N-CSR

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. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

College Retirement Equities Fund

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, 2022

Item 1. Reports to Stockholders.

Annual

Report

December

31,

2022

College

Retirement

Equities

Fund

Account

name

Class

R1

Class

R2

Class

R3

Class

R4

Stock

Account

QCSTRX

QCSTPX

QCSTIX

QCSTFX

Global

Equities

Account

QCGLRX

QCGLPX

QCGLIX

QCGLFX

Growth

Account

QCGRRX

QCGRPX

QCGRIX

QCGRFX

Equity

Index

Account

QCEQRX

QCEQPX

QCEQIX

QCEQFX

Core

Bond

Account

QCBMRX

QCBMPX

QCBMIX

QCBMFX

Inflation-Linked

Bond

Account

QCILRX

QCILPX

QCILIX

QCILFX

Social

Choice

Account

QCSCRX

QCSCPX

QCSCIX

QSCCFX

Money

Market

Account

QCMMRX

QCMMPX

QCMMIX

QCMMFX

Contents

Understanding

this

report

3

Letter

to

CREF

participants

4

About

the

accounts’

benchmarks

6

Account

performance

Portfolio

managers’

comments

7

CREF

Stock

Account

12

CREF

Global

Equities

Account

14

CREF

Growth

Account

16

CREF

Equity

Index

Account

18

CREF

Core

Bond

Account

20

CREF

Inflation-Linked

Bond

Account

22

CREF

Social

Choice

Account

24

CREF

Money

Market

Account

26

Expense

examples

28

Summary

portfolio

of

investments

33

Audited

financial

statements

Statements

of

assets

and

liabilities

54

Statements

of

operations

56

Statements

of

changes

in

net

assets

58

Financial

highlights

62

Notes

to

financial

statements

78

Report

of

independent

registered

public

accounting

firm

90

2022

participant

meeting

91

Additional

account

information

92

Trustees

and

officers

93

Additional

information

about

index

providers

96

How

to

reach

us

Inside

back

cover

3

College

Retirement

Equities

Fund

2022

Annual

Report

Understanding

this

report

This

annual

report

contains

information

about

the

CREF

variable

annuity

accounts

and

describes

their

results

for

the

twelve

months

ended

December

31,

2022

.

The

report

contains

four

main

sections:

A

letter

to

participants

from

Colbert

G.

Narcisse,

President

and

Chief

Executive

Officer

of

CREF.

The

account

performance

section

compares

each

account’s

investment

returns

with

those

of

its

benchmark

index.

The

portfolios

of

investments

list

the

industries

and

types

of

securities

in

which

each

account

had

investments

as

of

December

31,

2022

.

The

financial

statements

provide

detailed

information

about

the

operations

and

financial

condition

of

each

account.

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

account,

please

read

the

latest

prospectus.

As

always,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

account

before

investing.

For

a

prospectus

that

contains

this

and

other

important

information,

please

visit

our

website

at

TIAA.org,

or

call

877-518-9161.

We

urge

you

to

read

the

prospectus

carefully

before

investing.

Letter

to

CREF

participants

4

2022

Annual

Report

College

Retirement

Equities

Fund

Colbert

Narcisse

Navigating

through

uncertainty

The

past

year

was

a

challenging

one

for

investors

trying

to

make

sense

of

geopolitical

events,

higher

inflation

and

a

slowdown

in

global

economic

growth.

Although

inflation

and

rising

interest

rates

certainly

posed

concerns,

other

economic

trends

were

strong.

The

unemployment

rate

remained

at

historically

low

levels,

and

consumer

spending,

which

drives

economic

growth,

was

resilient.

During

periods

of

uncertainty,

we

maintain

that

investors

should

remain

focused

on

their

long-term

financial

goals.

Even

the

most

seasoned

financial

professionals

know

that

predicting

future

market

movements

is

tricky

at

best,

and

that

a

wiser

strategy

is

to

have

a

well-thought-out

plan.

At

TIAA,

we

believe

that

having

the

patience

and

confidence

to

remain

invested

in

a

well-balanced

portfolio,

diversified

among

various

asset

classes,

is

a

prudent

way

to

navigate

through

the

market’s

ups

and

downs

and

help

you

to

reach

your

financial

goals.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

The

markets

and

economy

in

2022

Domestic

and

international

stock

markets

lost

ground

in

2022

as

higher

global

inflation

and

rising

interest

rates

caused

concern

among

investors.

The

U.S.

economy

contracted

during

the

first

half

of

the

year

but

returned

to

growth

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

economy

of

the

19-nation

euro

area

expanded

at

a

moderate

pace,

although

growth

decelerated

throughout

the

year.

China’s

economy

also

grew—albeit

at

a

slower

pace

than

in

previous

years—during

the

twelve-month

period,

despite

restrictions

intended

to

limit

the

spread

of

COVID-19.

Central

banks

around

the

world

reacted

to

inflation

concerns

by

aggressively

tightening

monetary

policies.

The

U.S.

Federal

Reserve

increased

the

federal

funds

target

rate

to

4.25%–4.50%

by

December

2022.

The

European

Central

Bank

and

the

Bank

of

England

also

continued

to

raise

their

benchmark

interest

rates.

Returns

for

the

five

CREF

accounts

that

invest

primarily

in

stocks

ranged

from

−15.6%

for

the

Social

Choice

Account

to

−32.5%

for

the

Growth

Account.

The

Inflation-Linked

Bond

Account

returned

−6.5%,

and

the

Core

Bond

Account

returned

−13.3%.

The

Money

Market

Account

produced

a

positive

return

of

0.9%.

Most

accounts

underperformed

their

respective

benchmarks

for

the

twelve-

month

period.

All

account

returns

are

for

Class

R1.

Stocks

and

bonds

both

recorded

losses

For

the

twelve-month

period,

domestic

equities,

as

measured

by

the

Russell

3000

Index,

returned

−19.2%.

Foreign

stocks,

as

represented

by

the

MSCI

EAFE®

Index,

returned

−14.5%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−13.0%.

Yields

on

U.S.

fixed-income

securities

of

all

maturities

rose,

driving

bond

prices

lower

(bond

yields

move

in

the

opposite

direction

of

prices).

CREF

performance

review

In

a

difficult

period

for

financial

markets,

nearly

all

of

the

CREF

accounts

lost

ground.

Overall,

stocks

trailed

bonds,

and

domestic

equities

underperformed

foreign

stocks.

5

College

Retirement

Equities

Fund

2022

Annual

Report

The

Social

Choice

Account,

which

excludes

certain

stocks

and

bonds

due

to

environmental,

social

and

governance

criteria,

returned

−15.6%

and

trailed

its

composite

benchmark.

The

Stock

Account,

the

largest

CREF

account

in

terms

of

net

assets,

returned

−18.6%

and

lagged

its

composite

benchmark.

The

Global

Equities

Account

returned

−18.7%

and

underperformed

the

MSCI

All

Country

World

Index.

The

Equity

Index

Account

returned

−19.4%

and

lagged

the

Russell

3000®

Index

by

a

small

margin.

The

Growth

Account

returned

−32.5%

and

trailed

the

Russell

1000®

Growth

Index.

Among

fixed-income

accounts,

the

Inflation-Linked

Bond

Account

returned

−6.5%,

outperforming

the

Bloomberg

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

1–10

Year

Index.

The

Core

Bond

Account

returned

−13.3%,

lagging

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Account

gained

0.9%

but

trailed

the

iMoneyNet

Money

Fund

Averages™—All

Government.

For

more

information

regarding

the

performance

of

the

CREF

accounts,

please

see

the

commentaries

starting

on

page

7.

TIAA

is

here

to

help

If

you

have

any

questions

or

concerns

about

your

investments,

we

encourage

you

to

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

happy

to

help

you.

Colbert

G.

Narcisse

President

and

Chief

Executive

Officer

of

CREF

About

the

accounts’

benchmarks

6

2022

Annual

Report

College

Retirement

Equities

Fund

CREF

Stock

Account

The

Account’s

composite

benchmark

is

a

weighted

average

of

two

unmanaged

indexes:

the

Russell

3000®

Index,

which

measures

the

performance

of

the

broad

U.S.

stock

market,

and

the

MSCI

All

Country

World

(ACWI)

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

small-,

mid-

and

large-cap

stocks

in

46

developed-

and

emerging-markets

nations

throughout

the

world,

excluding

the

United

States.

The

Morningstar

Aggressive

Target

Risk

Index

is

a

broad-based

securities

market

index

for

the

Stock

Account

and

has

a

95%

global

equity

market

exposure

and

a

multi-asset

class

exposure

that

is

similar

to

the

Stock

Account.

CREF

Global

Equities

Account

The

Account’s

benchmark

is

the

MSCI

All

Country

World

Index

(ACWI),

which

measures

the

performance

of

large-

and

mid-

capitalization

stocks

in

23

developed-markets

countries

and

24

emerging-markets

countries.

CREF

Growth

Account

The

Account’s

benchmark

is

the

Russell

1000®

Growth

Index,

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.

CREF

Equity

Index

Account

The

Account’s

benchmark

is

the

Russell

3000

Index,

which

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.

CREF

Core

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

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.

CREF

Inflation-Linked

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index,

which

measures

the

performance

of

fixed-income

securities

with

maturities

between

1

and

10

years

that

are

adjusted

for

inflation,

as

measured

by

the

Consumer

Price

Index

for

All

Urban

Consumers

(CPI-U).

CREF

Social

Choice

Account

The

Account’s

composite

benchmark

is

a

weighted

average

of

three

unmanaged

indexes:

the

Russell

3000

Index,

which

measures

the

performance

of

the

broad

U.S.

stock

market;

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

measures

the

performance

of

the

domestic

investment-grade

fixed-rate

bond

market;

and

the

MSCI

EAFE+Canada

Index,

which

measures

stock

performance

in

22

developed-markets

nations,

excluding

the

United

States.

The

Morningstar

Moderate

Target

Risk

Index

is

a

broad-based

securities

market

index

for

the

Social

Choice

Account.

The

index

has

a

multi-asset

class

exposure

(60%

global

equity,

40%

global

fixed

income)

that

is

similar

to

the

Social

Choice

Account.

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

accounts’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

EAFE

stands

for

Europe,

Australasia,

Far

East.

Portfolio

managers’

comments

7

College

Retirement

Equities

Fund

2022

Annual

Report

Stock

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Stock

Account returned -18.62%

for

the

year,

compared

with

the

-18.17% return

of

the

CREF

Stock

Account

Composite

Benchmark.

(All

returns

for

the

Account

are

for

Class

R1.)

The

CREF

Stock

Account

Composite

Benchmark

is

a

weighted

average

of

the

Russell

3000®

Index

and

the

MSCI

All

Country

World

(ACWI)

ex

USA

Investable

Market

Index

(IMI).

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−19.21%

for

the

period.

International

stocks

in

both

developed-

and

emerging-markets

countries

declined

over

the

twelve-month

period;

however,

many

foreign

economies

continued

to

grow.

China’s

economy

expanded

at

a

moderate

pace,

despite

restrictions

intended

to

limit

the

spread

of

COVID-19.

The

economy

of

the

19-nation

euro

area

also

grew

at

a

moderate

pace,

although

inflation

levels

remained

elevated

throughout

the

year.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Account

trailed

its

composite

benchmark

The

Account’s

management

team

typically

uses

a

combination

of

three

different

investment

strategies—active

management,

quantitative

management

and

indexing—which,

in

turn,

invest

in

both

domestic

and

foreign

stocks.

For

the

twelve-month

period,

the

Account

trailed

its

composite

benchmark,

primarily

due

to

underperformance

in

the

international

portfolios.

Within

the

Account’s

international

investments,

both

the

actively

managed

sub-strategies

and

research

sub-strategies

underperformed

in

aggregate.

The

Account’s

EM

portfolio

also

lagged

the

MSCI

Emerging

Markets

Index,

while

the

global

portion

of

the

portfolio

was

flat

for

the

year.

In

the

United

States,

the

primary

detractors

were

the

actively

managed

growth

sub-strategies.

However,

underperformance

in

the

Account’s

active

U.S.

sub-strategies

was

predominantly

offset

by

outperformance

from

domestic

small-cap

quantitative

sub-strategies.

Notable

outperformers

for

the

year

included

the

dividend

growth

and

European

research

sub-strategies.

The

Account’s

returns

may

sometimes

diverge

from

the

returns

of

its

benchmark

more

than

would

be

expected.

This

divergence

may

be

the

result

of

the

Account’s

fair

value

pricing

adjustments

or

of

the

timing

of

foreign

currency

valuations.

Many

foreign

exchanges

close

for

trading

before

the

Account’s

accumulation

unit

value

(AUV)

is

calculated

(see

the

current

CREF

prospectus

for

more

details

on

AUV

calculations).

In

the

intervening

hours,

the

values

of

foreign

securities

can

change,

and

these

changes

are

not

reflected

immediately

in

the

returns

of

the

Account’s

benchmark.

These

changes

are,

however,

taken

into

account

to

value

the

Account’s

portfolio

holdings

at

the

time

the

Account’s

AUV

is

calculated;

these

are

known

as

fair

value

pricing

adjustments.

Global

Equities

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Global

Equities

Account returned -18.65%

for

the

year,

compared

with

the

-18.36% return

of

its

benchmark,

the

MSCI

All

Country

World

Index.

(All

returns

for

the

Account

are

for

Class

R1.)

International

stocks

in

both

developed-

and

emerging-markets

countries

declined

over

the

twelve-month

period;

however,

many

foreign

economies

continued

to

grow.

China’s

economy

expanded

at

a

moderate

pace,

despite

restrictions

intended

to

limit

the

spread

of

COVID-19.

The

economy

of

the

19-nation

euro

area

also

grew

at

a

moderate

pace,

although

inflation

levels

remained

elevated

throughout

the

year.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

The

majority

of

the

countries

represented

in

the

MSCI

ACWI

posted

losses

in

U.S.-dollar

terms

for

the

period.

In

local-

currency

terms,

the

returns

of

most

countries

were

higher

than

their

U.S.-dollar

returns.

Portfolio

managers’

comments

8

2022

Annual

Report

College

Retirement

Equities

Fund

continued

Account

trailed

its

benchmark

The

Account

underperformed

its

benchmark

for

the

twelve-month

period,

in

part

due

to

the

effect

of

expenses.

An

overweight

position

in

Sony

Group

was

the

largest

detractor

as

the

stock

declined

amid

a

global

sell-off

in

technology

issues.

An

overweight

holding

in

Japanese

human

resources

company

Recruit

Holdings

also

negatively

impacted

the

Account’s

relative

return,

as

did

an

overweight

in

U.S.

software

service

provider

ServiceNow.

In

contrast,

several

other

positions

generated

favorable

results

for

the

year,

helping

to

offset

these

detractors.

They

included

overweight

holdings

in

energy

companies

ExxonMobil

and

Equinor,

both

of

which

benefited

from

higher

oil

prices.

An

underweight

in

Meta

Platforms

(Facebook),

which

fell

sharply

for

the

year,

also

aided

relative

performance.

The

Account’s

returns

may

sometimes

diverge

from

the

returns

of

its

benchmark

more

than

would

be

expected.

This

divergence

may

be

the

result

of

the

Account’s

fair

value

pricing

adjustments

or

of

the

timing

of

foreign

currency

valuations.

Many

foreign

exchanges

close

for

trading

before

the

Account’s

accumulation

unit

value

(AUV)

is

calculated

(see

the

current

CREF

prospectus

for

more

details

on

AUV

calculations).

In

the

intervening

hours,

the

values

of

foreign

securities

can

change,

and

these

changes

are

not

reflected

immediately

in

the

returns

of

the

Account’s

benchmark.

These

changes

are,

however,

taken

into

account

to

value

the

Account’s

portfolio

holdings

at

the

time

the

Account’s

AUV

is

calculated;

these

are

known

as

fair

value

pricing

adjustments.

Growth

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Growth

Account returned -32.48%

for

the

year,

compared

with

the

-29.14% return

of

its

benchmark,

the

Russell

1000®

Growth

Index.

(All

returns

for

the

Account

are

for

Class

R1.)

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Account

trailed

its

benchmark

Nine

of

the

eleven

industry

sectors

in

the

Russell

1000

Growth

Index

posted

losses

for

the

twelve

months.

Communication

services

(down

48.8%)

and

consumer

discretionary

(down

41.8%)

were

the

worst-performing

sectors.

Next

in

line

was

information

technology

(down

30.3%)—the

index’s

largest

component—which

accounted

for

over

45.0%

of

the

benchmark’s

decline.

Together,

these

three

sectors

represented

more

than

70.0%

of

the

index’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

54.0%)

generated

an

outsized

gain,

and

utilities

(up

2.9%)

advanced

modestly;

however,

these

sectors

made

minimal

contributions

to

the

overall

return

given

their

low

representation

in

the

index.

The

Account

underperformed

its

benchmark

for

the

year

as

certain

stock

selections

did

not

perform

as

expected.

The

largest

detractors

were

overweight

positions

in

business

software

firm

Salesforce

and

orthodontics

supplier

Align

Technology.

Shares

of

Salesforce

fell

sharply

as

corporate

IT

managers

became

more

cautious

in

their

spending

decisions.

Align

Technology

was

hurt

by

slowing

demand

and

strength

in

the

U.S.

dollar,

which

reduced

the

company’s

international

revenues

when

reported

in

U.S.-dollar

terms.

The

next-largest

detractor

was

an

underweight

position

in

Apple.

On

the

positive

side,

the

largest

contributor

was

an

underweight

position

in

Netflix,

which

was

exceptionally

weak

amid

unfavorable

trends

in

subscription

growth.

Next

came

overweight

positions

in

Monster

Beverage

and

biotechnology

company

Horizon

Therapeutics,

both

of

which

posted

gains.

Equity

Index

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Equity

Index

Account returned -19.42%

for

the

year,

compared

with

the

-19.21% return

of

its

benchmark,

the

Russell

3000®

Index.

(All

returns

for

the

Account

are

for

Class

R1.)

For

the

twelve-month

period,

the

Account’s

return

underperformed

that

of

its

benchmark

index

due

to

the

effect

of

expenses.

The

Account’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

The

Account

had

a

risk

profile

similar

to

that

of

its

benchmark.

9

College

Retirement

Equities

Fund

2022

Annual

Report

Portfolio

managers’

comments

continued

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

declined

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

negative

returns

for

the

twelve

months.

Communication

services

(down

40.1%)

was

the

worst-performing

sector,

driven

by

steep

losses

in

a

number

of

large

media

and

entertainment

stocks.

Next

came

consumer

discretionary

(down

36.2%)

and

information

technology

(down

30.0%)—the

index’s

biggest

sector

and

the

largest

detractor

from

its

return.

Together,

these

three

sectors

accounted

for

more

than

45.0%

of

the

index’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

63.3%)

was

the

best

performer,

followed

by

the

defensive

utilities

(up

1.2%)

and

consumer

staples

(down

1.2%)

sectors.

For

the

twelve-month

period,

only

one

of

the

five

largest

stocks

in

the

Russell

3000

Index

produced

a

return

that

exceeded

the

overall

return

of

the

index.

That

stock

was

multinational

conglomerate

Berkshire

Hathaway,

which

generated

a

modest

gain

as

the

company’s

operating

profits

grew

and

its

investments

in

the

energy

sector

performed

well.

Among

the

remaining

four

stocks,

Amazon.com

was

weakest

amid

a

slowdown

in

online

shopping.

The

next-worst

performers

were

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

Core

Bond

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Core

Bond

Account returned -13.32%

for

the

year,

compared

with

the

-13.01% return

of

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index.

(All

returns

for

the

Account

are

for

Class

R1.)

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

Yields

on

U.S.

Treasury

bonds

of

all

maturities

rose,

though

increases

were

most

pronounced

among

shorter-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Account

trailed

its

benchmark

All

sectors

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

declined

for

the

twelve-month

period

due

to

the

dramatic

rise

in

bond

yields.

U.S.

Treasuries,

the

largest

sector

in

the

benchmark

with

a

weight

of

40.1%,

returned

−12.5%.

Mortgage-backed

securities

(MBS),

the

second-largest

sector

accounting

for

27.3%

of

the

index’s

total

market

capitalization

on

December

31,

2022,

returned

−11.8%.

Corporate

bonds—the

index’s

third-largest

sector

at

24.5%—experienced

a

more

substantial

decline

of

−15.8%.

Commercial

mortgage-backed

securities

(CMBS)

and

asset-backed

securities

(ABS)

returned

−10.9%

and

−4.3%,

respectively.

The

Account

trailed

its

benchmark

for

the

twelve-month

period,

primarily

due

to

an

overweight

position

in

corporate

bonds—

including

small

allocations

to

emerging-markets

and

high-yield

corporates—which

adversely

affected

the

Account’s

relative

return.

Overweight

holdings

in

the

CMBS

and

ABS

sectors

also

detracted

from

performance

for

the

period.

Security

selection

was

negative

in

the

banking

and

media/entertainment

areas

of

investment-grade

credit,

and

this

also

weighed

on

relative

performance.

Conversely,

the

Account’s

shorter-than-benchmark

duration

bolstered

performance

relative

to

the

benchmark.

Security

selection

within

the

MBS

sector

also

contributed

favorably

to

the

Account’s

relative

return.

Portfolio

managers’

comments

10

2022

Annual

Report

College

Retirement

Equities

Fund

continued

Inflation-Linked

Bond

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Inflation-Linked

Bond

Account returned -6.53%

for

the

year,

compared

with

the

-7.34% return

of

its

benchmark,

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

(All

returns

for

the

Account

are

for

Class

R1.)

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

Yields

on

U.S.

Treasury

bonds

of

all

maturities

rose,

though

increases

were

most

pronounced

among

shorter-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Account

outperformed

its

benchmark

For

the

twelve-month

period,

the

TIPS

1–10

Year

Index

outperformed

the

−13.01%

return

of

the

broad

domestic

investment-

grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Yields

on

bonds

of

all

maturities

rose

during

the

period,

although

short-

and

intermediate-term

yields

had

the

largest

increases

on

a

percentage

basis.

The

higher

yields

reflected

investor

concerns

about

the

sharp

increase

in

inflation

seen

over

the

first

half

of

2022.

As

a

result,

bond

performance

was

generally

negative.

However,

these

developments

were

more

favorable

for

Treasury

inflation-protected

securities

(TIPS),

which

outperformed

most

other

bond

sectors

for

the

twelve-month

period.

The

Account

outperformed

its

benchmark

for

the

twelve-month

period.

The

Account’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

The

Account

outperformed

the

TIPS

index

primarily

due

to

favorable

yield

curve

positioning,

as

well

as

a

shorter

duration

position,

in

the

U.S.

Treasuries

sector,

which

accounted

for

the

vast

majority

of

the

Account’s

overall

holdings

as

of

year-end.

By

contrast,

out-of-benchmark

allocations

in

the

mortgage-backed

securities

and

corporate

bond

sectors

detracted

from

the

Account’s

relative

performance.

Social

Choice

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Social

Choice

Account returned -15.64%

for

the

year,

compared

with

the

-15.56% return

of

the

CREF

Social

Choice

Account

Composite

Benchmark.

(All

returns

for

the

Account

are

for

Class

R1.)

The

CREF

Social

Choice

Account

Composite

Benchmark

is

a

weighted

average

of

the

Russell

3000®

Index,

the

MSCI

EAFE+Canada

Index

and

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Account

utilizes

environmental,

social

and

governance

(ESG)

criteria,

while

the

benchmark

does

not.

Because

of

its

ESG

criteria,

the

Account

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

Account

underperformed

its

benchmark.

Relative

to

the

Russell

3000

Index,

the

performance

of

the

Account’s

domestic

equity

component

was

hurt

most

by

the

exclusion

of

ExxonMobil,

multinational

conglomerate

Berkshire

Hathaway

and

Johnson

&

Johnson.

By

contrast,

avoiding

Amazon.com,

Meta

Platforms

(Facebook)

and

Alphabet

(the

parent

company

of

Google)

helped

the

most.

Compared

to

the

MSCI

EAFE+Canada

Index,

the

Account’s

international

holdings

were

hurt

most

by

avoiding

Australian

mining

company

BHP

Group,

Japan’s

Mitsubishi

UFJ

Financial

and

Swiss

commodities

firm

Glencore.

Alternatively,

omitting

Singaporean

technology

conglomerate

Sea,

Japanese

motor

manufacturer

Nidec

and

Dutch

digital-payments

processor

Adyen

were

the

most

beneficial.

Account

trailed

its

benchmark

To

compensate

for

the

Account’s

exclusion

of

some

stocks,

its

managers

use

quantitative

(mathematical)

modeling

and

other

techniques

in

an

attempt

to

match

the

overall

investment

characteristics

of

the

portfolio

with

those

of

its

composite

benchmark.

Relative

to

the

Russell

3000

Index,

the

Account’s

domestic

equity

holdings

were

hindered

most

by

an

underweight

position

in

Chevron

and

overweight

positions

in

identity-verification

provider

Okta

and

PayPal

Holdings.

Conversely,

overweight

holdings

in

ConocoPhillips,

oilfield

services

company

SLB

(Schlumberger)

and

Marathon

Oil

made

the

largest

contributions

to

the

Account’s

performance

relative

to

its

benchmark.

11

College

Retirement

Equities

Fund

2022

Annual

Report

Portfolio

managers’

comments

concluded

Compared

with

the

MSCI

EAFE+Canada

Index,

an

underweight

position

in

British

oil

producer

Shell,

an

overweight

position

in

Canadian

e-commerce

firm

Shopify

and

an

underweight

position

in

Swiss

drug

maker

Novartis

detracted

most.

In

contrast,

overweight

positions

in

Canada’s

Cenovus

Energy,

Canadian

mining

company

Teck

Resources

and

Norwegian

petroleum

refiner

Equinor

contributed

most

to

relative

performance.

The

Account’s

fixed-income

component

trailed

the

Bloomberg

U.S.

Aggregate

Bond

Index,

primarily

due

to

an

overweight

position

in

the

corporate

bond

sector,

which

performed

poorly.

Account

holdings

in

the

municipals

and

government

credit

sectors

also

detracted.

Money

Market

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Money

Market

Account returned 0.87%

for

the

year,

compared

with

the

1.33% return

of

its

benchmark,

the

iMoneyNet

Money

Fund

Averages™—All

Government.

(All

returns

for

the

Account

are

for

Class

R1.)

The

iMoneyNet

average

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

short-term

U.S.

government

securities.

The

iMoneyNet

average

is

not

an

index,

and

its

return

reflects

the

deduction

of

expenses

charged

by

the

funds

included

in

the

average.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

Yields

on

U.S.

Treasury

bonds

of

all

maturities

rose,

though

increases

were

most

pronounced

among

shorter-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Although

inflation

continues

to

present

an

economic

challenge

for

the

United

States,

the

increase

in

short-term

bond

yields

during

the

period

was

a

positive

sign

for

money

market

investments.

Moreover,

the

Fed’s

monetary

policy

of

keeping

rates

elevated

until

inflation

subsides

should

continue

to

bode

well

for

yields

on

the

short-term

government

securities

in

which

the

Account

invests.

Variable-rate

debt

securities,

which

made

up

approximately

one-third

of

the

Account’s

portfolio

at

period-end,

stand

to

benefit,

should

short-term

interest

rates

continue

to

increase.

The

“secured

overnight

financing

rate”

(SOFR)—which

represents

dealer

transactions

in

Treasury

collateralized

overnight

repurchase

agreements—increased

from

0.05%

on

January

3,

2022,

to

4.30%

on

December

30,

2022.

Account

trailed

its

benchmark

For

the

twelve-month

period,

the

Money

Market

Account’s

return

underperformed

the

iMoneyNet

average,

primarily

due

to

expenses.

The

Account

continued

to

invest

in

variable-rate

government

agency

securities,

which

provide

a

yield

enhancement

over

short-term

fixed-rate

securities.

As

of

December

27,

2022,

the

Account’s

weighted

average

maturity

(WAM)

was

33

days,

versus

14

days

for

the

iMoneyNet

average.

iMoneyNet

releases

their

data

on

a

weekly

basis,

and

December

27

was

the

last

date

of

release

for

the

month.

CREF

Stock

Account

12

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

values

of

the

Account's

composite

benchmark

and

broad

market

index

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Stock

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

7/31/1952

-

18

.62

%

5

.42

%

8

.89

%

0

.455

%

Class

R2

4/24/2015

-

18

.49

5

.60

9

.06

†

0

.290

Class

R3

4/24/2015

-

18

.45

5

.65

9

.12

†

0

.230

Class

R4

9/16/2022

-

18

.42

^

5

.66

^

9

.12

^

0

.110

Broad

market

index

Morningstar

Aggressive

Target

Risk

Index

–

-

15

.93

5

.25

8

.38

–

CREF

Stock

Account

Composite

Index

‡

–

-

18

.17

6

.39

9

.68

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

‡

As

of

the

close

of

business

on

December

31,

2022,

the

CREF

Stock

Account

Composite

Benchmark

consisted

of:

65.0%

Russell

3000®

Index

and

35.0%

MSCI

ACWI

ex

USA

IMI.

The

Account’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

13

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Stock

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

as

of

12/31/2022

Net

assets

$

104.89

billion

Portfolio

turnover

rate

41%

Number

of

holdings

9,616

Weighted

median

market

capitalization

$75.02

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

17.9

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

19.9

Financials

14.8

Health

care

13.1

Industrials

11.2

Consumer

discretionary

10.9

Consumer

staples

7.1

Energy

5.8

Communication

services

5.3

Materials

5.2

Real

estate

2.8

Utilities

2.8

Short-term

investments,

other

assets

&

liabilities,

net

1.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

57.3

More

than

$15

billion-$50

billion

21.7

More

than

$2

billion-$15

billion

16.7

$2

billion

or

less

4.3

Total

100.0

%

of

portfolio

investments

as

of

12/31/2022

United

States

62.6

Japan

5.0

United

Kingdom

3.7

China

2.8

Canada

2.7

France

2.5

Germany

2.1

Australia

1.8

Netherlands

1.8

Taiwan

1.5

68

other

nations

11.6

Short-term

investments

1.9

Total

100.0

CREF

Global

Equities

Account

14

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Global

Equities

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

5/1/1992

-

18

.65

%

5

.17

%

8

.24

%

0

.445

%

Class

R2

4/24/2015

-

18

.53

5

.35

8

.42

†

0

.280

Class

R3

4/24/2015

-

18

.49

5

.40

8

.47

†

0

.220

Class

R4

9/16/2022

-

18

.45

^

5

.41

^

8

.48

^

0

.100

MSCI

All

Country

World

Index

–

-

18

.36

5

.23

7

.98

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

15

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Global

Equities

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

as

of

12/31/2022

Net

assets

$

21.77

billion

Portfolio

turnover

rate

36%

Number

of

holdings

2,478

Weighted

median

market

capitalization

$100.06

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

17.8

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

20.2

Health

care

14.2

Financials

13.7

Consumer

discretionary

10.9

Industrials

10.2

Consumer

staples

8.1

Energy

6.7

Materials

6.2

Communication

services

5.0

Utilities

2.0

Real

estate

1.0

Short-term

investments,

other

assets

&

liabilities,

net

1.8

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

66.9

More

than

$15

billion-$50

billion

23.4

More

than

$2

billion-$15

billion

9.1

$2

billion

or

less

0.6

Total

100.0

%

of

portfolio

investments

as

of

12/31/2022

United

States

60.8

Japan

5.1

United

Kingdom

4.1

Canada

2.7

France

2.7

China

2.6

Netherlands

2.5

Germany

2.4

Taiwan

1.8

Australia

1.7

41

other

nations

10.8

Short-term

investments

2.8

Total

100.0

CREF

Growth

Account

16

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Growth

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/29/1994

-

32

.48

%

7

.81

%

12

.32

%

0

.430

%

Class

R2

4/24/2015

-

32

.37

8

.00

12

.50

†

0

.265

Class

R3

4/24/2015

-

32

.34

8

.05

12

.56

†

0

.205

Class

R4

9/16/2022

-

32

.31

^

8

.06

^

12

.57

^

0

.085

Russell

1000®

Growth

Index

–

-

29

.14

10

.96

14

.10

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

17

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Growth

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

24.97

billion

Portfolio

turnover

rate

41%

Number

of

holdings

106

Weighted

median

market

capitalization

$202.08

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

29.0

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

41.1

Health

care

14.7

Consumer

discretionary

13.9

Industrials

7.5

Consumer

staples

7.0

Communication

services

6.0

Energy

3.6

Financials

2.9

Materials

2.5

Real

estate

0.4

Short-term

investments,

other

assets

&

liabilities,

net

0.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

81.4

More

than

$15

billion-$50

billion

16.7

More

than

$2

billion-$15

billion

1.7

$2

billion

or

less

0.2

Total

100.0

CREF

Equity

Index

Account

18

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Equity

Index

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/29/1994

-

19

.42

%

8

.38

%

11

.65

%

0

.385

%

Class

R2

4/24/2015

-

19

.29

8

.57

11

.83

†

0

.220

Class

R3

4/24/2015

-

19

.25

8

.63

11

.89

†

0

.160

Class

R4

9/16/2022

-

19

.21

^

8

.64

^

11

.89

^

0

.040

Russell

3000®

Index

–

-

19

.21

8

.79

12

.13

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

19

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Equity

Index

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

19.39

billion

Portfolio

turnover

rate

2%

Number

of

holdings

2,804

Weighted

median

market

capitalization

$112.18

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

21.9

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

24.3

Health

care

15.5

Financials

12.2

Consumer

discretionary

9.9

Industrials

9.7

Communication

services

6.7

Consumer

staples

6.5

Energy

5.2

Real

estate

3.3

Materials

3.0

Utilities

3.0

Short-term

investments,

other

assets

&

liabilities,

net

0.7

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

65.2

More

than

$15

billion-$50

billion

19.0

More

than

$2

billion-$15

billion

13.4

$2

billion

or

less

2.4

Total

100.0

CREF

Core

Bond

Account

20

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

and

30-day

SEC

yield

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Core

Bond

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

3/1/1990

-

13

.32

%

-

0

.07

%

1

.00

%

0

.440

%

Class

R2

4/24/2015

-

13

.19

0

.10

1

.16

†

0

.275

Class

R3

4/24/2015

-

13

.14

0

.15

1

.21

†

0

.215

Class

R4

9/16/2022

-

13

.10

^

0

.16

^

1

.22

^

0

.095

Bloomberg

U.S.

Aggregate

Bond

Index

–

-

13

.01

0

.02

1

.06

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

21

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Core

Bond

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

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.

as

of

12/31/2022

Net

assets

$

10.73

billion

Portfolio

turnover

rate

176%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

105%

Number

of

issues

1,853

Option-adjusted

duration

‡

5.97

years

Average

maturity

§

8.70

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

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

Sector

%

of

net

assets

as

of

12/31/2022

Government

bonds

45.4

Corporate

bonds

33.5

Structured

assets

18.0

Bank

loan

obligations

0.5

Preferred

stocks

0.1

Short-term

investments,

other

assets

&

liabilities,

net

2.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

Less

than

1

year

4.1

1-3

years

14.5

3-5

years

14.4

5-10

years

46.1

Over

10

years

20.9

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

U.S.

Treasury

&

U.S.

agency

securities*

36.0

Aaa/AAA

8.3

Aa/AA

10.5

A/A

15.1

Baa/BBB

25.2

Ba/BB

2.2

B/B

0.9

Below

B/B

0.1

Non-rated

1.7

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Inflation-Linked

Bond

Account

22

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Inflation-Linked

Bond

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

5/1/1997

-

6

.53

%

2

.23

%

0

.82

%

0

.395

%

Class

R2

4/24/2015

-

6

.39

2

.41

0

.98

†

0

.230

Class

R3

4/24/2015

-

6

.34

2

.46

1

.03

†

0

.170

Class

R4

9/16/2022

-

6

.30

^

2

.47

^

1

.03

^

0

.050

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index

–

-

7

.34

2

.50

1

.29

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

23

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Inflation-Linked

Bond

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

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.

as

of

12/31/2022

Net

assets

$

7.11

billion

Portfolio

turnover

rate

16%

Number

of

issues

173

Option-adjusted

duration

‡

4.24

years

Average

maturity

§

4.62

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

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

Sector

%

of

net

assets

as

of

12/31/2022

Government

bonds

93.8

Structured

assets

2.9

Corporate

bonds

2.3

Bank

loan

obligations

0.5

Short-term

investments,

other

assets

&

liabilities,

net

0.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

Less

than

1

year

6.3

1-3

years

28.2

3-5

years

25.9

5-10

years

37.1

Over

10

years

2.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

U.S.

Treasury

&

U.S.

agency

securities*

93.5

Aaa/AAA

0.1

Aa/AA

0.5

A/A

1.1

Baa/BBB

1.5

Ba/BB

2.2

B/B

0.3

Non-rated

0.8

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Social

Choice

Account

24

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

(Class

R1)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

values

of

the

Account's

composite

benchmark

and

broad

market

index

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Social

Choice

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

3/1/1990

-

15

.64

%

4

.33

%

6

.38

%

0

.415

%

Class

R2

4/24/2015

-

15

.51

4

.51

6

.55

†

0

.250

Class

R3

4/24/2015

-

15

.47

4

.56

6

.60

†

0

.190

Class

R4

9/16/2022

-

15

.43

^

4

.57

^

6

.61

^

0

.070

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

-

14

.77

3

.73

5

.82

–

CREF

Social

Choice

Account

Composite

Index

‡

–

-

15

.56

4

.36

6

.65

–

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

‡

As

of

the

close

of

business

on

December

31,

2022,

the

CREF

Social

Choice

Composite

Benchmark

consisted

of:

42.0%

Russell

3000®

Index,

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index

and

18.0%

MSCI

EAFE+

Canada

Index.

The

Account’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

25

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Social

Choice

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

maturity

as

of

12/31/2022

Net

assets

$

17.69

billion

Portfolio

turnover

rate

88%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

61%

Equity

segment

Number

of

holdings

1,002

Weighted

median

market

capitalization

69.07

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

18.2

Fixed-income

segment

Number

of

issues

955

Option-adjusted

duration

‡

6.2

Average

maturity

§

9.8

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

a

fund's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

Sector

%

of

net

assets

as

of

12/31/2022

Equity

Investments

58.0

Fixed-income

securities

40.7

Short-term

investments,

other

assets

&

liabilities,

net

1.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

56.6

More

than

$15

billion-$50

billion

29.5

More

than

$2

billion-$15

billion

12.5

$2

billion

or

less

1.4

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

Less

than

1

year

5.7

1-3

years

11.8

3-5

years

10.9

5-10

years

43.7

Over

10

years

27.9

Total

100.0

CREF

Money

Market

Account

26

2022

Annual

Report

College

Retirement

Equities

Fund

Performance

as

of

December

31,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

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.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

You

could

lose

money

by

investing

in

this

Account.

Because

the

accumulation

unit

value

of

the

Account

will

fluctuate,

the

value

of

your

investment

may

increase

or

decrease.

An

investment

in

the

Account

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

(FDIC)

or

any

other

government

agency.

The

Account’s

sponsor

has

no

legal

obligation

to

provide

support

to

the

Account,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Account

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.

Note:

Unlike

most

money

market

funds,

the

CREF

Money

Market

Account

does

not

distribute

income

on

a

daily

basis.

Therefore,

the

Account

does

not

maintain

a

constant

value

of

$1.00

per

accumulation

unit.

Total

return

Average

annual

total

return

Estimated

annual

Money

Market

Account

#

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/1/1988

0

.87

%

0

.75

%

0

.40

%

0

.405

%

Class

R2

4/24/2015

1

.07

0

.94

0

.52

†

0

.240

Class

R3

4/24/2015

1

.24

1

.02

0

.57

†

0

.180

Class

R4

9/16/2022

1

.26

^

1

.02

^

0

.57

^

0

.060

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

1

.33

0

.96

0

.54

–

#

TIAA

withheld

("waived")

a

portion

of

the

Rule

12b-1

distribution

and/or

administrative

expenses

for

Classes

R1,

R2

and

R3

of

the

CREF

Money

Market

Account

until

December

31,

2021

when

a

class'

yield

was

less

than

zero.

Without

this

waiver,

the

total

returns

for

the

Money

Market

Account

would

have

been

lower.

TIAA

may,

for

a

period

of

three

years

after

the

date

an

amount

was

waived,

recover

from

Classes

R1,

R2

and

R3

that

benefited

from

the

waiver,

under

certain

conditions.

The

amount

of

recovery

on

any

day

will

be

approximately

25%

of

the

class'

yield

net

of

all

other

expenses.

*

The

estimated

annual

operating

expenses

are

taken

from

the

Account’s

current

prospectus.

Expenses

are

estimated

each

year

based

on

projected

expense

and

asset

levels.

Differences

between

actual

expenses

and

the

estimate

are

adjusted

quarterly

and

are

reflected

in

current

investment

results.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Classes

R2

and

R3

that

is

prior

to

their

inception

date

is

based

on

performance

of

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Classes

R2

and

R3.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

^

The

performance

shown

for

the

Account’s

Class

R4

that

is

prior

to

its

inception

date

is

based

on

performance

of

the

Account’s

Class

R3

back

to

April

24,

2015

and

prior

to

that

the

Account’s

Class

R1.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

If

those

expenses

had

been

reflected,

the

performance

would

have

been

higher.

§

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

variable-rate

notes.

You

cannot

invest

directly

in

it.

27

College

Retirement

Equities

Fund

2022

Annual

Report

CREF

Money

Market

Account

concluded

Account

profile

Portfolio

composition

Net

annualized

yield

as

of

12/31/2022

Net

assets

$

8.70

billion

Number

of

issues

119

Sector

%

of

net

assets

as

of

12/31/2022

U.S.

government

agency

securities*

54.3

Variable

rate

securities,

government

25.5

Repurchase

agreements

14.4

U.S.

Treasury

securities*

6.2

Other

assets

&

liabilities,

net

-0.4

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

December

27,

2022)

*

Current

yield

Effective

yield

Money

Market

Account

Class

R1

2

.83

%

2

.87

%

Class

R2

3

.93

4

.01

Class

R3

3

.97

4

.04

Class

R4

4

.13

4

.22

iMoneyNet

Money

Fund

Averages™—

All

Government

§

3

.80

3

.88

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.

§

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

variable-rate

notes.

You

cannot

invest

directly

in

it.

Expense

examples

28

2022

Annual

Report

College

Retirement

Equities

Fund

All

participants

in

the

CREF

Accounts

incur

ongoing

costs,

including

management

fees

and

other

account

expenses.

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

variable

annuity

accounts

and

mutual

funds.

Participants

in

the

CREF

Accounts

do

not

incur

a

sales

charge

for

purchases

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,

2022

–

December

31,

2022

).

Actual

expenses

The

first

section

in

each

table

uses

the

Account’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Hypothetical

example

for

comparison

purposes

The

second

section

in

the

table

shows

hypothetical

account

values

and

expenses

based

on

the

Account’s

actual

expense

ratio

for

each

Class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

Account’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

Account

with

the

costs

of

other

accounts.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

variable

annuity

accounts

and

mutual

funds.

20.1

Stock

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,028.56

$1,029.35

$1,029.58

$1,020.06

Expenses

incurred

during

the

period*

$2.31

$1.53

$1.31

$0.32

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.93

$1,023.70

$1,023.92

$1,014.20

Expenses

incurred

during

the

period*

$2.30

$1.53

$1.30

$0.32

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.45%

for

Class

R1,

0.30%

for

Class

R2

and

0.26%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.11%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.45%

0.30%

0.25%

0.11%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

29

College

Retirement

Equities

Fund

2022

Annual

Report

Expense

examples

continued

20.2

Global

Equities

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,028.77

$1,029.55

$1,029.78

$1,025.19

Expenses

incurred

during

the

period*

$2.29

$1.52

$1.29

$0.30

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.95

$1,023.71

$1,023.93

$1,014.22

Expenses

incurred

during

the

period*

$2.29

$1.51

$1.29

$0.30

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.45%

for

Class

R1,

0.30%

for

Class

R2

and

0.25%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.10%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.44%

0.29%

0.24%

0.10%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

20.3

Growth

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$980.77

$981.52

$981.74

$959.77

Expenses

incurred

during

the

period*

$2.16

$1.41

$1.19

$0.24

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.02

$1,023.78

$1,024.01

$1,014.28

Expenses

incurred

during

the

period*

$2.21

$1.44

$1.21

$0.24

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.43%

for

Class

R1,

0.28%

for

Class

R2

and

0.24%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.08%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.42%

0.27%

0.22%

0.08%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

Expense

examples

30

2022

Annual

Report

College

Retirement

Equities

Fund

continued

20.4

Equity

Index

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.45

$1,023.23

$1,023.46

$992.30

Expenses

incurred

during

the

period*

$1.93

$1.15

$0.93

$0.11

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.30

$1,024.07

$1,024.29

$1,014.41

Expenses

incurred

during

the

period*

$1.93

$1.15

$0.93

$0.11

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.38%

for

Class

R1,

0.23%

for

Class

R2

and

0.18%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.04%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.38%

0.22%

0.17%

0.04%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

20.5

Core

Bond

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$975.23

$975.97

$976.19

$990.94

Expenses

incurred

during

the

period*

$2.18

$1.43

$1.21

$0.27

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.99

$1,023.76

$1,023.98

$1,014.24

Expenses

incurred

during

the

period*

$2.24

$1.46

$1.24

$0.28

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.44%

for

Class

R1,

0.29%

for

Class

R2

and

0.24%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.09%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.44%

0.28%

0.23%

0.09%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

31

College

Retirement

Equities

Fund

2022

Annual

Report

Expense

examples

continued

20.6

Inflation-Linked

Bond

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$979.44

$980.19

$980.41

$985.88

Expenses

incurred

during

the

period*

$1.94

$1.18

$0.96

$0.14

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.25

$1,024.01

$1,024.24

$1,014.38

Expenses

incurred

during

the

period*

$1.98

$1.21

$0.98

$0.14

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.39%

for

Class

R1,

0.24%

for

Class

R2

and

0.19%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.05%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.39%

0.23%

0.18%

0.05%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

20.7

Social

Choice

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,014.32

$1,015.10

$1,015.33

$1,016.73

Expenses

incurred

during

the

period*

$2.10

$1.32

$1.10

$0.21

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.13

$1,023.89

$1,024.12

$1,014.31

Expenses

incurred

during

the

period*

$2.10

$1.33

$1.10

$0.21

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.41%

for

Class

R1,

0.26%

for

Class

R2

and

0.22%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.07%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.41%

0.26%

0.21%

0.07%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

Expense

examples

32

2022

Annual

Report

College

Retirement

Equities

Fund

concluded

20.8

Money

Market

Account

Share

Class

Class

R1

Class

R2

Class

R3

Class

R4

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,008.86

$1,010.17

$1,011.55

$1,008.96

Expenses

incurred

during

the

period*

$4.97

$3.66

$2.28

$0.48

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,020.26

$1,021.56

$1,022.94

$1,014.04

Expenses

incurred

during

the

period*

$5.00

$3.68

$2.29

$0.48

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.98%

for

Class

R1,

0.72%

for

Class

R2

and

0.45%

for

Class

R3.

For

Class

R4,

expenses

are

equal

to

the

Account's

annualized

actual

expense

ratio

of

0.16%,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

106/365

(to

reflect

the

106

days

in

the

period

since

class

commencement

of

operations).

Actual

expenses

Class

R1

Class

R2

Class

R3

Class

R4§

Net

expense

ratio

for

the

one-year

period

ended

12/31/2022

0.72%

0.51%

0.36%

0.16%

§

Expenses

for

Class

R4

are

annualized

from

the

Class'

commencement

of

September

16,

2022.

Summary

portfolio

of

investments

CREF

Stock

Account

December

31,

2022

33

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

BONDS

CORPORATE

BONDS

FOOD,

BEVERAGE

&

TOBACCO

$

54‌

0

.0‌

%

TOTAL

CORPORATE

BONDS

(Cost

$

64

)

54‌

0

.0‌

TOTAL

BONDS

(Cost

$64)

54‌

0

.0‌

a

a

a

a

Shares

Company

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

3,631,434

*,n

Tesla,

Inc

447,320‌

0

.4‌

Other

1,273,871‌

1

.2‌

1,721,191‌

1

.6‌

BANKS

13,609,442

Bank

of

America

Corp

450,745‌

0

.4‌

4,871,259

n

JPMorgan

Chase

&

Co

653,236‌

0

.6‌

11,266,926

Wells

Fargo

&

Co

465,211‌

0

.5‌

Other

5,679,470‌

5

.4‌

7,248,662‌

6

.9‌

CAPITAL

GOODS

2,129,398

Honeywell

International,

Inc

456,330‌

0

.5‌

5,189,374

Raytheon

Technologies

Corp

523,712‌

0

.5‌

Other

7,368,855‌

7

.0‌

8,348,897‌

8

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,319,074‌

1

.3‌

CONSUMER

DURABLES

&

APPAREL

2,139,992‌

2

.0‌

CONSUMER

SERVICES

8,812,494

a

Arcos

Dorados

Holdings,

Inc

73,672‌

0

.1‌

1,889,249

McDonald's

Corp

497,874‌

0

.5‌

Other

2,015,187‌

1

.9‌

2,586,733‌

2

.5‌

DIVERSIFIED

FINANCIALS

1,813,772

*

Berkshire

Hathaway,

Inc

(Class

B)

560,274‌

0

.6‌

5,792,328

Charles

Schwab

Corp

482,269‌

0

.5‌

Other

3,633,439‌

3

.4‌

4,675,982‌

4

.5‌

ENERGY

3,813,055

Chevron

Corp

684,405‌

0

.7‌

4,450,893

ConocoPhillips

525,205‌

0

.5‌

3,253,603

EOG

Resources,

Inc

421,407‌

0

.4‌

3,838,770

Exxon

Mobil

Corp

423,416‌

0

.4‌

14,835,749

Shell

plc

418,232‌

0

.4‌

Other

3,622,660‌

3

.4‌

6,095,325‌

5

.8‌

FOOD

&

STAPLES

RETAILING

922,034

Costco

Wholesale

Corp

420,909‌

0

.4‌

3,142,110

Walmart,

Inc

445,520‌

0

.4‌

Other

850,980‌

0

.8‌

1,717,409‌

1

.6‌

FOOD,

BEVERAGE

&

TOBACCO

3,610,913

Nestle

S.A.

417,094‌

0

.4‌

2,945,803

PepsiCo,

Inc

532,189‌

0

.5‌

Other

3,239,358‌

3

.1‌

4,188,641‌

4

.0‌

Shares

Company

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,855,895

Abbott

Laboratories

$

423,339‌

0

.4‌

%

1,069,588

Elevance

Health,

Inc

548,667‌

0

.6‌

2,112,311

e

UnitedHealth

Group,

Inc

1,119,905‌

1

.1‌

Other

3,251,515‌

3

.0‌

5,343,426‌

5

.1‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,708,254

Procter

&

Gamble

Co

562,023‌

0

.6‌

Other

970,390‌

0

.9‌

1,532,413‌

1

.5‌

INSURANCE

1,778,075

Chubb

Ltd

392,243‌

0

.4‌

Other

3,142,403‌

3

.0‌

3,534,646‌

3

.4‌

MATERIALS

1,468,676

Linde

plc

479,053‌

0

.5‌

Other

4,977,957‌

4

.7‌

5,457,010‌

5

.2‌

MEDIA

&

ENTERTAINMENT

8,699,584

*

Alphabet,

Inc

(Class

A)

767,564‌

0

.8‌

8,400,439

*

Alphabet,

Inc

(Class

C)

745,371‌

0

.7‌

447,274

*,a

iClick

Interactive

Asia

Group

Ltd

(ADR)

1,722‌

0

.0‌

2,940,083

*

Meta

Platforms,

Inc

353,810‌

0

.4‌

10,463,325

Tencent

Holdings

Ltd

443,649‌

0

.4‌

Other

1,919,879‌

1

.7‌

4,231,995‌

4

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,963,144

e

AbbVie,

Inc

640,484‌

0

.6‌

3,850,950

AstraZeneca

plc

521,108‌

0

.5‌

4,902,715

Bristol-Myers

Squibb

Co

352,750‌

0

.4‌

1,141,240

Eli

Lilly

&

Co

417,511‌

0

.4‌

3,536,276

Johnson

&

Johnson

624,683‌

0

.6‌

4,952,829

Merck

&

Co,

Inc

549,516‌

0

.5‌

3,175,564

Novo

Nordisk

AS

431,291‌

0

.4‌

Other

4,873,424‌

4

.6‌

8,410,767‌

8

.0‌

REAL

ESTATE

2,996,615‌

2

.8‌

RETAILING

16,920,068

*

Amazon.com,

Inc

1,421,286‌

1

.4‌

1,787,737

Home

Depot,

Inc

564,675‌

0

.6‌

Other

3,024,296‌

2

.8‌

5,010,257‌

4

.8‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

858,494

ASML

Holding

NV

468,095‌

0

.4‌

1,236,444

Broadcom,

Inc

691,333‌

0

.7‌

4,077,668

n

NVIDIA

Corp

595,910‌

0

.6‌

46,170,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

670,550‌

0

.6‌

Other

2,497,331‌

2

.4‌

4,923,219‌

4

.7‌

Summary

portfolio

of

investments

CREF

Stock

Account

December

31,

2022

34

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

continued

“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.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Company

1

1

Value

(000)

%

of

net

assets

SOFTWARE

&

SERVICES

1,605,546

e

Accenture

plc

$

428,424‌

0

.4‌

%

2,471,624

Mastercard,

Inc

(Class

A)

859,458‌

0

.8‌

14,620,835

Microsoft

Corp

3,506,369‌

3

.4‌

5,247,853

Oracle

Corp

428,959‌

0

.4‌

3,199,241

Visa,

Inc

(Class

A)

664,674‌

0

.7‌

Other

4,680,271‌

4

.4‌

10,568,155‌

10

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

23,232,446

d

Apple,

Inc

3,018,592‌

2

.9‌

Other

2,380,069‌

2

.2‌

5,398,661‌

5

.1‌

TELECOMMUNICATION

SERVICES

1,392,620‌

1

.3‌

TRANSPORTATION

2,428,157

Union

Pacific

Corp

502,798‌

0

.5‌

Other

1,488,648‌

1

.4‌

1,991,446‌

1

.9‌

UTILITIES

5,586,880

NextEra

Energy,

Inc

467,063‌

0

.5‌

Other

2,507,103‌

2

.3‌

2,974,166‌

2

.8‌

TOTAL

COMMON

STOCKS

(Cost

$105,008,677)

103,807,302‌

98

.9‌

a

a

a

a

PURCHASED

OPTIONS

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,110‌

0

.0‌

TOTAL

PURCHASED

OPTIONS

(Cost

$2,058)

1,110‌

0

.0‌

a

a

a

a

RIGHTS/WARRANTS

BANKS

14‌

0

.0‌

CAPITAL

GOODS

24‌

0

.0‌

CONSUMER

DURABLES

&

APPAREL

1,048‌

0

.0‌

CONSUMER

SERVICES

0‌

0

.0‌

DIVERSIFIED

FINANCIALS

0‌

^

0

.0‌

ENERGY

2‌

0

.0‌

MATERIALS

111‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

19‌

0

.0‌

TRANSPORTATION

20‌

0

.0‌

UTILITIES

0‌

^

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$180)

1,238‌

0

.0‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

534,830‌

0

.5‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

477,110,000

r

4.080%,

01/03/23

477,110‌

0

.5‌

477,110‌

0

.5‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

CERTIFICATE

OF

DEPOSIT

$

191,200‌

0

.2‌

%

REPURCHASE

AGREEMENT

867,921‌

0

.8‌

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

1,059,121‌

1

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,070,956)

2,071,061‌

2

.0‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$107,081,935)

105,880,765‌

100

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

993,458‌

)

(

0

.9‌

)

NET

ASSETS

$

104,887,307‌

100

.0‌

%

ADR

American

Depositary

Receipt

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

a

Affiliated

holding

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

$1,515,203,871.

n

All

or

a

portion

of

these

securities

have

been

segregated

by

the

custodian

to

cover

requirements

on

open

written

options

contracts.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$477,110,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–1.500%

and

maturity

dates

11/30/28–1/15/29,

valued

at

$486,652,268.

Summary

portfolio

of

investments

CREF

Stock

Account

December

31,

2022

35

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

concluded

Purchased

options

outstanding

as

of

December

31,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

West

Pharmaceutical

Services,

Inc,

Put

1,370

$

2,058‌

$

210

.00‌

03/17/23

$

1,110‌

Written

options

outstanding

as

of

December

31,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Advanced

Micro

Devices,

Inc,

Put

20

$

(

9‌

)

$

50

.00‌

01/20/23

$

(

0‌

)

^

JPMorgan

Chase

&

Co,

Call

10

(

4‌

)

140

.00‌

01/20/23

(

1‌

)

NVIDIA

Corp,

Put

10

(

10‌

)

105

.00‌

01/20/23

(

0‌

)

^

S&P

500

Index,

Call

5

(

10‌

)

4,300

.00‌

01/20/23

(

0‌

)

^

Tesla,

Inc,

Put

10

(

1‌

)

110

.00‌

01/20/23

(

5‌

)

West

Pharmaceutical

Services,

Inc,

Call

1,370

(

1,710‌

)

240

.00‌

03/17/23

(

2,404‌

)

West

Pharmaceutical

Services,

Inc,

Put

1,370

(

408‌

)

170

.00‌

03/17/23

(

312‌

)

Wolfspeed,

Inc,

Put

20

(

14‌

)

70

.00‌

03/17/23

(

18‌

)

Wolfspeed,

Inc,

Put

20

(

19‌

)

75

.00‌

03/17/23

(

23‌

)

Total

2,835

 $

(

2,185‌

)

 $

(

2,763‌

)

^

Amount

represents

less

than

$1,000.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

Russell

2000

E

Mini

Index

458‌

03/17/23

 $

41,487‌

$

40,553‌

$

(

934‌

)

S&P

500

E

Mini

Index

2,996‌

03/17/23

594,521‌

578,378‌

(

16,143‌

)

S&P

Mid-Cap

400

E

Mini

Index

249‌

03/17/23

61,915‌

60,821‌

(

1,094‌

)

Total

3,703‌

  $

697,923‌

 $

679,752‌

 $

(

18,171‌

)

“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.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Company

1

1

Value

(000)

%

of

net

assets

SOFTWARE

&

SERVICES

1,605,546

e

Accenture

plc

$

428,424‌

0

.4‌

%

2,471,624

Mastercard,

Inc

(Class

A)

859,458‌

0

.8‌

14,620,835

Microsoft

Corp

3,506,369‌

3

.4‌

5,247,853

Oracle

Corp

428,959‌

0

.4‌

3,199,241

Visa,

Inc

(Class

A)

664,674‌

0

.7‌

Other

4,680,271‌

4

.4‌

10,568,155‌

10

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

23,232,446

d

Apple,

Inc

3,018,592‌

2

.9‌

Other

2,380,069‌

2

.2‌

5,398,661‌

5

.1‌

TELECOMMUNICATION

SERVICES

1,392,620‌

1

.3‌

TRANSPORTATION

2,428,157

Union

Pacific

Corp

502,798‌

0

.5‌

Other

1,488,648‌

1

.4‌

1,991,446‌

1

.9‌

UTILITIES

5,586,880

NextEra

Energy,

Inc

467,063‌

0

.5‌

Other

2,507,103‌

2

.3‌

2,974,166‌

2

.8‌

TOTAL

COMMON

STOCKS

(Cost

$105,008,677)

103,807,302‌

98

.9‌

a

a

a

a

PURCHASED

OPTIONS

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,110‌

0

.0‌

TOTAL

PURCHASED

OPTIONS

(Cost

$2,058)

1,110‌

0

.0‌

a

a

a

a

RIGHTS/WARRANTS

BANKS

14‌

0

.0‌

CAPITAL

GOODS

24‌

0

.0‌

CONSUMER

DURABLES

&

APPAREL

1,048‌

0

.0‌

CONSUMER

SERVICES

0‌

0

.0‌

DIVERSIFIED

FINANCIALS

0‌

^

0

.0‌

ENERGY

2‌

0

.0‌

MATERIALS

111‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

19‌

0

.0‌

TRANSPORTATION

20‌

0

.0‌

UTILITIES

0‌

^

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$180)

1,238‌

0

.0‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

534,830‌

0

.5‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

477,110,000

r

4.080%,

01/03/23

477,110‌

0

.5‌

477,110‌

0

.5‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

CERTIFICATE

OF

DEPOSIT

$

191,200‌

0

.2‌

%

REPURCHASE

AGREEMENT

867,921‌

0

.8‌

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

1,059,121‌

1

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,070,956)

2,071,061‌

2

.0‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$107,081,935)

105,880,765‌

100

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

993,458‌

)

(

0

.9‌

)

NET

ASSETS

$

104,887,307‌

100

.0‌

%

ADR

American

Depositary

Receipt

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

a

Affiliated

holding

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

$1,515,203,871.

n

All

or

a

portion

of

these

securities

have

been

segregated

by

the

custodian

to

cover

requirements

on

open

written

options

contracts.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$477,110,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–1.500%

and

maturity

dates

11/30/28–1/15/29,

valued

at

$486,652,268.

CREF

Global

Equities

Account

December

31,

2022

Summary

portfolio

of

investments

36

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

BONDS

CORPORATE

BONDS

INDIA

$

14‌

0

.0‌

%

TOTAL

CORPORATE

BONDS

(Cost

$16)

14‌

0

.0‌

TOTAL

BONDS

(Cost

$16)

14‌

0

.0‌

a

a

a

a

Shares

Company

COMMON

STOCKS

AUSTRALIA

18,612,726

Glencore

Xstrata

plc

124,122‌

0

.6‌

Other

244,169‌

1

.1‌

368,291‌

1

.7‌

AUSTRIA

22,820‌

0

.1‌

BELGIUM

23,328‌

0

.1‌

BERMUDA

1,914‌

0

.0‌

BRAZIL

270,706‌

1

.2‌

CANADA

589,606‌

2

.7‌

CHILE

6,312‌

0

.0‌

CHINA

2,627,000

Tencent

Holdings

Ltd

111,386‌

0

.5‌

Other

469,729‌

2

.2‌

581,115‌

2

.7‌

COLOMBIA

882‌

0

.0‌

CZECH

REPUBLIC

1,435‌

0

.0‌

DENMARK

860,746

Novo

Nordisk

AS

116,903‌

0

.6‌

Other

28,119‌

0

.1‌

145,022‌

0

.7‌

EGYPT

613‌

0

.0‌

FINLAND

71,095‌

0

.3‌

FRANCE

955,114

Airbus

SE

113,565‌

0

.5‌

Other

475,417‌

2

.2‌

588,982‌

2

.7‌

GERMANY

772,547

Siemens

AG.

106,496‌

0

.5‌

Other

429,172‌

2

.0‌

535,668‌

2

.5‌

GREECE

3,189‌

0

.0‌

HONG

KONG

83,867‌

0

.4‌

HUNGARY

2,932‌

0

.0‌

INDIA

208,920‌

1

.0‌

INDONESIA

50,028‌

0

.2‌

IRELAND

137,652‌

0

.6‌

ISRAEL

7,388‌

0

.0‌

ITALY

172,213‌

0

.8‌

JAPAN

2,578,064

*

Hitachi

Ltd

129,719‌

0

.6‌

Shares

Company

1

1

Value

(000)

%

of

net

assets

JAPAN—continued

2,229,165

Sony

Corp

$

169,910‌

0

.8‌

%

Other

820,050‌

3

.7‌

1,119,679‌

5

.1‌

KOREA,

REPUBLIC

OF

190,127‌

0

.9‌

KUWAIT

11,556‌

0

.0‌

LUXEMBOURG

206‌

0

.0‌

MACAU

3,281‌

0

.0‌

MALAYSIA

14,790‌

0

.1‌

MEXICO

34,604‌

0

.2‌

NETHERLANDS

252,793

ASML

Holding

NV

137,836‌

0

.6‌

8,700,456

ING

Groep

NV

105,982‌

0

.5‌

5,980,379

Shell

plc

168,592‌

0

.8‌

Other

134,022‌

0

.6‌

546,432‌

2

.5‌

NORWAY

3,365,240

Equinor

ASA

120,947‌

0

.6‌

Other

32,034‌

0

.1‌

152,981‌

0

.7‌

PERU

2,500‌

0

.0‌

PHILIPPINES

12,467‌

0

.1‌

POLAND

7,431‌

0

.0‌

PORTUGAL

19,471‌

0

.1‌

QATAR

12,759‌

0

.1‌

ROMANIA

599‌

0

.0‌

RUSSIA

2‌

0

.0‌

SAUDI

ARABIA

63,193‌

0

.3‌

SINGAPORE

69,183‌

0

.3‌

SOUTH

AFRICA

60,899‌

0

.3‌

SPAIN

92,517‌

0

.4‌

SWEDEN

154,353‌

0

.7‌

SWITZERLAND

221,061‌

1

.0‌

TAIWAN

18,822,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

273,362‌

1

.3‌

Other

133,008‌

0

.6‌

406,370‌

1

.9‌

THAILAND

24,266‌

0

.1‌

TURKEY

7,600‌

0

.0‌

UNITED

ARAB

EMIRATES

16,098‌

0

.1‌

UNITED

KINGDOM

1,358,229

AstraZeneca

plc

183,795‌

0

.9‌

2,353,191

Diageo

plc

103,004‌

0

.5‌

393,685

Linde

plc

(Xetra)

128,326‌

0

.6‌

Other

475,861‌

2

.1‌

890,986‌

4

.1‌

UNITED

STATES

1,090,980

AbbVie,

Inc

176,313‌

0

.8‌

1,631,645

*

Alphabet,

Inc

(Class

A)

143,960‌

0

.7‌

Summary

portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

37

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

continued

“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

12/31/22,

the

aggregate

value

of

securities

on

loan

is

$260,869,843.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Company

1

1

Value

(000)

%

of

net

assets

UNITED

STATES—continued

2,059,671

*

Alphabet,

Inc

(Class

C)

$

182,755‌

0

.8‌

%

3,566,040

*

Amazon.com,

Inc

299,547‌

1

.4‌

5,191,942

d

Apple,

Inc

674,589‌

3

.1‌

349,341

*

Berkshire

Hathaway,

Inc

(Class

B)

107,911‌

0

.5‌

1,961,865

Bristol-Myers

Squibb

Co

141,156‌

0

.7‌

348,837

Broadcom,

Inc

195,045‌

0

.9‌

472,536

Caterpillar,

Inc

113,201‌

0

.5‌

2,832,721

Coca-Cola

Co

180,189‌

0

.8‌

366,749

Costco

Wholesale

Corp

167,421‌

0

.8‌

2,604,091

Exxon

Mobil

Corp

287,231‌

1

.3‌

3,850,370

Freeport-McMoRan,

Inc

(Class

B)

146,314‌

0

.7‌

645,348

Home

Depot,

Inc

203,840‌

0

.9‌

715,525

Honeywell

International,

Inc

153,337‌

0

.7‌

713,343

Johnson

&

Johnson

126,012‌

0

.6‌

1,172,568

JPMorgan

Chase

&

Co

157,241‌

0

.7‌

458,110

Mastercard,

Inc

(Class

A)

159,299‌

0

.7‌

639,404

McDonald's

Corp

168,502‌

0

.8‌

1,350,220

Merck

&

Co,

Inc

149,807‌

0

.7‌

3,198,542

Microsoft

Corp

767,074‌

3

.5‌

1,418,399

Morgan

Stanley

120,592‌

0

.6‌

975,147

Nike,

Inc

(Class

B)

114,102‌

0

.5‌

1,111,128

NVIDIA

Corp

162,380‌

0

.8‌

1,436,296

Oracle

Corp

117,403‌

0

.5‌

1,408,378

Procter

&

Gamble

Co

213,454‌

1

.0‌

375,682

Roche

Holding

AG.

118,053‌

0

.5‌

334,567

*

ServiceNow,

Inc

129,902‌

0

.6‌

765,809

Union

Pacific

Corp

158,576‌

0

.7‌

507,870

UnitedHealth

Group,

Inc

269,263‌

1

.2‌

868,068

Visa,

Inc

(Class

A)

180,350‌

0

.8‌

988,663

Walmart,

Inc

140,183‌

0

.6‌

1,156,466

*

Walt

Disney

Co

100,474‌

0

.5‌

4,002,860

Wells

Fargo

&

Co

165,278‌

0

.8‌

Other

6,689,208‌

30

.8‌

13,379,962‌

61

.5‌

TOTAL

COMMON

STOCKS

(Cost

$20,115,757)

21,389,351‌

98

.2‌

a

a

a

a

RIGHTS/WARRANTS

AUSTRALIA

1‌

0

.0‌

BRAZIL

11‌

0

.0‌

KOREA,

REPUBLIC

OF

22‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

34‌

0

.0‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

227,523‌

1

.1‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

130,625,000

r

4.080%,

01/03/23

130,625‌

0

.6‌

130,625‌

0

.6‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

CERTIFICATE

OF

DEPOSIT

$

32,000‌

0

.0‌

%

REPURCHASE

AGREEMENT

217,238‌

1

.1‌

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

249,238‌

1

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$607,341)

607,386‌

2

.8‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$20,723,114)

21,996,785‌

101

.0‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

228,283‌

)

(

1

.0‌

)

NET

ASSETS

$

21,768,502‌

100

.0‌

%

*

Non-income

producing

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

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$130,625,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.875%

and

maturity

date

1/15/29,

valued

at

$133,237,506.

Summary

portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

38

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

concluded

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

MSCI

EAFE

Index

829‌

03/17/23

 $

82,168‌

$

80,803‌

$

(

1,365‌

)

S&P

500

E

Mini

Index

984‌

03/17/23

195,263‌

189,961‌

(

5,302‌

)

Total

1,813‌

  $

277,431‌

 $

270,764‌

 $

(

6,667‌

)

Summary

portfolio

of

investments

CREF

Growth

Account

December

31,

2022

39

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

Shares

Company

1

1

Value

(000)

%

of

net

assets

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

2,970,483

*

Tesla,

Inc

$

365,904‌

1

.5‌

%

365,904‌

1

.5‌

CAPITAL

GOODS

807,373

*

Boeing

Co

153,796‌

0

.6‌

3,925,419

Carrier

Global

Corp

161,924‌

0

.7‌

711,957

Deere

&

Co

305,259‌

1

.2‌

2,372,365

Raytheon

Technologies

Corp

239,419‌

1

.0‌

Other

86,795‌

0

.3‌

947,193‌

3

.8‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,763,307

Waste

Connections,

Inc

233,744‌

0

.9‌

Other

182,218‌

0

.8‌

415,962‌

1

.7‌

CONSUMER

DURABLES

&

APPAREL

1,472,104

Nike,

Inc

(Class

B)

172,251‌

0

.7‌

Other

156,798‌

0

.6‌

329,049‌

1

.3‌

CONSUMER

SERVICES

252,791

*

Booking

Holdings,

Inc

509,445‌

2

.1‌

6,924,954

*

Las

Vegas

Sands

Corp

332,882‌

1

.3‌

Other

77,440‌

0

.3‌

919,767‌

3

.7‌

DIVERSIFIED

FINANCIALS

2,471,300

Charles

Schwab

Corp

205,760‌

0

.8‌

779,406

e

iShares

Russell

1000

Growth

Index

Fund

166,980‌

0

.7‌

Other

226,388‌

0

.9‌

599,128‌

2

.4‌

ENERGY

2,323,072

ConocoPhillips

274,123‌

1

.1‌

2,875,181

EOG

Resources,

Inc

372,393‌

1

.5‌

689,946

Pioneer

Natural

Resources

Co

157,577‌

0

.6‌

Other

84,983‌

0

.4‌

889,076‌

3

.6‌

FOOD

&

STAPLES

RETAILING

1,333,030

Costco

Wholesale

Corp

608,528‌

2

.4‌

608,528‌

2

.4‌

FOOD,

BEVERAGE

&

TOBACCO

4,789,234

*

Monster

Beverage

Corp

486,251‌

1

.9‌

2,483,915

PepsiCo,

Inc

448,744‌

1

.8‌

Other

52,119‌

0

.2‌

987,114‌

3

.9‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,456,220

*

Dexcom,

Inc

391,382‌

1

.6‌

556,492

Elevance

Health,

Inc

285,464‌

1

.1‌

1,281,470

*

Intuitive

Surgical,

Inc

340,038‌

1

.4‌

1,203,523

UnitedHealth

Group,

Inc

638,084‌

2

.6‌

Other

216,992‌

0

.8‌

1,871,960‌

7

.5‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

676,558

Estee

Lauder

Cos

(Class

A)

167,861‌

0

.7‌

167,861‌

0

.7‌

Shares

Company

1

1

Value

(000)

%

of

net

assets

INSURANCE

$

128,074‌

0

.5‌

%

MATERIALS

5,073,483

Corteva,

Inc

298,219‌

1

.2‌

656,473

Linde

plc

214,129‌

0

.8‌

Other

119,951‌

0

.5‌

632,299‌

2

.5‌

MEDIA

&

ENTERTAINMENT

5,453,112

*

Alphabet,

Inc

(Class

A)

481,128‌

1

.9‌

6,014,972

*

Alphabet,

Inc

(Class

C)

533,709‌

2

.1‌

1,931,339

*

Meta

Platforms,

Inc

232,417‌

0

.9‌

Other

262,062‌

1

.1‌

1,509,316‌

6

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,440,558

AbbVie,

Inc

232,809‌

0

.9‌

3,882,268

AstraZeneca

plc

(ADR)

263,218‌

1

.1‌

1,125,657

Eli

Lilly

&

Co

411,810‌

1

.6‌

2,111,276

*

Horizon

Therapeutics

Plc

240,263‌

1

.0‌

1,847,994

Zoetis,

Inc

270,823‌

1

.1‌

Other

374,125‌

1

.5‌

1,793,048‌

7

.2‌

REAL

ESTATE

107,958‌

0

.4‌

RETAILING

14,520,211

*

Amazon.com,

Inc

1,219,698‌

4

.9‌

2,540,502

TJX

Companies,

Inc

202,224‌

0

.8‌

Other

429,286‌

1

.7‌

1,851,208‌

7

.4‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,786,907

Applied

Materials,

Inc

174,009‌

0

.7‌

965,240

Broadcom,

Inc

539,695‌

2

.2‌

409,466

Lam

Research

Corp

172,099‌

0

.7‌

429,113

Monolithic

Power

Systems,

Inc

151,739‌

0

.6‌

3,635,400

NVIDIA

Corp

531,277‌

2

.1‌

Other

178,575‌

0

.7‌

1,747,394‌

7

.0‌

SOFTWARE

&

SERVICES

913,644

Intuit,

Inc

355,608‌

1

.4‌

2,352,033

Mastercard,

Inc

(Class

A)

817,872‌

3

.3‌

11,107,386

Microsoft

Corp

2,663,773‌

10

.7‌

1,911,575

Oracle

Corp

156,252‌

0

.6‌

1,838,325

*

Palo

Alto

Networks,

Inc

256,520‌

1

.0‌

1,503,770

*

Salesforce,

Inc

199,385‌

0

.8‌

759,998

*

ServiceNow,

Inc

295,084‌

1

.2‌

820,451

*

Synopsys,

Inc

261,962‌

1

.0‌

3,772,242

Visa,

Inc

(Class

A)

783,721‌

3

.1‌

Other

903,102‌

3

.7‌

6,693,279‌

26

.8‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,043,726

Apple,

Inc

1,694,771‌

6

.8‌

Other

125,135‌

0

.5‌

1,819,906‌

7

.3‌

TRANSPORTATION

1,710,841

Union

Pacific

Corp

354,264‌

1

.4‌

Other

139,840‌

0

.6‌

494,104‌

2

.0‌

TOTAL

COMMON

STOCKS

(Cost

$27,794,829)

24,878,128‌

99

.6‌

a

a

a

a

Summary

portfolio

of

investments

CREF

Growth

Account

December

31,

2022

40

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

concluded

“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.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

$

47,659‌

0

.2‌

%

REPURCHASE

AGREEMENT

83,875‌

0

.3‌

Shares

Company

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

16,838,763

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.340%

16,839‌

0

.1‌

16,839‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$148,362)

148,373‌

0

.6‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$27,943,191)

25,026,501‌

100

.2‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

55,250‌

)

(

0

.2‌

)

NET

ASSETS

$

24,971,251‌

100

.0‌

%

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

$16,400,500.

Summary

portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

41

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

Shares

Company

1

1

Value

(000)

%

of

net

assets

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

1,320,214

*

Tesla,

Inc

$

162,624‌

0

.9‌

%

Other

101,151‌

0

.5‌

263,775‌

1

.4‌

BANKS

3,586,022

Bank

of

America

Corp

118,769‌

0

.6‌

1,489,050

JPMorgan

Chase

&

Co

199,682‌

1

.1‌

1,948,308

Wells

Fargo

&

Co

80,446‌

0

.4‌

Other

423,295‌

2

.1‌

822,192‌

4

.2‌

CAPITAL

GOODS

342,164

Honeywell

International,

Inc

73,326‌

0

.4‌

748,163

Raytheon

Technologies

Corp

75,505‌

0

.4‌

Other

1,142,825‌

5

.9‌

1,291,656‌

6

.7‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

229,644‌

1

.2‌

CONSUMER

DURABLES

&

APPAREL

627,101

Nike,

Inc

(Class

B)

73,377‌

0

.4‌

Other

164,250‌

0

.8‌

237,627‌

1

.2‌

CONSUMER

SERVICES

375,756

McDonald's

Corp

99,023‌

0

.5‌

Other

336,807‌

1

.7‌

435,830‌

2

.2‌

DIVERSIFIED

FINANCIALS

919,068

*

Berkshire

Hathaway,

Inc

(Class

B)

283,900‌

1

.5‌

Other

773,988‌

4

.0‌

1,057,888‌

5

.5‌

ENERGY

987,223

Chevron

Corp

177,197‌

0

.9‌

639,552

ConocoPhillips

75,467‌

0

.4‌

2,101,914

d

Exxon

Mobil

Corp

231,841‌

1

.2‌

Other

532,896‌

2

.7‌

1,017,401‌

5

.2‌

FOOD

&

STAPLES

RETAILING

225,968

Costco

Wholesale

Corp

103,154‌

0

.6‌

725,036

Walmart,

Inc

102,803‌

0

.5‌

Other

75,275‌

0

.3‌

281,232‌

1

.4‌

FOOD,

BEVERAGE

&

TOBACCO

1,986,822

Coca-Cola

Co

126,382‌

0

.7‌

703,485

PepsiCo,

Inc

127,092‌

0

.7‌

790,697

Philip

Morris

International,

Inc

80,026‌

0

.4‌

Other

348,747‌

1

.7‌

682,247‌

3

.5‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

874,338

Abbott

Laboratories

95,994‌

0

.5‌

476,915

UnitedHealth

Group,

Inc

252,851‌

1

.3‌

Other

874,019‌

4

.5‌

1,222,864‌

6

.3‌

Shares

Company

1

1

Value

(000)

%

of

net

assets

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,202,715

Procter

&

Gamble

Co

$

182,283‌

0

.9‌

%

Other

120,780‌

0

.7‌

303,063‌

1

.6‌

INSURANCE

486,150‌

2

.5‌

MATERIALS

250,997

Linde

plc

81,870‌

0

.4‌

Other

499,150‌

2

.6‌

581,020‌

3

.0‌

MEDIA

&

ENTERTAINMENT

3,069,988

*

Alphabet,

Inc

(Class

A)

270,865‌

1

.4‌

2,722,949

*

Alphabet,

Inc

(Class

C)

241,607‌

1

.3‌

2,184,154

Comcast

Corp

(Class

A)

76,380‌

0

.4‌

1,148,425

*

Meta

Platforms,

Inc

138,201‌

0

.7‌

934,910

*

Walt

Disney

Co

81,225‌

0

.4‌

Other

278,900‌

1

.4‌

1,087,178‌

5

.6‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

903,549

AbbVie,

Inc

146,023‌

0

.8‌

1,087,263

Bristol-Myers

Squibb

Co

78,229‌

0

.4‌

329,954

Danaher

Corp

87,576‌

0

.5‌

429,975

Eli

Lilly

&

Co

157,302‌

0

.8‌

1,341,100

Johnson

&

Johnson

236,905‌

1

.2‌

1,294,564

Merck

&

Co,

Inc

143,632‌

0

.8‌

2,891,465

Pfizer,

Inc

148,159‌

0

.8‌

199,674

Thermo

Fisher

Scientific,

Inc

109,958‌

0

.6‌

Other

666,585‌

3

.3‌

1,774,369‌

9

.2‌

REAL

ESTATE

637,039‌

3

.3‌

RETAILING

4,538,619

*

Amazon.com,

Inc

381,244‌

2

.0‌

526,897

Home

Depot,

Inc

166,426‌

0

.9‌

Other

437,728‌

2

.2‌

985,398‌

5

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

200,896

Broadcom,

Inc

112,327‌

0

.6‌

1,229,709

NVIDIA

Corp

179,710‌

0

.9‌

460,832

Texas

Instruments,

Inc

76,139‌

0

.4‌

Other

499,274‌

2

.6‌

867,450‌

4

.5‌

SOFTWARE

&

SERVICES

323,217

Accenture

plc

86,247‌

0

.5‌

236,471

*

Adobe,

Inc

79,580‌

0

.4‌

433,395

Mastercard,

Inc

(Class

A)

150,704‌

0

.8‌

3,818,004

Microsoft

Corp

915,634‌

4

.7‌

838,459

Visa,

Inc

(Class

A)

174,198‌

0

.9‌

Other

1,084,657‌

5

.5‌

2,491,020‌

12

.8‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

7,669,597

Apple,

Inc

996,511‌

5

.2‌

2,089,400

Cisco

Systems,

Inc

99,539‌

0

.5‌

Other

253,004‌

1

.3‌

1,349,054‌

7

.0‌

Summary

portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

42

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

concluded

“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

12/31/22,

the

aggregate

value

of

securities

on

loan

is

$170,403,798.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Company

1

1

Value

(000)

%

of

net

assets

TELECOMMUNICATION

SERVICES

2,156,068

Verizon

Communications,

Inc

$

84,949‌

0

.5‌

%

Other

126,586‌

0

.6‌

211,535‌

1

.1‌

TRANSPORTATION

350,711‌

1

.8‌

UTILITIES

1,011,874

NextEra

Energy,

Inc

84,593‌

0

.4‌

Other

505,788‌

2

.6‌

590,381‌

3

.0‌

TOTAL

COMMON

STOCKS

(Cost

$7,744,875)

19,256,724‌

99

.3‌

a

a

a

a

RIGHTS/WARRANTS

CONSUMER

DURABLES

&

APPAREL

0‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0‌

^

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

0‌

^

0

.0‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

28,178‌

0

.2‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

95,965,000

r

4.080%,

01/03/23

95,965‌

0

.5‌

95,965‌

0

.5‌

Shares

Company

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

141,107,586

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.340%

141,108‌

0

.7‌

141,108‌

0

.7‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$265,250)

265,251‌

1

.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$8,010,125)

19,521,975‌

100

.7‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

133,694‌

)

(

0

.7‌

)

NET

ASSETS

$

19,388,281‌

100

.0‌

%

^

Amount

represents

less

than

$1,000.

*

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

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$95,965,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.375%–3.125%

and

maturity

dates

10/31/28–11/15/28,

valued

at

$97,884,336.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

594‌

03/17/23

 $

114,846‌

$

114,672‌

$

(

174‌

)

Summary

portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

43

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

BANK

LOAN

OBLIGATIONS

AUTOMOBILES

&

COMPONENTS

$

2,616‌

0

.0‌

%

CAPITAL

GOODS

2,337‌

0

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

6,652‌

0

.1‌

CONSUMER

DURABLES

&

APPAREL

275‌

0

.0‌

CONSUMER

SERVICES

5,446‌

0

.1‌

DIVERSIFIED

FINANCIALS

1,852‌

0

.0‌

ENERGY

1,543‌

0

.0‌

FOOD,

BEVERAGE

&

TOBACCO

1,001‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,917‌

0

.1‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

362‌

0

.0‌

INSURANCE

1,361‌

0

.0‌

MATERIALS

3,163‌

0

.0‌

MEDIA

&

ENTERTAINMENT

9,666‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

495‌

0

.0‌

REAL

ESTATE

961‌

0

.0‌

RETAILING

531‌

0

.0‌

SOFTWARE

&

SERVICES

5,077‌

0

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

553‌

0

.0‌

TELECOMMUNICATION

SERVICES

371‌

0

.0‌

TRANSPORTATION

399‌

0

.0‌

UTILITIES

477‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$53,520)

51,055‌

0

.5‌

a

a

a

a

BONDS

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

42,735‌

0

.4‌

BANKS

Bank

of

America

Corp

$

55,925,000

2.592%,

04/29/31

45,547‌

0

.4‌

39,000,000

1.922%,

10/24/31

29,792‌

0

.3‌

EUR

700,000

1.375%-1.776%,

03/26/25-05/04/27

705‌

0

.0‌

111,200,000

2.299%-6.250%,

01/20/28-N/A‡

91,507‌

0

.9‌

Citigroup,

Inc

36,375,000

3.200%,

10/21/26

33,653‌

0

.3‌

39,225,000

6.270%,

11/17/33

40,466‌

0

.4‌

JPMorgan

Chase

&

Co

187,050,000

1.953%-6.100%,

05/18/23-N/A‡

161,955‌

1

.5‌

EUR

600,000

1.638%,

05/18/28

577‌

0

.0‌

Other

358,934‌

3

.3‌

763,136‌

7

.1‌

CAPITAL

GOODS

104,787‌

1

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

15,039‌

0

.1‌

CONSUMER

DURABLES

&

APPAREL

145‌

0

.0‌

CONSUMER

SERVICES

97,701‌

0

.9‌

DIVERSIFIED

FINANCIALS

349,645‌

3

.3‌

ENERGY

314,073‌

2

.9‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

FOOD

&

STAPLES

RETAILING

$

17,226‌

0

.2‌

%

FOOD,

BEVERAGE

&

TOBACCO

105,413‌

1

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

165,059‌

1

.5‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

11,524‌

0

.1‌

INSURANCE

134,480‌

1

.2‌

MATERIALS

127,452‌

1

.2‌

MEDIA

&

ENTERTAINMENT

199,884‌

1

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

83,768‌

0

.8‌

REAL

ESTATE

SBA

Tower

Trust

$

42,100,000

g

1.840%,

04/15/27

35,661‌

0

.3‌

Other

215,889‌

2

.0‌

251,550‌

2

.3‌

RETAILING

50,497‌

0

.5‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

59,475‌

0

.6‌

SOFTWARE

&

SERVICES

64,204‌

0

.6‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

46,459‌

0

.4‌

TELECOMMUNICATION

SERVICES

AT&T,

Inc

42,943,000

2.550%,

12/01/33

33,002‌

0

.3‌

Other

195,660‌

1

.8‌

228,662‌

2

.1‌

TRANSPORTATION

39,530‌

0

.4‌

UTILITIES

319,887‌

3

.0‌

6,202,480,397

TOTAL

CORPORATE

BONDS

(Cost

$

4,181,194

)

3,592,331‌

33

.5‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

33,953‌

0

.3‌

FOREIGN

GOVERNMENT

BONDS

443,551‌

4

.1‌

MORTGAGE

BACKED

Connecticut

Avenue

Securities

Trust

30,200,000

g,i

7.778%,

05/25/42

30,869‌

0

.3‌

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

35,186,061

3.000%,

11/01/51

31,403‌

0

.3‌

42,216,134

2.000%,

02/01/52

34,599‌

0

.3‌

41,473,061

2.500%,

02/01/52

35,358‌

0

.3‌

33,209,952

6.000%,

11/01/52

33,720‌

0

.3‌

214,865,190

1.602%-4.500%,

11/01/37-08/25/52

150,612‌

1

.5‌

Federal

National

Mortgage

Association

(FNMA)

78,073,253

2.000%,

04/01/51

63,747‌

0

.6‌

40,088,866

2.000%,

02/01/52

32,746‌

0

.3‌

37,387,422

2.500%,

02/01/52

31,875‌

0

.3‌

36,761,632

2.000%,

03/01/52

30,097‌

0

.3‌

82,132,378

3.000%,

04/01/52

72,447‌

0

.7‌

40,317,199

3.000%,

04/01/52

35,555‌

0

.3‌

38,666,645

3.000%,

04/01/52

34,091‌

0

.3‌

44,882,569

4.000%,

05/01/52

42,120‌

0

.4‌

50,400,275

3.500%,

06/01/52

45,941‌

0

.4‌

56,631,138

4.000%,

07/01/52

53,140‌

0

.5‌

54,629,614

5.000%,

08/01/52

53,874‌

0

.5‌

113,970,732

4.500%,

09/01/52

109,706‌

1

.0‌

88,727,640

h

4.000%,

10/01/52

83,230‌

0

.8‌

Summary

portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

44

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

continued

“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.

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

659,375,547

1.561%-9.000%,

07/01/24-11/25/52

$

549,116‌

5

.1‌

%

Freddie

Mac

STACR

REMIC

Trust

29,350,000

g,i

7.278%,

05/25/42

29,547‌

0

.3‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

31,100,000

g,i

8.428%,

06/25/42

32,562‌

0

.3‌

Government

National

Mortgage

Association

(GNMA)

118,151,927

3.000%,

05/20/52

105,206‌

1

.0‌

126,161,090

1.747%-6.500%,

10/15/33-11/20/52

107,640‌

1

.0‌

Other

302,492‌

2

.8‌

2,131,693‌

19

.9‌

MUNICIPAL

BONDS

323,191‌

3

.0‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Bond

35,680,000

3.000%,

05/15/45

29,394‌

0

.3‌

41,710,000

2.875%,

08/15/45

33,583‌

0

.3‌

52,140,000

2.500%,

05/15/46

38,895‌

0

.4‌

51,995,000

3.000%,

08/15/48

42,697‌

0

.4‌

124,295,000

2.750%-4.750%,

02/15/37-11/15/48

112,289‌

1

.0‌

United

States

Treasury

Inflation

Indexed

Bonds

36,152,676

k

0.500%,

04/15/24

35,156‌

0

.3‌

United

States

Treasury

Note

73,500,000

0.250%,

11/15/23

70,675‌

0

.7‌

165,655,000

4.250%,

12/31/24

165,079‌

1

.5‌

169,430,000

4.000%,

12/15/25

168,345‌

1

.6‌

186,596,000

4.125%,

10/31/27

187,281‌

1

.7‌

114,025,000

3.875%,

12/31/27

113,397‌

1

.1‌

33,320,000

4.000%,

10/31/29

33,330‌

0

.3‌

68,948,000

2.875%,

05/15/32

63,540‌

0

.6‌

289,666,400

4.125%,

11/15/32

295,595‌

2

.8‌

85,325,800

2.375%,

02/15/42

65,148‌

0

.6‌

91,758,000

3.375%,

08/15/42

82,009‌

0

.8‌

40,200,000

e

4.000%,

11/15/42

39,358‌

0

.4‌

250,102,000

2.250%,

02/15/52

173,919‌

1

.6‌

116,385,000

3.000%,

08/15/52

95,890‌

0

.9‌

Other

92,426‌

0

.8‌

1,938,006‌

18

.1‌

47,537,195,082

TOTAL

GOVERNMENT

BONDS

(Cost

$

5,276,243

)

4,870,394‌

45

.4‌

STRUCTURED

ASSETS

ASSET

BACKED

DB

Master

Finance

LLC

Series

-

2021

1A

(Class

A2I)

37,125,000

g

2.045%,

11/20/51

31,689‌

0

.3‌

Gracie

Point

International

Funding

Series

-

2022

2A

(Class

A)

43,700,000

g,i

6.795%,

07/01/24

43,706‌

0

.4‌

Santander

Drive

Auto

Receivables

Trust

Series

-

2021

4

(Class

D)

34,000,000

1.670%,

10/15/27

31,316‌

0

.3‌

Other

607,552‌

5

.6‌

714,263‌

6

.6‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

OTHER

MORTGAGE

BACKED

$

1,221,708‌

11

.4‌

%

$

2,177,544,208

TOTAL

STRUCTURED

ASSETS

(Cost

$

2,185,985

)

1,935,971‌

18

.0‌

TOTAL

BONDS

(Cost

$11,643,422)

10,398,696‌

96

.9‌

a

a

a

a

Shares

Company

PREFERRED

STOCKS

BANKS

4,529‌

0

.1‌

DIVERSIFIED

FINANCIALS

4,391‌

0

.0‌

TOTAL

PREFERRED

STOCKS

(Cost

$54,290)

8,920‌

0

.1‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

COMMERCIAL

PAPER

7,868‌

0

.1‌

GOVERNMENT

AGENCY

DEBT

77,386‌

0

.7‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

211,510,000

r

4.080%,

01/03/23

211,510‌

2

.0‌

211,510‌

2

.0‌

TREASURY

DEBT

1,814‌

0

.0‌

Shares

Company

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

66,458,548

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.340%

66,459‌

0

.6‌

66,459‌

0

.6‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$364,927)

365,037‌

3

.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$12,116,159)

10,823,708‌

100

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

93,188‌

)

(

0

.9‌

)

NET

ASSETS

$

10,730,520‌

100

.0‌

%

EUR

Euro

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$64,341,907.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$211,510,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.000%–3.125%

and

maturity

dates

7/31/28–11/30/28,

valued

at

$215,740,261.

Summary

portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

45

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

continued

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

US

10YR

Ultra

(

1,175‌

)

03/22/23

 $

(

140,905‌

)

$

(

138,980‌

)

$

1,925‌

US

2YR

Note

(CBT)

1,810‌

03/31/23

370,542‌

371,191‌

649‌

US

Ultra

Bond

CBT

250‌

03/22/23

33,924‌

33,578‌

(

346‌

)

Total

885‌

  $

263,561‌

 $

265,789‌

 $

2,228‌

Forward

foreign

currency

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Currency

to

be

purchased

Receive

Currency

to

be

sold

Deliver

Counterparty

Settlement

date

Unrealized

appreciation

(depreciation)

$

200

EUR

199

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

  $

(

14‌

)

$

739

JPY

100,222

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

(

28‌

)

$

1,151

NZD

1,969

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

(

100‌

)

$

991

NZD

1,549

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

7‌

EUR

297

$

295

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

23‌

JPY

24,200

$

175

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

10‌

Total

  $

(

102‌

)

$

640

AUD

1,009

Citibank

N.A.

01/31/23

  $

(

48‌

)

$

257

COP

1,258,399

Citibank

N.A.

01/31/23

(

1‌

)

$

259

COP

1,265,904

Citibank

N.A.

01/31/23

(

1‌

)

$

2,972

EUR

2,814

Citibank

N.A.

01/31/23

(

47‌

)

$

405

HUF

162,470

Citibank

N.A.

01/31/23

(

27‌

)

$

6,510

KRW

8,687,591

Citibank

N.A.

02/02/23

(

392‌

)

$

799

KRW

1,038,345

Citibank

N.A.

02/02/23

(

26‌

)

$

337

PEN

1,356

Citibank

N.A.

02/02/23

(

19‌

)

EUR

2,288

$

2,436

Citibank

N.A.

01/31/23

19‌

GBP

313

$

379

Citibank

N.A.

01/31/23

1‌

JPY

686,129

$

4,735

Citibank

N.A.

01/31/23

515‌

Total

  $

(

26‌

)

$

2,308

CNY

16,087

Goldman

Sachs

02/02/23

  $

(

24‌

)

$

597

RON

2,956

Goldman

Sachs

01/31/23

(

42‌

)

Total

  $

(

66‌

)

$

906

CAD

1,233

Morgan

Stanley

01/31/23

  $

(

5‌

)

$

2,339

CAD

3,197

Morgan

Stanley

01/31/23

(

23‌

)

$

68,711

EUR

68,162

Morgan

Stanley

01/31/23

(

4,412‌

)

$

416

EUR

399

Morgan

Stanley

01/31/23

(

12‌

)

$

511

EUR

483

Morgan

Stanley

01/31/23

(

7‌

)

$

345

HUF

145,362

Morgan

Stanley

01/31/23

(

41‌

)

$

1,057

ILS

3,678

Morgan

Stanley

01/31/23

10‌

$

2,219

NOK

22,701

Morgan

Stanley

01/31/23

(

101‌

)

$

653

NZD

1,125

Morgan

Stanley

01/31/23

(

62‌

)

$

1,005

SEK

11,165

Morgan

Stanley

01/31/23

(

67‌

)

$

622

THB

23,263

Morgan

Stanley

01/31/23

(

52‌

)

EUR

191

$

193

Morgan

Stanley

01/31/23

12‌

EUR

369

$

388

Morgan

Stanley

01/31/23

7‌

$

380

ZAR

6,851

Morgan

Stanley

01/31/23

(

22‌

)

Total

  $

(

4,775‌

)

$

6,911

CAD

9,346

Standard

Chartered

Bank

01/31/23

  $

7‌

$

531

GBP

432

Standard

Chartered

Bank

01/31/23

8‌

Total

  $

15‌

$

6,448

AUD

9,889

Toronto

Dominion

Bank

01/31/23

  $

(

294‌

)

$

22,628

CNY

163,233

Toronto

Dominion

Bank

02/02/23

(

1,040‌

)

$

585

CNY

4,061

Toronto

Dominion

Bank

02/02/23

(

4‌

)

$

12,944

GBP

11,152

Toronto

Dominion

Bank

01/31/23

(

550‌

)

$

25,023

JPY

3,629,865

Toronto

Dominion

Bank

01/31/23

(

2,750‌

)

$

1,763

JPY

238,000

Toronto

Dominion

Bank

03/20/23

(

71‌

)

Total

  $

(

4,709‌

)

Total

  $

(

9,663‌

)

“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.

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

659,375,547

1.561%-9.000%,

07/01/24-11/25/52

$

549,116‌

5

.1‌

%

Freddie

Mac

STACR

REMIC

Trust

29,350,000

g,i

7.278%,

05/25/42

29,547‌

0

.3‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

31,100,000

g,i

8.428%,

06/25/42

32,562‌

0

.3‌

Government

National

Mortgage

Association

(GNMA)

118,151,927

3.000%,

05/20/52

105,206‌

1

.0‌

126,161,090

1.747%-6.500%,

10/15/33-11/20/52

107,640‌

1

.0‌

Other

302,492‌

2

.8‌

2,131,693‌

19

.9‌

MUNICIPAL

BONDS

323,191‌

3

.0‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Bond

35,680,000

3.000%,

05/15/45

29,394‌

0

.3‌

41,710,000

2.875%,

08/15/45

33,583‌

0

.3‌

52,140,000

2.500%,

05/15/46

38,895‌

0

.4‌

51,995,000

3.000%,

08/15/48

42,697‌

0

.4‌

124,295,000

2.750%-4.750%,

02/15/37-11/15/48

112,289‌

1

.0‌

United

States

Treasury

Inflation

Indexed

Bonds

36,152,676

k

0.500%,

04/15/24

35,156‌

0

.3‌

United

States

Treasury

Note

73,500,000

0.250%,

11/15/23

70,675‌

0

.7‌

165,655,000

4.250%,

12/31/24

165,079‌

1

.5‌

169,430,000

4.000%,

12/15/25

168,345‌

1

.6‌

186,596,000

4.125%,

10/31/27

187,281‌

1

.7‌

114,025,000

3.875%,

12/31/27

113,397‌

1

.1‌

33,320,000

4.000%,

10/31/29

33,330‌

0

.3‌

68,948,000

2.875%,

05/15/32

63,540‌

0

.6‌

289,666,400

4.125%,

11/15/32

295,595‌

2

.8‌

85,325,800

2.375%,

02/15/42

65,148‌

0

.6‌

91,758,000

3.375%,

08/15/42

82,009‌

0

.8‌

40,200,000

e

4.000%,

11/15/42

39,358‌

0

.4‌

250,102,000

2.250%,

02/15/52

173,919‌

1

.6‌

116,385,000

3.000%,

08/15/52

95,890‌

0

.9‌

Other

92,426‌

0

.8‌

1,938,006‌

18

.1‌

47,537,195,082

TOTAL

GOVERNMENT

BONDS

(Cost

$

5,276,243

)

4,870,394‌

45

.4‌

STRUCTURED

ASSETS

ASSET

BACKED

DB

Master

Finance

LLC

Series

-

2021

1A

(Class

A2I)

37,125,000

g

2.045%,

11/20/51

31,689‌

0

.3‌

Gracie

Point

International

Funding

Series

-

2022

2A

(Class

A)

43,700,000

g,i

6.795%,

07/01/24

43,706‌

0

.4‌

Santander

Drive

Auto

Receivables

Trust

Series

-

2021

4

(Class

D)

34,000,000

1.670%,

10/15/27

31,316‌

0

.3‌

Other

607,552‌

5

.6‌

714,263‌

6

.6‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

OTHER

MORTGAGE

BACKED

$

1,221,708‌

11

.4‌

%

$

2,177,544,208

TOTAL

STRUCTURED

ASSETS

(Cost

$

2,185,985

)

1,935,971‌

18

.0‌

TOTAL

BONDS

(Cost

$11,643,422)

10,398,696‌

96

.9‌

a

a

a

a

Shares

Company

PREFERRED

STOCKS

BANKS

4,529‌

0

.1‌

DIVERSIFIED

FINANCIALS

4,391‌

0

.0‌

TOTAL

PREFERRED

STOCKS

(Cost

$54,290)

8,920‌

0

.1‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

COMMERCIAL

PAPER

7,868‌

0

.1‌

GOVERNMENT

AGENCY

DEBT

77,386‌

0

.7‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

211,510,000

r

4.080%,

01/03/23

211,510‌

2

.0‌

211,510‌

2

.0‌

TREASURY

DEBT

1,814‌

0

.0‌

Shares

Company

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

66,458,548

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.340%

66,459‌

0

.6‌

66,459‌

0

.6‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$364,927)

365,037‌

3

.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$12,116,159)

10,823,708‌

100

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

93,188‌

)

(

0

.9‌

)

NET

ASSETS

$

10,730,520‌

100

.0‌

%

EUR

Euro

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$64,341,907.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$211,510,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.000%–3.125%

and

maturity

dates

7/31/28–11/30/28,

valued

at

$215,740,261.

