,462,998 | ) | (2,372,638 | ) | (2,632,437 | ) | |||||||||||||
| ||||||||||||||||||||
28,259 | 1,072,295 | 461,461 | 155,747 | |||||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 99 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the year ended
Money Market Fund | ||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||
| ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 447,634 | $ | 2,092,715 | ||||||||
Net realized gain (loss) on total investments | 4,963 | 8,629 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | — | — | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 452,597 | 2,101,344 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | (447,661 | ) | (2,091,692 | ) | ||||||||
| ||||||||||||
Total distributions | (447,661 | ) | (2,091,692 | ) | ||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 112,874,716 | 116,458,260 | ||||||||||
Reinvestments of distributions | 447,661 | 2,091,692 | ||||||||||
Redemptions | (104,094,762 | ) | (117,423,088 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 9,227,615 | 1,126,864 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets | 9,232,551 | 1,136,516 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 105,806,304 | 104,669,788 | ||||||||||
| ||||||||||||
End of period | $ | 115,038,855 | $ | 105,806,304 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold: | 112,874,716 | 116,458,259 | ||||||||||
Shares reinvested: | 447,661 | 2,091,693 | ||||||||||
Shares redeemed: | (104,094,762 | ) | (117,423,088 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 9,227,615 | 1,126,864 | ||||||||||
|
100 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
| Balanced Fund | |||||||
December 31, 2020 | December 31, 2019 | |||||||
| ||||||||
$ | 1,369,105 | $ | 1,314,625 | |||||
1,595,985 | 1,590,276 | |||||||
| 6,163,476 |
| 7,785,706 | |||||
| ||||||||
9,128,566 | 10,690,607 | |||||||
| ||||||||
(3,087,925 | ) | (2,758,032 | ) | |||||
| ||||||||
(3,087,925 | ) | (2,758,032 | ) | |||||
| ||||||||
4,424,931 | 6,014,729 | |||||||
3,087,333 | 2,757,506 | |||||||
(8,220,673 | ) | (4,395,874 | ) | |||||
| ||||||||
(708,409 | ) | 4,376,361 | ||||||
| ||||||||
5,332,232 | 12,308,936 | |||||||
68,825,234 | 56,516,298 | |||||||
| ||||||||
$ | 74,157,466 | $ | 68,825,234 | |||||
| ||||||||
350,725 | 499,847 | |||||||
247,382 | 230,368 | |||||||
(663,464 | ) | (366,998 | ) | |||||
| ||||||||
(65,357 | ) | 363,217 | ||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 101 |
Financial highlights |
TIAA-CREF Life Funds
Selected per share data |
|
|
|
|
| |||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Less distributions from | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Net asset value, beginning of period | Net investment income (loss)a |
Net realized gain (loss) on total investments | Total from investment | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
GROWTH EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | $ | 16.38 | $ | 0.04 | $ | 6.92 | $ | 6.96 | $ | (0.06 | ) | $ | (1.40 | ) | $ | (1.46 | ) | |||||||||||||||||||
12/31/19 | 13.73 | 0.06 | 4.05 | 4.11 | (0.07 | ) | (1.39 | ) | (1.46 | ) | ||||||||||||||||||||||||||
12/31/18 | 14.65 | 0.07 | 0.07 | 0.14 | (0.06 | ) | (1.00 | ) | (1.06 | ) | ||||||||||||||||||||||||||
12/31/17 | * | 11.05 | 0.06 | 3.74 | 3.80 | — | (0.20 | ) | (0.20 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 11.55 | 0.06 | (0.17 | ) | (0.11 | ) | (0.06 | ) | (0.33 | ) | (0.39 | ) | |||||||||||||||||||||||
GROWTH & INCOME FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 18.82 | 0.18 | 3.49 | 3.67 | (0.25 | ) | (0.84 | ) | (1.09 | ) | ||||||||||||||||||||||||||
12/31/19 | 15.54 | 0.24 | 4.35 | 4.59 | (0.19 | ) | (1.12 | ) | (1.31 | ) | ||||||||||||||||||||||||||
12/31/18 | 17.96 | 0.19 | (1.26 | ) | (1.07 | ) | (0.17 | ) | (1.18 | ) | (1.35 | ) | ||||||||||||||||||||||||
12/31/17 | * | 14.59 | 0.16 | 3.32 | 3.48 | — | (0.11 | ) | (0.11 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 14.28 | 0.18 | 1.05 | 1.23 | (0.20 | ) | (0.72 | ) | (0.92 | ) | |||||||||||||||||||||||||
LARGE-CAP VALUE FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 14.92 | 0.25 | 0.30 | 0.55 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||||
12/31/19 | 12.40 | 0.26 | 3.21 | 3.47 | (0.26 | ) | (0.69 | ) | (0.95 | ) | ||||||||||||||||||||||||||
12/31/18 | 15.75 | 0.25 | (2.23 | ) | (1.98 | ) | (0.22 | ) | (1.15 | ) | (1.37 | ) | ||||||||||||||||||||||||
12/31/17 | * | 14.08 | 0.21 | 1.52 | 1.73 | — | (0.06 | ) | (0.06 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 12.48 | 0.24 | 2.11 | 2.35 | (0.24 | ) | (0.51 | ) | (0.75 | ) | |||||||||||||||||||||||||
REAL ESTATE SECURITIES FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 15.60 | 0.27 | (0.17 | ) | 0.10 | (0.34 | ) | (0.83 | ) | (1.17 | ) | |||||||||||||||||||||||||
12/31/19 | 12.31 | 0.27 | 3.58 | 3.85 | (0.29 | ) | (0.27 | ) | (0.56 | ) | ||||||||||||||||||||||||||
12/31/18 | 13.58 | 0.30 | (0.82 | ) | (0.52 | ) | (0.27 | ) | (0.48 | ) | (0.75 | ) | ||||||||||||||||||||||||
12/31/17 | * | 12.42 | 0.24 | 1.27 | 1.51 | — | (0.35 | ) | (0.35 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 13.34 | 0.23 | 0.29 | 0.52 | (0.38 | ) | (1.06 | ) | (1.44 | ) | |||||||||||||||||||||||||
SMALL-CAP EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 13.13 | 0.06 | 1.46 | 1.52 | (0.10 | ) | (0.44 | ) | (0.54 | ) | ||||||||||||||||||||||||||
12/31/19 | 12.41 | 0.12 | 2.71 | 2.83 | (0.08 | ) | (2.03 | ) | (2.11 | ) | ||||||||||||||||||||||||||
12/31/18 | 15.81 | 0.08 | (1.61 | ) | (1.53 | ) | (0.10 | ) | (1.77 | ) | (1.87 | ) | ||||||||||||||||||||||||
12/31/17 | * | 14.06 | 0.10 | 1.97 | 2.07 | — | (0.32 | ) | (0.32 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 12.16 | 0.10 | 2.32 | 2.42 | (0.12 | ) | (0.40 | ) | (0.52 | ) |
102 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
| Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||||||
Net asset value, end of period | Total return†† | Total return excluding payment from affiliatesu | Net assets at end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | Net excluding | Portfolio turnover rate | ||||||||||||||||||||||||||||||
$21.88 | 43.97 | % | 43.95 | % | $ | 166,435 | 0.54 | % | 0.52 | % | 0.22 | % | 0.20 | % | 120 | % | ||||||||||||||||||||||
16.38 | 30.73 | 30.72 | 117,939 | 0.57 | 0.52 | 0.39 | 0.38 | 108 | ||||||||||||||||||||||||||||||
13.73 | (0.21 | ) | (0.22 | ) | 98,216 | 0.56 | 0.52 | 0.43 | 0.43 | 90 | ||||||||||||||||||||||||||||
14.65 | 34.54 | 34.53 | 97,100 | 0.59 | 0.52 | 0.43 | 0.43 | 81 | ||||||||||||||||||||||||||||||
11.05 | (0.96 | ) | (0.99 | ) | 74,746 | 0.60 | 0.52 | 0.55 | 0.51 | 106 | ||||||||||||||||||||||||||||
21.40 | 20.44 | 20.42 | 177,154 | 0.54 | 0.52 | 0.95 | 0.94 | 64 | ||||||||||||||||||||||||||||||
18.82 | 30.10 | 30.09 | 160,225 | 0.55 | 0.52 | 1.35 | 1.34 | 63 | ||||||||||||||||||||||||||||||
15.54 | (7.25 | ) | (7.26 | ) | 129,668 | 0.56 | 0.52 | 1.03 | 1.03 | 61 | ||||||||||||||||||||||||||||
17.96 | 23.91 | 23.91 | 145,806 | 0.58 | 0.52 | 1.00 | 1.00 | 70 | ||||||||||||||||||||||||||||||
14.59 | 8.60 | 8.53 | 127,276 | 0.58 | 0.52 | 1.28 | 1.22 | 88 | ||||||||||||||||||||||||||||||
15.20 | 4.01 | 3.99 | 73,829 | 0.61 | 0.52 | 1.85 | 1.83 | 30 | ||||||||||||||||||||||||||||||
14.92 | 28.66 | 28.65 | 75,101 | 0.62 | 0.52 | 1.87 | 1.86 | 19 | ||||||||||||||||||||||||||||||
12.40 | (14.13 | ) | (14.14 | ) | 62,956 | 0.63 | 0.52 | 1.67 | 1.67 | 107 | ||||||||||||||||||||||||||||
15.75 | 12.34 | 12.34 | 76,470 | 0.63 | 0.53 | 1.39 | 1.39 | 55 | ||||||||||||||||||||||||||||||
14.08 | 18.74 | 18.58 | 74,680 | 0.64 | 0.52 | 1.86 | 1.70 | 68 | ||||||||||||||||||||||||||||||
14.53 | 1.27 | 1.25 | 80,816 | 0.62 | 0.57 | 1.86 | 1.85 | 44 | ||||||||||||||||||||||||||||||
15.60 | 31.33 | 31.32 | 84,977 | 0.63 | 0.57 | 1.83 | 1.82 | 35 | ||||||||||||||||||||||||||||||
12.31 | (4.23 | ) | (4.24 | ) | 67,142 | 0.65 | 0.57 | 2.29 | 2.28 | 34 | ||||||||||||||||||||||||||||
13.58 | 12.32 | 12.32 | 77,144 | 0.66 | 0.58 | 1.86 | 1.86 | 35 | ||||||||||||||||||||||||||||||
12.42 | 3.96 | 3.85 | 73,391 | 0.65 | 0.57 | 1.71 | 1.60 | 59 | ||||||||||||||||||||||||||||||
14.11 | 12.80 | 12.80 | 60,254 | 0.69 | 0.53 | 0.55 | 0.55 | 97 | ||||||||||||||||||||||||||||||
13.13 | 23.72 | 23.72 | 53,609 | 0.72 | 0.53 | 0.88 | 0.88 | 124 | ||||||||||||||||||||||||||||||
12.41 | (12.05 | ) | (12.05 | ) | 46,425 | 0.66 | 0.53 | 0.52 | 0.52 | 86 | ||||||||||||||||||||||||||||
15.81 | 14.90 | 14.9 | 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 |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 103 |
Financial highlights |
TIAA-CREF Life Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Less distributions from | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Net asset value, beginning of period | Net investment income (loss)a |
Net realized | Total gain (loss) from investment operations | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
SOCIAL CHOICE EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | $ | 16.75 | $ | 0.23 | $ | 3.00 | $ | 3.23 | $ | (0.27 | ) | $ | (1.04 | ) | $ | (1.31 | ) | |||||||||||||||||||
12/31/19 | 14.98 | 0.29 | 4.18 | 4.47 | (0.28 | ) | (2.42 | ) | (2.70 | ) | ||||||||||||||||||||||||||
12/31/18 | 16.90 | 0.29 | (1.06 | ) | (0.77 | ) | (0.29 | ) | (0.86 | ) | (1.15 | ) | ||||||||||||||||||||||||
12/31/17 | * | 14.02 | 0.27 | 2.66 | 2.93 | (0.00 | )d | (0.05 | ) | (0.05 | ) | |||||||||||||||||||||||||
12/31/16 | * | 13.61 | 0.34 | 1.48 | 1.82 | (0.34 | ) | (1.07 | ) | (1.41 | ) | |||||||||||||||||||||||||
STOCK INDEX FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 28.02 | 0.44 | 5.28 | 5.72 | (0.48 | ) | (0.13 | ) | (0.61 | ) | ||||||||||||||||||||||||||
12/31/19 | 21.94 | 0.50 | 6.21 | 6.71 | (0.43 | ) | (0.20 | ) | (0.63 | ) | ||||||||||||||||||||||||||
12/31/18 | 23.68 | 0.46 | (1.62 | ) | (1.16 | ) | (0.40 | ) | (0.18 | ) | (0.58 | ) | ||||||||||||||||||||||||
12/31/17 | * | 19.59 | 0.40 | 3.71 | 4.11 | — | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 17.74 | 0.40 | 1.86 | 2.26 | (0.41 | ) | (0.00 | ) | (0.41 | ) | |||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 8.12 | 0.12 | 1.11 | 1.23 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||||
12/31/19 | 7.07 | 0.14 | 1.45 | 1.59 | (0.17 | ) | (0.37 | ) | (0.54 | ) | ||||||||||||||||||||||||||
12/31/18 | 9.35 | 0.17 | (2.36 | ) | (2.19 | ) | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||||
12/31/17 | * | 7.11 | 0.10 | 2.24 | 2.34 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||||||
12/31/16 | * | 7.14 | 0.11 | (0.03 | ) | 0.08 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
CORE BOND FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 10.59 | 0.27 | 0.56 | 0.83 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||||||||||
12/31/19 | 9.96 | 0.32 | 0.62 | 0.94 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||||||||||
12/31/18 | 10.31 | 0.30 | (0.38 | ) | (0.08 | ) | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
12/31/17 | * | 9.86 | 0.27 | 0.18 | 0.45 | (0.00 | )d | — | (0.00 | )d | ||||||||||||||||||||||||||
12/31/16 | * | 9.82 | 0.28 | 0.13 | 0.41 | (0.29 | ) | (0.08 | ) | (0.37 | ) | |||||||||||||||||||||||||
MONEY MARKET FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | 1.00 | 0.00 | — | 0.00 | 0.00 | — | 0.00 | |||||||||||||||||||||||||||||
12/31/19 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||||||||
12/31/18 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||||||||
12/31/17 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||||
12/31/16 | 1.00 | (0.00 | )d | (0.00 | )d | (0.00 | )d | (0.00 | )d | — | (0.00 | )d |
104 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
|
| Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||||||||||
Net asset value, end of period | Total return†† | Total return excluding payment from affiliatesu | Net assets at end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | Net investment income (loss) excluding payment from affiliatesu | Portfolio turnover rate | Portfolio turnover rate excluding mortgage dollar rolls | |||||||||||||||||||||||||||||||||
$18.67 | 20.47 | % | 20.47 | % | $ | 81,812 | 0.30 | % | 0.22 | % | 1.38 | % | 1.38 | % | 29 | % | 29 | % | ||||||||||||||||||||||||
16.75 | 31.38 | 31.38 | 70,890 | 0.31 | 0.22 | 1.75 | 1.75 | 27 | 27 | |||||||||||||||||||||||||||||||||
14.98 | (5.55 | ) | (5.55 | ) | 55,841 | 0.32 | 0.22 | 1.68 | 1.68 | 38 | 38 | |||||||||||||||||||||||||||||||
16.90 | 20.96 | 20.96 | 61,385 | 0.33 | 0.22 | 1.75 | 1.75 | 13 | 13 | |||||||||||||||||||||||||||||||||
14.02 | 13.35 | 13.35 | 52,595 | 0.36 | 0.22 | 2.44 | 2.44 | 21 | 21 | |||||||||||||||||||||||||||||||||
33.13 | 20.76 | 20.76 | 678,732 | 0.09 | 0.09 | 1.58 | 1.58 | 3 | 3 | |||||||||||||||||||||||||||||||||
28.02 | 30.81 | 30.81 | 584,156 | 0.10 | 0.09 | 1.94 | 1.94 | 3 | 3 | |||||||||||||||||||||||||||||||||
21.94 | (5.28 | ) | (5.28 | ) | 429,527 | 0.10 | 0.09 | 1.89 | 1.89 | 4 | 4 | |||||||||||||||||||||||||||||||
23.68 | 21.01 | 21.01 | 445,430 | 0.12 | 0.09 | 1.88 | 1.88 | 7 | 7 | |||||||||||||||||||||||||||||||||
19.59 | 12.71 | 12.71 | 364,787 | 0.12 | 0.09 | 2.19 | 2.19 | 12 | 12 | |||||||||||||||||||||||||||||||||
9.22 | 15.34 | 15.32 | 122,446 | 0.64 | 0.60 | 1.52 | 1.50 | 88 | 88 | |||||||||||||||||||||||||||||||||
8.12 | 23.07 | 23.06 | 107,619 | 0.71 | 0.60 | 1.75 | 1.74 | 108 | 108 | |||||||||||||||||||||||||||||||||
7.07 | (23.58 | ) | (23.59 | ) | 86,051 | 0.71 | 0.60 | 1.96 | 1.95 | 67 | 67 | |||||||||||||||||||||||||||||||
9.35 | 32.98 | 32.97 | 115,406 | 0.70 | 0.60 | 1.24 | 1.24 | 119 | 119 | |||||||||||||||||||||||||||||||||
7.11 | 1.06 | 0.96 | 88,738 | 0.69 | 0.60 | 1.57 | 1.47 | 94 | 94 | |||||||||||||||||||||||||||||||||
11.10 | 7.86 | 7.86 | 217,823 | 0.37 | 0.35 | 2.52 | 2.52 | 154 | 91 | |||||||||||||||||||||||||||||||||
10.59 | 9.48 | 9.48 | 203,001 | 0.37 | 0.35 | 3.04 | 3.04 | 117 | 111 | |||||||||||||||||||||||||||||||||
9.96 | (0.79 | ) | (0.79 | ) | 189,285 | 0.38 | 0.35 | 3.01 | 3.01 | 147 | 139 | |||||||||||||||||||||||||||||||
10.31 | 4.54 | 4.54 | 199,969 | 0.36 | 0.35 | 2.69 | 2.69 | 147 | 114 | |||||||||||||||||||||||||||||||||
9.86 | 4.23 | 4.23 | 177,844 | 0.42 | 0.35 | 2.80 | 2.80 | 217 | 143 | |||||||||||||||||||||||||||||||||
1.00 | 0.41 | 0.41 | 115,039 | 0.20 | 0.14 | 0.37 | 0.37 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 2.09 | 2.09 | 105,806 | 0.23 | 0.15 | 2.06 | 2.06 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 1.71 | 1.71 | 104,670 | 0.24 | 0.15 | 1.73 | 1.73 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 0.74 | 0.74 | 82,411 | 0.26 | 0.15 | 0.75 | 0.75 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 0.28 | 0.28 | 78,259 | 0.26 | 0.15 | 0.28 | 0.28 | — | — |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 105 |
Financial highlights |
TIAA-CREF Life Funds
Selected per share data |
| |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Less distributions from | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Net asset value, beginning of period | Net investment income (loss)a |
Net realized gain (loss) on total | Total gain (loss) from | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
BALANCED FUND |
| |||||||||||||||||||||||||||||||||||
12/31/20 | $ | 12.45 | $ | 0.26 | $ | 1.45 | $ | 1.71 | $ | (0.26 | ) | $ | (0.33 | ) | $ | (0.59 | ) | |||||||||||||||||||
12/31/19 | 10.94 | 0.25 | 1.79 | 2.04 | (0.26 | ) | (0.27 | ) | (0.53 | ) | ||||||||||||||||||||||||||
12/31/18 | 11.63 | 0.21 | (0.84 | ) | (0.63 | ) | (0.00 | )d | (0.06 | ) | (0.06 | ) | ||||||||||||||||||||||||
12/31/17 | 10.32 | 0.00 | 1.42 | 1.42 | — | (0.11 | ) | (0.11 | ) | |||||||||||||||||||||||||||
12/31/16 | 10.12 | 0.23 | 0.39 | 0.62 | (0.25 | ) | (0.17 | ) | (0.42 | ) |
* | This per share data has been retroactively adjusted for a 5-for-2 stock split that occurred on October 25, 2017. |
†† | Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Funds would have been lower. |
a | Based on average shares outstanding. |
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. |
106 | 2020 Annual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
|
| Ratios and supplemental data | ||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||
Net asset value, end of period | Total return†† | Net assets (in thousands) | Gross expensese | Net expensese | Net investment income (loss) | Portfolio turnover rate | ||||||||||||||||||||||||
$13.57 | 14.16 | % | $ | 74,157 | 0.18 | % | 0.10 | % | 2.06 | % | 28 | % | ||||||||||||||||||
12.45 | 18.81 | 68,825 | 0.20 | 0.10 | 2.07 | 19 | ||||||||||||||||||||||||
10.94 | (5.47 | ) | 56,516 | 0.21 | 0.10 | 1.77 | 17 | |||||||||||||||||||||||
11.63 | 13.82 | 59,343 | 0.23 | 0.10 | 0.02 | 14 | ||||||||||||||||||||||||
10.32 | 6.14 | 49,957 | 0.24 | 0.10 | 2.20 | 17 |
See notes to financial statements | TIAA-CREF Life Funds § 2020 Annual Report | 107 |
Notes to financial statements |
TIAA-CREF Life Funds
Note 1—organization
TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Core Bond Fund, Money Market Fund and Balanced Fund (collectively the “Funds” or individually, the “Fund”). The Funds are currently available only through the purchase of variable annuity contracts or variable life insurance policies issued by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”). Effective May 1, 2020, Bond Fund changed the name to Core Bond Fund.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. 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.
108 | 2020 Annual Report § TIAA-CREF Life Funds |
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statements of operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statements of operations, when applicable.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
TIAA-CREF Life Funds § 2020 Annual Report | 109 |
Notes to financial statements |
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
New accounting pronouncements: In March 2020, FASB issued Accounting Standards Update (“ASU) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Accounts’ financial statements and various filings.
New rule issuance: In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices. New Rule 2a-5 (“Rule 2a-5”) under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021. The compliance date for Rule 2a-5 and Rule 31a-4 is September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements and various filings.
110 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized are generally classified as Level 2.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Debt securities: Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service
TIAA-CREF Life Funds § 2020 Annual Report | 111 |
Notes to financial statements |
establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by Teachers Advisors, LLC (“Advisors”). These securities are generally classified as Level 2.
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Repurchase Agreements: Repurchase agreements are valued at contract plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally classified as Level 2.
Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Board and are classified as Level 2.
Swap contracts: Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.
Option contracts: Purchased and written options traded and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating,
112 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
As of December 31, 2020, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs while 100% of the value in the Balanced Fund was based on level 1 inputs.
The following table summarizes the market value of the Funds’ investments as of December 31, 2020, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Growth Equity |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Communication services | $ | 27,732,848 | $ | 1,920,042 | $ | — | $ | 29,652,890 | ||||||||
Consumer discretionary | 29,474,720 | 3,548,698 | — | 33,023,418 | ||||||||||||
Consumer staples | 8,251,401 | 739,641 | — | 8,991,042 | ||||||||||||
Health care | 18,397,839 | 2,897,633 | — | 21,295,472 | ||||||||||||
Industrials | 7,750,829 | 1,407,859 | — | 9,158,688 | ||||||||||||
Information technology | 55,461,033 | 1,740,332 | — | 57,201,365 | ||||||||||||
All other equity investments* | 2,840,188 | — | — | 2,840,188 | ||||||||||||
Short-term investments | 81,403 | 4,659,865 | — | 4,741,268 | ||||||||||||
| ||||||||||||||||
Total | $ | 149,990,261 | $ | 16,914,070 | $ | — | $ | 166,904,331 | ||||||||
| ||||||||||||||||
Growth & Income |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 23,525,322 | $ | 1,168,387 | $ | — | $ | 24,693,709 | ||||||||
Consumer staples | 10,536,837 | 850,371 | — | 11,387,208 | ||||||||||||
Health care | 23,123,393 | 2,488,433 | — | 25,611,826 | ||||||||||||
Industrials | 14,775,178 | 632,753 | — | 15,407,931 | ||||||||||||
Utilities | 1,910,043 | 691,343 | — | 2,601,386 | ||||||||||||
All other equity investments* | 97,344,929 | — | — | 97,344,929 | ||||||||||||
Short-term investments | 542,275 | — | — | 542,275 | ||||||||||||
Purchased options | 11,988 | — | — | 11,988 | ||||||||||||
Written options | (242,248 | ) | — | — | (242,248 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 171,527,717 | $ | 5,831,287 | $ | — | $ | 177,359,004 | ||||||||
| ||||||||||||||||
Large-Cap Value |
| |||||||||||||||
Equity investments* | $ | 73,641,329 | $ | — | $ | — | $ | 73,641,329 | ||||||||
Short-term investments | — | 294,992 | — | 294,992 | ||||||||||||
| ||||||||||||||||
Total | $ | 73,641,329 | $ | 294,992 | $ | — | $ | 73,936,321 | ||||||||
| ||||||||||||||||
Real Estate Securities |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Internet services & infrastructure | $ | 1,123,680 | $ | 1,028,726 | $ | — | $ | 2,152,406 | ||||||||
All other equity investments* | 76,614,279 | — | — | 76,614,279 | ||||||||||||
Short-term investments | — | 1,876,948 | — | 1,876,948 | ||||||||||||
| ||||||||||||||||
Total | $ | 77,737,959 | $ | 2,905,674 | $ | — | $ | 80,643,633 | ||||||||
|
TIAA-CREF Life Funds § 2020 Annual Report | 113 |
Notes to financial statements |
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Small-Cap Equity |
| |||||||||||||||
Equity investments* | $ | 58,094,698 | $ | — | $ | — | $ | 58,094,698 | ||||||||
Short-term investments | 595,661 | 2,319,910 | — | 2,915,571 | ||||||||||||
Futures contracts** | 72,738 | — | — | 72,738 | ||||||||||||
| ||||||||||||||||
Total | $ | 58,763,097 | $ | 2,319,910 | $ | — | $ | 61,083,007 | ||||||||
| ||||||||||||||||
Social Choice Equity |
| |||||||||||||||
Equity investments* | $ | 81,163,105 | $ | — | $ | — | $ | 81,163,105 | ||||||||
Short-term investments | 200,881 | 669,989 | — | 870,870 | ||||||||||||
Futures contracts** | 13,824 | — | — | 13,824 | ||||||||||||
| ||||||||||||||||
Total | $ | 81,377,810 | $ | 669,989 | $ | — | $ | 82,047,799 | ||||||||
| ||||||||||||||||
Stock Index |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 72,443,255 | $ | — | $ | 117 | $ | 72,443,372 | ||||||||
Health care | 94,288,332 | — | 1,629 | 94,289,961 | ||||||||||||
Industrials | 62,417,272 | — | 245 | 62,417,517 | ||||||||||||
All other equity investments* | 446,554,014 | — | — | 446,554,014 | ||||||||||||
Short-term investments | 2,293,283 | 2,879,911 | — | 5,173,194 | ||||||||||||
Futures contracts** | 31,244 | — | — | 31,244 | ||||||||||||
| ||||||||||||||||
Total | $ | 678,027,400 | $ | 2,879,911 | $ | 1,991 | $ | 680,909,302 | ||||||||
| ||||||||||||||||
International Equity |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 1,250,000 | $ | 26,754,109 | $ | — | $ | 28,004,109 | ||||||||
Australasia | — | 9,428,859 | — | 9,428,859 | ||||||||||||
Europe | — | 70,737,089 | — | 70,737,089 | ||||||||||||
All other equity investments* | 4,885,497 | 9,213,272 | — | 14,098,769 | ||||||||||||
| ||||||||||||||||
Total | $ | 6,135,497 | $ | 116,133,329 | $ | — | $ | 122,268,826 | ||||||||
| ||||||||||||||||
Core Bond |
| |||||||||||||||
Bank loan obligations | $ | — | $ | 3,053,858 | $ | — | $ | 3,053,858 | ||||||||
Corporate bonds | — | 91,874,991 | — | 91,874,991 | ||||||||||||
Government bonds | — | 77,759,128 | 167,627 | 77,926,755 | ||||||||||||
Structured assets | — | 35,442,662 | 362 | 35,443,024 | ||||||||||||
Common stocks | — | 42,542 | — | 42,542 | ||||||||||||
Preferred stocks | 292,043 | — | — | 292,043 | ||||||||||||
Short-term investments | — | 29,780,417 | — | 29,780,417 | ||||||||||||
| ||||||||||||||||
Total | $ | 292,043 | $ | 237,953,598 | $ | 167,989 | $ | 238,413,630 | ||||||||
|
* | 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 4—investments
Mortgage dollar roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and
114 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.
Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral.
The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.
As of December 31, 2020, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
TIAA-CREF Life Funds § 2020 Annual Report | 115 |
Notes to financial statements |
At December 31, 2020, the total value of securities on loan and the total value of collateral received were as follows:
Fund | Aggregate value of securities on loan | Cash collateral received* | Non-cash collateral received | Total collateral received | ||||||||||||
| ||||||||||||||||
Growth Equity | $ | 335,269 | $ | 81,403 | $ | 278,489 | $ | 359,892 | ||||||||
Growth & Income | 617,617 | 542,275 | 88,834 | 631,109 | ||||||||||||
Small-Cap Equity | 1,050,198 | 595,661 | 523,632 | 1,119,293 | ||||||||||||
Social Choice Equity | 574,821 | 200,881 | 410,767 | 611,648 | ||||||||||||
Stock Index | 3,436,389 | 2,293,283 | 1,291,949 | 3,585,232 | ||||||||||||
|
* | May include cash and investment of cash collateral. |
Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended December 31, 2020 were as follows:
Fund | Non-U.S. government purchases | U.S. government purchases | Non-U.S. government sales | U.S. government sales | ||||||||||||
| ||||||||||||||||
Growth Equity | $ | 158,498,728 | $ | — | $ | 164,529,682 | $ | — | ||||||||
Growth & Income | 97,308,034 | — | 108,572,988 | — | ||||||||||||
Large-Cap Value | 19,241,932 | — | 20,730,983 | — | ||||||||||||
Real Estate Securities | 32,994,644 | — | 36,960,898 | — | ||||||||||||
Small-Cap Equity | 44,656,945 | — | 45,745,103 | — | ||||||||||||
Social Choice Equity | 20,171,476 | — | 22,264,332 | — | ||||||||||||
Stock Index | 15,068,198 | — | 26,993,837 | — | ||||||||||||
International Equity | 89,136,126 | — | 85,726,707 | — | ||||||||||||
Core Bond | 83,353,675 | 236,100,226 | 72,086,450 | 234,342,934 | ||||||||||||
Balanced | 18,800,383 | — | 20,304,046 | — | ||||||||||||
|
Note 5—derivative investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.
116 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
At December 31, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
Assets derivatives | Liabilities derivatives | |||||||||||||||||||
Derivative contract | Location | Fair value amount | Location | Fair value amount | ||||||||||||||||
| ||||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||
Equity contracts | Portfolio investments | $ | 11,988 | Written options | $ | (242,248 | ) | |||||||||||||
| ||||||||||||||||||||
Small-Cap Equity Fund | ||||||||||||||||||||
Equity contracts | Futures contracts | * | 72,738 | |||||||||||||||||
| ||||||||||||||||||||
Social Choice Equity Fund | ||||||||||||||||||||
Equity contracts | Futures contracts | * | 13,824 | |||||||||||||||||
| ||||||||||||||||||||
Stock Index Fund | ||||||||||||||||||||
Equity contracts | Futures contracts | * | 31,244 | |||||||||||||||||
|
* | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures. |
For the year ended December 31, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:
Derivative contracts | Location | Realized gain (loss) | Change in unrealized appreciation (depreciation) | |||||||||
| ||||||||||||
Growth Equity Fund |
| |||||||||||
Equity contracts | Purchased options | $ | 2,412 | $ | — | |||||||
Equity contracts | Written options | 5,162 | — | |||||||||
| ||||||||||||
Growth & Income Fund |
| |||||||||||
Equity contracts | Purchased options | 40,003 | (5,585 | ) | ||||||||
Equity contracts | Written options | (143,361 | ) | 91,939 | ||||||||
| ||||||||||||
Small-Cap Equity Fund |
| |||||||||||
Equity contracts | Futures transactions | 314,604 | 72,598 | |||||||||
| ||||||||||||
Social Choice Equity Fund |
| |||||||||||
Equity contracts | Futures transactions | 140,654 | 9,572 | |||||||||
| ||||||||||||
Stock Index Fund |
| |||||||||||
Equity contracts | Futures transactions | 461,327 | 14,772 | |||||||||
| ||||||||||||
Core Bond Fund |
| |||||||||||
Equity contracts | Futures transactions | 2,464 | — | |||||||||
Foreign-exchange contracts | | Forward foreign currency contracts | | (29,204 | ) | — | ||||||
Credit contracts | Swap transactions | 48,370 | 56,141 | |||||||||
| ||||||||||||
|
Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards
TIAA-CREF Life Funds § 2020 Annual Report | 117 |
Notes to financial statements |
(“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation. The Funds realize gains and losses at the time the forward is closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. There were no forward contracts outstanding as of December 31, 2020.
Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended December 31, 2020, the Small-Cap Equity Fund, the Social Choice Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of December 31, 2020 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 clearinghouse (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the
118 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended December 31, 2020, 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 December 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Credit default swap contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Funds.
Certain Funds may also buy credit default swap contracts, in which case the Funds function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Funds with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.
��
TIAA-CREF Life Funds § 2020 Annual Report | 119 |
Notes to financial statements |
The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of assets and liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of assets and liabilities.
Under the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.
The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended December 31, 2020, the Core Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 1% and 4% of net assets. There were no credit default swap contracts outstanding as of December 31, 2020.
Note 6—income tax and other tax matters
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.
120 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
For the year ended December 31, 2020, permanent book and tax differences resulting primarily from fund distribution reclasses, foreign currency transactions, investments in passive foreign investment companies, treatment of notional principle contracts, and real estate investment trust investments, were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Net unrealized appreciation (depreciation): At December 31, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation) | Net unrealized appreciation (depreciation) | ||||||||||||
| ||||||||||||||||
Growth Equity | $ | 103,507,423 | $ | 64,294,794 | $ | (897,886 | ) | $ | 63,396,908 | |||||||
Growth & Income | 95,497,506 | 83,274,077 | (1,412,579 | ) | 81,861,498 | |||||||||||
Large-Cap Value | 55,024,892 | 20,925,627 | (2,014,198 | ) | 18,911,429 | |||||||||||
Real Estate Securities | 53,346,670 | 28,029,787 | (732,824 | ) | 27,296,963 | |||||||||||
Small-Cap Equity | 45,650,628 | 17,140,254 | (1,707,875 | ) | 15,432,379 | |||||||||||
Social Choice Equity | 46,945,518 | 36,431,473 | (1,329,193 | ) | 35,102,280 | |||||||||||
Stock Index | 270,764,587 | 435,428,480 | (25,283,765 | ) | 410,144,715 | |||||||||||
International Equity | 99,247,970 | 27,196,602 | (4,175,746 | ) | 23,020,856 | |||||||||||
Core Bond | 226,571,535 | 12,954,313 | (1,112,218 | ) | 11,842,095 | |||||||||||
Balanced | 60,681,894 | 14,740,294 | (1,276,774 | ) | 13,463,520 | |||||||||||
|
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.
TIAA-CREF Life Funds § 2020 Annual Report | 121 |
Notes to financial statements |
Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended December 31, 2020 and December 31, 2019 was as follows:
2020 | 2019 | |||||||||||||||||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | Ordinary income | Long-term capital gains | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Growth Equity | $ | 437,645 | $ | 9,918,652 | $ | 10,356,297 | $ | 468,046 | $ | 9,384,206 | $ | 9,852,252 | ||||||||||||||||
Growth & Income | 1,961,079 | 6,738,747 | 8,699,826 | 1,506,220 | 8,976,416 | 10,482,636 | ||||||||||||||||||||||
Large-Cap Value | 1,299,154 | — | 1,299,154 | 1,238,952 | 3,282,327 | 4,521,279 | ||||||||||||||||||||||
Real Estate Securities | 2,415,808 | 3,637,207 | 6,053,015 | 1,549,733 | 1,411,488 | 2,961,221 | ||||||||||||||||||||||
Small-Cap Equity | 401,757 | 1,810,481 | 2,212,238 | 2,115,655 | 5,317,159 | 7,432,814 | ||||||||||||||||||||||
Social Choice Equity | 1,307,131 | 4,015,827 | 5,322,958 | 1,161,461 | 8,577,050 | 9,738,511 | ||||||||||||||||||||||
Stock Index | 10,353,979 | 2,037,215 | 12,391,194 | 8,740,571 | 3,909,975 | 12,650,546 | ||||||||||||||||||||||
International Equity | 1,665,039 | — | 1,665,039 | 2,028,157 | 4,529,229 | 6,557,386 | ||||||||||||||||||||||
Core Bond | 5,983,037 | — | 5,983,037 | 5,808,915 | — | 5,808,915 | ||||||||||||||||||||||
Money Market | 447,661 | — | 447,661 | 2,091,692 | — | 2,091,692 | ||||||||||||||||||||||
Balanced | 1,441,693 | 1,646,232 | 3,087,925 | 1,455,348 | 1,302,684 | 2,758,032 | ||||||||||||||||||||||
|
Components of accumulated earnings: As of December 31, 2020, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed ordinary income | Undistributed long-term capital gains | Unrealized appreciation (depreciation) | Capital loss carryover | Total | |||||||||||||||
| ||||||||||||||||||||
Growth Equity | $ | 11,608,993 | $ | 20,848,474 | $ | 63,392,392 | $ | — | $ | 95,849,859 | ||||||||||
Growth & Income | 1,551,693 | 3,983,088 | 81,861,884 | — | 87,396,665 | |||||||||||||||
Large-Cap Value | 1,158,517 | — | 18,911,499 | (1,769,392 | ) | 18,300,624 | ||||||||||||||
Real Estate Securities | 1,407,391 | 199,973 | 27,296,963 | — | 28,904,327 | |||||||||||||||
Small-Cap Equity | 331,108 | — | 15,432,379 | (2,910,510 | ) | 12,852,977 | ||||||||||||||
Social Choice Equity | 2,158,253 | 1,305,280 | 35,102,280 | — | 38,565,813 | |||||||||||||||
Stock Index | 10,065,660 | 1,320,808 | 410,144,715 | — | 421,531,183 | |||||||||||||||
International Equity | 1,513,243 | — | 23,036,731 | (6,808,347 | ) | 17,741,627 | ||||||||||||||
Core Bond | 5,969,903 | 2,981,152 | 11,847,550 | — | 20,798,605 | |||||||||||||||
Money Market | 13,703 | — | — | — | 13,703 | |||||||||||||||
Balanced | 1,788,556 | 1,402,891 | 13,463,520 | — | 16,654,967 | |||||||||||||||
|
The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, the realization, for tax purposes, of unrealized gains on
122 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
investments in passive foreign investment companies, and the treatment of short term gain as ordinary income for tax purposes.
Capital loss carryovers: At December 31, 2020, the following Funds had capital loss carryovers, which will not expire:
Fund | Short-term | Long-term | Total | |||||||||
| ||||||||||||
Large-Cap Value | $ | 931,299 | $ | 838,093 | $ | 1,769,392 | ||||||
Small-Cap Equity | 1,886,471 | 1,024,039 | 2,910,510 | |||||||||
International Equity | 1,808,621 | 4,999,726 | 6,808,347 | |||||||||
|
For the year ended December 31, 2020, the Core Bond Fund utilized $515,201 of its long-term capital loss carryover, available from prior years.
The capital loss carryover for the Core Bond Fund was reduced to zero as a
result of this utilization.
Note 7—investment adviser and affiliates
Advisors, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA, distributes the Funds’ shares. Under the terms of the distribution agreement, Nuveen Securities is not compensated. Nuveen Securities does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds.
As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of December 31, 2020, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:
Fund | Investment management fee | Maximum expense amounts* | ||||||
| ||||||||
Growth Equity | 0.45% | 0.52% | ||||||
Growth & Income | 0.45 | 0.52 | ||||||
Large-Cap Value | 0.45 | 0.52 | ||||||
Real Estate Securities | 0.50 | 0.57 | ||||||
Small-Cap Equity | 0.46 | 0.53 | ||||||
Social Choice Equity | 0.15 | 0.22 | ||||||
|
TIAA-CREF Life Funds § 2020 Annual Report | 123 |
Notes to financial statements |
Fund | Investment management fee | Maximum expense amounts* | ||||||
| ||||||||
Stock Index | 0.06% | 0.09% | ||||||
International Equity | 0.50 | 0.60 | ||||||
Core Bond | 0.30 | 0.35 | ||||||
Money Market | 0.10 | 0.15 | ||||||
Balanced | 0.10 | 0.10 | ||||||
|
* | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2021. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended December 31, 2020, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss) | |||||||||
| ||||||||||||
Growth Equity | $ | 23,612,629 | $ | 22,067,071 | $ | 7,920,998 | ||||||
Growth & Income | 202,059 | 470,538 | (40,230 | ) | ||||||||
Large-Cap Value | 116,852 | 60,994 | 7,701 | |||||||||
Real Estate Securities | 143,579 | — | — | |||||||||
Small-Cap Equity | 46,041 | 69,084 | (11,880 | ) | ||||||||
Social Choice Equity | 76,536 | 47,868 | 16,614 | |||||||||
Stock Index | 146,191 | 112,127 | 68,130 | |||||||||
International Equity | — | 176,297 | (78,590 | ) | ||||||||
|
Certain registered separate accounts of TIAA-CREF Life, which is a wholly owned subsidiary of TIAA, have various sub-accounts which invest in the Funds.
The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of December 31, 2020:
Underlying Fund | Investments in funds held by TIAA-CREF Life | Investments in funds held by Life Balanced | Total | |||||||||
| ||||||||||||
Growth Equity | 96 | % | 4 | % | 100 | % | ||||||
Growth & Income | 96 | 4 | 100 | |||||||||
Large-Cap Value | 91 | 9 | 100 | |||||||||
Real Estate Securities | 98 | 2 | 100 | |||||||||
Small-Cap Equity | 98 | 2 | 100 | |||||||||
Social Choice Equity | 100 | — | 100 | |||||||||
Stock Index | 99 | 1 | 100 | |||||||||
International Equity | 94 | 6 | 100 | |||||||||
|
124 | 2020 Annual Report § TIAA-CREF Life Funds |
continued |
Underlying Fund | Investments in funds held by TIAA-CREF Life | Investments in funds held by Life Balanced | Total | |||||||||
| ||||||||||||
Core Bond | 83 | % | 17 | % | 100 | % | ||||||
Money Market | 100 | — | 100 | |||||||||
Balanced | 100 | — | 100 | |||||||||
|
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The TIAA-CREF Life Balanced Fund invests its assets in shares of the affiliated TIAA-CREF Life Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
Issue | Value at 12/31/19 | Purchases cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Value at 12/31/20 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
TIAA-CREF Life Balanced Fund |
| |||||||||||||||||||||||||||
TIAA-CREF Life Funds: |
| |||||||||||||||||||||||||||
Growth Equity | $ | 6,417 | $ | 1,605 | $ | 3,007 | $ | 941 | $ | 1,458 | $ | 19 | $ | 6,988 | ||||||||||||||
Growth & Income | 6,953 | 1,433 | 1,891 | 433 | 868 | 83 | 7,510 | |||||||||||||||||||||
Large-Cap Value | 6,050 | 1,860 | 1,675 | (100 | ) | 386 | 117 | 6,521 | ||||||||||||||||||||
Real Estate Securities | 1,404 | 612 | 464 | 82 | (52 | ) | 31 | 1,507 | ||||||||||||||||||||
Small Cap Equity | 1,380 | 525 | 597 | (38 | ) | 282 | 12 | 1,499 | ||||||||||||||||||||
Stock Index | 5,531 | 808 | 1,360 | 260 | 778 | 88 | 5,994 | |||||||||||||||||||||
International Equity | 6,941 | 1,920 | 2,347 | (44 | ) | 1,045 | 108 | 7,515 | ||||||||||||||||||||
Core Bond | 34,080 | 9,013 | 7,955 | 75 | 1,398 | 981 | 36,611 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
$ | 68,756 | $ | 17,776 | $ | 19,296 | $ | 1,609 | $ | 6,163 | $ | 1,439 | $ | 74,145 | |||||||||||||||
|
Note 8—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended December 31, 2020, there were no inter-fund borrowing or lending transactions.
Note 9—line of credit
Each of the Funds, except the Money Market Fund, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was
TIAA-CREF Life Funds § 2020 Annual Report | 125 |
Notes to financial statements | concluded |
entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2020, there were no borrowings under this credit facility by the Funds.
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) as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Fund’s exposure related to this matter is estimated to be 0.15% of net assets as of December 31, 2020.
126 | 2020 Annual Report § TIAA-CREF Life Funds |
Report of independent registered public accounting firm |
To the Board of Trustees of TIAA-CREF Life Funds and Shareholders of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Core Bond Fund (Formerly Bond Fund), Money Market Fund and Balanced Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Core Bond Fund (Formerly Bond Fund) and Money Market Fund, and portfolio of investments, of Balanced Fund, (constituting TIAA-CREF Life Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the
TIAA-CREF Life Funds § 2020 Annual Report | 127 |
Report of independent registered public accounting firm | concluded |
overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
February 19, 2021
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
128 | 2020 Annual Report § TIAA-CREF Life Funds |
Important tax information (unaudited) |
TIAA-CREF Life Funds
For the fiscal year ended December 31, 2020, the TIAA-CREF Life Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.
Fund | Section 1250 gains | Long-term capital gains | Total | |||||||||
| ||||||||||||
Growth Equity | $ | — | $ | 9,918,652 | $ | 9,918,652 | ||||||
Growth & Income | — | 6,738,747 | 6,738,747 | |||||||||
Large-Cap Value | — | — | — | |||||||||
Real Estate Securities | 57,822 | 3,579,385 | 3,637,207 | |||||||||
Small-Cap Equity | — | 1,810,481 | 1,810,481 | |||||||||
Social Choice Equity | — | 4,015,827 | 4,015,827 | |||||||||
Stock Index | — | 2,037,215 | 2,037,215 | |||||||||
International Equity | — | — | — | |||||||||
Core Bond | — | — | — | |||||||||
Money Market | — | — | — | |||||||||
Balanced | — | 1,646,232 | 1,646,232 | |||||||||
|
For the fiscal year ended December 31, 2020, the TIAA-CREF Life Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.
Fund | Percentage | |||
| ||||
Growth Equity | 100.0 | % | ||
Growth & Income | 100.0 | |||
Large-Cap Value | 100.0 | |||
Real Estate Securities | — | |||
Small-Cap Equity | 100.0 | |||
Social Choice Equity | 85.1 | |||
Stock Index | 84.2 | |||
International Equity | — | |||
Core Bond | — | |||
Money Market | — | |||
Balanced | 49.4 | |||
|
The TIAA-CREF Life International Equity Fund received income from foreign sources during the year ended December 31, 2020 of $2,244,462 ($0.16907 per share), and paid taxes to foreign countries during the year ended December 31, 2020 of $159,978 ($0.01205 per share).
TIAA-CREF Life Funds § 2020 Annual Report | 129 |
Trustees and officers (unaudited) |
TIAA-CREF Life Funds § January 21, 2021
Trustees
Name, address and year of birth (“YOB”) | Position(s) held with fund | Term of office and length of time served | Principal occupation(s) during past 5 years | Number of portfolios in fund complex overseen by trustee | Other directorship(s) held by trustee | |||||
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2006. | Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005). | 88 | Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation. | |||||
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Trustee | Indefinite term. Trustee since 2019. | Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002). | 88 | Board member, Lumina Foundation and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation. | |||||
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2018. | James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013). | 88 | Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association. |
130 | 2020 Annual Report § TIAA-CREF Life Funds |
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2007. | Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc. | 88 | Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. | |||||
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967 | Trustee | Indefinite term. Trustee since 2007. | Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006). | 88 | Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council. | |||||
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2005. | James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School. | 88 | Director, Commonwealth (non-profit organization). | |||||
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Trustee | Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017. | Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management. | 88 | Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council. | |||||
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958 | Trustee | Indefinite term. Trustee since 2006. | President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. | 88 | Director, National Bureau of Economic Research, Trustee, Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers. |
TIAA-CREF Life Funds § 2020 Annual Report | 131 |
Trustees and officers (unaudited) | continued |
TIAA-CREF Life Funds § January 21, 2021
Trustees—concluded
Name, address and year of birth (“YOB”) | Position(s) held with fund | Term of office and length of time served | Principal occupation(s) during past 5 years | Number of portfolios in fund complex overseen by trustee | Other directorship(s) held by trustee | |||||
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949 | Trustee | Indefinite term. Trustee since 1999. | Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012). | 88 | Director, TheraTrue Inc. | |||||
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950 | Trustee | Indefinite term. Trustee since 2006. | Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, (2019–2020), Vice President (2013–2018), Society of Financial Studies. President (since 2020), Vice President (2019–2020), American Finance Association. | 88 | Texa$aver Product Committee Member, Employees Retirement System of Texas. |
132 | 2020 Annual Report § TIAA-CREF Life Funds |
Officers
Name, address and year of birth (“YOB”) | Position(s) held with fund | Term of office and length of time served | Principal occupation(s) during past 5 years | |||
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Chief Compliance Officer | One-year term. Chief Compliance Officer since 2008. | Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). | |||
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976 | Senior Managing Director and Corporate Secretary | One-year term. Senior Managing Director and Corporate Secretary since 2020. | Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center. | |||
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Executive Officer and President | One-year term. Principal Executive Officer and President since 2017. | Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments. | |||
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971 | Executive Vice President | One-year term. Executive Vice President since 2018. | Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA. | |||
David Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970 | Executive Vice President | One-year term. Executive Vice President since 2020. | Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services. |
TIAA-CREF Life Funds § 2020 Annual Report | 133 |
Trustees and officers (unaudited) | concluded |
TIAA-CREF Life Funds § January 21, 2021
Officers—concluded
Name, address and year of birth (“YOB”) | Position(s) held with fund | Term of office and length of time served | Principal occupation(s) during past 5 years | |||
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Executive Vice President and Chief Legal Officer | One-year term. Executive Vice President and Chief Legal Officer since 2018. | Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. | |||
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Financial Officer, Principal Accounting Officer and Treasurer | One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017. | Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen. | |||
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Executive Vice President | One-year term. Executive Vice President since 2018. | Senior Executive Vice President, Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group. |
Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, TIAA.org, or by calling 800 223-1200.
134 | 2020 Annual Report § TIAA-CREF Life Funds |
Additional information about index providers (unaudited) |
Russell indexes
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Bloomberg Barclays indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
FTSE index
Source: FTSE International Limited (“FTSE”) © FTSE 2021. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “Nareit®” is a trade mark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Standard & Poor’s index
The S&P® 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively,
TIAA-CREF Life Funds § 2020 Annual Report | 135 |
Additional information about index providers (unaudited) |
“S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Fund. S&P Dow Jones Indices has no obligation to take the needs of the Fund or the owners of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
MSCI indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis
136 | 2020 Annual Report § TIAA-CREF Life Funds |
| concluded |
for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Morningstar index
©2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
TIAA-CREF Life Funds § 2020 Annual Report | 137 |
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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
Automated telephone service
Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums
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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 information, please visit TIAA.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2021 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206
730 Third Avenue New York, NY 10017-3206 |
Printed on paper containing recycled fiber
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1453348 | A10847 (2/21) |
730 Third Avenue New York, NY 10017-3206 |
1453348 | A10847 (2/21) |
Item 2. Code of Conduct.
2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.
2(b) No response required.
2(c) During the reporting period, there were no amendments to the code of conduct.
2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.
2(e) Not applicable.
2(f) A copy of the current code of conduct is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.
3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.
The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2020 and December 31, 2019 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-08961) because the fees disclosed in this statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant periods.
4(a) Audit Fees.
For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $ 302,899 and $299,900, respectively.
4(b) Audit Related Fees.
For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.
For the fiscal years ended December 31, 2020 and December 31, 2019, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.
4(c) Tax Fees.
For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $1,728, respectively.
For the fiscal years ended December 31, 2020 and December 31, 2019, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.
4(d) All Other Fees.
For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for all other services billed to the Registrant were $2,342 and $5,057, respectively.
For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.
4(e)(1) Preapproval Policy.
The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.
The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.
4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):
Audit-Related Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Registrant.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
Tax Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Registrant.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Registrant.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.
4(g) Non-Audit Fees for Related Entities.
For the fiscal years ended December 31, 2020 and December 31, 2019, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $343,000 and $367,000, respectively.
4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.
Item 5. Audited Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF LIFE FUNDS - Growth Equity Fund
TIAA-CREF LIFE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||||||
COMMON STOCKS - 97.4% | ||||||||||||
AUTOMOBILES & COMPONENTS - 1.4% | ||||||||||||
3,408 | * | Tesla, Inc | $ | 2,404,923 | ||||||||
|
| |||||||||||
TOTAL AUTOMOBILES & COMPONENTS | 2,404,923 | |||||||||||
|
| |||||||||||
BANKS - 0.2% | ||||||||||||
12,991 | *,e | Rocket Cos, Inc | 262,678 | |||||||||
|
| |||||||||||
TOTAL BANKS | 262,678 | |||||||||||
|
| |||||||||||
CAPITAL GOODS - 1.5% | ||||||||||||
29,010 | * | Churchill Capital Corp IV | 298,803 | |||||||||
5,292 | Roper Technologies Inc | 2,281,328 | ||||||||||
|
| |||||||||||
TOTAL CAPITAL GOODS | 2,580,131 | |||||||||||
|
| |||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 2.8% | ||||||||||||
5,222 | * | Cimpress plc | 458,178 | |||||||||
32,342 | * | Clarivate Analytics plc | 960,881 | |||||||||
37,060 | Experian Group Ltd | 1,407,859 | ||||||||||
17,228 | Waste Connections, Inc | 1,767,076 | ||||||||||
|
| |||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 4,593,994 | |||||||||||
|
| |||||||||||
CONSUMER DURABLES & APPAREL - 2.2% | ||||||||||||
5,054 | Essilor International S.A. | 787,587 | ||||||||||
11,053 | Nike, Inc (Class B) | 1,563,668 | ||||||||||
3,802 | * | Peloton Interactive, Inc | 576,839 | |||||||||
102,000 | Prada S.p.A | 674,012 | ||||||||||
|
| |||||||||||
TOTAL CONSUMER DURABLES & APPAREL | 3,602,106 | |||||||||||
|
| |||||||||||
CONSUMER SERVICES - 3.2% | ||||||||||||
970 | * | Airbnb, Inc | 142,396 | |||||||||
55,728 | Carnival Corp | 1,207,068 | ||||||||||
1,124 | * | Chipotle Mexican Grill, Inc (Class A) | 1,558,662 | |||||||||
6,836 | * | Flutter Entertainment plc | 1,414,098 | |||||||||
16,659 | Las Vegas Sands Corp | 992,876 | ||||||||||
|
| |||||||||||
TOTAL CONSUMER SERVICES | 5,315,100 | |||||||||||
|
| |||||||||||
DIVERSIFIED FINANCIALS - 1.0% | ||||||||||||
11,410 | * | Ribbit LEAP Ltd | 170,808 | |||||||||
4,658 | S&P Global, Inc | 1,531,224 | ||||||||||
|
| |||||||||||
TOTAL DIVERSIFIED FINANCIALS | 1,702,032 | |||||||||||
|
| |||||||||||
FOOD & STAPLES RETAILING - 2.2% | ||||||||||||
9,843 | Costco Wholesale Corp | 3,708,646 | ||||||||||
|
| |||||||||||
TOTAL FOOD & STAPLES RETAILING | 3,708,646 | |||||||||||
|
| |||||||||||
FOOD, BEVERAGE & TOBACCO - 2.4% | ||||||||||||
1,563 | Constellation Brands, Inc (Class A) | 342,375 | ||||||||||
64,528 | Davide Campari-Milano NV | 739,642 | ||||||||||
25,168 | Keurig Dr Pepper, Inc | 805,376 | ||||||||||
22,719 | * | Monster Beverage Corp | 2,101,053 | |||||||||
|
| |||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 3,988,446 | |||||||||||
|
| |||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.7% | ||||||||||||
12,186 | Alcon, Inc | 809,103 | ||||||||||
3,348 | * | Align Technology, Inc | 1,789,104 | |||||||||
17,937 | * | Boston Scientific Corp | 644,835 | |||||||||
7,639 | Cigna Corp | 1,590,287 | ||||||||||
1,081 | * | DexCom, Inc | 399,667 | |||||||||
3,703 | * | GoodRx Holdings, Inc | 149,379 | |||||||||
6,420 | * | Guardant Health, Inc | 827,410 | |||||||||
2,018 | * | Intuitive Surgical, Inc | 1,650,926 | |||||||||
|
| |||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 7,860,711 | |||||||||||
|
|
1
TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||||||||
4,861 | Estee Lauder Cos (Class A) | $ | 1,293,950 | |||||||||||
|
| |||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,293,950 | |||||||||||||
|
| |||||||||||||
INSURANCE - 0.0% | ||||||||||||||
4,837 | *,e | Root, Inc | 75,989 | |||||||||||
|
| |||||||||||||
TOTAL INSURANCE | 75,989 | |||||||||||||
|
| |||||||||||||
MATERIALS - 0.5% | ||||||||||||||
3,034 | Linde plc | 799,489 | ||||||||||||
|
| |||||||||||||
TOTAL MATERIALS | 799,489 | |||||||||||||
|
| |||||||||||||
MEDIA & ENTERTAINMENT - 15.0% | ||||||||||||||
4,902 | * | Alphabet, Inc (Class C) | 8,587,716 | |||||||||||
11,302 | Electronic Arts, Inc | 1,622,967 | ||||||||||||
27,001 | * | Facebook, Inc | 7,375,593 | |||||||||||
15,442 | * | Match Group, Inc | 2,334,676 | |||||||||||
2,092 | * | Netflix, Inc | 1,131,207 | |||||||||||
15,600 | Tencent Holdings Ltd | 1,122,479 | ||||||||||||
23,206 | * | Twitter, Inc | 1,256,605 | |||||||||||
8,750 | * | Walt Disney Co | 1,585,325 | |||||||||||
|
| |||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 25,016,568 | |||||||||||||
|
| |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | ||||||||||||||
3,095 | * | 10X Genomics, Inc | 438,252 | |||||||||||
9,808 | AstraZeneca plc | 977,988 | ||||||||||||
69,939 | * | Avantor, Inc | 1,968,783 | |||||||||||
7,342 | Eli Lilly & Co | 1,239,623 | ||||||||||||
5,285 | * | Horizon Therapeutics Plc | 386,598 | |||||||||||
5,559 | * | Illumina, Inc | 2,056,830 | |||||||||||
1,724 | Lonza Group AG. | 1,110,543 | ||||||||||||
13,289 | Merck & Co, Inc | 1,087,040 | ||||||||||||
5,406 | * | Vertex Pharmaceuticals, Inc | 1,277,654 | |||||||||||
17,471 | Zoetis, Inc | 2,891,450 | ||||||||||||
|
| |||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| 13,434,761 | ||||||||||||
|
| |||||||||||||
RETAILING - 13.0% | ||||||||||||||
4,073 | * | Amazon.com, Inc | 13,265,476 | |||||||||||
10,327 | * | ASOS plc | 673,002 | |||||||||||
1,329 | * | Booking Holdings, Inc | 2,960,042 | |||||||||||
15,147 | * | CarMax, Inc | 1,430,785 | |||||||||||
9,594 | * | GrubHub, Inc | 712,546 | |||||||||||
9,212 | * | JD.com, Inc (ADR) | 809,735 | |||||||||||
27,086 | TJX Companies, Inc | 1,849,703 | ||||||||||||
|
| |||||||||||||
TOTAL RETAILING | 21,701,289 | |||||||||||||
|
| |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.6% | ||||||||||||||
17,520 | Applied Materials, Inc |
| 1,511,976 | |||||||||||
3,876 | Broadcom, Inc |
| 1,697,107 | |||||||||||
8,240 | Intel Corp |
| 410,517 | |||||||||||
25,148 | Marvell Technology Group Ltd |
| 1,195,536 | |||||||||||
5,136 | NVIDIA Corp |
| 2,682,019 | |||||||||||
11,803 | QUALCOMM, Inc |
| 1,798,069 | |||||||||||
9,581 | Skyworks Solutions, Inc |
| 1,464,743 | |||||||||||
17,019 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) |
| 1,855,752 | |||||||||||
|
| |||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| 12,615,719 | ||||||||||||
|
| |||||||||||||
SOFTWARE & SERVICES - 22.1% | ||||||||||||||
2,210 | * | Adobe, Inc |
| 1,105,265 | ||||||||||
749 | *,g | Adyen NV |
| 1,740,332 | ||||||||||
2,552 | * | DocuSign, Inc |
| 567,310 | ||||||||||
6,505 | Intuit, Inc |
| 2,470,924 | |||||||||||
42,026 | Microsoft Corp |
| 9,347,423 | |||||||||||
29,447 | * | PayPal Holdings, Inc |
| 6,896,488 | ||||||||||
24,173 | * | salesforce.com, Inc |
| 5,379,218 | ||||||||||
3,589 | * | ServiceNow, Inc |
| 1,975,493 | ||||||||||
14,878 | * | Slack Technologies, Inc |
| 628,447 | ||||||||||
3,292 | * | Synopsys, Inc |
| 853,418 | ||||||||||
26,395 | Visa, Inc (Class A) |
| 5,773,378 | |||||||||||
|
| |||||||||||||
TOTAL SOFTWARE & SERVICES |
| 36,737,696 | ||||||||||||
|
|
2
TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7% | ||||||||||||||
59,145 | Apple, Inc |
| $ | 7,847,950 | ||||||||||
|
| |||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 7,847,950 | ||||||||||||
|
| |||||||||||||
TELECOMMUNICATION SERVICES - 2.8% | ||||||||||||||
13,281 | g | Cellnex Telecom SAU |
| 797,563 | ||||||||||
11,337 | * | IAC |
| 2,146,661 | ||||||||||
12,548 | * | T-Mobile US, Inc |
| 1,692,098 | ||||||||||
|
| |||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
| 4,636,322 | ||||||||||||
|
| |||||||||||||
TRANSPORTATION - 1.2% | ||||||||||||||
38,913 | * | Uber Technologies, Inc |
| 1,984,563 | ||||||||||
|
| |||||||||||||
TOTAL TRANSPORTATION | 1,984,563 | |||||||||||||
|
| |||||||||||||
TOTAL COMMON STOCKS | 162,163,063 | |||||||||||||
|
| |||||||||||||
(Cost $98,237,111) | ||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY | |||||||||||
SHORT-TERM INVESTMENTS - 2.9% | ||||||||||||||
GOVERNMENT AGENCY DEBT - 1.9% |
| |||||||||||||
$3,000,000 | Federal Home Loan Bank (FHLB) | 0.075%-0.080 | % | 01/27/21 | 2,999,865 | |||||||||
|
| |||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 2,999,865 | ||||||||||||
|
| |||||||||||||
REPURCHASE AGREEMENT - 1.0% |
| |||||||||||||
1,660,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 01/04/21 | 1,660,000 | |||||||||
|
| |||||||||||||
TOTAL REPURCHASE AGREEMENT |
| 1,660,000 | ||||||||||||
|
| |||||||||||||
SHARES | COMPANY | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% |
| |||||||||||||
81,403 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080 | 81,403 | ||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 81,403 | ||||||||||||
|
| |||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 4,741,268 | |||||||||||||
|
| |||||||||||||
(Cost $4,741,233) | ||||||||||||||
TOTAL INVESTMENTS - 100.3% |
| 166,904,331 | ||||||||||||
(Cost $102,978,344) | ||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% |
| (469,105 | ) | |||||||||||
|
| |||||||||||||
NET ASSETS - 100.0% | $ | 166,435,226 | ||||||||||||
|
|
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 $335,269. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $2,537,895 or 1.5% of net assets. |
r | Agreement with Fixed Income Clearing Corp 0.050% dated 12/31/20 to be repurchased at $1,660,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $1,693,222. |
3
TIAA-CREF LIFE FUNDS - Growth & Income Fund
TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.9% | ||||||||
AUTOMOBILES & COMPONENTS - 1.9% | ||||||||
8,155 | Aptiv plc | $ | 1,062,515 | |||||
15,373 | General Motors Co | 640,132 | ||||||
2,330 | *,n | Tesla, Inc | 1,644,211 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 3,346,858 | |||||||
|
| |||||||
BANKS - 4.4% | ||||||||
85,287 | Bank of America Corp | 2,585,049 | ||||||
10,255 | n | Citigroup, Inc | 632,323 | |||||
17,850 | Citizens Financial Group, Inc | 638,316 | ||||||
26,706 | JPMorgan Chase & Co | 3,393,531 | ||||||
22,443 | Radian Group, Inc | 454,471 | ||||||
|
| |||||||
TOTAL BANKS | 7,703,690 | |||||||
|
| |||||||
CAPITAL GOODS - 6.9% | ||||||||
10,159 | * | Builders FirstSource, Inc | 414,589 | |||||
2,543 | n | Carlisle Cos, Inc | 397,166 | |||||
4,407 | Deere & Co | 1,185,703 | ||||||
6,493 | Dover Corp | 819,741 | ||||||
11,747 | Eaton Corp | 1,411,285 | ||||||
58,412 | n | General Electric Co | 630,850 | |||||
4,506 | HEICO Corp (Class A) | 527,472 | ||||||
9,867 | n | Honeywell International, Inc | 2,098,711 | |||||
13,616 | ITT, Inc | 1,048,704 | ||||||
2,952 | Northrop Grumman Corp | 899,533 | ||||||
6,115 | Otis Worldwide Corp | 413,068 | ||||||
6,884 | Owens Corning, Inc | 521,532 | ||||||
2,433 | * | Teledyne Technologies, Inc | 953,687 | |||||
6,167 | Trane Technologies plc | 895,202 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 12,217,243 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.3% | ||||||||
4,511 | * | Stericycle, Inc | 312,748 | |||||
2,473 | TransUnion | 245,371 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 558,119 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.7% | ||||||||
4,479 | Brunswick Corp | 341,479 | ||||||
8,210 | Callaway Golf Co | 197,122 | ||||||
40,814 | * | Mattel, Inc | 712,204 | |||||
7,057 | Nike, Inc (Class B) | 998,354 | ||||||
15,380 | * | Tempur Sealy International, Inc | 415,260 | |||||
2,393 | Whirlpool Corp | 431,913 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 3,096,332 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.1% | ||||||||
1,645 | * | Airbnb, Inc | 241,486 | |||||
7,161 | * | Caesars Entertainment, Inc | 531,848 | |||||
335 | *,n | Chipotle Mexican Grill, Inc (Class A) | 464,548 | |||||
2,440 | Churchill Downs, Inc | 475,288 | ||||||
3,352 | Darden Restaurants, Inc | 399,290 | ||||||
3,192 | * | Flutter Entertainment plc | 660,298 | |||||
4,723 | Hilton Worldwide Holdings, Inc | 525,481 | ||||||
4,740 | Texas Roadhouse, Inc (Class A) | 370,478 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 3,668,717 | |||||||
|
|
4
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
DIVERSIFIED FINANCIALS - 2.9% | ||||||||
6,448 | Blackstone Group, Inc | $ | 417,895 | |||||
12,447 | Discover Financial Services | 1,126,827 | ||||||
42,833 | Equitable Holdings, Inc | 1,096,096 | ||||||
6,547 | Lazard Ltd (Class A) | 276,938 | ||||||
26,422 | Morgan Stanley | 1,810,700 | ||||||
7,676 | Voya Financial, Inc | 451,426 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 5,179,882 | |||||||
|
| |||||||
ENERGY - 2.0% | ||||||||
3,616 | * | Cheniere Energy, Inc | 217,069 | |||||
11,769 | n | Chevron Corp | 993,892 | |||||
18,831 | EQT Corp | 239,342 | ||||||
12,885 | Hess Corp | 680,199 | ||||||
41,781 | Kinder Morgan, Inc | 571,146 | ||||||
6,875 | Pioneer Natural Resources Co | 782,994 | ||||||
|
| |||||||
TOTAL ENERGY | 3,484,642 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 1.4% | ||||||||
11,735 | * | BJ’s Wholesale Club Holdings, Inc | 437,481 | |||||
5,682 | * | Performance Food Group Co | 270,520 | |||||
8,600 | Walmart, Inc | 1,239,690 | ||||||
1,478 | * | Zur Rose Group AG. | 474,253 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 2,421,944 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 3.0% | ||||||||
11,805 | Coca-Cola Co | 647,386 | ||||||
1,806 | * | Freshpet, Inc | 256,434 | |||||
4,598 | Hershey Co | 700,413 | ||||||
17,570 | Mondelez International, Inc | 1,027,318 | ||||||
7,784 | * | Monster Beverage Corp | 719,864 | |||||
13,419 | PepsiCo, Inc | 1,990,038 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 5,341,453 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.1% | ||||||||
6,583 | Abbott Laboratories | 720,773 | ||||||
1,269 | Anthem, Inc | 407,463 | ||||||
11,279 | Baxter International, Inc | 905,027 | ||||||
6,981 | Danaher Corp | 1,550,759 | ||||||
1,541 | *,n | DexCom, Inc | 569,739 | |||||
6,483 | * | Edwards Lifesciences Corp | 591,444 | |||||
13,554 | * | Envista Holdings Corp | 457,177 | |||||
3,104 | * | Guardant Health, Inc | 400,044 | |||||
3,127 | n | Humana, Inc | 1,282,914 | |||||
1,743 | * | IDEXX Laboratories, Inc | 871,273 | |||||
9,798 | Medtronic plc | 1,147,738 | ||||||
2,969 | STERIS plc | 562,744 | ||||||
4,512 | UnitedHealth Group, Inc | 1,582,268 | ||||||
1,699 | West Pharmaceutical Services, Inc | 481,344 | ||||||
6,293 | Zimmer Biomet Holdings, Inc | 969,688 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 12,500,395 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.0% | ||||||||
2,921 | Estee Lauder Cos (Class A) | 777,541 | ||||||
17,753 | Procter & Gamble Co | 2,470,152 | ||||||
4,214 | Reckitt Benckiser Group plc | 376,118 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 3,623,811 | |||||||
|
|
5
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
INSURANCE - 2.0% | ||||||||
6,742 | Assurant, Inc | $ | 918,395 | |||||
3,161 | Everest Re Group Ltd | 739,959 | ||||||
20,676 | n | Hartford Financial Services Group, Inc | 1,012,710 | |||||
18,776 | Metlife, Inc | 881,533 | ||||||
|
| |||||||
TOTAL INSURANCE | 3,552,597 | |||||||
|
| |||||||
MATERIALS - 4.3% | ||||||||
20,165 | n | CF Industries Holdings, Inc | 780,587 | |||||
18,073 | n | Corteva, Inc | 699,787 | |||||
3,976 | * | Crown Holdings, Inc | 398,395 | |||||
15,516 | Dow, Inc | 861,138 | ||||||
17,258 | DuPont de Nemours, Inc | 1,227,216 | ||||||
4,534 | FMC Corp | 521,093 | ||||||
7,457 | Linde plc | 1,964,994 | ||||||
16,478 | * | Pactiv Evergreen, Inc | 298,911 | |||||
6,472 | PPG Industries, Inc | 933,392 | ||||||
|
| |||||||
TOTAL MATERIALS | 7,685,513 | |||||||
|
| |||||||
MEDIA & ENTERTAINMENT - 9.5% | ||||||||
3,159 | * | Alphabet, Inc (Class C) | 5,534,189 | |||||
26,981 | Comcast Corp (Class A) | 1,413,805 | ||||||
12,069 | * | Facebook, Inc | 3,296,768 | |||||
3,465 | * | Match Group, Inc | 523,873 | |||||
3,006 | *,n | Netflix, Inc | 1,625,434 | |||||
11,789 | *,n | Snap, Inc | 590,275 | |||||
3,558 | * | Take-Two Interactive Software, Inc | 739,317 | |||||
7,857 | * | Twitter, Inc | 425,457 | |||||
14,589 | * | Walt Disney Co | 2,643,235 | |||||
|
| |||||||
TOTAL MEDIA & ENTERTAINMENT | 16,792,353 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4% | ||||||||
2,214 | * | 10X Genomics, Inc | 313,502 | |||||
19,068 | AbbVie, Inc | 2,043,136 | ||||||
8,527 | * | Acadia Pharmaceuticals, Inc | 455,853 | |||||
6,737 | AstraZeneca plc | 671,768 | ||||||
31,924 | * | Avantor, Inc | 898,661 | |||||
4,876 | * | Axsome Therapeutics, Inc | 397,248 | |||||
3,491 | * | Berkeley Lights, Inc | 312,130 | |||||
4,507 | * | Catalent, Inc | 469,044 | |||||
14,976 | Daiichi Sankyo Co Ltd | 513,230 | ||||||
2,295 | Eli Lilly & Co | 387,488 | ||||||
7,868 | * | Genmab A.S. (ADR) | 319,913 | |||||
6,844 | *,n | Horizon Therapeutics Plc | 500,639 | |||||
3,171 | * | IQVIA Holdings, Inc | 568,148 | |||||
1,053 | Lonza Group AG. | 678,307 | ||||||
17,247 | Merck & Co, Inc | 1,410,805 | ||||||
31,409 | Pfizer, Inc | 1,156,165 | ||||||
1,380 | * | Regeneron Pharmaceuticals, Inc | 666,692 | |||||
911 | Roche Holding AG. | 317,300 | ||||||
3,176 | Sanofi-Aventis | 307,827 | ||||||
1,744 | *,n | Seagen, Inc | 305,444 | |||||
15,238 | * | Sotera Health Co | 418,131 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 13,111,431 | |||||||
|
| |||||||
REAL ESTATE - 1.5% | ||||||||
4,177 | American Tower Corp | 937,569 | ||||||
457 | Equinix, Inc | 326,380 | ||||||
9,131 | Prologis, Inc | 909,996 | ||||||
6,128 | Simon Property Group, Inc | 522,596 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 2,696,541 | |||||||
|
|
6
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
RETAILING - 8.2% | ||||||||
2,298 | * | Amazon.com, Inc | $ | 7,484,425 | ||||
6,486 | n | Best Buy Co, Inc | 647,238 | |||||
10,758 | *,e,n | Children’s Place, Inc | 538,976 | |||||
6,858 | Dick’s Sporting Goods, Inc | 385,488 | ||||||
9,228 | n | Expedia Group, Inc | 1,221,787 | |||||
7,960 | n | Home Depot, Inc | 2,114,335 | |||||
2,740 | e,n | Nordstrom, Inc | 85,516 | |||||
7,692 | Target Corp | 1,357,869 | ||||||
47,634 | * | THG Holdings Ltd | 508,088 | |||||
9,300 | *,n | Urban Outfitters, Inc | 238,080 | |||||
|
| |||||||
TOTAL RETAILING | 14,581,802 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6% | ||||||||
10,234 | * | Advanced Micro Devices, Inc | 938,560 | |||||
1,972 | Broadcom, Inc | 863,440 | ||||||
5,493 | * | Cree, Inc | 581,708 | |||||
3,764 | *,n | Enphase Energy, Inc | 660,469 | |||||
15,877 | n | Intel Corp | 790,992 | |||||
17,839 | n | Marvell Technology Group Ltd | 848,066 | |||||
2,186 | Monolithic Power Systems, Inc | 800,579 | ||||||
4,510 | NVIDIA Corp | 2,355,122 | ||||||
5,593 | NXP Semiconductors NV | 889,343 | ||||||
12,594 | n | QUALCOMM, Inc | 1,918,570 | |||||
6,069 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 661,764 | ||||||
1,741 | n | Universal Display Corp | 400,082 | |||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 11,708,695 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 11.3% | ||||||||
2,411 | * | Anaplan, Inc | 173,230 | |||||
5,119 | * | Check Point Software Technologies | 680,366 | |||||
11,115 | * | Fiserv, Inc | 1,265,554 | |||||
3,705 | * | Liveperson, Inc | 230,562 | |||||
5,912 | n | Mastercard, Inc (Class A) | 2,110,229 | |||||
44,203 | Microsoft Corp | 9,831,631 | ||||||
6,639 | * | Nuance Communications, Inc | 292,713 | |||||
7,118 | * | PayPal Holdings, Inc | 1,667,036 | |||||
8,624 | *,n | salesforce.com, Inc | 1,919,099 | |||||
2,220 | * | ServiceNow, Inc | 1,221,955 | |||||
2,474 | * | Synopsys, Inc | 641,360 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 20,033,735 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 9.0% | ||||||||
88,072 | n | Apple, Inc | 11,686,274 | |||||
7,890 | * | Calix, Inc | 234,806 | |||||
5,003 | * | Ciena Corp | 264,409 | |||||
14,503 | Cisco Systems, Inc | 649,009 | ||||||
3,365 | Cognex Corp | 270,159 | ||||||
12,315 | Corning, Inc | 443,340 | ||||||
7,150 | * | Keysight Technologies, Inc | 944,444 | |||||
2,739 | * | Lumentum Holdings, Inc | 259,657 | |||||
9,549 | TE Connectivity Ltd | 1,156,097 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 15,908,195 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.4% | ||||||||
17,778 | AT&T, Inc | 511,295 | ||||||
5,414 | * | T-Mobile US, Inc | 730,078 | |||||
23,110 | Verizon Communications, Inc | 1,357,713 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 2,599,086 | |||||||
|
|
7
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | RATE | VALUE | |||||||||||||
TRANSPORTATION - 1.5% |
| |||||||||||||||
8,723 | Delta Air Lines, Inc | $ | 350,752 | |||||||||||||
3,765 | DSV AS | 632,752 | ||||||||||||||
9,296 | Knight-Swift Transportation Holdings, Inc | 388,759 | ||||||||||||||
7,484 | United Parcel Service, Inc (Class B) | 1,260,306 | ||||||||||||||
|
| |||||||||||||||
TOTAL TRANSPORTATION | 2,632,569 | |||||||||||||||
|
| |||||||||||||||
UTILITIES - 1.5% |
| |||||||||||||||
5,471 | Ameren Corp | 427,066 | ||||||||||||||
19,222 | NextEra Energy, Inc | 1,482,977 | ||||||||||||||
16,341 | RWE AG. | 691,343 | ||||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 2,601,386 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 177,046,989 | |||||||||||||||
|
| |||||||||||||||
(Cost $94,101,835) | ||||||||||||||||
PURCHASED OPTIONS - 0.0% |
| |||||||||||||||
CAPITAL GOODS - 0.0% |
| |||||||||||||||
300 | Boeing Co | 3,924 | ||||||||||||||
|
| |||||||||||||||
TOTAL CAPITAL GOODS | 3,924 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |
| |||||||||||||||
1,200 | BioMarin Pharmaceutical, Inc | 8,064 | ||||||||||||||
|
| |||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 8,064 | |||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | 11,988 | |||||||||||||||
|
| |||||||||||||||
(Cost $17,709) | ||||||||||||||||
SHORT-TERM INVESTMENTS - 0.3% |
| |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% |
| |||||||||||||||
542,275 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080 | % | 542,275 | |||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 542,275 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 542,275 | |||||||||||||||
|
| |||||||||||||||
(Cost $542,275) | ||||||||||||||||
TOTAL INVESTMENTS - 100.2% | 177,601,252 | |||||||||||||||
(Cost $94,661,819) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.2)% | (447,747 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 177,153,505 | ||||||||||||||
|
|
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 $617,617. |
n | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts. |
Purchased options outstanding as of December 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
BioMarin Pharmaceutical, Inc, Call | 12 | $ | 8,604 | $ | 95.00 | 04/16/21 | $ | 8,064 | ||||||||||||
Boeing Co, Call | 3 | 9,105 | 250.00 | 05/21/21 | 3,924 | |||||||||||||||
Total | 15 | $ | 17,709 | $ | 11,988 | |||||||||||||||
8
TIAA-CREF LIFE FUNDS - Growth & Income Fund
Written options outstanding as of December 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Alkermes plc, Put | 22 | $ | (3,186 | ) | $ | 14.00 | 05/21/21 | $ | (1,265 | ) | ||||||||||
Alliance Data Systems Corp, Put | 20 | (2,559 | ) | 60.00 | 01/15/21 | (440 | ) | |||||||||||||
Apple, Inc, Call | 28 | (50,858 | ) | 140.00 | 06/18/21 | (28,000 | ) | |||||||||||||
Apple, Inc, Put | 52 | (50,242 | ) | 105.00 | 06/18/21 | (16,900 | ) | |||||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 22 | (32,303 | ) | 45.00 | 06/18/21 | (32,340 | ) | |||||||||||||
Best Buy Co, Inc, Call | 16 | (1,919 | ) | 115.00 | 01/15/21 | (224 | ) | |||||||||||||
Best Buy Co, Inc, Put | 8 | (1,000 | ) | 90.00 | 01/15/21 | (288 | ) | |||||||||||||
Biogen, Inc, Put | 3 | (11,185 | ) | 250.00 | 03/19/21 | (8,700 | ) | |||||||||||||
Biogen, Inc, Put | 5 | (20,013 | ) | 255.00 | 04/16/21 | (16,825 | ) | |||||||||||||
BioMarin Pharmaceutical, Inc, Call | 12 | (5,375 | ) | 105.00 | 04/16/21 | (5,340 | ) | |||||||||||||
BioMarin Pharmaceutical, Inc, Put | 12 | (2,855 | ) | 70.00 | 04/16/21 | (3,408 | ) | |||||||||||||
Boeing Co, Call | 3 | (6,084 | ) | 280.00 | 05/21/21 | (2,220 | ) | |||||||||||||
Boeing Co, Put | 3 | (8,701 | ) | 205.00 | 05/21/21 | (6,315 | ) | |||||||||||||
Carlisle Cos, Inc, Call | 5 | (1,390 | ) | 170.00 | 03/19/21 | (1,800 | ) | |||||||||||||
Carlisle Cos, Inc, Put | 5 | (1,640 | ) | 125.00 | 03/19/21 | (1,237 | ) | |||||||||||||
CarMax, Inc, Put | 11 | (1,244 | ) | 80.00 | 02/19/21 | (853 | ) | |||||||||||||
CF Industries Holdings, Inc, Put | 24 | (1,223 | ) | 32.50 | 01/15/21 | (96 | ) | |||||||||||||
Chevron Corp, Call | 5 | (1,640 | ) | 105.00 | 03/19/21 | (390 | ) | |||||||||||||
Chevron Corp, Put | 5 | (1,165 | ) | 80.00 | 03/19/21 | (2,075 | ) | |||||||||||||
Chevron Corp, Put | 5 | (4,965 | ) | 72.50 | 06/18/21 | (2,050 | ) | |||||||||||||
Chewy, Inc, Put | 10 | (560 | ) | 80.00 | 01/15/21 | (920 | ) | |||||||||||||
Children’s Place, Inc, Call | 14 | (7,223 | ) | 65.00 | 06/18/21 | (8,610 | ) | |||||||||||||
Children’s Place, Inc, Put | 33 | (24,014 | ) | 30.00 | 03/19/21 | (3,300 | ) | |||||||||||||
Children’s Place, Inc, Put | 14 | (4,475 | ) | 30.00 | 06/18/21 | (3,395 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Call | 1 | (6,804 | ) | 1,600.00 | 06/18/21 | (5,655 | ) | |||||||||||||
Chipotle Mexican Grill, Inc, Put | 1 | (2,627 | ) | 1,000.00 | 06/18/21 | (2,200 | ) | |||||||||||||
Citigroup, Inc, Call | 9 | (2,196 | ) | 65.00 | 06/18/21 | (3,915 | ) | |||||||||||||
Citigroup, Inc, Put | 9 | (2,661 | ) | 47.50 | 06/18/21 | (1,476 | ) | |||||||||||||
Corteva, Inc, Call | 16 | (783 | ) | 45.00 | 03/19/21 | (800 | ) | |||||||||||||
Corteva, Inc, Put | 16 | (2,207 | ) | 33.00 | 03/19/21 | (1,280 | ) | |||||||||||||
Deckers Outdoor Corp, Put | 6 | (1,050 | ) | 210.00 | 01/15/21 | (210 | ) | |||||||||||||
DexCom, Inc, Put | 7 | (18,998 | ) | 320.00 | 03/19/21 | (9,555 | ) | |||||||||||||
Enphase Energy, Inc, Call | 4 | (7,592 | ) | 220.00 | 05/21/21 | (7,956 | ) | |||||||||||||
Enphase Energy, Inc, Call | 4 | (7,592 | ) | 240.00 | 05/21/21 | (6,328 | ) | |||||||||||||
Enphase Energy, Inc, Put | 4 | (640 | ) | 95.00 | 01/15/21 | (32 | ) | |||||||||||||
Enphase Energy, Inc, Put | 8 | (6,744 | ) | 130.00 | 02/19/21 | (3,224 | ) | |||||||||||||
Enphase Energy, Inc, Put | 4 | (4,592 | ) | 130.00 | 05/21/21 | (4,960 | ) | |||||||||||||
Expedia Group, Inc, Call | 7 | (4,117 | ) | 145.00 | 04/16/21 | (5,775 | ) | |||||||||||||
Expedia Group, Inc, Put | 7 | (4,456 | ) | 105.00 | 04/16/21 | (2,485 | ) | |||||||||||||
FireEye, Inc, Put | 22 | (616 | ) | 15.00 | 02/19/21 | (352 | ) | |||||||||||||
Hartford Financial Services Group, Inc, Put | 12 | (2,519 | ) | 35.00 | 03/19/21 | (270 | ) | |||||||||||||
Home Depot, Inc, Call | 4 | (5,368 | ) | 300.00 | 04/16/21 | (1,100 | ) | |||||||||||||
Home Depot, Inc, Put | 4 | (3,600 | ) | 250.00 | 04/16/21 | (3,416 | ) | |||||||||||||
Horizon Therapeutics PLC, Put | 14 | (941 | ) | 60.00 | 01/15/21 | (210 | ) | |||||||||||||
Humana, Inc, Call | 3 | (8,334 | ) | 445.00 | 02/19/21 | (1,944 | ) | |||||||||||||
IAC/Interactive Corp, Put | 6 | (3,168 | ) | 135.00 | 03/19/21 | (555 | ) | |||||||||||||
Intel Corp, Put | 22 | (1,954 | ) | 40.00 | 02/19/21 | (638 | ) | |||||||||||||
Kirby Corp, Put | 20 | (18,436 | ) | 45.00 | 03/19/21 | (3,250 | ) | |||||||||||||
Marvell Technology Group Ltd, Put | 22 | (791 | ) | 36.00 | 01/15/21 | (286 | ) | |||||||||||||
Mastercard, Inc, Call | 2 | (364 | ) | 390.00 | 02/05/21 | (659 | ) | |||||||||||||
Motorola Solutions, Inc, Put | 5 | (10,091 | ) | 140.00 | 01/15/21 | (112 | ) | |||||||||||||
NetFlix, Inc, Put | 3 | (525 | ) | 425.00 | 01/15/21 | (102 | ) | |||||||||||||
Nordstrom, Inc, Call | 27 | (4,859 | ) | 32.50 | 01/15/21 | (3,375 | ) | |||||||||||||
Pacific Biosciences of California, Inc, Put | 22 | (987 | ) | 18.00 | 01/15/21 | (660 | ) | |||||||||||||
QUALCOMM, Inc, Put | 7 | (691 | ) | 125.00 | 01/15/21 | (140 | ) | |||||||||||||
salesforce.com, Inc, Put | 3 | (894 | ) | 190.00 | 01/15/21 | (84 | ) | |||||||||||||
Seagen, Inc, Put | 6 | (1,780 | ) | 145.00 | 01/15/21 | (192 | ) | |||||||||||||
Snap, Inc, Call | 14 | (601 | ) | 65.00 | 01/08/21 | (56 | ) | |||||||||||||
Stryker Corp, Put | 2 | (910 | ) | 175.00 | 01/15/21 | (25 | ) | |||||||||||||
Teradata Corp, Put | 37 | (10,675 | ) | 22.50 | 04/16/21 | (8,048 | ) |
9
TIAA-CREF LIFE FUNDS - Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Tesla, Inc, Put | 1 | $ | (588 | ) | $ | 480.00 | 01/15/21 | $ | (86 | ) | ||||||||||
Tesla, Inc, Put | 1 | (718 | ) | 500.00 | 01/15/21 | (106 | ) | |||||||||||||
Universal Display Corp, Put | 4 | (1,150 | ) | 175.00 | 01/15/21 | (80 | ) | |||||||||||||
Universal Health Services, Inc, Put | 8 | (5,368 | ) | 110.00 | 07/16/21 | (4,160 | ) | |||||||||||||
Urban Outfitters, Inc, Put | 24 | (1,775 | ) | 24.00 | 01/15/21 | (1,200 | ) | |||||||||||||
World Wrestling Entertainment, Inc, Put | 16 | (9,295 | ) | 40.00 | 01/15/21 | (240 | ) | |||||||||||||
Wynn Resorts Ltd, Put | 5 | (7,589 | ) | 77.50 | 03/19/21 | (575 | ) | |||||||||||||
Wynn Resorts Ltd, Put | 5 | (8,170 | ) | 80.00 | 03/19/21 | (700 | ) | |||||||||||||
Wynn Resorts Ltd, Put | 10 | (7,329 | ) | 87.50 | 06/18/21 | (5,625 | ) | |||||||||||||
XPO Logistics, Inc, Put | 8 | (1,544 | ) | 100.00 | 02/19/21 | (1,160 | ) | |||||||||||||
Total | 779 | $ | (440,508 | ) | $ | (242,248 | ) | |||||||||||||
10
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
TIAA-CREF LIFE FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 99.7% | ||||||||||||||||
BANKS - 11.9% | ||||||||||||||||
75,927 | Bank of America Corp | $ | 2,301,347 | |||||||||||||
28,442 | Citigroup, Inc | 1,753,734 | ||||||||||||||
23,358 | JPMorgan Chase & Co | 2,968,101 | ||||||||||||||
5,184 | PNC Financial Services Group, Inc | 772,416 | ||||||||||||||
16,489 | US Bancorp | 768,222 | ||||||||||||||
7,520 | Wells Fargo & Co | 226,954 | ||||||||||||||
|
| |||||||||||||||
TOTAL BANKS | 8,790,774 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS - 14.0% | ||||||||||||||||
3,406 | Allegion plc | 396,390 | ||||||||||||||
2,264 | Boeing Co | 484,632 | ||||||||||||||
4,112 | Caterpillar, Inc | 748,466 | ||||||||||||||
5,205 | Deere & Co | 1,400,405 | ||||||||||||||
6,100 | Dover Corp | 770,125 | ||||||||||||||
6,276 | Eaton Corp | 753,999 | ||||||||||||||
8,359 | Honeywell International, Inc | 1,777,959 | ||||||||||||||
16,388 | Masco Corp | 900,193 | ||||||||||||||
4,168 | Parker-Hannifin Corp | 1,135,405 | ||||||||||||||
10,233 | Raytheon Technologies Corp | 731,762 | ||||||||||||||
1,874 | Stanley Black & Decker, Inc | 334,622 | ||||||||||||||
6,400 | Trane Technologies plc | 929,024 | ||||||||||||||
|
| |||||||||||||||
TOTAL CAPITAL GOODS | 10,362,982 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL - 1.3% | ||||||||||||||||
235 | * | NVR, Inc | 958,767 | |||||||||||||
|
| |||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL |
| 958,767 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES - 2.1% | ||||||||||||||||
7,284 | Hilton Worldwide Holdings, Inc | 810,418 | ||||||||||||||
3,324 | McDonald’s Corp | 713,264 | ||||||||||||||
|
| |||||||||||||||
TOTAL CONSUMER SERVICES | 1,523,682 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS - 6.0% | ||||||||||||||||
8,924 | American Express Co | 1,079,001 | ||||||||||||||
4,907 | * | Berkshire Hathaway, Inc (Class B) | 1,137,786 | |||||||||||||
1,167 | BlackRock, Inc | 842,037 | ||||||||||||||
5,075 | Goldman Sachs Group, Inc | 1,338,328 | ||||||||||||||
|
| |||||||||||||||
TOTAL DIVERSIFIED FINANCIALS | 4,397,152 | |||||||||||||||
|
| |||||||||||||||
ENERGY - 3.2% | ||||||||||||||||
12,230 | Chevron Corp | 1,032,824 | ||||||||||||||
12,880 | ConocoPhillips | 515,071 | ||||||||||||||
9,875 | EOG Resources, Inc | 492,466 | ||||||||||||||
6,309 | Valero Energy Corp | 356,900 | ||||||||||||||
|
| |||||||||||||||
TOTAL ENERGY | 2,397,261 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING - 1.7% | ||||||||||||||||
8,510 | Walmart, Inc | 1,226,716 | ||||||||||||||
|
| |||||||||||||||
TOTAL FOOD & STAPLES RETAILING | 1,226,716 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO - 1.6% | ||||||||||||||||
12,465 | Mondelez International, Inc | 728,828 | ||||||||||||||
2,996 | PepsiCo, Inc | 444,307 | ||||||||||||||
|
| |||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 1,173,135 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 8.2% | ||||||||||||||||
3,149 | Anthem, Inc | 1,011,112 | ||||||||||||||
5,069 | Cigna Corp | 1,055,264 | ||||||||||||||
4,712 | HCA Healthcare, Inc | 774,936 | ||||||||||||||
8,827 | Medtronic plc | 1,033,995 |
11
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||||||||
3,124 | UnitedHealth Group, Inc | $ | 1,095,524 | |||||||||||||
7,061 | Zimmer Biomet Holdings, Inc | 1,088,030 | ||||||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 6,058,861 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.3% | ||||||||||||||||
6,870 | Procter & Gamble Co | 955,892 | ||||||||||||||
|
| |||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
| 955,892 | ||||||||||||||
|
| |||||||||||||||
INSURANCE - 4.2% | ||||||||||||||||
21,050 | American International Group, Inc | 796,953 | ||||||||||||||
7,684 | Chubb Ltd | 1,182,721 | ||||||||||||||
5,453 | Marsh & McLennan Cos, Inc | 638,001 | ||||||||||||||
6,438 | Prudential Financial, Inc | 502,615 | ||||||||||||||
|
| |||||||||||||||
TOTAL INSURANCE | 3,120,290 | |||||||||||||||
|
| |||||||||||||||
MATERIALS - 4.5% | ||||||||||||||||
5,648 | Ball Corp | 526,281 | ||||||||||||||
11,214 | * | Crown Holdings, Inc | 1,123,643 | |||||||||||||
8,048 | DuPont de Nemours, Inc | 572,293 | ||||||||||||||
5,907 | PPG Industries, Inc | 851,908 | ||||||||||||||
2,242 | Reliance Steel & Aluminum Co | 268,479 | ||||||||||||||
|
| |||||||||||||||
TOTAL MATERIALS | 3,342,604 | |||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT - 8.4% | ||||||||||||||||
900 | * | Alphabet, Inc (Class C) | 1,576,692 | |||||||||||||
1,049 | * | Charter Communications, Inc | 693,966 | |||||||||||||
39,446 | Comcast Corp (Class A) | 2,066,971 | ||||||||||||||
10,351 | * | Walt Disney Co | 1,875,394 | |||||||||||||
|
| |||||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 6,213,023 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6% | ||||||||||||||||
2,276 | Amgen, Inc | 523,298 | ||||||||||||||
14,827 | Bristol-Myers Squibb Co | 919,719 | ||||||||||||||
14,227 | Johnson & Johnson | 2,239,045 | ||||||||||||||
9,390 | Merck & Co, Inc | 768,102 | ||||||||||||||
31,577 | Pfizer, Inc | 1,162,349 | ||||||||||||||
|
| |||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| 5,612,513 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE - 1.0% | ||||||||||||||||
7,126 | Prologis, Inc | 710,177 | ||||||||||||||
|
| |||||||||||||||
TOTAL REAL ESTATE | 710,177 | |||||||||||||||
|
| |||||||||||||||
RETAILING - 2.6% | ||||||||||||||||
250 | * | Booking Holdings, Inc |
| 556,818 | ||||||||||||
5,054 | Home Depot, Inc |
| 1,342,443 | |||||||||||||
|
| |||||||||||||||
TOTAL RETAILING |
| 1,899,261 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.3% | ||||||||||||||||
5,063 | Analog Devices, Inc |
| 747,957 | |||||||||||||
12,760 | Applied Materials, Inc |
| 1,101,188 | |||||||||||||
17,985 | Intel Corp |
| 896,013 | |||||||||||||
808 | Lam Research Corp |
| 381,594 | |||||||||||||
10,075 | * | Micron Technology, Inc |
| 757,439 | ||||||||||||
5,025 | NXP Semiconductors NV |
| 799,025 | |||||||||||||
|
| |||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| 4,683,216 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES - 3.5% | ||||||||||||||||
3,833 | Accenture plc |
| 1,001,218 | |||||||||||||
5,321 | Microsoft Corp |
| 1,183,497 | |||||||||||||
5,985 | Oracle Corp |
| 387,169 | |||||||||||||
|
| |||||||||||||||
TOTAL SOFTWARE & SERVICES |
| 2,571,884 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6% | ||||||||||||||||
14,818 | Cisco Systems, Inc |
| 663,106 | |||||||||||||
10,319 | TE Connectivity Ltd |
| 1,249,321 | |||||||||||||
|
| |||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 1,912,427 | ||||||||||||||
|
|
12
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||||||||
TELECOMMUNICATION SERVICES - 1.9% | ||||||||||||||||
5,589 | * | T-Mobile US, Inc |
| $ | 753,677 | |||||||||||
10,880 | Verizon Communications, Inc |
| 639,200 | |||||||||||||
|
| |||||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
| 1,392,877 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION - 2.9% | ||||||||||||||||
6,077 | CSX Corp |
| 551,488 | |||||||||||||
5,830 | Union Pacific Corp |
| 1,213,923 | |||||||||||||
2,358 | United Parcel Service, Inc (Class B) |
| 397,087 | |||||||||||||
|
| |||||||||||||||
TOTAL TRANSPORTATION |
| 2,162,498 | ||||||||||||||
|
| |||||||||||||||
UTILITIES - 2.9% | ||||||||||||||||
7,373 | American Electric Power Co, Inc |
| 613,950 | |||||||||||||
30,772 | Centerpoint Energy, Inc |
| 665,906 | |||||||||||||
6,542 | Entergy Corp |
| 653,153 | |||||||||||||
3,141 | NextEra Energy, Inc |
| 242,328 | |||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES |
| 2,175,337 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 73,641,329 | |||||||||||||||
|
| |||||||||||||||
(Cost $53,540,275) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.4% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.2% |
| |||||||||||||||
$175,000 | Federal Home Loan Bank (FHLB) | 0.000 | % | 01/27/21 | 174,992 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 174,992 | ||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT - 0.2% |
| |||||||||||||||
120,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 01/04/21 | 120,000 | |||||||||||
|
| |||||||||||||||
TOTAL REPURCHASE AGREEMENT |
| 120,000 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 294,992 | |||||||||||||||
|
| |||||||||||||||
(Cost $294,991) | ||||||||||||||||
TOTAL INVESTMENTS - 100.1% | 73,936,321 | |||||||||||||||
(Cost $53,835,266) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.1)% | (107,592 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 73,828,729 | ||||||||||||||
|
| |||||||||||||||
* | Non-income producing |
r | Agreement with Fixed Income Clearing Corp, 0.050% dated 12/31/20 to be repurchased at $120,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $122,414. |
13
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
TIAA-CREF LIFE FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 97.5% | ||||||||
CASINOS & GAMING - 2.4% | ||||||||
10,000 | Las Vegas Sands Corp | $ | 596,000 | |||||
23,000 | MGM Resorts International | 724,730 | ||||||
5,500 | Wynn Resorts Ltd | 620,565 | ||||||
|
| |||||||
TOTAL CASINOS & GAMING | 1,941,295 | |||||||
|
| |||||||
DIVERSIFIED REITS - 1.1% | ||||||||
22,000 | Empire State Realty Trust, Inc | 205,040 | ||||||
21,000 | STORE Capital Corp | 713,580 | ||||||
|
| |||||||
TOTAL DIVERSIFIED REITS | 918,620 | |||||||
|
| |||||||
HEALTH CARE REITS - 9.3% | ||||||||
50,000 | Healthpeak Properties Inc | 1,511,500 | ||||||
25,500 | Omega Healthcare Investors, Inc | 926,160 | ||||||
39,500 | Sabra Healthcare REIT, Inc | 686,115 | ||||||
38,500 | Ventas, Inc | 1,888,040 | ||||||
38,500 | Welltower, Inc | 2,487,870 | ||||||
|
| |||||||
TOTAL HEALTH CARE REITS | 7,499,685 | |||||||
|
| |||||||
HOTEL & RESORT REITS - 2.5% | ||||||||
50,000 | Host Hotels and Resorts, Inc | 731,500 | ||||||
21,000 | MGM Growth Properties LLC | 657,300 | ||||||
38,000 | Park Hotels & Resorts, Inc | 651,700 | ||||||
|
| |||||||
TOTAL HOTEL & RESORT REITS | 2,040,500 | |||||||
|
| |||||||
HOTELS, RESORTS & CRUISE LINES - 1.4% | ||||||||
5,500 | Hilton Worldwide Holdings, Inc | 611,930 | ||||||
4,000 | Marriott International, Inc (Class A) | 527,680 | ||||||
|
| |||||||
TOTAL HOTELS, RESORTS & CRUISE LINES | 1,139,610 | |||||||
|
| |||||||
INDUSTRIAL REITS - 13.0% | ||||||||
12,500 | Duke Realty Corp | 499,625 | ||||||
5,000 | EastGroup Properties, Inc | 690,300 | ||||||
55,000 | Prologis, Inc | 5,481,300 | ||||||
55,000 | Rexford Industrial Realty, Inc | 2,701,050 | ||||||
20,000 | Terreno Realty Corp | 1,170,200 | ||||||
|
| |||||||
TOTAL INDUSTRIAL REITS | 10,542,475 | |||||||
|
| |||||||
INTERNET SERVICES & INFRASTRUCTURE - 2.7% | ||||||||
12,000 | * | GDS Holdings Ltd (ADR) | 1,123,680 | |||||
55,000 | * | Megaport Ltd | 604,089 | |||||
45,000 | * | NEXTDC Ltd | 424,637 | |||||
|
| |||||||
TOTAL INTERNET SERVICES & INFRASTRUCTURE | 2,152,406 | |||||||
|
| |||||||
OFFICE REITS - 5.4% | ||||||||
9,000 | Alexandria Real Estate Equities, Inc | 1,603,980 |
14
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
SHARES | COMPANY | VALUE | ||||||||||||||
11,000 | Boston Properties, Inc | $ | 1,039,830 | |||||||||||||
8,000 | Kilroy Realty Corp | 459,200 | ||||||||||||||
9,500 | SL Green Realty Corp | 566,010 | ||||||||||||||
19,000 | Vornado Realty Trust | 709,460 | ||||||||||||||
|
| |||||||||||||||
TOTAL OFFICE REITS |
| 4,378,480 | ||||||||||||||
|
| |||||||||||||||
RESIDENTIAL REITS - 18.1% | ||||||||||||||||
44,500 | American Homes 4 Rent | 1,335,000 | ||||||||||||||
10,000 | AvalonBay Communities, Inc | 1,604,300 | ||||||||||||||
38,000 | Equity Lifestyle Properties, Inc | 2,407,680 | ||||||||||||||
32,500 | Equity Residential | 1,926,600 | ||||||||||||||
4,000 | Essex Property Trust, Inc | 949,680 | ||||||||||||||
80,000 | Invitation Homes, Inc | 2,376,000 | ||||||||||||||
10,500 | Mid-America Apartment Communities, Inc | 1,330,245 | ||||||||||||||
18,000 | Sun Communities, Inc | 2,735,100 | ||||||||||||||
|
| |||||||||||||||
TOTAL RESIDENTIAL REITS |
| 14,664,605 | ||||||||||||||
|
| |||||||||||||||
RETAIL REITS - 10.9% | ||||||||||||||||
12,000 | Agree Realty Corp | 798,960 | ||||||||||||||
23,000 | Brixmor Property Group, Inc | 380,650 | ||||||||||||||
30,000 | Kimco Realty Corp | 450,300 | ||||||||||||||
17,000 | Macerich Co | 181,390 | ||||||||||||||
15,000 | Realty Income Corp | 932,550 | ||||||||||||||
23,000 | Regency Centers Corp | 1,048,570 | ||||||||||||||
47,500 | Simon Property Group, Inc | 4,050,800 | ||||||||||||||
45,000 | SITE Centers Corp | 455,400 | ||||||||||||||
13,500 | Spirit Realty Capital, Inc | 542,295 | ||||||||||||||
|
| |||||||||||||||
TOTAL RETAIL REITS |
| 8,840,915 | ||||||||||||||
|
| |||||||||||||||
SPECIALIZED REITS - 30.7% | ||||||||||||||||
25,000 | American Tower Corp | 5,611,500 | ||||||||||||||
20,500 | Crown Castle International Corp | 3,263,395 | ||||||||||||||
13,500 | Digital Realty Trust, Inc | 1,883,385 | ||||||||||||||
7,500 | EPR Properties | 243,750 | ||||||||||||||
6,500 | Equinix, Inc | 4,642,170 | ||||||||||||||
9,000 | Extra Space Storage, Inc | 1,042,740 | ||||||||||||||
20,000 | Gaming and Leisure Properties, Inc | 848,000 | ||||||||||||||
8,000 | Lamar Advertising Co | 665,760 | ||||||||||||||
9,000 | National Storage Affiliates Trust | 324,270 | ||||||||||||||
9,000 | Public Storage, Inc | 2,078,370 | ||||||||||||||
5,800 | SBA Communications Corp | 1,636,354 | ||||||||||||||
55,000 | VICI Properties, Inc | 1,402,500 | ||||||||||||||
30,000 | Weyerhaeuser Co | 1,005,900 | ||||||||||||||
|
| |||||||||||||||
TOTAL SPECIALIZED REITS |
| 24,648,094 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 78,766,685 | |||||||||||||||
|
| |||||||||||||||
(Cost $50,829,718) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.3% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.7% |
| |||||||||||||||
$ 392,000 | Federal Home Loan Bank (FHLB) | 0.075 | % | 01/13/21 | 391,993 | |||||||||||
1,000,000 | FHLB | 0.075 | 01/27/21 | 999,955 | ||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 1,391,948 | ||||||||||||||
|
|
15
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
REPURCHASE AGREEMENT - 0.6% | ||||||||||||||||
$485,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | % | 01/04/21 | $ | 485,000 | |||||||||
|
| |||||||||||||||
TOTAL REPURCHASE AGREEMENT | 485,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 1,876,948 | |||||||||||||||
|
| |||||||||||||||
(Cost $1,876,936) | ||||||||||||||||
TOTAL INVESTMENTS - 99.8% (Cost $52,706,654) | 80,643,633 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 172,694 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 80,816,327 | ||||||||||||||
|
| |||||||||||||||
Abbreviation(s):
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
* | Non-income producing |
r | Agreement with Fixed Income Clearing Corp, 0.050% dated 12/31/20 to be repurchased at $485,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $494,701. |
16
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
TIAA-CREF LIFE FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 96.4% | ||||||||
AUTOMOBILES & COMPONENTS - 1.3% | ||||||||
6,770 | * | Adient plc | $ | 235,393 | ||||
1,800 | * | Gentherm, Inc | 117,396 | |||||
5,380 | Goodyear Tire & Rubber Co | 58,696 | ||||||
1,100 | Patrick Industries, Inc | 75,185 | ||||||
2,150 | Standard Motor Products, Inc | 86,989 | ||||||
1,500 | * | Visteon Corp | 188,280 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 761,939 | |||||||
|
| |||||||
BANKS - 9.4% | ||||||||
1,260 | Amalgamated Bank | 17,312 | ||||||
2,276 | * | Axos Financial, Inc | 85,418 | |||||
1,872 | Bank of NT Butterfield & Son Ltd | 58,332 | ||||||
2,120 | Banner Corp | 98,771 | ||||||
6,124 | Cathay General Bancorp | 197,132 | ||||||
3,660 | Central Pacific Financial Corp | 69,577 | ||||||
3,132 | ConnectOne Bancorp, Inc | 61,982 | ||||||
4,813 | * | Customers Bancorp, Inc | 87,500 | |||||
6,951 | Essent Group Ltd | 300,283 | ||||||
1,654 | Federal Agricultural Mortgage Corp | 122,810 | ||||||
2,192 | First Bancorp | 74,155 | ||||||
7,690 | First Financial Bancorp | 134,806 | ||||||
2,005 | First Merchants Corp | 75,007 | ||||||
4,479 | Flagstar Bancorp, Inc | 182,564 | ||||||
4,980 | Glacier Bancorp, Inc | 229,130 | ||||||
4,509 | Great Western Bancorp, Inc | 94,238 | ||||||
4,330 | Heritage Commerce Corp | 38,407 | ||||||
7,786 | Hilltop Holdings, Inc | 214,193 | ||||||
3,270 | Horizon Bancorp | 51,862 | ||||||
1,804 | Independent Bank Corp | 33,320 | ||||||
2,710 | Independent Bank Group, Inc | 169,429 | ||||||
21,760 | Investors Bancorp, Inc | 229,786 | ||||||
4,700 | Kearny Financial Corp | 49,632 | ||||||
2,929 | Lakeland Bancorp, Inc | 37,198 | ||||||
500 | Lakeland Financial Corp | 26,790 | ||||||
6,106 | * | Mr Cooper Group, Inc | 189,469 | |||||
4,390 | National Bank Holdings Corp | 143,816 | ||||||
4,659 | * | NMI Holdings, Inc | 105,526 | |||||
4,335 | OceanFirst Financial Corp | 80,761 | ||||||
10,305 | OFG Bancorp | 191,055 | ||||||
6,420 | Pacific Premier Bancorp, Inc | 201,139 | ||||||
1,290 | Peapack Gladstone Financial Corp | 29,360 | ||||||
3,003 | PennyMac Financial Services, Inc | 197,057 | ||||||
3,754 | Premier Financial Corp | 86,342 | ||||||
1,184 | QCR Holdings, Inc | 46,875 | ||||||
16,137 | Radian Group, Inc | 326,774 | ||||||
5,900 | Simmons First National Corp (Class A) | 127,381 | ||||||
5,650 | * | The Bancorp, Inc | 77,122 |
17
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
3,700 | * | Tristate Capital Holdings, Inc | $ | 64,380 | ||||
14,033 | United Community Banks, Inc | 399,099 | ||||||
3,097 | Walker & Dunlop, Inc | 284,986 | ||||||
5,530 | WesBanco, Inc | 165,679 | ||||||
4,050 | WSFS Financial Corp | 181,764 | ||||||
|
| |||||||
TOTAL BANKS | 5,638,219 | |||||||
|
| |||||||
CAPITAL GOODS - 11.5% | ||||||||
5,412 | Advanced Drainage Systems, Inc | 452,335 | ||||||
1,990 | * | Aerovironment, Inc | 172,931 | |||||
1,000 | Altra Industrial Motion Corp | 55,430 | ||||||
6,800 | *,g | API Group Corp | 123,420 | |||||
1,000 | Applied Industrial Technologies, Inc | 77,990 | ||||||
2,250 | Astec Industries, Inc | 130,230 | ||||||
4,088 | * | Atkore International Group, Inc | 168,058 | |||||
4,319 | * | Bloom Energy Corp | 123,783 | |||||
8,007 | * | BMC Stock Holdings, Inc | 429,816 | |||||
3,438 | * | Builders FirstSource, Inc | 140,305 | |||||
1,500 | * | Chart Industries, Inc | 176,685 | |||||
2,409 | Columbus McKinnon Corp | 92,602 | ||||||
7,451 | Comfort Systems USA, Inc | 392,370 | ||||||
3,000 | * | Construction Partners Inc | 87,330 | |||||
9,200 | * | Cornerstone Building Brands, Inc | 85,376 | |||||
1,378 | CSW Industrials, Inc | 154,212 | ||||||
2,030 | EMCOR Group, Inc | 185,664 | ||||||
1,297 | EnPro Industries, Inc | 97,949 | ||||||
4,270 | * | Evoqua Water Technologies Corp | 115,205 | |||||
6,991 | Federal Signal Corp | 231,891 | ||||||
3,249 | * | Gibraltar Industries, Inc | 233,733 | |||||
7,790 | * | Great Lakes Dredge & Dock Corp | 102,594 | |||||
3,200 | Hillenbrand, Inc | 127,360 | ||||||
1,980 | Insteel Industries, Inc | 44,095 | ||||||
1,766 | * | Mastec, Inc | 120,406 | |||||
6,350 | Maxar Technologies, Inc | 245,046 | ||||||
3,842 | Mueller Industries, Inc | 134,893 | ||||||
12,050 | * | Plug Power, Inc | 408,615 | |||||
350 | Powell Industries, Inc | 10,321 | ||||||
5,740 | Primoris Services Corp | 158,481 | ||||||
1,300 | Raven Industries, Inc | 43,017 | ||||||
1,590 | * | RBC Bearings, Inc | 284,674 | |||||
6,500 | * | Resideo Technologies, Inc | 138,190 | |||||
8,745 | d | Rexnord Corp | 345,340 | |||||
1,700 | Rush Enterprises, Inc (Class A) | 70,414 | ||||||
2,780 | Shyft Group, Inc | 78,896 | ||||||
800 | Simpson Manufacturing Co, Inc | 74,760 | ||||||
840 | * | SiteOne Landscape Supply, Inc | 133,249 | |||||
4,330 | * | Sunrun, Inc | 300,415 | |||||
2,600 | Triton International Ltd | 126,126 | ||||||
10,450 | * | WillScot Mobile Mini Holdings Corp | 242,127 | |||||
|
| |||||||
TOTAL CAPITAL GOODS | 6,916,334 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.4% | ||||||||
3,100 | ABM Industries, Inc | 117,304 | ||||||
3,123 | Exponent, Inc | 281,164 | ||||||
1,650 | * | Franklin Covey Co | 36,745 | |||||
7,630 | Healthcare Services Group | 214,403 |
18
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,100 | HNI Corp | $ | 141,286 | |||||
1,560 | ICF International, Inc | 115,955 | ||||||
9,800 | KAR Auction Services, Inc | 182,378 | ||||||
2,168 | Kforce, Inc | 91,251 | ||||||
1,730 | McGrath RentCorp | 116,083 | ||||||
5,340 | * | TriNet Group, Inc | 430,404 | |||||
10,000 | * | Upwork, Inc | 345,200 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2,072,173 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 3.3% | ||||||||
7,500 | Callaway Golf Co | 180,075 | ||||||
3,576 | * | Century Communities, Inc | 156,557 | |||||
4,120 | * | CROCS, Inc | 258,159 | |||||
620 | * | Deckers Outdoor Corp | 177,804 | |||||
550 | Johnson Outdoors, Inc | 61,946 | ||||||
1,790 | La-Z-Boy, Inc | 71,314 | ||||||
4,910 | * | Purple Innovation, Inc | 161,735 | |||||
2,714 | * | Skyline Champion Corp | 83,971 | |||||
11,485 | * | Sonos, Inc | 268,634 | |||||
6,060 | * | Taylor Morrison Home Corp | 155,439 | |||||
5,470 | * | Turtle Beach Corp | 117,879 | |||||
4,410 | * | YETI Holdings, Inc | 301,953 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 1,995,466 | |||||||
|
| |||||||
CONSUMER SERVICES - 3.9% | ||||||||
5,286 | * | Adtalem Global Education, Inc | 179,460 | |||||
2,300 | * | American Public Education, Inc | 70,104 | |||||
280 | * | Biglari Holdings, Inc (B Shares) | 31,136 | |||||
6,940 | Bloomin’ Brands, Inc | 134,775 | ||||||
802 | * | Bluegreen Vacations Holding Corp | 10,851 | |||||
2,500 | * | Caesars Entertainment, Inc | 185,675 | |||||
2,750 | Carriage Services, Inc | 86,130 | ||||||
7,500 | * | Carrols Restaurant Group, Inc | 47,100 | |||||
2,660 | * | Chuy’s Holdings, Inc | 70,463 | |||||
1,302 | Collectors Universe | 98,171 | ||||||
1,910 | *,e | GAN Ltd | 38,735 | |||||
5,770 | * | Hilton Grand Vacations, Inc | 180,889 | |||||
14,300 | * | Houghton Mifflin Harcourt Co | 47,619 | |||||
12,700 | International Game Technology plc | 215,138 | ||||||
1,630 | Jack in the Box, Inc | 151,264 | ||||||
8,000 | * | Laureate Education, Inc | 116,480 | |||||
5,300 | * | Noodles & Co | 41,870 | |||||
8,659 | * | Perdoceo Education Corp | 109,363 | |||||
3,400 | * | Red Robin Gourmet Burgers, Inc | 65,382 | |||||