Summary

portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

46

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

concluded

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

SEK

Swedish

Krona

THB

Thai

Baht

ZAR

South

African

Rand

Centrally

cleared

credit

default

swap

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

SOLD

Reference

entity

Terms

of

payments

to

be

paid

Terms

of

payments

to

be

received

Counterparty

Fixed

rate

payment

frequency

Maturity

date

Notional

amount

*

Value

Premiums

paid

(received)

Unrealized

appreciation

(depreciation)

CDX-NAHYS39V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/27

$

150,000‌

$

(

1,124‌

)

$

6,446‌

$

(

7,570‌

)

CDX-NAIGS39V1-5

Year

Index

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/27

300,000‌

(

2,491‌

)

(

473‌

)

(

2,018‌

)

Total

$

(

3,615‌

)

$

5,973‌

$

(

9,588‌

)

*  

The

maximum

potential

amount

the

Account

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

Summary

portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

47

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

BANK

LOAN

OBLIGATIONS

COMMERCIAL

&

PROFESSIONAL

SERVICES

$

2,267‌

0

.0‌

%

CONSUMER

DURABLES

&

APPAREL

2,238‌

0

.0‌

CONSUMER

SERVICES

5,355‌

0

.1‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,949‌

0

.0‌

MEDIA

&

ENTERTAINMENT

4,484‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,222‌

0

.1‌

RETAILING

2,968‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0‌

0

.0‌

SOFTWARE

&

SERVICES

5,450‌

0

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

364‌

0

.0‌

UTILITIES

2,463‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$36,031)

35,760‌

0

.5‌

a

a

a

a

BONDS

CORPORATE

BONDS

BANKS

4,721‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

12,659‌

0

.2‌

CONSUMER

DURABLES

&

APPAREL

5,161‌

0

.1‌

DIVERSIFIED

FINANCIALS

15,022‌

0

.2‌

ENERGY

33,405‌

0

.5‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,193‌

0

.1‌

MATERIALS

22,562‌

0

.3‌

MEDIA

&

ENTERTAINMENT

16,239‌

0

.2‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,855‌

0

.0‌

REAL

ESTATE

9,500‌

0

.1‌

RETAILING

6,875‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,339‌

0

.0‌

SOFTWARE

&

SERVICES

7,219‌

0

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,603‌

0

.0‌

TELECOMMUNICATION

SERVICES

11,756‌

0

.2‌

TRANSPORTATION

4,416‌

0

.1‌

UTILITIES

3,324‌

0

.0‌

$

187,400,000

TOTAL

CORPORATE

BONDS

(Cost

$

185,669

)

166,849‌

2

.3‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

Montefiore

Medical

Center

14,875,000

2.895%,

04/20/32

13,534‌

0

.2‌

Other

8,466‌

0

.1‌

22,000‌

0

.3‌

MORTGAGE

BACKED

Freddie

Mac

STACR

REMIC

Trust

20,000,000

g,i

7.278%,

05/25/42

20,135‌

0

.3‌

Government

National

Mortgage

Association

(GNMA)

18,326,641

3.600%,

09/15/31

17,828‌

0

.3‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

35,915,493

1.730%,

07/15/37

$

30,381‌

0

.4‌

%

33,465,693

4.250%,

09/15/38

33,053‌

0

.5‌

23,282,736

1.650%,

07/15/42

19,110‌

0

.3‌

25,428,174

2.750%,

01/15/45

22,642‌

0

.3‌

Other

35,966‌

0

.4‌

179,115‌

2

.5‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Inflation

Indexed

Bonds

94,237,160

k

0.125%,

01/15/23

94,116‌

1

.3‌

140,354,370

k

0.625%,

04/15/23

138,921‌

2

.0‌

138,283,200

k

0.375%,

07/15/23

136,641‌

1

.9‌

204,645,660

k

0.625%,

01/15/24

200,298‌

2

.8‌

241,017,840

k

0.500%,

04/15/24

234,374‌

3

.3‌

203,922,875

d,k

0.125%,

07/15/24

197,343‌

2

.8‌

211,953,675

k

0.125%,

10/15/24

204,111‌

2

.9‌

230,223,150

k

0.250%,

01/15/25

220,834‌

3

.1‌

121,738,219

k

2.375%,

01/15/25

121,836‌

1

.7‌

186,881,580

k

0.125%,

04/15/25

178,097‌

2

.5‌

248,788,980

k

0.375%,

07/15/25

238,932‌

3

.4‌

323,845,980

k

0.125%,

10/15/25

307,763‌

4

.3‌

266,516,105

k

0.625%,

01/15/26

255,824‌

3

.6‌

80,056,823

k

2.000%,

01/15/26

79,956‌

1

.1‌

164,751,900

k

0.125%,

04/15/26

154,885‌

2

.2‌

183,978,800

k

0.125%,

07/15/26

173,358‌

2

.4‌

308,885,229

k

0.125%,

10/15/26

289,522‌

4

.1‌

244,857,690

k

0.375%,

01/15/27

230,893‌

3

.3‌

122,579,207

k

2.375%,

01/15/27

125,029‌

1

.8‌

131,918,750

k

0.125%,

04/15/27

122,935‌

1

.7‌

140,691,705

k

0.375%,

07/15/27

132,591‌

1

.9‌

129,759,810

k

1.625%,

10/15/27

129,608‌

1

.8‌

248,244,000

k

0.500%,

01/15/28

233,432‌

3

.3‌

245,209,692

k

1.750%,

01/15/28

245,040‌

3

.4‌

130,849,358

k

3.625%,

04/15/28

142,601‌

2

.0‌

151,944,960

k

0.750%,

07/15/28

144,734‌

2

.0‌

223,035,120

k

0.875%,

01/15/29

212,475‌

3

.0‌

163,628,694

k

2.500%,

01/15/29

170,598‌

2

.4‌

9,225,930

k

3.875%,

04/15/29

10,366‌

0

.1‌

217,836,300

k

0.250%,

07/15/29

199,418‌

2

.8‌

179,513,250

k

0.125%,

01/15/30

161,243‌

2

.3‌

142,367,050

k

0.125%,

07/15/30

127,467‌

1

.8‌

173,988,320

k

0.125%,

01/15/31

154,512‌

2

.2‌

261,773,767

k

0.125%,

07/15/31

231,293‌

3

.3‌

97,585,155

k

0.125%,

01/15/32

85,472‌

1

.2‌

69,834,752

k

3.375%,

04/15/32

79,930‌

1

.1‌

153,319,725

k

0.625%,

07/15/32

140,428‌

2

.0‌

190,938,273

k

0.125%,

02/15/52

123,500‌

1

.7‌

United

States

Treasury

Note

25,000,000

4.125%,

11/15/32

25,512‌

0

.4‌

Other

9,013‌

0

.1‌

6,464,901‌

91

.0‌

7,033,033,814

TOTAL

GOVERNMENT

BONDS

(Cost

$

7,144,653

)

6,666,016‌

93

.8‌

STRUCTURED

ASSETS

ASSET

BACKED

32,609‌

0

.5‌

OTHER

MORTGAGE

BACKED

BX

Commercial

Mortgage

Trust

Series

-

2021

XL2

(Class

C)

26,179,700

g,i

5.515%,

10/15/38,

LIBOR

1

M

+

1.197%

24,890‌

0

.4‌

Connecticut

Avenue

Securities

Trust

Series

-

2021

R01

(Class

1M2)

10,000,000

g,i

5.478%,

10/25/41

9,753‌

0

.1‌

Summary

portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

48

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

concluded

“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

12/31/22,

the

aggregate

value

of

securities

on

loan

is

$8,466,121.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

OTHER

MORTGAGE

BACKED—continued

Freddie

Mac

STACR

REMIC

Trust

Series

-

2022

DNA1

(Class

M2)

$

15,000,000

g,i

6.428%,

01/25/42

$

13,593‌

0

.2‌

%

Other

124,114‌

1

.7‌

172,350‌

2

.4‌

221,661,782

TOTAL

STRUCTURED

ASSETS

(Cost

$

220,652

)

204,959‌

2

.9‌

TOTAL

BONDS

(Cost

$7,550,974)

7,037,824‌

99

.0‌

a

a

a

a

SHORT-TERM

INVESTMENTS

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

10,480,000

r

4.080%,

01/03/23

10,480‌

0

.2‌

10,480‌

0

.2‌

Shares

Company

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

8,815,771

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.340%

8,816‌

0

.1‌

8,816‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$19,296)

19,296‌

0

.3‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,606,301)

7,092,880‌

99

.8‌

OTHER

ASSETS

&

LIABILITIES,

NET

13,341‌

0

.2‌

NET

ASSETS

$

7,106,221‌

100

.0‌

%

LIBOR

London

Interbank

Offered

Rate

M

Month

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.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$10,480,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.375%

and

maturity

date

10/31/28,

valued

at

$10,689,681.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

US

Long

Bond

CBT

(

19‌

)

03/22/23

 $

(

2,404‌

)

$

(

2,382‌

)

$

22‌

US

Ultra

Bond

CBT

(

200‌

)

03/22/23

(

27,136‌

)

(

26,862‌

)

274‌

Total

(

219‌

)

  $

(

29,540‌

)

 $

(

29,244‌

)

 $

296‌

Summary

portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

49

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

BANK

LOAN

OBLIGATIONS

COMMERCIAL

&

PROFESSIONAL

SERVICES

$

14,381‌

0

.1‌

%

UTILITIES

11,812‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$27,332)

26,193‌

0

.1‌

a

a

a

a

BONDS

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

60,822‌

0

.3‌

BANKS

315,832‌

1

.8‌

CAPITAL

GOODS

26,526‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,194‌

0

.1‌

CONSUMER

SERVICES

114,097‌

0

.6‌

DIVERSIFIED

FINANCIALS

274,280‌

1

.6‌

ENERGY

96,792‌

0

.5‌

FOOD

&

STAPLES

RETAILING

15,425‌

0

.1‌

FOOD,

BEVERAGE

&

TOBACCO

30,999‌

0

.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

8,400‌

0

.0‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

15,023‌

0

.1‌

INSURANCE

67,713‌

0

.4‌

MATERIALS

106,871‌

0

.6‌

MEDIA

&

ENTERTAINMENT

21,276‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

68,630‌

0

.4‌

REAL

ESTATE

76,482‌

0

.4‌

RETAILING

12,989‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

24,359‌

0

.1‌

SOFTWARE

&

SERVICES

44,709‌

0

.3‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,420‌

0

.1‌

TELECOMMUNICATION

SERVICES

46,652‌

0

.3‌

TRANSPORTATION

8,885‌

0

.1‌

UTILITIES

688,951‌

3

.9‌

$

2,553,111,663

TOTAL

CORPORATE

BONDS

(Cost

$

2,546,985

)

2,157,327‌

12

.2‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

271,111‌

1

.5‌

FOREIGN

GOVERNMENT

BONDS

556,627‌

3

.1‌

MORTGAGE

BACKED

Federal

National

Mortgage

Association

(FNMA)

210,217,546

h

4.500%,

09/01/52

202,351‌

1

.1‌

169,100,293

h

4.000%,

10/01/52

158,622‌

0

.9‌

84,606,487

5.000%,

10/01/52

83,436‌

0

.5‌

55,127,346

h

5.500%,

12/01/52

55,275‌

0

.3‌

669,925,780

1.246%-8.000%,

07/01/24-11/25/52

577,344‌

3

.3‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

Government

National

Mortgage

Association

(GNMA)

$

260,740,132

1.747%-6.500%,

08/15/25-12/20/52

$

234,198‌

1

.3‌

%

Other

332,189‌

1

.9‌

1,643,415‌

9

.3‌

MUNICIPAL

BONDS

525,328‌

3

.0‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Note

57,190,000

4.000%,

12/15/25

56,824‌

0

.3‌

72,638,000

4.125%,

10/31/27

72,905‌

0

.4‌

60,900,000

4.000%,

10/31/29

60,919‌

0

.3‌

256,740,400

4.125%,

11/15/32

261,995‌

1

.5‌

232,705,800

2.375%,

02/15/42

177,674‌

1

.0‌

109,370,000

4.000%,

11/15/42

107,080‌

0

.6‌

173,017,000

3.000%,

08/15/52

142,550‌

0

.8‌

368,015,000

0.125%-4.250%,

03/31/23-11/15/52

324,989‌

1

.9‌

Other

77,551‌

0

.5‌

1,282,487‌

7

.3‌

14,235,667,806

TOTAL

GOVERNMENT

BONDS

(Cost

$

4,599,389

)

4,278,968‌

24

.2‌

STRUCTURED

ASSETS

ASSET

BACKED

218,634‌

1

.2‌

OTHER

MORTGAGE

BACKED

522,381‌

3

.0‌

1,077,296,519

TOTAL

STRUCTURED

ASSETS

(Cost

$

864,413

)

741,015‌

4

.2‌

TOTAL

BONDS

(Cost

$8,010,787)

7,177,310‌

40

.6‌

a

a

a

a

Shares

Company

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

645,139

*

Tesla,

Inc

79,468‌

0

.5‌

Other

137,351‌

0

.7‌

216,819‌

1

.2‌

BANKS

523,362‌

3

.0‌

CAPITAL

GOODS

244,029

Caterpillar,

Inc

58,460‌

0

.3‌

132,127

Deere

&

Co

56,651‌

0

.3‌

Other

595,604‌

3

.4‌

710,715‌

4

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

149,606‌

0

.9‌

CONSUMER

DURABLES

&

APPAREL

534,413

Nike,

Inc

(Class

B)

62,532‌

0

.4‌

Other

150,820‌

0

.8‌

213,352‌

1

.2‌

CONSUMER

SERVICES

568,908

Starbucks

Corp

56,436‌

0

.3‌

Other

161,393‌

0

.9‌

217,829‌

1

.2‌

Summary

portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

50

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

continued

Shares

Company

1

1

Value

(000)

%

of

net

assets

DIVERSIFIED

FINANCIALS

77,740

BlackRock,

Inc

$

55,089‌

0

.3‌

%

732,982

Charles

Schwab

Corp

61,028‌

0

.3‌

158,760

Goldman

Sachs

Group,

Inc

54,515‌

0

.3‌

167,725

S&P

Global,

Inc

56,178‌

0

.3‌

Other

442,007‌

2

.6‌

668,817‌

3

.8‌

ENERGY

508,979

ConocoPhillips

60,059‌

0

.3‌

Other

528,157‌

3

.0‌

588,216‌

3

.3‌

FOOD

&

STAPLES

RETAILING

112,812‌

0

.6‌

FOOD,

BEVERAGE

&

TOBACCO

1,291,781

Coca-Cola

Co

82,170‌

0

.5‌

634,492

Nestle

S.A.

73,290‌

0

.4‌

455,171

PepsiCo,

Inc

82,231‌

0

.5‌

Other

171,887‌

0

.9‌

409,578‌

2

.3‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

111,438

Elevance

Health,

Inc

57,164‌

0

.3‌

140,780

UnitedHealth

Group,

Inc

74,639‌

0

.4‌

Other

312,693‌

1

.8‌

444,496‌

2

.5‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

675,349

Procter

&

Gamble

Co

102,356‌

0

.6‌

Other

126,142‌

0

.7‌

228,498‌

1

.3‌

INSURANCE

418,040‌

2

.4‌

MATERIALS

202,703

Linde

plc

66,118‌

0

.4‌

Other

409,076‌

2

.3‌

475,194‌

2

.7‌

MEDIA

&

ENTERTAINMENT

621,301

*

Walt

Disney

Co

53,979‌

0

.3‌

Other

278,515‌

1

.6‌

332,494‌

1

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

220,521

Amgen,

Inc

57,918‌

0

.3‌

851,854

Bristol-Myers

Squibb

Co

61,291‌

0

.4‌

254,381

Danaher

Corp

67,518‌

0

.4‌

255,169

Eli

Lilly

&

Co

93,351‌

0

.5‌

745,192

Merck

&

Co,

Inc

82,679‌

0

.5‌

405,716

Novo

Nordisk

AS

55,103‌

0

.3‌

Other

517,961‌

2

.9‌

935,821‌

5

.3‌

REAL

ESTATE

278,468‌

1

.6‌

RETAILING

300,994

Home

Depot,

Inc

95,072‌

0

.6‌

294,994

Lowe's

Companies,

Inc

58,775‌

0

.4‌

Other

228,252‌

1

.2‌

382,099‌

2

.2‌

Shares

Company

1

1

Value

(000)

%

of

net

assets

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

654,199

NVIDIA

Corp

$

95,605‌

0

.5‌

%

376,801

Texas

Instruments,

Inc

62,255‌

0

.4‌

Other

271,577‌

1

.5‌

429,437‌

2

.4‌

SOFTWARE

&

SERVICES

248,482

Accenture

plc

66,305‌

0

.4‌

173,685

*

Adobe,

Inc

58,450‌

0

.3‌

411,280

International

Business

Machines

Corp

57,945‌

0

.3‌

264,132

Mastercard,

Inc

(Class

A)

91,847‌

0

.5‌

1,525,906

Microsoft

Corp

365,943‌

2

.1‌

Other

667,744‌

3

.8‌

1,308,234‌

7

.4‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,509,873

Cisco

Systems,

Inc

71,930‌

0

.4‌

Other

266,522‌

1

.5‌

338,452‌

1

.9‌

TELECOMMUNICATION

SERVICES

1,693,238

Verizon

Communications,

Inc

66,714‌

0

.4‌

Other

110,316‌

0

.6‌

177,030‌

1

.0‌

TRANSPORTATION

330,692

United

Parcel

Service,

Inc

(Class

B)

57,487‌

0

.3‌

Other

265,282‌

1

.5‌

322,769‌

1

.8‌

UTILITIES

786,343

NextEra

Energy,

Inc

65,738‌

0

.4‌

Other

276,720‌

1

.5‌

342,458‌

1

.9‌

TOTAL

COMMON

STOCKS

(Cost

$9,084,928)

10,224,596‌

57

.8‌

a

a

a

a

PREFERRED

STOCKS

BANKS

10,258‌

0

.0‌

INSURANCE

3,613‌

0

.0‌

REAL

ESTATE

15,335‌

0

.1‌

UTILITIES

13,667‌

0

.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$88,151)

42,873‌

0

.2‌

a

a

a

a

RIGHTS/WARRANTS

HEALTH

CARE

EQUIPMENT

&

SERVICES

1‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$1)

1‌

0

.0‌

a

a

a

a

Principal

Issuer

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

104,404‌

0

.6‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

170,518,000

r

4.080%,

01/03/23

170,518‌

1

.0‌

170,518‌

1

.0‌

Summary

portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

51

College

Retirement

Equities

Fund

2022

Annual

Report

See

notes

to

financial

statements

concluded

“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

12/31/22,

the

aggregate

value

of

securities

on

loan

is

$154,064,752.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Shares

Company

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

126,516,252

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.340%

$

126,516‌

0

.7‌

%

126,516‌

0

.7‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$401,461)

401,438‌

2

.3‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$17,612,660)

17,872,411‌

101

.0‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

177,715‌

)

(

1

.0‌

)

NET

ASSETS

$

17,694,696‌

100

.0‌

%

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$170,518,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.875%

and

maturity

date

1/15/29,

valued

at

$173,928,368.

CREF

Money

Market

Account

December

31,

2022

Summary

portfolio

of

investments

52

2022

Annual

Report

College

Retirement

Equities

Fund

See

notes

to

financial

statements

“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.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

portfolio

of

investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

Federal

Farm

Credit

Bank

(FFCB)

$

61,400,000

0.000%,

01/13/23

$

61,328‌

0

.7‌

%

190,739,000

0.000%-0.125%,

01/12/23-05/19/23

189,127‌

2

.3‌

Federal

Home

Loan

Bank

(FHLB)

302,300,000

0.000%,

01/03/23

302,236‌

3

.5‌

253,750,000

0.000%,

01/06/23

253,619‌

2

.9‌

63,000,000

0.000%,

01/09/23

62,947‌

0

.7‌

62,850,000

0.000%,

01/11/23

62,805‌

0

.7‌

103,750,000

0.000%,

01/13/23

103,617‌

1

.2‌

123,850,000

0.000%,

01/18/23

123,619‌

1

.4‌

159,300,000

0.000%,

01/20/23

158,966‌

1

.8‌

124,000,000

0.000%,

01/24/23

123,680‌

1

.4‌

62,300,000

0.000%,

01/25/23

62,132‌

0

.7‌

111,000,000

0.000%,

02/07/23

110,522‌

1

.3‌

61,000,000

0.000%,

02/09/23

60,724‌

0

.7‌

226,600,000

0.000%,

02/10/23

225,552‌

2

.6‌

167,000,000

0.000%,

02/14/23

166,205‌

1

.9‌

82,000,000

0.000%,

02/15/23

81,568‌

0

.9‌

79,000,000

0.000%,

02/17/23

78,563‌

0

.9‌

177,000,000

0.000%,

02/22/23

175,893‌

2

.0‌

87,567,000

0.000%,

02/24/23

86,998‌

1

.0‌

79,500,000

0.000%,

02/28/23

78,941‌

0

.9‌

133,000,000

0.000%,

03/01/23

132,047‌

1

.5‌

121,000,000

0.000%,

03/03/23

120,103‌

1

.4‌

146,950,000

0.000%,

03/08/23

145,767‌

1

.7‌

114,200,000

0.000%,

03/10/23

113,248‌

1

.3‌

327,750,000

0.000%,

03/15/23

324,809‌

3

.7‌

159,700,000

0.000%,

03/20/23

158,204‌

1

.8‌

60,500,000

0.000%,

03/22/23

59,904‌

0

.7‌

125,900,000

0.000%,

03/23/23

124,648‌

1

.4‌

341,670,000

0.000%,

03/24/23

338,210‌

3

.9‌

119,380,000

0.000%,

03/29/23

118,087‌

1

.4‌

247,000,000

0.000%,

03/31/23

244,283‌

2

.8‌

49,400,000

4.480%,

04/04/23

49,400‌

0

.6‌

80,000,000

0.000%,

04/14/23

78,972‌

0

.9‌

146,440,000

0.000%-4.800%,

01/04/23-06/07/23

145,999‌

1

.7‌

Other

1,252‌

0

.0‌

4,723,975‌

54

.3‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

1,256,406,000

r

4.080%,

01/03/23

1,256,406‌

14

.4‌

1,256,406‌

14

.4‌

TREASURY

DEBT

United

States

Treasury

Bill

50,000,000

0.000%,

02/16/23

49,807‌

0

.6‌

54,900,000

0.000%,

02/23/23

54,649‌

0

.6‌

61,250,000

0.000%,

03/07/23

60,777‌

0

.7‌

60,700,000

0.000%,

05/02/23

59,788‌

0

.7‌

315,050,000

0.000%,

01/12/23-04/18/23

312,839‌

3

.6‌

537,860‌

6

.2‌

VARIABLE

RATE

SECURITIES

Federal

Agricultural

Mortgage

Corp

(FAMC)

63,750,000

i

4.350%,

03/03/23,

SOFR

+

0.050%

63,750‌

0

.7‌

Federal

Farm

Credit

Bank

(FFCB)

49,547,000

i

4.350%,

02/17/23,

SOFR

+

0.050%

49,549‌

0

.6‌

Principal

Issuer

1

1

Value

(000)

%

of

net

assets

VARIABLE

RATE

SECURITIES—continued

$

127,600,000

i

4.318%,

07/13/23,

SOFR

+

0.018%

$

127,591‌

1

.5‌

%

63,100,000

i

4.340%,

08/17/23,

SOFR

+

0.040%

63,100‌

0

.7‌

461,528,000

i

4.308%-4.620%,

01/09/23-

04/12/24,

SOFR

+

0.008%-SOFR

+

0.320%

461,537‌

5

.3‌

Federal

Home

Loan

Bank

(FHLB)

50,000,000

i

4.320%,

01/11/23,

SOFR

+

0.020%

50,000‌

0

.6‌

62,900,000

i

4.310%,

01/17/23,

SOFR

+

0.010%

62,900‌

0

.7‌

50,000,000

i

4.315%,

01/26/23,

SOFR

+

0.015%

50,000‌

0

.6‌

116,600,000

i

4.340%,

01/26/23,

SOFR

+

0.040%

116,600‌

1

.3‌

63,000,000

i

4.325%,

02/06/23,

SOFR

+

0.025%

63,000‌

0

.7‌

125,250,000

i

4.340%,

02/10/23,

SOFR

+

0.040%

125,250‌

1

.4‌

83,750,000

i

4.330%,

02/28/23,

SOFR

+

0.030%

83,750‌

1

.0‌

50,000,000

i

4.340%,

03/27/23,

SOFR

+

0.040%

50,000‌

0

.6‌

63,000,000

i

4.355%,

04/04/23,

SOFR

+

0.055%

63,000‌

0

.7‌

752,710,000

i

4.310%-4.390%,

01/03/23-

08/15/23,

SOFR

+

0.010%-SOFR

+

0.090%

752,711‌

8

.7‌

Other

34,025‌

0

.4‌

2,216,763‌

25

.5‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$8,735,004)

8,735,004‌

100

.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$8,735,004)

8,735,004‌

100

.4‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

38,932‌

)

(

0

.4‌

)

NET

ASSETS

$

8,696,072‌

100

.0‌

%

SOFR

Secure

Overnight

Financing

Rate

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$1,256,406,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–1.375%

and

maturity

dates

7/31/28–1/15/29,

valued

at

$1,281,534,217.

College

Retirement

Equities

Fund

December

31,

2022

Statements

of

assets

and

liabilities

See

notes

to

financial

statements

54

2022

Annual

Report

College

Retirement

Equities

Fund

(amounts

in

thousands,

except

accumulation

unit

value)

20.1

Stock

Account

20.2

Global

Equities

Account

ASSETS

Portfolio

investments,

at

value*†

$

105,805,371‌

$

21,996,785‌

Affiliated

investments,

at

value‡

75,394‌

–‌

Cash#**

50,588‌

10,921‌

Cash

-

foreign^

7,436‌

450‌

Dividends

and

interest

receivable

154,999‌

26,875‌

Receivable

from

securities

transactions

657,522‌

24‌

Due

from

affiliates

–‌

–‌

Receivable

for

variation

margin

on

open

futures

contracts

–‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

19,649‌

2,786‌

Total

assets

106,770,959‌

22,037,841‌

LIABILITIES

Investment

management

fees

payable

1,149‌

303‌

Service

agreement

fees

payable

2,800‌

185‌

Payable

for

collateral

for

securities

loaned

1,031,670‌

243,310‌

Payable

for

securities

transactions

661,948‌

11,262‌

Payable

for

delayed

delivery

securities

740‌

–‌

Due

to

affiliates

129,548‌

2,160‌

Overdraft

payable

–‌

–‌

Written

options◊

2,763‌

–‌

Payable

for

variation

margin

on

futures

contracts

18,163‌

6,664‌

Payable

for

variation

margin

on

centrally

cleared

swap

contracts

–‌

–‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

–‌

Payable

for

trustee

compensation

15,394‌

1,969‌

Other

19,477‌

3,486‌

Total

liabilities

1,883,652‌

269,339‌

NET

ASSETS

$

104,887,307‌

$

21,768,502‌

CLASS

R1

(Accumulation):

Net

assets

$

12,179,177‌

$

3,333,204‌

Units

outstanding

19,347‌

14,417‌

Unit

value

$

629

.525‌

$

231

.195‌

CLASS

R2

(Accumulation):

Net

assets

$

29,554,101‌

$

6,748,757‌

Units

outstanding

46,206‌

28,731‌

Unit

value

$

639

.621‌

$

234

.896‌

CLASS

R3

(Accumulation):

Net

assets

$

53,294,679‌

$

10,882,561‌

Units

outstanding

82,903‌

46,096‌

Unit

value

$

642

.854‌

$

236

.083‌

CLASS

R4

(Accumulation):

Net

assets

$

565,981‌

$

400,224‌

Units

outstanding

880‌

1,695‌

Unit

value

$

643

.143‌

$

236

.189‌

ANNUITY:

Net

assets

$

9,293,369‌

$

403,756‌

*

Includes

securities

loaned

of

$

1,515,204‌

$

260,870‌

†

Portfolio

investments;

unaffiliated

issuers

cost

$

106,972,691‌

$

20,723,114‌

‡

Portfolio

investments;

affiliated

issuers

cost

$

109,244‌

$

–‌

**

Includes

cash

collateral

for

securities

loaned

of

$

25,874‌

$

5,612‌

#

Includes

cash

collateral

for

mortgage

dollar

rolls

of

$

–‌

$

–‌

^

Foreign

cash,

cost

$

7,429‌

$

451‌

◊

Written

options

premiums

$

2,185‌

$

–‌

See

notes

to

financial

statements

55

College

Retirement

Equities

Fund

2022

Annual

Report

concluded

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

20.7

Social

Choice

Account

20.8

Money

Market

Account

$

25,026,501‌

$

19,521,975‌

$

10,823,708‌

$

7,092,880‌

$

17,872,411‌

$

8,735,004‌

–‌

–‌

–‌

–‌

–‌

–‌

10‌

–‌

98,582‌

–‌

63,194‌

7‌

–‌

–‌

740‌

–‌

334‌

–‌

8,306‌

18,385‌

71,080‌

20,419‌

66,515‌

14,140‌

46,689‌

–‌

338,336‌

2,333‌

229,273‌

–‌

–‌

–‌

–‌

–‌

1,891‌

6,944‌

–‌

–‌

2,234‌

297‌

–‌

–‌

–‌

–‌

619‌

–‌

–‌

–‌

4,605‌

2,179‌

3,378‌

1,605‌

1,991‌

1,806‌

25,086,111‌

19,542,539‌

11,338,677‌

7,117,534‌

18,235,609‌

8,757,901‌

513‌

284‌

248‌

131‌

483‌

238‌

889‌

553‌

–‌

36‌

–‌

–‌

16,839‌

141,108‌

66,459‌

8,816‌

126,516‌

–‌

87,347‌

–‌

278,814‌

–‌

82,386‌

59,788‌

–‌

–‌

249,127‌

–‌

330,181‌

–‌

7,231‌

10,415‌

1,376‌

1,309‌

–‌

–‌

–‌

144‌

–‌

190‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

173‌

–‌

–‌

–‌

–‌

–‌

–‌

520‌

–‌

–‌

–‌

–‌

–‌

10,282‌

–‌

–‌

–‌

2,034‌

1,576‌

1,328‌

829‌

1,340‌

1,715‌

7‌

5‌

3‌

2‌

7‌

88‌

114,860‌

154,258‌

608,157‌

11,313‌

540,913‌

61,829‌

$

24,971,251‌

$

19,388,281‌

$

10,730,520‌

$

7,106,221‌

$

17,694,696‌

$

8,696,072‌

$

4,446,562‌

$

3,703,184‌

$

1,669,035‌

$

1,230,460‌

$

2,467,463‌

$

1,693,295‌

16,586‌

11,357‌

13,768‌

16,026‌

8,525‌

63,722‌

$

268

.089‌

$

326

.068‌

$

121

.229‌

$

76

.780‌

$

289

.431‌

$

26

.573‌

$

7,908,400‌

$

6,274,824‌

$

3,496,392‌

$

1,963,959‌

$

5,752,542‌

$

2,441,029‌

29,034‌

18,940‌

28,386‌

25,176‌

19,562‌

90,774‌

$

272

.386‌

$

331

.292‌

$

123

.171‌

$

78

.010‌

$

294

.067‌

$

26

.891‌

$

12,025,455‌

$

8,937,122‌

$

5,246,472‌

$

3,706,053‌

$

8,855,710‌

$

4,407,309‌

43,926‌

26,841‌

42,381‌

47,269‌

29,963‌

163,064‌

$

273

.766‌

$

332

.966‌

$

123

.792‌

$

78

.404‌

$

295

.552‌

$

27

.028‌

$

90,238‌

$

10,439‌

$

69,269‌

$

36,797‌

$

211,890‌

$

40,111‌

329‌

31‌

559‌

469‌

717‌

1,484‌

$

273

.891‌

$

333

.117‌

$

123

.848‌

$

78

.439‌

$

295

.684‌

$

27

.033‌

$

500,596‌

$

462,712‌

$

249,352‌

$

168,952‌

$

407,091‌

$

114,328‌

$

16,401‌

$

170,404‌

$

64,342‌

$

8,466‌

$

154,065‌

$

–‌

$

27,943,191‌

$

8,010,125‌

$

12,116,159‌

$

7,606,301‌

$

17,612,660‌

$

8,735,004‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

99,234‌

$

–‌

$

54,662‌

$

–‌

$

–‌

$

–‌

$

927‌

$

–‌

$

335‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

College

Retirement

Equities

Fund

For

the

year

ended

December

31,

2022

Statements

of

operations

See

notes

to

financial

statements

56

2022

Annual

Report

College

Retirement

Equities

Fund

(amounts

in

thousands)

20.1

Stock

Account

20.2

Global

Equities

Account

INVESTMENT

INCOME

Dividends:

Unaffiliated

issuers*

$

2,314,131‌

$

468,012‌

Affiliated

issuers*

2,106‌

–‌

Income

from

securities

lending,

net

20,406‌

1,538‌

Interest*

14,218‌

4,729‌

Other

834‌

187‌

Total

income

2,351,695‌

474,466‌

EXPENSES

Investment

management

fees

98,749‌

17,879‌

Administrative

-

Class

R1

35,959‌

9,812‌

Administrative

-

Class

R2

53,012‌

12,002‌

Administrative

-

Class

R3

83,268‌

15,091‌

Administrative

-

Class

R4

§

22‌

11‌

Distribution

fees

-

Class

R1

13,102‌

3,575‌

Distribution

fees

-

Class

R2

16,560‌

3,750‌

Distribution

fees

-

Class

R3

24,822‌

4,495‌

Distribution

fees

-

Class

R4

§

5‌

3‌

Mortality

and

expense

risk

charges

5,732‌

1,178‌

Total

expenses

331,231‌

67,796‌

Plus:

Recovery

of

expenses

previously

withheld

by

TIAA

–‌

–‌

Net

expenses

331,231‌

67,796‌

Net

investment

income

(loss)

2,020,464‌

406,670‌

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

ON

TOTAL

INVESTMENTS

Realized

gain

(loss):

Unaffiliated

issuers†

2,863,192‌

(

9,629‌

)

Affiliated

issuers

(

12,115‌

)

–‌

Written

options

(

3,099‌

)

860‌

Futures

contracts

(

148,549‌

)

(

28,033‌

)

Forward

foreign

currency

contracts

2,627‌

–‌

Swap

contracts

–‌

–‌

Foreign

currency

transactions

(

41,445‌

)

(

3,864‌

)

Net

realized

gain

(loss)

on

total

investments

2,660,611‌

(

40,666‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Unaffiliated

issuers‡

(

29,988,850‌

)

(

5,592,432‌

)

Affiliated

issuers

35,273‌

–‌

Purchased

options

185‌

–‌

Written

options

212‌

–‌

Futures

contracts

(

29,622‌

)

(

10,519‌

)

Forward

foreign

currency

contracts

(

1,824‌

)

–‌

Swap

contracts

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

(

2,241‌

)

(

504‌

)

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

29,986,867‌

)

(

5,603,455‌

)

Net

realized

and

unrealized

gain

(loss)

on

total

investments

(

27,326,256‌

)

(

5,644,121‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

25,305,792‌

)

$

(

5,237,451‌

)

*  

Net

of

foreign

withholding

taxes

of

unaffiliated

issuers

$

122,296‌

$

25,084‌

§  

Class

R4

commenced

operations

on

September

16,

2022.

†  

Includes

net

realized

gain

(loss)

from

securities

sold

to

affiliates

of

$

186,850‌

$

163,053‌

‡  

Includes

net

change

in

unrealized

foreign

capital

gains

taxes

of

$

18,161‌

$

1,390‌

See

notes

to

financial

statements

57

College

Retirement

Equities

Fund

2022

Annual

Report

concluded

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

20.7

Social

Choice

Account

20.8

Money

Market

Account

$

228,603‌

$

328,925‌

$

276‌

$

–‌

$

217,275‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

412‌

3,395‌

766‌

125‌

2,081‌

–‌

1,749‌

1,306‌

361,560‌

530,695‌

220,147‌

134,637‌

82‌

17‌

3,880‌

981‌

1,743‌

19‌

230,846‌

333,643‌

366,482‌

531,801‌

441,246‌

134,656‌

16,414‌

2,120‌

8,238‌

1,506‌

7,905‌

2,636‌

14,065‌

10,901‌

4,942‌

3,406‌

6,780‌

4,469‌

15,252‌

11,240‌

6,273‌

3,480‌

9,653‌

3,936‌

17,843‌

12,487‌

7,311‌

4,976‌

11,339‌

5,244‌

4‌

1‌

3‌

2‌

9‌

1‌

5,137‌

3,969‌

1,799‌

1,237‌

2,465‌

1,622‌

4,751‌

3,511‌

1,961‌

1,091‌

3,019‌

1,233‌

5,296‌

3,727‌

2,185‌

1,496‌

3,400‌

1,579‌

1‌

–‌

1‌

–‌

2‌

–‌

1,468‌

1,066‌

587‌

376‌

894‌

421‌

80,231‌

49,022‌

33,300‌

17,570‌

45,466‌

21,141‌

–‌

–‌

–‌

–‌

–‌

18,910‌

80,231‌

49,022‌

33,300‌

17,570‌

45,466‌

40,051‌

150,615‌

284,621‌

333,182‌

514,231‌

395,780‌

94,605‌

(

234,402‌

)

1,036,162‌

(

580,095‌

)

(

16,237‌

)

138,926‌

6‌

–‌

–‌

–‌

–‌

–‌

–‌

4,204‌

–‌

–‌

–‌

–‌

–‌

–‌

(

6,318‌

)

41,232‌

32,841‌

–‌

–‌

–‌

–‌

27,465‌

–‌

826‌

–‌

–‌

–‌

(

118‌

)

–‌

–‌

–‌

(

205‌

)

–‌

(

2,238‌

)

–‌

(

1,691‌

)

–‌

(

230,403‌

)

1,029,844‌

(

513,754‌

)

16,604‌

138,061‌

6‌

(

12,537,093‌

)

(

6,173,580‌

)

(

1,553,052‌

)

(

1,033,508‌

)

(

3,644,419‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

2,703‌

)

–‌

–‌

–‌

–‌

–‌

–‌

(

2,310‌

)

6,847‌

2,266‌

–‌

–‌

–‌

–‌

(

9,888‌

)

–‌

(

303‌

)

–‌

–‌

–‌

(

9,563‌

)

–‌

–‌

–‌

(

14‌

)

–‌

(

126‌

)

–‌

(

242‌

)

–‌

(

12,539,810‌

)

(

6,175,890‌

)

(

1,565,782‌

)

(

1,031,242‌

)

(

3,644,964‌

)

–‌

(

12,770,213‌

)

(

5,146,046‌

)

(

2,079,536‌

)

(

1,014,638‌

)

(

3,506,903‌

)

6‌

$

(

12,619,598‌

)

$

(

4,861,425‌

)

$

(

1,746,354‌

)

$

(

500,407‌

)

$

(

3,111,123‌

)

$

94,611‌

$

1,421‌

$

76‌

$

87‌

$

4‌

$

10,364‌

$

–‌

$

35,904‌

$

75,022‌

$

–‌

$

–‌

$

18,513‌

$

–‌

$

–‌

$

–‌

$

10‌

$

–‌

$

–‌

$

–‌

College

Retirement

Equities

Fund

For

the

year

ended

Statements

of

changes

in

net

assets

See

notes

to

financial

statements

58

2022

Annual

Report

College

Retirement

Equities

Fund

20.1

Stock

Account

20.2

Global

Equities

Account

(amounts

in

thousands)

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

OPERATIONS

Net

investment

income

(loss)

$

2,020,464‌

$

1,821,735‌

$

406,670‌

$

440,652‌

Net

realized

gain

(loss)

on

total

investments

2,660,611‌

21,056,532‌

(

40,666‌

)

2,782,573‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

29,986,867‌

)

364,478‌

(

5,603,455‌

)

646,078‌

Net

increase

(decrease)

in

net

assets

from

operations

(

25,305,792‌

)

23,242,745‌

(

5,237,451‌

)

3,869,303‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions:

Class

R1

344,564‌

455,255‌

132,743‌

244,064‌

Class

R2

684,175‌

793,161‌

178,194‌

414,131‌

Class

R3

1,435,728‌

1,537,635‌

462,829‌

1,395,637‌

Class

R4§

290,770‌

–‌

341,218‌

–‌

Net

transfers

between

CREF

Accounts:

Class

R1

(

356,497‌

)

(

330,829‌

)

(

88,747‌

)

23,444‌

Class

R2

(

1,595,199‌

)

(

665,182‌

)

(

282,505‌

)

198,427‌

Class

R3

1,411,167‌

137,623‌

266,606‌

651,125‌

Class

R4§

(

9,401‌

)

–‌

(

732‌

)

–‌

Transfers

in

connection

with

new

class:

Class

R1

(

11,326‌

)

–‌

(

4‌

)

–‌

Class

R2

(

177,344‌

)

–‌

(

28,613‌

)

–‌

Class

R3

(

132,179‌

)

–‌

(

63,277‌

)

–‌

Class

R4§

320,849‌

–‌

91,894‌

–‌

Withdrawals

and

death

benefits:

Class

R1

(

1,307,981‌

)

(

1,633,223‌

)

(

382,515‌

)

(

419,084‌

)

Class

R2

(

3,077,022‌

)

(

3,832,963‌

)

(

720,807‌

)

(

786,675‌

)

Class

R3

(

5,207,768‌

)

(

5,977,933‌

)

(

1,564,053‌

)

(

1,164,173‌

)

Class

R4§

(

41,226‌

)

–‌

(

27,055‌

)

–‌

Annuity

payments:

(

1,548,353‌

)

(

1,517,323‌

)

(

52,519‌

)

(

49,723‌

)

Net

increase

(decrease)

from

participant

transactions

(

8,977,043‌

)

(

11,033,779‌

)

(

1,737,343‌

)

507,173‌

Net

increase

(decrease)

in

net

assets

(

34,282,835‌

)

12,208,966‌

(

6,974,794‌

)

4,376,476‌

NET

ASSETS

Beginning

of

period

139,170,142‌

126,961,176‌

28,743,296‌

24,366,820‌

End

of

period

$

104,887,307‌

$

139,170,142‌

$

21,768,502‌

$

28,743,296‌

ACCUMULATION

UNITS

Units

purchased:

Class

R1

521‌

626‌

541‌

906‌

Class

R2

1,017‌

1,079‌

718‌

1,533‌

Class

R3

1,876‌

1,772‌

1,761‌

5,047‌

Class

R4§

444‌

–‌

1,412‌

–‌

Units

sold

/

transferred:

Class

R1

(

2,510‌

)

(

2,698‌

)

(

1,940‌

)

(

1,462‌

)

Class

R2

(

6,963‌

)

(

6,105‌

)

(

4,083‌

)

(

2,150‌

)

Class

R3

(

5,607‌

)

(

7,873‌

)

(

5,203‌

)

(

1,841‌

)

Class

R4§

(

79‌

)

–‌

(

116‌

)

–‌

Units

transferred

in

connection

with

new

class:

Class

R1

(

18‌

)

–‌

–‌

–‌

Class

R2

(

289‌

)

–‌

(

125‌

)

–‌

Class

R3

(

210‌

)

–‌

(

275‌

)

–‌

Class

R4§

515‌

–‌

399‌

–‌

Outstanding:

Beginning

of

period

160,639‌

173,838‌

97,850‌

95,817‌

End

of

period

149,336‌

160,639‌

90,939‌

97,850‌

See

notes

to

financial

statements

59

College

Retirement

Equities

Fund

2022

Annual

Report

continued

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

$

150,615‌

$

110,089‌

$

284,621‌

$

262,881‌

$

333,182‌

$

286,720‌

$

514,231‌

$

396,128‌

(

230,403‌

)

8,260,209‌

1,029,844‌

1,495,760‌

(

513,754‌

)

133,376‌

16,604‌

145,292‌

(

12,539,810‌

)

(

1,351,540‌

)

(

6,175,890‌

)

3,643,156‌

(

1,565,782‌

)

(

614,560‌

)

(

1,031,242‌

)

(

160,452‌

)

(

12,619,598‌

)

7,018,758‌

(

4,861,425‌

)

5,401,797‌

(

1,746,354‌

)

(

194,464‌

)

(

500,407‌

)

380,968‌

174,433‌

248,869‌

169,373‌

199,677‌

86,985‌

128,344‌

173,346‌

165,913‌

182,621‌

254,281‌

212,505‌

227,332‌

128,164‌

204,538‌

135,174‌

165,980‌

369,019‌

474,064‌

244,233‌

316,635‌

293,845‌

352,642‌

353,786‌

389,257‌

24,286‌

–‌

1,781‌

–‌

12,602‌

–‌

3,060‌

–‌

(

150,230‌

)

(

153,956‌

)

(

78,090‌

)

(

61,469‌

)

(

47,038‌

)

(

5,189‌

)

11,842‌

57,085‌

(

511,264‌

)

(

269,570‌

)

(

310,041‌

)

(

132,039‌

)

(

210,913‌

)

(

65,811‌

)

(

78,869‌

)

96,950‌

306,086‌

46,203‌

275,683‌

185,799‌

112,443‌

36,925‌

205,362‌

244,821‌

294‌

–‌

862‌

–‌

420‌

–‌

(

59‌

)

–‌

(

991‌

)

–‌

–‌

–‌

(

1‌

)

–‌

(

204‌

)

–‌

(

37,916‌

)

–‌

(

1,998‌

)

–‌

(

9,737‌

)

–‌

(

18,434‌

)

–‌

(

45,435‌

)

–‌

(

8,480‌

)

–‌

(

53,228‌

)

–‌

(

18,009‌

)

–‌

84,342‌

–‌

10,478‌

–‌

62,966‌

–‌

36,647‌

–‌

(

504,855‌

)

(

710,164‌

)

(

392,764‌

)

(

467,843‌

)

(

245,947‌

)

(

308,592‌

)

(

171,038‌

)

(

163,608‌

)

(

806,835‌

)

(

1,128,577‌

)

(

633,960‌

)

(

782,911‌

)

(

471,254‌

)

(

601,847‌

)

(

284,996‌

)

(

290,071‌

)

(

1,248,866‌

)

(

1,576,674‌

)

(

855,126‌

)

(

974,371‌

)

(

768,246‌

)

(

917,058‌

)

(

542,532‌

)

(

434,425‌

)

(

15,380‌

)

–‌

(

2,604‌

)

–‌

(

6,608‌

)

–‌

(

2,612‌

)

–‌

(

72,324‌

)

(

70,542‌

)

(

62,130‌

)

(

57,953‌

)

(

29,976‌

)

(

32,280‌

)

(

20,101‌

)

(

20,118‌

)

(

2,253,015‌

)

(

2,886,066‌

)

(

1,430,278‌

)

(

1,547,143‌

)

(

1,145,523‌

)

(

1,208,328‌

)

(

217,637‌

)

211,784‌

(

14,872,613‌

)

4,132,692‌

(

6,291,703‌

)

3,854,654‌

(

2,891,877‌

)

(

1,402,792‌

)

(

718,044‌

)

592,752‌

39,843,864‌

35,711,172‌

25,679,984‌

21,825,330‌

13,622,397‌

15,025,189‌

7,824,265‌

7,231,513‌

$

24,971,251‌

$

39,843,864‌

$

19,388,281‌

$

25,679,984‌

$

10,730,520‌

$

13,622,397‌

$

7,106,221‌

$

7,824,265‌

575‌

685‌

489‌

549‌

681‌

917‌

2,182‌

2,072‌

608‌

693‌

593‌

622‌

989‌

1,442‌

1,659‌

2,045‌

1,094‌

1,172‌

645‌

778‌

2,167‌

2,309‌

4,263‌

4,646‌

85‌

–‌

5‌

–‌

102‌

–‌

39‌

–‌

(

2,139‌

)

(

2,352‌

)

(

1,349‌

)

(

1,428‌

)

(

2,313‌

)

(

2,244‌

)

(

2,015‌

)

(

1,331‌

)

(

4,258‌

)

(

3,794‌

)

(

2,659‌

)

(

2,474‌

)

(

5,290‌

)

(

4,709‌

)

(

4,523‌

)

(

2,392‌

)

(

3,014‌

)

(

4,136‌

)

(

1,633‌

)

(

2,095‌

)

(

5,053‌

)

(

6,178‌

)

(

4,195‌

)

(

2,370‌

)

(

53‌

)

–‌

(

5‌

)

–‌

(

51‌

)

–‌

(

34‌

)

–‌

(

4‌

)

–‌

–‌

–‌

–‌

–‌

(

3‌

)

–‌

(

135‌

)

–‌

(

6‌

)

–‌

(

79‌

)

–‌

(

237‌

)

–‌

(

159‌

)

–‌

(

25‌

)

–‌

(

429‌

)

–‌

(

226‌

)

–‌

297‌

–‌

31‌

–‌

508‌

–‌

464‌

–‌

96,978‌

104,710‌

61,084‌

65,132‌

93,862‌

102,325‌

91,566‌

88,896‌

89,875‌

96,978‌

57,170‌

61,084‌

85,094‌

93,862‌

88,940‌

91,566‌

Statements

of

changes

in

net

assets

College

Retirement

Equities

Fund

For

the

year

ended

See

notes

to

financial

statements

60

2022

Annual

Report

College

Retirement

Equities

Fund

concluded

20.7

Social

Choice

Account

20.8

Money

Market

Account

(amounts

in

thousands)

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

OPERATIONS

Net

investment

income

(loss)

$

395,780‌

$

325,728‌

$

94,605‌

$

–‌

Net

realized

gain

(loss)

on

total

investments

138,061‌

1,402,116‌

6‌

12‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

3,644,964‌

)

466,434‌

–‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

(

3,111,123‌

)

2,194,278‌

94,611‌

12‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions:

Class

R1

264,548‌

165,207‌

598,903‌

604,893‌

Class

R2

615,670‌

450,311‌

574,619‌

462,476‌

Class

R3

1,103,803‌

783,231‌

1,194,591‌

983,239‌

Class

R4§

35,470‌

–‌

23,512‌

–‌

Net

transfers

between

CREF

Accounts:

Class

R1

48,205‌

7,611‌

9,002‌

(

114,678‌

)

Class

R2

2,477‌

121,334‌

(

45,940‌

)

(

139,487‌

)

Class

R3

722,716‌

353,969‌

385,895‌

(

223,277‌

)

Class

R4§

7,375‌

–‌

(

895‌

)

–‌

Transfers

in

connection

with

new

class:

Class

R1

(

1,259‌

)

–‌

(

251‌

)

–‌

Class

R2

(

73,274‌

)

–‌

(

23,130‌

)

–‌

Class

R3

(

99,159‌

)

–‌

(

32‌

)

–‌

Class

R4§

173,692‌

–‌

23,413‌

–‌

Withdrawals

and

death

benefits:

Class

R1

(

236,973‌

)

(

253,417‌

)

(

588,384‌

)

(

831,769‌

)

Class

R2

(

588,169‌

)

(

585,245‌

)

(

602,969‌

)

(

1,018,259‌

)

Class

R3

(

863,848‌

)

(

834,999‌

)

(

1,282,829‌

)

(

1,951,449‌

)

Class

R4§

(

8,919‌

)

–‌

(

6,174‌

)

–‌

Annuity

payments:

(

48,070‌

)

(

45,814‌

)

(

13,126‌

)

(

13,585‌

)

Net

increase

(decrease)

from

participant

transactions

1,054,285‌

162,188‌

246,205‌

(

2,241,896‌

)

Net

increase

(decrease)

in

net

assets

(

2,056,838‌

)

2,356,466‌

340,816‌

(

2,241,884‌

)

NET

ASSETS

Beginning

of

period

19,751,534‌

17,395,068‌

8,355,256‌

10,597,140‌

End

of

period

$

17,694,696‌

$

19,751,534‌

$

8,696,072‌

$

8,355,256‌

ACCUMULATION

UNITS

Units

purchased:

Class

R1

876‌

507‌

22,673‌

22,962‌

Class

R2

2,012‌

1,360‌

21,533‌

17,382‌

Class

R3

3,487‌

2,232‌

44,056‌

36,366‌

Class

R4§

120‌

–‌

873‌

–‌

Units

sold

/

transferred:

Class

R1

(

629‌

)

(

747‌

)

(

21,937‌

)

(

35,927‌

)

Class

R2

(

1,928‌

)

(

1,404‌

)

(

24,330‌

)

(

43,515‌

)

Class

R3

(

472‌

)

(

1,475‌

)

(

33,279‌

)

(

81,213‌

)

Class

R4§

(

3‌

)

–‌

(

262‌

)

–‌

Units

transferred

in

connection

with

new

class:

Class

R1

(

4‌

)

–‌

(

10‌

)

–‌

Class

R2

(

256‌

)

–‌

(

866‌

)

–‌

Class

R3

(

341‌

)

–‌

(

1‌

)

–‌

Class

R4§

600‌

–‌

873‌

–‌

Outstanding:

Beginning

of

period

55,304‌

54,831‌

309,720‌

393,665‌

End

of

period

58,766‌

55,304‌

319,043‌

309,720‌

§

Class

R4

commenced

operations

on

September

16,

2022.

College

Retirement

Equities

Fund

Financial

highlights

See

notes

to

financial

statements

62

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.1

STOCK

ACCOUNT

Class

R1

:

12/31/22

$

13

.580‌

$

3

.012‌

$

10

.568‌

$

(

154

.604‌

)

$

(

144

.036‌

)

$

773

.561‌

$

629

.525‌

12/31/21

11

.657‌

3

.132‌

8

.525‌

113

.206‌

121

.731‌

651

.830‌

773

.561‌

12/31/20

9

.890‌

2

.810‌

7

.080‌

90

.652‌

97

.732‌

554

.098‌

651

.830‌

12/31/19

11

.125‌

2

.749‌

8

.376‌

109

.873‌

118

.249‌

435

.849‌

554

.098‌

12/31/18

10

.238‌

2

.573‌

7

.665‌

(

55

.323‌

)

(

47

.658‌

)

483

.507‌

435

.849‌

Class

R2

:

12/31/22

13

.800‌

2

.019‌

11

.781‌

(

156

.913‌

)

(

145

.132‌

)

784

.753‌

639

.621‌

12/31/21

11

.811‌

2

.055‌

9

.756‌

114

.741‌

124

.497‌

660

.256‌

784

.753‌

12/31/20

10

.005‌

1

.916‌

8

.089‌

91

.852‌

99

.941‌

560

.315‌

660

.256‌

12/31/19

11

.240‌

1

.772‌

9

.468‌

110

.979‌

120

.447‌

439

.868‌

560

.315‌

12/31/18

10

.327‌

1

.687‌

8

.640‌

(

55

.847‌

)

(

47

.207‌

)

487

.075‌

439

.868‌

Class

R3

:

12/31/22

13

.834‌

1

.691‌

12

.143‌

(

157

.619‌

)

(

145

.476‌

)

788

.330‌

642

.854‌

12/31/21

11

.872‌

1

.688‌

10

.184‌

115

.218‌

125

.402‌

662

.928‌

788

.330‌

12/31/20

10

.044‌

1

.598‌

8

.446‌

92

.234‌

100

.680‌

562

.248‌

662

.928‌

12/31/19

11

.279‌

1

.507‌

9

.772‌

111

.324‌

121

.096‌

441

.152‌

562

.248‌

12/31/18

10

.352‌

1

.485‌

8

.867‌

(

56

.010‌

)

(

47

.143‌

)

488

.295‌

441

.152‌

Class

R4

:

12/31/22

§

3

.271‌

0

.203‌

3

.068‌

9

.589‌

12

.657‌

630

.486‌

643

.143‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

63

College

Retirement

Equities

Fund

2022

Annual

Report

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

18

.62‌

)

%

0

.45‌

%

1

.60‌

%

41‌

%

19

  $

12,179‌

18

.67‌

0

.43‌

1

.17‌

50‌

21

16,519‌

17

.64‌

0

.52‌

1

.31‌

69‌

23

15,270‌

27

.13‌

0

.55‌

1

.67‌

60‌

26

14,577‌

(

9

.86‌

)

0

.53‌

1

.57‌

55‌

29

12,655‌

(

18

.49‌

)

0

.30‌

1

.75‌

41‌

46

29,554‌

18

.86‌

0

.28‌

1

.33‌

50‌

52

41,153‌

17

.84‌

0

.35‌

1

.47‌

69‌

57

37,943‌

27

.38‌

0

.35‌

1

.86‌

60‌

63

35,441‌

(

9

.69‌

)

0

.34‌

1

.75‌

55‌

70

30,866‌

(

18

.45‌

)

0

.25‌

1

.80‌

41‌

83

53,295‌

18

.92‌

0

.23‌

1

.38‌

50‌

87

68,462‌

17

.91‌

0

.29‌

1

.53‌

69‌

93

61,616‌

27

.45‌

0

.30‌

1

.92‌

60‌

103

57,944‌

(

9

.65‌

)

0

.30‌

1

.79‌

55‌

114

50,309‌

2

.01‌

c

0

.11‌

d

1

.68‌

d

41‌

1

566‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

64

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.2

GLOBAL

EQUITIES

ACCOUNT

Class

R1

:

12/31/22

$

4

.897‌

$

1

.080‌

$

3

.817‌

$

(

56

.831‌

)

$

(

53

.014‌

)

$

284

.209‌

$

231

.195‌

12/31/21

5

.035‌

1

.096‌

3

.939‌

34

.023‌

37

.962‌

246

.247‌

284

.209‌

12/31/20

3

.467‌

1

.009‌

2

.458‌

42

.730‌

45

.188‌

201

.059‌

246

.247‌

12/31/19

4

.042‌

0

.913‌

3

.129‌

40

.803‌

43

.932‌

157

.127‌

201

.059‌

12/31/18

3

.712‌

0

.948‌

2

.764‌

(

25

.325‌

)

(

22

.561‌

)

179

.688‌

157

.127‌

Class

R2

:

12/31/22

4

.976‌

0

.715‌

4

.261‌

(

57

.679‌

)

(

53

.418‌

)

288

.314‌

234

.896‌

12/31/21

5

.099‌

0

.697‌

4

.402‌

34

.488‌

38

.890‌

249

.424‌

288

.314‌

12/31/20

3

.505‌

0

.678‌

2

.827‌

43

.288‌

46

.115‌

203

.309‌

249

.424‌

12/31/19

4

.081‌

0

.560‌

3

.521‌

41

.217‌

44

.738‌

158

.571‌

203

.309‌

12/31/18

3

.746‌

0

.624‌

3

.122‌

(

25

.558‌

)

(

22

.436‌

)

181

.007‌

158

.571‌

Class

R3

:

12/31/22

4

.990‌

0

.595‌

4

.395‌

(

57

.939‌

)

(

53

.544‌

)

289

.627‌

236

.083‌

12/31/21

5

.129‌

0

.560‌

4

.569‌

34

.624‌

39

.193‌

250

.434‌

289

.627‌

12/31/20

3

.517‌

0

.561‌

2

.956‌

43

.466‌

46

.422‌

204

.012‌

250

.434‌

12/31/19

4

.095‌

0

.465‌

3

.630‌

41

.347‌

44

.977‌

159

.035‌

204

.012‌

12/31/18

3

.747‌

0

.547‌

3

.200‌

(

25

.626‌

)

(

22

.426‌

)

181

.461‌

159

.035‌

Class

R4

:

12/31/22

§

1

.069‌

0

.070‌

0

.999‌

4

.803‌

5

.802‌

230

.387‌

236

.189‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

65

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

18

.65‌

)

%

0

.44‌

%

1

.57‌

%

36‌

%

14

  $

3,333‌

15

.42‌

0

.41‌

1

.46‌

46‌

16

4,495‌

22

.48‌

0

.50‌

1

.23‌

63‌

16

4,032‌

27

.96‌

0

.50‌

1

.73‌

67‌

18

3,682‌

(

12

.56‌

)

0

.53‌

1

.54‌

77‌

20

3,154‌

(

18

.53‌

)

0

.29‌

1

.73‌

36‌

29

6,749‌

15

.59‌

0

.26‌

1

.61‌

46‌

32

9,290‌

22

.68‌

0

.33‌

1

.39‌

63‌

33

8,190‌

28

.21‌

0

.31‌

1

.92‌

67‌

35

7,150‌

(

12

.40‌

)

0

.35‌

1

.73‌

77‌

38

6,104‌

(

18

.49‌

)

0

.24‌

1

.77‌

36‌

46

10,883‌

15

.65‌

0

.20‌

1

.67‌

46‌

50

14,427‌

22

.75‌

0

.27‌

1

.45‌

63‌

47

11,672‌

28

.28‌

0

.25‌

1

.98‌

67‌

49

10,088‌

(

12

.36‌

)

0

.30‌

1

.77‌

77‌

54

8,621‌

2

.52‌

c

0

.10‌

d

1

.48‌

d

36‌

2

400‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

66

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.3

GROWTH

ACCOUNT

Class

R1

:

12/31/22

$

2

.391‌

$

1

.293‌

$

1

.098‌

$

(

130

.033‌

)

$

(

128

.935‌

)

$

397

.024‌

$

268

.089‌

12/31/21

1

.902‌

1

.389‌

0

.513‌

66

.175‌

66

.688‌

330

.336‌

397

.024‌

12/31/20

1

.972‌

1

.242‌

0

.730‌

94

.391‌

95

.121‌

235

.215‌

330

.336‌

12/31/19

1

.988‌

1

.026‌

0

.962‌

55

.151‌

56

.113‌

179

.102‌

235

.215‌

12/31/18

2

.166‌

0

.914‌

1

.252‌

(

6

.193‌

)

(

4

.941‌

)

184

.043‌

179

.102‌

Class

R2

:

12/31/22

2

.425‌

0

.836‌

1

.589‌

(

131

.969‌

)

(

130

.380‌

)

402

.766‌

272

.386‌

12/31/21

1

.929‌

0

.844‌

1

.085‌

67

.078‌

68

.163‌

334

.603‌

402

.766‌

12/31/20

1

.995‌

0

.800‌

1

.195‌

95

.559‌

96

.754‌

237

.849‌

334

.603‌

12/31/19

2

.007‌

0

.609‌

1

.398‌

55

.701‌

57

.099‌

180

.750‌

237

.849‌

12/31/18

2

.186‌

0

.555‌

1

.631‌

(

6

.277‌

)

(

4

.646‌

)

185

.396‌

180

.750‌

Class

R3

:

12/31/22

2

.445‌

0

.684‌

1

.761‌

(

132

.602‌

)

(

130

.841‌

)

404

.607‌

273

.766‌

12/31/21

1

.935‌

0

.658‌

1

.277‌

67

.368‌

68

.645‌

335

.962‌

404

.607‌

12/31/20

2

.003‌

0

.644‌

1

.359‌

95

.929‌

97

.288‌

238

.674‌

335

.962‌

12/31/19

2

.016‌

0

.496‌

1

.520‌

55

.873‌

57

.393‌

181

.281‌

238

.674‌

12/31/18

2

.193‌

0

.471‌

1

.722‌

(

6

.301‌

)

(

4

.579‌

)

185

.860‌

181

.281‌

Class

R4

:

12/31/22

§

0

.786‌

0

.067‌

0

.719‌

(

12

.196‌

)

(

11

.477‌

)

285

.368‌

273

.891‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

67

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

32

.48‌

)

%

0

.42‌

%

0

.36‌

%

41‌

%

17

  $

4,447‌

20

.19‌

0

.38‌

0

.14‌

67‌

18

7,208‌

40

.44‌

0

.47‌

0

.27‌

82‌

20

6,548‌

31

.33‌

0

.48‌

0

.45‌

85‌

22

5,184‌

(

2

.69‌

)

0

.46‌

0

.63‌

62‌

24

4,311‌

(

32

.37‌

)

0

.27‌

0

.51‌

41‌

29

7,908‌

20

.37‌

0

.23‌

0

.29‌

67‌

33

13,218‌

40

.68‌

0

.30‌

0

.44‌

82‌

36

12,019‌

31

.59‌

0

.28‌

0

.65‌

85‌

39

9,335‌

(

2

.51‌

)

0

.28‌

0

.82‌

62‌

43

7,850‌

(

32

.34‌

)

0

.22‌

0

.57‌

41‌

44

12,025‌

20

.43‌

0

.18‌

0

.34‌

67‌

46

18,614‌

40

.76‌

0

.24‌

0

.50‌

82‌

49

16,452‌

31

.66‌

0

.23‌

0

.70‌

85‌

54

12,898‌

(

2

.46‌

)

0

.24‌

0

.86‌

62‌

59

10,665‌

(

4

.02‌

)

c

0

.08‌

d

0

.89‌

d

41‌

0

90‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

68

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.4

EQUITY

INDEX

ACCOUNT

Class

R1

:

12/31/22

$

5

.440‌

$

1

.317‌

$

4

.123‌

$

(

82

.686‌

)

$

(

78

.563‌

)

$

404

.631‌

$

326

.068‌

12/31/21

4

.795‌

1

.326‌

3

.469‌

78

.134‌

81

.603‌

323

.028‌

404

.631‌

12/31/20

4

.683‌

1

.182‌

3

.501‌

51

.129‌

54

.630‌

268

.398‌

323

.028‌

12/31/19

4

.780‌

1

.100‌

3

.680‌

58

.895‌

62

.575‌

205

.823‌

268

.398‌

12/31/18

4

.426‌

0

.992‌

3

.434‌

(

15

.616‌

)

(

12

.182‌

)

218

.005‌

205

.823‌

Class

R2

:

12/31/22

5

.518‌

0

.791‌

4

.727‌

(

83

.915‌

)

(

79

.188‌

)

410

.480‌

331

.292‌

12/31/21

4

.858‌

0

.779‌

4

.079‌

79

.203‌

83

.282‌

327

.198‌

410

.480‌

12/31/20

4

.739‌

0

.737‌

4

.002‌

51

.792‌

55

.794‌

271

.404‌

327

.198‌

12/31/19

4

.832‌

0

.630‌

4

.202‌

59

.485‌

63

.687‌

207

.717‌

271

.404‌

12/31/18

4

.465‌

0

.581‌

3

.884‌

(

15

.774‌

)

(

11

.890‌

)

219

.607‌

207

.717‌

Class

R3

:

12/31/22

5

.558‌

0

.619‌

4

.939‌

(

84

.322‌

)

(

79

.383‌

)

412

.349‌

332

.966‌

12/31/21

4

.885‌

0

.592‌

4

.293‌

79

.534‌

83

.827‌

328

.522‌

412

.349‌

12/31/20

4

.757‌

0

.578‌

4

.179‌

52

.002‌

56

.181‌

272

.341‌

328

.522‌

12/31/19

4

.851‌

0

.502‌

4

.349‌

59

.668‌

64

.017‌

208

.324‌

272

.341‌

12/31/18

4

.479‌

0

.486‌

3

.993‌

(

15

.823‌

)

(

11

.830‌

)

220

.154‌

208

.324‌

Class

R4

:

12/31/22

§

1

.690‌

0

.037‌

1

.653‌

(

4

.237‌

)

(

2

.584‌

)

335

.701‌

333

.117‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

69

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

19

.42‌

)

%

0

.38‌

%

1

.19‌

%

2‌

%

11

  $

3,703‌

25

.26‌

0

.36‌

0

.95‌

4‌

12

4,943‌

20

.35‌

0

.44‌

1

.30‌

3‌

13

4,230‌

30

.40‌

0

.46‌

1

.53‌

2‌

15

3,954‌

(

5

.59‌

)

0

.44‌

1

.52‌

3‌

16

3,308‌

(

19

.29‌

)

0

.22‌

1

.34‌

2‌

19

6,275‌

25

.45‌

0

.21‌

1

.10‌

4‌

21

8,625‌

20

.56‌

0

.27‌

1

.47‌

3‌

23

7,481‌

30

.66‌

0

.26‌

1

.73‌

2‌

25

6,889‌

(

5

.41‌

)

0

.26‌

1

.71‌

3‌

28

5,728‌

(

19

.25‌

)

0

.17‌

1

.39‌

2‌

27

8,937‌

25

.52‌

0

.16‌

1

.15‌

4‌

28

11,486‌

20

.63‌

0

.21‌

1

.53‌

3‌

29

9,584‌

30

.73‌

0

.21‌

1

.78‌

2‌

33

8,965‌

(

5

.37‌

)

0

.21‌

1

.75‌

3‌

36

7,418‌

(

0

.77‌

)

c

0

.04‌

d

1

.71‌

d

2‌

0

10‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

70

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.5

CORE

BOND

ACCOUNT

Class

R1

:

12/31/22

$

3

.950‌

$

0

.557‌

$

3

.393‌

$

(

22

.022‌

)

$

(

18

.629‌

)

$

139

.858‌

$

121

.229‌

12/31/21

3

.185‌

0

.574‌

2

.611‌

(

4

.639‌

)

(

2

.028‌

)

141

.886‌

139

.858‌

12/31/20

3

.696‌

0

.655‌

3

.041‌

7

.068‌

10

.109‌

131

.777‌

141

.886‌

12/31/19

4

.029‌

0

.634‌

3

.395‌

7

.214‌

10

.609‌

121

.168‌

131

.777‌

12/31/18

3

.829‌

0

.620‌

3

.209‌

(

3

.713‌

)

(

0

.504‌

)

121

.672‌

121

.168‌

Class

R2

:

12/31/22

4

.005‌

0

.366‌

3

.639‌

(

22

.348‌

)

(

18

.709‌

)

141

.880‌

123

.171‌

12/31/21

3

.229‌

0

.367‌

2

.862‌

(

4

.701‌

)

(

1

.839‌

)

143

.719‌

141

.880‌

12/31/20

3

.741‌

0

.427‌

3

.314‌

7

.152‌

10

.466‌

133

.253‌

143

.719‌

12/31/19

4

.070‌

0

.385‌

3

.685‌

7

.286‌

10

.971‌

122

.282‌

133

.253‌

12/31/18

3

.861‌

0

.402‌

3

.459‌

(

3

.741‌

)

(

0

.282‌

)

122

.564‌

122

.282‌

Class

R3

:

12/31/22

4

.037‌

0

.304‌

3

.733‌

(

22

.465‌

)

(

18

.732‌

)

142

.524‌

123

.792‌

12/31/21

3

.242‌

0

.296‌

2

.946‌

(

4

.720‌

)

(

1

.774‌

)

144

.298‌

142

.524‌

12/31/20

3

.756‌

0

.346‌

3

.410‌

7

.176‌

10

.586‌

133

.712‌

144

.298‌

12/31/19

4

.083‌

0

.317‌

3

.766‌

7

.308‌

11

.074‌

122

.638‌

133

.712‌

12/31/18

3

.872‌

0

.352‌

3

.520‌

(

3

.753‌

)

(

0

.233‌

)

122

.871‌

122

.638‌

Class

R4

:

12/31/22

§

1

.339‌

0

.034‌

1

.305‌

(

2

.437‌

)

(

1

.132‌

)

124

.980‌

123

.848‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

71

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

13

.32‌

)

%

0

.44‌

%

2

.68‌

%

176‌

%

105‌

%

14

  $

1,669‌

(

1

.43‌

)

0

.41‌

1

.87‌

207‌

49‌

15

2,154‌

7

.67‌

0

.48‌

2

.21‌

135‌

84‌

17

2,373‌

8

.75‌

0

.50‌

2

.66‌

85‌

79‌

17

2,220‌

(

0

.41‌

)

0

.52‌

2

.68‌

106‌

91‌

17

2,048‌

(

13

.19‌

)

0

.28‌

2

.83‌

176‌

105‌

28

3,496‌

(

1

.28‌

)

0

.26‌

2

.02‌

207‌

49‌

33

4,649‌

7

.85‌

0

.31‌

2

.38‌

135‌

84‌

36

5,179‌

8

.97‌

0

.30‌

2

.86‌

85‌

79‌

36

4,862‌

(

0

.23‌

)

0

.33‌

2

.87‌

106‌

91‌

37

4,567‌

(

13

.14‌

)

0

.23‌

2

.89‌

176‌

105‌

42

5,246‌

(

1

.23‌

)

0

.21‌

2

.07‌

207‌

49‌

46

6,513‌

7

.92‌

0

.25‌

2

.44‌

135‌

84‌

50

7,152‌

9

.03‌

0

.25‌

2

.91‌

85‌

79‌

51

6,817‌

(

0

.19‌

)

0

.29‌

2

.91‌

106‌

91‌

52

6,329‌

(

0

.91‌

)

c

0

.09‌

d

3

.68‌

d

176‌

105‌

1

69‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

72

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.6

INFLATION-LINKED

BOND

ACCOUNT

Class

R1

:

12/31/22

$

5

.586‌

$

0

.308‌

$

5

.278‌

$

(

10

.647‌

)

$

(

5

.369‌

)

$

82

.149‌

$

76

.780‌

12/31/21

4

.419‌

0

.300‌

4

.119‌

(

0

.159‌

)

3

.960‌

78

.189‌

82

.149‌

12/31/20

1

.271‌

0

.338‌

0

.933‌

4

.714‌

5

.647‌

72

.542‌

78

.189‌

12/31/19

1

.660‌

0

.329‌

1

.331‌

2

.944‌

4

.275‌

68

.267‌

72

.542‌

12/31/18

2

.105‌

0

.307‌

1

.798‌

(

2

.292‌

)

(

0

.494‌

)

68

.761‌

68

.267‌

Class

R2

:

12/31/22

5

.740‌

0

.188‌

5

.552‌

(

10

.877‌

)

(

5

.325‌

)

83

.335‌

78

.010‌

12/31/21

4

.462‌

0

.181‌

4

.281‌

(

0

.143‌

)

4

.138‌

79

.197‌

83

.335‌

12/31/20

1

.270‌

0

.213‌

1

.057‌

4

.787‌

5

.844‌

73

.353‌

79

.197‌

12/31/19

1

.686‌

0

.190‌

1

.496‌

2

.962‌

4

.458‌

68

.895‌

73

.353‌

12/31/18

2

.122‌

0

.182‌

1

.940‌

(

2

.310‌

)

(

0

.370‌

)

69

.265‌

68

.895‌

Class

R3

:

12/31/22

5

.692‌

0

.150‌

5

.542‌

(

10

.852‌

)

(

5

.310‌

)

83

.714‌

78

.404‌

12/31/21

4

.494‌

0

.139‌

4

.355‌

(

0

.158‌

)

4

.197‌

79

.517‌

83

.714‌

12/31/20

1

.274‌

0

.168‌

1

.106‌

4

.805‌

5

.911‌

73

.606‌

79

.517‌

12/31/19

1

.694‌

0

.153‌

1

.541‌

2

.970‌

4

.511‌

69

.095‌

73

.606‌

12/31/18

2

.125‌

0

.154‌

1

.971‌

(

2

.313‌

)

(

0

.342‌

)

69

.437‌

69

.095‌

Class

R4

:

12/31/22

§

0

.578‌

0

.011‌

0

.567‌

(

1

.691‌

)

(

1

.124‌

)

79

.563‌

78

.439‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

73

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

6

.53‌

)

%

0

.39‌

%

6

.67‌

%

16‌

%

16

  $

1,230‌

5

.06‌

0

.37‌

5

.14‌

24‌

16

1,303‌

7

.78‌

0

.45‌

1

.24‌

25‌

15

1,182‌

6

.27‌

0

.46‌

1

.88‌

26‌

14

1,042‌

(

0

.72‌

)

0

.45‌

2

.63‌

21‌

14

964‌

(

6

.39‌

)

0

.23‌

6

.90‌

16‌

25

1,964‌

5

.22‌

0

.22‌

5

.27‌

24‌

28

2,356‌

7

.96‌

0

.28‌

1

.39‌

25‌

29

2,267‌

6

.48‌

0

.27‌

2

.09‌

26‌

29

2,099‌

(

0

.53‌

)

0

.26‌

2

.82‌

21‌

29

2,028‌

(

6

.34‌

)

0

.18‌

6

.86‌

16‌

47

3,706‌

5

.28‌

0

.17‌

5

.34‌

24‌

47

3,970‌

8

.03‌

0

.22‌

1

.44‌

25‌

45

3,590‌

6

.53‌

0

.21‌

2

.14‌

26‌

45

3,308‌

(

0

.49‌

)

0

.22‌

2

.86‌

21‌

46

3,171‌

(

1

.41‌

)

c

0

.05‌

d

2

.51‌

d

16‌

0

37‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

74

2022

Annual

Report

College

Retirement

Equities

Fund

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.7

SOCIAL

CHOICE

ACCOUNT

Class

R1

:

12/31/22

$

7

.407‌

$

1

.242‌

$

6

.165‌

$

(

59

.835‌

)

$

(

53

.670‌

)

$

343

.101‌

$

289

.431‌

12/31/21

6

.484‌

1

.289‌

5

.195‌

32

.701‌

37

.896‌

305

.205‌

343

.101‌

12/31/20

6

.129‌

1

.279‌

4

.850‌

30

.887‌

35

.737‌

269

.468‌

305

.205‌

12/31/19

6

.789‌

1

.210‌

5

.579‌

40

.254‌

45

.833‌

223

.635‌

269

.468‌

12/31/18

6

.291‌

1

.102‌

5

.189‌

(

15

.749‌

)

(

10

.560‌

)

234

.195‌

223

.635‌

Class

R2

:

12/31/22

7

.519‌

0

.789‌

6

.730‌

(

60

.721‌

)

(

53

.991‌

)

348

.058‌

294

.067‌

12/31/21

6

.570‌

0

.804‌

5

.766‌

33

.148‌

38

.914‌

309

.144‌

348

.058‌

12/31/20

6

.195‌

0

.832‌

5

.363‌

31

.296‌

36

.659‌

272

.485‌

309

.144‌

12/31/19

6

.857‌

0

.724‌

6

.133‌

40

.661‌

46

.794‌

225

.691‌

272

.485‌

12/31/18

6

.344‌

0

.673‌

5

.671‌

(

15

.895‌

)

(

10

.224‌

)

235

.915‌

225

.691‌

Class

R3

:

12/31/22

7

.561‌

0

.639‌

6

.922‌

(

61

.010‌

)

(

54

.088‌

)

349

.640‌

295

.552‌

12/31/21

6

.601‌

0

.639‌

5

.962‌

33

.286‌

39

.248‌

310

.392‌

349

.640‌

12/31/20

6

.218‌

0

.672‌

5

.546‌

31

.423‌

36

.969‌

273

.423‌

310

.392‌

12/31/19

6

.879‌

0

.592‌

6

.287‌

40

.787‌

47

.074‌

226

.349‌

273

.423‌

12/31/18

6

.361‌

0

.576‌

5

.785‌

(

15

.940‌

)

(

10

.155‌

)

236

.504‌

226

.349‌

Class

R4

:

12/31/22

§

2

.190‌

0

.060‌

2

.130‌

2

.737‌

4

.867‌

290

.817‌

295

.684‌

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

75

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Net

investment

income

(loss)

Portfolio

turnover

rate

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

(

15

.64‌

)

%

0

.41‌

%

2

.05‌

%

88‌

%

61‌

%

9

  $

2,467‌

12

.42‌

0

.40‌

1

.59‌

118‌

57‌

8

2,841‌

13

.26‌

0

.47‌

1

.79‌

100‌

73‌

9

2,601‌

20

.50‌

0

.49‌

2

.24‌

52‌

51‌

9

2,416‌

(

4

.51‌

)

0

.47‌

2

.21‌

52‌

47‌

9

2,104‌

(

15

.51‌

)

0

.26‌

2

.20‌

88‌

61‌

20

5,753‌

12

.59‌

0

.24‌

1

.74‌

118‌

57‌

20

6,868‌

13

.45‌

0

.30‌

1

.96‌

100‌

73‌

20

6,114‌

20

.73‌

0

.29‌

2

.43‌

52‌

51‌

19

5,275‌

(

4

.33‌

)

0

.28‌

2

.39‌

52‌

47‌

20

4,476‌

(

15

.47‌

)

0

.21‌

2

.26‌

88‌

61‌

30

8,856‌

12

.64‌

0

.19‌

1

.80‌

118‌

57‌

27

9,541‌

13

.52‌

0

.24‌

2

.01‌

100‌

73‌

27

8,235‌

20

.80‌

0

.23‌

2

.49‌

52‌

51‌

26

7,064‌

(

4

.29‌

)

0

.24‌

2

.43‌

52‌

47‌

26

5,931‌

1

.67‌

c

0

.07‌

d

2

.53‌

d

88‌

61‌

1

212‌

Financial

highlights

College

Retirement

Equities

Fund

See

notes

to

financial

statements

76

2022

Annual

Report

College

Retirement

Equities

Fund

0

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

Net

investment

income

(loss)

a

Net

realized

&

unrealized

gain

(loss)

on

total

investments

Net

change

in

accumulation

unit

value

Accumulation

unit

value

beginning

of

period

Accumulation

unit

value

end

of

period

20.8

MONEY

MARKET

ACCOUNT

Class

R1

:

12/31/22

$

0

.418‌

$

0

.189‌

$

0

.229‌

$

0

.001‌

$

0

.230‌

$

26

.343‌

$

26

.573‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.343‌

26

.343‌

12/31/20

0

.143‌

0

.075‌

0

.068‌

0

.006‌

0

.074‌

26

.269‌

26

.343‌

12/31/19

0

.577‌

0

.175‌

0

.402‌

0

.001‌

0

.403‌

25

.866‌

26

.269‌

12/31/18

0

.474‌

0

.206‌

0

.268‌

0

.002‌

0

.270‌

25

.596‌

25

.866‌

Class

R2

:

12/31/22

0

.417‌

0

.137‌

0

.280‌

0

.005‌

0

.285‌

26

.606‌

26

.891‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.606‌

26

.606‌

12/31/20

0

.141‌

0

.058‌

0

.083‌

0

.011‌

0

.094‌

26

.512‌

26

.606‌

12/31/19

0

.582‌

0

.071‌

0

.511‌

0

.001‌

0

.512‌

26

.000‌

26

.512‌

12/31/18

0

.476‌

0

.138‌

0

.338‌

0

.000‌

0

.338‌

25

.662‌

26

.000‌

Class

R3

:

12/31/22

0

.434‌

0

.096‌

0

.338‌

(

0

.008‌

)

0

.330‌

26

.698‌

27

.028‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.698‌

26

.698‌

12/31/20

0

.142‌

0

.051‌

0

.091‌

0

.011‌

0

.102‌

26

.596‌

26

.698‌

12/31/19

0

.583‌

0

.057‌

0

.526‌

0

.001‌

0

.527‌

26

.069‌

26

.596‌

12/31/18

0

.477‌

0

.103‌

0

.374‌

0

.000‌

0

.374‌

25

.695‌

26

.069‌

Class

R4

:

12/31/22

§

0

.277‌

0

.013‌

0

.264‌

(

0

.024‌

)

0

.240‌

26

.793‌

27

.033‌

^

The

Account’s

expenses

includes

recovery

of

expenses

previously

withheld

by

TIAA.

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

The

percentages

shown

for

this

period

are

not

annualized.

d

The

percentages

shown

for

this

period

are

annualized.

i

Does

not

include

annuity

net

assets.

See

notes

to

financial

statements

77

College

Retirement

Equities

Fund

2022

Annual

Report

concluded

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

Gross

expenses

Expenses

net

of

TIAA

withholding

Net

investment

income

(loss)

Accumulation

units

outstanding

end

of

period

(in

millions)

Accumulation

fund

net

assets

(in

millions)

i

0

.87‌

%

0

.40‌

%

0

.72‌

%

^

0

.87‌

%

64

  $

1,693‌

0.00‌

0

.38‌

0

.07‌

0

.00‌

63

1,660‌

0

.28‌

0

.45‌

0

.28‌

0

.26‌

76

2,001‌

1

.56‌

0

.47‌

0

.67‌

1

.54‌

74

1,936‌

1

.05‌

0

.45‌

0

.80‌

1

.04‌

72

1,866‌

1

.07‌

0

.25‌

0

.51‌

^

1

.05‌

91

2,441‌

0.00‌

0

.23‌

0

.07‌

0

.00‌

94

2,513‌

0

.35‌

0

.28‌

0

.22‌

0

.31‌

121

3,208‌

1

.97‌

0

.27‌

0

.27‌

1

.94‌

111

2,954‌

1

.32‌

0

.27‌

0

.53‌

1

.31‌

114

2,970‌

1

.24‌

0

.20‌

0

.36‌

^

1

.26‌

163

4,407‌

0.00‌

0

.18‌

0

.07‌

0

.00‌

152

4,066‌

0

.38‌

0

.22‌

0

.19‌

0

.34‌

197

5,263‌

2

.02‌

0

.22‌

0

.22‌

2

.00‌

189

5,017‌

1

.46‌

0

.23‌

0

.40‌

1

.45‌

189

4,927‌

0

.90‌

c

0

.06‌

d

0

.16‌

^

d

3

.43‌

d

1

40‌

College

Retirement

Equities

Fund

78

2022

Annual

Report

College

Retirement

Equities

Fund

Notes

to

financial

statements

Note

1—organization

The

purpose

of

the

College

Retirement

Equities

Fund

(“CREF”),

as

stated

in

its

charter,

is

to

aid

and

strengthen

non-profit

educational

and

research

organizations,

governmental

entities,

and

other

non-profit

institutions

by

providing

their

employees

with

variable

retirement

benefits.

CREF

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.

It

consists

of

eight

investment

portfolios:

the

Stock,

Global

Equities,

Growth,

Equity

Index,

Core

Bond,

Inflation-Linked

Bond,

Social

Choice

and

Money

Market

Accounts

(individually

referred

to

as

the

“Account”

or

collectively

referred

to

as

the

“Accounts”).

Effective

April

29,

2022,

the

Bond

Market

Account

changed

its

name

to

Core

Bond

Account.

On

September

16,

2022,

each

Account

commenced

operations

on

a

new

share

class,

Class

R4,

in

addition

to

the

existing

share

classes,

Class

R1,

Class

R2

and

Class

R3.

Eligibility

for

Class

R4

requires

that

an

institution

utilizes

Retirement

Choice

or

Retirement

Choice

Plus

contracts

and

also

has

entered

into

a

recordkeeping

services

agreement

with

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Any

decisions

to

adopt

Class

R4

were

undertaken

by

eligible

plans

and

resulted

in

the

automatic

conversions

of

participants’

Class

R1,

R2

or

R3

balances

to

Class

R4

holdings

of

an

equal

dollar

amount.

These

transfers

have

been

reflected

as

such

on

the

Statements

of

changes

in

net

assets.

Each

class

differs

by

the

allocation

of

class-specific

expenses. 

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 Accounts

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The accumulation

unit

value (“AUV”)

for

financial

reporting

purposes

may

differ

from

the AUV

for

processing

transactions.

The AUV

for

financial

reporting

purposes

includes

security

and participant

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the AUV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Accounts.

Accumulation

and

Annuity

Funds:

The

Accumulation

Fund

represents

the

net

assets

attributable

to

participants

in

the

accumulation

phase

of

their

investment.

The

Annuity

Fund

represents

the

net

assets

attributable

to

the

participants

currently

receiving

annuity

payments.

The

net

increase

or

decrease

in

net

assets

from

investment

operations

is

apportioned

between

the

funds

based

upon

their

relative

daily

net

asset

values.

Annuitants

bear

the

mortality

risk

under

their

contracts.

Initial

annuity

payments

are

calculated

based

on

the

value

of

a

participant’s

accumulation

on

the

last

valuation

day

before

the

annuity

start

date,

the

income

option

chosen,

an

assumed

annual

investment

return,

and

expense

and

mortality

assumptions.

Annuity

payments

vary

after

the

initial

payment

based

on

investment

performance,

Account

expenses,

and

mortality

experience.

Death

benefits

are

paid

to

beneficiaries

if

the

annuitant

dies

during

the

accumulation

period,

or

during

the

annuity

period

while

payments

are

still

due

for

the

remainder

of

a

guaranteed

period.

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 Accounts

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

Accounts estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Multiclass

operations

and

allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

an

Account

are

allocated

on

a

pro

rata

basis

to

each

class,

except

for

administrative

service

fees

and

distribution

fees, which

are

unique

to

each

class

of

each

Account.

Most

expenses

of

CREF

can

be

directly

attributed

to

an

Account

or

class.

Expenses

that

cannot

be

directly

attributed

are

allocated

based

upon

the

average

net

assets

of

each

Account

or

class.

Foreign

currency

transactions

and

translation:

The

books

and

records

of

the

Accounts

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

Accounts

and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

on

total

investments”

on

the

Statements

of

operations,

when

applicable. 

79

College

Retirement

Equities

Fund

2022

Annual

Report

continued

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

“Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

of investments”

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 “Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments”

on

the

Statements

of

operations,

when

applicable. 

Foreign

taxes:

The Accounts

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The Accounts

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 Accounts

invest.

Trustee

compensation:

The

Accounts 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

Accounts

until

paid.

Amounts

payable

to

the

trustees

for

compensation

are

included

separately

in the

accompanying

Statements

of

assets

and

liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statements

of

operations.

Indemnification:

 In

the

normal

course

of

business, each

Account enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities.

An

Accounts'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Accounts

that

have

not

yet

occurred.

Also,

under

the

Accounts'

organizational

documents,

the

trustees

and

officers

of

the

Accounts

are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Accounts.

However,

based

on

experience,

the

Account

expect

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

New

accounting

pronouncement:

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies to,

provided

the

only

changes

to

existing

contracts

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

Account may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Accounts’ investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the Accounts’ financial

statements

and

various

filings.

New

accounting

pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Accounts' financial

statements.

New

rule

issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The Accounts

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Accounts.

Notes

to

financial

statements

80

2022

Annual

Report

College

Retirement

Equities

Fund

continued

Note

3—valuation

of

investments

The Accounts'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

TIAA-CREF

Investment

Management,

LLC

(the

"Adviser"),

subject

to

the

oversight

of

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 Accounts'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Debt

securities:

Prices

of

fixed-income

securities

are

provided

by

independent

pricing

services

(“pricing

services”)

approved

by

the

Adviser,

which

is

subject

to

review and

oversight

of

the Board.

Pricing

services establish

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,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

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

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

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 Accounts'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

The

Money

Market  Account:

The

Money

Market

Account’s

portfolio

securities

are

valued

on

an

amortized

cost

basis.

Money

Market

investments

are

generally

classified

as

Level

2.

Investments

in

registered

investment

companies:

Investments

in

investment

companies

are

valued

at

their

respective net

asset

value

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Option

contracts:

Purchased

and

written

options

traded and

listed on

a

national

market

or

exchange

are

valued

at

the

last

sale

price

as

of

the

close

of

such

exchange

or

at

the

mean

of

the

closing

bid

and

asked

prices

if

no

sale

is

reported and

are

generally

classified

as

Level

1.

Over-the-counter

(“OTC”)

options

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

OTC

options

are

generally

classified

as

Level

2.

Futures

contracts:

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

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

Adviser,

subject

to

the

oversight

of

the

Board,

and

are

classified

as

Level

2.

Repurchase

agreements:

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Swap

contracts:

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

81

College

Retirement

Equities

Fund

2022

Annual

Report

continued

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

the

market

value

of

the Accounts’

investments

as

of

December

31,

2022,

based

on

the

inputs

used

to

value

them

(dollar

amounts

are

in

thousands):

Account

Level

1

Level

2

Level

3

Total

Stock

Corporate

bonds

$—

$54

$—

$54

Common

stocks

71,123,678

32,678,881

4,743

103,807,302

Rights/Warrants

22

1,173

43

1,238

Short-term

investments

—

2,071,061

—

2,071,061

Purchased

options

1,110

—

—

1,110

Written

options*

(2,763)

—

—

(2,763)

Futures

contracts*

(18,171)

—

—

(18,171)

Total

$71,103,876

$34,751,169

$4,786

$105,859,831

Global

Equities

Corporate

bonds

$—

$14

$—

$14

Common

stocks

14,233,900

7,155,322

129

21,389,351

Rights/Warrants

11

23

—

34

Short-term

investments

—

607,386

—

607,386

Futures

contracts*

(6,667)

—

—

(6,667)

Total

$14,227,244

$7,762,745

$129

$21,990,118

Growth

Common

stocks

$24,416,700

$461,428

$—

$24,878,128

Short-term

investments

16,839

131,534

—

148,373

Total

$24,433,539

$592,962

$—

$25,026,501

Equity

Index

Common

stocks

$19,256,541

$—

$183

$19,256,724

Short-term

investments

141,108

124,143

—

265,251

Futures

contracts*

(174)

—

—

(174)

Total

$19,397,475

$124,143

$183

$19,521,801

Core

Bond

Bank

loan

obligations

$—

$50,939

$116

$51,055

Corporate

bonds

—

3,590,745

1,586

3,592,331

Government

bonds

—

4,867,207

3,187

4,870,394

Structured

assets

—

1,935,641

330

1,935,971

Preferred

stocks

8,920

—

—

8,920

Short-term

investments

66,459

298,578

—

365,037

Futures

contracts*

2,228

—

—

2,228

Forward

foreign

currency

contracts*

—

(9,663)

—

(9,663)

Credit

default

swap

contracts*

—

(9,588)

—

(9,588)

Total

$77,607

$10,723,859

$5,219

$10,806,685

Inflation-Linked

Bond

Bank

loan

obligations

$—

$35,760

$—

$35,760

Corporate

bonds

—

166,849

—

166,849

Government

bonds

—

6,666,016

—

6,666,016

Structured

assets

—

202,431

2,528

204,959

Short-term

investments

8,816

10,480

—

19,296

Futures

contracts*

296

—

—

296

Total

$9,112

$7,081,536

$2,528

$7,093,176

Notes

to

financial

statements

82

2022

Annual

Report

College

Retirement

Equities

Fund

continued

Note

4—investments

Mortgage

dollar

roll

transactions:

Some

of

the Accounts may

enter

into

mortgage

dollar

rolls

in

which an

Account

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,

an

Account forgoes

principal

and

interest

paid

on

the

securities.

The Account 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 Account’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

Accounts,

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 Accounts

may

lend

their

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

An

Account 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 Account

the

next

business

day.

Cash

collateral

received

by the

Account 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

Accounts’

Statements

of

assets

and

liabilities

as

it

is

held

by

the Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party" custodian on

behalf

of

the Accounts,

and

the

Accounts

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

December

31,

2022,

securities

lending

transactions are

for equity

and

fixed

income

securities,

and

the

resulting

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

Securities

lending

income

recognized

by

the

Accounts 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,

an

Account 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

Account.

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

Account if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned. 

As

of December

31,

2022,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows

(dollar

amounts

are

in

thousands):

Account

Level

1

Level

2

Level

3

Total

Social

Choice

Bank

loan

obligations

$—

$26,193

$—

$26,193

Corporate

bonds

—

2,157,327

—

2,157,327

Government

bonds

—

4,277,748

1,220

4,278,968

Structured

assets

—

739,264

1,751

741,015

Common

stocks

7,397,945

2,826,640

11

10,224,596

Preferred

stocks

42,873

—

—

42,873

Rights/Warrants

—

—

1

1

Short-term

investments

126,516

274,922

—

401,438

Total

$7,567,334

$10,302,094

$2,983

$17,872,411

Money

Market

Short-term

investments

$

—

$

8,735,004

$

—

$

8,735,004

Total

$—

$8,735,004

$—

$8,735,004

*

Derivative

instruments,

excluding

purchased

options,

are

not

reflected

in

the

market

value

of

portfolio

investments.

83

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis:

The Accounts

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

Accounts have

segregated

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

Treasury

inflation-protected

securities:

The

Accounts (other

than

the

Money

Market

Account)

may

invest

in

Treasury

Inflation-Protected

Securities,

specially

structured

bonds

in

which

the

principal

amount

is

adjusted

periodically

to

keep

pace

with

inflation,

as

measured

by

the

U.S.

Consumer

Price

Index.

The

adjustments

for

interest

income

due

to

inflation

or

deflation

are

reflected

in

interest

income

in

the

Statements

of

operations.

Zero

coupon

securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Accounts

for

the year

ended

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Note

5—derivative

investments

Each Account

(other

than

the

Money

Market

Account) is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Fixed

Income

Securities

Cash

collateral

received*

Non-cash

collateral

received

Total

collateral

received

20.1

Stock

$

1,515,204

$

—

$

1,031,670

$

577,264

$

1,608,934

20.2

Global

Equities

260,870

—

243,310

33,105

276,415

20.3

Growth

16,401

—

16,839

—

16,839

20.4

Equity

Index

170,404

—

141,108

35,345

176,453

20.5

Core

Bond

505

63,837

66,459

272

66,731

20.6

Inflation-Linked

Bond

—

8,466

8,816

—

8,816

20.7

Social

Choice

93,922

60,143

126,516

34,554

161,070

*May

include

cash

and

investment

of

cash

collateral.

Account

Non-U.S.

government

purchases

U.S.

government

purchases

Non-U.S.

government

sales

U.S.

government

sales

20.1

Stock

$

46,645,158

$

117,002

$

53,245,380

$

117,300

20.2

Global

Equities

8,372,662

—

9,688,536

—

20.3

Growth

12,060,963

—

13,936,788

—

20.4

Equity

Index

484,228

—

1,648,487

—

20.5

Core

Bond

1,807,517

18,533,369

3,337,163

17,403,913

20.6

Inflation-Linked

Bond

155,577

1,079,219

38,413

1,307,591

20.7

Social

Choice

4,934,535

12,236,397

4,715,986

10,858,868

Notes

to

financial

statements

84

2022

Annual

Report

College

Retirement

Equities

Fund

continued

At

December

31,

2022,

the

following Accounts

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statements

of

assets

and

liabilities

as

follows

(dollar

amounts

are

in

thousands):

For

the year

ended

December

31,

2022,

the

effect

of

derivative

contracts

on

the Accounts'

Statements

of

operations

was

as

follows

(dollar

amounts

are

in

thousands):

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Account

Purchased

options

Equity

Options

purchased,

at

value

$

1,110

-

$

–

Written

options

Equity

-

–

Options

written,

at

value

(2,763)

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(18,171)

1

1

1

1

1

1

1

1

Global

Equities

Account

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(6,667)

1

1

1

1

1

1

1

1

Equity

Index

Account

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(174)

1

1

1

1

1

1

1

1

Core

Bond

Account

Futures

contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

2,574

Unrealized

depreciation

on

futures

contracts

*

(346)

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

619

Unrealized

depreciation

on

forward

contracts

(10,282)

Credit

default

swap

contracts

Credit

-

–

Unrealized

depreciation

on

swap

contracts

(9,588)

1

1

1

1

1

1

1

1

Inflation-Linked

Bond

Account

Futures

contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

296

-

–

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Account's

Summary

portfolio

of

investments.

The

Statements

of

assets

and

liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

20.1

Stock

Account

Purchased

option

contracts

Equity

$

–

$

185

Written

option

contracts

Equity

(3,099)

212

Futures

contracts

Equity

(148,549)

(29,622)

Forward

contracts

Foreign

currency

exchange

rate

2,627

(1,824)

20.2

Global

Equities

Account

Written

option

contracts

Equity

860

–

Futures

contracts

Equity

(28,033)

(10,519)

20.3

Growth

Account

Written

option

contracts

Equity

4,204

(2,703)

20.4

Equity

Index

Account

Futures

contracts

Equity

(6,318)

(2,310)

20.5

Core

Bond

Account

Futures

contracts

Interest

rate

41,232

6,847

Forward

contracts

Foreign

currency

exchange

rate

27,465

(9,888)

Swap

contracts

Credit

(118)

(9,563)

20.6

Inflation-Linked

Bond

Account

Futures

contracts

Interest

rate

32,841

2,266

20.7

Social

Choice

Account

Forward

contracts

Foreign

currency

exchange

rate

826

(303)

85

College

Retirement

Equities

Fund

2022

Annual

Report

continued

Options:

 Certain Accounts

are

subject

to

equity

price

risk

in

the

normal

course

of

pursuing their

investment

objectives. To

manage

the

risk,

the Accounts

may

invest

in

both

equity

and

index

options.

The Accounts

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

“baskets”

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

Purchased

options

are

included

in

the Summary

portfolio

of

investments.

When an

Account

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statements

of

assets

and

liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Account

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statements

of

operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statements

of

operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statements

of

operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Account,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Account may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

average

notional

amount

of

option

contracts

written

and

option

contracts purchased outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows

(dollar

amounts

are

in

thousands):

Futures

contracts:

 Certain

Accounts

are

subject

to

equity

price

and

interest-rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Accounts

use

futures

contracts

to

manage

exposure

to

the

equity

and

bond

markets

and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs

and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs. 

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Account is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Summary

portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statements

of

assets

and

liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Account and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

are

recognized

on

the

Statements

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the Account records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows

(dollar

amounts

are

in

thousands):

Account

Average

notional

amount

of

options

contracts

purchased

outstanding*

20.1

Stock

$

845

20.2

Global

Equities

132

Account

Average

notional

amount

of

options

contracts

written

outstanding*

20.1

Stock

$

(2,781)

20.2

Global

Equities

(136)

20.3

Growth

(1,183)

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Notes

to

financial

statements

86

2022

Annual

Report

College

Retirement

Equities

Fund

continued

Forward

foreign

currency

contracts:

Certain Accounts

may

use

forward

foreign

currency

contracts

(“forward

contracts”)

to

hedge portfolio

currency

risk

and

to

facilitate

transactions

in

securities

denominated in

foreign

currencies

in

the

normal

course

of

pursuing

their

investment

objectives.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

OTC

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

assets

and

liabilities.

The Accounts

realize

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statements

of

assets

and

liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows:

Credit

default

swap

contracts:

Certain

Accounts

are

subject

to

credit

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The

Accounts (other

than

the

Money

Market

Account)

invest

in

credit

default

swaps

to

hedge

or

manage

the

risks

associated

with

assets

held

in

the

Accounts

and/or

to

facilitate

the

implementation

of

portfolio

strategies

to

seek

to

increase

the

total

return.

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

(buyer

of

protection)

to

another

party

(seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Credit

events

are

agreement

specific

but

may

include

bankruptcy,

failure

to

pay,

or

restructuring.

When an

Account has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Account will

either

(i)

receive

(deliver)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

assets

and

liabilities,

when

applicable.

Credit

default

swaps

are

“marked-to-market”

on

a

daily

basis

to

reflect

the

value

of

the

swap

agreement

at

the

end

of

each

trading

day

and

are

recognized

as

unrealized

appreciation

(depreciation)

on

the

Statement

of

operations.

Credit

default

swaps

can

be

settled

either

directly

with

the

counterparty,

OTC

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

credit

default

swaps

on

the

Statement

of

assets

and

liabilities.

Upon

the

execution

of

a

centrally

cleared

swap, an

Account is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Summary

portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

assets

and

liabilities.

The Account

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and are

recognized

on

the

Statement

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

credit

default

swaps.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

as

well

as

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

a

contract

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

operations.

The

maximum

potential

amount

of

future

payments

the Account

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

Account

Average

notional

amount

of

futures

contracts

outstanding*

20.1

Stock

$

828,706

20.2

Global

Equities

216,328

20.4

Equity

Index

79,482

20.5

Core

Bond

60,327

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Account

Average

notional

amount

of

forward

contracts

outstanding*

20.1

Stock

$

75,201

20.5

Core

Bond

187,950

20.7

Social

Choice

2,544

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

87

College

Retirement

Equities

Fund

2022

Annual

Report

continued

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows:

Note

6—Income

Tax

Information

CREF

is

taxed

as

a

life

insurance

company

under

Subchapter

L

of

the

Internal

Revenue

Code.

CREF

should

incur

no

federal

income

tax

liability.

Under

the

rules

of

taxation

applicable

to

life

insurance

companies,

CREF’s

Accumulation

and

Annuity

Funds

for

participants

will

generally

be

treated

as

life

insurance

reserves;

therefore,

any

increase

in

such

reserves

will

be

deductible.

CREF

files

income

tax

returns

in

U.S.

federal

and

applicable

state

jurisdictions.

CREF’s

federal

income

tax

return

is

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

Accounts’

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Accounts’

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows

(dollar

amounts

are

in

thousands):

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

Note

7—investment

adviser

and

other

transactions

with

affiliates

Investment

advisory

services

for

the

Accounts

are

provided

by the

Adviser in

accordance

with

an

Investment

Management

Services

Agreement.

The

Adviser

is

a

registered

investment

adviser

and

a

wholly

owned

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

a

companion

organization

of

CREF.

Investment

management

expenses

generally

include

investment

management,

portfolio

accounting

and

custodial

services

and

are

the

same

across

all

classes

of

an

Account.

Administrative

services

are

provided

to

the

Accounts

by

TIAA,

pursuant

to

an

Administrative

Services

Agreement

with

CREF.

Distribution

functions

are

provided

to

the

Accounts

by

TIAA-CREF

Individual

&

Institutional

Services,

LLC

(“Services”),

a

wholly

owned

subsidiary

of

TIAA,

pursuant

to

a

Principal

Underwriting

and

Distribution

Services

Agreement

with

CREF

and

the

Rule

12b-1

plan.

Participants

invested

in

a

particular

CREF

Account

will

be

subject

to

different

administrative

and

distribution

expenses

depending

upon

the

class

of

the

Account

they

own.

TIAA

charges

a

mortality

and

expense

charge

of

0.005%

to

guarantee

that

CREF

participants

transferring

Accounts

to

TIAA

for

the

immediate

purchase

of

lifetime

payout

annuities

will

not

be

charged

more

than

the

rate

stipulated

in

the

CREF

contract. This

charge

is

the

same

across

all

Accounts

and

classes.

The

services

provided

by

the

Adviser,

Services,

and

TIAA

are

provided

to

CREF

at

cost,

and

CREF

also

reimburses

the

Adviser,

Services, and

TIAA

for

certain

third

party

expenses

and

trustee

fees

paid

on

its

behalf.

Payments

from

the

CREF

Accounts

are

made

on

a

daily

basis

according

to

formulas

established

each

year

with

the

objective

of

keeping

the

estimated

expenses

as

close

as

possible

to

each

Account’s

actual

expenses.

Any

differences

between

actual

expenses

and

the

estimated

expenses

remitted

are

adjusted.

As

of

December

31,

2022,

the

following

table

represents

the

effective

expense

deductions

as

an

annual

percentage

of

average

daily

net

assets

to

approximate

the

costs

that

CREF

incurred:

Account

Average

notional

amount

of

swap

contracts

outstanding*

20.5

Core

Bond

$

282,200

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Account

Tax

cost

Gross

unrealized

appreciation

Gross

unrealized

(depreciation)

Net

unrealized

appreciation

(depreciation)

Stock

$

107,063,764

$

10,588,626

$

(11,790,379)

$

(1,201,753)

Global

Equities

20,716,447

3,252,959

(1,979,288)

1,273,671

Growth

27,943,191

1,678,386

(4,595,076)

(2,916,690)

Equity

Index

8,009,951

12,370,199

(858,349)

11,511,850

Core

Bond

12,108,837

22,395

(1,324,549)

(1,302,154)

Inflation-Linked

Bond

7,606,597

22,163

(535,584)

(513,421)

Social

Choice

17,612,660

1,880,888

(1,621,137)

259,751

Notes

to

financial

statements

88

2022

Annual

Report

College

Retirement

Equities

Fund

continued

From

May

12,

2020

to

December

31,

2021,

TIAA

agreed

to

withhold

(“waive”)

a

portion

of

the

Rule

12b-1

distribution

and/or

administrative

expenses

for

Classes

R1–R3

of

the

Money

Market

Account

when

a

class's

yield

was

less

than

zero,

subject

to

a

maximum

aggregate

limit

of

$25

million

for

all

amounts

waived.

TIAA

may,

for

a

period

of

three

years

after

the

date

an

amount

was

waived,

recover

from

each

class

of

the

Account,

including

from

Class

R4

with

respect

to

assets

transferred

from

Classes

R1–R3

that

benefited

from

the

waiver,

a

portion

of

the

amounts

waived

at

such

time

as

the

class's

daily

yield

would

be

positive

and,

in

such

event,

the

amount

of

recovery

on

any

day

will

be

approximately

25%

of

the

class's

yield

(net

of

all

other

expenses)

on

that

day.

TIAA

recovered

previously

waived

expenses

from

the

Account

of

$5,296,370

for

Class

R1

and

$7,951

for

Class

R4.

In

October

2022,

Class

R3

recouped

all

eligible

waived

expenses

totaling

$6,970,393,

and

in

December

2022,

Class

R2

recouped

all

eligible

waived

expenses

totaling

$6,634,799.

As

of

December

31,

2022,

the

cumulative

amount

of

expenses

waived

subject

to

recovery

is

$3,850,122

for

Class

R1.

The

amounts

waived

and

recovered

during

the

current

period

are

disclosed

on

the

Statements

of

operations.

Amounts

owed

to

Account

affiliates

for

payment

of

Account

expenses,

payments

for

units

purchased,

and

receipt

for

units

sold

are

disclosed

as

due

to/from

affiliates

on

the

Statements

of

assets

and

liabilities.

Account

expenses

owed

to

affiliates

are

reflected

in

the

Statements

of

operations.

The Accounts 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,

2022,

the

Accounts

engaged

in

the

following

security

transactions

with

affiliated

entities

Accounts’:

Companies

in

which an

Account holds

5%

or

more

of

the

outstanding

voting

shares

are

considered

“affiliated

companies”

of

the

Account, pursuant

to

the

1940

Act.

Information

regarding

transactions

with

affiliated

companies

is

as

follows

(dollar

amounts

are

in

thousands):

Investment

management

fee

Administrative

fee

Distribution

fee

Account

All

classes

Class

R1

Class

R2

Class

R3

Class

R4

Class

R1

Class

R2

Class

R3

Class

R4

20.1

Stock

0.086%

0.267

%

0.159

%

0.123

%

0.019

%

0.097

%

0.050

%

0.037

%

0.005

%

20.2

Global

Equities

0.075%

0.267

0.159

0.123

0.019

0.097

0.050

0.037

0.005

20.3

Growth

0.056%

0.267

0.160

0.123

0.019

0.097

0.050

0.037

0.004

20.4

Equity

Index

0.010%

0.267

0.159

0.123

0.018

0.097

0.050

0.037

0.004

20.5

Core

Bond

0.070%

0.267

0.159

0.123

0.019

0.097

0.050

0.037

0.005

20.6

Inflation-Linked

Bond

0.020%

0.267

0.159

0.123

0.019

0.097

0.050

0.037

0.005

20.7

Social

Choice

0.044%

0.267

0.159

0.123

0.019

0.097

0.050

0.037

0.005

20.8

Money

Market

0.031%

0.267

0.159

0.123

0.020

0.097

0.050

0.037

0.005

Account

Purchases

Sales

Realized

gain

(loss)

Stock

$

1,516,746

$

1,401,643

$

186,850

Global

Equities

431,870

592,943

163,053

Growth

45,374

225,512

35,904

Equity

Index

12,125

90,796

75,022

Inflation-Linked

Bond

5,088

–

–

Social

Choice

8,172

42,242

18,513

Issue

Value

at

12/31/21

Purchases

cost

Sales

proceeds

Realized

gain

(loss)

Spin-off

Change

in

unrealized

appreciation

(depreciation)

Dividend

income

Shares

at

12/31/22

Value

at

12/31/22

Stock

Account

Common

stocks

Consumer

Services

Arcos

Dorados

Holdings,

Inc

$

42,032

$

23,573

$

8,926

$

(5,890)

–

$

22,883

$

1,251

8,812

$

73,672

Media

&

Entertainment

HUYA,

Inc

(ADR)*,e

30,682

1,221

3,223

(9,445)

–

(2,735)

–

4,177

16,500

§

iClick

Interactive

Asia

Group

Ltd

(ADR)*

26,196

13

2,068

(17,662

)

–

(4,757)

–

447

1,722

Pharmaceuticals,

Biotechnology

&

Life

Sciences

Altimmune

,

Inc

*,e

11,822

‡

7,251

1,625

(1,251)

–

16,428

–

1,983

32,625

§

Retailing

Lojas

Americanas

S.A.