6,900 | Red Rock Resorts, Inc | 172,776 | ||||||
6,350 | * | SeaWorld Entertainment, Inc | 200,597 | |||||
3,079 | * | Stride, Inc | 65,367 | |||||
400 | Wingstop, Inc | 53,020 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,372,365 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 3.6% | ||||||||
33,500 | BGC Partners, Inc (Class A) | 134,000 | ||||||
5,618 | * | Blucora, Inc | 89,382 | |||||
10,198 | Brightsphere Investment Group, Inc | 196,617 | ||||||
3,550 | * | Cannae Holdings, Inc | 157,159 | |||||
5,143 | Cowen Group, Inc | 133,667 |
19
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
2,367 | * | Encore Capital Group, Inc | $ | 92,195 | ||||
5,820 | * | Enova International, Inc | 144,161 | |||||
7,270 | Federated Investors, Inc (Class B) | 210,030 | ||||||
2,000 | * | Green Dot Corp | 111,600 | |||||
1,110 | Hamilton Lane, Inc | 86,636 | ||||||
1,590 | Piper Jaffray Cos | 160,431 | ||||||
3,269 | PROG Holdings, Inc | 176,101 | ||||||
9,903 | Stifel Financial Corp | 499,705 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 2,191,684 | |||||||
|
| |||||||
ENERGY - 2.6% | ||||||||
27,130 | *,e | Antero Resources Corp | 147,858 | |||||
7,863 | Berry Petroleum Co LLC | 28,936 | ||||||
5,700 | Brigham Minerals, Inc | 62,643 | ||||||
10,500 | * | ChampionX Corp | 160,650 | |||||
5,000 | Delek US Holdings, Inc | 80,350 | ||||||
10,250 | * | Green Plains Inc | 134,993 | |||||
32,263 | * | NexTier Oilfield Solutions, Inc | 110,985 | |||||
11,330 | * | Oceaneering International, Inc | 90,074 | |||||
10,195 | * | Par Pacific Holdings, Inc | 142,526 | |||||
5,530 | PBF Energy, Inc | 39,263 | ||||||
7,330 | * | PDC Energy, Inc | 150,485 | |||||
17,880 | * | ProPetro Holding Corp | 132,133 | |||||
2,715 | * | Renewable Energy Group, Inc | 192,276 | |||||
2,400 | World Fuel Services Corp | 74,784 | ||||||
|
| |||||||
TOTAL ENERGY | 1,547,956 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 1.2% | ||||||||
4,222 | Andersons, Inc | 103,481 | ||||||
10,983 | * | BJ’s Wholesale Club Holdings, Inc | 409,446 | |||||
2,373 | Natural Grocers by Vitamin C | 32,605 | ||||||
4,154 | * | Performance Food Group Co | 197,772 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 743,304 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 1.4% | ||||||||
55 | * | Boston Beer Co, Inc (Class A) | 54,686 | |||||
2,474 | Calavo Growers, Inc | 171,770 | ||||||
5,020 | * | Celsius Holdings, Inc | 252,556 | |||||
1,155 | Lancaster Colony Corp | 212,208 | ||||||
3,934 | * | Simply Good Foods Co | 123,370 | |||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 814,590 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.8% | ||||||||
1,540 | * | Addus HomeCare Corp | 180,319 | |||||
11,400 | * | Allscripts Healthcare Solutions, Inc | 164,616 | |||||
4,800 | * | Alphatec Holdings Inc | 69,696 | |||||
4,265 | * | Angiodynamics, Inc | 65,382 | |||||
29,360 | * | Brookdale Senior Living, Inc | 130,065 | |||||
6,900 | *,e | Co-Diagnostics, Inc | 64,170 | |||||
2,841 | Conmed Corp | 318,192 | ||||||
7,660 | * | Covetrus, Inc | 220,148 | |||||
1,300 | * | CryoLife, Inc | 30,693 | |||||
1,220 | Ensign Group, Inc | 88,962 | ||||||
6,500 | * | Evolent Health, Inc | 104,195 | |||||
9,460 | * | GenMark Diagnostics, Inc | 138,116 | |||||
3,590 | * | Health Catalyst, Inc | 156,273 |
20
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
3,064 | * | HealthStream, Inc | $ | 66,918 | ||||
6,548 | * | HMS Holdings Corp | 240,639 | |||||
9,025 | * | Inovalon Holdings, Inc | 163,984 | |||||
8,271 | * | Lantheus Holdings, Inc | 111,576 | |||||
1,310 | * | Magellan Health Services, Inc | 108,520 | |||||
5,730 | * | Meridian Bioscience, Inc | 107,094 | |||||
4,180 | * | Natus Medical, Inc | 83,767 | |||||
1,700 | * | Neogen Corp | 134,810 | |||||
4,900 | * | NextGen Healthcare, Inc | 89,376 | |||||
8,370 | * | Option Care Health, Inc | 130,907 | |||||
2,718 | * | Pennant Group, Inc | 157,807 | |||||
12,980 | * | R1 RCM, Inc | 311,780 | |||||
584 | * | Schrodinger, Inc | 46,241 | |||||
7,634 | * | Select Medical Holdings Corp | 211,156 | |||||
1,300 | * | SI-BONE, Inc | 38,870 | |||||
400 | * | Teladoc, Inc | 79,984 | |||||
6,450 | * | Tenet Healthcare Corp | 257,549 | |||||
4,510 | * | Zynex Inc | 60,705 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 4,132,510 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||
5,710 | * | BellRing Brands, Inc | 138,810 | |||||
8,862 | * | elf Beauty, Inc | 223,234 | |||||
1,500 | * | Lifevantage Corp | 13,980 | |||||
1,330 | * | USANA Health Sciences, Inc | 102,543 | |||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 478,567 | |||||||
|
| |||||||
INSURANCE - 1.5% | ||||||||
2,320 | American Equity Investment Life Holding Co | 64,171 | ||||||
3,215 | Amerisafe, Inc | 184,637 | ||||||
5,500 | Conseco, Inc | 122,265 | ||||||
2,414 | Heritage Insurance Holdings, Inc | 24,454 | ||||||
2,345 | James River Group Holdings Ltd | 115,257 | ||||||
4,200 | * | Selectquote, Inc | 87,150 | |||||
2,770 | Stewart Information Services Corp | 133,957 | ||||||
9,192 | * | Third Point Reinsurance Ltd | 87,508 | |||||
1,780 | United Insurance Holdings Corp | 10,182 | ||||||
5,046 | Universal Insurance Holdings, Inc | 76,245 | ||||||
|
| |||||||
TOTAL INSURANCE | 905,826 | |||||||
|
| |||||||
MATERIALS - 5.3% | ||||||||
3,843 | Avient Corp | 154,796 | ||||||
2,150 | Balchem Corp | 247,723 | ||||||
5,055 | Boise Cascade Co | 241,629 | ||||||
18,350 | * | Coeur Mining, Inc | 189,923 | |||||
4,800 | Domtar Corp | 151,920 | ||||||
10,700 | *,† | Ferroglobe plc | 0 | |||||
1,208 | Innospec, Inc | 109,602 | ||||||
2,870 | * | Koppers Holdings, Inc | 89,429 | |||||
6,940 | Louisiana-Pacific Corp | 257,960 | ||||||
2,584 | Materion Corp | 164,653 | ||||||
3,440 | Myers Industries, Inc | 71,483 | ||||||
980 | Olympic Steel, Inc | 13,063 | ||||||
3,840 | Schnitzer Steel Industries, Inc (Class A) | 122,534 | ||||||
3,470 | Sensient Technologies Corp | 255,982 | ||||||
2,055 | Stepan Co | 245,203 |
21
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
12,553 | * | Summit Materials, Inc | $ | 252,064 | ||||
3,940 | Trinseo S.A. | 201,767 | ||||||
16,200 | United States Steel Corp | 271,674 | ||||||
4,435 | * | US Concrete, Inc | 177,267 | |||||
|
| |||||||
TOTAL MATERIALS | 3,218,672 | |||||||
|
| |||||||
MEDIA & ENTERTAINMENT - 1.7% | ||||||||
5,900 | * | Cargurus, Inc | 187,207 | |||||
5,400 | * | Cars.com, Inc | 61,020 | |||||
9,900 | * | Glu Mobile, Inc | 89,199 | |||||
6,600 | * | Gray Television, Inc | 118,074 | |||||
4,229 | * | Liberty Braves Group (Class C) | 105,218 | |||||
3,028 | * | TechTarget, Inc | 178,985 | |||||
15,250 | TEGNA, Inc | 212,737 | ||||||
2,950 | * | WideOpenWest, Inc | 31,477 | |||||
|
| |||||||
TOTAL MEDIA & ENTERTAINMENT | 983,917 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.5% | ||||||||
1,840 | * | Acadia Pharmaceuticals, Inc | 98,366 | |||||
12,970 | * | Affimed NV | 75,485 | |||||
1,700 | * | Albireo Pharma, Inc | 63,767 | |||||
11,278 | * | Amicus Therapeutics, Inc | 260,409 | |||||
6,900 | *,e | Aquestive Therapeutics, Inc | 36,915 | |||||
93 | * | Arcutis Biotherapeutics, Inc | 2,616 | |||||
2,760 | * | Arena Pharmaceuticals, Inc | 212,051 | |||||
2,590 | * | Arrowhead Pharmaceuticals Inc | 198,731 | |||||
2,990 | * | Arvinas, Inc | 253,941 | |||||
7,000 | * | Atara Biotherapeutics, Inc | 137,410 | |||||
2,700 | * | Athenex, Inc | 29,862 | |||||
880 | * | Axsome Therapeutics, Inc | 71,694 | |||||
94 | *,e | Beam Therapeutics, Inc | 7,674 | |||||
19,992 | * | BioDelivery Sciences International, Inc | 83,966 | |||||
1,990 | * | Biohaven Pharmaceutical Holding Co Ltd | 170,563 | |||||
14 | * | Black Diamond Therapeutics, Inc | 449 | |||||
2,820 | *,e | Cara Therapeutics, Inc | 42,667 | |||||
3,533 | * | CareDx, Inc | 255,966 | |||||
7,900 | *,e | Cassava Sciences, Inc | 53,878 | |||||
7,300 | * | Catalyst Pharmaceuticals, Inc | 24,382 | |||||
2,861 | * | Concert Pharmaceuticals, Inc | 36,163 | |||||
7,785 | * | CytomX Therapeutics, Inc | 50,992 | |||||
2,870 | * | Editas Medicine, Inc | 201,216 | |||||
1,700 | * | Emergent Biosolutions, Inc | 152,320 | |||||
960 | * | Fate Therapeutics, Inc | 87,293 | |||||
2,900 | * | Five Prime Therapeutics, Inc | 49,329 | |||||
11,890 | * | Fluidigm Corp | 71,340 | |||||
5,710 | * | G1 Therapeutics, Inc | 102,723 | |||||
8,060 | * | Gossamer Bio, Inc | 77,940 | |||||
2,200 | * | Immunic, Inc | 33,638 | |||||
3,070 | * | Immunovant, Inc | 141,803 | |||||
7,820 | *,e | Inovio Pharmaceuticals, Inc | 69,207 | |||||
2,760 | * | Intellia Therapeutics, Inc | 150,144 | |||||
6,986 | * | Intersect ENT, Inc | 159,979 | |||||
4,920 | * | Intra-Cellular Therapies, Inc | 156,456 | |||||
3,820 | *,e | Invitae Corp | 159,714 | |||||
8,100 | * | IVERIC bio, Inc | 55,971 | |||||
6,660 | * | Karyopharm Therapeutics, Inc | 103,097 |
22
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,440 | * | Kiniksa Pharmaceuticals Ltd | $ | 78,455 | ||||
5,205 | * | Kura Oncology, Inc | 169,995 | |||||
2,760 | Luminex Corp | 63,811 | ||||||
4,450 | * | MacroGenics, Inc | 101,727 | |||||
2,390 | * | Mersana Therapeutics, Inc | 63,598 | |||||
8,900 | * | Mustang Bio, Inc | 33,686 | |||||
3,300 | * | Myriad Genetics, Inc | 65,257 | |||||
2,820 | * | NanoString Technologies, Inc | 188,602 | |||||
5,046 | * | Natera, Inc | 502,178 | |||||
3,900 | * | NeoGenomics, Inc | 209,976 | |||||
2,900 | * | Neoleukin Therapeutics, Inc | 40,890 | |||||
2,080 | *,e | Novavax, Inc | 231,941 | |||||
5,200 | * | Ocular Therapeutix, Inc | 107,640 | |||||
5,790 | *,e | Omeros Corp | 82,710 | |||||
28 | * | Passage Bio, Inc | 716 | |||||
2,435 | Phibro Animal Health Corp | 47,288 | ||||||
3,100 | *,e | Provention Bio, Inc | 52,514 | |||||
2,331 | * | Quanterix Corp | 108,391 | |||||
43 | * | REVOLUTION Medicines, Inc | 1,702 | |||||
10,350 | * | Sangamo Therapeutics Inc | 161,512 | |||||
4,300 | * | Sorrento Therapeutics, Inc | 29,348 | |||||
1,500 | * | Sutro Biopharma, Inc | 32,565 | |||||
4,200 | * | TG Therapeutics, Inc | 218,484 | |||||
4,950 | * | Translate Bio, Inc | 91,229 | |||||
8,397 | * | Travere Therapeutics, Inc | 228,860 | |||||
2,580 | * | Twist Bioscience Corp | 364,528 | |||||
860 | * | Ultragenyx Pharmaceutical, Inc | 119,050 | |||||
3,560 | * | Veracyte, Inc | 174,226 | |||||
2,300 | * | Vericel Corp | 71,024 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 7,582,020 | |||||||
|
| |||||||
REAL ESTATE - 5.9% | ||||||||
7,210 | Armada Hoffler Properties, Inc | 80,896 | ||||||
4,198 | Bluerock Residential Growth REIT, Inc | 53,189 | ||||||
4,700 | CareTrust REIT, Inc | 104,246 | ||||||
44,290 | Colony Capital, Inc | 213,035 | ||||||
6,700 | Columbia Property Trust, Inc | 96,078 | ||||||
28,630 | Diversified Healthcare Trust | 117,956 | ||||||
2,091 | EastGroup Properties, Inc | 288,683 | ||||||
5,140 | Four Corners Property Trust, Inc | 153,018 | ||||||
4,710 | Global Net Lease, Inc | 80,729 | ||||||
7,360 | Healthcare Realty Trust, Inc | 217,856 | ||||||
6,810 | Independence Realty Trust, Inc | 91,458 | ||||||
8,307 | National Storage Affiliates Trust | 299,301 | ||||||
10,013 | Newmark Group, Inc | 72,995 | ||||||
2,140 | Office Properties Income Trust | 48,621 | ||||||
11,240 | Physicians Realty Trust | 200,072 | ||||||
12,158 | Piedmont Office Realty Trust, Inc | 197,324 | ||||||
2,781 | PS Business Parks, Inc | 369,511 | ||||||
3,780 | QTS Realty Trust, Inc | 233,906 | ||||||
9,900 | * | Realogy Holdings Corp | 129,888 | |||||
2,240 | RMR Group, Inc | 86,509 | ||||||
9,786 | STAG Industrial, Inc | 306,498 | ||||||
9,530 | Uniti Group, Inc | 111,787 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 3,553,556 | |||||||
|
|
23
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
RETAILING - 4.0% | ||||||||
1,634 | * | Aaron’s Co, Inc | $ | 30,981 | ||||
7,570 | Abercrombie & Fitch Co (Class A) | 154,125 | ||||||
5,900 | * | At Home Group, Inc | 91,214 | |||||
7,550 | e | Bed Bath & Beyond, Inc | 134,088 | |||||
3,400 | Buckle, Inc | 99,280 | ||||||
1,100 | Citi Trends, Inc | 54,648 | ||||||
3,750 | * | Conn’s, Inc | 43,837 | |||||
1,700 | e | Dillard’s, Inc (Class A) | 107,185 | |||||
3,700 | * | GrowGeneration Corp | 148,814 | |||||
4,133 | * | Hibbett Sports, Inc | 190,862 | |||||
3,480 | * | MarineMax, Inc | 121,904 | |||||
820 | * | Overstock.com, Inc | 39,335 | |||||
10,869 | Rent-A-Center, Inc | 416,174 | ||||||
2,903 | * | Sleep Number Corp | 237,640 | |||||
7,510 | * | Sportsman’s Warehouse Holdings, Inc | 131,801 | |||||
910 | * | Stamps.com, Inc | 178,533 | |||||
2,500 | * | Stitch Fix Inc | 146,800 | |||||
1,386 | * | Zumiez, Inc | 50,977 | |||||
|
| |||||||
TOTAL RETAILING | 2,378,198 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6% | ||||||||
8,200 | Amkor Technology, Inc | 123,656 | ||||||
2,811 | Brooks Automation, Inc | 190,726 | ||||||
6,425 | * | Formfactor, Inc | 276,403 | |||||
2,200 | * | Ichor Holdings Ltd | 66,319 | |||||
7,073 | * | Lattice Semiconductor Corp | 324,085 | |||||
1,700 | * | MACOM Technology Solutions Holdings, Inc | 93,568 | |||||
5,220 | * | MaxLinear, Inc | 199,352 | |||||
10,846 | * | Rambus, Inc | 189,371 | |||||
840 | * | Silicon Laboratories, Inc | 106,966 | |||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,570,446 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 7.4% | ||||||||
2,980 | * | Alarm.com Holdings, Inc | 308,281 | |||||
4,500 | * | Avaya Holdings Corp | 86,175 | |||||
11,120 | * | Box, Inc | 200,716 | |||||
15,880 | * | Cloudera, Inc | 220,891 | |||||
2,490 | * | Commvault Systems, Inc | 137,871 | |||||
9,030 | * | Digital Turbine, Inc | 510,737 | |||||
2,240 | * | Domo, Inc | 142,845 | |||||
12,940 | * | Limelight Networks, Inc | 51,631 | |||||
3,200 | * | LiveRamp Holdings, Inc | 234,208 | |||||
4,049 | Mantech International Corp (Class A) | 360,118 | ||||||
5,888 | NIC, Inc | 152,087 | ||||||
13,867 | Perspecta, Inc | 333,917 | ||||||
5,298 | Progress Software Corp | 239,417 | ||||||
1,245 | * | Rapid7, Inc | 112,249 | |||||
1,740 | * | SecureWorks Corp | 24,743 | |||||
2,350 | * | Sprout Social, Inc | 106,713 | |||||
1,900 | * | SPS Commerce, Inc | 206,321 | |||||
6,226 | * | Tenable Holdings, Inc | 325,371 | |||||
4,200 | * | Verint Systems, Inc | 282,156 | |||||
4,778 | * | Workiva, Inc | 437,760 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 4,474,207 | |||||||
|
|
24
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7% | ||||||||||||||||
4,880 | * | Calix, Inc | $ | 145,229 | ||||||||||||
12,510 | * | Diebold, Inc | 133,357 | |||||||||||||
1,280 | * | ePlus, Inc | 112,576 | |||||||||||||
18,792 | * | Extreme Networks, Inc | 129,477 | |||||||||||||
5,160 | * | Fitbit, Inc | 35,088 | |||||||||||||
1,840 | * | II-VI, Inc | 139,766 | |||||||||||||
2,333 | * | Insight Enterprises, Inc | 177,518 | |||||||||||||
2,399 | * | OSI Systems, Inc | 223,635 | |||||||||||||
5,340 | * | Ribbon Communications, Inc | 35,030 | |||||||||||||
9,211 | * | Sanmina Corp | 293,739 | |||||||||||||
10,656 | * | TTM Technologies, Inc | 146,999 | |||||||||||||
1,306 | * | Vishay Precision Group, Inc | 41,113 | |||||||||||||
|
| |||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,613,527 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||||||||||
5,430 | * | Boingo Wireless, Inc | 69,070 | |||||||||||||
5,860 | * | Liberty Latin America Ltd (Class A) | 65,222 | |||||||||||||
1,539 | * | Liberty Latin America Ltd (Class C) | 17,067 | |||||||||||||
2,070 | Spok Holdings, Inc | 23,039 | ||||||||||||||
15,870 | * | Vonage Holdings Corp | 204,326 | |||||||||||||
|
| |||||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 378,724 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION - 1.3% | ||||||||||||||||
3,101 | ArcBest Corp | 132,320 | ||||||||||||||
1,840 | * | Avis Budget Group, Inc | 68,632 | |||||||||||||
2,521 | Forward Air Corp | 193,714 | ||||||||||||||
5,433 | Heartland Express, Inc | 98,337 | ||||||||||||||
3,851 | * | Hub Group, Inc (Class A) | 219,507 | |||||||||||||
1,926 | Marten Transport Ltd | 33,185 | ||||||||||||||
3,580 | * | Radiant Logistics, Inc | 20,764 | |||||||||||||
|
| |||||||||||||||
TOTAL TRANSPORTATION | 766,459 | |||||||||||||||
|
| |||||||||||||||
UTILITIES - 1.7% | ||||||||||||||||
3,478 | Black Hills Corp | 213,723 | ||||||||||||||
2,867 | Clearway Energy, Inc (Class A) | 84,720 | ||||||||||||||
1,300 | Northwest Natural Holding Co | 59,787 | ||||||||||||||
3,800 | NorthWestern Corp | 221,578 | ||||||||||||||
923 | Portland General Electric Co | 39,477 | ||||||||||||||
2,550 | South Jersey Industries, Inc | 54,953 | ||||||||||||||
2,030 | Southwest Gas Holdings Inc | 123,322 | ||||||||||||||
800 | Spire, Inc | 51,232 | ||||||||||||||
3,440 | * | Sunnova Energy International, Inc | 155,247 | |||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 1,004,039 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 58,094,698 | |||||||||||||||
|
| |||||||||||||||
(Cost $42,495,085) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 4.9% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 3.4% |
| |||||||||||||||
$2,000,000 | Federal Home Loan Bank (FHLB) | 0.080 | % | 01/27/21 | 1,999,910 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 1,999,910 | |||||||||||||||
|
|
25
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
REPURCHASE AGREEMENT - 0.5% | ||||||||||||||||
$320,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | % | 01/04/21 | $ | 320,000 | |||||||||
|
| |||||||||||||||
TOTAL REPURCHASE AGREEMENT | 320,000 | |||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0% | ||||||||||||||||
595,661 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080 | 595,661 | ||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 595,661 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 2,915,571 | |||||||||||||||
|
| |||||||||||||||
(Cost $2,915,545) | ||||||||||||||||
TOTAL INVESTMENTS - 101.3% (Cost $45,410,630) | 61,010,269 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.3)% | (755,997 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 60,254,272 | ||||||||||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
* | Non-income producing |
† | Security is categorized as Level 3 in the fair value hierarchy. |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,050,198. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $123,420 or 0.2% of net assets. |
r | Agreement with Fixed Income Clearing Corp, 0.050% dated 12/31/20 to be repurchased at $320,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $326,437. |
Futures contracts outstanding as of December 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
CME E-mini Russell 2000 Index Futures | 21 | 03/19/21 | $ | 2,000,802 | $ | 2,073,540 | $ | 72,738 |
26
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.2% | ||||||||
AUTOMOBILES & COMPONENTS - 2.0% | ||||||||
858 | Aptiv plc | $ | 111,789 | |||||
114 | BorgWarner, Inc | 4,405 | ||||||
1,215 | * | Tenneco, Inc | 12,879 | |||||
2,184 | * | Tesla, Inc | 1,541,183 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 1,670,256 | |||||||
|
| |||||||
BANKS - 2.5% | ||||||||
77 | Ameris Bancorp | 2,931 | ||||||
483 | Associated Banc-Corp | 8,235 | ||||||
564 | Bank OZK | 17,636 | ||||||
618 | Berkshire Hills Bancorp, Inc | 10,580 | ||||||
80 | Bryn Mawr Bank Corp | 2,448 | ||||||
53 | Camden National Corp | 1,896 | ||||||
6,194 | Citizens Financial Group, Inc | 221,497 | ||||||
1,438 | Comerica, Inc | 80,327 | ||||||
18 | Commerce Bancshares, Inc | 1,183 | ||||||
44 | Cullen/Frost Bankers, Inc | 3,838 | ||||||
710 | * | Customers Bancorp, Inc | 12,908 | |||||
167 | Federal Agricultural Mortgage Corp | 12,400 | ||||||
141 | First Busey Corp | 3,039 | ||||||
577 | First Republic Bank | 84,779 | ||||||
693 | Great Western Bancorp, Inc | 14,484 | ||||||
89 | Heartland Financial USA, Inc | 3,593 | ||||||
108 | Heritage Financial Corp | 2,526 | ||||||
295 | HomeStreet, Inc | 9,956 | ||||||
3,703 | Huntington Bancshares, Inc | 46,769 | ||||||
1,508 | Investors Bancorp, Inc | 15,925 | ||||||
1,081 | Kearny Financial Corp | 11,415 | ||||||
2,904 | Keycorp | 47,655 | ||||||
329 | Live Oak Bancshares, Inc | 15,614 | ||||||
1,072 | M&T Bank Corp | 136,466 | ||||||
288 | MGIC Investment Corp | 3,614 | ||||||
180 | * | Mr Cooper Group, Inc | 5,585 | |||||
333 | National Bank Holdings Corp | 10,909 | ||||||
6,157 | New York Community Bancorp, Inc | 64,956 | ||||||
145 | Old National Bancorp | 2,401 | ||||||
2,173 | People’s United Financial, Inc | 28,097 | ||||||
706 | Pinnacle Financial Partners, Inc | 45,466 | ||||||
3,388 | PNC Financial Services Group, Inc | 504,812 | ||||||
8,910 | Regions Financial Corp | 143,629 | ||||||
130 | Stock Yards Bancorp, Inc | 5,262 | ||||||
254 | * | SVB Financial Group | 98,509 | |||||
102 | TFS Financial Corp | 1,798 | ||||||
277 | * | The Bancorp, Inc | 3,781 | |||||
538 | * | Tristate Capital Holdings, Inc | 9,361 | |||||
6,696 | Truist Financial Corp | 320,939 | ||||||
50 | UMB Financial Corp | 3,450 |
27
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
102 | United Bankshares, Inc | $ | 3,305 | |||||
182 | Univest Financial Corp | 3,746 | ||||||
44 | Webster Financial Corp | 1,855 | ||||||
280 | WesBanco, Inc | 8,389 | ||||||
49 | Westamerica Bancorporation | 2,709 | ||||||
693 | Zions Bancorporation | 30,104 | ||||||
|
| |||||||
TOTAL BANKS | 2,070,777 | |||||||
|
| |||||||
CAPITAL GOODS - 5.5% | ||||||||
2,781 | 3M Co | 486,091 | ||||||
146 | * | Aegion Corp | 2,773 | |||||
1,115 | * | Axon Enterprise, Inc | 136,621 | |||||
603 | Barnes Group, Inc | 30,566 | ||||||
1,964 | * | Bloom Energy Corp | 56,288 | |||||
223 | Carlisle Cos, Inc | 34,828 | ||||||
2,436 | Caterpillar, Inc | 443,401 | ||||||
540 | Cubic Corp | 33,502 | ||||||
467 | Cummins, Inc | 106,056 | ||||||
987 | Curtiss-Wright Corp | 114,838 | ||||||
1,298 | Deere & Co | 349,227 | ||||||
2,253 | Eaton Corp | 270,675 | ||||||
1,581 | Fastenal Co | 77,200 | ||||||
1,310 | Fortive Corp | 92,774 | ||||||
169 | * | Herc Holdings, Inc | 11,223 | |||||
1,874 | Hexcel Corp | 90,870 | ||||||
27 | IDEX Corp | 5,378 | ||||||
2,093 | Illinois Tool Works, Inc | 426,721 | ||||||
4,166 | Johnson Controls International plc | 194,094 | ||||||
2,247 | Masco Corp | 123,428 | ||||||
1,233 | * | Mercury Systems, Inc | 108,578 | |||||
302 | Moog, Inc (Class A) | 23,949 | ||||||
52 | * | MYR Group, Inc | 3,125 | |||||
75 | Owens Corning, Inc | 5,682 | ||||||
797 | PACCAR, Inc | 68,765 | ||||||
620 | Parker-Hannifin Corp | 168,894 | ||||||
1,684 | * | Plug Power, Inc | 57,104 | |||||
495 | Rockwell Automation, Inc | 124,151 | ||||||
482 | Roper Technologies Inc | 207,785 | ||||||
116 | Snap-On, Inc | 19,852 | ||||||
144 | Stanley Black & Decker, Inc | 25,713 | ||||||
488 | * | Teledyne Technologies, Inc | 191,286 | |||||
900 | Trane Technologies plc | 130,644 | ||||||
208 | * | Trimas Corp | 6,587 | |||||
394 | * | United Rentals, Inc | 91,373 | |||||
267 | * | Vectrus, Inc | 13,275 | |||||
176 | W.W. Grainger, Inc | 71,868 | ||||||
31 | * | WESCO International, Inc | 2,434 | |||||
484 | Woodward Inc | 58,821 | ||||||
475 | Xylem, Inc | 48,350 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 4,514,790 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.4% | ||||||||
205 | ACCO Brands Corp | 1,732 | ||||||
207 | Cintas Corp | 73,166 | ||||||
1,817 | * | Copart, Inc | 231,213 | |||||
165 | * | FTI Consulting, Inc | 18,434 |
28
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
112 | Heidrick & Struggles International, Inc | $ | 3,291 | |||||
117 | * | Huron Consulting Group, Inc | 6,897 | |||||
34 | ICF International, Inc | 2,527 | ||||||
3,428 | IHS Markit Ltd | 307,937 | ||||||
478 | Kelly Services, Inc (Class A) | 9,833 | ||||||
138 | Resources Connection, Inc | 1,735 | ||||||
691 | Robert Half International, Inc | 43,174 | ||||||
1,566 | TransUnion | 155,379 | ||||||
33 | * | TriNet Group, Inc | 2,660 | |||||
177 | Verisk Analytics, Inc | 36,743 | ||||||
437 | Viad Corp | 15,806 | ||||||
1,910 | Waste Management, Inc | 225,246 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1,135,773 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||
200 | Callaway Golf Co | 4,802 | ||||||
10 | Columbia Sportswear Co | 874 | ||||||
643 | DR Horton, Inc | 44,316 | ||||||
468 | Ethan Allen Interiors, Inc | 9,458 | ||||||
74 | Garmin Ltd | 8,855 | ||||||
354 | * | GoPro, Inc | 2,931 | |||||
200 | * | Green Brick Partners, Inc | 4,592 | |||||
13 | Hasbro, Inc | 1,216 | ||||||
325 | *,e | iRobot Corp | 26,094 | |||||
536 | Lennar Corp (Class A) | 40,859 | ||||||
356 | * | Lululemon Athletica, Inc | 123,899 | |||||
229 | * | Mohawk Industries, Inc | 32,278 | |||||
144 | Newell Brands Inc | 3,057 | ||||||
5,121 | Nike, Inc (Class B) | 724,468 | ||||||
28 | * | NVR, Inc | 114,236 | |||||
1,740 | * | Sonos, Inc | 40,699 | |||||
757 | VF Corp | 64,655 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 1,247,289 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.5% | ||||||||
389 | * | American Public Education, Inc | 11,857 | |||||
447 | * | Bright Horizons Family Solutions | 77,327 | |||||
356 | Carriage Services, Inc | 11,150 | ||||||
134 | * | Chipotle Mexican Grill, Inc (Class A) | 185,819 | |||||
554 | Darden Restaurants, Inc | 65,992 | ||||||
1,038 | e | Dave & Buster’s Entertainment, Inc | 31,161 | |||||
13 | Dine Brands Global Inc. | 754 | ||||||
313 | Domino’s Pizza, Inc | 120,023 | ||||||
372 | * | El Pollo Loco Holdings, Inc | 6,733 | |||||
173 | * | frontdoor, Inc | 8,686 | |||||
95 | Graham Holdings Co | 50,671 | ||||||
3,090 | Hilton Worldwide Holdings, Inc | 343,793 | ||||||
216 | Marriott Vacations Worldwide Corp | 29,640 | ||||||
384 | * | Planet Fitness, Inc | 29,810 | |||||
2,790 | Royal Caribbean Cruises Ltd | 208,385 | ||||||
1,082 | Service Corp International | 53,126 | ||||||
35 | * | Shake Shack, Inc | 2,967 | |||||
1,017 | Six Flags Entertainment Corp | 34,680 | ||||||
5,888 | Starbucks Corp | 629,898 | ||||||
1,155 | * | Terminix Global Holdings, Inc | 58,917 | |||||
255 | Vail Resorts, Inc | 71,135 |
29
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
983 | Wendy’s | $ | 21,547 | |||||
320 | * | WW International Inc | 7,808 | |||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,061,879 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 6.3% | ||||||||
2,331 | Ally Financial, Inc | 83,123 | ||||||
4,755 | American Express Co | 574,927 | ||||||
6,593 | Bank of New York Mellon Corp | 279,807 | ||||||
790 | BlackRock, Inc | 570,017 | ||||||
8,040 | Charles Schwab Corp | 426,442 | ||||||
1,658 | CME Group, Inc | 301,839 | ||||||
4,669 | Discover Financial Services | 422,685 | ||||||
119 | Factset Research Systems, Inc | 39,567 | ||||||
1,299 | Franklin Resources, Inc | 32,462 | ||||||
105 | * | Green Dot Corp | 5,859 | |||||
4,566 | Intercontinental Exchange Group, Inc | 526,414 | ||||||
482 | Invesco Ltd | 8,401 | ||||||
245 | MarketAxess Holdings, Inc | 139,787 | ||||||
876 | Moody’s Corp | 254,250 | ||||||
8,844 | Morgan Stanley | 606,079 | ||||||
309 | Nasdaq Inc | 41,017 | ||||||
1,564 | Northern Trust Corp | 145,671 | ||||||
65 | * | PRA Group, Inc | 2,578 | |||||
38 | PROG Holdings, Inc | 2,047 | ||||||
1,401 | S&P Global, Inc | 460,551 | ||||||
1,612 | State Street Corp | 117,321 | ||||||
368 | T Rowe Price Group, Inc | 55,712 | ||||||
311 | Voya Financial, Inc | 18,290 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 5,114,846 | |||||||
|
| |||||||
ENERGY - 2.3% | ||||||||
4,768 | Antero Midstream Corp | 36,761 | ||||||
2,315 | Apache Corp | 32,850 | ||||||
3,335 | Baker Hughes Co | 69,535 | ||||||
49 | * | ChampionX Corp | 750 | |||||
1,730 | * | Cheniere Energy, Inc | 103,852 | |||||
6,431 | Chevron Corp | 543,098 | ||||||
170 | Cimarex Energy Co | 6,377 | ||||||
6,174 | ConocoPhillips | 246,898 | ||||||
59 | Delek US Holdings, Inc | 948 | ||||||
2,858 | EQT Corp | 36,325 | ||||||
3,419 | * | Helix Energy Solutions Group, Inc | 14,360 | |||||
1,260 | Hess Corp | 66,515 | ||||||
12,391 | Kinder Morgan, Inc | 169,385 | ||||||
9,016 | Kosmos Energy Ltd | 21,188 | ||||||
18,145 | Marathon Oil Corp | 121,027 | ||||||
94 | * | Nov, Inc | 1,291 | |||||
230 | ONEOK, Inc | 8,827 | ||||||
2,817 | Parsley Energy, Inc | 40,001 | ||||||
6,474 | Schlumberger Ltd | 141,328 | ||||||
1,332 | * | Select Energy Services, Inc | 5,461 | |||||
9,944 | * | Southwestern Energy Co | 29,633 | |||||
2,625 | Valero Energy Corp | 148,496 | ||||||
|
| |||||||
TOTAL ENERGY | 1,844,906 | |||||||
|
|
30
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
FOOD & STAPLES RETAILING - 0.6% | ||||||||
2,549 | * | BJ’s Wholesale Club Holdings, Inc | $ | 95,027 | ||||
695 | Casey’s General Stores, Inc | 124,141 | ||||||
701 | * | Chefs’ Warehouse Holdings, Inc | 18,009 | |||||
620 | * | Performance Food Group Co | 29,518 | |||||
500 | Pricesmart, Inc | 45,545 | ||||||
877 | SpartanNash Co | 15,268 | ||||||
2,640 | * | Sprouts Farmers Market, Inc | 53,064 | |||||
1,207 | * | United Natural Foods, Inc | 19,276 | |||||
3,282 | * | US Foods Holding Corp | 109,323 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 509,171 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 2.8% | ||||||||
628 | *,e | Beyond Meat, Inc | 78,500 | |||||
993 | Campbell Soup Co | 48,011 | ||||||
14,247 | Coca-Cola Co | 781,305 | ||||||
173 | * | Darling International, Inc | 9,979 | |||||
710 | Fresh Del Monte Produce, Inc | 17,090 | ||||||
4,764 | General Mills, Inc | 280,123 | ||||||
2,692 | Hormel Foods Corp | 125,474 | ||||||
1,710 | Kellogg Co | 106,413 | ||||||
930 | McCormick & Co, Inc | 88,908 | ||||||
5,239 | PepsiCo, Inc | 776,944 | ||||||
79 | * | TreeHouse Foods, Inc | 3,357 | |||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 2,316,104 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.2% | ||||||||
476 | * | Abiomed, Inc | 154,319 | |||||
454 | *,e | Accelerate Diagnostics, Inc | 3,441 | |||||
553 | * | Align Technology, Inc | 295,512 | |||||
3,728 | * | Allscripts Healthcare Solutions, Inc | 53,832 | |||||
786 | * | Angiodynamics, Inc | 12,049 | |||||
2,703 | * | Antares Pharma, Inc | 10,785 | |||||
357 | * | AtriCure, Inc | 19,874 | |||||
13 | *,e | Axonics Modulation Technologies, Inc | 649 | |||||
553 | Becton Dickinson & Co | 138,372 | ||||||
16 | * | BioTelemetry, Inc | 1,153 | |||||
1,870 | Cardinal Health, Inc | 100,157 | ||||||
287 | * | Cardiovascular Systems, Inc | 12,559 | |||||
5,311 | * | Centene Corp | 318,819 | |||||
4,112 | Cerner Corp | 322,710 | ||||||
3,201 | * | Cerus Corp | 22,151 | |||||
1,698 | Cigna Corp | 353,490 | ||||||
280 | Computer Programs & Systems, Inc | 7,515 | ||||||
450 | Cooper Cos, Inc | 163,494 | ||||||
1,185 | * | Covetrus, Inc | 34,057 | |||||
4,559 | CVS Health Corp | 311,380 | ||||||
2,297 | Dentsply Sirona, Inc | 120,271 | ||||||
628 | * | DexCom, Inc | 232,184 | |||||
4,649 | * | Edwards Lifesciences Corp | 424,128 | |||||
1,838 | * | Envista Holdings Corp | 61,996 | |||||
497 | * | GenMark Diagnostics, Inc | 7,256 | |||||
178 | * | Glaukos Corp | 13,396 | |||||
641 | * | Globus Medical, Inc | 41,806 | |||||
138 | * | Guardant Health, Inc | 17,785 | |||||
102 | * | Haemonetics Corp | 12,113 | |||||
1,377 | HCA Healthcare, Inc | 226,461 |
31
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
747 | * | Health Catalyst, Inc | $ | 32,517 | ||||
294 | * | Henry Schein, Inc | 19,657 | |||||
157 | * | Heska Corp | 22,867 | |||||
327 | Hill-Rom Holdings, Inc | 32,036 | ||||||
390 | * | HMS Holdings Corp | 14,332 | |||||
1,211 | * | Hologic, Inc | 88,197 | |||||
1,151 | Humana, Inc | 472,221 | ||||||
647 | * | IDEXX Laboratories, Inc | 323,416 | |||||
110 | * | Inogen, Inc | 4,915 | |||||
257 | * | Integer Holding Corp | 20,866 | |||||
504 | * | Laboratory Corp of America Holdings | 102,589 | |||||
301 | LeMaitre Vascular, Inc | 12,191 | ||||||
85 | * | LivaNova plc | 5,628 | |||||
166 | * | Meridian Bioscience, Inc | 3,103 | |||||
1,203 | * | Merit Medical Systems, Inc | 66,779 | |||||
1,173 | * | NextGen Healthcare, Inc | 21,396 | |||||
476 | * | Omnicell, Inc | 57,130 | |||||
667 | * | OraSure Technologies, Inc | 7,060 | |||||
412 | * | Orthofix Medical Inc | 17,708 | |||||
170 | * | Penumbra, Inc | 29,750 | |||||
80 | Premier, Inc | 2,808 | ||||||
31 | * | Providence Service Corp | 4,298 | |||||
298 | Quest Diagnostics, Inc | 35,513 | ||||||
847 | * | Quidel Corp | 152,164 | |||||
890 | Resmed, Inc | 189,178 | ||||||
542 | * | Staar Surgical Co | 42,937 | |||||
356 | STERIS plc | 67,476 | ||||||
377 | * | Tactile Systems Technology, Inc | 16,942 | |||||
302 | * | Tandem Diabetes Care, Inc | 28,895 | |||||
1,121 | * | Teladoc, Inc | 224,155 | |||||
191 | * | Triple-S Management Corp (Class B) | 4,078 | |||||
424 | * | Varian Medical Systems, Inc | 74,204 | |||||
740 | * | Vocera Communications, Inc | 30,732 | |||||
486 | West Pharmaceutical Services, Inc | 137,689 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 5,859,141 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.4% | ||||||||
942 | Clorox Co | 190,209 | ||||||
3,423 | Colgate-Palmolive Co | 292,701 | ||||||
883 | Estee Lauder Cos (Class A) | 235,046 | ||||||
716 | Kimberly-Clark Corp | 96,538 | ||||||
7,975 | Procter & Gamble Co | 1,109,641 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,924,135 | |||||||
|
| |||||||
INSURANCE - 2.8% | ||||||||
3,587 | Aflac, Inc | 159,514 | ||||||
1,261 | Allstate Corp | 138,622 | ||||||
828 | Aon plc | 174,931 | ||||||
2,592 | Chubb Ltd | 398,961 | ||||||
18 | * | eHealth, Inc | 1,271 | |||||
3,254 | * | Genworth Financial, Inc (Class A) | 12,300 | |||||
962 | Lincoln National Corp | 48,398 | ||||||
2,365 | Loews Corp | 106,472 | ||||||
3,091 | Marsh & McLennan Cos, Inc | 361,647 | ||||||
3,203 | Progressive Corp | 316,713 | ||||||
3,523 | Prudential Financial, Inc | 275,040 |
32
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
1,686 | Travelers Cos, Inc | $ | 236,664 | |||||
4 | White Mountains Insurance Group Ltd | 4,003 | ||||||
162 | Willis Towers Watson plc | 34,130 | ||||||
|
| |||||||
TOTAL INSURANCE | 2,268,666 | |||||||
|
| |||||||
MATERIALS - 3.0% | ||||||||
205 | Amcor plc | 2,413 | ||||||
140 | Aptargroup, Inc | 19,165 | ||||||
2,671 | Ball Corp | 248,884 | ||||||
1,021 | * | Century Aluminum Co | 11,262 | |||||
5,755 | DuPont de Nemours, Inc | 409,238 | ||||||
1,834 | Ecolab, Inc | 396,804 | ||||||
39 | H.B. Fuller Co | 2,023 | ||||||
168 | e | International Flavors & Fragrances, Inc | 18,285 | |||||
2,652 | Linde plc | 698,829 | ||||||
200 | Martin Marietta Materials, Inc | 56,794 | ||||||
1,614 | Mosaic Co | 37,138 | ||||||
5,436 | Newmont Goldcorp Corp | 325,562 | ||||||
1,697 | Nucor Corp | 90,263 | ||||||
253 | PPG Industries, Inc | 36,488 | ||||||
27 | Reliance Steel & Aluminum Co | 3,233 | ||||||
1,968 | * | Summit Materials, Inc | 39,517 | |||||
283 | Trinseo S.A. | 14,492 | ||||||
350 | * | US Concrete, Inc | 13,990 | |||||
|
| |||||||
TOTAL MATERIALS | 2,424,380 | |||||||
|
| |||||||
MEDIA & ENTERTAINMENT - 7.7% | ||||||||
5,817 | Activision Blizzard, Inc | 540,108 | ||||||
755 | * | Alphabet, Inc (Class A) | 1,323,243 | |||||
740 | * | Alphabet, Inc (Class C) | 1,296,391 | |||||
38 | Cable One, Inc | 84,653 | ||||||
197 | * | Cardlytics, Inc | 28,126 | |||||
2,461 | e | Cinemark Holdings, Inc | 42,846 | |||||
3,663 | * | Discovery, Inc (Class A) | 110,220 | |||||
5,052 | * | Discovery, Inc (Class C) | 132,312 | |||||
2,046 | Electronic Arts, Inc | 293,806 | ||||||
2,025 | * | Gray Television, Inc | 36,227 | |||||
1,398 | *,e | iHeartMedia, Inc | 18,146 | |||||
1,046 | * | Imax Corp | 18,849 | |||||
1,361 | Interpublic Group of Cos, Inc | 32,011 | ||||||
642 | John Wiley & Sons, Inc (Class A) | 29,314 | ||||||
136 | * | Liberty Broadband Corp (Class A) | 21,431 | |||||
2,219 | * | Liberty Broadband Corp (Class C) | 351,423 | |||||
2,098 | * | Live Nation, Inc | 154,161 | |||||
236 | * | Madison Square Garden Co | 43,448 | |||||
809 | New York Times Co (Class A) | 41,882 | ||||||
3,840 | Omnicom Group, Inc | 239,501 | ||||||
6,526 | * | Pinterest, Inc | 430,063 | |||||
477 | Scholastic Corp | 11,925 | ||||||
1,242 | Sinclair Broadcast Group, Inc (Class A) | 39,558 | ||||||
23,404 | Sirius XM Holdings, Inc | 149,083 | ||||||
1,009 | * | Take-Two Interactive Software, Inc | 209,660 | |||||
246 | TEGNA, Inc | 3,432 | ||||||
2,389 | * | TripAdvisor, Inc | 68,755 | |||||
5,630 | * | Twitter, Inc | 304,865 | |||||
542 | World Wrestling Entertainment, Inc (Class A) | 26,043 |
33
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
20,212 | * | Zynga, Inc | $ | 199,492 | ||||
|
| |||||||
TOTAL MEDIA & ENTERTAINMENT | 6,280,974 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6% | ||||||||
5,055 | AbbVie, Inc | 541,643 | ||||||
719 | * | Acadia Pharmaceuticals, Inc | 38,438 | |||||
987 | * | Aerie Pharmaceuticals, Inc | 13,334 | |||||
1,955 | Agilent Technologies, Inc | 231,648 | ||||||
637 | * | Agios Pharmaceuticals, Inc | 27,601 | |||||
2,356 | Amgen, Inc | 541,692 | ||||||
249 | * | AnaptysBio, Inc | 5,353 | |||||
544 | * | Assembly Biosciences, Inc | 3,291 | |||||
898 | * | Atara Biotherapeutics, Inc | 17,628 | |||||
98 | * | Avrobio, Inc | 1,366 | |||||
33 | * | Axsome Therapeutics, Inc | 2,689 | |||||
3,404 | * | BioCryst Pharmaceuticals, Inc | 25,360 | |||||
779 | * | Biogen, Inc | 190,746 | |||||
618 | * | BioMarin Pharmaceutical, Inc | 54,192 | |||||
1,491 | * | Bluebird Bio, Inc | 64,516 | |||||
9,057 | Bristol-Myers Squibb Co | 561,806 | ||||||
701 | * | Collegium Pharmaceutical, Inc | 14,041 | |||||
3,440 | Eli Lilly & Co | 580,810 | ||||||
70 | *,e | Esperion Thereapeutics, Inc | 1,820 | |||||
453 | * | Flexion Therapeutics, Inc | 5,228 | |||||
4,819 | Gilead Sciences, Inc | 280,755 | ||||||
414 | * | Halozyme Therapeutics, Inc | 17,682 | |||||
178 | * | Illumina, Inc | 65,860 | |||||
435 | * | Insmed, Inc | 14,481 | |||||
335 | * | Intersect ENT, Inc | 7,671 | |||||
1,239 | * | Intra-Cellular Therapies, Inc | 39,400 | |||||
740 | * | IQVIA Holdings, Inc | 132,586 | |||||
374 | * | Jazz Pharmaceuticals plc | 61,729 | |||||
903 | * | Karyopharm Therapeutics, Inc | 13,978 | |||||
1,108 | * | MacroGenics, Inc | 25,329 | |||||
8,976 | Merck & Co, Inc | 734,237 | ||||||
77 | * | Mettler-Toledo International, Inc | 87,755 | |||||
34 | * | Mirati Therapeutics, Inc | 7,468 | |||||
70 | *,e | Novavax, Inc | 7,806 | |||||
4,759 | *,e | Opko Health, Inc | 18,798 | |||||
547 | Perrigo Co plc | 24,462 | ||||||
842 | * | Prothena Corp plc | 10,112 | |||||
128 | * | Regeneron Pharmaceuticals, Inc | 61,838 | |||||
202 | * | Repligen Corp | 38,709 | |||||
1,002 | * | Revance Therapeutics, Inc | 28,397 | |||||
89 | * | Sage Therapeutics, Inc | 7,699 | |||||
1,162 | * | Sangamo Therapeutics Inc | 18,133 | |||||
5,141 | *,e | TherapeuticsMD, Inc | 6,221 | |||||
1,164 | Thermo Fisher Scientific, Inc | 542,168 | ||||||
60 | * | Tricida, Inc | 423 | |||||
366 | * | Ultragenyx Pharmaceutical, Inc | 50,665 | |||||
1,810 | * | Vertex Pharmaceuticals, Inc | 427,775 | |||||
245 | * | Waters Corp | 60,618 | |||||
576 | *,e | ZIOPHARM Oncology, Inc | 1,452 | |||||
2,999 | Zoetis, Inc | 496,334 | ||||||
177 | * | Zogenix, Inc | 3,538 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 6,217,281 | |||||||
|
|
34
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
REAL ESTATE - 3.1% | ||||||||
641 | Alexandria Real Estate Equities, Inc | $ | 114,239 | |||||
2,076 | American Tower Corp | 465,979 | ||||||
61 | Americold Realty Trust | 2,277 | ||||||
965 | Boston Properties, Inc | 91,221 | ||||||
705 | Brixmor Property Group, Inc | 11,668 | ||||||
432 | CatchMark Timber Trust, Inc | 4,044 | ||||||
1,099 | * | CBRE Group, Inc | 68,929 | |||||
118 | Coresite Realty | 14,783 | ||||||
311 | Cousins Properties, Inc | 10,418 | ||||||
403 | CyrusOne, Inc | 29,479 | ||||||
3,186 | * | DiamondRock Hospitality Co | 26,285 | |||||
165 | Douglas Emmett, Inc | 4,815 | ||||||
352 | Easterly Government Properties, Inc | 7,973 | ||||||
471 | Equinix, Inc | 336,379 | ||||||
456 | First Industrial Realty Trust, Inc | 19,211 | ||||||
1,028 | Franklin Street Properties Corp | 4,492 | ||||||
2,714 | Healthpeak Properties Inc | 82,044 | ||||||
3,867 | Host Hotels and Resorts, Inc | 56,574 | ||||||
421 | * | Howard Hughes Corp | 33,230 | |||||
282 | Hudson Pacific Properties | 6,774 | ||||||
355 | iStar Inc | 5,272 | ||||||
79 | * | Jones Lang LaSalle, Inc | 11,721 | |||||
63 | Kilroy Realty Corp | 3,616 | ||||||
1,023 | Kimco Realty Corp | 15,355 | ||||||
3,283 | Macerich Co | 35,030 | ||||||
57 | Paramount Group, Inc | 515 | ||||||
5,447 | Park Hotels & Resorts, Inc | 93,416 | ||||||
4,561 | Prologis, Inc | 454,549 | ||||||
50 | QTS Realty Trust, Inc | 3,094 | ||||||
783 | * | Realogy Holdings Corp | 10,273 | |||||
150 | Regency Centers Corp | 6,839 | ||||||
441 | RLJ Lodging Trust | 6,240 | ||||||
8 | RMR Group, Inc | 309 | ||||||
659 | SBA Communications Corp | 185,924 | ||||||
445 | UDR, Inc | 17,101 | ||||||
826 | Ventas, Inc | 40,507 | ||||||
17 | Washington REIT | 368 | ||||||
2,315 | Welltower, Inc | 149,595 | ||||||
3,168 | Weyerhaeuser Co | 106,223 | ||||||
765 | Xenia Hotels & Resorts, Inc | 11,628 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 2,548,389 | |||||||
|
| |||||||
RETAILING - 5.5% | ||||||||
595 | * | 1-800-FLOWERS.COM, Inc (Class A) | 15,470 | |||||
19 | * | Aaron’s Co, Inc | 360 | |||||
328 | Advance Auto Parts, Inc | 51,663 | ||||||
267 | * | Booking Holdings, Inc | 594,681 | |||||
21 | * | CarMax, Inc | 1,984 | |||||
1,173 | Designer Brands, Inc | 8,973 | ||||||
251 | * | Dollar Tree, Inc | 27,118 | |||||
9,033 | eBay, Inc | 453,908 | ||||||
3,157 | Expedia Group, Inc | 417,987 | ||||||
84 | * | Five Below, Inc | 14,698 | |||||
305 | Gap, Inc | 6,158 |
35
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
316 | * | Genesco, Inc | $ | 9,508 | ||||
539 | * | Groupon, Inc | 20,479 | |||||
364 | * | Hibbett Sports, Inc | 16,810 | |||||
3,352 | Home Depot, Inc | 890,358 | ||||||
231 | * | Lands’ End, Inc | 4,983 | |||||
1,013 | * | LKQ Corp | 35,698 | |||||
2,772 | Lowe’s Companies, Inc | 444,934 | ||||||
5,597 | Macy’s, Inc | 62,966 | ||||||
431 | * | MarineMax, Inc | 15,098 | |||||
1,979 | * | Quotient Technology, Inc | 18,642 | |||||
1,438 | * | RealReal, Inc | 28,099 | |||||
577 | Ross Stores, Inc | 70,861 | ||||||
214 | Shoe Carnival, Inc | 8,385 | ||||||
2,632 | Target Corp | 464,627 | ||||||
331 | Tiffany & Co | 43,510 | ||||||
4,154 | TJX Companies, Inc | 283,677 | ||||||
202 | Tractor Supply Co | 28,397 | ||||||
1,443 | *,e | Wayfair, Inc | 325,844 | |||||
375 | Williams-Sonoma, Inc | 38,190 | ||||||
15 | Winmark Corp | 2,787 | ||||||
234 | * | Zumiez, Inc | 8,607 | |||||
|
| |||||||
TOTAL RETAILING | 4,415,460 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3% | ||||||||
4,603 | Applied Materials, Inc | 397,239 | ||||||
289 | * | Cirrus Logic, Inc | 23,756 | |||||
312 | * | Cree, Inc | 33,041 | |||||
936 | * | First Solar, Inc | 92,589 | |||||
17,173 | Intel Corp | 855,559 | ||||||
743 | Lam Research Corp | 350,897 | ||||||
2,008 | NVIDIA Corp | 1,048,577 | ||||||
243 | * | Silicon Laboratories, Inc | 30,944 | |||||
4,372 | Texas Instruments, Inc | 717,576 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,550,178 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 13.8% | ||||||||
2,890 | Accenture plc | 754,897 | ||||||
1,826 | * | Adobe, Inc | 913,219 | |||||
108 | * | Anaplan, Inc | 7,760 | |||||
298 | * | Aspen Technology, Inc | 38,815 | |||||
1,807 | * | Autodesk, Inc | 551,749 | |||||
2,016 | Automatic Data Processing, Inc | 355,219 | ||||||
1,923 | * | Avaya Holdings Corp | 36,825 | |||||
634 | * | Benefitfocus, Inc | 9,180 | |||||
146 | * | Bill.Com Holdings, Inc | 19,929 | |||||
193 | Blackbaud, Inc | 11,109 | ||||||
1,128 | * | Blackline, Inc | 150,453 | |||||
1,754 | * | Cadence Design Systems, Inc | 239,298 | |||||
417 | * | ChannelAdvisor Corp | 6,664 | |||||
354 | * | Concentrix Corp | 34,940 | |||||
3,873 | * | Conduent, Inc | 18,590 | |||||
737 | CSG Systems International, Inc | 33,217 | ||||||
5,699 | DXC Technology Co | 146,749 | ||||||
514 | * | Elastic NV | 75,111 | |||||
744 | * | ExlService Holdings, Inc | 63,337 | |||||
1,394 | * | Five9, Inc | 243,114 |
36
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,981 | International Business Machines Corp | $ | 627,008 | |||||
1,484 | Intuit, Inc | 563,697 | ||||||
3,032 | * | Limelight Networks, Inc | 12,098 | |||||
235 | * | Liveperson, Inc | 14,624 | |||||
17,739 | d | Microsoft Corp | 3,945,508 | |||||
1,162 | * | New Relic, Inc | 75,995 | |||||
1,670 | * | Nutanix, Inc | 53,223 | |||||
790 | * | Okta, Inc | 200,865 | |||||
136 | * | OneSpan, Inc | 2,812 | |||||
369 | * | Paylocity Holding Corp | 75,981 | |||||
739 | * | Perficient, Inc | 35,213 | |||||
295 | * | Qualys, Inc | 35,952 | |||||
394 | * | Rapid7, Inc | 35,523 | |||||
6,199 | Sabre Corp | 74,512 | ||||||
3,310 | * | salesforce.com, Inc | 736,574 | |||||
1,309 | Science Applications International Corp | 123,884 | ||||||
480 | * | Smartsheet, Inc | 33,259 | |||||
813 | * | SPS Commerce, Inc | 88,284 | |||||
1,463 | * | SVMK, Inc | 37,380 | |||||
894 | * | Sykes Enterprises, Inc | 33,677 | |||||
2,511 | * | Teradata Corp | 56,422 | |||||
401 | TTEC Holdings, Inc | 29,245 | ||||||
614 | * | Virtusa Corp | 31,394 | |||||
1,761 | * | VMware, Inc (Class A) | 246,998 | |||||
965 | * | WEX, Inc | 196,406 | |||||
870 | * | Workday, Inc | 208,461 | |||||
127 | * | Workiva, Inc | 11,636 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 11,296,806 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.8% | ||||||||
37,505 | Apple, Inc | 4,976,538 | ||||||
41 | Belden CDT, Inc | 1,718 | ||||||
108 | Benchmark Electronics, Inc | 2,917 | ||||||
1,753 | * | Ciena Corp | 92,646 | |||||
15,505 | Cisco Systems, Inc | 693,849 | ||||||
38 | Cognex Corp | 3,051 | ||||||
413 | CTS Corp | 14,178 | ||||||
862 | Dolby Laboratories, Inc (Class A) | 83,726 | ||||||
44 | * | Fabrinet | 3,414 | |||||
19,816 | Hewlett Packard Enterprise Co | 234,820 | ||||||
2,240 | HP, Inc | 55,082 | ||||||
156 | * | Insight Enterprises, Inc | 11,870 | |||||
9 | InterDigital, Inc | 546 | ||||||
69 | * | Itron, Inc | 6,617 | |||||
669 | * | Keysight Technologies, Inc | 88,368 | |||||
373 | * | Kimball Electronics, Inc | 5,964 | |||||
189 | * | Lumentum Holdings, Inc | 17,917 | |||||
91 | Methode Electronics, Inc | 3,483 | ||||||
45 | Motorola Solutions, Inc | 7,653 | ||||||
49 | * | Novanta, Inc | 5,793 | |||||
633 | * | Ribbon Communications, Inc | 4,152 | |||||
153 | * | Rogers Corp | 23,759 | |||||
354 | Synnex Corp | 28,830 | ||||||
476 | * | Trimble Inc | 31,783 | |||||
621 | * | TTM Technologies, Inc | 8,567 | |||||
1,036 | Vishay Intertechnology, Inc | 21,456 |
37
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
180 | * | Zebra Technologies Corp (Class A) |
| $ | 69,179 | |||||||||||
|
| |||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 6,497,876 | ||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES - 1.6% | ||||||||||||||||
957 | * | Boingo Wireless, Inc |
| 12,173 | ||||||||||||
2,220 | * | Iridium Communications, Inc |
| 87,301 | ||||||||||||
2,742 | * | T-Mobile US, Inc |
| 369,759 | ||||||||||||
14,965 | Verizon Communications, Inc |
| 879,194 | |||||||||||||
|
| |||||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
| 1,348,427 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION - 2.4% | ||||||||||||||||
579 | ArcBest Corp |
| 24,706 | |||||||||||||
368 | * | Avis Budget Group, Inc |
| 13,727 | ||||||||||||
732 | CH Robinson Worldwide, Inc |
| 68,713 | |||||||||||||
4,987 | CSX Corp |
| 452,570 | |||||||||||||
10,105 | Delta Air Lines, Inc |
| 406,322 | |||||||||||||
623 | * | Echo Global Logistics, Inc |
| 16,709 | ||||||||||||
69 | Kansas City Southern |
| 14,085 | |||||||||||||
1,479 | Norfolk Southern Corp |
| 351,425 | |||||||||||||
15 | Old Dominion Freight Line |
| 2,928 | |||||||||||||
3,541 | United Parcel Service, Inc (Class B) |
| 596,304 | |||||||||||||
|
| |||||||||||||||
TOTAL TRANSPORTATION |
| 1,947,489 | ||||||||||||||
|
| |||||||||||||||
UTILITIES - 2.6% | ||||||||||||||||
3,605 | American Electric Power Co, Inc |
| 300,188 | |||||||||||||
416 | American Water Works Co, Inc |
| 63,844 | |||||||||||||
1,610 | Centerpoint Energy, Inc |
| 34,840 | |||||||||||||
142 | CMS Energy Corp |
| 8,663 | |||||||||||||
2,457 | Consolidated Edison, Inc |
| 177,567 | |||||||||||||
2,461 | Dominion Energy, Inc |
| 185,067 | |||||||||||||
253 | DTE Energy Co |
| 30,717 | |||||||||||||
1,756 | Eversource Energy |
| 151,912 | |||||||||||||
2,695 | Public Service Enterprise Group, Inc |
| 157,118 | |||||||||||||
2,126 | Sempra Energy |
| 270,874 | |||||||||||||
131 | South Jersey Industries, Inc |
| 2,823 | |||||||||||||
6,507 | Southern Co |
| 399,725 | |||||||||||||
237 | * | Sunnova Energy International, Inc |
| 10,696 | ||||||||||||
361 | UGI Corp |
| 12,621 | |||||||||||||
1,466 | WEC Energy Group, Inc |
| 134,916 | |||||||||||||
2,348 | Xcel Energy, Inc |
| 156,541 | |||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES |
| 2,098,112 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 81,163,105 | |||||||||||||||
|
| |||||||||||||||
(Cost $45,974,942) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.1% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.4% |
| |||||||||||||||
$250,000 | Federal Home Loan Bank (FHLB) | 0.075 | % | 01/27/21 | 249,989 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 249,989 | ||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT - 0.5% |
| |||||||||||||||
420,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 01/04/21 | 420,000 | |||||||||||
|
| |||||||||||||||
TOTAL REPURCHASE AGREEMENT |
| 420,000 | ||||||||||||||
|
|
38
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | RATE |
| VALUE | ||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% |
| |||||||||||||||
200,881 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080 | % | $ | 200,881 | ||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 200,881 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 870,870 | |||||||||||||||
|
| |||||||||||||||
(Cost $870,867) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% (Cost $46,845,809) | 82,033,975 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% | (221,565 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 81,812,410 | ||||||||||||||
|
| |||||||||||||||
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 $574,821. |
r | Agreement with Fixed Income Clearing Corp, 0.050% dated 12/31/20 to be repurchased at $420,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $428,474. |
Futures contracts outstanding as of December 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||||
S&P 500 E Mini Index | 3 | 03/19/21 | $ | 548,496 | $ | 562,320 | $ | 13,824 |
39
TIAA-CREF LIFE FUNDS - Stock Index Fund
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.6% | ||||||||
AUTOMOBILES & COMPONENTS - 1.9% | ||||||||
1,634 | * | Adient plc | $ | 56,814 | ||||
1,752 | * | American Axle & Manufacturing Holdings, Inc | 14,612 | |||||
4,756 | Aptiv plc | 619,659 | ||||||
4,192 | BorgWarner, Inc | 161,979 | ||||||
828 | Cooper Tire & Rubber Co | 33,534 | ||||||
331 | * | Cooper-Standard Holding, Inc | 11,476 | |||||
2,264 | Dana Inc | 44,193 | ||||||
511 | * | Dorman Products, Inc | 44,365 | |||||
69,235 | Ford Motor Co | 608,576 | ||||||
713 | * | Fox Factory Holding Corp | 75,371 | |||||
22,030 | General Motors Co | 917,329 | ||||||
4,153 | Gentex Corp | 140,911 | ||||||
573 | * | Gentherm, Inc | 37,371 | |||||
5,104 | Goodyear Tire & Rubber Co | 55,685 | ||||||
2,737 | Harley-Davidson, Inc | 100,448 | ||||||
377 | LCI Industries, Inc | 48,889 | ||||||
1,077 | Lear Corp | 171,275 | ||||||
772 | * | Modine Manufacturing Co | 9,696 | |||||
292 | * | Motorcar Parts of America, Inc | 5,729 | |||||
381 | Patrick Industries, Inc | 26,041 | ||||||
330 | Standard Motor Products, Inc | 13,352 | ||||||
449 | * | Stoneridge, Inc | 13,573 | |||||
995 | * | Tenneco, Inc | 10,547 | |||||
13,446 | * | Tesla, Inc | 9,488,439 | |||||
1,012 | Thor Industries, Inc | 94,106 | ||||||
496 | * | Visteon Corp | 62,258 | |||||
486 | Winnebago Industries, Inc | 29,131 | ||||||
1,675 | *,e | Workhorse Group, Inc | 33,132 | |||||
296 | * | XPEL, Inc | 15,262 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 12,943,753 | |||||||
|
| |||||||
BANKS - 4.1% | ||||||||
184 | 1st Constitution Bancorp | 2,920 | ||||||
254 | 1st Source Corp | 10,236 | ||||||
95 | ACNB Corp | 2,375 | ||||||
166 | Allegiance Bancshares, Inc | 5,666 | ||||||
194 | Altabancorp | 5,416 | ||||||
197 | Amalgamated Bank | 2,707 | ||||||
442 | * | Amerant Bancorp Inc | 6,718 | |||||
127 | American National Bankshares, Inc | 3,329 | ||||||
1,222 | Ameris Bancorp | 46,521 | ||||||
129 | Ames National Corp | 3,099 | ||||||
189 | Arrow Financial Corp | 5,653 | ||||||
2,719 | Associated Banc-Corp | 46,359 | ||||||
318 | * | Atlantic Capital Bancshares, Inc | 5,063 | |||||
1,279 | Atlantic Union Bankshares Corp | 42,130 | ||||||
164 | Auburn National Bancorporation, Inc | 6,837 | ||||||
945 | * | Axos Financial, Inc | 35,466 | |||||
697 | Banc of California, Inc | 10,253 | ||||||
529 | Bancfirst Corp | 31,052 | ||||||
1,940 | BancorpSouth Bank | 53,234 | ||||||
117 | e | Bank First Corp | 7,584 | |||||
137,545 | Bank of America Corp | 4,168,989 | ||||||
254 | Bank of Commerce Holdings | 2,515 | ||||||
861 | Bank of Hawaii Corp | 65,970 | ||||||
174 | Bank of Marin Bancorp | 5,975 |
40
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,235 | Bank of NT Butterfield & Son Ltd | $ | 38,483 | |||||
130 | Bank of Princeton | 3,043 | ||||||
2,233 | Bank OZK | 69,826 | ||||||
487 | Bank7 Corp | 6,915 | ||||||
238 | BankFinancial Corp | 2,090 | ||||||
1,888 | BankUnited | 65,665 | ||||||
81 | Bankwell Financial Group, Inc | 1,584 | ||||||
511 | Banner Corp | 23,807 | ||||||
219 | Bar Harbor Bankshares | 4,947 | ||||||
163 | * | Baycom Corp | 2,473 | |||||
152 | BCB Bancorp, Inc | 1,683 | ||||||
641 | Berkshire Hills Bancorp, Inc | 10,974 | ||||||
717 | BOK Financial Corp | 49,100 | ||||||
1,073 | Boston Private Financial Holdings, Inc | 9,067 | ||||||
287 | Bridge Bancorp, Inc | 6,940 | ||||||
385 | * | Bridgewater Bancshares, Inc | 4,809 | |||||
1,046 | Brookline Bancorp, Inc | 12,594 | ||||||
253 | Bryn Mawr Bank Corp | 7,741 | ||||||
147 | Business First Bancshares, Inc | 2,993 | ||||||
120 | Byline Bancorp, Inc | 1,854 | ||||||
283 | C&F Financial Corp | 10,502 | ||||||
2,216 | Cadence BanCorp | 36,387 | ||||||
59 | Cambridge Bancorp | 4,115 | ||||||
238 | Camden National Corp | 8,516 | ||||||
693 | * | Capital Bancorp, Inc | 9,653 | |||||
156 | Capital City Bank Group, Inc | 3,834 | ||||||
2,332 | Capitol Federal Financial | 29,150 | ||||||
128 | Capstar Financial Holdings, Inc | 1,888 | ||||||
419 | Carter Bankshares, Inc | 4,492 | ||||||
1,496 | Cathay General Bancorp | 48,156 | ||||||
287 | CBTX, Inc | 7,321 | ||||||
470 | Central Pacific Financial Corp | 8,935 | ||||||
161 | Central Valley Community Bancorp | 2,397 | ||||||
47 | Century Bancorp, Inc | 3,636 | ||||||
46 | Chemung Financial Corp | 1,562 | ||||||
337 | ChoiceOne Financial Services, Inc | 10,383 | ||||||
1,706 | CIT Group, Inc | 61,245 | ||||||
36,905 | Citigroup, Inc | 2,275,562 | ||||||
167 | Citizens & Northern Corp | 3,313 | ||||||
7,915 | Citizens Financial Group, Inc | 283,040 | ||||||
394 | Citizens Holding Co | 8,254 | ||||||
236 | City Holding Co | 16,414 | ||||||
157 | Civista Bancshares, Inc | 2,752 | ||||||
226 | CNB Financial Corp | 4,812 | ||||||
524 | * | Coastal Financial Corp | 11,004 | |||||
139 | Codorus Valley Bancorp, Inc | 2,357 | ||||||
1,129 | Columbia Banking System, Inc | 40,531 | ||||||
372 | * | Columbia Financial, Inc | 5,788 | |||||
2,606 | Comerica, Inc | 145,571 | ||||||
1,988 | Commerce Bancshares, Inc | 130,612 | ||||||
1,009 | Community Bank System, Inc | 62,871 | ||||||
1,382 | Community Bankers Trust Corp | 9,328 | ||||||
61 | Community Financial Corp | 1,615 | ||||||
238 | Community Trust Bancorp, Inc | 8,818 | ||||||
422 | ConnectOne Bancorp, Inc | 8,351 | ||||||
858 | * | CrossFirst Bankshares, Inc | 9,223 | |||||
1,101 | Cullen/Frost Bankers, Inc | 96,040 | ||||||
438 | * | Customers Bancorp, Inc | 7,963 | |||||
2,357 | CVB Financial Corp | 45,961 | ||||||
500 | Dime Community Bancshares | 7,885 | ||||||
638 | Eagle Bancorp, Inc | 26,349 | ||||||
2,453 | East West Bancorp, Inc | 124,392 | ||||||
2,652 | * | Eastern Bankshares, Inc | 43,254 | |||||
147 | Enterprise Bancorp, Inc | 3,756 | ||||||
347 | Enterprise Financial Services Corp | 12,128 |
41
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
161 | * | Equity Bancshares, Inc | $ | 3,476 | ||||
578 | * | Esquire Financial Holdings, Inc | 11,092 | |||||
660 | ESSA Bancorp, Inc | 9,900 | ||||||
2,039 | Essent Group Ltd | 88,085 | ||||||
384 | Evans Bancorp, Inc | 10,575 | ||||||
144 | Farmers & Merchants Bancorp, Inc | 3,312 | ||||||
378 | Farmers National Banc Corp | 5,016 | ||||||
560 | FB Financial Corp | 19,449 | ||||||
139 | Federal Agricultural Mortgage Corp | 10,321 | ||||||
44 | e | Fidelity D&D Bancorp, Inc | 2,832 | |||||
12,985 | Fifth Third Bancorp | 357,996 | ||||||
202 | Financial Institutions, Inc | 4,545 | ||||||
440 | First Bancorp | 14,885 | ||||||
3,399 | First Bancorp | 31,339 | ||||||
162 | First Bancorp, Inc | 4,115 | ||||||
130 | First Bancshares, Inc | 4,014 | ||||||
354 | First Bank | 3,320 | ||||||
586 | First Busey Corp | 12,628 | ||||||
266 | First Business Financial Services, Inc | 4,897 | ||||||
97 | e | First Capital Inc | 5,874 | |||||
117 | First Choice Bancorp | 2,163 | ||||||
132 | First Citizens Bancshares, Inc (Class A) | 75,804 | ||||||
1,371 | First Commonwealth Financial Corp | 14,999 | ||||||
242 | First Community Bancshares, Inc | 5,222 | ||||||
1,705 | First Financial Bancorp | 29,889 | ||||||
2,288 | First Financial Bankshares, Inc | 82,768 | ||||||
188 | First Financial Corp | 7,304 | ||||||
445 | First Foundation, Inc | 8,900 | ||||||
70 | First Guaranty Bancshares, Inc | 1,244 | ||||||
2,293 | First Hawaiian, Inc | 54,069 | ||||||
10,025 | First Horizon National Corp | 127,919 | ||||||
85 | First Internet Bancorp | 2,443 | ||||||
744 | First Interstate Bancsystem, Inc | 30,333 | ||||||
960 | First Merchants Corp | 35,914 | ||||||
93 | First Mid-Illinois Bancshares, Inc | 3,130 | ||||||
1,595 | First Midwest Bancorp, Inc | 25,392 | ||||||
158 | First Northwest Bancorp | 2,465 | ||||||
321 | First of Long Island Corp | 5,730 | ||||||
3,138 | First Republic Bank | 461,066 | ||||||
610 | Flagstar Bancorp, Inc | 24,864 | ||||||
358 | Flushing Financial Corp | 5,957 | ||||||
5,725 | FNB Corp | 54,387 | ||||||
1,710 | FNCB Bancorp Inc | 10,944 | ||||||
220 | Franklin Financial Services Corp | 5,947 | ||||||
247 | FS Bancorp, Inc | 13,536 | ||||||
2,673 | Fulton Financial Corp | 34,001 | ||||||
668 | * | FVCBankcorp, Inc | 9,820 | |||||
325 | German American Bancorp, Inc | 10,754 | ||||||
1,494 | Glacier Bancorp, Inc | 68,739 | ||||||
161 | Great Southern Bancorp, Inc | 7,873 | ||||||
849 | Great Western Bancorp, Inc | 17,744 | ||||||
45 | Greene County Bancorp, Inc | 1,147 | ||||||
26 | Guaranty Bancshares, Inc | 779 | ||||||
1,895 | Hancock Whitney Corp | 64,468 | ||||||
484 | Hanmi Financial Corp | 5,489 | ||||||
1,147 | HarborOne Northeast Bancorp, Inc | 12,456 | ||||||
317 | Hawthorn Bancshares Inc | 6,942 | ||||||
429 | Heartland Financial USA, Inc | 17,319 | ||||||
553 | Heritage Commerce Corp | 4,905 | ||||||
460 | Heritage Financial Corp | 10,759 | ||||||
1,168 | Hilltop Holdings, Inc | 32,132 | ||||||
22 | Hingham Institution for Savings | 4,752 | ||||||
89 | Home Bancorp, Inc | 2,491 | ||||||
2,960 | Home Bancshares, Inc | 57,661 | ||||||
314 | HomeStreet, Inc | 10,597 |
42
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
265 | HomeTrust Bancshares, Inc | $ | 5,117 | |||||
1,956 | Hope Bancorp, Inc | 21,340 | ||||||
501 | Horizon Bancorp | 7,946 | ||||||
129 | * | Howard Bancorp, Inc | 1,523 | |||||
18,430 | Huntington Bancshares, Inc | 232,771 | ||||||
491 | Independent Bank Corp | 35,863 | ||||||
308 | Independent Bank Corp | 5,689 | ||||||
488 | Independent Bank Group, Inc | 30,510 | ||||||
843 | International Bancshares Corp | 31,562 | ||||||
120 | Investar Holding Corp | 1,985 | ||||||
4,402 | Investors Bancorp, Inc | 46,485 | ||||||
53,787 | JPMorgan Chase & Co | 6,834,714 | ||||||
2,079 | Kearny Financial Corp | 21,954 | ||||||
17,530 | Keycorp | 287,667 | ||||||
584 | Lakeland Bancorp, Inc | 7,417 | ||||||
525 | Lakeland Financial Corp | 28,129 | ||||||
412 | Landmark Bancorp, Inc | 9,414 | ||||||
141 | LCNB Corp | 2,071 | ||||||
85 | Level One Bancorp, Inc | 1,720 | ||||||
310 | Live Oak Bancshares, Inc | 14,713 | ||||||
341 | Luther Burbank Corp | 3,342 | ||||||
2,253 | M&T Bank Corp | 286,807 | ||||||
400 | Macatawa Bank Corp | 3,348 | ||||||
226 | Mercantile Bank Corp | 6,140 | ||||||
155 | Merchants Bancorp | 4,283 | ||||||
856 | Meridian Bancorp, Inc | 12,763 | ||||||
589 | Meridian Corp | 12,251 | ||||||
753 | Meta Financial Group, Inc | 27,530 | ||||||
101 | * | Metropolitan Bank Holding Corp | 3,663 | |||||
6,281 | MGIC Investment Corp | 78,827 | ||||||
449 | Middlefield Banc Corp | 10,102 | ||||||
324 | Midland States Bancorp, Inc | 5,790 | ||||||
169 | MidWestOne Financial Group, Inc | 4,140 | ||||||
236 | * | MMA Capital Holdings Inc | 5,806 | |||||
1,477 | * | Mr Cooper Group, Inc | 45,831 | |||||
142 | MVB Financial Corp | 3,221 | ||||||
535 | National Bank Holdings Corp | 17,527 | ||||||
109 | National Bankshares, Inc | 3,413 | ||||||
669 | NBT Bancorp, Inc | 21,475 | ||||||
8,219 | New York Community Bancorp, Inc | 86,710 | ||||||
140 | * | Nicolet Bankshares, Inc | 9,289 | |||||
1,146 | * | NMI Holdings, Inc | 25,957 | |||||
115 | Northeast Bank | 2,590 | ||||||
643 | Northfield Bancorp, Inc | 7,928 | ||||||
104 | Northrim BanCorp, Inc | 3,531 | ||||||
2,189 | Northwest Bancshares, Inc | 27,888 | ||||||
64 | Norwood Financial Corp | 1,675 | ||||||
530 | Oak Valley Bancorp | 8,809 | ||||||
714 | OceanFirst Financial Corp | 13,302 | ||||||
596 | OFG Bancorp | 11,050 | ||||||
287 | Ohio Valley Banc Corp | 6,773 | ||||||
3,054 | Old National Bancorp | 50,574 | ||||||
432 | Old Second Bancorp, Inc | 4,363 | ||||||
809 | OP Bancorp | 6,229 | ||||||
249 | Origin Bancorp, Inc | 6,915 | ||||||
111 | Orrstown Financial Services, Inc | 1,837 | ||||||
1,405 | Pacific Premier Bancorp, Inc | 44,019 | ||||||
2,138 | PacWest Bancorp | 54,305 | ||||||
205 | Park National Corp | 21,527 | ||||||
713 | Parke Bancorp, Inc | 11,123 | ||||||
1,348 | e | Partners Bancorp | 8,762 | |||||
226 | PCB Bancorp | 2,285 | ||||||
290 | PCSB Financial Corp | 4,623 | ||||||
259 | * | PDL Community Bancorp | 2,722 | |||||
259 | Peapack Gladstone Financial Corp | 5,895 |
43
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
100 | Penns Woods Bancorp, Inc | $ | 2,601 | |||||
815 | PennyMac Financial Services, Inc | 53,480 | ||||||
365 | Peoples Bancorp of North Carolina, Inc | 8,402 | ||||||
261 | Peoples Bancorp, Inc | 7,070 | ||||||
101 | Peoples Financial Services Corp | 3,713 | ||||||
7,639 | People’s United Financial, Inc | 98,772 | ||||||
1,330 | Pinnacle Financial Partners, Inc | 85,652 | ||||||
7,513 | PNC Financial Services Group, Inc | 1,119,437 | ||||||
1,634 | Popular, Inc | 92,027 | ||||||
188 | Preferred Bank | 9,488 | ||||||
175 | Premier Financial Bancorp, Inc | 2,326 | ||||||
586 | Premier Financial Corp | 13,478 | ||||||
1,690 | Prosperity Bancshares, Inc | 117,218 | ||||||
741 | Provident Bancorp Inc | 8,892 | ||||||
1,838 | Provident Financial Services, Inc | 33,010 | ||||||
609 | Prudential Bancorp, Inc | 8,435 | ||||||
190 | QCR Holdings, Inc | 7,522 | ||||||
3,586 | Radian Group, Inc | 72,616 | ||||||
104 | RBB Bancorp | 1,599 | ||||||
17,794 | Regions Financial Corp | 286,839 | ||||||
102 | Reliant Bancorp Inc | 1,899 | ||||||
670 | Renasant Corp | 22,566 | ||||||
146 | Republic Bancorp, Inc (Class A) | 5,266 | ||||||
750 | * | Republic First Bancorp, Inc | 2,137 | |||||
369 | Riverview Bancorp, Inc | 1,941 | ||||||
1,555 | *,e | Rocket Cos, Inc | 31,442 | |||||
540 | S&T Bancorp, Inc | 13,414 | ||||||
495 | Sandy Spring Bancorp, Inc | 15,934 | ||||||
617 | * | Seacoast Banking Corp of Florida | 18,171 | |||||
290 | * | Select Bancorp, Inc | 2,746 | |||||
726 | ServisFirst Bancshares, Inc | 29,251 | ||||||
185 | Shore Bancshares, Inc | 2,701 | ||||||
192 | Sierra Bancorp | 4,593 | ||||||
980 | Signature Bank | 132,584 | ||||||
295 | * | Silvergate Capital Corp | 21,921 | |||||
1,396 | Simmons First National Corp (Class A) | 30,140 | ||||||
116 | SmartFinancial, Inc | 2,104 | ||||||
1,389 | South State Corp | 100,425 | ||||||
101 | * | Southern First Bancshares, Inc | 3,570 | |||||
86 | Southern Missouri Bancorp, Inc | 2,618 | ||||||
169 | Southern National Bancorp of Virginia, Inc | 2,047 | ||||||
432 | Southside Bancshares, Inc | 13,405 | ||||||
154 | Spirit of Texas Bancshares, Inc | 2,587 | ||||||
3,716 | Sterling Bancorp | 66,814 | ||||||
259 | Sterling Bancorp, Inc | 1,176 | ||||||
339 | Stock Yards Bancorp, Inc | 13,723 | ||||||
164 | Summit Financial Group, Inc | 3,621 | ||||||
955 | * | SVB Financial Group | 370,378 | |||||
2,625 | Synovus Financial Corp | 84,971 | ||||||
2,958 | TCF Financial Corp | 109,505 | ||||||
150 | Territorial Bancorp, Inc | 3,604 | ||||||
932 | * | Texas Capital Bancshares, Inc | 55,454 | |||||
143 | TFS Financial Corp | 2,521 | ||||||
714 | * | The Bancorp, Inc | 9,746 | |||||
100 | Timberland Bancorp, Inc | 2,426 | ||||||
229 | Tompkins Financial Corp | 16,167 | ||||||
996 | Towne Bank | 23,386 | ||||||
618 | Trico Bancshares | 21,803 | ||||||
343 | * | Tristate Capital Holdings, Inc | 5,968 | |||||
599 | * | Triumph Bancorp, Inc | 29,081 | |||||
24,428 | Truist Financial Corp | 1,170,834 | ||||||
1,387 | Trustco Bank Corp NY | 9,251 | ||||||
1,035 | Trustmark Corp | 28,266 | ||||||
685 | UMB Financial Corp | 47,258 | ||||||
3,528 | Umpqua Holdings Corp | 53,414 |
44
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,802 | United Bankshares, Inc | $ | 58,385 | |||||
1,078 | United Community Banks, Inc | 30,658 | ||||||
113 | United Security Bancshares | 797 | ||||||
119 | Unity Bancorp, Inc | 2,088 | ||||||
364 | Univest Financial Corp | 7,491 | ||||||
24,325 | US Bancorp | 1,133,302 | ||||||
7,103 | Valley National Bancorp | 69,254 | ||||||
1,054 | Veritex Holdings, Inc | 27,046 | ||||||
543 | Walker & Dunlop, Inc | 49,967 | ||||||
1,396 | Washington Federal, Inc | 35,933 | ||||||
232 | Washington Trust Bancorp, Inc | 10,394 | ||||||
384 | Waterstone Financial, Inc | 7,227 | ||||||
1,651 | Webster Financial Corp | 69,590 | ||||||
66,805 | Wells Fargo & Co | 2,016,175 | ||||||
875 | WesBanco, Inc | 26,215 | ||||||
239 | West Bancorporation, Inc | 4,613 | ||||||
533 | Westamerica Bancorporation | 29,470 | ||||||
1,643 | Western Alliance Bancorp | 98,498 | ||||||
413 | Western New England Bancorp, Inc | 2,846 | ||||||
886 | Wintrust Financial Corp | 54,126 | ||||||
827 | WSFS Financial Corp | 37,116 | ||||||
3,111 | Zions Bancorporation | 135,142 | ||||||
|
| |||||||
TOTAL BANKS | 27,780,928 | |||||||
|
| |||||||
CAPITAL GOODS - 6.1% | ||||||||
9,962 | 3M Co | 1,741,258 | ||||||
2,472 | A.O. Smith Corp | 135,515 | ||||||
724 | Aaon, Inc | 48,240 | ||||||
511 | AAR Corp | 18,508 | ||||||
685 | Acuity Brands, Inc | 82,947 | ||||||
823 | Advanced Drainage Systems, Inc | 68,786 | ||||||
2,826 | * | Aecom Technology Corp | 140,678 | |||||
522 | * | Aegion Corp | 9,913 | |||||
1,067 | * | Aerojet Rocketdyne Holdings, Inc | 56,391 | |||||
407 | * | Aerovironment, Inc | 35,368 | |||||
1,119 | AGCO Corp | 115,358 | ||||||
1,858 | Air Lease Corp | 82,532 | ||||||
148 | Alamo Group, Inc | 20,417 | ||||||
620 | Albany International Corp (Class A) | 45,520 | ||||||
1,625 | Allegion plc | 189,117 | ||||||
91 | Allied Motion Technologies, Inc | 4,650 | ||||||
1,851 | Allison Transmission Holdings, Inc | 79,834 | ||||||
990 | Altra Industrial Motion Corp | 54,876 | ||||||
317 | * | Ameresco, Inc | 16,560 | |||||
445 | * | American Superconductor Corp | 10,422 | |||||
254 | * | American Woodmark Corp | 23,838 | |||||
4,062 | Ametek, Inc | 491,258 | ||||||
2,415 | *,g | API Group Corp | 43,832 | |||||
438 | Apogee Enterprises, Inc | 13,876 | ||||||
567 | Applied Industrial Technologies, Inc | 44,220 | ||||||
909 | Arcosa, Inc | 49,931 | ||||||
244 | Argan, Inc | 10,856 | ||||||
902 | Armstrong World Industries, Inc | 67,100 | ||||||
904 | * | Array Technologies, Inc | 38,999 | |||||
334 | Astec Industries, Inc | 19,332 | ||||||
340 | * | Astronics Corp | 4,498 | |||||
983 | * | Atkore International Group, Inc | 40,411 | |||||
1,101 | * | Axon Enterprise, Inc | 134,906 | |||||
1,178 | * | AZEK Co, Inc | 45,294 | |||||
406 | AZZ, Inc | 19,261 | ||||||
782 | Barnes Group, Inc | 39,640 | ||||||
1,120 | * | Beacon Roofing Supply, Inc | 45,013 | |||||
967 | * | Bloom Energy Corp | 27,714 | |||||
87 | * | Blue Bird Corp | 1,589 | |||||
1,208 | * | BMC Stock Holdings, Inc | 64,845 |
45
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
9,521 | Boeing Co | $ | 2,038,065 | |||||
2,096 | * | Builders FirstSource, Inc | 85,538 | |||||
1,753 | BWX Technologies, Inc | 105,671 | ||||||
351 | e | Caesarstone Sdot-Yam Ltd | 4,524 | |||||
250 | CAI International, Inc | 7,810 | ||||||
994 | Carlisle Cos, Inc | 155,243 | ||||||
15,728 | Carrier Global Corp | 593,260 | ||||||
9,699 | Caterpillar, Inc | 1,765,412 | ||||||
624 | * | Chart Industries, Inc | 73,501 | |||||
259 | * | CIRCOR International, Inc | 9,956 | |||||
1,647 | * | Colfax Corp | 62,981 | |||||
262 | Columbus McKinnon Corp | 10,071 | ||||||
575 | Comfort Systems USA, Inc | 30,280 | ||||||
2,558 | * | Concrete Pumping Holdings Inc | 9,797 | |||||
320 | * | Construction Partners Inc | 9,315 | |||||
347 | * | Cornerstone Building Brands, Inc | 3,220 | |||||
555 | Crane Co | 43,101 | ||||||
225 | CSW Industrials, Inc | 25,180 | ||||||
633 | Cubic Corp | 39,271 | ||||||
2,665 | Cummins, Inc | 605,222 | ||||||
801 | Curtiss-Wright Corp | 93,196 | ||||||
4,995 | Deere & Co | 1,343,905 | ||||||
2,166 | Donaldson Co, Inc | 121,036 | ||||||
347 | Douglas Dynamics, Inc | 14,841 | ||||||
2,465 | Dover Corp | 311,206 | ||||||
160 | * | Ducommun, Inc | 8,592 | |||||
240 | * | DXP Enterprises, Inc | 5,335 | |||||
486 | * | Dycom Industries, Inc | 36,703 | |||||
80 | Eastern Co | 1,928 | ||||||
7,150 | Eaton Corp | 859,001 | ||||||
916 | EMCOR Group, Inc | 83,777 | ||||||
10,778 | Emerson Electric Co | 866,228 | ||||||
318 | Encore Wire Corp | 19,261 | ||||||
568 | * | Energy Recovery, Inc | 7,748 | |||||
917 | Enerpac Tool Group Corp | 20,733 | ||||||
681 | EnerSys | 56,564 | ||||||
330 | EnPro Industries, Inc | 24,922 | ||||||
502 | ESCO Technologies, Inc | 51,816 | ||||||
56 | *,e | EVI Industries, Inc | 1,676 | |||||
1,481 | * | Evoqua Water Technologies Corp | 39,957 | |||||
10,323 | Fastenal Co | 504,072 | ||||||
1,130 | Federal Signal Corp | 37,482 | ||||||
2,325 | Flowserve Corp | 85,676 | ||||||
2,709 | Fluor Corp | 43,263 | ||||||
233 | *,† | Fortitude Gold Corp | 245 | |||||
5,264 | Fortive Corp | 372,796 | ||||||
2,359 | Fortune Brands Home & Security, Inc | 202,213 | ||||||
199 | * | Foundation Building Materials, Inc | 3,823 | |||||
719 | Franklin Electric Co, Inc | 49,762 | ||||||
3,705 | *,e | FuelCell Energy, Inc | 41,385 | |||||
730 | * | Gates Industrial Corp plc | 9,315 | |||||
608 | GATX Corp | 50,573 | ||||||
103 | * | Gencor Industries, Inc | 1,267 | |||||
1,125 | * | Generac Holdings, Inc | 255,836 | |||||
4,432 | General Dynamics Corp | 659,570 | ||||||
154,695 | General Electric Co | 1,670,706 | ||||||
230 | * | General Finance Corp | 1,957 | |||||
567 | * | Gibraltar Industries, Inc | 40,790 | |||||
829 | * | GMS, Inc | 25,268 | |||||
271 | Gorman-Rupp Co | 8,794 | ||||||
2,901 | Graco, Inc | 209,887 | ||||||
1,413 | GrafTech International Ltd | 15,063 | ||||||
128 | Graham Corp | 1,943 | ||||||
696 | Granite Construction, Inc | 18,590 | ||||||
890 | * | Great Lakes Dredge & Dock Corp | 11,721 |
46
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
720 | Greenbrier Cos, Inc | $ | 26,194 | |||||
448 | Griffon Corp | 9,130 | ||||||
627 | H&E Equipment Services, Inc | 18,691 | ||||||
760 | HEICO Corp | 100,624 | ||||||
1,362 | HEICO Corp (Class A) | 159,436 | ||||||
672 | Helios Technologies, Inc | 35,811 | ||||||
380 | * | Herc Holdings, Inc | 25,236 | |||||
1,608 | Hexcel Corp | 77,972 | ||||||
1,600 | Hillenbrand, Inc | 63,680 | ||||||
12,451 | Honeywell International, Inc | 2,648,328 | ||||||
7,052 | Howmet Aerospace, Inc | 201,264 | ||||||
1,006 | Hubbell, Inc | 157,731 | ||||||
625 | Huntington Ingalls | 106,550 | ||||||
96 | Hurco Cos, Inc | 2,880 | ||||||
158 | Hyster-Yale Materials Handling, Inc | 9,409 | ||||||
1,331 | IDEX Corp | 265,135 | ||||||
137 | * | IES Holdings, Inc | 6,307 | |||||
5,547 | Illinois Tool Works, Inc | 1,130,922 | ||||||
6,120 | * | Ingersoll Rand, Inc | 278,827 | |||||
289 | Insteel Industries, Inc | 6,436 | ||||||
1,602 | ITT, Inc | 123,386 | ||||||
2,295 | Jacobs Engineering Group, Inc | 250,063 | ||||||
1,178 | * | JELD-WEN Holding, Inc | 29,874 | |||||
486 | John Bean Technologies Corp | 55,341 | ||||||
13,060 | Johnson Controls International plc | 608,465 | ||||||
166 | Kadant, Inc | 23,403 | ||||||
670 | Kaman Corp | 38,277 | ||||||
1,244 | Kennametal, Inc | 45,083 | ||||||
1,807 | * | Kratos Defense & Security Solutions, Inc | 49,566 | |||||
3,726 | L3Harris Technologies, Inc | 704,289 | ||||||
87 | * | Lawson Products, Inc | 4,429 | |||||
122 | * | LB Foster Co (Class A) | 1,836 | |||||
606 | Lennox International, Inc | 166,026 | ||||||
1,115 | Lincoln Electric Holdings, Inc | 129,619 | ||||||
165 | Lindsay Corp | 21,196 | ||||||
4,382 | Lockheed Martin Corp | 1,555,522 | ||||||
478 | Luxfer Holdings plc | 7,849 | ||||||
258 | * | Lydall, Inc | 7,748 | |||||
539 | * | Manitowoc Co, Inc | 7,174 | |||||
4,795 | Masco Corp | 263,389 | ||||||
503 | * | Masonite International Corp | 49,465 | |||||
1,083 | * | Mastec, Inc | 73,839 | |||||
906 | Maxar Technologies, Inc | 34,963 | ||||||
952 | * | Mercury Systems, Inc | 83,833 | |||||
1,303 | * | Meritor, Inc | 36,367 | |||||
1,001 | * | Middleby Corp | 129,049 | |||||
168 | Miller Industries, Inc | 6,387 | ||||||
661 | Moog, Inc (Class A) | 52,417 | ||||||
1,441 | * | MRC Global, Inc | 9,554 | |||||
884 | MSC Industrial Direct Co (Class A) | 74,601 | ||||||
883 | Mueller Industries, Inc | 31,002 | ||||||
2,381 | Mueller Water Products, Inc (Class A) | 29,477 | ||||||
301 | * | MYR Group, Inc | 18,090 | |||||
76 | National Presto Industries, Inc | 6,721 | ||||||
783 | * | Navistar International Corp | 34,421 | |||||
1,965 | * | NN, Inc | 12,910 | |||||
1,070 | Nordson Corp | 215,017 | ||||||
2,766 | Northrop Grumman Corp | 842,856 | ||||||
149 | * | Northwest Pipe Co | 4,217 | |||||
1,637 | * | NOW, Inc | 11,754 | |||||
224 | * | NV5 Global Inc | 17,647 | |||||
2,708 | nVent Electric plc | 63,069 | ||||||
44 | Omega Flex, Inc | 6,424 | ||||||
1,266 | Oshkosh Corp | 108,965 | ||||||
7,069 | Otis Worldwide Corp | 477,511 |
47
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,030 | Owens Corning, Inc | $ | 153,793 | |||||
5,917 | PACCAR, Inc | 510,519 | ||||||
985 | * | PAE, Inc | 9,042 | |||||
291 | Park Aerospace Corp | 3,902 | ||||||
2,304 | Parker-Hannifin Corp | 627,633 | ||||||
124 | Park-Ohio Holdings Corp | 3,832 | ||||||
328 | * | Parsons Corp | 11,942 | |||||
3,071 | Pentair plc | 163,039 | ||||||
763 | * | PGT, Inc | 15,519 | |||||
6,576 | * | Plug Power, Inc | 222,992 | |||||
125 | Powell Industries, Inc | 3,686 | ||||||
51 | Preformed Line Products Co | 3,490 | ||||||
613 | Primoris Services Corp | 16,925 | ||||||
509 | * | Proto Labs, Inc | 78,081 | |||||
492 | Quanex Building Products Corp | 10,908 | ||||||
2,579 | Quanta Services, Inc | 185,740 | ||||||
551 | Raven Industries, Inc | 18,233 | ||||||
25,338 | Raytheon Technologies Corp | 1,811,920 | ||||||
477 | * | RBC Bearings, Inc | 85,402 | |||||
790 | Regal-Beloit Corp | 97,020 | ||||||
2,049 | * | Resideo Technologies, Inc | 43,562 | |||||
562 | REV Group, Inc | 4,951 | ||||||
2,011 | Rexnord Corp | 79,414 | ||||||
2,103 | Rockwell Automation, Inc | 527,453 | ||||||
1,852 | Roper Technologies Inc | 798,379 | ||||||
691 | Rush Enterprises, Inc (Class A) | 28,621 | ||||||
144 | Rush Enterprises, Inc (Class B) | 5,456 | ||||||
2,806 | * | Sensata Technologies Holding plc | 147,988 | |||||
514 | Shyft Group, Inc | 14,587 | ||||||
842 | Simpson Manufacturing Co, Inc | 78,685 | ||||||
727 | * | SiteOne Landscape Supply, Inc | 115,324 | |||||
1,023 | Snap-On, Inc | 175,076 | ||||||
1,891 | Spirit Aerosystems Holdings, Inc (Class A) | 73,919 | ||||||
647 | * | SPX Corp | 35,287 | |||||
646 | * | SPX FLOW, Inc | 37,442 | |||||
195 | Standex International Corp | 15,116 | ||||||
2,683 | Stanley Black & Decker, Inc | 479,076 | ||||||
394 | * | Sterling Construction Co, Inc | 7,332 | |||||
2,631 | * | Sunrun, Inc | 182,539 | |||||
187 | Systemax, Inc | 6,711 | ||||||
642 | * | Teledyne Technologies, Inc | 251,651 | |||||
268 | Tennant Co | 18,806 | ||||||
1,185 | Terex Corp | 41,345 | ||||||
427 | * | Textainer Group Holdings Ltd | 8,190 | |||||
4,224 | Textron, Inc | 204,146 | ||||||
509 | * | Thermon Group Holdings | 7,956 | |||||
1,188 | Timken Co | 91,904 | ||||||
282 | * | Titan Machinery, Inc | 5,513 | |||||
1,885 | Toro Co | 178,773 | ||||||
776 | * | TPI Composites, Inc | 40,957 | |||||
4,338 | Trane Technologies plc | 629,704 | ||||||
930 | * | TransDigm Group, Inc | 575,531 | |||||
2,122 | * | Trex Co, Inc | 177,654 | |||||
716 | * | Trimas Corp | 22,676 | |||||
1,884 | Trinity Industries, Inc | 49,719 | ||||||
1,005 | Triton International Ltd | 48,753 | ||||||
753 | Triumph Group, Inc | 9,458 | ||||||
585 | * | Tutor Perini Corp | 7,576 | |||||
1,265 | UFP Industries, Inc | 70,271 | ||||||
1,316 | * | United Rentals, Inc | 305,194 | |||||
2,797 | * | Univar Solutions Inc | 53,171 | |||||
345 | Valmont Industries, Inc | 60,351 | ||||||
156 | * | Vectrus, Inc | 7,756 | |||||
155 | * | Veritiv Corp | 3,222 | |||||
3,438 | Vertiv Holdings Co | 64,187 |
48
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
253 | * | Vicor Corp | $ | 23,332 | ||||
1,053 | *,e | Virgin Galactic Holdings, Inc | 24,988 | |||||
795 | W.W. Grainger, Inc | 324,630 | ||||||
918 | Wabash National Corp | 15,817 | ||||||
3,206 | Wabtec Corp | 234,679 | ||||||
609 | Watsco, Inc | 137,969 | ||||||
522 | Watts Water Technologies, Inc (Class A) | 63,527 | ||||||
2,009 | * | Welbilt, Inc | 26,519 | |||||
971 | * | WESCO International, Inc | 76,224 | |||||
71 | * | Willis Lease Finance Corp | 2,163 | |||||
2,516 | * | WillScot Mobile Mini Holdings Corp | 58,296 | |||||
1,032 | Woodward Inc | 125,419 | ||||||
3,195 | Xylem, Inc | 325,219 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 41,268,579 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||
1,317 | ABM Industries, Inc | 49,835 | ||||||
731 | * | Acacia Research (Acacia Technologies) | 2,880 | |||||
1,696 | ACCO Brands Corp | 14,331 | ||||||
1,679 | ADT, Inc | 13,180 | ||||||
962 | * | ASGN Inc | 80,356 | |||||
110 | Barrett Business Services, Inc | 7,503 | ||||||
109 | BG Staffing, Inc | 1,471 | ||||||
1,020 | Brady Corp (Class A) | 53,876 | ||||||
329 | * | BrightView Holdings, Inc | 4,975 | |||||
1,022 | Brink’s Co | 73,584 | ||||||
801 | * | Casella Waste Systems, Inc (Class A) | 49,622 | |||||
778 | * | CBIZ, Inc | 20,703 | |||||
433 | * | Ceco Environmental Corp | 3,014 | |||||
215 | * | Cimpress plc | 18,864 | |||||
1,560 | Cintas Corp | 551,398 | ||||||
819 | * | Clean Harbors, Inc | 62,326 | |||||
3,641 | * | Copart, Inc | 463,317 | |||||
1,318 | CoreLogic Inc | 101,908 | ||||||
701 | * | CoStar Group, Inc | 647,920 | |||||
1,794 | Covanta Holding Corp | 23,555 | ||||||
128 | CRA International, Inc | 6,519 | ||||||
754 | Deluxe Corp | 22,017 | ||||||
1,859 | * | Dun & Bradstreet Holdings, Inc | 46,289 | |||||
394 | Ennis, Inc | 7,033 | ||||||
2,227 | Equifax, Inc | 429,455 | ||||||
944 | Exponent, Inc | 84,988 | ||||||
178 | * | Forrester Research, Inc | 7,458 | |||||
148 | * | Franklin Covey Co | 3,296 | |||||
640 | * | FTI Consulting, Inc | 71,501 | |||||
191 | * | GP Strategies Corp | 2,265 | |||||
1,393 | * | Harsco Corp | 25,046 | |||||
1,153 | Healthcare Services Group | 32,399 | ||||||
286 | Heidrick & Struggles International, Inc | 8,403 | ||||||
247 | * | Heritage-Crystal Clean, Inc | 5,204 | |||||
928 | Herman Miller, Inc | 31,366 | ||||||
682 | HNI Corp | 23,502 | ||||||
334 | * | Huron Consulting Group, Inc | 19,689 | |||||
2,455 | * | IAA, Inc | 159,526 | |||||
282 | ICF International, Inc | 20,961 | ||||||
7,257 | IHS Markit Ltd | 651,896 | ||||||
734 | Insperity, Inc | 59,762 | ||||||
961 | Interface, Inc | 10,091 | ||||||
2,455 | KAR Auction Services, Inc | 45,688 | ||||||
481 | Kelly Services, Inc (Class A) | 9,894 | ||||||
366 | Kforce, Inc | 15,405 | ||||||
577 | Kimball International, Inc (Class B) | 6,895 | ||||||
752 | Knoll, Inc | 11,039 | ||||||
1,048 | Korn/Ferry International | 45,588 | ||||||
1,129 | Manpower, Inc | 101,813 |
49
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
491 | Matthews International Corp (Class A) | $ | 14,435 | |||||
379 | McGrath RentCorp | 25,431 | ||||||
259 | * | Mistras Group, Inc | 2,010 | |||||
177 | * | Montrose Environmental Group, Inc | 5,480 | |||||
663 | MSA Safety, Inc | 99,046 | ||||||
6,597 | Nielsen NV | 137,679 | ||||||
324 | * | Pico Holdings, Inc | 3,029 | |||||
2,896 | Pitney Bowes, Inc | 17,839 | ||||||
482 | Quad Graphics, Inc | 1,841 | ||||||
3,616 | Republic Services, Inc | 348,221 | ||||||
514 | Resources Connection, Inc | 6,461 | ||||||
2,179 | Robert Half International, Inc | 136,144 | ||||||
4,005 | Rollins, Inc | 156,475 | ||||||
269 | * | SP Plus Corp | 7,755 | |||||
1,776 | Steelcase, Inc (Class A) | 24,065 | ||||||
1,556 | * | Stericycle, Inc | 107,878 | |||||
449 | * | Team, Inc | 4,894 | |||||
1,049 | Tetra Tech, Inc | 121,453 | ||||||
3,332 | TransUnion | 330,601 | ||||||
778 | * | TriNet Group, Inc | 62,707 | |||||
645 | * | TrueBlue, Inc | 12,055 | |||||
237 | Unifirst Corp | 50,171 | ||||||
1,635 | * | Upwork, Inc | 56,440 | |||||
338 | US Ecology, Inc | 12,280 | ||||||
2,835 | Verisk Analytics, Inc | 588,518 | ||||||
440 | Viad Corp | 15,915 | ||||||
134 | VSE Corp | 5,158 | ||||||
7,400 | Waste Management, Inc | 872,682 | ||||||
116 | * | Willdan Group, Inc | 4,837 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 7,441,106 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||
707 | Acushnet Holdings Corp | 28,662 | ||||||
210 | * | American Outdoor Brands, Inc | 3,576 | |||||
565 | * | Beazer Homes USA, Inc | 8,560 | |||||
1,458 | Brunswick Corp | 111,158 | ||||||
1,433 | Callaway Golf Co | 34,406 | ||||||
2,340 | * | Capri Holdings Ltd | 98,280 | |||||
750 | Carter’s, Inc | 70,552 | ||||||
132 | * | Cavco Industries, Inc | 23,159 | |||||
608 | * | Century Communities, Inc | 26,618 | |||||
307 | Clarus Corp | 4,728 | ||||||
604 | Columbia Sportswear Co | 52,777 | ||||||
1,159 | * | CROCS, Inc | 72,623 | |||||
513 | * | Deckers Outdoor Corp | 147,118 | |||||
5,753 | DR Horton, Inc | 396,497 | ||||||
167 | Escalade, Inc | 3,535 | ||||||
327 | Ethan Allen Interiors, Inc | 6,609 | ||||||
730 | * | Fossil Group, Inc | 6,329 | |||||
2,695 | Garmin Ltd | 322,484 | ||||||
682 | * | G-III Apparel Group Ltd | 16,191 | |||||
1,762 | * | GoPro, Inc | 14,589 | |||||
578 | * | Green Brick Partners, Inc | 13,271 | |||||
132 | Hamilton Beach Brands Holding Co | 2,311 | ||||||
6,499 | Hanesbrands, Inc | 94,755 | ||||||
2,303 | Hasbro, Inc | 215,423 | ||||||
470 | * | Helen of Troy Ltd | 104,429 | |||||
173 | Hooker Furniture Corp | 5,579 | ||||||
379 | * | Installed Building Products, Inc | 38,631 | |||||
443 | *,e | iRobot Corp | 35,568 | |||||
75 | Johnson Outdoors, Inc | 8,447 | ||||||
1,651 | KB Home | 55,342 | ||||||
811 | Kontoor Brands, Inc | 32,894 | ||||||
696 | La-Z-Boy, Inc | 27,729 | ||||||
2,404 | Leggett & Platt, Inc | 106,497 |
50
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
4,977 | Lennar Corp (Class A) | $ | 379,397 | |||||
224 | Lennar Corp (Class B) | 13,709 | ||||||
353 | * | LGI Homes, Inc | 37,365 | |||||
163 | Lifetime Brands, Inc | 2,478 | ||||||
95 | * | Lovesac Co | 4,094 | |||||
2,005 | * | Lululemon Athletica, Inc | 697,800 | |||||
385 | * | M/I Homes, Inc | 17,052 | |||||
287 | * | Malibu Boats, Inc | 17,920 | |||||
156 | Marine Products Corp | 2,268 | ||||||
295 | * | MasterCraft Boat Holdings, Inc | 7,328 | |||||
6,326 | * | Mattel, Inc | 110,389 | |||||
1,006 | MDC Holdings, Inc | 48,892 | ||||||
640 | * | Meritage Homes Corp | 53,005 | |||||
998 | * | Mohawk Industries, Inc | 140,668 | |||||
227 | * | Movado Group, Inc | 3,773 | |||||
511 | * | Nautilus, Inc | 9,270 | |||||
6,518 | Newell Brands Inc | 138,377 | ||||||
21,707 | Nike, Inc (Class B) | 3,070,889 | ||||||
58 | * | NVR, Inc | 236,632 | |||||
276 | Oxford Industries, Inc | 18,081 | ||||||
4,503 | * | Peloton Interactive, Inc | 683,195 | |||||
1,026 | Polaris Inc | 97,757 | ||||||
4,730 | Pulte Homes, Inc | 203,958 | ||||||
327 | * | Purple Innovation, Inc | 10,771 | |||||
1,215 | PVH Corp | 114,076 | ||||||
885 | Ralph Lauren Corp | 91,810 | ||||||
508 | Rocky Brands, Inc | 14,260 | ||||||
2,609 | * | Skechers U.S.A., Inc (Class A) | 93,767 | |||||
1,043 | * | Skyline Champion Corp | 32,270 | |||||
840 | Smith & Wesson Brands, Inc | 14,910 | ||||||
1,224 | * | Sonos, Inc | 28,629 | |||||
1,383 | Steven Madden Ltd | 48,848 | ||||||
272 | Sturm Ruger & Co, Inc | 17,699 | ||||||
133 | Superior Uniform Group, Inc | 3,091 | ||||||
4,883 | Tapestry, Inc | 151,764 | ||||||
2,547 | * | Taylor Morrison Home Corp | 65,331 | |||||
3,572 | * | Tempur Sealy International, Inc | 96,444 | |||||
2,197 | Toll Brothers, Inc | 95,504 | ||||||
563 | * | TopBuild Corp | 103,637 | |||||
2,459 | * | TRI Pointe Homes, Inc | 42,418 | |||||
917 | * | Tupperware Brands Corp | 29,702 | |||||
233 | * | Turtle Beach Corp | 5,021 | |||||
3,682 | * | Under Armour, Inc (Class A) | 63,220 | |||||
3,626 | * | Under Armour, Inc (Class C) | 53,955 | |||||
226 | * | Unifi, Inc | 4,009 | �� | ||||
217 | * | Universal Electronics, Inc | 11,384 | |||||
320 | * | Vera Bradley, Inc | 2,547 | |||||
5,754 | VF Corp | 491,449 | ||||||
1,021 | * | Vista Outdoor, Inc | 24,259 | |||||
1,133 | Whirlpool Corp | 204,495 | ||||||
1,465 | Wolverine World Wide, Inc | 45,781 | ||||||
1,310 | * | YETI Holdings, Inc | 89,696 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 10,234,371 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.0% | ||||||||
700 | * | Accel Entertainment, Inc | 7,070 | |||||
965 | * | Adtalem Global Education, Inc | 32,762 | |||||
239 | * | American Public Education, Inc | 7,285 | |||||
4,424 | ARAMARK Holdings Corp | 170,236 | ||||||
368 | * | Bally’s Corp | 18,485 | |||||
17 | * | Biglari Holdings, Inc (B Shares) | 1,890 | |||||
356 | BJ’s Restaurants, Inc | 13,702 | ||||||
1,539 | Bloomin’ Brands, Inc | 29,887 | ||||||
141 | Bluegreen Vacations Corp | 1,120 | ||||||
203 | * | Bluegreen Vacations Holding Corp | 2,747 |
51
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,270 | * | Boyd Gaming Corp | $ | 54,508 | ||||
1,085 | * | Bright Horizons Family Solutions | 187,694 | |||||
763 | Brinker International, Inc | 43,163 | ||||||
3,153 | * | Caesars Entertainment, Inc | 234,173 | |||||
8,262 | Carnival Corp | 178,955 | ||||||
234 | Carriage Services, Inc | 7,329 | ||||||
507 | * | Carrols Restaurant Group, Inc | 3,184 | |||||
348 | * | Century Casinos, Inc | 2,224 | |||||
702 | e | Cheesecake Factory | 26,016 | |||||
2,161 | * | Chegg, Inc | 195,203 | |||||
496 | * | Chipotle Mexican Grill, Inc (Class A) | 687,808 | |||||
695 | Choice Hotels International, Inc | 74,177 | ||||||
630 | Churchill Downs, Inc | 122,718 | ||||||
247 | * | Chuy’s Holdings, Inc | 6,543 | |||||
153 | Collectors Universe | 11,536 | ||||||
463 | Cracker Barrel Old Country Store, Inc | 61,079 | ||||||
2,330 | Darden Restaurants, Inc | 277,550 | ||||||
1,277 | e | Dave & Buster’s Entertainment, Inc | 38,336 | |||||
519 | * | Del Taco Restaurants, Inc | 4,702 | |||||
1,168 | * | Denny’s Corp | 17,146 | |||||
266 | Dine Brands Global Inc. | 15,428 | ||||||
706 | Domino’s Pizza, Inc | 270,723 | ||||||
302 | * | El Pollo Loco Holdings, Inc | 5,466 | |||||
989 | * | Everi Holdings, Inc | 13,658 | |||||
3,065 | Extended Stay America, Inc | 45,393 | ||||||
402 | * | Fiesta Restaurant Group, Inc | 4,583 | |||||
333 | Franchise Group, Inc | 10,140 | ||||||
1,596 | * | frontdoor, Inc | 80,135 | |||||
410 | *,e | GAN Ltd | 8,315 | |||||
149 | * | Golden Entertainment, Inc | 2,964 | |||||
73 | Graham Holdings Co | 38,937 | ||||||
902 | * | Grand Canyon Education, Inc | 83,985 | |||||
3,572 | H&R Block, Inc | 56,652 | ||||||
1,521 | * | Hilton Grand Vacations, Inc | 47,683 | |||||
4,955 | Hilton Worldwide Holdings, Inc | 551,293 | ||||||
596 | * | Houghton Mifflin Harcourt Co | 1,985 | |||||
738 | Hyatt Hotels Corp | 54,797 | ||||||
1,684 | International Game Technology plc | 28,527 | ||||||
490 | Jack in the Box, Inc | 45,472 | ||||||
6,007 | Las Vegas Sands Corp | 358,017 | ||||||
1,806 | * | Laureate Education, Inc | 26,295 | |||||
322 | * | Lindblad Expeditions Holdings, Inc | 5,513 | |||||
4,872 | Marriott International, Inc (Class A) | 642,714 | ||||||
777 | Marriott Vacations Worldwide Corp | 106,620 | ||||||
13,228 | McDonald’s Corp | 2,838,464 | ||||||
8,599 | MGM Resorts International | 270,954 | ||||||
173 | * | Monarch Casino & Resort, Inc | 10,591 | |||||
49 | Nathan’s Famous, Inc | 2,706 | ||||||
279 | * | Noodles & Co | 2,204 | |||||
5,518 | * | Norwegian Cruise Line Holdings Ltd | 140,323 | |||||
1,026 | OneSpaWorld Holdings Ltd | 10,404 | ||||||
565 | Papa John’s International, Inc | 47,940 | ||||||
2,733 | * | Penn National Gaming, Inc | 236,049 | |||||
1,137 | * | Perdoceo Education Corp | 14,360 | |||||
1,475 | * | Planet Fitness, Inc | 114,504 | |||||
2,642 | * | PlayAGS, Inc | 19,022 | |||||
142 | RCI Hospitality Holdings, Inc | 5,600 | ||||||
1,056 | * | Red Robin Gourmet Burgers, Inc | 20,307 | |||||
1,049 | Red Rock Resorts, Inc | 26,267 | ||||||
607 | *,e | Regis Corp | 5,578 | |||||
3,106 | Royal Caribbean Cruises Ltd | 231,987 | ||||||
473 | Ruth’s Hospitality Group Inc | 8,386 | ||||||
843 | * | Scientific Games Corp (Class A) | 34,976 | |||||
1,062 | * | SeaWorld Entertainment, Inc | 33,549 | |||||
2,892 | Service Corp International | 141,997 |
52
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
596 | * | Shake Shack, Inc | $ | 50,529 | ||||
1,370 | Six Flags Entertainment Corp | 46,717 | ||||||
20,874 | Starbucks Corp | 2,233,101 | ||||||
403 | Strategic Education, Inc | 38,418 | ||||||
521 | * | Stride, Inc | 11,061 | |||||
5,209 | * | Target Hospitality Corp | 8,230 | |||||
2,355 | * | Terminix Global Holdings, Inc | 120,129 | |||||
1,286 | Texas Roadhouse, Inc (Class A) | 100,514 | ||||||
720 | Vail Resorts, Inc | 200,851 | ||||||
1,216 | * | Vivint Smart Home, Inc | 25,232 | |||||
2,954 | Wendy’s | 64,752 | ||||||
513 | Wingstop, Inc | 67,998 | ||||||
881 | * | WW International Inc | 21,496 | |||||
1,610 | Wyndham Destinations, Inc | 72,225 | ||||||
1,610 | Wyndham Hotels & Resorts, Inc | 95,698 | ||||||
1,791 | Wynn Resorts Ltd | 202,079 | ||||||
7,192 | Yum China Holdings, Inc | 410,591 | ||||||
5,280 | Yum! Brands, Inc | 573,197 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 13,583,509 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 4.6% | ||||||||
741 | Affiliated Managers Group, Inc | 75,360 | ||||||
10,367 | AGNC Investment Corp | 161,725 | ||||||
243 | Alerus Financial Corp | 6,651 | ||||||
6,863 | Ally Financial, Inc | 244,735 | ||||||
11,713 | American Express Co | 1,416,219 | ||||||
2,086 | Ameriprise Financial, Inc | 405,372 | ||||||
25,755 | Annaly Capital Management, Inc | 217,630 | ||||||
1,539 | Anworth Mortgage Asset Corp | 4,171 | ||||||
2,943 | Apollo Commercial Real Estate Finance, Inc | 32,873 | ||||||
3,019 | Apollo Global Management, Inc | 147,871 | ||||||
1,747 | Arbor Realty Trust, Inc | 24,772 | ||||||
406 | Ares Commercial Real Estate Corp | 4,835 | ||||||
1,696 | Ares Management Corp | 79,797 | ||||||
359 | * | Arlington Asset Investment Corp (Class A) | 1,357 | |||||
566 | ARMOUR Residential REIT, Inc | 6,107 | ||||||
870 | Artisan Partners Asset Management, Inc | 43,796 | ||||||
253 | * | Assetmark Financial Holdings, Inc | 6,123 | |||||
86 | Associated Capital Group, Inc | 3,020 | ||||||
746 | * | Atlanticus Holdings Corp | 18,374 | |||||
212 | B. Riley Financial, Inc | 9,375 | ||||||
461 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 7,298 | ||||||
13,918 | Bank of New York Mellon Corp | 590,680 | ||||||
33,436 | * | Berkshire Hathaway, Inc (Class B) | 7,752,805 | |||||
4,169 | BGC Partners, Inc (Class A) | 16,676 | ||||||
2,604 | BlackRock, Inc | 1,878,890 | ||||||
2,460 | Blackstone Mortgage Trust, Inc | 67,724 | ||||||
637 | * | Blucora, Inc | 10,135 | |||||
866 | Brightsphere Investment Group, Inc | 16,697 | ||||||
2,136 | Broadmark Realty Capital, Inc | 21,787 | ||||||
1,450 | * | Cannae Holdings, Inc | 64,192 | |||||
8,197 | Capital One Financial Corp | 810,273 | ||||||
1,473 | Capstead Mortgage Corp | 8,558 | ||||||
1,967 | Carlyle Group, Inc | 61,843 | ||||||
2,009 | CBOE Global Markets, Inc | 187,078 | ||||||
24,541 | Charles Schwab Corp | 1,301,655 | ||||||
192 | Cherry Hill Mortgage Investment Corp | 1,755 | ||||||
4,001 | Chimera Investment Corp | 41,010 | ||||||
6,289 | CME Group, Inc | 1,144,912 | ||||||
461 | Cohen & Steers, Inc | 34,252 | ||||||
1,289 | Colony Credit Real Estate, Inc | 9,668 | ||||||
387 | Cowen Group, Inc | 10,058 | ||||||
186 | *,e | Credit Acceptance Corp | 64,382 | |||||
153 | Curo Group Holdings Corp | 2,193 | ||||||
49 | Diamond Hill Investment Group, Inc | 7,314 |
53
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
5,541 | Discover Financial Services | $ | 501,627 | |||||
397 | * | Donnelley Financial Solutions, Inc | 6,737 | |||||
258 | Dynex Capital, Inc | 4,592 | ||||||
2,009 | Eaton Vance Corp | 136,471 | ||||||
548 | Ellington Financial Inc | 8,132 | ||||||
546 | * | Encore Capital Group, Inc | 21,267 | |||||
522 | * | Enova International, Inc | 12,930 | |||||
7,019 | Equitable Holdings, Inc | 179,616 | ||||||
638 | Evercore Inc | 69,950 | ||||||
796 | * | Ezcorp, Inc (Class A) | 3,813 | |||||
688 | Factset Research Systems, Inc | 228,760 | ||||||
1,485 | Federated Investors, Inc (Class B) | 42,902 | ||||||
737 | FirstCash, Inc | 51,619 | ||||||
730 | * | Focus Financial Partners, Inc | 31,755 | |||||
4,508 | Franklin Resources, Inc | 112,655 | ||||||
93 | GAMCO Investors, Inc (Class A) | 1,650 | ||||||
5,831 | Goldman Sachs Group, Inc | 1,537,693 | ||||||
662 | Granite Point Mortgage Trust, Inc | 6,613 | ||||||
259 | Great Ajax Corp | 2,709 | ||||||
905 | * | Green Dot Corp | 50,499 | |||||
424 | Greenhill & Co, Inc | 5,147 | ||||||
344 | Hamilton Lane, Inc | 26,849 | ||||||
1,190 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 75,482 | ||||||
733 | Houlihan Lokey, Inc | 49,280 | ||||||
1,406 | Interactive Brokers Group, Inc (Class A) | 85,654 | ||||||
9,600 | Intercontinental Exchange Group, Inc | 1,106,784 | ||||||
6,556 | Invesco Ltd | 114,271 | ||||||
3,050 | Invesco Mortgage Capital, Inc | 10,309 | ||||||
4,274 | Jefferies Financial Group, Inc | 105,140 | ||||||
9,400 | KKR & Co, Inc | 380,606 | ||||||
168 | KKR Real Estate Finance Trust, Inc | 3,011 | ||||||
1,766 | Ladder Capital Corp | 17,271 | ||||||
1,898 | Lazard Ltd (Class A) | 80,285 | ||||||
1,011 | * | LendingClub Corp | 10,676 | |||||
147 | *,e | LendingTree, Inc | 40,247 | |||||
1,449 | LPL Financial Holdings, Inc | 151,015 | ||||||
658 | MarketAxess Holdings, Inc | 375,428 | ||||||
144 | Marlin Business Services Corp | 1,763 | ||||||
9,365 | MFA Financial Inc | 36,430 | ||||||
877 | Moelis & Co | 41,009 | ||||||
2,886 | Moody’s Corp | 837,633 | ||||||
23,565 | Morgan Stanley | 1,614,909 | ||||||
319 | Morningstar, Inc | 73,871 | ||||||
1,489 | MSCI, Inc (Class A) | 664,883 | ||||||
2,010 | Nasdaq Inc | 266,807 | ||||||
3,389 | Navient Corp | 33,280 | ||||||
312 | Nelnet, Inc (Class A) | 22,227 | ||||||
7,422 | New Residential Investment Corp | 73,775 | ||||||
6,454 | New York Mortgage Trust, Inc | 23,815 | ||||||
483 | *,† | NewStar Financial, Inc | 117 | |||||
3,417 | Northern Trust Corp | 318,259 | ||||||
1,264 | OneMain Holdings, Inc | 60,874 | ||||||
697 | * | Oportun Financial Corp | 13,501 | |||||
147 | Oppenheimer Holdings, Inc | 4,620 | ||||||
511 | Orchid Island Capital, Inc | 2,667 | ||||||
1,723 | PennyMac Mortgage Investment Trust | 30,308 | ||||||
229 | Piper Jaffray Cos | 23,106 | ||||||
397 | PJT Partners, Inc | 29,874 | ||||||
719 | * | PRA Group, Inc | 28,516 | |||||
1,334 | PROG Holdings, Inc | 71,863 | ||||||
257 | Pzena Investment Management, Inc (Class A) | 1,876 | ||||||
2,261 | Raymond James Financial, Inc | 216,310 | ||||||
271 | Ready Capital Corp | 3,374 | ||||||
1,174 | Redwood Trust, Inc | 10,308 | ||||||
143 | Regional Management Corp | 4,270 |
54
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
4,272 | S&P Global, Inc | $ | 1,404,335 | |||||
296 | * | Safeguard Scientifics, Inc | 1,888 | |||||
1,493 | Santander Consumer USA Holdings, Inc | 32,876 | ||||||
375 | Sculptor Capital Management, Inc | 5,700 | ||||||
1,969 | SEI Investments Co | 113,158 | ||||||
111 | Silvercrest Asset Management Group, Inc | 1,542 | ||||||
5,752 | SLM Corp | 71,267 | ||||||
5,018 | Starwood Property Trust, Inc | 96,847 | ||||||
6,089 | State Street Corp | 443,157 | ||||||
285 | * | StepStone Group, Inc | 11,343 | |||||
1,929 | Stifel Financial Corp | 97,337 | ||||||
241 | * | StoneX Group, Inc | 13,954 | |||||
10,548 | Synchrony Financial | 366,121 | ||||||
4,016 | T Rowe Price Group, Inc | 607,982 | ||||||
867 | TPG RE Finance Trust, Inc | 9,208 | ||||||
1,436 | Tradeweb Markets, Inc | 89,678 | ||||||
4,626 | Two Harbors Investment Corp | 29,468 | ||||||
1,248 | Virtu Financial, Inc | 31,412 | ||||||
103 | Virtus Investment Partners, Inc | 22,351 | ||||||
2,393 | Voya Financial, Inc | 140,732 | ||||||
1,255 | Waddell & Reed Financial, Inc (Class A) | 31,965 | ||||||
614 | Western Asset Mortgage Capital Corp | 2,002 | ||||||
125 | Westwood Holdings Group, Inc | 1,813 | ||||||
1,867 | WisdomTree Investments, Inc | 9,988 | ||||||
90 | *,e | World Acceptance Corp | 9,200 | |||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 30,827,012 | |||||||
|
| |||||||
ENERGY - 2.1% | ||||||||
5,078 | Antero Midstream Corp | 39,151 | ||||||
4,322 | * | Antero Resources Corp | 23,555 | |||||
6,619 | Apache Corp | 93,924 | ||||||
338 | * | Arch Resources, Inc | 14,794 | |||||
2,039 | Archrock, Inc | 17,658 | ||||||
454 | Ardmore Shipping Corp | 1,485 | ||||||
340 | * | Aspen Aerogels, Inc | 5,675 | |||||
11,798 | Baker Hughes Co | 245,988 | ||||||
2,302 | Berry Petroleum Co LLC | 8,471 | ||||||
314 | * | Bonanza Creek Energy, Inc | 6,070 | |||||
289 | Brigham Minerals, Inc | 3,176 | ||||||
90 | * | Bristow Group, Inc | 2,369 | |||||
7,113 | Cabot Oil & Gas Corp | 115,800 | ||||||
845 | Cactus, Inc | 22,029 | ||||||
3,257 | * | ChampionX Corp | 49,832 | |||||
4,052 | * | Cheniere Energy, Inc | 243,242 | |||||
34,287 | Chevron Corp | 2,895,537 | ||||||
1,704 | Cimarex Energy Co | 63,917 | ||||||
1,943 | * | Clean Energy Fuels Corp | 15,272 | |||||
3,564 | * | CNX Resources Corp | 38,491 | |||||
3,544 | Concho Resources, Inc | 206,792 | ||||||
19,393 | ConocoPhillips | 775,526 | ||||||
2,222 | * | CONSOL Energy, Inc | 16,021 | |||||
1,567 | *,e | Contango Oil & Gas Co | 3,588 | |||||
1,365 | Continental Resources, Inc | 22,249 | ||||||
583 | CVR Energy, Inc | 8,687 | ||||||
1,312 | Delek US Holdings, Inc | 21,084 | ||||||
7,329 | Devon Energy Corp | 115,871 | ||||||
2,136 | DHT Holdings, Inc | 11,171 | ||||||
406 | * | Diamond S Shipping Inc | 2,704 | |||||
2,909 | Diamondback Energy, Inc | 140,796 | ||||||
333 | DMC Global, Inc | 14,402 | ||||||
424 | * | Dorian LPG Ltd | 5,169 | |||||
582 | * | Dril-Quip, Inc | 17,239 | |||||
153 | * | Earthstone Energy, Inc | 815 | |||||
4,596 | EnCana Corp | 65,999 | ||||||
1,385 | *,e | Energy Fuels, Inc | 5,900 |
55
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
�� | ||||||||
10,231 | EOG Resources, Inc | $ | 510,220 | |||||
4,284 | EQT Corp | 54,450 | ||||||
7,406 | Equitrans Midstream Corp | 59,544 | ||||||
468 | Evolution Petroleum Corp | 1,334 | ||||||
499 | * | Exterran Corp | 2,206 | |||||
75,261 | d | Exxon Mobil Corp | 3,102,258 | |||||
790 | * | Frank’s International NV | 2,165 | |||||
2,068 | e | Frontline Ltd | 12,863 | |||||
1,502 | * | Golar LNG Ltd | 14,479 | |||||
308 | * | Goodrich Petroleum Corp | 3,108 | |||||
569 | * | Green Plains Inc | 7,494 | |||||
15,738 | Halliburton Co | 297,448 | ||||||
2,257 | * | Helix Energy Solutions Group, Inc | 9,479 | |||||
2,282 | Helmerich & Payne, Inc | 52,851 | ||||||
4,862 | Hess Corp | 256,665 | ||||||
2,656 | HollyFrontier Corp | 68,658 | ||||||
461 | International Seaways, Inc | 7,528 | ||||||
35,318 | Kinder Morgan, Inc | 482,797 | ||||||
6,823 | Kosmos Energy Ltd | 16,034 | ||||||
1,013 | Liberty Oilfield Services, Inc | 10,444 | ||||||
1,787 | * | Magnolia Oil & Gas Corp | 12,616 | |||||
14,625 | Marathon Oil Corp | 97,549 | ||||||
11,742 | Marathon Petroleum Corp | 485,649 | ||||||
1,952 | * | Matador Resources Co | 23,541 | |||||
383 | * | Matrix Service Co | 4,221 | |||||
2,772 | Murphy Oil Corp | 33,541 | ||||||
89 | Nabors Industries Ltd | 5,182 | ||||||
66 | Nacco Industries, Inc (Class A) | 1,736 | ||||||
918 | * | National Energy Services Reunited Corp | 9,116 | |||||
6,210 | * | Newpark Resources, Inc | 11,923 | |||||
2,138 | * | NexTier Oilfield Solutions, Inc | 7,355 | |||||
2,408 | Nordic American Tankers Ltd | 7,104 | ||||||
6,945 | * | Nov, Inc | 95,355 | |||||
14,965 | Occidental Petroleum Corp | 259,044 | ||||||
1,532 | * | Oceaneering International, Inc | 12,179 | |||||
784 | * | Oil States International, Inc | 3,936 | |||||
7,835 | ONEOK, Inc | 300,707 | ||||||
546 | * | Overseas Shipholding Group, Inc | 1,168 | |||||
482 | * | Par Pacific Holdings, Inc | 6,738 | |||||
4,736 | Parsley Energy, Inc | 67,251 | ||||||
3,250 | Patterson-UTI Energy, Inc | 17,095 | ||||||
2,058 | PBF Energy, Inc | 14,612 | ||||||
1,666 | * | PDC Energy, Inc | 34,203 | |||||
217 | *,e | Penn Virginia Corp | 2,202 | |||||
7,911 | Phillips 66 | 553,295 | ||||||
2,980 | Pioneer Natural Resources Co | 339,392 | ||||||
1,178 | * | ProPetro Holding Corp | 8,705 | |||||
3,580 | * | Range Resources Corp | 23,986 | |||||
641 | * | Renewable Energy Group, Inc | 45,396 | |||||
92 | * | Rex American Resources Corp | 6,759 | |||||
901 | * | RPC, Inc | 2,838 | |||||
25,323 | Schlumberger Ltd | 552,801 | ||||||
688 | e | Scorpio Tankers, Inc | 7,699 | |||||
988 | * | Select Energy Services, Inc | 4,051 | |||||
946 | SFL Corp Ltd | 5,941 | ||||||
1,739 | SM Energy Co | 10,643 | ||||||
678 | Solaris Oilfield Infrastructure, Inc | 5,519 | ||||||
11,544 | * | Southwestern Energy Co | 34,401 | |||||
300 | * | Talos Energy, Inc | 2,472 | |||||
4,054 | Targa Resources Investments, Inc | 106,944 | ||||||
2,673 | *,e | Tellurian, Inc | 3,421 | |||||
384 | * | Tidewater, Inc | 3,318 | |||||
2,051 | *,e | Uranium Energy Corp | 3,610 | |||||
3,880 | US Silica Holdings, Inc | 27,238 | ||||||
7,396 | Valero Energy Corp | 418,392 |
56
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,529 | *,e | W&T Offshore, Inc | $ | 3,318 | ||||