(Preference)*

68,436

–

6,415

(5,508)

(88,184)

31,671

–

–

–§

Matahari

Department

Store

Tbk

PT

45,527

1,054

45,118

27,641

–

(28,217)

855

2,908

887

§

Total

$224,695

$33,112

$67,375

$(12,115)

$(88,184)

$

35,273

$2,106

18,327

$125,406

89

College

Retirement

Equities

Fund

2022

Annual

Report

concluded

Note

8—inter-fund

lending

program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Accounts may

participate

in

an

inter-fund

lending

program.

This

program

allows

certain

Accounts to

lend

cash

to

and/or

borrow

cash

from

other

Accounts

or

certain

other

affiliated

registered

investment

companies 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

Account 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,

each

Account may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Account’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the year

ended December

31,

2022,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

Note

9—line

of

credit

The Accounts

(other

than

the

Money

Market

Account)

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

participant

withdrawals.

The

current

facility

was

entered

into

on

June

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous facility,

which

expired

June

2022.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, 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 Accounts are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

For

the year

ended

December

31,

2022,

there

were

no

borrowings

under

this

credit

facility

by

the

Accounts.

*

Non-income

producing

§

At

December

31,

2022,

the

issuer

was

not

an

affiliated

company

of

the

Account.

‡

At

December

31,

2021,

the

issuer

was

not

an

affiliated

company

of

the

Account.

e

Security

on

loan

Report

of

independent

registered

public

accounting

firm

90

2022

Annual

Report

College

Retirement

Equities

Fund

To

the

Board

of

Trustees

of

College

Retirement

Equities

Fund

and

Participants

of

Stock

Account,

Global

Equities

Account,

Growth

Account,

Equity

Index

Account,

Core

Bond

Account

(formerly

Bond

Market

Account),

Inflation-Linked

Bond

Account,

Social

Choice

Account

and

Money

Market

Account

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

summary

portfolios

of

investments,

of

Stock

Account,

Global

Equities

Account,

Growth

Account,

Equity

Index

Account,

Core

Bond

Account

(formerly

Bond

Market

Account),

Inflation-Linked

Bond

Account,

Social

Choice

Account

and

Money

Market

Account

(constituting

College

Retirement

Equities

Fund,

hereafter

collectively

referred

to

as

the

"Accounts")

as

of

December

31,

2022,

the

related

statements

of

operations

for

the

year

ended

December

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(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

Accounts

as

of

December

31,

2022,

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,

2022

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Accounts’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Accounts’

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

Accounts

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,

2022

by

correspondence

with

the

custodian

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

Charlotte,

North

Carolina

February

27,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

91

College

Retirement

Equities

Fund

2022

Annual

Report

2022

participant

meeting

(unaudited)

College

Retirement

Equities

Fund

Trustees

On

July

12,

2022,

at

a

quadrennial

meeting

of

College

Retirement

Equities

Fund

(CREF)

participants,

the

following

persons

were

elected

to

serve

on

the

CREF

Board

of

Trustees:

Joseph

A.

Boateng

was

elected

to

office.

Forrest

Berkley,

Janice

C.

Eberly,

Nancy

A.

Eckl,

Michael

A.

Forrester,

Howell

E.

Jackson,

Thomas

J.

Kenny,

James

M.

Poterba

and

Maceo

K.

Sloan

continued

in

office.

Management

Proposal

At

that

same

meeting,

management

also

introduced

a

proposal

to

approve

a

change

of

the

CREF

Growth

Account’s

classification

under

the

Investment

Company

Act

of

1940,

as

amended,

from

“diversified”

to

“non-diversified”

and

to

eliminate

the

Account’s

related

fundamental

investment

restriction.

There

were

not

enough

votes

received

from

CREF

Participants

invested

in

the

CREF

Growth

Account

to

achieve

the

required

quorum

of

votes,

and

the

proposal

did

not

pass:

Participant

Proposal

Also

at

that

same

meeting,

there

was

a

proposal

presented

by

a

CREF

Participant,

which

stated:

should

CREF

present

a

reorganization

plan,

the

Trustees

of

CREF

are

requested

to

exert

their

best

efforts

to

solicit

the

requests

of

25

per

centum

of

any

class

of

its

outstanding

securities

for,

or

otherwise

submit

a

request

to

the

Securities

and

Exchange

Commission,

“…

to

render

an

advisory

report

in

respect

of

the

fairness

of

any

such

plan

and

its

effect

upon

any

class

or

classes

of

security

holders,”

as

described

in

Section

25

of

The

Investment

Company

Act

of

1940,

as

subsequently

amended.

The

proposal

did

not

pass:

The

results

above

were

certified

by

Computershare

Fund

Services,

Inc.,

independent

tabulator

for

CREF.

Nominee

Dollars

For

Percent

Dollars

against

Percent

Dollars

abstain

Percent

Forrest

Berkley

22,809,308,718.430

83.665

999,855,829.020

3.668

3,453,396,926.270

12.667

Joseph

A.

Boateng

22,841,515,646.890

83.783

975,129,492.590

3.577

3,445,916,334.240

12.640

Janice

C.

Eberly

23,184,472,221.390

85.041

960,853,796.670

3.524

3,117,235,455.660

11.434

Nancy

A.

Eckl

23,091,615,636.030

84.701

881,003,929.060

3.232

3,289,941,908.630

12.068

Michael

A.

Forrester

22,622,097,139.890

82.979

1,012,401,546.740

3.714

3,628,062,787.090

13.308

Howell

E.

Jackson

22,644,825,369.160

83.062

1,058,059,235.610

3.881

3,559,676,868.950

13.057

Thomas

J.

Kenny

22,645,169,162.400

83.063

1,000,688,821.150

3.671

3,616,703,490.170

13.266

James

M.

Poterba

22,789,303,288.610

83.592

964,940,996.970

3.539

3,508,317,188.140

12.869

Maceo

K.

Sloan

22,469,929,283.960

82.420

1,227,104,492.850

4.501

3,565,527,696.910

13.078

Dollars

For

Percent

Dollars

against

Percent

Dollars

abstain

Percent

CREF

Growth

Account

Proposal

1,881,319,696.400

76.110

245,901,924.150

9.948

344,617,493.340

13.942

Dollars

For

Percent

Dollars

against

Percent

Dollars

abstain

Percent

CREF

Participant

Proposal

9,142,488,502.82

33.535

12,439,436,689.36

45.628

5,680,636,280.54

20.837

Additional

account

information

92

2022

Annual

Report

College

Retirement

Equities

Fund

Portfolio

holdings

Securities

and

Exchange

Commission

(SEC)

rules

allow

investment

companies

to

list

the

top

holdings

of

each

account

in

their

annual

and

semiannual

reports

instead

of

providing

complete

portfolio

listings.

CREF

also

files

complete

portfolio

listings

with

the

SEC,

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

CREF

accounts’

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

CREF

accounts’

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

CREF’s

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

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

accounts

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

under

Get

Help

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Account

management

The

CREF

Accounts

are

managed

by

the

portfolio

management

teams

of

TIAA-CREF

Investment

Management,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

accounts.

CREF

Rules

of

the

Fund

From

time

to

time,

CREF

updates

its

Rules

of

the

Fund

with

the

New

York

State

Department

of

Financial

Services.

Current

copies

of

the

updated

Rules

of

the

Fund

can

be

found

on

the

TIAA.org

website

at

the

following

location:

https://www.tiaa.org/

public/about-tiaa/corporate

governanceleadership/document-library.

Trustees

and

officers

(unaudited)

College

Retirement

Equities

Fund

December

31,

2022

93

College

Retirement

Equities

Fund

2022

Annual

Report

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

CREF

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Four-year

term.

Trustee

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

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Trustee

Four-year

term.

Trustee

since

2018.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Trustee

Four-year

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Four-year

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).

Vice

President,

American

Economic

Association

(2020–2021).

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.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Four-year

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

Four-year

term.

Trustee

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

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

Four-year

term.

Trustee

since

2005.

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

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,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Trustee

Four-year

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–

present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–

2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Audit

Committee

Member,

Strada

Education

Network.  

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Board

and

Trustee

Four-year

term.

Trustee

since

2011.

Chairman

for

term

ending

June

30,

2023.

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,

ParentSquare;

Member,

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council.

Trustees

and

officers

(unaudited)

College

Retirement

Equities

Fund

December

31,

2022

94

2022

Annual

Report

College

Retirement

Equities

Fund

continued

Officers

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

CREF

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206  

YOB:

1958

Trustee

Four-year

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;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206  

YOB:

1961

Trustee

Four-year

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–

2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

CREF

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

Teachers

Insurance

and

Annuity

Association

of

America

(“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.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

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

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

President

and

Chief

Executive

Officer

One-year

term.

President

and

Chief

Executive

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G.

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

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

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.

95

College

Retirement

Equities

Fund

2022

Annual

Report

concluded

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.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

CREF

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Micky

Onvural

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1974

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Marketing

and

Communications

Officer

of

TIAA.

Executive

Vice

President

of

CREF

and

TIAA

Separate

Account

VA-1.

Prior

to

joining

TIAA,

Ms.

Onvural

served

as

Chief

Executive

Officer

for

Bonobos.

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

since

2020,

Principal

Accounting

Officer

since

2020

and

Treasurer

since

2017.

Senior

Managing

Director,

Head,

Public

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

People

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.

Additional

information

about

index

providers

(unaudited)

96

2022

Annual

Report

College

Retirement

Equities

Fund

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

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“Russell®”

and

“FTSE

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are

trademarks

of

the

relevant

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companies

and

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any

other

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under

license.

All

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in

the

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which

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How

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reach

us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

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

800-842-2252

24

hours

a

day,

7

days

a

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Contact

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800-842-2252

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a.m.

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before

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For

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this

and

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please

visit

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or

call

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A10922

(2/23)

Item 2. Code of Conduct.

2(a)    The Board of Trustees of the College Retirement Equities Fund (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)    The Registrant has posted the code of conduct on its website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

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) Thomas J. Kenny 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, 2021 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2021 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2021 Form N-CSR.

4(a)    Audit Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $864,522 and $798,496, respectively.

4(b)    Audit Related Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $192,147, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, PwC’s aggregate fees for all other services billed to the Registrant were $2,171 and $62,500, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,010,340 and $1,067,853, 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. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

1

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BONDS

-

0.0%

CORPORATE

BONDS

-

0.0%

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

INR

4,636,868

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

54

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

54

TOTAL

CORPORATE

BONDS

54

(Cost

$64)

TOTAL

BONDS

54

(Cost

$64)

SHARES

COMPANY

COMMON

STOCKS

-

98.9%

AUTOMOBILES

&

COMPONENTS

-

1.6%

39,000

Actron

Technology

Corp

207

605,273

*

Adient

plc

20,997

189,753

Aisin

Seiki

Co

Ltd

5,031

198,816

*

American

Axle

&

Manufacturing

Holdings,

Inc

1,555

360,660

Apollo

Tyres

Ltd

1,410

353,274

*

Aptiv

plc

32,900

80,598

e

ARB

Corp

Ltd

1,399

59,946

Asahi

India

Glass

Ltd

378

541,056

*,e,g

Aston

Martin

Lagonda

Global

Holdings

plc

997

95,142,707

Astra

International

Tbk

PT

34,817

76,986

Autoliv,

Inc

5,896

44,416

Autoliv,

Inc

3,397

3,111

e

Autoneum

Holding

AG.

343

47,110

Bajaj

Holdings

and

Investment

Ltd

2,054

50,451

Balkrishna

Industries

Ltd

1,297

432,584

Bayerische

Motoren

Werke

AG.

38,299

2,669

Bayerische

Motoren

Werke

AG.

(Preference)

225

23,000

Bethel

Automotive

Safety

Systems

Co

Ltd

263

165,415

Bharat

Forge

Ltd

1,755

62,096

BorgWarner,

Inc

2,499

361,357

e

Bridgestone

Corp

12,795

76,643

BYD

Co

Ltd

2,817

1,479,862

BYD

Co

Ltd

(H

shares)

36,307

17,996

*,e

Canoo,

Inc

22

21,375

Ceat

Ltd

424

56,204

*,e

Cenntro

Electric

Group

Ltd

25

5,339

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

98

1,158,885

Cheng

Shin

Rubber

Industry

Co

Ltd

1,275

176,000

China

Motor

Corp

295

131,008

Chongqing

Changan

Automobile

Co

Ltd

231

47,593

Cie

Automotive

S.A.

1,224

1,530,465

Cie

Generale

des

Etablissements

Michelin

S.C.A

42,635

55,910

Cie

Plastic

Omnium

SA

813

912,121

*

Cofide

S.p.A.

425

298,580

Continental

AG.

17,800

74,800

Cub

Elecparts,

Inc

335

588,016

Daimler

AG.

(Registered)

38,453

833,486

Dana

Inc

12,611

442,306

Denso

Corp

21,691

323,852

e,g

Dometic

Group

AB

2,095

1,523

Dong

Ah

Tire

&

Rubber

Co

Ltd

77

2,202,517

Dongfeng

Motor

Group

Co

Ltd

1,258

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

2

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

554

*

Dorman

Products,

Inc

$

45

275,400

*

Dr

ING

hc

F

Porsche

AG.

27,792

1,122,500

Drb-Hicom

BHD

408

144,835

Eicher

Motors

Ltd

5,632

72,757

ElringKlinger

AG.

540

36,365

g

Endurance

Technologies

Ltd

605

23,982

Exedy

Corp

292

404,398

Exide

Industries

Ltd

880

44,684

*,e

Faraday

Future

Intelligent

Electric,

Inc

13

163,004

Faurecia

2,467

27,286

FAW

Jiefang

Group

Co

Ltd

30

27,700

FCC

Co

Ltd

283

140,739

Ferrari

NV

30,180

3,431

*,e

Fisker,

Inc

25

1,869,012

Ford

Motor

Co

21,737

71,578

Ford

Otomotiv

Sanayi

AS

2,005

36,756

*

Fox

Factory

Holding

Corp

3,353

788,308

Freni

Brembo

SpA

8,815

571,401

Fuji

Heavy

Industries

Ltd

8,651

80,263

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

404

1,391,762

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

5,811

6,453,302

e

Geely

Automobile

Holdings

Ltd

9,322

734,988

General

Motors

Co

24,725

62,420

Gentex

Corp

1,702

1,836

*

Gentherm,

Inc

120

448,172

g

Gestamp

Automocion

S.A.

1,730

6,290

*

Global

&

Yuasa

Battery

Co

Ltd

212

60,000

Global

PMX

Co

Ltd

290

188,875

*

Goodyear

Tire

&

Rubber

Co

1,917

88,159

Great

Wall

Motor

Co

Ltd

375

6,960,246

e

Great

Wall

Motor

Co

Ltd

8,966

15,900

G-Tekt

Corp

173

190,100

Guangzhou

Automobile

Group

Co

Ltd

301

2,163,042

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,449

129,448

GUD

Holdings

Ltd

664

48,648

*

Hankook

Tire

Co

Ltd

1,201

20,067

*

Hankook

Tire

Worldwide

Co

Ltd

221

108,788

Hanon

Systems

699

108,577

Harley-Davidson,

Inc

4,517

71,947

Hero

Honda

Motors

Ltd

2,377

8,658

*,e

Holley,

Inc

18

1,572,786

Honda

Motor

Co

Ltd

35,874

2,997,000

Hota

Industrial

Manufacturing

Co

Ltd

6,500

79,000

Hu

Lane

Associate,

Inc

370

153,815

Huayu

Automotive

Systems

Co

Ltd

382

586,000

e

Huazhong

In-Vehicle

Holdings

Co

Ltd

186

31,600

Huizhou

Desay

Sv

Automotive

Co

Ltd

478

67,804

Hyundai

Mobis

10,755

148,663

Hyundai

Motor

Co

17,792

25,831

Hyundai

Motor

Co

Ltd

(2nd

Preference)

1,512

15,771

Hyundai

Motor

Co

Ltd

(Preference)

924

15,213

*

Hyundai

Wia

Corp

596

12,547

*

Iljin

Hysolus

Co

ltd

297

462,000

e

Intron

Technology

Holdings

Ltd

240

367,751

Isuzu

Motors

Ltd

4,263

67,689

JK

Tyre

&

Industries

Ltd

150

387,842

Johnson

Electric

Holdings

Ltd

488

204,700

JTEKT

Corp

1,425

14,596

Kayaba

Industry

Co

Ltd

374

587,000

Kenda

Rubber

Industrial

Co

Ltd

578

332,017

*

Kia

Motors

Corp

15,622

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

3

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

887,974

*

Koito

Manufacturing

Co

Ltd

$

13,238

64,530

Kordsa

Teknik

Tekstil

AS.

335

76,438

*

Kumho

Tire

Co,

Inc

168

519

LCI

Industries,

Inc

48

15,718

Lear

Corp

1,949

1,233,300

*,e

Li

Auto,

Inc

11,924

45,129

Linamar

Corp

2,043

70,624

*,e

Lordstown

Motors

Corp

80

469,611

*,e

Lucid

Group,

Inc

3,207

73,625

*,e

Luminar

Technologies,

Inc

364

318,031

Magna

International,

Inc

17,865

3,509

Maharashtra

Scooters

Ltd

195

2,190,209

Mahindra

&

Mahindra

Ltd

32,973

115,630

Mahindra

CIE

Automotive

Ltd

480

22,700

Mahle-Metal

Leve

S.A.

Industria

e

Comercio

132

31,921

*

Mando

Corp

1,019

62,774

Martinrea

International,

Inc

522

135,402

Maruti

Suzuki

India

Ltd

13,698

357,897

Mazda

Motor

Corp

2,683

10,480

MGI

Coutier

195

81,462

Minda

Corp

Ltd

201

188,050

Minda

Industries

Ltd

1,183

2,007,426

Minth

Group

Ltd

5,418

694,100

*

Mitsubishi

Motors

Corp

2,636

306,065

*

Modine

Manufacturing

Co

6,078

1,450,791

Motherson

Sumi

Systems

Ltd

1,299

1,914,162

Motherson

Sumi

Wiring

India

Lt

1,351

5,528

*

Motorcar

Parts

of

America,

Inc

66

1,247

MRF

Ltd

1,333

41,638

e

Musashi

Seimitsu

Industry

Co

Ltd

490

25,649

*

Myoung

Shin

Industrial

Co

Ltd

293

395,000

*

Nan

Kang

Rubber

Tire

Co

Ltd

429

2,213,098

*,g

Nemak

SAB

de

C.V.

631

18,798

*

Nexen

Tire

Corp

91

590,000

e

Nexteer

Automotive

Group

Ltd

385

553,200

NGK

Spark

Plug

Co

Ltd

10,139

192,215

NHK

Spring

Co

Ltd

1,222

82,412

Nifco,

Inc

1,922

18,811

Ningbo

Joyson

Electronic

Corp

38

48,478

Ningbo

Tuopu

Group

Co

Ltd

408

1,436,872

*

NIO,

Inc

(ADR)

14,009

52,453

Nippon

Seiki

Co

Ltd

312

1,459,643

*

Nissan

Motor

Co

Ltd

4,568

131,610

Nissan

Shatai

Co

Ltd

821

93,988

NOK

Corp

827

130,844

e

Nokian

Renkaat

Oyj

1,343

31,600

Pacific

Industrial

Co

Ltd

239

92,206

Patrick

Industries,

Inc

5,588

333,609

Piaggio

&

C

S.p.A.

1,001

26,894

Piolax

Inc

345

346,105

g

Pirelli

&

C

S.p.A

1,484

491,180

Porsche

AG.

26,787

210,500

Prinx

Chengshan

Cayman

Holding

Ltd

164

66,760

PWR

Holdings

Ltd

487

66,382

*,e

QuantumScape

Corp

376

334,654

*

Renault

S.A.

11,167

419,461

*,e

Rivian

Automotive,

Inc

7,731

8,825

S&T

Daewoo

Co

Ltd

293

366,723

SAIC

Motor

Corp

Ltd

759

217,700

Sailun

Group

Co

Ltd

313

24,460

g

Sansera

Engineering

Ltd

220

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

4

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

424,000

Sanyang

Industry

Co

Ltd

$

466

133,811

Schaeffler

AG.

904

19,605

Shandong

Linglong

Tyre

Co

Ltd

58

13,800

Shenzhen

Kedali

Industry

Co

Ltd

235

82,600

Shoei

Co

Ltd

3,193

12,620

*

SL

Corp

231

24,229

*,e

Solid

Power,

Inc

62

1,121,900

Sri

Trang

Agro-Industry

PCL

(Foreign)

683

6,260

Standard

Motor

Products,

Inc

218

132,800

Stanley

Electric

Co

Ltd

2,512

180,568

Stellantis

NV

2,566

132,006

*

Stoneridge,

Inc

2,846

450,640

Sumitomo

Electric

Industries

Ltd

5,092

41,417

Sumitomo

Riko

Co

Ltd

189

170,500

e

Sumitomo

Rubber

Industries,

Inc

1,482

4,973

Sundaram-Clayton

Ltd

301

115,348

Sundram

Fasteners

Ltd

1,353

67,753

Suprajit

Engineering

Ltd

270

232,258

Suzuki

Motor

Corp

7,439

1,783,155

*

Tata

Motors

Ltd

8,350

3,631,434

*,n

Tesla,

Inc

447,320

99,062

e

Thor

Industries,

Inc

7,478

305,375

g

TI

Fluid

Systems

plc

493

642,000

e

Tianneng

Power

International

Ltd

676

58,447

Tokai

Rika

Co

Ltd

621

312,000

Tong

Yang

Industry

Co

Ltd

435

26,068

Topre

Corp

223

579,725

e

Toyo

Tire

&

Rubber

Co

Ltd

6,525

62,700

Toyoda

Gosei

Co

Ltd

967

71,695

Toyota

Boshoku

Corp

952

19,346,164

*

Toyota

Motor

Corp

263,931

8,542

e

Trigano

S.A.

1,166

85,300

TS

Tech

Co

Ltd

976

114,317

Tube

Investments

of

India

Ltd

3,834

53,000

Tung

Thih

Electronic

Co

Ltd

234

80,300

Tupy

S.A.

415

500,317

TVS

Motor

Co

Ltd

6,552

359,500

UMW

Holdings

BHD

283

1,726,102

Valeo

S.A.

30,842

44,391

*,g

Varroc

Engineering

Ltd

159

37,715

*

Visteon

Corp

4,934

19,499

*

Vitesco

Technologies

Group

AG.

1,127

1,174

Volkswagen

AG.

184

275,523

Volkswagen

AG.

(Preference)

34,179

601,156

*,e

Volvo

Car

AB

2,737

5,406

WABCO

India

Ltd

584

9,305

e

Winnebago

Industries,

Inc

490

14,958

*,e

Workhorse

Group,

Inc

23

1,380,000

e

Wuling

Motors

Holdings

Ltd

150

12,171

*

XPEL,

Inc

731

557,400

*,e

XPeng,

Inc

2,747

314,854

*,e

XPeng,

Inc

(ADR)

3,130

811,031

g

Yadea

Group

Holdings

Ltd

1,350

296,865

Yamaha

Motor

Co

Ltd

6,710

120,600

e

Yokohama

Rubber

Co

Ltd

1,866

484,000

Yulon

Motor

Co

Ltd

974

TOTAL

AUTOMOBILES

&

COMPONENTS

1,721,191

BANKS

-

6.9%

4,912

1st

Source

Corp

261

58,503

77

Bank

Ltd

981

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

5

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

61,081

*

Aareal

Bank

AG.

$

2,092

55,608

*

Aavas

Financiers

Ltd

1,239

2,795

g

ABN

AMRO

Group

NV

39

566,609

Absa

Group

Ltd

6,434

1,862,613

Abu

Dhabi

Commercial

Bank

PJSC

4,558

964,026

Abu

Dhabi

Islamic

Bank

PJSC

2,388

2,555

e

ACNB

Corp

102

642,600

*

Affin

Holdings

BHD

296

27,361,383

Agricultural

Bank

of

China

Ltd

9,360

3,781,162

Agricultural

Bank

of

China

Ltd

(Class

A)

1,582

17,392,105

AIB

Group

plc

66,758

38,500

*

Aichi

Financial

Group,

Inc

676

2,069,907

Akbank

TAS

2,164

54,641

Aktia

Bank

Oyj

598

941,499

Al

Ahli

Bank

of

Kuwait

KSCP

999

2,088,472

*

Al

Rajhi

Bank

41,766

3,372,683

Alinma

Bank

29,204

86,536

*

Alior

Bank

S.A.

681

1,021,600

Alliance

Financial

Group

BHD

852

1,410,921

*

Alpha

Bank

AE

1,510

315,270

*,†

Amagerbanken

AS

0

23,022

Amalgamated

Financial

Corp

530

17,238

Amerant

Bancorp

Inc

463

3,162

American

National

Bankshares,

Inc

117

20,193

Ameris

Bancorp

952

29,181

Amlak

International

for

Real

Estate

Finance

Co

116

1,258,834

AMMB

Holdings

BHD

1,184

4,762,879

ANZ

Group

Holdings

Ltd

76,725

131,100

e

Aozora

Bank

Ltd

2,577

113,230

Aptus

Value

Housing

Finance

India

Ltd

414

401,412

Arab

National

Bank

3,411

4,311

Arrow

Financial

Corp

146

45,676

Associated

Banc-Corp

1,055

68,715

Atlantic

Union

Bankshares

Corp

2,415

172,685

g

AU

Small

Finance

Bank

Ltd

1,364

27,044

Awa

Bank

Ltd

437

3,123,495

Axis

Bank

Ltd

35,151

70,704

*

Axos

Financial,

Inc

2,702

93,277

Banc

of

California,

Inc

1,486

424,422

*

Banca

Monte

dei

Paschi

di

Siena

S.p.A

874

583,997

Banca

Popolare

di

Sondrio

SCARL

2,357

24,873

Bancfirst

Corp

2,193

97,300

Banco

ABC

Brasil

S.A.

363

17,340,599

Banco

Bilbao

Vizcaya

Argentaria

S.A.

104,447

1,480,637

Banco

BPM

S.p.A.

5,278

6,530,186

Banco

Bradesco

S.A.

16,647

10,629,459

Banco

Bradesco

S.A.

(Preference)

30,320

40,834,509

e

Banco

Comercial

Portugues

S.A.

6,405

30,424,949

Banco

de

Chile

3,156

36,628

Banco

de

Credito

e

Inversiones

1,053

5,767,882

Banco

de

Sabadell

S.A.

5,422

2,081,600

e,g

Banco

del

Bajio

S.A.

6,575

560,801

Banco

do

Brasil

S.A.

3,628

196,300

Banco

do

Estado

do

Rio

Grande

do

Sul

361

365,400

Banco

Pan

S.A.

417

226,510

Banco

Santander

Brasil

S.A.

1,211

42,817,437

Banco

Santander

Chile

S.A.

1,714

1,846,370

Banco

Santander

S.A.

5,521

177,723

BanColombia

S.A.

1,544

378,690

BanColombia

S.A.

(ADR)

10,808

330,557

BanColombia

S.A.

(Preference)

2,281

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

6

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

418,864

*,g

Bandhan

Bank

Ltd

$

1,182

5,240,000

*

Bank

Aladin

Syariah

Tbk

PT

476

327,630

*

Bank

AlBilad

3,852

262,389

Bank

Al-Jazira

1,327

2,495,700

Bank

BTPN

Syariah

Tbk

PT

447

51,047,570

Bank

Central

Asia

Tbk

PT

27,991

2,286

e

Bank

First

Corp

212

36,947

Bank

Handlowy

w

Warszawie

S.A.

639

91,463

Bank

Hapoalim

Ltd

824

2,921,200

*

Bank

Jago

Tbk

PT

697

259,008

Bank

Leumi

Le-Israel

2,157

543,141

*

Bank

Millennium

S.A.

572

5,940,288

*

Bank

Neo

Commerce

Tbk

PT

247

13,609,442

Bank

of

America

Corp

450,745

910,862

Bank

of

Beijing

Co

Ltd

564

418,100

Bank

of

Changsha

Co

Ltd

406

130,120

Bank

of

Chengdu

Co

Ltd

286

1,555,744

Bank

of

China

Ltd

-

A

707

87,308,912

Bank

of

China

Ltd

-

H

31,600

1,813,312

Bank

of

Communications

Co

Ltd

-

A

1,236

6,733,319

Bank

of

Communications

Co

Ltd

-

H

3,864

1,293,200

Bank

of

East

Asia

Ltd

1,563

35,924

Bank

of

Georgia

Group

plc

1,124

225,195

Bank

of

Hangzhou

Co

Ltd

423

1,685

Bank

of

Hawaii

Corp

131

9,434,892

Bank

of

Ireland

Group

plc

89,908

571,018

Bank

of

Jiangsu

Co

Ltd

598

430,400

Bank

of

Kaohsiung

174

61,900

Bank

of

Kyoto

Ltd

2,746

28,986

Bank

of

Marin

Bancorp

953

1,192,018

Bank

of

Montreal

107,986

387,814

Bank

of

Nanjing

Co

Ltd

581

250,974

Bank

of

Ningbo

Co

Ltd

1,168

1,466,443

e

Bank

of

Nova

Scotia

71,849

222,135

Bank

of

NT

Butterfield

&

Son

Ltd

6,622

1,017,235

e

Bank

of

Queensland

Ltd

(ASE)

4,757

726,799

Bank

of

Shanghai

Co

Ltd

617

317,900

Bank

of

Suzhou

Co

Ltd

355

1,194,673

Bank

of

the

Philippine

Islands

2,191

4,923

Bank

OZK

197

118,131

Bank

Pekao

S.A.

2,350

7,763,311

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

671

6,823,200

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

PT

311

167,247,968

Bank

Rakyat

Indonesia

53,026

4,596,900

Bank

Tabungan

Negara

Persero

Tbk

PT

398

23,542

Bank

Zachodni

WBK

S.A.

1,402

690,911

e

Bankinter

S.A.

4,629

23,615

BankUnited

802

1,701

e

Bankwell

Financial

Group,

Inc

50

346,311

Banner

Corp

21,887

30,599

Banque

Cantonale

Vaudoise

2,934

395,279

Banque

Saudi

Fransi

4,262

4,585

Bar

Harbor

Bankshares

147

30,439,094

Barclays

plc

57,920

1,016,223

g

BAWAG

Group

AG.

54,155

3,606

Baycom

Corp

68

4,369

BCB

Bancorp,

Inc

79

8,709,219

BDO

Unibank,

Inc

16,562

572,093

Bendigo

Bank

Ltd

3,797

102,852

Berkshire

Hills

Bancorp,

Inc

3,075

646,100

BIMB

Holdings

BHD

400

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

7

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

8,034

*,e

Blue

Foundry

Bancorp

$

103

16,773

Blue

Ridge

Bankshares,

Inc

209

896,624

BNP

Paribas

S.A.

51,053

3,982,669

BOC

Hong

Kong

Holdings

Ltd

13,520

1,233

BOK

Financial

Corp

128

820,536

Boubyan

Bank

KSCP

2,145

1,098,834

e

BPER

Banca

2,253

9,783

BRE

Bank

S.A.

663

4,958

*

Bridgewater

Bancshares,

Inc

88

287,982

Brookline

Bancorp,

Inc

4,075

277,416

*

BS

Financial

Group,

Inc

1,429

4,498,099

Bumiputra-Commerce

Holdings

BHD

5,919

2,770,789

Burgan

Bank

SAK

1,991

6,089

Business

First

Bancshares,

Inc

135

72,835

Byline

Bancorp,

Inc

1,673

487,212

Cadence

BanCorp

12,015

29,363

CaixaBank

S.A.

115

2,086

Cambridge

Bancorp

173

4,382

Camden

National

Corp

183

46,754

Can

Fin

Homes

Ltd

302

1,107,076

e

Canadian

Imperial

Bank

of

Commerce

44,782

372,887

e

Canadian

Western

Bank

6,626

2,311

Capital

Bancorp,

Inc

54

8,527

Capital

City

Bank

Group,

Inc

277

192,144

Capitec

Bank

Holdings

Ltd

20,916

284,015

Capitol

Federal

Financial

2,457

22,537

Capstar

Financial

Holdings,

Inc

398

7,420

*

Carter

Bankshares,

Inc

123

111,762

Cathay

General

Bancorp

4,559

309,063

Central

Pacific

Financial

Corp

6,268

3,065,011

Chang

Hwa

Commercial

Bank

1,708

489,616

Chiba

Bank

Ltd

3,572

7,074,490

China

Citic

Bank

3,131

731,107

China

Construction

Bank

Corp

-

A

592

105,027,546

China

Construction

Bank

Corp

-

H

65,683

1,929,704

China

Everbright

Bank

Co

Ltd

-

A

851

3,053,845

China

Everbright

Bank

Co

Ltd

-

H

930

5,944,481

China

Merchants

Bank

Co

Ltd

32,896

2,774,112

China

Merchants

Bank

Co

Ltd

(Class

A)

14,792

1,702,248

China

Minsheng

Banking

Corp

Ltd

-

A

844

5,020,991

e

China

Minsheng

Banking

Corp

Ltd

-

H

1,735

746,829

China

Zheshang

Bank

Co

Ltd

316

32,399,388

Chinatrust

Financial

Holding

Co

23,249

1,306,900

Chongqing

Rural

Commercial

Bank

Co

Ltd

663

133,000

*

Chugin

Financial

Group,

Inc

966

1,687,819

Citigroup,

Inc

76,340

4,289

Citizens

&

Northern

Corp

98

1,226,903

Citizens

Financial

Group,

Inc

48,303

4,496

e

City

Holding

Co

419

410,372

City

Union

Bank

Ltd

894

4,454

Civista

Bancshares,

Inc

98

153,093

Close

Brothers

Group

plc

1,925

4,985

CNB

Financial

Corp

119

13,967

*

Coastal

Financial

Corp

664

67,468

*

Collector

Bank

AB

248

4,958

Colony

Bankcorp

Inc

63

250,097

Columbia

Banking

System,

Inc

7,535

8,097

*

Columbia

Financial,

Inc

175

45,443

Comerica,

Inc

3,038

4,975

Commerce

Bancshares,

Inc

339

2,166,403

Commercial

Bank

of

Qatar

QSC

2,977

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

8

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,657,011

Commercial

International

Bank

$

2,783

6,047,189

*

Commerzbank

AG.

56,539

2,514,665

Commonwealth

Bank

of

Australia

174,656

166,420

Community

Bank

System,

Inc

10,476

4,754

Community

Trust

Bancorp,

Inc

218

1,162,260

Concordia

Financial

Group

Ltd

4,853

168,435

ConnectOne

Bancorp,

Inc

4,078

269,857

Credicorp

Ltd

36,609

8,433

Credit

Agricole

S.A.

89

76,713

Credito

Emiliano

S.p.A.

545

13,803

*,e

CrossFirst

Bankshares,

Inc

171

15,854

Cullen/Frost

Bankers,

Inc

2,120

9,445

*

Customers

Bancorp,

Inc

268

41,294

CVB

Financial

Corp

1,063

5,646,074

*,†

Cyprus

Popular

Bank

Public

Co

Ltd

60

480,427

Dah

Sing

Banking

Group

Ltd

344

180,708

Dah

Sing

Financial

Holdings

Ltd

417

33,686

Daishi

Hokuetsu

Financial

Group,

Inc

733

4,611

Danske

Bank

AS

91

2,123,268

DBS

Group

Holdings

Ltd

53,743

132,369

g

Deutsche

Pfandbriefbank

AG.

1,025

144,483

*

DGB

Financial

Group

Co

Ltd

799

10,180

Dime

Community

Bancshares,

Inc

324

167,183

DNB

Bank

ASA

3,302

2,313,249

Doha

Bank

QSC

1,246

3,086,230

Dubai

Islamic

Bank

PJSC

4,790

14,318,105

E.Sun

Financial

Holding

Co

Ltd

11,180

73,043

Eagle

Bancorp,

Inc

3,219

180,135

East

West

Bancorp,

Inc

11,871

292,087

Eastern

Bankshares,

Inc

5,038

1,240,224

Emirates

NBD

Bank

PJSC

4,368

108,062

e

Enact

Holdings,

Inc

2,606

2,854

Enterprise

Bancorp,

Inc

101

115,848

Enterprise

Financial

Services

Corp

5,672

23,646

e

Equitable

Group,

Inc

991

439,174

*,g

Equitas

Small

Finance

Bank

Ltd

309

4,518

Equity

Bancshares,

Inc

148

51,529

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

1,649

3,291

e

Esquire

Financial

Holdings,

Inc

142

317,244

Essent

Group

Ltd

12,334

1,680,262

*

Eurobank

Ergasias

S.A.

1,893

2,348,578

Far

Eastern

International

Bank

839

2,540

e

Farmers

&

Merchants

Bancorp,

Inc

69

8,686

Farmers

National

Banc

Corp

123

11,001

FB

Financial

Corp

398

2,786

Federal

Agricultural

Mortgage

Corp

(FAMC)

314

1,733,697

Federal

Bank

Ltd

2,907

16,738

FIBI

Holdings

Ltd

695

4,184,484

Fifth

Third

Bancorp

137,293

9,411

*,e

Finance

Of

America

Cos,

Inc

12

4,607

Financial

Institutions,

Inc

112

930,417

FinecoBank

Banca

Fineco

S.p.A

15,451

217,771

First

Bancorp

2,770

10,732

First

Bancorp

460

2,742

First

Bancorp,

Inc

82

45,280

First

Bancshares,

Inc

1,449

3,995

First

Bank

55

135,053

First

Busey

Corp

3,339

2,428

First

Business

Financial

Services,

Inc

89

8,520

e

First

Citizens

Bancshares,

Inc

(Class

A)

6,461

206,749

First

Commonwealth

Financial

Corp

2,888

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

9

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

4,996

First

Community

Bancshares,

Inc

$

169

29,471

First

Financial

Bancorp

714

379,455

First

Financial

Bankshares,

Inc

13,053

28,830

First

Financial

Corp

1,328

7,034,584

First

Financial

Holding

Co

Ltd

6,059

15,363

First

Foundation,

Inc

220

1,657

e

First

Guaranty

Bancshares,

Inc

39

125,844

First

Hawaiian,

Inc

3,277

602,512

First

Horizon

National

Corp

14,762

166,110

First

International

Bank

Of

Israel

Ltd

6,552

2,848

First

Internet

Bancorp

69

155,280

First

Interstate

Bancsystem,

Inc

6,002

73,519

First

Merchants

Corp

3,022

5,637

First

Mid-Illinois

Bancshares,

Inc

181

14,351

e

First

National

Financial

Corp

386

6,816

First

of

Long

Island

Corp

123

440,205

First

Republic

Bank

53,657

2,402

*

First

Western

Financial,

Inc

68

2,491

e

Five

Star

Bancorp

68

8,763

Flushing

Financial

Corp

170

172,635

FNB

Corp

2,253

5,200

*,†

FS

Finans

A.S.

0

187,700

Fukuoka

Financial

Group,

Inc

4,264

49,508

Fulton

Financial

Corp

833

3,420

*

FVCBankcorp,

Inc

65

8,105

German

American

Bancorp,

Inc

302

87,571

Glacier

Bancorp,

Inc

4,328

2,918

Great

Southern

Bancorp,

Inc

174

344

e

Greene

County

Bancorp,

Inc

20

6,175,785

Grupo

Financiero

Banorte

S.A.

de

C.V.

44,341

1,407,477

*,e

Grupo

Financiero

Inbursa

S.A.

2,372

1,656,374

Grupo

Security

S.A.

336

2,620

Guaranty

Bancshares,

Inc

91

1,139,216

Gulf

Bank

KSCP

1,170

337,400

Gunma

Bank

Ltd

1,289

346,700

Hachijuni

Bank

Ltd

1,440

696,280

Haci

Omer

Sabanci

Holding

AS

1,681

198,292

Hana

Financial

Group,

Inc

6,603

101,077

Hancock

Whitney

Corp

4,891

824,857

Hang

Seng

Bank

Ltd

13,681

18,217

Hanmi

Financial

Corp

451

13,892

HarborOne

Northeast

Bancorp,

Inc

193

3,160

HBT

Financial,

Inc

62

547,980

HDFC

Bank

Ltd

(ADR)

37,487

37,779

Heartland

Financial

USA,

Inc

1,761

451,541

Helia

Group

Ltd

843

45,141

Heritage

Commerce

Corp

587

10,576

Heritage

Financial

Corp

324

15,229

Hilltop

Holdings,

Inc

457

418

Hingham

Institution

for

Savings

115

242,002

Hirogin

Holdings,

Inc

1,214

24,200

Hokkoku

Financial

Holdings,

Inc

834

125,960

Hokuhoku

Financial

Group,

Inc

932

2,009

Home

Bancorp,

Inc

80

1,009,492

Home

Bancshares,

Inc

23,006

44,040

e

Home

Capital

Group,

Inc

1,385

26,101

*,g

Home

First

Finance

Co

India

Ltd

231

24,585

HomeStreet,

Inc

678

3,633

HomeTrust

Bancshares,

Inc

88

415,112

Hong

Leong

Bank

BHD

1,935

112,370

Hong

Leong

Credit

BHD

474

35,353

Hope

Bancorp,

Inc

453

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

10

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

12,335

Horizon

Bancorp

$

186

3,462,440

Housing

Development

Finance

Corp

110,074

14,307,170

HSBC

Holdings

plc

88,669

5,955,510

Hua

Nan

Financial

Holdings

Co

Ltd

4,345

745,086

Huaxia

Bank

Co

Ltd

556

3,615,257

Huntington

Bancshares,

Inc

50,975

181,674

Hyakugo

Bank

Ltd

506

6,462,631

ICICI

Bank

Ltd

69,511

2,758,613

*

IDFC

Bank

Ltd

1,956

141,458

IIFL

Finance

Ltd

821

6,183

Independent

Bank

Corp

148

51,278

Independent

Bank

Corp

4,329

10,720

Independent

Bank

Group,

Inc

644

249,466

*

Indiabulls

Housing

Finance

Ltd

465

235,603

Indian

Bank

811

2,856,839

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,783

66,872,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

34,298

849,505

Industrial

Bank

Co

Ltd

2,145

167,036

Industrial

Bank

of

Korea

1,298

24,668,721

ING

Groep

NV

300,493

187,931

Inter

&

Co,

Inc

396

72,564

International

Bancshares

Corp

3,321

6,565,943

Intesa

Sanpaolo

S.p.A.

14,546

3,298,813

Investimentos

Itau

S.A.

-

PR

5,304

1,897,852

iShares

Core

MSCI

EAFE

ETF

116,984

1,563,213

Israel

Discount

Bank

Ltd

8,207

221,909,749

Itau

CorpBanca

Chile

SA

489

13,005,202

Itau

Unibanco

Holding

S.A.

61,595

223,154

*

Iyogin

Holdings,

Inc

1,208

368,177

e

Japan

Post

Bank

Co

Ltd

3,156

278,406

JB

Financial

Group

Co

Ltd

1,739

3,424

e

John

Marshall

Bancorp,

Inc

99

4,871,259

n

JPMorgan

Chase

&

Co

653,236

612,086

*,e

Judo

Capital

Holdings

Ltd

555

30,140

Juroku

Financial

Group,

Inc

656

87,837

*

Jyske

Bank

5,695

95,054

*,e

KakaoBank

Corp

1,849

272,418

Karur

Vysya

Bank

Ltd

372

405,500

Kasikornbank

PCL

(Foreign)

1,724

785,669

KB

Financial

Group,

Inc

30,101

59,354

KBC

Ancora

2,675

511,618

KBC

Groep

NV

32,941

18,697

Kearny

Financial

Corp

190

106,148

Keiyo

Bank

Ltd

472

39,418

Keycorp

687

8,100

Kiatnakin

Bank

PCL

(Foreign)

17

745,000

King's

Town

Bank

821

52,919

Kiyo

Bank

Ltd

629

50,199

Komercni

Banka

AS

1,451

370,196

Kotak

Mahindra

Bank

Ltd

8,145

3,894,096

Krung

Thai

Bank

PCL

1,987

7,124,981

Kuwait

Finance

House

19,253

664,181

Kuwait

International

Bank

KSCP

427

2,187,054

Kuwait

Projects

Co

Holding

KSCP

804

341,400

Kyushu

Financial

Group,

Inc

1,173

18,810

Lakeland

Bancorp,

Inc

331

1,486

e

Lakeland

Financial

Corp

108

42,356

e

Laurentian

Bank

of

Canada

1,010

320,668

LIC

Housing

Finance

Ltd

1,602

126,969

Live

Oak

Bancshares,

Inc

3,834

72,748,166

Lloyds

TSB

Group

plc

39,700

7,147

Luther

Burbank

Corp

79

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

11

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

694,621

M&T

Bank

Corp

$

100,762

7,582

Macatawa

Bank

Corp

84

3,178,130

Malayan

Banking

BHD

6,277

2,263,500

*

Malaysia

Building

Society

316

3,779,926

Masraf

Al

Rayan

3,295

1,005,000

Mebuki

Financial

Group

Inc

2,554

554,208

Mediobanca

S.p.A.

5,325

12,606,402

Mega

Financial

Holding

Co

Ltd

12,419

4,240

Mercantile

Bank

Corp

142

5,484

Merchants

Bancorp

133

54,337

Meta

Financial

Group,

Inc

2,339

5,748

Metrocity

Bankshares,

Inc

124

1,198,654

Metropolitan

Bank

&

Trust

1,164

17,618

*

Metropolitan

Bank

Holding

Corp

1,034

94,547

MGIC

Investment

Corp

1,229

4,349

Mid

Penn

Bancorp,

Inc

130

6,456

Midland

States

Bancorp,

Inc

172

4,000

MidWestOne

Financial

Group,

Inc

127

15,830,986

Mitsubishi

UFJ

Financial

Group,

Inc

106,280

87,782

Mizrahi

Tefahot

Bank

Ltd

2,833

2,845,058

Mizuho

Financial

Group,

Inc

40,082

205,271

g

Moneta

Money

Bank

AS

690

21,720

*

Mr

Cooper

Group,

Inc

872

29,768

Musashino

Bank

Ltd

467

3,122

MVB

Financial

Corp

69

28,049

Nanto

Bank

Ltd

545

3,423,463

National

Australia

Bank

Ltd

69,509

189,239

National

Bank

Holdings

Corp

7,961

4,973,618

National

Bank

of

Abu

Dhabi

PJSC

23,109

412,054

e

National

Bank

of

Canada

27,763

343,842

*

National

Bank

of

Greece

S.A.

1,379

7,894,035

National

Bank

of

Kuwait

SAKP

27,835

2,108,402

National

Commercial

Bank

28,378

17,320,165

NatWest

Group

plc

55,238

52,223

NBT

Bancorp,

Inc

2,268

303,230

Nedbank

Group

Ltd

3,794

85,290

e

New

York

Community

Bancorp,

Inc

733

3,318

*

Nicolet

Bankshares,

Inc

265

134,464

Nishi-Nippon

Financial

Holdings,

Inc

983

143,931

*

NMI

Holdings,

Inc

3,008

9,281,642

Nordea

Bank

Abp

99,655

3,226,176

Nordea

Bank

Abp

34,559

306,597

North

Pacific

Bank

Ltd

592

2,046

Northeast

Bank

86

13,369

Northfield

Bancorp,

Inc

210

37,027

Northwest

Bancshares,

Inc

518

2,638,411

*,e

NU

Holdings

Ltd

10,738

1,321,000

O-Bank

Co

Ltd

360

207,659

OceanFirst

Financial

Corp

4,413

342,418

OFG

Bancorp

9,437

36,207

Ogaki

Kyoritsu

Bank

Ltd

516

18,000

Okinawa

Financial

Group,

Inc

319

751,023

Old

National

Bancorp

13,503

104,628

Old

Second

Bancorp,

Inc

1,678

40,355

Origin

Bancorp,

Inc

1,481

2,924

Orrstown

Financial

Services,

Inc

68

454,641

OSB

Group

plc

2,629

138,974

e

OTP

Bank

3,776

4,076,371

Oversea-Chinese

Banking

Corp

37,079

28,567

Pacific

Premier

Bancorp,

Inc

902

3,329

PacWest

Bancorp

76

242,384

Paragon

Group

of

Cos

plc

1,648

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

12

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

4,388

e

Park

National

Corp

$

618

3,065

e

Parke

Bancorp,

Inc

64

3,556

PCB

Bancorp

63

6,468

PCSB

Financial

Corp

123

12,357

Peapack

Gladstone

Financial

Corp

460

9,024

PennyMac

Financial

Services,

Inc

511

7,965

e

Peoples

Bancorp,

Inc

225

2,129

Peoples

Financial

Services

Corp

110

202,171

Pepper

Money

Ltd

194

1,767,733

*

Permanent

TSB

Group

Holdings

plc

3,425

1,483,684

Ping

An

Bank

Co

Ltd

2,801

153,110

Pinnacle

Financial

Partners,

Inc

11,238

2,546

*

Pioneer

Bancorp,

Inc

29

646,864

*

Piraeus

Financial

Holdings

S.A.

993

60,986

*,g

PNB

Housing

Finance

Ltd

393

778,308

PNC

Financial

Services

Group,

Inc

122,926

32,192

Popular,

Inc

2,135

1,248,937

Postal

Savings

Bank

of

China

Co

Ltd

-

A

829

9,714,972

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

6,012

581,340

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

4,035

165,070

Preferred

Bank

12,318

10,809

Premier

Financial

Corp

292

36,103

Primis

Financial

Corp

428

3,644

*

Professional

Holding

Corp

101

65,132

Prosperity

Bancshares,

Inc

4,734

4,423

Provident

Bancorp

Inc

32

22,738

Provident

Financial

Services,

Inc

486

23,327,000

*

PT

Bank

Bukopin

Tbk

153

49,848,885

PT

Bank

Mandiri

Persero

Tbk

31,788

30,424,453

PT

Bank

Negara

Indonesia

18,025

16,083,305

Public

Bank

BHD

15,771

631,354

Qatar

International

Islamic

Bank

QSC

1,807

1,088,124

Qatar

Islamic

Bank

SAQ

5,546

6,272,595

Qatar

National

Bank

31,092

18,601

QCR

Holdings,

Inc

923

48,564

Radian

Group,

Inc

926

152,478

Raiffeisen

International

Bank

Holding

AG.

2,486

4,293

RBB

Bancorp

90

7,496,416

*,g

RBL

Bank

Ltd

16,224

1,359

Red

River

Bancshares

Inc

69

450,291

e

Regional

SAB

de

C.V.

3,237

39,431

Regions

Financial

Corp

850

263,087

Renasant

Corp

9,889

2,640

Republic

Bancorp,

Inc

(Class

A)

108

14,211

*

Republic

First

Bancorp,

Inc

31

2,283,500

Resona

Holdings,

Inc

12,542

893,400

RHB

Capital

BHD

1,174

27,395

Ringkjoebing

Landbobank

A.S.

3,741

1,430,509

Riyad

Bank

12,164

97,785

Rocket

Cos,

Inc

684

1,745,325

e

Royal

Bank

of

Canada

164,091

11,913

S&T

Bancorp,

Inc

407

13,501

Sandy

Spring

Bancorp,

Inc

476

153,964

San-In

Godo

Bank

Ltd

907

2,028,777

Saudi

British

Bank

20,873

512,370

Saudi

Investment

Bank

2,362

876,461

SCB

X

PCL

2,700

17,631

Seacoast

Banking

Corp

of

Florida

550

413,250

Security

Bank

Corp

646

1,838

ServisFirst

Bancshares,

Inc

127

619,900

Seven

Bank

Ltd

1,236

2,687,331

Shanghai

Commercial

&

Savings

Bank

Ltd

3,849

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

13

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

1,244,934

Shanghai

Pudong

Development

Bank

Co

Ltd

$

1,302

877,200

Shanghai

Rural

Commercial

Bank

Co

Ltd

742

1,182,045

Sharjah

Islamic

Bank

627

36,000

Shiga

Bank

Ltd

721

506,107

Shinhan

Financial

Group

Co

Ltd

14,090

73,100

*

Shinsei

Bank

Ltd

1,188

709,947

*

Shizuoka

Financial

Group,

Inc

5,689

5,377

Shore

Bancshares,

Inc

94

4,349

Sierra

Bancorp

92

70,637

Signature

Bank

8,139

6,556

*,e

Silvergate

Capital

Corp

114

36,540

Simmons

First

National

Corp

(Class

A)

789

6,979,943

SinoPac

Financial

Holdings

Co

Ltd

3,797

1,769,440

Skandinaviska

Enskilda

Banken

AB

(Class

A)

20,371

4,683

SmartFinancial,

Inc

129

151,957

Societe

Generale

3,812

18,700

South

Plains

Financial

Inc

515

246,511

South

State

Corp

18,824

2,310

*

Southern

First

Bancshares,

Inc

106

2,249

Southern

Missouri

Bancorp,

Inc

103

32,205

Southside

Bancshares,

Inc

1,159

92,522

Spar

Nord

Bank

AS

1,417

58,696

Sparebank

Oestlandet

724

181,122

SpareBank

SR-Bank

ASA

2,231

129,183

Sparebanken

Midt-Norge

1,678

203,491

Sparebanken

Nord-Norge

1,993

2,991

St

Galler

Kantonalbank

1,555

4,362,217

Standard

Bank

Group

Ltd

43,041

6,272,931

Standard

Chartered

plc

46,787

3,283,274

State

Bank

of

India

24,280

63,313

Stellar

Bancorp,

Inc

1,865

5,152

*,e

Sterling

Bancorp,

Inc

31

2,191

e

Stock

Yards

Bancorp,

Inc

142

2,706,325

Sumitomo

Mitsui

Financial

Group,

Inc

108,882

333,063

Sumitomo

Mitsui

Trust

Holdings,

Inc

11,622

3,044

Summit

Financial

Group,

Inc

76

256,764

Suruga

Bank

Ltd

824

17,898

*

SVB

Financial

Group

4,119

9,634

Svenska

Handelsbanken

AB

97

193,801

Swedbank

AB

(A

Shares)

3,296

149,594

Sydbank

AS

6,293

6,056

Synovus

Financial

Corp

227

3,309,680

Taichung

Commercial

Bank

1,376

7,214,496

Taishin

Financial

Holdings

Co

Ltd

3,539

4,028,000

Taiwan

Business

Bank

1,693

6,638,659

Taiwan

Cooperative

Financial

Holding

5,609

45,746

TBC

Bank

Group

plc

1,255

21,021

*

Texas

Capital

Bancshares,

Inc

1,268

2,278

TFS

Financial

Corp

33

25,200

Thanachart

Capital

PCL

31

62,962

*

The

Bancorp,

Inc

1,787

3,676

*,e

Third

Coast

Bancshares,

Inc

68

69,715

e

Timbercreek

Financial

Corp

366

1,313,200

Tisco

Bank

PCL

3,761

184,543

Toho

Bank

Ltd

314

107,364

Tomony

Holdings,

Inc

301

4,296

Tompkins

Financial

Corp

333

2,273,826

Toronto-Dominion

Bank

147,228

20,668

Towne

Bank

637

65,010

Trico

Bancshares

3,315

4,619

Triumph

Bancorp,

Inc

226

448,370

Truist

Financial

Corp

19,293

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

14

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,712

TrustCo

Bank

Corp

NY

$

215

116,935

Trustmark

Corp

4,082

2,442,557

Turkiye

Is

Bankasi

(Series

C)

1,672

13,417

UMB

Financial

Corp

1,121

9,355

Umpqua

Holdings

Corp

167

3,639,581

g

Unicaja

Banco

S.A.

4,010

12,786

UniCredit

S.p.A.

181

2,110,337

Union

Bank

Of

Taiwan

1,099

40,417

United

Bankshares,

Inc

1,636

79,627

United

Community

Banks,

Inc

2,691

1,449,127

United

Overseas

Bank

Ltd

33,193

2,120

Unity

Bancorp,

Inc

58

69,434

Univest

Financial

Corp

1,814

2,636,740

US

Bancorp

114,988

3,303

*

USCB

Financial

Holdings,

Inc

40

87,382

e

UWM

Holdings

Corp

289

15,839

Valiant

Holding

1,713

801,404

Valley

National

Bancorp

9,064

269,604

Van

Lanschot

Kempen

NV

6,329

2,694

*,e

Velocity

Financial,

Inc

26

481,608

Veritex

Holdings,

Inc

13,524

3,090,875

Virgin

Money

UK

plc

6,797

635,093

*,†

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

7

3,484

Walker

&

Dunlop,

Inc

273

1,595,333

*

Warba

Bank

KSCP

1,230

80,631

Washington

Federal,

Inc

2,705

5,282

Washington

Trust

Bancorp,

Inc

249

6,156

Waterstone

Financial,

Inc

106

7,239

Webster

Financial

Corp

343

11,266,926

Wells

Fargo

&

Co

465,211

32,638

WesBanco,

Inc

1,207

4,054

West

Bancorporation,

Inc

104

84,248

Westamerica

Bancorporation

4,971

70,757

Western

Alliance

Bancorp

4,214

3,784,808

Westpac

Banking

Corp

59,919

264,973

Wintrust

Financial

Corp

22,396

358,685

Woori

Financial

Group,

Inc

3,277

19,492

WSFS

Financial

Corp

884

214,999

Yamaguchi

Financial

Group,

Inc

1,403

1,994,136

Yapi

ve

Kredi

Bankasi

1,265

7,468,192

*

Yes

Bank

Ltd

1,858

6,362

Zions

Bancorporation

313

TOTAL

BANKS

7,248,662

CAPITAL

GOODS

-

8.0%

244,060

3M

Co

29,268

2,842

3M

India

Ltd

753

105,993

A.O.

Smith

Corp

6,067

214,526

Aalberts

Industries

NV

8,356

2,269,856

Aamal

Co

609

1,639

Aaon,

Inc

123

10,277

*

AAR

Corp

461

687,102

e

ABB

Ltd

20,941

57,533

ABB

Ltd

India

1,865

12,590

ABB

Power

Products

&

Systems

India

Ltd

509

1,797,129

Aboitiz

Equity

Ventures,

Inc

1,866

407,000

AcBel

Polytech,

Inc

394

23,715

Ackermans

&

Van

Haaren

4,070

1,377

e

ACS

Actividades

de

Construccion

y

Servicios

S.A.

39

8,540

Acuity

Brands,

Inc

1,414

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

15

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

309,578

Adani

Enterprises

Ltd

$

14,416

464,477

AddTech

AB

6,631

20,947

*,e

ADENTRA,

Inc

438

72,414

Advanced

Drainage

Systems,

Inc

5,936

23,000

Advanced

Energy

Solution

Holding

Co

Ltd

478

50,527

AECC

Aero-Engine

Control

Co

Ltd

186

118,752

AECC

Aviation

Power

Co

Ltd

721

183,768

Aecom

Technology

Corp

15,607

69,250

e

Aecon

Group,

Inc

466

137,392

*

AerCap

Holdings

NV

8,013

47,158

*

Aerojet

Rocketdyne

Holdings,

Inc

2,638

13,678

*

Aerovironment,

Inc

1,172

4,796

*,e

AerSale

Corp

78

48,595

e

AFG

Arbonia-Forster

Hldg

684

44,320

e

AG

Growth

International

Inc

1,419

17,350

AGCO

Corp

2,406

50,423

AIA

Engineering

Ltd

1,561

28,500

Aichi

Corp

167

50,541

Aida

Engineering

Ltd

297

84,207

Air

Lease

Corp

3,235

1,282,960

Airbus

SE

152,547

151,226

Airtac

International

Group

4,566

22,286

Aker

ASA

(A

Shares)

1,637

1,779

Alamo

Group,

Inc

252

140,376

Alarko

Holding

AS

613

8,032

Albany

International

Corp

(Class

A)

792

1,911

Alfa

Laval

AB

55

3,265,700

Alfa

S.A.

de

C.V.

(Class

A)

2,080

22,022

*,e,g

Alfen

Beheer

BV

1,994

38,038

e,g

Alimak

Group

AB

272

252,199

Allegion

plc

26,546

199,226

*

Alleima

AB

734

3,046,200

Alliance

Global

Group,

Inc

653

187,809

Allison

Transmission

Holdings,

Inc

7,813

177,877

e

Alstom

RGPT

4,352

122,152

Alta

Equipment

Group,

Inc

1,611

40,219

Altra

Industrial

Motion

Corp

2,403

1,277,100

Amada

Co

Ltd

9,945

106,832

Amara

Raja

Batteries

Ltd

738

663

*

Ameresco,

Inc

38

5,373

*

American

Woodmark

Corp

263

741,683

Ametek,

Inc

103,628

254,387

Andritz

AG.

14,562

29,823

*

Antares

Vision

S.p.A

256

16,365

Apar

Industries

Ltd

355

677,633

*

API

Group

Corp

12,746

1,253

Apogee

Enterprises,

Inc

56

179,061

Applied

Industrial

Technologies,

Inc

22,567

359,454

*

Aprogen

KIC,

Inc

163

2,896

Arad

Investment

&

Industrial

Development

Ltd

362

275,472

Arcadis

NV

10,846

54,447

*,e

Archer

Aviation,

Inc

102

255,035

Arcosa,

Inc

13,859

4,273

Argan,

Inc

158

104,800

Armac

Locacao

Logistica

E

Servicos

S.A.

233

39,405

Armstrong

World

Industries,

Inc

2,703

410,146

*

Array

Technologies,

Inc

7,928

194,439

e

Asahi

Glass

Co

Ltd

6,453

724,042

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

2,404

1,370,400

Ashok

Leyland

Ltd

2,372

2,103,131

Ashtead

Group

plc

119,468

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

16

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

37,732

Ashtrom

Group

Ltd

$

708

1,407,409

Assa

Abloy

AB

30,272

6,960

Astec

Industries,

Inc

283

39,688

Astra

Industrial

Group

544

44,114

*,e

Astra

Space,

Inc

19

122,020

Astral

Polytechnik

Ltd

2,892

7,730

*,e

Astronics

Corp

80

192,594

*

Atkore

International

Group,

Inc

21,844

2,059,497

Atlas

Copco

AB

24,402

170,553

Atlas

Copco

AB

1,820

74,965

*

ATS

Corp

2,330

277,124

Austal

Ltd

393

169,831

AVIC

Electromechanical

Systems

Co

Ltd

245

1,043,037

AviChina

Industry

&

Technology

Co

468

26,859

†

AVICOPTER

plc

179

33,738

Avon

Rubber

plc

438

59,594

*

Axon

Enterprise,

Inc

9,888

158,691

Ayala

Corp

1,986

2,215

*,†

Ayala

Corp

Preferred

0

^

91,749

*,e

AZEK

Co,

Inc

1,864

96,345

AZZ,

Inc

3,873

237,368

*

Babcock

International

Group

812

31,797

e

Badger

Infrastructure

Solution

626

3,262,552

BAE

Systems

plc

33,697

624,531

Balfour

Beatty

plc

2,549

257,334

*,e

Ballard

Power

Systems,

Inc

1,232

141,241

Barloworld

Ltd

704

14,284

Barnes

Group,

Inc

584

20,521

Bawan

Co

162

12,156

BayWa

AG.

562

6,452

*,e

Beacon

Roofing

Supply,

Inc

341

86,710

Beijer

Alma

AB

1,360

251,261

e

Beijer

Ref

AB

3,548

124,212

Beijing

New

Building

Materials

plc

461

25,300

Beijing

United

Information

Technology

Co

Ltd

321

12,020

Belimo

Holding

AG.

5,734

25,021

*,†

BEML

Land

Assets

Ltd

107

25,021

BEML

Ltd

443

1,429,000

BES

Engineering

Corp

378

326,291

Bharat

Dynamics

Ltd

3,722

4,042,474

Bharat

Electronics

Ltd

4,878

726,410

Bharat

Heavy

Electricals

695

308,247

Bidvest

Group

Ltd

3,889

15,467

Biesse

S.p.A.

210

126,000

Bizlink

Holdings

Inc

968

951,329

*

Bloom

Energy

Corp

18,189

3,162

*

Blue

Bird

Corp

34

70,160

Blue

Star

Ltd

1,015

2,855

*

BlueLinx

Holdings,

Inc

203

1,034,006

g

BOC

Aviation

Ltd

8,614

186,593

Bodycote

plc

1,282

1,056,170

*

Boeing

Co

201,190

82,432

Boise

Cascade

Co

5,661

87,161

*

Bombardier,

Inc

3,365

23,226

Bonheur

ASA

683

5,731

Bossard

Holding

AG.

1,238

233,254

e

Bouygues

S.A.

6,996

460,101

Brenntag

AG.

29,343

335,000

Brighton-Best

International

Taiwan,

Inc

413

2,174

Brookfield

Business

Corp

41

14,935

Bucher

Industries

AG.

6,233

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

17

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

13,622

Budimex

S.A.

$

886

60,981

Bufab

AB

1,369

235,443

*

Builders

FirstSource,

Inc

15,276

69,100

Bunka

Shutter

Co

Ltd

579

388,811

Bunzl

plc

12,936

16,918

Burckhardt

Compression

Holding

AG.

10,078

6,759

e

Burkhalter

Holding

AG.

560

27,055

BWX

Technologies,

Inc

1,571

90,746

*

Cadeler

A.S.

354

980

e

Cadre

Holdings,

Inc

20

368,985

*

CAE,

Inc

7,137

7,086

Caesarstone

Sdot-Yam

Ltd

40

17,049

Carbone

Lorraine

689

38,130

g

Carel

Industries

S.p.A

959

39,546

Cargotec

Corp

(B

Shares)

1,754

28,073

Carlisle

Cos,

Inc

6,615

5,470,641

Carrier

Global

Corp

225,664

781,611

Caterpillar,

Inc

187,243

24,100

Central

Glass

Co

Ltd

512

5,180

Cera

Sanitaryware

Ltd

326

138,273

*,e

Ceres

Power

Holdings

plc

585

1,339,500

CH

Karnchang

PCL

939

136,800

*,e,g

Changsha

Broad

Homes

Industrial

Group

Co

Ltd

137

473,171

*,e

ChargePoint

Holdings,

Inc

4,509

19,448

e

Chargeurs

S.A.

293

1,449

*,e

Chart

Industries,

Inc

167

921,753

Chemring

Group

plc

3,306

126,000

Chicony

Power

Technology

Co

Ltd

299

776,800

Chin

Hin

Group

Bhd

570

290,000

China

Aircraft

Leasing

Group

Holdings

Ltd

160

156,922

China

Baoan

Group

Co

Ltd

272

1,992,000

China

Communications

Services

Corp

Ltd

725

1,129,574

China

Conch

Venture

Holdings

Ltd

2,450

298,200

China

CSSC

Holdings

Ltd

954

2,325,000

China

Energy

Engineering

Corp

Ltd

765

517,000

*

China

High

Speed

Transmission

Equipment

Group

Co

Ltd

232

724,036

China

Lesso

Group

Holdings

Ltd

751

108,500

China

Meheco

Co

Ltd

269

208,000

China

National

Chemical

Engineering

Co

Ltd

237

1,001,718

China

Railway

Group

Ltd

-

A

799

3,257,000

China

Railway

Group

Ltd

-

H

1,710

754,000

China

State

Construction

Development

Holdings

Ltd

168

1,731,600

China

State

Construction

Engineering

Corp

Ltd

1,349

1,350,000

China

State

Construction

International

Holdings

Ltd

1,512

19,053

China

Yuchai

International

Ltd

135

174,845

*,e

Chiyoda

Corp

476

60,500

Chudenko

Corp

958

422,000

Chung

Hsin

Electric

&

Machinery

Manufacturing

Corp

921

676,000

e

CIMC

Enric

Holdings

Ltd

680

15,395

*

CIRCOR

International,

Inc

369

3,873,517

Citic

Pacific

Ltd

4,073

9,858,000

Citic

Resources

Holdings

Ltd

523

10,559

*

CJ

Corp

705

2,715,090

CK

Hutchison

Holdings

Ltd

16,266

55,593

CKD

Corp

788

1,252,741

CNH

Industrial

NV

20,119

6,766

CNH

Industrial

NV

109

139,383

g

Cochin

Shipyard

Ltd

899

10,357

Colt

CZ

Group

SE

253

38,447

Columbus

McKinnon

Corp

1,248

269,299

Comfort

Systems

USA,

Inc

30,991

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

18

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,187,207

Compagnie

de

Saint-Gobain

$

155,921

114,117

COMSYS

Holdings

Corp

2,002

8,640

*

Concrete

Pumping

Holdings

Inc

51

20,791

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

590

110,428

*

Construction

Partners

Inc

2,947

215,553

Contemporary

Amperex

Technology

Co

Ltd

12,146

406,000

Continental

Engineering

Corp

369

1,312

e

Conzzeta

AG.

909

58,109

*

Core

&

Main,

Inc

1,122

794,700

COSCO

SHIPPING

Development

Co

Ltd

276

4,762

Craftsman

Automation

Ltd

201

12,450

Crane

Holdings

Co

1,251

38,617

*

Creative

&

Innovative

System

276

675,719

*

Crompton

Greaves

Ltd

2,198

26,091

CS

Wind

Corp

1,431

570,000

*

CSBC

Corp

Taiwan

361

17,202

CSW

Industrials,

Inc

1,994

504,000

CTCI

Corp

685

138,314

Cummins

India

Ltd

2,306

74,443

Cummins,

Inc

18,037

71,104

Curtiss-Wright

Corp

11,874

13,939

*,e

Custom

Truck

One

Source,

Inc

88

11,477

*

Daelim

Industrial

Co

541

7,621

e

Daetwyler

Holding

AG.

1,520

193,995

*

Daewoo

Engineering

&

Construction

Co

Ltd

643

46,966

*

Daewoo

International

Corp

843

39,832

*

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

599

22,613

Daifuku

Co

Ltd

1,054

20,748

Daihen

Corp

607

6,489

e

Daiho

Corp

194

454,886

Daikin

Industries

Ltd

69,012

767,056

*

Daimler

Truck

Holding

AG.

23,581

30,500

Daiwa

Industries

Ltd

260

27,800

Dajin

Heavy

Industry

Co

Ltd

165

20,074

e

Danieli

&

Co

S.p.A.

447

89,829

Danieli

&

Co

S.p.A.

(RSP)

1,378

42,230

Dassault

Aviation

S.A.

7,162

14,928

Data

Patterns

India

Ltd

197

32,675

*

Dawonsys

Co

Ltd

368

99,493

DCC

plc

4,892

15,178

*,e

Decarbonization

Plus

Acquisition

Corp

24

797,951

Deere

&

Co

342,129

103,240

*,e

Desktop

Metal,

Inc

140

128,874

Deutz

AG.

555

56,403

g

Dilip

Buildcon

Ltd

148

279,671

Diploma

plc

9,402

102,356

DiscoverIE

Group

plc

896

30,394

*

DL

E&C

Co

Ltd

814

9,289,460

DMCI

Holdings,

Inc

2,008

109,486

Donaldson

Co,

Inc

6,445

158,729

Dongfang

Electric

Corp

Ltd

479

53,552

Doosan

Bobcat,

Inc

1,465

7,309

*

Doosan

Corp

481

45,730

*

Doosan

Fuel

Cell

Co

Ltd

1,072

270,531

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

3,293

126,411

*

Doosan

Infracore

Co

Ltd

802

15,484

Douglas

Dynamics,

Inc

560

1,033,868

Dover

Corp

139,996

392,953

*,†

Drake

&

Scull

International

PJSC

1

7,185

*

Dredging

Environmental

&

Marine

Engineering

NV

954

2,108,295

Dubai

Investments

PJSC

1,244

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

19

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

3,424

*

Ducommun,

Inc

$

171

53,063

Duerr

AG.

1,778

4,659

*,e

DXP

Enterprises,

Inc

128

38,286

*

Dycom

Industries,

Inc

3,584

4,087,800

Dynasty

Ceramic

PCL

333

1,965,074

Eaton

Corp

308,418

94,000

Ebara

Corp

3,349

16,489

*,e

Ebusco

Holding

NV

233

51,312

e

Ecopro

BM

Co

Ltd

3,754

533

Eiffage

S.A.

52

26,860

Elbit

Systems

Ltd

4,368

8,947

Elco

Holdings

Ltd

458

39,412

Elecon

Engineering

Co

Ltd

173

2,012

Electra

Israel

Ltd

1,087

3,499,153

Electrocomponents

plc

37,676

225,151

e

Electrolux

Professional

AB

945

189,282

Elgi

Equipments

Ltd

958

650,608

ElSewedy

Electric

Co

316

7,145,600

*

Embraer

S.A.

19,438

103,206

EMCOR

Group,

Inc

15,286

42,530

Emerson

Electric

Co

4,085

57,635

Encore

Wire

Corp

7,928

5,558

Energiekontor

AG.

456

112,236

*

Energy

Recovery,

Inc

2,300

10,912

*

Energy

Vault

Holdings,

Inc

34

409,609

Enerpac

Tool

Group

Corp

10,425

11,293

EnerSys

834

44,181

*

Engcon

AB

282

228,293

Engineers

India

Ltd

217

58,143

*,e

Enovix

Corp

723

213,654

EnPro

Industries,

Inc

23,222

191,977

Epiroc

AB

3,088

4,365

Epiroc

AB

79

107,400

Esab

Corp

5,039

5,279

ESAB

India

Ltd

264

150,842

ESCO

Technologies,

Inc

13,205

7,635

*,e

ESS

Tech,

Inc

19

745,225

*

Estithmar

Holding

QPSC

374

75,807

Eve

Energy

Co

Ltd

955

216,103

*

Evoqua

Water

Technologies

Corp

8,558

192,998

Fagerhult

AB

748

364,600

Fangda

Carbon

New

Material

Co

Ltd

320

74,484

*

Fanuc

Ltd

11,146

3,766,631

Far

Eastern

Textile

Co

Ltd

3,903

520,445

Fastenal

Co

24,627

179,987

Federal

Signal

Corp

8,364

173,965

Ferguson

plc

21,840

497,439

Ferrovial

S.A.

13,024

543,313

*,e

Fincantieri

S.p.A

308

411,370

Finning

International,

Inc

10,227

197,457

Finolex

Cables

Ltd

1,305

420,000

First

Tractor

Co

198

1,675,640

Fletcher

Building

Ltd

5,017

1,083,429

Flowserve

Corp

33,240

1,820,204

FLSmidth

&

Co

AS

65,982

62,836

*,e

Fluence

Energy,

Inc

1,078

100,809

e

Fluidra

S.A.

1,567

361,377

*

Fluor

Corp

12,525

888,471

Fortive

Corp

57,084

201,645

Fortune

Brands

Home

&

Security,

Inc

11,516

3,232,008

e

Fosun

International

2,623

1,559

Franklin

Electric

Co,

Inc

124

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

20

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

348,200

e

Frencken

Group

Ltd

$

246

37,926

*,e

FTC

Solar,

Inc

102

94,658

*,e

FuelCell

Energy,

Inc

263

512,702

*

Fugro

NV

6,156

83,333

*

Fuji

Electric

Holdings

Co

Ltd

3,145

78,945

Fuji

Machine

Manufacturing

Co

Ltd

1,150

1,006,578

Fujikura

Ltd

7,566

63,439

Fujitec

Co

Ltd

1,440

13,339

Fukushima

Industries

Corp

424

31,656

Furukawa

Co

Ltd

303

72,244

Furukawa

Electric

Co

Ltd

1,348

1,853,391

Gamuda

BHD

1,579

7,500

Gaona

Aero

Material

Co

Ltd

49

11,779

Garden

Reach

Shipbuilders

&

Engineers

Ltd

69

35,082

GARO

AB

365

77,086

*

Gates

Industrial

Corp

plc

880

10,285

GATX

Corp

1,094

67,284

GEA

Group

AG.

2,736

218

Geberit

AG.

103

51,398

GEK

Group

of

Cos

S.A.

598

56,476

*

Generac

Holdings,

Inc

5,685

162,684

General

Dynamics

Corp

40,364

52,541

General

Electric

Co

4,402

82,962

Georg

Fischer

AG.

5,082

139,615

*

Gibraltar

Industries,

Inc

6,406

18,901

Giken

Seisakusho

Co,

Inc

414

22,800

*

Ginlong

Technologies

Co

Ltd

589

23,859

*

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS.

304

1,914

Global

Industrial

Co

45

51,456

Glory

Ltd

855

78,179

GMM

Pfaudler

Ltd

1,478

88,931

*

GMS,

Inc

4,429

51,213

*

Godrej

Industries

Ltd

266

7,368

GoodWe

Technologies

Co

Ltd

341

5,712

Gorman-Rupp

Co

146

62,530

Gotion

High-tech

Co

Ltd

258

55,106

Graco,

Inc

3,706

661,625

Grafton

Group

plc

6,296

13,874

Granite

Construction,

Inc

487

73,279

Graphite

India

Ltd

330

15,022

*

Great

Lakes

Dredge

&

Dock

Corp

89

93,162

Greaves

Cotton

Ltd

157

9,697

Greenbrier

Cos,

Inc

325

4,087,000

g

Greentown

Management

Holdings

Co

Ltd

3,127

153,346

Griffon

Corp

5,488

51,868

Grindwell

Norton

Ltd

1,118

541,893

e

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

2,274

199,999

e

Grupo

Rotoplas

SAB

de

C.V.

323

69,960

*

GS

Engineering

&

Construction

Corp

1,177

34,042

GS

Holdings

Corp

1,181

69,454

GS

Yuasa

Corp

1,110

77,250

GT

Capital

Holdings,

Inc

604

18,315

Guangdong

Kinlong

Hardware

Products

Co

Ltd

273

16,800

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

188

116,565

Gulf

Cable

&

Electrical

Industries

Co

KSCP

466

77,910

*,e,g

GVS

S.p.A

339

244,903

GWA

International

Ltd

341

49,674

H&E

Equipment

Services,

Inc

2,255

734,497

Haitian

International

Holdings

Ltd

1,958

357,390

Hangzhou

Steam

Turbine

Co

444

53,679

Hanwa

Co

Ltd

1,517

40,418

*

Hanwha

Corp

823

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

21

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

20,362

*

Hanwha

Corp

(3P)

$

224

72,632

*

Hanwha

Systems

Co

Ltd

607

582,081

HAP

Seng

Consolidated

BHD

845

1,146,000

*

Harbin

Power

Equipment

457

49,500

e

Harmonic

Drive

Systems,

Inc

1,387

172,010

Havells

India

Ltd

2,282

54,217

*,e

Hayward

Holdings,

Inc

510

156,036

Hazama

Ando

Corp

996

40,648

*

HDC

Hyundai

Development

Co-Engineering

&

Construction

323

13,752

HEG

Ltd

171

5,788

HEICO

Corp

889

71,270

HEICO

Corp

(Class

A)

8,542

287,178

*

Heidelberger

Druckmaschinen

450

7,783

Helios

Technologies,

Inc

424

190,707

Hensoldt

AG.

4,518

735

Herc

Holdings,

Inc

97

136,913

*

Hexagon

Composites

ASA

379

88,591

*,e

Hexagon

Purus

Holding

AS.

188

165,390

Hexatronic

Group

AB

2,253

68,685

Hexcel

Corp

4,042

43,203

Hillenbrand,

Inc

1,843

41,015

*

Hillman

Solutions

Corp

296

278,800

Hino

Motors

Ltd

1,059

9,900

Hirata

Corp

410

212,459

*

Hitachi

Construction

Machinery

Co

Ltd

4,735

2,512,929

*

Hitachi

Ltd

126,441

947,720

Hitachi

Zosen

Corp

5,922

288,643

Hiwin

Technologies

Corp

1,708

27,473

Hochtief

AG.

1,543

2,129,398

Honeywell

International,

Inc

456,330

19,585

Hongfa

Technology

Co

Ltd

94

97,924

Hoshizaki

Electric

Co

Ltd

3,443

1,780,754

Howden

Joinery

Group

plc

12,024

605,560

Howmet

Aerospace,

Inc

23,865

2,285,000

*,†

Hsin

Chong

Group

Holdings

Ltd

3

267,607

Hubbell,

Inc

62,802

33,700

Hubei

Feilihua

Quartz

Glass

Co

Ltd

267

16,254

Huber

&

Suhner

AG.

1,520

3,041

*

Hudson

Technologies,

Inc

31

57,455

Huntington

Ingalls

13,254

426,622

Husqvarna

AB

(B

Shares)

2,996

13,624

*

Hydrofarm

Holdings

Group,

Inc

21

40,661

*,e

Hyliion

Holdings

Corp

95

7,345

*

Hyosung

Corp

390

5,090

*

Hyosung

Heavy

Industries

Corp

314

3,159

Hyster-Yale

Materials

Handling,

Inc

80

11,897

*

Hyundai

Construction

Equipment

Co

Ltd

588

20,655

*

Hyundai

Electric

&

Energy

System

Co

Ltd

697

27,010

*

Hyundai

Elevator

Co

Ltd

607

52,152

*

Hyundai

Engineering

&

Construction

Co

Ltd

1,442

27,725

*

Hyundai

Heavy

Industries

1,559

19,126

*

Hyundai

Heavy

Industries

Co

Ltd

1,763

16,660

*

Hyundai

Mipo

Dockyard

1,116

86,029

*

Hyundai

Rotem

Co

Ltd

1,937

31,377

Idec

Corp

692

21,381

IDEX

Corp

4,882

855

*

IES

Holdings,

Inc

30

2,934,600

IJM

Corp

BHD

1,067

231,211

Illinois

Tool

Works,

Inc

50,936

530,755

IMI

plc

8,289

13,752

*

Implenia

AG.

567

102,936

Inaba

Denki

Sangyo

Co

Ltd

2,106

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

22

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

44,998

Inabata

&

Co

Ltd

$

813

14,271

g

IndiaMart

InterMesh

Ltd

744

21,860

Indus

Holding

AG.

512

28,839

*,e

Industrie

De

Nora

S.p.A

443

1,672,777

Industries

Qatar

QSC

5,904

323,788

Indutrade

AB

6,566

306,360

INFRONEER

Holdings,

Inc

2,328

512,115

Ingersoll

Rand,

Inc

26,758

9,108

Ingersoll-Rand

India

Ltd

211

2,803,600

*,†

Inovisi

Infracom

Tbk

PT

0

^

280,052

*

InPost

S.A.

2,366

166,171

Instalco

AB

632

1,073

Insteel

Industries,

Inc

30

71,820

Interpump

Group

S.p.A.

3,242

648

e

Interroll

Holding

AG.

1,647

147,818

Investment

AB

Latour

2,796

44,418

INVISIO

AB

701

189,761

Inwido

AB

2,019

113,000

Iochpe-Maxion

S.A.

252

102,241

IRB

Infrastructure

Developers

Ltd

359

15,459

*

IS

Dongseo

Co

Ltd

346

24,857

ISGEC

Heavy

Engineering

Ltd

144

366,600

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

10,620

19,948

Italmobiliare

S.p.A

546

368,011

*,e

Itm

Power

plc

409

1,213,062

Itochu

Corp

38,057

140,277

ITT,

Inc

11,376

218,333

*

Iveco

Group

NV

1,299

241,191

Jamna

Auto

Industries

Ltd

305

702,176

*

Janus

International

Group,

Inc

6,685

9,232

Japan

Pulp

&

Paper

Co

Ltd

358

64,161

Japan

Steel

Works

Ltd

1,260

38,200

Jardine

Cycle

&

Carriage

Ltd

816

161,168

Jardine

Matheson

Holdings

Ltd

8,199

47,400

e

JDC

Corp

206

464,575

*

JELD-WEN

Holding,

Inc

4,483

3,299,066

JG

Summit

Holdings

(Series

B)

2,983

360,500

JGC

Corp

4,570

83,504

Jiangsu

Hengli

Hydraulic

Co

Ltd

757

213,718

Jiangsu

Zhongtian

Technology

Co

Ltd

496

95,900

*

Jiangxi

Special

Electric

Motor

Co

Ltd

240

1,042

John

Bean

Technologies

Corp

95

153,625

Johns

Lyng

Group

Ltd

646

976,124

Johnson

Controls

International

plc

62,472

12,655

g

JOST

Werke

AG.

711

370,500

*,e

JTOWER,

Inc

16,943

5,902

Judges

Scientific

plc

602

49,115

Jungheinrich

AG.

1,391

2,818

Kaba

Holding

AG.

1,033

413

Kadant,

Inc

73

96,021

Kajaria

Ceramics

Ltd

1,343

266,599

Kajima

Corp

3,102

66,804

Kalpataru

Power

Transmission

Ltd

451

8,545

Kaman

Corp

191

34,600

Kanamoto

Co

Ltd

592

232,301

Kandenko

Co

Ltd

1,517

82,100

Kanematsu

Corp

932

2,819,330

KAP

Industrial

Holdings

Ltd

734

35,935

Kardex

AG.

5,900

14,400

e

Katakura

Industries

Co

Ltd

190

282,900

Kawasaki

Heavy

Industries

Ltd

6,567

10,584

KCC

Glass

Corp

309

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

23

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

146,518

KEC

International

Ltd

$

874

121,600

Keda

Industrial

Group

Co

Ltd

248

63,448

KEI

Industries

Ltd

1,121

98,800

Keihan

Electric

Railway

Co

Ltd

2,576

112,852

Keller

Group

plc

1,091

13,622

*,e

Kempower

Oyj

309

6,320

Kennametal

India

Ltd

170

24,093

Kennametal,

Inc

580

12,124

*,e

KEPCO

Engineering

&

Construction

Co,

Inc

522

1,468,147

Keppel

Corp

Ltd

7,962

493,948

*

Kier

Group

plc

354

247,271

Kinden

Corp

2,692

997

Kingspan

Group

plc

54

110,000

Kinik

Co

375

74,001

KION

Group

AG.

2,108

243,000

e

Kitz

Corp

1,455

85,437

Kloeckner

&

Co

AG.

839

701,451

Knorr-Bremse

AG.

38,161

134,623

KNR

Constructions

Ltd

413

753,533

KOC

Holding

AS

3,381

927,120

Komatsu

Ltd

20,039

3,709

Komax

Holding

AG.

1,036

211,924

Kone

Oyj

(Class

B)

10,972

59,777

Konecranes

Oyj

1,843

447,266

Kongsberg

Gruppen

ASA

19,037

236,305

*

Koninklijke

BAM

Groep

NV

550

61,059

Kontrolmatik

Enerji

Ve

Muhendislik

AS.

517

78,513

*

Korea

Aerospace

Industries

Ltd

3,173

6,290

Korea

Electric

Terminal

Co

Ltd

258

386,899

*

Kornit

Digital

Ltd

8,887

1,443,500

*

Kratos

Defense

&

Security

Solutions,

Inc

14,897

14,311

Krones

AG.

1,599

13,858

KSB

Ltd

323

95,976

Kuang-Chi

Technologies

Co

Ltd

235

990,212

Kubota

Corp

13,528

31,204

Kumagai

Gumi

Co

Ltd

622

45,000

Kung

Long

Batteries

Industrial

Co

Ltd

200

90,487

Kurita

Water

Industries

Ltd

3,738

25,054

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

273

98,955

Kyowa

Exeo

Corp

1,682

41,022

Kyudenko

Corp

1,015

7,837

*

Kyung

Dong

Navien

Co

Ltd

210

69,498

L3Harris

Technologies,

Inc

14,470

3,506

Lakshmi

Machine

Works

Ltd

513

752,045

Larsen

&

Toubro

Ltd

18,902

29,788

Legrand

S.A.

2,388

26,114

Lennox

International,

Inc

6,247

413,373

Leonardo

S.p.A.

3,565

103,025

*

LG

Corp

6,379

52,486

*,e

LG

Energy

Solution

18,090

29,371

*

LG

International

Corp

791

407,365

Lifco

AB

6,819

61,450

LIG

Nex1

Co

Ltd

4,492

28,650

Lincoln

Electric

Holdings,

Inc

4,140

79,758

Lindab

International

AB

976

232

Lindsay

Corp

38

68,951

*,e

Lion

Electric

Co

155

21,366

LISI

445

284,950

LIXIL

Group

Corp

4,296

612,500

e

LK

Technology

Holdings

Ltd

500

193,714

Lockheed

Martin

Corp

94,240

2,252,000

Lonking

Holdings

Ltd

394

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

24

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

82,954

*

LS

Cable

Ltd

$

4,580

13,832

*

LS

Industrial

Systems

Co

Ltd

619

2,318,300

LT

Group,

Inc

383

184,000

*,e

Luoyang

Glass

Co

Ltd

193

18,530

†

Luoyang

Xinqianglian

Slewing

Bearing

Co

Ltd

142

119,384

Luxfer

Holdings

plc

1,638

32,097

*

LX

Holdings

Corp

215

45,593

e

Maas

Group

Holdings

Ltd

82

46,332

e

Mabuchi

Motor

Co

Ltd

1,310

161,405

e

Maire

Tecnimont

S.p.A

537

25,939

Makino

Milling

Machine

Co

Ltd

847

226,691

Makita

Corp

5,281

2,025,200

Malaysian

Resources

Corp

BHD

135

11,755

e

Manitou

BF

S.A.

312

218,986

*

Manitowoc

Co,

Inc

2,006

45,646

Mannai

Corp

QSC

96

550,800

Marcopolo

S.A.

296

54,965

*,e

Markforged

Holding

Corp

64

1,310,940

Marubeni

Corp

15,018

17,000

MARUKA

FURUSATO

Corp

461

1,071,686

Masco

Corp

50,016

803

*

Masonite

International

Corp

65

49,361

*

Mastec,

Inc

4,212

200,704

*

Masterbrand,

Inc

1,515

20,900

Max

Co

Ltd

309

22,157

Maxar

Technologies,

Inc

1,146

2,387

MBB

SE

236

4,290

McGrath

RentCorp

424

52,670

*,e

McPhy

Energy

S.A.

691

165,459

*,e

MDA

Ltd

782

164,656

MDU

Resources

Group,

Inc

4,996

1,155,500

MECOM

Power

and

Construction

Ltd

291

35,271

Meidensha

Corp

499

26,464

Melrose

Industries

plc

43

43,238

*

Mercury

Systems,

Inc

1,934

917,003

Metallurgical

Corp

of

China

Ltd

418

71,300

METAWATER

Co

Ltd

876

673,444

Metso

Outotec

Oyj

6,935

33,466

*,e

Microvast

Holdings,

Inc

51

14,620

*

Middleby

Corp

1,958

38,094

Mie

Kotsu

Group

Holdings,

Inc

140

3,309

Miller

Industries,

Inc

88

62,200

Mills

Estruturas

e

Servicos

de

135

346,290

Minebea

Co

Ltd

5,131

136,300

Ming

Yang

Smart

Energy

Group

Ltd

494

316,062

Miraito

Holdings

Corp

3,643

288,254

MISUMI

Group,

Inc

6,265

1,530,235

Mitsubishi

Corp

49,679

3,911,177

Mitsubishi

Electric

Corp

38,756

303,938

Mitsubishi

Heavy

Industries

Ltd

12,011

29,800

Mitsubishi

Nichiyu

Forklift

Co

Ltd

157

25,950

Mitsuboshi

Belting

Co

Ltd

673

1,997,469

Mitsui

&

Co

Ltd

58,178

89,100

Miura

Co

Ltd

2,043

33,466

*,e

Momentus,

Inc

26

318,573

Monadelphous

Group

Ltd

2,895

4,899,360

MonotaRO

Co

Ltd

69,012

33,982

*,g

Montana

Aerospace

AG.

527

12,191

Moog,

Inc

(Class

A)

1,070

366,632

Morgan

Crucible

Co

plc

1,394

74,760

Morgan

Sindall

plc

1,390

116,744

e

Mori

Seiki

Co

Ltd

1,546

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

25

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

62,800

Morita

Holdings

Corp

$

552

841,455

*

MRC

Global,

Inc

9,744

36,606

MSC

Industrial

Direct

Co

(Class

A)

2,991

13,325

MTAR

Technologies

Ltd

260

78,924

MTU

Aero

Engines

Holding

AG.

16,979

168,831

Mueller

Industries,

Inc

9,961

3,305

Mueller

Water

Products,

Inc

(Class

A)

36

3,548,629

*

Multiply

Group

4,473

287,169

g

Munters

Group

AB

2,831

111,242

*

MYR

Group,

Inc

10,242

111,900

Nabtesco

Corp

2,838

11,933

Nachi-Fujikoshi

Corp

325

667,014

Nagarjuna

Construction

Co

675

96,600

Nagase

&

Co

Ltd

1,460

446,916

NARI

Technology

Co

Ltd

1,562

178,569

National

Central

Cooling

Co

PJSC

144

1,892,237

National

Industries

Group

Holding

SAK

1,351

1,607

National

Presto

Industries,

Inc

110

1,923,672

NBCC

India

Ltd

901

228,273

NCC

AB

(B

Shares)

2,133

1,600,064

*,e

NEL

ASA

2,266

66,232

Nexans

S.A.

5,995

59,619

e

NFI

Group,

Inc

419

49,704

NGK

Insulators

Ltd

630

1,662,694

Nibe

Industrier

AB

15,519

58,140

Nichias

Corp

1,039

12,200

Nichiden

Corp

159

26,445

Nichiha

Corp

531

3,152

Nidec

Corp

162

54,067

e

Nikkiso

Co

Ltd

387

21,991

*,e

Nikola

Corp

48

13,548

*

Nilfisk

Holding

A.S.

284

13,300

Ningbo

Deye

Technology

Co

Ltd

633

38,100

Ningbo

Orient

Wires

&

Cables

Co

Ltd

370

30,618

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

301

11,500

Nippon

Carbon

Co

Ltd

367

29,959

Nippon

Densetsu

Kogyo

Co

Ltd

355

3,100

Nippon

Road

Co

Ltd

139

12,517

Nippon

Steel

Trading

Co

Ltd

877

32,365

Nishimatsu

Construction

Co

Ltd

962

117,700

Nishio

Rent

All

Co

Ltd

2,773

137,331

Nisshinbo

Industries,

Inc

1,012

132,100

Nissin

Electric

Co

Ltd

1,252

14,700

Nitta

Corp

312

28,500

Nitto

Boseki

Co

Ltd

411

29,935

Nitto

Kogyo

Corp

535

116,440

*

NKT

Holding

AS

6,573

2,400

*,†,e

Noble

Group

Ltd

0

^

218,482

Nolato

AB

1,145

138,799

*,e

Nordex

AG.

1,953

68,672

Nordson

Corp

16,325

5,183

Noritake

Co

Ltd

158

60,551

e

Noritsu

Koki

Co

Ltd

1,089

21,631

Noritz

Corp

236

28,466

NORMA

Group

514

113,400

North

Industries

Group

Red

Arrow

Co

Ltd

319

366,750

Northrop

Grumman

Corp

200,102

2,382

*

Northwest

Pipe

Co

80

762,172

*

NOW,

Inc

9,680

404,130

NRW

Holdings

Ltd

771

392,900

NSK

Ltd

2,072

435,561

NTN

Corp

863

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

26

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

9,786

*

NuScale

Power

Corp

$

100

458

*

NV5

Global

Inc

61

835,204

nVent

Electric

plc

32,130

1,679,000

NWS

Holdings

Ltd

1,449

10,846

e

Obara

Corp

297

408,009

Obayashi

Corp

3,082

709,542

OC

Oerlikon

Corp

AG.

4,653

5,961

OHB

AG.

206

30,621

Oiles

Corp

339

25,867

Okuma

Holdings,

Inc

916

25,800

Okumura

Corp

584

44,533

Olectra

Greentech

Ltd

266

28,548

Organo

Corp

634

90,406

OSG

Corp

1,238

17,401

Oshkosh

Corp

1,535

9

OSRAM

Licht

AG.

0

^

256,886

Otis

Worldwide

Corp

20,117

9,118

Otokar

Otobus

Karoseri

Sanayi

AS

506

321,561

Owens

Corning,

Inc

27,429

200,900

*

OX2

AB

1,696

464,683

PACCAR,

Inc

45,990

16,055

Palfinger

AG.

407

6,134

Park

Aerospace

Corp

82

616,178

Parker-Hannifin

Corp

179,308

105,782

*

Parsons

Corp

4,892

175,596

Peab

AB

(Series

B)

996

160,424

Pentair

plc

7,216

1,607,500

Pentamaster

Corp

BHD

1,615

267,546

Penta-Ocean

Construction

Co

Ltd

1,250

16,734

People

&

Technology,

Inc

577

36,782

PER

Aarsleff

A.S.

1,387

3,619

Pfeiffer

Vacuum

Technology

AG.

664

87,809

*

PGT

Innovations,

Inc

1,577

444,945

*,e

Plug

Power,

Inc

5,504

138,567

PNC

Infratech

Ltd

482

36,923

PNE

AG.

844

60,771

Polycab

India

Ltd

1,884

516,716

Polypipe

Group

plc

1,755

19,901

Porr

AG.

251

2,796

Powell

Industries,

Inc

98

613,269

Power

Construction

Corp

of

China

Ltd

623

41,399

*,e

PowerCell

Sweden

AB

474

3,397,000

*

PP

Persero

Tbk

PT

156

81,990

Praj

Industries

Ltd

352

759

Preformed

Line

Products

Co

63

15,251

Primoris

Services

Corp

335

40,560

Prince

Pipes

&

Fittings

Ltd

292

41,495

*,e

Proterra,

Inc

156

7,043

*

Proto

Labs,

Inc

180

99,997

Prysmian

S.p.A.

3,715

9,235

Pylon

Technologies

Co

Ltd

419

2,221,119

*

Q

Holding

PJSC

2,419

1,759,507

QinetiQ

plc

7,566

10,108

Quanex

Building

Products

Corp

239

135,937

Quanta

Services,

Inc

19,371

34,300

Raito

Kogyo

Co

Ltd

492

211,700

Randon

Participacoes

S.A.

328

527,424

Ras

Al

Khaimah

Ceramics

407

5,199

Rational

AG.

3,087

5,189,374

Raytheon

Technologies

Corp

523,712

7,573

*

RBC

Bearings,

Inc

1,585

372,000

*,e

Realord

Group

Holdings

Ltd

422

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

27

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

21,438

*,e

Redwire

Corp

$

42

228,367

Reece

Ltd

2,183

54,074

Regal-Beloit

Corp

6,488

790,574

Reliance

Worldwide

Corp

Ltd

1,581

20,800

*,e

ReneSola

Ltd

(ADR)

94

42,150

*

Resideo

Technologies,

Inc

693

144,564

Reunert

Ltd

443

10,566

REV

Group,

Inc

133

519,689

Rexel

S.A.

10,279

131,136

Rheinmetall

AG.

26,106

52,383

e

Richelieu

Hardware

Ltd

1,401

2,674

Rieter

Holding

AG.

302

64,400

Riyue

Heavy

Industry

Co

Ltd

188

34,955

*,e

Rocket

Lab

USA,

Inc

132

90,064

Rockwell

Automation,

Inc

23,198

60

Rockwool

International

AS

(B

Shares)

14

8,419

*

Rolex

Rings

Ltd

183

8,710,308

*

Rolls-Royce

Group

plc

9,729

2,015,170

Rotork

plc

7,489

63,000

Ruentex

Engineering

&

Construction

Co

257

217,950

Run

Long

Construction

Co

Ltd

494

113,820

Rush

Enterprises,

Inc

(Class

A)

5,951

2,384

Rush

Enterprises,

Inc

(Class

B)

134

62,456

Russel

Metals,

Inc

1,328

138,650

Saab

AB

(Class

B)

5,464

387,773

Sacyr

Vallehermoso

S.A.

1,077

582,145

Safran

S.A.

72,916

26,834

Salcef

S.p.A

499

82,900

Sam

Engineering

&

Equipment

M

Bhd

93

151,840

*

SAM

KANG

M&T

Co

Ltd

2,424

114,830

*

Samsung

C&T

Corp

10,345

101,418

*

Samsung

Engineering

Co

Ltd

1,794

406,648

*

Samsung

Heavy

Industries

Co

Ltd

1,648

36,563

*

Samsung

Techwin

Co

Ltd

2,129

2,474,928

Sandvik

AB

44,726

35,900

Sanki

Engineering

Co

Ltd

422

190,141

Sanwa

Shutter

Corp

1,751

1,320,000

Sany

Heavy

Equipment

International

1,350

625,857

Sany

Heavy

Industry

Co

Ltd

1,417

9,500

Sanyo

Denki

Co

Ltd

412

43,364

Saudi

Ceramic

Co

330

45,335

e

Savaria

Corp

468

101,536

Schindler

Holding

AG.

19,097

131,251

Schindler

Holding

AG.

(Registered)

23,671

557,238

Schneider

Electric

S.A.

78,255

958

e

Schweiter

Technologies

AG.

761

7,845

Scope

Metals

Group

Ltd

292

15,395

Sekisui

Jushi

Corp

218

17,735,792

*

SembCorp

Marine

Ltd

1,830

11,991

Semperit

AG.

Holding

254

646,996

Senior

plc

979

66,878

Sensata

Technologies

Holding

plc

2,701

165,534

e

Seven

Group

Holdings

Ltd

2,354

15,552

SFA

Engineering

Corp

448

19,340

SFS

Group

AG.

1,830

50,102

*,e

SGL

Carbon

AG.

370

380,627

Shanghai

Construction

Group

Co

Ltd

142

456,300

Shanghai

Diesel

Engine

Co

Ltd

182

857,803

Shanghai

Electric

Group

Co

Ltd

485

387,800

Shanghai

Highly

Group

Co

Ltd

176

399,000

Shanghai

Industrial

Holdings

Ltd

492

232,800

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

237

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

28

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

414,100

*

Shanghai

Zhongyida

Co

Ltd

$

224

135,909

Shapir

Engineering

and

Industry

Ltd

1,072

168,040

Shenzhen

Inovance

Technology

Co

Ltd

1,677

20,300

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

168

23,736

Shibaura

Machine

Co

Ltd

468

15,800

Shibuya

Kogyo

Co

Ltd

275

285,753

*

Shikun

&

Binui

Ltd

797

28,200

e

Shima

Seiki

Manufacturing

Ltd

394

344,244

Shimizu

Corp

1,837

395,000

Shin

Zu

Shing

Co

Ltd

1,046

39,184

Shinko

Plantech

Co

Ltd

391

43,500

Shinmaywa

Industries

Ltd

347

67,272

*

Shoals

Technologies

Group,

Inc

1,660

39,708

SHO-BOND

Holdings

Co

Ltd

1,691

144,032

Shyft

Group,

Inc

3,581

96,600

*

Sichuan

New

Energy

Power

Co

Ltd

247

298,100

Sichuan

Road

&

Bridge

Co

Ltd

476

1,453,612

Siemens

AG.

200,382

1,907,421

Siemens

Energy

AG.

35,814

76,014

Siemens

India

Ltd

2,592

43,800

Sieyuan

Electric

Co

Ltd

240

787,051

*,e

SIG

plc

280

323,611

g

Signify

NV

10,894

1,886,659

Sime

Darby

BHD

985

82,400

Simpson

Manufacturing

Co,

Inc

7,306

602,907

Singapore

Technologies

Engineering

Ltd

1,509

4,643,400

Sino

Thai

Engineering

&

Construction

PCL

1,820

2,010,500

Sinopec

Engineering

Group

Co

Ltd

882

39,121

*

SiteOne

Landscape

Supply,

Inc

4,590

1,715,360

*,e

Sitios

Latinoamerica

SAB

de

C.V.

823

44,963

SK

Holdings

Co

Ltd

6,745

518,289

*

SK

Networks

Co

Ltd

1,595

2,190

Skanska

AB

(B

Shares)

35

373,093

e

SKF

AB

(B

Shares)

5,698

29,988

SKF

India

Ltd

1,629

160,568

SM

Investments

Corp

2,604

22,163

SMC

Corp

9,254

1,280,413

Smiths

Group

plc

24,574

48,827

Snap-On,

Inc

11,156

174,746

e

SNC-Lavalin

Group,

Inc

3,079

244,102

Sojitz

Holdings

Corp

4,651

10,934

Solar

Holdings

AS

(B

Shares)

979

21,523

*,e

Soltec

Power

Holdings

S.A.

95

7,475

Somfy

S.A.

1,142

97,943

Spirax-Sarco

Engineering

plc

12,510

91,849

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

2,719

300,057

*

SPX

Technologies,

Inc

19,699

24,593

Stabilus

SE

1,648

49,939

e

Stadler

Rail

AG.

1,777

7,085

Standex

International

Corp

726

125,933

Stanley

Black

&

Decker,

Inc

9,460

50,266

Star

Micronics

Co

Ltd

616

5,480,900

*

STARK

Corp

PCL

395

11,212

Steico

SE

517

235,006

*,e

Stem,

Inc

2,101

55,655

*

Sterling

&

Wilson

Solar

Ltd

180

39,954

*

Sterling

Construction

Co,

Inc

1,310

1,465,145

Storskogen

Group

AB

1,050

15,810

Strabag

SE

662

18,543

e

Sulzer

AG.

1,442

716,070

Sumitomo

Corp

11,903

17,297

Sumitomo

Densetsu

Co

Ltd

318

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

29

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

245,300

Sumitomo

Heavy

Industries

Ltd

$

4,897

144,137

Sumitomo

Mitsui

Construction

Co

Ltd

457

1,452,000

*

Sun

King

Power

Electronics

Group

Ltd

300

95,270

Sungrow

Power

Supply

Co

Ltd

1,529

317,345

*

Sunrun,

Inc

7,623

71,763

Sunwoda

Electronic

Co

Ltd

218

2,444,500

*,†,e

Superb

Summit

International

Group

Ltd

3

10,400

Suzhou

Maxwell

Technologies

Co

Ltd

615

5,638,675

*

Suzlon

Energy

Ltd

721

219,689

Sweco

AB

2,107

639,280

Ta

Ya

Electric

Wire

&

Cable

421

90,422

e

Tadano

Ltd

624

511,995

*,e

Taihan

Electric

Wire

Co

Ltd

607

7,743

Taihei

Dengyo

Kaisha

Ltd

192

25,853

Taikisha

Ltd

653

114,186

Taisei

Corp

3,682

1,339,000

Taiwan

Glass

Industrial

Corp

924

11,439

Takamatsu

Corp

166

22,164

Takara

Standard

Co

Ltd

232

84,641

Takasago

Thermal

Engineering

Co

Ltd

1,143

184,800

Takeuchi

Manufacturing

Co

Ltd

4,058

56,700

Takuma

Co

Ltd

528

77,852

e,g

Talgo

S.A.

275

1,780,000

*

Tatung

Co

Ltd

1,994

75,000

Taurus

Armas

S.A.