21,790 | Williams Cos, Inc | 436,889 | ||||||
1,068 | World Fuel Services Corp | 33,279 | ||||||
7,431 | * | WPX Energy, Inc | 60,563 | |||||
|
| |||||||
TOTAL ENERGY | 14,527,367 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 1.2% | ||||||||
665 | e | Albertsons Cos, Inc | 11,691 | |||||
418 | Andersons, Inc | 10,245 | ||||||
2,427 | * | BJ’s Wholesale Club Holdings, Inc | 90,479 | |||||
618 | Casey’s General Stores, Inc | 110,387 | ||||||
300 | * | Chefs’ Warehouse Holdings, Inc | 7,707 | |||||
7,839 | Costco Wholesale Corp | 2,953,578 | ||||||
1,225 | * | Grocery Outlet Holding Corp | 48,081 | |||||
626 | *,e | HF Foods Group Inc | 4,708 | |||||
213 | Ingles Markets, Inc (Class A) | 9,087 | ||||||
14,043 | Kroger Co | 446,006 | ||||||
286 | Natural Grocers by Vitamin C | 3,930 | ||||||
2,310 | * | Performance Food Group Co | 109,979 | |||||
385 | Pricesmart, Inc | 35,070 | ||||||
862 | *,e | Rite Aid Corp | 13,645 | |||||
584 | SpartanNash Co | 10,167 | ||||||
2,100 | * | Sprouts Farmers Market, Inc | 42,210 | |||||
8,648 | SYSCO Corp | 642,200 | ||||||
784 | * | United Natural Foods, Inc | 12,520 | |||||
3,868 | * | US Foods Holding Corp | 128,843 | |||||
127 | Village Super Market (Class A) | 2,802 | ||||||
12,955 | Walgreens Boots Alliance, Inc | 516,645 | ||||||
24,865 | Walmart, Inc | 3,584,290 | ||||||
148 | Weis Markets, Inc | 7,076 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 8,801,346 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 3.0% | ||||||||
99 | Alico, Inc | 3,071 | ||||||
32,827 | Altria Group, Inc | 1,345,907 | ||||||
9,711 | Archer-Daniels-Midland Co | 489,531 | ||||||
1,190 | e | B&G Foods, Inc (Class A) | 32,999 | |||||
924 | *,e | Beyond Meat, Inc | 115,500 | |||||
152 | * | Boston Beer Co, Inc (Class A) | 151,132 | |||||
896 | Brown-Forman Corp (Class A) | 65,829 | ||||||
3,249 | Brown-Forman Corp (Class B) | 258,068 | ||||||
2,572 | Bunge Ltd | 168,672 | ||||||
345 | Calavo Growers, Inc | 23,953 | ||||||
486 | * | Cal-Maine Foods, Inc | 18,244 | |||||
3,182 | Campbell Soup Co | 153,850 | ||||||
615 | * | Celsius Holdings, Inc | 30,941 | |||||
68,627 | Coca-Cola Co | 3,763,505 | ||||||
72 | Coca-Cola Consolidated Inc | 19,171 | ||||||
8,960 | ConAgra Brands, Inc | 324,890 | ||||||
2,831 | Constellation Brands, Inc (Class A) | 620,131 | ||||||
2,988 | * | Darling International, Inc | 172,348 | |||||
200 | * | Farmer Bros Co | 934 | |||||
2,984 | Flowers Foods, Inc | 67,528 | ||||||
499 | Fresh Del Monte Produce, Inc | 12,011 | ||||||
696 | * | Freshpet, Inc | 98,825 | |||||
10,698 | General Mills, Inc | 629,042 | ||||||
1,593 | * | Hain Celestial Group, Inc | 63,959 | |||||
2,590 | Hershey Co | 394,535 | ||||||
4,973 | Hormel Foods Corp | 231,791 | ||||||
2,702 | * | Hostess Brands, Inc | 39,557 | |||||
1,227 | Ingredion, Inc | 96,528 | ||||||
277 | J&J Snack Foods Corp | 43,037 | ||||||
2,019 | J.M. Smucker Co | 233,396 | ||||||
199 | John B. Sanfilippo & Son, Inc | 15,693 | ||||||
4,342 | Kellogg Co | 270,203 |
57
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
7,564 | Keurig Dr Pepper, Inc | $ | 242,048 | |||||
11,401 | Kraft Heinz Co | 395,159 | ||||||
2,706 | Lamb Weston Holdings, Inc | 213,070 | ||||||
364 | Lancaster Colony Corp | 66,878 | ||||||
422 | * | Landec Corp | 4,579 | |||||
187 | Limoneira Co | 3,114 | ||||||
4,376 | McCormick & Co, Inc | 418,346 | ||||||
203 | MGP Ingredients, Inc | 9,553 | ||||||
3,002 | Molson Coors Brewing Co (Class B) | 135,660 | ||||||
24,959 | Mondelez International, Inc | 1,459,353 | ||||||
6,463 | * | Monster Beverage Corp | 597,698 | |||||
183 | e | National Beverage Corp | 15,537 | |||||
1,827 | * | NewAge, Inc | 4,805 | |||||
24,575 | PepsiCo, Inc | 3,644,472 | ||||||
27,565 | Philip Morris International, Inc | 2,282,106 | ||||||
908 | * | Pilgrim’s Pride Corp | 17,806 | |||||
1,211 | * | Post Holdings, Inc | 122,323 | |||||
2,638 | Primo Water Corp | 41,364 | ||||||
317 | Sanderson Farms, Inc | 41,907 | ||||||
4 | Seaboard Corp | 12,124 | ||||||
134 | * | Seneca Foods Corp | 5,347 | |||||
1,484 | * | Simply Good Foods Co | 46,538 | |||||
401 | e | Tootsie Roll Industries, Inc | 11,910 | |||||
1,099 | * | TreeHouse Foods, Inc | 46,696 | |||||
78 | Turning Point Brands, Inc | 3,476 | ||||||
5,131 | Tyson Foods, Inc (Class A) | 330,642 | ||||||
619 | Universal Corp | 30,090 | ||||||
2,682 | Vector Group Ltd | 31,245 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 20,188,627 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.4% | ||||||||
1,394 | * | 1Life Healthcare, Inc | 60,848 | |||||
30,784 | Abbott Laboratories | 3,370,540 | ||||||
785 | * | Abiomed, Inc | 254,497 | |||||
1,640 | * | Acadia Healthcare Co, Inc | 82,426 | |||||
406 | *,e | Accelerate Diagnostics, Inc | 3,078 | |||||
186 | * | Accolade, Inc | 8,091 | |||||
1,245 | * | Accuray, Inc | 5,192 | |||||
155 | * | Acutus Medical, Inc | 4,466 | |||||
418 | * | AdaptHealth Corp | 15,700 | |||||
230 | * | Addus HomeCare Corp | 26,931 | |||||
1,412 | * | Align Technology, Inc | 754,545 | |||||
2,817 | * | Allscripts Healthcare Solutions, Inc | 40,677 | |||||
996 | * | Alphatec Holdings Inc | 14,462 | |||||
577 | * | Amedisys, Inc | 169,251 | |||||
137 | * | American Renal Associates Holdings, Inc | 1,569 | |||||
712 | * | American Well Corp | 18,035 | |||||
2,641 | AmerisourceBergen Corp | 258,184 | ||||||
862 | * | AMN Healthcare Services, Inc | 58,832 | |||||
563 | * | Angiodynamics, Inc | 8,631 | |||||
2,249 | * | Antares Pharma, Inc | 8,974 | |||||
4,424 | Anthem, Inc | 1,420,502 | ||||||
398 | * | Apollo Medical Holdings, Inc | 7,271 | |||||
1,361 | * | Apyx Medical Corp | 9,799 | |||||
2,170 | *,e | Aspira Women’s Health, Inc | 14,561 | |||||
673 | * | AtriCure, Inc | 37,466 | |||||
27 | Atrion Corp | 17,340 | ||||||
725 | * | Avanos Medical, Inc | 33,263 | |||||
560 | * | AxoGen, Inc | 10,024 | |||||
439 | *,e | Axonics Modulation Technologies, Inc | 21,915 | |||||
9,188 | Baxter International, Inc | 737,245 | ||||||
4,937 | Becton Dickinson & Co | 1,235,336 | ||||||
758 | * | Bellerophon Therapeutics, Inc | 5,056 | |||||
241 | * | BioLife Solutions Inc | 9,614 | |||||
679 | * | BioTelemetry, Inc | 48,942 |
58
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
25,296 | * | Boston Scientific Corp | $ | 909,391 | ||||
2,873 | * | Brookdale Senior Living, Inc | 12,727 | |||||
785 | Cantel Medical Corp | 61,905 | ||||||
5,299 | Cardinal Health, Inc | 283,814 | ||||||
501 | * | Cardiovascular Systems, Inc | 21,924 | |||||
180 | * | Castle Biosciences, Inc | 12,087 | |||||
10,175 | * | Centene Corp | 610,805 | |||||
5,279 | Cerner Corp | 414,296 | ||||||
2,819 | * | Cerus Corp | 19,507 | |||||
3,853 | * | Change Healthcare, Inc | 71,858 | |||||
2,933 | *,e | Chembio Diagnostics, Inc | 13,932 | |||||
292 | Chemed Corp | 155,522 | ||||||
6,370 | Cigna Corp | 1,326,107 | ||||||
457 | *,e | Co-Diagnostics, Inc | 4,250 | |||||
1,480 | * | Community Health Systems, Inc | 10,996 | |||||
168 | Computer Programs & Systems, Inc | 4,509 | ||||||
422 | Conmed Corp | 47,264 | ||||||
861 | Cooper Cos, Inc | 312,819 | ||||||
163 | * | Corvel Corp | 17,278 | |||||
1,718 | * | Covetrus, Inc | 49,375 | |||||
544 | * | Cross Country Healthcare, Inc | 4,825 | |||||
480 | * | CryoLife, Inc | 11,333 | |||||
595 | *,e | CryoPort, Inc | 26,109 | |||||
202 | * | Cutera, Inc | 4,870 | |||||
23,106 | CVS Health Corp | 1,578,140 | ||||||
466 | * | CytoSorbents Corp | 3,714 | |||||
11,226 | Danaher Corp | 2,493,744 | ||||||
1,515 | * | DaVita, Inc | 177,861 | |||||
3,982 | Dentsply Sirona, Inc | 208,498 | ||||||
1,662 | * | DexCom, Inc | 614,475 | |||||
111 | * | Eargo, Inc | 4,975 | |||||
11,162 | * | Edwards Lifesciences Corp | 1,018,309 | |||||
1,608 | Encompass Health Corp | 132,966 | ||||||
1,049 | Ensign Group, Inc | 76,493 | ||||||
2,830 | * | Envista Holdings Corp | 95,456 | |||||
623 | * | Enzo Biochem, Inc | 1,570 | |||||
1,209 | * | Evolent Health, Inc | 19,380 | |||||
179 | * | Fulgent Genetics, Inc | 9,326 | |||||
1,004 | * | GenMark Diagnostics, Inc | 14,658 | |||||
627 | * | Glaukos Corp | 47,188 | |||||
1,419 | * | Globus Medical, Inc | 92,547 | |||||
1,327 | * | Guardant Health, Inc | 171,024 | |||||
886 | * | Haemonetics Corp | 105,213 | |||||
636 | * | Hanger Inc | 13,986 | |||||
4,822 | HCA Healthcare, Inc | 793,026 | ||||||
562 | * | Health Catalyst, Inc | 24,464 | |||||
1,277 | * | HealthEquity, Inc | 89,020 | |||||
399 | * | HealthStream, Inc | 8,714 | |||||
2,677 | * | Henry Schein, Inc | 178,984 | |||||
99 | * | Heska Corp | 14,419 | |||||
1,196 | Hill-Rom Holdings, Inc | 117,172 | ||||||
1,770 | * | HMS Holdings Corp | 65,048 | |||||
4,675 | * | Hologic, Inc | 340,480 | |||||
2,388 | Humana, Inc | 979,725 | ||||||
362 | * | ICU Medical, Inc | 77,645 | |||||
1,514 | * | IDEXX Laboratories, Inc | 756,803 | |||||
113 | * | Inari Medical, Inc | 9,864 | |||||
812 | * | InfuSystem Holdings, Inc | 15,249 | |||||
263 | * | Inogen, Inc | 11,751 | |||||
1,431 | * | Inovalon Holdings, Inc | 26,001 | |||||
423 | * | Inspire Medical Systems, Inc | 79,562 | |||||
1,123 | * | Insulet Corp | 287,073 | |||||
572 | * | Integer Holding Corp | 46,441 | |||||
1,378 | * | Integra LifeSciences Holdings Corp | 89,460 | |||||
100 | * | IntriCon Corp | 1,810 |
59
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,066 | * | Intuitive Surgical, Inc | $ | 1,690,195 | ||||
733 | Invacare Corp | 6,560 | ||||||
477 | * | iRhythm Technologies, Inc | 113,149 | |||||
229 | * | Joint Corp | 6,014 | |||||
1,743 | * | Laboratory Corp of America Holdings | 354,788 | |||||
1,098 | * | Lantheus Holdings, Inc | 14,812 | |||||
236 | LeMaitre Vascular, Inc | 9,558 | ||||||
178 | * | LENSAR, Inc | 1,291 | |||||
528 | * | LHC Group, Inc | 112,633 | |||||
970 | * | LivaNova plc | 64,224 | |||||
426 | * | Magellan Health Services, Inc | 35,290 | |||||
849 | * | Masimo Corp | 227,855 | |||||
2,921 | McKesson Corp | 508,020 | ||||||
1,627 | * | MEDNAX, Inc | 39,927 | |||||
23,865 | Medtronic plc | 2,795,546 | ||||||
646 | * | Meridian Bioscience, Inc | 12,074 | |||||
985 | * | Merit Medical Systems, Inc | 54,677 | |||||
49 | Mesa Laboratories, Inc | 14,045 | ||||||
1,068 | * | Molina Healthcare, Inc | 227,142 | |||||
173 | National Healthcare Corp | 11,489 | ||||||
208 | National Research Corp | 8,892 | ||||||
500 | * | Natus Medical, Inc | 10,020 | |||||
1,021 | * | Neogen Corp | 80,965 | |||||
613 | * | Nevro Corp | 106,110 | |||||
818 | * | NextGen Healthcare, Inc | 14,920 | |||||
1,767 | * | Novocure Ltd | 305,762 | |||||
959 | * | �� | NuVasive, Inc | 54,020 | ||||
246 | * | Oak Street Health, Inc | 15,045 | |||||
758 | * | Omnicell, Inc | 90,975 | |||||
140 | *,e | Ontrak, Inc | 8,651 | |||||
545 | * | OptimizeRx Corp | 16,982 | |||||
469 | * | Option Care Health, Inc | 7,335 | |||||
873 | * | OraSure Technologies, Inc | 9,241 | |||||
267 | * | Orthofix Medical Inc | 11,476 | |||||
333 | * | OrthoPediatrics Corp | 13,736 | |||||
145 | * | Outset Medical, Inc | 8,242 | |||||
1,103 | Owens & Minor, Inc | 29,836 | ||||||
1,530 | Patterson Cos, Inc | 45,334 | ||||||
524 | * | Pennant Group, Inc | 30,423 | |||||
597 | * | Penumbra, Inc | 104,475 | |||||
419 | *,e | PetIQ, Inc | 16,111 | |||||
495 | * | Phreesia, Inc | 26,859 | |||||
2,070 | Premier, Inc | 72,657 | ||||||
441 | * | Progyny, Inc | 18,694 | |||||
199 | * | Providence Service Corp | 27,587 | |||||
174 | * | Pulmonx Corp | 12,009 | |||||
240 | *,e | Pulse Biosciences, Inc | 5,726 | |||||
2,406 | Quest Diagnostics, Inc | 286,723 | ||||||
665 | * | Quidel Corp | 119,467 | |||||
1,080 | * | Quotient Ltd | 5,627 | |||||
1,555 | * | R1 RCM, Inc | 37,351 | |||||
576 | * | RadNet, Inc | 11,272 | |||||
1,114 | * | Repro-Med Systems, Inc | 6,706 | |||||
2,601 | Resmed, Inc | 552,869 | ||||||
118 | *,e | Retractable Technologies, Inc | 1,267 | |||||
1,842 | * | Rockwell Medical, Inc | 1,860 | |||||
516 | * | Schrodinger, Inc | 40,857 | |||||
250 | * | SeaSpine Holdings Corp | 4,363 | |||||
1,678 | * | Select Medical Holdings Corp | 46,413 | |||||
594 | * | Shockwave Medical Inc | 61,610 | |||||
442 | * | SI-BONE, Inc | 13,216 | |||||
1,519 | * | Sientra, Inc | 5,909 | |||||
548 | * | Silk Road Medical Inc | 34,513 | |||||
166 | Simulations Plus, Inc | 11,939 | ||||||
793 | * | Staar Surgical Co | 62,821 |
60
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,527 | STERIS plc | $ | 289,428 | |||||
6,207 | Stryker Corp | 1,520,963 | ||||||
837 | * | Surgalign Holdings, Inc | 1,833 | |||||
328 | * | Surgery Partners, Inc | 9,515 | |||||
300 | * | SurModics, Inc | 13,056 | |||||
280 | *,e | Tabula Rasa HealthCare, Inc | 11,995 | |||||
280 | * | Tactile Systems Technology, Inc | 12,583 | |||||
1,069 | * | Tandem Diabetes Care, Inc | 102,282 | |||||
1,894 | * | Teladoc, Inc | 378,724 | |||||
818 | Teleflex, Inc | 336,664 | ||||||
1,521 | * | Tenet Healthcare Corp | 60,734 | |||||
668 | * | Tivity Health, Inc | 13,086 | |||||
347 | * | Transmedics Group, Inc | 6,905 | |||||
378 | * | Triple-S Management Corp (Class B) | 8,070 | |||||
16,771 | UnitedHealth Group, Inc | 5,881,254 | ||||||
1,348 | Universal Health Services, Inc (Class B) | 185,350 | ||||||
187 | US Physical Therapy, Inc | 22,487 | ||||||
49 | Utah Medical Products, Inc | 4,131 | ||||||
344 | *,e | Vapotherm, Inc | 9,240 | |||||
587 | * | Varex Imaging Corp | 9,791 | |||||
1,656 | * | Varian Medical Systems, Inc | 289,817 | |||||
2,386 | * | Veeva Systems, Inc | 649,589 | |||||
2,376 | * | Venus Concept, Inc | 4,110 | |||||
615 | * | Viemed Healthcare, Inc | 4,772 | |||||
2,186 | * | ViewRay, Inc | 8,351 | |||||
433 | * | Vocera Communications, Inc | 17,983 | |||||
1,346 | West Pharmaceutical Services, Inc | 381,335 | ||||||
3,694 | Zimmer Biomet Holdings, Inc | 569,208 | ||||||
341 | * | Zynex Inc | 4,590 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 43,637,001 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.6% | ||||||||
722 | * | BellRing Brands, Inc | 17,552 | |||||
160 | * | Central Garden & Pet Co | 6,177 | |||||
580 | * | Central Garden and Pet Co (Class A) | 21,071 | |||||
4,520 | Church & Dwight Co, Inc | 394,280 | ||||||
2,289 | Clorox Co | 462,195 | ||||||
14,901 | Colgate-Palmolive Co | 1,274,184 | ||||||
5,109 | Coty, Inc | 35,865 | ||||||
893 | Edgewell Personal Care Co | 30,880 | ||||||
326 | * | elf Beauty, Inc | 8,212 | |||||
1,154 | Energizer Holdings, Inc | 48,676 | ||||||
3,920 | Estee Lauder Cos (Class A) | 1,043,465 | ||||||
1,810 | * | Herbalife Nutrition Ltd | 86,970 | |||||
253 | Inter Parfums, Inc | 15,304 | ||||||
6,025 | Kimberly-Clark Corp | 812,351 | ||||||
160 | Medifast, Inc | 31,414 | ||||||
140 | * | Nature’s Sunshine Products, Inc | 2,093 | |||||
992 | Nu Skin Enterprises, Inc (Class A) | 54,193 | ||||||
80 | Oil-Dri Corp of America | 2,726 | ||||||
43,333 | Procter & Gamble Co | 6,029,354 | ||||||
185 | * | Revlon, Inc (Class A) | 2,198 | |||||
871 | Reynolds Consumer Products Inc | 26,165 | ||||||
808 | Spectrum Brands Holdings, Inc | 63,816 | ||||||
180 | * | USANA Health Sciences, Inc | 13,878 | |||||
909 | * | Veru, Inc | 7,863 | |||||
266 | WD-40 Co | 70,671 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 10,561,553 | |||||||
|
| |||||||
INSURANCE - 2.0% | ||||||||
12,299 | Aflac, Inc | 546,937 | ||||||
257 | Alleghany Corp | 155,148 | ||||||
5,394 | Allstate Corp | 592,962 | ||||||
699 | * | AMBAC Financial Group, Inc | 10,751 | |||||
1,557 | American Equity Investment Life Holding Co | 43,067 |
61
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,392 | American Financial Group, Inc | $ | 121,967 | |||||
15,568 | American International Group, Inc | 589,404 | ||||||
98 | American National Group, Inc | 9,420 | ||||||
299 | Amerisafe, Inc | 17,172 | ||||||
4,057 | Aon plc | 857,122 | ||||||
6,987 | * | Arch Capital Group Ltd | 252,021 | |||||
509 | * | Argo Group International Holdings Ltd | 22,243 | |||||
3,466 | Arthur J. Gallagher��& Co | 428,779 | ||||||
1,099 | Assurant, Inc | 149,706 | ||||||
1,586 | Assured Guaranty Ltd | 49,943 | ||||||
2,113 | * | Athene Holding Ltd | 91,155 | |||||
1,578 | Axis Capital Holdings Ltd | 79,515 | ||||||
1,831 | * | Brighthouse Financial, Inc | 66,291 | |||||
4,413 | Brown & Brown, Inc | 209,220 | ||||||
572 | * | BRP Group, Inc | 17,143 | |||||
8,027 | Chubb Ltd | 1,235,516 | ||||||
2,719 | Cincinnati Financial Corp | 237,559 | ||||||
712 | *,e | Citizens, Inc (Class A) | 4,080 | |||||
261 | CNA Financial Corp | 10,169 | ||||||
2,753 | Conseco, Inc | 61,199 | ||||||
143 | Donegal Group, Inc (Class A) | 2,012 | ||||||
494 | * | eHealth, Inc | 34,881 | |||||
488 | Employers Holdings, Inc | 15,709 | ||||||
247 | * | Enstar Group Ltd | 50,608 | |||||
436 | Erie Indemnity Co (Class A) | 107,082 | ||||||
731 | Everest Re Group Ltd | 171,120 | ||||||
150 | FBL Financial Group, Inc (Class A) | 7,877 | ||||||
201 | FedNat Holding Co | 1,190 | ||||||
4,916 | Fidelity National Financial Inc | 192,166 | ||||||
1,977 | First American Financial Corp | 102,073 | ||||||
10,754 | * | Genworth Financial, Inc (Class A) | 40,650 | |||||
1,830 | Globe Life, Inc | 173,777 | ||||||
727 | * | GoHealth, Inc | 9,931 | |||||
128 | Goosehead Insurance, Inc | 15,969 | ||||||
463 | * | Greenlight Capital Re Ltd (Class A) | 3,385 | |||||
724 | Hanover Insurance Group, Inc | 84,650 | ||||||
6,514 | Hartford Financial Services Group, Inc | 319,056 | ||||||
121 | HCI Group, Inc | 6,328 | ||||||
362 | Heritage Insurance Holdings, Inc | 3,667 | ||||||
637 | Horace Mann Educators Corp | 26,779 | ||||||
90 | Independence Holding Co | 3,690 | ||||||
23 | Investors Title Co | 3,519 | ||||||
648 | James River Group Holdings Ltd | 31,849 | ||||||
1,193 | Kemper Corp | 91,658 | ||||||
347 | Kinsale Capital Group, Inc | 69,445 | ||||||
184 | *,e | Lemonade, Inc | 22,540 | |||||
2,971 | Lincoln National Corp | 149,471 | ||||||
4,406 | Loews Corp | 198,358 | ||||||
235 | * | Markel Corp | 242,826 | |||||
8,895 | Marsh & McLennan Cos, Inc | 1,040,715 | ||||||
2,003 | * | MBIA, Inc | 13,180 | |||||
429 | Mercury General Corp | 22,398 | ||||||
13,437 | Metlife, Inc | 630,867 | ||||||
1,010 | National General Holdings Corp | 34,522 | ||||||
35 | National Western Life Group, Inc | 7,225 | ||||||
158 | * | NI Holdings, Inc | 2,594 | |||||
5,185 | Old Republic International Corp | 102,196 | ||||||
336 | * | Palomar Holdings, Inc | 29,850 | |||||
727 | Primerica, Inc | 97,367 | ||||||
5,023 | Principal Financial Group | 249,191 | ||||||
820 | ProAssurance Corp | 14,588 | ||||||
10,417 | Progressive Corp | 1,030,033 | ||||||
144 | Protective Insurance Corp | 1,974 | ||||||
6,990 | Prudential Financial, Inc | 545,709 | ||||||
1,153 | Reinsurance Group of America, Inc (Class A) | 133,633 |
62
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
834 | RenaissanceRe Holdings Ltd | $ | 138,294 | |||||
600 | RLI Corp | 62,490 | ||||||
227 | Safety Insurance Group, Inc | 17,683 | ||||||
1,030 | Selective Insurance Group, Inc | 68,989 | ||||||
489 | * | Selectquote, Inc | 10,147 | |||||
243 | State Auto Financial Corp | 4,311 | ||||||
351 | Stewart Information Services Corp | 16,974 | ||||||
1,153 | * | Third Point Reinsurance Ltd | 10,977 | |||||
433 | Tiptree Inc | 2,174 | ||||||
4,482 | Travelers Cos, Inc | 629,138 | ||||||
515 | * | Trupanion, Inc | 61,651 | |||||
338 | United Fire Group Inc | 8,484 | ||||||
255 | United Insurance Holdings Corp | 1,459 | ||||||
503 | Universal Insurance Holdings, Inc | 7,600 | ||||||
3,600 | Unum Group | 82,584 | ||||||
2,544 | W.R. Berkley Corp | 168,972 | ||||||
347 | * | Watford Holdings Ltd | 12,006 | |||||
56 | White Mountains Insurance Group Ltd | 56,037 | ||||||
2,272 | Willis Towers Watson plc | 478,665 | ||||||
|
| |||||||
TOTAL INSURANCE | 13,835,432 | |||||||
|
| |||||||
MATERIALS - 2.8% | ||||||||
324 | Advanced Emissions Solutions, Inc | 1,782 | ||||||
461 | * | AdvanSix, Inc | 9,215 | |||||
3,886 | Air Products & Chemicals, Inc | 1,061,733 | ||||||
1,889 | Albemarle Corp | 278,665 | ||||||
3,306 | * | Alcoa Corp | 76,203 | |||||
2,222 | * | Allegheny Technologies, Inc | 37,263 | |||||
28,435 | Amcor plc | 334,680 | ||||||
429 | American Vanguard Corp | 6,658 | ||||||
2,424 | *,e | Amyris, Inc | 14,968 | |||||
1,207 | Aptargroup, Inc | 165,226 | ||||||
1,763 | * | Arconic Corp | 52,537 | |||||
271 | Ardagh Group S.A. | 4,664 | ||||||
1,151 | Ashland Global Holdings, Inc | 91,159 | ||||||
1,514 | Avery Dennison Corp | 234,837 | ||||||
1,490 | Avient Corp | 60,017 | ||||||
3,978 | * | Axalta Coating Systems Ltd | 113,572 | |||||
605 | Balchem Corp | 69,708 | ||||||
5,786 | Ball Corp | 539,139 | ||||||
2,289 | * | Berry Global Group, Inc | 128,619 | |||||
597 | Boise Cascade Co | 28,537 | ||||||
953 | Cabot Corp | 42,771 | ||||||
645 | Caledonia Mining Corp plc | 10,243 | ||||||
723 | Carpenter Technology Corp | 21,054 | ||||||
2,145 | Celanese Corp (Series A) | 278,721 | ||||||
831 | * | Century Aluminum Co | 9,166 | |||||
3,995 | CF Industries Holdings, Inc | 154,646 | ||||||
111 | Chase Corp | 11,212 | ||||||
2,911 | Chemours Co | 72,164 | ||||||
261 | * | Clearwater Paper Corp | 9,853 | |||||
7,433 | e | Cleveland-Cliffs, Inc | 108,224 | |||||
4,597 | * | Coeur Mining, Inc | 47,579 | |||||
1,801 | Commercial Metals Co | 36,993 | ||||||
532 | Compass Minerals International, Inc | 32,835 | ||||||
13,566 | Corteva, Inc | 525,276 | ||||||
2,327 | * | Crown Holdings, Inc | 233,165 | |||||
976 | Domtar Corp | 30,890 | ||||||
13,404 | Dow, Inc | 743,922 | ||||||
13,281 | DuPont de Nemours, Inc | 944,412 | ||||||
799 | Eagle Materials, Inc | 80,979 | ||||||
2,397 | Eastman Chemical Co | 240,371 | ||||||
4,399 | Ecolab, Inc | 951,768 | ||||||
3,394 | Element Solutions, Inc | 60,176 | ||||||
1,255 | * | Ferro Corp | 18,361 |
63
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,000 | *,† | Ferroglobe plc | $ | 0 | ||||
2,262 | FMC Corp | 259,972 | ||||||
325 | * | Forterra, Inc | 5,588 | |||||
25,598 | Freeport-McMoRan, Inc (Class B) | 666,060 | ||||||
400 | FutureFuel Corp | 5,080 | ||||||
1,119 | * | GCP Applied Technologies, Inc | 26,464 | |||||
658 | Glatfelter Corp | 10,778 | ||||||
816 | Gold Resource Corp | 2,375 | ||||||
4,828 | Graphic Packaging Holding Co | 81,786 | ||||||
395 | Greif, Inc (Class A) | 18,518 | ||||||
87 | Greif, Inc (Class B) | 4,209 | ||||||
784 | H.B. Fuller Co | 40,674 | ||||||
142 | Hawkins, Inc | 7,428 | ||||||
193 | Haynes International, Inc | 4,601 | ||||||
9,984 | Hecla Mining Co | 64,696 | ||||||
3,508 | Huntsman Corp | 88,191 | ||||||
823 | * | Ingevity Corp | 62,326 | |||||
373 | Innospec, Inc | 33,842 | ||||||
1,890 | e | International Flavors & Fragrances, Inc | 205,708 | |||||
7,037 | International Paper Co | 349,880 | ||||||
149 | * | Intrepid Potash, Inc | 3,598 | |||||
261 | Kaiser Aluminum Corp | 25,813 | ||||||
315 | * | Koppers Holdings, Inc | 9,815 | |||||
468 | * | Kraton Corp | 13,006 | |||||
357 | Kronos Worldwide, Inc | 5,323 | ||||||
9,328 | Linde plc | 2,458,021 | ||||||
2,532 | * | Livent Corp | 47,703 | |||||
2,113 | Louisiana-Pacific Corp | 78,540 | ||||||
4,643 | LyondellBasell Industries NV | 425,577 | ||||||
2,371 | * | Marrone Bio Innovations, Inc | 2,964 | |||||
1,122 | Martin Marietta Materials, Inc | 318,614 | ||||||
300 | Materion Corp | 19,116 | ||||||
741 | Minerals Technologies, Inc | 46,031 | ||||||
6,456 | Mosaic Co | 148,553 | ||||||
371 | Myers Industries, Inc | 7,709 | ||||||
257 | Neenah Inc | 14,217 | ||||||
131 | NewMarket Corp | 52,176 | ||||||
14,441 | Newmont Goldcorp Corp | 864,871 | ||||||
3,868 | * | Novagold Resources Inc | 37,404 | |||||
5,438 | Nucor Corp | 289,247 | ||||||
2,868 | O-I Glass, Inc | 34,129 | ||||||
3,054 | Olin Corp | 75,006 | ||||||
163 | Olympic Steel, Inc | 2,173 | ||||||
1,050 | Orion Engineered Carbons SA | 17,997 | ||||||
1,735 | Packaging Corp of America | 239,274 | ||||||
499 | * | Pactiv Evergreen, Inc | 9,052 | |||||
4,254 | PPG Industries, Inc | 613,512 | ||||||
868 | PQ Group Holdings, Inc | 12,378 | ||||||
201 | Quaker Chemical Corp | 50,931 | ||||||
445 | * | Ranpak Holdings Corp | 5,981 | |||||
877 | * | Rayonier Advanced Materials, Inc | 5,718 | |||||
1,096 | Reliance Steel & Aluminum Co | 131,246 | ||||||
1,158 | Royal Gold, Inc | 123,165 | ||||||
2,211 | RPM International, Inc | 200,715 | ||||||
272 | * | Ryerson Holding Corp | 3,710 | |||||
421 | Schnitzer Steel Industries, Inc (Class A) | 13,434 | ||||||
670 | Schweitzer-Mauduit International, Inc | 26,941 | ||||||
716 | Scotts Miracle-Gro Co (Class A) | 142,584 | ||||||
2,697 | Sealed Air Corp | 123,496 | ||||||
907 | Sensient Technologies Corp | 66,909 | ||||||
1,456 | Sherwin-Williams Co | 1,070,029 | ||||||
1,204 | Silgan Holdings, Inc | 44,644 | ||||||
1,617 | Sonoco Products Co | 95,807 | ||||||
1,339 | Southern Copper Corp | 87,196 | ||||||
3,643 | Steel Dynamics, Inc | 134,317 |
64
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
410 | Stepan Co | $ | 48,921 | |||||
1,996 | * | Summit Materials, Inc | 40,080 | |||||
1,010 | SunCoke Energy, Inc | 4,394 | ||||||
717 | * | TimkenSteel Corp | 3,348 | |||||
322 | * | Trecora Resources | 2,251 | |||||
394 | Tredegar Corp | 6,580 | ||||||
733 | Trinseo S.A. | 37,537 | ||||||
1,458 | Tronox Holdings plc | 21,316 | ||||||
97 | * | UFP Technologies, Inc | 4,520 | |||||
30 | United States Lime & Minerals, Inc | 3,420 | ||||||
3,845 | United States Steel Corp | 64,481 | ||||||
238 | * | US Concrete, Inc | 9,513 | |||||
3,456 | Valvoline, Inc | 79,972 | ||||||
1,196 | Verso Corp | 14,376 | ||||||
2,303 | Vulcan Materials Co | 341,558 | ||||||
1,163 | Warrior Met Coal, Inc | 24,795 | ||||||
559 | Westlake Chemical Corp | 45,614 | ||||||
4,647 | WestRock Co | 202,284 | ||||||
702 | Worthington Industries, Inc | 36,041 | ||||||
1,011 | WR Grace and Co | 55,423 | ||||||
|
| |||||||
TOTAL MATERIALS | 19,157,205 | |||||||
|
| |||||||
MEDIA & ENTERTAINMENT - 8.3% | ||||||||
13,598 | Activision Blizzard, Inc | 1,262,574 | ||||||
5,347 | * | Alphabet, Inc (Class A) | 9,371,366 | |||||
5,174 | * | Alphabet, Inc (Class C) | 9,064,227 | |||||
5,822 | * | Altice USA, Inc | 220,479 | |||||
855 | e | AMC Entertainment Holdings, Inc | 1,813 | |||||
741 | *,e | AMC Networks, Inc | 26,506 | |||||
380 | * | Boston Omaha Corp | 10,507 | |||||
89 | Cable One, Inc | 198,267 | ||||||
460 | * | Cardlytics, Inc | 65,674 | |||||
1,488 | * | Cargurus, Inc | 47,214 | |||||
1,131 | * | Cars.com, Inc | 12,780 | |||||
2,581 | * | Charter Communications, Inc | 1,707,461 | |||||
2,021 | e | Cinemark Holdings, Inc | 35,186 | |||||
80,428 | Comcast Corp (Class A) | 4,214,427 | ||||||
17 | * | Daily Journal Corp | 6,868 | |||||
2,011 | * | DHI Group, Inc | 4,464 | |||||
2,851 | *,e | Discovery, Inc (Class A) | 85,787 | |||||
6,033 | * | Discovery, Inc (Class C) | 158,004 | |||||
4,492 | * | DISH Network Corp (Class A) | 145,271 | |||||
5,074 | Electronic Arts, Inc | 728,626 | ||||||
235 | Emerald Holding, Inc | 1,274 | ||||||
2,184 | Entercom Communications Corp (Class A) | 5,395 | ||||||
1,005 | Entravision Communications Corp (Class A) | 2,764 | ||||||
454 | *,e | Eros International plc | 826 | |||||
641 | * | Eventbrite Inc | 11,602 | |||||
249 | * | EverQuote Inc | 9,300 | |||||
916 | EW Scripps Co (Class A) | 14,006 | ||||||
42,716 | * | Facebook, Inc | 11,668,303 | |||||
1,809 | * | Fluent, Inc | 9,606 | |||||
6,206 | Fox Corp (Class A) | 180,719 | ||||||
2,830 | Fox Corp (Class B) | 81,730 | ||||||
142 | * | Gaia, Inc | 1,403 | |||||
2,289 | * | Glu Mobile, Inc | 20,624 | |||||
1,876 | * | Gray Television, Inc | 33,562 | |||||
248 | * | Hemisphere Media Group, Inc | 2,569 | |||||
1,063 | *,e | iHeartMedia, Inc | 13,798 | |||||
902 | * | Imax Corp | 16,254 | |||||
7,004 | Interpublic Group of Cos, Inc | 164,734 | ||||||
693 | John Wiley & Sons, Inc (Class A) | 31,642 | ||||||
170 | * | Liberty Braves Group (Class A) | 4,228 | |||||
525 | * | Liberty Braves Group (Class C) | 13,062 | |||||
471 | * | Liberty Broadband Corp (Class A) | 74,220 |
65
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,933 | * | Liberty Broadband Corp (Class C) | $ | 464,499 | ||||
398 | * | Liberty Media Group (Class A) | 15,120 | |||||
3,565 | * | Liberty Media Group (Class C) | 151,869 | |||||
1,592 | * | Liberty SiriusXM Group (Class A) | 68,759 | |||||
3,230 | * | Liberty SiriusXM Group (Class C) | 140,537 | |||||
1,108 | * | Liberty TripAdvisor Holdings, Inc | 4,809 | |||||
786 | * | Lions Gate Entertainment Corp (Class A) | 8,937 | |||||
1,548 | * | Lions Gate Entertainment Corp (Class B) | 16,068 | |||||
2,516 | * | Live Nation, Inc | 184,876 | |||||
439 | *,e | LiveXLive Media, Inc | 1,440 | |||||
200 | Loral Space & Communications, Inc | 4,198 | ||||||
336 | * | Madison Square Garden Co | 61,858 | |||||
336 | * | Madison Square Garden Entertainment Corp | 35,293 | |||||
294 | Marcus Corp | 3,963 | ||||||
3,973 | * | Match Group, Inc | 600,678 | |||||
163 | * | MediaAlpha, Inc | 6,368 | |||||
597 | Meredith Corp | 11,462 | ||||||
934 | * | MSG Networks, Inc | 13,767 | |||||
970 | National CineMedia, Inc | 3,608 | ||||||
7,584 | * | Netflix, Inc | 4,100,896 | |||||
2,867 | New York Times Co (Class A) | 148,425 | ||||||
6,379 | News Corp (Class A) | 114,631 | ||||||
1,884 | News Corp (Class B) | 33,479 | ||||||
706 | Nexstar Media Group Inc | 77,088 | ||||||
3,956 | Omnicom Group, Inc | 246,736 | ||||||
7,175 | * | Pinterest, Inc | 472,833 | |||||
1,085 | * | QuinStreet, Inc | 23,262 | |||||
1,928 | * | Roku, Inc | 640,135 | |||||
51 | Saga Communications, Inc | 1,225 | ||||||
438 | Scholastic Corp | 10,950 | ||||||
1,071 | e | Sinclair Broadcast Group, Inc (Class A) | 34,111 | |||||
21,717 | e | Sirius XM Holdings, Inc | 138,337 | |||||
2,373 | * | Spotify Technology S.A. | 746,688 | |||||
2,057 | * | Take-Two Interactive Software, Inc | 427,424 | |||||
317 | * | TechTarget, Inc | 18,738 | |||||
4,451 | TEGNA, Inc | 62,091 | ||||||
414 | Tribune Publishing Co | 5,672 | ||||||
1,758 | * | TripAdvisor, Inc | 50,595 | |||||
963 | * | TrueCar, Inc | 4,045 | |||||
13,717 | * | Twitter, Inc | 742,776 | |||||
89 | ViacomCBS, Inc (Class A) | 3,366 | ||||||
9,833 | ViacomCBS, Inc (Class B) | 366,378 | ||||||
32,247 | * | Walt Disney Co | 5,842,511 | |||||
341 | * | WideOpenWest, Inc | 3,638 | |||||
894 | World Wrestling Entertainment, Inc (Class A) | 42,957 | ||||||
1,209 | * | Yelp, Inc | 39,498 | |||||
1,056 | * | Zillow Group, Inc (Class A) | 143,553 | |||||
2,429 | * | Zillow Group, Inc (Class C) | 315,284 | |||||
16,643 | * | Zynga, Inc | 164,266 | |||||
|
| |||||||
TOTAL MEDIA & ENTERTAINMENT | 56,548,819 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5% | ||||||||
968 | * | 10X Genomics, Inc | 137,069 | |||||
31,367 | AbbVie, Inc | 3,360,974 | ||||||
2,140 | * | Abeona Therapeutics, Inc | 3,360 | |||||
2,077 | * | Acadia Pharmaceuticals, Inc | 111,036 | |||||
843 | * | Acceleron Pharma, Inc | 107,853 | |||||
1,198 | * | Adaptive Biotechnologies Corp | 70,838 | |||||
1,303 | * | Adverum Biotechnologies, Inc | 14,125 | |||||
1,425 | * | Aeglea BioTherapeutics, Inc | 11,215 | |||||
702 | * | Aerie Pharmaceuticals, Inc | 9,484 | |||||
1,315 | * | Affimed NV | 7,653 | |||||
2,431 | * | Agenus, Inc | 7,731 | |||||
3,534 | *,e | Agile Therapeutics, Inc | 10,143 | |||||
5,650 | Agilent Technologies, Inc | 669,468 |
66
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,081 | * | Agios Pharmaceuticals, Inc | $ | 46,840 | ||||
2,414 | * | Akebia Therapeutics, Inc | 6,759 | |||||
198 | * | Akero Therapeutics, Inc | 5,108 | |||||
216 | * | Akouos, Inc | 4,283 | |||||
147 | * | Albireo Pharma, Inc | 5,514 | |||||
1,801 | *,† | Alder Biopharmaceuticals Inc | 1,585 | |||||
824 | * | Alector, Inc | 12,467 | |||||
3,746 | * | Alexion Pharmaceuticals, Inc | 585,275 | |||||
2,871 | * | Alkermes plc | 57,276 | |||||
430 | * | Allakos, Inc | 60,200 | |||||
897 | * | Allogene Therapeutics, Inc | 22,640 | |||||
279 | * | Allovir, Inc | 10,725 | |||||
2,045 | * | Alnylam Pharmaceuticals, Inc | 265,789 | |||||
219 | * | ALX Oncology Holdings, Inc | 18,878 | |||||
10,377 | Amgen, Inc | 2,385,880 | ||||||
4,499 | * | Amicus Therapeutics, Inc | 103,882 | |||||
2,013 | * | Amneal Pharmaceuticals, Inc | 9,199 | |||||
552 | * | Amphastar Pharmaceuticals, Inc | 11,101 | |||||
305 | * | AnaptysBio, Inc | 6,557 | |||||
1,126 | *,e | Anavex Life Sciences Corp | 6,080 | |||||
121 | * | ANI Pharmaceuticals, Inc | 3,514 | |||||
216 | * | Anika Therapeutics, Inc | 9,776 | |||||
261 | * | Annexon, Inc | 6,533 | |||||
1,139 | * | Apellis Pharmaceuticals, Inc | 65,151 | |||||
214 | * | Applied Molecular Transport, Inc | 6,585 | |||||
239 | * | Applied Therapeutics, Inc | 5,260 | |||||
252 | *,e | Aprea Therapeutics, Inc | 1,240 | |||||
370 | *,e | Aquestive Therapeutics, Inc | 1,979 | |||||
699 | * | Aravive Inc | 3,942 | |||||
237 | * | Arcturus Therapeutics Holdings, Inc | 10,281 | |||||
524 | * | Arcus Biosciences, Inc | 13,603 | |||||
163 | * | Arcutis Biotherapeutics, Inc | 4,585 | |||||
1,294 | * | Ardelyx, Inc | 8,372 | |||||
994 | * | Arena Pharmaceuticals, Inc | 76,369 | |||||
1,723 | * | Arrowhead Pharmaceuticals Inc | 132,206 | |||||
517 | * | Arvinas, Inc | 43,909 | |||||
540 | * | Assembly Biosciences, Inc | 3,267 | |||||
719 | * | Atara Biotherapeutics, Inc | 14,114 | |||||
213 | * | Atea Pharmaceuticals, Inc | 8,899 | |||||
1,288 | * | Athenex, Inc | 14,245 | |||||
1,583 | *,e | Athersys, Inc | 2,770 | |||||
204 | * | Athira Pharma, Inc | 6,987 | |||||
377 | * | Atreca, Inc | 6,089 | |||||
7,986 | * | Avantor, Inc | 224,806 | |||||
913 | * | Avenue Therapeutics, Inc | 5,432 | |||||
813 | * | Avid Bioservices, Inc | 9,382 | |||||
261 | * | Avidity Biosciences, Inc | 6,661 | |||||
621 | * | Avrobio, Inc | 8,657 | |||||
493 | * | Axsome Therapeutics, Inc | 40,165 | |||||
662 | *,e | Aytu BioScience, Inc | 3,959 | |||||
697 | *,e | Beam Therapeutics, Inc | 56,903 | |||||
218 | * | Berkeley Lights, Inc | 19,491 | |||||
2,781 | * | BioCryst Pharmaceuticals, Inc | 20,718 | |||||
1,476 | * | BioDelivery Sciences International, Inc | 6,199 | |||||
2,733 | * | Biogen, Inc | 669,202 | |||||
836 | * | Biohaven Pharmaceutical Holding Co Ltd | 71,654 | |||||
3,224 | * | BioMarin Pharmaceutical, Inc | 282,713 | |||||
379 | * | Bio-Rad Laboratories, Inc (Class A) | 220,934 | |||||
657 | Bio-Techne Corp | 208,630 | ||||||
200 | * | Bioxcel Therapeutics Inc | 9,240 | |||||
210 | * | Black Diamond Therapeutics, Inc | 6,730 | |||||
1,143 | * | Bluebird Bio, Inc | 49,458 | |||||
957 | * | Blueprint Medicines Corp | 107,328 | |||||
483 | *,e | BrainStorm Cell Therapeutics, Inc | 2,186 | |||||
1,343 | *,e | Bridgebio Pharma, Inc | 95,501 |
67
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
40,584 | Bristol-Myers Squibb Co | $ | 2,517,426 | |||||
1,641 | Bruker BioSciences Corp | 88,827 | ||||||
171 | * | C4 Therapeutics, Inc | 5,665 | |||||
470 | * | Calithera Biosciences, Inc | 2,308 | |||||
390 | *,e | Calyxt, Inc | 1,646 | |||||
425 | * | Cara Therapeutics, Inc | 6,430 | |||||
744 | * | CareDx, Inc | 53,903 | |||||
807 | * | CASI Pharmaceuticals, Inc | 2,381 | |||||
2,649 | * | Catalent, Inc | 275,681 | |||||
2,895 | * | Catalyst Pharmaceuticals, Inc | 9,669 | |||||
349 | * | Cellular Biomedicine Group, Inc | 6,415 | |||||
636 | *,e | CEL-SCI Corp | 7,416 | |||||
1,640 | * | Cerecor Inc | 4,330 | |||||
1,068 | * | Champions Oncology, Inc | 11,524 | |||||
837 | * | Charles River Laboratories International, Inc | 209,133 | |||||
2,254 | *,e | Checkpoint Therapeutics Inc | 5,973 | |||||
823 | * | ChemoCentryx, Inc | 50,960 | |||||
1,052 | * | Chiasma, Inc | 4,576 | |||||
913 | * | Chimerix, Inc | 4,410 | |||||
854 | * | Chinook Therapeutics, Inc | 13,544 | |||||
1,076 | * | ChromaDex Corp | 5,165 | |||||
1,365 | *,e | Clovis Oncology, Inc | 6,552 | |||||
646 | * | Codexis, Inc | 14,102 | |||||
4,202 | *,e | Cohbar, Inc | 5,631 | |||||
1,104 | * | Coherus Biosciences, Inc | 19,188 | |||||
902 | * | Collegium Pharmaceutical, Inc | 18,067 | |||||
271 | * | Concert Pharmaceuticals, Inc | 3,425 | |||||
480 | * | Constellation Pharmaceuticals, Inc | 13,824 | |||||
708 | * | Corbus Pharmaceuticals Holdings, Inc | 885 | |||||
1,983 | * | Corcept Therapeutics, Inc | 51,875 | |||||
1,038 | *,e | CorMedix Inc | 7,712 | |||||
410 | *,e | Cortexyme Inc | 11,390 | |||||
477 | * | Crinetics Pharmaceuticals, Inc | 6,730 | |||||
707 | * | Cue Biopharma, Inc | 8,845 | |||||
949 | * | Cymabay Therapeutics, Inc | 5,447 | |||||
991 | * | Cytokinetics, Inc | 20,593 | |||||
459 | * | CytomX Therapeutics, Inc | 3,006 | |||||
610 | * | Deciphera Pharmaceuticals, Inc | 34,813 | |||||
957 | * | Denali Therapeutics, Inc | 80,158 | |||||
1,142 | * | Dicerna Pharmaceuticals, Inc | 25,158 | |||||
3,554 | * | Durect Corp | 7,357 | |||||
1,710 | *,e | Dynavax Technologies Corp | 7,609 | |||||
122 | * | Eagle Pharmaceuticals, Inc | 5,682 | |||||
969 | * | Editas Medicine, Inc | 67,937 | |||||
279 | *,e | Eidos Therapeutics, Inc | 36,711 | |||||
426 | * | Eiger BioPharmaceuticals, Inc | 5,236 | |||||
7,960 | * | Elanco Animal Health, Inc | 244,133 | |||||
15,104 | Eli Lilly & Co | 2,550,159 | ||||||
1,184 | *,e | Eloxx Pharmaceuticals, Inc | 4,712 | |||||
788 | * | Emergent Biosolutions, Inc | 70,605 | |||||
232 | * | Enanta Pharmaceuticals, Inc | 9,767 | |||||
3,476 | * | Endo International plc | 24,958 | |||||
1,795 | * | Epizyme, Inc | 19,494 | |||||
495 | *,e | Esperion Thereapeutics, Inc | 12,870 | |||||
427 | *,e | Evelo Biosciences, Inc | 5,162 | |||||
271 | *,e | Evofem Biosciences Inc | 653 | |||||
159 | * | Evolus, Inc | 534 | |||||
2,660 | * | Exact Sciences Corp | 352,423 | |||||
5,221 | * | Exelixis, Inc | 104,785 | |||||
3,547 | * | Exicure, Inc | 6,278 | |||||
1,157 | * | Fate Therapeutics, Inc | 105,206 | |||||
1,457 | * | FibroGen, Inc | 54,040 | |||||
428 | * | Five Prime Therapeutics, Inc | 7,280 | |||||
438 | * | Flexion Therapeutics, Inc | 5,055 | |||||
1,214 | * | Fluidigm Corp | 7,284 |
68
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
252 | * | Forma Therapeutics Holdings, Inc | $ | 8,795 | ||||
3,677 | * | Fortress Biotech, Inc | 11,656 | |||||
497 | * | Frequency Therapeutics, Inc | 17,524 | |||||
532 | * | Fulcrum Therapeutics, Inc | 6,230 | |||||
626 | * | G1 Therapeutics, Inc | 11,262 | |||||
279 | * | Generation Bio Co | 7,910 | |||||
3,958 | *,e | Geron Corp | 6,293 | |||||
22,677 | Gilead Sciences, Inc | 1,321,162 | ||||||
1,063 | * | Global Blood Therapeutics, Inc | 46,039 | |||||
541 | * | GlycoMimetics, Inc | 2,034 | |||||
1,085 | * | Gossamer Bio, Inc | 10,492 | |||||
815 | * | Gritstone Oncology, Inc | 3,211 | |||||
2,341 | * | Halozyme Therapeutics, Inc | 99,984 | |||||
254 | *,e | Harpoon Therapeutics, Inc | 4,219 | |||||
1,529 | * | Heron Therapeutics, Inc | 32,361 | |||||
600 | * | Homology Medicines, Inc | 6,774 | |||||
3,357 | * | Horizon Therapeutics Plc | 245,565 | |||||
1,668 | *,e | iBio, Inc | 1,751 | |||||
125 | *,e | IGM Biosciences, Inc | 11,036 | |||||
2,653 | * | Illumina, Inc | 981,610 | |||||
3,250 | * | Immunogen, Inc | 20,962 | |||||
328 | * | Immunovant, Inc | 15,150 | |||||
3,290 | * | Incyte Corp | 286,164 | |||||
130 | * | Inhibrx, Inc | 4,286 | |||||
1,186 | * | Innoviva, Inc | 14,695 | |||||
2,606 | *,e | Inovio Pharmaceuticals, Inc | 23,063 | |||||
1,788 | * | Insmed, Inc | 59,523 | |||||
1,074 | * | Intellia Therapeutics, Inc | 58,426 | |||||
455 | * | Intercept Pharmaceuticals, Inc | 11,239 | |||||
388 | * | Intersect ENT, Inc | 8,885 | |||||
967 | * | Intra-Cellular Therapies, Inc | 30,751 | |||||
2,050 | *,e | Invitae Corp | 85,710 | |||||
2,281 | * | Ionis Pharmaceuticals, Inc | 128,968 | |||||
2,420 | * | Iovance Biotherapeutics, Inc | 112,288 | |||||
3,377 | * | IQVIA Holdings, Inc | 605,057 | |||||
2,735 | * | Ironwood Pharmaceuticals, Inc | 31,152 | |||||
184 | * | iTeos Therapeutics, Inc | 6,223 | |||||
1,613 | * | IVERIC bio, Inc | 11,146 | |||||
1,000 | * | Jazz Pharmaceuticals plc | 165,050 | |||||
46,882 | Johnson & Johnson | 7,378,289 | ||||||
461 | * | Jounce Therapeutics, Inc | 3,227 | |||||
3,128 | * | Kadmon Holdings, Inc | 12,981 | |||||
798 | *,e | Kala Pharmaceuticals, Inc | 5,410 | |||||
390 | * | KalVista Pharmaceuticals Inc | 7,406 | |||||
269 | * | Karuna Therapeutics, Inc | 27,328 | |||||
1,306 | * | Karyopharm Therapeutics, Inc | 20,217 | |||||
226 | * | Keros Therapeutics, Inc | 15,942 | |||||
1,049 | * | Kezar Life Sciences, Inc | 5,476 | |||||
977 | * | Kindred Biosciences, Inc | 4,211 | |||||
334 | * | Kiniksa Pharmaceuticals Ltd | 5,902 | |||||
530 | * | Kodiak Sciences, Inc | 77,862 | |||||
231 | * | Kronos Bio, Inc | 6,900 | |||||
199 | * | Krystal Biotech Inc | 11,940 | |||||
918 | * | Kura Oncology, Inc | 29,982 | |||||
161 | * | Kymera Therapeutics, Inc | 9,982 | |||||
1,211 | *,e | La Jolla Pharmaceutical Co | 4,699 | |||||
429 | * | Lannett Co, Inc | 2,797 | |||||
657 | *,e | Lexicon Pharmaceuticals, Inc | 2,247 | |||||
305 | *,e | Ligand Pharmaceuticals, Inc (Class B) | 30,332 | |||||
908 | *,e | Liquidia Technologies, Inc | 2,679 | |||||
674 | * | LogicBio Therapeutics, Inc | 5,143 | |||||
628 | Luminex Corp | 14,519 | ||||||
842 | * | MacroGenics, Inc | 19,248 | |||||
152 | *,e | Madrigal Pharmaceuticals, Inc | 16,898 | |||||
395 | * | Magenta Therapeutics, Inc | 3,097 |
69
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,279 | * | MannKind Corp | $ | 7,133 | ||||
693 | *,e | Marinus Pharmaceuticals, Inc | 8,455 | |||||
458 | *,e | MediciNova, Inc | 2,409 | |||||
535 | * | Medpace Holdings, Inc | 74,472 | |||||
1,875 | * | MEI Pharma, Inc | 4,950 | |||||
206 | * | MeiraGTx Holdings plc | 3,119 | |||||
44,984 | Merck & Co, Inc | 3,679,691 | ||||||
944 | * | Mersana Therapeutics, Inc | 25,120 | |||||
425 | * | Mettler-Toledo International, Inc | 484,364 | |||||
553 | * | Minerva Neurosciences, Inc | 1,294 | |||||
749 | * | Mirati Therapeutics, Inc | 164,510 | |||||
5,107 | * | Moderna, Inc | 533,528 | |||||
512 | * | Molecular Templates, Inc | 4,808 | |||||
244 | * | Morphic Holding, Inc | 8,186 | |||||
2,333 | * | Mustang Bio, Inc | 8,830 | |||||
1,012 | * | Myriad Genetics, Inc | 20,012 | |||||
771 | * | NanoString Technologies, Inc | 51,564 | |||||
506 | *,e | NantKwest, Inc | 6,745 | |||||
1,238 | * | Natera, Inc | 123,206 | |||||
3,021 | * | Nektar Therapeutics | 51,357 | |||||
1,811 | * | NeoGenomics, Inc | 97,504 | |||||
538 | * | Neoleukin Therapeutics, Inc | 7,586 | |||||
1,620 | * | Neurocrine Biosciences, Inc | 155,277 | |||||
255 | *,e | NextCure Inc | 2,780 | |||||
443 | * | NGM Biopharmaceuticals Inc | 13,421 | |||||
341 | * | Nkarta, Inc | 20,961 | |||||
1,041 | *,e | Novavax, Inc | 116,082 | |||||
172 | * | Nurix Therapeutics, Inc | 5,655 | |||||
2,778 | *,e | Nymox Pharmaceutical Corp | 6,889 | |||||
362 | * | Ocular Therapeutix, Inc | 7,493 | |||||
230 | * | Odonate Therapeutics, Inc | 4,416 | |||||
652 | *,e | Omeros Corp | 9,314 | |||||
2,006 | *,e | Oncocyte Corp | 4,794 | |||||
5,196 | *,e | Opko Health, Inc | 20,524 | |||||
258 | *,e | Optinose, Inc | 1,068 | |||||
1,465 | * | Orgenesis, Inc | 6,593 | |||||
381 | * | ORIC Pharmaceuticals, Inc | 12,897 | |||||
784 | *,e | Ovid therapeutics, Inc | 1,811 | |||||
3,121 | * | Pacific Biosciences of California, Inc | 80,959 | |||||
609 | * | Pacira BioSciences Inc | 36,443 | |||||
916 | * | Paratek Pharmaceuticals, Inc | 5,734 | |||||
233 | *,e | Passage Bio, Inc | 5,958 | |||||
1,920 | PerkinElmer, Inc | 275,520 | ||||||
2,396 | Perrigo Co plc | 107,149 | ||||||
407 | * | Personalis, Inc | 14,900 | |||||
99,199 | Pfizer, Inc | 3,651,515 | ||||||
195 | * | Phathom Pharmaceuticals, Inc | 6,478 | |||||
293 | Phibro Animal Health Corp | 5,690 | ||||||
529 | * | Pieris Pharmaceuticals, Inc | 1,323 | |||||
256 | *,e | Pliant Therapeutics, Inc | 5,816 | |||||
217 | * | PMV Pharmaceuticals, Inc | 13,348 | |||||
2,790 | * | PPD, Inc | 95,474 | |||||
1,084 | * | PRA Health Sciences, Inc | 135,977 | |||||
177 | * | Praxis Precision Medicines, Inc | 9,739 | |||||
861 | *,e | Precigen, Inc | 8,782 | |||||
654 | * | Precision BioSciences Inc | 5,454 | |||||
143 | * | Prelude Therapeutics, Inc | 10,232 | |||||
817 | * | Prestige Consumer Healthcare, Inc. | 28,489 | |||||
240 | * | Prevail Therapeutics, Inc | 5,537 | |||||
1,110 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||
398 | * | Protagonist Therapeutics, Inc | 8,024 | |||||
335 | * | Protara Therapeutics, Inc | 8,110 | |||||
594 | * | Prothena Corp plc | 7,134 | |||||
750 | * | Provention Bio, Inc | 12,705 | |||||
1,091 | * | PTC Therapeutics, Inc | 66,584 |
70
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
453 | * | Puma Biotechnology, Inc | $ | 4,648 | ||||
3,971 | * | QIAGEN NV | 209,867 | |||||
334 | * | Quanterix Corp | 15,531 | |||||
582 | * | Radius Health, Inc | 10,395 | |||||
192 | * | RAPT Therapeutics, Inc | 3,792 | |||||
446 | * | Reata Pharmaceuticals, Inc | 55,135 | |||||
22 | * | Recro Pharma, Inc | 63 | |||||
1,739 | * | Regeneron Pharmaceuticals, Inc | 840,128 | |||||
641 | * | REGENXBIO, Inc | 29,076 | |||||
575 | * | Relay Therapeutics, Inc | 23,897 | |||||
249 | *,e | Relmada Therapeutics, Inc | 7,985 | |||||
918 | * | Repligen Corp | 175,916 | |||||
560 | * | Replimune Group, Inc | 21,364 | |||||
1,100 | * | Revance Therapeutics, Inc | 31,174 | |||||
680 | * | REVOLUTION Medicines, Inc | 26,921 | |||||
568 | * | Rhythm Pharmaceuticals, Inc | 16,887 | |||||
1,863 | * | Rigel Pharmaceuticals, Inc | 6,521 | |||||
856 | * | Rocket Pharmaceuticals, Inc | 46,943 | |||||
1,378 | Royalty Pharma plc | 68,969 | ||||||
1,149 | * | Rubius Therapeutics, Inc | 8,721 | |||||
944 | * | Sage Therapeutics, Inc | 81,665 | |||||
1,935 | * | Sangamo Therapeutics Inc | 30,196 | |||||
1,328 | * | Sarepta Therapeutics, Inc | 226,411 | |||||
162 | * | Satsuma Pharmaceuticals, Inc | 747 | |||||
640 | * | Scholar Rock Holding Corp | 31,059 | |||||
2,177 | * | Seagen, Inc | 381,280 | |||||
3,323 | * | Selecta Biosciences, Inc | 10,069 | |||||
1,040 | * | Seres Therapeutics, Inc | 25,480 | |||||
210 | * | Shattuck Labs, Inc | 11,006 | |||||
842 | * | SIGA Technologies, Inc | 6,121 | |||||
5,525 | * | Soleno Therapeutics, Inc | 10,663 | |||||
625 | *,e | Solid Biosciences, Inc | 4,738 | |||||
3,244 | *,e | Sorrento Therapeutics, Inc | 22,140 | |||||
1,594 | * | Spectrum Pharmaceuticals, Inc | 5,436 | |||||
683 | *,e | Spero Therapeutics, Inc | 13,243 | |||||
373 | * | SpringWorks Therapeutics, Inc | 27,050 | |||||
311 | * | Stoke Therapeutics, Inc | 19,260 | |||||
2,342 | * | Strongbridge Biopharma plc | 5,691 | |||||
725 | * | Supernus Pharmaceuticals, Inc | 18,241 | |||||
582 | * | Sutro Biopharma, Inc | 12,635 | |||||
555 | * | Syndax Pharmaceuticals, Inc | 12,343 | |||||
1,109 | * | Syneos Health, Inc | 75,556 | |||||
1,268 | * | Syros Pharmaceuticals, Inc | 13,758 | |||||
639 | * | TCR2 Therapeutics Inc | 19,764 | |||||
1,920 | * | TG Therapeutics, Inc | 99,878 | |||||
2,459 | *,e | TherapeuticsMD, Inc | 2,975 | |||||
661 | * | Theravance Biopharma, Inc | 11,746 | |||||
7,037 | Thermo Fisher Scientific, Inc | 3,277,694 | ||||||
909 | * | Translate Bio, Inc | 16,753 | |||||
594 | * | Travere Therapeutics, Inc | 16,189 | |||||
650 | * | Tricida, Inc | 4,583 | |||||
502 | * | Turning Point Therapeutics Inc | 61,169 | |||||
529 | * | Twist Bioscience Corp | 74,742 | |||||
4,055 | *,e | Tyme Technologies, Inc | 4,947 | |||||
996 | * | Ultragenyx Pharmaceutical, Inc | 137,876 | |||||
751 | * | United Therapeutics Corp | 113,994 | |||||
415 | *,e | UNITY Biotechnology, Inc | 2,175 | |||||
496 | *,e | UroGen Pharma Ltd | 8,938 | |||||
677 | * | Vanda Pharmaceuticals, Inc | 8,896 | |||||
1,076 | *,e | Vaxart Inc | 6,144 | |||||
361 | * | Vaxcyte, Inc | 9,592 | |||||
3,113 | *,e | VBI Vaccines, Inc | 8,561 | |||||
818 | * | Veracyte, Inc | 40,033 | |||||
2,895 | * | Verastem, Inc | 6,166 | |||||
597 | * | Vericel Corp | 18,435 |
71
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
295 | *,e | Verrica Pharmaceuticals, Inc | $ | 3,395 | ||||
4,703 | * | Vertex Pharmaceuticals, Inc | 1,111,507 | |||||
21,842 | * | Viatris, Inc | 409,319 | |||||
353 | *,e | Viela Bio, Inc | 12,697 | |||||
1,907 | *,e | Viking Therapeutics, Inc | 10,736 | |||||
820 | *,e | Vir Biotechnology, Inc | 21,960 | |||||
593 | * | Voyager Therapeutics, Inc | 4,240 | |||||
98 | *,e | VYNE Therapeutics, Inc | 155 | |||||
1,120 | * | Waters Corp | 277,110 | |||||
504 | * | WaVe Life Sciences Ltd | 3,966 | |||||
748 | * | X4 Pharmaceuticals, Inc | 4,810 | |||||
344 | *,e | XBiotech, Inc | 5,384 | |||||
962 | * | Xencor, Inc | 41,972 | |||||
740 | * | Xeris Pharmaceuticals, Inc | 3,641 | |||||
525 | * | Y-mAbs Therapeutics, Inc | 25,993 | |||||
172 | * | Zentalis Pharmaceuticals, Inc | 8,934 | |||||
3,757 | *,e | ZIOPHARM Oncology, Inc | 9,468 | |||||
8,482 | Zoetis, Inc | 1,403,771 | ||||||
966 | * | Zogenix, Inc | 19,310 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 50,652,916 | |||||||
|
| |||||||
REAL ESTATE - 3.2% | ||||||||
1,300 | Acadia Realty Trust | 18,447 | ||||||
848 | Agree Realty Corp | 56,460 | ||||||
1,021 | Alexander & Baldwin, Inc | 17,541 | ||||||
57 | Alexander’s, Inc | 15,809 | ||||||
2,221 | Alexandria Real Estate Equities, Inc | 395,827 | ||||||
196 | * | Altisource Portfolio Solutions S.A. | 2,524 | |||||
714 | American Assets Trust, Inc | 20,620 | ||||||
2,413 | American Campus Communities, Inc | 103,204 | ||||||
1,878 | American Finance Trust, Inc | 13,954 | ||||||
4,773 | American Homes 4 Rent | 143,190 | ||||||
1,157 | * | American Realty Investors, Inc | 12,611 | |||||
7,822 | American Tower Corp | 1,755,726 | ||||||
3,364 | Americold Realty Trust | 125,578 | ||||||
2,744 | * | Apartment Income REIT Corp | 105,397 | |||||
2,744 | Apartment Investment and Management Co | 14,488 | ||||||
4,063 | Apple Hospitality REIT, Inc | 52,453 | ||||||
1,769 | Armada Hoffler Properties, Inc | 19,848 | ||||||
2,397 | AvalonBay Communities, Inc | 384,551 | ||||||
379 | Bluerock Residential Growth REIT, Inc | 4,802 | ||||||
2,732 | Boston Properties, Inc | 258,256 | ||||||
2,649 | Brandywine Realty Trust | 31,550 | ||||||
5,555 | Brixmor Property Group, Inc | 91,935 | ||||||
511 | Broadstone Net Lease, Inc | 10,005 | ||||||
881 | Brookfield Property REIT, Inc | 13,162 | ||||||
572 | Brt Realty Trust | 8,694 | ||||||
1,599 | Camden Property Trust | 159,772 | ||||||
1,679 | CareTrust REIT, Inc | 37,240 | ||||||
568 | CatchMark Timber Trust, Inc | 5,316 | ||||||
5,978 | * | CBRE Group, Inc | 374,940 | |||||
192 | Centerspace | 13,563 | ||||||
572 | Chatham Lodging Trust | 6,178 | ||||||
262 | CIM Commercial Trust Corp | 3,731 | ||||||
471 | City Office REIT, Inc | 4,602 | ||||||
588 | Clipper Realty, Inc | 4,145 | ||||||
8,422 | Colony Capital, Inc | 40,510 | ||||||
1,903 | Columbia Property Trust, Inc | 27,289 | ||||||
544 | Community Healthcare Trust, Inc | 25,628 | ||||||
2,056 | CoreCivic, Inc | 13,467 | ||||||
675 | CorePoint Lodging, Inc | 4,644 | ||||||
696 | Coresite Realty | 87,195 | ||||||
2,132 | Corporate Office Properties Trust | 55,603 | ||||||
2,578 | Cousins Properties, Inc | 86,363 | ||||||
7,329 | Crown Castle International Corp | 1,166,704 |
72
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
91 | CTO Realty Growth, Inc | $ | 3,837 | |||||
3,658 | CubeSmart | 122,945 | ||||||
1,631 | * | Cushman & Wakefield plc | 24,188 | |||||
2,071 | CyrusOne, Inc | 151,494 | ||||||
3,453 | * | DiamondRock Hospitality Co | 28,487 | |||||
4,935 | Digital Realty Trust, Inc | 688,482 | ||||||
4,896 | Diversified Healthcare Trust | 20,172 | ||||||
2,632 | Douglas Emmett, Inc | 76,802 | ||||||
6,516 | Duke Realty Corp | 260,445 | ||||||
1,427 | Easterly Government Properties, Inc | 32,322 | ||||||
673 | EastGroup Properties, Inc | 92,914 | ||||||
3,012 | Empire State Realty Trust, Inc | 28,072 | ||||||
1,375 | EPR Properties | 44,687 | ||||||
1,566 | Equinix, Inc | 1,118,406 | ||||||