189

283,066

TBEA

Co

Ltd

815

1,330,475

Techtronic

Industries

Co

14,777

1,619,000

Teco

Electric

and

Machinery

Co

Ltd

1,448

163,166

Tekfen

Holding

AS

432

3,139

Tennant

Co

193

311,996

Terex

Corp

13,328

7,215

*,e

Terran

Orbital

Corp

11

12,201

Textainer

Group

Holdings

Ltd

378

129,834

Textron,

Inc

9,192

48,171

Thales

S.A.

6,155

5,160,000

*

Theme

International

Holdings

Ltd

521

48,120

Thermax

Ltd

1,143

141,202

*

Thermon

Group

Holdings

2,835

120,200

*,e

THK

Co

Ltd

2,273

12,149,400

Thoresen

Thai

Agencies

PCL

2,871

16,461

Timken

Co

1,163

25,656

Timken

India

Ltd

963

122,518

*

Titan

International,

Inc

1,877

137,535

*

Titan

Machinery,

Inc

5,464

129,846

Titan

Wind

Energy

Suzhou

Co

Ltd

282

39,858

TKH

Group

NV

1,590

5,600

Toa

Corp/Tokyo

101

63,111

Tocalo

Co

Ltd

548

201,456

Toda

Corp

1,080

4,615

Toenec

Corp

123

98,800

Tokai

Corp

645

66,902

Tokyu

Construction

Co

Ltd

323

37,328

Toro

Co

4,226

204,407

Toromont

Industries

Ltd

14,751

133,092

Toshiba

Corp

4,625

25,577

Totetsu

Kogyo

Co

Ltd

509

89,528

Toto

Ltd

3,037

73,503

Toyo

Construction

Co

Ltd

478

16,900

e

Toyo

Tanso

Co

Ltd

480

92,771

Toyota

Industries

Corp

5,040

490,958

Toyota

Tsusho

Corp

18,060

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

30

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,171

*

TPI

Composites,

Inc

$

22

1,146,087

Trane

Technologies

plc

192,646

56,846

TransDigm

Group,

Inc

35,793

218,546

Travis

Perkins

plc

2,337

470,939

Trelleborg

AB

(B

Shares)

10,878

102,190

*

Trex

Co,

Inc

4,326

21,638

Trinity

Industries,

Inc

640

18,714

Triton

International

Ltd

1,287

220,119

*

Triumph

Group,

Inc

2,316

485,114

Triveni

Turbine

Ltd

1,523

41,091

Troax

Group

AB

720

50,410

Trusco

Nakayama

Corp

774

22,090

Tsubakimoto

Chain

Co

498

32,500

Tsugami

Corp

285

14,468

Turk

Traktor

ve

Ziraat

Makineleri

AS

509

1,473,446

Turkiye

Sise

ve

Cam

Fabrikalari

AS

3,370

12,976

*

Tutor

Perini

Corp

98

25,392

*

TY

Holdings

Co

Ltd

212

219,052

Tyman

plc

596

139,029

UFP

Industries,

Inc

11,018

10,000

Union

Tool

Co

244

159,000

United

Integrated

Services

Co

Ltd

943

117,763

*

United

Rentals,

Inc

41,855

276,219

*

Univar

Solutions

Inc

8,784

51,432

e

Uponor

Oyj

915

102,500

Ushio,

Inc

1,257

417,500

UWC

BHD

381

168,590

e

Valmet

Corp

4,551

10,434

Valmont

Industries,

Inc

3,450

20,244

e

Varta

AG.

485

27,430

g

VAT

Group

AG.

7,530

53,504

*

Vectrus,

Inc

2,209

108,709

Veidekke

ASA

1,069

13,054

*,e

Velo3D,

Inc

23

206,601

Ventia

Services

Group

Pty

Ltd

338

21,328

Veritiv

Corp

2,596

250,805

e

Vertiv

Holdings

Co

3,426

641,147

Vestas

Wind

Systems

A.S.

18,703

95,999

*,e

Vestum

AB

159

238,275

Vesuvius

plc

1,164

173,269

V-Guard

Industries

Ltd

547

5,630

*

Vicor

Corp

303

34,305

*,e

View,

Inc

33

834,343

Vinci

S.A.

83,173

36,671

*,e

Virgin

Galactic

Holdings,

Inc

128

25,575

Volati

AB

214

132,803

Volex

plc

402

228,224

Voltas

Ltd

2,202

70,000

Voltronic

Power

Technology

Corp

3,512

217,913

Volution

Group

plc

961

1,200

Volvo

AB

(A

Shares)

23

275,375

Volvo

AB

(B

Shares)

4,974

9,242

Vossloh

AG.

384

231,772

W.W.

Grainger,

Inc

128,923

229,176

Wabash

National

Corp

5,179

105,510

Wacker

Construction

Equipment

AG.

1,838

38,500

Wakita

&

Co

Ltd

348

2,790,848

Walsin

Lihwa

Corp

4,282

463,348

Wartsila

Oyj

(B

Shares)

3,907

9,448,700

*

Waskita

Karya

Persero

Tbk

PT

218

28,581

Watsco,

Inc

7,128

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

31

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,939

Watts

Water

Technologies,

Inc

(Class

A)

$

430

336,749

e

Webuild

SpA

495

1,791,050

Weg

S.A.

13,011

1,326,709

Weichai

Power

Co

Ltd

1,754

313,486

Weichai

Power

Co

Ltd

(Class

A)

458

1,215,516

Weir

Group

plc

24,449

92,294

*

WESCO

International,

Inc

11,555

1,044,589

Westinghouse

Air

Brake

Technologies

Corp

104,260

3,505,300

*

Wijaya

Karya

Persero

Tbk

PT

180

190,404

*

WillScot

Mobile

Mini

Holdings

Corp

8,601

59,750

Wilson

Bayly

Holmes-Ovcon

Ltd

312

47,463

Woodward

Inc

4,585

143,522

e

WSP

Global,

Inc

16,651

24,880

Wuxi

Shangji

Automation

Co

Ltd

377

17,660

e

XANO

Industri

AB

188

774,838

XCMG

Construction

Machinery

Co

Ltd

564

138,911

Xiamen

C

&

D,

Inc

272

271,767

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

429

911,613

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

H

808

1,833,000

Xinyi

Glass

Holdings

Co

Ltd

3,387

150,000

Xxentria

Technology

Materials

Corp

288

50,145

Xylem,

Inc

5,545

25,780

YAMABIKO

Corp

214

55,670

Yamazen

Corp

422

2,550,000

Yangzijiang

Shipbuilding

2,590

1,622

Yaskawa

Electric

Corp

52

162,549

*,g

Yellow

Cake

plc

730

61,379

Yokogawa

Bridge

Holdings

Corp

872

13,552

Yuasa

Trading

Co

Ltd

372

40,800

Yurtec

Corp

227

14,246

Zehnder

Group

AG.

865

254,400

Zhefu

Holding

Group

Co

Ltd

143

141,363

Zhejiang

Chint

Electrics

Co

Ltd

562

14,592

Zhejiang

Dingli

Machinery

Co

Ltd

100

22,840

Zhejiang

HangKe

Technology,

Inc

Co

144

87,751

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

268

45,183

Zhuzhou

CRRC

Times

Electric

Co

Ltd

353

612,100

Zhuzhou

CSR

Times

Electric

Co

Ltd

3,023

168,500

Zhuzhou

Kibing

Group

Co

Ltd

275

550,139

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

430

103,793

e

Zurn

Water

Solutions

Corp

2,195

TOTAL

CAPITAL

GOODS

8,348,897

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

191,967

ABM

Industries,

Inc

8,527

84,962

*

Accelleron

Industries

AG.

1,759

799,869

ACCO

Brands

Corp

4,471

17,608

*,e

ACV

Auctions,

Inc

145

162,700

Adecco

S.A.

5,352

48,120

Aeon

Delight

Co

Ltd

1,103

206,228

AF

AB

3,381

1,190,837

*,e

Aker

Carbon

Capture

AS.

1,398

185,783

*,e

Aker

Horizons

Holding

ASA

244

875,268

*

Alight,

Inc

7,317

102,743

Alpha

Financial

Markets

Consulting

plc

590

467,341

ALS

Ltd

3,875

7,567

Amadeus

Fire

AG

934

51,400

Ambipar

Participacoes

e

Empreendimentos

S

204

38,678

*

Anaergia,

Inc

124

231,665

APM

Human

Services

International

ltd

376

271,413

Applus

Services

S.A.

1,868

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

32

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

105,974

e

Aris

Water

Solution,

Inc

$

1,527

185,652

*

ASGN

Inc

15,127

15,219

*,e

Atlas

Technical

Consultants,

Inc

78

12,731

Barrett

Business

Services,

Inc

1,188

719,990

BayCurrent

Consulting,

Inc

22,413

40,809

g

Befesa

S.A.

1,969

229,323

Beijing

Originwater

Technology

Co

Ltd

156

609,000

Benefit

One,

Inc

8,891

56,547

BeNEXT

Group

Inc

727

6,245

Bertrandt

AG.

266

315,240

g

Biffa

plc

1,553

29,427

Bilfinger

Berger

AG.

848

104,500

Binjiang

Service

Group

Co

Ltd

254

167,800

Boa

Vista

Servicos

S.A.

230

196,091

Booz

Allen

Hamilton

Holding

Co

20,495

109,957

e

Boyd

Group

Services,

Inc

16,986

4,454

Brady

Corp

(Class

A)

210

1,471,949

Brambles

Ltd

12,071

207,060

g

Bravida

Holding

AB

2,219

12,860

*

BrightView

Holdings,

Inc

89

43,988

Brink's

Co

2,363

21,259

Brunel

International

NV

218

399,777

Bureau

Veritas

S.A.

10,536

18,743

*

CACI

International,

Inc

(Class

A)

5,634

12,258

e

Calian

Group

Ltd

605

12,708

*

Casella

Waste

Systems,

Inc

(Class

A)

1,008

106,889

Caverion

Corp

792

102,270

*

CBIZ,

Inc

4,791

5,950

Cewe

Color

Holding

AG.

564

1,834,500

*

China

Conch

Environment

Protection

Holdings

Ltd

739

2,733,085

China

Everbright

International

Ltd

1,217

844

*

Cimpress

plc

23

75,204

Cintas

Corp

33,964

19,413

*

Clarivate

Analytics

plc

162

42,045

*

Clean

Harbors,

Inc

4,798

71,000

Cleanaway

Co

Ltd

415

2,247,675

Cleanaway

Waste

Management

Ltd

4,005

50,986

CMS

Info

Systems

Ltd

192

86,062

g

Coor

Service

Management

Holding

AB

530

384,874

*

Copart,

Inc

23,435

36,784

*

CoreCivic,

Inc

425

215,204

*

CoStar

Group,

Inc

16,631

9,216

CRA

International,

Inc

1,128

1,320,000

*,†,e

CT

Environmental

Group

Ltd

2

1,222,900

CTOS

Digital

Bhd

394

1,364,433

Dai

Nippon

Printing

Co

Ltd

27,411

42,665

Daiseki

Co

Ltd

1,464

4,454

Danel

Adir

Yeoshua

Ltd

350

13,204

Deluxe

Corp

224

108,808

Derichebourg

644

92,856

DKSH

Holding

AG.

7,042

6,325

*

DO

&

CO

AG.

600

674,754

Downer

EDI

Ltd

1,696

51,120

*

Driven

Brands

Holdings,

Inc

1,396

203,919

Dun

&

Bradstreet

Holdings,

Inc

2,500

37,998

Duskin

Co

Ltd

863

451,000

e

Dynagreen

Environmental

Protection

Group

Co

Ltd

145

8,914

Ecopro

HN

Co

Ltd

320

26,000

ECOVE

Environment

Corp

209

347,401

Elis

S.A.

5,128

28,720

en-japan,

Inc

526

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

33

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

86,066

Ennis,

Inc

$

1,907

10,770

Equifax,

Inc

2,093

546,835

Experian

Group

Ltd

18,520

26,666

Exponent,

Inc

2,642

29,016

Fila

S.p.A

216

389,149

*

First

Advantage

Corp

5,059

11,606

*

Forrester

Research,

Inc

415

63,624

*

Franklin

Covey

Co

2,976

3,737,400

Frontken

Corp

BHD

2,608

29,025

*,e

FTI

Consulting,

Inc

4,609

20,365

Fullcast

Co

Ltd

435

94,954

e

Funai

Soken

Holdings,

Inc

1,953

14,539

*

GDI

Integrated

Facility

Services,

Inc

489

256,769

*,e

Geo

Group,

Inc

2,812

210,198

GFL

Environmental,

Inc

6,138

234,900

*,g

GPS

Participacoes

e

Empreendimentos

S.A.

529

19,473

Grupa

Pracuj

S.A.

182

197,464

*

Harsco

Corp

1,242

1,658,665

Hays

plc

2,325

40,270

Healthcare

Services

Group

483

5,939

Heidrick

&

Struggles

International,

Inc

166

75,210

*

Heritage-Crystal

Clean,

Inc

2,443

56,647

e

Herman

Miller,

Inc

1,190

869

HNI

Corp

25

308,103

HomeServe

plc

4,459

12,338

*

Huron

Consulting

Group,

Inc

896

122,252

*

IAA,

Inc

4,890

178,409

ICF

International,

Inc

17,671

256,135

Indian

Railway

Catering

&

Tourism

Corp

Ltd

1,975

212,212

Insource

Co

Ltd

2,496

43,905

Insperity,

Inc

4,988

30,740

*

Insun

ENT

Co

Ltd

201

57,374

Interface,

Inc

566

164,002

Intertek

Group

plc

7,979

817,729

e

Intrum

Justitia

AB

9,897

201,413

IPH

Ltd

1,184

744

IR

Japan

Holdings

Ltd

10

161,361

*

ISS

AS

3,415

11,600

JAC

Recruitment

Co

Ltd

213

103,169

Jacobs

Solutions,

Inc

12,388

1,295,900

Japan

Elevator

Service

Holdings

Co

Ltd

16,109

493,787

Johnson

Service

Group

plc

578

36,764

*

KAR

Auction

Services,

Inc

480

182,812

KBR,

Inc

9,652

85,886

Kelly

Services,

Inc

(Class

A)

1,451

20,573

*

KEPCO

Plant

Service

&

Engineering

Co

Ltd

540

102,594

Kforce,

Inc

5,625

34,567

Kimball

International,

Inc

(Class

B)

225

80,708

e

Kokuyo

Co

Ltd

1,136

2,184

Korn/Ferry

International

111

109,256

*

Latent

View

Analytics

Ltd

489

110,389

Leidos

Holdings,

Inc

11,612

24,879

*,e

Li-Cycle

Holdings

Corp

118

24,689

e

Link

And

Motivation,

Inc

120

76,191

Loomis

AB

2,088

12,556

Maharah

Human

Resources

Co

174

7,600

e

Management

Solutions

Co

Ltd

190

2,191

Manpower,

Inc

182

125,847

*

Marlowe

plc

715

11,962

Matsuda

Sangyo

Co

Ltd

208

9,289

Matthews

International

Corp

(Class

A)

283

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

34

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

64,121

McMillan

Shakespeare

Ltd

$

586

70,584

Meitec

Corp

1,280

97,136

*,e

Meltwater

Holding

BV

134

335,874

Michael

Page

International

plc

1,870

9,100

Midac

Holdings

Co

Ltd

176

1,493,170

Mitie

Group

1,339

34,444

Mitsubishi

Pencil

Co

Ltd

374

578

*

Montrose

Environmental

Group,

Inc

26

31,356

MSA

Safety,

Inc

4,521

35,688

*

NICE

Information

Service

Co

Ltd

346

919,270

Nihon

M&A

Center,

Inc

11,311

12,700

Nippon

Kanzai

Co

Ltd

243

218,111

Nippon

Parking

Development

Co

Ltd

515

2,485

NL

Industries,

Inc

17

331,948

Nomura

Co

Ltd

2,413

48,628

Okamura

Corp

521

39,700

*

Orizon

Valorizacao

de

Residuos

S.A.

254

125,709

e

Outsourcing,

Inc

901

199,600

Park24

Co

Ltd

3,414

22,700

e

Pasona

Group,

Inc

319

130,826

Persol

Holdings

Co

Ltd

2,783

28,142

e

Pilot

Corp

1,025

108,397

Pitney

Bowes,

Inc

412

6,045

*,e

Planet

Labs

PBC

26

105,927

Prestige

International,

Inc

583

447,680

e,g

Prosegur

Cash

S.A.

287

319,533

Prosegur

Cia

de

Seguridad

S.A.

606

10,635

*

Quad

Graphics,

Inc

43

84,491

g

Quess

Corp

Ltd

420

470,903

*,e

Raksul,

Inc

11,781

121,510

e

Randstad

Holdings

NV

7,425

5,006,055

Recruit

Holdings

Co

Ltd

156,699

2,200,856

RELX

plc

60,849

71,633

*

Renewi

plc

518

2,549,753

Rentokil

Initial

plc

15,665

168,798

Republic

Services,

Inc

21,773

60,658

Resources

Connection,

Inc

1,115

105,003

Restore

plc

417

129,004

Ritchie

Bros

Auctioneers,

Inc

7,452

38,711

RITES

Ltd

159

13,003

Robert

Half

International,

Inc

960

209,322

Rollins,

Inc

7,649

305,460

RWS

Holdings

plc

1,387

20,794

*

S1

Corp

(Korea)

977

29,052

Sato

Corp

416

195,685

*

Saudi

Airlines

Catering

Co

3,926

45,191

Science

Applications

International

Corp

5,013

77,451

*,e

Sdiptech

AB

1,684

2,766

Seche

Environnement

S.A.

266

186,806

Secom

Co

Ltd

10,659

500,089

Securitas

AB

(B

Shares)

4,173

1,207,801

Serco

Group

plc

2,269

6,453

SGS

S.A.

15,031

40,635

Shanghai

M&G

Stationery,

Inc

321

100,500

*,†

Shanghai

Youngsun

Investment

Co

Ltd

1

34,894

*

SIS

Ltd

166

24,742

*,e

Skillsoft

Corp

32

123,706

Smart

Metering

Systems

plc

1,163

417,438

SmartGroup

Corp

Ltd

1,445

715,487

SMS

Co

Ltd

18,098

24,630

Societe

BIC

S.A.

1,686

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

35

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

77,100

Sohgo

Security

Services

Co

Ltd

$

2,099

20,329

*

SP

Plus

Corp

706

684,397

SPIE

S.A.

17,845

38,248

*,e

Spire

Global,

Inc

37

74,032

S-Pool,

Inc

484

58,000

Sporton

International,

Inc

395

112,046

Stantec,

Inc

5,369

26,281

Steelcase,

Inc

(Class

A)

186

3,802

*

Stericycle,

Inc

190

512

*

Sterling

Check

Corp

8

112,112

Sthree

plc

546

2,728

*

Sungeel

Hitech

Co

Ltd

219

63,000

Sunny

Friend

Environmental

Technology

Co

Ltd

354

472,000

Taiwan

Secom

Co

Ltd

1,535

216,000

Taiwan-Sogo

Shinkong

Security

Corp

275

31,955

e

Talenom

Oyj

311

10,648

*

TeamLease

Services

Ltd

325

828,554

TechnoPro

Holdings,

Inc

22,059

194,334

Teleperformance

46,459

83,483

Tetra

Tech,

Inc

12,121

207,492

Thomson

Reuters

Corp

23,670

22,896

Tinexta

S.p.A

559

241,063

TOMRA

Systems

ASA

4,066

247,617

Toppan

Printing

Co

Ltd

3,657

169,794

TransUnion

9,636

38,800

TRE

Holdings

Corp

418

169,225

*

TriNet

Group,

Inc

11,473

10,009

*

TrueBlue,

Inc

196

4,658

Unifirst

Corp

899

32,362

*

Upwork,

Inc

338

31,199

UT

Group

Co

Ltd

534

428,198

Verisk

Analytics,

Inc

75,543

50,900

*

Viad

Corp

1,241

16,800

*,e

Visional,

Inc

1,113

3,304

VSE

Corp

155

485,463

Waste

Connections,

Inc

64,353

499,734

Waste

Management,

Inc

78,398

9,900

WDB

Holdings

Co

Ltd

166

6,500

Weathernews,

Inc

352

3,207

*,e

Willdan

Group,

Inc

57

303,331

Wolters

Kluwer

NV

31,739

231,000

*,†,e

Youyuan

International

Holdings

Ltd

0

^

91,260

Zhejiang

Weiming

Environment

Protection

Co

Ltd

243

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,319,074

CONSUMER

DURABLES

&

APPAREL

-

2.0%

921,000

*

361

Degrees

International

Ltd

391

7,548

e

Acushnet

Holdings

Corp

320

373,110

Adidas-Salomon

AG.

50,566

352,686

*

Aditya

Birla

Fashion

and

Retail

Ltd

1,224

134,763

Aksa

Akrilik

Kimya

Sanayii

661

224,128

*,e

Allbirds,

Inc

542

2,698,664

*

Alok

Industries

Ltd

505

245,900

Alpargatas

S.A.

702

19,689

*

Amber

Enterprises

India

Ltd

449

26,625

*,e

AMMO,

Inc

46

1,254,755

Anta

Sports

Products

Ltd

16,320

69,900

Arezzo

Industria

e

Comercio

S.A.

1,037

90,049

Ariston

Holding

NV

927

164,173

Asics

Corp

3,609

86,990

Azorim-Investment

Development

&

Construction

Co

Ltd

279

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

36

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

98,418

Bajaj

Electricals

Ltd

$

1,445

245,736

Bandai

Namco

Holdings

Inc

15,403

7,043

Barratt

Developments

plc

34

61,610

Bata

India

Ltd

1,226

9,399

*

Beazer

Homes

USA,

Inc

120

128,489

Bellway

plc

2,938

91,095

Beneteau

S.A.

1,381

721

Berkeley

Group

Holdings

plc

33

29,001

*

Borosil

Ltd

128

2,300,472

Bosideng

International

Holdings

Ltd

1,090

355,396

Bovis

Homes

Group

plc

2,677

105,916

e

Breville

Group

Ltd

1,315

42,058

e

BRP,

Inc

(Toronto)

3,207

34,354

Brunello

Cucinelli

S.p.A

2,542

60,502

Brunswick

Corp

4,361

2,600

Burberry

Group

plc

63

6,893,778

Cairn

Homes

plc

6,414

7,347,549

Cairn

Homes

plc

(London)

6,991

885,648

*

Callaway

Golf

Co

17,492

58,366

*,e

Canada

Goose

Holdings,

Inc

1,038

546,562

*

Capri

Holdings

Ltd

31,329

1,643

e

Carter's,

Inc

123

190,400

*

Casio

Computer

Co

Ltd

1,932

13,256

*

Cavco

Industries,

Inc

2,999

29,645

*

CCC

S.A.

291

8,869

Century

Communities,

Inc

444

88,300

Chervon

Holdings

Ltd

485

481,000

China

Lilang

Ltd

231

12,600

e

Chofu

Seisakusho

Co

Ltd

184

405,357

Chow

Sang

Sang

Holding

535

723,819

e

Cie

Financiere

Richemont

S.A.

93,850

1,378,000

*

Citychamp

Watch

&

Jewellery

Group

Ltd

215

1,352

Clarus

Corp

11

1,631,196

Coats

Group

plc

1,309

1,641

Columbia

Sportswear

Co

144

36,534

*

Coway

Co

Ltd

1,622

279,562

Crest

Nicholson

Holdings

plc

796

115,685

*

Crocs,

Inc

12,544

687,661

Crompton

Greaves

Consumer

Electricals

Ltd

2,794

10,159

*

Cuckoo

Electronics

Co

Ltd

132

94,900

Cury

Construtora

e

Incorporadora

S.A.

227

309,500

Cyrela

Brazil

Realty

S.A.

769

18,200

Daiwa

Seiko,

Inc

352

24,001

Danya

Cebus

Ltd

590

23,488

*

Deckers

Outdoor

Corp

9,375

76,463

e

De'Longhi

S.p.A.

1,720

12,600

Delta-Galil

Industries

Ltd

527

28,802

Descente

Ltd

701

30,703

Dixon

Technologies

India

Ltd

1,446

271,492

DR

Horton,

Inc

24,201

598,533

Dr.

Martens

PLC

1,358

32,561

*,e

Dream

Finders

Homes,

Inc

282

35,144

*

Duni

AB

290

1,043,869

Eclat

Textile

Co

Ltd

16,757

31,300

Ecovacs

Robotics

Co

Ltd

327

1,830

Einhell

Germany

AG.

275

13,051

Electra

Consumer

Products

1970

Ltd

377

636,761

e

Electrolux

AB

8,603

14,066

Ermenegildo

Zegna

Holditalia

S.p.A

147

18,857

e

ES-Con

Japan

Ltd

112

1,341,490

Essilor

International

S.A.

242,720

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

37

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

7,063

Ethan

Allen

Interiors,

Inc

$

187

78,200

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

200

17,729

*

F&F

Co

Ltd

2,038

1,357,689

Feng

TAY

Enterprise

Co

Ltd

9,096

24,654

*,†

FF

Group

0

^

47,831

Fila

Korea

Ltd

1,262

856

e

Forbo

Holding

AG.

1,006

770,000

Formosa

Taffeta

Co

Ltd

670

21,255

*

Fossil

Group,

Inc

92

339,999

*,†,e

Fuguiniao

Co

Ltd

0

^

61,521

Fujitsu

General

Ltd

1,471

136,000

Fulgent

Sun

International

Holding

Co

Ltd

670

80,000

Fusheng

Precision

Co

Ltd

547

33,236

Games

Workshop

Group

plc

3,431

68,411

*

Garmin

Ltd

6,314

8,937

Garware

Technical

Fibres

Ltd

336

190,139

Giant

Manufacturing

Co

Ltd

1,237

151,635

*

G-III

Apparel

Group

Ltd

2,079

211,608

Gildan

Activewear,

Inc

5,795

1,663,954

*,g

Glenveagh

Properties

plc

1,507

3,460,973

*,g

Glenveagh

Properties

plc

(London)

3,223

802,000

*,e

Golden

Solar

New

Energy

Technology

Holdings

Ltd

847

24,147

Goldwin,

Inc

1,747

15,769

*

Golfzon

co

Ltd

1,418

39,991

*

GoPro,

Inc

199

108,600

Gree

Electric

Appliances,

Inc

of

Zhuhai

503

7,615

*

Green

Brick

Partners,

Inc

185

241,300

Grendene

S.A.

275

552,400

GRUPO

DE

MODA

SOMA

S.A.

1,060

25,400

Guararapes

Confeccoes

S.A.

31

12,118

Gunze

Ltd

387

2,352,201

Haier

Smart

Home

Co

Ltd

7,984

270,607

Haier

Smart

Home

Co

Ltd

948

7,881

*

Handsome

Co

Ltd

169

14,085

Hanesbrands,

Inc

90

31,105

Hangzhou

Robam

Appliances

Co

Ltd

124

20,103

Hansae

Co

Ltd

247

10,343

Hanssem

Co

Ltd

366

105,636

Hasbro,

Inc

6,445

240,372

Haseko

Corp

2,685

3,890

*,e

Helen

of

Troy

Ltd

431

23,200

Hermes

International

35,910

6,806

*

Hitachi

Home

&

Life

Solutions

India

Ltd

91

121,479

*,e

HLB,

Inc

2,741

466,000

*,†

HOSA

International

Ltd

1

504

*

Hovnanian

Enterprises,

Inc

21

167,222

Hugo

Boss

AG.

9,667

2,284

*

Hwaseung

Enterprise

Co

Ltd

17

93,050

Iida

Group

Holdings

Co

Ltd

1,413

75,375

Indo

Count

Industries

Ltd

122

804

Installed

Building

Products,

Inc

69

1,293

*,e

iRobot

Corp

62

33,410

Japan

Wool

Textile

Co

Ltd

247

39,284

Jason

Furniture

Hangzhou

Co

Ltd

240

54,818

e

JM

AB

906

499,500

JNBY

Design

Ltd

594

119,000

Johnson

Health

Tech

Co

Ltd

269

1,626

Johnson

Outdoors,

Inc

108

14,322

e

Kaufman

&

Broad

S.A.

421

20,054

KB

Home

639

1,151,000

Kinpo

Electronics

504

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

38

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

9,800

e

Ki-Star

Real

Estate

Co

Ltd

$

341

60,000

KMC

Kuei

Meng

International

In

273

785,700

Konka

Group

Co

Ltd

194

1,736

Kontoor

Brands,

Inc

69

104,562

KPR

Mill

Ltd

652

45,018

LA

Opala

RG

Ltd

207

3,169

*

Landsea

Homes

Corp

17

8,180

*

Latham

Group,

Inc

26

13,249

La-Z-Boy,

Inc

302

3,783

*

Legacy

Housing

Corp

72

109,587

Leggett

&

Platt,

Inc

3,532

204,467

Lennar

Corp

(Class

A)

18,504

12,684

Lennar

Corp

(Class

B)

949

180,358

e

Levi

Strauss

&

Co

2,799

17,373

LF

Corp

219

320,863

*

LG

Electronics,

Inc

22,059

6,265

*

LGI

Homes,

Inc

580

3,169,621

Li

Ning

Co

Ltd

27,256

4,270

Lifetime

Brands,

Inc

32

1,144

LPP

S.A.

2,790

192,236

*,e

Lululemon

Athletica,

Inc

61,589

9,119

*

LUX

Industries

Ltd

181

298,995

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

217,576

7,901

*

M/I

Homes,

Inc

365

223,000

Makalot

Industrial

Co

Ltd

1,686

33,061

*,e

Malibu

Boats,

Inc

1,762

1,787,384

Man

Wah

Holdings

Ltd

1,769

6,442

*,†

Mariella

Burani

S.p.A.

0

29,727

Marimekko

Oyj

279

2,574

Marine

Products

Corp

30

37,679

*

MasterCraft

Boat

Holdings,

Inc

975

304,356

*

Mattel,

Inc

5,430

80,647

g

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

570

53,758

Maytronics

Ltd

535

13,866

MDC

Holdings,

Inc

438

386,000

Merida

Industry

Co

Ltd

2,092

10,225

*

Meritage

Homes

Corp

943

63,029

e

MIPS

AB

2,605

39,740

*

Mirza

International

Ltd

118

71,600

Mizuno

Corp

1,533

42,408

*

Mohawk

Industries,

Inc

4,335

1,501,936

Moncler

S.p.A

79,808

4,841

Movado

Group,

Inc

156

352,100

MRV

Engenharia

e

Participacoes

S.A.

506

5,800

e

Nagawa

Co

Ltd

329

30,767

g

Neinor

Homes

S.A.

269

44,829

New

Wave

Group

AB

(B

Shares)

887

288,143

Newell

Brands

Inc

3,769

109,448

Nien

Made

Enterprise

Co

Ltd

1,046

1,915,388

Nike,

Inc

(Class

B)

224,120

1,757,700

Nikon

Corp

15,543

141,221

e

Nobia

AB

288

13,495

*

NVR,

Inc

62,247

11,692

*,e

On

Holding

AG.

201

49,500

Open

House

Co

Ltd

1,802

20,532

Oppein

Home

Group,

Inc

358

126,391

Orient

Electric

Ltd

402

240,128

g

OVS

S.p.A

542

44,052

Oxford

Industries,

Inc

4,105

991,778

Pacific

Textile

Holdings

Ltd

325

4,073

Page

Industries

Ltd

2,105

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

39

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,348,668

Panasonic

Corp

$

36,394

40,161

Pandora

AS

2,839

402,000

*,†

Peace

Mark

Holdings

Ltd

0

284,781

*,e

Peloton

Interactive,

Inc

2,261

2,179

Persimmon

plc

32

20,656

*,†

PIK

Group

(GDR)

0

^

20,863

*,e

PLBY

Group,

Inc

57

48,600

Polaris

Inc

4,909

1,427,006

Pou

Chen

Corp

1,586

6,020,240

Prada

S.p.A

33,796

27,985

Pressance

Corp

326

191,581

Pulte

Homes,

Inc

8,723

58,442

Puma

AG.

Rudolf

Dassler

Sport

3,532

271,894

*,e

Purple

Innovation,

Inc

1,302

13,915

PVH

Corp

982

579,000

e

Q

Technology

Group

Co

Ltd

310

44,000

Quang

Viet

Enterprise

Co

Ltd

171

78,021

Rajesh

Exports

Ltd

690

1,779

Ralph

Lauren

Corp

188

30,060

Raymond

Ltd

533

840,641

Redrow

plc

4,607

53,186

Relaxo

Footwears

Ltd

584

60,700

Rinnai

Corp

4,517

3,189

Rocky

Brands,

Inc

75

15,400

e

Roland

Corp

407

613,027

Ruentex

Industries

Ltd

1,293

12,459

Safari

Industries

India

Ltd

254

249,538

*,e

Safilo

Group

S.p.A.

406

53,536

e

Salvatore

Ferragamo

Italia

S.p.A

947

43,624

Sangetsu

Co

Ltd

711

212,400

Sankyo

Co

Ltd

8,678

9,954

Sanlorenzo

S.p.A

393

25,128

SEB

S.A.

2,108

271,600

Sega

Sammy

Holdings,

Inc

4,101

29,700

Seiko

Holdings

Corp

695

44,793

Seiren

Co

Ltd

821

223,862

Sekisui

Chemical

Co

Ltd

3,120

434,845

Sekisui

House

Ltd

7,709

145,793

e

Sharp

Corp

1,047

15,318

*

Sheela

Foam

Ltd

240

15,318

*

Sheela

Foam

Ltd

240

1,256,438

Shenzhou

International

Group

Holdings

Ltd

14,012

76,245

e

Shimano,

Inc

12,048

7,768

*

Skechers

U.S.A.,

Inc

(Class

A)

326

145,361

*

Skyline

Champion

Corp

7,488

1,618,000

Skyworth

Digital

Holdings

Ltd

691

108,520

e

Smith

&

Wesson

Brands,

Inc

942

5,573

*,e

Snap

One

Holdings

Corp

41

29,500

e

Snow

Peak,

Inc

525

6,786

*,e

Solo

Brands,

Inc

25

79,159

*

Sonos,

Inc

1,338

3,413,013

Sony

Corp

260,145

422,380

e,g

Spin

Master

Corp

10,394

545,500

Stella

International

Holdings

Ltd

514

635,438

Steven

Madden

Ltd

20,309

383

e

Sturm

Ruger

&

Co,

Inc

19

143,797

e

Sumitomo

Forestry

Co

Ltd

2,541

6,545

Superior

Uniform

Group,

Inc

66

3,783

*

Swatch

Group

AG.

1,075

1,362

Swatch

Group

AG.

(Registered)

71

14,878

Symphony

Ltd

163

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

40

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,181,000

Tainan

Spinning

Co

Ltd

$

644

230,000

Taiwan

Paiho

Ltd

424

16,500

Tama

Home

Co

Ltd

314

81,400

Tamron

Co

Ltd

1,833

110,841

Tapestry,

Inc

4,221

219,848

*

Taylor

Morrison

Home

Corp

6,672

3,612,861

Taylor

Wimpey

plc

4,425

1,001,000

TCL

Multimedia

Technology

Holdings

Ltd

400

595,445

TCL

Technology

Group

Corp

318

149,342

g

Technogym

S.p.A

1,145

138,563

Tempur

Sealy

International,

Inc

4,757

319,500

Texhong

Textile

Group

Ltd

255

106,028

e,g

Thule

Group

AB

2,221

375,595

Titan

Industries

Ltd

11,785

10,847

*

Tod's

S.p.A.

351

7,490

Token

Corp

421

90,717

Toll

Brothers,

Inc

4,529

86,601

Tomy

Co

Ltd

829

45,816

*,e

Tonies

SE

294

43,440

*

TopBuild

Corp

6,798

71,000

Topkey

Corp

422

524,509

*,e

Traeger,

Inc

1,479

30,313

*

TRI

Pointe

Homes,

Inc

564

1,045,978

Trident

Ltd

432

44,648

TTK

Prestige

Ltd

432

13,988

*

Tupperware

Brands

Corp

58

293,640

*

Under

Armour,

Inc

(Class

A)

2,983

1,231,325

*

Under

Armour,

Inc

(Class

C)

10,983

4,483

*

Unifi,

Inc

39

3,804

*

Universal

Electronics,

Inc

79

32,643

*,e

Universal

Entertainment

Corp

589

47,259

Vaibhav

Global

Ltd

177

6,530

VAN

DE

Velde

211

139,267

*

Vardhman

Textiles

Ltd

555

323,152

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

238

111,640

*

Vestel

Elektronik

Sanayi

425

287,000

Vesync

Co

Ltd

176

212,421

VF

Corp

5,865

52,526

*,e

Victoria

plc

305

23,754

*,e

Vinco

Ventures,

Inc

11

75,462

VIP

Industries

Ltd

608

17,025

*

Vista

Outdoor,

Inc

415

4,248,000

*,e

Viva

China

Holdings

Ltd

606

115,200

Vivara

Participacoes

S.A.

489

2,598

*,e

Vizio

Holding

Corp

19

43,700

Vulcabras

Azaleia

S.A.

103

25,472

*,e

Vuzix

Corp

93

2,428

*

V-ZUG

Holding

AG.

239

44,713

Wacoal

Holdings

Corp

801

8,454

e

Weber,

Inc

68

330,461

Welspun

India

Ltd

308

288,137

Whirlpool

Corp

40,760

37,698

Whirlpool

of

India

Ltd

681

156,764

Wolverine

World

Wide,

Inc

1,713

1,460,000

e

XTEP

International

Holdings

1,616

88,604

Yamaha

Corp

3,288

337,766

*

YETI

Holdings,

Inc

13,953

107,409

e

YIT

Oyj

283

190,700

Yonex

Co

Ltd

1,721

20,686

*

Youngone

Corp

772

4,197

*

Youngone

Holdings

Co

Ltd

204

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

41

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

782,000

Yue

Yuen

Industrial

Holdings

$

1,094

8,813

Zhejiang

Supor

Co

Ltd

63

8,743

*

Zinus,

Inc

243

35,300

e

Zojirushi

Corp

438

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,139,992

CONSUMER

SERVICES

-

2.5%

55,623

*

2U,

Inc

349

416,569

*

888

Holdings

plc

440

59,162

g

AcadeMedia

AB

253

25,506

*

Accel

Entertainment,

Inc

196

275,383

*

Accor

S.A.

6,870

344,408

e

ADT,

Inc

3,124

13,914

*

Adtalem

Global

Education,

Inc

494

3,100

*

Adventure,

Inc

218

339,523

*

Airbnb,

Inc

29,029

214,800

*,e

Airtrip

Corp

3,969

12,563

Alamar

Foods

464

518,100

*

Alsea

SAB

de

C.V.

980

5,841

*

American

Public

Education,

Inc

72

79,143

*

AmRest

Holdings

SE

355

341,600

*

Anima

Holding

S.A.

249

167,467

ARAMARK

Holdings

Corp

6,923

12,460

e

ARCLAND

SERVICE

Co

Ltd

205

8,812,494

a

Arcos

Dorados

Holdings,

Inc

73,672

595,429

Aristocrat

Leisure

Ltd

12,269

6,338,968

Asset

World

Corp

PCL

1,151

17,784

*

Ataa

Educational

Co

258

101,400

*,e

Atom

Corp

598

192,325

*

Autogrill

S.p.A.

1,330

12,140

*,e

Bally's

Corp

235

22,855

*

Barbeque

Nation

Hospitality

Ltd

266

54,277

*,e,g

Basic-Fit

NV

1,428

26,746

*,e

Beachbody

Co,

Inc

14

76,700

Benesse

Holdings,

Inc

1,166

772,472

Berjaya

Sports

Toto

BHD

284

109,702

Betsson

AB

892

242

*

Biglari

Holdings,

Inc

(B

Shares)

34

6,921

*

BJ's

Restaurants,

Inc

183

4,097,500

*

Bloomberry

Resorts

Corp

565

147,111

Bloomin'

Brands,

Inc

2,960

52,820

Bluegreen

Vacations

Holding

Corp

1,318

137,193

*

Booking

Holdings,

Inc

276,482

418,320

*,e

Bowlero

Corp

5,639

150,855

Boyd

Gaming

Corp

8,226

48,497

*

Bright

Horizons

Family

Solutions

3,060

181,303

*

Brinker

International,

Inc

5,785

43,200

BTG

Hotels

Group

Co

Ltd

154

276,062

*

Burger

King

India

Ltd

372

180,621

*

Caesars

Entertainment,

Inc

7,514

310,000

Cafe

de

Coral

Holdings

Ltd

591

329,435

Cairo

Investment

&

Real

Estate

Development

Co

SAE

173

813,425

*,e

Carnival

Corp

6,556

158,204

*,e

Carnival

plc

1,097

1,086

Carriage

Services,

Inc

30

540,400

*

Central

Plaza

Hotel

PCL

783

3,579

*

Century

Casinos,

Inc

25

65,027

*

Chalet

Hotels

Ltd

273

23,590

e

Cheesecake

Factory

748

315,647

*

Chegg,

Inc

7,976

606,000

e,g

China

East

Education

Holdings

Ltd

480

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

42

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

939,000

China

Education

Group

Holdings

Ltd

$

1,207

2,128,000

*,†

China

Maple

Leaf

Educational

Systems

Ltd

3

1,028,000

g

China

New

Higher

Education

Group

Ltd

503

2,572,000

*,e

China

Travel

International

Inv

HK

583

2,202,000

†,e,g

China

Yuhua

Education

Corp

Ltd

157

45,807

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

63,557

29,176

Choice

Hotels

International,

Inc

3,286

32,480

Churchill

Downs,

Inc

6,867

5,732

*

Chuy's

Holdings,

Inc

162

29,751

Cie

des

Alpes

458

2,036,900

*

Cogna

Educacao

819

97,678

Collins

Foods

Ltd

477

70,200

e

Colowide

Co

Ltd

947

2,580,470

Compass

Group

plc

59,588

121,503

Corporate

Travel

Management

Ltd

1,210

2,403

*

Coursera,

Inc

28

2,409

e

Cracker

Barrel

Old

Country

Store,

Inc

228

125,200

e

Create

Restaurants

Holdings,

Inc

865

192,300

Cruzeiro

do

Sul

Educacional

S.A.

139

57,900

Curves

Holdings

Co

Ltd

379

319,900

*

CVC

Brasil

Operadora

e

Agencia

de

Viagens

S.A.

272

195,429

Dadi

Early-Childhood

Education

Group

Ltd

642

212,689

*

Dalata

Hotel

Group

plc

737

173,589

Darden

Restaurants,

Inc

24,013

19,041

*

Dave

&

Buster's

Entertainment,

Inc

675

9,262

Delta

Corp

Ltd

24

327,725

*

Denny's

Corp

3,018

244,976

*

Devyani

International

Ltd

534

613

e

Dine

Brands

Global

Inc.

40

62,223

Domino's

Pizza

Enterprises

Ltd

2,802

392,446

Domino's

Pizza

Group

plc

1,392

31,309

Domino's

Pizza,

Inc

10,845

9,983

*

DoubleUGames

Co

Ltd

372

32,318

Doutor

Nichires

Holdings

Co

Ltd

421

318,017

*,e

DraftKings,

Inc

3,622

47,182

*

Duolingo,

Inc

3,356

48,176

*

Dur

Hospitality

Co

254

340,674

*

Easy

Trip

Planners

Ltd

217

521,000

EC

Healthcare

535

68,898

*

eDreams

ODIGEO

S.A.

291

157,036

*

EIH

Ltd

336

6,082

El

Pollo

Loco

Holdings,

Inc

61

113,436

*,e,g

Elior

Participations

S.C.A

402

66,798

*

Emerson

Pacific,

Inc

356

596,169

Entain

PLC

9,494

1,518,100

*

Erawan

Group

PCL

196

508

e

European

Wax

Center,

Inc

6

1,171,915

*

Everi

Holdings,

Inc

16,817

374,044

g

Evolution

Gaming

Group

AB

36,434

218,014

*

Expedia

Group,

Inc

19,098

9,263

*,e

F45

Training

Holdings,

Inc

26

20,633

*

Fattal

Holdings

1998

Ltd

1,739

1,261

*

First

Watch

Restaurant

Group,

Inc

17

159,551

*,e

Flight

Centre

Travel

Group

Ltd

1,562

199,542

*

Flutter

Entertainment

plc

27,343

265,446

*

Flutter

Entertainment

plc

35,937

63,000

Formosa

International

Hotels

Corp

527

177,400

*,g

Fosun

Tourism

Group

263

24,118

*

frontdoor,

Inc

502

2,900,000

Fu

Shou

Yuan

International

Group

Ltd

2,478

23,299

Fuji

Kyuko

Co

Ltd

843

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

43

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,400

*,e

Fujio

Food

System

Co

Ltd

$

54

10,778

*,e

Full

House

Resorts,

Inc

81

824,757

G8

Education

Ltd

621

3,420,622

Galaxy

Entertainment

Group

Ltd

22,489

1,427,597

Genting

BHD

1,452

2,135,181

Genting

Malaysia

BHD

1,303

2,332,470

Genting

Singapore

Ltd

1,665

1,388

*

Golden

Entertainment,

Inc

52

98,000

Gourmet

Master

Co

Ltd

482

1,095

Graham

Holdings

Co

662

25,626

*

Grand

Canyon

Education,

Inc

2,708

33,439

*

Grand

Korea

Leisure

Co

Ltd

500

345,682

Greggs

plc

9,713

258,371

H&R

Block,

Inc

9,433

3,607,000

*,g

Haichang

Ocean

Park

Holdings

Ltd

736

761,776

e,g

Haidilao

International

Holding

Ltd

2,173

11,672

*

Hana

Tour

Service,

Inc

560

58,789

Heiwa

Corp

1,108

203,000

*,e

Helens

International

Holdings

Co

ltd

383

23,624

Herfy

Food

Services

Co

216

27,037

Hiday

Hidaka

Corp

396

306,301

*

Hilton

Grand

Vacations,

Inc

11,805

797,975

Hilton

Worldwide

Holdings,

Inc

100,832

56,228

*,e

HIS

Co

Ltd

887

4,308,000

e,g

Hope

Education

Group

Co

Ltd

385

233,000

Huangshan

Tourism

Development

Co

Ltd

194

301,255

Huazhu

Group

Ltd

(ADR)

12,779

134,626

Humansoft

Holding

Co

KSC

1,552

38,395

*

Hyatt

Hotels

Corp

3,473

11,800

e

Ichibanya

Co

Ltd

415

1,907,727

IDP

Education

Ltd

35,158

931,293

Indian

Hotels

Co

Ltd

3,583

17,018

*,e

Inspirato,

Inc

20

75,517

*

Inspired

Entertainment,

Inc

957

227,384

InterContinental

Hotels

Group

plc

13,047

500,207

International

Game

Technology

plc

11,345

129,568

Invocare

Ltd

969

5,589

Jack

in

the

Box,

Inc

381

844,000

e,g

Jiumaojiu

International

Holdings

Ltd

2,238

270,913

Jollibee

Foods

Corp

1,119

265,642

Jubilant

Foodworks

Ltd

1,638

438,474

Jumbo

Interactive

Ltd

4,163

54,133

*,e

Kambi

Group

plc

983

59,716

*

Kangwon

Land,

Inc

1,099

14,970

*,e

Kappa

Create

Co

Ltd

156

33,100

Kentucky

Fried

Chicken

Japan

Ltd

695

339,902

Kindred

Group

plc

3,544

18,500

e

Kisoji

Co

Ltd

295

43,300

KOMEDA

Holdings

Co

Ltd

817

272,500

*,e,g

Koolearn

Technology

Holding

Ltd

1,815

49,494

Koshidaka

Holdings

Co

Ltd

371

16,100

e

Krispy

Kreme,

Inc

166

22,604

e

Kura

Corp

514

635

*

Kura

Sushi

USA,

Inc

30

31,783

e

Kyoritsu

Maintenance

Co

Ltd

1,419

171,860

g

La

Francaise

des

Jeux

SAEM

6,915

3,064,675

*

Las

Vegas

Sands

Corp

147,319

571,600

Laureate

Education,

Inc

5,499

28,160

Leejam

Sports

Co

JSC

630

354,268

*,g

Lemon

Tree

Hotels

Ltd

366

12,783

*,e

Life

Time

Group

Holdings,

Inc

153

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

44

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

65,562

*,e

Lindblad

Expeditions

Holdings,

Inc

$

505

21,700

LITALICO,

Inc

378

42,260

*,e

Lotte

Tour

Development

Co

Ltd

486

3,479,207

*

Lottery

Corp

Ltd

10,605

610,000

Lung

Yen

Life

Service

Corp

775

837,100

Magnum

BHD

245

68,987

*

Mahindra

Holidays

&

Resorts

India

Ltd

225

273,232

Marriott

International,

Inc

(Class

A)

40,682

30,909

Marriott

Vacations

Worldwide

Corp

4,160

8,400

e

Matsuya

Foods

Co

Ltd

252

1,889,249

McDonald's

Corp

497,874

114,699

e

McDonald's

Holdings

Co

Japan

Ltd

4,359

8,466

MegaStudyEdu

Co

Ltd

536

3,548,593

*

Melco

Crown

Entertainment

Ltd

(ADR)

40,809

632,817

*

Melco

International

Development

684

132,145

*,e

Melia

Hotels

International

S.A.

647

928,400

*,e

MGM

China

Holdings

Ltd

1,020

1,317,909

MGM

Resorts

International

44,190

2,248,500

*

Minor

International

PCL

2,110

65,094

*,e

Mister

Car

Wash,

Inc

601

225,890

*

Mitchells

&

Butlers

plc

372

309,300

MK

Restaurants

Group

PCL

524

736

*

Monarch

Casino

&

Resort,

Inc

57

10,534

e

Monogatari

Corp

521

79,500

e

MOS

Food

Services,

Inc

1,851

19,453

e

MTY

Food

Group,

Inc

820

18,599

National

Co

for

Learning

&

Education

339

398,500

*,e

Nayuki

Holdings

Ltd

383

8,690

*,e

NEOGAMES

S.A.

106

13,640

*

Nerdy,

Inc

31

987,640

*

New

Oriental

Education

&

Technology

Group,

Inc

3,482

62,442

*

New

Oriental

Education

&

Technology

Group,

Inc

(ADR)

2,174

100,019

*

Noodles

&

Co

549

338,781

*,e

Norwegian

Cruise

Line

Holdings

Ltd

4,147

13,100

Ohsho

Food

Service

Corp

596

22,052

*,e

ONE

Group

Hospitality,

Inc

139

70,809

*

OneSpaWorld

Holdings

Ltd

661

216,487

OPAP

S.A.

3,063

13,584

*,e

Open

Door,

Inc

181

205,298

Oriental

Land

Co

Ltd

29,876

3,597

Papa

John's

International,

Inc

296

49,099

*

Paradise

Co

Ltd

686

31,101

e

Park

Lawn

Corp

594

38,470

*,†

Patisserie

Holdings

plc

0

^

127,411

*

Penn

National

Gaming,

Inc

3,784

20,705

*

Perdoceo

Education

Corp

288

404,000

e

Perfect

Shape

Medical

Ltd

211

73,782

*

Planet

Fitness,

Inc

5,814

225,664

*

Playtech

Ltd

1,385

3,572,481

*

PointsBet

Holdings

Ltd

3,553

11,836

e

Pollard

Banknote

Ltd

167

127,923

*,e

Portillo's,

Inc

2,088

650,750

*

PowerSchool

Holdings,

Inc

15,019

233,124

*

Rank

Group

plc

231

10,770

RCI

Hospitality

Holdings,

Inc

1,004

60,679

Red

Rock

Resorts,

Inc

2,428

384,900

Resorttrust,

Inc

6,850

385,951

Restaurant

Brands

International,

Inc

(Toronto)

24,961

20,500

e

Ringer

Hut

Co

Ltd

343

437,800

Riso

Kyoiku

Co

Ltd

1,215

216,183

Round

One

Corp

782

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

45

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

213,171

*

Royal

Caribbean

Cruises

Ltd

$

10,537

31,700

*,e

Royal

Holdings

Co

Ltd

557

6,922

*

Rush

Street

Interactive,

Inc

25

31,300

Saizeriya

Co

Ltd

710

3,291,492

*

Sands

China

Ltd

10,797

29,394

*

Sapphire

Foods

India

Ltd

475

168,748

*,e,g

Scandic

Hotels

Group

AB

522

28,749

*

Scientific

Games

Corp

(Class

A)

1,685

28,396

*

SeaWorld

Entertainment,

Inc

1,519

161,636

*

Seera

Group

Holding

752

29,684

Seobu

Truck

Terminal

Co

Ltd

183

121,362

Service

Corp

International

8,391

781

*

Shake

Shack,

Inc

32

21,439

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

179

1,152,000

*

Shangri-La

Asia

Ltd

940

360,472

Shenzhen

Overseas

Chinese

Town

Co

Ltd

275

63,636

*

Six

Flags

Entertainment

Corp

1,480

2,598,000

*,e

SJM

Holdings

Ltd

1,500

44,347

e

SkiStar

AB

472

813,531

Sky

City

Entertainment

Group

Ltd

1,223

229,682

e

Skylark

Co

Ltd

2,665

257,400

*

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

661

91,317

e

Sodexho

Alliance

S.A.

8,737

85,414

Songcheng

Performance

Development

Co

Ltd

179

807,936

*

SSP

Group

plc

2,213

872,647

*

Star

Entertainment

Grp

Ltd

1,047

1,677,162

Starbucks

Corp

166,374

7,000

Strategic

Education,

Inc

548

12,098

*

Stride,

Inc

378

76,178

*,e

Super

Hi

International

Holding

Ltd

97

112,593

Sushiro

Global

Holdings

Ltd

2,220

1,838

*,e

Sweetgreen,

Inc

16

3,580,808

Tabcorp

Holdings

Ltd

2,607

292,283

*

TAL

Education

Group

(ADR)

2,061

84,897

*,e

Target

Hospitality

Corp

1,285

378,438

Texas

Roadhouse,

Inc

(Class

A)

34,419

244,585

e

Tokyotokeiba

Co

Ltd

7,005

830,820

*

Tongcheng-Elong

Holdings

Ltd

1,984

46,559

Toridoll.corp

953

3,284

Tosho

Co

Ltd

28

478,767

*,g

Trainline

plc

1,589

68,773

Travel

&

Leisure

Co

2,503

970,516

*

Trip.com

Group

Ltd

(ADR)

33,386

1,173,058

e

TUI

AG.

(DI)

1,881

95,012

*

Udemy,

Inc

1,002

4,446

*

Universal

Technical

Institute,

Inc

30

58,025

*,e

Vacasa,

Inc

73

55,050

Vail

Resorts,

Inc

13,121

24,197

*,e

Vivint

Smart

Home,

Inc

288

380,150

*,e

Webjet

Ltd

1,582

224,710

Wendy's

5,085

79,908

*

Westlife

Development

Ltd

761

106,764

*

Wetherspoon

(J.D.)

plc

570

244,371

Whitbread

plc

7,556

1,025

Wingstop,

Inc

141

16,619

*

WW

International

Inc

64

406,225

Wyndham

Hotels

&

Resorts,

Inc

28,968

27,471,400

*,e

Wynn

Macau

Ltd

30,479

88,971

*

Wynn

Resorts

Ltd

7,337

452,000

e,g

Xiabuxiabu

Catering

Management

China

Holdings

Co

Ltd

511

15,491

*,e

Xponential

Fitness,

Inc

355

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

46

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

261,600

YDUQS

Part

$

501

65,319

e

Yoshinoya

D&C

Co

Ltd

1,138

22,600

*,e

Youdao,

Inc

(ADR)

122

24,389

Young

&

Co's

Brewery

plc

302

620,303

Yum

China

Holdings,

Inc

33,900

745,290

Yum!

Brands,

Inc

95,457

92,922

Zensho

Co

Ltd

2,334

TOTAL

CONSUMER

SERVICES

2,586,733

DIVERSIFIED

FINANCIALS

-

4.5%

123,600

360

Finance,

Inc

(ADR)

2,517

228,440

3i

Group

plc

3,684

40,588

ABC

Arbitrage

280

26,500

Acom

Co

Ltd

63

439,653

*

Aditya

Birla

Capital

Ltd

796

126,900

Aeon

Credit

Service

M

BHD

363

105,300

e

AEON

Financial

Service

Co

Ltd

1,113

83,900

Aeon

Thana

Sinsap

Thailand

PCL

441

348,364

*,†

AET&D

Holdings

No

1

Ptd

Ltd

0

78,928

e

AFC

Gamma,

Inc

1,242

47,504

Affiliated

Managers

Group,

Inc

7,526

461,185

e

AGNC

Investment

Corp

4,773

303,600

Aiful

Corp

912

312,403

AJ

Bell

plc

1,367

1,051,081

Al

Waha

Capital

PJSC

389

4,787

Alerus

Financial

Corp

112

646,411

Allfunds

Group

PLC

4,533

242,069

Ally

Financial,

Inc

5,919

28,875

Alpha

FX

Group

plc

646

84,220

Altshuler

Shaham

Financial

Ltd

166

1,117,006

Amanat

Holdings

PJSC

258

126,782

A-Mark

Precious

Metals,

Inc

4,403

2,214,209

American

Express

Co

327,149

423,289

Ameriprise

Financial,

Inc

131,800

3,422,443

*

AMP

Ltd

3,044

449

g

Amundi

S.A.

25

3,616

e

Angel

Oak

Mortgage,

Inc

17

22,124

Angel

One

Ltd

350

243,011

g

Anima

Holding

S.p.A

973

169,810

e

Annaly

Capital

Management,

Inc

3,580

37,509

e

Antin

Infrastructure

Partners

S.A.

815

42,839

e

Apollo

Commercial

Real

Estate

Finance,

Inc

461

468,739

Apollo

Global

Management,

Inc

29,901

192,147

e

Arbor

Realty

Trust,

Inc

2,534

13,594

e

Ares

Commercial

Real

Estate

Corp

140

293,610

Ares

Management

Corp

20,095

31,371

e

ARMOUR

Residential

REIT,

Inc

177

195,698

Artisan

Partners

Asset

Management,

Inc

5,812

458,997

Ashmore

Group

plc

1,322

39,600

Asia

Sermkij

Leasing

PCL

41

240,500

Asia

Sermkij

Leasing

PCL

246

45,410

*

Assetmark

Financial

Holdings,

Inc

1,044

619

Associated

Capital

Group,

Inc

26

474

*

Atlanticus

Holdings

Corp

12

30,535

Aurelius

AG.

595

91,956

Australian

Ethical

Investment

Ltd

243

87,520

Australian

Stock

Exchange

Ltd

4,031

317,814

e

Avanza

Bank

Holding

AB

6,820

121,314

Avic

Capital

Co

Ltd

57

111,128

Azimut

Holding

S.p.A.

2,487

4,047,129

B3

SA-Brasil

Bolsa

Balcao

10,112

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

47

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

129,000

*,e,g

Bairong,

Inc

$

176

28,039

Bajaj

Auto

Ltd

1,943

295,457

Bajaj

Finance

Ltd

23,405

251,798

Bajaj

Finserv

Ltd

4,700

42,249

*,e

Bakkt

Holdings,

Inc

50

155,287

g

Banca

Farmafactoring

S.p.A

1,232

60,529

e

Banca

Generali

S.p.A

2,078

21,333

Banca

IFIS

S.p.A.

304

223,309

Banca

Mediolanum

S.p.A

1,861

7,198,822

Banco

BTG

Pactual

S.A.

-

Unit

32,564

31,829

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

516

2,077,600

Bangkok

Commercial

Asset

Management

PCL

948

2,067,621

Bank

of

New

York

Mellon

Corp

94,118

1,813,772

*

Berkshire

Hathaway,

Inc

(Class

B)

560,274

1,154,800

*

Beyond

Securities

PCL

443

7,778,100

BFI

Finance

Indonesia

Tbk

PT

527

97,452

BGC

Partners,

Inc

(Class

A)

367

237,581

BlackRock,

Inc

168,357

51,856

e

Blackstone

Mortgage

Trust,

Inc

1,098

751,434

Blackstone,

Inc

55,749

1,609

*

Blucora,

Inc

41

375,871

e

Blue

Owl

Capital,

Inc

3,984

90,900

BOC

International

China

Co

Ltd

138

1,074,085

e

Bolsa

Mexicana

de

Valores

S.A.

de

C.V.

2,074

4,396

Borusan

Yatirim

ve

Pazarlama

AS.

273

103,663

Boursa

Kuwait

Securities

Co

KPSC

702

968,719

Bridgepoint

Group

Ltd

2,237

226,505

Brightsphere

Investment

Group,

Inc

4,661

138,267

BrightSpire

Capital,

Inc

861

40,338

e

Broadmark

Realty

Capital,

Inc

144

414,514

*

Brookfield

Asset

Management

Ltd

11,869

1,646,947

*

Brookfield

Corp

51,792

126,289

BSE

Ltd

830

144,269

Bure

Equity

AB

3,411

184,708

Burford

Capital

Ltd

1,489

949,300

Bursa

Malaysia

BHD

1,433

238,552

Caitong

Securities

Co

Ltd

244

100,373

Canaccord

Financial,

Inc

622

172,158

*

Cannae

Holdings,

Inc

3,555

173,750

Capital

One

Financial

Corp

16,152

1,775,000

Capital

Securities

Corp

625

322,727

Carlyle

Group,

Inc

9,630

147,453

CBOE

Global

Markets,

Inc

18,501

30,742

Cembra

Money

Bank

AG.

2,551

301,018

Central

Depository

Services

India

Ltd

4,047

1,524,132

Chailease

Holding

Co

Ltd

10,738

596,735

Challenger

Financial

Services

Group

Ltd

3,068

111,064

Changjiang

Securities

Co

Ltd

85

5,792,328

Charles

Schwab

Corp

482,269

1,947

e

Chicago

Atlantic

Real

Estate

Finance,

Inc

29

72,477

e

Chimera

Investment

Corp

399

1,726,000

China

Bills

Finance

Corp

814

7,817,574

China

Cinda

Asset

Management

Co

Ltd

1,079

1,086,000

China

Everbright

Ltd

805

2,891,959

China

Galaxy

Securities

Co

Ltd

1,406

261,850

China

Galaxy

Securities

Co

Ltd

(Class

A)

349

76,200

China

Great

Wall

Securities

Co

Ltd

91

63,600

China

International

Capital

Corp

Ltd

348

1,036,937

g

China

International

Capital

Corp

Ltd

1,969

240,736

China

Merchants

Securities

Co

Ltd

460

100,900

e,g

China

Renaissance

Holdings

Ltd

104

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

48

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

111,940

Cholamandalam

Financial

Holdings

Ltd

$

745

445,607

Cholamandalam

Investment

and

Finance

Co

Ltd

3,886

199,796

e

CI

Financial

Corp

1,994

1,474,965

CITIC

Securities

Co

Ltd

2,971

565,316

CITIC

Securities

Co

Ltd

(Class

A)

1,615

377,313

e

Claros

Mortgage

Trust,

Inc

5,550

141,338

g

CMC

Markets

plc

383

339,963

CME

Group,

Inc

57,168

108,897

Coface

S.A.

1,414

67,454

Cohen

&

Steers,

Inc

4,355

128,450

*,e

Coinbase

Global,

Inc

4,546

18,455

e

Compass

Diversified

Trust

336

4,362

*,e

Consumer

Portfolio

Services,

Inc

39

811,448

Coronation

Fund

Managers

Ltd

1,465

122,292

*

Corp

Financiera

Colombiana

S.A.

378

7,999

e

Cowen

Group,

Inc

309

88,621

Creades

AB

663

5,709

*,e

Credit

Acceptance

Corp

2,708

64,866

Credit

Corp

Group

Ltd

822

149,600

Credit

Saison

Co

Ltd

1,929

326,720

Credit

Suisse

Group

975

57,463

*

CreditAccess

Grameen

Ltd

635

19,126

CRISIL

Ltd

708

215,625

CSC

Financial

Co

Ltd

735

2,400,000

CSSC

Hong

Kong

Shipping

Co

Ltd

356

7,138

e

Curo

Group

Holdings

Corp

25

111,802

*

Daishin

Securities

Co

Ltd

1,145

27,728

*

Daishin

Securities

Co

Ltd

PF

255

1,389,993

*

Daiwa

Securities

Group,

Inc

6,142

11,520

Daou

Data

Corp

282

24,504

*

Daou

Technology,

Inc

373

13,797

Deutsche

Bank

AG.

(Registered)

155

15,628

Deutsche

Beteiligungs

AG.

466

277,425

Deutsche

Boerse

AG.

47,770

724,838

*

Dhani

Services

Ltd

362

3,578,000

e

Differ

Group

Holding

Co

Ltd

678

618,896

Discover

Financial

Services

60,547

65,734

g

doBank

S.p.A

504

99,125

Dongxing

Securities

Co

Ltd

110

7,874

*

Donnelley

Financial

Solutions,

Inc

304

153,634

*

Draper

Esprit

plc

657

1,760,837

Dubai

Financial

Market

721

11,052

e

Dynex

Capital,

Inc

141

539,689

East

Money

Information

Co

Ltd

1,500

207,014

*

Eclipx

Group

Ltd

283

256,054

ECN

Capital

Corp

526

17,244,480

Edelweiss

Capital

Ltd

13,330

85,739

EFG

International

819

38,586

eGuarantee,

Inc

713

591,208

*

Egyptian

Financial

Group-Hermes

Holding

427

457,035

Element

Financial

Corp

6,228

17,283

e

Ellington

Financial

Inc

214

7,319

*

Encore

Capital

Group,

Inc

351

9,700

*

Enova

International,

Inc

372

410,475

e

EQT

AB

8,721

1,605,204

Equitable

Holdings,

Inc

46,069

259

Eurazeo

16

1,139,541

g

Euronext

NV

84,362

152,006

Everbright

Securities

Co

Ltd

324

189,748

Evercore

Inc

20,698

75,880

*

EXOR

NV

5,556

34,278

EXOR

NV

2,510

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

49

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

270,239

*

Ezcorp,

Inc

(Class

A)

$

2,202

49,820

Factset

Research

Systems,

Inc

19,988

762,401

Far

East

Horizon

Ltd

594

159,647

Federated

Investors,

Inc

(Class

B)

5,797

55,663

e

Fiera

Capital

Corp

357

69,500

Financial

Products

Group

Co

Ltd

584

123,900

FinVolution

Group

(ADR)

615

224,091

First

Capital

Securities

Co

Ltd

181

94,469

FirstCash

Holdings,

Inc

8,210

4,277,408

FirstRand

Ltd

15,540

134,489

*,e

flatexDEGIRO

AG.

907

31,266

g

Flow

Traders

724

20,713

*

Focus

Financial

Partners,

Inc

772

77,661

e

Franklin

BSP

Realty

Trust,

Inc

1,002

229,665

e

Franklin

Resources,

Inc

6,059

6,835,618

Fuhwa

Financial

Holdings

Co

Ltd

4,817

59,800

*,e

Futu

Holdings

Ltd

(ADR)

2,431

39,784

Fuyo

General

Lease

Co

Ltd

2,593

53,679

e

GCM

Grosvenor,

Inc

409

1,224,000

g

Genertec

Universal

Medical

Group

Company

Limited

741

1,104,200

e

Gentera

SAB

de

C.V.

1,243

737,236

GF

Securities

Co

Ltd

1,055

242,408

GF

Securities

Co

Ltd

(Class

A)

539

40,301

*,e

GMO

Financial

Holdings,

Inc

156

200,654

e

goeasy

Ltd

15,775

549,916

Goldman

Sachs

Group,

Inc

188,830

4,397,338

*

Grab

Holdings

Ltd.

14,159

16,292

Granite

Point

Mortgage

Trust,

Inc

87

49,063

*

Green

Dot

Corp

776

24,694

GRENKE

AG.

516

641

Groupe

Bruxelles

Lambert

S.A.

51

27,584

e

Gruppo

MutuiOnline

S.p.A

778

12,112

Guangzhou

Yuexiu

Financial

Holdings

Group

Co

Ltd

10

106,604

Guolian

Securities

Co

Ltd

172

363,349

Guosen

Securities

Co

Ltd

463

3,107,800

e

Guotai

Junan

International

Hol

286

367,216

Guotai

Junan

Securities

Co

Ltd

717

281,154

Guoyuan

Securities

Co

Ltd

256

2,662,810

e

Haitong

International

Securities

Group

Ltd

296

2,280,773

Haitong

Securities

Co

Ltd

1,399

488,012

Haitong

Securities

Co

Ltd

(Class

A)

609

2,620,000

e,g

Haitong

UniTrust

International

Leasing

Co

Ltd

285

1,564

Hamilton

Lane,

Inc

100

224,073

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

6,494

123,618

*

Hanwha

Securities

Co

231

174,696

Hargreaves

Lansdown

plc

1,799

20,986

Hithink

RoyalFlush

Information

Network

Co

Ltd

297

2,009,266

Hong

Kong

Exchanges

and

Clearing

Ltd

86,339

153,000

Hotai

Finance

Co

Ltd

507

34,861

Houlihan

Lokey,

Inc

3,039

1,030,540

g

Huatai

Securities

Co

Ltd

1,175

153,334

Huatai

Securities

Co

Ltd

(Class

A)

280

42,800

Huaxi

Securities

Co

Ltd

46

74,806

HUB24

Ltd

1,337

34,319

*

Hypoport

AG.

3,562

163,706

g

ICICI

Securities

Ltd

983

1,105,043

IDFC

Ltd

1,084

133,900

e

iFAST

Corp

Ltd

584

3,393,802

IG

Group

Holdings

plc

31,977

102,371

e

IGM

Financial,

Inc

2,858

42,606

IIFL

Wealth

Management

Ltd

913

62,695

*

Illimity

Bank

S.p.A

463

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

50

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

80,102

Impax

Asset

Management

Group

plc

$

705

941,358

g

Indian

Energy

Exchange

Ltd

1,590

458,354

Industrial

Securities

Co

Ltd

378

990

e

Industrivarden

AB

24

132,365

Industrivarden

AB

3,220

319,930

IntegraFin

Holdings

plc

1,169

75,234

Interactive

Brokers

Group,

Inc

(Class

A)

5,443

612,892

Intercontinental

Exchange

Group,

Inc

62,877

297,545

Intermediate

Capital

Group

plc

4,108

822,000

*,e,g

International

Alliance

Financial

Leasing

Co

Ltd

979

300,826

Invesco

Ltd

5,412

10,163

e

Invesco

Mortgage

Capital,

Inc

129

262,607

Investec

Ltd

1,661

709,957

Investec

plc

4,340

30,620

Investment

AB

Oresund

316

506,293

Investor

AB

9,419

11,742

Investor

AB

213

617,354

IOOF

Holdings

Ltd

1,405

1,148,745

IP

Group

plc

774

135,079

Is

Yatirim

Menkul

Degerler

AS

473

1,084,656

iShares

Core

MSCI

Emerging

Markets

ETF

50,653

2,800

iShares

Core

S&P

500

ETF

1,076

426,925

e

iShares

MSCI

Canada

Index

Fund

13,973

27,500

e

iShares

MSCI

EAFE

Index

Fund

1,805

156,763

e

iShares

MSCI

Japan

ETF

8,534

6,580

e

iShares

Russell

2000

Index

Fund

1,147

219,427

Isracard

Ltd

639

37,200

e

J

Trust

Co

Ltd

145

19,325

Jaccs

Co

Ltd

605

22,944

Jackson

Financial,

Inc

798

329,254

e

Jafco

Co

Ltd

5,581

110,686

Janus

Henderson

Group

plc

2,603

86,100

Japan

Securities

Finance

Co

Ltd

751

162,767

Jefferies

Financial

Group,

Inc

5,580

430,325

JM

Financial

Ltd

371

663,700

JMT

Network

Services

PCL

1,320

92,159

JSE

Ltd

588

131,124

g

JTC

plc

1,185

1,334

Julius

Baer

Group

Ltd

78

491,439

Jupiter

Investment

Management

Group

Ltd

789

3,690,000

*

Kingkey

Financial

International

Holdings

Ltd

435

1,590

*

Kinnevik

AB

22

16,938

*

KIWOOM

Securities

Co

Ltd

1,130

530,437

KKR

&

Co,

Inc

24,623

15,703

e

KKR

Real

Estate

Finance

Trust,

Inc

219

26,837

*

Korea

Investment

Holdings

Co

Ltd

1,139

16,648

KRUK

S.A.

1,179

918,128

Krungthai

Card

PCL

1,561

371,552

*

Kumho

Investment

Bank

219

770,522

L&T

Finance

Holdings

Ltd

811

1,419,567

Ladder

Capital

Corp

14,252

67,417

Lazard

Ltd

(Class

A)

2,337

671,255

*

LendingClub

Corp

5,907

1,678

*

LendingTree,

Inc

36

10,598

Leonteq

A.G.

500

125,400

*,e

LexinFintech

Holdings

Ltd

(ADR)

238

92,709

Liontrust

Asset

Management

plc

1,250

509,901

London

Stock

Exchange

Group

plc

43,811

404,312

LPL

Financial

Holdings,

Inc

87,400

449,200

Lufax

Holding

Ltd

(ADR)

871

384

Lundbergs

AB

(B

Shares)

16

18,600

*

M&A

Capital

Partners

Co

Ltd

649

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

51

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

5,200

*,e

M&A

Research

Institute,

Inc

$

246

1,814,074

M&G

plc

4,102

107,370

MA

Financial

Group

Ltd

331

394,840

Macquarie

Group

Ltd

44,573

138,180

Magellan

Financial

Group

Ltd

836

207,434

Magma

Fincorp

Ltd

770

557,567

Mahindra

&

Mahindra

Financial

Services

Ltd

1,577

15,764,304

Man

Group

plc

40,559

446,968

Manappuram

General

Finance

&

Leasing

Ltd

627

53,344

MarketAxess

Holdings,

Inc

14,877

4,036

*

MarketWise,

Inc

7

184,200

Marui

Co

Ltd

3,040

11,381

g

MAS

Financial

Services

Ltd

111

110,100

e

Matsui

Securities

Co

Ltd

657

143,601

*

Meritz

Securities

Co

Ltd

715

10,536,000

Metro

Pacific

Investments

Corp

647

31,328

e

MFA

Financial,

Inc

309

186,177

*

Mirae

Asset

Daewoo

Co

Ltd

900

979,670

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,819

24,600

Mizuho

Leasing

Co

Ltd

622

77,881

MLP

AG.

429

17,094,900

*

MNC

Kapital

Indonesia

Tbk

PT

87

21,542

Moelis

&

Co

827

193,452

e

Monex

Group,

Inc

606

41,354

*

Moneylion,

Inc

26

147,359

Moody's

Corp

41,057

3,405,330

Morgan

Stanley

289,521

22,099

Morningstar,

Inc

4,786

39,542

Motilal

Oswal

Financial

Services

Ltd

327

75,350

MSCI,

Inc

(Class

A)

35,051

455,282

Muangthai

Capital

PCL

499

32,401

Multi

Commodity

Exchange

of

India

Ltd

608

78,737

Muthoot

Finance

Ltd

1,011

276,955

Nasdaq

Inc

16,991

367,093

National

Investments

Co

KSCP

285

33,736

Navient

Corp

555

40,156

Nayifat

Finance

Co

203

4,535

Nelnet,

Inc

(Class

A)

412

115,564

Netwealth

Group

Ltd

947

343,400

New

Residential

Investment

Corp

2,806

116,021

e

New

York

Mortgage

Trust,

Inc

297

22,344

Nexpoint

Real

Estate

Finance,

Inc

355

1,257,523

Ngern

Tid

Lor

PCL

1,070

18,149

*

NICE

Holdings

Co

Ltd

185

214,735

Ninety

One

Ltd

478

430,443

Ninety

One

plc

962

140,336

g

Nippon

Life

India

Asset

Management

Ltd

422

27,200

*,e

Noah

Holdings

Ltd

(ADR)

422

2,045,436

*

Nomura

Holdings,

Inc

7,579

139,586

Nordnet

AB

publ

2,021

9,032

Northern

Trust

Corp

799

76,161

*

Nuvei

Corp

1,936

600,000

*,e

OCI

International

Holdings

Ltd

104

119,593

Okasan

Holdings,

Inc

347

1,894,408

*

Omni

Bridgeway

Ltd

4,662

92,272

OneMain

Holdings,

Inc

3,074

89,889

Onex

Corp

4,334

25,703

*

Open

Lending

Corp

174

13,869

*

Oportun

Financial

Corp

76

2,678

Oppenheimer

Holdings,

Inc

113

14,567

*

OppFi,

Inc

30

10,862

e

Orchid

Island

Capital,

Inc

114

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

52

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

41,250

e

Orient

Corp

$

363

281,751

Orient

Securities

Co

Ltd

361

2,069,168

ORIX

Corp

33,120

1,150,238

Osaka

Securities

Exchange

Co

Ltd

16,578

58,954

Oyak

Yatirim

Menkul

Degerler

AS.

121

8,042,200

*

Pacific

Strategic

Financial

Tbk

PT

584

245,390

Paisalo

Digital

Ltd

229

3,941

Partners

Group

3,490

334,409

Pendal

Group

Ltd

1,133

22,672

e

PennyMac

Mortgage

Investment

Trust

281

1,611,365

*

Pensionbee

Group

plc

1,050

61,305

e

Perpetual

Trustees

Australia

Ltd

1,018

132,452

e

Pinnacle

Investment

Management

Group

Ltd

784

111,848

Piper

Jaffray

Cos

14,562

3,040,404

Piramal

Healthcare

Ltd

30,360

890

PJT

Partners,

Inc

66

469,072

Platinum

Asset

Mangement

Ltd

568

272,538

Plus500

Ltd

5,917

121,266

Polar

Capital

Holdings

plc

699

12,096

*

PRA

Group,

Inc

409

780,000

President

Securities

Corp

396

359,441

*

PROG

Holdings,

Inc

6,071

211,854

Provident

Financial

plc

490

1,290,988

PSG

Konsult

Ltd

920

1,329,409

g

Quilter

plc

1,493

1,793,800

Ratchthani

Leasing

PCL

215

61,031

Rathbone

Brothers

1,502

217,557

Ratos

AB

(B

Shares)

866

158,032

Raymond

James

Financial,

Inc

16,886

22,515

e

Ready

Capital

Corp

251

1,084,499

REC

Ltd

1,526

35,497

e

Redwood

Trust,

Inc

240

2,343

Regional

Management

Corp

66

87,091

Reinet

Investments

S.C.A

1,678

555,221

Remgro

Ltd

4,318

94,644

g

Resurs

Holding

AB

226

10,761

Ricoh

Leasing

Co

Ltd

311

447,380

*,e

Robinhood

Markets,

Inc

3,642

665,427

S&P

Global,

Inc

222,878

37,927

*

Samsung

Securities

Co

Ltd

947

49,280

Saudi

Tadawul

Group

Holding

Co

2,386

155,237

SBI

Cards

&

Payment

Services

Ltd

1,491

1,100,938

*

SBI

Holdings,

Inc

20,976

5,078

Schroders

plc

27

4,213

e

Sculptor

Capital

Management,

Inc

37

518,991

Sealand

Securities

Co

Ltd

248

84,258

SEI

Investments

Co

4,912

452,500

e

Sheng

Ye

Capital

Ltd

363

956,844

Shenwan

Hongyuan

Group

Co

Ltd

547

5,373

Shinyoung

Securities

Co

Ltd

243

162,767

Shriram

Transport

Finance

Co

Ltd

2,702

3,750,944

Singapore

Exchange

Ltd

25,082

202,113

SLM

Corp

3,355

5,599

Societe

Fonciere

Financiere

et

de

Participations

FFP

534

1,149,545

*,e

SoFi

Technologies,

Inc

5,299

15,658

e

Sofina

S.A.

3,457

172,635

SooChow

Securities

Co

Ltd

162

421,273

Southwest

Securities

Co

Ltd

227

18,871

Sparx

Group

Co

Ltd

240

4,500

e

SPDR

S&P

500

ETF

Trust

1,721

149,534

*,e

SPDR

S&P

Biotech

ETF

12,411

23,685

e

Sprott,

Inc

788

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

53

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

768,475

*,†,e

SRH

NV

$

8

711,110

Srisawad

Corp

PCL

999

370,775

St.

James's

Place

plc

4,884

15,710

Standard

Life

Aberdeen

plc

36

449,619

Starwood

Property

Trust,

Inc

8,242

15,909

State

Street

Corp

1,234

54,362

StepStone

Group,

Inc

1,369

168,493

Stifel

Financial

Corp

9,835

31,122

*

StoneX

Group,

Inc

2,966

8,724

Strike

Co

Ltd

296

588,735

Sun

Hung

Kai

&

Co

Ltd

220

31,394

*,e

Sunlight

Financial

Holdings,

Inc

41

81,795

e

Svolder

AB

471

16,096

Swissquote

Group

Holding

S.A.

2,322

1,004

*,e

SWK

Holdings

Corp

18

19,409

Synchrony

Financial

638

178,476

T

Rowe

Price

Group,

Inc

19,465

184,027

Taiwan

Acceptance

Corp

929

232,258

Tamburi

Investment

Partners

S.p.A.

1,819

15,383

Tata

Investment

Corp

Ltd

392

1,191,432

Tel

Aviv

Stock

Exchange

Ltd

7,147

68,267

TMX

Group

Ltd

6,833

173,480

Tokai

Tokyo

Securities

Co

Ltd

464

37,600

Tokyo

Century

Corp

1,267

84,132

*

Tong

Yang

Investment

Bank

160

790,972

TP

Icap

Group

plc

1,669

20,881

TPG

RE

Finance

Trust,

Inc

142

93,044

Tradeweb

Markets,

Inc

6,041

554,789

Transaction

Capital

Ltd

1,081

3,271,626

Turkiye

Sinai

Kalkinma

Bankasi

AS

764

26,062

e

Two

Harbors

Investment

Corp

411

5,279,466

UBS

Group

AG

98,125

86,600

*,e

Up

Fintech

Holding

Ltd

(ADR)

295

59,988

*,e

Upstart

Holdings,

Inc

793

43,062

UTI

Asset

Management

Co

Ltd

447

1,052,011

e

Value

Partners

Group

Ltd

386

27,944

Victory

Capital

Holdings,

Inc

750

226,871

Virtu

Financial,

Inc

4,630

1,935

Virtus

Investment

Partners,

Inc

370

66,717

e

Vontobel

Holding

AG.

4,425

137,911

e

Voya

Financial,

Inc

8,480

23,175

Warsaw

Stock

Exchange

188

2,436,395

Waterland

Financial

Holdings

894

32,100

*,e

WealthNavi,

Inc

327

26,682

Wendel

2,492

287,403

Western

Securities

Co

Ltd

251

85,424

*

Woori

Investment

&

Securities

Co

Ltd

595

381

*,e

World

Acceptance

Corp

25

619,782

*

XP,

Inc

9,507

46,176

g

X-Trade

Brokers

Dom

Maklerski

S.A.

328

2,621,800

*,e

Yangzijiang

Financial

Holding

Pte

Ltd

695

1,698,000

*,e,g

Yixin

Group

Ltd

210

187,865

e

Zenkoku

Hosho

Co

Ltd

7,198

142,591

Zheshang

Securities

Co

Ltd

203

418,200

Zhongtai

Securities

Co

Ltd

385

670,858

*,e

Zip

Co

Ltd

232

TOTAL

DIVERSIFIED

FINANCIALS

4,675,982

ENERGY

-

5.8%

179,200

*

3R

PETROLEUM

OLEO

E

GAS

S.A.

1,284

1,181,000

g

AAG

Energy

Holdings

Ltd

261

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

54

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

17,345,261

Adaro

Energy

Tbk

$

4,297

185,469

*

Advantage

Energy

Ltd

1,297

136,963

Aegis

Logistics

Ltd

574

15,141

*,e

Aemetis,

Inc

60

1,187,023

Aker

BP

ASA

36,896

300,770

Aker

Solutions

ASA

1,158

33,349

Aldrees

Petroleum

and

Transport

Services

Co

664

247,249

*

Alto

Ingredients,

Inc

712

4,583

e

Altus

Midstream

Co

152

55,258

*

Amplify

Energy

Corp

486

241,540

Ampol

Ltd

4,643

264,649

Antero

Midstream

Corp

2,856

2,205,855

*

Antero

Resources

Corp

68,359

243,924

APA

Corp

11,386

1,008,409

e

ARC

Resources

Ltd

13,592

22,397

Arch

Resources,

Inc

3,198

41,176

e

Archrock,

Inc

370

12,752

*

Ardmore

Shipping

Corp

184

562,210

*,e

Athabasca

Oil

Corp

1,001

470,947

Baker

Hughes

Co

13,907

792,400

Bangchak

Corp

PCL

721

6,671,100

Banpu

PCL

(Foreign)

2,637

571,568

*

Baytex

Energy

Trust

2,567

5,172,634

Beach

Petroleum

Ltd

5,617

325,313

Berry

Petroleum

Co

LLC

2,602

1,053,982

Bharat

Petroleum

Corp

Ltd

4,202

270,922

e

Birchcliff

Energy

Ltd

1,887

37,928

Bonanza

Creek

Energy,

Inc

2,197

133,518

*

Borr

Drilling

Ltd

664

274,309

*

Borr

Drilling

Ltd

1,511

286,458

*

Boss

Energy

Ltd

412

29,974,804

BP

plc

172,953

246,400

BP

plc

(ADR)

8,607

4,650,000

*,†,e

Brightoil

Petroleum

Holdings

Ltd

670

7,161

*

Bristow

Group,

Inc

194

2,991,000

*

Bumi

Armada

BHD

326

100,373

*,e

BW

Energy

Ltd

259

160,116

g

BW

LPG

Ltd

1,241

69,135

BW

Offshore

Ltd

175

169,860

Cabot

Oil

&

Gas

Corp

4,173

5,692

Cactus,

Inc

286

299,130

*,e

Cairn

Energy

plc

947

49,693

California

Resources

Corp

2,162

13,036

*

Callon

Petroleum

Co

483

1,422,622

e

Cameco

Corp

32,245

1,484,329

Canadian

Natural

Resources

Ltd

82,427

145,511

e

Cardinal

Energy

Ltd

819

1,589,075

Cenovus

Energy,

Inc

(Toronto)

30,831

3,011

*

Centrus

Energy

Corp

98

228,810

CES

Energy

Solutions

Corp

466

3,802,916

*,e

CGG

S.A.

2,464

2,145,000

e

CGN

Mining

Co

Ltd

222

260,014

ChampionX

Corp

7,538

241,515

Cheniere

Energy,

Inc

36,218

208,596

Chesapeake

Energy

Corp

19,685

3,813,055

Chevron

Corp

684,405

2,641,000

China

Coal

Energy

Co

2,144

825,100

China

Merchants

Energy

Shipping

Co

Ltd

661

2,485,122

China

Oilfield

Services

Ltd

3,021

521,676

China

Shenhua

Energy

Co

Ltd

-

A

2,069

4,946,955

China

Shenhua

Energy

Co

Ltd

-

H

14,251

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

55

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

51,724

*

Clean

Energy

Fuels

Corp

$

269

55,394

*

CNX

Resources

Corp

933

1,766,034

Coal

India

Ltd

4,804

118

*,†,b

Cobalt

International

Energy,

Inc

0

^

1,000,000

Computer

Modelling

Group

Ltd

4,306

356,533

Comstock

Resources

Inc

4,888

4,450,893

ConocoPhillips

525,205

64,101

CONSOL

Energy,

Inc

4,167

15,909

*,e

Cool

Co

Ltd

184

5,896,504

Cosan

SA

Industria

e

Comercio

19,109

315,593

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

547

77,658

Cosmo

Energy

Holdings

Co

Ltd

2,056

218,546

e

Crescent

Energy,

Inc

2,620

578,129

Crescent

Point

Energy

Corp

4,125

127,400

*

Crew

Energy,

Inc

530

20,106

CropEnergies

AG.

280

64,356

CVR

Energy,

Inc

2,017

9,887,047

Dana

Gas

PJSC

2,473

8,866

*

Delek

Group

Ltd

971

735,669

Delek

US

Holdings,

Inc

19,863

101,537

*

Denbury,

Inc

8,836

1,380,439

*,e

Denison

Mines

Corp

1,580

508,047

Devon

Energy

Corp

31,250

181,289

DHT

Holdings,

Inc

1,610

4,599,512

Dialog

Group

BHD

2,558

474,276

*,e

Diamond

Offshore

Drilling,

Inc

4,932

1,244,895

Diamondback

Energy,

Inc

170,277

832,095

Diversified

Gas

&

Oil

plc

1,171

54,217

*

DMC

Global,

Inc

1,054

1,743,440

DNO

International

ASA

2,102

9,297

Dorian

LPG

Ltd

176

10,394

*,e

Dril-Quip,

Inc

282

14,283

DT

Midstream,

Inc

789

27,093

*,e

Empire

Petroleum

Corp

333

433,654

Empresas

COPEC

S.A.

3,236

1,178,300

Enauta

Participacoes

S.A.

3,033

2,477,935

e

Enbridge,

Inc

96,848

3,309,668

ENEOS

Holdings,

Inc

11,271

112,777

Enerflex

Ltd

711

125,765

Energean

plc

1,976

1,168,600

*,†

Energy

Earth

PCL

0

^

369,125

*,e

Energy

Fuels,

Inc

2,292

151,320

*,e

Energy

Fuels,

Inc

937

1

Energy

Transfer

LP

0

^

423,475

Enerplus

Corp

7,475

1,630,444

ENI

S.p.A.

23,184

1,661,191

*

Enquest

plc

(London)

428

26,211

e

Enviva,

Inc

1,388

3,253,603

EOG

Resources,

Inc

421,407

2,434,453

EQT

Corp

82,358

2,718,643

Equinor

ASA

97,709

23,200

*

Equital

Ltd

691

111,214

Equitrans

Midstream

Corp

745

1,080,900

Esso

Thailand

PCL

(Foreign)

393

400,562

Etablissements

Maurel

et

Prom

1,731

177,575

e

Euronav

NV

2,987

5,660

e

Excelerate

Energy,

Inc

142

25,703

Exmar

NV

218

299,214

Exxaro

Resources

Ltd

3,836

3,838,770

Exxon

Mobil

Corp

423,416

8,678

e

FLEX

LNG

Ltd

284

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

56

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

28,811

e

FLEX

LNG

Ltd

$

944

1,327,269

Formosa

Petrochemical

Corp

3,465

74,096

*

Frank's

International

NV

1,343

430,707

e

Freehold

Royalty

Trust

5,036

57,015

*

Frontera

Energy

Corp

517

38,015

e

Frontline

Ltd

461

138,563

e

Frontline

Ltd

(Sigmax

MTF)

1,673

3,330

Galp

Energia

SGPS

S.A.

45

25,886

Gaztransport

Et

Technigaz

S.A.

2,766

163,179

Genel

Energy

PLC

246

60,299

*,e

Gevo,

Inc

115

149,904

Gibson

Energy,

Inc

2,617

27,904

*

Golar

LNG

Ltd

636

154,820

Great

Eastern

Shipping

Co

Ltd

1,256

16,053

*

Green

Plains

Inc

490

728,086

Guanghui

Energy

Co

Ltd

945

829,652

Gujarat

Mineral

Development

Corp

Ltd

1,469

988,493

*

Gulf

International

Services

QSC

402

192,674

Gulf

Keystone

Petroleum

Ltd

469

2,401

*

Gulfport

Energy

Operating

Corp

177

135,960

Hafnia

Ltd

699

1,441,255

Halliburton

Co

56,713

817,224

Harbour

Energy

plc

3,016

1,059,163

e

Headwater

Exploration,

Inc

4,631

44,808

*

Helix

Energy

Solutions

Group,

Inc

331

82,200

Hellenic

Petroleum

S.A.

668

86,677

Helmerich

&

Payne,

Inc

4,297

316,636

Hess

Corp

44,905

20,197

HF

Sinclair

Corp

1,048

1,644,500

Hibiscus

Petroleum

BHD

401

812,282

Hindustan

Petroleum

Corp

Ltd

2,303

464,787

Hunting

plc

1,871

32,406

Hyundai

Robotics

Co

Ltd

1,467

143,749

Idemitsu

Kosan

Co

Ltd

3,365

278,050

Imperial

Oil

Ltd

13,543

3,709,656

Indian

Oil

Corp

Ltd

3,427

375,800

Indo

Tambangraya

Megah

Tbk

PT

944

225,600

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

400

1,439,000

Inner

Mongolia

Yitai

Coal

Co

1,897

1,863,634

Inpex

Holdings,

Inc

20,026

102,460

International

Seaways,

Inc

3,793

7,355,086

IRPC

PCL

(Foreign)

641

107,150

Itochu

Enex

Co

Ltd

854

44,622

Iwatani

International

Corp

1,954

231,177

Japan

Petroleum

Exploration

Co

6,797

419,200

Jizhong

Energy

Resources

Co

Ltd

383

669,979

*

John

Wood

Group

plc

1,086

599,533

*

Karoon

Gas

Australia

Ltd

901

1,750,955

*

Kelt

Exploration

Ltd

6,479

257,416

e

Keyera

Corp

5,626

296,717

Kinder

Morgan,

Inc

5,365

3,082,000

Kinetic

Development

Group

Ltd

237

70,864

Koninklijke

Vopak

NV

2,108

328,686

*

Kosmos

Energy

Ltd

2,090

1,044

*

Laredo

Petroleum,

Inc

54

321,821

Liberty

Oilfield

Services,

Inc

5,152

224,311

Lundin

Petroleum

AB

485

99,356

e

Magnolia

Oil

&

Gas

Corp

2,330

977,710

Marathon

Oil

Corp

26,467

701,435

Marathon

Petroleum

Corp

81,640

348,868

Matador

Resources

Co

19,969

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

57

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

391,902

*

MEG

Energy

Corp

$

5,456

28,000

e

Mitsuuroko

Co

Ltd

241

22,930

Modec,

Inc

236

479,932

e

MOL

Hungarian

Oil

&

Gas

plc

3,345

168,519

Motor

Oil

Hellas

Corinth

Refineries

S.A.

3,925

162,011

Murphy

Oil

Corp

6,968

23,303

*

Nabors

Industries

Ltd

3,609

1,225

e

Nacco

Industries,

Inc

(Class

A)

47

33,969

*

Naphtha

Israel

Petroleum

Corp

Ltd

157

9,491

*

National

Energy

Services

Reunited

Corp

66

51,462

Neste

Oil

Oyj

2,373

44,454

e

New

Fortress

Energy,

Inc

1,886

755,150

e

New

Hope

Corp

Ltd

3,243

25,765

*

Newpark

Resources,

Inc

107

408,717

*,e

NexGen

Energy

Ltd

1,808

793,575

*

NexTier

Oilfield

Solutions,

Inc

7,333

19,242

*

Noble

Corp

plc

726

888,690

Nordic

American

Tankers

Ltd

2,719

692,703

e

Northern

Oil

and

Gas,

Inc

21,349

222,257

NOV,

Inc

4,643

184,860

*

NuVista

Energy

Ltd

1,704

50,559

Oasis

Petroleum,

Inc

6,917

57,401

*

Obsidian

Energy

Ltd

381

881,215

Occidental

Petroleum

Corp

55,508

306,508

*

Oceaneering

International,

Inc

5,361

359,028

*

Odfjell

Drilling

Ltd

974

677,527

Offshore

Oil

Engineering

Co

Ltd

590

276,687

Oil

India

Ltd

699

2,240,375

Oil

Refineries

Ltd

785

19,083

*

Oil

States

International,

Inc

142

55,871

OMV

AG.

2,874

74,120

ONEOK,

Inc

4,870

63,092

e

Ovintiv,

Inc

3,199

2,877,146

*

Paladin

Resources

Ltd

1,358

695,334

*,e

Pantheon

Resources

plc

356

397,229

*

Par

Pacific

Holdings,

Inc

9,236

79,580

e

Paramount

Resources

Ltd

(Class

A)

1,683

114,401

Parex

Resources,

Inc

1,702

495,862

e

Parkland

Corp

10,880

78,766

Pason

Systems,

Inc

927

354,197

Patterson-UTI

Energy,

Inc

5,965

9,884

*

Paz

Oil

Co

Ltd

1,233

326,268

PBF

Energy,

Inc

13,305

17,547

PDC

Energy,

Inc

1,114

541,216

*

Peabody

Energy

Corp

14,299

641,959

e

Pembina

Pipeline

Income

Fund

21,791

1,378

Penn

Virginia

Corp

56

2,671,859

e

Permian

Resources

Corp

25,115

2,162,400

*

Petro

Rio

S.A.

15,231

491,243

*,e

Petrofac

Ltd

417

4,233,895

Petroleo

Brasileiro

S.A.

22,451

5,386,727

Petroleo

Brasileiro

S.A.

(Preference)

24,993

314,680

Petronas

Dagangan

BHD

1,643

1,025,855

Petronet

LNG

Ltd

2,668

141,300

Petroreconcavo

S.A.

883

174,534

e

Peyto

Exploration

&

Development

Corp

1,788

1,117,234

Phillips

66

116,282

211,519

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

328

962,562

Pioneer

Natural

Resources

Co

219,840

134,580

*,e

Pipestone

Energy

Corp

298

717,305

Polski

Koncern

Naftowy

Orlen

S.A.

10,538

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

58

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

100,100

*,†

Poseidon

Concepts

Corp

$

1

396,594

e

PrairieSky

Royalty

Ltd

6,356

57,442

*

Precision

Drilling

Corp

4,400

961,500

Prima

Marine

PCL

198

3,346,000

*,e

Productive

Technologies

Co

Ltd

429

110,643

*,e

ProFrac

Holding

Corp

2,788

281,905

*

ProPetro

Holding

Corp

2,923

8,773,500

PT

AKR

Corporindo

Tbk

789

248,645,800

*

PT

Benakat

Petroleum

Energy

2,519

46,741,900

*

PT

Bumi

Resources

Minerals

Tbk

478

75,770,900

*

PT

Bumi

Resources

Tbk

784

2,938,500

PT

Harum

Energy

Indonesia

Tbk

306

14,077,100

PT

Indika

Energy

Tbk

2,475

8,286,500

PT

Medco

Energi

Internasional

Tbk

541

8,669,700

PT

Tambang

Batubara

Bukit

Asam

Tbk

2,056

5,399,306

PT

United

Tractors

Tbk

9,051

1,854,848

PTT

Exploration

&

Production

PCL

9,446

12,641,009

PTT

PCL

12,253

753,008

Qatar

Fuel

QSC

3,716

2,937,119

Qatar

Gas

Transport

Co

Ltd

2,962

510,961

*

Rabigh

Refining

&

Petrochemical

Co

1,477

146,661

Range

Resources

Corp

3,669

5,476,680

Reliance

Industries

Ltd

168,137

993,400

Repsol

YPF

S.A.

15,812

4,820

*

Rex

American

Resources

Corp

154

2,038

e

Riley

Exploration

Permian,

Inc

60

28,137

*

Ring

Energy,

Inc

69

1,132,934

*,e

Saipem

S.p.A

1,368

46,252

San-Ai

Oil

Co

Ltd

439

3,225,644

Santos

Ltd

15,864

593,390

*

Saras

S.p.A.

730

2,381

Saudi

Arabia

Refineries

Co

46

4,169,500

g

Saudi

Arabian

Oil

Co

35,791

139,525

SBM

Offshore

NV

2,195

1,641,936

Schlumberger

Ltd

87,778

11,639

Schoeller-Bleckmann

Oilfield

Equipment

AG.

730

15,476

Scorpio

Tankers,

Inc

832

320,558

Secure

Energy

Services,

Inc

1,664

372,241

Select

Energy

Services,

Inc

3,439

3,995,300

Semirara

Mining

&

Power

Corp

2,486

190,957

Serica

Energy

plc

663

50

*,†

Serval

Integrated

Energy

Services

0

34,937

SFL

Corp

Ltd

322

782,338

Shaanxi

Coal

Industry

Co

Ltd

2,088

206,300

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

421

230,286

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

557

398,099

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

666

66,552

*

ShawCor

Ltd

675

14,835,749

Shell

plc

418,232

516,800

Siamgas

&

Petrochemicals

PCL

148

822

*,e

SilverBow

Resources,

Inc

23

2,252,000

e

Sinopec

Kantons

Holdings

Ltd

849

311,658

Sitio

Royalties

Corp

8,991

11,752

SK

Discovery

Co

Ltd

281

1,232

SK

Gas

Co

Ltd

113

62,156

*

SK

Innovation

Co

Ltd

7,593

95,217

SM

Energy

Co

3,316

53,718

S-Oil

Corp

3,575

42,632

Solaris

Oilfield

Infrastructure,

Inc

423

413,328

*

Southwestern

Energy

Co

2,418

135,005

e

Spartan

Delta

Corp

1,491

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

59

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,735,500

Star

Petroleum

Refining

PCL

$

536

826,068

e

Subsea

7

S.A.

9,566

2,162,021

Suncor

Energy,

Inc

68,581

79,519

e

Surge

Energy,

Inc

535

210,179

*

Talos

Energy,

Inc

3,968

813,843

e

Tamarack

Valley

Energy

Ltd

2,681

194,314

Targa

Resources

Investments,

Inc

14,282

1,180,986

e

TC

Energy

Corp

47,082

137,784

Technip

Energies

NV

2,166

35,469

*,e

Tecnicas

Reunidas

S.A.

346

378,306

*

Teekay

Corp

1,718

6,974

*

Teekay

Tankers

Ltd

215

1,089,983

*,e

Tellurian,

Inc

1,831

183,001

Tenaris

S.A.

3,209

620,240

Terracom

Ltd

392

40,977

*

Tetra

Technologies,

Inc

142

5,148

Texas

Pacific

Land

Corp

12,068

425,440

TGS

Nopec

Geophysical

Co

ASA

5,753

1,669,932

Thai

Oil

PCL

2,707

131,925

Thungela

Resources

Ltd

2,226

11,609

*

Tidewater,

Inc

428

364,510

e

Topaz

Energy

Corp

5,688

27,165

TORM

plc

777

3,704,529

e

Total

S.A.

232,545

475,858

Tourmaline

Oil

Corp

24,011

922,205

*,e

Transocean

Ltd

4,205

777,880

*

Trican

Well

Service

Ltd

2,103

1,266,759

*,e

Tullow

Oil

plc

567

150,465

*

Turkiye

Petrol

Rafinerileri

AS

4,264

7,210,261

Ultrapar

Participacoes

S.A.

17,119

8,420,000

United

Energy

Group

Ltd

830

6,738

*,e

Uranium

Energy

Corp

26

26,322

*

Ur-Energy,

Inc

30

67,987

*

US

Silica

Holdings,

Inc

850

451,725

e

Vaalco

Energy,

Inc

2,060

71,379

*

Valaris

Ltd

4,827

2,000,337

Valero

Energy

Corp

253,763

138,407

*,e

Vallourec

S.A.

1,824

22,013

Verbio

AG.

1,427

170,462

e

Vermilion

Energy,

Inc

3,018

5,532

*,e

Vertex

Energy,

Inc

34

842,932

g

Viva

Energy

Group

Ltd

1,560

9,126

*

W&T

Offshore,

Inc

51

5,553

*,e

Waga

Energy

S.A.

169

218,034

Washington

H

Soul

Pattinson

&

Co

Ltd

4,091

238,517

*

Weatherford

International

Ltd

12,145

621,184

e

Whitecap

Resources,

Inc

4,927

1,256,195

Whitehaven

Coal

Ltd

8,003

583,198

Williams

Cos,

Inc

19,187

2,724,657

Woodside

Energy

Group

Ltd

65,986

81,899

World

Fuel

Services

Corp

2,238

321,177

Worley

Ltd

3,276

152,533

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

612

1,755,540

Yanzhou

Coal

Mining

Co

Ltd

5,340

210,869

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

1,017

1,493,220

Yinson

Holdings

BHD

824

TOTAL

ENERGY

6,095,325

FOOD

&

STAPLES

RETAILING

-

1.6%

146,850

Abdullah

Al

Othaim

Markets

Co

4,074

562,263

e

Aeon

Co

Ltd

11,872

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

60

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

21,300

Aeon

Hokkaido

Corp

$

180

24,283

Ain

Pharmaciez

Inc

1,112

99,365

Al

Meera

Consumer

Goods

Co

430

1,527,983

Albertsons

Cos,

Inc

31,690

28,237

Al-Dawaa

Medical

Services

Co

540

2,337,094

Alimentation

Couche-Tard,

Inc

102,701

20,561

Almunajem

Foods

Co

338

36,242

Andersons,

Inc

1,268

39,979

Arcs

Co

Ltd

666

635,395

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

1,781

173,343

*,g

Avenue

Supermarts

Ltd

8,511

111,655

Axfood

AB

3,062

14,655

Axial

Retailing,

Inc

377

8,300

Belc

Co

Ltd

362

1,353,112

Berli

Jucker

PCL

1,377

5,543

*

BGF

retail

Co

Ltd

928

358,866

Bid

Corp

Ltd

6,967

513,482

BIM

Birlesik

Magazalar

AS

3,752

24,706

BinDawood

Holding

Co

320

167,840

*

BJ's

Wholesale

Club

Holdings,

Inc

11,104

700,526

e

Carrefour

S.A.

11,717

48,300

Casey's

General

Stores,

Inc

10,836

48,336

*,e

Casino

Guichard

Perrachon

S.A.

505

12,651

Cawachi

Ltd

214

1,510,302

Cencosud

S.A.

2,484

221,634

*

Chefs'

Warehouse

Holdings,

Inc

7,376

6,388,461

Cia

Brasileira

de

Distribuicao

19,773

254,788

Clicks

Group

Ltd

4,050

1,326,417

Coles

Group

Ltd

15,036

57,802

e

Colruyt

S.A.

1,320

1,671,400

Cosco

Capital,

Inc

140

20,600

Cosmos

Pharmaceutical

Corp

2,093

922,034

Costco

Wholesale

Corp

420,909

6,250,216

CP

ALL

plc

12,287

24,600

Create

SD

Holdings

Co

Ltd

615

2,618

e

Daikokutenbussaan

Co

Ltd

107

44,251

DaShenLin

Pharmaceutical

Group

Co

Ltd

252

72,900

*,e

DingDong

Cayman

Ltd

(ADR)

311

51,493

*,g

Dino

Polska

S.A.

4,422

447,371

g

Dis-Chem

Pharmacies

Ltd

757

16,397,216

*

Distribuidora

Internacional

de

Alimentacion

S.A.

222

30,649

*

Dongsuh

Co,

Inc

492

14,341

E-Mart

Co

Ltd

1,115

206,585

Empire

Co

Ltd

5,441

1,364,811

Endeavour

Group

Ltd

5,940

92,265

*

Eurocash

S.A.

288

19,900

Fuji

Co

Ltd

276

24,400

G-7

Holdings,

Inc

306

8,600

e

Genky

DrugStores

Co

Ltd

237

104,602

George

Weston

Ltd

12,978

218,582

GrainCorp

Ltd-A

1,102

54,308

Great

Tree

Pharmacy

Co

Ltd

522

71,928

*

Grocery

Outlet

Holding

Corp

2,100

414,000

Grupo

Comercial

Chedraui

S.a.

DE

C.V.

1,767

579,500

*

Grupo

Mateus

S.A.

692

39,725

*

GS

Retail

Co

Ltd

887

11,000

Halows

Co

Ltd

243

21,858

Heiwado

Co

Ltd

356

942,880

*

HelloFresh

SE

20,578

10,883

*,e

HF

Foods

Group

Inc

44

38,584

*

Hyundai

Greenfood

Co

Ltd

206

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

61

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

24,300

e

Inageya

Co

Ltd

$

228

4,326

Ingles

Markets,

Inc

(Class

A)

417

2,770

Itochu-Shokuhin

Co

Ltd

104

12,246

J

Sainsbury

plc

32

1,265,887

Jeronimo

Martins

SGPS

S.A.

27,388

19,923

Kato

Sangyo

Co

Ltd

531

162,017

Kesko

Oyj

(B

Shares)

3,580

1,000

Kobe

Bussan

Co

Ltd

29

656,922

Koninklijke

Ahold

Delhaize

NV

18,887

592,585

Kroger

Co

26,417

17,034

Kusuri

no

Aoki

Holdings

Co

Ltd

992

515,000

e

La

Comer

SAB

de

C.V.

1,009

46,700

Lawson,

Inc

1,785

19,696

Life

Corp

395

189,831

Loblaw

Cos

Ltd

16,785

5,635

M

Yochananof

&

Sons

Ltd

302

2,027,877

*

Marks

&

Spencer

Group

plc

2,992

37,353

MARR

S.p.A.

456

109,256

Matsumotokiyoshi

Holdings

Co

Ltd

5,492

21,900

Maxvalu

Tokai

Co

Ltd

477

40,870

*

Medplus

Health

Services

Ltd

303

994,224

Metcash

Ltd

2,689

128,001

e

Metro

Wholesale

&

Food

Specialist

AG.

1,242

277,097

Metro,

Inc

15,343

504,576

*

Migros

Ticaret

AS

3,953

46,100

Nahdi

Medical

Co

2,046

9,937

Natural

Grocers

by

Vitamin

C

91

27,221

e

Neighbourly

Pharmacy,

Inc

470

215,030

e

North

West

Co,

Inc

5,649

3,882

*

Ocado

Ltd

29

917,344

e

Olam

Group

Ltd

1,001

590,866

*

Performance

Food

Group

Co

34,501

1,633,533

Pick'n

Pay

Stores

Ltd

5,460

606,717

President

Chain

Store

Corp

5,364

3,752

Pricesmart,

Inc

228

18,252,900

PT

Sumber

Alfaria

Trijaya

Tbk

3,111

1,087,900

Puregold

Price

Club,

Inc

682

1,155,535

Raia

Drogasil

S.A.

5,204

12,148

Rami

Levi

Chain

Stores

Hashikma

Marketing

Ltd

850

27,712

e

Retail

Partners

Co

Ltd

278

9,066

*,e

Rite

Aid

Corp

30

836,650

Robinsons

Retail

Holdings,

Inc

810

17,141

Ryoshoku

Ltd

406

19,200

San-A

Co

Ltd

627

2,161,816

Sendas

Distribuidora

S.A.

7,989

1,382,863

Seven

&

I

Holdings

Co

Ltd

59,264

2,001,610

Sheng

Siong

Group

Ltd

2,463

11,911

Shoei

Foods

Corp

353

13,664

*,g

Shop

Apotheke

Europe

NV

645

548,617

Shoprite

Holdings

Ltd

7,273

643,439

Shufersal

Ltd

3,704

24,798

Sligro

Food

Group

NV

431

3,280,321

SMU

S.A.

449

1,289,637

Sok

Marketler

Ticaret

AS.

1,928

985,150

Sonae

SPGS

S.A.

987

195,955

e

Spar

Group

Ltd

1,309

10,894

SpartanNash

Co

329

23,786

*,e

Sprouts

Farmers

Market,

Inc

770

35,796

Sugi

Pharmacy

Co

Ltd

1,592

281,700

Sundrug

Co

Ltd

8,371

996,885

SYSCO

Corp

76,212

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

62

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

16,926,969

Tesco

plc

$

45,616

63,900

Tsuruha

Holdings,

Inc

4,956

111,604

*

United

Natural

Foods,

Inc

4,320

41,650

United

Super

Markets

Holdings,

Inc

356

320,353

*

US

Foods

Holding

Corp

10,898

30,894

Valor

Co

Ltd

426

2,572

Village

Super

Market

(Class

A)

60

389,036

Walgreens

Boots

Alliance,

Inc

14,534

5,697,736

e

Wal-Mart

de

Mexico

SAB

de

C.V.

20,055

3,142,110

Walmart,

Inc

445,520

4,995

Weis

Markets,

Inc

411

93,860

Welcia

Holdings

Co

Ltd

2,188

1,280,430

Woolworths

Ltd

29,239

17,000

Yaoko

Co

Ltd

875

27,359

Yifeng

Pharmacy

Chain

Co

Ltd

251

32,200

Yokohama

Reito

Co

Ltd

262

10,822

*,e

Zur

Rose

Group

AG.

300

TOTAL

FOOD

&

STAPLES

RETAILING

1,717,409

FOOD,

BEVERAGE

&

TOBACCO

-

4.0%

1,205,317

*,e

a2

Milk

Co

Ltd

5,649

183,067

AAK

AB

3,126

155,489

AG.

Barr

plc

996

13,153

Agrana

Beteiligungs

AG.

210

343,567

Agthia

Group

PJSC

372

467,163

Ajinomoto

Co,

Inc

14,278

17,197

Al

Jouf

Agricultural

Development

Co

204

1,902

e

Alico,

Inc

45

285,509

Almarai

Co

JSC

4,067

1,619,375

Altria

Group,

Inc

74,022

5,141,909

AMBEV

S.A.

14,054

197,315

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

715

34,211

Angel

Yeast

Co

Ltd

222

1,600,725

Anheuser-Busch

InBev

S.A.

96,413

77,228

Anhui

Gujing

Distillery

Co

Ltd

1,236

17,414

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

667

17,217

Anhui

Kouzi

Distillery

Co

Ltd

143

47,700

Anhui

Yingjia

Distillery

Co

Ltd

429

41,037

e

Anora

Group

Oyj

324

140,060

Archer-Daniels-Midland

Co

13,005

16,772

Ariake

Japan

Co

Ltd

554

3,548,168

*,e

Aryzta

AG.

4,238

158,386

Asahi

Breweries

Ltd

4,930

32,130

*

Aseer

Trading

Tourism

&

Manufacturing

Co

88

580,130

Associated

British

Foods

plc

10,999

152,351

Astral

Foods

Ltd

1,459

405,000

e

Ausnutria

Dairy

Corp

Ltd

217

94,348

*,h

AustAsia

Group

Ltd

77

87,182

Austevoll

Seafood

ASA

786

238,949

*

Australian

Agricultural

Co

Ltd

285

54,581

Avanti

Feeds

Ltd

254

330,791

AVI

Ltd

1,465

20,437

B&G

Foods,

Inc

(Class

A)

228

50,148

e

Bakkafrost

P

3,131

853,640

Baladna

361

111,909

Balrampur

Chini

Mills

Ltd

536

1,109

Barry

Callebaut

AG.

2,190

271,115

Bega

Cheese

Ltd

716

165,201

Beijing

Dabeinong

Technology

Group

Co

Ltd

211

50,500

Beijing

Yanjing

Brewery

Co

Ltd

77

1,855

Bell

AG.

478

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

63

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

26,732

*,e

Benson

Hill,

Inc

$

68

4,261

*,e

Beyond

Meat,

Inc

52

17,447

Bombay

Burmah

Trading

Co

191

14,766

e

Bonduelle

S.C.A.

212

8,514

*,e

Boston

Beer

Co,

Inc

(Class

A)

2,806

52,500

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

294

671,547

*

BRF

S.A.

1,045

297,710

Britannia

Industries

Ltd

15,486

119,300

British

American

Tobacco

Malaysia

BHD

304

2,858,579

British

American

Tobacco

plc

113,080

1,379,450

Britvic

plc

12,852

9,270

Brown-Forman

Corp

(Class

A)

610

39,138

Brown-Forman

Corp

(Class

B)

2,571

2,226,029

g

Budweiser

Brewing

Co

APAC

Ltd

6,959

1,655,000

e

Bumitama

Agri

Ltd

730

64,072

Bunge

Ltd

6,392

426,126

*

C&C

Group

plc

904

19,838

Calavo

Growers,

Inc

583

88,800

Calbee,

Inc

2,018

144,183

Cal-Maine

Foods,

Inc

7,851

73,000

Camil

Alimentos

S.A.

115

30,505

Campbell

Soup

Co

1,731

291,200

Carabao

Group

PCL

813

259,173

Carlsberg

AS

(Class

B)

34,378

212,300

Carlsberg

Brewery-Malay

BHD

1,104

84,379

CCL

Products

India

Ltd

540

22,090

*

Celsius

Holdings,

Inc

2,298

1,321,700

Century

Pacific

Food,

Inc

612

7,066

Chacha

Food

Co

Ltd

51

162,800

Charoen

Pokphand

Enterprise

414

2,422,331

Charoen

Pokphand

Foods

PCL

1,732

2,493,021

g

China

Feihe

Ltd

2,111

4,375,889

*,†

China

Huishan

Dairy

Holdings

Co

Ltd

6

370,000

*,†

China

Huiyuan

Juice

Group

Ltd

0

^

3,406,227

China

Mengniu

Dairy

Co

Ltd

15,359

3,892,000

e

China

Modern

Dairy

Holdings

492

2,465,392

China

Resources

Beer

Holdings

Company

Ltd

17,148

937,000

*,e,g

China

Youran

Dairy

Group

Ltd

259

17,527

Chongqing

Brewery

Co

Ltd

321

14,880

Chongqing

Fuling

Zhacai

Group

Co

Ltd

55

142,492

Cia

Cervecerias

Unidas

S.A.

950

1,248,200

Cisarua

Mountain

Dairy

PT

TBK

341

5,390

CJ

CheilJedang

Corp

1,621

199,718

Cloetta

AB

399

4,496,309

Coca-Cola

Co

286,010

3,548

Coca-Cola

Consolidated

Inc

1,818

225,189

*

Coca-Cola

European

Partners

plc

(Class

A)

12,457

596,618

e

Coca-Cola

Femsa

SAB

de

C.V.

4,037

302,148

Coca-Cola

HBC

AG.

7,142

198,700

Coca-Cola

West

Japan

Co

Ltd

2,157

2,416,000

Cofco

International

Ltd

865

2,680,000

COFCO

Meat

Holdings

Ltd

763

377,926

ConAgra

Brands,

Inc

14,626

114,062

Constellation

Brands,

Inc

(Class

A)

26,434

16,781

Corby

Spirit

and

Wine

Ltd

203

502,444

Costa

Group

Holdings

Ltd

939

53,734

Cranswick

plc

1,999

15,133

*

Daesang

Corp

263

1,557,820

g

Dali

Foods

Group

Co

Ltd

709

300,305

Danone

15,828

130,167

*,e

Darling

International,

Inc

8,147

4,739,150

Davide

Campari-Milano

NV

48,113

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

64

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

3,997,901

Diageo

plc

$

174,996

153,066

*

Distell

Group

Holdings

Ltd

1,590

517

*

Dongwon

F&B

Co

Ltd

65

3,326

*

Dongwon

Industries

Co

Ltd

130

1,826

*

Duckhorn

Portfolio,

Inc

30

5,800

e

Dydo

Drinco,

Inc

209

1,751,290

Eastern

Tobacco

1,014

68,483

e

Ebro

Puleva

S.A.

1,075

385,307

Embotelladora

Andina

S.A.

945

486,426

e

Embotelladoras

Arca

SAB

de

C.V.

3,950

2,144

Emmi

AG.

1,815

47,715

e

Ezaki

Glico

Co

Ltd

1,309

789,800

Farm

Fresh

Bhd

289

1,517,530

Fevertree

Drinks

plc

18,875

3,700,000

First

Pacific

Co

1,102

1,364,800

First

Resources

Ltd

1,511

29,497

Flowers

Foods,

Inc

848

2,126,983

Fomento

Economico

Mexicano

S.A.

de

C.V.

16,551

1,083,971

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

84,680

158,946

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,816

137,900

Fraser

&

Neave

Holdings

BHD

677

79,869

Fresh

Del

Monte

Produce,

Inc

2,092

39,541

*

Freshpet,

Inc

2,087

9,845

Fu

Jian

Anjoy

Foods

Co

Ltd

229

49,227

Fuji

Oil

Co

Ltd

760

47,700

Fujian

Sunner

Development

Co

Ltd

162

14,232

e

Fujicco

Co

Ltd

207

4,382

e

Fujiya

Co

Ltd

84

1,003,382

Futuris

Corp

Ltd

6,887

199,915

General

Mills,

Inc

16,763

336,700

Genting

Plantations

BHD

489

517,600

GFPT

PCL

(Foreign)

191

221,842

Glanbia

plc

2,810

81,941

Godfrey

Phillips

India

Ltd

1,959

23,590,025

Golden

Agri-Resources

Ltd

4,403

539,500

Great

Wall

Enterprise

Co

799

592,088

*

Greencore

Group

plc

459

52,510

Grieg

Seafood

ASA

419

215,371

e

Gruma

SAB

de

C.V.

2,882

1,458,941

e

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

6,166

140,500

e

Grupo

Herdez

SAB

de

C.V.

315

442,800

Guan

Chong

Bhd

241

62,145

Guangdong

Haid

Group

Co

Ltd

552

288,400

Guinness

Anchor

BHD

1,650

93,430

Gujarat

Ambuja

Exports

Ltd

288

22,933

*

Hain

Celestial

Group,

Inc

371

15,173

Halwani

Brothers

Co

181

50,355

*

Harim

Holdings

Co

Ltd

307

172,314

Health

&

Happiness

H&H

International

Holdings

Ltd

366

101,447

Heilongjiang

Agriculture

Co

Ltd

201

110,572

Heineken

Holding

NV

8,539

1,737,264

Heineken

NV

163,637

132,723

Henan

Shuanghui

Investment

&

Development

Co

Ltd

494

243,235

Hershey

Co

56,326

33,088

*

Hindustan

Foods

Ltd

244

34,815

*

Hite

Jinro

Co

Ltd

706

14,500

Hokuto

Corp

207

45,119

Hormel

Foods

Corp

2,055

233,390

*

Hostess

Brands,

Inc

5,237

58,762

House

Foods

Corp

1,239

1,862

*

Hyundai

Feed,

Inc

18

773,100

Ichitan

Group

PCL

252

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

65

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

1,063,013

Imperial

Tobacco

Group

plc

$

26,481

1,303,409

Indofood

CBP

Sukses

Makmur

Tbk

837

411,912

Inghams

Group

Ltd

799

10,525

Ingredion,

Inc

1,031

293,053

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,303

9,135,000

*,†

Inti

Agri

Resources

Tbk

PT

0

^

1,638,206

IOI

Corp

BHD

1,508

3,187,901

ITC

Ltd

12,760

34,029

Ito

En

Ltd

1,238

131,400

Itoham

Yonekyu

Holdings,

Inc

697

520

J&J

Snack

Foods

Corp

78

16,244

J.M.

Smucker

Co

2,574

492,200

Jalles

Machado

S.A.

707

346,130

e

Japan

Tobacco,

Inc

6,978

5,689,000

Japfa

Comfeed

Indonesia

Tbk

PT

473

471,742

h

Japfa

Ltd

122

853,682

JBS

S.A.

3,567

72,096

JDE

Peet's

BV

2,085

44,126

Jiangsu

King's

Luck

Brewery

JSC

Ltd

322

66,581

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

1,531

16,062

JiuGui

Liquor

Co

Ltd

318

38,436

John

B.

Sanfilippo

&

Son,

Inc

3,126

22,546

J-Oil

Mills,

Inc

260

35,464

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

188

28,401

Juewei

Food

Co

Ltd

249

75,746

e

Kagome

Co

Ltd

1,756

10,900

Kameda

Seika

Co

Ltd

361

135,099

Kaveri

Seed

Co

Ltd

842

218,189

Kellogg

Co

15,544

62,549

Kerry

Group

plc

(Class

A)

5,650

1,972,104

Keurig

Dr

Pepper,

Inc

70,325

91,997

Kewpie

Corp

1,669

1,827,700

Khon

Kaen

Sugar

Industry

PCL

195

137,675

Kikkoman

Corp

7,247

516,553

Kirin

Brewery

Co

Ltd

7,873

20,080

Kotobuki

Spirits

Co

Ltd

1,176

3,170,982

Kraft

Heinz

Co

129,091

42,521

KRBL

Ltd

201

120,012

*

KT&G

Corp

8,674

274,435

Kuala

Lumpur

Kepong

BHD

1,395

110,385

Kweichow

Moutai

Co

Ltd

27,307

19,633

KWS

Saat

AG.

1,341

258,170

Lamb

Weston

Holdings,

Inc

23,070

1,497

Lancaster

Colony

Corp

295

7,967

*

Landec

Corp

52

3,482

e

Lassonde

Industries,

Inc

286

276,465

Leroy

Seafood

Group

ASA

1,549

95,010

Lian

HWA

Food

Corp

231

795,400

Lien

Hwa

Industrial

Corp

1,295

800

Lindt

&

Spruengli

AG.

8,152

118

Lindt

&

Spruengli

AG.

(Registered)

12,140

2,829

*

Lotte

Chilsung

Beverage

Co

Ltd

396

1,838

*

Lotte

Confectionery

Co

Ltd

179

777

Lotus

Bakeries

NV

5,262

113,162

LT

Foods

Ltd

158

58,723

Luzhou

Laojiao

Co

Ltd

1,887

94,000

M

Dias

Branco

S.A.

638

80,927

e

Maple

Leaf

Foods,

Inc

1,461

340,800

Marfrig

Global

Foods

S.A.

553

348,569

Marico

Ltd

2,145

39,600

Maruha

Nichiro

Corp

753

39,351

McCormick

&

Co,

Inc

3,262

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

66

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

43,687

Megmilk

Snow

Brand

Co

Ltd

$

597

102,022

MEIJI

Holdings

Co

Ltd

5,229

58,371

Mezzan

Holding

Co

KSCC

75

134,236

e

MGP

Ingredients,

Inc

14,280

255,300

Minerva

S.A.

627

10,328

*

Mission

Produce,

Inc

120

44,500

Mitsui

Sugar

Co

Ltd

678

140,895

Molson

Coors

Brewing

Co

(Class

B)

7,259

6,876,300

g

Monde

Nissin

Corp

1,372

4,040,363

Mondelez

International,

Inc

269,290

2,440,610

*

Monster

Beverage

Corp

247,795

37,179

Morinaga

&

Co

Ltd

1,109

196,413

Morinaga

Milk

Industry

Co

Ltd

7,458

418,483

Mowi

ASA

7,131

220,938

Muyuan

Foodstuff

Co

Ltd

1,546

183,000

Namchow

Chemical

Industrial

Ltd

271

54,771

*

National

Agriculture

Development

Co

298

1,258

*

National

Beverage

Corp

59

36,143

Nestle

India

Ltd

8,550

46,414

Nestle

Malaysia

BHD

1,475

3,610,913

Nestle

S.A.

417,094

12,488

*

Neto

Malinda

Trading

Ltd

310

197,705

*

New

Hope

Liuhe

Co

Ltd

366

370,292

Nichirei

Corp

8,091

40,697

Nippon

Flour

Mills

Co

Ltd

501

84,700

Nippon

Meat

Packers,

Inc

2,365

304,759

Nippon

Suisan

Kaisha

Ltd

1,269

23,722

Nisshin

Oillio

Group

Ltd

592

194,000

Nisshin

Seifun

Group,

Inc

2,438

50,778

Nissin

Food

Products

Co

Ltd

4,021

664,568

e

Nissin

Foods

Co

Ltd

569

5,169

*

Nong

Shim

Co

Ltd

1,460

1,967,200

g

Nongfu

Spring

Co

Ltd

11,079

92,273

Oceana

Group

Ltd

344

252,272

Origin

Enterprises

plc

1,164

15,947

*

Orion

Corp

194

15,774

*

Orion

Corp/Republic

of

Korea

1,606

14,309

Orior

AG.

1,134

715,238

Orkla

ASA

5,162

940,817

Osotspa

PCL

767

1,466

*

Ottogi

Corp

554

2,945,803

PepsiCo,

Inc

532,189

331,994

Pernod-Ricard

S.A.

65,311

685

Philip

Morris

CR

507

3,319,419

Philip

Morris

International,

Inc

335,958

83,976

*

Pilgrim's

Pride

Corp

1,993

8,733

*

Post

Holdings,

Inc

788

412,041

PPB

Group

BHD

1,631

604,799

Premier

Foods

plc

794

44,702

e

Premium

Brands

Holdings

Corp

2,716

102,838

Prima

Meat

Packers

Ltd

1,711

1,301,229

Primo

Water

Corp

20,221

164,504

Primo

Water

Corp

(Toronto)

2,554

2,374,800

PT

Astra

Agro

Lestari

Tbk

1,224

4,836,818

PT

Charoen

Pokphand

Indonesia

Tbk

1,756

413,300

PT

Gudang

Garam

Tbk

478

2,861,209

PT

Indofood

Sukses

Makmur

Tbk

1,237

12,202,200

PT

Perusahaan

Perkebunan

London

Sumatra

Indonesia

Tbk

796

4,671,000

PT

Sawit

Sumbermas

Sarana

Tbk

441

976,900

QL

Resources

BHD

1,222

463,300

R&B

Food

Supply

PCL

173

87,535

Radico

Khaitan

Ltd

1,070

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

67

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

45,668

e

Remy

Cointreau

S.A.

$

7,700

12,500

Riken

Vitamin

Co

Ltd

182

506,000

*

RLX

Technology,

Inc

(ADR)

1,164

101,843

e

Rogers

Sugar,

Inc

428

51,381

Royal

Unibrew

A.S.

3,652

19,794

S

Foods,

Inc

446

134,855

Sakata

Seed

Corp

4,470

66,404

Salmar

ASA

2,604

258

*

Samlip

General

Foods

Co

Ltd

15

4,655

Samyang

Foods

Co

Ltd

466

4,106

*

Samyang

Holdings

Corp

224

170,700

Sao

Martinho

S.A.

858

68,586

e

Sapporo

Holdings

Ltd

1,703

291,407

Saputo,

Inc

7,214

22,496

*

Saudi

Fisheries

Co

163

14,834

Saudia

Dairy

&

Foodstuff

Co

854

275,304

Savola

Group

2,019

54,021

g

Scandinavian

Tobacco

Group

A.S.

949

11,991

Schouw

&

Co

903

204

Seaboard

Corp

770

135,425

Select

Harvests

Ltd

359

1,781

*

Seneca

Foods

Corp

109

37,143

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

199

51,042

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

2,086

20,687

e

Showa

Sangyo

Co

Ltd

395

548,372

*

Shree

Renuka

Sugars

Ltd

385

23,001

Sichuan

Swellfun

Co

Ltd

279

1,342,978

Sime

Darby

Plantation

BHD

1,419

50,353

*

Simply

Good

Foods

Co

1,915

113,370

SLC

Agricola

S.A.

1,005

1,248,171

e,g

Smoore

International

Holdings

Ltd

1,915

2,681

*

Sovos

Brands,

Inc

38

401,000

Standard

Foods

Corp

519

52,125

Strauss

Group

Ltd

1,378

69,811

Suedzucker

AG.

1,218

2,057

*,e

SunOpta,

Inc

17

73,761

*

SunOpta,

Inc

620

33,023

Suntory

Beverage

&

Food

Ltd

1,124

3,776,642

e

Swedish

Match

AB

41,096

123,000

Taisun

Enterprise

Co

Ltd

130

581,000

*

Taiwan

TEA

Corp

401

150,203

Takara

Holdings,

Inc

1,189

6,988

Tanmiah

Food

Co

242

67,645

Tata

Coffee

Ltd

178

599,566

Tata

Tea

Ltd

5,549

409,564

Tate

&

Lyle

plc

3,509

1,757,803

Thai

Union

Group

PCL

857

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

329

770,800

Thaifoods

Group

PCL

115

167,632

Tiger

Brands

Ltd

2,072

1,317,301

e

Tingyi

Cayman

Islands

Holding

Corp

2,324

26,639

Toly

Bread

Co

Ltd

59

195,339

Tongwei

Co

Ltd

1,081

1,230

Tootsie

Roll

Industries,

Inc

52

258,800

Toyo

Suisan

Kaisha

Ltd

9,970

715,816

Treasury

Wine

Estates

Ltd

6,613

15,484

*

TreeHouse

Foods,

Inc

765

138,300

Tres

Tentos

Agroindustrial

S.A.

244

52,366

Triveni

Engineering

&

Industries

Ltd

178

4,274,500

TSH

Resources

BHD

1,039

415,471

Tsingtao

Brewery

Co

Ltd

4,091

30,393

Tsingtao

Brewery

Co

Ltd

(Class

A)

469

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

68

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

59,000

Ttet

Union

Corp

$

270

8,377

Turning

Point

Brands,

Inc

181

53,003

Tyson

Foods,

Inc

(Class

A)

3,299

168,146

Ulker

Biskuvi

Sanayi

AS

393

1,019,616

Uni-President

China

Holdings

Ltd

1,018

5,129,384

Uni-President

Enterprises

Corp

11,103

1,000,072

United

Malt

Grp

Ltd

2,361

96,900

United

Plantations

BHD

337

197,628

*

United

Spirits

Ltd

2,094

24,346

Universal

Corp

1,286

563,120

Universal

Robina

1,382

188,075

e

Utz

Brands,

Inc

2,983

247,014

Varun

Beverages

Ltd

3,942

213,171

Vector

Group

Ltd

2,528

6,732

Vilmorin

&

Cie

329

411,847

Vina

Concha

y

Toro

S.A.

519

18,044

*,e

Vintage

Wine

Estates,

Inc

59

40,657

e

Viscofan

S.A.

2,619

132,294

*

Vital

Farms,

Inc

1,974

862,000

Vitasoy

International

Holdings

Ltd

1,772

4,110

VST

Industries

Ltd

164

3,376,694

Want

Want

China

Holdings

Ltd

2,250

297,000

Wei

Chuan

Food

Corp

184

293,270

Wens

Foodstuffs

Group

Co

Ltd

827

3,212,609

g

WH

Group

Ltd

1,874

12,250

*,e

Whole

Earth

Brands,

Inc

50

739,942

Wilmar

International

Ltd

2,305

398,642

Wuliangye

Yibin

Co

Ltd

10,320

74,125

Yakult

Honsha

Co

Ltd

4,825

196,200

e

Yamazaki

Baking

Co

Ltd

2,347

322,407

e

Yihai

International

Holding

Ltd

1,134

93,700

Yihai

Kerry

Arawana

Holdings

Co

Ltd

586

85,617

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

198

1,075,000

e,g

Zhou

Hei

Ya

International

Holdings

Co

Ltd

769

41,477

Zydus

Wellness

Ltd

755

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,188,641

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.1%

55,075

*

1Life

Healthcare,

Inc

920

3,855,895

Abbott

Laboratories

423,339

108,765

*

Acadia

Healthcare

Co,

Inc

8,954

41,559

*

Accolade,

Inc

324

22,002

*

AdaptHealth

Corp

423

3,182

*

Addus

HomeCare

Corp

317

238,642

Advanced

Medical

Solutions

Group

plc

747

142,691

*,e

AGFA-Gevaert

NV

408

1,278

*,e

Agiliti,

Inc

21

166,376

*,e

agilon

health,

Inc

2,685

281,601

Aier

Eye

Hospital

Group

Co

Ltd

1,256

7,158

e

AirSculpt

Technologies,

Inc

26

522,000

g

AK

Medical

Holdings

Ltd

653

83,789

Al

Hammadi

Co

for

Development

and

Investment

897

485,356

Alcon,

Inc

33,305

207,800

Alfresa

Holdings

Corp

2,641

165,033

*

Align

Technology,

Inc

34,805

437,597

*

Alignment

Healthcare,

Inc

5,146

262,299

*

Allscripts

Healthcare

Solutions,

Inc

4,627

423,839

*

Alphatec

Holdings

Inc

5,234

103,621

g

Ambea

AB

437

169,779

Ambu

A.S.

2,180

17,246

*

Amedisys,

Inc

1,441

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

69

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

69,972

*

American

Well

Corp

$

198

149,418

AmerisourceBergen

Corp

24,760

3,872

*

AMN

Healthcare

Services,

Inc

398

642,101

e

Amplifon

S.p.A.

19,173

27,100

Amvis

Holdings,

Inc

685

19,305

Andlauer

Healthcare

Group,

Inc

675

76,712

*

Angiodynamics,

Inc

1,056

129,655

Ansell

Ltd

2,490

156,614

Apollo

Hospitals

Enterprise

Ltd

8,463

813

*,e

Apollo

Medical

Holdings,

Inc

24

606,925

Arjo

AB

2,272

81,500

*,g

Arrail

Group

Ltd

103

29,344

As

One

Corp

1,282

567,140

Asahi

Intecc

Co

Ltd

9,251

119,031

*,g

Aster

DM

Healthcare

Ltd

332

22,861

*,e

ATI

Physical

Therapy,

Inc

7

320,752

*

AtriCure,

Inc

14,235

42

Atrion

Corp

23

116,113

*,g

Attendo

AB

270

126,091

Australian

Clinical

Labs

Ltd

256

14,325

*

Avanos

Medical,

Inc

388

13,549

*

Aveanna

Healthcare

Holdings,

Inc

11

308,752

*

Axonics

Modulation

Technologies,

Inc

19,306

4,589

*

Babylon

Holdings

Ltd

31

1,628,200

Bangkok

Chain

Hospital

PCL

964

4,900,000

Bangkok

Dusit

Medical

Services

PCL

4,098

6,990,071

Bangkok

Dusit

Medical

Services

PCL

5,903

3,377,949

Baxter

International,

Inc

172,174

143,678

Becton

Dickinson

&

Co

36,537

57,250

Beijing

Chunlizhengda

Medical

Instruments

Co

Ltd

116

9,550

*

BioLife

Solutions

Inc

174

51,306

BioMerieux

5,390

24,145

BML,

Inc

613

4,148,277

*

Boston

Scientific

Corp

191,941

56,750

*

Brookdale

Senior

Living,

Inc

155

406,538

Bumrungrad

Hospital

PCL

2,487

75,596

*,e

Butterfly

Network,

Inc

186

70,000

*,e

Cano

Health,

Inc

96

217,550

Cardinal

Health,

Inc

16,723

204,150

*

Cardiovascular

Systems,

Inc

2,781

18,229

*,e

CareMax,

Inc

67

584,000

e

Carenet,

Inc

4,894

22,695

Carl

Zeiss

Meditec

AG.

2,853

7,288

*

Castle

Biosciences,

Inc

172

16,714

e

Cellavision

AB

367

59,544

Celltrion

Healthcare

Co

Ltd

2,752

994,356

*

Centene

Corp

81,547

94,995

*

Certara,

Inc

1,527

64,512

*

Cerus

Corp

235

44,161

*

Chabiotech

Co

Ltd

455

8,333

Chemed

Corp

4,253

971,500

China

Resources

Phoenix

Healthcare

Holdings

Co

Ltd

713

5,533,000

Chularat

Hospital

PCL

588

926,789

Cigna

Corp

307,082

20,684

*

Classys,

Inc

302

814,984

*

Cleopatra

Hospital

176

108,100

CM

Hospitalar

S.A.

330

640,000

C-Mer

Eye

Care

Holdings

Ltd

400

52,842

Cochlear

Ltd

7,298

115,946

Coloplast

AS

13,583

3,617

Coltene

Holding

AG.

298

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

70

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

38,165

*

Community

Health

Systems,

Inc

$

165

28,906

CompuGroup

Medical

SE

&

Co

KgaA

1,110

4,427

*,e

Computer

Programs

&

Systems,

Inc

121

960

Conmed

Corp

85

1,650,990

g

ConvaTec

Group

plc

4,624

7,583

Cooper

Cos,

Inc

2,507

396

*

Corvel

Corp

58

28,508

Craneware

plc

626

188,966

*

Cross

Country

Healthcare,

Inc

5,021

1,601

*

CryoLife,

Inc

19

47,277

*,e

Cue

Health,

Inc

98

488

*,e

Cutera,

Inc

22

343,780

CVS

Group

plc

8,019

1,109,331

CVS

Health

Corp

103,379

122,331

*,e

CYBERDYNE,

Inc

279

37,254

Dallah

Healthcare

Co

1,473

56,333

*

DaVita,

Inc

4,206

24,938

*,e

Definitive

Healthcare

Corp

274

580

*

Demant

A.S.

16

475,528

*,e

dentalcorp

Holdings

Ltd

3,126

7,305

*

Dentium

Co

Ltd

579

33,598

Dentsply

Sirona,

Inc

1,070

1,574,665

*

Dexcom,

Inc

178,315

24,484

DiaSorin

S.p.A.

3,426

92,762

*,e

Doximity,

Inc

3,113

38,763

g

Dr

Lal

PathLabs

Ltd

1,057

89,098

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

5,203

9,260

Draegerwerk

AG.

413

3,463

Draegerwerk

AG.

&

Co

KGaA

135

342,647

Ebos

Group

Ltd

9,527

16,334

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

807

1,715,100

*

Edwards

Lifesciences

Corp

127,964

43,200

Eiken

Chemical

Co

Ltd

558

40,017

El.En.

S.p.A

611

34,138

e

Elan

Corp

242

374,018

e

Elekta

AB

(B

Shares)

2,256

1,069,588

Elevance

Health,

Inc

548,667

37,900

e

EM

Systems

Co

Ltd

233

4,060

e

Embecta

Corp

103

57,775

EMIS

Group

plc

1,308

303,252

Encompass

Health

Corp

18,138

24,735

*

Enhabit,

Inc

326

93,800

*

Enovis

Corp

5,020

1,852

Ensign

Group,

Inc

175

132,651

*

Envista

Holdings

Corp

4,466

136,161

*,e

Establishment

Labs

Holdings,

Inc

8,939

207,939

*

Evolent

Health,

Inc

5,839

65,100

e

Extendicare,

Inc

315

153,361

e

Fagron

NV

2,182

8,913

*

Figs,

Inc

60

384,625

Fisher

&

Paykel

Healthcare

Corp

5,503

257,089

Fleury

S.A.

752

529,699

*

Fortis

Healthcare

Ltd

1,828

205,799

Fresenius

Medical

Care

AG.

6,722

2,752

Fresenius

SE

77

6,562

*

Fulgent

Genetics,

Inc

195

50,173

g

Galenica

AG.

4,094

194,510

Getinge

AB

(B

Shares)

4,044

13,515

*

Glaukos

Corp

590

13,079

*

Globus

Medical,

Inc

971

133,934

GN

Store

Nord

3,092

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

71

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

19,538

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

$

219

160,101

*

Guardant

Health,

Inc

4,355

71,600

*

Gushengtang

Holdings

Ltd

463

13,017

*

Haemonetics

Corp

1,024

3,959,298

*,g

Hapvida

Participacoes

e

Investimentos

S.A.

3,815

1,102,382

Hartalega

Holdings

BHD

426

410,133

HCA

Healthcare,

Inc

98,416

592,224

Healius

Ltd

1,234

16,604

*

Health

Catalyst,

Inc

176

263,633

*

HealthEquity,

Inc

16,250

10,133

*

HealthStream,

Inc

252

73,215

*

Henry

Schein,

Inc

5,848

460,273

*

Hims

&

Hers

Health,

Inc

2,950

78,591

*

HLB

Life

Science

CO

Ltd

662

24,200

e

Hogy

Medical

Co

Ltd

623

39,211

*

Hologic,

Inc

2,933

26,800

Hospital

Mater

Dei

S.A.

37

534,773

*

Hoya

Corp

51,220

60,578

Huadong

Medicine

Co

Ltd

407

230,101

Humana,

Inc

117,855

25,981

*

Humasis

Co

Ltd

293

378,200

*,e,g

Hygeia

Healthcare

Holdings

Co

Ltd

2,698

3,562

*

ICU

Medical,

Inc

561

59,872

*

IDEXX

Laboratories,

Inc

24,425

1,144,689

IHH

Healthcare

BHD

1,615

23,312

*,e

Implantica

AG.

89

38,665

*

Inari

Medical,

Inc

2,458

222,720

*

Inmode

Ltd

7,951

9,415

*,e

Innovage

Holding

Corp

68

6,618

*

Inogen,

Inc

130

6,392

*

Inspire

Medical

Systems,

Inc

1,610

50,700

Instituto

Hermes

Pardini

S.A.

202

54,294

*

Insulet

Corp

15,984

10,381

*

Integer

Holding

Corp

711

56,935

*

Integra

LifeSciences

Holdings

Corp

3,192

159,013

Integral

Diagnostics

Ltd

317

786,183

*

Intuitive

Surgical,

Inc

208,614

87,375

*,e

Invitae

Corp

163

23,151

Ion

Beam

Applications

386

3,856

iRadimed

Corp

109

3,915

iRay

Technology

Co

Ltd

257

4,465

*

iRhythm

Technologies,

Inc

418

761,000

e

IVD

Medical

Holding

Ltd

191

28,044

Jafron

Biomedical

Co

Ltd

125

63,600

Japan

Lifeline

Co

Ltd

440

47,188

Jeol

Ltd

1,269

42,050

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

192

1,709,500

e,g

Jinxin

Fertility

Group

Ltd

1,572

103,100

JMDC,

Inc

2,957

15,630

*

Joint

Corp

219

64,268

Jointown

Pharmaceutical

Group

Co

Ltd

120

244,000

e

Kangji

Medical

Holdings

Ltd

252

869,612

Koninklijke

Philips

Electronics

NV

13,085

81,312

Korian-Medica

882

1,399,500

Kossan

Rubber

Industries

349

2,124,500

KPJ

Healthcare

BHD

487

33,449

*,g

Krishna

Institute

of

Medical

Sciences

Ltd

625

48,028

Laboratory

Corp

of

America

Holdings

11,310

208,879

*

Lantheus

Holdings,

Inc

10,644

1,206

LeMaitre

Vascular,

Inc

55

23,113

Lepu

Medical

Technology

Beijing

Co

Ltd

76

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

72

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

10,689

*

LHC

Group,

Inc

$

1,728

1,423,032

Life

Healthcare

Group

Holdings

Pte

Ltd

1,414

20,602

*,e

LifeStance

Health

Group,

Inc

102

3,808,000

*

Lifetech

Scientific

Corp

1,254

32,617

*

LivaNova

plc

1,812

22,698

Lutronic

Corp

354

299,716

M3,

Inc

8,141

80,163

Mani,

Inc

1,229

10,881

*

Masimo

Corp

1,610

869,579

*

Max

Healthcare

Institute

Ltd

4,611

137,376

McKesson

Corp

51,532

7,287

g

Medacta

Group

S.A.

813

4,379

*,g

Medartis

Holding

AG.

387

223,567

Medicare

Group

383

292,400

Mediceo

Paltac

Holdings

Co

Ltd

3,865

405,814

Mediclinic

International

plc

2,430

68,877

Medicover

AB

923

5,694,200

Medikaloka

Hermina

Tbk

PT

567

21,718

*

Medios

AG.

406

354,960

*,e

Medley,

Inc

10,510

120,500

e,g

Medlive

Technology

Co

Ltd

131

27,018

g

Medmix

AG.

514

26,146

*

MEDNAX,

Inc

389

333,100

*,e

MedPeer,

Inc

3,460

2,179,137

Medtronic

plc

169,363

179,508

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

158

62,384

Menicon

Co

Ltd

1,312

36,074

*

Meridian

Bioscience,

Inc

1,198

153,706

*

Merit

Medical

Systems,

Inc

10,855

210

Metall

Zug

AG.(B

Shares)

437

19,737,800

*

Metro

Healthcare

Indonesia

TBK

PT

604

24,367

g

Metropolis

Healthcare

Ltd

390

633,695

e

Microport

Scientific

Corp

1,653

47,482

*

Middle

East

Healthcare

Co

320

55,800

Miraca

Holdings,

Inc

1,219

89,133

*,g

MLP

Saglik

Hizmetleri

AS.

429

5,659

*

ModivCare,

Inc

508

35,177

*

Molina

Healthcare,

Inc

11,616

163,202

Mouwasat

Medical

Services

Co

9,143

115,073

*,e

Multiplan

Corp

132

20,836

Nagaileben

Co

Ltd

315

134,222

Nakanishi,

Inc

2,600

274,972

*,e

Nanosonics

Ltd

799

54,807

*,e

Nano-X

Imaging

Ltd

404

70,225

Narayana

Hrudayalaya

Ltd

645

3,785

National

Healthcare

Corp

225

18,636

National

Medical

Care

Co

366

809

National

Research

Corp

30

488,375

*

Neogen

Corp

7,438

1,158,007

Network

Healthcare

Holdings

Ltd

990

2,360

Neuca

S.A.

350

14,205

*

Nevro

Corp

563

143,000

*,e,g

New

Horizon

Health

Ltd

321

10,317

*

NextGen

Healthcare,

Inc

194

79,777

Nihon

Kohden

Corp

1,937

156,052

e

Nipro

Corp

1,222

159,379

*,†

NMC

Health

plc

0

^

93,899

*

Novocure

Ltd

6,887

13,331

*,e

Nutex

Health,

Inc

25

21,527

*

NuVasive,

Inc

888

94,089

*,e

Oak

Street

Health,

Inc

2,024

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

73

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

800,406

Oceania

Healthcare

Ltd

$

386

1,689,070

Odontoprev

S.A.

2,888

1,049,638

Olympus

Corp

18,513

3,535

*

Omnicell,

Inc

178

73,400

*

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

83

123,064

*,e

Opko

Health,

Inc

154

18,735

*

OptimizeRx

Corp

315

963,202

*

Option

Care

Health,

Inc

28,983

360,967

*

OraSure

Technologies,

Inc

1,740

130,251

Oriola-KD

Oyj

(B

Shares)

243

5,910

*

Orthofix

Medical

Inc

121

35,141

*

Outset

Medical,

Inc

907

24,066

Ovctek

China,

Inc

123

294,173

*

Owens

&

Minor,

Inc

5,745

72,279

*

Paragon

28,

Inc

1,381

42,644

Paramount

Bed

Holdings

Co

Ltd

832

405,016

Patterson

Cos,

Inc

11,353

12,855

*,e

Pear

Therapeutics,

Inc

15

35,000

Pegavision

Corp

481

313,000

*,g

Peijia

Medical

Ltd

382

2,310

*

Pennant

Group,

Inc

25

8,973

*,e

Penumbra,

Inc

1,996

227,437

*,e

PetIQ,

Inc

2,097

5,186

Pharmagest

Inter@ctive

415

247,800

PHC

Holdings

Corp

2,768

128,498

*

Phreesia,

Inc

4,158

79,000

*,†

Pihsiang

Machinery

Manufacturing

Co

Ltd

0

^

23,620

Poly

Medicure

Ltd

256

552,012

*,e

PolyNovo

Ltd

758

134,207

Premier,

Inc

4,695

306,548

*

Privia

Health

Group,

Inc

6,962

163,797

e

Pro

Medicus

Ltd

6,122

65,128

*

PROCEPT

BioRobotics

Corp

2,705

83,715

*,†

Progenics

Pharmaceuticals,

Inc

0

471,428

*

Progyny,

Inc

14,685

15,581

*

Project

Roadrunner

Parent,

Inc

171

4,160,700

PT

Siloam

International

Hospitals

Tbk

337

4,077

*

Pulmonx

Corp

34

59,300

Qualicorp

S.A.

66

61,549

Quest

Diagnostics,

Inc

9,629

8,620

*

QuidelOrtho

Corp

738

1,292

*

RadNet,

Inc

24

1,667,799

Raffles

Medical

Group

Ltd

1,743

31,138

Rainbow

Children's

Medicare

Ltd

278

340,100

Ramkhamhaeng

Hospital

PCL

528

70,620

Ramsay

Health

Care

Ltd

3,101

385,176

g

Rede

D'Or

Sao

Luiz

S.A.

2,152

77,115

Resmed,

Inc

16,050

25,149

Revenio

Group

Oyj

1,040

491,300

Riverstone

Holdings

Ltd

225

432,927

e

Ryman

Healthcare

Ltd

1,465

24,731

Sartorius

AG.

9,766

44,744

Saudi

Chemical

Co

317

24,009

*

Schrodinger,

Inc

449

38,088

SD

Biosensor,

Inc

912

10,797

*

SeaSpine

Holdings

Corp

90

239,990

e

Sectra

AB

3,432

408,279

Select

Medical

Holdings

Corp

10,138

48,815

*

Sema4

Holdings

Corp

13

23,546

*,e

Senseonics

Holdings,

Inc

24

2,695,482

e

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

4,404

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

74

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,300

*,g

Shanghai

Bio-heart

Biological

Technology

Co

ltd

$

20

97,932

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

251

521,027

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

865

89,746

*,e

Sharecare,

Inc

144

49,322

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

2,237

41,200

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

296

321,936

Ship

Healthcare

Holdings,

Inc

6,547

79,588

*

Shockwave

Medical

Inc

16,364

331,663

g

Siemens

Healthineers

AG.

16,544

79,020

e

Sienna

Senior

Living,

Inc

636

30,294

*,e

Sight

Sciences,

Inc

370

1,168,753

Sigma

Healthcare

Ltd

485

233,242

*

Signify

Health,

Inc

6,685

31,180

*

Silk

Road

Medical

Inc

1,648

894,187

Sinopharm

Group

Co

2,263

153,600

g

Sisram

Medical

Ltd

174

1,038,892

Smith

&

Nephew

plc

13,874

58,000

Solasto

Corp

317

296,173

Sonic

Healthcare

Ltd

6,027

65,190

Sonova

Holdings

AG

15,483

255,716

*,g

Spire

Healthcare

Group

plc

705

1,145,900

Sri

Trang

Gloves

Thailand

PCL

331

53,000

St.

Shine

Optical

Co

Ltd

425

12,068

*

Staar

Surgical

Co

586

15,730

STERIS

plc

2,905

8,520

STRATEC

Biomedical

AG.

738

119,852

e

Straumann

Holding

AG.

13,744

484,073

Stryker

Corp

118,351

228,540

Summerset

Group

Holdings

Ltd

1,284

1,882,801

Supermax

Corp

BHD

372

43,817

*

Surgery

Partners,

Inc

1,221

36,004

*

Surgical

Science

Sweden

AB

568

232,500

Suzuken

Co

Ltd

6,290

70,431

Synlab

AG.

852

155,613

Sysmex

Corp

9,394

36,742

*

Tactile

Systems

Technology,

Inc

422

62,000

TaiDoc

Technology

Corp

373

315,301

*

Tandem

Diabetes

Care,

Inc

14,173

87,535

*

Teladoc,

Inc

2,070

7,407

Teleflex,

Inc

1,849

312,863

*

Tenet

Healthcare

Corp

15,265

1,066,056

Terumo

Corp

30,223

502,280

Thonburi

Healthcare

Group

PCL

993

19,177

g

Thyrocare

Technologies

Ltd

143

51,830

Toho

Pharmaceutical

Co

Ltd

864

25,709

Tokai

Corp

(GIFU)

375

3,684,086

Top

Glove

Corp

BHD

757

12,080

*

Topchoice

Medical

Corp

265

11,581

*

Transmedics

Group,

Inc

715

173,057

*

Treace

Medical

Concepts,

Inc

3,979

8,518

*

UFP

Technologies,

Inc

1,004

245,754

Uniphar

plc

816

2,112,311

e

UnitedHealth

Group,

Inc

1,119,905

33,709

Universal

Health

Services,

Inc

(Class

B)

4,749

44,250

Universal

Vision

Biotechnology

Co

Ltd

430

333

US

Physical

Therapy,

Inc

27

75

Utah

Medical

Products,

Inc

8

7,813

*

Value

Added

Technologies

Co

Ltd

203

11,743

*

Varex

Imaging

Corp

238

576,404

*

Veeva

Systems,

Inc

93,020

226,500

*,e,g

Venus

MedTech

Hangzhou,

Inc

411

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

75

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

45,445

*,e

VG

Acquisition

Corp

$

98

6,383,600

Vibhavadi

Medical

Center

PCL

(Foreign)

501

15,003

*

Vicarious

Surgical,

Inc

30

947,133

*

ViewRay,

Inc

4,243

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

246

181,530

*,e

Vimian

Group

AB

474

240,040

*,e

Well

Health

Technologies

Corp

503

181,033

*

Xvivo

Perfusion

AB

3,175

344,800

*,e,g

Yidu

Tech,

Inc

268

4,309

Ypsomed

Holding

AG.

789

297,312

Zimmer

Biomet

Holdings,

Inc

37,907

6,339

*

Zimvie,

Inc

59

2,164

Zynex

Inc

30

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,343,426

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.5%

19,291

*

Amorepacific

Corp

2,111

5,772

*,e

Beauty

Health

Co

52

421,467

Beiersdorf

AG.

48,162

1,035,814

*

BellRing

Brands,

Inc

26,558

15,168

Blackmores

Ltd

745

68,597

By-health

Co

Ltd

225

1,906

*

Central

Garden

&

Pet

Co

71

7,828

*

Central

Garden

and

Pet

Co

(Class

A)

280

29,000

Chlitina

Holding

Ltd

187

48,407

Church

&

Dwight

Co,

Inc

3,902

36,403

Clorox

Co

5,108

794,794

Colgate-Palmolive

Co

62,622

76,334

Colgate-Palmolive

India

Ltd

1,416

6,686

*

Cosmax,

Inc

394

340,332

*,e

Coty,

Inc

2,913

1,132,221

Dabur

India

Ltd

7,671

13,630

Earth

Chemical

Co

Ltd

522

16,415

Edgewell

Personal

Care

Co

633

329,648

*

elf

Beauty,

Inc

18,229

262,710

Emami

Ltd

1,349

1,426

Energizer

Holdings,

Inc

48

3,981

Essity

AB

104

554,474

Estee

Lauder

Cos

(Class

A)

137,570

106,900

*,e

Euglena

Co

Ltd

792

79,684

Fancl

Corp

1,622

13,853

Gillette

India

Ltd

843

266,528

*

Godrej

Consumer

Products

Ltd

2,812

110,000

Grape

King

Industrial

Co

601

21,118,771

*

Haleon

plc

83,559

458,136

Hengan

International

Group

Co

Ltd

2,429

30,097

Henkel

KGaA

1,934

88,080

Henkel

KGaA

(Preference)

6,105

18,074

*

Herbalife

Nutrition

Ltd

269

1,035,223

Hindustan

Lever

Ltd

31,982

20,200

*

Honest

Co,

Inc

61

33,476

*

Hyundai

Bioscience

Co

Ltd

726

28,559,300

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,385

18,027

Inter

Parfums

S.A.

1,072

695

Inter

Parfums,

Inc

67

45,864

e,g

Jamieson

Wellness,

Inc

1,189

143,997

Jyothy

Laboratories

Ltd

356

474,369

Kao

Corp

18,833

195,917

Kimberly-Clark

Corp

26,596

1,672,218

e

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,838

360

Kobayashi

Pharmaceutical

Co

Ltd

25

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

76

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

14,991

*

Kolmar

BNH

Co

Ltd

$

338

15,160

*

Kolmar

Korea

Co

Ltd

513

6,168

Kose

Corp

670

6,148

*

LG

Household

&

Health

Care

Ltd

3,539

375,200

e

Lion

Corp

4,316

307,881

L'Oreal

S.A.

110,251

41,072

Mandom

Corp

454

28,399

Medifast,

Inc

3,276

337,999

Microbio

Co

Ltd

683

59,298

Milbon

Co

Ltd

2,565

931,464

Natura

&

Co

Holding

S.A.

2,024

3,140

*

Nature's

Sunshine

Products,

Inc

26

13,500

Noevir

Holdings

Co

Ltd

593

8,647

Nu

Skin

Enterprises,

Inc

(Class

A)

365

114,837

*,e

Olaplex

Holdings,

Inc

598

54,477

*,e

Ontex

Group

NV

365

30,598

*

Pacific

Corp

849

3,381

Pharmanutra

S.p.A

225

119,100

e

Pigeon

Corp

1,952

441,700

e

Pola

Orbis

Holdings,

Inc

6,216

3,708,254

Procter

&

Gamble

Co

562,023

5,477

Proya

Cosmetics

Co

Ltd

132

5,170,910

PT

Unilever

Indonesia

Tbk

1,562

231,150

PZ

Cussons

plc

586

1,250,683

Reckitt

Benckiser

Group

plc

86,693

39,937

Reynolds

Consumer

Products,

Inc

1,197

192,290

Rohto

Pharmaceutical

Co

Ltd

3,378

64,049

Sarantis

S.A.

445

1,061,226

Shiseido

Co

Ltd

52,015

295,806

Spectrum

Brands

Holdings,

Inc

18,020

69,000

TCI

Co

Ltd

383

354,199

Uni-Charm

Corp

13,561

16,501

Unilever

plc

828

2,835,103

Unilever

plc

143,138

44,951

*,e

Veru,

Inc

237

232,536

Vinda

International

Holdings

Ltd

683

472

WD-40

Co

76

30,800

e

YA-MAN

Ltd

336

15,600

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

334

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,532,413

INSURANCE

-

3.4%

1,207

Admiral

Group

plc

31

1,844,068

Aegon

NV

9,343

278,242

Aflac,

Inc

20,017

158,276

Ageas

7,023

13,296,674

AIA

Group

Ltd

146,840

21,573

*

Al

Rajhi

Co

for

Co-operative

Insurance

514

428,296

Allianz

AG.

91,466

82,907

Allstate

Corp

11,242

862,260

Alm

Brand

AS

1,399

344,128

*

AMBAC

Financial

Group,

Inc

6,002

187,482

American

Equity

Investment

Life

Holding

Co

8,553

61,649

American

Financial

Group,

Inc

8,463

5,044,050

American

International

Group,

Inc

318,986

21,700

Amerisafe,

Inc

1,128

82,100

Anicom

Holdings,

Inc

360

212,389

Aon

plc

63,746

1,300,968

*

Arch

Capital

Group

Ltd

81,675

9,674

Argo

Group

International

Holdings

Ltd

250

174,118

Arthur

J.

Gallagher

&

Co

32,828

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

77

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

307,647

ASR

Nederland

NV

$

14,617

1,112,587

Assicurazioni

Generali

S.p.A.

19,785

44,494

Assurant,

Inc

5,564

49,229

Assured

Guaranty

Ltd

3,065

325,671

AUB

Group

Ltd

4,961

2,808,324

*

Aviva

plc

14,897

1,876,220

AXA

S.A.

52,263

140,371

Axis

Capital

Holdings

Ltd

7,604

44,960

Baloise

Holding

AG.

6,933

1,159,800

Bangkok

Life

Assurance

PCL

963

449,200

Bangkok

Life

Assurance

PCL

373

758,046

BB

Seguridade

Participacoes

S.A.

4,826

4,268,039

Beazley

plc

34,906

1,891,290

*,e

Bright

Health

Group,

Inc

1,229

21,469

*

Brighthouse

Financial,

Inc

1,101

10,898

Brookfield

Reinsurance

Ltd

341

318,728

Brown

&

Brown,

Inc

18,158

178,877

*

BRP

Group,

Inc

4,497

78,363

Bupa

Arabia

for

Cooperative

Insurance

Co

2,988

9,742,136

Cathay

Financial

Holding

Co

Ltd

12,650

10,525,435

China

Development

Financial

Holding

Corp

4,307

1,915,532

China

Insurance

International

Holdings

Co

Ltd

2,377

8,339,790

China

Life

Insurance

Co

Ltd

14,234

191,575

China

Life

Insurance

Co

Ltd

(Class

A)

1,021

513,100

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,806

2,968,409

China

Pacific

Insurance

Group

Co

Ltd

-

H

6,564

1,778,075

Chubb

Ltd

392,243

48,061

Cincinnati

Financial

Corp

4,921

67,683

*

Clal

Insurance

1,139

22,911

CNA

Financial

Corp

969

185,968

*

Co

for

Cooperative

Insurance

3,970

155,711

Conseco,

Inc

3,558

3,630,000

*,†,e

Convoy

Global

Holdings

Ltd

5

699,817

Corebridge

Financial,

Inc

14,038

16,099

Crawford

&

Co

89

1,077,962

Dai-ichi

Mutual

Life

Insurance

Co

24,344

185,436

e

Definity

Financial

Corp

5,270

390,800

Dhipaya

Group

Holdings

PCL

519

1,334,379

Direct

Line

Insurance

Group

plc

3,557

533,379

*

Discovery

Holdings

Ltd

3,858

4,641

Donegal

Group,

Inc

(Class

A)

66

50,650

*

Dongbu

Insurance

Co

Ltd

2,625

11,032

*

eHealth,

Inc

53

88,236

Employers

Holdings,

Inc

3,806

3,363

*

Enstar

Group

Ltd

777

9,543

Erie

Indemnity

Co

(Class

A)

2,374

338,960

Everest

Re

Group

Ltd

112,287

15,119

*

F&G

Annuities

&

Life,

Inc

302

28,611

Fairfax

Financial

Holdings

Ltd

16,948

81,903

Fidelity

National

Financial

Inc

3,081

31,279

First

American

Financial

Corp

1,637

8,152,668

Fubon

Financial

Holding

Co

Ltd

14,911

154,335

*

Genworth

Financial,

Inc

(Class

A)

816

197,497

Gjensidige

Forsikring

BA

3,874

277,840

Globe

Life,

Inc

33,494

135,411

*

Goosehead

Insurance,

Inc

4,650

341,869

e

Great-West

Lifeco,

Inc

7,903

7,958

*

Greenlight

Capital

Re

Ltd

(Class

A)

65

54,592

Grupo

Catalana

Occidente

S.A.

1,725

76,392

Hannover

Rueckversicherung

AG.

15,073

11,066

Hanover

Insurance

Group,

Inc

1,495

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

78

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,693,435

*

Hanwha

Life

Insurance

Co

Ltd

$

3,716

284,315

Harel

Insurance

Investments

&

Finances

Ltd

2,498

123,573

Hartford

Financial

Services

Group,

Inc

9,371

1,039,302

g

HDFC

Life

Insurance

Co

Ltd

7,099

96,934

Helvetia

Holding

AG.

11,279

4,876

*,e

Hippo

Holdings,

Inc

66

350,287

Hiscox

Ltd

4,618

12,663

Horace

Mann

Educators

Corp

473

206,277

*

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

4,806

129,858

iA

Financial

Corp,

Inc

7,603

256,114

g

ICICI

Lombard

General

Insurance

Co

Ltd

3,824

367,740

g

ICICI

Prudential

Life

Insurance

Co

Ltd

2,001

5,261

IDI

Insurance

Co

Ltd

114

2,647,319

Insurance

Australia

Group

Ltd

8,510

212,800

Intact

Financial

Corp

30,633

280

Investors

Title

Co

41

2,449,600

*

IRB

Brasil

Resseguros

S

397

40,610

James

River

Group

Holdings

Ltd

849

2,124,700

Japan

Post

Holdings

Co

Ltd

17,877

140,900

Japan

Post

Insurance

Co

Ltd

2,478

2,349,971

Just

Retirement

Group

plc

2,324

19,811

Kemper

Corp

975

11,805

Kinsale

Capital

Group,

Inc

3,087

88,203

*

Korean

Reinsurance

Co

476

249,777

Lancashire

Holdings

Ltd

1,964

5,958,430

Legal

&

General

Group

plc

17,864

14,093

*,e

Lemonade,

Inc

193

1,866,000

Life

Insurance

Corp

of

India

15,430

177,048

Lincoln

National

Corp

5,439

587,698

e

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

649

62,112

Loews

Corp

3,623

2,337,437

Manulife

Financial

Corp

41,691

923,402

e

Mapfre

S.A.

1,786

4,465

*

Markel

Corp

5,883

1,617,677

Marsh

&

McLennan

Cos,

Inc

267,693

258,279

*

Max

Financial

Services

Ltd

2,109

14,679

*

MBIA,

Inc

189

4,127,277

Medibank

Pvt

Ltd

8,234

27,342

Menorah

Mivtachim

Holdings

Ltd

531

328,890

Mercuries

&

Associates

Holding

Ltd

162

5,901,782

*

Mercuries

Life

Insurance

Co

Lt

1,061

192,095

Mercury

General

Corp

6,570

36,841

*

Meritz

Fire

&

Marine

Insurance

Co

Ltd

1,459

2,957,146

Metlife,

Inc

214,009

364,312

*

Migdal

Insurance

Holdings

Ltd

416

1,182,757

Momentum

Metropolitan

Holdings

1,190

415,026

MS&AD

Insurance

Group

Holdings

Inc

13,268

155,904

Muenchener

Rueckver

AG.

50,430

686

National

Western

Life

Group,

Inc

193

171,965

New

China

Life

Insurance

Co

Ltd

-

A

742

1,055,365

New

China

Life

insurance

Co

Ltd

-

H

2,569

2,692

*

NI

Holdings,

Inc

36

461,533

nib

holdings

Ltd

2,414

278,780

NN

Group

NV

11,400

5,232,354

Old

Mutual

Ltd

3,210

279,697

Old

Republic

International

Corp

6,755

887,584

*

Oscar

Health,

Inc

2,183

764,256

OUTsurance

Group

Ltd

1,419

505

*

Palomar

Holdings,

Inc

23

132,584

*

PB

Fintech

Ltd

717

11,058,388

People's

Insurance

Co

Group

of

China

Ltd

3,658

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

79

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

885,315

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

$

664

756,518

Phoenix

Group

Holdings

plc

5,542

156,268

Phoenix

Holdings

Ltd

1,667

10,493,556

PICC

Property

&

Casualty

Co

Ltd

9,922

6,928,476

Ping

An

Insurance

Group

Co

of

China

Ltd

45,518

3,755,733

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

25,281

3,389

e,g

Poste

Italiane

S.p.A

33

676,895

e

Power

Corp

Of

Canada

15,922

660,232

Powszechny

Zaklad

Ubezpieczen

S.A.

5,362

105,482

Primerica,

Inc

14,959

76,020

e

Principal

Financial

Group

6,380

16,416

ProAssurance

Corp

287

835,408

Progressive

Corp

108,361

87,156

Protector

Forsikring

ASA

1,115

115,591

Prudential

Financial,

Inc

11,497

2,949,623

Prudential

plc

40,219

12,478,400

PT

Panin

Life

Tbk

287

1,925,782

Qatar

Insurance

Co

SAQ

1,017

1,597,356

QBE

Insurance

Group

Ltd

14,491

193,200

e

Qualitas

Controladora

SAB

de

C.V.

852

20,817

Reinsurance

Group

of

America,

Inc

(Class

A)

2,958

61,693

RenaissanceRe

Holdings

Ltd

11,366

1,335

RLI

Corp

175

2,424

*,e

Root,

Inc

11

73,018

*

Ryan

Specialty

Group

Holdings,

Inc

3,031

4,313

Safety

Insurance

Group,

Inc

363

671,630

Sampo

Oyj

(A

Shares)

35,079

33,282

*

Samsung

Fire

&

Marine

Insurance

Co

Ltd

5,267

85,579

*

Samsung

Life

Insurance

Co

Ltd

4,806

1,937,218

Sanlam

Ltd

5,555

39,741

Santam

Ltd

597

485,051

g

SBI

Life

Insurance

Co

Ltd

7,199

155,422

SCOR

SE

3,581

18,286

Selective

Insurance

Group,

Inc

1,620

40,980

*

Selectquote,

Inc

27

14,797,866

Shin

Kong

Financial

Holding

Co

Ltd

4,218

281,000

Shinkong

Insurance

Co

Ltd

447

25,846

*

SiriusPoint

Ltd

152

1,053,320

Sompo

Holdings,

Inc

46,602

1,045,317

Steadfast

Group

Ltd

3,882

8,170

Stewart

Information

Services

Corp

349

1,119,204

Storebrand

ASA

9,727

796,921

e

Sun

Life

Financial,

Inc

36,991

1,743,337

Suncorp-Metway

Ltd

14,206

30,846

Swiss

Life

Holding

15,900

337,705

Swiss

Re

Ltd

31,576

248,500

Syarikat

Takaful

Malaysia

BHD

194

1,232,665

T&D

Holdings,

Inc

17,645

17,532

Tiptree

Inc

243

2,182,797

Tokio

Marine

Holdings,

Inc

46,630

45,723

*

Tongyang

Life

Insurance

Co

Ltd

176

107,080

Topdanmark

AS

5,635

531,400

TQM

Corp

PCL

598

194,955

Travelers

Cos,

Inc

36,552

33,019

*

Trean

Insurance

Group,

Inc

198

45,635

*

Trisura

Group

Ltd

1,526

817

*,e

Trupanion,

Inc

39

362,106

Tryg

A.S.

8,606

404,556

Unipol

Gruppo

Finanziario

S.p.A

1,970

133,336

Uniqa

Versicherungen

AG.

997

6,503

United

Fire

Group

Inc

178

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

80

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,549

Universal

Insurance

Holdings,

Inc

$

69

164,849

Unum

Group

6,764

37,575

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

898

319,014

W.R.

Berkley

Corp

23,151

2,804

White

Mountains

Insurance

Group

Ltd

3,966

207,093

Willis

Towers

Watson

plc

50,651

23,576

Wuestenrot

&

Wuerttembergische

AG.

389

478,505

*,e,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

1,303

440,498

Zurich

Insurance

Group

AG

210,592

TOTAL

INSURANCE

3,534,646

MATERIALS

-

5.2%

250,381

e

29Metals

Ltd

325

215,144

Aarti

Industries

1,584

59,842

*,†

Aarti

Pharmalabs

Ltd

275

479,518

Abou

Kir

Fertilizers

&

Chemical

Industries

753

196,661

Acerinox

S.A.

1,944

79,538

ADEKA

Corp

1,298

398,972

Adelaide

Brighton

Ltd

449

45,110

Advanced

Enzyme

Technologies

Ltd

153

8,382

*,e

Advanced

Nano

Products

Co

Ltd

516

133,901

Advanced

Petrochemical

Co

1,523

5,563

AdvanSix,

Inc

212

89,213

Aeci

Ltd

460

111,574

African

Rainbow

Minerals

Ltd

1,885

584,593

Agnico-Eagle

Mines

Ltd

30,378

48,452

Aica

Kogyo

Co

Ltd

1,146

705,692

Air

Liquide

100,163

223,253

Air

Products

&

Chemicals,

Inc

68,820

185,200

Air

Water,

Inc

2,150

7,443

Akzo

Nobel

India

Ltd

199

99,567

Akzo

Nobel

NV

6,681

29,282

Al

Masane

Al

Kobra

Mining

Co

562

398,431

Alamos

Gold,

Inc

4,028

109,803

Albemarle

Corp

23,812

618,119

Alcoa

Corp

28,106

63,657

e

Algoma

Steel

Group,

Inc

402

15,986

Alkyl

Amines

Chemicals

514

4,211

*

Allegheny

Technologies,

Inc

126

39,000

Allied

Supreme

Corp

406

584,271

*

Allkem

Ltd

4,426

3,205

Alpha

Metallurgical

Resources,

Inc

469

37,796

Altius

Minerals

Corp

620

57,606

e

Altri

SGPS

S.A.

308

28,369

Alujain

Corp

286

2,531,553

Alumina

Ltd

2,614

4,743,964

Aluminum

Corp

of

China

Ltd

2,008

929,287

Aluminum

Corp

of

China

Ltd

(Class

A)

596

654,385

Ambuja

Cements

Ltd

4,139

64,495

Amcor

plc

768

25,245

American

Vanguard

Corp

548

90,075

AMG

Advanced

Metallurgical

Group

NV

3,329

21,073

*,e

Amyris,

Inc

32

59,206

Anglo

American

Platinum

Ltd

4,941

1,376,450

Anglo

American

plc

53,902

448,687

AngloGold

Ashanti

Ltd

8,742

761,053

e

AngloGold

Ashanti

Ltd

(ADR)

14,780

842,565

Anhui

Conch

Cement

Co

Ltd

2,936

163,745

Anhui

Conch

Cement

Co

Ltd

(Class

A)

643

22,920

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

96

397,693

Antofagasta

plc

7,424

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

81

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

49,316

APERAM

$

1,564

199,168

APL

Apollo

Tubes

Ltd

2,621

2,758

Aptargroup,

Inc

303

38,396

Arabian

Cement

Co

343

533,858

ArcelorMittal

14,084

30,799

*

Arconic

Corp

652

21,277

*,†,e

Ardagh

Group

S.A.

256

117,715

Ardagh

Metal

Packaging

S.A.

566

1,302,728

*

Argosy

Minerals

Ltd

498

158,759

e

Arkema

14,280

81,634

Asahi

Holdings,

Inc

1,193

864,340

Asahi

Kasei

Corp

6,153

39,197

Ashland

Global

Holdings,

Inc

4,215

586,000

Asia

Cement

China

Holdings

Corp

276

1,541,044

Asia

Cement

Corp

2,053

438,000

Asia

Polymer

400

408,535

Asian

Paints

Ltd

15,188

66,500

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

260

51,270

*

Aspen

Aerogels,

Inc

604

81,465

Associated

Cement

Co

Ltd

2,400

7,026

Astec

Lifesciences

Ltd

149

124,984

Atalaya

Mining

plc

499

17,041

Atul

Ltd

1,699

49,162

Aurubis

AG.

4,002

60,594

Avery

Dennison

Corp

10,968

419,112

Avient

Corp

14,149

3,056,195

*,†,e

AVZ

Minerals

Ltd

1,623

747,791

*

Axalta

Coating

Systems

Ltd

19,046

81,318

*

Aya

Gold

&

Silver,

Inc

542

1,090,705

B2Gold

Corp

3,875

11,265

Balaji

Amines

Ltd

368

15,473

Balchem

Corp

1,889

230,316

Ball

Corp

11,778

1,685,285

Baoshan

Iron

&

Steel

Co

Ltd

1,353

2,427,122

Barrick

Gold

Corp

41,605

10,963

BASF

India

Ltd

373

870,253

BASF

SE

42,850

21,720

Bayer

CropScience

Ltd

1,296

759,600

BBMG

Corp

277

31,700

Beijing

Easpring

Material

Technology

Co

Ltd

257

34,792

Bekaert

S.A.

1,352

1,093,861

*

Bellevue

Gold

Ltd

848

152,304

Berger

Paints

India

Ltd

1,067

21,690,000

Berkah

Beton

Sadaya

Tbk

PT

1,031

23,019

Berry

Global

Group,

Inc

1,391

51,080

e

BEWi

ASA

239

6,754,873

BHP

Billiton

Ltd

209,245

423,821

Billerud

AB

5,170

4,000

*,†,e

Bio

On

S.p.A.

0

^

28,588

Birla

Corp

Ltd

338

701,082

BlueScope

Steel

Ltd

7,990

429,295

Boliden

AB

16,125

357,038

e

Boral

Ltd

700

89,934

Borregaard

ASA

1,394

377,025

Boubyan

Petrochemicals

Co

KSCP

986

261,800

Bradespar

S.A.

1,459

17,900

Bradespar

S.A.

86

197,000

Braskem

S.A.

894

1,630,716

Breedon

Group

plc

1,201

73,234

Brickworks

Ltd

1,102

98,266

Buzzi

Unicem

S.p.A.

1,894

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

82

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

19,700

*

C

Uyemura

&

Co

Ltd

$

908

1,964

Cabot

Corp

131

378,681

*

Calibre

Mining

Corp

252

260,686

*,e

Calix

Ltd

789

58,695

*

Canfor

Corp

924

59,107

CAP

S.A.

484

262,834

*

Capricorn

Metals

Ltd

824

353,277

*,e

Capstone

Copper

Corp

1,289

126,513

Carborundum

Universal

Ltd

1,335

14,569

Carpenter

Technology

Corp

538

58,955

e

Cascades,

Inc

368

1,324,777

Castrol

India

Ltd

1,970

173,132

CCL

Industries

7,396

104,898

Celanese

Corp

(Series

A)

10,725

51,358

Cementir

Holding

NV

337

529,128

Cementos

Argos

S.A.

393

16,666,230

*,e

Cemex

S.A.

de

C.V.

6,740

2,002,734

Centamin

plc

2,737

215,335

Centerra

Gold,

Inc

1,115

153,177

Central

Asia

Metals

plc

459

3,080

*

Century

Aluminum

Co

25

153,000

Century

Iron

&

Steel

Industrial

Co

Ltd

440

62,863

Century

Plyboards

India

Ltd

390

58,051

Century

Textile

&

Industries

Ltd

501

180,375

CF

Industries

Holdings,

Inc

15,368

336,217

*

Chalice

Gold

Mines

Ltd

1,441

295,459

Chambal

Fertilizers

&

Chemicals

Ltd

1,107

369,154

Champion

Iron

Ltd

1,826

1,730

Chase

Corp

149

105,451

Chemours

Co

3,229

81,624

*

Chemplast

Sanmar

Ltd

453

948,000

Cheng

Loong

Corp

842

165,800

Chengtun

Mining

Group

Co

Ltd

140

54,200

Chengxin

Lithium

Group

Co

Ltd

291

511,000

Chia

Hsin

Cement

Corp

289

6,188,000

China

BlueChemical

Ltd

1,463

406,000

China

General

Plastics

Corp

348

2,939,605

China

Hongqiao

Group

Ltd

2,772

201,429

China

Jushi

Co

Ltd

396

1,236,000

China

Manmade

Fibers

Corp

346

257,000

China

Metal

Products

240

55,700

China

Minmetals

Rare

Earth

Co

Ltd

263

4,264,614

China

Molybdenum

Co

Ltd

1,954

719,044

China

Molybdenum

Co

Ltd

(Class

A)

469

2,774,276

China

National

Building

Material

Co

Ltd

2,267

1,475,000

China

Nonferrous

Mining

Corp

Ltd

755

249,529

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

895

2,246,000

China

Oriental

Group

Co

Ltd

410

3,835,000

China

Petrochemical

Development

Corp

1,229

1,874,248

e

China

Resources

Cement

Holdings

Ltd

990

126,000

China

Steel

Chemical

Corp

432

12,803,181

China

Steel

Corp

12,406

3,282,251

China

XLX

Fertiliser

Ltd

1,700

4,462,240

*,†,e

China

Zhongwang

Holdings

Ltd

6

59,762

Chr

Hansen

Holding

A/S

4,299

23,078

e

Chugoku

Marine

Paints

Ltd

167

512,000

Chun

Yuan

Steel

265

4,802

Chunbo

Co

Ltd

836

950,000

Chung

Hung

Steel

Corp

826

418,000

Chung

Hwa

Pulp

Corp

219

166,400

Cia

Brasileira

de

Aluminio

359

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

83

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

234,922

e

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

$

1,750

38,600

Cia

Ferro

Ligas

da

Bahia

-

FERBASA

390

663,150

Cia

Siderurgica

Nacional

S.A.

1,808

68,146

Ciech

S.A.

647

51,901

City

Cement

Co

278

218,476

Clariant

AG.

3,470

24,652

Clean

Science

&

Technology

Ltd

442

42,912

*

Clearwater

Paper

Corp

1,623

476,178

*

Cleveland-Cliffs,

Inc

7,671

24,600

CNGR

Advanced

Material

Co

Ltd

232

215,180

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

190

311,330

*

Coeur

Mining,

Inc

1,046

31,215

Commercial

Metals

Co

1,508

86,132

*

Companhia

Vale

do

Rio

Doce

6

87,017

Compass

Minerals

International,

Inc

3,568

969,271

*

Constellium

SE

11,466

59,687

Corbion

NV

2,042

1,587,338

*,e

Core

Lithium

Ltd

1,095

463,959

Coromandel

International

Ltd

4,971

4,043,973

g

Coronado

Global

Resources,

Inc

5,468

4,499,019

Corteva,

Inc

264,452

59,899

e

Corticeira

Amorim

SGPS

S.A.

559

27,232

*

Cosmochemical

Co

Ltd

445

194,938

g

Covestro

AG.

7,594

2,552,229

CRH

plc

101,503

106,909

Croda

International

plc

8,508

2,037,276

Crown

Holdings,

Inc

167,484

1

*

Cryptyde,

Inc

0

^

481,614

CSR

Ltd

1,540

2,272,100

D&L

Industries

Inc

322

259,000

Daicel

Chemical

Industries

Ltd

1,864

28,231

Daido

Steel

Co

Ltd

920

4,100

Daiken

Corp

65

26,300

e

Daiki

Aluminium

Industry

Co

Ltd

248

76,099

Daio

Paper

Corp

584

23,666

*

Dakota

Gold

Corp

72

87,734

Dalmia

Bharat

Ltd

1,971

27,891

*,e

Danimer

Scientific,

Inc

50

1,288,743

*,e

De

Grey

Mining

Ltd

1,135

48,522

Deepak

Fertilizers

&

Petrochemicals

Corp

Ltd

419

62,205

Deepak

Nitrite

Ltd

1,489

77,249

Denki

Kagaku

Kogyo

KK

1,765

421,502

Deterra

Royalties

Ltd

1,305

421,410

Dexco

S.A.

540

74,101

e

DIC

Corp

1,301

58,300

Do-Fluoride

New

Materials

Co

Ltd

279

28,649

Dongbu

Steel

Co

Ltd

168

29,087

Dongjin

Semichem

Co

Ltd

695

68,586

*

Dongkuk

Steel

Mill

Co

Ltd

606

5,728

*

Dongwha

Enterprise

Co

Ltd

226

6,322

*

Dongwon

Systems

Corp

204

1,677,000

Dongyue

Group

1,837

2,947

*

Dottikon

Es

Holding

AG.

802

574,376

Dow,

Inc

28,943

54,179

Dowa

Holdings

Co

Ltd

1,710

456,413

DRDGOLD

Ltd

330

2,642,847

DS

Smith

plc

10,195

177,156

DSM

NV

21,754

183,065

Dundee

Precious

Metals,

Inc

880

3,019,897

DuPont

de

Nemours,

Inc

207,256

46,394

Eagle

Materials,

Inc

6,163

960,500

Eastern

Polymer

Group

PCL

274

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

84

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

40,083

Eastern

Province

Cement

Co

$

432

49,254

Eastman

Chemical

Co

4,011

41,697

Ecolab,

Inc

6,069

1,478,000

E-Commodities

Holdings

Ltd

298

19,299

Ecopro

Co

Ltd

1,578

85,064

EID

Parry

India

Ltd

584

185,263

*

Eldorado

Gold

Corp

1,545

385,171

Element

Solutions,

Inc

7,006

538,356

*

Elementis

plc

783

270,136

g

Elkem

ASA

972

128,913

Elopak

ASA

329

1,169,822

Empresas

CMPC

S.A.

1,953

7,062

EMS-Chemie

Holding

AG.

4,783

385,550

Ence

Energia

y

Celulosa

S.A.

1,160

5,959

*

Enchem

Co

Ltd

249

204,561

*,e

Endeavour

Silver

Corp

662

313,778

*,e

Equinox

Gold

Corp

1,027

37,952

Eramet

3,415

1,483,641

Eregli

Demir

ve

Celik

Fabrikalari

TAS

3,260

74,737

*,e

ERO

Copper

Corp

1,029

122,091

Essel

Propack

Ltd

252

284,816

Essentra

plc

815

773,850

Eternal

Chemical

Co

Ltd

784

150,000

EVERGREEN

Steel

Corp

251

446,000

Everlight

Chemical

Industrial

Corp

268

1,871,483

Evolution

Mining

Ltd

3,826

211,535

Evonik

Industries

AG.

4,035

729,000

Feng

Hsin

Iron

&

Steel

Co

1,506

258,319

Ferrexpo

plc

488

85,055

*,e

Filo

Mining

Corp

1,460

7,567

Fine

Organic

Industries

Ltd

525

33,792

Fineotex

Chemical

Ltd

103

269,322

Finolex

Industries

Ltd

608

1,286,478

*,†,e

Firefinch

Ltd

175

242,902

e

First

Majestic

Silver

Corp

2,024

681,954

First

Quantum

Minerals

Ltd

14,249

68,135

FMC

Corp

8,503

55,879

*

Foosung

Co

Ltd

475

3,842,139

Formosa

Chemicals

&

Fibre

Corp

8,800

4,529,019

Formosa

Plastics

Corp

12,772

223,573

g

Forterra

plc

504

1,713,653

Fortescue

Metals

Group

Ltd

23,952

312,674

*,e

Fortuna

Silver

Mines,

Inc

1,175

45,220

e

FP

Corp

1,301

235,493

Franco-Nevada

Corp

32,101

1,799,999

Freeport-McMoRan,

Inc

(Class

B)

68,400

70,003

FUCHS

PETROLUB

SE

2,447

1,656,000

Fufeng

Group

Ltd

1,004

46,377

Fuji

Seal

International,

Inc

592

62,875

Fujimi,

Inc

2,966

10,730

Fujimori

Kogyo

Co

Ltd

246

10,182,676

Fushan

International

Energy

Group

Ltd

3,248

73,100

Fuso

Chemical

Co

Ltd

1,875

8,618

FutureFuel

Corp

70

11,151

Galaxy

Surfactants

Ltd

331

405,280

e,g

Ganfeng

Lithium

Co

Ltd

3,004

73,080

Ganfeng

Lithium

Co

Ltd

729

392,679

GEM

Co

Ltd

419

1,227,010

Gerdau

S.A.

(Preference)

6,745

73,117

GHCL

Ltd

450

677,779

*,e

Ginkgo

Bioworks

Holdings,

Inc

1,145

10,830

Givaudan

S.A.

33,171

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

85

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

13,748

Glatfelter

Corp

$

38

17,614,488

Glencore

Xstrata

plc

117,465

134,311

*

Global

Atomic

Corp

348

44,427

Godawari

Power

and

Ispat

Ltd

200

221,415

*

GoGold

Resources,

Inc

355

956,580

Gold

Fields

Ltd

9,934

1,011,611

e

Gold

Road

Resources

Ltd

1,171

972,000

Goldsun

Development

&

Construction

Co

Ltd

797

950,000

Grand

Pacific

Petrochemical

582

577,222

Grange

Resources

Ltd

331

99,451

Granges

AB

814

1,598,058

Graphic

Packaging

Holding

Co

35,557

283,180

Grasim

Industries

Ltd

5,878

605,755

*,†

Great

Basin

Gold

Ltd

4

4,805,166

*

Greatland

Gold

plc

465

47,969

Greenpanel

Industries

Ltd

196

7,186

Greif,

Inc

(Class

A)

482

1,402

Greif,

Inc

(Class

B)

110

143,018

*

Grupa

Azoty

S.A.

1,294

296,091

Grupo

Argos

S.A.

580

162,300

e

Grupo

Cementos

de

Chihuahua

SAB

de

C.V.

1,086

3,360,238

e

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

11,797

195,600

Guangdong

HEC

Technology

Holding

Co

Ltd

244

130,724

Guangzhou

Tinci

Materials

Technology

Co

Ltd

823

18,102

Gujarat

Alkalies

&

Chemicals

Ltd

167

23,612

Gujarat

Fluorochemicals

Ltd

887

430,985

Gujarat

Narmada

Valley

Fertilizers

Co

Ltd

2,894

379,468

Gujarat

State

Fertilisers

&

Chemicals

Ltd

640

4,008

e

Gurit

Holding

AG.

389

3,898

H.B.

Fuller

Co

279

4,232

Hadera

Paper

Ltd

415

69,500

Hangzhou

Oxygen

Plant

Group

Co

Ltd

393

23,151

Hanil

Cement

Co

Ltd

215

8,926

*

Hansol

Chemical

Co

Ltd

1,315

122,994

*

Hanwha

Chemical

Corp

4,206

559,568

Harmony

Gold

Mining

Co

Ltd

1,955

2,236

Hawkins,

Inc

86

11,653

Haynes

International,

Inc

532

264,199

Hecla

Mining

Co

1,469

876,646

HeidelbergCement

AG.

49,675

67,346

HeidelbergCement

India

Ltd

153

1,224,648

*

Hektas

Ticaret

TAS

2,460

190,200

Henan

Shenhuo

Coal

&

Power

Co

Ltd

408

404,869

Hengli

Petrochemical

Co

Ltd

903

278,394

Hengyi

Petrochemical

Co

Ltd

281

1,120,716

Hesteel

Co

Ltd

364

293,859

Hexpol

AB

3,135

84,890

Hill

&

Smith

Holdings

plc

1,199

151,316

Himadri

Speciality

Chemical

Ltd

184

1,444,550

Hindalco

Industries

Ltd

8,258

191,678

Hindustan

Copper

Ltd

254

346,577

Hochschild

Mining

plc

295

113,929

Hokuetsu

Paper

Mills

Ltd

658

3,551

e

Holcim

Ltd

184

94,625

Holmen

AB

3,761

19,328

*

Honam

Petrochemical

Corp

2,735

32,200

Hoshine

Silicon

Industry

Co

Ltd

383

173,000

Hsin

Kuang

Steel

Co

Ltd

241

1,082,000

e

Huabao

International

Holdings

Ltd

555

269,500

Huafon

Chemical

Co

Ltd

263

213,700

Huaibei

Mining

Holdings

Co

Ltd

393

57,901

Huaxin

Cement

Co

Ltd

123

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

86

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

82,700

Hubei

Xingfa

Chemicals

Group

Co

Ltd

$

344

12,591

*

Huchems

Fine

Chemical

Corp

200

240,260

HudBay

Minerals,

Inc

1,214

98,512

Huhtamaki

Oyj

3,375

632,511

Hunan

Valin

Steel

Co

Ltd

427

8,144

e

Huntsman

Corp

224

2,519

*

Hyosung

Advanced

Materials

Corp

670

2,426

*

Hyosung

TNC

Co

Ltd

675

95,217

*

Hyundai

Steel

Co

2,321

134,279

*

i-80

Gold

Corp

375

445,191

*,e

IAMGOLD

Corp

1,141

379,060

g

Ibstock

plc

709

1,114,403

Iluka

Resources

Ltd

7,168

57,489

IMCD

Group

NV

8,223

391,399

Imdex

Ltd

589

33,517

Imerys

S.A.

1,306

917,203

Impala

Platinum

Holdings

Ltd

11,526

3,993,324

Incitec

Pivot

Ltd

10,165

741,681

Independence

Group

NL

6,784

76,930

India

Cements

Ltd

203

9,864

Indigo

Paints

Ltd

155

1,107,004

Indorama

Ventures

PCL

1,300

140,711

*,e

Industrias

Penoles

S.A.

de

C.V.

1,731

71,487

*

Ingevity

Corp

5,036

3,142,018

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

867

94,060

Inner

Mongolia

ERDOS

Resources

Co

Ltd

205

667,588

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

382

216,700

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

244

75,879

Innospec,

Inc

7,805

236,414

*

Interfor

Corp

3,667

752,000

International

CSRC

Investment

Holdings

Co

475

857,220

International

Flavors

&

Fragrances,

Inc

89,871

15,060

International

Paper

Co

522

3,407

*

Intrepid

Potash,

Inc

98

3,077,227

*

ioneer

Ltd

788

377,923

Israel

Chemicals

Ltd

2,731

12,844

Israel

Corp

Ltd

4,510

21,750

*

ISU

Chemical

Co

Ltd

315

2,175

*,e

Ivanhoe

Electric,

Inc

26

700,528

*,e

Ivanhoe

Mines

Ltd

5,536

450,617

James

Hardie

Industries

NV

8,110

48,968

*

Jastrzebska

Spolka

Weglowa

S.A.

657

20,900

JCU

Corp

486

1,843,708

*

Jervois

Global

Ltd

344

568,420

JFE

Holdings,

Inc

6,596

13,300

Jiangsu

Yangnong

Chemical

Co

Ltd

198

32,600

Jiangsu

Yoke

Technology

Co

Ltd

236

1,360,115

Jiangxi

Copper

Co

Ltd

1,997

186,509

Jiangxi

Copper

Co

Ltd

(Class

A)

466

3,551,000

e

Jinchuan

Group

International

Resources

Co

Ltd

254

91,947

*

Jindal

Stainless

Hisar

Ltd

488

438,873

Jindal

Steel

&

Power

Ltd

3,078

40,117

JK

Cement

Ltd

1,413

53,685

JK

Lakshmi

Cement

Ltd

529

60,349

JK

Paper

Ltd

298

186,122

Johnson

Matthey

plc

4,757

127,508

*

JSL

Ltd

369

203,264

JSR

Corp

3,980

777,581

JSW

Steel

Ltd

7,208

77,751

Jubilant

Ingrevia

Ltd

495

394,493

K&S

AG.

7,777

232,206

*

K92

Mining,

Inc

1,315

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

87

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

339

Kaiser

Aluminum

Corp

$

26

51,015

Kaneka

Corp

1,269

172,600

Kansai

Nerolac

Paints

Ltd

916

180,200

Kansai

Paint

Co

Ltd

2,205

159,600

Kanto

Denka

Kogyo

Co

Ltd

1,114

816,690

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

(Class

D)

784

186,845

*

Karora

Resources,

Inc

642

4,225

KCC

Corp

685

11,200

KeePer

Technical

Laboratory

Co

Ltd

303

109,052

Kemira

Oyj

1,673

146,731

KGHM

Polska

Miedz

S.A.

4,268

36,300

e

KH

Neochem

Co

Ltd

736

1,515,893

e

Kinross

Gold

Corp

6,180

48,552

Kirloskar

Ferrous

Industries

Ltd

207

61,202

Kirloskar

Oil

Engines

Ltd

238

822,638

Klabin

S.A.

3,108

791,100

Kobe

Steel

Ltd

3,837

19,523

*

Kolon

Industries,

Inc

637

30,158

Konishi

Co

Ltd

383

6,244

Koppers

Holdings,

Inc

176

11,745

*

Korea

Kumho

Petrochemical

1,170

3,931

*

Korea

Petrochemical

Ind

Co

Ltd

536

9,539

*

Korea

Zinc

Co

Ltd

4,275

44,671

Koza

Altin

Isletmeleri

AS

1,350

177,603

*

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

504

68,970

e

Kronos

Worldwide,

Inc

648

29,491

*

Kum

Yang

Co

Ltd

562

67,935

e

Kumba

Iron

Ore

Ltd

1,962

82,948

Kumiai

Chemical

Industry

Co

Ltd

568

326,300

e

Kuraray

Co

Ltd

2,612

16,700

Kureha

CORP

1,016

22,716

Kyoei

Steel

Ltd

216

61,744

e

Labrador

Iron

Ore

Royalty

Corp

1,531

1,345,561

*,e

Lake

Resources

NL

726

83,400

Lanxess

AG.

3,347

42,700

*

Largo,

Inc

231

63,295

Laxmi

Organic

Industries

Ltd

226

1,472,000

Lee

&

Man

Paper

Manufacturing

Ltd

645

12,299

Lenzing

AG.

720

1,003,349

*

Leo

Lithium

Ltd

329

87,384

*

LG

Chem

Ltd

41,728

4,886

*

LG

Chem

Ltd

(Preference)

1,078

31,340

Linde

India

Ltd

1,299

1,468,676

Linde

plc

479,053

462,072

e

Linde

plc

(Xetra)

150,617

45,800

Lintec

Corp

743

1,654,055

*

Liontown

Resources

Ltd

1,473

608,228

*,e

Lithium

Americas

Corp

11,526

110,494

*,e

Lithium

Americas

Corp

2,095

22,531

*

Livent

Corp

448

188,554

Lomon

Billions

Group

Co

Ltd

512

799,477

Long

Chen

Paper

Co

Ltd

424

2,024,276

g

Lotte

Chemical

Titan

Holding

BHD

652

64,027

Louisiana-Pacific

Corp

3,790

666,845

*

LSB

Industries,

Inc

8,869

88,407

Lundin

Gold,

Inc

864

1,027,849

Lundin

Mining

Corp

6,308

213,800

Luxi

Chemical

Group

Co

Ltd

380

1,822,288

*

Lynas

Corp

Ltd

9,606

48,158

LyondellBasell

Industries

NV

3,999

117,437

Madras

Cements

Ltd

992

19,333

e

Maeda

Kosen

Co

Ltd

456

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

88

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

94,728

*,e

MAG.

Silver

Corp

$

1,480

109,711

*

Major

Drilling

Group

International

852

216,599

Marshalls

plc

715

17,067

Martin

Marietta

Materials,

Inc

5,768

57,200

Maruichi

Steel

Tube

Ltd

1,169

5,524

Materion

Corp

483

69,438

e

Maverix

Metals,

Inc

324

12,421

*

Meghmani

Finechem

Ltd

187

13,094,776

*

Merdeka

Copper

Gold

Tbk

PT

3,460

4,449,128

Mesaieed

Petrochemical

Holding

Co

2,613

1,759,600

Metalurgica

Gerdau

S.A.

4,290

57,080

Methanex

Corp

2,161

38,440

*

Methanol

Chemicals

Co

259

19,427

Middle

East

Paper

Co

168

811,364

*

Mincor

Resources

NL

826

640,407

Mineral

Resources

Ltd

33,593

67,299

Minerals

Technologies,

Inc

4,086

16,864

Miquel

y

Costas

&

Miquel

S.A.

211

97,101

Misr

Fertilizers

Production

Co

SAE

561

10,900

Mitani

Sekisan

Co

Ltd

344

1,256,905

Mitsubishi

Chemical

Holdings

Corp

6,507

157,700

Mitsubishi

Gas

Chemical

Co,

Inc

2,168

122,500

Mitsubishi

Materials

Corp

1,936

145,562

Mitsui

Chemicals,

Inc

3,269

59,364

Mitsui

Mining

&

Smelting

Co

Ltd

1,389

949

Miwon

Commercial

Co

Ltd

125

3,300,000

*

MMG

Ltd

841

385,626

Mondi

plc

6,521

12,981

*,†

Mongolian

Metals

Corporation

0

27,123

Mosaic

Co

1,190

668,895

e

Mount

Gibson

Iron

Ltd

221

162,874

*,e

MP

Materials

Corp

3,955

180,525

M-real

Oyj

(B

Shares)

1,696

160,440

Myers

Industries,

Inc

3,567

103,283

Mytilineos

Holdings

S.A.

2,244

54,610

Najran

Cement

Co

177

26,509

*

Namhae

Chemical

Corp

180

45,000

Nan

Pao

Resins

Chemical

Co

Ltd

194

5,208,887

Nan

Ya

Plastics

Corp

12,013

181,300

e

Nanofilm

Technologies

International

Ltd

188

137,093

*,e

NanoXplore,

Inc

263

200,000

Nantex

Industry

Co

Ltd

240

4,528,916

National

Aluminium

Co

Ltd

4,399

318,521

*

National

Industrialization

Co

1,054

35,775

Navin

Fluorine

International

Ltd

1,757

11,762

Neogen

Chemicals

Ltd

177

520,515

*

Neometals

Ltd

280

592,384

*

New

Gold,

Inc

582

102,218

*

New

Pacific

Metals

Corp

226

904,522

Newcrest

Mining

Ltd

12,683

4,856

NewMarket

Corp

1,511

881,215

Newmont

Goldcorp

Corp

41,593

1,178,349

Nickel

Mines

Ltd

780

74,681

Nihon

Parkerizing

Co

Ltd

529

2,266,151

Nine

Dragons

Paper

Holdings

Ltd

2,060

149,900

Ningbo

Shanshan

Co

Ltd

391

444,606

Ningxia

Baofeng

Energy

Group

Co

Ltd

770

124,466

Nippon

Kayaku

Co

Ltd

1,072

63,503

Nippon

Light

Metal

Holdings

Co

Ltd

729

563,590

Nippon

Paint

Co

Ltd

4,426

92,280

e

Nippon

Paper

Industries

Co

Ltd

684

117,428

Nippon

Shokubai

Co

Ltd

4,688

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

89

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

24,184

Nippon

Soda

Co

Ltd

$

791

952,750

Nippon

Steel

Corp

16,531

87,231

Nissan

Chemical

Industries

Ltd

3,804

8,314

Nittetsu

Mining

Co

Ltd

201

98,825

Nitto

Denko

Corp

5,692

123,650

NOCIL

Ltd

348

169,482

NOF

Corp

6,756

1,763,179

Norsk

Hydro

ASA

13,175

68,883

*,g

Norske

Skog

ASA

474

358,115

*

Northam

Platinum

Holdings

Ltd

3,945

55,538

Northern

Region

Cement

Co

160

1,176,524

Northern

Star

Resources

Ltd

8,804

8,681

*

Novagold

Resources

Inc

52

228,486

*

Novagold

Resources,

Inc

1,365

161,174

Novozymes

AS

8,177

200,454

Nucor

Corp

26,422

1,505,623

Nufarm

Ltd

6,277

44,560

Nuh

Cimento

Sanayi

AS.

282

1,065,983

Nutrien

Ltd

77,823

109,674

*

Nuvoco

Vistas

Corp

Ltd

484

725,342

*

OceanaGold

Corp

1,382

18,849

e

OCI

Co

Ltd

1,213

340,958

OCI

NV

12,190

462,355

*

O-I

Glass,

Inc

7,661

551,578

OJI

Paper

Co

Ltd

2,228

13,100

Okamoto

Industries,

Inc

367

146,750

Olin

Corp

7,769

2,867

Olympic

Steel,

Inc

96

737,775

Omnia

Holdings

Ltd

2,716

1,165,248

e

Orbia

Advance

Corp

SAB

de

C.V.

2,063

451,665

Orica

Ltd

4,618

572,000

Oriental

Union

Chemical

Corp

346

12,840

*,e

Origin

Materials,

Inc

59

264,366

Orion

Engineered

Carbons

SA

4,708

184,928

*

Orla

Mining

Ltd

748

860,056

Orora

Ltd

1,683

16,800

Osaka

Organic

Chemical

Industry

Ltd

242

14,800

Osaka

Soda

Co

Ltd

429

96,900

*

Osaka

Titanium

Technologies

2,840

177,950

e

Osisko

Gold

Royalties

Ltd

2,145

275,341

*

Osisko

Mining,

Inc

712

367,813

e

Outokumpu

Oyj

1,867

339,287

Oxiana

Ltd

6,395

277,371

*

Oyak

Cimento

Fabrikalari

AS

313

83,000

Pacific

Metals

Co

Ltd

1,197

456,996

Packaging

Corp

of

America

58,454

140,037

e

Pactiv

Evergreen,

Inc

1,591

1,931,470

Pan

African

Resources

plc

382

243,132

e

Pan

American

Silver

Corp

(Toronto)

3,968

608,566

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

413

229,073

*,g

Paradeep

Phosphates

Ltd

163

202,219

PCBL

Ltd

316

1,994,454

Perenti

Global

Ltd

1,786

37,263

*,e

Perimeter

Solutions

S.A.

341

4,506,042

Perseus

Mining

Ltd

6,484

979,003

*

Petkim

Petrokimya

Holding

1,048

2,664,115

Petronas

Chemicals

Group

BHD

5,204

16,204

*

PI

Advanced

Materials

Co

Ltd

371

82,839

PI

Industries

Ltd

3,421

101,811

Pidilite

Industries

Ltd

3,132

3,834

*

Piedmont

Lithium,

Inc

169

2,567,205

*

Pilbara

Minerals

Ltd

6,501

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

90

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

269,300

PMB

Technology

Bhd

$

257

5,293

*

PolyMet

Mining

Corp

14

15,541

Polyplex

Corp

Ltd

299

591

*,†,e

Polyus

PJSC

(GDR)

0

^

20,362

*

Poongsan

Corp

544

196,441

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

726

86,042

POSCO

18,830

28,744

*

POSCO

Refractories

&

Environment

Co

Ltd

4,106

630,388

PPG

Industries,

Inc

79,265

573,793

*

PQ

Group

Holdings,

Inc

5,084

3,893,168

Press

Metal

BHD

4,313

126,676

*

Prism

Cement

Ltd

159

9,028

Privi

Speciality

Chemicals

Ltd

125

8,941,700

PT

Aneka

Tambang

Tbk

1,138

29,384,487

PT

Barito

Pacific

Tbk

1,425

2,948,597

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

1,652

1,292,100

PT

Indocement

Tunggal

Prakarsa

Tbk

822

1,526,800

PT

Pabrik

Kertas

Tjiwi

Kimia

Tbk

691

3,759,123

PT

Semen

Gresik

Persero

Tbk

1,587

2,862,200

PT

Timah

Tbk

215

2,689,900

*

PT

Vale

Indonesia

Tbk

1,224

2,752,209

PTT

Global

Chemical

PCL

3,747

10,468

*,e

PureCycle

Technologies,

Inc

71

38,057

Qassim

Cement

Co

619

2,933,054

Qatar

Aluminum

Manufacturing

Co

1,237

330,694

Qatar

National

Cement

Co

440

378,316

Qatari

Investors

Group

175

393,300

*

Qinghai

Salt

Lake

Industry

Co

Ltd

1,280

1,602

Quaker

Chemical

Corp

267

269,531

Rain

Commodities

Ltd

553

15,226

Rajratan

Global

Wire

Ltd

164

134,942

Rallis

India

Ltd

395

3,430

Ramaco

Resources,

Inc

30

957,425

Ramelius

Resources

Ltd

612

13,331

*

Ranpak

Holdings

Corp

77

931,407

Rashtriya

Chemicals

&

Fertilizers

Ltd

1,513

31,849

Ratnamani

Metals

&

Tubes

Ltd

753

84,605

*

Rayonier

Advanced

Materials,

Inc

812

38,007

e

Recticel

S.A.

633

733,714

Regis

Resources

Ltd

1,033

247,441

Reliance

Steel

&

Aluminum

Co

50,092

185,383

Rengo

Co

Ltd

1,272

13,955

*

Resolute

Forest

Products

301

47,217

*

Resolute

Forest

Products,

Inc

1,019

34,481

Rhi

Magnesita

India

Ltd

350

23,950

Rhi

Magnesita

NV

645

416,454

Rio

Tinto

Ltd

32,869

1,599,207

Rio

Tinto

plc

112,559

69,779

Riyadh

Cement

Co

590

667,224

Rongsheng

Petro

Chemical

Co

Ltd

1,179

12,742

Rossari

Biotech

Ltd

112

81,100

Royal

Bafokeng

Platinum

Ltd

792

65,288

Royal

Gold,

Inc

7,359

14,234

RPM

International,

Inc

1,387

5,754

Ryerson

Holding

Corp

174

79,450

Sa

des

Ciments

Vicat

1,994

232,572

SABIC

Agri-Nutrients

Co

9,078

438,095

*

Sabina

Gold

&

Silver

Corp

430

389,743

Sahara

International

Petrochemical

Co

3,565

32,600

e

Sakata

INX

Corp

259

32,109

Salzgitter

AG.

975

15,720

*

Samsung

Fine

Chemicals

Co

Ltd

707

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

91

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

41,000

San

Fu

Chemical

Co

Ltd

$

153

457,497

Sandfire

Resources

NL

1,692

223,794

e

Sandstorm

Gold

Ltd

1,177

8,411

Sanyo

Chemical

Industries

Ltd

258

21,106

Sanyo

Special

Steel

Co

Ltd

345

570,429

*,e

Sappi

Ltd

1,653

471,995

*

Sasa

Polyester

Sanayi

AS

2,776

617,848

Sasol

Ltd

9,860

927,565

*

Saudi

Arabian

Mining

Co

15,924

989,120

Saudi

Basic

Industries

Corp

23,661

69,817

Saudi

Cement

Co

949

399,924

Saudi

Industrial

Investment

Group

2,362

818,866

*

Saudi

Kayan

Petrochemical

Co

3,002

7,134,031

*,e

Sayona

Mining

Ltd

908

1,370,800

SCG

Packaging

PCL

2,254

1,034,254

*,e

Schmolz

+

Bickenbach

AG.

232

7,193

Schnitzer

Steel

Industries,

Inc

(Class

A)

220

248,198

Schweitzer-Mauduit

International,

Inc

5,187

763,700

Scientex

BHD

558

34,175

Scotts

Miracle-Gro

Co

(Class

A)

1,661

60,360

*

Seabridge

Gold,

Inc

758

7,230

*

Seah

Besteel

Corp

94

1,942,096

Sealed

Air

Corp

96,872

8,218,300

*,†

Sekawan

Intipratama

Tbk

PT

0

^

18,694

Semapa-Sociedade

de

Investimento

e

Gestao

248

49,825

Sensient

Technologies

Corp

3,633

918,128

Sesa

Sterlite

Ltd

3,417

2,471,000

Sesoda

Corp

3,216

584,600

Shandong

Chenming

Paper

Holdings

Ltd

(Class

B)

178

274,968

Shandong

Gold

Mining

Co

Ltd

-

A

756

849,505

e,g

Shandong

Gold

Mining

Co

Ltd

-

H

1,570

161,507

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

769

888,366

Shandong

Nanshan

Aluminum

Co

Ltd

417

77,011

Shandong

Sun

Paper

Industry

JSC

Ltd

127

17,800

Shandong

Weifang

Rainbow

Chemical

Co

Ltd

223

453,200

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

278

90,964

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

678

326,629

Shanxi

Meijin

Energy

Co

Ltd

423

540,463

Shanxi

Taigang

Stainless

Steel

Co

Ltd

336

35,775

Sharda

Cropchem

Ltd

222

65,000

Shenghe

Resources

Holding

Co

Ltd

130

41,748

Shenzhen

Capchem

Technology

Co

Ltd

261

7,400

Shenzhen

Dynanonic

Co

Ltd

244

81,960

Shenzhen

Senior

Technology

Material

Co

Ltd

250

55,500

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

264

373,139

Sherwin-Williams

Co

88,557

154,000

*

Shihlin

Paper

Corp

249

31,000

Shikoku

Chemicals

Corp

306

267,125

Shin-Etsu

Chemical

Co

Ltd

32,619

44,603

Shin-Etsu

Polymer

Co

Ltd

381

1,221,000

Shinkong

Synthetic

Fibers

Corp

697

78,000

Shiny

Chemical

Industrial

Co

Ltd

289

180,800

e

Showa

Denko

KK

2,750

11,609

Shree

Cement

Ltd

3,261

872,883

Siam

Cement

PCL

8,614

86,800

Siam

City

Cement

PCL

385

3,069,841

Sibanye

Stillwater

Ltd

8,139

786,100

Sichuan

Hebang

Biotechnology

Co

Ltd

343

73,400

Sichuan

Yahua

Industrial

Group

Co

Ltd

245

309,844

SIG

Combibloc

Group

AG.

6,770

42,649

e

Sika

AG.