1,868 | Equity Commonwealth | 50,959 | ||||||
3,276 | Equity Lifestyle Properties, Inc | 207,567 | ||||||
6,486 | Equity Residential | 384,490 | ||||||
1,394 | Essential Properties Realty Trust, Inc | 29,553 | ||||||
1,175 | Essex Property Trust, Inc | 278,968 | ||||||
515 | * | eXp World Holdings Inc | 32,507 | |||||
2,226 | Extra Space Storage, Inc | 257,904 | ||||||
482 | Farmland Partners, Inc | 4,193 | ||||||
1,347 | Federal Realty Investment Trust | 114,657 | ||||||
2,259 | First Industrial Realty Trust, Inc | 95,172 | ||||||
240 | * | Forestar Group, Inc | 4,843 | |||||
1,235 | Four Corners Property Trust, Inc | 36,766 | ||||||
1,621 | Franklin Street Properties Corp | 7,084 | ||||||
874 | Front Yard Residential Corp | 14,159 | ||||||
102 | * | FRP Holdings, Inc | 4,646 | |||||
3,696 | Gaming and Leisure Properties, Inc | 156,710 | ||||||
2,553 | Geo Group, Inc | 22,620 | ||||||
763 | Getty Realty Corp | 21,013 | ||||||
475 | Gladstone Commercial Corp | 8,550 | ||||||
687 | Gladstone Land Corp | 10,058 | ||||||
1,151 | Global Medical REIT, Inc | 15,032 | ||||||
1,848 | Global Net Lease, Inc | 31,675 | ||||||
2,421 | Healthcare Realty Trust, Inc | 71,662 | ||||||
3,603 | Healthcare Trust of America, Inc | 99,227 | ||||||
9,296 | Healthpeak Properties Inc | 281,018 | ||||||
697 | Hersha Hospitality Trust | 5,499 | ||||||
1,796 | Highwoods Properties, Inc | 71,175 | ||||||
12,997 | Host Hotels and Resorts, Inc | 190,146 | ||||||
692 | * | Howard Hughes Corp | 54,620 | |||||
2,438 | Hudson Pacific Properties | 58,561 | ||||||
2,499 | Independence Realty Trust, Inc | 33,562 | ||||||
1,471 | Industrial Logistics Properties Trust | 34,260 | ||||||
379 | Innovative Industrial Properties, Inc | 69,406 | ||||||
9,619 | Invitation Homes, Inc | 285,684 | ||||||
4,939 | Iron Mountain, Inc | 145,602 | ||||||
1,070 | iStar Inc | 15,889 | ||||||
2,053 | JBG SMITH Properties | 64,197 | ||||||
940 | * | Jones Lang LaSalle, Inc | 139,468 | |||||
2,137 | Kennedy-Wilson Holdings, Inc | 38,231 | ||||||
1,970 | Kilroy Realty Corp | 113,078 | ||||||
7,240 | Kimco Realty Corp | 108,672 | ||||||
1,264 | Kite Realty Group Trust | 18,909 | ||||||
1,519 | Lamar Advertising Co | 126,411 | ||||||
5,428 | Lexington Realty Trust | 57,645 | ||||||
858 | Life Storage, Inc | 102,437 | ||||||
917 | LTC Properties, Inc | 35,680 | ||||||
2,677 | Macerich Co | 28,564 | ||||||
1,437 | Mack-Cali Realty Corp | 17,905 | ||||||
406 | * | Marcus & Millichap, Inc | 15,115 | |||||
169 | * | Maui Land & Pineapple Co, Inc | 1,949 | |||||
9,371 | Medical Properties Trust, Inc | 204,194 |
73
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,012 | Mid-America Apartment Communities, Inc | $ | 254,900 | |||||
2,033 | Monmouth Real Estate Investment Corp (Class A) | 35,212 | ||||||
885 | National Health Investors, Inc | 61,215 | ||||||
3,044 | National Retail Properties, Inc | 124,560 | ||||||
1,008 | National Storage Affiliates Trust | 36,318 | ||||||
3,834 | New Senior Investment Group, Inc | 19,860 | ||||||
2,520 | Newmark Group, Inc | 18,371 | ||||||
478 | NexPoint Residential Trust, Inc | 20,224 | ||||||
965 | Office Properties Income Trust | 21,925 | ||||||
3,987 | Omega Healthcare Investors, Inc | 144,808 | ||||||
254 | One Liberty Properties, Inc | 5,098 | ||||||
2,970 | Outfront Media, Inc | 58,093 | ||||||
3,099 | Paramount Group, Inc | 28,015 | ||||||
4,260 | Park Hotels & Resorts, Inc | 73,059 | ||||||
2,135 | Pebblebrook Hotel Trust | 40,138 | ||||||
3,336 | Physicians Realty Trust | 59,381 | ||||||
2,219 | Piedmont Office Realty Trust, Inc | 36,014 | ||||||
445 | Plymouth Industrial REIT, Inc | 6,675 | ||||||
1,281 | PotlatchDeltic Corp | 64,076 | ||||||
1,193 | Preferred Apartment Communities, Inc | 8,828 | ||||||
13,015 | Prologis, Inc | 1,297,075 | ||||||
358 | PS Business Parks, Inc | 47,567 | ||||||
2,646 | Public Storage, Inc | 611,041 | ||||||
1,162 | QTS Realty Trust, Inc | 71,905 | ||||||
302 | * | Rafael Holdings, Inc | 7,043 | |||||
2,525 | Rayonier, Inc | 74,184 | ||||||
349 | Re/Max Holdings, Inc | 12,679 | ||||||
2,208 | * | Realogy Holdings Corp | 28,969 | |||||
6,053 | Realty Income Corp | 376,315 | ||||||
1,597 | * | Redfin Corp | 109,602 | |||||
2,945 | Regency Centers Corp | 134,263 | ||||||
2,533 | Retail Opportunities Investment Corp | 33,917 | ||||||
3,851 | Retail Properties of America, Inc | 32,965 | ||||||
274 | Retail Value, Inc | 4,074 | ||||||
2,165 | Rexford Industrial Realty, Inc | 106,323 | ||||||
3,486 | RLJ Lodging Trust | 49,327 | ||||||
497 | RMR Group, Inc | 19,194 | ||||||
1,201 | RPT Realty | 10,389 | ||||||
778 | Ryman Hospitality Properties | 52,717 | ||||||
3,697 | Sabra Healthcare REIT, Inc | 64,217 | ||||||
319 | Safehold, Inc | 23,124 | ||||||
445 | Saul Centers, Inc | 14,098 | ||||||
2,007 | SBA Communications Corp | 566,235 | ||||||
793 | * | Seritage Growth Properties | 11,641 | |||||
3,197 | Service Properties Trust | 36,734 | ||||||
5,705 | Simon Property Group, Inc | 486,522 | ||||||
2,580 | SITE Centers Corp | 26,110 | ||||||
1,436 | SL Green Realty Corp | 85,557 | ||||||
1,927 | Spirit Realty Capital, Inc | 77,408 | ||||||
831 | St. Joe Co | 35,276 | ||||||
2,541 | STAG Industrial, Inc | 79,584 | ||||||
3,908 | STORE Capital Corp | 132,794 | ||||||
93 | * | Stratus Properties, Inc | 2,371 | |||||
2,137 | Summit Hotel Properties, Inc | 19,254 | ||||||
1,680 | Sun Communities, Inc | 255,276 | ||||||
4,750 | Sunstone Hotel Investors, Inc | 53,817 | ||||||
1,459 | Tanger Factory Outlet Centers, Inc | 14,532 | ||||||
268 | * | Tejon Ranch Co | 3,873 | |||||
1,413 | Terreno Realty Corp | 82,675 | ||||||
5,209 | UDR, Inc | 200,182 | ||||||
435 | UMH Properties, Inc | 6,442 | ||||||
3,290 | Uniti Group, Inc | 38,592 | ||||||
198 | Universal Health Realty Income Trust | 12,725 | ||||||
2,537 | Urban Edge Properties | 32,829 | ||||||
1,302 | Urstadt Biddle Properties, Inc (Class A) | 18,397 |
74
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
6,646 | Ventas, Inc | $ | 325,920 | |||||
3,725 | VEREIT, Inc | 140,768 | ||||||
9,547 | VICI Properties, Inc | 243,448 | ||||||
3,062 | Vornado Realty Trust | 114,335 | ||||||
1,848 | Washington REIT | 39,972 | ||||||
2,450 | Weingarten Realty Investors | 53,091 | ||||||
7,527 | Welltower, Inc | 486,395 | ||||||
13,181 | Weyerhaeuser Co | 441,959 | ||||||
550 | Whitestone REIT | 4,383 | ||||||
2,940 | WP Carey, Inc | 207,505 | ||||||
2,548 | Xenia Hotels & Resorts, Inc | 38,730 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 21,437,757 | |||||||
|
| |||||||
RETAILING - 7.0% | ||||||||
426 | * | 1-800-FLOWERS.COM, Inc (Class A) | 11,076 | |||||
667 | * | Aaron’s Co, Inc | 12,646 | |||||
1,074 | Abercrombie & Fitch Co (Class A) | 21,867 | ||||||
1,214 | Advance Auto Parts, Inc | 191,217 | ||||||
7,543 | * | Amazon.com, Inc | 24,567,023 | |||||
2,547 | e | American Eagle Outfitters, Inc | 51,118 | |||||
122 | * | America’s Car-Mart, Inc | 13,400 | |||||
305 | * | Asbury Automotive Group, Inc | 44,451 | |||||
908 | * | At Home Group, Inc | 14,038 | |||||
1,001 | * | Autonation, Inc | 69,860 | |||||
407 | * | AutoZone, Inc | 482,474 | |||||
2,179 | e | Bed Bath & Beyond, Inc | 38,699 | |||||
4,166 | Best Buy Co, Inc | 415,725 | ||||||
744 | Big Lots, Inc | 31,940 | ||||||
728 | * | Booking Holdings, Inc | 1,621,453 | |||||
408 | * | Boot Barn Holdings, Inc | 17,691 | |||||
526 | Buckle, Inc | 15,359 | ||||||
1,177 | * | Burlington Stores, Inc | 307,844 | |||||
639 | Caleres, Inc | 10,000 | ||||||
598 | Camping World Holdings, Inc | 15,578 | ||||||
2,903 | * | CarMax, Inc | 274,217 | |||||
1,125 | *,e | CarParts.com, Inc | 13,939 | |||||
977 | * | Carvana Co | 234,031 | |||||
368 | Cato Corp (Class A) | 3,529 | ||||||
288 | *,e | Children’s Place, Inc | 14,429 | |||||
243 | Citi Trends, Inc | 12,072 | ||||||
291 | * | Conn’s, Inc | 3,402 | |||||
231 | * | Container Store Group, Inc | 2,204 | |||||
775 | Core-Mark Holding Co, Inc | 22,762 | ||||||
1,574 | Designer Brands, Inc | 12,041 | ||||||
1,148 | Dick’s Sporting Goods, Inc | 64,529 | ||||||
236 | e | Dillard’s, Inc (Class A) | 14,880 | |||||
4,466 | Dollar General Corp | 939,200 | ||||||
4,246 | * | Dollar Tree, Inc | 458,738 | |||||
144 | *,e | Duluth Holdings, Inc | 1,521 | |||||
12,098 | eBay, Inc | 607,925 | ||||||
2,359 | * | Envela Corp | 12,267 | |||||
2,021 | * | Etsy, Inc | 359,556 | |||||
2,504 | Expedia Group, Inc | 331,530 | ||||||
969 | * | Five Below, Inc | 169,556 | |||||
1,672 | * | Floor & Decor Holdings, Inc | 155,245 | |||||
1,924 | Foot Locker, Inc | 77,807 | ||||||
185 | *,e | Funko, Inc | 1,920 | |||||
622 | *,e | GameStop Corp (Class A) | 11,718 | |||||
3,661 | Gap, Inc | 73,916 | ||||||
313 | * | Genesco, Inc | 9,418 | |||||
2,563 | Genuine Parts Co | 257,402 | ||||||
324 | Group 1 Automotive, Inc | 42,489 | ||||||
354 | * | Groupon, Inc | 13,450 | |||||
632 | *,e | GrowGeneration Corp | 25,419 | |||||
1,683 | * | GrubHub, Inc | 124,996 |
75
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
904 | Guess?, Inc | $ | 20,448 | |||||
286 | Haverty Furniture Cos, Inc | 7,914 | ||||||
323 | * | Hibbett Sports, Inc | 14,916 | |||||
19,087 | Home Depot, Inc | 5,069,889 | ||||||
2,978 | Kohl’s Corp | 121,175 | ||||||
4,095 | L Brands, Inc | 152,293 | ||||||
221 | * | Lands’ End, Inc | 4,767 | |||||
723 | * | Leslie’s, Inc | 20,063 | |||||
325 | * | Liquidity Services, Inc | 5,171 | |||||
451 | Lithia Motors, Inc (Class A) | 131,994 | ||||||
5,503 | * | LKQ Corp | 193,926 | |||||
13,538 | Lowe’s Companies, Inc | 2,172,984 | ||||||
442 | * | Lumber Liquidators, Inc | 13,587 | |||||
5,634 | e | Macy’s, Inc | 63,383 | |||||
2,067 | *,e | Magnite, Inc | 63,478 | |||||
389 | * | MarineMax, Inc | 13,627 | |||||
1,815 | *,e | Michaels Cos, Inc | 23,613 | |||||
566 | Monro Muffler, Inc | 30,168 | ||||||
539 | Murphy USA, Inc | 70,539 | ||||||
1,613 | * | National Vision Holdings, Inc | 73,053 | |||||
1,826 | e | Nordstrom, Inc | 56,989 | |||||
888 | * | ODP Corp | 26,018 | |||||
911 | * | Ollie’s Bargain Outlet Holdings, Inc | 74,492 | |||||
1,258 | * | O’Reilly Automotive, Inc | 569,333 | |||||
752 | * | Overstock.com, Inc | 36,073 | |||||
554 | Penske Auto Group, Inc | 32,902 | ||||||
306 | e | PetMed Express, Inc | 9,810 | |||||
716 | Pool Corp | 266,710 | ||||||
1,155 | * | Quotient Technology, Inc | 10,880 | |||||
7,241 | Qurate Retail Group, Inc QVC Group | 79,434 | ||||||
1,105 | * | RealReal, Inc | 21,592 | |||||
699 | Rent-A-Center, Inc | 26,765 | ||||||
304 | * | RH | 136,046 | |||||
6,113 | Ross Stores, Inc | 750,738 | ||||||
2,233 | * | Sally Beauty Holdings, Inc | 29,118 | |||||
203 | Shoe Carnival, Inc | 7,954 | ||||||
309 | Shutterstock, Inc | 22,155 | ||||||
961 | e | Signet Jewelers Ltd | 26,206 | |||||
507 | * | Sleep Number Corp | 41,503 | |||||
455 | Sonic Automotive, Inc (Class A) | 17,549 | ||||||
571 | * | Sportsman’s Warehouse Holdings, Inc | 10,021 | |||||
279 | * | Stamps.com, Inc | 54,737 | |||||
989 | * | Stitch Fix Inc | 58,074 | |||||
8,881 | Target Corp | 1,567,763 | ||||||
2,104 | Tiffany & Co | 276,571 | ||||||
297 | Tilly’s, Inc | 2,424 | ||||||
21,283 | TJX Companies, Inc | 1,453,416 | ||||||
2,095 | Tractor Supply Co | 294,515 | ||||||
977 | * | Ulta Beauty, Inc | 280,555 | |||||
1,237 | * | Urban Outfitters, Inc | 31,667 | |||||
401 | *,e | Vroom, Inc | 16,429 | |||||
955 | *,e | Waitr Holdings Inc | 2,655 | |||||
1,183 | * | Wayfair, Inc | 267,133 | |||||
99 | Weyco Group, Inc | 1,568 | ||||||
1,350 | Williams-Sonoma, Inc | 137,484 | ||||||
37 | Winmark Corp | 6,875 | ||||||
314 | * | Zumiez, Inc | 11,549 | |||||
|
| |||||||
TOTAL RETAILING | 47,282,258 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9% | ||||||||
617 | * | Advanced Energy Industries, Inc | 59,831 | |||||
21,258 | * | Advanced Micro Devices, Inc | 1,949,571 | |||||
379 | * | Allegro MicroSystems, Inc | 10,104 | |||||
302 | * | Alpha & Omega Semiconductor Ltd | 7,139 | |||||
507 | * | Ambarella, Inc | 46,553 |
76
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,455 | Amkor Technology, Inc | $ | 21,941 | |||||
6,426 | Analog Devices, Inc | 949,313 | ||||||
16,352 | Applied Materials, Inc | 1,411,178 | ||||||
945 | * | Atomera, Inc | 15,205 | |||||
510 | * | Axcelis Technologies, Inc | 14,851 | |||||
582 | * | AXT, Inc | 5,570 | |||||
6,958 | Broadcom, Inc | 3,046,560 | ||||||
1,252 | Brooks Automation, Inc | 84,948 | ||||||
333 | * | Ceva, Inc | 15,152 | |||||
1,003 | * | Cirrus Logic, Inc | 82,447 | |||||
535 | CMC Materials, Inc | 80,946 | ||||||
598 | Cohu, Inc | 22,832 | ||||||
1,899 | * | Cree, Inc | 201,104 | |||||
273 | * | CyberOptics Corp | 6,194 | |||||
836 | * | Diodes, Inc | 58,938 | |||||
406 | * | DSP Group, Inc | 6,736 | |||||
1,869 | * | Enphase Energy, Inc | 327,953 | |||||
2,561 | Entegris, Inc | 246,112 | ||||||
1,588 | * | First Solar, Inc | 157,085 | |||||
1,075 | * | Formfactor, Inc | 46,247 | |||||
1,429 | * | GSI Technology, Inc | 10,575 | |||||
434 | * | Ichor Holdings Ltd | 13,083 | |||||
285 | * | Impinj, Inc | 11,933 | |||||
822 | * | Inphi Corp | 131,906 | |||||
72,784 | Intel Corp | 3,626,099 | ||||||
2,725 | KLA Corp | 705,530 | ||||||
2,570 | Lam Research Corp | 1,213,734 | ||||||
2,478 | * | Lattice Semiconductor Corp | 113,542 | |||||
799 | * | MACOM Technology Solutions Holdings, Inc | 43,977 | |||||
11,900 | Marvell Technology Group Ltd | 565,726 | ||||||
110 | *,e | Maxeon Solar Technologies Ltd | 3,121 | |||||
4,859 | Maxim Integrated Products, Inc | 430,750 | ||||||
927 | * | MaxLinear, Inc | 35,402 | |||||
4,382 | Microchip Technology, Inc | 605,198 | ||||||
19,807 | * | Micron Technology, Inc | 1,489,090 | |||||
1,013 | MKS Instruments, Inc | 152,406 | ||||||
807 | Monolithic Power Systems, Inc | 295,548 | ||||||
943 | * | Nanometrics, Inc | 44,840 | |||||
478 | * | NeoPhotonics Corp Ltd | 4,345 | |||||
77 | NVE Corp | 4,326 | ||||||
10,526 | NVIDIA Corp | 5,496,677 | ||||||
7,472 | * | ON Semiconductor Corp | 244,559 | |||||
409 | * | PDF Solutions, Inc | 8,834 | |||||
1,020 | * | Photronics, Inc | 11,383 | |||||
990 | Power Integrations, Inc | 81,041 | ||||||
2,109 | * | Qorvo, Inc | 350,663 | |||||
20,151 | QUALCOMM, Inc | 3,069,803 | ||||||
2,364 | * | Rambus, Inc | 41,275 | |||||
1,307 | * | Semtech Corp | 94,222 | |||||
797 | * | Silicon Laboratories, Inc | 101,490 | |||||
209 | * | SiTime Corp | 23,393 | |||||
3,033 | Skyworks Solutions, Inc | 463,685 | ||||||
170 | * | SMART Global Holdings, Inc | 6,397 | |||||
871 | * | SolarEdge Technologies, Inc | 277,954 | |||||
886 | *,e | SunPower Corp | 22,717 | |||||
548 | * | Synaptics, Inc | 52,827 | |||||
3,009 | Teradyne, Inc | 360,749 | ||||||
16,316 | Texas Instruments, Inc | 2,677,945 | ||||||
789 | * | Ultra Clean Holdings | 24,577 | |||||
754 | Universal Display Corp | 173,269 | ||||||
729 | * | Veeco Instruments, Inc | 12,655 | |||||
4,425 | Xilinx, Inc | 627,332 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 32,599,088 | |||||||
|
|
77
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
SOFTWARE & SERVICES - 14.8% | ||||||||
1,101 | *,e | 2U, Inc | $ | 44,051 | ||||
1,702 | * | 8x8, Inc | 58,668 | |||||
754 | * | A10 Networks, Inc | 7,434 | |||||
11,398 | Accenture plc | 2,977,272 | ||||||
2,058 | * | ACI Worldwide, Inc | 79,089 | |||||
8,581 | * | Adobe, Inc | 4,291,530 | |||||
400 | * | Agilysys, Inc | 15,352 | |||||
2,865 | * | Akamai Technologies, Inc | 300,796 | |||||
790 | * | Alarm.com Holdings, Inc | 81,725 | |||||
829 | Alliance Data Systems Corp | 61,429 | ||||||
677 | * | Altair Engineering, Inc | 39,388 | |||||
944 | * | Alteryx, Inc | 114,970 | |||||
2,449 | Amdocs Ltd | 173,708 | ||||||
370 | American Software, Inc (Class A) | 6,353 | ||||||
2,321 | * | Anaplan, Inc | 166,764 | |||||
1,554 | * | Ansys, Inc | 565,345 | |||||
306 | * | Appfolio, Inc | 55,092 | |||||
528 | *,e | Appian Corp | 85,584 | |||||
1,207 | * | Aspen Technology, Inc | 157,212 | |||||
2,315 | * | Atlassian Corp plc | 541,409 | |||||
3,961 | * | Autodesk, Inc | 1,209,452 | |||||
7,567 | Automatic Data Processing, Inc | 1,333,305 | ||||||
1,377 | * | Avalara, Inc | 227,054 | |||||
1,730 | * | Avaya Holdings Corp | 33,129 | |||||
527 | * | Benefitfocus, Inc | 7,631 | |||||
131 | *,e | BigCommerce Holdings, Inc | 8,404 | |||||
1,292 | * | Bill.Com Holdings, Inc | 176,358 | |||||
2,568 | * | Black Knight, Inc | 226,883 | |||||
919 | Blackbaud, Inc | 52,898 | ||||||
875 | * | Blackline, Inc | 116,707 | |||||
2,513 | Booz Allen Hamilton Holding Co | 219,083 | ||||||
808 | * | Bottomline Technologies, Inc | 42,614 | |||||
2,592 | * | Box, Inc | 46,786 | |||||
460 | * | Brightcove, Inc | 8,464 | |||||
2,063 | Broadridge Financial Solutions, Inc | 316,052 | ||||||
451 | * | CACI International, Inc (Class A) | 112,448 | |||||
5,009 | * | Cadence Design Systems, Inc | 683,378 | |||||
708 | * | Cardtronics plc | 24,992 | |||||
222 | Cass Information Systems, Inc | 8,638 | ||||||
2,269 | CDK Global, Inc | 117,602 | ||||||
664 | * | Cerence Inc | 66,719 | |||||
1,888 | * | Ceridian HCM Holding, Inc | 201,185 | |||||
378 | * | ChannelAdvisor Corp | 6,040 | |||||
2,198 | Citrix Systems, Inc | 285,960 | ||||||
3,805 | * | Cloudera, Inc | 52,928 | |||||
1,939 | * | Cloudflare, Inc | 147,345 | |||||
9,522 | Cognizant Technology Solutions Corp (Class A) | 780,328 | ||||||
606 | * | Commvault Systems, Inc | 33,554 | |||||
805 | * | Concentrix Corp | 79,453 | |||||
3,045 | * | Conduent, Inc | 14,616 | |||||
985 | * | Cornerstone OnDemand, Inc | 43,379 | |||||
1,191 | * | Coupa Software, Inc | 403,642 | |||||
2,713 | * | Crowdstrike Holdings, Inc | 574,668 | |||||
520 | CSG Systems International, Inc | 23,436 | ||||||
2,733 | * | Datadog, Inc | 269,037 | |||||
360 | * | Datto Holding Corp | 9,720 | |||||
348 | *,e | Digimarc Corp | 16,440 | |||||
1,755 | * | Digital Turbine, Inc | 99,263 | |||||
3,168 | * | DocuSign, Inc | 704,246 | |||||
549 | * | Domo, Inc | 35,010 | |||||
4,320 | * | Dropbox, Inc | 95,861 | |||||
210 | * | Duck Creek Technologies, Inc | 9,093 | |||||
4,799 | DXC Technology Co | 123,574 | ||||||
3,263 | * | Dynatrace, Inc | 141,190 |
78
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
387 | Ebix, Inc | $ | 14,694 | |||||
543 | * | eGain Corp | 6,413 | |||||
1,160 | * | Elastic NV | 169,511 | |||||
895 | * | Endurance International Group Holdings, Inc | 8,458 | |||||
884 | * | Envestnet, Inc | 72,744 | |||||
940 | * | EPAM Systems, Inc | 336,849 | |||||
898 | * | Euronet Worldwide, Inc | 130,138 | |||||
614 | * | Everbridge, Inc | 91,529 | |||||
941 | EVERTEC, Inc | 37,000 | ||||||
774 | * | Evo Payments, Inc | 20,906 | |||||
511 | * | ExlService Holdings, Inc | 43,501 | |||||
516 | * | Fair Isaac Corp | 263,697 | |||||
1,308 | *,e | Fastly, Inc | 114,280 | |||||
10,927 | Fidelity National Information Services, Inc | 1,545,733 | ||||||
3,709 | * | FireEye, Inc | 85,530 | |||||
10,126 | * | Fiserv, Inc | 1,152,946 | |||||
1,139 | * | Five9, Inc | 198,642 | |||||
1,496 | * | FleetCor Technologies, Inc | 408,154 | |||||
2,417 | * | Fortinet, Inc | 358,997 | |||||
1,574 | * | Gartner, Inc | 252,139 | |||||
3,573 | Genpact Ltd | 147,779 | ||||||
5,286 | Global Payments, Inc | 1,138,710 | ||||||
644 | * | Globant S.A. | 140,141 | |||||
3,013 | * | GoDaddy, Inc | 249,928 | |||||
1,073 | * | GreenSky, Inc | 4,968 | |||||
620 | *,e | GTT Communications, Inc | 2,213 | |||||
1,102 | * | GTY Technology Holdings Inc | 5,708 | |||||
1,428 | * | Guidewire Software, Inc | 183,826 | |||||
450 | Hackett Group, Inc | 6,475 | ||||||
759 | * | HubSpot, Inc | 300,898 | |||||
139 | * | I3 Verticals, Inc | 4,615 | |||||
513 | * | Information Services Group, Inc | 1,683 | |||||
156 | *,e | Intelligent Systems Corp | 6,257 | |||||
15,740 | International Business Machines Corp | 1,981,351 | ||||||
339 | * | International Money Express Inc | 5,261 | |||||
4,516 | Intuit, Inc | 1,715,403 | ||||||
914 | * | j2 Global, Inc | 89,289 | |||||
1,391 | Jack Henry & Associates, Inc | 225,328 | ||||||
308 | * | Jamf Holding Corp | 9,215 | |||||
211 | * | JFrog Ltd | 13,257 | |||||
2,207 | KBR, Inc | 68,263 | ||||||
2,410 | Leidos Holdings, Inc | 253,339 | ||||||
2,061 | * | Limelight Networks, Inc | 8,223 | |||||
1,122 | * | Liveperson, Inc | 69,822 | |||||
1,208 | * | LiveRamp Holdings, Inc | 88,414 | |||||
1,102 | * | Manhattan Associates, Inc | 115,908 | |||||
473 | Mantech International Corp (Class A) | 42,069 | ||||||
15,719 | Mastercard, Inc (Class A) | 5,610,740 | ||||||
1,221 | MAXIMUS, Inc | 89,365 | ||||||
543 | McAfee Corp | 9,063 | ||||||
1,450 | * | Medallia, Inc | 48,169 | |||||
133,241 | Microsoft Corp | 29,635,463 | ||||||
147 | * | MicroStrategy, Inc (Class A) | 57,117 | |||||
967 | * | Mimecast Ltd | 54,964 | |||||
467 | * | Mitek Systems, Inc | 8,303 | |||||
704 | * | Model N, Inc | 25,119 | |||||
1,066 | * | MoneyGram International, Inc | 5,826 | |||||
898 | * | MongoDB, Inc | 322,418 | |||||
98 | * | nCino, Inc | 7,096 | |||||
885 | * | New Relic, Inc | 57,879 | |||||
1,445 | NIC, Inc | 37,324 | ||||||
10,159 | NortonLifelock, Inc | 211,104 | ||||||
5,319 | * | Nuance Communications, Inc | 234,515 | |||||
3,066 | * | Nutanix, Inc | 97,713 | |||||
2,061 | * | Okta, Inc | 524,030 |
79
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
469 | * | OneSpan, Inc | $ | 9,699 | ||||
33,414 | Oracle Corp | 2,161,552 | ||||||
1,219 | * | Pagerduty, Inc | 50,832 | |||||
1,663 | * | Palo Alto Networks, Inc | 591,014 | |||||
5,839 | Paychex, Inc | 544,078 | ||||||
896 | * | Paycom Software, Inc | 405,216 | |||||
612 | * | Paylocity Holding Corp | 126,017 | |||||
20,897 | * | PayPal Holdings, Inc | 4,894,077 | |||||
655 | * | Paysign Inc | 3,039 | |||||
804 | Pegasystems, Inc | 107,141 | ||||||
509 | * | Perficient, Inc | 24,254 | |||||
2,607 | Perspecta, Inc | 62,777 | ||||||
249 | * | Ping Identity Holding Corp | 7,131 | |||||
1,674 | * | Pluralsight, Inc | 35,087 | |||||
766 | Progress Software Corp | 34,616 | ||||||
989 | * | Proofpoint, Inc | 134,909 | |||||
671 | * | PROS Holdings, Inc | 34,067 | |||||
1,840 | * | PTC, Inc | 220,082 | |||||
857 | * | Q2 Holdings, Inc | 108,436 | |||||
144 | QAD, Inc (Class A) | 9,098 | ||||||
667 | * | Qualys, Inc | 81,287 | |||||
461 | * | Rackspace Technology, Inc | 8,787 | |||||
847 | * | Rapid7, Inc | 76,366 | |||||
1,516 | * | RealPage, Inc | 132,256 | |||||
628 | * | Repay Holdings Corp | 17,113 | |||||
1,545 | * | Rimini Street, Inc | 6,844 | |||||
1,368 | * | RingCentral, Inc | 518,431 | |||||
5,212 | Sabre Corp | 62,648 | ||||||
1,565 | * | SailPoint Technologies Holding, Inc | 83,321 | |||||
15,564 | * | salesforce.com, Inc | 3,463,457 | |||||
433 | Sapiens International Corp NV | 13,254 | ||||||
1,043 | Science Applications International Corp | 98,710 | ||||||
96 | * | SecureWorks Corp | 1,365 | |||||
3,445 | * | ServiceNow, Inc | 1,896,231 | |||||
307 | * | ShotSpotter, Inc | 11,574 | |||||
6,726 | * | Slack Technologies, Inc | 284,106 | |||||
1,969 | * | Smartsheet, Inc | 136,432 | |||||
852 | * | SolarWinds Corp | 12,737 | |||||
2,866 | * | Splunk, Inc | 486,905 | |||||
469 | * | Sprout Social, Inc | 21,297 | |||||
599 | * | SPS Commerce, Inc | 65,045 | |||||
6,619 | * | Square, Inc | 1,440,559 | |||||
3,873 | SS&C Technologies Holdings, Inc | 281,761 | ||||||
3,557 | * | StoneCo Ltd | 298,503 | |||||
211 | * | Sumo Logic, Inc | 6,030 | |||||
2,089 | * | SVMK, Inc | 53,374 | |||||
1,480 | Switch, Inc | 24,228 | ||||||
605 | * | Sykes Enterprises, Inc | 22,790 | |||||
1,067 | * | Synchronoss Technologies, Inc | 5,015 | |||||
2,702 | * | Synopsys, Inc | 700,466 | |||||
485 | * | TeleNav, Inc | 2,279 | |||||
1,038 | * | Tenable Holdings, Inc | 54,246 | |||||
2,058 | * | Teradata Corp | 46,243 | |||||
738 | * | Trade Desk, Inc | 591,138 | |||||
453 | TTEC Holdings, Inc | 33,037 | ||||||
143 | *,e | Tucows, Inc | 10,566 | |||||
2,450 | * | Twilio, Inc | 829,325 | |||||
732 | * | Tyler Technologies, Inc | 319,533 | |||||
769 | * | Unisys Corp | 15,134 | |||||
482 | *,e | Unity Software, Inc | 73,973 | |||||
395 | * | Upland Software, Inc | 18,127 | |||||
536 | * | Varonis Systems, Inc | 87,695 | |||||
1,154 | * | Verint Systems, Inc | 77,526 | |||||
1,861 | * | VeriSign, Inc | 402,720 | |||||
422 | * | Veritone, Inc | 12,006 |
80
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,291 | * | Verra Mobility Corp | $ | 30,745 | ||||
1,303 | e | VirnetX Holding Corp | 6,567 | |||||
427 | * | Virtusa Corp | 21,833 | |||||
29,998 | Visa, Inc (Class A) | 6,561,463 | ||||||
1,376 | *,e | VMware, Inc (Class A) | 192,998 | |||||
7,616 | Western Union Co | 167,095 | ||||||
739 | * | WEX, Inc | 150,409 | |||||
3,061 | * | Workday, Inc | 733,446 | |||||
617 | * | Workiva, Inc | 56,530 | |||||
1,587 | Xperi Holding Corp | 33,168 | ||||||
1,753 | * | Yext, Inc | 27,557 | |||||
1,979 | * | Zendesk, Inc | 283,234 | |||||
803 | * | Zix Corp | 6,930 | |||||
3,011 | * | Zoom Video Communications, Inc | 1,015,671 | |||||
1,267 | * | Zscaler, Inc | 253,033 | |||||
1,498 | * | Zuora Inc | 20,867 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 100,247,256 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.4% | ||||||||
1,699 | *,e | 3D Systems Corp | 17,806 | |||||
429 | * | Acacia Communications, Inc | 31,300 | |||||
806 | Adtran, Inc | 11,905 | ||||||
720 | * | Akoustis Technologies, Inc | 8,806 | |||||
5,073 | Amphenol Corp (Class A) | 663,396 | ||||||
287,073 | Apple, Inc | 38,091,716 | ||||||
285 | *,e | Applied Optoelectronics, Inc | 2,425 | |||||
1,083 | * | Arista Networks, Inc | 314,687 | |||||
1,226 | * | Arlo Technologies, Inc | 9,551 | |||||
1,493 | * | Arrow Electronics, Inc | 145,269 | |||||
470 | * | Avid Technology, Inc | 7,459 | |||||
1,997 | Avnet, Inc | 70,115 | ||||||
438 | Badger Meter, Inc | 41,198 | ||||||
144 | Bel Fuse, Inc (Class B) | 2,164 | ||||||
636 | Belden CDT, Inc | 26,648 | ||||||
773 | Benchmark Electronics, Inc | 20,879 | ||||||
528 | * | CalAmp Corp | 5,238 | |||||
643 | * | Calix, Inc | 19,136 | |||||
1,029 | * | Casa Systems, Inc | 6,349 | |||||
2,565 | CDW Corp | 338,041 | ||||||
2,798 | * | Ciena Corp | 147,874 | |||||
75,223 | Cisco Systems, Inc | 3,366,229 | ||||||
153 | * | Clearfield, Inc | 3,782 | |||||
2,887 | Cognex Corp | 231,783 | ||||||
382 | * | Coherent, Inc | 57,308 | |||||
3,172 | * | CommScope Holding Co, Inc | 42,505 | |||||
356 | Comtech Telecommunications Corp | 7,366 | ||||||
13,563 | Corning, Inc | 488,268 | ||||||
226 | * | Corsair Gaming, Inc | 8,186 | |||||
485 | CTS Corp | 16,650 | ||||||
548 | Daktronics, Inc | 2,565 | ||||||
4,481 | * | Dell Technologies, Inc | 328,412 | |||||
1,043 | * | Diebold, Inc | 11,118 | |||||
400 | * | Digi International, Inc | 7,560 | |||||
1,151 | Dolby Laboratories, Inc (Class A) | 111,797 | ||||||
740 | * | EchoStar Corp (Class A) | 15,681 | |||||
202 | * | ePlus, Inc | 17,766 | |||||
1,698 | * | Extreme Networks, Inc | 11,699 | |||||
1,098 | * | F5 Networks, Inc | 193,182 | |||||
727 | * | Fabrinet | 56,408 | |||||
256 | * | FARO Technologies, Inc | 18,081 | |||||
4,513 | * | Fitbit, Inc | 30,688 | |||||
2,414 | FLIR Systems, Inc | 105,806 | ||||||
1,256 | * | Harmonic, Inc | 9,282 | |||||
22,442 | Hewlett Packard Enterprise Co | 265,938 | ||||||
24,516 | HP, Inc | 602,848 |
81
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,598 | * | II-VI, Inc | $ | 121,384 | ||||
400 | * | Immersion Corp | 4,516 | |||||
2,966 | * | Infinera Corp | 31,084 | |||||
480 | *,e | Inseego Corp | 7,426 | |||||
698 | * | Insight Enterprises, Inc | 53,111 | |||||
1,417 | *,e | Intellicheck, Inc | 16,161 | |||||
539 | InterDigital, Inc | 32,707 | ||||||
631 | * | IPG Photonics Corp | 141,211 | |||||
397 | * | Iteris, Inc | 2,243 | |||||
678 | * | Itron, Inc | 65,020 | |||||
2,790 | Jabil Inc | 118,659 | ||||||
6,230 | Juniper Networks, Inc | 140,237 | ||||||
3,422 | * | Keysight Technologies, Inc | 452,012 | |||||
411 | * | Kimball Electronics, Inc | 6,572 | |||||
1,352 | * | Knowles Corp | 24,917 | |||||
254 | * | KVH Industries, Inc | 2,883 | |||||
375 | Littelfuse, Inc | 95,497 | ||||||
1,378 | * | Lumentum Holdings, Inc | 130,634 | |||||
569 | Methode Electronics, Inc | 21,781 | ||||||
3,074 | Motorola Solutions, Inc | 522,764 | ||||||
261 | MTS Systems Corp | 15,180 | ||||||
171 | * | Napco Security Technologies, Inc | 4,484 | |||||
2,304 | National Instruments Corp | 101,238 | ||||||
2,406 | * | NCR Corp | 90,393 | |||||
4,038 | NetApp, Inc | 267,477 | ||||||
505 | * | Netgear, Inc | 20,518 | |||||
1,389 | * | Netscout Systems, Inc | 38,086 | |||||
829 | * | nLight, Inc | 27,067 | |||||
592 | * | Novanta, Inc | 69,986 | |||||
280 | * | OSI Systems, Inc | 26,102 | |||||
182 | *,e | PAR Technology Corp | 11,428 | |||||
196 | * | PC Connection, Inc | 9,269 | |||||
526 | Plantronics, Inc | 14,218 | ||||||
521 | * | Plexus Corp | 40,747 | |||||
4,045 | * | Pure Storage, Inc | 91,457 | |||||
1,954 | * | Research Frontiers, Inc | 5,491 | |||||
704 | * | Ribbon Communications, Inc | 4,618 | |||||
323 | * | Rogers Corp | 50,159 | |||||
1,157 | * | Sanmina Corp | 36,897 | |||||
381 | * | Scansource, Inc | 10,051 | |||||
764 | * | Super Micro Computer, Inc | 24,188 | |||||
805 | Synnex Corp | 65,559 | ||||||
4,551 | * | Trimble Inc | 303,870 | |||||
1,439 | * | TTM Technologies, Inc | 19,851 | |||||
156 | Ubiquiti, Inc | 43,448 | ||||||
1,003 | * | Viasat, Inc | 32,748 | |||||
4,189 | * | Viavi Solutions, Inc | 62,730 | |||||
2,099 | Vishay Intertechnology, Inc | 43,470 | ||||||
161 | * | Vishay Precision Group, Inc | 5,068 | |||||
2,105 | * | Vontier Corp | 70,307 | |||||
5,297 | Western Digital Corp | 293,401 | ||||||
271 | *,e | Wrap Technologies Inc | 1,309 | |||||
3,647 | Xerox Holdings Corp | 84,574 | ||||||
953 | * | Zebra Technologies Corp (Class A) | 366,266 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 50,335,344 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.5% | ||||||||
3,945 | Alaska Communications Systems Group, Inc | 14,557 | ||||||
184 | * | Anterix, Inc | 6,918 | |||||
126,019 | AT&T, Inc | 3,624,306 | ||||||
251 | ATN International, Inc | 10,482 | ||||||
342 | * | Bandwidth Inc | 52,555 | |||||
1,215 | * | Boingo Wireless, Inc | 15,455 | |||||
19,284 | CenturyLink, Inc | 188,019 | ||||||
727 | * | Cincinnati Bell, Inc | 11,109 |
82
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
772 | Cogent Communications Group, Inc | $ | 46,220 | |||||
1,064 | * | Consolidated Communications Holdings, Inc | 5,203 | |||||
987 | *,e | Gogo, Inc | 9,505 | |||||
1,354 | * | IAC | 256,380 | |||||
1,842 | * | Iridium Communications, Inc | 72,437 | |||||
681 | * | Liberty Latin America Ltd (Class A) | 7,579 | |||||
2,483 | * | Liberty Latin America Ltd (Class C) | 27,536 | |||||
259 | * | Ooma, Inc | 3,730 | |||||
1,000 | * | ORBCOMM, Inc | 7,420 | |||||
869 | Shenandoah Telecom Co | 37,584 | ||||||
309 | Spok Holdings, Inc | 3,439 | ||||||
1,775 | Telephone & Data Systems, Inc | 32,962 | ||||||
9,862 | * | T-Mobile US, Inc | 1,329,891 | |||||
247 | * | US Cellular Corp | 7,580 | |||||
73,569 | Verizon Communications, Inc | 4,322,179 | ||||||
4,303 | * | Vonage Holdings Corp | 55,401 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 10,148,447 | |||||||
|
| |||||||
TRANSPORTATION - 2.0% | ||||||||
1,148 | * | Air Transport Services Group, Inc | 35,978 | |||||
2,129 | Alaska Air Group, Inc | 110,708 | ||||||
268 | Allegiant Travel Co | 50,716 | ||||||
157 | Amerco, Inc | 71,272 | ||||||
9,092 | e | American Airlines Group, Inc | 143,381 | |||||
378 | ArcBest Corp | 16,129 | ||||||
363 | * | Atlas Air Worldwide Holdings, Inc | 19,798 | |||||
1,153 | * | Avis Budget Group, Inc | 43,007 | |||||
2,384 | CH Robinson Worldwide, Inc | 223,786 | ||||||
554 | Copa Holdings S.A. (Class A) | 42,785 | ||||||
542 | Costamare, Inc | 4,488 | ||||||
185 | * | Covenant Transportation Group, Inc | 2,740 | |||||
13,408 | CSX Corp | 1,216,776 | ||||||
828 | * | Daseke, Inc | 4,811 | |||||
11,365 | Delta Air Lines, Inc | 456,987 | ||||||
87 | * | Eagle Bulk Shipping, Inc | 1,653 | |||||
427 | * | Echo Global Logistics, Inc | 11,452 | |||||
3,051 | Expeditors International of Washington, Inc | 290,181 | ||||||
4,319 | FedEx Corp | 1,121,299 | ||||||
725 | Forward Air Corp | 55,709 | ||||||
127 | Genco Shipping & Trading Ltd | 935 | ||||||
828 | Hawaiian Holdings, Inc | 14,656 | ||||||
728 | Heartland Express, Inc | 13,177 | ||||||
505 | * | Hub Group, Inc (Class A) | 28,785 | |||||
1,477 | JB Hunt Transport Services, Inc | 201,832 | ||||||
5,315 | * | JetBlue Airways Corp | 77,280 | |||||
1,750 | Kansas City Southern | 357,227 | ||||||
1,157 | * | Kirby Corp | 59,967 | |||||
2,188 | Knight-Swift Transportation Holdings, Inc | 91,502 | ||||||
719 | Landstar System, Inc | 96,820 | ||||||
4,260 | * | Lyft, Inc (Class A) | 209,294 | |||||
1,216 | Macquarie Infrastructure Co LLC | 45,661 | ||||||
796 | Marten Transport Ltd | 13,715 | ||||||
668 | Matson, Inc | 38,056 | ||||||
1,581 | * | Mesa Air Group, Inc | 10,577 | |||||
4,564 | Norfolk Southern Corp | 1,084,452 | ||||||
1,737 | Old Dominion Freight Line | 339,028 | ||||||
34 | * | PAM Transportation Services, Inc | 1,666 | |||||
580 | * | Radiant Logistics, Inc | 3,364 | |||||
883 | Ryder System, Inc | 54,534 | ||||||
715 | * | Safe Bulkers, Inc | 929 | |||||
499 | * | Saia, Inc | 90,219 | |||||
932 | Schneider National, Inc | 19,292 | ||||||
93 | e | Scorpio Bulkers, Inc | 1,574 | |||||
308 | * | SEACOR Holdings, Inc | 12,767 | |||||
802 | Skywest, Inc | 32,329 |
83
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
10,524 | Southwest Airlines Co | $ | 490,524 | |||||
1,539 | * | Spirit Airlines, Inc | 37,628 | |||||
24,552 | * | Uber Technologies, Inc | 1,252,152 | |||||
12,071 | Union Pacific Corp | 2,513,424 | ||||||
5,147 | * | United Airlines Holdings Inc | 222,608 | |||||
12,620 | United Parcel Service, Inc (Class B) | 2,125,208 | ||||||
122 | Universal Logistics Holdings Inc | 2,512 | ||||||
315 | * | US Xpress Enterprises, Inc | 2,155 | |||||
1,147 | Werner Enterprises, Inc | 44,985 | ||||||
1,622 | * | XPO Logistics, Inc | 193,342 | |||||
|
| |||||||
TOTAL TRANSPORTATION | 13,707,832 | |||||||
|
| |||||||
UTILITIES - 2.6% | ||||||||
11,476 | AES Corp | 269,686 | ||||||
1,097 | Allete, Inc | 67,948 | ||||||
4,427 | Alliant Energy Corp | 228,123 | ||||||
4,249 | Ameren Corp | 331,677 | ||||||
8,890 | American Electric Power Co, Inc | 740,270 | ||||||
745 | American States Water Co | 59,235 | ||||||
3,315 | American Water Works Co, Inc | 508,753 | ||||||
111 | Artesian Resources Corp | 4,116 | ||||||
1,866 | * | Atlantic Power Corp | 3,919 | |||||
2,048 | Atmos Energy Corp | 195,441 | ||||||
788 | Avangrid, Inc | 35,815 | ||||||
1,326 | Avista Corp | 53,226 | ||||||
1,043 | Black Hills Corp | 64,092 | ||||||
499 | e | Brookfield Infrastructure Corp | 36,078 | |||||
1,785 | Brookfield Renewable Corp | 104,012 | ||||||
324 | * | Cadiz, Inc | 3,451 | |||||
1,034 | California Water Service Group | 55,867 | ||||||
8,716 | Centerpoint Energy, Inc | 188,614 | ||||||
358 | Chesapeake Utilities Corp | 38,739 | ||||||
545 | Clearway Energy, Inc (Class A) | 16,105 | ||||||
1,281 | Clearway Energy, Inc (Class C) | 40,902 | ||||||
4,975 | CMS Energy Corp | 303,525 | ||||||
5,982 | Consolidated Edison, Inc | 432,319 | ||||||
420 | Consolidated Water Co, Inc | 5,061 | ||||||
14,491 | Dominion Energy, Inc | 1,089,723 | ||||||
3,346 | DTE Energy Co | 406,238 | ||||||
12,947 | Duke Energy Corp | 1,185,427 | ||||||
6,251 | Edison International | 392,688 | ||||||
3,547 | Entergy Corp | 354,132 | ||||||
3,872 | Essential Utilities Inc | 183,107 | ||||||
4,232 | Evergy, Inc | 234,918 | ||||||
6,115 | Eversource Energy | 529,009 | ||||||
17,243 | Exelon Corp | 727,999 | ||||||
9,412 | FirstEnergy Corp | 288,101 | ||||||
1,409 | Genie Energy Ltd | 10,159 | ||||||
133 | Global Water Resources, Inc | 1,917 | ||||||
2,117 | Hawaiian Electric Industries, Inc | 74,921 | ||||||
960 | Idacorp, Inc | 92,189 | ||||||
3,858 | MDU Resources Group, Inc | 101,620 | ||||||
640 | MGE Energy, Inc | 44,819 | ||||||
240 | Middlesex Water Co | 17,393 | ||||||
1,540 | National Fuel Gas Co | 63,340 | ||||||
1,561 | New Jersey Resources Corp | 55,494 | ||||||
35,016 | NextEra Energy, Inc | 2,701,484 | ||||||
6,737 | NiSource, Inc | 154,547 | ||||||
666 | Northwest Natural Holding Co | 30,629 | ||||||
812 | NorthWestern Corp | 47,348 | ||||||
4,180 | NRG Energy, Inc | 156,959 | ||||||
3,276 | OGE Energy Corp | 104,373 | ||||||
919 | ONE Gas, Inc | 70,552 | ||||||
751 | Ormat Technologies, Inc | 67,800 | ||||||
743 | Otter Tail Corp | 31,659 |
84
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
23,152 | * | PG&E Corp | $ | 288,474 | ||||||||||||
1,897 | Pinnacle West Capital Corp | 151,665 | ||||||||||||||
1,605 | PNM Resources, Inc | 77,891 | ||||||||||||||
1,712 | Portland General Electric Co | 73,222 | ||||||||||||||
13,284 | PPL Corp | 374,609 | ||||||||||||||
8,810 | Public Service Enterprise Group, Inc | 513,623 | ||||||||||||||
250 | * | Pure Cycle Corp | 2,807 | |||||||||||||
105 | RGC Resources, Inc | 2,497 | ||||||||||||||
5,061 | Sempra Energy | 644,822 | ||||||||||||||
505 | SJW Corp | 35,027 | ||||||||||||||
1,730 | South Jersey Industries, Inc | 37,281 | ||||||||||||||
18,748 | Southern Co | 1,151,690 | ||||||||||||||
1,057 | Southwest Gas Holdings Inc | 64,213 | ||||||||||||||
162 | Spark Energy, Inc | 1,550 | ||||||||||||||
581 | Spire, Inc | 37,207 | ||||||||||||||
576 | * | Sunnova Energy International, Inc | 25,995 | |||||||||||||
3,726 | UGI Corp | 130,261 | ||||||||||||||
537 | Unitil Corp | 23,773 | ||||||||||||||
8,582 | Vistra Energy Corp | 168,722 | ||||||||||||||
5,574 | WEC Energy Group, Inc | 512,975 | ||||||||||||||
9,360 | Xcel Energy, Inc | 624,031 | ||||||||||||||
203 | York Water Co | 9,460 | ||||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 17,957,314 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 675,704,820 | |||||||||||||||
|
| |||||||||||||||
(Cost $256,093,920) | ||||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | ||||||||||||||||
5 | e | Pulse Biosciences, Inc | 0 | |||||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 0 | |||||||||||||||
|
| |||||||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||||||||
1,666 | † | Media General, Inc | 0 | |||||||||||||
|
| |||||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||||||||
854 | † | Chinook Therapeutics, Inc | 0 | |||||||||||||
626 | † | Elanco Animal Health, Inc CVR | 35 | |||||||||||||
145 | † | Tobira Therapeutics, Inc | 9 | |||||||||||||
|
| |||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| 44 | ||||||||||||||
|
| |||||||||||||||
TOTAL RIGHTS / WARRANTS | 44 | |||||||||||||||
|
| |||||||||||||||
(Cost $24) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.3% |
| |||||||||||||||
$ 2,000,000 | Federal Home Loan Bank (FHLB) | 0.080 | % | 01/27/21 | 1,999,911 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 1,999,911 | ||||||||||||||
|
| |||||||||||||||
REPURCHASE AGREEMENT - 0.1% |
| |||||||||||||||
880,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 01/04/21 | 880,000 | |||||||||||
|
| |||||||||||||||
TOTAL REPURCHASE AGREEMENT |
| 880,000 | ||||||||||||||
|
|
85
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | RATE |
| VALUE | ||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% |
| |||||||||||||||
2,293,283 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.080 | % | $ | 2,293,283 | ||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 2,293,283 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 5,173,194 | |||||||||||||||
|
| |||||||||||||||
(Cost $5,173,168) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% (Cost $261,267,112) | 680,878,058 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% | (2,145,981 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 678,732,077 | ||||||||||||||
|
|
Abbreviation(s):
CVR | Contingent Value Right |
REIT | Real Estate Investment Trust |
* | Non-income producing |
† | Security is categorized as Level 3 in the fair value hierarchy. |
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 $3,436,389. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $43,832 or 0.0% of net assets. |
r | Agreement with Fixed Income Clearing Corp, 0.050% dated 12/31/20 to be repurchased at $880,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $897,704. |
Futures contracts outstanding as of December 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 13 | 03/19/21 | $ | 2,405,476 | $ | 2,436,720 | $ | 31,244 |
86
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.9% | ||||||||
AUSTRALIA - 7.7% | ||||||||
52,221 | BHP Billiton Ltd | $ | 1,706,297 | |||||
29,522 | Commonwealth Bank of Australia | 1,876,477 | ||||||
5,876 | CSL Ltd | 1,283,862 | ||||||
72,126 | Fortescue Metals Group Ltd | 1,302,769 | ||||||
101,424 | * | NEXTDC Ltd | 957,076 | |||||
30,587 | Rio Tinto plc | 2,302,378 | ||||||
|
| |||||||
TOTAL AUSTRALIA | 9,428,859 | |||||||
|
| |||||||
BRAZIL - 1.1% | ||||||||
112,400 | Banco Bradesco S.A. (Preference) | 591,181 | ||||||
23,400 | Cia Brasileira de Distribuicao | 338,332 | ||||||
76,000 | Lojas Americanas S.A. (Preference) | 384,696 | ||||||
|
| |||||||
TOTAL BRAZIL | 1,314,209 | |||||||
|
| |||||||
CHINA - 2.5% | ||||||||
13,349 | * | GDS Holdings Ltd (ADR) | 1,250,000 | |||||
9,960 | Tencent Holdings Ltd | 716,660 | ||||||
84,000 | *,g | Wuxi Biologics Cayman, Inc | 1,113,952 | |||||
|
| |||||||
TOTAL CHINA | 3,080,612 | |||||||
|
| |||||||
DENMARK - 3.6% | ||||||||
13,471 | DSV AS | 2,263,960 | ||||||
10,449 | g | Orsted AS | 2,137,919 | |||||
|
| |||||||
TOTAL DENMARK | 4,401,879 | |||||||
|
| |||||||
FINLAND - 0.9% | ||||||||
14,282 | Neste Oil Oyj | 1,036,927 | ||||||
|
| |||||||
TOTAL FINLAND | 1,036,927 | |||||||
|
| |||||||
FRANCE - 14.8% | ||||||||
26,532 | Airbus SE | 2,911,731 | ||||||
38,991 | BNP Paribas S.A. | 2,058,420 | ||||||
36,086 | Compagnie de Saint-Gobain | 1,659,681 | ||||||
108,932 | Credit Agricole S.A. | 1,377,110 | ||||||
7,651 | Dassault Systemes S.A. | 1,551,772 | ||||||
11,516 | Essilor International S.A. | 1,794,589 | ||||||
2,430 | Kering | 1,763,532 | ||||||
18,831 | Schneider Electric S.A. | 2,721,596 | ||||||
23,107 | Valeo S.A. | 911,438 | ||||||
13,854 | Vinci S.A. | 1,379,988 | ||||||
|
| |||||||
TOTAL FRANCE | 18,129,857 | |||||||
|
| |||||||
GERMANY - 12.2% | ||||||||
4,547 | * | Adidas-Salomon AG. | 1,654,220 | |||||
5,992 | BASF SE | 473,624 | ||||||
13,672 | Bayerische Motoren Werke AG. | 1,206,644 | ||||||
17,525 | HeidelbergCement AG. | 1,304,832 | ||||||
95,045 | Infineon Technologies AG. | 3,629,636 | ||||||
18,144 | Lanxess AG. | 1,379,863 | ||||||
34,736 | RWE AG. | 1,469,584 | ||||||
23,503 | Siemens AG. | 3,385,523 | ||||||
11,751 | * | Siemens Energy AG. | 430,668 | |||||
|
| |||||||
TOTAL GERMANY | 14,934,594 | |||||||
|
|
87
TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||
HONG KONG - 1.8% | ||||||||
40,999 | Hong Kong Exchanges and Clearing Ltd | $ | 2,248,865 | |||||
|
| |||||||
TOTAL HONG KONG | 2,248,865 | |||||||
|
| |||||||
IRELAND - 1.5% | ||||||||
44,310 | CRH plc | 1,884,352 | ||||||
|
| |||||||
TOTAL IRELAND | 1,884,352 | |||||||
|
| |||||||
ITALY - 3.1% | ||||||||
138,230 | Enel S.p.A. | 1,406,453 | ||||||
27,171 | Moncler S.p.A | 1,670,489 | ||||||
77,713 | UniCredit S.p.A. | 728,124 | ||||||
|
| |||||||
TOTAL ITALY | 3,805,066 | |||||||
|
| |||||||
JAPAN - 20.4% | ||||||||
83,100 | Daiichi Sankyo Co Ltd | 2,847,852 | ||||||
8,184 | Daikin Industries Ltd | 1,820,670 | ||||||
56,851 | * | Hitachi Ltd | 2,243,869 | |||||
19,600 | Kao Corp | 1,514,221 | ||||||
5,774 | Nintendo Co Ltd | 3,706,568 | ||||||
60,200 | ORIX Corp | 926,124 | ||||||
49,300 | Recruit Holdings Co Ltd | 2,070,745 | ||||||
25,200 | * | SBI Holdings, Inc | 599,487 | |||||
45,792 | Sony Corp | 4,614,368 | ||||||
40,200 | Sumitomo Mitsui Financial Group, Inc | 1,246,126 | ||||||
13,800 | Tokio Marine Holdings, Inc | 710,997 | ||||||
33,983 | Toyota Motor Corp | 2,622,470 | ||||||
|
| |||||||
TOTAL JAPAN | 24,923,497 | |||||||
|
| |||||||
KOREA, REPUBLIC OF - 1.0% | ||||||||
1,670 | * | LG Chem Ltd | 1,269,895 | |||||
|
| |||||||
TOTAL KOREA, REPUBLIC OF | 1,269,895 | |||||||
|
| |||||||
NETHERLANDS - 4.4% | ||||||||
6,764 | ASML Holding NV | 3,274,973 | ||||||
224,891 | ING Groep NV | 2,091,000 | ||||||
|
| |||||||
TOTAL NETHERLANDS | 5,365,973 | |||||||
|
| |||||||
RUSSIA - 1.6% | ||||||||
30,708 | Sberbank of Russia (ADR) | 445,266 | ||||||
17,311 | TCS Group Holding plc (ADR) | 569,532 | ||||||
12,936 | * | Yandex NV | 900,087 | |||||
|
| |||||||
TOTAL RUSSIA | 1,914,885 | |||||||
|
| |||||||
SPAIN - 0.7% | ||||||||
61,898 | Iberdrola S.A. | 889,492 | ||||||
|
| |||||||
TOTAL SPAIN | 889,492 | |||||||
|
| |||||||
SWITZERLAND - 7.5% | ||||||||
130,070 | Credit Suisse Group | 1,679,317 | ||||||
3,054 | Lonza Group AG. | 1,967,285 | ||||||
21,515 | Nestle S.A. | 2,543,315 | ||||||
8,105 | Roche Holding AG. | 2,822,959 | ||||||
614 | * | Zur Rose Group AG. | 197,017 | |||||
|
| |||||||
TOTAL SWITZERLAND | 9,209,893 | |||||||
|
| |||||||
TAIWAN - 1.3% | ||||||||
14,011 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 1,527,759 | ||||||
|
| |||||||
TOTAL TAIWAN | 1,527,759 | |||||||
|
|
88
TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||
UNITED KINGDOM - 12.2% | ||||||||
28,903 | Ashtead Group plc | $ | 1,361,360 | |||||
24,040 | AstraZeneca plc | 2,397,107 | ||||||
991,789 | Barclays plc | 1,989,621 | ||||||
39,977 | British American Tobacco plc | 1,484,621 | ||||||
152,202 | HSBC Holdings plc | 786,160 | ||||||
7,508 | Linde plc (Xetra) | 1,979,683 | ||||||
498,015 | Lloyds TSB Group plc | 248,289 | ||||||
15,960 | Reckitt Benckiser Group plc | 1,424,498 | ||||||
558,609 | Tesco plc | 1,762,840 | ||||||
136,469 | * | THG Holdings Ltd | 1,455,647 | |||||
|
| |||||||
TOTAL UNITED KINGDOM | 14,889,826 | |||||||
|
| |||||||
UNITED STATES - 1.6% | ||||||||
18,565 | Las Vegas Sands Corp | 1,106,474 | ||||||
8,029 | Wynn Resorts Ltd | 905,912 | ||||||
|
| |||||||
TOTAL UNITED STATES | 2,012,386 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 122,268,826 | |||||||
|
| |||||||
(Cost $99,135,374) | ||||||||
TOTAL INVESTMENTS - 99.9% | 122,268,826 | |||||||
(Cost $99,135,374) | ||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 177,155 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 122,445,981 | ||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $3,251,871 or 2.7% of net assets. |
89
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
December 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
FINANCIALS | $ | 20,172,096 | 16.6 | % | ||||
CONSUMER DISCRETIONARY | 20,090,480 | 16.4 | ||||||
INDUSTRIALS | 20,005,922 | 16.3 | ||||||
INFORMATION TECHNOLOGY | 14,435,085 | 11.8 | ||||||
MATERIALS | 13,603,693 | 11.1 | ||||||
HEALTH CARE | 12,433,016 | 10.2 | ||||||
CONSUMER STAPLES | 9,264,844 | 7.6 | ||||||
UTILITIES | 5,903,448 | 4.8 | ||||||
COMMUNICATION SERVICES | 5,323,315 | 4.3 | ||||||
ENERGY | 1,036,927 | 0.8 | ||||||
OTHER ASSETS & LIABILITIES, NET | 177,155 | 0.1 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 122,445,981 | 100.0 | % | ||||
|
|
|
|
90
TIAA-CREF LIFEFUNDS - Core Bond Fund
TIAA-CREF LIFE FUNDS
CORE BOND FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
BANK LOAN OBLIGATIONS - 1.4% | ||||||||||||||||||
CAPITAL GOODS - 0.1% | ||||||||||||||||||
$ 35,338 | i | Sensata Technologies, Inc | LIBOR 1 M + 1.750% | 1.902 | % | 09/18/26 | $ | 35,288 | ||||||||||
97,508 | i | TransDigm, Inc | LIBOR 1 M + 2.250% | 2.397 | 08/22/24 | 95,486 | ||||||||||||
|
| |||||||||||||||||
TOTAL CAPITAL GOODS |
| 130,774 | ||||||||||||||||
|
| |||||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||||
38,067 | i | GFL Environmental, Inc | LIBOR 3 M + 3.000% | 4.500 | 05/31/25 | 38,073 | ||||||||||||
98,099 | i | Spin Holdco, Inc | LIBOR 3 M + 3.250% | 4.250 | 11/14/22 | 97,456 | ||||||||||||
93,030 | i | Trans Union LLC | LIBOR 1 M + 1.750% | 1.896 | 11/16/26 | 92,584 | ||||||||||||
|
| |||||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
| 228,113 | ||||||||||||||||
|
| |||||||||||||||||
CONSUMER SERVICES - 0.0% | ||||||||||||||||||
45,217 | i | KUEHG Corp | LIBOR 3 M + 3.750% | 4.750 | 02/21/25 | 42,753 | ||||||||||||
48,869 | i | Scientific Games International, Inc | LIBOR 1 M + 2.750% | 2.897 | 08/14/24 | 47,659 | ||||||||||||
|
| |||||||||||||||||
TOTAL CONSUMER SERVICES |
| 90,412 | ||||||||||||||||
|
| |||||||||||||||||
DIVERSIFIED FINANCIALS - 0.0% | ||||||||||||||||||
34,471 | i | Lions Gate Capital Holdings LLC | LIBOR 1 M + 2.250% | 2.397 | 03/24/25 | 33,911 | ||||||||||||
|
| |||||||||||||||||
TOTAL DIVERSIFIED FINANCIALS |
| 33,911 | ||||||||||||||||
|
| |||||||||||||||||
ENERGY - 0.1% | ||||||||||||||||||
74,438 | i | Buckeye Partners LP | LIBOR 1 M + 2.750% | 2.897 | 11/02/26 | 74,286 | ||||||||||||
49,493 | i | Delek US Holdings, Inc | LIBOR 1 M + 2.250% | 2.397 | 03/31/25 | 47,460 | ||||||||||||
|
| |||||||||||||||||
TOTAL ENERGY |
| 121,746 | ||||||||||||||||
|
| |||||||||||||||||
FOOD, BEVERAGE & TOBACCO - 0.1% | ||||||||||||||||||
149,250 | i | Froneri US, Inc | LIBOR 1 M + 2.250% | 2.397 | 01/29/27 | 147,608 | ||||||||||||
127,669 | i | Hostess Brands LLC | LIBOR 1 + 3 M + 2.250% | 3.000 | 08/01/25 | 126,871 | ||||||||||||
|
| |||||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO |
| 274,479 | ||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.2% | ||||||||||||||||||
75,000 | i | ADMI Corp | LIBOR 1M + 4.000% | 4.750 | 12/23/27 | 74,981 | ||||||||||||
74,625 | i | Da Vinci Purchaser Corp | LIBOR 3 M + 4.000% | 5.000 | 01/08/27 | 74,750 | ||||||||||||
97,632 | i | Envision Healthcare Corp | LIBOR 1 M + 3.750% | 3.897 | 10/10/25 | 81,145 | ||||||||||||
100,000 | i | Global Medical Response, Inc | LIBOR 6M + 4.750% | 5.750 | 10/02/25 | 99,167 | ||||||||||||
29,239 | i | Greatbatch Ltd | LIBOR 1 M + 2.500% | 3.500 | 10/27/22 | 29,178 | ||||||||||||
74,250 | i | Grifols Worldwide Operations USA, Inc | LIBOR 1 M + 2.000% | 2.102 | 11/15/27 | 73,554 | ||||||||||||
8,686 | i | NMN Holdings III Corp | LIBOR 2 M + 3.500% | 3.679 | 11/13/25 | 8,512 | ||||||||||||
40,488 | i | NMN Holdings III Corp | LIBOR 2 M + 3.500% | 3.679 | 11/13/25 | 39,678 | ||||||||||||
|
| |||||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
| 480,965 | ||||||||||||||||
|
| |||||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | ||||||||||||||||||
18,958 | i | Energizer Holdings, Inc | LIBOR 3M + 2.250% | 2.750 | 12/16/27 | 18,923 | ||||||||||||
16,042 | i | Energizer Holdings, Inc | LIBOR 1 M + 2.250% | 2.750 | 12/16/27 | 16,012 | ||||||||||||
|
| |||||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
| 34,935 | ||||||||||||||||
|
| |||||||||||||||||
INSURANCE - 0.1% | ||||||||||||||||||
97,761 | i | Acrisure LLC | LIBOR 1 M + 3.500% | 3.647 | 02/15/27 | 95,704 | ||||||||||||
99,250 | i | NFP Corp | LIBOR 1 M + 3.250% | 3.397 | 02/15/27 | 97,035 | ||||||||||||
|
| |||||||||||||||||
TOTAL INSURANCE |
| 192,739 | ||||||||||||||||
|
|
91
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
MATERIALS - 0.2% | ||||||||||||||||||
$ 50,000 | i | Atotech Alpha 3 BV | LIBOR 3 M + 3.000% | 4.000 | % | 01/31/24 | $ | 49,782 | ||||||||||
51,756 | i | Berry Global, Inc | LIBOR 1 M + 2.000% | 2.149 | 10/01/22 | 51,669 | ||||||||||||
49,366 | i | Chemours Co | LIBOR 1 M + 1.750% | 1.900 | 04/03/25 | 48,327 | ||||||||||||
98,500 | i | Messer Industries USA, Inc | LIBOR 3 M + 2.500% | 2.754 | 03/01/26 | 97,651 | ||||||||||||
95,715 | i | Starfruit US Holdco LLC | LIBOR 1 M + 3.000% | 3.153 | 10/01/25 | 94,598 | ||||||||||||
|
| |||||||||||||||||
TOTAL MATERIALS |
| 342,027 | ||||||||||||||||
|
| |||||||||||||||||
MEDIA & ENTERTAINMENT - 0.1% | ||||||||||||||||||
36,545 | i | Cirque Du Soleil Holding USA Newco, Inc | LIBOR 1 M + 6.000% | 7.000 | 11/24/25 | 34,809 | ||||||||||||
32,222 | i | Cirque Du Soleil Holding USA Newco, Inc | LIBOR 1 M + 1.000% | 2.000 | 11/24/27 | 26,583 | ||||||||||||