10,253

446,983

Silgan

Holdings,

Inc

23,172

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

92

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,024,577

*

Silver

Lake

Resources

Ltd

$

834

195,219

Silvercorp

Metals,

Inc

574

157,683

*,e

SilverCrest

Metals,

Inc

943

169,117

Sims

Ltd

1,499

1,490,000

Sinofert

Holdings

Ltd

181

91,300

Sinoma

Science

&

Technology

Co

Ltd

281

30,120

Sinomine

Resource

Group

Co

Ltd

288

307,000

Sinon

Corp

363

872,567

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

391

11,756

e

SK

Chemicals

Co

Ltd

683

26,356

*,g

SK

IE

Technology

Co

Ltd

1,114

21,533

*

SKC

Co

Ltd

1,520

66,170

*

Skeena

Resources

Ltd

352

24,006

Skshu

Paint

Co

Ltd

392

778,583

Smurfit

Kappa

Group

plc

28,855

155,901

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

12,591

39,187

SOL

S.p.A.

741

491,000

Solar

Applied

Materials

Technology

Co

511

32,535

Solar

Industries

India

Ltd

1,724

95,832

*,e

Solaris

Resources,

Inc

456

1,285,132

*

SolGold

plc

249

50,871

e

Solvay

S.A.

5,143

121,243

Sonoco

Products

Co

7,361

3,530

*

Soulbrain

Co

Ltd

613

4,747,620

South32

Ltd

13,016

125,572

Southern

Copper

Corp

7,583

64,042

Southern

Province

Cement

Co

872

161,764

SRF

Ltd

4,466

329,846

Ssab

Svenskt

Stal

AB

(Series

A)

1,805

1,536,228

Ssab

Svenskt

Stal

AB

(Series

B)

8,002

685,223

e

SSR

Mining,

Inc

10,724

384,819

e

SSR

Mining,

Inc

6,030

141,541

Steel

Dynamics,

Inc

13,829

38,394

Stelco

Holdings,

Inc

1,256

55,385

Stella-Jones,

Inc

1,985

28,837

Stepan

Co

3,070

2,735

STO

AG.

438

442,095

Stora

Enso

Oyj

(R

Shares)

6,233

158,700

Straits

Trading

Co

Ltd

276

36,812

Sumitomo

Bakelite

Co

Ltd

1,086

1,422,615

Sumitomo

Chemical

Co

Ltd

5,101

332,612

Sumitomo

Chemical

India

Ltd

1,962

266,700

Sumitomo

Metal

Mining

Co

Ltd

9,372

29,021

Sumitomo

Osaka

Cement

Co

Ltd

716

701,398

*

Summit

Materials,

Inc

19,913

610,408

SunCoke

Energy,

Inc

5,268

75,300

Supreme

Industries

Ltd

2,226

32,193

Supreme

Petrochem

Ltd

308

8,609,900

Surya

Esa

Perkasa

Tbk

PT

505

798,117

Suzano

SA

7,369

21,017

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

169

614,067

Svenska

Cellulosa

AB

(B

Shares)

7,777

139,835

Sylvamo

Corp

6,795

231,697

Symrise

AG.

25,163

613,930

*

Syrah

Resources

Ltd

856

35,100

T

Hasegawa

Co

Ltd

774

181,000

Ta

Ann

Holdings

BHD

155

1,548,620

TA

Chen

Stainless

Pipe

2,132

269

*

Taekwang

Industrial

Co

Ltd

159

117,200

Taiheiyo

Cement

Corp

1,823

4,006,145

Taiwan

Cement

Corp

4,379

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

93

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,483,000

Taiwan

Fertilizer

Co

Ltd

$

4,318

331,000

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

935

39,000

Taiyo

Ink

Manufacturing

Co

Ltd

659

116,504

Taiyo

Nippon

Sanso

Corp

1,688

13,755

Takasago

International

Corp

265

26,914

Takiron

Co

Ltd

103

77,200

Tangshan

Jidong

Cement

Co

Ltd

91

322,477

*,e

Taseko

Mines

Ltd

472

133,907

Tata

Chemicals

Ltd

1,513

7,949,125

*

Tata

Steel

Ltd

10,827

6,430

Tatva

Chintan

Pharma

Chem

Ltd

167

697,606

Teck

Cominco

Ltd

26,364

42,635

Teck

Resources

Ltd

1,612

184,600

Teijin

Ltd

1,799

13,100

Tenma

Corp

204

20,288

*

Tessenderlo

Chemie

NV

724

3,767,202

ThyssenKrupp

AG.

22,876

1,560,000

e

Tiangong

International

Co

Ltd

574

56,400

*

Tianqi

Lithium

Corp

640

168,100

Tianshan

Aluminum

Group

Co

Ltd

186

57,800

*

Tibet

Summit

Resources

Co

Ltd

190

14,342

*

TimkenSteel

Corp

261

677,000

Tipco

Asphalt

PCL

330

46,912

Titan

Cement

International

S.A.

604

711,400

TOA

Paint

Thailand

PCL

692

86,403

e

Toagosei

Co

Ltd

725

30,524

e

Toho

Titanium

Co

Ltd

646

207,929

e

Tokai

Carbon

Co

Ltd

1,678

9,100

Tokushu

Tokai

Holdings

Co

Ltd

195

58,741

Tokuyama

Corp

797

32,514

Tokyo

Ohka

Kogyo

Co

Ltd

1,470

228,604

Tokyo

Steel

Manufacturing

Co

Ltd

2,054

867,000

Ton

Yi

Industrial

Corp

480

120,078

Tongkun

Group

Co

Ltd

249

779,600

Tongling

Nonferrous

Metals

Group

Co

Ltd

348

1,361,537

Toray

Industries,

Inc

7,572

321,423

*

Torex

Gold

Resources,

Inc

3,691

676,173

Tosoh

Corp

8,041

5,400

e

Toyo

Gosei

Co

Ltd

293

34,600

Toyo

Ink

Manufacturing

Co

Ltd

471

137,500

Toyo

Seikan

Kaisha

Ltd

1,687

73,448

Toyobo

Co

Ltd

555

5,268,000

TPI

Polene

PCL

277

67,418

e

Transcontinental,

Inc

761

8,441

Tredegar

Corp

86

12,916

Trimas

Corp

358

11,062

Trinseo

plc

251

440,331

Tronox

Holdings

plc

6,037

590,000

TSRC

Corp

519

575,990

Tung

Ho

Steel

Enterprise

Corp

986

40,271

Turpaz

Industries

Ltd

203

334,643

UACJ

Corp

5,618

306,826

UBE

Industries

Ltd

4,497

110,404

Ultra

Tech

Cement

Ltd

9,264

46,508

Umicore

S.A.

1,711

201,860

Uniao

de

Industrias

Petroquimicas

S.A.

3,360

4,106

Unid

Co

Ltd

265

151

United

States

Lime

&

Minerals,

Inc

21

153,124

United

States

Steel

Corp

3,836

400,000

Universal

Cement

Corp

289

727,000

UPC

Technology

Corp

321

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

94

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

544,502

UPL

Ltd

$

4,703

474,772

UPM-Kymmene

Oyj

17,767

129,890

Usha

Martin

Ltd

269

779,000

USI

Corp

559

519,700

Usinas

Siderurgicas

de

Minas

Gerais

S.A.

(Preference)

697

8,092,310

Vale

S.A.

137,100

757

Valhi,

Inc

17

319,425

Valvoline,

Inc

10,429

75,804

g

Verallia

S.A.

2,569

13,229

Vetropack

Holding

AG.

515

32,102

*

Victoria

Gold

Corp

170

87,330

Victrex

plc

1,681

34,716

*,e

Vidrala

S.A.

2,983

42,578

Vinati

Organics

Ltd

1,025

117,925

Voestalpine

AG.

3,124

94,076

*,e

Vulcan

Energy

Resources

Ltd

404

41,121

Vulcan

Materials

Co

7,201

56,588

Vulcan

Steel

Ltd

314

212,796

Wanhua

Chemical

Group

Co

Ltd

2,829

47,246

Warrior

Met

Coal,

Inc

1,637

40,989

Weihai

Guangwei

Composites

Co

Ltd

425

121,822

Welspun-Gujarat

Stahl

Ltd

349

153,046

*

Wesdome

Gold

Mines

Ltd

845

1,063,477

*

West

African

Resources

Ltd

860

2,728,000

West

China

Cement

Ltd

321

30,238

West

Coast

Paper

Mills

Ltd

191

72,193

e

West

Fraser

Timber

Co

Ltd

5,213

27,645

Western

Superconducting

Technologies

Co

Ltd

376

340,948

Westlake

Chemical

Corp

34,961

21,331

WestRock

Co

750

637,200

Wheaton

Precious

Metals

Corp

24,895

59,862

e

Wheaton

Precious

Metals

Corp

2,339

391,548

Wienerberger

AG.

9,438

30,286

Winpak

Ltd

941

9,679

e

Worthington

Industries,

Inc

481

47,700

*,e

W-Scope

Corp

476

82,715

Xiamen

Tungsten

Co

Ltd

232

278,200

Xinjiang

Zhongtai

Chemical

Co

Ltd

298

91,199

*

Yamama

Cement

Co

660

976,269

Yamana

Gold,

Inc

5,422

56,405

Yamato

Kogyo

Co

Ltd

1,921

69,993

Yanbu

Cement

Co

664

295,587

Yanbu

National

Petrochemical

Co

3,288

187,758

Yara

International

ASA

8,246

366,000

Yeun

Chyang

Industrial

Co

Ltd

344

975,150

Yieh

Phui

Enterprise

506

165,723

Yintai

Gold

Co

Ltd

262

14,955

Yodogawa

Steel

Works

Ltd

287

29,300

YongXing

Special

Materials

Technology

Co

Ltd

387

9,732

*

Youlchon

Chemical

Co

Ltd

281

379

*

Young

Poong

Corp

182

17,400

*

Youngy

Co

Ltd

244

1,156,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

918

348,200

Yule

Catto

&

Co

plc

607

182,200

Yunnan

Aluminium

Co

Ltd

290

36,241

Yunnan

Energy

New

Material

Co

Ltd

683

124,300

Yunnan

Tin

Co

Ltd

251

108,500

*

Yunnan

Yuntianhua

Co

Ltd

327

121,500

Zangge

Mining

Co

Ltd

453

122,716

Zeon

Corp

1,235

1,248,500

e

Zhaojin

Mining

Industry

Co

Ltd

1,380

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

95

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

110,178

Zhejiang

Huayou

Cobalt

Co

Ltd

$

878

195,636

Zhejiang

Juhua

Co

Ltd

436

217,520

Zhejiang

Satellite

Petrochemical

Co

Ltd

484

69,500

Zhejiang

Yongtai

Technology

Co

Ltd

218

180,800

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

183

25,740

Zignago

Vetro

S.p.A.

388

6,327,232

Zijin

Mining

Group

Co

Ltd

8,504

1,423,116

Zijin

Mining

Group

Co

Ltd

(Class

A)

2,034

TOTAL

MATERIALS

5,457,010

MEDIA

&

ENTERTAINMENT

-

4.0%

630,433

Activision

Blizzard,

Inc

48,260

291,095

*

Adevinta

ASA

1,928

38,999

*

Advantage

Solutions,

Inc

81

56,098

*

Affle

India

Ltd

733

8,979

*

AfreecaTV

Co

Ltd

507

13,710,000

*,e

Alibaba

Pictures

Group

Ltd

997

8,699,584

*

Alphabet,

Inc

(Class

A)

767,564

8,400,439

*

Alphabet,

Inc

(Class

C)

745,371

156,507

*

Altice

USA,

Inc

720

419,864

*,e

AMC

Entertainment

Holdings,

Inc

1,709

9,220

*

AMC

Networks,

Inc

144

16,379

Arabian

Contracting

Services

Co

464

147,636

Arnoldo

Mondadori

Editore

S.p.A.

286

473,342

*

Ascential

plc

1,154

789,400

Astro

Malaysia

Holdings

BHD

116

67,023

e

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

229

2,751,936

g

Auto

Trader

Group

plc

17,137

48,923

Autohome,

Inc

(ADR)

1,497

35,259

Avex

Group

Holdings,

Inc

449

7,285,248

*

Baidu,

Inc

103,893

1,056,000

BEC

World

PCL

(Foreign)

308

51,657

Beijing

Enlight

Media

Co

Ltd

64

20,018

*,e

Believe

S.A.

207

107,500

*,e

Bengo4.com,

Inc

2,099

33,315

*

Better

Collective

A.S.

408

117,968

*

Bilibili,

Inc

2,796

894,265

Bollore

4,998

294,880

*

Borussia

Dortmund

GmbH

&

Co

KGaA

1,166

5,617

*

Boston

Omaha

Corp

149

982,960

Brightcom

Group

Ltd

348

25,192

*

Bumble,

Inc

530

26,200

*,e

Bushiroad,

Inc

132

5,054

Cable

One,

Inc

3,598

109,600

Capcom

Co

Ltd

3,498

10,157

*,e

Cardlytics,

Inc

59

52,527

*

Cargurus,

Inc

736

18,253

*

Cars.com,

Inc

251

817,047

carsales.com

Ltd

11,498

42,015

CD

Projekt

Red

S.A.

1,252

119,610

*

Charter

Communications,

Inc

40,560

43,491

*

Cheil

Communications,

Inc

794

161,865

*,†

Chennai

Super

Kings

Cricket

Ltd

14

297,758

*,g

China

Literature

Ltd

1,149

8,134

*,e

Cinemark

Holdings,

Inc

70

70,979

*,e

Cineplex

Galaxy

Income

Fund

422

25,963

*

CJ

CGV

Co

Ltd

350

10,440

*

CJ

O

Shopping

Co

Ltd

868

1,066,183

*

Clear

Channel

1,119

1,294,000

e

CMGE

Technology

Group

Ltd

297

16,042

Cogeco

Communications,

Inc

910

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

96

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,716

Cogeco,

Inc

$

268

67,518

*

COLOPL,

Inc

321

9,329

Com2uSCorp

440

8,766,902

Comcast

Corp

(Class

A)

306,579

2,785,400

*

Converge

ICT

Solutions,

Inc

796

227,089

e

Corus

Entertainment,

Inc

362

307,986

*

CTS

Eventim

AG.

19,551

5,658

*

Cumulus

Media

Inc

35

254,240

e

CyberAgent,

Inc

2,263

243,699

Cyfrowy

Polsat

S.A.

983

41,231

Daiichikosho

Co

Ltd

1,241

369

*

Daily

Journal

Corp

92

83,111

*,e

Dena

Co

Ltd

1,111

135,283

e

Dentsu,

Inc

4,244

3,734

*

Devsisters

Co

Ltd

166

71,378

*

DHI

Group,

Inc

378

974

e

Digital

Bros

S.p.A

23

34,564

Dip

Corp

988

21,900

Direct

Marketing

MiX,

Inc

257

247,065

*

DISH

Network

Corp

(Class

A)

3,469

219,482

Domain

Holdings

Australia

Ltd

401

180,124

*

DouYu

International

Holdings

Ltd

(ADR)

252

3,836

Echo

Marketing,

Inc

44

225,181

Electronic

Arts,

Inc

27,513

660,670

*,e

Embracer

Group

AB

2,999

37,004

*,e

Entercom

Communications

Corp

8

206,619

Entravision

Communications

Corp

(Class

A)

992

178,530

e

Eutelsat

Communications

1,331

106,665

EVENT

Hospitality

and

Entertainment

Ltd

920

232,527

*

Eventbrite

Inc

1,363

17,813

*

EW

Scripps

Co

(Class

A)

235

3,834,000

*,†,e

Fire

Rock

Holdings

Ltd

206

1,252,907

Focus

Media

Information

Technology

Co

Ltd

1,200

243,273

Fox

Corp

(Class

A)

7,388

117,109

Fox

Corp

(Class

B)

3,332

26,086

*,e

Frontier

Developments

plc

303

72,416

*,e

fuboTV,

Inc

126

37,300

Fuji

Television

Network,

Inc

303

350,689

Future

plc

5,345

44,973

*

Gannett

Co,

Inc

91

4,170

G-bits

Network

Technology

Xiamen

Co

Ltd

187

367,333

Gray

Television,

Inc

4,110

71,450

e

Gree,

Inc

378

2,574,629

e

Grupo

Televisa

S.A.

2,341

3,390,250

Grupo

Televisa

SAB

(ADR)

15,460

41,643

*

GungHo

Online

Entertainment

Inc

673

178,037

Hakuhodo

DY

Holdings,

Inc

1,787

148,000

e

Hello

Group,

Inc

(ADR)

1,329

48,773

e

Hemnet

Group

AB

587

2,635,400

*

Hong

Seng

Consolidated

Bhd

132

4,177,201

*,e

HUYA,

Inc

(ADR)

16,500

19,440

*

HYBE

Co

Ltd

2,689

63,065

*

IAC

2,800

447,274

*,a

iClick

Interactive

Asia

Group

Ltd

(ADR)

1,722

798,800

*,e,g

iDreamSky

Technology

Holdings

Ltd

394

886,000

IGG,

Inc

328

36,801

*

iHeartMedia,

Inc

226

5,996

*

Imax

Corp

88

47,094

Info

Edge

India

Ltd

2,236

1,566,918

Informa

plc

11,689

9,598

Innocean

Worldwide,

Inc

313

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

97

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,638

*

Innovid

Corp

$

32

80,120

*

Inox

Leisure

Ltd

483

7,899

*,e

Integral

Ad

Science

Holding

Corp

69

312,000

International

Games

System

Co

Ltd

4,392

388,515

Interpublic

Group

of

Cos,

Inc

12,941

40,866

IPSOS

2,559

228,648

*,e

IQIYI,

Inc

(ADR)

1,212

3,690,068

ITV

plc

3,337

64,894

*

JC

Decaux

S.A.

1,232

1,600

e

John

Wiley

&

Sons,

Inc

(Class

A)

64

1,261,000

*,e

Joy

Spreader

Interactive

Technology

Ltd

346

30,716

JOYY,

Inc

(ADR)

970

23,699

*

Just

Dial

Ltd

172

1,109,327

*,e

Juventus

Football

Club

S.p.A.

376

29,229

*

JYP

Entertainment

Corp

1,570

94,524

Kadokawa

Dwango

Corp

1,727

242,610

*,e

Kahoot!

AS.

484

100,514

Kakaku.com,

Inc

1,613

206,659

Kakao

Corp

8,803

37,701

*

Kakao

Games

Corp

1,347

203,400

*

Kanzhun

Ltd

(ADR)

4,143

12,215

*,e

Kinepolis

Group

NV

509

1,626,110

Kingsoft

Corp

Ltd

5,389

73,880

e

Koei

Tecmo

Holdings

Co

Ltd

1,336

66,957

Konami

Corp

3,037

31,102

*,e,g

Krafton,

Inc

4,159

1,885,700

*,g

Kuaishou

Technology

16,951

26,651

*

Liberty

Braves

Group

(Class

C)

859

3,595

Liberty

Broadband

Corp

(Class

A)

273

108,071

*

Liberty

Broadband

Corp

(Class

C)

8,243

17,682

*

Liberty

Media

Group

(Class

A)

945

250,583

*

Liberty

Media

Group

(Class

C)

14,980

63,634

Liberty

SiriusXM

Group

(Class

A)

2,501

128,638

*

Liberty

SiriusXM

Group

(Class

C)

5,034

143,811

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

821

35,592

*

Lions

Gate

Entertainment

Corp

(Class

B)

193

133,745

*

Live

Nation,

Inc

9,327

26,464

e

M6-Metropole

Television

435

39,093

Madison

Square

Garden

Co

7,167

7,869

*

Madison

Square

Garden

Entertainment

Corp

354

1,810,836

*

Magnite,

Inc

19,177

713,100

Major

Cineplex

Group

PCL

(Foreign)

375

60,122

Mango

Excellent

Media

Co

Ltd

259

7,270

e

Marcus

Corp

105

460,286

*

Match

Group,

Inc

19,097

7,194,900

*

Media

Nusantara

Citra

Tbk

PT

342

66,841

Mediaset

Espana

Comunicacion

SA

237

2,485,000

*,e,g

Meitu,

Inc

435

2,940,083

*

Meta

Platforms,

Inc

353,810

762,964

e

MFE-MediaForEurope

NV

296

333,502

e

MFE-MediaForEurope

NV

201

43,690

Mixi

Inc

815

474,000

*,g

Mobvista,

Inc

245

84,687

Modern

Times

Group

MTG

AB

725

527,405

Moneysupermarket.com

Group

plc

1,229

399,151

MultiChoice

Group

Ltd

2,754

249,374

Naver

Corp

35,466

15,799

*

Nazara

Technologies

Ltd

111

10,742

*

NCsoft

3,837

14,668

*

Neowiz

430

227,000

NetDragon

Websoft,

Inc

486

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

98

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,163,430

NetEase,

Inc

$

31,378

527,653

*

Netflix,

Inc

155,594

13,117

*,g

Netmarble

Corp

631

206,936

*

Network

18

Media

&

Investments

Ltd

165

135,219

New

York

Times

Co

(Class

A)

4,389

308,112

News

Corp

(Class

A)

5,608

98,262

News

Corp

(Class

B)

1,812

876,978

Nexon

Co

Ltd

19,689

25,703

*

Nexon

Games

Co

Ltd

265

30,457

Nexstar

Media

Group

Inc

5,331

89,645

Next

Fifteen

Communications

Group

plc

1,066

18,689

*

NHN

Corp

369

1,461,632

Nine

Entertainment

Co

Holdings

Ltd

1,823

2,000,950

Nintendo

Co

Ltd

84,133

42,300

Nippon

Television

Network

Corp

334

75,310

*

Nordic

Entertainment

Group

AB

1,438

163,921

Omnicom

Group,

Inc

13,371

532,427

oOh!media

Ltd

462

12,200

*,e

Outbrain,

Inc

44

27,580

Paradox

Interactive

AB

561

8,156

Paramount

Global

(Class

A)

160

491,372

Paramount

Global

(Class

B)

8,294

17,067

*

Pearl

Abyss

Corp

569

673,202

Pearson

plc

7,602

50,534

Perfect

World

Co

Ltd

92

38,434

*

Perion

Network

Ltd

953

538,757

*

Pinterest,

Inc

13,081

2,975,100

Plan

B

Media

PCL

652

12,124

*,e

Playstudios,

Inc

47

89,729

*

Playtika

Holding

Corp

764

120,000

*,e

PR

Times,

Inc

2,134

179,491

ProSiebenSat.

Media

AG.

1,592

264,741

Publicis

Groupe

S.A.

16,912

22,269

*

PubMatic,

Inc

285

45,788

*

PVR

Ltd

951

182,160

Quebecor,

Inc

4,063

14,817

*

QuinStreet,

Inc

213

52,371

REA

Group

Ltd

3,939

234,522

RELX

plc

6,497

848,051

Rightmove

plc

5,246

844,500

*

ROBLOX

Corp

24,034

116,490

*

Roku,

Inc

4,741

45,669

g

Rovio

Entertainment

Oyj

297

483,600

RS

PCL

223

311,591

*

S4

Capital

plc

712

81,308

Sanoma-WSOY

Oyj

855

64,820

Saregama

India

Ltd

301

38,739

*

Saudi

Research

&

Marketing

Group

1,879

75,002

Schibsted

ASA

1,422

98,119

Schibsted

ASA

(B

Shares)

1,800

8,281

Scholastic

Corp

327

298,890

g

Scout24

AG.

15,044

719,329

*

Sea

Ltd

(ADR)

37,427

333,123

Seek

Ltd

4,736

205,800

e

Septeni

Holdings

Co

Ltd

537

395,014

SES

S.A.

2,573

551,520

Shaw

Communications,

Inc

(B

Shares)

15,890

8,701

*

Shochiku

Co

Ltd

769

170,086

Sinclair

Broadcast

Group,

Inc

(Class

A)

2,638

573,277

e

Sirius

XM

Holdings,

Inc

3,348

93,970

*,e

Skillz,

Inc

48

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

99

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,101,300

Sky

Perfect

Jsat

Corp

$

4,047

19,184

*

SM

Entertainment

Co

1,169

617,600

*,†,e

SMI

Holdings

Group

Ltd

1

48,410

Societe

Television

Francaise

1

372

73,000

Soft-World

International

Corp

189

33,000

*

Sohu.com

Ltd

(ADR)

452

127,378

*

Spotify

Technology

S.A.

10,056

53,000

Square

Enix

Co

Ltd

2,461

21,595

*,e

Stagwell,

Inc

134

2,221,313

*

Stillfront

Group

AB

3,741

34,566

Stroer

Out-of-Home

Media

AG.

1,608

13,162

*

Studio

Dragon

Corp

900

75,084

Sun

TV

Network

Ltd

441

20,124,700

Surya

Citra

Media

Tbk

PT

266

222,945

*,e

Taboola.com

Ltd

687

144,367

*

Take-Two

Interactive

Software,

Inc

15,033

2,450

Tamedia

AG.

392

99,226

*

Team17

Group

plc

528

240,935

*,e

Technicolor

Creative

Studios

S.A.

58

18,015

*

TechTarget,

Inc

794

197,238

TEGNA,

Inc

4,179

47,887

Telenet

Group

Holding

NV

782

10,463,325

Tencent

Holdings

Ltd

443,649

465,597

*

Tencent

Music

Entertainment

(ADR)

3,855

30,947

*

Thryv

Holdings,

Inc

588

9,000

*,e

Toei

Animation

Co

Ltd

904

5,584

Toei

Co

Ltd

749

69,145

Toho

Co

Ltd

2,665

27,300

Tokyo

Broadcasting

System,

Inc

317

516,960

*

Tongdao

Liepin

Group

604

96,885

*,e

Tremor

International

Ltd

312

336,633

Trinity

Mirror

plc

387

80,173

*

TripAdvisor,

Inc

1,442

28,277

*

TrueCar,

Inc

71

255,232

*,g

Trustpilot

Group

plc

300

15,151

TV

Asahi

Corp

154

480,108

*

TV18

Broadcast

Ltd

214

94,726

*

Ubisoft

Entertainment

2,676

1,578,216

Universal

Music

Group

NV

38,165

2,614

*,e

Urban

One,

Inc

12

3,746

*

Urban

One,

Inc

14

18,858

e

ValueCommerce

Co

Ltd

258

32,335

Vector,

Inc

327

5,540,900

VGI

PCL

704

1,571,133

Vivendi

Universal

S.A.

15,009

2,687,754

*

Walt

Disney

Co

233,512

2,369,569

*

Warner

Bros

Discovery,

Inc

22,464

9,693

*

Webzen,

Inc

117

528,662

*

Weibo

Corp

(ADR)

10,108

15,158

e

WeMade

Entertainment

Co

Ltd

381

1,061,741

*

West

Australian

Newspapers

Holdings

Ltd

285

6,565

*,e

WideOpenWest,

Inc

60

40,231

World

Wrestling

Entertainment,

Inc

(Class

A)

2,757

1,185,452

WPP

plc

11,712

76,923

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

200

26,022

*

Wysiwyg

Studios

Co

Ltd

357

193,400

*,e

XD,

Inc

529

59,497

*

Yelp,

Inc

1,627

14,469

YG

Entertainment,

Inc

505

208,134

YouGov

plc

2,567

2,648,039

Z

Holdings

Corp

6,614

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

100

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

816,944

ZEE

Telefilms

Ltd

$

2,360

36,550

Zenrin

Co

Ltd

229

569,413

*

Zhejiang

Century

Huatong

Group

Co

Ltd

311

184,287

*

Ziff

Davis

Inc

14,577

1,665

*

ZipRecruiter,

Inc

27

940,737

*

ZoomInfo

Technologies,

Inc

28,326

TOTAL

MEDIA

&

ENTERTAINMENT

4,231,995

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8.0%

37,178

*

10X

Genomics,

Inc

1,355

11,400

*

2seventy

bio,

Inc

107

1,022,651

g

3SBio,

Inc

1,083

9,121

*

4D

Molecular

Therapeutics,

Inc

203

33,648

Aarti

Drugs

Ltd

187

29,604

*,e

AB

Science

S.A.

225

3,963,144

e

AbbVie,

Inc

640,484

471,197

*,e

Abcam

plc

(ADR)

7,332

221,519

*,e

AbCellera

Biologics,

Inc

2,244

215,254

*

ABLBio,

Inc

3,930

16,079

*,e

Absci

Corp

34

169,905

*

Acadia

Pharmaceuticals,

Inc

2,705

1,672

*

Aclaris

Therapeutics,

Inc

26

15,646

*,e

Adagio

Therapeutics,

Inc

23

82,454

*

Adaptive

Biotechnologies

Corp

630

74,914

Adcock

Ingram

Holdings

Ltd

223

120,088

AddLife

AB

1,256

8,618

*

Adicet

Bio,

Inc

77

350,000

Adimmune

Corp

405

1,263,173

*

ADMA

Biologics,

Inc

4,901

2,778

*,e

Aerovate

Therapeutics,

Inc

81

572,338

*

Agenus,

Inc

1,374

234,765

Agilent

Technologies,

Inc

35,133

16,594

*

Agios

Pharmaceuticals,

Inc

466

39,343

Ajanta

Pharma

Ltd

576

7,933

*,e

Akero

Therapeutics,

Inc

435

1,195,000

*,e,g

Akeso,

Inc

6,532

45,219

*

Alector,

Inc

417

64,664

Alembic

Pharmaceuticals

Ltd

447

132,840

*

ALK-Abello

A.S.

1,853

461,073

*

Alkermes

plc

12,048

1,141,782

Alliance

Pharma

plc

732

24,260

*,e

Allogene

Therapeutics,

Inc

153

9,522

*,e

Allovir,

Inc

49

67,822

Almirall

S.A.

656

226,185

*

Alnylam

Pharmaceuticals,

Inc

53,753

6,315

*,e

Alpha

Teknova,

Inc

36

377,000

*,e,g

Alphamab

Oncology

517

2,611

*,e

Alpine

Immune

Sciences,

Inc

19

34,899

*

Alteogen,

Inc

1,067

1,983,307

*,e

Altimmune,

Inc

32,625

6,582

*,e

ALX

Oncology

Holdings,

Inc

74

552,813

Amgen,

Inc

145,191

162,900

*

Amicus

Therapeutics,

Inc

1,989

227,998

*

Amneal

Pharmaceuticals,

Inc

454

55,147

*

Amphastar

Pharmaceuticals,

Inc

1,545

218,341

*,e

Amylyx

Pharmaceuticals,

Inc

8,068

44,600

*,e

AnaptysBio,

Inc

1,382

3,840

*

ANI

Pharmaceuticals,

Inc

155

26,487

*

Anika

Therapeutics,

Inc

784

361,500

*,g

Antengene

Corp

Ltd

238

83,876

*

Apellis

Pharmaceuticals,

Inc

4,337

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

101

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

39,971

Apeloa

Pharmaceutical

Co

Ltd

$

124

15,211

*,e

Arbutus

Biopharma

Corp

35

9,025

*,e

Arcellx,

Inc

280

2,123

*

Arcturus

Therapeutics

Holdings,

Inc

36

15,638

*

Arcus

Biosciences,

Inc

323

53,514

*

Argenx

SE

20,089

57

*

Argenx

SE

21

54,560

*

Arrowhead

Pharmaceuticals

Inc

2,213

6,707

*

Arvinas,

Inc

229

143,000

*,e,g

Ascentage

Pharma

Group

International

467

444,000

*,g

Ascletis

Pharma,

Inc

268

254,568

Aspen

Pharmacare

Holdings

Ltd

2,036

1,996,984

Astellas

Pharma,

Inc

30,365

11,301

AstraZeneca

Pharma

India

Ltd

450

3,850,950

AstraZeneca

plc

521,108

2,117,871

AstraZeneca

plc

(ADR)

143,592

14,162

Asymchem

Laboratories

Tianjin

Co

Ltd

301

318,689

*

Atara

Biotherapeutics,

Inc

1,045

23,237

*,e

Atea

Pharmaceuticals,

Inc

112

10,646

*,e

Athira

Pharma,

Inc

34

607,060

*,e

Aurinia

Pharmaceuticals,

Inc

2,623

168,481

Aurobindo

Pharma

Ltd

892

346,205

*,e

Aurora

Cannabis,

Inc

320

1,377,254

*,e

Avantor,

Inc

29,046

2,155

*

Avid

Bioservices,

Inc

30

14,883

*

Avidity

Biosciences,

Inc

330

1,083

*,e

Axsome

Therapeutics,

Inc

84

33,624

e

Bachem

Holding

AG.

2,918

13,115

*,e

Basilea

Pharmaceutica

650

294,949

*

Bausch

Health

Cos,

Inc

1,852

71,731

*

Bavarian

Nordic

AS

2,210

4,093,630

Bayer

AG.

210,699

28,376

*,e

Beam

Therapeutics,

Inc

1,110

409,100

*

BeiGene

Ltd

6,943

11,000

*

BeiGene

Ltd

(ADR)

2,419

205,000

e

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

299

49,200

Beijing

Tongrentang

Co

Ltd

316

34,875

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

634

86,129

*,e

BELLUS

Health,

Inc

705

17,231

*

Berkeley

Lights,

Inc

46

15,861

Betta

Pharmaceuticals

Co

Ltd

112

14,720

BGI

Genomics

Co

Ltd

109

35,722

*,g

BioArctic

AB

930

421,953

Biocon

Ltd

1,333

248,787

*

BioCryst

Pharmaceuticals,

Inc

2,856

132,187

BioGaia

AB

1,058

120,477

*

Biogen,

Inc

33,363

270,830

*

Biohaven

Ltd

3,759

207,743

*

BioMarin

Pharmaceutical,

Inc

21,499

109,690

*,e

Bionano

Genomics,

Inc

160

19,907

*

Bioneer

Corp

466

202,951

BioNTech

SE

(ADR)

30,487

3,369

*

Bio-Rad

Laboratories,

Inc

(Class

A)

1,417

71,070

Biotage

AB

1,267

39,036

Bio-Techne

Corp

3,235

71,827

*,e

Bioxcel

Therapeutics

Inc

1,543

281,400

Blau

Farmaceutica

S.A.

1,397

22,229

Bloomage

Biotechnology

Corp

Ltd

431

21,885

*

Bluebird

Bio,

Inc

151

12,047

*

Blueprint

Medicines

Corp

528

5,035

Boiron

S.A.

273

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

102

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

32,000

Bora

Pharmaceuticals

Co

Ltd

$

431

36,664

*

Boryung

Pharmaceutical

Co

Ltd

264

26,724

*,e

Bridgebio

Pharma,

Inc

204

164,000

*,e

Brii

Biosciences

Ltd

154

4,902,715

Bristol-Myers

Squibb

Co

352,750

60,436

*

Brooks

Automation,

Inc

3,519

27,008

Bruker

BioSciences

Corp

1,846

57,634

Bukwang

Pharmaceutical

Co

Ltd

401

12,863

*

C4

Therapeutics,

Inc

76

34,483

*,e

Calliditas

Therapeutics

AB

307

61,576

*

Camurus

AB

1,491

338,032

*,e

Canopy

Growth

Corp

(Toronto)

784

56,811

Caplin

Point

Laboratories

Ltd

489

13,689

*

Cara

Therapeutics,

Inc

147

39,134

*

CareDx,

Inc

447

2,619

Caregen

Co

Ltd

284

16,471

*

Caribou

Biosciences,

Inc

103

72,000

*,e,g

CARsgen

Therapeutics

Holdings

Ltd

137

1,835

*

Cassava

Sciences,

Inc

54

33,636

*

Catalent,

Inc

1,514

232,293

*

Catalyst

Pharmaceuticals,

Inc

4,321

10,975

*

Celldex

Therapeutics,

Inc

489

28,469

*

Cellivery

Therapeutics,

Inc

271

50,500

*,e

CellSource

Co

Ltd

1,524

11,677

*

Celltrion

Pharm

Inc

623

110,752

e

Celltrion,

Inc

14,135

24,199

*

Celularity,

Inc

31

428,947

Center

Laboratories,

Inc

660

6,098

*

Century

Therapeutics,

Inc

31

2,096

*,e

Cerevel

Therapeutics

Holdings,

Inc

66

18,814

Changchun

High

&

New

Technology

Industry

Group,

Inc

450

46,035

*

Charles

River

Laboratories

International,

Inc

10,031

16,640

*

Chemometec

A.S.

1,659

172,488

*

Chimerix,

Inc

321

3,706,500

China

Grand

Pharmaceutical

and

Healthcare

Holdings

Ltd

2,176

901,660

China

Medical

System

Holdings

Ltd

1,411

1,164,500

g

China

Resources

Pharmaceutical

Group

Ltd

939

40,620

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

274

649,000

China

Shineway

Pharmaceutical

Group

Ltd

630

330,881

*

Chinook

Therapeutics,

Inc

8,669

13,574

*

Chong

Kun

Dang

Pharmaceutical

Corp

886

62,980

Chongqing

Zhifei

Biological

Products

Co

Ltd

795

14,192

Choongwae

Pharma

Corp

213

738,298

Chugai

Pharmaceutical

Co

Ltd

18,832

6,063

*

CinCor

Pharma,

Inc

75

325,975

Cipla

Ltd

4,235

3,266,000

e

CK

Life

Sciences

International

Holdings,

Inc

330

39,904

Clinuvel

Pharmaceuticals

Ltd

583

742,073

*

Codexis,

Inc

3,458

19,484

*

Cogent

Biosciences,

Inc

225

49,641

*

Collegium

Pharmaceutical,

Inc

1,152

326,689

*,e

Columbia

Care,

Inc

244

3,251

*

Corcept

Therapeutics,

Inc

66

10,162

e

COSMO

Pharmaceuticals

NV

673

13,771

*

Crinetics

Pharmaceuticals,

Inc

252

189,422

*,e

Cronos

Group,

Inc

481

9,016

*

CryoPort,

Inc

156

495,199

CSL

Ltd

96,561

28,938,054

CSPC

Pharmaceutical

Group

Ltd

30,127

637,500

*,e,g

CStone

Pharmaceuticals

377

22,721

*,e

CTI

BioPharma

Corp

137

9,078

*,e

Cullinan

Oncology,

Inc

96

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

103

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

109,636

*

CureVac

NV

$

667

378,193

*,e

Cytek

Biosciences,

Inc

3,861

92,040

*

Cytokinetics,

Inc

4,217

43,571

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

97

88,952

*

Daewoong

Co

Ltd

1,440

5,250

*

Daewoong

Pharmaceutical

Co

Ltd

659

5,038,801

Daiichi

Sankyo

Co

Ltd

162,182

922,023

Danaher

Corp

244,723

40,137

*

Day

One

Biopharmaceuticals,

Inc

864

973,822

Dechra

Pharmaceuticals

plc

30,695

336,649

*

Deciphera

Pharmaceuticals,

Inc

5,518

13,547

*

Denali

Therapeutics,

Inc

377

20,367

Dermapharm

Holding

SE

819

10,303

*,e

Design

Therapeutics,

Inc

106

8,654

*,e

DICE

Therapeutics,

Inc

270

88,847

Divi

S

Laboratories

Ltd

3,660

5,996

Dong-A

Pharmaceutical

Co

Ltd

483

8,843

*

Dong-A

ST

Co

Ltd

425

43,371

Dong-E-E-Jiao

Co

Ltd

254

27,395

*

DongKook

Pharmaceutical

Co

Ltd

360

177,839

Dr

Reddy's

Laboratories

Ltd

9,095

218,463

*,e

Dynavax

Technologies

Corp

2,324

9,812

*

Dyne

Therapeutics,

Inc

114

13,288

*

Eagle

Pharmaceuticals,

Inc

388

9,088

*,e

Edgewise

Therapeutics,

Inc

81

186,870

*,e

Editas

Medicine,

Inc

1,658

226,000

*

EirGenix,

Inc

902

485,318

Eisai

Co

Ltd

32,008

241,201

*

Elanco

Animal

Health,

Inc

2,947

1,141,240

Eli

Lilly

&

Co

417,511

15,317

*

Emergent

Biosolutions,

Inc

181

5,321

*

Enanta

Pharmaceuticals,

Inc

248

6,176

*,e

Enochian

Biosciences

Inc

6

61,033

*,e

EQRx,

Inc

150

19,696

*

Erasca,

Inc

85

44,269

*

Ergomed

plc

681

34,908

g

Eris

Lifesciences

Ltd

273

156,679

*,e

Esperion

Thereapeutics,

Inc

976

89,517

*,e

Euroapi

S.A.

1,327

136,917

e

Eurofins

Scientific

SE

9,830

40,100

Ever

Supreme

Bio

Technology

Co

Ltd

287

139,500

*,e,g

Everest

Medicines

Ltd

308

234,020

*

Evolus,

Inc

1,758

145,337

*

Evotec

AG.

2,364

203,502

*

Exact

Sciences

Corp

10,075

194,760

*

Exelixis,

Inc

3,124

4,340

*,e

EyePoint

Pharmaceuticals,

Inc

15

696,279

Faes

Farma

S.A.

(Sigma)

2,616

76,651

*

Fate

Therapeutics,

Inc

773

49,876

*

FDC

Ltd

163

173,618

*

FibroGen,

Inc

2,781

10,447

*

Fulcrum

Therapeutics,

Inc

76

1,962

*

Galapagos

NV

87

44,570

*

Galapagos

NV

1,973

56,770

*

GeneOne

Life

Science,

Inc

321

126,563

*

Generation

Bio

Co

497

23,184

*,e

Genexine

Co

Ltd

345

43,154

*

Genmab

AS

18,245

885,900

e

Genomma

Lab

Internacional

S.A.

de

C.V.

770

783,386

*

Genscript

Biotech

Corp

2,473

67,027

Genus

plc

2,406

33,534

*,e

Geron

Corp

81

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

104

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

84,935

Gerresheimer

AG.

$

5,682

2,452,956

Gilead

Sciences,

Inc

210,586

104,530

GlaxoSmithKline

Pharmaceuticals

Ltd

1,665

219,135

Glenmark

Pharmaceuticals

Ltd

1,122

48,101

*,e

GNI

Group

Ltd

506

169,450

Granules

India

Ltd

652

6,448

*

Green

Cross

Corp

666

23,854

*

Green

Cross

Holdings

Corp

323

10,614

*

Green

Cross

LabCell

Corp

398

2,031

*,e

Grifols

S.A.

23

3,114,721

GSK

plc

53,832

56,512

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

242

269,581

H

Lundbeck

A.S.

1,010

77,997

*

H

Lundbeck

A.S.

268

475,294

*,e

Halozyme

Therapeutics,

Inc

27,044

36,024

*

Hanall

Biopharma

Co

Ltd

511

10,721

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

161

84,053

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

967

4,843

*

Hanmi

Pharm

Co

Ltd

1,147

809,839

g

Hansoh

Pharmaceutical

Group

Co

Ltd

1,530

166,905

*

Harmony

Biosciences

Holdings,

Inc

9,196

27,195

*

Helixmith

Co

Ltd

229

12,149

*

Heron

Therapeutics,

Inc

30

39,992

Hikal

Ltd

198

1,119

Hikma

Pharmaceuticals

plc

21

3,184

*

HilleVax,

Inc

53

48,700

Hisamitsu

Pharmaceutical

Co,

Inc

1,446

13,177

*

HK

inno

N

Corp

388

1,097,428

*

Horizon

Therapeutics

Plc

124,887

2,548,684

*,†,e

Hua

Han

Health

Industry

Holdings

Ltd

20

787,500

*,e,g

Hua

Medicine

377

77,920

Hualan

Biological

Engineering,

Inc

253

40,400

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

158

7,063

*

Hugel,

Inc

754

74,354

Humanwell

Healthcare

Group

Co

Ltd

255

1,171,500

*,e

HUTCHMED

China

Ltd

3,576

787,644

Hypermarcas

S.A.

6,754

6,769

*

Icosavax,

Inc

54

46,033

*

Ideaya

Biosciences,

Inc

836

118,726

*,e

Idorsia

Ltd

1,721

14,335

*

Il

Dong

Pharmaceutical

Co

Ltd

324

351,735

*

Illumina,

Inc

71,121

33,500

*

I-Mab

(ADR)

140

4,120

*,e

Imago

Biosciences,

Inc

148

12,200

Imeik

Technology

Development

Co

Ltd

991

6,008

*,e

ImmunityBio,

Inc

30

739,059

*

Immunogen,

Inc

3,666

175,530

*

Immunovant,

Inc

3,116

5,515,604

*,e

Imugene

Ltd

539

113,526

*

Incyte

Corp

9,118

141,346

*

Indivior

plc

3,163

864

*,e

Inhibrx,

Inc

21

690,573

*,g

Innovent

Biologics,

Inc

2,939

204,415

*

Innoviva,

Inc

2,709

73,068

*,e

Inotiv,

Inc

361

67,043

*,e

Inovio

Pharmaceuticals,

Inc

105

208,880

*

Insmed,

Inc

4,173

18,818

*

Instil

Bio,

Inc

12

306,429

*

Intellia

Therapeutics,

Inc

10,691

261,046

*,e

Intercept

Pharmaceuticals,

Inc

3,229

194,968

*

Intra-Cellular

Therapies,

Inc

10,318

34,105

*

Ionis

Pharmaceuticals,

Inc

1,288

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

105

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

105,941

*

Iovance

Biotherapeutics,

Inc

$

677

159,022

Ipca

Laboratories

Ltd

1,619

27,945

Ipsen

3,006

289,202

*

IQVIA

Holdings,

Inc

59,255

776,148

*

Ironwood

Pharmaceuticals,

Inc

9,616

6,627

*

iTeos

Therapeutics,

Inc

129

458,257

*

IVERIC

bio,

Inc

9,811

268,500

*,g

Jacobio

Pharmaceuticals

Group

Co

Ltd

179

5,193

*

Janux

Therapeutics,

Inc

68

79,136

*,e

Jazz

Pharmaceuticals

plc

12,607

35,325

JB

Chemicals

&

Pharmaceuticals

Ltd

829

296,744

JCR

Pharmaceuticals

Co

Ltd

3,780

261,111

Jiangsu

Hengrui

Medicine

Co

Ltd

1,444

3,536,276

Johnson

&

Johnson

624,683

60,258

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

98

18,312

Joinn

Laboratories

China

Co

Ltd

153

37,699

*

Jounce

Therapeutics,

Inc

42

63,434

Jubilant

Organosys

Ltd

287

40,579

Kaken

Pharmaceutical

Co

Ltd

1,196

22,206,406

Kalbe

Farma

Tbk

PT

2,981

7,432

*

KalVista

Pharmaceuticals

Inc

50

4,044

*

Kangmei

Pharmaceutical

Co

Ltd

1

19,906

*

Karuna

Therapeutics,

Inc

3,912

473,557

*

Karyopharm

Therapeutics,

Inc

1,610

504

*

Keros

Therapeutics,

Inc

24

148,000

*,g

Keymed

Biosciences,

Inc

965

142,177

*,e

Kezar

Life

Sciences,

Inc

1,001

76,883

*

Kiniksa

Pharmaceuticals

Ltd

1,152

7,825

*,e

Kinnate

Biopharma,

Inc

48

294,500

*,e,g

Kintor

Pharmaceutical

Ltd

371

26,700

Kissei

Pharmaceutical

Co

Ltd

522

111,250

*

Knight

Therapeutics,

Inc

426

10,137

*

Kodiak

Sciences,

Inc

73

43,569

*

Komipharm

International

Co

Ltd

242

11,130

*,e

Kronos

Bio,

Inc

18

4,257

*

Krystal

Biotech

Inc

337

123,701

*

Kura

Oncology,

Inc

1,535

11,518

*

Kymera

Therapeutics,

Inc

288

31,381

Kyorin

Co

Ltd

410

104,015

Kyowa

Hakko

Kogyo

Co

Ltd

2,382

17,401

L&C

Bio

Co

Ltd

320

20,647

Laboratorios

Farmaceuticos

Rovi

S.A

798

376,544

g

Laurus

Labs

Ltd

1,704

52,840

*

Legend

Biotech

Corp

(ADR)

2,638

21,400

*

LegoChem

Biosciences,

Inc

731

48,324

*

Lexicon

Pharmaceuticals,

Inc

92

4,030

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

269

41,265

*,e

Liquidia

Corp

263

20,817

Livzon

Pharmaceutical

Group,

Inc

97

177,564

Lonza

Group

AG.

87,162

127,000

Lotus

Pharmaceutical

Co

Ltd

1,013

131,747

Lupin

Ltd

1,167

2,036,000

*,e,g

Luye

Pharma

Group

Ltd

953

52,675

*,e

Lyell

Immunopharma,

Inc

183

318,275

*

MacroGenics,

Inc

2,136

432

*

Madrigal

Pharmaceuticals,

Inc

125

158,518

*,e

MannKind

Corp

835

150,489

*

Maravai

LifeSciences

Holdings,

Inc

2,154

26,511

*,e

MaxCyte,

Inc

145

1,811,550

*,e

Mayne

Pharma

Group

Ltd

246

1,214,466

*

Medigen

Vaccine

Biologics

Corp

2,739

24,156

*

Medpace

Holdings,

Inc

5,131

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

106

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

10,925

*

MedPacto,

Inc

$

193

18,126

Medy-Tox,

Inc

1,835

1,162,300

Mega

Lifesciences

PCL

1,569

8,547

*

MeiraGTx

Holdings

plc

56

4,952,829

Merck

&

Co,

Inc

549,516

595,374

Merck

KGaA

114,872

14,155

Merck

Ltd

676

26,690

*

Mersana

Therapeutics,

Inc

156

705,560

*

Mesoblast

Ltd

419

32,876

*

Mettler-Toledo

International,

Inc

47,521

34,369

*,e

MiMedx

Group,

Inc

96

34,328

*

Mirati

Therapeutics,

Inc

1,555

27,091

*,e

Mithra

Pharmaceuticals

S.A.

99

20,175

Mochida

Pharmaceutical

Co

Ltd

532

238,199

*

Moderna,

Inc

42,785

8,755

*

Monte

Rosa

Therapeutics,

Inc

67

52,117

*

Morphic

Holding,

Inc

1,394

111,144

*

Morphosys

AG.

1,555

24,352

*

Myriad

Genetics,

Inc

353

47,333

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

123

4,876

*

NanoString

Technologies,

Inc

39

85,933

Natco

Pharma

Ltd

583

87,931

*

Natera,

Inc

3,532

46,059

*

Naturecell

Co

Ltd

556

14,389

*,e

Nautilus

Biotechnology,

Inc

26

55,340

*

Nektar

Therapeutics

125

37,946

*

NeoGenomics,

Inc

351

98,715

*

Neuren

Pharmaceuticals

Ltd

531

60,023

*

Neurocrine

Biosciences,

Inc

7,169

201,470

*

NGM

Biopharmaceuticals

Inc

1,011

45,600

Nippon

Shinyaku

Co

Ltd

2,588

90,108

*,e

Nkarta,

Inc

540

27,759

*

NKMax

Co

Ltd

303

2,043,970

Novartis

AG.

184,974

16,344

*,e

Novavax,

Inc

168

3,175,564

Novo

Nordisk

AS

431,291

143,838

Novo

Nordisk

AS

(ADR)

19,467

25,680

*

Nurix

Therapeutics,

Inc

282

5,150

*,e

Nuvalent,

Inc

153

35,468

*,e

Nuvation

Bio,

Inc

68

134,452

*

OBI

Pharma,

Inc

302

16,796

*,e

Ocugen,

Inc

22

341,000

*,e,g

Ocumension

Therapeutics

427

3,120

*,†

Omniab,

Inc

0

3,120

*,†

Omniab,

Inc

0

19,745

*

OmniAb,

Inc

71

235,000

*

Oneness

Biotech

Co

Ltd

1,873

471,388

Ono

Pharmaceutical

Co

Ltd

11,018

305,448

*,e

Organigram

Holdings,

Inc

248

82,438

*

Organogenesis

Holdings

Inc

222

137,717

Organon

&

Co

3,846

704

Orion

Oyj

(Class

B)

39

25,864

*

Oscotec,

Inc

356

2,480

Otsuka

Holdings

KK

81

80,936

*

Oxford

Biomedica

plc

433

419,826

*

Oxford

Nanopore

Technologies

plc

1,237

72,267

*,e

Pacific

Biosciences

of

California,

Inc

591

33,786

*

Pacira

BioSciences

Inc

1,304

422,467

*

Paion

AG.

199

8,601

*,e

Pardes

Biosciences,

Inc

15

2,055

*

PepGen,

Inc

27

100,200

*

PeptiDream,

Inc

1,573

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

107

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

69,370

PerkinElmer,

Inc

$

9,727

129,584

Perrigo

Co

plc

4,418

5,463,143

Pfizer,

Inc

279,931

12,600

e

Pharma

Foods

International

Co

Ltd

126

58,799

Pharma

Mar

S.A.

4,050

6,196

PHARMA

RESEARCH

PRODUCTS

Co

Ltd

343

106,000

PharmaEngine

Inc

431

653,000

*

PharmaEssentia

Corp

10,120

69,951

*,†

Pharmally

International

Holding

Co

Ltd

0

^

40,950

Pharmaron

Beijing

Co

Ltd

-

A

400

132,223

g

Pharmaron

Beijing

Co

Ltd

-

H

909

64,159

*

Pharmicell

Co

Ltd

579

710,325

*,e

Pharming

Group

NV

827

120,821

Phibro

Animal

Health

Corp

1,620

12,359,083

*

Piramal

Pharma

Ltd

17,128

11,205

*,e

PMV

Pharmaceuticals,

Inc

98

125,469

*,e

Point

Biopharma

Global,

Inc

915

241,000

*

Polaris

Group

692

16,777

g

PolyPeptide

Group

AG.

460

31,600

Porton

Pharma

Solutions

Ltd

185

7,518

*

Praxis

Precision

Medicines,

Inc

18

47,911

*,e

Precigen,

Inc

73

319,660

*

Prestige

Consumer

Healthcare,

Inc.

20,011

68,362

*

Prometheus

Biosciences,

Inc

7,520

34,972

*

Protagonist

Therapeutics,

Inc

382

201,550

*

Prothena

Corp

plc

12,143

5,630

*,e

Provention

Bio,

Inc

60

7,013

*

PTC

Therapeutics,

Inc

268

377,697

*

QIAGEN

NV

18,987

178,103

*

QIAGEN

NV

8,882

18,451

*

Quanterix

Corp

256

27,880

*

Quantum-Si,

Inc

51

4,801

*

Rallybio

Corp

32

2,473

*

RAPT

Therapeutics,

Inc

49

1,814

*,e

Reata

Pharmaceuticals,

Inc

69

640

Recordati

S.p.A.

27

108,278

*,e

Recursion

Pharmaceuticals,

Inc

835

91,789

*

Regeneron

Pharmaceuticals,

Inc

66,225

12,197

*

REGENXBIO,

Inc

277

30,758

*

Relay

Therapeutics,

Inc

460

10,750

*

Relmada

Therapeutics,

Inc

38

49,019

*

Repligen

Corp

8,299

12,218

*

Replimune

Group,

Inc

332

33,414

*

Revance

Therapeutics,

Inc

617

19,117

*

REVOLUTION

Medicines,

Inc

455

366,666

Richter

Gedeon

Rt

8,142

848,668

Roche

Holding

AG.

266,683

162

e

Roche

Holding

AG.

63

80,268

*

Rocket

Pharmaceuticals,

Inc

1,571

301,369

Royalty

Pharma

plc

11,910

15,831

*

Sage

Therapeutics,

Inc

604

15,014

*

Sam

Chun

Dang

Pharm

Co

Ltd

522

25,538

*,g

Samsung

Biologics

Co

Ltd

16,605

27,265

*,e

Sana

Biotechnology,

Inc

108

38,824

*,e

SanBio

Co

Ltd

231

1,381,824

*

Sangamo

Therapeutics

Inc

4,339

10,443

Sanofi

India

Ltd

739

2,528,156

Sanofi-Aventis

243,781

726,689

Sanofi-Aventis

S.A.

(ADR)

35,194

372,500

Santen

Pharmaceutical

Co

Ltd

3,035

150,444

*

Sarepta

Therapeutics,

Inc

19,495

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

108

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

178

Sartorius

Stedim

Biotech

$

58

66,109

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

383

40,817

Sawai

Group

Holdings

Co

Ltd

1,274

279,000

Scinopharm

Taiwan

Ltd

231

33,881

*

Seagen,

Inc

4,354

34,144

Seegene,

Inc

739

15,830

*

Seer,

Inc

92

113,415

*

Seres

Therapeutics,

Inc

635

54,213

Shandong

Buchang

Pharmaceuticals

Co

Ltd

163

95,888

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

485

348,929

e

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

1,112

526,700

Shanghai

Haixin

Group

Co

175

79,000

*,e,g

Shanghai

Henlius

Biotech,

Inc

129

44,956

*

Shanghai

Junshi

Biosciences

Co

Ltd

403

5,898

Shanghai

Medicilon,

Inc

181

416,337

Shanghai

RAAS

Blood

Products

Co

Ltd

379

43,568

Shenzhen

Kangtai

Biological

Products

Co

Ltd

197

35,025

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

165

54,907

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

236

33,356

Shilpa

Medicare

Ltd

112

17,800

*,e

Shin

Nippon

Biomedical

Laboratories

Ltd

303

30,396

*

Shin

Poong

Pharmaceutical

Co

Ltd

514

15,622

Shionogi

&

Co

Ltd

779

23,855

Sichuan

Kelun

Pharmaceutical

Co

Ltd

91

10,336

Siegfried

Holding

AG.

6,866

4,434,000

e

Sihuan

Pharmaceutical

Holdings

538

17,011

*,e

Singular

Genomics

Systems,

Inc

34

8,452,236

Sino

Biopharmaceutical

4,922

19,596

*

SK

Biopharmaceuticals

Co

Ltd

1,120

24,628

*,e

SK

Bioscience

Co

Ltd

1,442

8,448

SKAN

Group

AG.

576

39,761

*

SomaLogic,

Inc

100

1,051,454

*,e

Sorrento

Therapeutics,

Inc

932

80,908

*,e

Sosei

Group

1,307

85,376

*

Sotera

Health

Co

711

8,512

*,e

SpringWorks

Therapeutics,

Inc

221

1,528,000

SSY

Group

Ltd

842

9,879

*

ST

Pharm

Co

Ltd

691

6,821

*

Stoke

Therapeutics,

Inc

63

79,978

*

Strides

Arcolab

Ltd

337

656,200

Sumitomo

Dainippon

Pharma

Co

Ltd

4,974

90,296

*

Sun

Pharma

Advanced

Research

Company

Ltd

227

1,827,256

Sun

Pharmaceutical

Industries

Ltd

22,097

193,604

*

Supernus

Pharmaceuticals,

Inc

6,906

13,180

*

Sutro

Biopharma,

Inc

107

116,385

Suven

Pharmaceuticals

Ltd

695

347,060

e

SwedenCare

AB

1,026

1,112

*

Swedish

Orphan

Biovitrum

AB

23

12,030

*

Syndax

Pharmaceuticals,

Inc

306

125,263

*

Syneos

Health,

Inc

4,595

130,395

g

Syngene

International

Ltd

922

374,000

*

Taigen

Biopharmaceuticals

Holdings

Ltd

195

155,000

*

TaiMed

Biologics,

Inc

356

38,600

Taisho

Pharmaceutical

Holdings

Co

Ltd

1,698

269,433

Takara

Bio,

Inc

3,517

1,574,394

Takeda

Pharmaceutical

Co

Ltd

49,195

14,192

*,e

Tango

Therapeutics,

Inc

103

65,000

*

Tanvex

BioPharma,

Inc

74

36,274

*,e

Taro

Pharmaceutical

Industries

Ltd

1,053

18,858

*

Tarsons

Products

Ltd

158

5,534

*

Tarsus

Pharmaceuticals,

Inc

81

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

109

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

12,987

Tecan

Group

AG.

$

5,814

211,974

*

Telix

Pharmaceuticals

Ltd

1,047

8,507

*

Tenaya

Therapeutics,

Inc

17

9,154

*

Teva

Pharmaceutical

Industries

Ltd

(ADR)

84

151,672

*

TG

Therapeutics,

Inc

1,794

85,753

*,e

Theravance

Biopharma,

Inc

962

363,621

Thermo

Fisher

Scientific,

Inc

200,242

5,190

*

Theseus

Pharmaceuticals,

Inc

26

352,900

e

Tianjin

ZhongXin

Pharmaceutical

Group

Corp

Ltd

398

659,000

Tong

Ren

Tang

Technologies

Co

Ltd

475

43,765

e

Torii

Pharmaceutical

Co

Ltd

967

118,895

Torrent

Pharmaceuticals

Ltd

2,223

22,813

Towa

Pharmaceutical

Co

Ltd

368

26,564

*

Travere

Therapeutics,

Inc

559

16,543

*

Tricida,

Inc

3

57,200

Tsumura

&

Co

1,254

661,000

TTY

Biopharm

Co

Ltd

1,791

40,237

*

Twist

Bioscience

Corp

958

1,776

*,e

Tyra

Biosciences,

Inc

14

842

UCB

S.A.

66

58,377

*

Ultragenyx

Pharmaceutical,

Inc

2,705

1,291,562

United

Laboratories

Ltd

806

163,918

*

United

Therapeutics

Corp

45,584

400,834

*

Vaccibody

AS.

1,148

102,517

*,e

Valneva

SE

687

17,205

*

Vanda

Pharmaceuticals,

Inc

127

30,119

*,e

Vaxart

Inc

29

10,397

*

Vaxcell-Bio

Therapeutics

Co

Ltd

282

2,615

*

Vaxcyte,

Inc

125

60,579

*,e

VBI

Vaccines,

Inc

24

97,204

*

Ventyx

Biosciences,

Inc

3,187

385

*

Vera

Therapeutics,

Inc

7

72,162

*

Veracyte,

Inc

1,712

24,770

*

Vericel

Corp

652

291,161

*

Vertex

Pharmaceuticals,

Inc

84,081

30,566

*,e

Verve

Therapeutics,

Inc

591

654,819

Viatris,

Inc

7,288

60,261

*

Vir

Biotechnology,

Inc

1,525

4,579

Virbac

S.A.

1,118

87,013

*

Viridian

Therapeutics,

Inc

2,542

27,455

*

VistaGen

Therapeutics,

Inc

3

136,545

Vitrolife

AB

2,443

855,500

*,e,g

Viva

Biotech

Holdings

191

67,528

Walvax

Biotechnology

Co

Ltd

389

129,133

*

Waters

Corp

44,238

170,434

n

West

Pharmaceutical

Services,

Inc

40,112

3,446,404

Winteam

Pharmaceutical

Group

Ltd

1,563

57,541

*

Wockhardt

Ltd

155

104,258

WuXi

AppTec

Co

Ltd

-

A

1,209

540,637

g

WuXi

AppTec

Co

Ltd

-

H

5,673

2,736,000

*,g

Wuxi

Biologics

Cayman,

Inc

20,722

17,432

*

Xencor,

Inc

454

316,800

*,g

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

263

6,385

*

Y-mAbs

Therapeutics,

Inc

31

34,660

*

Yuhan

Corp

1,568

100,882

*

Yungjin

Pharmaceutical

Co

Ltd

261

182,000

YungShin

Global

Holding

Corp

272

77,407

Yunnan

Baiyao

Group

Co

Ltd

604

56,717

*

Zai

Lab

Ltd

(ADR)

1,741

249,810

*

Zealand

Pharma

AS

7,245

1,874

*,e

Zentalis

Pharmaceuticals,

Inc

38

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

110

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

19,600

Zeria

Pharmaceutical

Co

Ltd

$

336

24,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

1,014

43,058

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

136

13,000

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

79

127,899

Zhejiang

NHU

Co

Ltd

345

11,467

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

91

1,023,289

Zoetis,

Inc

149,963

5,323

*,†,e

Zogenix,

Inc

4

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,410,767

REAL

ESTATE

-

2.8%

1,162,730

Abacus

Property

Group

2,070

198,361

Acadia

Realty

Trust

2,846

812

Activia

Properties

Inc

2,546

1,339

Advance

Residence

Investment

Corp

3,453

113,443

e

Aedifica

S.A.

9,231

103,200

Aeon

Mall

Co

Ltd

1,332

1,650

AEON

REIT

Investment

Corp

1,936

6,768

*

AFI

Properties

Ltd

201

7,116

Africa

Israel

Residences

Ltd

316

1,412,000

e

Agile

Property

Holdings

Ltd

414

27,768

Agree

Realty

Corp

1,970

596,900

AIMS

AMP

Capital

Industrial

REIT

553

68,718

*

Airport

City

Ltd

1,100

4,342,199

Aldar

Properties

PJSC

5,217

131,149

Alexander

&

Baldwin,

Inc

2,456

137

Alexander's,

Inc

30

157,104

Alexandria

Real

Estate

Equities,

Inc

22,885

162,000

Aliansce

Sonae

Shopping

Centers

sa

521

821,250

e,g

A-Living

Services

Co

Ltd

984

66,734

Allied

Properties

Real

Estate

Investment

Trust

1,262

14,952

Allreal

Holding

AG.

2,431

154,730

Alony

Hetz

Properties

&

Investments

Ltd

1,577

4,395

e

Altarea

SCA

593

45,424

Altus

Group

Ltd

1,813

1,057,300

Amata

Corp

PCL

(Foreign)

650

274,856

American

Assets

Trust,

Inc

7,284

183,736

American

Finance

Trust,

Inc

1,090

2,205,378

e

American

Homes

4

Rent

66,470

639,856

American

Tower

Corp

135,560

248,117

Americold

Realty

Trust

7,024

237,390

Amot

Investments

Ltd

1,394

250,263

Apartment

Income

REIT

Corp

8,587

45,841

Apartment

Investment

and

Management

Co

326

467,517

Apple

Hospitality

REIT,

Inc

7,377

583,200

AREIT,

Inc

371

325,019

Arena

REIT

842

904,638

Argosy

Property

Ltd

667

98,751

e

Armada

Hoffler

Properties,

Inc

1,136

195,458

e

Aroundtown

S.A.

455

69,199

Arriyadh

Development

Co

335

55,044

Artis

Real

Estate

Investment

Trust

366

1,035,700

Ascendas

India

Trust

874

3,565,863

Ascendas

REIT

7,303

2,131,504

Ascott

Trust

1,673

358,144

*

Ashford

Hospitality

Trust,

Inc

1,601

1,588,300

Asian

Property

Development

PCL

(Foreign)

532

3,017,698

Assura

Group

Ltd

1,990

41,973

e

Atrium

Ljungberg

AB

688

333,934

AvalonBay

Communities,

Inc

53,937

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

111

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,509,061

Axis

Real

Estate

Investment

Trust

$

613

8,208,408

Ayala

Land,

Inc

4,557

513

Azrieli

Group

34

10,549,900

Bangkok

Land

PCL

317

2,186,404

Barwa

Real

Estate

Co

1,726

12,369

*

Big

Shopping

Centers

Ltd

1,266

451,857

Big

Yellow

Group

plc

6,259

5,522

Blue

Square

Real

Estate

Ltd

326

834,858

BMO

Commercial

Property

Trust

Ltd

891

24,236

Boardwalk

REIT

885

117,746

Boston

Properties,

Inc

7,957

771,900

BR

Malls

Participacoes

S.A.

1,214

124,000

BR

Properties

S.A.

153

430,084

e

BraeMar

Hotels

&

Resorts,

Inc

1,768

1,122,931

Brandywine

Realty

Trust

6,906

137,490

Brigade

Enterprises

Ltd

771

99,958

British

Land

Co

plc

475

165,925

Brixmor

Property

Group,

Inc

3,762

426,070

Broadstone

Net

Lease,

Inc

6,907

179,761

g

Brookfield

India

Real

Estate

Trust

627

3,041

Brt

Realty

Trust

60

29,199

BSR

Real

Estate

Investment

Trust

380

7,785,300

*

Bumi

Serpong

Damai

Tbk

PT

460

477,621

Bunnings

Warehouse

Property

Trust

1,267

720,000

e

C&D

International

Investment

Group

Ltd

2,089

466,000

e

C&D

Property

Management

Group

Co

Ltd

260

41,709

CA

Immobilien

Anlagen

AG.

1,259

5,182,262

e

Cambridge

Industrial

Trust

1,433

49,917

Camden

Property

Trust

5,585

261,109

Canadian

Apartment

Properties

REIT

8,231

1,515,539

Capital

&

Counties

Properties

1,951

2,840,788

Capitaland

Investment

Ltd

7,851

5,376,911

CapitaMall

Trust

8,201

1,267,187

CapitaRetail

China

Trust

1,060

27,181

CareTrust

REIT,

Inc

505

53,782

Carmila

S.A.

768

264,627

e

Castellum

AB

3,205

33,951

Catena

AB

1,268

490,000

Cathay

Real

Estate

Development

Co

Ltd

243

6,825

e

CBL

&

Associates

Properties,

Inc

158

313,428

CBRE

Group,

Inc

24,121

969,368

CDL

Hospitality

Trusts

906

462,750

Cencosud

Shopping

S.A.

730

4,674

Centerspace

274

392,000

e

Central

China

New

Life

Ltd

151

2,189,282

Central

Pattana

PCL

4,482

525,701

Centuria

Capital

Group

607

1,518,409

Centuria

Industrial

REIT

3,208

892,816

Centuria

Office

REIT

928

2,838,806

Champion

Real

Estate

Investment

Trust

1,119

962,503

Charter

Hall

Education

Trust

2,221

480,968

Charter

Hall

Group

3,902

2,102,913

Charter

Hall

Long

Wale

REIT

6,305

116,482

Chatham

Lodging

Trust

1,429

1,221,000

*,†,e

China

Aoyuan

Group

Ltd

138

2,229,156

China

Jinmao

Holdings

Group

Ltd

477

375,027

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

679

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

488

3,391,786

China

Overseas

Land

&

Investment

Ltd

8,876

510,119

China

Overseas

Property

Holdings

Ltd

528

3,504,602

China

Resources

Land

Ltd

15,944

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

112

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

802,000

g

China

Resources

Mixc

Lifestyle

Services

Ltd

$

4,063

5,560,000

e

China

South

City

Holdings

Ltd

397

1,273,238

China

Vanke

Co

Ltd

2,561

390,619

China

Vanke

Co

Ltd

(Class

A)

1,017

547,000

Chinese

Estates

Holdings

Ltd

176

157,051

Choice

Properties

REIT

1,712

179,000

Chong

Hong

Construction

Co

430

48,743

e

Cibus

Nordic

Real

Estate

AB

670

410,753

City

Developments

Ltd

2,525

12,979

City

Office

REIT,

Inc

109

74,705

e

Citycon

Oyj

500

624,894

Civitas

Social

Housing

plc

477

2,020,801

CK

Asset

Holdings

Ltd

12,394

4,756

Clipper

Realty,

Inc

30

130,049

CLS

Holdings

plc

249

30,453

Cofinimmo

2,727

34,040

e

Colliers

International

Group,

Inc

3,127

374,000

*,†,e

Colour

Life

Services

Group

22

639

Comforia

Residential

REIT,

Inc

1,440

1,635,882

Commercial

Real

Estate

Co

KSC

532

19,095

e

Community

Healthcare

Trust,

Inc

684

22,298

*,e

Compass,

Inc

52

314,200

Concentradora

Fibra

Danhos

S.A.

de

C.V.

377

768,570

e

Corem

Property

Group

AB

620

634,200

e

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

1,514

30,807

Corporate

Office

Properties

Trust

799

1,768,000

*

Cosmopolitan

International

Holdings

Ltd

374

8,264,898

e

Country

Garden

Holdings

Co

Ltd

2,784

3,491,400

Country

Garden

Services

Holdings

Co

Ltd

8,565

119,850

Cousins

Properties,

Inc

3,031

496

CRE

Logistics

REIT,

Inc

694

43,920

Crombie

Real

Estate

Investment

Trust

514

369,500

Cromwell

European

Real

Estate

Investment

Trust

594

1,529,691

Cromwell

Group

697

921,981

Crown

Castle

International

Corp

125,058

51,005

CT

Real

Estate

Investment

Trust

587

140,533

e

CTO

Realty

Growth,

Inc

2,569

205,332

e

CubeSmart

8,265

71,202

*,e

Cushman

&

Wakefield

plc

887

439,992

Custodian

Reit

plc

496

67,622

Daito

Trust

Construction

Co

Ltd

6,923

562,381

Daiwa

House

Industry

Co

Ltd

12,955

2,211

Daiwa

House

REIT

Investment

Corp

4,930

313

Daiwa

Office

Investment

Corp

1,520

1,875

Daiwa

Securities

Living

Investments

Corp

1,641

379,736

*

Dar

Al

Arkan

Real

Estate

Development

Co

1,173

405,000

*

Delpha

Construction

Co

Ltd

227

114,856

Derwent

London

plc

3,287

47,178

Deutsche

Annington

Immobilien

SE

1,111

13,844

Deutsche

Euroshop

AG.

327

1,059,000

e

Dexin

China

Holdings

Co

Ltd

103

239,993

Dexus

Industria

REIT

472

414,990

Dexus

Property

Group

2,179

554,630

DiamondRock

Hospitality

Co

4,542

48,283

DIC

Asset

AG.

395

877,100

e

Digital

Core

REIT

Management

Pte

Ltd

483

184,966

Digital

Realty

Trust,

Inc

18,547

81,635

Dios

Fastigheter

AB

591

74,614

Diversified

Healthcare

Trust

48

705,531

DLF

Ltd

3,190

37,935

*,e

Doma

Holdings,

Inc

17

159,676

e

Douglas

Elliman,

Inc

650

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

113

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

65,376

Douglas

Emmett,

Inc

$

1,025

119,295

Dream

Industrial

Real

Estate

Investment

Trust

1,030

16,218

Dream

Office

Real

Estate

Investment

Trust

179

19,086

DREAM

Unlimited

Corp

358

437,000

*,†

Eagle

Hospitality

Trust

4

27,635

e

Easterly

Government

Properties,

Inc

394

103,449

e

EastGroup

Properties,

Inc

15,317

17,877

Electra

Real

Estate

Ltd

172

259,887

*

Emaar

Economic

City

577

4,441,314

Emaar

Properties

PJSC

7,066

510,948

Embassy

Office

Parks

REIT

2,073

2,331,461

Emlak

Konut

Gayrimenkul

Yatiri

1,087

42,232

e

Empire

State

Realty

Trust,

Inc

285

540,120

Empiric

Student

Property

plc

550

60,459

g

Entra

ASA

653

210,521

EPR

Properties

7,941

97,512

Equinix,

Inc

63,873

774,700

Equites

Property

Fund

Ltd

768

33,492

Equity

Commonwealth

836

1,224,100

Equity

Lifestyle

Properties,

Inc

79,077

428,050

Equity

Residential

25,255

7,377,000

g

ESR

Cayman

Ltd

15,422

115,908

ESR

Kendall

Square

REIT

Co

Ltd

366

519,989

Essential

Properties

Realty

Trust,

Inc

12,204

49,448

Essex

Property

Trust,

Inc

10,479

41,204

Eurocommercial

Properties

NV

998

916,000

e

Ever

Sunshine

Lifestyle

Services

Group

Ltd

509

688,000

e

Excellence

Commercial

Property

&

Facilities

Management

Group

Ltd

330

27,874

e

eXp

World

Holdings

Inc

309

371,827

Extra

Space

Storage,

Inc

54,726

270,680

e

Fabege

AB

2,302

1,397,995

Far

East

Consortium

334

1,101,705

Far

East

Hospitality

Trust

510

222,000

Farglory

Land

Development

Co

Ltd

410

13,958

e

Farmland

Partners,

Inc

174

760,127

*

Fastighets

AB

Balder

3,548

99,568

Federal

Realty

Investment

Trust

10,060

3,291,197

Fibra

Uno

Administracion

S.A.

de

C.V.

3,878

3,018,800

Filinvest

REIT

Corp

298

109,628

First

Capital

Real

Estate

Investment

Trust

1,361

182,035

First

Industrial

Realty

Trust,

Inc

8,785

46,033

e

FirstService

Corp

5,637

321

Fonciere

Des

Regions

19

48,940

*

Forestar

Group,

Inc

754

1,130,716

Fortress

REIT

Ltd

319

1,279,547

Fortress

REIT

Ltd

(Class

A)

791

1,579,000

Fortune

Real

Estate

Investment

Trust

1,281

23,345

Four

Corners

Property

Trust,

Inc

605

180,544

Franklin

Street

Properties

Corp

493

1,028,377

Frasers

Centrepoint

Trust

1,613

853,000

Frasers

Hospitality

Trust

283

3,013,645

Frasers

Logistics

&

Industrial

Trust

2,609

492

e

Frontier

Real

Estate

Investment

Corp

1,917

2,026

*

FRP

Holdings,

Inc

109

584

Fukuoka

REIT

Corp

758

305,278

Gaming

and

Leisure

Properties,

Inc

15,902

100,544

Gazit

Globe

Ltd

306

2,818

Gecina

S.A.

287

219,264

Gemdale

Corp

320

7,170,000

Gemdale

Properties

and

Investment

Corp

Ltd

584

12,514

e

Getty

Realty

Corp

424

1,047

e

Gladstone

Commercial

Corp

19

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

114

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

4,517

Gladstone

Land

Corp

$

83

18,468

Global

Medical

REIT,

Inc

175

31,679

Global

Net

Lease,

Inc

398

900

Global

One

Real

Estate

Investment

Corp

739

27

GLP

J-Reit

31

135,319

*

Godrej

Properties

Ltd

2,000

7,880

e

Goldcrest

Co

Ltd

101

1,679,196

Goodman

Group

19,748

1,039,222

Goodman

Property

Trust

1,333

1,926,245

GPT

Group

5,494

756,424

Grainger

plc

2,304

94,042

Grand

City

Properties

S.A.

925

144,144

Granite

REIT

7,354

2,072,981

Great

Portland

Estates

plc

12,355

604,322

Greentown

China

Holdings

Ltd

874

1,208,379

Greentown

Service

Group

Co

Ltd

797

323,150

Growthpoint

Properties

Australia

Ltd

652

3,801,596

Growthpoint

Properties

Ltd

3,253

1,938,400

e

Guangzhou

R&F

Properties

Co

Ltd

469

127,451

H&R

Real

Estate

Investment

Trust

1,140

77,225

Hamborner

REIT

AG.

555

3,975,930

e

Hammerson

plc

1,144

1,726,442

Hang

Lung

Group

Ltd

3,164

2,910,995

Hang

Lung

Properties

Ltd

5,671

218,900

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

276

610

Hankyu

Reit,

Inc

708

440,140

Healthcare

Realty

Trust,

Inc

8,481

644,693

Healthpeak

Properties

Inc

16,162

30,522

Heiwa

Real

Estate

Co

Ltd

848

917

Heiwa

Real

Estate

REIT,

Inc

1,057

121,975

Helical

Bar

plc

492

1,501,518

Henderson

Land

Development

Co

Ltd

5,227

151,395

Hersha

Hospitality

Trust

1,290

1,019,065

Highwealth

Construction

Corp

1,335

78,827

Highwoods

Properties,

Inc

2,206

228,736

Home

Consortium

659

896,843

e

Home

Reit

plc

413

2,177,401

HomeCo

Daily

Needs

REIT

1,903

1,267,362

Hongkong

Land

Holdings

Ltd

5,831

946,701

e

Hopson

Development

Holdings

Ltd

926

239

Hoshino

Resorts

REIT,

Inc

1,287

984,091

Host

Hotels

and

Resorts,

Inc

15,795

31,322

*

Howard

Hughes

Corp

2,394

286,000

Huaku

Development

Co

Ltd

828

108,195

e

Hudson

Pacific

Properties

1,053

112,333

Hufvudstaden

AB

(Series

A)

1,599

293,283

e

Hulic

Co

Ltd

2,303

1,554

Hulic

Reit,

Inc

1,936

317,327

Hyprop

Investments

Ltd

628

630,696

Hysan

Development

Co

Ltd

2,042

38,341

Icade

1,654

282,925

Ichigo

Holdings

Co

Ltd

610

1,139

Ichigo

Real

Estate

Investment

Corp

735

3,658,000

IGB

Real

Estate

Investment

Trust

1,370

278,400

Iguatemi

S.A.

138

244,300

Iguatemi

S.A.

854

5,630

e

Immobel

S.A.

271

30,280

*

IMMOFINANZ

AG.

379

252,563

Impact

Healthcare

Reit

plc

321

85,397

Independence

Realty

Trust,

Inc

1,440

342,940

*

Indiabulls

Real

Estate

Ltd

335

1,621

e

Indus

Realty

Trust,

Inc

103

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

115

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

2,022

Industrial

&

Infrastructure

Fund

Investment

Corp

$

2,334

605,528

Industrial

Buildings

Corp

1,926

240,420

Industrial

Logistics

Properties

Trust

786

1,745,228

Ingenia

Communities

Group

5,281

304,133

Inmobiliaria

Colonial

S.A.

1,956

12,306

e

Innovative

Industrial

Properties,

Inc

1,247

52,993

g

Instone

Real

Estate

Group

AG.

456

63,101

InterRent

Real

Estate

Investment

Trust

597

1,158

Intershop

Holding

AG.

755

23,400

e

Intervest

Offices

482

20,628

InvenTrust

Properties

Corp

488

670,785

Investec

Property

Fund

Ltd

378

18,726

e

Invincible

Investment

Corp

7,256

523,430

Invitation

Homes,

Inc

15,514

1,712,100

IOI

Properties

Group

BHD

412

397,512

Irish

Residential

Properties

REIT

plc

470

32,388

Iron

Mountain,

Inc

1,615

475,275

*

Is

Gayrimenkul

Yatirim

Ortakligi

AS

270

96,359

Israel

Canada

T.R

Ltd

209

18,480

Israel

Land

Development

Co

Ltd

203

2,125

Isras

Investment

Co

Ltd

405

20,213

iStar

Inc

154

1,823

ITOCHU

Advance

Logistics

Investment

Corp

2,006

773,314

*

IWG

plc

1,545

198,660

Jadwa

REIT

Saudi

Fund

681

1,187

e

Japan

Excellent,

Inc

1,182

13,097

Japan

Hotel

REIT

Investment

Corp

7,702

856

Japan

Logistics

Fund

Inc

2,042

866

e

Japan

Prime

Realty

Investment

Corp

2,436

964

Japan

Real

Estate

Investment

Corp

4,234

4,393

Japan

Retail

Fund

Investment

Corp

3,495

3,330

JBG

SMITH

Properties

63

404,600

JHSF

Participacoes

S.A.

385

1,596,750

*,†

Jiangsu

Future

Land

Co

Ltd

16

890,200

e

Jinke

Smart

Services

Group

Co

Ltd

1,557

28,420

*

Jones

Lang

LaSalle,

Inc

4,529

118,845

JR

Reit

XXVII

397

1,252,329

K

Wah

International

Holdings

Ltd

435

2,718,000

*,†,e

Kaisa

Group

Holdings

Ltd

3

331,252

Katitas

Co

Ltd

7,562

1,033,247

*

KE

Holdings,

Inc

(ADR)

14,424

20,900

Keihanshin

Building

Co

Ltd

202

924

Kenedix

Realty

Investment

Corp

2,244

1,025

Kenedix

Residential

Investment

Corp

1,600

634

Kenedix

Retail

REIT

Corp

1,226

35,977

Kennedy-Wilson

Holdings,

Inc

566

1,382,917

Keppel

DC

REIT

1,828

2,008,491

Keppel

REIT

1,366

998,214

Keppel-KBS

US

REIT

459

586,000

Kerry

Properties

Ltd

1,271

66,116

*,e

K-fast

Holding

AB

150

206,218

Killam

Apartment

Real

Estate

Investment

Trust

2,469

115,052

Kilroy

Realty

Corp

4,449

25,844

Kimco

Realty

Corp

547

450,800

Kindom

Construction

Co

427

66,677

Kite

Realty

Group

Trust

1,404

1,690,253

Kiwi

Property

Group

Ltd

979

9,726

Klepierre

224

138,158

Kojamo

Oyj

2,043

1,499,000

*

KWG

Group

Holdings

Ltd

354

78,465

Lamar

Advertising

Co

7,407

78,938

*

Lamda

Development

S.A.

494

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

116

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

10,024,777

Land

and

Houses

PCL

Co

Reg

$

2,866

73,673

Land

Securities

Group

plc

550

62,557

Lar

Espana

Real

Estate

Socimi

S.A.

283

1,816

LaSalle

Logiport

REIT

2,214

4,887

LEG

Immobilien

AG.

319

697,025

Lend

Lease

Corp

Ltd

3,700

1,979,644

Lendlease

Global

Commercial

REIT

1,042

184,843

*

Leopalace21

Corp

406

554,430

Lexington

Realty

Trust

5,555

41,777

Life

Storage,

Inc

4,115

92,824

Lifestyle

Communities

Ltd

1,192

2,119,826

Link

REIT

15,511

35,003,300

*

Lippo

Karawaci

Tbk

PT

178

49,100

LOG

Commercial

Properties

e

Participacoes

S.A.

150

2,665,460

LondonMetric

Property

plc

5,533

3,137,093

e,g

Longfor

Properties

Co

Ltd

9,653

94,286

LOTTE

Reit

Co

Ltd

299

11,867

e

LTC

Properties,

Inc

422

1,658,708

LXI

REIT

plc

2,267

685,655

Mabanee

Co

KPSC

1,903

449,766

Macerich

Co

5,064

314,427

*

Mack-Cali

Realty

Corp

5,009

1,465,360

Macquarie

CountryWide

Trust

3,785

1,366,800

g

Macquarie

Mexico

Real

Estate

Management

SA

de

CV

1,995

88,733

Mahindra

Lifespace

Developers

Ltd

389

1,897,250

Manulife

US

Real

Estate

Investment

Trust

569

35,779

*,†,e

Mapeley

Ltd

0

^

2,366,384

Mapletree

Commercial

Trust

2,957

2,027,247

Mapletree

Industrial

Trust

3,359

3,402,787

e

Mapletree

Logistics

Trust

4,046

46,782

e

Marcus

&

Millichap,

Inc

1,612

790,500

Matrix

Concepts

Holdings

BHD

264

833,100

MBK

PCL

426

144,447

e

Medical

Properties

Trust,

Inc

1,609

22,598

Mega

Or

Holdings

Ltd

620

10,158,000

Megaworld

Corp

366

24,259

Melisron

Ltd

1,739

84,087

Mercialys

S.A

880

355,598

Merlin

Properties

Socimi

S.A.

3,335

271,655

Mid-America

Apartment

Communities,

Inc

42,647

310,000

e,g

Midea

Real

Estate

Holding

Ltd

477

212,600

g

Mindspace

Business

Parks

REIT

859

23,212

g

Minto

Apartment

Real

Estate

REIT

NPV

241

1,614

Mirai

Corp

554

3,988,195

Mirvac

Group

5,770

3,231,144

Mitsubishi

Estate

Co

Ltd

41,855

511

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

1,638

936,553

Mitsui

Fudosan

Co

Ltd

17,117

936

Mitsui

Fudosan

Logistics

Park,

Inc

3,422

7,437

e

Mobimo

Holding

AG.

1,898

10,779

Montea

C.V.A

772

12,587

Morguard

Corp

1,045

20,243

Morguard

North

American

Resid

242

1,642

Mori

Hills

REIT

Investment

Corp

1,963

242

e

Mori

Trust

Hotel

Reit,

Inc

249

927

Mori

Trust

Sogo

Reit,

Inc

1,036

1,153,400

MREIT,

Inc

300

305,600

Multiplan

Empreendimentos

Imobiliarios

S.A.

1,266

12,846

National

Health

Investors,

Inc

671

1,119,155

*

National

Real

Estate

Co

KPSC

458

98,602

National

Retail

Properties,

Inc

4,512

296,851

National

Storage

Affiliates

Trust

10,722

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

117

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,455,663

National

Storage

REIT

$

7,021

107,008

*,†,e

Neobo

Fastigheter

AB

200

498,386

NEPI

Rockcastle

NV

2,988

21,640

NESCO

Ltd

160

243,362

e

NETSTREIT

Corp

4,461

1,579,193

New

World

Development

Co

Ltd

4,430

41,659

Newmark

Group,

Inc

332

43,475

e

Nexity

1,214

84,675

NexPoint

Residential

Trust,

Inc

3,685

32,398

Nexus

Real

Estate

Investment

Trust

231

513

Nippon

Accommodations

Fund,

Inc

2,354

1,451

e

Nippon

Building

Fund,

Inc

6,489

2,072

Nippon

ProLogis

REIT,

Inc

4,858

442

e

NIPPON

REIT

Investment

Corp

1,166

74,725

Nomura

Real

Estate

Holdings,

Inc

1,598

4,526

Nomura

Real

Estate

Master

Fund,

Inc

5,607

108,437

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

761

23,923

e

NP3

Fastigheter

AB

456

22,610

NSI

NV

563

254,820

e

Nyfosa

AB

1,973

141,552

Oberoi

Realty

Ltd

1,481

14,581

Office

Properties

Income

Trust

195

75,576

e

Omega

Healthcare

Investors,

Inc

2,112

5,058

e

One

Liberty

Properties,

Inc

112

272

One

REIT,

Inc

520

383,269

*,e

Opendoor

Technologies,

Inc

445

1,126,700

Origin

Property

PCL

393

212,877

e

Orion

Office

REIT,

Inc

1,818

2,843

Orix

JREIT,

Inc

4,033

2,268,174

OUE

Commercial

Real

Estate

Investment

Trust

567

228,904

Outfront

Media,

Inc

3,795

18,213,200

Pakuwon

Jati

Tbk

PT

533

89,749

*

Pandox

AB

1,001

518,862

Paramount

Group,

Inc

3,082

99,618

Park

Hotels

&

Resorts,

Inc

1,174

380,524

Parkway

Life

Real

Estate

Investment

Trust

1,069

475,445

Parque

Arauco

S.A.

606

41,309

Patrizia

Immobilien

AG.

457

11,139

e

Peach

Property

Group

AG.

197

37,894

e

Pebblebrook

Hotel

Trust

507

158,437

*,e,h

PEXA

Group

Ltd

1,273

217,814

e

Phillips

Edison

&

Co,

Inc

6,935

113,311

Phoenix

Mills

Ltd

1,946

68,070

Physicians

Realty

Trust

985

599,433

Picton

Property

Income

Ltd

579

370,219

Piedmont

Office

Realty

Trust,

Inc

3,395

744,700

PLA

Administradora

Industrial

S

de

RL

de

C.V.

1,070

50,802

Platzer

Fastigheter

Holding

AB

401

438,292

Plaza

S.A.

547

19,376

Plymouth

Industrial

REIT,

Inc

372

2,230,000

Poly

Hong

Kong

Investment

Ltd

497

552,762

Poly

Real

Estate

Group

Co

Ltd

1,198

2,369

e

Postal

Realty

Trust,

Inc

34

137,307

PotlatchDeltic

Corp

6,040

1,453,000

e

Powerlong

Real

Estate

Holdings

Ltd

289

8,919

Prashkovsky

Investments

and

Construction

Ltd

206

1,443,660

Precinct

Properties

New

Zealand

Ltd

1,160

1,400

e

Premier

Investment

Co

1,462

163,911

Prestige

Estates

Projects

Ltd

916

110,665

Primaris

REIT

1,197

1,290,825

Primary

Health

Properties

plc

1,729

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

118

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

743,700

Prime

US

REIT

$

301

1,075,000

Prince

Housing

&

Development

Corp

367

609,249

ProLogis

Property

Mexico

S.A.

de

C.V.

1,746

3,021,169

Prologis,

Inc

340,576

3,434

*

Property

&

Building

Corp

186

1,432,000

Prosperity

REIT

364

455,951

PRS

REIT

PLC

490

750,400

Pruksa

Holding

PCL

285

49,798

PSP

Swiss

Property

AG.

5,850

10,118,200

PT

Ciputra

Development

Tbk

611

16,315,400

*,†

PT

Hanson

International

Tbk

0

^

160,122

Public

Storage,

Inc

44,865

2,378,200

Quality

House

PCL

158

916,000

e

Radiance

Holdings

Group

Co

Ltd

445

116,337

Rayonier,

Inc

3,834

5,813

Re/Max

Holdings,

Inc

108

35,299

*

Realogy

Holdings

Corp

226

150,665

Realty

Income

Corp

9,557

1,040,000

e,g

Redco

Properties

Group

Ltd

214

6,974,200

Redefine

Properties

Ltd

1,736

4,556

*,e

Redfin

Corp

19

485,966

Regency

Centers

Corp

30,373

2,057,950

Region

RE

Ltd

3,786

457,467

g

Regional

REIT

Ltd

326

205,579

Reit

Ltd

1,017

109,228

Relo

Holdings,

Inc

1,756

302,502

Resilient

REIT

Ltd

957

11,577

Retail

Estates

NV

769

504,294

Retail

Opportunities

Investment

Corp

7,580

10,137

Retal

Urban

Development

Co

330

973,585

Rexford

Industrial

Realty,

Inc

53,197

212,145

RioCan

Real

Estate

Investment

Trust

3,311

140,378

Riyad

REIT

Fund

370

4,630,300

RL

Commercial

REIT,

Inc

486

778,629

RLJ

Lodging

Trust

8,246

70,768

RMR

Group,

Inc

1,999

1,939,000

Robinsons

Land

Corp

521

71,072

RPT

Realty

714

1,873,062

Ruentex

Development

Co

Ltd

2,635

414,897

Rural

Funds

Group

681

130,139

Ryman

Hospitality

Properties

10,643

363,514

Sabra

Healthcare

REIT,

Inc

4,518

4,059

e

Safehold,

Inc

116

991,613

Safestore

Holdings

plc

11,308

191,971

Sagax

AB

4,362

190,000

Sakura

Development

Co

Ltd

197

368,724

Salhia

Real

Estate

Co

KSCP

618

180,259

e

Samhallsbyggnadsbolaget

i

-

D

326

1,070,090

e

Samhallsbyggnadsbolaget

i

Norden

AB

1,785

26,230

SAMTY

Co

Ltd

424

290

Samty

Residential

Investment

Corp

255

14,744,900

Sansiri

PCL

748

1,695,300

Sasseur

Real

Estate

Investment

Trust

956

167,073

*

Saudi

Real

Estate

Co

510

1,113

Saul

Centers,

Inc

45

147,113

Savills

plc

1,465

258,894

SBA

Communications

Corp

72,571

656,000

e

SCE

Intelligent

Commercial

Management

Holdings

Ltd

158

5,251,730

Scentre

Group

10,223

2,216,000

Seazen

Group

Ltd

811

122,030

Seazen

Holdings

Co

Ltd

358

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

119

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

86,404

Segro

plc

$

796

4,315

Sekisui

House

Reit,

Inc

2,447

176,095

Sella

Capital

Real

Estate

Ltd

411

1,095,904

Service

Properties

Trust

7,989

177,657

e

Shaftesbury

plc

790

293,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

266

70,837

Shanghai

Lingang

Holdings

Corp

Ltd

121

1,704,892

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

1,375

3,292,000

e

Shenzhen

Investment

Ltd

564

928,370

*,†,e

Shimao

Property

Holdings

Ltd

392

1,155,000

*,e,g

Shimao

Services

Holdings

Ltd

413

3,462,000

Shoucheng

Holdings

Ltd

842

11,490,000

Shui

On

Land

Ltd

1,456

1,513,469

*

Shun

TAK

Holdings

Ltd

325

26,312

Shurgard

Self

Storage

Europe

Sarl

1,207

2,618,600

Sime

Darby

Property

BHD

268

1,086,728

Simon

Property

Group,

Inc

127,669

3,518,648

Sino

Land

Co

4,389

3,721,000

Sino-Ocean

Land

Holdings

Ltd

516

236,000

Sinyi

Realty

Co

206

1,278,565

Sirius

Real

Estate

Ltd

1,141

444,116

SITE

Centers

Corp

6,067

10,262

SK

D&D

Co

Ltd

163

73,826

SK

REITs

Co

Ltd

323

61,903

e

SL

Green

Realty

Corp

2,087

21,934

Slate

Grocery

REIT

245

12,839,388

SM

Prime

Holdings

8,192

71,573

SmartCentres

Real

Estate

Investment

Trust

1,416

48,906

Sobha

Ltd

340

2,395,000

*

Soho

China

Ltd

419

721

SOSiLA

Logistics

REIT,

Inc

752

1,878,400

SP

Setia

BHD

256

1,116,658

SPH

REIT

750

321,309

Spirit

Realty

Capital,

Inc

12,830

11,100

*,e

SRE

Holdings

Corp

278

719

St.

Joe

Co

28

503,795

STAG

Industrial,

Inc

16,278

2,829

Star

Asia

Investment

Corp

1,190

1,591,929

Starhill

Global

REIT

642

32,800

Starts

Corp,

Inc

649

279

Starts

Proceed

Investment

Corp

503

920,030

Stockland

Trust

Group

2,266

1,189,134

e

StorageVault

Canada,

Inc

5,287

299,239

STORE

Capital

Corp

9,594

1,798

Stratus

Properties,

Inc

35

195,606

Sumitomo

Realty

&

Development

Co

Ltd

4,610

11,220,400

Summarecon

Agung

Tbk

PT

435

1,358,313

Summit

Hotel

Properties,

Inc

9,807

99,605

Summit

Industrial

Income

REIT

1,669

41,171

Summit

Real

Estate

Holdings

Ltd

521

15,739

Sumou

Real

Estate

Co

209

219,438

Sun

Communities,

Inc

31,380

18,780

Sun

Frontier

Fudousan

Co

Ltd

157

1,413,623

Sun

Hung

Kai

Properties

Ltd

19,309

3,507,197

*,†,e

Sunac

China

Holdings

Ltd

4

1,207,000

e,g

Sunac

Services

Holdings

Ltd

644

1,132,000

Sunlight

Real

Estate

Investment

Trust

488

65,761

e

Sunstone

Hotel

Investors,

Inc

635

2,348,300

Suntec

Real

Estate

Investment

Trust

2,419

58,429

Sunteck

Realty

Ltd

232

1,961,300

Sunway

Real

Estate

Investment

649

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

120

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,424,300

Supalai

PCL

$

2,402

4,628,188

e

Supermarket

Income

Reit

plc

5,736

482,128

Swire

Pacific

Ltd

(Class

A)

4,226

1,129,971

Swire

Properties

Ltd

2,862

80,468

Swiss

Prime

Site

AG.

6,974

183,610

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

1,192

640

Takara

Leben

Real

Estate

Investment

Corp

484

1,048,154

Talaat

Moustafa

Group

422

3,789

e

Tanger

Factory

Outlet

Centers,

Inc

68

684,582

e

Target

Healthcare

REIT

plc

664

6,544

*

Tejon

Ranch

Co

123

38,409

Terreno

Realty

Corp

2,184

19,271

*

TKP

Corp

416

33,880

TOC

Co

Ltd

174

270,893

Tokyo

Tatemono

Co

Ltd

3,280

623,700

Tokyu

Fudosan

Holdings

Corp

2,958

877

Tokyu

REIT,

Inc

1,382

35,643

Tosei

Corp

369

386

*,e

Transcontinental

Realty

Investors,

Inc

17

265,143

e

Tricon

Capital

Group,

Inc

2,044

13,008,513

Tritax

Big

Box

REIT

plc

21,801

8,840,376

g

Tritax

EuroBox

plc

6,591

13,694

UDR,

Inc

530

870,464

UK

Commercial

Property

REIT

Ltd

615

44,723

UMH

Properties,

Inc

720

621

*

Unibail-Rodamco-Westfield

32

191

*

Unibail-Rodamco-Westfield

10

342,762

Unite

Group

plc

3,760

1,808,367

United

Development

Co

PSC

646

3,196

United

Urban

Investment

Corp

3,651

72,338

Uniti

Group,

Inc

400

467,533

UOL

Group

Ltd

2,351

34,905

Urban

Edge

Properties

492

510,466

Urban

Logistics

REIT

plc

831

9,348

Urstadt

Biddle

Properties,

Inc

(Class

A)

177

9,197

Vastned

Retail

NV

208

521,308

Ventas,

Inc

23,485

11,948

e

VGP

NV

1,000

1,073,695

VICI

Properties,

Inc

34,788

3,849,739

Vicinity

Centres

5,198

7,435

e

Vornado

Realty

Trust

155

872,912

e

Vukile

Property

Fund

Ltd

682

360,094

e

Wallenstam

AB

1,518

451,411

e

Warehouse

REIT

plc

571

524,634

Warehouses

De

Pauw

CVA

15,029

39,527

Washington

REIT

704

702,133

Waypoint

REIT

1,311

385,915

Welltower,

Inc

25,297

37,045

Wereldhave

NV

496

111,379

*,e

WeWork,

Inc

159

638,819

Weyerhaeuser

Co

19,803

10,180,400

WHA

Corp

PCL

1,198

1,487,897

Wharf

Real

Estate

Investment

Co

Ltd

8,666

137,253

e

Whitestone

REIT

1,323

329,964

e

Wihlborgs

Fastigheter

AB

2,492

160,167

Workspace

Group

plc

861

8,639

e

WP

Carey,

Inc

675

112,813

Xenia

Hotels

&

Resorts,

Inc

1,487

22,187

e

Xior

Student

Housing

NV

689

671,342

Yanlord

Land

Group

Ltd

511

6,464

YH

Dimri

Construction

&

Development

Ltd

401

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

121

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

931,426

Yuexiu

Property

Co

Ltd

$

1,124

2,696,000

e

Yuexiu

Real

Estate

Investment

Trust

679

455,000

Yuexiu

Services

Group

Ltd

192

306,700

Zhejiang

China

Commodities

City

Group

Co

Ltd

231

2,440,000

*,e

Zhuguang

Holdings

Group

Co

Ltd

281

95,789

*

Zillow

Group,

Inc

(Class

A)

2,990

129,126

*

Zillow

Group,

Inc

(Class

C)

4,159

1,013,240

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS.

309

TOTAL

REAL

ESTATE

2,996,615

RETAILING

-

4.8%

8,171

*

1-800-FLOWERS.COM,

Inc

(Class

A)

78

7,125

*

1stdibs.com,

Inc

36

9,297

Aaron's

Co,

Inc

111

33,200

ABC-Mart,

Inc

1,877

15,134

*

Abercrombie

&

Fitch

Co

(Class

A)

347

41,232

*,e

About

You

Holding

SE

258

3,478,935

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

4,171

160,924

e

Academy

Sports

&

Outdoors,

Inc

8,455

420,464

Accent

Group

Ltd

480

7,414,600

Ace

Hardware

Indonesia

Tbk

PT

236

24,430

Adastria

Holdings

Co

Ltd

433

49,612

Advance

Auto

Parts,

Inc

7,294

13,768

*

aka

Brands

Holding

Corp

17

94,574

Ali

Alghanim

Sons

Automotive

Co

KSCC

250

25,201,041

*

Alibaba

Group

Holding

Ltd

276,529

186,063

*

Alibaba

Group

Holding

Ltd

(ADR)

16,390

3,253,829

*

Alibaba

Health

Information

Technology

Ltd

2,739

371,170

*,g

Allegro.eu

S.A.

2,142

18,490

e

Alpen

Co

Ltd

274

16,920,068

*

Amazon.com,

Inc

1,421,286

45,762

e

American

Eagle

Outfitters,

Inc

639

28,069,053

Americanas

S.A.

51,195

1,831

*

America's

Car-Mart,

Inc

132

480,802

*,e

AO

World

plc

301

14,400

e

AOKI

Holdings,

Inc

74

149,387

AP

Eagers

Ltd

1,095

4,060,000

*,e

Apollo

Future

Mobility

Group

Ltd

125

24,422

Arata

Corp

777

20,676

Arc

Land

Sakamoto

Co

Ltd

245

90,588

*

Aritzia,

Inc

3,168

331,536

Arko

Corp

2,871

57,317

*

Arvind

Fashions

Ltd

239

45,076

*

Asbury

Automotive

Group,

Inc

8,080

531,928

ASKUL

Corp

6,905

60,665

*,e

ASOS

plc

373

325,006

*

Auction

Technology

Group

plc

2,955

93,285

*,g

Auto1

Group

SE

775

65,488

Autobacs

Seven

Co

Ltd

719

19,914

*

AutoCanada,

Inc

343

67,399

*

Autonation,

Inc

7,232

17,536

*

AutoZone,

Inc

43,247

3,071,997

B&M

European

Value

Retail

S.A.

15,249

33,132

g

B&S

Group

Sarl

171

1,435,286

*

Baozun,

Inc

(ADR)

7,607

335,151

Bapcor

Ltd

1,469

35,868

*,e

BARK,

Inc

53

44,076

Bath

&

Body

Works,

Inc

1,857

13,968

*,e

Bed

Bath

&

Beyond,

Inc

35

30,005

Belluna

Co

Ltd

155

1,175,800

Berjaya

Auto

BHD

569

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

122

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

176,745

Best

Buy

Co,

Inc

$

14,177

88,400

BIC

CAMERA,

Inc

861

6,610

e

Big

5

Sporting

Goods

Corp

58

8,587

e

Big

Lots,

Inc

126

71,556

Bilia

AB

785

1,126,524

*,e

boohoo.com

plc

480

269,514

*

Boot

Barn

Holdings,

Inc

16,850

58,180

*,e,g

Boozt

AB

671

537,000

*,†,e

Boshiwa

International

Holding

Ltd

1

141,855

Buckle,

Inc

6,433

1,225

*

Build-A-Bear

Workshop,

Inc

29

60,813,900

*

Bukalapak.com

PT

Tbk

1,021

289,784

*

Burlington

Stores,

Inc

58,757

1,117

Caleres,

Inc

25

31,642

Camping

World

Holdings,

Inc

706

64,128

e

Canadian

Tire

Corp

Ltd

6,702

36,310

Carasso

Motors

Ltd

210

130,382

*

CarMax,

Inc

7,939

769,473

*

CarParts.com,

Inc

4,817

25,888

*

Cartrade

Tech

Ltd

146

5,611

Cato

Corp

(Class

A)

52

140,966

e

Ceconomy

AG

279

1,296,365

Central

Retail

Corp

PCL

1,731

497,908

*

Chico's

FAS,

Inc

2,450

10,830

*

Children's

Place,

Inc

394

478,541

China

International

Travel

Service

Corp

Ltd

14,813

374,629

China

Meidong

Auto

Holdings

Ltd

765

363,500

e

China

Tobacco

International

HK

Co

Ltd

540

213,600

*,g

China

Tourism

Group

Duty

Free

Corp

Ltd

6,260

2,288,800

e

Chow

Tai

Fook

Jewellery

Group

Ltd

4,651

40,444

*

Citi

Trends,

Inc

1,071

42,243

e

Clas

Ohlson

AB

(B

Shares)

291

1,315,300

Com7

PCL

(Foreign)

1,290

4,095

*,e

Conn's,

Inc

28

568,755

*

Container

Store

Group,

Inc

2,451

174,182

*,e

ContextLogic,

Inc

85

851,020

*

Coupang,

Inc

12,519

8,505

*

Cuckoo

Homesys

Co

Ltd

199

54,900

*,e

Dada

Nexus

Ltd

(ADR)

383

8,606

*

Danawa

Co

Ltd

105

155,946

DCM

Holdings

Co

Ltd

1,423

56,887

Delek

Automotive

Systems

Ltd

666

944,879

*,g

Deliveroo

plc

979

172,788

*,g

Delivery

Hero

AG.

8,292

3,600

*,e

Demae-Can

Co

Ltd

12

226,544

e

Designer

Brands,

Inc

2,216

13,235

*

Destination

XL

Group,

Inc

89

2,261

e

Dick's

Sporting

Goods,

Inc

272

25,099

Dieteren

S.A.

4,817

157

e

Dillard's,

Inc

(Class

A)

51

1,163,881

Dixons

Carphone

plc

752

1,123,946

Dogan

Sirketler

Grubu

Holdings

634

20,963

Dogus

Otomotiv

Servis

ve

Ticaret

AS

221

1,066,760

Dohome

PCL

456

525,689

Dollar

General

Corp

129,451

213,184

*

Dollar

Tree,

Inc

30,153

973,324

Dollarama,

Inc

56,926

416,632

Don

Quijote

Co

Ltd

7,739

221,666

*

DoorDash,

Inc

10,822

24,400

Doshisha

Co

Ltd

300

157,922

*,e

Dufry

Group

6,580

2,038

*,e

Duluth

Holdings,

Inc

13

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

123

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

108,330

Dunelm

Group

plc

$

1,282

79,452

*,g

Dustin

Group

AB

315

913,927

eBay,

Inc

37,901

80,878

EDION

Corp

791

129,957

*

Etsy,

Inc

15,566

169,994

g

Europris

ASA

1,191

18,319

*,e

EVgo,

Inc

82

19,730

*,e

Express

Parent

LLC

20

642,000

Far

Eastern

Department

Stores

Co

Ltd

449

25,305

*,e

Farfetch

Ltd

120

34,390

Fast

Retailing

Co

Ltd

20,927

19,375

*

Fawaz

Abdulaziz

Al

Hokair

&

Co

80

26,773

Fielmann

AG.

1,059

54,758

*

Five

Below,

Inc

9,685

34,090

*

Fiverr

International

Ltd

993

94,175

*

Floor

&

Decor

Holdings,

Inc

6,557

17,930

Fnac

Darty

SA

662

24,770

Foot

Locker,

Inc

936

355,626

Foschini

Ltd

2,094

7,615

Fox

Wizel

Ltd

693

566

e

Franchise

Group,

Inc

13

164,978

*

Frasers

Group

plc

1,414

49,255

*,e

Funko,

Inc

537

217,934

*,e

GameStop

Corp

(Class

A)

4,023

442,359

e

Gap,

Inc

4,990

20,145

*

Genesco,

Inc

927

37,715

Genuine

Parts

Co

6,544

79,200

Geo

Holdings

Corp

1,308

80,776

*,e

Global

Fashion

Group

S.A.

98

21,560

*

Go

Fashion

India

Ltd

312

15,205,000

*,e

GOME

Electrical

Appliances

Holdings

Ltd

213

4,592

Group

1

Automotive,

Inc

828

9,914

*,e

Groupon,

Inc

85

17,930

*

GrowGeneration

Corp

70

50,300

Grupo

SBF

S.A.

122

1,456

Guess?,

Inc

30

61,400

Gulliver

International

Co

Ltd

308

758,910

Halfords

Group

plc

1,918

90,825

Hankyu

Department

Stores,

Inc

884

556,669

Harvey

Norman

Holdings

Ltd

1,560

4,665

e

Haverty

Furniture

Cos,

Inc

139

5,008,000

*,e

HengTen

Networks

Group

Ltd

1,249

802,316

e

Hennes

&

Mauritz

AB

(B

Shares)

8,646

946

Hibbett

Sports,

Inc

65

18,722

Hikari

Tsushin,

Inc

2,635

1,787,737

Home

Depot,

Inc

564,675

3,861,767

Home

Product

Center

PCL

1,727

614,000

Hong

Kong

Television

Network

Ltd

422

10,506

Hornbach

Holding

AG.

&

Co

KGaA

869

315,482

Hotai

Motor

Co

Ltd

6,022

19,573

*

Hotel

Shilla

Co

Ltd

1,293

268,000

e

Hour

Glass

Ltd

408

12,712

*

Hyundai

Department

Store

Co

Ltd

596

3,902

*

Hyundai

Home

Shopping

Network

Corp

167

1,322,477

Inchcape

plc

13,057

798,511

Industria

De

Diseno

Textil

S.A.

21,209

345,900

Isetan

Mitsukoshi

Holdings

Ltd

3,761

28,600

Izumi

Co

Ltd

646

251,800

J

Front

Retailing

Co

Ltd

2,285

65,220

Jarir

Marketing

Co

2,603

120,267

e

JB

Hi-Fi

Ltd

3,428

743,650

*,g

JD

Health

International,

Inc

6,715

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

124

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

1,653,178

JD

Sports

Fashion

plc

$

2,512

4,520,730

JD.com,

Inc

126,204

14,742

JINS

Holdings,

Inc

515

3,485

JOANN,

Inc

10

8,720

Joshin

Denki

Co

Ltd

128

45,774

e

Joyful

Honda

Co

Ltd

670

123,455

JUMBO

S.A.

2,117

184,377

*,g

Just

Eat

Takeaway.com

NV

3,924

5,025

*

K

Car

Co

Ltd

46

42,387

Keiyo

Co

Ltd

290

297,239

Kering

151,273

12,679

Kingfisher

plc

36

16,200

*

Kintetsu

Department

Store

Co

Ltd

319

31,935

e

Kohl's

Corp

806

22,005

Kohnan

Shoji

Co

Ltd

571

135,652

Komeri

Co

Ltd

2,812

154,828

K's

Holdings

Corp

1,328

4,320

*,e

Lands'

End,

Inc

33

141,884

*,e

Leslie's,

Inc

1,732

9,844

*

Liquidity

Services,

Inc

138

21,877

Lithia

Motors,

Inc

(Class

A)

4,479

66,671

LKQ

Corp

3,561

1,041,580

Lojas

Renner

S.A.

4,037

8,717

*

Lotte

Shopping

Co

Ltd

628

55,875

Lovisa

Holdings

Ltd

877

1,560,175

Lowe's

Companies,

Inc

310,849

337,561

Luk

Fook

Holdings

International

Ltd

1,001

12,298

*

Lulu's

Fashion

Lounge

Holdings,

Inc

31

9,137

*

Lumber

Liquidators,

Inc

51

11,302

e

Macy's,

Inc

233

29,063,225

*

Magazine

Luiza

S.A.

15,078

32,117

e,g

Maisons

du

Monde

S.A.

404

372,800

*,e,g

Maoyan

Entertainment

429

9,575

*

MarineMax,

Inc

299

2,907,900

Matahari

Department

Store

Tbk

PT

887

63,981

Matas

A.S.

641

4,750,735

*,g

Meituan

Dianping

(Class

B)

105,256

78,752

Mekonomen

AB

849

19,109

*

MercadoLibre,

Inc

16,171

400,700

*

Mercari,

Inc

8,150

20,268,500

*

Mitra

Adiperkasa

Tbk

PT

1,880

38,214

Mobilezone

Holding

AG.

634

68,800

momo.com,

Inc

1,432

18,068

Monro

Muffler,

Inc

817

246,160

*

Moonpig

Group

plc

327

135,715

Motus

Holdings

Ltd

884

2,253,300

g

MR

DIY

Group

M

Bhd

1,023

275,075

Mr

Price

Group

Ltd

2,551

19,614

Murphy

USA,

Inc

5,483

35,099

Musti

Group

Oyj

587

8,300

e

Nafco

Co

Ltd

98

234,875

Naspers

Ltd

(N

Shares)

39,249

50,795

*

National

Vision

Holdings,

Inc

1,969

10,612

Next

plc

744

47,620

Nextage

Co

Ltd

914

71,964

Nick

Scali

Ltd

517

42,935

e

Nishimatsuya

Chain

Co

Ltd

506

74,417

Nitori

Co

Ltd

9,724

56,024

Nojima

Corp

605

9,422

e

Nordstrom,

Inc

152

231,302

*

ODP

Corp

10,534

29,700

*,e

Oisix

ra

daichi,

Inc

501

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

125

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

333,886

*

Ollie's

Bargain

Outlet

Holdings,

Inc

$

15,639

3,120

*,e

OneWater

Marine,

Inc

89

54,136

*

O'Reilly

Automotive,

Inc

45,692

274,057

*,e

Overstock.com,

Inc

5,306

59,677

*,†,e

Ozon

Holdings

plc

(ADR)

1

343,700

Padini

Holdings

BHD

261

23,328

Pal

Co

Ltd

443

623,615

Paltac

Corp

21,841

191,192

*

PC

Jeweller

Ltd

193

21,110

Penske

Auto

Group,

Inc

2,426

153,733

*,g

Pepco

Group

NV

1,388

1,765,378

g

Pepkor

Holdings

Ltd

2,078

387,500

Pet

Center

Comercio

e

Participacoes

S.A.

457

25,568

e

Pet

Valu

Holdings

Ltd

739

62,127

*,e

Petco

Health

&

Wellness

Co,

Inc

589

960

e

PetMed

Express,

Inc

17

493,605

Pets

at

Home

Group

plc

1,692

1,192,554

*

Pinduoduo,

Inc

(ADR)

97,253

333,059

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

899

34,396

Pool

Corp

10,399

623,000

e,g

Pop

Mart

International

Group

Ltd

1,568

14,078

*

Poshmark,

Inc

252

2,915,000

Pou

Sheng

International

Holdings

Ltd

278

53,650

Poya

Co

Ltd

869

86,213

Premier

Investments

Ltd

1,444

842,914

Prosus

NV

58,198

1,138,500

PTG

Energy

PCL

(Foreign)

476

3,573,200

PTT

Oil

&

Retail

Business

PCL

2,453

56,431

e

Puuilo

Oyj

353

24,196

*

Quotient

Technology,

Inc

83

106,378

*

Qurate

Retail

Group,

Inc

QVC

Group

173

281,265

*,e

Rakuten,

Inc

1,268

63,984

*,e

RealReal,

Inc

80

18,663

*,e

Rent

the

Runway,

Inc

57

48,559

Rent-A-Center,

Inc

1,095

13,490

Retailors

Ltd

254

16,610

*,e

RH

4,438

232,773

Ross

Stores,

Inc

27,018

2,803

*,e

RumbleON,

Inc

18

43,914

Rvrc

Holding

AB

150

786,300

Ryohin

Keikaku

Co

Ltd

9,296

1,273,831

*

SA

SA

International

Holdings

Ltd

296

769,909

SACI

Falabella

1,500

491,058

*

Sally

Beauty

Holdings,

Inc

6,148

55,200

Sanrio

Co

Ltd

1,994

33,605

Saudi

Automotive

Services

Co

290

20,302

Saudi

Co

For

Hardware

CJSC

147

222,881

Seria

Co

Ltd

4,872

66,904

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

73

36,400

Shimamura

Co

Ltd

3,627

7,257

Shinsegae

Co

Ltd

1,269

15,499

Shinsegae

International

Co

Ltd

304

5,352

Shoe

Carnival,

Inc

128

44,018

*

Shopper's

Stop

Ltd

377

129,675

Shutterstock,

Inc

6,836

14,176

Signet

Jewelers

Ltd

964

368,300

Singer

Thailand

PCL

305

40,674

g

Sleep

Country

Canada

Holdings,

Inc

690

3,714

*

Sleep

Number

Corp

97

47,445

*,g

SMCP

S.A.

330

6,204

Sonic

Automotive,

Inc

(Class

A)

306

315,430

*

Sportsman's

Warehouse

Holdings,

Inc

2,968

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

126

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

4,514,385

*,e

Steinhoff

International

Holdings

NV

$

135

21,308

*,e

Stitch

Fix

Inc

66

666,601

Super

Group

Ltd

1,041

152,100

Super

Retail

Group

Ltd

1,104

99,634

e

Synsam

AB

377

3,798

Tadiran

Holdings

Ltd

380

148,851

e

Takashimaya

Co

Ltd

2,073

36,113

Takkt

AG.

522

861,343

Target

Corp

128,375

12,869

e

Telepark

Corp

159

63,550

*,e

Temple

&

Webster

Group

Ltd

199

4,216,108

*,e

THG

Holdings

Ltd

2,253

39,243

*,e

ThredUp,

Inc

51

10,726

*

Tile

Shop

Holdings,

Inc

47

7,610

*

Tilly's,

Inc

69

3,643,005

TJX

Companies,

Inc

289,983

53,479

Tokmanni

Group

Corp

647

1,408,489

g

Topsports

International

Holdings

Ltd

1,110

7,957

*,e

Torrid

Holdings,

Inc

24

100,191

Tractor

Supply

Co

22,540

3,866

*

TravelCenters

of

America,

Inc

173

117,579

Trent

Ltd

1,918

360,793

Truworths

International

Ltd

1,164

92,671

*

Ulta

Beauty,

Inc

43,469

69,589

*

Uni-Select,

Inc

2,202

426,799

United

Arrows

Ltd

5,981

34,356

United

Electronics

Co

634

27,000

e

United

Strength

Power

Holdings

Ltd

28

18,394

*

Urban

Outfitters,

Inc

439

212,273

USS

Co

Ltd

3,368

1,437,700

*

Via

S

654

6,997,072

Vibra

Energia

S.A.

20,515

19,852

*

Victoria's

Secret

&

Co

710

4,560,851

*

Vipshop

Holdings

Ltd

(ADR)

62,210

5,717

*,e

Vivid

Seats,

Inc

42

9,315

V-Mart

Retail

Ltd

320

37,538

*,e

Volta,

Inc

13

49,488

VT

Holdings

Co

Ltd

177

3,221

*

Warby

Parker,

Inc

43

136,185

Warehouse

Group

Ltd

225

245,505

*,g

Watches

of

Switzerland

Group

plc

2,399

66,933

*,e

Wayfair,

Inc

2,201

1,271,201

Wesfarmers

Ltd

39,645

1,794

Weyco

Group,

Inc

38

133,219

*

WH

Smith

plc

2,369

834,165

Wickes

Group

plc

1,475

1,522,400

Wilcon

Depot,

Inc

807

71,839

e

Williams-Sonoma,

Inc

8,256

2,107

Winmark

Corp

497

1,029,756

Woolworths

Holdings

Ltd

4,011

232,900

e

Workman

Co

Ltd

9,570

289,183

Wuchan

Zhongda

Group

Co

Ltd

200

413,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

278

709

*,e

Xometry,

Inc

23

1,167,000

*

Yamada

Denki

Co

Ltd

4,143

89,633

Yellow

Hat

Ltd

1,221

635,318

*,g

Zalando

SE

22,366

24,529

*

Zeda

Ltd

20

411,072

Zhongsheng

Group

Holdings

Ltd

2,106

3,254,235

*

Zomato

Ltd

2,333

130,730

ZOZO

Inc

3,228

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

127

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,788

*,e

Zumiez,

Inc

$

104

TOTAL

RETAILING

5,010,257

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4.7%

6,712

3peak,

Inc

266

12,689

*

ACM

Research,

Inc

98

278,000

A-DATA

Technology

Co

Ltd

515

2,505,721

*,n

Advanced

Micro

Devices,

Inc

162,296

44,821

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

631

164,000

Advanced

Wireless

Semiconductor

Co

363

130,600

Advantest

Corp

8,365

248,400

e

AEM

Holdings

Ltd

635

115,275

Aixtron

AG.

3,317

73,000

Alchip

Technologies

Ltd

1,854

196,230

*

Allegro

MicroSystems,

Inc

5,891

25,901

*

Alpha

&

Omega

Semiconductor

Ltd

740

303,388

*,e

Alphawave

IP

Group

plc

374

40,000

Amazing

Microelectronic

Corp

109

58,473

*

Ambarella,

Inc

4,808

441,738

Amkor

Technology,

Inc

10,593

23,733

*

Amlogic

Shanghai

Co

Ltd

240

282,225

*

ams

AG.

2,068

571,646

Analog

Devices,

Inc

93,767

39,000

Andes

Technology

Corp

628

77,000

AP

Memory

Technology

Corp

411

2,787,726

Applied

Materials,

Inc

271,469

462,000

Ardentec

Corp

744

2,193,925

ASE

Technology

Holding

Co

Ltd

6,666

57,974

ASM

International

NV

14,710

1,125,200

ASM

Pacific

Technology

7,991

25,000

ASMedia

Technology,

Inc

543

858,494

ASML

Holding

NV

468,095

30,000

ASPEED

Technology,

Inc

1,638

58,417

*

Axcelis

Technologies,

Inc

4,636

12,003

*

AXT,

Inc

53

158,909

BE

Semiconductor

Industries

NV

9,684

266,000

BOE

Varitronix

Ltd

503

45,231

*

Borosil

Renewables

Ltd

277

1,236,444

Broadcom,

Inc

691,333

25,940

*

Camtek

Ltd

553

1,117,500

Chang

Wah

Technology

Co

Ltd

1,078

11,538

*,†

China

Energy

Savings

Technology,

Inc

0

75,769

China

Resources

Microelectronics

Ltd

573

610,000

Chipbond

Technology

Corp

1,137

608,000

ChipMOS

Technologies,

Inc

661

44,983

*

Cirrus

Logic,

Inc

3,350

98,445

*

Coherent

Corp

3,455

35,407

*

Cohu,

Inc

1,135

292,626

*,e

Credo

Technology

Group

Holding

Ltd

3,895

538,900

D&O

Green

Technologies

Bhd

523

66,400

*

Daqo

New

Energy

Corp

(ADR)

2,564

8,070

*

Diodes,

Inc

614

18,180

Disco

Corp

5,182

40,544

*

Dongbu

HiTek

Co

Ltd

1,195

12,379

*

Duk

San

Neolux

Co

Ltd

383

261,000

Elan

Microelectronics

Corp

728

223,000

Elite

Semiconductor

Memory

Technology,

Inc

469

15,863

Elmos

Semiconductor

AG.

906

69,000

eMemory

Technology,

Inc

2,980

694,000

ENNOSTAR,

Inc

1,007

132,256

*

Enphase

Energy,

Inc

35,043

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

128

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

133,239

Entegris,

Inc

$

8,739

9,455

*

Eo

Technics

Co

Ltd

501

269,595

Episil

Holdings,

Inc

740

85,860

Episil-Precision,

Inc

195

284,157

Etron

Technology,

Inc

364

16,635

Eugene

Technology

Co

Ltd

293

479,000

Everlight

Electronics

Co

Ltd

575

750,000

Faraday

Technology

Corp

3,458

46,633

Ferrotec

982

85,779

*

First

Solar,

Inc

12,849

107,000

Fitipower

Integrated

Technology,

Inc

400

105,200

Flat

Glass

Group

Co

Ltd

504

459,000

e

Flat

Glass

Group

Co

Ltd

1,104

59,148

*

Formfactor,

Inc

1,315

112,000

Formosa

Advanced

Technologies

Co

Ltd

139

85,200

Formosa

Sumco

Technology

Corp

375

83,000

Foxsemicon

Integrated

Technology,

Inc

480

13,934,000

*

GCL

Poly

Energy

Holdings

Ltd

3,516

337,706

*

GCL

System

Integration

Technology

Co

Ltd

141

38,019

*

GemVax

&

Kael

Co

Ltd

357

46,306

Gigadevice

Semiconductor

Beijing,

Inc

681

75,000

Global

Mixed

Mode

Technology,

Inc

346

260,000

Global

Unichip

Corp

5,376

51,889

*,e

GLOBALFOUNDRIES,

Inc

2,796

242,988

Globalwafers

Co

Ltd

3,367

297,700

*

Greatech

Technology

Bhd

327

238,000

Greatek

Electronics,

Inc

371

59,000

Gudeng

Precision

Industrial

Co

Ltd

507

12,118

*

HAESUNG

DS

Co

Ltd

346

9,678

Hana

Materials,

Inc

253

41,134

Hana

Micron,

Inc

305

32,700

Hangzhou

Chang

Chuan

Technology

Co

Ltd

209

80,300

Hangzhou

First

Applied

Material

Co

Ltd

765

42,800

Hangzhou

Lion

Electronics

Co

Ltd

262

91,944

Hangzhou

Silan

Microelectronics

Co

Ltd

433

43,075

*

Hanmi

Semiconductor

Co

Ltd

395

201,000

Holtek

Semiconductor,

Inc

444

5,462

*

HPSP

Co

Ltd

232

396,531

*,e,g

Hua

Hong

Semiconductor

Ltd

1,374

1,147,239

Hynix

Semiconductor,

Inc

68,449

6,600

*

Hyundai

Energy

Solutions

Co

Ltd

256

8,575

*,e

Ichor

Holdings

Ltd

230

203,130

*

Impinj,

Inc

22,178

2,805,100

Inari

Amertron

BHD

1,662

2,410,321

Infineon

Technologies

AG.

73,254

34,056

Ingenic

Semiconductor

Co

Ltd

345

15,619

Innox

Advanced

Materials

Co

Ltd

376

1,815,378

Intel

Corp

47,980

154,000

ITE

Technology,

Inc

366

8,221

ITM

Semiconductor

Co

Ltd

171

152,184

JA

Solar

Technology

Co

Ltd

1,311

66,213

Japan

Material

Co

Ltd

1,065

70,097

Jentech

Precision

Industrial

Co

Ltd

855

43,600

*,e

JinkoSolar

Holding

Co

Ltd

(ADR)

1,782

40,176

*

Jusung

Engineering

Co

Ltd

340

1,120,000

King

Yuan

Electronics

Co

Ltd

1,315

317,000

Kinsus

Interconnect

Technology

Corp

1,072

188,570

KLA

Corp

71,097

110,272

*

Koh

Young

Technology,

Inc

1,119

7,087

*

KoMiCo

Ltd

243

130,394

Kulicke

&

Soffa

Industries,

Inc

5,771

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

129

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

509,611

Lam

Research

Corp

$

214,190

92,000

Land

Mark

Optoelectronics

Corp

317

29,700

Lasertec

Corp

4,849

409,133

*

Lattice

Semiconductor

Corp

26,545

9,668

LEENO

Industrial

Inc

1,195

497,668

LONGi

Green

Energy

Technology

Co

Ltd

3,014

216,236

*

MACOM

Technology

Solutions

Holdings,

Inc

13,619

1,901,000

Macronix

International

2,081

84,600

Malaysian

Pacific

Industries

BHD

552

86,000

Marketech

International

Corp

328

1,774,898

Marvell

Technology,

Inc

65,742

20,937

*,e

Maxeon

Solar

Technologies

Ltd

336

155,914

*

MaxLinear,

Inc

5,293

4,237,520

MediaTek,

Inc

85,678

16,489

*

Megachips

Corp

306

33,105

Melexis

NV

2,882

3,334,130

*,e

Meyer

Burger

Technology

AG.

1,937

278,103

Microchip

Technology,

Inc

19,537

2,717,405

Micron

Technology,

Inc

135,816

30,700

e

Micronics

Japan

Co

Ltd

301

80,391

Mimasu

Semiconductor

Industry

Co

Ltd

1,422

21,206

e

Mitsui

High-Tec,

Inc

978

25,478

h

MKS

Instruments,

Inc

2,159

136,677

Monolithic

Power

Systems,

Inc

48,330

73,603

Montage

Technology

Co

Ltd

662

1,806

*

Nanometrics,

Inc

123

843,075

Nanya

Technology

Corp

1,400

36,014

NAURA

Technology

Group

Co

Ltd

1,165

19,949

*

NEPES

Corp

249

5,995

*

NEXTIN,

Inc

238

169,009

*

Nordic

Semiconductor

ASA

2,833

28,723

*

Nova

Measuring

Instruments

Ltd

2,319

384,758

Novatek

Microelectronics

Corp

Ltd

3,933

178,000

Nuvoton

Technology

Corp

662

4,077,668

n

NVIDIA

Corp

595,910

225,768

NXP

Semiconductors

NV

35,678

217,464

*

ON

Semiconductor

Corp

13,563

369,000

Opto

Technology

Corp

403

34,452

Optorun

Co

Ltd

583

159,000

Orise

Technology

Co

Ltd

301

341,000

Pan

Jit

International,

Inc

639

51,000

Parade

Technologies

Ltd

1,278

1,058

*

PDF

Solutions,

Inc

30

163,000

Phison

Electronics

Corp

1,665

517,600

*

Photronics,

Inc

8,711

149,000

Pixart

Imaging,

Inc

466

1,966

Power

Integrations,

Inc

141

3,226,000

Powerchip

Semiconductor

Manufacturing

Corp

3,328

725,000

Powertech

Technology,

Inc

1,862

22,532

*

PSK,

Inc

277

71,564

*

PVA

TePla

AG.

1,416

45,131

*

Qorvo,

Inc

4,091

1,359,725

QUALCOMM,

Inc

149,488

439,000

Radiant

Opto-Electronics

Corp

1,495

8,514

*

Rambus,

Inc

305

63,000

Raydium

Semiconductor

Corp

621

37,000

*

RDC

Semiconductor

Co

Ltd

216

303,261

Realtek

Semiconductor

Corp

2,758

307,950

*,e

REC

Silicon

ASA

439

1,841,615

*

Renesas

Electronics

Corp

16,277

20,073

*

RFHIC

Corp

358

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

130

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

61,311

RichWave

Technology

Corp

$

223

9,870

*

Rigetti

Computing,

Inc

7

86,141

Rohm

Co

Ltd

6,175

11,707

Rorze

Corp

625

14,400

RS

Technologies

Co

Ltd

384

16,611

S&S

Tech

Corp

349

24,313

Sanken

Electric

Co

Ltd

1,198

38,969

e

SCREEN

Holdings

Co

Ltd

2,485

151,000

SDI

Corp

472

317,809

*

Semtech

Corp

9,118

46,500

*

Seoul

Semiconductor

Co

Ltd

373

22,434

SG

Micro

Corp

556

323,000

e

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

1,217

34,856

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

349

21,721

Shenzhen

SC

New

Energy

Technology

Corp

355

69,200

e

Shinko

Electric

Industries

1,761

389,000

Sigurd

Microelectronics

Corp

613

2,538,312

Silergy

Corp

35,853

97,028

*

Silicon

Laboratories,

Inc

13,164

12,301

*

Silicon

Works

Co

Ltd

702

15,029

Siltronic

AG.

1,093

24,512

e

SIMMTECH

Co

Ltd

517

511,000

Sino-American

Silicon

Products,

Inc

2,312

4,345

*

SiTime

Corp

442

127,000

Sitronix

Technology

Corp

731

106,146

*

SK

Square

Co

Ltd

2,825

71,425

Skyworks

Solutions,

Inc

6,509

11,181

SMA

Solar

Technology

AG.

800

309,312

*,e

SMART

Global

Holdings,

Inc

4,603

62,725

*

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS.

299

26,851

*

SOITEC

4,407

11,500

StarPower

Semiconductor

Ltd

544

1,099,323

STMicroelectronics

NV

39,066

84,380

*

STS

Semiconductor

&

Telecommunications

258

213,383

Sumco

Corp

2,827

524,000

Sunplus

Technology

Co

Ltd

379

17,272

*,e

SunPower

Corp

311

17,466

*

Synaptics,

Inc

1,662

212,000

Taiwan

Mask

Corp

580

249,000

Taiwan

Semiconductor

Co

Ltd

600

46,170,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

670,550

1,049,821

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

78,201

271,000

Taiwan

Surface

Mounting

Technology

Co

Ltd

781

188,977

*

Technoprobe

S.p.A

1,352

82,966

Teradyne,

Inc

7,247

1,228,765

Texas

Instruments,

Inc

203,017

226,525

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

1,223

315,161

Tianshui

Huatian

Technology

Co

Ltd

376

30,125

*

Tokai

Carbon

Korea

Co

Ltd

2,271

142,105

Tokyo

Electron

Ltd

41,755

76,400

Tokyo

Seimitsu

Co

Ltd

2,468

146,048

TongFu

Microelectronics

Co

Ltd

346

420,000

Topco

Scientific

Co

Ltd

2,234

110,341

*

Tower

Semiconductor

Ltd

(Tel

Aviv)

4,816

26,500

e

Tri

Chemical

Laboratories,

Inc

397

145,237

Trina

Solar

Co

Ltd

1,327

1,746,000

*,†

Trony

Solar

Holdings

Co

Ltd.

2

147

*

TSE

Co

Ltd

4

505,881

*

TSEC

Corp

567

7,278

U-Blox

AG.

869

111,091

*

Ultra

Clean

Holdings

3,683

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

131

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

47,544

Ulvac,

Inc

$

1,981

55,168

Unigroup

Guoxin

Microelectronics

Co

Ltd

1,043

527,000

Unisem

M

BHD

330

7,967,071

United

Microelectronics

Corp

10,468

1,489,000

*

United

Renewable

Energy

Co

Ltd/Taiwan

999

23,407

Universal

Display

Corp

2,529

34,000

UPI

Semiconductor

Corp

261

586,744

Vanguard

International

Semiconductor

Corp

1,474

207,191

*

Veeco

Instruments,

Inc

3,850

222,000

Via

Technologies,

Inc

482

101,000

VisEra

Technologies

Co

Ltd

634

165,000

Visual

Photonics

Epitaxy

Co

Ltd

369

344,500

ViTrox

Corp

BHD

597

598,000

Wafer

Works

Corp

792

75,884

Will

Semiconductor

Ltd

840

205,000

Win

Semiconductors

Corp

909

2,042,389

Winbond

Electronics

Corp

1,297

335,649

*,e,n

Wolfspeed,

Inc

23,173

32,076

*

WONIK

IPS

Co

Ltd

631

17,546

*

Wonik

QnC

Corp

327

8,587

Wuxi

Autowell

Technology

Co

Ltd

248

4,455

*,g

X-Fab

Silicon

Foundries

SE

32

62,425

*,g

X-Fab

Silicon

Foundries

SE

443

181,000

XinTec,

Inc

566

3,243,214

Xinyi

Solar

Holdings

Ltd

3,569

33,000

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

249

88,806

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

811

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

4,923,219

SOFTWARE

&

SERVICES

-

10.1%

88,200

*,e

21Vianet

Group,

Inc

(ADR)

500

390,487

360

Security

Technology,

Inc

367

28,594

*,e

8x8,

Inc

124

191,184

A10

Networks,

Inc

3,179

45,390

e

Absolute

Software

Corp

474

1,605,546

e

Accenture

plc

428,424

287,164

*

ACI

Worldwide,

Inc

6,605

31,663

Adeia,

Inc

300

3,559

Adesso

SE

500

367,635

*

Adobe,

Inc

123,720

55,847

*,g

Adyen

NV

77,530

178,630

*,e

Affirm

Holdings,

Inc

1,727

790

*

Agilysys,

Inc

63

53,800

*

Agora,

Inc

(ADR)

210

6,670

*

Ahnlab,

Inc

354

64,103

*

Akamai

Technologies,

Inc

5,404

16,241

Al

Moammar

Information

Systems

Co

402

1,633

*

Alarm.com

Holdings,

Inc

81

113,419

*,e

Alkami

Technology,

Inc

1,655

3,900

Alpha

Systems,

Inc

123

6,419

*,e

Altair

Engineering,

Inc

292

29,787

Alten

3,732

121,842

*

Alteryx,

Inc

6,174

121,863

Altium

Ltd

2,895

925,733

*

Amadeus

IT

Holding

S.A.

48,025

169,666

Amdocs

Ltd

15,423

32,490

American

Software,

Inc

(Class

A)

477

7,932

*

Ansys,

Inc

1,916

906

*

Appfolio,

Inc

95

839

*

Appian

Corp

27

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

132

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

51,500

*

Appier

Group,

Inc

$

527

196,180

*,e

AppLovin

Corp

2,066

24,930

Arabian

Internet

&

Communications

Services

Co

1,607

12,400

Argo

Graphics,

Inc

349

34,005

*,e

Asana,

Inc

468

196,000

g

AsiaInfo

Technologies

Ltd

344

3,694

*

Aspen

Technology,

Inc

759

119,794

Asseco

Poland

S.A.

1,991

136,739

Atea

ASA

1,595

570,507

*

Atlassian

Corp

73,413

96,451

e

Atos

Origin

S.A.

931

4,305

Atoss

Software

AG.

640

8,244

Aubay

430

42,600

*

Autodesk,

Inc

7,961

608,101

Automatic

Data

Processing,

Inc

145,251

122,293

Aveva

Group

plc

4,734

1,176,983

*

AvidXchange

Holdings,

Inc

11,699

1,968,700

*,e

BASE,

Inc

3,501

394,130

Bechtle

AG.

13,932

31,313

Beijing

Kingsoft

Office

Software,

Inc

1,187

74,956

Beijing

Shiji

Information

Technology

Co

Ltd

161

38,000

Bell

System24

Holdings,

Inc

392

2,307

*

Benefitfocus,

Inc

24

233,667

Bentley

Systems,

Inc

8,636

115,974

*,e

Bill.Com

Holdings,

Inc

12,637

148,460

Birlasoft

Ltd

536

85,837

*

Black

Knight,

Inc

5,300

43,332

*

Blackbaud,

Inc

2,551

561,188

*,e

Blackberry

Ltd

(New)

1,828

9,519

*

Blackline,

Inc

640

80,668

*,e

Blend

Labs,

Inc

116

471,386

*

Block,

Inc

29,622

49,154

*

Block,

Inc

3,039

54,042

BLS

International

Services

Ltd

108

179,427

*

Box,

Inc

5,586

1,615,007

*,e

BrainChip

Holdings

Ltd

811

14,566

Bread

Financial

Holdings,

Inc

549

118,034

*

Brightcove,

Inc

617

14,834

Broadridge

Financial

Solutions,

Inc

1,990

412,809

Bytes

Technology

Group

plc

1,931

263,460

*,e

C3.ai,

Inc

2,948

185,264

*

Cadence

Design

Systems,

Inc

29,761

38,091

Cancom

SE

1,114

7,145

*

Cantaloupe,

Inc

31

668,637

Cap

Gemini

S.A.

111,780

1,870,832

*

Capita

Group

plc

553

3,417

Cass

Information

Systems,

Inc

157

12,116

cBrain

A.S.

276

140,137

*,e

CCC

Intelligent

Solutions

Holdings,

Inc

1,219

15,363

CE

Info

Systems

Ltd

193

40,664

*,e

Cellebrite

DI

Ltd

177

11,968

*

Cerence

Inc

222

111,646

*

Ceridian

HCM

Holding,

Inc

7,162

245,891

*

CGI,

Inc

21,195

40,500

Change,

Inc

664

400,000

*,e

Chatwork

Co

Ltd

1,892

102,338

*

Check

Point

Software

Technologies

12,911

3,230,000

Chinasoft

International

Ltd

2,796

127,000

*,e

Chindata

Group

Holdings

Ltd

(ADR)

1,012

1,323,700

Cielo

S.A.

1,317

292,838

*

Cint

Group

AB

1,177

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

133

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,239

*,e

Cipher

Mining,

Inc

$

6

22,405

*,e

Cleanspark,

Inc

46

239,549

e

Clear

Secure,

Inc

6,571

249,499

*

Cloudflare,

Inc

11,280

14,146

*,e

CM.com

NV

172

27,693

Coforge

Ltd

1,301

212,256

Cognizant

Technology

Solutions

Corp

(Class

A)

12,139

306,734

*

Commvault

Systems,

Inc

19,275

119,375

Computacenter

plc

2,772

29,708

Computer

Age

Management

Services

Ltd

796

209,525

Computershare

Ltd

3,691

33,688

e

Comture

Corp

612

24,504

Concentrix

Corp

3,263

575,455

*

Conduent,

Inc

2,331

112,257

*

Confluent,

Inc

2,497

2,557

*

Consensus

Cloud

Solutions,

Inc

137

24,401

Constellation

Software,

Inc

38,097

188,518

*,e

Converge

Technology

Solutions

Corp

639

17,559

*,e

Couchbase,

Inc

233

64,448

*

Coupa

Software,

Inc

5,102

76,169

*,e,g

Crayon

Group

Holding

ASA

784

340,031

*

Crowdstrike

Holdings,

Inc

35,802

1,101

CSG

Systems

International,

Inc

63

13,475

*,e

Cvent

Holding

Corp

73

111,342

*

CyberArk

Software

Ltd

14,435

23,700

e

Cybozu,

Inc

435

105,818

Cyient

Ltd

1,035

11,557

*,e

Cyxtera

Technologies,

Inc

22

2,659,500

Dagang

NeXchange

Bhd

308

63,118

*

Danal

Co

Ltd

251

5,062,303

*

Darktrace

plc

15,880

721,705

Dassault

Systemes

SE

25,952

131,237

Data#3

Ltd

606

237,469

*

Datadog,

Inc

17,454

4,422

Datagroup

SE

298

343,411

*

Descartes

Systems

Group,

Inc

23,940

88,577

DHC

Software

Co

Ltd

72

86,000

Digital

Arts,

Inc

3,627

2,481,000

Digital

China

Holdings

Ltd

1,206

36,013

Digital

Garage,

Inc

1,243

2,699,800

*

Digital

Mediatama

Maxima

Tbk

PT

172

41,928

*

Digital

Turbine,

Inc

639

3,750

*,e

Digital

Value

S.p.A

268

17,070

*,e

DigitalOcean

Holdings,

Inc

435

151,300

Ditto

Thailand

PCL

260

20,191

*

Docebo,

Inc

667

223,379

*

DocuSign,

Inc

12,380

26,987

Dolby

Laboratories,

Inc

(Class

A)

1,904

205,214

*

Domo,

Inc

2,922

9,775

*

DoubleVerify

Holdings,

Inc

215

399,885

*

Dropbox,

Inc

8,949

39,600

DTS

Corp

892

125,320

*

Duck

Creek

Technologies,

Inc

1,510

21,839

*

DuzonBIzon

Co

Ltd

637

9,761

*

DXC

Technology

Co

259

261,849

e

Dye

&

Durham

Ltd

3,174

334,806

*

Dynatrace,

Inc

12,823

60,639

*,e

E2open

Parent

Holdings,

Inc

356

6,347

e

Ebix,

Inc

127

25,221

eClerx

Services

Ltd

389

110,840

Econocom

Group

S.A.

338

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

134

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

252,955

Edenred

$

13,767

516,498

E-Finance

for

Digital

&

Financial

Investments

397

3,992

*

eGain

Corp

36

138,724

*

Elastic

NV

7,144

25,138

Elm

Co

2,234

368,854

*

EngageSmart,

Inc

6,492

42,812

Enghouse

Systems

Ltd

1,137

5,126

*

Envestnet,

Inc

316

162,110

*

EPAM

Systems,

Inc

53,130

5,867

Esker

S.A.

991

31,519

*

Euronet

Worldwide,

Inc

2,975

18,258

*

Everbridge,

Inc

540

6,315

*,e

EverCommerce,

Inc

47

62,781

EVERTEC,

Inc

2,033

1,723

*

Evo

Payments,

Inc

58

200,000

*

Exasol

AG.

632

86,654

*

ExlService

Holdings,

Inc

14,682

14,896

*

Fair

Isaac

Corp

8,916

37,824

*,e

Fastly,

Inc

310

1,118,533

*

Fawry

for

Banking

&

Payment

Technology

Services

SAE

237

2,653,815

Fidelity

National

Information

Services,

Inc

180,061

108,403

*,†,g

Finablr

plc

1

26,370

*

First

Derivatives

plc

434

359,572

Firstsource

Solutions

Ltd

444

1,337,641

*

Fiserv,

Inc

135,195

238,619

*

Five9,

Inc

16,193

79,774

*

FleetCor

Technologies,

Inc

14,653

452,117

*

Flywire

Corp

11,063

3,488

*,e

ForgeRock,

Inc

79

10,548

Formula

Systems

1985

Ltd

762

602,087

*,e

Fortinet,

Inc

29,436

496,402

Fortnox

AB

2,254

87,100

*,e

Freee

KK

1,933

120,433

*

F-Secure

Corp

365

25,084

e

FUJI

SOFT,

Inc

1,438

91,369

Fujitsu

Ltd

12,181

7,127

Fukui

Computer

Holdings,

Inc

142

47,400

Future

Architect,

Inc

590

246,604

*

Gartner,

Inc

82,893

344,617

GB

Group

plc

1,295

1,911,424

*

GDS

Holdings

Ltd

4,949

522,852

*

GDS

Holdings

Ltd

(ADR)

10,781

122,263

Genpact

Ltd

5,663

15,517

GFT

Technologies

AG.

564

77,537

g

Global

Dominion

Access

S.A.

298

310,416

Global

Payments,

Inc

30,831

41,978

*

Globant

S.A.

7,059

1,900

e

GMO

Financial

Gate,

Inc

218

5,500

e

GMO

GlobalSign

Holdings

KK

171

72,370

*

GMO

internet,

Inc

1,352

233,077

GMO

Payment

Gateway,

Inc

19,275

128,750

*

GoDaddy,

Inc

9,633

389,695

*,e

Grid

Dynamics

Holdings,

Inc

4,372

3,473

*

Guidewire

Software,

Inc

217

27,521

Hackett

Group,

Inc

561

177,193

Hansen

Technologies

Ltd

620

100,439

Happiest

Minds

Technologies

Ltd

1,068

724,490

HCL

Technologies

Ltd

9,086

13,541

Hilan

Ltd

671

13,613

Hinduja

Global

Solutions

Ltd

219

6,270

*

HubSpot,

Inc

1,813

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

135

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

77,352

Hundsun

Technologies,

Inc

$

449

128,691

*,e

Hut

8

Mining

Corp

110

7,476

*

Hyundai

Autoever

Corp

565

53,520

*

I3

Verticals,

Inc

1,303

3,653

*,e

IBEX

Ltd

91

102,883

Iflytek

Co

Ltd

484

140,157

Indra

Sistemas

S.A.

1,598

860,724

Infibeam

Incorporation

Ltd

173

18,553

Infocom

Corp

303

2,325,700

Infomart

Corp

6,299

29,996

*,e

Informatica,

Inc

489

5,888

Information

Services

Group,

Inc

27

27,948

Information

Services

International-Dentsu

Ltd

829

3,155,668

Infosys

Technologies

Ltd

57,532

194,359

*

Infracommerce

CXAAS

S.A.

137

21,009

*

Instructure

Holdings,

Inc

492

59,158

*,e

Intapp,

Inc

1,475

94,965

Intellect

Design

Arena

Ltd

511

5,820

InterDigital,

Inc

288

428,004

International

Business

Machines

Corp

60,301

128,361

*

International

Money

Express

Inc

3,128

400,885

Intuit,

Inc

156,032

173,712

Iress

Market

Technology

Ltd

1,123

38,100

Itochu

Techno-Science

Corp

884

73,119

Jack

Henry

&

Associates,

Inc

12,837

534,167

*,e

Jamf

Holding

Corp

11,378

501,857

Justsystems

Corp

10,729

426,738

Kainos

Group

plc

7,960

30,132

*,e

Kaleyra,

Inc

23

16,186

Kanematsu

Electronics

Ltd

546

373,600

*,e

Kaonavi,

Inc

6,707

182,385

*

Kape

Technologies

plc

606

760,313

Keywords

Studios

plc

24,951

242,794

*

Kinaxis,

Inc

27,240

1,754,495

*,e

Kingdee

International

Software

Group

Co

Ltd

3,723

109,200

*,e

Kingsoft

Cloud

Holdings

Ltd

(ADR)

418

28,479

KNOW

IT

AB

556

161,858

*

KnowBe4,

Inc

4,011

151,872

KPIT

Engineering

Ltd

1,290

160,584

*

Kyndryl

Holdings,

Inc

1,786

443,727

g

Larsen

&

Toubro

Infotech

Ltd

23,390

21,820

*,e

Latch,

Inc

15

3,499,791

Learning

Technologies

Group

plc

4,883

1,640,304

*

Lightspeed

Commerce,

Inc

23,442

3,375

*,e

Limelight

Networks,

Inc

4

501,332

Link

Administration

Holdings

Ltd

674

1,179,625

*,g

Linklogis,

Inc

612

16,186

LiveChat

Software

S.A.

396

9,150

*

Liveperson,

Inc

93

20,440

*

LiveRamp

Holdings,

Inc

479

407,000

*,g

Locaweb

Servicos

de

Internet

S.A.

542

45,967

Magic

Software

Enterprises

Ltd

733

7,324

*

Magnet

Forensics,

Inc

201

22,561

Malam-Team

Ltd

483

50,095

*

Manhattan

Associates,

Inc

6,082

127,028

*,e

Marathon

Digital

Holdings,

Inc

434

14,582

*

Marqeta,

Inc

89

19,757

Mastek

Ltd

407

2,471,624

Mastercard,

Inc

(Class

A)

859,458

36,659

Matrix

IT

Ltd

764

18,615

*,e

Matterport,

Inc

52

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

136

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

69,119

MAXIMUS,

Inc

$

5,068

225,637

*,e

Megaport

Ltd

967

346,961

Micro

Focus

International

plc

2,223

14,620,835

Microsoft

Corp

3,506,369

1,308

*,e

MicroStrategy,

Inc

(Class

A)

185

786,000

e

Ming

Yuan

Cloud

Group

Holdings

Ltd

698

24,867

Mitsubishi

Research

Institute,

Inc

922

139,231

*

Model

N,

Inc

5,647

42,688

*

Money

Forward,

Inc

1,319

28,573

*

MoneyGram

International,

Inc

311

59,229

*

MongoDB,

Inc

11,659

24,137

Moshi

Moshi

Hotline,

Inc

183

89,045

Mphasis

Ltd

2,121

5,598,638

My

EG

Services

BHD

1,106

4,824

*

N-Able,

Inc

50

8,839

*

Nagarro

SE

1,046

852,000

*,†,e

National

Agricultural

Holdings

Ltd

1

30,167

NavInfo

Co

Ltd

48

284,353

NCC

Group

plc

688

45,240

*,e

nCino

OpCo,

Inc

1,196

105,859

*

NCR

Corp

2,478

94,081

NEC

Corp

3,299

72,043

NEC

Networks

&

System

Integration

Corp

901

103,099

Nemetschek

AG.

5,271

81,406

NET

One

Systems

Co

Ltd

2,120

156,642

*,g

Netcompany

Group

A.S.

6,665

506,742

*,g

Network

International

Holdings

plc

1,826

41,852

*

New

Relic,

Inc

2,363

3,791

*,g

Nexi

S.p.A

30

4,641,146

*

NEXTDC

Ltd

28,639

22,894

NHN

KCP

Corp

244

64,145

*

Nice

Systems

Ltd

12,340

447,238

Nihon

Unisys

Ltd

11,332

82,799

NIIT

Ltd

312

179,000

Nippon

System

Development

Co

Ltd

3,093

335,290

Nomura

Research

Institute

Ltd

7,971

2,516,612

NortonLifelock,

Inc

53,931

29,392

NS

Solutions

Corp

712

253,945

NTT

Data

Corp

3,701

383,401

*

Nutanix,

Inc

9,988

115,481

*,e,g

Nuvei

Corp

2,934

32,500

OBIC

Business

Consultants

Ltd

1,058

7,410

Obic

Co

Ltd

1,088

25,295

Objective

Corp

Ltd

225

115,166

*

Okta,

Inc

7,869

27,429

*

Olo,

Inc

171

12,672

*

ON24,

Inc

109

42,568

One

Software

Technologies

Ltd

594

7,836

*

OneSpan,

Inc

88

312,568

Open

Text

Corp

(Toronto)

9,262

5,247,853

Oracle

Corp

428,959

3,142

*

Oracle

Corp

Japan

204

23,945

Oracle

Financial

Services

Software

Ltd

874

760

Otsuka

Corp

24

36,936

*

Pagerduty,

Inc

981

5,003,070

*,e

Pagseguro

Digital

Ltd

43,727

1,602,074

*

Palantir

Technologies,

Inc

10,285

1,524,785

*

Palo

Alto

Networks,

Inc

212,768

190,382

*

Paya

Holdings,

Inc

1,498

223,717

Paychex,

Inc

25,853

45,777

*

Paycom

Software,

Inc

14,205

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

137

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

44,281

*,e

Paycor

HCM,

Inc

$

1,084

62,220

*

Paylocity

Holding

Corp

12,087

4,500

*

Payoneer

Global,

Inc

25

1,545,035

*

PayPal

Holdings,

Inc

110,037

8,648

*,e

Paysafe

Ltd

120

30,490

Pegasystems,

Inc

1,044

49,280

*

Perficient,

Inc

3,441

48,330

Persistent

Systems

Ltd

2,259

5,003

e

PFSweb,

Inc

31

19,200

*,e

PKSHA

Technology,

Inc

240

13,700

Plus

Alpha

Consulting

Co

Ltd

281

58,655

*

Posco

ICT

Co

Ltd

292

53,110

*

Procore

Technologies,

Inc

2,506

6,746

Progress

Software

Corp

340

9,873

*

PROS

Holdings,

Inc

240

99,170

*

PTC,

Inc

11,904

1,188,432

*

Pushpay

Holdings

Ltd

966

36,755

*

Q2

Holdings,

Inc

988

17,774

*,e

QT

Group

Oyj

851

531,368

*

Qualtrics

International,

Inc

5,516

6,632

*

Qualys,

Inc

744

17,544

*,e

Rackspace

Technology,

Inc

52

97,500

Rakus

Co

Ltd

1,169

12,813

*

Rapid7,

Inc

435

427,517

*,e

Remitly

Global,

Inc

4,895

101,291

*

Repay

Holdings

Corp

815

41,476

Reply

S.p.A

4,758

122,836

*

RingCentral,

Inc

4,348

49,902

*,e

Riot

Blockchain,

Inc

169

55,603

*,e

Riskified

Ltd

257

213,565

Roper

Technologies,

Inc

92,279

45,862

Route

Mobile

Ltd

672

46,181

S&T

AG.

753

1,092,367

*

Sabre

Corp

6,751

485,700

Sabuy

Technology

PCL

158

1,032,390

Sage

Group

plc

9,296

29,919

Saipens

International

Corp

NV

538

1,833,079

*

Salesforce,

Inc

243,048

23,416

*

Samsung

SDS

Co

Ltd

2,282

16,780

Sangfor

Technologies,

Inc

272

68,300

*

Sansan,

Inc

658

1,076,436

SAP

AG.

111,132

8,071

e

Sapiens

International

Corp

NV

149

1,787

Secunet

Security

Networks

AG.

374

3,121

*

SecureWorks

Corp

20

677,972

*

SentinelOne,

Inc

9,892

611,486

*

ServiceNow,

Inc

237,422

592,610

Shanghai

Baosight

Software

Co

Ltd

1,832

59,135

Shanghai

Baosight

Software

Co

Ltd

380

260,872

*

SHIFT,

Inc

45,921

47,011

*

Shift4

Payments,

Inc

2,629

3,497,179

*

Shopify,

Inc

(Class

A)

121,420

929,741

Silverlake

Axis

Ltd

250

41,551

SimCorp

AS

2,861

21,261

*,e

SimilarWeb

Ltd

137

28,100

*,e

Simplex

Holdings,

Inc

444

553,443

*,e,g

Sinch

AB

2,040

2,901,259

*

SiteMinder

Ltd

6,015

113,401

*

Smartsheet,

Inc

4,463

327,776

*

Snowflake,

Inc

47,049

10,700

Softbank

Technology

Corp

151

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

138

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

276,172

Softcat

plc

$

3,960

50,834

Software

AG.

1,314

14,584

*

SolarWinds

Corp

136

109,407

Sonata

Software

Ltd

745

69,722

Sopra

Group

S.A.

10,556

146,773

*

Splunk,

Inc

12,636

303,129

*

Sprout

Social,

Inc

17,115

89,501

*

SPS

Commerce,

Inc

11,495

7,180

*

Squarespace,

Inc

159

9,388

SS&C

Technologies

Holdings,

Inc

489

900,924

*

StoneCo

Ltd

8,505

900

Sumisho

Computer

Systems

Corp

14

90,337

*

Sumo

Logic,

Inc

732

766,224

SUNeVision

Holdings

Ltd

413

45,346

*,e

SUSE

S.A.

816

153,421

*

SVMK,

Inc

1,074

714,530

*

Synopsys,

Inc

228,142

288,912

Systena

Corp

896

127,000

Systex

Corp

287

69,916

Tanla

Platforms

Ltd

602

756,721

Tata

Consultancy

Services

Ltd

29,760

36,920

Tata

Elxsi

Ltd

2,802

13,600

*,e

TDCX,

Inc

(ADR)

168

141,192

*,g

TeamViewer

AG.

1,811

389,781

Tech

Mahindra

Ltd

4,780

41,100

TechMatrix

Corp

571

297,733

Technology

One

Ltd

2,645

13,963

e

TECSYS,

Inc

274

60,410

*

Telos

Corp

307

64,068

Temenos

Group

AG.

3,525

576,003

*

Tenable

Holdings,

Inc

21,975

207,754

*

Teradata

Corp

6,993

25,761

Thunder

Software

Technology

Co

Ltd

371

89,847

Tietoenator

Oyj

2,555

345,400

TIS,

Inc

9,078

51,840

TKC

1,416

405,943

*

Toast,

Inc

7,319

64,142

*,e

TomTom

NV

447

542,652

Totvus

S.A.

2,829

396,867

*

Trade

Desk,

Inc

17,792

27,161

*

Trans

Cosmos,

Inc/Japan

667

722,219

Travelsky

Technology

Ltd

1,518

852

*,e

Trend

Micro,

Inc

40

11,507

e

Trifork

Holding

AG.

238

173,825

*,e

Truecaller

AB

547

677

TTEC

Holdings,

Inc

30

74,605

*

Turing

Holding

Corp

760

170,400

*,e

Tuya,

Inc

(ADR)

325

382,907

*

Twilio,

Inc

18,747

5,082

*

Tyler

Technologies,

Inc

1,638

430,858

*,e

Tyro

Payments

Ltd

409

304,392

*,e

UiPath,

Inc

3,869

4,704

*

Unisys

Corp

24

215,733

*

Unity

Software,

Inc

6,168

46,402

*

Upland

Software,

Inc

331

1,074,094

Vakrangee

Ltd

360

195,646

*

Varonis

Systems,

Inc

4,684

4,323

*

Verint

Systems,

Inc

157

76,677

*

VeriSign,

Inc

15,753

41,366

*,e

Veritone,

Inc

219

1,244,169

*

Verra

Mobility

Corp

17,207

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

139

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,199,241

Visa,

Inc

(Class

A)

$

664,674

27,800

e

Vitec

Software

Group

AB

1,117

114,234

*

VMware,

Inc

(Class

A)

14,023

1,638,000

*,e

Vobile

Group

Ltd

701

56,928

*,e

Volue

ASA

164

9,064

Wavestone

419

2,092,000

*,e,g

Weimob,

Inc

1,766

435,736

e

Western

Union

Co

6,000

38,201

*

WEX,

Inc

6,252

12,559

e

Wiit

S.p.A

243

20,700

*

WingArc1st,

Inc

318

914,466

Wipro

Ltd

4,338

211,321

Wisetech

Global

Ltd

7,268

106,157

*

Wix.com

Ltd

8,156

18,943

*

WM

Technology,

Inc

19

422,976

*

Workday,

Inc

70,777

198,132

*

Workiva,

Inc

16,637

1,567

*,g

Worldline

S.A.

61

136,185

*

Xero

Ltd

6,494

184,400

*,e

Yeahka

Ltd

492

106,869

*

Yext,

Inc

698

128,387

Yonyou

Network

Technology

Co

Ltd

445

144,139

Zensar

Technologies

Ltd

370

1,206,147

*,e

Zeta

Global

Holdings

Corp

9,854

66,585

*

Zoom

Video

Communications,

Inc

4,510

254,523

*,e

Zscaler,

Inc

28,481

16,700

Zuken,

Inc

385

663,095

*

Zuora

Inc

4,217

TOTAL

SOFTWARE

&

SERVICES

10,568,155

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

5.1%

38,680

*

3D

Systems

Corp

286

13,672

*,e

908

Devices,

Inc

104

483,944

e

AAC

Technologies

Holdings,

Inc

1,099

539,402

Accton

Technology

Corp

4,096

2,018,532

Acer,

Inc

1,541

78,000

Adlink

Technology,

Inc

136

2,698

ADTRAN

Holdings,

Inc

51

49,000

Advanced

Ceramic

X

Corp

290

1,424

Advanced

Energy

Industries,

Inc

122

281,331

Advantech

Co

Ltd

3,012

50,362

*,e

Aeva

Technologies,

Inc

69

37,406

e

Ai

Holdings

Corp

591

218,000

Alpha

Networks,

Inc

199

203,900

Alps

Electric

Co

Ltd

1,843

6,208

ALSO

Holding

AG.

1,139

56,850

Amano

Corp

1,044

300,760

Amphenol

Corp

(Class

A)

22,900

133,893

Anritsu

Corp

1,304

1,287,120

*,†

Anxin-China

Holdings

Ltd

2

139,000

Apex

International

Co

Ltd

241

23,232,446

d

Apple,

Inc

3,018,592

132,000

Arcadyan

Technology

Corp

410

927,096

*

Arista

Networks,

Inc

112,503

490,013

*

Arlo

Technologies,

Inc

1,720

27,444

*

Arrow

Electronics,

Inc

2,870

252,000

Asia

Optical

Co,

Inc

495

1,078,000

Asia

Vital

Components

Co

Ltd

3,913

51,000

ASROCK,

Inc

234

463,026

Asustek

Computer,

Inc

4,036

4,603,827

AU

Optronics

Corp

2,237

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

140

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,233

Audiocodes

Ltd

$

461

72,000

AURAS

Technology

Co

Ltd

346

62,000

Aurora

Corp

157

26,965

Austria

Technologie

&

Systemtechnik

AG.

925

119,300

Avary

Holding

Shenzhen

Co

Ltd

470

2,862

*,e

Aviat

Networks,

Inc

89

42,830

*,e

Avid

Technology,

Inc

1,139

134,321

e

Avnet,

Inc

5,585

73,200

Azbil

Corp

1,838

1,019

Badger

Meter,

Inc

111

69,605

Barco

NV

1,724

12,012

Basler

AG.

379

4,000

Beijing

Yuanliu

Hongyuan

Electronic

Technology

Co

Ltd

58

94,851

Belden

CDT,

Inc

6,820

10,644

Benchmark

Electronics,

Inc

284

1,576,000

Benq

Corp

1,440

26,758

BH

Co

Ltd

477

1,841,437

BOE

Technology

Group

Co

Ltd

893

1,630

Brother

Industries

Ltd

25

451,439

BYD

Electronic

International

Co

Ltd

1,443

50,213

*

Calix,

Inc

3,436

137,500

*,e

Canaan,

Inc

(ADR)

283

29,700

*,e

Canon

Electronics,

Inc

341

43,590

e

Canon

Marketing

Japan,

Inc

987

6,559

e

Canon,

Inc

142

473,000

Career

Technology

Co

Ltd

362

23,208

*,e

Casa

Systems,

Inc

63

438,947

Catcher

Technology

Co

Ltd

2,411

310,720

CDW

Corp

55,488

157,699

*

Celestica,

Inc

1,777

447,000

Chang

Wah

Electromaterials,

Inc

439

115,245

Chaozhou

Three-Circle

Group

Co

Ltd

509

511,000

Cheng

Uei

Precision

Industry

Co

Ltd

613

606,000

Chicony

Electronics

Co

Ltd

1,697

489,600

*,†

China

Fiber

Optic

Network

System

Group

Ltd

1

120,957

China

Greatwall

Technology

Group

Co

Ltd

177

389,963

China

Railway

Signal

&

Communication

Corp

Ltd

268

31,200

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

512

281,000

Chin-Poon

Industrial

Co

262

368,000

Chroma

ATE,

Inc

2,162

24,000

Chunghwa

Precision

Test

Tech

Co

Ltd

362

1,308,101

*

Ciena

Corp

66,687

6,474,471

Cisco

Systems,

Inc

308,444

255,100

Citizen

Watch

Co

Ltd

1,145

286

*

Clearfield,

Inc

27

372,000

Clevo

Co

369

110,828

Codan

Ltd

307

156,298

Cognex

Corp

7,363

2,140,312

Comba

Telecom

Systems

Holdings

Ltd

366

25,331

Comet

Holding

AG.

5,386

380,281

*

CommScope

Holding

Co,

Inc

2,795

2,871,524

Compal

Electronics,

Inc

2,151

1,015,000

Compeq

Manufacturing

Co

1,464

7,909

Comtech

Telecommunications

Corp

96

283,000

Coretronic

Corp

523

339,439

Corning,

Inc

10,842

5,158

*

Corsair

Gaming,

Inc

70

22,006

*

CosmoAM&T

Co

Ltd

906

238,000

Co-Tech

Development

Corp

387

241,000

*

Cowell

e

Holdings,

Inc

334

19,985

CTS

Corp

788

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

141

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

38,194

Daeduck

Electronics

Co

Ltd

$

576

9,989

*

Daejoo

Electronic

Materials

Co

Ltd

563

87,470

Daiwabo

Co

Ltd

1,282

218,000

Darfon

Electronics

Corp

267

22,642

Datalogic

S.p.A.

202

221,792

DataTec

Ltd

407

208,586

Dell

Technologies,

Inc

8,389

212,957

Delta

Electronics

Thai

PCL

5,103

4,990,673

Delta

Electronics,

Inc

46,263

52,801

e

Dexerials

Corp

1,014

49,811

Dicker

Data

Ltd

345

6,845

*

Digi

International,

Inc

250

31,912

*

Dreamtech

Co

Ltd

231

149,000

Dynapack

International

Technology

Corp

354

371,300

Eastern

Communications

Co

Ltd

151

17,463

*,e

Eastman

Kodak

Co

53

13,924

Eizo

Nanao

Corp

361

56,196

Elecom

Co

Ltd

576

284,000

Elite

Material

Co

Ltd

1,573

308,000

Elitegroup

Computer

Systems

Co

Ltd

206

59,679

Ennoconn

Corp

394

28,625

*

ePlus,

Inc

1,268

9,259,000

Erajaya

Swasembada

Tbk

PT

233

2,958,462

Ericsson

(LM)

(B

Shares)

17,335

19,441

Esprinet

S.p.A.

140

32,127

Evertz

Technologies

Ltd

303

25,682

*,e

Evolv

Technologies

Holdings,

Inc

67

567,667

*

Extreme

Networks,

Inc

10,394

26,287

*

F5

Networks,

Inc

3,772

98,180

*

Fabrinet

12,589

5,187

*

FARO

Technologies,

Inc

153

3,892,000

*,e

FIH

Mobile

Ltd

419

575,000

FLEXium

Interconnect,

Inc

1,826

294,100

Forth

Corp

PCL

274

379,624

Foxconn

Industrial

Internet

Co

Ltd

501

936,000

Foxconn

Technology

Co

Ltd

1,577

754,463

Fujifilm

Holdings

Corp

37,724

223,000

General

Interface

Solution

Holding

Ltd

637

91,000

Genius

Electronic

Optical

Co

Ltd

987

342,000

Getac

Technology

Corp

490

513,000

Gigabyte

Technology

Co

Ltd

1,771

46,319

*

Gilat

Satellite

Networks

Ltd

256

329,000

Global

Brands

Manufacture

Ltd

294

137,422

GoerTek,

Inc

332

331,400

Gold

Circuit

Electronics

Ltd

931

195,436

GRG

Banking

Equipment

Co

Ltd

279

197,097

Guangzhou

Haige

Communications

Group,

Inc

Co

230

42,018

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

356

12,100

*

Hakuto

Co

Ltd

383

880,947

Halma

plc

20,980

66,584

Hamamatsu

Photonics

KK

3,178

533,900

Hana

Microelectronics

PCL

(Foreign)

791

241,000

Hannstar

Board

Corp

247

2,385,000

HannStar

Display

Corp

864

699,498

*

Harmonic,

Inc

9,163

113,500

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

305

153,600

Hengtong

Optic-electric

Co

Ltd

332

3,176,408

Hewlett

Packard

Enterprise

Co

50,695

2,037,398

e

Hexagon

AB

21,362

650,000

*

High

Tech

Computer

Corp

1,173

8,500

e

Hioki

EE

Corp

405

20,100

Hirose

Electric

Co

Ltd

2,521

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

142

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

26,361

HMS

Networks

AB

$

859

144,000

Holystone

Enterprise

Co

Ltd

426

19,995,640

Hon

Hai

Precision

Industry

Co,

Ltd

64,811

34,599

Horiba

Ltd

1,500

50,900

Hosiden

Corp

608

859,533

HP,

Inc

23,096

62,000

Huagong

Tech

Co

Ltd

146

185,600

Ibiden

Co

Ltd

6,693

22,268

*

Iljin

Materials

Co

Ltd

917

1,732

Inficon

Holding

AG.

1,517

3,959

*,e

Infinera

Corp

27

72,718

Innodisk

Corp

439

6,388,690

InnoLux

Display

Corp

2,296

94,427

*,e

Innoviz

Technologies

Ltd

371

21,434

*,e

Inseego

Corp

18

98,645

*

Insight

Enterprises,

Inc

9,891

65,500

Inspur

Electronic

Information

Industry

Co

Ltd

202

65,600

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

378

6,426

Intellian

Technologies,

Inc

347

12,799

INTOPS

Co

Ltd

282

1,573,172

Inventec

Co

Ltd

1,343

31,496

*,e

IonQ,

Inc

109

14,364

*

IPG

Photonics

Corp

1,360

21,800

e

Iriso

Electronics

Co

Ltd

698

234,000

ITEQ

Corp

550

12,743

*

Itron,

Inc

645

22,258

Ituran

Location

and

Control

Ltd

470

163,619

Jabil

Inc

11,159

49,642

Japan

Aviation

Electronics

Industry

Ltd

792

1,103,394

*,e

Japan

Display,

Inc

319

610,900

Jaymart

PCL

718

52,535

Jenoptik

AG.

1,429

1,615,144

Juniper

Networks,

Inc

51,620

15,000

Kaga

Electronics

Co

Ltd

463

878,200

KCE

Electronics

PCL

1,176

326,604

Keyence

Corp

126,802

94,998

*

Keysight

Technologies,

Inc

16,251

7,165

*

Kimball

Electronics,

Inc

162

53,000

King

Slide

Works

Co

Ltd

661

485,705

Kingboard

Chemical

Holdings

Ltd

1,540

1,134,746

Kingboard

Laminates

Holdings

Ltd

1,244

28,522

*

KMW

Co

Ltd

602

112,802

*

Knowles

Corp

1,852

30,000

Koa

Corp

426

456,600

Konica

Minolta

Holdings,

Inc

1,819

2,193

Kyocera

Corp

109

24,732

*,e

L&F

Co

Ltd

3,410

21,696

e

Landis&Gyr

Group

AG.

1,534

66,625

Largan

Precision

Co

Ltd

4,404

998

LEM

Holding

S.A.

1,936

5,040,399

Lenovo

Group

Ltd

4,105

347,423

Lens

Technology

Co

Ltd

525

160,074

*,e

LG

Display

Co

Ltd

1,582

9,389

*

LG

Innotek

Co

Ltd

1,894

3,500

*,e

Lightwave

Logic,

Inc

15

522,684

*

Lingyi

iTech

Guangdong

Co

341

1,333,277

Lite-On

Technology

Corp

2,755

6,482

Littelfuse,

Inc

1,427

175,894

e

Logitech

International

S.A.

10,907

81,000

Lotes

Co

Ltd

2,167

55,794

*

Lumentum

Holdings,

Inc

2,911

485,224

Luxshare

Precision

Industry

Co

Ltd

2,211

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

143

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

50,807

Macnica

Fuji

Electronics

Holdings,

Inc

$

1,202

9,300

Maruwa

Co

Ltd

1,100

50,900

Maxell

Holdings

Ltd

523

30,534

Maxscend

Microelectronics

Co

Ltd

502

73,091

Mcj

Co

Ltd

526

8,801

Mcnex

Co

Ltd

195

22,400

e

Meiko

Electronics

Co

406

7,065

Melco

Holdings,

Inc

163

184,881

Merry

Electronics

Co

Ltd

478

11,049

Methode

Electronics,

Inc

490

5,681,900

Metrodata

Electronics

Tbk

PT

212

198,000

*,†,e

MH

Development

Ltd

0

^

75,158

e

Micronic

AB

1,414

437,200

Micro-Star

International

Co

Ltd

1,695

41,748

*,e

Mirion

Technologies,

Inc

276

892,000

Mitac

Holdings

Corp

854

653,424

Motorola

Solutions,

Inc

168,394

253,400

Multilaser

Industrial

S.A.

193

564,927

Murata

Manufacturing

Co

Ltd

27,859

150,000

Nan

Ya

Printed

Circuit

Board

Corp

1,102

236,100

*,e

Nano

Dimension

Ltd

(ADR)

543

45,686

*

Napco

Security

Technologies,

Inc

1,255

195,931

National

Instruments

Corp

7,230

9,166

*

Nayax

Ltd

173

30,583

Neopost

S.A.

451

196,548

NetApp,

Inc

11,805

8,633

*

Netgear,

Inc

156

21,431

*

Netscout

Systems,

Inc

697

408,800

*

Nex

Point

Parts

PCL

216

48,650

Nichicon

Corp

449

107,315

Ninestar

Corp

800

64,200

Nippon

Ceramic

Co

Ltd

1,147

79,676

e

Nippon

Electric

Glass

Co

Ltd

1,414

46,256

Nippon

Signal

Co

Ltd

364

42,260

e

Nissha

Printing

Co

Ltd

583

13,421

*

nLight,

Inc

136

22,772

Nohmi

Bosai

Ltd

273

1

Nokia

Corp

(ADR)

0

^

5,499,645

Nokia

Oyj

25,550

18,545

*

Note

AB

318

1,236

*

Novanta,

Inc

168

228,372

*,e

Novonix

Ltd

225

171,310

*

OFILM

Group

Co

Ltd

116

70,936

Oki

Electric

Industry

Co

Ltd

382

40,468

Omron

Corp

1,956

20,004

*

Ondas

Holdings,

Inc

32

35,579

Optex

Co

Ltd

482

10,532

*

OSI

Systems,

Inc

838

42,086

*,e

Ouster,

Inc

36

335,000

Pan-International

Industrial

405

5,061

*,e

PAR

Technology

Corp

132

5,301

Park

Systems

Corp

480

44,840

Partron

Co

Ltd

287

774,000

PAX

Global

Technology

Ltd

666

32,067

PC

Connection,

Inc

1,504

1,300,915

Pegatron

Technology

Corp

2,684

43,483

*

Penta

Teknoloji

Urunleri

Dagitim

Ticaret

AS.

124

2,179

*

Plexus

Corp

224

390,000

Primax

Electronics

Ltd

703

4,972,385

Prime

View

International

Co

Ltd

26,039

251,690

*

Pure

Storage,

Inc

6,735

1,810,390

Quanta

Computer,

Inc

4,246

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

144

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

42,978

*

Radware

Ltd

$

849

18,994

Raytron

Technology

Co

Ltd

101

714,009

Redington

India

Ltd

1,558

36,518

Renishaw

plc

1,620

10,947

Restar

Holdings

Corp

171

22,086

*

Ribbon

Communications,

Inc

62

173,985

Ricoh

Co

Ltd

1,324

11,126

Riken

Keiki

Co

Ltd

372

21,798

Riso

Kagaku

Corp

346

3,775

*

Rogers

Corp

451

16,033

Ryosan

Co

Ltd

345

16,000

e

Ryoyo

Electro

Corp

285

37,331

*

Samsung

Electro-Mechanics

Co

Ltd

3,877

6,387,472

Samsung

Electronics

Co

Ltd

280,367

549,855

Samsung

Electronics

Co

Ltd

(Preference)

22,035

153,559

Samsung

SDI

Co

Ltd

72,102

10,879

Sang-A

Frontec

Co

Ltd

235

157,156

*

Sanmina

Corp

9,003

42,505

*

Scansource,

Inc

1,242

18,778

*,e

Seco

S.p.A

107

52,560

Seiko

Epson

Corp

765

8,892

*,g

Sensirion

Holding

AG.

946

15,000

Sensortek

Technology

Corp

104

30,128

*

Seojin

System

Co

Ltd

419

221,000

Sercomm

Corp

547

30,027

Sesa

S.p.A

3,737

4,333

*

SES-imagotag

S.A.

567

6,588

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

206

126,584

Shengyi

Technology

Co

Ltd

262

22,205

Shennan

Circuits

Co

Ltd

230

36,100

Shenzhen

Sunlord

Electronics

Co

Ltd

136

47,799

Shenzhen

Transsion

Holdings

Co

Ltd

546

39,917

Shimadzu

Corp

1,130

37,667

*

Sierra

Wireless,

Inc

1,091

32,100

e

Siix

Corp

309

479,000

Simplo

Technology

Co

Ltd

4,434

290,000

Sinbon

Electronics

Co

Ltd

2,591

1,000,800

SKP

Resources

Bhd

366

32,257

e

Softchoice

Corp

435

928,691

e

Softwareone

Holding

AG.

13,181

40,853

*

SOLUM

Co

Ltd

565

19,268

*

Solus

Advanced

Materials

Co

Ltd

460

416,077

Spectris

plc

15,073

120,000

Speed

Tech

Corp

188

1,720,773

Spirent

Communications

plc

5,467

35,082

*

STCUBE

397

164,392

Sterlite

Technologies

Ltd

349

2,162,349

Sunny

Optical

Technology

Group

Co

Ltd

25,502

223,813

*

Super

Micro

Computer,

Inc

18,375

348,000

Supreme

Electronics

Co

Ltd

405

123,641

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

439

34,379

SYNNEX

Corp

3,256

834,621

Synnex

Technology

International

Corp

1,604

274,000

Taiwan

Union

Technology

Corp

457

119,340

Taiyo

Yuden

Co

Ltd

3,438

2,637

TDK

Corp

86

949,783

TE

Connectivity

Ltd

109,035

53,850

*,g

Tejas

Networks

Ltd

376

29,390

*

Teledyne

Technologies,

Inc

11,753

108,000

Test

Research,

Inc

223

71,000

Thinking

Electronic

Industrial

Co

Ltd

286

46,304

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

233

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

145

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

80,630

Tianma

Microelectronics

Co

Ltd

$

100

216,800

Tong

Hsing

Electronic

Industries

Ltd

1,340

110,156

Topcon

Corp

1,269

27,085

Toshiba

TEC

Corp

738

381,000

TPK

Holding

Co

Ltd

364

189,000

Transcend

Information,

Inc

405

109,008

*

Trimble

Inc

5,511

436,000

Tripod

Technology

Corp

1,330

2,052,000

Truly

International

Holdings

319

878,856

*,e

TTM

Technologies,

Inc

13,253

1,119

*

Turtle

Beach

Corp

8

275,000

TXC

Corp

737

3,590

e

Ubiquiti,

Inc

982

1,430,011

Unimicron

Technology

Corp

5,552

177,411

Unisplendour

Corp

Ltd

497

59,772

*,e

Velodyne

Lidar,

Inc

44

107,100

e

Venture

Corp

Ltd

1,365

8,000

VIA

Labs,

Inc

47

56,345

*

Viasat,

Inc

1,783

19,716

*

Viavi

Solutions,

Inc

207

40,880

Vishay

Intertechnology,

Inc

882

55,892

*

Vishay

Precision

Group,

Inc

2,160

954,991

Vontier

Corp

18,460

3,146,100

VS

Industry

BHD

628

1,561,042

VST

Holdings

Ltd

897

155,885

Vtech

Holdings

Ltd

1,003

164,100

Wacom

Co

Ltd

725

165,000

Wah

Lee

Industrial

Corp

448

344,000

Walsin

Technology

Corp

880

140,800

*

Western

Digital

Corp

4,442

79,984

Wingtech

Technology

Co

Ltd

603

190,500

*,†,b

Wintek

Corp

0

^

2,794,000

Wistron

Corp

2,668

277,000

Wistron

NeWeb

Corp

706

88,049

Wiwynn

Corp

2,277

1,003,519

WPG

Holdings

Co

Ltd

1,567

377,000

WT

Microelectronics

Co

Ltd

748

9,400

Wuhan

DR

Laser

Technology

Corp

Ltd

170

164,581

Wuhan

Guide

Infrared

Co

Ltd

260

139,152

WUS

Printed

Circuit

Kunshan

Co

Ltd

238

34,779

Xerox

Holdings

Corp

508

15,500

Xiamen

Faratronic

Co

Ltd

356

10,204,600

*,g

Xiaomi

Corp

14,165

12,666

*

Xperi,

Inc

109

15,750

*,†

Ya

Hsin

Industrial

Co

Ltd

0

230,801

Yageo

Corp

3,364

45,547

Yealink

Network

Technology

Corp

Ltd

397

1,519

Yokogawa

Electric

Corp

24

19,884

Yokowo

Co

Ltd

325

44,070

*

Zebra

Technologies

Corp

(Class

A)

11,300

222,518

Zhejiang

Dahua

Technology

Co

Ltd

361

26,249

Zhejiang

Supcon

Technology

Co

Ltd

343

435,558

Zhen

Ding

Technology

Holding

Ltd

1,482

28,623

Zhongji

Innolight

Co

Ltd

111

17,500

Zhuzhou

Hongda

Electronics

Corp

Ltd

111

270,403

ZTE

Corp

1,003

551,199

ZTE

Corp

(Class

H)

1,211

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

5,398,661

TELECOMMUNICATION

SERVICES

-

1.3%

838,271

Advanced

Info

Service

PCL

4,714

947,582

g

Airtel

Africa

plc

1,277

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

146

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

916,297

AL

Yah

Satellite

Communications

Co-Pjsc-Yah

Sat

$

624

47,325,332

e

America

Movil

S.A.B.

de

C.V.

42,938

3,855

*

Anterix,

Inc

124

15,500

ARTERIA

Networks

Corp

146

2,402,000

*

Asia

Pacific

Telecom

Co

Ltd

476

15,833,268

AT&T,

Inc

291,490

3,326

ATN

International,

Inc

151

199,857

*,e

Aussie

Broadband

Ltd

354

2,018,106

Axiata

Group

Bhd

1,417

53,257

*

Bandwidth

Inc

1,222

84,372

BCE,

Inc

3,707

3,942,138

Bezeq

Israeli

Telecommunication

Corp

Ltd

6,763

2,443,362

Bharti

Airtel

Ltd

23,762

7,043,388

BT

Group

plc

9,510

201,627

*

Cellcom

Israel

Ltd

1,057

550,805

g

Cellnex

Telecom

SAU

18,271

31,000

Chief

Telecom,

Inc

283

17,537,912

g

China

Tower

Corp

Ltd

1,882

454,427

Chorus

Ltd

2,353

2,591,653

Chunghwa

Telecom

Co

Ltd

9,531

3,837,641

Citic

Telecom

International

Holdings

Ltd

1,301

6,967

Cogent

Communications

Group,

Inc

398

20,509

*

Consolidated

Communications

Holdings,

Inc

73

3,510,803

Deutsche

Telekom

AG.

69,853

2,031,344

Digi.Com

BHD

1,844

27,330

DigitalBridge

Group,

Inc

299

45,484

Drillisch

AG.

563

48,358

*

EchoStar

Corp

(Class

A)

807

144,515

Elisa

Oyj

(Series

A)

7,660

3,775,720

Emirates

Telecommunications

Group

Co

PJSC

23,435

105,726

Empresa

Nacional

de

Telecomunicaciones

S.A.

365

418,554

Etihad

Etisalat

Co

3,869

1,085,282

Far

EasTone

Telecommunications

Co

Ltd

2,328

115,425

Freenet

AG.

2,510

130,900

*

Frontier

Communications

Parent,

Inc

3,335

87,266

Gamma

Communications

plc

1,140

1,644,075

*,e

Globalstar,

Inc

2,187

18,867

Globe

Telecom,

Inc

740

286,848

*,e

Gogo,

Inc

4,234

783,135

*,e

Helios

Towers

plc

1,005

223,926

Hellenic

Telecommunications

Organization

S.A.

3,498

587,007

Himachal

Futuristic

Communications

522

961,620

HKBN

Ltd

619

3,795,739

HKT

Trust

and

HKT

Ltd

4,646

1,641,607

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

256

1,342

*

IDT

Corp

(Class

B)

38

717,066

Indus

Towers

Ltd

1,646

338,626

g

Infrastrutture

Wireless

Italiane

S.p.A

3,416

105,248

Internet

Initiative

Japan,

Inc

1,950

1,210,000

Intouch

Holdings

PCL

(Class

F)

2,699

123,922

*

Iridium

Communications,

Inc

6,370

4,399,900

*

Jasmine

International

PCL

280

1,598,587

KDDI

Corp

48,480

12,317,301

Koninklijke

KPN

NV

38,125

10,746

*,e

KORE

Group

Holdings,

Inc

14

222,725

*,†,e

Let's

GOWEX

S.A.

2

156,688

LG

Telecom

Ltd

1,372

34,377

*

Liberty

Global

plc

(Class

A)

651

11,802

*

Liberty

Latin

America

Ltd

(Class

A)

89

195,639

*

Liberty

Latin

America

Ltd

(Class

C)

1,487

842,079

Lumen

Technologies,

Inc

4,396

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

147

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

539,152

Magyar

Telekom

$

491

1,552,583

Maxis

BHD

1,354

176,407

*,e

Millicom

International

Cellular

S.A.

2,235

2,478,164

Mobile

Telecommunications

Co

KSC

4,567

490,468

*

Mobile

Telecommunications

Co

Saudi

Arabia

1,310

1,855,254

MTN

Group

Ltd

13,856

8,219,666

NetLink

NBN

Trust

5,094

1,142,910

Nippon

Telegraph

&

Telephone

Corp

32,594

189,971

e

NOS

SGPS

S.A.

769

23,000

Okinawa

Cellular

Telephone

Co

509

203,264

*

Ooma,

Inc

2,768

942,364

Ooredoo

QSC

2,381

1,280,400

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

1,260

2,140,436

Orange

S.

A.

21,238

132,775

*

Partner

Communications

961

4,184,000

PCCW

Ltd

1,885

58,354

PLDT,

Inc

1,377

156,870

Proximus

plc

1,515

551,979

*

Radius

Global

Infrastructure,

Inc

6,524

95,341

g

RAI

Way

S.p.A

553

409,861

e

Rogers

Communications,

Inc

(Class

B)

19,182

20,550,033

Sarana

Menara

Nusantara

Tbk

PT

1,453

1,636,355

Saudi

Telecom

Co

15,924

14,756

Shenandoah

Telecom

Co

234

7,163,196

Singapore

Telecommunications

Ltd

13,734

87,977

*,†

Sistema

PJSFC

(GDR)

(London)

1

103,978,004

*

Smartfren

Telecom

Tbk

PT

442

342,641

SmarTone

Telecommunications

Holding

Ltd

207

1,747,840

Softbank

Corp

19,774

1,213,248

Softbank

Group

Corp

51,312

957,114

StarHub

Ltd

743

26,240

Swisscom

AG.

14,375

1,173,506

Taiwan

Mobile

Co

Ltd

3,613

126,599

Tata

Communications

Ltd

1,947

478,318

*

Tata

Teleservices

Maharashtra

Ltd

536

579,228

Tele2

AB

(B

Shares)

4,725

2,681,947

Telecom

Corp

of

New

Zealand

Ltd

9,182

276,074

Telecom

Egypt

280

9,951,078

e

Telecom

Italia

S.p.A.

2,306

569,785

Telefonica

Brasil

S.A.

4,116

1,040,946

Telefonica

Deutschland

Holding

AG.

2,557

5,617,367

Telefonica

S.A.

20,335

723,109

Telekom

Malaysia

BHD

886

634,995

Telekomunikacja

Polska

S.A.

966

706,229

Telenor

ASA

6,598

30,692

Telephone

&

Data

Systems,

Inc

322

2,695,364

TeliaSonera

AB

6,887

33,601,701

Telkom

Indonesia

Persero

Tbk

PT

8,092

275,324

*,e

Telkom

S.A.

Ltd

486

4,737,841

Telstra

Corp

Ltd

12,813

543,016

TELUS

Corp

10,479

988,349

TIM

S.A.

2,314

2,090,600

Time

dotCom

BHD

2,325

1,362,001

*

T-Mobile

US,

Inc

190,680

225,629

TPG

Telecom

Ltd

747

7,494,562

True

Corp

PCL

1,047

1,323,853

Turkcell

Iletisim

Hizmet

AS

2,669

96,906

United

Internet

AG.

1,954

4,496

*

US

Cellular

Corp

94

16,700

e

Usen-Next

Holdings

Co

Ltd

271

3,222,595

Verizon

Communications,

Inc

126,970

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

148

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,814,342

*,e

Vision,

Inc

$

19,184

701,184

Vodacom

Group

Pty

Ltd

5,064

28,504,522

Vodafone

Group

plc

28,867

9,286,787

*

Vodafone

Idea

Ltd

884

1,568,953

Vodafone

Qatar

683

4,107,900

XL

Axiata

Tbk

PT

565

TOTAL

TELECOMMUNICATION

SERVICES

1,392,620

TRANSPORTATION

-

1.9%

571,232

Adani

Ports

&

Special

Economic

Zone

Ltd

5,639

68,519

*

Aegean

Airlines

S.A.

388

76,212

*,g

Aena

S.A.

9,554

30,087

*

Aeroports

de

Paris

4,031

1,666,916

Agility

Public

Warehousing

Co

KSC

3,927

2,351,606

Air

Arabia

PJSC

1,376

202,664

*

Air

Canada

2,902

260,729

*

Air

China

Ltd

397

1,297,910

*,e

Air

China

Ltd

(H

shares)

1,152

1,161,470

*,e

Air

France-KLM

1,533

1,832,750

*

Air

New

Zealand

Ltd

864

37,909

*

Air

Transport

Services

Group,

Inc

985

4,543,488

Airports

of

Thailand

PCL

9,834

129,307

*

Alaska

Air

Group,

Inc

5,552

146,931

e,g

ALD

S.A.

1,695

119,775

*,e

All

Nippon

Airways

Co

Ltd

2,537

57,694

Allcargo

Logistics

Ltd

281

2,641

*

Allegiant

Travel

Co

180

66,442

AMERCO

3,653

7,471

e

Amerco,

Inc

450

531,319

*,e

American

Airlines

Group,

Inc

6,758

634,771

*,†,b,e

AMR

Corporation

6

488,000

Anhui

Expressway

Co

392

4,496

AP

Moller

-

Maersk

AS

(Class

A)

9,909

5,092

AP

Moller

-

Maersk

AS

(Class

B)

11,399

725,347

Aramex

PJSC

695

5,443

ArcBest

Corp

381

3,686,500

*

Asia

Aviation

PCL

325

41,018

*

Asiana

Airlines

453

8,702

*

Atlas

Air

Worldwide

Holdings,

Inc

877

1,474,754

Atlas

Arteria

Ltd

6,642

96,984

e

Atlas

Corp

1,488

483,209

*

Auckland

International

Airport

Ltd

2,397

1,922,214

Aurizon

Holdings

Ltd

4,870

20,641

*

Avis

Budget

Group,

Inc

3,384

253,000

*

Azul

S.A.

520

641,900

*

Bangkok

Airways

Co

Ltd

248

157,500

*

Bangkok

Aviation

Fuel

Services

PCL

144

7,394,262

Bangkok

Expressway

&

Metro

PCL

2,091

1,532,810

*

Beijing

Capital

International

Airport

Co

Ltd

1,118

25,269

*,e

Blade

Air

Mobility,

Inc

90

7,998

Blue

Dart

Express

Ltd

745

110,630

e

bpost

S.A.

569

5,257,537

BTS

Group

Holdings

PCL

1,275

854,602

Canadian

National

Railway

Co

101,517

1,152,806

e

Canadian

Pacific

Railway

Ltd

85,950

9,120

e

Cargojet,

Inc

784

57,960

*

Cathay

Pacific

Airways

Ltd

63

218,200

*

Cebu

Air,

Inc

150

167,389

Central

Japan

Railway

Co

20,552

96,955

CH

Robinson

Worldwide,

Inc

8,877

2,099,000

China

Airlines

1,293

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

149

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

426,100

*

China

Eastern

Airlines

Corp

Ltd

$

338

1,058,667

China

Merchants

Holdings

International

Co

Ltd

1,546

1,458,447

*,e

China

Southern

Airlines

Co

Ltd

946

406,859

*

China

Southern

Airlines

Co

Ltd

(Class

A)

444

57,888

*,e

Chorus

Aviation,

Inc

139

1,319,972

Cia

de

Concessoes

Rodoviarias

2,709

93,927

Cia

de

Distribucion

Integral

Logista

Holdings

SAU

2,369

37,603

Clarkson

plc

1,471

2,214,700

ComfortDelgro

Corp

Ltd

2,034

18,106,369

Compania

SudAmericana

de

Vapores

S.A.

1,428

305,678

Container

Corp

Of

India

Ltd

2,725

924,100

*,e

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

773

77,002

*

Copa

Holdings

S.A.

(Class

A)

6,404

644,000

Cosco

International

Holdings

Ltd

208

1,551,536

COSCO

Pacific

Ltd

1,231

893,315

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

1,319

2,178,809

e

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

2,215

16,574

Costamare,

Inc

154

16,840

Covenant

Transportation

Group,

Inc

582

2,933,881

CSX

Corp

90,892

107,636

e

CTT-Correios

de

Portugal

S.A.

356

22,917

D/S

Norden

1,381

2,762,900

Dalian

Port

PDA

Co

Ltd

643

831,200

Daqin

Railway

Co

Ltd

799

53,522

*

Daseke,

Inc

305

104,644

*

Delhivery

Ltd

419

806,182

*,e

Delta

Air

Lines,

Inc

26,491

1,023,075

*

Deutsche

Lufthansa

AG.

8,433

1,541,707

Deutsche

Post

AG.

57,701

34,363

Dfds

A.S.

1,263

423,741

DSV

AS

67,009

4,087

e

Eagle

Bulk

Shipping,

Inc

204

347,238

East

Japan

Railway

Co

19,778

1,315,414

*

easyJet

plc

5,160

278,300

EcoRodovias

Infraestrutura

e

Logistica

S.A.

234

270,510

g

Enav

S.p.A

1,147

200,839

Eneti,

Inc

2,018

1,821,000

Eva

Airways

Corp

1,661

527,000

Evergreen

International

Storage

&

Transport

Corp

475

670,013

Evergreen

Marine

Corp

Taiwan

Ltd

3,541

18,273

e

Exchange

Income

Corp

710

132,999

Expeditors

International

of

Washington,

Inc

13,821

111,000

Farglory

F

T

Z

Investment

Holding

Co

Ltd

188

206,306

FedEx

Corp

35,732

701,355

*,e

Finnair

Oyj

292

709,831

Firstgroup

plc

866

20,155

*

Flughafen

Zuerich

AG.

3,119

79,893

Forward

Air

Corp

8,380

37,338

*

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,512

132,828

*,e

Frontier

Group

Holdings,

Inc

1,364

24,360

Fukuyama

Transporting

Co

Ltd

563

11,160

Genco

Shipping

&

Trading

Ltd

171

447,199

Getlink

S.E.

7,161

2,218,694

*

GMR

Infrastructure

Ltd

1,064

205,000

*

Gol

Linhas

Aereas

Inteligentes

S.A.

273

128,592

e

Golden

Ocean

Group

Ltd

1,125

37,375

e

Golden

Ocean

Group

Ltd

325

7,079,870

*,e

Grab

Holdings

Ltd

22,797

653,200

Grindrod

Ltd

384

296,200

e

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

2,281

383,849

e

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,499

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

150

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

202,498

e

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

$

4,725

301,200

*,e,g

Grupo

Traxion

SAB

de

C.V.

417

406,488

Gujarat

Pipavav

Port

Ltd

495

243,579

Gulf

Warehousing

Co

272

185,600

*

GXO

Logistics,

Inc

7,923

194,000

*

Hainan

Meilan

International

Airport

Co

Ltd

587

17,000

Hamakyorex

Co

Ltd

405

26,550

Hamburger

Hafen

und

Logistik

AG.

337

201,011

Hankyu

Hanshin

Holdings,

Inc

5,955

15,546

*

Hawaiian

Holdings,

Inc

160

14,154

Heartland

Express,

Inc

217

152,724

*

Hertz

Global

Holdings,

Inc

2,350

2,908,225

*

Hidrovias

do

Brasil

S.A.

1,240

52,520

Hoegh

Autoliners

ASA

348

140,775

*

Hub

Group,

Inc

(Class

A)

11,190

12,848,051

Hutchison

Port

Holdings

Trust

2,486

12,479

*

Hyundai

Glovis

Co

Ltd

1,620

179,690

*,e

Hyundai

Merchant

Marine

Co

Ltd

2,801

2,715

*

ID

Logistics

Group

779

521,538

Iino

Kaiun

Kaisha

Ltd

3,665

101,498

*,g

InterGlobe

Aviation

Ltd

2,456

1,094,105

International

Container

Term

Services,

Inc

3,927

258,037

*

Japan

Airlines

Co

Ltd

5,256

62,300

*

Japan

Airport

Terminal

Co

Ltd

3,072

2,251,800

*

Jasa

Marga

Tbk

PT

431

73,126

Jazeera

Airways

Co

KSCP

454

19,852

JB

Hunt

Transport

Services,

Inc

3,461

25,019

*

Jeju

Air

Co

Ltd

295

162,880

JET2

plc

1,877

250,211

*

JetBlue

Airways

Corp

1,621

1,068,915

Jiangsu

Express

973

17,707

*

Jin

Air

Co

Ltd

232

13,414

*,e

Joby

Aviation,

Inc

45

86,900

Juneyao

Airlines

Co

Ltd

202

212,900

JWD

Infologistics

PCL

128

100,000

Kamigumi

Co

Ltd

2,036

159,864

e

Kawasaki

Kisen

Kaisha

Ltd

3,385

224,700

Keihin

Electric

Express

Railway

Co

Ltd

2,366

87,593

Keio

Corp

3,209

102,802

Keisei

Electric

Railway

Co

Ltd

2,921

143,696

Kelsian

Group

Ltd

555

601,700

*

Kerry

Express

Thailand

PCL

319

333,009

Kerry

Logistics

Network

Ltd

597

168,525

Kintetsu

Corp

5,564

308,876

*

Kirby

Corp

19,876

127,370

Knight-Swift

Transportation

Holdings,

Inc

6,675

17,068

Konoike

Transport

Co

Ltd

207

9,954

*

Korea

Express

Co

Ltd

742

1,167,125

*

Korea

Line

Corp

2,018

121,728

*

Korean

Air

Lines

Co

Ltd

2,218

55,060

Kuehne

&

Nagel

International

AG.

12,800

137,200

Kyushu

Railway

Co

3,038

4,472

Landstar

System,

Inc

728

2,232,150

Localiza

Rent

A

Car

22,165

15,860

*

Lotte

Rental

Co

Ltd

348

283,218

*

Lyft,

Inc

(Class

A)

3,121

35,500

g

Mahindra

Logistics

Ltd

215

413,454

*

Malaysia

Airports

Holdings

BHD

616

21,838

Marten

Transport

Ltd

432

42,550

Maruwa

Unyu

Kikan

Co

Ltd

506

33,430

Maruzen

Showa

Unyu

Co

Ltd

769

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

151

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,648

Matson,

Inc

$

728

1,604,140

MISC

BHD

2,731

53,428

Mitsubishi

Logistics

Corp

1,225

217,600

e

Mitsui

OSK

Lines

Ltd

5,437

63,814

Mitsui-Soko

Co

Ltd

1,734

92,600

Movida

Participacoes

S.A.

134

298,207

e

MPC

Container

Ships

AS.

492

1,217,863

MTR

Corp

6,441

95,051

e

Mullen

Group

Ltd

1,021

190,300

Nagoya

Railroad

Co

Ltd

3,137

103,827

Nankai

Electric

Railway

Co

Ltd

2,242

1,597,423

*

National

Express

Group

plc

2,505

118,726

e

Nippon

Express

Holdings,

Inc

6,780

50,849

Nippon

Konpo

Unyu

Soko

Co

Ltd

905

305,698

e

Nippon

Yusen

Kabushiki

Kaisha

7,209

59,800

Nishi-Nippon

Railroad

Co

Ltd

1,118

9,784

Norfolk

Southern

Corp

2,411

723,323

*,e

Norwegian

Air

Shuttle

AS

538

8,576

*

NTG

Nordic

Transport

Group

A.S.

295

254,794

Odakyu

Electric

Railway

Co

Ltd

3,300

32,293

Oesterreichische

Post

AG.

1,017

89,778

Old

Dominion

Freight

Line

25,477

148,500

e

Orient

Overseas

International

Ltd

2,676

5,396,290

Pacific

Basin

Shipping

Ltd

1,818

1,163

*

PAM

Transportation

Services,

Inc

30

149,812

*

Pan

Ocean

Co

Ltd

683

34,020

*

Pegasus

Hava

Tasimaciligi

AS.

878

1,073,400

Precious

Shipping

PCL

498

227,402

e

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,862

972,081

*

Qantas

Airways

Ltd

3,935

560,920

Qatar

Navigation

QSC

1,554

4,338,559

Qube

Logistics

Holdings

Ltd

8,276

164,084

*

Radiant

Logistics,

Inc

835

241,911

Redde

Northgate

plc

1,205

676,760

Regional

Container

Lines

PCL

600

773,868

Royal

Mail

plc

1,984

1,385,346

Rumo

S.A.

4,893

239,128

*

RXO,

Inc

4,113

44,622

Ryder

System,

Inc

3,729

182,480

e

Safe

Bulkers,

Inc

531

78,897

Sagami

Railway

Co

Ltd

1,330

3,406

*

Saia,

Inc

714

96

*,†

SAir

Group

0

11,570

Sakai

Moving

Service

Co

Ltd

380

263,150

Sankyu,

Inc

9,628

489,400

Santos

Brasil

Participacoes

S.A.

724

149

*,e

SAS

AB

0

^

80,377

*

Saudi

Ground

Services

Co

468

45,803

Saudi

Industrial

Services

Co

248

68,797

*

Saudi

Public

Transport

Co

293

19,604

e

SBS

Holdings,

Inc

412

148,675

Schneider

National,

Inc

3,479

230,600

Seibu

Holdings,

Inc

2,514

118,906

Seino

Holdings

Corp

1,054

108,096

Senko

Co

Ltd

793

196,139

SF

Holding

Co

Ltd

1,625

230,390

SG

Holdings

Co

Ltd

3,195

53,196

*

Shanghai

International

Airport

Co

Ltd

441

530,760

Shanghai

International

Port

Group

Co

Ltd

407

1,120,902

Shenzhen

International

Holdings

Ltd

1,097

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

152

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

138,860

Shinwa

Kaiun

Kaisha

Ltd

$

4,083

161,453

Shipping

Corp

of

India

Ltd

265

319,200

*

SIA

Engineering

Co

Ltd

557

974,000

Sichuan

Expressway

Co

Ltd

226

377,700

SIMPAR

S.A.

484

4,804,000

Sincere

Navigation

3,113

2,019,950

e

Singapore

Airlines

Ltd

8,340

738,700

*

Singapore

Airport

Terminal

Services

Ltd

1,566

1,592,619

Singapore

Post

Ltd

618

1,349,000

SITC

International

Co

Ltd

2,990

13,716

Sixt

AG.

1,256

17,604

Sixt

AG.

(Preference)

1,024

15,194

*

Skywest,

Inc

251

480,366

*

Southwest

Airlines

Co

16,174

31,814

Spirit

Airlines,

Inc

620

21,508

Stolt-Nielsen

S.A.

593

57,383

Sumitomo

Warehouse

Co

Ltd

852

2,453

*

Sun

Kwang

Co

Ltd

260

226,000

T.Join

Transportation

Co

278

64,000

T3EX

Global

Holdings

Corp

158

2,122,501

Taiwan

High

Speed

Rail

Corp

1,983

195,674

*

TAV

Havalimanlari

Holding

AS

983

14,214

TCI

Express

Ltd

308

92,251

TFI

International,

Inc

9,239

16,586

Theeb

Rent

A

Car

Co

304

3,044,000

Tianjin

Port

Development

Holdings

Ltd

221

400,225

e

TNT

NV

730

153,643

Tobu

Railway

Co

Ltd

3,584

461,218

Tokyu

Corp

5,809

5,648,600

*,†

Trada

Alam

Minera

Tbk

PT

0

^

7,907

Trancom

Co

Ltd

444

1,088,500

Transcoal

Pacific

Tbk

PT

556

26,549

Transport

Corp

of

India

Ltd

198

3,109,127

Transurban

Group

27,354

596,520

*

Turk

Hava

Yollari

4,494

42,798

*,e

TuSimple

Holdings,

Inc

70

3,243,422

*

Uber

Technologies,

Inc

80,210

396,000

U-Ming

Marine

Transport

Corp

624

2,428,157

Union

Pacific

Corp

502,798

265,712

*

United

Airlines

Holdings

Inc

10,017

27,314

United

International

Transportation

Co

333

1,032,864

United

Parcel

Service,

Inc

(Class

B)

179,553

1,428

Universal

Logistics

Holdings

Inc

48

270,200

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

647

67,336

*,†

Virgin

Australia

Int

Holdings

0

^

30,917

VRL

Logistics

Ltd

202

102,637

Wallenius

Wilhelmsen

ASA

1,011

425,350

Wan

Hai

Lines

Ltd

1,106

19,618

Werner

Enterprises,

Inc

790

187,223

West

Japan

Railway

Co

8,129

38,291

e

Westshore

Terminals

Investment

Corp

634

77,981

*

Wheels

Up

Experience,

Inc

80

272,300

Wilson

Sons

Holdings

Brasil

S.A.

558

136,300

Wincanton

plc

555

2,216,000

Wisdom

Marine

Lines

Co

Ltd

4,413

166,543

*

XPO

Logistics,

Inc

5,544

299,521

Yamato

Transport

Co

Ltd

4,746

1,428,455

Yang

Ming

Marine

Transport

3,034

148,259

YTO

Express

Group

Co

Ltd

428

1,138,000

Yuexiu

Transport

Infrastructure

Ltd

618

98,215

Yunda

Holding

Co

Ltd

203

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

153

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,344,968

Zhejiang

Expressway

Co

Ltd

$

1,034

85,195

e

ZIM

Integrated

Shipping

Services

Ltd

1,465

283,183

ZTO

Express

Cayman,

Inc

(ADR)

7,609

TOTAL

TRANSPORTATION

1,991,446

UTILITIES

-

2.8%

1,602,783

A2A

S.p.A.

2,137

1,589,000

Absolute

Clean

Energy

PCL

124

10,088,991

AC

Energy

Corp

1,387

24,896

Acciona

S.A.

4,582

120,658

ACEA

S.p.A.

1,668

85,288

ACWA

Power

Co

3,452

297,632

Adani

Gas

Ltd

13,272

341,204

*

Adani

Green

Energy

Ltd

7,949

815,116

*

Adani

Power

Ltd

2,940

301,870

*

Adani

Transmissions

Ltd

9,426

264,600

AES

Brasil

Energia

S.A.

483

336,635

AES

Corp

9,682

686,478

AGL

Energy

Ltd

3,758

3,120,842

Aguas

Andinas

S.A.

721

782,551

e

Algonquin

Power

&

Utilities

Corp

5,098

6,442

AlKhorayef

Water

&

Power

Technologies

Co

240

125,627

Allete,

Inc

8,104

2,255,517

Alliant

Energy

Corp

124,527

379,572

e

AltaGas

Ltd

6,554

8,601

*

Altus

Power,

Inc

56

132,300

Alupar

Investimento

S.A.

709

1,754,172

Ameren

Corp

155,981

2,177,090

American

Electric

Power

Co,

Inc

206,715

6,746

American

States

Water

Co

624

70,311

American

Water

Works

Co,

Inc

10,717

1,256,453

APA

Group

9,184

842

Artesian

Resources

Corp

49

66,898

Ascopiave

S.p.A.

172

178,018

Atco

Ltd

5,572

45,766

Athens

Water

Supply

&

Sewage

Co

S.A.

333

21,695

Atmos

Energy

Corp

2,431

310,018

Auren

Energia

S.A.

863

11,777

e

Avangrid,

Inc

506

21,884

Avista

Corp

970

70,782

Aygaz

AS

362

1,020,430

B

Grimm

Power

PCL

1,172

708,200

Banpu

Power

PCL

335

1,501,900

BCPG

PCL

442

400,679

Beijing

Enterprises

Holdings

Ltd

1,279

3,358,586

Beijing

Enterprises

Water

Group

Ltd

859

1,576,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

371

49,301

BKW

S.A.

6,746

427,665

Black

Hills

Corp

30,082

94,091

Boralex,

Inc

2,781

3,420

e

Brookfield

Infrastructure

Corp

133

100,404

e

Brookfield

Infrastructure

Corp

3,906

105,507

Brookfield

Renewable

Corp

2,906

149,507

e

Brookfield

Renewable

Corp

4,115

12,645

California

Water

Service

Group

767

148,289

e

Canadian

Utilities

Ltd

4,014

544,000

e

Canvest

Environment

Protection

Group

Co

Ltd

293

336,525

e

Capital

Power

Corp

11,515

123,561

Capital

Stage

AG.

2,443

262,200

CECEP

Solar

Energy

Co

Ltd

276

511,010

CECEP

Wind-Power

Corp

280

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

154

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,809,351

Centerpoint

Energy,

Inc

$

114,242

1,314,651

Centrais

Eletricas

Brasileiras

S.A.

10,450

282,839

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

2,315

6,009,901

Centrica

plc

6,990

661,508

CESC

Ltd

610

176,613

CEZ

AS

6,018

910,000

e

CGN

New

Energy

Holdings

Co

Ltd

314

3,613,000

g

CGN

Power

Co

Ltd

858

8,241

Chesapeake

Utilities

Corp

974

2,505,000

e

China

Datang

Corp

Renewable

Power

Co

Ltd

739

931,000

e,g

China

Everbright

Greentech

Ltd

251

1,091,113

e

China

Everbright

Water

Ltd

200

2,057,965

China

Gas

Holdings

Ltd

2,983

2,283,044

China

Longyuan

Power

Group

Corp

2,775

562,900

China

National

Nuclear

Power

Co

Ltd

485

3,821,847

China

Power

International

Development

Ltd

1,609

660,312

China

Resources

Gas

Group

Ltd

2,463

1,308,373

China

Resources

Power

Holdings

Co

2,666

1,994,500

China

Three

Gorges

Renewables

Group

Co

Ltd

1,619

818,000

China

Water

Affairs

Group

Ltd

674

536,101

China

Yangtze

Power

Co

Ltd

1,617

595,046

Chubu

Electric

Power

Co,

Inc

6,153

269,400

e

Chugoku

Electric

Power

Co,

Inc

1,382

374,301

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

4,030

1,432,500

Cia

de

Saneamento

de

Minas

Gerais-COPASA

4,258

159,500

Cia

de

Saneamento

do

Parana

546

453,700

Cia

de

Saneamento

do

Parana

(Preference)

314

1,551,556

Cia

Energetica

de

Minas

Gerais

3,210

14,700

Cia

Energetica

do

Ceara

125

74,700

Cia

Paranaense

de

Energia

546

958,400

Cia

Paranaense

de

Energia

1,433

187,400

Cia

Paranaense

de

Energia

244

671,223

CK

Infrastructure

Holdings

Ltd

3,502

1,921,700

CK

Power

PCL

253

81,140

Clearway

Energy,

Inc

(Class

A)

2,428

67,029

Clearway

Energy,

Inc

(Class

C)

2,136

1,763,817

CLP

Holdings

Ltd

12,850

71,463

CMS

Energy

Corp

4,526

20,190,571

Colbun

S.A.