25,000 | i | CNT Holdings I Corp | LIBOR 3 M + 3.750% | 4.500 | 11/08/27 | 24,957 | ||||||||||||
48,487 | i | Nielsen Finance LLC | LIBOR 1 M + 2.000% | 2.146 | 10/04/23 | 48,291 | ||||||||||||
14,925 | i | Nielsen Finance LLC | LIBOR 1 M + 3.750% | 4.750 | 06/06/25 | 14,997 | ||||||||||||
50,000 | i | Virgin Media Bristol LLC | LIBOR 1 M + 2.500% | 2.659 | 01/31/28 | 49,491 | ||||||||||||
44,000 | i | Woof Holdings, Inc | LIBOR 1 M + 3.750% | 4.500 | 12/21/27 | 43,908 | ||||||||||||
|
| |||||||||||||||||
TOTAL MEDIA & ENTERTAINMENT |
| 243,036 | ||||||||||||||||
|
| |||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1% | ||||||||||||||||||
73,157 | i | Bausch Health Americas, Inc | LIBOR 1 M + 3.000% | 3.148 | 06/02/25 | 72,838 | ||||||||||||
64,286 | i | Bausch Health Americas, Inc | LIBOR 1 M + 2.750% | 2.898 | 11/27/25 | 63,620 | ||||||||||||
98,974 | i | Endo Luxembourg Finance I Co Sarl | LIBOR 3 M + 4.250% | 5.000 | 04/29/24 | 97,242 | ||||||||||||
|
| |||||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| 233,700 | ||||||||||||||||
|
| |||||||||||||||||
REAL ESTATE - 0.1% | ||||||||||||||||||
98,009 | i | Cushman & Wakefield plc | LIBOR 1 M + 2.750% | 2.897 | 08/21/25 | 96,098 | ||||||||||||
|
| |||||||||||||||||
TOTAL REAL ESTATE |
| 96,098 | ||||||||||||||||
|
| |||||||||||||||||
RETAILING - 0.0% | ||||||||||||||||||
24,780 | i | Camelot Finance S.A. | LIBOR 1 M + 3.000% | 3.147 | 10/30/26 | 24,645 | ||||||||||||
|
| |||||||||||||||||
TOTAL RETAILING |
| 24,645 | ||||||||||||||||
|
| |||||||||||||||||
SOFTWARE & SERVICES - 0.1% | ||||||||||||||||||
74,438 | i | Dun & Bradstreet Corp | LIBOR 1 M + 3.750% | 3.898 | 02/06/26 | 74,406 | ||||||||||||
87,830 | i | NeuStar, Inc | LIBOR 3 M + 3.500% | 4.500 | 08/08/24 | 84,922 | ||||||||||||
74,244 | i | Rocket Software, Inc | LIBOR 1 M + 4.250% | 4.397 | 11/28/25 | 73,512 | ||||||||||||
|
| |||||||||||||||||
TOTAL SOFTWARE & SERVICES |
| 232,840 | ||||||||||||||||
|
| |||||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||||
93,564 | i | Dell International LLC | LIBOR 1 M + 2.000% | 2.750 | 09/19/25 | 93,575 | ||||||||||||
89,946 | i | Plantronics, Inc | LIBOR 1 M + 2.500% | 2.646 | 07/02/25 | 87,838 | ||||||||||||
|
| |||||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 181,413 | ||||||||||||||||
|
| |||||||||||||||||
TRANSPORTATION - 0.0% | ||||||||||||||||||
47,990 | i | American Airlines, Inc | LIBOR 1 M + 2.000% | 2.159 | 12/14/23 | 43,006 | ||||||||||||
9,950 | i | Delta Air Lines, Inc | LIBOR 3 M + 4.750% | 5.750 | 05/01/23 | 10,090 | ||||||||||||
25,000 | i | Mileage Plus Holdings LLC | LIBOR 3 M + 5.250% | 6.250 | 06/18/27 | 25,985 | ||||||||||||
|
| |||||||||||||||||
TOTAL TRANSPORTATION |
| 79,081 | ||||||||||||||||
|
| |||||||||||||||||
UTILITIES - 0.0% | ||||||||||||||||||
33,026 | i | ProQuest LLC | LIBOR 1 M + 3.500% | 3.646 | 10/23/26 | 32,944 | ||||||||||||
|
| |||||||||||||||||
TOTAL UTILITIES |
| 32,944 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 3,053,858 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $3,086,891) |
92
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
BONDS - 94.3% | ||||||||||||||||||
CORPORATE BONDS - 42.2% | ||||||||||||||||||
AUTOMOBILES & COMPONENTS - 0.3% | ||||||||||||||||||
$ 13,000 | g | Adient US LLC | 9.000 | % | 04/15/25 | $ | 14,495 | |||||||||||
79,000 | g | Allison Transmission, Inc | 3.750 | 01/30/31 | 80,827 | |||||||||||||
100,000 | g | Dana Financing Luxembourg SARL | 6.500 | 06/01/26 | 104,625 | |||||||||||||
5,000 | Dana, Inc | 5.375 | 11/15/27 | 5,300 | ||||||||||||||
50,000 | Ford Motor Co | 8.500 | 04/21/23 | 56,379 | ||||||||||||||
100,000 | g | Gates Global LLC | 6.250 | 01/15/26 | 105,000 | |||||||||||||
150,000 | General Motors Co | 6.125 | 10/01/25 | 181,909 | ||||||||||||||
125,000 | General Motors Co | 5.200 | 04/01/45 | 151,585 | ||||||||||||||
|
| |||||||||||||||||
TOTAL AUTOMOBILES & COMPONENTS |
| 700,120 | ||||||||||||||||
|
| |||||||||||||||||
BANKS - 8.9% | ||||||||||||||||||
200,000 | g | Australia & New Zealand Banking Group Ltd | 2.950 | 07/22/30 | 210,976 | |||||||||||||
200,000 | g | Banco del Estado de Chile | 2.704 | 01/09/25 | 211,252 | |||||||||||||
200,000 | g | Banco Internacional del Peru SAA Interbank | 3.375 | 01/18/23 | 207,750 | |||||||||||||
200,000 | g | Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand | 5.375 | 04/17/25 | 229,772 | |||||||||||||
200,000 | Banco Santander S.A. | 3.800 | 02/23/28 | 226,426 | ||||||||||||||
200,000 | Bancolombia S.A. | 3.000 | 01/29/25 | 208,002 | ||||||||||||||
200,000 | g | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 207,250 | |||||||||||||
200,000 | Bank of America Corp | 3.875 | 08/01/25 | 228,084 | ||||||||||||||
600,000 | Bank of America Corp | 2.456 | 10/22/25 | 639,505 | ||||||||||||||
500,000 | Bank of America Corp | 1.197 | 10/24/26 | 506,543 | ||||||||||||||
200,000 | Bank of America Corp | 3.248 | 10/21/27 | 223,761 | ||||||||||||||
475,000 | Bank of America Corp | 3.824 | 01/20/28 | 545,382 | ||||||||||||||
1,175,000 | Bank of America Corp | 2.496 | 02/13/31 | 1,247,251 | ||||||||||||||
275,000 | Bank of America Corp | 2.592 | 04/29/31 | 294,688 | ||||||||||||||
500,000 | Bank of America Corp | 1.922 | 10/24/31 | 506,310 | ||||||||||||||
100,000 | Bank of America Corp | 6.100 | N/A | ‡ | 113,305 | |||||||||||||
100,000 | Bank of Montreal | 3.803 | 12/15/32 | 113,303 | ||||||||||||||
200,000 | Barclays plc | 4.338 | 05/16/24 | 216,449 | ||||||||||||||
150,000 | g | BNP Paribas S.A. | 2.819 | 11/19/25 | 160,256 | |||||||||||||
100,000 | g | BNP Paribas S.A. | 2.219 | 06/09/26 | 104,642 | |||||||||||||
300,000 | g | BNP Paribas S.A. | 1.904 | 09/30/28 | 306,212 | |||||||||||||
200,000 | g | BNP Paribas S.A. | 3.052 | 01/13/31 | 218,130 | |||||||||||||
75,000 | g | BPCE S.A. | 4.625 | 07/11/24 | 83,829 | |||||||||||||
125,000 | Citigroup, Inc | 3.875 | 03/26/25 | 139,512 | ||||||||||||||
500,000 | Citigroup, Inc | 3.200 | 10/21/26 | 558,631 | ||||||||||||||
175,000 | Citigroup, Inc | 4.300 | 11/20/26 | 204,041 | ||||||||||||||
195,000 | Citigroup, Inc | 4.450 | 09/29/27 | 229,906 | ||||||||||||||
775,000 | Citigroup, Inc | 2.666 | 01/29/31 | 830,971 | ||||||||||||||
150,000 | Citigroup, Inc | 4.412 | 03/31/31 | 181,764 | ||||||||||||||
140,000 | Citigroup, Inc | 2.572 | 06/03/31 | 149,137 | ||||||||||||||
200,000 | Citigroup, Inc | 5.000 | N/A | ‡ | 207,875 | |||||||||||||
250,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 282,471 | ||||||||||||||
200,000 | g | Credicorp Ltd | 2.750 | 06/17/25 | 208,000 | |||||||||||||
150,000 | g | Credit Agricole S.A. | 3.250 | 10/04/24 | 162,690 | |||||||||||||
250,000 | g | Credit Agricole S.A. | 1.907 | 06/16/26 | 259,248 | |||||||||||||
150,000 | Discover Bank | 2.450 | 09/12/24 | 158,612 | ||||||||||||||
150,000 | Discover Bank | 3.450 | 07/27/26 | 167,719 | ||||||||||||||
250,000 | Discover Bank | 2.700 | 02/06/30 | 265,017 | ||||||||||||||
510,000 | HSBC Holdings plc | 4.292 | 09/12/26 | 581,116 | ||||||||||||||
50,000 | HSBC Holdings plc | 4.375 | 11/23/26 | 57,680 | ||||||||||||||
200,000 | HSBC Holdings plc | 4.041 | 03/13/28 | 228,309 | ||||||||||||||
50,000 | HSBC Holdings plc | 2.013 | 09/22/28 | 51,164 | ||||||||||||||
200,000 | HSBC Holdings plc | 4.950 | 03/31/30 | 250,226 |
93
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
$ 200,000 | HSBC Holdings plc | 2.357 | % | 08/18/31 | $ | 206,446 | ||||||||||||
250,000 | Huntington National Bank | 2.500 | 08/07/22 | 258,148 | ||||||||||||||
200,000 | g | ING Groep NV | 4.625 | 01/06/26 | 235,176 | |||||||||||||
150,000 | JPMorgan Chase & Co | 2.700 | 05/18/23 | 157,693 | ||||||||||||||
225,000 | JPMorgan Chase & Co | 2.301 | 10/15/25 | 238,802 | ||||||||||||||
250,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 279,841 | ||||||||||||||
500,000 | JPMorgan Chase & Co | 3.702 | 05/06/30 | 579,734 | ||||||||||||||
600,000 | JPMorgan Chase & Co | 2.739 | 10/15/30 | 652,918 | ||||||||||||||
300,000 | JPMorgan Chase & Co | 2.522 | 04/22/31 | 322,280 | ||||||||||||||
350,000 | JPMorgan Chase & Co | 2.956 | 05/13/31 | 383,682 | ||||||||||||||
25,000 | JPMorgan Chase & Co | 1.764 | 11/19/31 | 25,240 | ||||||||||||||
100,000 | JPMorgan Chase & Co | 5.000 | N/A | ‡ | 105,203 | |||||||||||||
200,000 | g | Kookmin Bank | 2.500 | 11/04/30 | 203,755 | |||||||||||||
125,000 | MUFG Americas Holdings Corp | 3.500 | 06/18/22 | 130,664 | ||||||||||||||
200,000 | Natwest Group plc | 3.032 | 11/28/35 | 206,842 | ||||||||||||||
200,000 | g | Oversea-Chinese Banking Corp Ltd | 1.832 | 09/10/30 | 203,077 | |||||||||||||
100,000 | PNC Bank NA | 2.700 | 10/22/29 | 109,281 | ||||||||||||||
200,000 | Royal Bank of Canada | 2.550 | 07/16/24 | 213,835 | ||||||||||||||
200,000 | Royal Bank of Scotland Group plc | 3.073 | 05/22/28 | 216,986 | ||||||||||||||
200,000 | Santander Holdings USA, Inc | 3.400 | 01/18/23 | 210,066 | ||||||||||||||
200,000 | Sumitomo Mitsui Financial Group, Inc | 2.696 | 07/16/24 | 213,495 | ||||||||||||||
100,000 | Toronto-Dominion Bank | 3.625 | 09/15/31 | 113,303 | ||||||||||||||
100,000 | Truist Bank | 2.750 | 05/01/23 | 105,307 | ||||||||||||||
125,000 | Truist Bank | 2.150 | 12/06/24 | 132,455 | ||||||||||||||
200,000 | Truist Financial Corp | 4.950 | N/A | ‡ | 220,002 | |||||||||||||
200,000 | g,i | United Overseas Bank Ltd | LIBOR 3 M + 0.480% | 0.689 | 04/23/21 | 200,197 | ||||||||||||
150,000 | Wells Fargo & Co | 3.750 | 01/24/24 | 163,731 | ||||||||||||||
100,000 | Wells Fargo & Co | 3.550 | 09/29/25 | 112,310 | ||||||||||||||
100,000 | Wells Fargo & Co | 3.000 | 10/23/26 | 110,820 | ||||||||||||||
425,000 | Wells Fargo & Co | 2.393 | 06/02/28 | 452,277 | ||||||||||||||
200,000 | Wells Fargo & Co | 2.879 | 10/30/30 | 218,084 | ||||||||||||||
125,000 | Westpac Banking Corp | 4.110 | 07/24/34 | 142,939 | ||||||||||||||
|
| |||||||||||||||||
TOTAL BANKS |
| 19,307,756 | ||||||||||||||||
|
| |||||||||||||||||
CAPITAL GOODS - 1.2% | ||||||||||||||||||
200,000 | g | BAE Systems plc | 1.900 | 02/15/31 | 202,070 | |||||||||||||
10,000 | g | Beacon Roofing Supply, Inc | 4.500 | 11/15/26 | 10,475 | |||||||||||||
200,000 | Boeing Co | 2.950 | 02/01/30 | 206,886 | ||||||||||||||
25,000 | Boeing Co | 3.250 | 02/01/35 | 25,619 | ||||||||||||||
200,000 | g | Embraer Netherlands Finance BV | 6.950 | 01/17/28 | 226,000 | |||||||||||||
62,000 | g | H&E Equipment Services, Inc | 3.875 | 12/15/28 | 62,467 | |||||||||||||
13,000 | Howmet Aerospace, Inc | 6.875 | 05/01/25 | 15,340 | ||||||||||||||
125,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.800 | 03/21/29 | 146,252 | ||||||||||||||
100,000 | L3Harris Technologies, Inc | 3.850 | 06/15/23 | 108,008 | ||||||||||||||
100,000 | L3Harris Technologies, Inc | 2.900 | 12/15/29 | 110,432 | ||||||||||||||
100,000 | Lockheed Martin Corp | 1.850 | 06/15/30 | 104,855 | ||||||||||||||
200,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 206,896 | |||||||||||||
175,000 | Northrop Grumman Corp | 3.250 | 01/15/28 | 197,809 | ||||||||||||||
300,000 | Parker-Hannifin Corp | 3.250 | 06/14/29 | 340,282 | ||||||||||||||
100,000 | Raytheon Technologies Corp | 2.250 | 07/01/30 | 106,160 | ||||||||||||||
125,000 | Roper Technologies, Inc | 3.800 | 12/15/26 | 144,367 | ||||||||||||||
50,000 | Roper Technologies, Inc | 2.000 | 06/30/30 | 51,077 | ||||||||||||||
200,000 | g | TSMC Global Ltd | 1.000 | 09/28/27 | 197,986 | |||||||||||||
175,000 | United Technologies Corp | 4.125 | 11/16/28 | 208,536 | ||||||||||||||
20,000 | g | WESCO Distribution, Inc | 7.125 | 06/15/25 | 21,997 | |||||||||||||
15,000 | g | WESCO Distribution, Inc | 7.250 | 06/15/28 | 17,059 | |||||||||||||
|
| |||||||||||||||||
TOTAL CAPITAL GOODS |
| 2,710,573 | ||||||||||||||||
|
|
94
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | ||||||||||||||||||
$ 15,000 | g | ASGN, Inc | 4.625 | % | 05/15/28 | $ | 15,600 | |||||||||||
10,000 | g | GFL Environmental, Inc | 4.250 | 06/01/25 | 10,375 | |||||||||||||
65,000 | g | GFL Environmental, Inc | 5.125 | 12/15/26 | 69,144 | |||||||||||||
31,000 | g | GFL Environmental, Inc | 3.500 | 09/01/28 | 31,626 | |||||||||||||
100,000 | IHS Markit Ltd | 4.125 | 08/01/23 | 108,730 | ||||||||||||||
100,000 | IHS Markit Ltd | 4.250 | 05/01/29 | 121,486 | ||||||||||||||
50,000 | g | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 54,750 | |||||||||||||
26,000 | g | Prime Security Services Borrower LLC | 3.375 | 08/31/27 | 25,805 | |||||||||||||
20,000 | g | Prime Security Services Borrower LLC | 6.250 | 01/15/28 | 21,472 | |||||||||||||
23,000 | g | Stericycle, Inc | 3.875 | 01/15/29 | 23,632 | |||||||||||||
100,000 | Verisk Analytics, Inc | 3.625 | 05/15/50 | 116,337 | ||||||||||||||
100,000 | Waste Management, Inc | 2.500 | 11/15/50 | 100,832 | ||||||||||||||
|
| |||||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
| 699,789 | ||||||||||||||||
|
| |||||||||||||||||
CONSUMER DURABLES & APPAREL - 0.0% | ||||||||||||||||||
8,000 | Newell Brands, Inc | 4.875 | 06/01/25 | 8,802 | ||||||||||||||
|
| |||||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL |
| 8,802 | ||||||||||||||||
|
| |||||||||||||||||
CONSUMER SERVICES - 0.4% | ||||||||||||||||||
500,000 | Anheuser-Busch Cos LLC | 3.650 | 02/01/26 | 564,873 | ||||||||||||||
37,000 | g | Cedar Fair LP | 5.500 | 05/01/25 | 38,573 | |||||||||||||
200,000 | g | ENA Master Trust | 4.000 | 05/19/48 | 215,500 | |||||||||||||
6,000 | g | Hilton Domestic Operating Co, Inc | 5.375 | 05/01/25 | 6,375 | |||||||||||||
6,000 | g | Hilton Domestic Operating Co, Inc | 5.750 | 05/01/28 | 6,525 | |||||||||||||
60,000 | g | International Game Technology plc | 6.250 | 01/15/27 | 68,709 | |||||||||||||
2,000 | g | Yum! Brands, Inc | 7.750 | 04/01/25 | 2,215 | |||||||||||||
|
| |||||||||||||||||
TOTAL CONSUMER SERVICES |
| 902,770 | ||||||||||||||||
|
| |||||||||||||||||
DIVERSIFIED FINANCIALS - 3.8% | ||||||||||||||||||
150,000 | AerCap Ireland Capital DAC | 3.650 | 07/21/27 | 163,409 | ||||||||||||||
100,000 | Ameriprise Financial, Inc | 3.000 | 03/22/22 | 103,264 | ||||||||||||||
200,000 | g | BBVA Bancomer S.A. | 1.875 | 09/18/25 | 202,000 | |||||||||||||
25,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 27,926 | ||||||||||||||
360,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 380,591 | ||||||||||||||
200,000 | g | Credit Suisse Group AG. | 2.997 | 12/14/23 | 209,109 | |||||||||||||
200,000 | g | Credit Suisse Group AG. | 4.194 | 04/01/31 | 235,123 | |||||||||||||
200,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 215,385 | ||||||||||||||
150,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 166,500 | ||||||||||||||
150,000 | Ford Motor Credit Co LLC | 3.096 | 05/04/23 | 151,546 | ||||||||||||||
200,000 | GE Capital International Funding Co | 3.373 | 11/15/25 | 222,549 | ||||||||||||||
425,000 | GE Capital International Funding Co | 4.418 | 11/15/35 | 506,788 | ||||||||||||||
900,000 | General Motors Financial Co, Inc | 3.450 | 01/14/22 | 924,061 | ||||||||||||||
350,000 | General Motors Financial Co, Inc | 2.750 | 06/20/25 | 374,182 | ||||||||||||||
100,000 | General Motors Financial Co, Inc | 5.650 | 01/17/29 | 124,154 | ||||||||||||||
150,000 | General Motors Financial Co, Inc | 3.600 | 06/21/30 | 167,354 | ||||||||||||||
300,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 331,040 | ||||||||||||||
325,000 | Goldman Sachs Group, Inc | 3.691 | 06/05/28 | 374,627 | ||||||||||||||
150,000 | Goldman Sachs Group, Inc | 2.600 | 02/07/30 | 161,334 | ||||||||||||||
100,000 | Goldman Sachs Group, Inc | 4.017 | 10/31/38 | 121,883 | ||||||||||||||
125,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 172,662 | ||||||||||||||
50,000 | Icahn Enterprises LP | 5.250 | 05/15/27 | 53,600 | ||||||||||||||
200,000 | g | Indian Railway Finance Corp Ltd | 3.249 | 02/13/30 | 212,727 | |||||||||||||
100,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 108,047 | ||||||||||||||
150,000 | Morgan Stanley | 2.720 | 07/22/25 | 160,410 | ||||||||||||||
300,000 | Morgan Stanley | 2.188 | 04/28/26 | 316,810 | ||||||||||||||
700,000 | Morgan Stanley | 3.125 | 07/27/26 | 783,868 | ||||||||||||||
150,000 | Morgan Stanley | 2.699 | 01/22/31 | 162,748 | ||||||||||||||
200,000 | g | Power Finance Corp Ltd | 3.950 | 04/23/30 | 213,391 |
95
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 50,000 | SLM Corp | 5.500 | % | 01/25/23 | $ | 52,250 | ||||||||||||
15,000 | Springleaf Finance Corp | 5.375 | 11/15/29 | 16,875 | ||||||||||||||
200,000 | g | Swiss Re Finance Luxembourg SA | 5.000 | 04/02/49 | 232,700 | |||||||||||||
75,000 | Synchrony Financial | 4.375 | 03/19/24 | 82,570 | ||||||||||||||
75,000 | Synchrony Financial | 4.250 | 08/15/24 | 82,856 | ||||||||||||||
200,000 | g | UBS Group AG | 2.859 | 08/15/23 | 207,328 | |||||||||||||
250,000 | g,i | Ursa Re II Ltd | 3.808 | 12/07/23 | 250,850 | |||||||||||||
|
| |||||||||||||||||
TOTAL DIVERSIFIED FINANCIALS |
| 8,272,517 | ||||||||||||||||
|
| |||||||||||||||||
ENERGY - 3.7% | ||||||||||||||||||
19,000 | g | Archrock Partners LP | 6.250 | 04/01/28 | 19,778 | |||||||||||||
150,000 | Chevron Corp | 1.554 | 05/11/25 | 155,795 | ||||||||||||||
100,000 | Chevron Corp | 2.236 | 05/11/30 | 106,957 | ||||||||||||||
300,000 | Concho Resources, Inc | 2.400 | 02/15/31 | 313,803 | ||||||||||||||
150,000 | Diamondback Energy, Inc | 2.875 | 12/01/24 | 157,645 | ||||||||||||||
50,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 55,826 | ||||||||||||||
45,000 | Ecopetrol S.A. | 6.875 | 04/29/30 | 58,095 | ||||||||||||||
150,000 | Enbridge, Inc | 3.125 | 11/15/29 | 164,847 | ||||||||||||||
100,000 | Energy Transfer Operating LP | 2.900 | 05/15/25 | 105,776 | ||||||||||||||
50,000 | Energy Transfer Operating LP | 4.750 | 01/15/26 | 56,561 | ||||||||||||||
100,000 | Energy Transfer Operating LP | 5.500 | 06/01/27 | 117,804 | ||||||||||||||
150,000 | Energy Transfer Operating LP | 4.950 | 06/15/28 | 172,822 | ||||||||||||||
150,000 | Energy Transfer Operating LP | 3.750 | 05/15/30 | 161,715 | ||||||||||||||
100,000 | Energy Transfer Operating LP | 6.250 | 04/15/49 | 120,786 | ||||||||||||||
175,000 | Energy Transfer Operating LP | 5.000 | 05/15/50 | 189,216 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 113,246 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 3.125 | 07/31/29 | 110,795 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 117,057 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 4.200 | 01/31/50 | 117,279 | ||||||||||||||
100,000 | Enterprise Products Operating LLC | 3.950 | 01/31/60 | 110,474 | ||||||||||||||
200,000 | g | Galaxy Pipeline Assets Bidco Ltd | 2.625 | 03/31/36 | 207,659 | |||||||||||||
100,000 | g | Leviathan Bond Ltd | 6.125 | 06/30/25 | 109,753 | |||||||||||||
100,000 | Magellan Midstream Partners LP | 3.250 | 06/01/30 | 112,249 | ||||||||||||||
75,000 | Marathon Petroleum Corp | 3.800 | 04/01/28 | 83,575 | ||||||||||||||
100,000 | Marathon Petroleum Corp | 5.000 | 09/15/54 | 112,957 | ||||||||||||||
150,000 | MPLX LP | 1.750 | 03/01/26 | 155,200 | ||||||||||||||
300,000 | MPLX LP | 2.650 | 08/15/30 | 314,230 | ||||||||||||||
225,000 | MPLX LP | 4.500 | 04/15/38 | 257,055 | ||||||||||||||
125,000 | MPLX LP | 4.700 | 04/15/48 | 148,003 | ||||||||||||||
34,000 | Murphy Oil Corp | 5.875 | 12/01/27 | 33,490 | ||||||||||||||
25,000 | Noble Energy, Inc | 3.850 | 01/15/28 | 29,060 | ||||||||||||||
100,000 | Noble Energy, Inc | 5.050 | 11/15/44 | 140,365 | ||||||||||||||
33,000 | Occidental Petroleum Corp | 5.500 | 12/01/25 | 34,406 | ||||||||||||||
75,000 | Occidental Petroleum Corp | 4.100 | 02/15/47 | 61,309 | ||||||||||||||
200,000 | g | Oleoducto Central S.A. | 4.000 | 07/14/27 | 217,102 | |||||||||||||
225,000 | ONEOK, Inc | 4.550 | 07/15/28 | 257,403 | ||||||||||||||
225,000 | ONEOK, Inc | 4.350 | 03/15/29 | 255,057 | ||||||||||||||
225,000 | ONEOK, Inc | 3.400 | 09/01/29 | 240,680 | ||||||||||||||
100,000 | ONEOK, Inc | 3.100 | 03/15/30 | 106,473 | ||||||||||||||
100,000 | ONEOK, Inc | 4.500 | 03/15/50 | 104,692 | ||||||||||||||
200,000 | g | Pertamina Persero PT | 3.650 | 07/30/29 | 223,540 | |||||||||||||
100,000 | Petrobras Global Finance BV | 5.600 | 01/03/31 | 114,930 | ||||||||||||||
100,000 | Petroleos Mexicanos | 6.500 | 03/13/27 | 105,319 | ||||||||||||||
100,000 | Petroleos Mexicanos | 5.950 | 01/28/31 | 99,750 | ||||||||||||||
200,000 | Phillips 66 Partners LP | 3.150 | 12/15/29 | 207,963 | ||||||||||||||
175,000 | Sabine Pass Liquefaction LLC | 4.200 | 03/15/28 | 200,787 | ||||||||||||||
100,000 | g | Sabine Pass Liquefaction LLC | 4.500 | 05/15/30 | 118,469 | |||||||||||||
200,000 | g | Saudi Arabian Oil Co | 2.250 | 11/24/30 | 203,552 | |||||||||||||
125,000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 136,730 | ||||||||||||||
25,000 | Sunoco Logistics Partners Operations LP | 5.400 | 10/01/47 | 28,158 |
96
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 23,000 | g | Sunoco LP | 4.500 | % | 05/15/29 | $ | 23,920 | |||||||||||
25,000 | Targa Resources Partners LP | 6.500 | 07/15/27 | 27,125 | ||||||||||||||
150,000 | Total Capital International S.A. | 3.127 | 05/29/50 | 162,257 | ||||||||||||||
350,000 | TransCanada PipeLines Ltd | 4.250 | 05/15/28 | 413,230 | ||||||||||||||
40,000 | USA Compression Partners LP | 6.875 | 04/01/26 | 41,800 | ||||||||||||||
25,000 | USA Compression Partners LP | 6.875 | 09/01/27 | 26,690 | ||||||||||||||
25,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 36,641 | ||||||||||||||
75,000 | Williams Partners LP | 3.750 | 06/15/27 | 85,546 | ||||||||||||||
|
| |||||||||||||||||
TOTAL ENERGY |
| 7,763,402 | ||||||||||||||||
|
| |||||||||||||||||
FOOD & STAPLES RETAILING - 0.6% |
| |||||||||||||||||
100,000 | Costco Wholesale Corp | 1.375 | 06/20/27 | 102,986 | ||||||||||||||
100,000 | Costco Wholesale Corp | 1.600 | 04/20/30 | 102,412 | ||||||||||||||
59,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 59,590 | ||||||||||||||
100,000 | Kroger Co | 3.700 | 08/01/27 | 114,925 | ||||||||||||||
110,000 | Kroger Co | 3.875 | 10/15/46 | 128,675 | ||||||||||||||
50,000 | Kroger Co | 4.450 | 02/01/47 | 62,823 | ||||||||||||||
450,000 | Walmart, Inc | 3.700 | 06/26/28 | 529,806 | ||||||||||||||
100,000 | Walmart, Inc | 2.375 | 09/24/29 | 109,215 | ||||||||||||||
125,000 | Walmart, Inc | 3.950 | 06/28/38 | 159,250 | ||||||||||||||
|
| |||||||||||||||||
TOTAL FOOD & STAPLES RETAILING |
| 1,369,682 | ||||||||||||||||
|
| |||||||||||||||||
FOOD, BEVERAGE & TOBACCO - 1.5% | ||||||||||||||||||
75,000 | Altria Group, Inc | 4.800 | 02/14/29 | 89,933 | ||||||||||||||
100,000 | Altria Group, Inc | 3.400 | 05/06/30 | 112,141 | ||||||||||||||
100,000 | Altria Group, Inc | 5.950 | 02/14/49 | 139,882 | ||||||||||||||
380,000 | Anheuser-Busch InBev Worldwide, Inc | 4.750 | 01/23/29 | 468,601 | ||||||||||||||
85,000 | Anheuser-Busch InBev Worldwide, Inc | 4.439 | 10/06/48 | 105,626 | ||||||||||||||
125,000 | BAT Capital Corp | 2.259 | 03/25/28 | 129,700 | ||||||||||||||
200,000 | BAT Capital Corp | 4.906 | 04/02/30 | 241,419 | ||||||||||||||
125,000 | BAT Capital Corp | 2.726 | 03/25/31 | 129,393 | ||||||||||||||
100,000 | BAT Capital Corp | 3.734 | 09/25/40 | 104,164 | ||||||||||||||
100,000 | BAT Capital Corp | 4.540 | 08/15/47 | 110,874 | ||||||||||||||
50,000 | BAT Capital Corp | 3.984 | 09/25/50 | 52,088 | ||||||||||||||
100,000 | Coca-Cola Co | 1.450 | 06/01/27 | 103,250 | ||||||||||||||
100,000 | Constellation Brands, Inc | 4.400 | 11/15/25 | 116,090 | ||||||||||||||
100,000 | Constellation Brands, Inc | 3.700 | 12/06/26 | 114,414 | ||||||||||||||
100,000 | Constellation Brands, Inc | 3.150 | 08/01/29 | 111,310 | ||||||||||||||
100,000 | Constellation Brands, Inc | 2.875 | 05/01/30 | 109,519 | ||||||||||||||
100,000 | Diageo Capital plc | 2.125 | 10/24/24 | 105,529 | ||||||||||||||
100,000 | Diageo Capital plc | 2.375 | 10/24/29 | 107,598 | ||||||||||||||
200,000 | Diageo Capital plc | 2.000 | 04/29/30 | 208,447 | ||||||||||||||
150,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 168,375 | |||||||||||||
100,000 | JM Smucker Co | 2.375 | 03/15/30 | 105,794 | ||||||||||||||
100,000 | Kellogg Co | 3.400 | 11/15/27 | 113,055 | ||||||||||||||
125,000 | Philip Morris International, Inc | 2.100 | 05/01/30 | 130,297 | ||||||||||||||
41,000 | g | Post Holdings, Inc | 4.625 | 04/15/30 | 43,130 | |||||||||||||
100,000 | Tyson Foods, Inc | 3.900 | 09/28/23 | 109,128 | ||||||||||||||
|
| |||||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO |
| 3,329,757 | ||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 2.2% | ||||||||||||||||||
100,000 | Abbott Laboratories | 5.300 | 05/27/40 | 147,050 | ||||||||||||||
163,000 | Becton Dickinson & Co | 3.700 | 06/06/27 | 186,991 | ||||||||||||||
100,000 | Boston Scientific Corp | 4.000 | 03/01/29 | 117,797 | ||||||||||||||
75,000 | Centene Corp | 4.250 | 12/15/27 | 79,500 | ||||||||||||||
80,000 | Centene Corp | 3.000 | 10/15/30 | 84,792 | ||||||||||||||
200,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 251,507 | ||||||||||||||
100,000 | Cigna Corp | 2.400 | 03/15/30 | 106,565 | ||||||||||||||
100,000 | Cigna Corp | 3.200 | 03/15/40 | 109,507 | ||||||||||||||
275,000 | CVS Health Corp | 2.875 | 06/01/26 | 302,206 | ||||||||||||||
225,000 | CVS Health Corp | 3.750 | 04/01/30 | 261,714 | ||||||||||||||
400,000 | CVS Health Corp | 1.750 | 08/21/30 | 402,133 | ||||||||||||||
400,000 | CVS Health Corp | 4.780 | 03/25/38 | 504,748 |
97
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 200,000 | CVS Health Corp | 5.050 | % | 03/25/48 | $ | 270,635 | ||||||||||||
100,000 | CVS Health Corp | 4.250 | 04/01/50 | 124,870 | ||||||||||||||
250,000 | Dartmouth-Hitchcock Health | 4.178 | 08/01/48 | 294,627 | ||||||||||||||
60,000 | g | DaVita, Inc | 4.625 | 06/01/30 | 63,600 | |||||||||||||
100,000 | g | DaVita, Inc | 3.750 | 02/15/31 | 101,536 | |||||||||||||
160,000 | HCA, Inc | 5.625 | 09/01/28 | 189,000 | ||||||||||||||
100,000 | HCA, Inc | 5.500 | 06/15/47 | 133,370 | ||||||||||||||
100,000 | Humana, Inc | 3.950 | 03/15/27 | 115,050 | ||||||||||||||
25,000 | g | Molina Healthcare, Inc | 4.375 | 06/15/28 | 26,312 | |||||||||||||
67,000 | MPT Operating Partnership LP | 3.500 | 03/15/31 | 69,177 | ||||||||||||||
500,000 | g | SBA Tower Trust | 2.836 | 01/15/25 | 532,342 | |||||||||||||
150,000 | g | SBA Tower Trust | 1.884 | 01/15/26 | 154,379 | |||||||||||||
10,000 | g | Teleflex, Inc | 4.250 | 06/01/28 | 10,600 | |||||||||||||
10,000 | g | Tenet Healthcare Corp | 4.625 | 06/15/28 | 10,475 | |||||||||||||
100,000 | Zimmer Biomet Holdings, Inc | 3.700 | 03/19/23 | 106,672 | ||||||||||||||
55,000 | Zimmer Biomet Holdings, Inc | 3.550 | 04/01/25 | 60,742 | ||||||||||||||
|
| |||||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
| 4,817,897 | ||||||||||||||||
|
| |||||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | ||||||||||||||||||
7,000 | g | Kronos Acquisition Holdings, Inc | 5.000 | 12/31/26 | 7,298 | |||||||||||||
|
| |||||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
| 7,298 | ||||||||||||||||
|
| |||||||||||||||||
INSURANCE - 2.0% | ||||||||||||||||||
200,000 | g | AIA Group Ltd | 3.200 | 09/16/40 | 209,676 | |||||||||||||
100,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 109,079 | ||||||||||||||
125,000 | American International Group, Inc | 3.400 | 06/30/30 | 143,138 | ||||||||||||||
175,000 | Aon plc | 3.500 | 06/14/24 | 190,789 | ||||||||||||||
100,000 | Berkshire Hathaway Finance Corp | 1.850 | 03/12/30 | 105,327 | ||||||||||||||
100,000 | Berkshire Hathaway Finance Corp | 4.250 | 01/15/49 | 132,610 | ||||||||||||||
150,000 | Berkshire Hathaway Finance Corp | 2.850 | 10/15/50 | 160,528 | ||||||||||||||
100,000 | CNA Financial Corp | 3.950 | 05/15/24 | 110,542 | ||||||||||||||
175,000 | CNA Financial Corp | 2.050 | 08/15/30 | 178,320 | ||||||||||||||
100,000 | g | Equitable Financial Life Global Funding | 1.400 | 07/07/25 | 102,687 | |||||||||||||
100,000 | g | Five Corners Funding Trust II | 2.850 | 05/15/30 | 110,562 | |||||||||||||
100,000 | Hartford Financial Services Group, Inc | 2.800 | 08/19/29 | 108,582 | ||||||||||||||
100,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 125,910 | ||||||||||||||
100,000 | Hartford Financial Services Group, Inc | 3.600 | 08/19/49 | 117,134 | ||||||||||||||
100,000 | g | Liberty Mutual Group, Inc | 3.951 | 10/15/50 | 119,536 | |||||||||||||
100,000 | MetLife, Inc | 3.600 | 11/13/25 | 113,186 | ||||||||||||||
180,000 | MetLife, Inc | 3.850 | N/A | ‡ | 189,900 | |||||||||||||
100,000 | g | Metropolitan Life Global Funding I | 2.950 | 04/09/30 | 112,537 | |||||||||||||
150,000 | PartnerRe Finance B LLC | 4.500 | 10/01/50 | 157,032 | ||||||||||||||
175,000 | Prudential Financial, Inc | 3.700 | 10/01/50 | 185,111 | ||||||||||||||
100,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 114,412 | |||||||||||||
200,000 | Reinsurance Group of America, Inc | 3.900 | 05/15/29 | 229,229 | ||||||||||||||
500,000 | g,i | Vitality Re IV Ltd | 1.808 | 01/08/21 | 499,900 | |||||||||||||
500,000 | g,i | Vitality Re IX Ltd | 1.658 | 01/10/22 | 495,300 | |||||||||||||
250,000 | g,i | Vitality Re X Ltd | 1.808 | 01/10/23 | 248,875 | |||||||||||||
|
| |||||||||||||||||
TOTAL INSURANCE |
| 4,369,902 | ||||||||||||||||
|
| |||||||||||||||||
MATERIALS - 1.7% | ||||||||||||||||||
200,000 | g | Anglo American Capital plc | 2.625 | 09/10/30 | 209,021 | |||||||||||||
200,000 | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 214,862 | ||||||||||||||
200,000 | g | Antofagasta plc | 2.375 | 10/14/30 | 200,500 | |||||||||||||
14,000 | g | Arconic Corp | 6.000 | 05/15/25 | 14,945 | |||||||||||||
5,000 | g | Arconic Rolled Products Corp | 6.125 | 02/15/28 | 5,391 | |||||||||||||
38,000 | Ball Corp | 2.875 | 08/15/30 | 37,905 | ||||||||||||||
100,000 | Bemis Co, Inc | 2.630 | 06/19/30 | 108,235 | ||||||||||||||
75,000 | g | Berry Global, Inc | 1.570 | 01/15/26 | 75,649 | |||||||||||||
50,000 | g | Berry Global, Inc | 5.625 | 07/15/27 | 53,766 | |||||||||||||
200,000 | g | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 225,002 | |||||||||||||
200,000 | g | Cemex SAB de C.V. | 5.450 | 11/19/29 | 220,002 | |||||||||||||
200,000 | g | Corp Nacional del Cobre de Chile | 3.150 | 01/14/30 | 217,922 |
98
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 40,000 | g | Enviva Partners LP | 6.500 | % | 01/15/26 | $ | 42,500 | |||||||||||
200,000 | g | First Quantum Minerals Ltd | 6.875 | 10/15/27 | 217,000 | |||||||||||||
50,000 | International Paper Co | 5.000 | 09/15/35 | 65,866 | ||||||||||||||
50,000 | International Paper Co | 4.350 | 08/15/48 | 65,373 | ||||||||||||||
100,000 | g | James Hardie International Finance DAC | 4.750 | 01/15/25 | 102,000 | |||||||||||||
100,000 | g | Midwest Connector Capital Co LLC | 3.900 | 04/01/24 | 102,485 | |||||||||||||
100,000 | g | Midwest Connector Capital Co LLC | 4.625 | 04/01/29 | 104,779 | |||||||||||||
100,000 | Newmont Corp | 2.250 | 10/01/30 | 105,183 | ||||||||||||||
100,000 | Nutrien Ltd | 3.375 | 03/15/25 | 109,913 | ||||||||||||||
100,000 | Nutrien Ltd | 2.950 | 05/13/30 | 109,914 | ||||||||||||||
80,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 85,700 | |||||||||||||
19,000 | g | PolyOne Corp | 5.750 | 05/15/25 | 20,188 | |||||||||||||
100,000 | Praxair, Inc | 1.100 | 08/10/30 | 98,895 | ||||||||||||||
200,000 | SASOL Financing USA LLC | 5.875 | 03/27/24 | 212,300 | ||||||||||||||
150,000 | Sherwin-Williams Co | 2.300 | 05/15/30 | 156,557 | ||||||||||||||
200,000 | Suzano Austria GmbH | 3.750 | 01/15/31 | 212,200 | ||||||||||||||
48,000 | g | Tronox, Inc | 6.500 | 05/01/25 | 51,360 | |||||||||||||
10,000 | g | Univar Solutions USA, Inc | 5.125 | 12/01/27 | 10,563 | |||||||||||||
100,000 | WRKCo, Inc | 4.900 | 03/15/29 | 123,465 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MATERIALS |
| 3,579,441 | ||||||||||||||||
|
| |||||||||||||||||
MEDIA & ENTERTAINMENT - 2.8% | ||||||||||||||||||
100,000 | Activision Blizzard, Inc | 1.350 | 09/15/30 | 98,175 | ||||||||||||||
100,000 | Alphabet, Inc | 2.050 | 08/15/50 | 95,240 | ||||||||||||||
10,000 | g | Arches Buyer, Inc | 4.250 | 06/01/28 | 10,127 | |||||||||||||
200,000 | g | Banco Nacional de Panama | 2.500 | 08/11/30 | 200,000 | |||||||||||||
200,000 | g | Cable Onda S.A. | 4.500 | 01/30/30 | 220,500 | |||||||||||||
100,000 | g | CCO Holdings LLC | 5.125 | 05/01/27 | 106,119 | |||||||||||||
150,000 | Charter Communications Operating LLC | 3.750 | 02/15/28 | 168,116 | ||||||||||||||
125,000 | Charter Communications Operating LLC | 4.200 | 03/15/28 | 144,176 | ||||||||||||||
50,000 | Charter Communications Operating LLC | 5.125 | 07/01/49 | 60,930 | ||||||||||||||
600,000 | Charter Communications Operating LLC | 4.800 | 03/01/50 | 715,910 | ||||||||||||||
100,000 | Comcast Corp | 3.700 | 04/15/24 | 110,005 | ||||||||||||||
200,000 | Comcast Corp | 3.950 | 10/15/25 | 229,729 | ||||||||||||||
300,000 | Comcast Corp | 2.350 | 01/15/27 | 322,775 | ||||||||||||||
175,000 | Comcast Corp | 3.300 | 02/01/27 | 197,575 | ||||||||||||||
150,000 | Comcast Corp | 4.150 | 10/15/28 | 180,487 | ||||||||||||||
200,000 | Comcast Corp | 2.650 | 02/01/30 | 218,472 | ||||||||||||||
100,000 | Comcast Corp | 1.950 | 01/15/31 | 102,830 | ||||||||||||||
100,000 | Comcast Corp | 1.500 | 02/15/31 | 99,299 | ||||||||||||||
300,000 | Comcast Corp | 3.200 | 07/15/36 | 340,458 | ||||||||||||||
425,000 | Comcast Corp | 2.800 | 01/15/51 | 441,780 | ||||||||||||||
100,000 | Comcast Corp | 2.450 | 08/15/52 | 97,202 | ||||||||||||||
100,000 | Discovery Communications LLC | 3.625 | 05/15/30 | 114,491 | ||||||||||||||
100,000 | Discovery Communications LLC | 5.200 | 09/20/47 | 130,066 | ||||||||||||||
50,000 | DISH DBS Corp | 5.000 | 03/15/23 | 51,625 | ||||||||||||||
100,000 | g | Gray Escrow, Inc | 7.000 | 05/15/27 | 109,500 | |||||||||||||
35,000 | Grupo Televisa SAB | 6.625 | 01/15/40 | 48,928 | ||||||||||||||
250,000 | g,i | La Vie Re Ltd | 2.949 | 10/06/23 | 249,675 | |||||||||||||
18,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 18,047 | |||||||||||||
50,000 | g | Sirius XM Radio, Inc | 4.125 | 07/01/30 | 53,219 | |||||||||||||
50,000 | g | TEGNA, Inc | 4.750 | 03/15/26 | 53,390 | |||||||||||||
25,000 | g | TEGNA, Inc | 4.625 | 03/15/28 | 25,562 | |||||||||||||
75,000 | Time Warner Cable LLC | 5.875 | 11/15/40 | 99,983 | ||||||||||||||
100,000 | g | Upjohn, Inc | 2.700 | 06/22/30 | 106,055 | |||||||||||||
100,000 | g | Upjohn, Inc | 3.850 | 06/22/40 | 112,716 | |||||||||||||
100,000 | ViacomCBS, Inc | 3.375 | 02/15/28 | 112,396 | ||||||||||||||
50,000 | ViacomCBS, Inc | 5.850 | 09/01/43 | 69,456 | ||||||||||||||
250,000 | Walt Disney Co | 3.000 | 09/15/22 | 261,042 | ||||||||||||||
100,000 | Walt Disney Co | 2.000 | 09/01/29 | 104,462 | ||||||||||||||
250,000 | Walt Disney Co | 2.650 | 01/13/31 | 273,917 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MEDIA & ENTERTAINMENT |
| 6,154,435 | ||||||||||||||||
|
|
99
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.9% |
| |||||||||||||||||
$ 100,000 | AbbVie, Inc | 2.850 | % | 05/14/23 | $ | 105,150 | ||||||||||||
300,000 | AbbVie, Inc | 2.950 | 11/21/26 | 331,852 | ||||||||||||||
350,000 | AbbVie, Inc | 3.200 | 11/21/29 | 392,045 | ||||||||||||||
225,000 | AbbVie, Inc | 4.050 | 11/21/39 | 271,462 | ||||||||||||||
125,000 | AbbVie, Inc | 4.400 | 11/06/42 | 156,741 | ||||||||||||||
50,000 | AbbVie, Inc | 4.450 | 05/14/46 | 63,509 | ||||||||||||||
100,000 | AbbVie, Inc | 4.250 | 11/21/49 | 125,337 | ||||||||||||||
100,000 | AstraZeneca plc | 3.125 | 06/12/27 | 112,459 | ||||||||||||||
30,000 | g | Avantor Funding, Inc | 4.625 | 07/15/28 | 31,725 | |||||||||||||
15,000 | g | Bausch Health Cos, Inc | 5.000 | 01/30/28 | 15,458 | |||||||||||||
75,000 | Bristol-Myers Squibb Co | 3.875 | 08/15/25 | 85,605 | ||||||||||||||
275,000 | Bristol-Myers Squibb Co | 3.450 | 11/15/27 | 317,115 | ||||||||||||||
50,000 | Bristol-Myers Squibb Co | 3.400 | 07/26/29 | 58,184 | ||||||||||||||
400,000 | Bristol-Myers Squibb Co | 1.450 | 11/13/30 | 401,770 | ||||||||||||||
50,000 | Bristol-Myers Squibb Co | 4.250 | 10/26/49 | 67,602 | ||||||||||||||
100,000 | Bristol-Myers Squibb Co | 2.550 | 11/13/50 | 102,086 | ||||||||||||||
100,000 | Gilead Sciences, Inc | 1.200 | 10/01/27 | 100,646 | ||||||||||||||
125,000 | Gilead Sciences, Inc | 1.650 | 10/01/30 | 125,334 | ||||||||||||||
100,000 | Gilead Sciences, Inc | 2.800 | 10/01/50 | 99,071 | ||||||||||||||
5,000 | g | Jaguar Holding Co II | 4.625 | 06/15/25 | 5,273 | |||||||||||||
5,000 | g | Jaguar Holding Co II | 5.000 | 06/15/28 | 5,337 | |||||||||||||
50,000 | Johnson & Johnson | 2.900 | 01/15/28 | 56,391 | ||||||||||||||
100,000 | Johnson & Johnson | 3.400 | 01/15/38 | 120,813 | ||||||||||||||
50,000 | Merck & Co, Inc | 2.450 | 06/24/50 | 51,663 | ||||||||||||||
175,000 | Novartis Capital Corp | 3.000 | 11/20/25 | 193,532 | ||||||||||||||
100,000 | g | Royalty Pharma plc | 2.200 | 09/02/30 | 102,634 | |||||||||||||
175,000 | Takeda Pharmaceutical Co Ltd | 2.050 | 03/31/30 | 178,952 | ||||||||||||||
100,000 | Takeda Pharmaceutical Co Ltd | 3.025 | 07/09/40 | 105,347 | ||||||||||||||
150,000 | Teva Pharmaceutical Finance Netherlands III BV | 3.150 | 10/01/26 | 144,189 | ||||||||||||||
225,000 | Thermo Fisher Scientific, Inc | 4.133 | 03/25/25 | 255,789 | ||||||||||||||
|
| |||||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| 4,183,071 | ||||||||||||||||
|
| |||||||||||||||||
REAL ESTATE - 2.5% | ||||||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/27 | 115,033 | ||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 116,109 | ||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 4.900 | 12/15/30 | 127,190 | ||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 1.875 | 02/01/33 | 99,768 | ||||||||||||||
100,000 | American Tower Corp | 3.000 | 06/15/23 | 105,947 | ||||||||||||||
100,000 | American Tower Corp | 2.950 | 01/15/25 | 108,306 | ||||||||||||||
50,000 | American Tower Corp | 3.375 | 10/15/26 | 56,166 | ||||||||||||||
150,000 | American Tower Corp | 3.800 | 08/15/29 | 174,311 | ||||||||||||||
250,000 | American Tower Corp | 2.900 | 01/15/30 | 272,370 | ||||||||||||||
175,000 | American Tower Corp | 1.875 | 10/15/30 | 176,424 | ||||||||||||||
150,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 160,330 | ||||||||||||||
200,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 219,030 | ||||||||||||||
100,000 | Camden Property Trust | 3.150 | 07/01/29 | 112,525 | ||||||||||||||
50,000 | Crown Castle International Corp | 3.800 | 02/15/28 | 57,603 | ||||||||||||||
300,000 | Crown Castle International Corp | 2.250 | 01/15/31 | 311,002 | ||||||||||||||
50,000 | Digital Realty Trust LP | 3.700 | 08/15/27 | 57,447 | ||||||||||||||
100,000 | Duke Realty LP | 3.250 | 06/30/26 | 111,989 | ||||||||||||||
100,000 | Duke Realty LP | 1.750 | 07/01/30 | 101,056 | ||||||||||||||
100,000 | Equinix, Inc | 2.150 | 07/15/30 | 101,658 | ||||||||||||||
75,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 78,563 | ||||||||||||||
100,000 | Essex Portfolio LP | 3.000 | 01/15/30 | 110,247 | ||||||||||||||
175,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 193,839 | ||||||||||||||
100,000 | Healthcare Realty Trust, Inc | 2.400 | 03/15/30 | 104,235 | ||||||||||||||
100,000 | Healthcare Realty Trust, Inc | 2.050 | 03/15/31 | 100,391 | ||||||||||||||
125,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 141,522 | ||||||||||||||
100,000 | Healthcare Trust of America Holdings LP | 3.100 | 02/15/30 | 109,177 | ||||||||||||||
100,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 110,533 | ||||||||||||||
125,000 | Highwoods Realty LP | 2.600 | 02/01/31 | 127,435 | ||||||||||||||
50,000 | iStar, Inc | 4.750 | 10/01/24 | 50,625 |
100
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 100,000 | Life Storage LP | 2.200 | % | 10/15/30 | $ | 102,019 | ||||||||||||
13,000 | g | MGM Growth Properties Operating Partnership LP | 4.625 | 06/15/25 | 13,923 | |||||||||||||
100,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 109,060 | ||||||||||||||
125,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 136,149 | ||||||||||||||
100,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 113,080 | ||||||||||||||
200,000 | Mid-America Apartments LP | 2.750 | 03/15/30 | 217,158 | ||||||||||||||
100,000 | Mid-America Apartments LP | 1.700 | 02/15/31 | 99,570 | ||||||||||||||
150,000 | Regency Centers LP | 3.900 | 11/01/25 | 166,807 | ||||||||||||||
200,000 | Regency Centers LP | 3.600 | 02/01/27 | 219,741 | ||||||||||||||
100,000 | Regency Centers LP | 2.950 | 09/15/29 | 106,831 | ||||||||||||||
100,000 | Retail Properties of America, Inc | 4.750 | 09/15/30 | 106,118 | ||||||||||||||
87,000 | SITE Centers Corp | 3.625 | 02/01/25 | 90,352 | ||||||||||||||
50,000 | g | VICI Properties LP | 3.500 | 02/15/25 | 51,139 | |||||||||||||
50,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 51,579 | ||||||||||||||
100,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 106,980 | ||||||||||||||
100,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 107,298 | ||||||||||||||
100,000 | Weingarten Realty Investors | 3.250 | 08/15/26 | 106,111 | ||||||||||||||
|
| |||||||||||||||||
TOTAL REAL ESTATE |
| 5,614,746 | ||||||||||||||||
|
| |||||||||||||||||
RETAILING - 0.5% | ||||||||||||||||||
50,000 | AutoNation, Inc | 3.800 | 11/15/27 | 55,284 | ||||||||||||||
100,000 | AutoZone, Inc | 1.650 | 01/15/31 | 99,300 | ||||||||||||||
13,000 | g | Booz Allen Hamilton, Inc | 3.875 | 09/01/28 | 13,390 | |||||||||||||
10,000 | g | Camelot Finance S.A. | 4.500 | 11/01/26 | 10,437 | |||||||||||||
10,000 | CDW LLC | 3.250 | 02/15/29 | 10,197 | ||||||||||||||
18,000 | g | L Brands, Inc | 6.875 | 07/01/25 | 19,544 | |||||||||||||
7,000 | g | L Brands, Inc | 9.375 | 07/01/25 | 8,610 | |||||||||||||
45,000 | g | Lithia Motors, Inc | 4.625 | 12/15/27 | 47,475 | |||||||||||||
125,000 | O’Reilly Automotive, Inc | 3.600 | 09/01/27 | 142,268 | ||||||||||||||
100,000 | O’Reilly Automotive, Inc | 4.200 | 04/01/30 | 120,402 | ||||||||||||||
150,000 | O’Reilly Automotive, Inc | 1.750 | 03/15/31 | 150,140 | ||||||||||||||
200,000 | g | Prosus NV | 3.680 | 01/21/30 | 217,521 | |||||||||||||
50,000 | g | Staples, Inc | 7.500 | 04/15/26 | 52,214 | |||||||||||||
200,000 | Target Corp | 2.350 | 02/15/30 | 218,428 | ||||||||||||||
|
| |||||||||||||||||
TOTAL RETAILING |
| 1,165,210 | ||||||||||||||||
|
| |||||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4% | ||||||||||||||||||
350,000 | Broadcom, Inc | 4.150 | 11/15/30 | 404,587 | ||||||||||||||
100,000 | Lam Research Corp | 4.000 | 03/15/29 | 119,904 | ||||||||||||||
100,000 | g | NXP BV | 3.875 | 06/18/26 | 114,480 | |||||||||||||
100,000 | g | NXP BV | 3.400 | 05/01/30 | 113,342 | |||||||||||||
25,000 | Texas Instruments, Inc | 4.150 | 05/15/48 | 33,392 | ||||||||||||||
|
| |||||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| 785,705 | ||||||||||||||||
|
| |||||||||||||||||
SOFTWARE & SERVICES - 0.9% | ||||||||||||||||||
150,000 | Adobe, Inc | 2.300 | 02/01/30 | 162,270 | ||||||||||||||
15,000 | g | Black Knight InfoServ LLC | 3.625 | 09/01/28 | 15,356 | |||||||||||||
100,000 | Fidelity National Information Services, Inc | 3.750 | 05/21/29 | 117,344 | ||||||||||||||
250,000 | Fiserv, Inc | 2.750 | 07/01/24 | 268,406 | ||||||||||||||
250,000 | Fiserv, Inc | 3.500 | 07/01/29 | 285,326 | ||||||||||||||
100,000 | Global Payments, Inc | 2.650 | 02/15/25 | 107,069 | ||||||||||||||
175,000 | Global Payments, Inc | 3.200 | 08/15/29 | 194,240 | ||||||||||||||
275,000 | International Business Machines Corp | 1.950 | 05/15/30 | 283,290 | ||||||||||||||
63,000 | Microsoft Corp | 4.100 | 02/06/37 | 82,586 | ||||||||||||||
110,000 | Microsoft Corp | 3.700 | 08/08/46 | 139,280 | ||||||||||||||
37,000 | Microsoft Corp | 2.525 | 06/01/50 | 38,940 | ||||||||||||||
15,000 | g | Open Text Holdings, Inc | 4.125 | 02/15/30 | 15,957 | |||||||||||||
15,000 | g | Presidio Holdings, Inc | 4.875 | 02/01/27 | 15,912 | |||||||||||||
100,000 | salesforce.com, Inc | 3.700 | 04/11/28 | 117,942 | ||||||||||||||
100,000 | Visa, Inc | 2.700 | 04/15/40 | 109,005 | ||||||||||||||
|
| |||||||||||||||||
TOTAL SOFTWARE & SERVICES |
| 1,952,923 | ||||||||||||||||
|
|
101
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6% | ||||||||||||||||||
$ 200,000 | Amphenol Corp | 2.800 | % | 02/15/30 | $ | 220,495 | ||||||||||||
175,000 | Apple, Inc | 2.450 | 08/04/26 | 190,968 | ||||||||||||||
575,000 | Apple, Inc | 2.050 | 09/11/26 | 614,703 | ||||||||||||||
75,000 | Broadcom Corp | 3.875 | 01/15/27 | 84,272 | ||||||||||||||
100,000 | g | Dell International LLC | 5.300 | 10/01/29 | 122,467 | |||||||||||||
|
| |||||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 1,232,905 | ||||||||||||||||
|
| |||||||||||||||||
TELECOMMUNICATION SERVICES - 2.4% | ||||||||||||||||||
300,000 | AT&T, Inc | 4.350 | 03/01/29 | 357,549 | ||||||||||||||
225,000 | AT&T, Inc | 4.300 | 02/15/30 | 268,767 | ||||||||||||||
200,000 | AT&T, Inc | 2.250 | 02/01/32 | 202,769 | ||||||||||||||
564,000 | g | AT&T, Inc | 2.550 | 12/01/33 | 579,950 | |||||||||||||
150,000 | AT&T, Inc | 4.500 | 05/15/35 | 181,886 | ||||||||||||||
220,000 | AT&T, Inc | 3.650 | 06/01/51 | 229,948 | ||||||||||||||
300,000 | AT&T, Inc | 3.300 | 02/01/52 | 296,886 | ||||||||||||||
180,000 | g | AT&T, Inc | 3.550 | 09/15/55 | 179,043 | |||||||||||||
76,000 | g | AT&T, Inc | 3.800 | 12/01/57 | 78,934 | |||||||||||||
11,000 | g | AT&T, Inc | 3.650 | 09/15/59 | 11,032 | |||||||||||||
200,000 | g | C&W Senior Financing Designated Activity Co | 7.500 | 10/15/26 | 212,774 | |||||||||||||
50,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 79,062 | ||||||||||||||
200,000 | g | Millicom International Cellular S.A. | 4.500 | 04/27/31 | 216,000 | |||||||||||||
200,000 | g | MTN Mauritius Investment Ltd | 6.500 | 10/13/26 | 229,039 | |||||||||||||
50,000 | Orange S.A. | 5.375 | 01/13/42 | 70,826 | ||||||||||||||
100,000 | Rogers Communications, Inc | 3.700 | 11/15/49 | 118,004 | ||||||||||||||
110,000 | g | Switch Ltd | 3.750 | 09/15/28 | 111,650 | |||||||||||||
100,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 115,721 | ||||||||||||||
225,000 | g | T-Mobile USA, Inc | 3.875 | 04/15/30 | 260,552 | |||||||||||||
350,000 | g | T-Mobile USA, Inc | 2.550 | 02/15/31 | 367,525 | |||||||||||||
100,000 | g | T-Mobile USA, Inc | 3.000 | 02/15/41 | 103,672 | |||||||||||||
100,000 | g | T-Mobile USA, Inc | 4.500 | 04/15/50 | 123,338 | |||||||||||||
125,000 | g | T-Mobile USA, Inc | 3.300 | 02/15/51 | 128,604 | |||||||||||||
100,000 | Verizon Communications, Inc | 3.150 | 03/22/30 | 112,042 | ||||||||||||||
50,000 | g | Verizon Communications, Inc | 1.680 | 10/30/30 | 49,768 | |||||||||||||
25,000 | Verizon Communications, Inc | 1.750 | 01/20/31 | 24,860 | ||||||||||||||
258,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 319,633 | ||||||||||||||
150,000 | Vodafone Group plc | 4.250 | 09/17/50 | 185,785 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TELECOMMUNICATION SERVICES |
| 5,215,619 | ||||||||||||||||
|
| |||||||||||||||||
TRANSPORTATION - 0.6% | ||||||||||||||||||
100,000 | Burlington Northern Santa Fe LLC | 3.050 | 02/15/51 | 112,993 | ||||||||||||||
100,000 | Canadian Pacific Railway Co | 2.050 | 03/05/30 | 105,015 | ||||||||||||||
100,000 | CSX Corp | 3.800 | 03/01/28 | 116,527 | ||||||||||||||
100,000 | CSX Corp | 4.250 | 03/15/29 | 121,089 | ||||||||||||||
175,000 | CSX Corp | 2.400 | 02/15/30 | 189,117 | ||||||||||||||
200,000 | Delta Air Lines, Inc | 2.900 | 10/28/24 | 197,292 | ||||||||||||||
44,000 | g | Delta Air Lines, Inc | 7.000 | 05/01/25 | 50,791 | |||||||||||||
100,000 | Delta Air Lines, Inc | 3.750 | 10/28/29 | 96,878 | ||||||||||||||
100,000 | Union Pacific Corp | 3.950 | 09/10/28 | 118,668 | ||||||||||||||
125,000 | Union Pacific Corp | 3.839 | 03/20/60 | 154,398 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TRANSPORTATION |
| 1,262,768 | ||||||||||||||||
|
| |||||||||||||||||
UTILITIES - 2.9% | ||||||||||||||||||
193,000 | g | Adani Transmission Ltd | 4.250 | 05/21/36 | 204,312 | |||||||||||||
100,000 | AEP Transmission Co LLC | 3.100 | 12/01/26 | 112,470 | ||||||||||||||
100,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 124,280 | ||||||||||||||
100,000 | American Water Capital Corp | 3.000 | 12/01/26 | 111,079 | ||||||||||||||
100,000 | American Water Capital Corp | 2.800 | 05/01/30 | 110,329 | ||||||||||||||
100,000 | American Water Capital Corp | 4.000 | 12/01/46 | 126,077 |
102
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 150,000 | American Water Capital Corp | 3.750 | % | 09/01/47 | $ | 183,405 | ||||||||||||
100,000 | American Water Capital Corp | 3.450 | 05/01/50 | 118,063 | ||||||||||||||
200,000 | Atmos Energy Corp | 1.500 | 01/15/31 | 200,012 | ||||||||||||||
150,000 | g | Axalta Coating Systems LLC | 3.375 | 02/15/29 | 150,000 | |||||||||||||
125,000 | Baltimore Gas & Electric Co | 3.750 | 08/15/47 | 152,941 | ||||||||||||||
100,000 | Baltimore Gas & Electric Co | 3.200 | 09/15/49 | 111,470 | ||||||||||||||
50,000 | Berkshire Hathaway Energy Co | 3.250 | 04/15/28 | 57,135 | ||||||||||||||
200,000 | Black Hills Corp | 4.250 | 11/30/23 | 219,197 | ||||||||||||||
100,000 | Black Hills Corp | 3.150 | 01/15/27 | 108,745 | ||||||||||||||
175,000 | DTE Electric Co | 2.250 | 03/01/30 | 187,636 | ||||||||||||||
50,000 | Duke Energy Progress LLC | 2.500 | 08/15/50 | 50,245 | ||||||||||||||
6,000 | g | EnLink Midstream LLC | 5.625 | 01/15/28 | 6,129 | |||||||||||||
200,000 | g | ENN Energy Holdings Ltd | 2.625 | 09/17/30 | 201,014 | |||||||||||||
100,000 | Eversource Energy | 0.800 | 08/15/25 | 99,784 | ||||||||||||||
175,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 180,671 | ||||||||||||||
100,000 | Florida Power & Light Co | 3.990 | 03/01/49 | 130,540 | ||||||||||||||
100,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 118,677 | ||||||||||||||
150,000 | MidAmerican Energy Co | 3.650 | 04/15/29 | 178,077 | ||||||||||||||
125,000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 152,562 | ||||||||||||||
200,000 | NextEra Energy Capital Holdings, Inc | 2.250 | 06/01/30 | 209,568 | ||||||||||||||
100,000 | NiSource, Inc | 3.600 | 05/01/30 | 115,657 | ||||||||||||||
350,000 | NiSource, Inc | 1.700 | 02/15/31 | 348,034 | ||||||||||||||
125,000 | g | NRG Energy, Inc | 2.450 | 12/02/27 | 131,554 | |||||||||||||
50,000 | NRG Energy, Inc | 5.750 | 01/15/28 | 54,625 | ||||||||||||||
16,000 | g | NRG Energy, Inc | 3.375 | 02/15/29 | 16,381 | |||||||||||||
100,000 | NSTAR Electric Co | 3.950 | 04/01/30 | 121,218 | ||||||||||||||
125,000 | Ohio Power Co | 4.150 | 04/01/48 | 158,193 | ||||||||||||||
125,000 | Ohio Power Co | 4.000 | 06/01/49 | 157,348 | ||||||||||||||
100,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 108,262 | ||||||||||||||
12,000 | g | Pattern Energy Operations LP | 4.500 | 08/15/28 | 12,660 | |||||||||||||
100,000 | PECO Energy Co | 3.000 | 09/15/49 | 110,096 | ||||||||||||||
200,000 | PECO Energy Co | 2.800 | 06/15/50 | 212,360 | ||||||||||||||
200,000 | g | Perusahaan Listrik Negara PT | 3.875 | 07/17/29 | 219,500 | |||||||||||||
175,000 | PSEG Power LLC | 3.850 | 06/01/23 | 188,271 | ||||||||||||||
125,000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 144,661 | ||||||||||||||
300,000 | Southern Co | 4.000 | 01/15/51 | 317,722 | ||||||||||||||
55,000 | Virginia Electric & Power Co | 2.950 | 01/15/22 | 56,126 | ||||||||||||||
75,000 | Virginia Electric & Power Co | 2.950 | 11/15/26 | 83,425 | ||||||||||||||
50,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 57,065 | ||||||||||||||
250,000 | Virginia Electric and Power Co | 2.450 | 12/15/50 | 250,327 | ||||||||||||||
|
| |||||||||||||||||
TOTAL UTILITIES |
| 6,467,903 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL CORPORATE BONDS | 91,874,991 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $84,201,487) | ||||||||||||||||||
GOVERNMENT BONDS - 35.9% | ||||||||||||||||||
FOREIGN GOVERNMENT BONDS - 3.4% | ||||||||||||||||||
1,685 | Argentina Republic Government International Bond | 1.000 | 07/09/29 | 729 | ||||||||||||||
48,500 | Argentina Republic Government International Bond (Step Bond) | 0.125 | 07/09/30 | 19,643 | ||||||||||||||
200,000 | g | Bahrain Government International Bond | 5.450 | 09/16/32 | 210,265 | |||||||||||||
200,000 | g | Bermuda Government International Bond | 3.717 | 01/25/27 | 223,502 | |||||||||||||
250,000 | g | Bermuda Government International Bond | 4.750 | 02/15/29 | 304,375 | |||||||||||||
200,000 | g | Bermuda Government International Bond | 2.375 | 08/20/30 | 209,750 | |||||||||||||
200,000 | g | BNG Bank NV | 2.625 | 02/27/24 | 214,530 | |||||||||||||
200,000 | Brazilian Government International Bond | 3.875 | 06/12/30 | 211,000 | ||||||||||||||
200,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 244,000 | ||||||||||||||
200,000 | g | Costa Rica Government International Bond | 5.625 | 04/30/43 | 167,500 | |||||||||||||
200,000 | g | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 221,250 | |||||||||||||
13,286 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 6,294 |
103
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 42,525 | g | Ecuador Government International Bond (Step Bond) | 0.500 | % | 07/31/30 | $ | 27,216 | |||||||||||
111,442 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/35 | 60,319 | |||||||||||||
51,075 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/40 | 25,921 | |||||||||||||
200,000 | g | Egypt Government International Bond | 5.577 | 02/21/23 | 210,989 | |||||||||||||
100,000 | European Investment Bank | 4.875 | 02/15/36 | 147,297 | ||||||||||||||
250,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 277,500 | |||||||||||||
234,375 | g | Iraq Government International Bond | 5.800 | 01/15/28 | 218,513 | |||||||||||||
200,000 | Japan Bank for International Cooperation | 2.375 | 04/20/26 | 217,691 | ||||||||||||||
100,000 | g | Japan Finance Organization for Municipalities | 3.000 | 03/12/24 | 107,430 | |||||||||||||
300,000 | g | Jordan Government International Bond | 4.950 | 07/07/25 | 318,054 | |||||||||||||
200,000 | g | Korea Electric Power Corp | 1.125 | 06/15/25 | 203,183 | |||||||||||||
250,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 252,928 | |||||||||||||
250,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 288,438 | ||||||||||||||
225,000 | Mexico Government International Bond | 3.250 | 04/16/30 | 242,948 | ||||||||||||||
32,000 | Mexico Government International Bond | 6.050 | 01/11/40 | 42,852 | ||||||||||||||
160,000 | Panama Notas del Tesoro | 3.750 | 04/17/26 | 174,944 | ||||||||||||||
150,000 | †,g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 61,126 | |||||||||||||
200,000 | g | Provincia de Mendoza Argentina (Step Bond) | 2.750 | 03/19/29 | 134,000 | |||||||||||||
200,000 | g | Qatar Government International Bond | 3.750 | 04/16/30 | 235,344 | |||||||||||||
200,000 | g | Republic of Uzbekistan Bond | 3.700 | 11/25/30 | 210,704 | |||||||||||||
300,000 | g | Republic of Uzbekistan Government International Bond | 4.750 | 02/20/24 | 325,054 | |||||||||||||
500,000 | g | Saudi Government International Bond | 3.750 | 01/21/55 | 546,050 | |||||||||||||
200,000 | g | Serbia International Bond | 2.125 | 12/01/30 | 197,869 | |||||||||||||
200,000 | State of Israel | 3.375 | 01/15/50 | 221,260 | ||||||||||||||
EUR 375,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 437,482 | |||||||||||||
200,000 | †,g | Zambia Government International Bond | 8.500 | 04/14/24 | 106,500 | |||||||||||||
|
| |||||||||||||||||
TOTAL FOREIGN GOVERNMENT BONDS |
| 7,324,450 | ||||||||||||||||
|
| |||||||||||||||||
MORTGAGE BACKED - 22.5% | ||||||||||||||||||
105,053 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/43 | 108,480 | ||||||||||||||
129,047 | FHLMC | 3.500 | 03/15/44 | 140,494 | ||||||||||||||
110,924 | i | FHLMC | 5.761 | 03/15/44 | 21,771 | |||||||||||||
436,731 | FHLMC | 4.000 | 10/01/47 | 481,637 | ||||||||||||||
36,759 | FHLMC | 4.000 | 06/01/48 | 40,104 | ||||||||||||||
177,972 | i | FHLMC | 9.666 | 06/15/48 | 222,727 | |||||||||||||
21,044 | FHLMC | 4.000 | 07/01/48 | 23,121 | ||||||||||||||
249,640 | i | FHLMC | 9.586 | 10/15/48 | 313,315 | |||||||||||||
1,677,737 | FHLMC | 3.000 | 11/01/49 | 1,801,790 | ||||||||||||||
26,365 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 5.000 | 06/01/36 | 30,612 | ||||||||||||||
8,812 | FGLMC | 5.000 | 07/01/39 | 10,248 | ||||||||||||||
209,219 | FGLMC | 3.500 | 04/01/45 | 229,743 | ||||||||||||||
636,206 | FGLMC | 3.500 | 08/01/45 | 699,030 | ||||||||||||||
830,661 | FGLMC | 3.500 | 10/01/45 | 908,296 | ||||||||||||||
259,865 | FGLMC | 4.000 | 12/01/45 | 287,835 | ||||||||||||||
292,232 | FGLMC | 3.500 | 08/01/46 | 319,202 | ||||||||||||||
944,591 | FGLMC | 3.000 | 02/01/47 | 998,958 | ||||||||||||||
16,965 | FGLMC | 4.500 | 06/01/47 | 18,975 | ||||||||||||||
465,553 | FGLMC | 4.000 | 09/01/47 | 510,949 | ||||||||||||||
161,633 | FGLMC | 3.500 | 12/01/47 | 176,642 | ||||||||||||||
525,963 | FGLMC | 3.500 | 03/01/48 | 574,685 | ||||||||||||||
150,066 | FGLMC | 4.000 | 03/01/48 | 165,449 | ||||||||||||||
120,254 | FGLMC | 4.000 | 07/01/48 | 132,157 | ||||||||||||||
165,836 | FGLMC | 4.500 | 08/01/48 | 184,309 | ||||||||||||||
2,970 | Federal National Mortgage Association (FNMA) | 6.000 | 08/01/21 | 2,995 |
104
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 141,629 | FNMA | 3.500 | % | 06/01/32 | $ | 155,869 | ||||||||||||
275,124 | FNMA | 3.000 | 10/01/32 | 288,776 | ||||||||||||||
121,357 | FNMA | 5.000 | 05/01/35 | 140,887 | ||||||||||||||
6,837 | FNMA | 7.500 | 07/01/35 | 6,864 | ||||||||||||||
2,000,000 | h | FNMA | 2.000 | 01/16/36 | 2,090,639 | |||||||||||||
1,000,000 | h | FNMA | 2.500 | | 01/16/36 | | 1,042,861 | |||||||||||
135,937 | FNMA | 5.000 | 02/01/36 | 157,973 | ||||||||||||||
211,626 | FNMA | 3.000 | 10/01/39 | 221,572 | ||||||||||||||
134,259 | FNMA | 3.000 | 05/01/40 | 141,339 | ||||||||||||||
265,302 | FNMA | 5.000 | 09/01/40 | 308,450 | ||||||||||||||
122,485 | FNMA | 4.000 | 09/01/42 | 133,884 | ||||||||||||||
141,988 | i | FNMA | 5.802 | 09/25/43 | 32,205 | |||||||||||||
59,347 | FNMA | 4.000 | 01/01/44 | 65,533 | ||||||||||||||
52,278 | FNMA | 4.500 | 03/01/44 | 60,035 | ||||||||||||||
258,806 | FNMA | 4.500 | 10/01/44 | 289,278 | ||||||||||||||
513,208 | FNMA | 4.500 | 11/01/44 | 574,261 | ||||||||||||||
125,141 | FNMA | 5.000 | 11/01/44 | 145,216 | ||||||||||||||
45,923 | FNMA | 4.000 | 01/01/45 | 50,253 | ||||||||||||||
329,066 | FNMA | 3.000 | 02/25/45 | 343,635 | ||||||||||||||
50,696 | FNMA | 3.000 | 02/25/45 | 52,221 | ||||||||||||||
154,541 | FNMA | 4.000 | 06/01/45 | 170,095 | ||||||||||||||
134,936 | FNMA | 4.000 | 12/01/45 | 148,914 | ||||||||||||||
791,703 | FNMA | 3.000 | 12/25/45 | 821,599 | ||||||||||||||
514,621 | FNMA | 3.500 | 01/01/46 | 562,574 | ||||||||||||||
345,556 | FNMA | 4.000 | 01/01/46 | 381,321 | ||||||||||||||
19,906 | FNMA | 4.000 | 03/01/46 | 21,868 | ||||||||||||||
197,093 | FNMA | 3.500 | 07/01/46 | 215,459 | ||||||||||||||
510,753 | FNMA | 3.500 | 07/01/46 | 557,912 | ||||||||||||||
156,962 | FNMA | 3.000 | 10/01/46 | 161,888 | ||||||||||||||
448,318 | FNMA | 3.000 | 11/01/46 | 473,379 | ||||||||||||||
86,764 | FNMA | 3.000 | 04/25/47 | 93,004 | ||||||||||||||
34,587 | FNMA | 3.500 | 08/01/47 | 36,927 | ||||||||||||||
318,711 | FNMA | 3.500 | 09/01/47 | 340,292 | ||||||||||||||
19,251 | FNMA | 3.000 | 11/01/47 | 19,826 | ||||||||||||||
35,806 | FNMA | 3.000 | 11/01/47 | 36,929 | ||||||||||||||
238,568 | FNMA | 3.500 | 11/01/47 | 260,599 | ||||||||||||||
428,719 | FNMA | 4.000 | 12/01/47 | 472,804 | ||||||||||||||
55,860 | FNMA | 4.000 | 12/01/47 | 60,000 | ||||||||||||||
89,415 | FNMA | 3.500 | 01/01/48 | 97,689 | ||||||||||||||
320,640 | FNMA | 3.500 | 01/01/48 | 350,238 | ||||||||||||||
156,004 | FNMA | 4.500 | 01/01/48 | 173,378 | ||||||||||||||
146,720 | FNMA | 4.500 | 02/01/48 | 163,088 | ||||||||||||||
790,394 | FNMA | 3.000 | 02/25/48 | 841,112 | ||||||||||||||
267,101 | FNMA | 3.500 | 03/01/48 | 282,999 | ||||||||||||||
127,581 | FNMA | 4.000 | 03/01/48 | 140,628 | ||||||||||||||
624,996 | FNMA | 4.500 | 03/01/48 | 694,443 | ||||||||||||||
907,204 | FNMA | 3.500 | 04/01/48 | 961,200 | ||||||||||||||
50,225 | FNMA | 4.000 | 04/01/48 | 53,756 | ||||||||||||||
121,912 | FNMA | 4.500 | 05/01/48 | 135,620 | ||||||||||||||
89,692 | FNMA | 4.500 | 05/01/48 | 99,778 | ||||||||||||||
177,120 | FNMA | 5.000 | 08/01/48 | 201,988 | ||||||||||||||
154,555 | FNMA | 0.000 | 11/25/48 | 141,784 | ||||||||||||||
154,555 | FNMA | 3.000 | 11/25/48 | 17,939 | ||||||||||||||
93,812 | FNMA | 3.000 | 08/01/49 | 102,395 | ||||||||||||||
206,083 | FNMA | 3.000 | 01/25/50 | 221,481 | ||||||||||||||
369,892 | FNMA | 3.000 | 07/01/50 | 400,680 | ||||||||||||||
1,082,470 | FNMA | 2.500 | 10/01/50 | 1,141,907 | ||||||||||||||
2,972,178 | FNMA | 2.500 | 11/01/50 | 3,135,378 | ||||||||||||||
500,000 | h | FNMA | 1.500 | 01/25/51 | 505,097 | |||||||||||||
1,000,000 | h | FNMA | 2.500 | 01/25/51 | 1,053,983 | |||||||||||||
3,900,000 | FNMA | 2.000 | 01/25/51 | 4,050,663 | ||||||||||||||
1,250,000 | h | FNMA | 2.000 | 02/25/51 | 1,295,994 |
105
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 500,000 | h | FNMA | 2.500 | % | 02/25/51 | $ | 526,074 | |||||||||||
2,175,000 | FNMA | 3.000 | 02/25/51 | 2,280,509 | ||||||||||||||
4,225 | Government National Mortgage Association (GNMA) | 5.000 | 03/15/34 | 4,658 | ||||||||||||||
34,390 | GNMA | 5.000 | 06/15/34 | 37,939 | ||||||||||||||
3,364 | GNMA | 5.000 | 04/15/38 | 3,814 | ||||||||||||||
5,653 | GNMA | 4.500 | 04/15/40 | 6,256 | ||||||||||||||
218,464 | GNMA | 4.000 | 06/20/46 | 25,838 | ||||||||||||||
237,914 | GNMA | 3.500 | 01/20/49 | 260,531 | ||||||||||||||
2,500,000 | GNMA | 2.000 | 01/21/51 | 2,613,962 | ||||||||||||||
3,800,000 | GNMA | 2.500 | | 01/21/51 | | 4,021,916 | ||||||||||||
3,200,000 | GNMA | 3.000 | 02/20/51 | 3,347,843 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MORTGAGE BACKED |
| 48,933,223 | ||||||||||||||||
|
| |||||||||||||||||
MUNICIPAL BONDS - 2.3% | ||||||||||||||||||
200,000 | City & County of San Francisco CA Community Facilities District | 3.264 | 09/01/25 | 217,326 | ||||||||||||||
200,000 | City & County of San Francisco CA Community Facilities District | 4.038 | 09/01/34 | 226,846 | ||||||||||||||
300,000 | City of New York NY | 3.430 | 12/01/24 | 330,672 | ||||||||||||||
150,000 | Commonwealth Financing Authority | 3.864 | 06/01/38 | 176,139 | ||||||||||||||
500,000 | County of Miami-Dade FL Aviation Revenue | 3.049 | 10/01/26 | 548,870 | ||||||||||||||
300,000 | Health & Educational Facilities Authority of the State of Missouri | 3.651 | 01/15/46 | 377,118 | ||||||||||||||
350,000 | Michigan Finance Authority | 2.988 | 09/01/49 | 373,047 | ||||||||||||||
170,000 | New York State Dormitory Authority | 4.294 | 07/01/44 | 189,713 | ||||||||||||||
90,000 | Public Finance Authority | 4.269 | 07/01/40 | 107,823 | ||||||||||||||
1,400,000 | State of Illinois | 5.100 | 06/01/33 | 1,506,694 | ||||||||||||||
300,000 | State of Oregon Department of Administrative Services | 4.103 | 05/01/39 | 337,869 | ||||||||||||||
500,000 | University of California | 3.063 | 07/01/25 | 551,505 | ||||||||||||||
|
| |||||||||||||||||
TOTAL MUNICIPAL BONDS |
| 4,943,622 | ||||||||||||||||
|
| |||||||||||||||||
U.S. TREASURY SECURITIES - 7.7% | ||||||||||||||||||
800,000 | United States Treasury Bond | 3.125 | 11/15/41 | 1,044,625 | ||||||||||||||
2,785,700 | United States Treasury Bond | 3.000 | 11/15/45 | 3,618,472 | ||||||||||||||
1,865,000 | United States Treasury Bond | 2.875 | 11/15/46 | 2,378,166 | ||||||||||||||
765,000 | United States Treasury Bond | 3.000 | 05/15/47 | 999,909 | ||||||||||||||
176,000 | United States Treasury Bond | 3.375 | 11/15/48 | 246,730 | ||||||||||||||
1,032,420 | k | United States Treasury Inflation Indexed Bonds | 0.500 | 04/15/24 | 1,106,496 | |||||||||||||
5,225,000 | United States Treasury Note | 0.375 | 11/30/25 | 5,231,123 | ||||||||||||||
1,080,000 | United States Treasury Note | 0.500 | 10/31/27 | 1,071,056 | ||||||||||||||
100,000 | United States Treasury Note | 0.875 | 11/15/30 | 99,609 | ||||||||||||||
807,000 | United States Treasury Note | 1.250 | 05/15/50 | 730,461 | ||||||||||||||
200,000 | United States Treasury Note | 1.625 | 11/15/50 | 198,813 | ||||||||||||||
|
| |||||||||||||||||
TOTAL U.S. TREASURY SECURITIES |
| 16,725,460 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL GOVERNMENT BONDS | 77,926,755 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $74,085,345) | ||||||||||||||||||
STRUCTURED ASSETS - 16.2% | ||||||||||||||||||
ASSET BACKED - 7.8% | ||||||||||||||||||
250,000 | AmeriCredit Automobile Receivables Trust | 2.130 | 03/18/26 | 257,651 | ||||||||||||||
Series - 2020 2 (Class D) | ||||||||||||||||||
250,000 | AmeriCredit Automobile Receivables Trust | 1.490 | 09/18/26 | 250,861 | ||||||||||||||
Series - 2020 3 (Class D) | ||||||||||||||||||
99,904 | g | AMSR Trust | 1.819 | 04/17/37 | 101,772 | |||||||||||||
Series - 2020 SFR1 (Class A) | ||||||||||||||||||
100,000 | g | AMSR Trust | 3.148 | 01/19/39 | 103,854 | |||||||||||||
Series - 2019 SFR1 (Class C) | ||||||||||||||||||
100,000 | g | AMSR Trust | 3.247 | 01/19/39 | 103,273 | |||||||||||||
Series - 2019 SFR1 (Class D) | ||||||||||||||||||
22,813 | i | Asset Backed Securities Corp Home Equity Loan Trust | 3.386 | 08/25/34 | 22,167 | |||||||||||||
Series - 2004 HE5 (Class M1) | ||||||||||||||||||
500,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.450 | 03/20/23 | 513,193 | |||||||||||||
Series - 2019 1A (Class A) |
106
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 200,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.700 | % | 03/20/23 | $ | 204,460 | |||||||||||
Series - 2019 1A (Class B) | ||||||||||||||||||
250,000 | g | Avis Budget Rental Car Funding AESOP LLC | 2.970 | 03/20/24 | 259,774 | |||||||||||||
Series - 2017 2A (Class A) | ||||||||||||||||||
281,700 | g | BRE Grand Islander Timeshare Issuer LLC | 3.280 | 09/26/33 | 292,168 | |||||||||||||
Series - 2019 A (Class A) | ||||||||||||||||||
923,642 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 926,203 | |||||||||||||
Series - 2014 1A (Class A) | ||||||||||||||||||
459,704 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 460,389 | |||||||||||||
Series - 2017 1A (Class A1) | ||||||||||||||||||
100,000 | g | Cars Net Lease Mortgage Notes Series | 2.010 | 12/15/50 | 99,813 | |||||||||||||
Series - 2020 1A (Class A1) | ||||||||||||||||||
100,000 | g | Cars Net Lease Mortgage Notes Series | 3.100 | 12/15/50 | 99,940 | |||||||||||||
Series - 2020 1A (Class A3) | ||||||||||||||||||
100,000 | g | Cars Net Lease Mortgage Notes Series | 4.690 | 12/15/50 | 99,982 | |||||||||||||
Series - 2020 1A (Class B1) | ||||||||||||||||||
500,000 | g,i | Cayuga Park CLO, Ltd. | 1.832 | 07/17/31 | 501,269 | |||||||||||||
Series - 2020 1A (Class A) | ||||||||||||||||||
144,702 | †,g,i | CBRE Realty Finance | 0.576 | 04/07/52 | 362 | |||||||||||||
Series - 2007 1A (Class A2) | ||||||||||||||||||
6,102 | Centex Home Equity | 5.540 | 01/25/32 | 6,295 | ||||||||||||||
Series - 2002 A (Class AF6) | ||||||||||||||||||
477,189 | g | CF Hippolyta LLC | 1.690 | 07/15/60 | 486,075 | |||||||||||||
Series - 2020 1 (Class A1) | ||||||||||||||||||
237,593 | g | CF Hippolyta LLC | 1.990 | 07/15/60 | 240,594 | |||||||||||||
Series - 2020 1 (Class A2) | ||||||||||||||||||
95,438 | g | CF Hippolyta LLC | 2.280 | 07/15/60 | 96,915 | |||||||||||||
Series - 2020 1 (Class B1) | ||||||||||||||||||
250,000 | g,i | CIFC Funding Ltd | 1.932 | 08/24/32 | 251,069 | |||||||||||||
Series - 2020 2A (Class A1) | ||||||||||||||||||
123,438 | g | DB Master Finance LLC | 4.352 | 05/20/49 | 133,393 | |||||||||||||
Series - 2019 1A (Class A23) | ||||||||||||||||||
110,833 | g | Diamond Resorts Owner Trust | 3.700 | 01/21/31 | 115,750 | |||||||||||||
Series - 2018 1 (Class A) | ||||||||||||||||||
151,934 | g | Diamond Resorts Owner Trust | 2.890 | 02/20/32 | 157,100 | |||||||||||||
Series - 2019 1A (Class A) | ||||||||||||||||||
335,124 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 354,156 | |||||||||||||
Series - 2015 1A (Class A2II) | ||||||||||||||||||
242,500 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 243,795 | |||||||||||||
Series - 2017 1A (Class A2II) | ||||||||||||||||||
219,938 | g | Domino’s Pizza Master Issuer LLC | 4.116 | 07/25/48 | 230,952 | |||||||||||||
Series - 2018 1A (Class A2I) | ||||||||||||||||||
93,961 | g,i | Ellington Loan Acquisition Trust | 1.248 | 05/25/37 | 93,848 | |||||||||||||
Series - 2007 2 (Class A2C) | ||||||||||||||||||
128,723 | g | HERO Funding Trust | 3.190 | 09/20/48 | 132,591 | |||||||||||||
Series - 2017 3A (Class A1) | ||||||||||||||||||
128,723 | g | HERO Funding Trust | 3.950 | 09/20/48 | 134,777 | |||||||||||||
Series - 2017 3A (Class A2) | ||||||||||||||||||
113,904 | g | Hertz Vehicle Financing II LP | 3.290 | 02/25/24 | 114,028 | |||||||||||||
Series - 2018 1A (Class A) | ||||||||||||||||||
57,071 | g | Hertz Vehicle Financing II LP | 3.420 | 05/25/25 | 57,249 | |||||||||||||
Series - 2019 2A (Class A) | ||||||||||||||||||
256,996 | g | Hilton Grand Vacations Trust | 2.960 | 12/26/28 | 259,966 | |||||||||||||
Series - 2017 AA (Class B) | ||||||||||||||||||
179,634 | g | Hilton Grand Vacations Trust | 2.340 | 07/25/33 | 185,973 | |||||||||||||
Series - 2019 AA (Class A) | ||||||||||||||||||
8,297 | i | Home Equity Asset Trust | 1.648 | 06/25/33 | 8,348 | |||||||||||||
Series - 2003 1 (Class M1) | ||||||||||||||||||
469,075 | g | Horizon Aircraft Finance II Ltd | 3.721 | 07/15/39 | 452,532 | |||||||||||||
Series - 2019 1 (Class A) | ||||||||||||||||||
241,443 | g | Horizon Aircraft Finance III Ltd | 3.425 | 11/15/39 | 233,304 | |||||||||||||
Series - 2019 2 (Class A) | ||||||||||||||||||
91,451 | g,i | Invitation Homes Trust | 1.153 | 07/17/37 | 91,451 | |||||||||||||
Series - 2018 SFR3 (Class A) |
107
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 77,121 | g,i | Invitation Homes Trust | 1.253 | % | 01/17/38 | $ | 77,695 | |||||||||||
Series - 2018 SFR4 (Class A) | ||||||||||||||||||
100,000 | g,i | Invitation Homes Trust | 1.403 | 01/17/38 | 100,000 | |||||||||||||
Series - 2018 SFR4 (Class B) | ||||||||||||||||||
100,000 | g,i | Invitation Homes Trust | 1.803 | 01/17/38 | 99,757 | |||||||||||||
Series - 2018 SFR4 (Class D) | ||||||||||||||||||
73,976 | i | JP Morgan Mortgage Acquisition Trust | 0.468 | 03/25/37 | 72,954 | |||||||||||||
Series - 2007 CH3 (Class A1B) | ||||||||||||||||||
106,053 | i | JP Morgan Mortgage Acquisition Trust | 0.308 | 06/25/37 | 104,020 | |||||||||||||
Series - 2007 CH5 (Class A1) | ||||||||||||||||||
179,478 | g | Laurel Road Prime Student Loan Trust | 0.720 | 11/25/50 | 179,578 | |||||||||||||
Series - 2020 A (Class A1FX) | ||||||||||||||||||
301,062 | g | MVW Owner Trust | 2.420 | 12/20/34 | 308,319 | |||||||||||||
Series - 2017 1A (Class A) | ||||||||||||||||||
208,664 | g | MVW Owner Trust | 3.450 | 01/21/36 | 216,858 | |||||||||||||
Series - 2018 1A (Class A) | ||||||||||||||||||
182,002 | g | MVW Owner Trust | 3.000 | 11/20/36 | 187,079 | |||||||||||||
Series - 2019 1A (Class B) | ||||||||||||||||||
100,000 | g | Navient Private Education Refi Loan Trust | 1.310 | N/A | ‡ | 101,017 | ||||||||||||
Series - 2020 HA (Class A) | ||||||||||||||||||
100,000 | g | Navient Private Education Refi Loan Trust | 2.780 | N/A | ‡ | 101,778 | ||||||||||||
Series - 2020 HA (Class B) | ||||||||||||||||||
250,000 | g | Navient Student Loan Trust | 3.390 | 12/15/59 | 262,031 | |||||||||||||
Series - 2019 BA (Class A2A) | ||||||||||||||||||
500,000 | g,i | Octagon Investment Partners 46 Ltd | 1.899 | 07/15/33 | 501,325 | |||||||||||||
Series - 2020 2A (Class A) | ||||||||||||||||||
250,000 | g | OneMain Financial Issuance Trust | 3.840 | 05/14/32 | 263,669 | |||||||||||||
Series - 2020 1A (Class A) | ||||||||||||||||||
150,000 | g | OneMain Financial Issuance Trust | 1.750 | 09/14/35 | 152,689 | |||||||||||||
Series - 2020 2A (Class A) | ||||||||||||||||||
200,000 | g | PFS Financing Corp | 1.270 | 06/15/25 | 202,783 | |||||||||||||
Series - 2020 A (Class A) | ||||||||||||||||||
125,000 | g | PFS Financing Corp | 1.000 | 10/15/25 | 125,896 | |||||||||||||
Series - 2020 E (Class A) | ||||||||||||||||||
200,000 | g | PFS Financing Corp | 0.970 | 02/15/26 | 201,049 | |||||||||||||
Series - 2020 G (Class A) | ||||||||||||||||||
100,000 | g | Progress Residential Trust | 2.937 | 10/17/36 | 103,478 | |||||||||||||
Series - 2019 SFR4 (Class B) | ||||||||||||||||||
250,000 | Santander Drive Auto Receivables Trust | 1.480 | 01/15/27 | 252,433 | ||||||||||||||
Series - 2020 4 (Class D) | ||||||||||||||||||
125,000 | g | ServiceMaster Funding LLC | 2.841 | 10/30/51 | 127,294 | |||||||||||||
Series - 2020 1 (Class A2I) | ||||||||||||||||||
247,500 | g | SERVPRO Master Issuer LLC | 3.882 | 10/25/49 | 263,771 | |||||||||||||
Series - 2019 1A (Class A2) | ||||||||||||||||||
472,156 | g | Settlement Fee Finance LLC | 3.840 | 11/01/49 | 468,418 | |||||||||||||
Series - 2019 1A (Class A) | ||||||||||||||||||
230,477 | g | Sierra Timeshare Receivables Funding LLC | 3.200 | 03/20/34 | 232,921 | |||||||||||||
Series - 2017 1A (Class B) | ||||||||||||||||||
105,218 | g | Sierra Timeshare Receivables Funding LLC | 3.200 | 01/20/36 | 109,084 | |||||||||||||
Series - 2019 1A (Class A) | ||||||||||||||||||
42,862 | g | SoFi Professional Loan Program LLC | 2.760 | 12/26/36 | 43,539 | |||||||||||||
Series - 2016 A (Class A2) | ||||||||||||||||||
356,009 | g | SoFi Professional Loan Program LLC | 2.840 | 01/25/41 | 363,881 | |||||||||||||
Series - 2017 F (Class A2FX) | ||||||||||||||||||
171,045 | g | SoFi Professional Loan Program LLC | 2.060 | 05/15/46 | 172,311 | |||||||||||||
Series - 2020 A (Class A1FX) | ||||||||||||||||||
138,668 | g | SolarCity LMC | 4.020 | 07/20/44 | 141,147 | |||||||||||||
Series - 2014 2 (Class A) | ||||||||||||||||||
381,792 | g | Sonic Capital LLC | 3.845 | 01/20/50 | 407,364 | |||||||||||||
Series - 2020 1A (Class A2I) | ||||||||||||||||||
250,000 | g | Stack Infrastructure Issuer LLC | 1.893 | 08/25/45 | 252,638 | |||||||||||||
Series - 2020 1A (Class A2) | ||||||||||||||||||
6,280 | i | Structured Asset Investment Loan Trust | 1.048 | 09/25/34 | 5,982 | |||||||||||||
Series - 2004 8 (Class M1) |
108
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 15,226 | i | Structured Asset Investment Loan Trust | 1.148 | % | 09/25/34 | $ | 15,130 | |||||||||||
Series - 2004 8 (Class A9) | ||||||||||||||||||
96,500 | g | Taco Bell Funding LLC | 4.970 | 05/25/46 | 104,075 | |||||||||||||
Series - 2016 1A (Class A23) | ||||||||||||||||||
294,000 | g | Taco Bell Funding LLC | 4.318 | 11/25/48 | 298,201 | |||||||||||||
Series - 2018 1A (Class A2I) | ||||||||||||||||||
272,407 | g | TLF National Tax Lien Trust | 3.840 | 12/15/29 | 274,549 | |||||||||||||
Series - 2017 1A (Class B) | ||||||||||||||||||
98,468 | g | Tricon American Homes Trust | 2.716 | 09/17/34 | 99,719 | |||||||||||||
Series - 2017 SFR1 (Class A) | ||||||||||||||||||
100,000 | g | Tricon American Homes Trust | 4.011 | 09/17/34 | 101,790 | |||||||||||||
Series - 2017 SFR1 (Class E) | ||||||||||||||||||
99,174 | g | Tricon American Homes Trust | 2.928 | 01/17/36 | 102,239 | |||||||||||||
Series - 2017 SFR2 (Class A) | ||||||||||||||||||
100,000 | g | Tricon American Homes Trust | 3.275 | 01/17/36 | 102,908 | |||||||||||||
Series - 2017 SFR2 (Class B) | ||||||||||||||||||
243,692 | g | Vine | 2.790 | 11/15/50 | 234,224 | |||||||||||||
Series - 2020 1A (Class A) | ||||||||||||||||||
44,445 | g | VOLT LXXV LLC (Step Bond) | 3.967 | 02/25/49 | 44,545 | |||||||||||||
Series - 2019 NPL2 (Class A1) | ||||||||||||||||||
100,000 | g | VOLT LXXXIV LLC (Step Bond) | 3.967 | 12/27/49 | 99,982 | |||||||||||||
Series - 2019 NP10 (Class A1B) | ||||||||||||||||||
485,000 | g | Wendys Funding LLC | 3.573 | 03/15/48 | 499,957 | |||||||||||||
Series - 2018 1A (Class A2I) | ||||||||||||||||||
500,000 | g | Wingstop Funding LLC | 2.841 | 12/05/50 | 510,135 | |||||||||||||
Series - 2020 1A (Class A2) | ||||||||||||||||||
|
| |||||||||||||||||
TOTAL ASSET BACKED |
| 17,067,504 | ||||||||||||||||
|
| |||||||||||||||||
OTHER MORTGAGE BACKED - 8.4% | ||||||||||||||||||
18,405 | g,i | Agate Bay Mortgage Trust | 3.500 | 11/25/44 | 18,714 | |||||||||||||
Series - 2014 3 (Class A13) | ||||||||||||||||||
391,744 | g,i | Agate Bay Mortgage Trust | 3.500 | 09/25/45 | 397,745 | |||||||||||||
Series - 2015 6 (Class A9) | ||||||||||||||||||
22,784 | i | Alternative Loan Trust | 0.898 | 06/25/34 | 23,061 | |||||||||||||
Series - 2004 8CB (Class M1) | ||||||||||||||||||
200,000 | g | BBCMS Trust | 4.197 | 08/10/35 | 224,689 | |||||||||||||
Series - 2015 SRCH (Class A2) | ||||||||||||||||||
400,000 | Benchmark Mortgage Trust | 4.267 | 03/15/52 | 471,948 | ||||||||||||||
Series - 2019 B9 (Class AS) | ||||||||||||||||||
250,000 | g,i | CF Mortgage Trust | 3.603 | 04/15/52 | 252,250 | |||||||||||||
Series - 2020 P1 (Class A2) | ||||||||||||||||||
500,000 | CFCRE Commercial Mortgage Trust | 3.644 | 12/10/54 | 545,597 | ||||||||||||||
Series - 2016 C7 (Class ASB) | ||||||||||||||||||
20,994 | i | CHL Mortgage Pass-Through Trust | 2.806 | 02/20/35 | 21,126 | |||||||||||||
Series - 2004 HYB9 (Class 1A1) | ||||||||||||||||||
250,000 | g,i | Citigroup Commercial Mortgage Trust | 3.518 | 05/10/35 | 259,615 | |||||||||||||
Series - 2013 375P (Class B) | ||||||||||||||||||
745,447 | COMM Mortgage Trust | 2.853 | 10/15/45 | 767,244 | ||||||||||||||
Series - 2012 CR4 (Class A3) | ||||||||||||||||||
1,000,000 | g,i | COMM Mortgage Trust | 3.950 | 06/10/46 | 1,044,975 | |||||||||||||
Series - 2013 CR8 (Class B) | ||||||||||||||||||
300,000 | i | COMM Mortgage Trust | 3.603 | 03/10/48 | 329,292 | |||||||||||||
Series - 2015 CR22 (Class AM) | ||||||||||||||||||
200,000 | g,i | COMM Mortgage Trust | 4.106 | 03/10/48 | 193,179 | |||||||||||||
Series - 2015 CR22 (Class D) | ||||||||||||||||||
250,000 | COMM Mortgage Trust | 3.801 | 05/10/48 | 275,211 | ||||||||||||||
Series - 2015 CR23 (Class AM) | ||||||||||||||||||
550,000 | i | COMM Mortgage Trust | 4.183 | 05/10/48 | 598,929 | |||||||||||||
Series - 2015 CR23 (Class B) | ||||||||||||||||||
200,000 | i | COMM Mortgage Trust | 4.291 | 05/10/48 | 211,638 | |||||||||||||
Series - 2015 CR23 (Class C) | ||||||||||||||||||
500,000 | COMM Mortgage Trust | 3.696 | 08/10/48 | 561,091 | ||||||||||||||
Series - 2015 CR24 (Class A5) |
109
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 250,000 | COMM Mortgage Trust | 3.984 | % | 10/10/48 | $ | 276,410 | ||||||||||||
Series - 2015 CR27 (Class AM) | ||||||||||||||||||
600,000 | i | COMM Mortgage Trust | 4.158 | 10/10/48 | 671,606 | |||||||||||||
Series - 2015 LC23 (Class AM) | ||||||||||||||||||
134,911 | i | Connecticut Avenue Securities | 2.748 | 05/25/24 | 131,405 | |||||||||||||
Series - 2014 C02 (Class 1M2) | ||||||||||||||||||
162,009 | i | Connecticut Avenue Securities | 3.148 | 07/25/24 | 157,236 | |||||||||||||
Series - 2014 C03 (Class 1M2) | ||||||||||||||||||
7,432 | i | Connecticut Avenue Securities | 5.148 | 11/25/24 | 7,616 | |||||||||||||
Series - 2014 C04 (Class 2M2) | ||||||||||||||||||
14,556 | i | Connecticut Avenue Securities | 5.698 | 04/25/28 | 15,312 | |||||||||||||
Series - 2015 C04 (Class 2M2) | ||||||||||||||||||
23,084 | i | Connecticut Avenue Securities | 5.848 | 04/25/28 | 24,630 | |||||||||||||
Series - 2015 C04 (Class 1M2) | ||||||||||||||||||
25,053 | i | Connecticut Avenue Securities | 6.898 | 08/25/28 | 26,860 | |||||||||||||
Series - 2016 C01 (Class 1M2) | ||||||||||||||||||
20,987 | i | Connecticut Avenue Securities | 6.148 | 09/25/28 | 22,256 | |||||||||||||
Series - 2016 C02 (Class 1M2) | ||||||||||||||||||
36,768 | i | Connecticut Avenue Securities | 6.048 | 10/25/28 | 38,639 | |||||||||||||
Series - 2016 C03 (Class 2M2) | ||||||||||||||||||
49,381 | i | Connecticut Avenue Securities | 4.598 | 01/25/29 | 51,419 | |||||||||||||
Series - 2016 C05 (Class 2M2) | ||||||||||||||||||
91,473 | i | Connecticut Avenue Securities | 0.998 | 09/25/29 | 89,295 | |||||||||||||
Series - 2017 C02 (Class 2ED4) | ||||||||||||||||||
14,996 | i | Connecticut Avenue Securities | 2.348 | 01/25/30 | 15,053 | |||||||||||||
Series - 2017 C05 (Class 1M2A) | ||||||||||||||||||
190,000 | i | Connecticut Avenue Securities | 0.598 | 07/25/30 | 185,273 | |||||||||||||
Series - 2018 C01 (Class 1EB1) | ||||||||||||||||||
14,579 | i | Connecticut Avenue Securities | 2.398 | 07/25/30 | 14,506 | |||||||||||||
Series - 2018 C01 (Class 1M2) | ||||||||||||||||||
35,016 | i | Connecticut Avenue Securities | 0.998 | 10/25/30 | 34,793 | |||||||||||||
Series - 2018 C03 (Class 1EA2) | ||||||||||||||||||
9,340 | g,i | Connecticut Avenue Securities | 2.598 | 07/25/31 | 9,334 | |||||||||||||
Series - 2019 R01 (Class 2M2) | ||||||||||||||||||
54,213 | g,i | Connecticut Avenue Securities | 2.248 | 09/25/39 | 54,113 | |||||||||||||
Series - 2019 R06 (Class 2M2) | ||||||||||||||||||
34,563 | g,i | Credit Suisse Commercial Mortgage Trust | 0.798 | 05/25/36 | 34,578 | |||||||||||||
Series - 2006 CF2 (Class M3) | ||||||||||||||||||
200,000 | DBJPM Mortgage Trust | 2.340 | 09/15/53 | 209,431 | ||||||||||||||
Series - 2020 C9 (Class AM) | ||||||||||||||||||
1,000,000 | g,i | DBUBS Mortgage Trust | 5.487 | 07/10/44 | 955,842 | |||||||||||||
Series - 2011 LC2A (Class D) | ||||||||||||||||||
100,000 | g,i | Ellington Financial Mortgage Trust | 3.587 | 06/25/59 | 100,472 | |||||||||||||
Series - 2019 1 (Class M1) | ||||||||||||||||||
55,040 | i | Fieldstone Mortgage Investment Trust | 0.883 | 12/25/35 | 54,779 | |||||||||||||
Series - 2005 2 (Class M2) | ||||||||||||||||||
148,699 | g,i | FirstKey Mortgage Trust | 3.500 | 11/25/44 | 151,783 | |||||||||||||
Series - 2014 1 (Class A8) | ||||||||||||||||||
24,817 | g,i | Flagstar Mortgage Trust | 3.500 | 03/25/47 | 24,900 | |||||||||||||
Series - 2017 1 (Class 1A5) | ||||||||||||||||||
93,294 | g,i | Flagstar Mortgage Trust | 4.109 | 10/25/47 | 97,829 | |||||||||||||
Series - 2017 2 (Class B3) | ||||||||||||||||||
24,806 | g,i | Flagstar Mortgage Trust | 4.000 | 09/25/48 | 25,131 | |||||||||||||
Series - 2018 5 (Class A11) | ||||||||||||||||||
39,888 | g,i | Freddie Mac Structured Agency Credit Risk Debt Notes | 3.723 | 02/25/48 | 39,886 | |||||||||||||
Series - 2018 SPI1 (Class M2) | ||||||||||||||||||
28,345 | g,i | GS Mortgage-Backed Securities Corp Trust | 4.000 | 11/25/49 | 28,632 | |||||||||||||
Series - 2019 PJ2 (Class A4) | ||||||||||||||||||
46,236 | i | HarborView Mortgage Loan Trust | 0.772 | 08/19/45 | 45,343 | |||||||||||||
Series - 2005 11 (Class 2A1A) | ||||||||||||||||||
400,000 | g | Hudson Yards Mortgage Trust | 2.835 | 08/10/38 | 434,807 | |||||||||||||
Series - 2016 10HY (Class A) |
110
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 100,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Corp | 5.426 | % | 07/15/46 | $ | 100,617 | |||||||||||
Series - 2011 C4 (Class C) | ||||||||||||||||||
300,000 | g | JP Morgan Chase Commercial Mortgage Securities Trust Series - 2012 HSBC (Class C) | 4.021 | 07/05/32 | 309,611 | |||||||||||||
3,489 | g,i | JP Morgan Mortgage Trust Series - 2016 1 (Class A5) | 3.500 | 05/25/46 | 3,490 | |||||||||||||
27,295 | g,i | JP Morgan Mortgage Trust Series - 2016 1 (Class A13) | 3.500 | 05/25/46 | 27,748 | |||||||||||||
10,731 | g,i | JP Morgan Mortgage Trust Series - 2017 1 (Class A3) | 3.500 | 01/25/47 | 10,757 | |||||||||||||
62,852 | g,i | JP Morgan Mortgage Trust Series - 2017 2 (Class A13) | 3.500 | 05/25/47 | 64,190 | |||||||||||||
6,664 | g,i | JP Morgan Mortgage Trust Series - 2017 3 (Class 1A5) | 3.500 | 08/25/47 | 6,668 | |||||||||||||
23,692 | g,i | JP Morgan Mortgage Trust Series - 2018 3 (Class A13) | 3.500 | 09/25/48 | 24,238 | |||||||||||||
20,402 | g,i | JP Morgan Mortgage Trust Series - 2018 4 (Class A5) | 3.500 | 10/25/48 | 20,465 | |||||||||||||
38,064 | g,i | JP Morgan Mortgage Trust Series - 2018 5 (Class A13) | 3.500 | 10/25/48 | 39,450 | |||||||||||||
2,028 | g,i | JP Morgan Mortgage Trust Series - 2018 8 (Class A5) | 4.000 | 01/25/49 | 2,026 | |||||||||||||
17,110 | g,i | JP Morgan Mortgage Trust Series - 2018 8 (Class A13) | 4.000 | 01/25/49 | 17,570 | |||||||||||||
11,226 | g,i | JP Morgan Mortgage Trust Series - 2018 9 (Class A13) | 4.000 | 02/25/49 | 11,525 | |||||||||||||
51,265 | g,i | JP Morgan Mortgage Trust Series - 2019 1 (Class A15) | 4.000 | 05/25/49 | 52,351 | |||||||||||||
14,373 | g,i | JP Morgan Mortgage Trust Series - 2019 1 (Class A3) | 4.000 | 05/25/49 | 14,823 | |||||||||||||
24,256 | g,i | JP Morgan Mortgage Trust Series - 2019 3 (Class B1) | 4.766 | 09/25/49 | 25,985 | |||||||||||||
86,051 | g,i | JP Morgan Mortgage Trust Series - 2019 INV1 (Class A11) | 1.098 | 10/25/49 | 86,152 | |||||||||||||
103,078 | g,i | JP Morgan Mortgage Trust Series - 2020 1 (Class B2) | 3.888 | 06/25/50 | 109,144 | |||||||||||||
680,000 | JPMBB Commercial Mortgage Securities Trust Series - 2014 C21 (Class A5) | 3.775 | 08/15/47 | 746,081 | ||||||||||||||
500,000 | i | JPMBB Commercial Mortgage Securities Trust Series - 2015 C29 (Class AS) | 3.917 | 05/15/48 | 551,479 | |||||||||||||
400,000 | i | JPMBB Commercial Mortgage Securities Trust Series - 2015 C29 (Class B) | 4.118 | 05/15/48 | 420,062 | |||||||||||||
500,000 | JPMBB Commercial Mortgage Securities Trust Series - 2015 C31 (Class AS) | 4.106 | 08/15/48 | 558,874 | ||||||||||||||
450,000 | i | JPMBB Commercial Mortgage Securities Trust Series - 2015 C31 (Class B) | 4.619 | 08/15/48 | 496,265 | |||||||||||||
500,000 | g,i | Manhattan West Series - 2020 1MW (Class B) | 2.335 | 09/10/39 | 521,980 | |||||||||||||
81,277 | i | Merrill Lynch Mortgage Investors Trust Series - 2006 WMC1 (Class A1B) | 2.278 | 01/25/37 | 77,640 | |||||||||||||
328,128 | i | Morgan Stanley Bank of America Merrill Lynch Trust Series - 2014 C14 (Class AS) | 4.384 | 02/15/47 | 357,377 | |||||||||||||
34,907 | i | Morgan Stanley Capital I Trust Series - 2004 HE6 (Class M1) | 0.973 | 08/25/34 | 34,455 | |||||||||||||
500,000 | g,i | Natixis Commercial Mortgage Securities Trust Series - 2019 MILE (Class A) | 1.659 | 07/15/36 | 498,144 | |||||||||||||
51,518 | g,i | New Residential Mortgage Loan Trust Series - 2015 1A (Class A3) | 3.750 | 05/28/52 | 54,776 | |||||||||||||
30,559 | g,i | OBX Trust Series - 2018 1 (Class A2) | 0.798 | 06/25/57 | 30,480 | |||||||||||||
17,388 | g,i | OBX Trust Series - 2018 EXP2 (Class 2A1A) | 0.898 | 07/25/58 | 17,362 | |||||||||||||
26,890 | g,i | Sequoia Mortgage Trust Series - 2015 2 (Class A1) | 3.500 | 05/25/45 | 27,522 |
111
TIAA-CREF LIFEFUNDS - Core Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ 90,185 | g,i | Sequoia Mortgage Trust Series - 2016 3 (Class A10) | 3.500 | % | 11/25/46 | $ | 91,015 | |||||||||||
47,405 | g,i | Sequoia Mortgage Trust Series - 2017 2 (Class A19) | 3.500 | 02/25/47 | 48,318 | |||||||||||||
45,319 | g,i | Sequoia Mortgage Trust Series - 2018 2 (Class A1) | 3.500 | 02/25/48 | 46,376 | |||||||||||||
141,821 | g,i | Sequoia Mortgage Trust Series - 2018 3 (Class A1) | 3.500 | 03/25/48 | 145,127 | |||||||||||||
18,473 | g,i | Sequoia Mortgage Trust Series - 2018 3 (Class A4) | 3.500 | 03/25/48 | 18,486 | |||||||||||||
22,819 | g,i | Sequoia Mortgage Trust Series - 2018 8 (Class A19) | 4.000 | 11/25/48 | 23,145 | |||||||||||||
32,826 | g,i | Sequoia Mortgage Trust Series - 2019 2 (Class A19) | 4.000 | 06/25/49 | 33,351 | |||||||||||||
65,651 | g,i | Sequoia Mortgage Trust Series - 2019 2 (Class A1) | 4.000 | 06/25/49 | 67,081 | |||||||||||||
595,534 | g,i | Sequoia Mortgage Trust Series - 2019 4 (Class A1) | 3.500 | 11/25/49 | 606,907 | |||||||||||||
219,923 | g,i | Sequoia Mortgage Trust Series - 2019 5 (Class A1) | 3.500 | 12/25/49 | 224,150 | |||||||||||||
123,707 | g,i | Sequoia Mortgage Trust Series - 2019 5 (Class A19) | 3.500 | 12/25/49 | 126,085 | |||||||||||||
109,669 | g,i | Sequoia Mortgage Trust Series - 2020 3 (Class A19) | 3.000 | 04/25/50 | 111,835 | |||||||||||||
41,734 | g,i | Shellpoint Co-Originator Trust Series - 2017 1 (Class A19) | 3.500 | 04/25/47 | 42,620 | |||||||||||||
13,590 | i | Structured Agency Credit Risk Debt Note (STACR) Series - 2015 DN1 (Class M3) | 4.298 | 01/25/25 | 13,724 | |||||||||||||
11,756 | i | STACR Series - 2015 HQ1 (Class M3) | 3.948 | 03/25/25 | 11,771 | |||||||||||||
12,977 | i | STACR Series - 2018 DNA1 (Class M2) | 1.948 | 07/25/30 | 12,866 | |||||||||||||
23,677 | i | STACR Series - 2018 HQA1 (Class M2) | 2.472 | 08/25/30 | 23,587 | |||||||||||||
4,928 | g,i | STACR Series - 2018 SPI4 (Class M2) | 4.481 | 11/25/48 | 4,928 | |||||||||||||
89,259 | g,i | STACR Series - 2019 HQA4 (Class M2) | 2.198 | 11/25/49 | 88,995 | |||||||||||||
40,000 | g,i | STACR Series - 2020 DNA2 (Class M2) | 1.998 | 02/25/50 | 39,755 | |||||||||||||
60,000 | g,i | STACR Series - 2020 HQA2 (Class M2) | 3.248 | 03/25/50 | 60,413 | |||||||||||||
675,000 | g,i | UBS-Barclays Commercial Mortgage Trust Series - 2013 C6 (Class B) | 3.875 | 04/10/46 | 671,331 | |||||||||||||
93,230 | g | VERUS A3 (Step Bond) Series - 2020 5 (Class A3) | 1.733 | 05/25/65 | 93,357 | |||||||||||||
100,000 | g,i | Verus Securitization Trust Series - 2019 2 (Class M1) | 3.781 | 05/25/59 | 100,198 | |||||||||||||
19,142 | g,i | Wells Fargo Mortgage Backed Securities Trust Series - 2019 2 (Class A17) | 4.000 | 04/25/49 | 19,436 | |||||||||||||
61,923 | g,i | Wells Fargo Mortgage Backed Securities Trust Series - 2019 4 (Class A1) | 3.500 | 09/25/49 | 63,885 | |||||||||||||
40,000 | WFRBS Commercial Mortgage Trust Series - 2013 C13 (Class AS) | 3.345 | 05/15/45 | 41,998 | ||||||||||||||
|
| |||||||||||||||||
TOTAL OTHER MORTGAGE BACKED |
| 18,375,520 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL STRUCTURED ASSETS | 35,443,024 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $34,620,351) | ||||||||||||||||||
TOTAL BONDS | 205,244,770 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $192,907,183) | ||||||||||||||||||
112
TIAA-CREF LIFEFUNDS - Core Bond Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
COMMON STOCKS - 0.0% | ||||||||||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||||||||||
12,155 | * | Cirque Du Soleil Holding USA Newco, Inc |
| $ | 42,542 | |||||||||||||
|
| |||||||||||||||||
TOTAL MEDIA & ENTERTAINMENT |
| 42,542 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL COMMON STOCKS | 42,542 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $63,509) | ||||||||||||||||||
PREFERRED STOCKS - 0.1% | ||||||||||||||||||
BANKS - 0.1% | ||||||||||||||||||
3,600 | * | Bank of America Corp |
| 95,580 | ||||||||||||||
5,517 | * | Federal Home Loan Mortgage Corp |
| 48,329 | ||||||||||||||
17,265 | * | Federal National Mortgage Association |
| 148,134 | ||||||||||||||
|
| |||||||||||||||||
TOTAL BANKS |
| 292,043 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL PREFERRED STOCKS | 292,043 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $659,550) | ||||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||||
SHORT-TERM INVESTMENTS - 13.7% | ||||||||||||||||||
GOVERNMENT AGENCY DEBT - 11.3% |
| |||||||||||||||||
$ 140,000 | Federal Farm Credit Bank (FFCB) | 0.070 | % | 01/20/21 | 139,996 | |||||||||||||
7,539,000 | Federal Home Loan Bank (FHLB) | 0.067 - 0.080 | 01/20/21 | 7,538,765 | ||||||||||||||
11,919,000 | FHLB | 0.080 | 01/27/21 | 11,918,467 | ||||||||||||||
5,000,000 | FHLB | 0.080 | 02/03/21 | 4,999,667 | ||||||||||||||
|
| |||||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 24,596,895 | ||||||||||||||||
|
| |||||||||||||||||
REPURCHASE AGREEMENT - 2.3% |
| |||||||||||||||||
4,985,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 01/04/21 | 4,985,000 | |||||||||||||
|
| |||||||||||||||||
TOTAL REPURCHASE AGREEMENT |
| 4,985,000 | ||||||||||||||||
|
| |||||||||||||||||
TREASURY DEBT - 0.1% |
| |||||||||||||||||
EGP 3,275,000 | Egypt Treasury Bill | 0.000 | 05/25/21 | 198,522 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TREASURY DEBT |
| 198,522 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 29,780,417 | |||||||||||||||||
|
| |||||||||||||||||
(Cost $29,780,748) | ||||||||||||||||||
TOTAL INVESTMENTS - 109.5% | 238,413,630 | |||||||||||||||||
(Cost $226,497,881) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (9.5)% | (20,590,393 | ) | ||||||||||||||||
|
| |||||||||||||||||
NET ASSETS - 100.0% | $ | 217,823,237 | ||||||||||||||||
|
|
Abbreviation(s):
EGP | Egyptian Pound |
EUR | Euro |
LIBOR | London Interbank Offered Rate |
M | Month |
REIT | Real Estate Investment Trust |
* | Non-income producing |
† | Security is categorized as Level 3 in the fair value hierarchy. |
‡ | Perpetual security |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $49,868,695 or 22.9% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
r | Agreement with Fixed Income Clearing Corp 0.050% dated 12/31/20 to be repurchased at $4,985,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $5,084,723. |
113
TIAA-CREF LIFE FUNDS - Money Market Fund
TIAA-CREF LIFE FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
SHORT-TERM INVESTMENTS - 104.5% | ||||||||||||||||||
GOVERNMENT AGENCY DEBT - 25.0% | ||||||||||||||||||
$1,500,000 | Federal Home Loan Bank (FHLB) | 0.010 | 01/04/21 | $ | 1,499,989 | |||||||||||||
2,275,000 | FHLB | 0.010 | 01/13/21 | 2,274,921 | ||||||||||||||
500,000 | FHLB | 0.010 | 01/19/21 | 499,980 | ||||||||||||||
241,000 | FHLB | 0.010 | 01/20/21 | 240,984 | ||||||||||||||
495,000 | FHLB | 0.010 | 01/22/21 | 494,975 | ||||||||||||||
300,000 | FHLB | 0.010 | 01/26/21 | 299,979 | ||||||||||||||
3,200,000 | FHLB | 0.010 | 01/27/21 | 3,199,804 | ||||||||||||||
500,000 | FHLB | 0.100 | 01/28/21 | 499,999 | ||||||||||||||
850,000 | FHLB | 0.100 | 02/03/21 | 849,998 | ||||||||||||||
1,000,000 | FHLB | 0.010 | 02/03/21 | 999,931 | ||||||||||||||
2,000,000 | FHLB | 0.010 | 02/05/21 | 1,999,780 | ||||||||||||||
1,000,000 | FHLB | 0.010 | 02/08/21 | 999,921 | ||||||||||||||
600,000 | FHLB | 0.010 | 02/09/21 | 599,935 | ||||||||||||||
694,000 | FHLB | 0.010 | 02/10/21 | 693,918 | ||||||||||||||
1,000,000 | FHLB | 0.010 | 02/17/21 | 999,896 | ||||||||||||||
1,264,000 | FHLB | 0.010 | 02/19/21 | 1,263,845 | ||||||||||||||
2,723,000 | FHLB | 0.010 | 02/24/21 | 2,722,647 | ||||||||||||||
1,640,000 | FHLB | 0.010 | 03/09/21 | 1,639,698 | ||||||||||||||
100,000 | FHLB | 0.010 | 03/10/21 | 99,981 | ||||||||||||||
2,000,000 | FHLB | 0.010 | 03/17/21 | 1,999,629 | ||||||||||||||
3,433,000 | FHLB | 0.010 | 03/19/21 | 3,432,343 | ||||||||||||||
460,000 | FHLB | 0.010 | 04/07/21 | 459,877 | ||||||||||||||
500,000 | FHLB | 0.010 | 05/26/21 | 499,819 | ||||||||||||||
500,000 | FHLB | 0.010 | 05/28/21 | 499,816 | ||||||||||||||
|
| |||||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 28,771,665 | |||||||||||||||||
|
| |||||||||||||||||
REPURCHASE AGREEMENT - 1.7% | ||||||||||||||||||
1,975,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 01/04/21 | 1,975,000 | |||||||||||||
|
| |||||||||||||||||
TOTAL REPURCHASE AGREEMENT | 1,975,000 | |||||||||||||||||
|
| |||||||||||||||||
TREASURY DEBT - 56.2% | ||||||||||||||||||
4,070,000 | United States Cash Management Bill | 0.010 | 01/05/21 | 4,069,958 | ||||||||||||||
1,452,000 | United States Cash Management Bill | 0.010 | 01/12/21 | 1,451,958 | ||||||||||||||
892,000 | United States Cash Management Bill | 0.010 | 01/26/21 | 891,937 | ||||||||||||||
2,666,000 | United States Cash Management Bill | 0.010 | 02/09/21 | 2,665,732 | ||||||||||||||
1,450,000 | United States Cash Management Bill | 0.010 | 02/16/21 | 1,449,862 | ||||||||||||||
1,452,000 | United States Cash Management Bill | 0.010 | 02/23/21 | 1,451,795 | ||||||||||||||
2,999,000 | United States Cash Management Bill | 0.010 | 03/02/21 | 2,998,587 | ||||||||||||||
1,000,000 | United States Cash Management Bill | 0.010 | 03/09/21 | 999,838 | ||||||||||||||
3,338,000 | United States Cash Management Bill | 0.010 | 03/16/21 | 3,337,383 | ||||||||||||||
5,271,000 | United States Cash Management Bill | 0.010 | 03/23/21 | 5,270,025 | ||||||||||||||
647,000 | United States Cash Management Bill | 0.010 | 03/30/21 | 646,870 | ||||||||||||||
1,911,000 | United States Cash Management Bill | 0.010 | 04/06/21 | 1,910,534 | ||||||||||||||
812,000 | United States Cash Management Bill | 0.010 | 04/13/21 | 811,814 | ||||||||||||||
4,332,000 | United States Cash Management Bill | 0.010 | 04/27/21 | 4,330,795 | ||||||||||||||
1,445,000 | United States Treasury Bill | 0.010 | 01/14/21 | 1,444,951 | ||||||||||||||
1,269,000 | United States Treasury Bill | 0.010 | 01/21/21 | 1,268,950 | ||||||||||||||
3,280,000 | United States Treasury Bill | 0.010 | 01/28/21 | 3,279,801 | ||||||||||||||
1,846,000 | United States Treasury Bill | 0.010 | 02/02/21 | 1,845,832 | ||||||||||||||
4,239,000 | United States Treasury Bill | 0.010 | 02/04/21 | 4,238,603 | ||||||||||||||
3,500,000 | United States Treasury Bill | 0.010 | 02/11/21 | 3,499,598 | ||||||||||||||
3,152,000 | United States Treasury Bill | 0.010 | 02/18/21 | 3,151,578 | ||||||||||||||
4,118,000 | United States Treasury Bill | 0.010 | 02/25/21 | 4,117,381 | ||||||||||||||
2,000,000 | United States Treasury Bill | 0.010 | 03/04/21 | 1,999,681 |
114
TIAA-CREF LIFE FUNDS - Money Market Fund
PRINCIPAL | ISSUER | REFERENCE | RATE | MATURITY DATE | VALUE | |||||||||||||
$1,500,000 | United States Treasury Bill | 0.010 | % | 03/11/21 | $ | 1,499,761 | ||||||||||||
2,000,000 | United States Treasury Bill | 0.010 | 03/18/21 | 1,999,663 | ||||||||||||||
1,000,000 | United States Treasury Bill | 0.010 | 03/25/21 | 999,793 | ||||||||||||||
2,421,000 | United States Treasury Bill | 0.010 | 04/01/21 | 2,420,584 | ||||||||||||||
27,000 | United States Treasury Bill | 0.010 | 04/22/21 | 26,993 | ||||||||||||||
500,000 | United States Treasury Bill | 0.010 | 04/29/21 | 499,840 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TREASURY DEBT | 64,580,097 | |||||||||||||||||
|
| |||||||||||||||||
VARIABLE RATE SECURITIES - 21.6% | ||||||||||||||||||
1,000,000 | i | Federal Agricultural Mortgage Corp (FAMC) | SOFR + 0.070% | 0.160 | 02/08/21 | 1,000,000 | ||||||||||||
500,000 | i | Federal Farm Credit Bank (FFCB) | US Treasury Bill 3 M + 0.160% | 0.255 | 01/19/21 | 499,998 | ||||||||||||
1,000,000 | i | FFCB | SOFR + 0.040% | 0.130 | 08/04/21 | 1,000,000 | ||||||||||||
1,000,000 | i | FFCB | SOFR + 0.055% | 0.145 | 10/15/21 | 1,000,000 | ||||||||||||
1,000,000 | i | FFCB | SOFR + 0.070% | 0.160 | 02/17/22 | 1,000,000 | ||||||||||||
1,000,000 | i | FFCB | SOFR + 0.040% | 0.130 | 06/01/22 | 999,964 | ||||||||||||
1,000,000 | i | FFCB | SOFR + 0.190% | 0.280 | 07/14/22 | 1,000,000 | ||||||||||||
1,000,000 | i | FFCB | SOFR + 0.045% | 0.135 | 09/08/22 | 999,915 | ||||||||||||
225,000 | i | FFCB | SOFR + 0.060% | 0.150 | 10/21/22 | 225,000 | ||||||||||||
1,000,000 | i | Federal Home Loan Bank (FHLB) | SOFR + 0.030% | 0.120 | 01/11/21 | 1,000,000 | ||||||||||||
1,000,000 | i | FHLB | SOFR + 0.040% | 0.130 | 02/26/21 | 1,000,000 | ||||||||||||
2,500,000 | i | FHLB | SOFR + 0.230% | 0.320 | 04/13/21 | 2,500,000 | ||||||||||||
1,000,000 | i | FHLB | SOFR + 0.070% | 0.160 | 04/21/21 | 1,000,000 | ||||||||||||
500,000 | i | FHLB | SOFR + 0.055% | 0.145 | 05/14/21 | 500,000 | ||||||||||||
2,000,000 | i | FHLB | SOFR + 0.120% | 0.210 | 10/13/21 | 2,000,000 | ||||||||||||
1,000,000 | i | FHLB | SOFR + 0.065% | 0.155 | 12/21/21 | 1,000,000 | ||||||||||||
1,000,000 | i | FHLB | SOFR + 0.080% | 0.170 | 02/22/22 | 1,000,000 | ||||||||||||
1,000,000 | i | FHLB | SOFR + 0.055% | 0.145 | 05/13/22 | 1,000,000 | ||||||||||||
500,000 | i | FHLB | SOFR + 0.090% | 0.180 | 05/26/22 | 500,000 | ||||||||||||
1,000,000 | i | FHLB | SOFR + 0.085% | 0.175 | 10/05/22 | 1,000,000 | ||||||||||||
650,000 | i | FHLB | SOFR + 0.060% | 0.150 | 12/08/22 | 650,000 | ||||||||||||
1,000,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | SOFR + 0.030% | 0.120 | 02/24/21 | 1,000,000 | ||||||||||||
1,000,000 | i | FHLMC | SOFR + 0.095% | 0.185 | 08/19/22 | 1,000,000 | ||||||||||||
2,000,000 | i | Federal National Mortgage Association (FNMA) | SOFR + 0.050% | 0.140 | 03/04/21 | 2,000,000 | ||||||||||||
|
| |||||||||||||||||
TOTAL VARIABLE RATE SECURITIES |
| 24,874,877 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 120,201,639 | ||||||||||||||||
|
| |||||||||||||||||
(Cost $120,201,639) | ||||||||||||||||||
TOTAL INVESTMENTS - 104.5% |
| 120,201,639 | ||||||||||||||||
(Cost $120,201,639) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (4.5)% |
| (5,162,784 | ) | |||||||||||||||
|
| |||||||||||||||||
NET ASSETS - 100.0% | $ | 115,038,855 | ||||||||||||||||
|
|
Abbreviation(s):
M | Month |
SOFR | Secure Overnight Financing Rate |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $1,975,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $2,014,538. |
115
TIAA-CREF LIFE FUNDS - Balanced Fund
TIAA-CREF LIFE FUNDS
BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2020
SHARES | SECURITY | VALUE | ||||||
TIAA-CREF LIFE FUNDS - 100.0%a |
| |||||||
FIXED INCOME - 49.4% |
| |||||||
3,298,273 | TIAA-CREF Life Core Bond Fund | $ | 36,610,836 | |||||
|
| |||||||
TOTAL FIXED INCOME | 36,610,836 | |||||||
|
| |||||||
INTERNATIONAL EQUITY - 10.1% |
| |||||||
815,108 | TIAA-CREF Life International Equity Fund | 7,515,292 | ||||||
|
| |||||||
TOTAL INTERNATIONAL EQUITY | 7,515,292 | |||||||
|
| |||||||
U.S. EQUITY - 40.5% |
| |||||||
319,406 | TIAA-CREF Life Growth Equity Fund | 6,988,602 | ||||||
350,942 | TIAA-CREF Life Growth & Income Fund | 7,510,165 | ||||||
429,004 | TIAA-CREF Life Large-Cap Value Fund | 6,520,868 | ||||||
103,694 | TIAA-CREF Life Real Estate Securities Fund | 1,506,668 | ||||||
106,223 | TIAA-CREF Life Small-Cap Equity Fund | 1,498,807 | ||||||
180,929 | TIAA-CREF Life Stock Index Fund | 5,994,176 | ||||||
|
| |||||||
TOTAL U.S. EQUITY | 30,019,286 | |||||||
|
| |||||||
TOTAL TIAA-CREF LIFE FUNDS | 74,145,414 | |||||||
|
| |||||||
(Cost $59,405,120) | ||||||||
TOTAL INVESTMENTS - 100.0% | 74,145,414 | |||||||
(Cost $59,405,120) | ||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 12,052 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 74,157,466 | ||||||
|
| |||||||
a | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
116
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of TIAA-CREF Life Funds and Shareholders of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Core Bond Fund (Formerly Bond Fund), Money Market Fund and Balanced Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Core Bond Fund (Formerly Bond Fund) and Money Market Fund, and portfolio of investments, of Balanced Fund, (constituting TIAA-CREF Life Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
February 19, 2021
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
117
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13. Exhibits.
13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers
13(a)(2)(i) Section 302 certification of the principal executive officer
13(a)(2)(ii) Section 302 certification of the principal financial officer
13(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIAA-CREF LIFE FUNDS | ||||||||
Dated: February 19, 2021 | By: | /s/ Bradley Finkle | ||||||
Bradley Finkle | ||||||||
Principal Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Dated: February 19, 2021 | By: | /s/ Bradley Finkle | ||||
Bradley Finkle | ||||||
Principal Executive Officer and President (principal executive officer) | ||||||
Dated: February 19, 2021 | By: | /s/ E. Scott Wickerham | ||||
E. Scott Wickerham | ||||||
Principal Financial Officer, Principal Accounting Officer and Treasurer | ||||||
(principal financial officer) |