2,078

7,070,000

Concord

New

Energy

Group

Ltd

623

118,598

Consolidated

Edison,

Inc

11,304

311,628

Constellation

Energy

Corp

26,865

1,069,127

Contact

Energy

Ltd

5,232

66,859

Corp

ACCIONA

Energias

Renovables

S.A.

2,584

230,100

CPFL

Energia

S.A.

1,446

3,888

Daesung

Holdings

Co

Ltd

336

740,300

*

Datang

International

Power

Generation

Co

Ltd

298

1,554,343

Dominion

Energy,

Inc

95,312

74,509

*

Doral

Group

Renewable

Energy

Resources

Ltd

175

926,692

Drax

Group

plc

7,861

30,281

DTE

Energy

Co

3,559

256,474

Duke

Energy

Corp

26,414

4,988,135

E.ON

AG.

49,592

126,433

Edison

International

8,044

276,000

EDP

-

Energias

do

Brasil

S.A.

1,089

290,520

EDP

Renovaveis

S.A.

6,402

431,100

Electric

Power

Development

Co

6,847

578,343

e

Electricite

de

France

7,425

336,217

Electricity

Generating

PCL

1,674

33,463

e

Elia

System

Operator

S.A.

4,757

308,041

Emera,

Inc

11,773

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

155

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,708

Enagas

$

28

149,020

Endesa

S.A.

2,809

724,127

*

Enea

S.A.

993

33,060,557

Enel

Chile

S.A.

1,520

13,562,722

Enel

S.p.A.

72,942

2,317,356

Energias

de

Portugal

S.A.

11,552

193,033

Energisa

S.A.

1,617

263,040

Energix-Renewable

Energies

Ltd

829

1,831,244

Energy

Absolute

PCL

5,118

256,510

g

Enerjisa

Enerji

AS.

495

23,499,503

Enersis

S.A.

3,144

966,300

*

Eneva

S.A.

2,184

188,048

Engie

Brasil

Energia

S.A.

1,350

546,999

*

Engie

Energia

Chile

S.A.

316

2,542,986

Engie

S.A.

36,380

1,032,298

*

Enlight

Renewable

Energy

Ltd

2,099

536,835

ENN

Energy

Holdings

Ltd

7,499

200,400

ENN

Natural

Gas

Co

Ltd

463

68,998

Entergy

Corp

7,762

1,085,319

Equatorial

Energia

S.A.

5,559

32,843

e

eRex

Co

Ltd

543

60,618

ERG

S.p.A.

1,879

72,665

Essential

Utilities

Inc

3,468

35,042

Evergy,

Inc

2,205

120,993

Eversource

Energy

10,144

38,139

EVN

AG.

690

941,326

Exelon

Corp

40,694

4,800

*,e

Fastned

BV

198

2,171,960

FirstEnergy

Corp

91,092

554,753

e

Fortis,

Inc

22,198

298,599

Fortum

Oyj

4,973

2,638,620

GAIL

India

Ltd

3,064

844,500

GD

Power

Development

Co

Ltd

518

563,854

Genesis

Energy

Ltd

923

779,257

Global

Power

Synergy

Co

Ltd

1,643

491,752

*,e

Greenvolt-Energias

Renovaveis

S.A.

4,106

13,515

*,e

Grenergy

Renovables

S.A.

401

2,087,210

Guangdong

Investments

Ltd

2,131

164,476

Gujarat

Gas

Ltd

966

334,562

Gujarat

State

Petronet

Ltd

1,064

3,128,027

Gulf

Energy

Development

PCL

4,987

4,895,300

Gunkul

Engineering

PCL

740

17,183

Hawaiian

Electric

Industries,

Inc

719

928,445

e

Hera

S.p.A.

2,504

2,687,000

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

1,777

154,293

Hokkaido

Electric

Power

Co,

Inc

545

158,077

e

Hokuriku

Electric

Power

Co

656

67,369

Holding

CO

ADMIE

IPTO

S.A.

123

11,974,979

Hong

Kong

&

China

Gas

Ltd

11,357

1,478,438

Hong

Kong

Electric

Holdings

Ltd

8,080

425,919

Huadian

Power

International

Corp

Ltd

(Class

A)

359

428,766

Huaneng

Power

International,

Inc

-

A

468

2,818,751

e

Huaneng

Power

International,

Inc

-

H

1,328

380,933

e,g

Hydro

One

Ltd

10,204

6,006,137

Iberdrola

S.A.

70,113

7,936

Idacorp,

Inc

856

390,088

*

Indiabulls

Infrastructure

and

Power

Ltd

199

346,837

Indraprastha

Gas

Ltd

1,734

731,464

Infratil

Ltd

4,016

144,931

Innergex

Renewable

Energy,

Inc

1,734

1,027,900

*,†

Inter

Far

East

Energy

Corp

0

^

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

156

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

505,833

Interconexion

Electrica

S.A.

$

2,213

438,710

Inversiones

Aguas

Metropolitanas

S.A.

246

2,007,337

Iride

S.p.A.

3,153

481,298

Italgas

S.p.A

2,672

14,199,804

*

Jaiprakash

Power

Ventures

Ltd

1,292

264,600

Jiangsu

Eastern

Shenghong

Co

Ltd

494

791,728

Kansai

Electric

Power

Co,

Inc

7,688

20,473

Kenon

Holdings

Ltd

675

3,443,893

Keppel

Infrastructure

Trust

1,389

175,012

Korea

Electric

Power

Corp

3,022

1,231,200

Kyushu

Electric

Power

Co,

Inc

6,959

313,066

Light

S.A.

276

68,080

Mahanagar

Gas

Ltd

689

3,900,700

Malakoff

Corp

BHD

575

270,202

Manila

Electric

Co

1,452

1,138,600

Manila

Water

Co,

Inc

390

576,900

Mega

First

Corp

BHD

434

707,725

Mercury

NZ

Ltd

2,500

1,350,524

Meridian

Energy

Ltd

4,492

46,359

MGE

Energy,

Inc

3,264

721

Middlesex

Water

Co

57

39,637

*,e

Montauk

Renewables,

Inc

437

13,488

National

Fuel

Gas

Co

854

31,641

National

Gas

&

Industrialization

Co

441

4,585,594

National

Grid

plc

54,932

82,360

Naturgy

Energy

Group

S.A.

2,140

49,067

g

Neoen

S.A.

1,984

182,049

New

Jersey

Resources

Corp

9,033

5,586,880

NextEra

Energy,

Inc

467,063

107,687

Nippon

Gas

Co

Ltd

1,685

63,853

NiSource,

Inc

1,751

273,510

Northland

Power

Income

Fund

7,500

67,574

Northwest

Natural

Holding

Co

3,216

16,637

NorthWestern

Corp

987

159,299

NRG

Energy,

Inc

5,069

4,346,895

NTPC

Ltd

8,742

1,243,020

*

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS.

748

158,721

OGE

Energy

Corp

6,277

34,001

Okinawa

Electric

Power

Co,

Inc

261

310,700

*

Omega

Energia

S.A.

564

16,425

e

ONE

Gas,

Inc

1,244

117,642

*

OPC

Energy

Ltd

1,316

52,454

*

Opdenergy

Holdings

S.A.

216

1,743,414

Origin

Energy

Ltd

9,125

7,097

e

Ormat

Technologies,

Inc

614

197,069

g

Orsted

AS

17,816

235,734

Osaka

Gas

Co

Ltd

3,798

64,876

Otter

Tail

Corp

3,809

36,880

*

OY

Nofar

Energy

Ltd

976

298,295

Pennon

Group

plc

3,207

935,778

Petronas

Gas

BHD

3,637

1,495,775

*,b

PG&E

Corp

24,321

1,011,671

*

PGE

Polska

Grupa

Energetyczna

S.A.

1,596

17,740

Pinnacle

West

Capital

Corp

1,349

26,126

PNM

Resources,

Inc

1,275

203,831

e

Portland

General

Electric

Co

9,988

3,525,562

Power

Grid

Corp

of

India

Ltd

9,090

116,306

PPL

Corp

3,398

11,126,800

PT

Perusahaan

Gas

Negara

Persero

Tbk

1,257

209,968

*

Public

Power

Corp

1,474

394,977

Public

Service

Enterprise

Group,

Inc

24,200

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

157

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

34,076

*

Pure

Cycle

Corp

$

357

499,267

Qatar

Electricity

&

Water

Co

2,427

755,040

Ratch

Group

PCL

933

2,605

e

Red

Electrica

Corp

S.A.

45

401,465

Redes

Energeticas

Nacionais

S.A.

1,083

217,169

*

Reliance

Energy

Ltd

361

13,137,774

*

Reliance

Power

Ltd

2,271

32,300

*,e

RENOVA,

Inc

578

92,822

Rubis

S.C.A

2,444

1,962,766

RWE

AG.

86,769

13,100

Saibu

Gas

Co

Ltd

169

7,211

*

Sam

Kwang

Glass

Ind

Co

Ltd

177

1,635

*

Samchully

Co

Ltd

507

945,832

Saudi

Electricity

Co

5,847

128,772

g

Scatec

Solar

ASA

1,036

954,990

Scottish

&

Southern

Energy

plc

19,641

1,005,578

SembCorp

Industries

Ltd

2,539

305,434

Sempra

Energy

47,202

1,695

Severn

Trent

plc

54

558,685

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

344

135,700

Shanghai

Electric

Power

Co

Ltd

195

184,088

Shenzhen

Energy

Group

Co

Ltd

168

362,642

Shikoku

Electric

Power

Co,

Inc

2,103

99,110

e

Shizuoka

Gas

Co

Ltd

827

123,900

Sichuan

Chuantou

Energy

Co

Ltd

218

32,317

SJW

Corp

2,624

12,656

Snam

Rete

Gas

S.p.A.

61

76,482

*

Solaria

Energia

y

Medio

Ambiente

S.A.

1,402

116,378

South

Jersey

Industries,

Inc

4,135

521,231

Southern

Co

37,221

18,477

Southwest

Gas

Holdings

Inc

1,143

633,900

SPCG

PCL

265

224,993

Spire,

Inc

15,493

48,904

*,e

Sunnova

Energy

International,

Inc

881

21,332,200

Super

Energy

Corp

PCL

(Foreign)

406

591,735

e

Superior

Plus

Corp

4,908

1,411,100

Synergy

Grid

&

Development

Phils,

Inc

282

273,000

Taiwan

Cogeneration

Corp

288

1,597,965

Tata

Power

Co

Ltd

4,004

1,153,363

*

Tauron

Polska

Energia

S.A.

560

63,506

Telecom

Plus

plc

1,681

2,977,604

Tenaga

Nasional

BHD

6,509

57,141

Terna

Energy

S.A.

1,248

1,318,487

Terna

Rete

Elettrica

Nazionale

S.p.A.

9,737

72,600

Toho

Gas

Co

Ltd

1,382

462,300

Tohoku

Electric

Power

Co,

Inc

2,422

1,059,196

*

Tokyo

Electric

Power

Co,

Inc

3,815

1,053,542

Tokyo

Gas

Co

Ltd

20,628

188,374

Torrent

Power

Ltd

1,119

1,109,000

Towngas

China

Co

Ltd

555

2,368,300

TPI

Polene

Power

PCL

232

670,361

e

TransAlta

Corp

5,996

457,714

e

TransAlta

Renewables,

Inc

3,803

206,400

Transmissora

Alianca

de

Energia

Eletrica

S.A.

1,358

1,554,000

TTW

PCL

404

32,650

UGI

Corp

1,210

155,319

e

Uniper

SE

427

4,573

United

Utilities

Group

plc

55

4,722

Unitil

Corp

243

712,216

Veolia

Environnement

18,300

72,467

Verbund

AG.

6,092

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

158

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,481

e

Via

Renewables,

Inc

$

33

589,843

Vistra

Energy

Corp

13,684

35,976

*,e

Voltalia

S.A.

656

1,280,388

WEC

Energy

Group,

Inc

120,049

24,830

e

West

Holdings

Corp

826

1,575,138

Xcel

Energy,

Inc

110,433

7,852,000

YTL

Corp

BHD

1,034

2,132,100

YTL

Power

International

BHD

346

TOTAL

UTILITIES

2,974,166

TOTAL

COMMON

STOCKS

103,807,302

(Cost

$105,008,677)

PURCHASED

OPTIONS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

137,000

West

Pharmaceutical

Services,

Inc

1,110

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,110

TOTAL

PURCHASED

OPTIONS

1,110

(Cost

$2,058)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

BANKS

-

0.0%

1,495,162

Bank

Tabungan

Negara

Persero

Tbk

PT

14

TOTAL

BANKS

14

CAPITAL

GOODS

-

0.0%

26,206

†,e

Webuild

S.p.A

08/02/30

24

TOTAL

CAPITAL

GOODS

24

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,258,844

e

Cie

Financiere

Richemont

S.A.

11/27/23

1,048

12,861

e

PLBY

Group,

Inc

0

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,048

CONSUMER

SERVICES

-

0.0%

90,578

PointsBet

Holdings

Ltd

07/08/24

0

TOTAL

CONSUMER

SERVICES

0

DIVERSIFIED

FINANCIALS

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0

^

TOTAL

DIVERSIFIED

FINANCIALS

0

^

ENERGY

-

0.0%

8,715

e

Weatherford

International

plc

12/13/23

2

TOTAL

ENERGY

2

MATERIALS

-

0.0%

1,081

Hanwha

Solutions

Corp

1

3,866

Lotte

Chemical

Corp

110

TOTAL

MATERIALS

111

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

159

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

EXPIRATION

DATE

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

12,599

†

Chinook

Therapeutics,

Inc

$

0

5,345

†

Genexine,

Inc

RIGHT

18

20,027

†,e

Tobira

Therapeutics,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

19

TRANSPORTATION

-

0.0%

9,755

Localiza

Rent

a

Car

S.A.

20

TOTAL

TRANSPORTATION

20

UTILITIES

-

0.0%

1,423

AES

Brasil

Energia

S.A.

0

^

TOTAL

UTILITIES

0

^

TOTAL

RIGHTS/WARRANTS

1,238

(Cost

$180)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.0%

GOVERNMENT

AGENCY

DEBT

-

0.5%

$

2,500,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/04/23

2,500

63,000,000

FFCB

0

.000

01/09/23

62,955

45,985,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/06/23

45,969

50,200,000

FHLB

0

.000

01/11/23

50,151

15,000,000

FHLB

0

.000

01/13/23

14,982

20,000,000

FHLB

0

.000

01/18/23

19,964

25,000,000

FHLB

0

.000

02/06/23

24,896

42,000,000

FHLB

0

.000

02/10/23

41,801

60,000,000

FHLB

0

.000

02/15/23

59,684

15,000,000

FHLB

0

.000

02/27/23

14,899

10,000,000

FHLB

0

.000

03/10/23

9,920

25,000,000

FHLB

0

.000

03/24/23

24,759

35,000,000

FHLB

0

.000

04/14/23

34,570

75,000,000

FHLB

0

.000

04/24/23

73,987

29,460,000

FHLB

0

.000

06/28/23

28,817

25,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/11/23

24,976

TOTAL

GOVERNMENT

AGENCY

DEBT

534,830

REPURCHASE

AGREEMENT

-

0.5%

477,110,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

477,110

TOTAL

REPURCHASE

AGREEMENT

477,110

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

-

1.0%

CERTIFICATE

OF

DEPOSIT

-

0.2%

12,500,000

Australia

and

New

Zealand

Banking

Group

4

.900

04/05/23

12,500

14,500,000

Credit

Agricole

4

.790

02/03/23

14,500

10,000,000

Credit

Agricole

4

.980

05/03/23

10,000

5,000,000

ING

US

Funding

LLC

4

.820

02/24/23

5,000

13,000,000

Lloyds

Bank

PLC

4

.810

01/20/23

13,000

13,000,000

Lloyds

Bank

PLC

5

.000

05/08/23

13,000

12,000,000

Mizuho

Bank

Ltd

4

.700

03/20/23

12,000

9,500,000

Mizuho

Bank

Ltd

5

.080

04/26/23

9,500

9,000,000

MUFG

Bank

4

.810

02/17/23

9,000

10,000,000

MUFG

Bank

4

.900

02/28/23

10,000

2,000,000

MUFG

Bank

4

.880

03/16/23

2,000

13,200,000

National

Bank

of

Canada

4

.700

03/16/23

13,200

13,000,000

NATixis

4

.800

02/01/23

13,000

9,000,000

Nordea

Bank

AB

publ

4

.970

06/07/23

9,000

13,000,000

Skandinaviska

Enskilda

Banken

AG

4

.910

04/20/23

13,000

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

160

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

Skandinaviska

Enskilda

Banken

AG

4

.980

%

04/28/23

$

10,000

13,000,000

The

Canadian

Imperial

Bank

of

Commerce

5

.000

06/02/23

13,000

9,500,000

The

Canadian

Imperial

Bank

of

Commerce

5

.040

08/09/23

9,500

TOTAL

CERTIFICATE

OF

DEPOSIT

191,200

REPURCHASE

AGREEMENT

-

0.8%

15,000,000

s

Calyon

4

.200

01/03/23

15,000

50,000,000

t

Calyon

4

.300

01/03/23

50,000

50,000,000

u

Citigroup

4

.300

01/03/23

50,000

75,000,000

v

Citigroup

4

.300

01/05/23

75,000

30,000,000

w

Deutsche

Bank

4

.260

01/03/23

30,000

40,000,000

x

HSBC

4

.300

01/03/23

40,000

100,000,000

y

JP

Morgan

4

.300

01/03/23

100,000

25,910,000

z

Merrill

Lynch

4

.000

01/03/23

25,910

25,910,000

z

Merrill

Lynch

4

.000

01/03/23

25,910

6,101,000

aa

Merrill

Lynch

4

.200

01/03/23

6,101

50,000,000

ab

Merrill

Lynch

3

.950

01/03/23

50,000

100,000,000

ac

Merrill

Lynch

4

.300

01/03/23

100,000

100,000,000

ad

Nomura

4

.270

01/03/23

100,000

100,000,000

ae

Royal

Bank

of

Scotland

4

.260

01/03/23

100,000

10,000,000

af

Societe

Generale

4

.260

01/03/23

10,000

40,000,000

ag

Societe

Generale

4

.300

01/03/23

40,000

50,000,000

ah

Societe

Generale

4

.300

01/06/23

50,000

TOTAL

REPURCHASE

AGREEMENT

867,921

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

1,059,121

TOTAL

SHORT-TERM

INVESTMENTS

2,071,061

(Cost

$2,070,956)

TOTAL

INVESTMENTS

-

100.9%

105,880,765

(Cost

$107,081,935)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.9)%

(

993,458

)

NET

ASSETS

-

100.0%

$104,887,307

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

HDC

Housing

Development

Corporation

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

161

College

Retirement

Equities

Fund

continued

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

a

Affiliated

holding

b

In

bankruptcy

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

$1,515,203,871.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

n

All

or

a

portion

of

these

securities

have

been

segregated

by

the

custodian

to

cover

requirements

on

open

written

options

contracts.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$477,110,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–1.500%

and

maturity

dates

11/30/28–1/15/29,

valued

at

$486,652,268.

s

Agreement

with

Calyon,

4.200%

dated

12/30/22

to

be

repurchased

at

$15,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.125%

and

maturity

date

2/29/28,

valued

at

$15,300,018.

t

Agreement

with

Calyon,

4.300%

dated

12/30/22

to

be

repurchased

at

$50,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.000%

and

maturity

date

1/20/51,

valued

at

$51,000,000.

u

Agreement

with

Citigroup,

4.300%

dated

12/30/22

to

be

repurchased

at

$50,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–4.000%

and

maturity

dates

2/20/51–5/20/51,

valued

at

$51,000,756.

v

Agreement

with

Citigroup,

4.300%

dated

12/29/22

to

be

repurchased

at

$75,000,000

on

1/5/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–5.500%

and

maturity

dates

5/20/50–9/20/50,

valued

at

$76,500,528.

w

Agreement

with

Deutsche

Bank,

4.260%

dated

12/30/22

to

be

repurchased

at

$30,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

5/15/26,

valued

at

$30,600,000.

x

Agreement

with

HSBC,

4.300%

dated

12/30/22

to

be

repurchased

at

$40,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–5.000%

and

maturity

dates

11/1/40–11/1/52,

valued

at

$40,800,000.

y

Agreement

with

JP

Morgan,

4.300%

dated

12/30/22

to

be

repurchased

at

$100,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.500%–7.000%

and

maturity

dates

12/1/25–10/1/52,

valued

at

$102,000,000.

z

Agreement

with

Merrill

Lynch,

4.000%

dated

12/30/22

to

be

repurchased

at

$25,910,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

6/20/52,

valued

at

$26,428,200.

aa

Agreement

with

Merrill

Lynch,

4.200%

dated

12/30/22

to

be

repurchased

at

$6,101,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.430%–3.560%

and

maturity

dates

5/17/33–4/6/45,

valued

at

$6,223,302.

ab

Agreement

with

Merrill

Lynch,

3.950%

dated

12/30/22

to

be

repurchased

at

$50,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.375%

and

maturity

date

12/31/28,

valued

at

$51,000,065.

ac

Agreement

with

Merrill

Lynch,

4.300%

dated

12/30/22

to

be

repurchased

at

$100,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–4.000%

and

maturity

dates

8/20/50–5/20/52,

valued

at

$102,000,000.

ad

Agreement

with

Nomura,

4.270%

dated

12/30/22

to

be

repurchased

at

$100,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.000%–3.750%

and

maturity

dates

7/31/28–11/15/43,

valued

at

$102,000,026.

ae

Agreement

with

Royal

Bank

of

Scotland,

4.260%

dated

12/30/22

to

be

repurchased

at

$100,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–2.625%

and

maturity

dates

7/31/23–3/31/29,

valued

at

$102,000,031.

af

Agreement

with

Societe

Generale,

4.260%

dated

12/30/22

to

be

repurchased

at

$10,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

12/28/23,

valued

at

$10,200,033.

ag

Agreement

with

Societe

Generale,

4.300%

dated

12/30/22

to

be

repurchased

at

$40,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

3/9/23,

valued

at

$40,800,053.

ah

Agreement

with

Societe

Generale,

4.300%

dated

12/30/22

to

be

repurchased

at

$50,000,000

on

1/6/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–4.323%

and

maturity

dates

1/3/23–4/30/24,

valued

at

$51,000,094.

Purchased

options

outstanding

as

of

December

31,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

West

Pharmaceutical

Services,

Inc,

Put

1,370

$

2,058‌

$

210

.00‌

03/17/23

$

1,110‌

Written

options

outstanding

as

of

December

31,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Advanced

Micro

Devices,

Inc,

Put

20

$

(

9‌

)

$

50

.00‌

01/20/23

$

(

0‌

)

^

JPMorgan

Chase

&

Co,

Call

10

(

4‌

)

140

.00‌

01/20/23

(

1‌

)

NVIDIA

Corp,

Put

10

(

10‌

)

105

.00‌

01/20/23

(

0‌

)

^

S&P

500

Index,

Call

5

(

10‌

)

4,300

.00‌

01/20/23

(

0‌

)

^

Tesla,

Inc,

Put

10

(

1‌

)

110

.00‌

01/20/23

(

5‌

)

West

Pharmaceutical

Services,

Inc,

Call

1,370

(

1,710‌

)

240

.00‌

03/17/23

(

2,404‌

)

West

Pharmaceutical

Services,

Inc,

Put

1,370

(

408‌

)

170

.00‌

03/17/23

(

312‌

)

Portfolio

of

investments

CREF

Stock

Account

December

31,

2022

162

College

Retirement

Equities

Fund

concluded

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Wolfspeed,

Inc,

Put

20

$

(

14‌

)

$

70

.00‌

03/17/23

$

(

18‌

)

Wolfspeed,

Inc,

Put

20

(

19‌

)

75

.00‌

03/17/23

(

23‌

)

Total

2,835

 $

(

2,185‌

)

 $

(

2,763‌

)

^

Amount

represents

less

than

$1,000.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

Russell

2000

E

Mini

Index

458‌

03/17/23

 $

41,487‌

$

40,553‌

$

(

934‌

)

S&P

500

E

Mini

Index

2,996‌

03/17/23

594,521‌

578,378‌

(

16,143‌

)

S&P

Mid-Cap

400

E

Mini

Index

249‌

03/17/23

61,915‌

60,821‌

(

1,094‌

)

Total

3,703‌

  $

697,923‌

 $

679,752‌

 $

(

18,171‌

)

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

163

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BONDS

-

0.0%

CORPORATE

BONDS

-

0.0%

INDIA

-

0.0%

INR

1,191,204

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

14

TOTAL

INDIA

14

TOTAL

CORPORATE

BONDS

14

(Cost

$16)

TOTAL

BONDS

14

(Cost

$16)

SHARES

COMPANY

COMMON

STOCKS

-

98.2%

AUSTRALIA

-

1.7%

770,364

*

AMP

Ltd

685

86,876

AngloGold

Ashanti

Ltd

1,693

1,964,428

ANZ

Group

Holdings

Ltd

31,645

214,504

APA

Group

1,568

43,394

Australian

Stock

Exchange

Ltd

1,999

882,951

BHP

Billiton

Ltd

27,351

40,267

Cochlear

Ltd

5,561

396,824

Commonwealth

Bank

of

Australia

27,561

154,862

Endeavour

Group

Ltd

674

188,466

*

Flutter

Entertainment

plc

25,515

69,911

*

Flutter

Entertainment

plc

9,580

18,612,726

Glencore

Xstrata

plc

124,122

728,973

IDP

Education

Ltd

13,434

4,239,585

Ingenia

Communities

Group

12,829

518,055

Insurance

Australia

Group

Ltd

1,665

78,644

Macquarie

Group

Ltd

8,878

29,424

Magellan

Financial

Group

Ltd

178

617,350

Medibank

Pvt

Ltd

1,232

278,422

*,e

Megaport

Ltd

1,193

293,592

Mineral

Resources

Ltd

15,401

716,479

National

Australia

Bank

Ltd

14,547

2,624,976

*,e

PointsBet

Holdings

Ltd

2,611

207,978

*

Qantas

Airways

Ltd

842

329,345

QBE

Insurance

Group

Ltd

2,988

282,659

Suncorp-Metway

Ltd

2,303

824,764

Telstra

Corp

Ltd

2,230

88,350

Wesfarmers

Ltd

2,755

822,272

Westpac

Banking

Corp

13,018

1,221,616

Whitehaven

Coal

Ltd

7,783

120,307

Woodside

Energy

Group

Ltd

2,914

154,862

Woolworths

Ltd

3,536

TOTAL

AUSTRALIA

368,291

AUSTRIA

-

0.1%

308,609

g

BAWAG

Group

AG.

16,446

166,605

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

5,330

12,420

Verbund

AG.

1,044

TOTAL

AUSTRIA

22,820

BELGIUM

-

0.1%

93,007

Anheuser-Busch

InBev

S.A.

5,602

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

164

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

275,314

KBC

Groep

NV

$

17,726

TOTAL

BELGIUM

23,328

BERMUDA

-

0.0%

10,387

RenaissanceRe

Holdings

Ltd

1,914

TOTAL

BERMUDA

1,914

BRAZIL

-

1.2%

1,012,400

AMBEV

S.A.

2,767

4,670,762

Americanas

S.A.

8,519

123,600

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

346

478,800

B3

SA-Brasil

Bolsa

Balcao

1,196

1,891,618

Banco

Bradesco

S.A.

4,822

15,616,118

Banco

Bradesco

S.A.

(Preference)

44,545

3,983,460

Banco

BTG

Pactual

S.A.

-

Unit

18,019

67,432

Banco

do

Brasil

S.A.

436

26,700

Banco

Santander

Brasil

S.A.

143

142,700

BB

Seguridade

Participacoes

S.A.

908

40,100

Braskem

S.A.

182

133,000

*

BRF

S.A.

207

257,873

Centrais

Eletricas

Brasileiras

S.A.

2,050

53,500

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

438

256,600

Cia

de

Concessoes

Rodoviarias

527

71,300

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

768

273,805

Cia

Energetica

de

Minas

Gerais

566

132,600

Cia

Siderurgica

Nacional

S.A.

361

257,268

Cosan

SA

Industria

e

Comercio

834

42,000

CPFL

Energia

S.A.

264

39,500

Energisa

S.A.

331

36,850

Engie

Brasil

Energia

S.A.

265

208,699

Equatorial

Energia

S.A.

1,069

236,000

Gerdau

S.A.

(Preference)

1,297

597,314

*,g

Hapvida

Participacoes

e

Investimentos

S.A.

576

249,500

Hypermarcas

S.A.

2,139

392,781

Investimentos

Itau

S.A.

-

PR

631

10,361,119

Itau

Unibanco

Holding

S.A.

49,072

161,000

Klabin

S.A.

608

1,291,264

Localiza

Rent

A

Car

12,822

202,592

Lojas

Renner

S.A.

785

22,271,000

*

Magazine

Luiza

S.A.

11,554

9,408

*

MercadoLibre,

Inc

7,961

189,395

Natura

&

Co

Holding

S.A.

412

2,060,604

*,e

NU

Holdings

Ltd

8,387

300,000

*

Pagseguro

Digital

Ltd

2,622

1,297,400

*

Petro

Rio

S.A.

9,139

823,500

Petroleo

Brasileiro

S.A.

4,367

1,049,638

Petroleo

Brasileiro

S.A.

(Preference)

4,870

219,900

Raia

Drogasil

S.A.

990

90,929

g

Rede

D'Or

Sao

Luiz

S.A.

508

269,400

Rumo

S.A.

952

185,300

Sendas

Distribuidora

S.A.

685

345,178

*

StoneCo

Ltd

3,258

158,622

Suzano

SA

1,465

114,800

Telefonica

Brasil

S.A.

829

199,300

TIM

S.A.

467

99,600

Totvus

S.A.

519

148,800

Ultrapar

Participacoes

S.A.

353

1,933,464

Vale

S.A.

32,757

233,500

Vibra

Energia

S.A.

685

350,820

Weg

S.A.

2,548

378,464

Wheaton

Precious

Metals

Corp

14,786

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

165

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

202,000

*

XP,

Inc

$

3,099

TOTAL

BRAZIL

270,706

CANADA

-

2.7%

209,123

Agnico-Eagle

Mines

Ltd

10,867

1,154,998

Alimentation

Couche-Tard,

Inc

50,755

437,176

e

Bank

of

Montreal

39,604

271,945

Bank

of

Nova

Scotia

13,324

629,769

Barrick

Gold

Corp

10,795

15,147

*

Brookfield

Asset

Management

Ltd

434

60,167

*

Brookfield

Corp

1,892

423

Brookfield

Reinsurance

Ltd

13

731,199

e

Cameco

Corp

16,574

199,565

Canadian

Imperial

Bank

of

Commerce

8,073

414,109

Canadian

National

Railway

Co

49,192

213,543

Canadian

Natural

Resources

Ltd

11,858

852,618

e

Canadian

Pacific

Railway

Ltd

63,569

46,850

e

CI

Financial

Corp

468

477,226

Dollarama,

Inc

27,911

325,841

e

Enbridge,

Inc

12,735

5,995

Fairfax

Financial

Holdings

Ltd

3,551

23,986

First

Capital

Real

Estate

Investment

Trust

298

44,603

Franco-Nevada

Corp

6,080

62,382

e

Great-West

Lifeco,

Inc

1,442

23,972

iA

Financial

Corp,

Inc

1,403

18,586

e

IGM

Financial,

Inc

519

32,056

Intact

Financial

Corp

4,615

724,647

*,e

Lightspeed

Commerce,

Inc

10,356

434,757

Manulife

Financial

Corp

7,754

75,286

e

National

Bank

of

Canada

5,073

433,573

Nutrien

Ltd

31,653

18,660

Onex

Corp

900

124,572

e

Power

Corp

Of

Canada

2,930

120,337

RioCan

Real

Estate

Investment

Trust

1,878

319,067

Royal

Bank

of

Canada

29,998

2,641,275

*

Shopify,

Inc

(Class

A)

91,703

131,050

Sun

Life

Financial,

Inc

6,083

459,862

Suncor

Energy,

Inc

14,587

472,145

Teck

Cominco

Ltd

17,843

38,893

Thomson

Reuters

Corp

4,437

12,631

TMX

Group

Ltd

1,264

405,553

Toronto-Dominion

Bank

26,259

12,683

e

West

Fraser

Timber

Co

Ltd

916

TOTAL

CANADA

589,606

CHILE

-

0.0%

3,381,156

Banco

de

Chile

351

4,049

Banco

de

Credito

e

Inversiones

116

4,823,871

Banco

Santander

Chile

S.A.

193

311,362

Cencosud

S.A.

512

27,270

Cia

Cervecerias

Unidas

S.A.

182

3,102,246

Compania

SudAmericana

de

Vapores

S.A.

245

237,034

Empresas

CMPC

S.A.

396

86,480

Empresas

COPEC

S.A.

645

5,935,429

Enel

Chile

S.A.

273

4,595,994

Enersis

S.A.

615

161,976

SACI

Falabella

315

30,568

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

2,469

TOTAL

CHILE

6,312

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

166

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

CHINA

-

2.7%

24,700

360

Finance,

Inc

(ADR)

$

503

34,200

360

Security

Technology,

Inc

32

1,347

3peak,

Inc

53

124,000

g

3SBio,

Inc

131

64,000

e

AAC

Technologies

Holdings,

Inc

145

7,918

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

112

12,600

AECC

Aero-Engine

Control

Co

Ltd

46

24,700

AECC

Aviation

Power

Co

Ltd

150

2,498,000

Agricultural

Bank

of

China

Ltd

855

448,400

Agricultural

Bank

of

China

Ltd

(Class

A)

188

33,129

Aier

Eye

Hospital

Group

Co

Ltd

148

36,800

*

Air

China

Ltd

56

152,000

*,e

Air

China

Ltd

(H

shares)

135

30,207

Airtac

International

Group

912

3,811,672

*

Alibaba

Group

Holding

Ltd

41,825

390,000

*

Alibaba

Health

Information

Technology

Ltd

328

950,000

Aluminum

Corp

of

China

Ltd

402

196,200

Aluminum

Corp

of

China

Ltd

(Class

A)

126

4,484

*

Amlogic

Shanghai

Co

Ltd

45

3,600

Angel

Yeast

Co

Ltd

23

98,000

Anhui

Conch

Cement

Co

Ltd

341

20,600

Anhui

Conch

Cement

Co

Ltd

(Class

A)

81

9,200

Anhui

Gujing

Distillery

Co

Ltd

147

2,000

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

77

2,730

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

11

4,000

Anhui

Kouzi

Distillery

Co

Ltd

33

9,900

Anhui

Yingjia

Distillery

Co

Ltd

89

247,000

Anta

Sports

Products

Ltd

3,213

8,400

Apeloa

Pharmaceutical

Co

Ltd

26

14,800

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

58

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

39

5,800

Autohome,

Inc

(ADR)

178

24,200

Avary

Holding

Shenzhen

Co

Ltd

95

6,200

Avic

Capital

Co

Ltd

3

29,300

AVIC

Electromechanical

Systems

Co

Ltd

42

90,000

AviChina

Industry

&

Technology

Co

40

5,600

†

AVICOPTER

plc

37

472,816

*

Baidu,

Inc

6,743

103,200

Bank

of

Beijing

Co

Ltd

64

90,900

Bank

of

Changsha

Co

Ltd

88

19,300

Bank

of

Chengdu

Co

Ltd

42

221,900

Bank

of

China

Ltd

-

A

101

17,079,000

Bank

of

China

Ltd

-

H

6,181

218,700

Bank

of

Communications

Co

Ltd

-

A

149

770,000

Bank

of

Communications

Co

Ltd

-

H

442

30,200

Bank

of

Hangzhou

Co

Ltd

57

71,380

Bank

of

Jiangsu

Co

Ltd

75

45,600

Bank

of

Nanjing

Co

Ltd

68

29,600

Bank

of

Ningbo

Co

Ltd

138

66,422

Bank

of

Shanghai

Co

Ltd

56

75,600

Bank

of

Suzhou

Co

Ltd

85

338,100

Baoshan

Iron

&

Steel

Co

Ltd

271

82,300

BBMG

Corp

30

48,400

*

BeiGene

Ltd

821

7,000

*

BeiGene

Ltd

(ADR)

1,540

160,000

*

Beijing

Capital

International

Airport

Co

Ltd

117

29,400

Beijing

Dabeinong

Technology

Group

Co

Ltd

38

6,300

Beijing

Easpring

Material

Technology

Co

Ltd

51

18,600

Beijing

Enlight

Media

Co

Ltd

23

45,000

Beijing

Enterprises

Holdings

Ltd

144

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

167

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

352,000

Beijing

Enterprises

Water

Group

Ltd

$

90

5,828

Beijing

Kingsoft

Office

Software,

Inc

221

20,900

Beijing

New

Building

Materials

plc

78

35,400

Beijing

Originwater

Technology

Co

Ltd

24

11,424

Beijing

Shiji

Information

Technology

Co

Ltd

25

7,100

Beijing

Tongrentang

Co

Ltd

46

4,345

Beijing

United

Information

Technology

Co

Ltd

55

6,630

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

121

16,300

Beijing

Yanjing

Brewery

Co

Ltd

25

2,000

Beijing

Yuanliu

Hongyuan

Electronic

Technology

Co

Ltd

29

4,400

Bethel

Automotive

Safety

Systems

Co

Ltd

50

3,400

Betta

Pharmaceuticals

Co

Ltd

24

2,200

BGI

Genomics

Co

Ltd

16

14,720

*

Bilibili,

Inc

349

4,203

Bloomage

Biotechnology

Corp

Ltd

82

829,000

BOC

Hong

Kong

Holdings

Ltd

2,814

5,700

BOC

International

China

Co

Ltd

9

195,000

BOE

Technology

Group

Co

Ltd

95

256,000

Bosideng

International

Holdings

Ltd

121

5,800

BTG

Hotels

Group

Co

Ltd

21

8,400

BYD

Co

Ltd

309

228,500

BYD

Co

Ltd

(H

shares)

5,606

56,500

BYD

Electronic

International

Co

Ltd

181

7,100

By-health

Co

Ltd

23

144,000

e

C&D

International

Investment

Group

Ltd

418

30,930

Caitong

Securities

Co

Ltd

32

49,600

CECEP

Solar

Energy

Co

Ltd

52

93,770

CECEP

Wind-Power

Corp

51

339,000

g

CGN

Power

Co

Ltd

81

1,000

Chacha

Food

Co

Ltd

7

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

48

24,000

Changjiang

Securities

Co

Ltd

18

1,300

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

24

24,600

Chaozhou

Three-Circle

Group

Co

Ltd

109

17,000

Chengtun

Mining

Group

Co

Ltd

14

11,000

Chengxin

Lithium

Group

Co

Ltd

59

36,600

China

Baoan

Group

Co

Ltd

64

879,000

China

Cinda

Asset

Management

Co

Ltd

121

799,000

China

Citic

Bank

354

526,000

China

Coal

Energy

Co

427

230,000

China

Communications

Services

Corp

Ltd

84

127,500

China

Conch

Venture

Holdings

Ltd

277

74,200

China

Construction

Bank

Corp

-

A

60

20,805,000

China

Construction

Bank

Corp

-

H

13,011

60,800

China

CSSC

Holdings

Ltd

194

36,600

*

China

Eastern

Airlines

Corp

Ltd

29

486,300

China

Energy

Engineering

Corp

Ltd

160

225,800

China

Everbright

Bank

Co

Ltd

-

A

100

363,000

China

Everbright

Bank

Co

Ltd

-

H

111

314,555

China

Everbright

International

Ltd

140

275,000

g

China

Feihe

Ltd

233

333,500

China

Galaxy

Securities

Co

Ltd

162

25,200

China

Galaxy

Securities

Co

Ltd

(Class

A)

34

235,200

China

Gas

Holdings

Ltd

341

9,700

China

Great

Wall

Securities

Co

Ltd

12

27,400

China

Greatwall

Technology

Group

Co

Ltd

40

563,000

China

Hongqiao

Group

Ltd

531

407,400

China

Insurance

International

Holdings

Co

Ltd

506

122,400

g

China

International

Capital

Corp

Ltd

232

4,600

China

International

Capital

Corp

Ltd

25

146,525

China

International

Travel

Service

Corp

Ltd

4,536

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

168

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

198,000

China

Jinmao

Holdings

Group

Ltd

$

42

19,929

China

Jushi

Co

Ltd

39

90,000

China

Lesso

Group

Holdings

Ltd

93

1,663,000

China

Life

Insurance

Co

Ltd

2,838

37,800

China

Life

Insurance

Co

Ltd

(Class

A)

201

32,600

*,g

China

Literature

Ltd

126

259,000

China

Longyuan

Power

Group

Corp

315

115,000

China

Medical

System

Holdings

Ltd

180

21,700

China

Meheco

Co

Ltd

54

48,000

China

Meidong

Auto

Holdings

Ltd

98

692,000

China

Mengniu

Dairy

Co

Ltd

3,120

1,402,000

China

Merchants

Bank

Co

Ltd

7,758

728,800

China

Merchants

Bank

Co

Ltd

(Class

A)

3,886

158,400

China

Merchants

Energy

Shipping

Co

Ltd

127

117,426

China

Merchants

Holdings

International

Co

Ltd

171

37,020

China

Merchants

Securities

Co

Ltd

71

44,700

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

81

9,600

China

Minmetals

Rare

Earth

Co

Ltd

45

198,100

China

Minsheng

Banking

Corp

Ltd

-

A

98

573,300

e

China

Minsheng

Banking

Corp

Ltd

-

H

198

825,000

China

Molybdenum

Co

Ltd

378

89,300

China

Molybdenum

Co

Ltd

(Class

A)

58

308,000

China

National

Building

Material

Co

Ltd

252

33,800

China

National

Chemical

Engineering

Co

Ltd

39

97,100

China

National

Nuclear

Power

Co

Ltd

84

45,100

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

162

484,000

China

Oilfield

Services

Ltd

588

661,435

China

Overseas

Land

&

Investment

Ltd

1,731

45,000

China

Overseas

Property

Holdings

Ltd

47

100,700

China

Pacific

Insurance

Group

Co

Ltd

-

A

355

608,000

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,345

425,000

China

Power

International

Development

Ltd

179

105,500

China

Railway

Group

Ltd

-

A

84

363,000

China

Railway

Group

Ltd

-

H

191

107,856

China

Railway

Signal

&

Communication

Corp

Ltd

74

604,000

China

Resources

Beer

Holdings

Company

Ltd

4,201

221,999

e

China

Resources

Cement

Holdings

Ltd

117

77,600

China

Resources

Gas

Group

Ltd

290

713,836

China

Resources

Land

Ltd

3,248

16,063

China

Resources

Microelectronics

Ltd

121

156,600

g

China

Resources

Mixc

Lifestyle

Services

Ltd

793

137,000

g

China

Resources

Pharmaceutical

Group

Ltd

111

150,000

China

Resources

Power

Holdings

Co

306

4,700

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

32

102,300

China

Shenhua

Energy

Co

Ltd

-

A

406

758,500

China

Shenhua

Energy

Co

Ltd

-

H

2,185

158,000

*,e

China

Southern

Airlines

Co

Ltd

102

48,100

*

China

Southern

Airlines

Co

Ltd

(Class

A)

52

207,100

China

State

Construction

Engineering

Corp

Ltd

161

166,000

China

State

Construction

International

Holdings

Ltd

186

389,800

China

Three

Gorges

Renewables

Group

Co

Ltd

316

15,700

*,g

China

Tourism

Group

Duty

Free

Corp

Ltd

460

1,670,000

g

China

Tower

Corp

Ltd

179

162,200

China

Vanke

Co

Ltd

326

56,000

China

Vanke

Co

Ltd

(Class

A)

146

46,200

China

Yangtze

Power

Co

Ltd

139

6,300

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

103

90,400

China

Zheshang

Bank

Co

Ltd

38

628,000

Chinasoft

International

Ltd

544

2,000

Chongqing

Brewery

Co

Ltd

37

17,654

Chongqing

Changan

Automobile

Co

Ltd

31

5,100

Chongqing

Fuling

Zhacai

Group

Co

Ltd

19

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

169

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

274,600

Chongqing

Rural

Commercial

Bank

Co

Ltd

$

139

7,500

Chongqing

Zhifei

Biological

Products

Co

Ltd

95

452,000

Chow

Tai

Fook

Jewellery

Group

Ltd

919

485,000

Citic

Pacific

Ltd

510

169,274

CITIC

Securities

Co

Ltd

341

61,270

CITIC

Securities

Co

Ltd

(Class

A)

175

4,400

CNGR

Advanced

Material

Co

Ltd

41

42,630

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

38

52,300

Contemporary

Amperex

Technology

Co

Ltd

2,947

162,445

COSCO

Pacific

Ltd

129

186,300

COSCO

SHIPPING

Development

Co

Ltd

65

62,100

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

108

191,160

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

282

247,150

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

251

977,000

e

Country

Garden

Holdings

Co

Ltd

329

906,000

Country

Garden

Services

Holdings

Co

Ltd

2,223

19,300

CSC

Financial

Co

Ltd

66

4,030,880

CSPC

Pharmaceutical

Group

Ltd

4,196

3,984

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

9

5,100

Dajin

Heavy

Industry

Co

Ltd

30

179,500

g

Dali

Foods

Group

Co

Ltd

82

600,600

Dalian

Port

PDA

Co

Ltd

140

96,400

Daqin

Railway

Co

Ltd

93

12,700

*

Daqo

New

Energy

Corp

(ADR)

490

3,408

DaShenLin

Pharmaceutical

Group

Co

Ltd

19

148,600

*

Datang

International

Power

Generation

Co

Ltd

60

10,400

DHC

Software

Co

Ltd

8

11,200

Do-Fluoride

New

Materials

Co

Ltd

54

6,300

Dong-E-E-Jiao

Co

Ltd

37

34,200

Dongfang

Electric

Corp

Ltd

103

260,000

Dongfeng

Motor

Group

Co

Ltd

149

11,300

Dongxing

Securities

Co

Ltd

13

323,000

Dongyue

Group

354

61,722

East

Money

Information

Co

Ltd

172

6,500

Ecovacs

Robotics

Co

Ltd

68

63,700

ENN

Energy

Holdings

Ltd

890

31,500

ENN

Natural

Gas

Co

Ltd

73

8,970

Eve

Energy

Co

Ltd

113

21,600

Everbright

Securities

Co

Ltd

46

56,343

Fangda

Carbon

New

Material

Co

Ltd

50

74,000

Far

East

Horizon

Ltd

58

8,500

FAW

Jiefang

Group

Co

Ltd

9

25,700

First

Capital

Securities

Co

Ltd

21

22,700

Flat

Glass

Group

Co

Ltd

109

97,000

e

Flat

Glass

Group

Co

Ltd

233

224,100

Focus

Media

Information

Technology

Co

Ltd

215

17,687

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

202

666,000

Fosun

International

541

49,000

Foxconn

Industrial

Internet

Co

Ltd

65

800

Fu

Jian

Anjoy

Foods

Co

Ltd

19

3,300

Fujian

Sunner

Development

Co

Ltd

11

8,500

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

43

389,000

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

1,624

81,880

g

Ganfeng

Lithium

Co

Ltd

607

8,120

Ganfeng

Lithium

Co

Ltd

81

4,500

Gaona

Aero

Material

Co

Ltd

30

500

G-bits

Network

Technology

Xiamen

Co

Ltd

22

1,622,000

*

GCL

Poly

Energy

Holdings

Ltd

409

100,500

*

GCL

System

Integration

Technology

Co

Ltd

42

92,700

GD

Power

Development

Co

Ltd

57

194,084

*

GDS

Holdings

Ltd

503

185,500

*

GDS

Holdings

Ltd

(ADR)

3,825

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

170

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

1,301,000

e

Geely

Automobile

Holdings

Ltd

$

1,879

59,300

GEM

Co

Ltd

63

31,500

Gemdale

Corp

46

90,000

*

Genscript

Biotech

Corp

284

93,200

GF

Securities

Co

Ltd

133

31,900

GF

Securities

Co

Ltd

(Class

A)

71

8,972

Gigadevice

Semiconductor

Beijing,

Inc

132

4,300

*

Ginlong

Technologies

Co

Ltd

111

17,000

GoerTek,

Inc

41

1,400

GoodWe

Technologies

Co

Ltd

65

6,800

Gotion

High-tech

Co

Ltd

28

1,959,500

Great

Wall

Motor

Co

Ltd

2,524

10,000

Great

Wall

Motor

Co

Ltd

43

14,600

Gree

Electric

Appliances,

Inc

of

Zhuhai

68

79,000

Greentown

China

Holdings

Ltd

114

138,000

Greentown

Service

Group

Co

Ltd

91

40,200

GRG

Banking

Equipment

Co

Ltd

57

7,500

Guangdong

Haid

Group

Co

Ltd

67

37,300

Guangdong

HEC

Technology

Holding

Co

Ltd

47

248,000

Guangdong

Investments

Ltd

253

2,800

Guangdong

Kinlong

Hardware

Products

Co

Ltd

42

150,100

Guanghui

Energy

Co

Ltd

195

28,300

Guangzhou

Automobile

Group

Co

Ltd

45

238,000

Guangzhou

Automobile

Group

Co

Ltd

-

H

159

10,800

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

46

5,800

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

65

44,100

Guangzhou

Haige

Communications

Group,

Inc

Co

51

1,800

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

20

8,595

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

73

24,800

Guangzhou

Tinci

Materials

Technology

Co

Ltd

156

13,486

Guangzhou

Yuexiu

Financial

Holdings

Group

Co

Ltd

12

12,200

Guolian

Securities

Co

Ltd

20

29,100

Guosen

Securities

Co

Ltd

37

42,200

Guotai

Junan

Securities

Co

Ltd

82

25,790

Guoyuan

Securities

Co

Ltd

23

706,000

*,g

Haichang

Ocean

Park

Holdings

Ltd

144

89,000

e,g

Haidilao

International

Holding

Ltd

254

31,200

Haier

Smart

Home

Co

Ltd

109

457,200

Haier

Smart

Home

Co

Ltd

1,552

155,000

Haitian

International

Holdings

Ltd

413

271,200

Haitong

Securities

Co

Ltd

166

54,600

Haitong

Securities

Co

Ltd

(Class

A)

68

45,100

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

57

6,300

Hangzhou

Chang

Chuan

Technology

Co

Ltd

40

14,036

Hangzhou

First

Applied

Material

Co

Ltd

134

8,400

Hangzhou

Lion

Electronics

Co

Ltd

51

11,100

Hangzhou

Oxygen

Plant

Group

Co

Ltd

63

6,130

Hangzhou

Robam

Appliances

Co

Ltd

24

18,800

Hangzhou

Silan

Microelectronics

Co

Ltd

88

1,800

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

27

10,900

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

125

92,000

g

Hansoh

Pharmaceutical

Group

Co

Ltd

174

9,200

Heilongjiang

Agriculture

Co

Ltd

18

38,700

Henan

Shenhuo

Coal

&

Power

Co

Ltd

83

17,200

Henan

Shuanghui

Investment

&

Development

Co

Ltd

64

53,500

Hengan

International

Group

Co

Ltd

284

22,100

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

59

75,780

Hengli

Petrochemical

Co

Ltd

169

980,000

*,e

HengTen

Networks

Group

Ltd

244

31,500

Hengtong

Optic-electric

Co

Ltd

68

66,530

Hengyi

Petrochemical

Co

Ltd

67

238,600

Hesteel

Co

Ltd

78

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

171

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

$

40

2,360

Hongfa

Technology

Co

Ltd

11

6,200

Hoshine

Silicon

Industry

Co

Ltd

74

48,000

*,g

Hua

Hong

Semiconductor

Ltd

166

42,900

Huadian

Power

International

Corp

Ltd

(Class

A)

36

9,940

Huadong

Medicine

Co

Ltd

67

51,600

Huafon

Chemical

Co

Ltd

50

12,100

Huagong

Tech

Co

Ltd

28

51,600

Huaibei

Mining

Holdings

Co

Ltd

95

9,360

Hualan

Biological

Engineering,

Inc

30

45,600

Huaneng

Power

International,

Inc

-

A

50

330,000

e

Huaneng

Power

International,

Inc

-

H

155

136,000

g

Huatai

Securities

Co

Ltd

155

15,500

Huatai

Securities

Co

Ltd

(Class

A)

28

14,200

Huaxi

Securities

Co

Ltd

15

59,300

Huaxia

Bank

Co

Ltd

44

3,500

Huaxin

Cement

Co

Ltd

7

15,700

Huayu

Automotive

Systems

Co

Ltd

39

75,074

Huazhu

Group

Ltd

(ADR)

3,185

5,900

Hubei

Feilihua

Quartz

Glass

Co

Ltd

47

4,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

18

16,400

Hubei

Xingfa

Chemicals

Group

Co

Ltd

68

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

88

4,700

Humanwell

Healthcare

Group

Co

Ltd

16

115,000

Hunan

Valin

Steel

Co

Ltd

78

8,612

Hundsun

Technologies,

Inc

50

76,000

*,e,g

Hygeia

Healthcare

Holdings

Co

Ltd

542

25,131

*

iClick

Interactive

Asia

Group

Ltd

(ADR)

97

13,000

Iflytek

Co

Ltd

61

2,600

Imeik

Technology

Development

Co

Ltd

211

339,800

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

212

12,166,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

6,240

96,900

Industrial

Bank

Co

Ltd

245

41,990

Industrial

Securities

Co

Ltd

35

6,300

Ingenic

Semiconductor

Co

Ltd

64

627,600

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

173

46,800

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

83

20,780

Inner

Mongolia

ERDOS

Resources

Co

Ltd

45

130,100

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

75

33,600

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

149

291,900

Inner

Mongolia

Yitai

Coal

Co

385

56,900

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

64

81,500

*,g

Innovent

Biologics,

Inc

347

5,000

Inspur

Electronic

Information

Industry

Co

Ltd

15

29,953

*,e

IQIYI,

Inc

(ADR)

159

715

iRay

Technology

Co

Ltd

47

31,200

JA

Solar

Technology

Co

Ltd

269

3,760

Jafron

Biomedical

Co

Ltd

17

2,210

Jason

Furniture

Hangzhou

Co

Ltd

14

88,400

*,g

JD

Health

International,

Inc

798

1,482,955

JD.com,

Inc

41,399

49,500

Jiangsu

Eastern

Shenghong

Co

Ltd

93

118,000

Jiangsu

Express

107

15,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

143

29,982

Jiangsu

Hengrui

Medicine

Co

Ltd

166

5,900

Jiangsu

King's

Luck

Brewery

JSC

Ltd

43

7,200

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

166

3,000

Jiangsu

Yangnong

Chemical

Co

Ltd

45

4,700

Jiangsu

Yoke

Technology

Co

Ltd

34

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

24

42,600

Jiangsu

Zhongtian

Technology

Co

Ltd

99

284,000

Jiangxi

Copper

Co

Ltd

417

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

172

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

28,958

Jiangxi

Copper

Co

Ltd

(Class

A)

$

72

20,000

*

Jiangxi

Special

Electric

Motor

Co

Ltd

50

1,900

JiuGui

Liquor

Co

Ltd

38

165,000

e,g

Jiumaojiu

International

Holdings

Ltd

437

87,200

Jizhong

Energy

Resources

Co

Ltd

80

8,900

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

14

2,156

Joinn

Laboratories

China

Co

Ltd

18

7,900

Jointown

Pharmaceutical

Group

Co

Ltd

15

5,200

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

28

3,800

JOYY,

Inc

(ADR)

120

2,000

Juewei

Food

Co

Ltd

18

16,300

Juneyao

Airlines

Co

Ltd

38

39,000

*

Kanzhun

Ltd

(ADR)

794

247,756

*

KE

Holdings,

Inc

(ADR)

3,459

27,700

Keda

Industrial

Group

Co

Ltd

56

54,000

Kingboard

Chemical

Holdings

Ltd

171

201,000

*,e

Kingdee

International

Software

Group

Co

Ltd

427

412,600

Kingsoft

Corp

Ltd

1,367

32,000

*,e,g

Koolearn

Technology

Holding

Ltd

213

376,800

*,g

Kuaishou

Technology

3,387

13,000

Kuang-Chi

Technologies

Co

Ltd

32

26,697

Kweichow

Moutai

Co

Ltd

6,604

580,000

Lenovo

Group

Ltd

472

75,600

Lens

Technology

Co

Ltd

114

1,300

Lepu

Medical

Technology

Beijing

Co

Ltd

4

243,100

*,e

Li

Auto,

Inc

2,350

736,500

Li

Ning

Co

Ltd

6,333

85,000

*

Lingyi

iTech

Guangdong

Co

55

2,100

Livzon

Pharmaceutical

Group,

Inc

10

37,900

Lomon

Billions

Group

Co

Ltd

103

790,000

e,g

Longfor

Properties

Co

Ltd

2,431

96,689

LONGi

Green

Energy

Technology

Co

Ltd

586

54,900

Lufax

Holding

Ltd

(ADR)

107

3,570

†

Luoyang

Xinqianglian

Slewing

Bearing

Co

Ltd

27

48,900

Luxi

Chemical

Group

Co

Ltd

87

93,809

Luxshare

Precision

Industry

Co

Ltd

427

6,800

Luzhou

Laojiao

Co

Ltd

219

10,190

Mango

Excellent

Media

Co

Ltd

44

5,308

Maxscend

Microelectronics

Co

Ltd

87

18,800

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

17

970,100

*,g

Meituan

Dianping

(Class

B)

21,493

88,200

Metallurgical

Corp

of

China

Ltd

40

151,900

e

Microport

Scientific

Corp

396

27,700

Ming

Yang

Smart

Energy

Group

Ltd

100

582,000

Minth

Group

Ltd

1,571

13,528

Montage

Technology

Co

Ltd

122

24,444

Muyuan

Foodstuff

Co

Ltd

171

7,265

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

19

87,360

NARI

Technology

Co

Ltd

305

6,700

NAURA

Technology

Group

Co

Ltd

217

3,500

NavInfo

Co

Ltd

6

449,395

NetEase,

Inc

6,518

33,600

New

China

Life

Insurance

Co

Ltd

-

A

145

230,800

New

China

Life

insurance

Co

Ltd

-

H

562

21,600

*

New

Hope

Liuhe

Co

Ltd

40

115,540

*

New

Oriental

Education

&

Technology

Group,

Inc

407

21,486

*

New

Oriental

Education

&

Technology

Group,

Inc

(ADR)

748

19,200

Ninestar

Corp

143

2,400

Ningbo

Deye

Technology

Co

Ltd

114

3,500

Ningbo

Joyson

Electronic

Corp

7

6,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

67

5,713

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

56

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

173

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

28,200

Ningbo

Shanshan

Co

Ltd

$

74

4,800

Ningbo

Tuopu

Group

Co

Ltd

40

84,400

Ningxia

Baofeng

Energy

Group

Co

Ltd

146

288,030

*

NIO,

Inc

(ADR)

2,808

388,600

g

Nongfu

Spring

Co

Ltd

2,189

21,200

North

Industries

Group

Red

Arrow

Co

Ltd

60

1,144

NXP

Semiconductors

NV

181

147,700

Offshore

Oil

Engineering

Co

Ltd

129

10,800

*

OFILM

Group

Co

Ltd

7

2,740

Oppein

Home

Group,

Inc

48

48,128

Orient

Securities

Co

Ltd

62

3,809

Ovctek

China,

Inc

20

121,200

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

82

2,099,000

People's

Insurance

Co

Group

of

China

Ltd

694

189,300

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

142

11,200

Perfect

World

Co

Ltd

20

5,050

Pharmaron

Beijing

Co

Ltd

-

A

49

16,850

g

Pharmaron

Beijing

Co

Ltd

-

H

116

1,558,000

PICC

Property

&

Casualty

Co

Ltd

1,473

289,917

*

Pinduoduo,

Inc

(ADR)

23,643

327,000

Ping

An

Bank

Co

Ltd

617

44,300

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

120

4,989,203

Ping

An

Insurance

Group

Co

of

China

Ltd

32,778

146,500

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

986

58,700

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

91

66,300

Poly

Real

Estate

Group

Co

Ltd

144

130,800

e,g

Pop

Mart

International

Group

Ltd

329

6,000

Porton

Pharma

Solutions

Ltd

35

133,300

Postal

Savings

Bank

of

China

Co

Ltd

-

A

88

1,958,000

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

1,212

76,100

Power

Construction

Corp

of

China

Ltd

77

560

Proya

Cosmetics

Co

Ltd

13

1,642

Pylon

Technologies

Co

Ltd

74

74,100

*

Qinghai

Salt

Lake

Industry

Co

Ltd

241

3,001

Raytron

Technology

Co

Ltd

16

12,000

Riyue

Heavy

Industry

Co

Ltd

35

128,050

Rongsheng

Petro

Chemical

Co

Ltd

226

42,100

SAIC

Motor

Corp

Ltd

87

31,700

Sailun

Group

Co

Ltd

46

2,500

Sangfor

Technologies,

Inc

41

260,000

Sany

Heavy

Equipment

International

266

112,300

Sany

Heavy

Industry

Co

Ltd

254

48,700

Sealand

Securities

Co

Ltd

23

18,600

Seazen

Holdings

Co

Ltd

55

24,100

SF

Holding

Co

Ltd

200

4,800

SG

Micro

Corp

119

151,900

Shaanxi

Coal

Industry

Co

Ltd

405

49,900

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

102

7,670

Shandong

Buchang

Pharmaceuticals

Co

Ltd

23

52,120

Shandong

Gold

Mining

Co

Ltd

-

A

143

172,750

g

Shandong

Gold

Mining

Co

Ltd

-

H

319

31,850

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

152

4,400

Shandong

Linglong

Tyre

Co

Ltd

13

162,400

Shandong

Nanshan

Aluminum

Co

Ltd

76

4,000

Shandong

Sun

Paper

Industry

JSC

Ltd

7

3,400

Shandong

Weifang

Rainbow

Chemical

Co

Ltd

43

192,000

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

314

3,332

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

18

5,863

Shanghai

Baosight

Software

Co

Ltd

38

113,620

Shanghai

Baosight

Software

Co

Ltd

351

51,300

Shanghai

Construction

Group

Co

Ltd

19

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

174

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

202,000

Shanghai

Electric

Group

Co

Ltd

$

114

15,300

Shanghai

Electric

Power

Co

Ltd

22

8,700

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

44

206,000

e

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

657

1,482

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

46

63,000

e

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

237

6,744

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

68

6,000

*

Shanghai

International

Airport

Co

Ltd

50

47,600

Shanghai

International

Port

Group

Co

Ltd

37

3,400

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

28

8,746

*

Shanghai

Junshi

Biosciences

Co

Ltd

79

19,960

Shanghai

Lingang

Holdings

Corp

Ltd

34

345,069

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

278

3,400

Shanghai

M&G

Stationery,

Inc

27

1,155

Shanghai

Medicilon,

Inc

35

16,700

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

43

71,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

119

143,900

Shanghai

Pudong

Development

Bank

Co

Ltd

151

17,380

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

130

21,200

Shanghai

RAAS

Blood

Products

Co

Ltd

19

188,400

Shanghai

Rural

Commercial

Bank

Co

Ltd

159

20,900

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

23

58,079

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

140

61,300

Shanxi

Meijin

Energy

Co

Ltd

79

19,330

Shanxi

Securities

Co

Ltd

15

116,700

Shanxi

Taigang

Stainless

Steel

Co

Ltd

72

5,580

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

228

74,070

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

124

22,900

Shenghe

Resources

Holding

Co

Ltd

46

22,400

Shengyi

Technology

Co

Ltd

46

4,680

Shennan

Circuits

Co

Ltd

49

119,600

Shenwan

Hongyuan

Group

Co

Ltd

68

9,280

Shenzhen

Capchem

Technology

Co

Ltd

58

1,600

Shenzhen

Dynanonic

Co

Ltd

53

28,300

Shenzhen

Energy

Group

Co

Ltd

26

32,900

Shenzhen

Inovance

Technology

Co

Ltd

328

123,485

Shenzhen

International

Holdings

Ltd

121

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

3

4,640

Shenzhen

Kangtai

Biological

Products

Co

Ltd

21

2,900

Shenzhen

Kedali

Industry

Co

Ltd

49

7,400

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

61

5,600

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

254

8,800

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

63

47,500

Shenzhen

Overseas

Chinese

Town

Co

Ltd

36

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

28

4,100

Shenzhen

SC

New

Energy

Technology

Corp

67

15,882

Shenzhen

Senior

Technology

Material

Co

Ltd

48

9,700

Shenzhen

Sunlord

Electronics

Co

Ltd

36

9,834

Shenzhen

Transsion

Holdings

Co

Ltd

112

10,900

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

52

308,600

Shenzhou

International

Group

Holdings

Ltd

3,441

8,580

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

37

144,500

*,†

Shimao

Property

Holdings

Ltd

61

24,400

Sichuan

Chuantou

Energy

Co

Ltd

43

147,200

Sichuan

Hebang

Biotechnology

Co

Ltd

64

8,700

Sichuan

Kelun

Pharmaceutical

Co

Ltd

33

18,700

*

Sichuan

New

Energy

Power

Co

Ltd

48

69,200

Sichuan

Road

&

Bridge

Co

Ltd

111

2,400

Sichuan

Swellfun

Co

Ltd

29

15,300

Sichuan

Yahua

Industrial

Group

Co

Ltd

51

8,000

Sieyuan

Electric

Co

Ltd

44

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

175

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,060,600

Silergy

Corp

$

14,981

21,400

Sinoma

Science

&

Technology

Co

Ltd

66

5,620

Sinomine

Resource

Group

Co

Ltd

54

164,000

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

73

108,800

Sinopharm

Group

Co

275

4,900

*

Skshu

Paint

Co

Ltd

80

138,000

e,g

Smoore

International

Holdings

Ltd

212

8,600

Songcheng

Performance

Development

Co

Ltd

18

28,262

SooChow

Securities

Co

Ltd

27

29,700

Southwest

Securities

Co

Ltd

16

2,200

StarPower

Semiconductor

Ltd

104

699,000

*,†,e

Sunac

China

Holdings

Ltd

1

17,700

Sungrow

Power

Supply

Co

Ltd

284

621,000

Sunny

Optical

Technology

Group

Co

Ltd

7,324

8,300

Sunwoda

Electronic

Co

Ltd

25

23,800

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

85

2,140

Suzhou

Maxwell

Technologies

Co

Ltd

126

6,600

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

53

36,400

*

TAL

Education

Group

(ADR)

257

21,400

Tangshan

Jidong

Cement

Co

Ltd

25

55,000

TBEA

Co

Ltd

158

68,300

TCL

Technology

Group

Corp

36

2,627,000

Tencent

Holdings

Ltd

111,386

56,800

*

Tencent

Music

Entertainment

(ADR)

470

4,400

Thunder

Software

Technology

Co

Ltd

63

4,900

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

25

42,000

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

227

19,200

Tianma

Microelectronics

Co

Ltd

24

7,000

*

Tianqi

Lithium

Corp

79

40,400

Tianshan

Aluminum

Group

Co

Ltd

45

74,200

Tianshui

Huatian

Technology

Co

Ltd

88

13,400

*

Tibet

Summit

Resources

Co

Ltd

44

156,000

Tingyi

Cayman

Islands

Holding

Corp

275

26,000

Titan

Wind

Energy

Suzhou

Co

Ltd

56

4,956

Toly

Bread

Co

Ltd

11

94,400

*

Tongcheng-Elong

Holdings

Ltd

226

27,500

TongFu

Microelectronics

Co

Ltd

65

28,500

Tongkun

Group

Co

Ltd

59

165,800

Tongling

Nonferrous

Metals

Group

Co

Ltd

74

20,700

Tongwei

Co

Ltd

115

1,500

*

Topchoice

Medical

Corp

33

158,000

g

Topsports

International

Holdings

Ltd

125

78,000

Travelsky

Technology

Ltd

164

26,168

Trina

Solar

Co

Ltd

239

252,376

*

Trip.com

Group

Ltd

(ADR)

8,682

50,000

Tsingtao

Brewery

Co

Ltd

492

3,900

Tsingtao

Brewery

Co

Ltd

(Class

A)

60

10,499

Unigroup

Guoxin

Microelectronics

Co

Ltd

199

123,000

Uni-President

China

Holdings

Ltd

123

34,500

Unisplendour

Corp

Ltd

97

562,386

*

Vipshop

Holdings

Ltd

(ADR)

7,671

8,900

Walvax

Biotechnology

Co

Ltd

51

40,500

Wanhua

Chemical

Group

Co

Ltd

538

385,000

Want

Want

China

Holdings

Ltd

257

170,956

*

Weibo

Corp

(ADR)

3,269

164,000

Weichai

Power

Co

Ltd

217

34,600

Weichai

Power

Co

Ltd

(Class

A)

51

6,500

Weihai

Guangwei

Composites

Co

Ltd

67

30,840

Wens

Foodstuffs

Group

Co

Ltd

87

26,400

Western

Securities

Co

Ltd

23

5,010

Western

Superconducting

Technologies

Co

Ltd

68

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

176

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

14,390

Will

Semiconductor

Ltd

$

159

17,000

Wingtech

Technology

Co

Ltd

128

634,000

Winteam

Pharmaceutical

Group

Ltd

288

33,300

Wuchan

Zhongda

Group

Co

Ltd

23

1,900

Wuhan

DR

Laser

Technology

Corp

Ltd

34

38,199

Wuhan

Guide

Infrared

Co

Ltd

60

15,100

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

39

101,935

Wuliangye

Yibin

Co

Ltd

2,639

23,550

WUS

Printed

Circuit

Kunshan

Co

Ltd

40

86,716

WuXi

AppTec

Co

Ltd

-

A

1,005

27,185

g

WuXi

AppTec

Co

Ltd

-

H

285

1,703

Wuxi

Autowell

Technology

Co

Ltd

49

416,500

*,g

Wuxi

Biologics

Cayman,

Inc

3,155

4,320

Wuxi

Shangji

Automation

Co

Ltd

66

172,000

XCMG

Construction

Machinery

Co

Ltd

125

39,600

Xiamen

C

&

D,

Inc

77

3,000

Xiamen

Faratronic

Co

Ltd

69

20,600

Xiamen

Tungsten

Co

Ltd

58

1,212,400

*,g

Xiaomi

Corp

1,683

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

85

196,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

H

174

53,900

Xinjiang

Zhongtai

Chemical

Co

Ltd

58

388,863

Xinyi

Solar

Holdings

Ltd

428

67,400

*,e

XPeng,

Inc

332

108,704

*,e

XPeng,

Inc

(ADR)

1,081

300,000

e

XTEP

International

Holdings

332

98,000

g

Yadea

Group

Holdings

Ltd

163

6,300

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

48

35,500

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

142

344,000

Yanzhou

Coal

Mining

Co

Ltd

1,046

40,400

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

195

10,250

Yealink

Network

Technology

Corp

Ltd

89

2,682

Yifeng

Pharmacy

Chain

Co

Ltd

25

40,000

Yihai

International

Holding

Ltd

141

20,300

Yihai

Kerry

Arawana

Holdings

Co

Ltd

127

29,420

Yintai

Gold

Co

Ltd

47

5,300

YongXing

Special

Materials

Technology

Co

Ltd

70

18,459

Yonyou

Network

Technology

Co

Ltd

64

3,400

*

Youngy

Co

Ltd

48

17,300

YTO

Express

Group

Co

Ltd

50

13,500

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

31

141,200

Yuexiu

Property

Co

Ltd

170

344,557

Yum

China

Holdings,

Inc

18,830

17,180

Yunda

Holding

Co

Ltd

35

44,200

Yunnan

Aluminium

Co

Ltd

70

9,100

Yunnan

Baiyao

Group

Co

Ltd

71

3,200

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

69

4,000

Yunnan

Energy

New

Material

Co

Ltd

75

22,600

Yunnan

Tin

Co

Ltd

46

28,800

*

Yunnan

Yuntianhua

Co

Ltd

87

6,878

*

Zai

Lab

Ltd

(ADR)

211

22,800

Zangge

Mining

Co

Ltd

85

2,800

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

116

258,000

Zhaojin

Mining

Industry

Co

Ltd

285

20,000

Zhefu

Holding

Group

Co

Ltd

11

96,320

*

Zhejiang

Century

Huatong

Group

Co

Ltd

53

44,100

Zhejiang

China

Commodities

City

Group

Co

Ltd

33

30,400

Zhejiang

Chint

Electrics

Co

Ltd

121

38,000

Zhejiang

Dahua

Technology

Co

Ltd

62

6,060

Zhejiang

Dingli

Machinery

Co

Ltd

42

146,000

Zhejiang

Expressway

Co

Ltd

112

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

177

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,000

Zhejiang

HangKe

Technology,

Inc

Co

$

25

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

29

19,903

Zhejiang

Huayou

Cobalt

Co

Ltd

159

16,800

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

153

5,000

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

30

39,600

Zhejiang

Juhua

Co

Ltd

88

16,704

Zhejiang

NHU

Co

Ltd

45

39,173

Zhejiang

Satellite

Petrochemical

Co

Ltd

87

5,002

Zhejiang

Supcon

Technology

Co

Ltd

65

3,100

Zhejiang

Supor

Co

Ltd

22

18,590

Zhejiang

Weiming

Environment

Protection

Co

Ltd

50

24,300

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

74

2,400

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

19

12,500

Zhejiang

Yongtai

Technology

Co

Ltd

39

18,500

Zheshang

Securities

Co

Ltd

26

60,200

*,e,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

164

6,800

Zhongji

Innolight

Co

Ltd

26

47,000

Zhongsheng

Group

Holdings

Ltd

241

67,400

Zhongtai

Securities

Co

Ltd

62

9,447

Zhuzhou

CRRC

Times

Electric

Co

Ltd

74

128,300

Zhuzhou

CSR

Times

Electric

Co

Ltd

634

2,900

Zhuzhou

Hongda

Electronics

Corp

Ltd

18

40,500

Zhuzhou

Kibing

Group

Co

Ltd

66

38,500

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

39

1,262,000

Zijin

Mining

Group

Co

Ltd

1,696

270,900

Zijin

Mining

Group

Co

Ltd

(Class

A)

387

91,600

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

72

51,900

ZTE

Corp

192

64,000

ZTE

Corp

(Class

H)

141

33,646

ZTO

Express

Cayman,

Inc

(ADR)

904

TOTAL

CHINA

581,115

COLOMBIA

-

0.0%

20,788

BanColombia

S.A.

180

38,538

BanColombia

S.A.

(Preference)

266

99,655

Interconexion

Electrica

S.A.

436

TOTAL

COLOMBIA

882

CZECH

REPUBLIC

-

0.0%

35,446

CEZ

AS

1,208

5,566

Komercni

Banka

AS

161

19,718

g

Moneta

Money

Bank

AS

66

TOTAL

CZECH

REPUBLIC

1,435

DENMARK

-

0.7%

109,774

Carlsberg

AS

(Class

B)

14,561

860,746

Novo

Nordisk

AS

116,903

10,000

Novo

Nordisk

AS

(ADR)

1,353

77,304

g

Orsted

AS

6,989

179,832

*

Zealand

Pharma

AS

5,216

TOTAL

DENMARK

145,022

EGYPT

-

0.0%

202,687

Commercial

International

Bank

340

329,756

Eastern

Tobacco

191

113,431

*

Egyptian

Financial

Group-Hermes

Holding

82

TOTAL

EGYPT

613

FINLAND

-

0.3%

2,738,678

Nordea

Bank

Abp

29,405

1,833,679

Nordea

Bank

Abp

19,642

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

178

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

399,706

Sampo

Oyj

(A

Shares)

$

20,877

83,081

Stora

Enso

Oyj

(R

Shares)

1,171

TOTAL

FINLAND

71,095

FRANCE

-

2.7%

343,066

*

Accor

S.A.

8,559

143,022

e

Air

Liquide

20,300

955,114

Airbus

SE

113,565

277,368

Cap

Gemini

S.A.

46,369

442,619

Cie

Generale

des

Etablissements

Michelin

S.C.A

12,330

546,875

Compagnie

de

Saint-Gobain

26,754

287,894

Danone

15,174

128,486

Electricite

de

France

1,650

777,991

Engie

S.A.

11,130

246,541

Essilor

International

S.A.

44,607

12,284

*,e

Euroapi

S.A.

182

8,019

Gecina

S.A.

817

10,791

e

Icade

465

122,466

Kering

62,326

172,825

L'Oreal

S.A.

61,888

54,778

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

39,862

361,559

Orange

S.

A.

3,587

9,329

Pernod-Ricard

S.A.

1,835

368,235

Sanofi-Aventis

35,508

145,952

e

Teleperformance

34,892

456,970

e

Total

S.A.

28,685

121,213

Veolia

Environnement

3,115

1,610,146

Vivendi

Universal

S.A.

15,382

TOTAL

FRANCE

588,982

GERMANY

-

2.5%

64,969

Adidas-Salomon

AG.

8,805

48,876

Allianz

AG.

10,438

601,690

e

Aroundtown

S.A.

1,402

57,850

BASF

SE

2,848

1,739,297

Bayer

AG.

89,522

255,597

Beiersdorf

AG.

29,207

58,072

BioNTech

SE

(ADR)

8,724

702,601

*

Borussia

Dortmund

GmbH

&

Co

KGaA

2,778

8,165

Brenntag

AG.

521

135,376

Deutsche

Annington

Immobilien

SE

3,189

105,213

Deutsche

Boerse

AG.

18,117

695,173

Deutsche

Telekom

AG.

13,831

327,108

*

Dr

ING

hc

F

Porsche

AG.

33,010

2,334,417

E.ON

AG.

23,209

583,808

HeidelbergCement

AG.

33,081

382,531

*

HelloFresh

SE

8,349

38,971

Henkel

KGaA

2,504

1,594,626

Infineon

Technologies

AG.

48,464

14,036

LEG

Immobilien

AG.

915

50,000

Merck

KGaA

9,647

1,035

OSRAM

Licht

AG.

55

731,354

*

Paion

AG.

345

1,814,418

RWE

AG.

80,211

772,547

Siemens

AG.

106,496

TOTAL

GERMANY

535,668

GREECE

-

0.0%

173,117

*

Alpha

Bank

AE

185

185,738

*

Eurobank

Ergasias

S.A.

209

5,760

*,†

FF

Group

0

^

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

179

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

45,238

Hellenic

Telecommunications

Organization

S.A.

$

707

23,133

JUMBO

S.A.

397

18,310

Mytilineos

Holdings

S.A.

398

40,629

*

National

Bank

of

Greece

S.A.

163

41,766

OPAP

S.A.

591

43,523

*

Public

Power

Corp

305

10,697

Terna

Energy

S.A.

234

TOTAL

GREECE

3,189

HONG

KONG

-

0.4%

2,709,700

AIA

Group

Ltd

29,924

294,000

Bank

of

East

Asia

Ltd

355

220,000

*

Cathay

Pacific

Airways

Ltd

240

109,230

CK

Infrastructure

Holdings

Ltd

570

339,500

CLP

Holdings

Ltd

2,474

800,000

Hang

Lung

Properties

Ltd

1,558

171,400

Hang

Seng

Bank

Ltd

2,843

299,000

Henderson

Land

Development

Co

Ltd

1,041

2,159,806

Hong

Kong

&

China

Gas

Ltd

2,048

251,712

Hong

Kong

Electric

Holdings

Ltd

1,376

269,982

Hong

Kong

Exchanges

and

Clearing

Ltd

11,601

501,200

Hongkong

Land

Holdings

Ltd

2,306

221,500

Kingboard

Laminates

Holdings

Ltd

243

300,700

Link

REIT

2,200

754,945

*

Melco

Crown

Entertainment

Ltd

(ADR)

8,682

349,000

New

World

Development

Co

Ltd

979

428,000

Nine

Dragons

Paper

Holdings

Ltd

389

29,500

Orient

Overseas

International

Ltd

532

610,819

Prudential

plc

8,329

827,250

Sino

Biopharmaceutical

482

303,500

Sun

Hung

Kai

Properties

Ltd

4,146

8,900

*,e

Super

Hi

International

Holding

Ltd

11

32,000

Vinda

International

Holdings

Ltd

94

248,000

Wharf

Real

Estate

Investment

Co

Ltd

1,444

TOTAL

HONG

KONG

83,867

HUNGARY

-

0.0%

102,568

MOL

Hungarian

Oil

&

Gas

plc

715

16,439

OTP

Bank

446

79,755

Richter

Gedeon

Rt

1,771

TOTAL

HUNGARY

2,932

INDIA

-

1.0%

11,058

ABB

Ltd

India

359

60,660

Adani

Enterprises

Ltd

2,825

58,448

Adani

Gas

Ltd

2,606

67,062

*

Adani

Green

Energy

Ltd

1,562

112,922

Adani

Ports

&

Special

Economic

Zone

Ltd

1,115

161,325

*

Adani

Power

Ltd

582

59,318

*

Adani

Transmissions

Ltd

1,852

126,577

Ambuja

Cements

Ltd

801

53,689

Apollo

Hospitals

Enterprise

Ltd

2,901

83,448

Asian

Paints

Ltd

3,102

16,448

Associated

Cement

Co

Ltd

485

33,183

g

AU

Small

Finance

Bank

Ltd

262

21,745

Aurobindo

Pharma

Ltd

115

35,352

*,g

Avenue

Supermarts

Ltd

1,736

706,549

Axis

Bank

Ltd

7,951

5,657

Bajaj

Auto

Ltd

392

59,820

Bajaj

Finance

Ltd

4,739

29,881

Bajaj

Finserv

Ltd

558

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

180

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,586

Bajaj

Holdings

and

Investment

Ltd

$

244

6,072

Balkrishna

Industries

Ltd

156

50,820

*,g

Bandhan

Bank

Ltd

143

18,147

Berger

Paints

India

Ltd

127

806,602

Bharat

Electronics

Ltd

973

19,704

Bharat

Forge

Ltd

209

204,303

Bharat

Petroleum

Corp

Ltd

814

480,834

Bharti

Airtel

Ltd

4,676

84,888

Biocon

Ltd

268

86,528

Britannia

Industries

Ltd

4,501

83,955

Cholamandalam

Investment

and

Finance

Co

Ltd

732

38,517

Cipla

Ltd

500

372,939

Coal

India

Ltd

1,015

9,564

Colgate-Palmolive

India

Ltd

177

58,973

Container

Corp

Of

India

Ltd

526

292,321

Dabur

India

Ltd

1,981

10,350

Divi

S

Laboratories

Ltd

426

134,234

DLF

Ltd

607

36,201

Dr

Reddy's

Laboratories

Ltd

1,852

29,721

Eicher

Motors

Ltd

1,156

531,015

GAIL

India

Ltd

617

30,940

*

Godrej

Consumer

Products

Ltd

326

25,674

*

Godrej

Properties

Ltd

380

55,877

Grasim

Industries

Ltd

1,160

19,073

Havells

India

Ltd

253

86,004

HCL

Technologies

Ltd

1,079

205,967

g

HDFC

Life

Insurance

Co

Ltd

1,407

8,441

Hero

Honda

Motors

Ltd

279

283,495

Hindalco

Industries

Ltd

1,621

233,580

Hindustan

Lever

Ltd

7,216

158,629

Hindustan

Petroleum

Corp

Ltd

450

303,197

Housing

Development

Finance

Corp

9,639

1,400,943

ICICI

Bank

Ltd

15,068

50,316

g

ICICI

Lombard

General

Insurance

Co

Ltd

751

72,065

g

ICICI

Prudential

Life

Insurance

Co

Ltd

392

178,637

Indian

Hotels

Co

Ltd

687

719,776

Indian

Oil

Corp

Ltd

665

49,587

Indian

Railway

Catering

&

Tourism

Corp

Ltd

382

69,122

Indraprastha

Gas

Ltd

346

146,439

Indus

Towers

Ltd

336

5,262

Info

Edge

India

Ltd

250

571,712

Infosys

Technologies

Ltd

10,423

19,167

*,g

InterGlobe

Aviation

Ltd

464

645,803

ITC

Ltd

2,585

84,565

Jindal

Steel

&

Power

Ltd

593

152,063

JSW

Steel

Ltd

1,410

31,061

Jubilant

Foodworks

Ltd

192

43,978

Kotak

Mahindra

Bank

Ltd

968

295,532

g

Larsen

&

Toubro

Infotech

Ltd

15,578

147,658

Larsen

&

Toubro

Ltd

3,711

16,702

Lupin

Ltd

148

332,443

Mahindra

&

Mahindra

Ltd

5,005

39,273

Marico

Ltd

242

28,461

Maruti

Suzuki

India

Ltd

2,879

154,011

Motherson

Sumi

Systems

Ltd

138

17,745

Mphasis

Ltd

423

150

MRF

Ltd

160

8,599

Muthoot

Finance

Ltd

110

7,360

Nestle

India

Ltd

1,741

868,805

NTPC

Ltd

1,747

455

Page

Industries

Ltd

235

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

181

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

185,274

Petronet

LNG

Ltd

$

482

15,626

PI

Industries

Ltd

645

12,001

Pidilite

Industries

Ltd

369

464,000

*

Piramal

Pharma

Ltd

643

696,179

Power

Grid

Corp

of

India

Ltd

1,795

649,730

Reliance

Industries

Ltd

19,947

17,457

SBI

Cards

&

Payment

Services

Ltd

168

95,064

g

SBI

Life

Insurance

Co

Ltd

1,411

179,267

Sesa

Sterlite

Ltd

667

2,259

Shree

Cement

Ltd

635

18,934

Shriram

Transport

Finance

Co

Ltd

314

14,560

Siemens

India

Ltd

496

30,462

SRF

Ltd

841

823,087

State

Bank

of

India

6,087

541,405

Sun

Pharmaceutical

Industries

Ltd

6,547

121,011

Tata

Consultancy

Services

Ltd

4,759

7,016

Tata

Elxsi

Ltd

533

362,636

*

Tata

Motors

Ltd

1,698

307,426

Tata

Power

Co

Ltd

770

1,556,722

*

Tata

Steel

Ltd

2,120

117,436

Tata

Tea

Ltd

1,087

46,293

Tech

Mahindra

Ltd

568

77,029

Titan

Industries

Ltd

2,417

21,202

Torrent

Pharmaceuticals

Ltd

396

13,421

Trent

Ltd

219

22,037

Tube

Investments

of

India

Ltd

739

42,671

TVS

Motor

Co

Ltd

559

21,692

Ultra

Tech

Cement

Ltd

1,820

22,191

*

United

Spirits

Ltd

235

106,912

UPL

Ltd

923

47,760

Varun

Beverages

Ltd

762

108,713

Wipro

Ltd

516

897,144

*

Yes

Bank

Ltd

223

623,706

*

Zomato

Ltd

447

TOTAL

INDIA

208,920

INDONESIA

-

0.2%

3,414,800

Adaro

Energy

Tbk

846

9,640,600

Astra

International

Tbk

PT

3,528

9,049,100

Bank

Central

Asia

Tbk

PT

4,962

331,300

*

Bank

Jago

Tbk

PT

79

77,973,493

Bank

Rakyat

Indonesia

24,721

171,500

Indofood

CBP

Sukses

Makmur

Tbk

110

4,415,500

Kalbe

Farma

Tbk

PT

593

2,470,488

*

Merdeka

Copper

Gold

Tbk

PT

653

1,724,800

PT

Aneka

Tambang

Tbk

219

7,718,347

PT

Bank

Mandiri

Persero

Tbk

4,922

8,900,700

PT

Bank

Negara

Indonesia

5,273

5,807,346

PT

Barito

Pacific

Tbk

282

538,700

PT

Charoen

Pokphand

Indonesia

Tbk

195

569,900

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

319

348,000

PT

Indofood

Sukses

Makmur

Tbk

150

733,133

PT

Semen

Gresik

Persero

Tbk

310

3,530,400

PT

Sumber

Alfaria

Trijaya

Tbk

602

575,700

PT

Unilever

Indonesia

Tbk

174

374,400

PT

United

Tractors

Tbk

628

485,900

*

PT

Vale

Indonesia

Tbk

221

4,031,300

Sarana

Menara

Nusantara

Tbk

PT

285

3,968,400

Telkom

Indonesia

Persero

Tbk

PT

956

TOTAL

INDONESIA

50,028

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

182

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

IRELAND

-

0.6%

6,548,159

AIB

Group

plc

$

25,134

2,317,932

Bank

of

Ireland

Group

plc

22,088

1,316,453

CRH

plc

52,356

15,331

Kerry

Group

plc

(Class

A)

1,385

428,877

Keywords

Studios

plc

14,074

71,632

*

Prothena

Corp

plc

4,316

493,757

Smurfit

Kappa

Group

plc

18,299

TOTAL

IRELAND

137,652

ISRAEL

-

0.0%

254,522

Bank

Hapoalim

Ltd

2,292

325,665

Bank

Leumi

Le-Israel

2,712

260,911

Israel

Discount

Bank

Ltd

1,370

31,426

Mizrahi

Tefahot

Bank

Ltd

1,014

TOTAL

ISRAEL

7,388

ITALY

-

0.8%

421,320

Amplifon

S.p.A.

12,580

3,688,991

Davide

Campari-Milano

NV

37,452

8,648,998

Enel

S.p.A.

46,516

129,794

Ferrari

NV

27,833

699,114

Moncler

S.p.A

37,149

1,903,081

Prada

S.p.A

10,683

TOTAL

ITALY

172,213

JAPAN

-

5.1%

89,400

Acom

Co

Ltd

214

346

Activia

Properties

Inc

1,085

300

Aeon

Mall

Co

Ltd

4

328,100

Aisin

Seiki

Co

Ltd

8,700

10,208

*

All

Nippon

Airways

Co

Ltd

216

26,500

e

Aozora

Bank

Ltd

521

49,700

Asahi

Intecc

Co

Ltd

811

221,779

Asahi

Kasei

Corp

1,579

362,200

Astellas

Pharma,

Inc

5,507

12,800

Bank

of

Kyoto

Ltd

568

460,000

BayCurrent

Consulting,

Inc

14,320

445,100

Benefit

One,

Inc

6,498

68,337

Central

Japan

Railway

Co

8,390

118,800

Chiba

Bank

Ltd

867

155,600

Chubu

Electric

Power

Co,

Inc

1,609

230,400

Concordia

Financial

Group

Ltd

962

73,100

Daifuku

Co

Ltd

3,407

241,700

Dai-ichi

Mutual

Life

Insurance

Co

5,458

2,626,591

Daiichi

Sankyo

Co

Ltd

84,541

96,831

Daikin

Industries

Ltd

14,691

7,500

Daito

Trust

Construction

Co

Ltd

768

342

Daiwa

House

REIT

Investment

Corp

763

323,800

*

Daiwa

Securities

Group,

Inc

1,431

142,686

East

Japan

Railway

Co

8,127

273,900

Eisai

Co

Ltd

18,064

534,000

ENEOS

Holdings,

Inc

1,818

6,700

Fast

Retailing

Co

Ltd

4,077

38,500

Fukuoka

Financial

Group,

Inc

875

157,099

GMO

Payment

Gateway,

Inc

12,992

262,100

*

Hitachi

Construction

Machinery

Co

Ltd

5,841

2,578,064

*

Hitachi

Ltd

129,719

164,900

e

Hulic

Co

Ltd

1,295

798

Hulic

Reit,

Inc

994

37,337

Idemitsu

Kosan

Co

Ltd

874

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

183

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,143,800

Infomart

Corp

$

11,223

164,374

Inpex

Holdings,

Inc

1,766

8

Invincible

Investment

Corp

3

371,700

Japan

Elevator

Service

Holdings

Co

Ltd

4,621

90,600

e

Japan

Post

Bank

Co

Ltd

777

353,100

Japan

Post

Holdings

Co

Ltd

2,971

50,400

Japan

Post

Insurance

Co

Ltd

886

4

Japan

Retail

Fund

Investment

Corp

3

208,240

e

Japan

Tobacco,

Inc

4,198

90,309

JFE

Holdings,

Inc

1,048

450,200

JGC

Corp

5,707

34,373

JSR

Corp

673

300,700

Kansai

Electric

Power

Co,

Inc

2,920

101,600

Kao

Corp

4,034

328,100

KDDI

Corp

9,950

140

Kenedix

Realty

Investment

Corp

340

207,900

Mebuki

Financial

Group

Inc

528

246,801

Mitsubishi

Chemical

Holdings

Corp

1,278

389,473

Mitsubishi

Estate

Co

Ltd

5,045

2,740,000

Mitsubishi

UFJ

Financial

Group,

Inc

18,395

90,200

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

444

824,900

Mitsui

&

Co

Ltd

24,026

32,301

Mitsui

Chemicals,

Inc

725

8,150

Mitsui

Fudosan

Co

Ltd

149

1,283

Mitsui

Fudosan

Logistics

Park,

Inc

4,690

540,700

Mizuho

Financial

Group,

Inc

7,618

1,255,350

MonotaRO

Co

Ltd

17,683

302

Mori

Hills

REIT

Investment

Corp

361

99,700

MS&AD

Insurance

Group

Holdings

Inc

3,187

171,700

Murata

Manufacturing

Co

Ltd

8,467

1,120,900

Nikon

Corp

9,912

1,390,000

Nintendo

Co

Ltd

58,445

139,000

Nippon

Paint

Co

Ltd

1,092

132,801

Nippon

Steel

Corp

2,304

256,100

Nippon

Telegraph

&

Telephone

Corp

7,304

21,339

Nissan

Chemical

Industries

Ltd

931

28,600

Nitto

Denko

Corp

1,647

704,800

*

Nomura

Holdings,

Inc

2,612

821

Nomura

Real

Estate

Master

Fund,

Inc

1,017

141,295

OJI

Paper

Co

Ltd

571

131,411

Omron

Corp

6,351

33,800

Oriental

Land

Co

Ltd

4,919

294,300

ORIX

Corp

4,711

555

Orix

JREIT,

Inc

787

114,200

Osaka

Securities

Exchange

Co

Ltd

1,646

167,200

Paltac

Corp

5,856

452,900

Panasonic

Corp

3,790

1,765,400

Recruit

Holdings

Co

Ltd

55,260

468,800

Resona

Holdings,

Inc

2,575

52,800

*

SBI

Holdings,

Inc

1,006

146,900

Sekisui

House

Ltd

2,604

103,100

Seven

&

I

Holdings

Co

Ltd

4,418

132,200

Seven

Bank

Ltd

264

85,998

*

SHIFT,

Inc

15,138

51,700

Shin-Etsu

Chemical

Co

Ltd

6,313

34,800

*

Shinsei

Bank

Ltd

565

22,000

Shiseido

Co

Ltd

1,078

93,400

*

Shizuoka

Financial

Group,

Inc

748

485,300

SMS

Co

Ltd

12,276

75,200

Sompo

Holdings,

Inc

3,327

2,229,165

Sony

Corp

169,910

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

184

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,504

Star

Asia

Investment

Corp

$

1,473

277,000

Sumitomo

Chemical

Co

Ltd

993

89,801

Sumitomo

Heavy

Industries

Ltd

1,793

43,200

Sumitomo

Metal

Mining

Co

Ltd

1,518

1,704,501

Sumitomo

Mitsui

Financial

Group,

Inc

68,576

75,700

Sumitomo

Mitsui

Trust

Holdings,

Inc

2,642

20

Sumitomo

Realty

&

Development

Co

Ltd

0

^

120,400

T&D

Holdings,

Inc

1,723

20,782

Taiyo

Nippon

Sanso

Corp

301

432,300

Takeda

Pharmaceutical

Co

Ltd

13,508

543,897

TechnoPro

Holdings,

Inc

14,480

240,200

Terumo

Corp

6,810

424,300

Tokio

Marine

Holdings,

Inc

9,064

9,500

Tokyo

Century

Corp

320

309,200

*

Tokyo

Electric

Power

Co,

Inc

1,114

32,800

Tokyo

Electron

Ltd

9,638

163,200

Tokyo

Gas

Co

Ltd

3,195

267,700

Tokyo

Tatemono

Co

Ltd

3,241

253,901

Toray

Industries,

Inc

1,412

51,021

Tosoh

Corp

607

7,037,510

*

Toyota

Motor

Corp

96,010

509

United

Urban

Investment

Corp

582

TOTAL

JAPAN

1,119,679

KOREA,

REPUBLIC

OF

-

0.9%

2,243

*

Amorepacific

Corp

245

621

*

BGF

retail

Co

Ltd

104

6,700

Celltrion

Healthcare

Co

Ltd

310

1,291

*

Celltrion

Pharm

Inc

69

21,789

Celltrion,

Inc

2,781

5,248

*

Cheil

Communications,

Inc

96

645

CJ

CheilJedang

Corp

194

1,268

*

CJ

Corp

85

62,427

*

Coupang,

Inc

918

4,149

*

Coway

Co

Ltd

184

9,852

*

Dongbu

Insurance

Co

Ltd

511

10,815

Doosan

Bobcat,

Inc

296

31,722

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

386

10,001

Ecopro

BM

Co

Ltd

732

1,764

E-Mart

Co

Ltd

137

3,402

*

F&F

Co

Ltd

391

3,877

GS

Holdings

Corp

135

23,467

Hana

Financial

Group,

Inc

781

5,677

*

Hankook

Tire

Co

Ltd

140

550

*

Hanmi

Pharm

Co

Ltd

130

14,943

Hanon

Systems

96

24,618

*

Hanwha

Chemical

Corp

842

22,950

*

HLB,

Inc

518

3,803

*

Honam

Petrochemical

Corp

538

2,157

*

Hotel

Shilla

Co

Ltd

142

3,796

*

HYBE

Co

Ltd

525

191,189

Hynix

Semiconductor,

Inc

11,407

6,418

*

Hyundai

Engineering

&

Construction

Co

Ltd

177

1,399

*

Hyundai

Glovis

Co

Ltd

182

3,336

*

Hyundai

Heavy

Industries

188

3,561

*

Hyundai

Heavy

Industries

Co

Ltd

328

20,853

*

Hyundai

Merchant

Marine

Co

Ltd

325

1,900

*

Hyundai

Mipo

Dockyard

127

14,113

Hyundai

Mobis

2,239

30,222

Hyundai

Motor

Co

3,617

2,975

Hyundai

Motor

Co

Ltd

(2nd

Preference)

174

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

185

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,919

Hyundai

Motor

Co

Ltd

(Preference)

$

112

3,920

Hyundai

Robotics

Co

Ltd

177

19,010

*

Hyundai

Steel

Co

463

4,675

*

Iljin

Materials

Co

Ltd

193

20,087

Industrial

Bank

of

Korea

156

24,454

Kakao

Corp

1,042

7,054

*

Kakao

Games

Corp

252

11,018

*

KakaoBank

Corp

214

7,409

*

Kangwon

Land,

Inc

136

197,739

KB

Financial

Group,

Inc

7,576

57,108

*

Kia

Motors

Corp

2,687

15,454

*

Korea

Aerospace

Industries

Ltd

625

20,623

Korea

Electric

Power

Corp

356

3,074

*

Korea

Investment

Holdings

Co

Ltd

130

1,402

*

Korea

Kumho

Petrochemical

140

1,865

*

Korea

Zinc

Co

Ltd

836

13,981

*

Korean

Air

Lines

Co

Ltd

255

6,150

*,g

Krafton,

Inc

822

24,807

*

KT&G

Corp

1,793

4,735

*

L&F

Co

Ltd

653

106,374

*

LG

Chem

Ltd

50,797

605

*

LG

Chem

Ltd

(Preference)

133

20,492

*

LG

Corp

1,269

19,251

*

LG

Display

Co

Ltd

190

8,427

*

LG

Electronics,

Inc

579

12,457

*

LG

Energy

Solution

4,293

708

*

LG

Household

&

Health

Care

Ltd

408

1,068

*

LG

Innotek

Co

Ltd

215

18,942

LG

Telecom

Ltd

166

953

*

Lotte

Shopping

Co

Ltd

69

6,922

*

Meritz

Fire

&

Marine

Insurance

Co

Ltd

274

17,971

*

Meritz

Securities

Co

Ltd

90

21,172

*

Mirae

Asset

Daewoo

Co

Ltd

102

10,312

Naver

Corp

1,467

1,287

*

NCsoft

460

1,486

*,g

Netmarble

Corp

72

1,799

*

Orion

Corp/Republic

of

Korea

183

21,826

*

Pan

Ocean

Co

Ltd

100

2,213

*

Pearl

Abyss

Corp

74

16,917

POSCO

3,702

5,582

*

POSCO

Refractories

&

Environment

Co

Ltd

797

4,511

*

S1

Corp

(Korea)

212

6,240

*,g

Samsung

Biologics

Co

Ltd

4,057

17,843

*

Samsung

C&T

Corp

1,608

4,407

*

Samsung

Electro-Mechanics

Co

Ltd

458

975,693

Samsung

Electronics

Co

Ltd

42,826

65,200

Samsung

Electronics

Co

Ltd

(Preference)

2,613

12,184

*

Samsung

Engineering

Co

Ltd

216

6,637

*

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,050

47,934

*

Samsung

Heavy

Industries

Co

Ltd

194

16,543

*

Samsung

Life

Insurance

Co

Ltd

929

26,241

Samsung

SDI

Co

Ltd

12,321

2,670

Samsung

SDS

Co

Ltd

260

4,996

*

Samsung

Securities

Co

Ltd

125

8,130

SD

Biosensor,

Inc

195

18,000

Seegene,

Inc

389

102,567

Shinhan

Financial

Group

Co

Ltd

2,855

4,232

*

SK

Biopharmaceuticals

Co

Ltd

242

4,878

*

SK

Bioscience

Co

Ltd

286

8,696

SK

Holdings

Co

Ltd

1,305

5,054

*,g

SK

IE

Technology

Co

Ltd

214

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

186

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

12,034

*

SK

Innovation

Co

Ltd

$

1,470

20,357

*

SK

Square

Co

Ltd

542

4,267

*

SKC

Co

Ltd

301

10,386

S-Oil

Corp

691

43,178

Woori

Financial

Group,

Inc

394

11,674

*

Woori

Investment

&

Securities

Co

Ltd

81

4,079

*

Yuhan

Corp

185

TOTAL

KOREA,

REPUBLIC

OF

190,127

KUWAIT

-

0.0%

321,204

Agility

Public

Warehousing

Co

KSC

757

94,317

Boubyan

Bank

KSCP

247

121,978

Gulf

Bank

KSCP

125

1,305,470

Kuwait

Finance

House

3,527

140,662

Mabanee

Co

KPSC

390

492,552

Mobile

Telecommunications

Co

KSC

908

1,588,660

National

Bank

of

Kuwait

SAKP

5,602

TOTAL

KUWAIT

11,556

LUXEMBOURG

-

0.0%

10,712

Reinet

Investments

S.C.A

206

TOTAL

LUXEMBOURG

206

MACAU

-

0.0%

499,000

Galaxy

Entertainment

Group

Ltd

3,281

TOTAL

MACAU

3,281

MALAYSIA

-

0.1%

141,200

AMMB

Holdings

BHD

133

202,943

Axiata

Group

Bhd

143

523,679

Bumiputra-Commerce

Holdings

BHD

689

856,300

Dialog

Group

BHD

476

228,900

Digi.Com

BHD

208

171,900

Genting

BHD

175

210,200

Genting

Malaysia

BHD

128

110,600

HAP

Seng

Consolidated

BHD

161

131,400

Hartalega

Holdings

BHD

51

48,600

Hong

Leong

Bank

BHD

227

10,900

Hong

Leong

Credit

BHD

46

830,900

IHH

Healthcare

BHD

1,173

544,000

Inari

Amertron

BHD

322

185,100

IOI

Corp

BHD

170

32,630

Kuala

Lumpur

Kepong

BHD

166

385,429

Malayan

Banking

BHD

761

42,800

*

Malaysia

Airports

Holdings

BHD

64

172,400

Maxis

BHD

150

359,600

MISC

BHD

612

412,250

g

MR

DIY

Group

M

Bhd

187

5,300

Nestle

Malaysia

BHD

168

526,700

Petronas

Chemicals

Group

BHD

1,029

58,900

Petronas

Dagangan

BHD

308

212,300

Petronas

Gas

BHD

825

45,280

PPB

Group

BHD

179

745,600

Press

Metal

BHD

826

3,308,100

Public

Bank

BHD

3,244

186,550

QL

Resources

BHD

233

118,228

RHB

Capital

BHD

155

225,700

Sime

Darby

BHD

118

157,900

Sime

Darby

Plantation

BHD

167

90,241

Telekom

Malaysia

BHD

111

598,100

Tenaga

Nasional

BHD

1,307

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

187

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

379,500

Top

Glove

Corp

BHD

$

78

TOTAL

MALAYSIA

14,790

MEXICO

-

0.2%

629,400

Alfa

S.A.

de

C.V.

(Class

A)

401

5,951,100

America

Movil

S.A.B.

de

C.V.

5,399

159,500

e,g

Banco

del

Bajio

S.A.

504

3,282,594

*

Cemex

S.A.

de

C.V.

1,328

114,665

Coca-Cola

Femsa

SAB

de

C.V.

776

94,000

Embotelladoras

Arca

SAB

de

C.V.

763

627,500

Fibra

Uno

Administracion

S.A.

de

C.V.

739

418,300

Fomento

Economico

Mexicano

S.A.

de

C.V.

3,255

41,435

Gruma

SAB

de

C.V.

555

74,700

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

1,070

39,350

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

918

283,000

e

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

1,196

104,100

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

437

1,014,600

Grupo

Financiero

Banorte

S.A.

de

C.V.

7,285

159,227

*,e

Grupo

Financiero

Inbursa

S.A.

268

658,000

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

2,310

518,800

e

Grupo

Televisa

S.A.

472

28,295

*,e

Industrias

Penoles

S.A.

de

C.V.

348

316,500

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

537

243,100

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

239

218,000

Orbia

Advance

Corp

SAB

de

C.V.

386

43,345

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

355

18,618

Southern

Copper

Corp

1,124

1,119,100

e

Wal-Mart

de

Mexico

SAB

de

C.V.

3,939

TOTAL

MEXICO

34,604

NETHERLANDS

-

2.5%

45,850

*,g

Adyen

NV

63,651

36

*

Argenx

SE

13

19,396

*

Argenx

SE

7,281

252,793

ASML

Holding

NV

137,836

124,945

g

Euronext

NV

9,250

58,701

Heineken

NV

5,529

8,700,456

ING

Groep

NV

105,982

256,896

Koninklijke

Ahold

Delhaize

NV

7,386

637,794

Koninklijke

KPN

NV

1,974

5,980,379

Shell

plc

168,592

1,610,146

Universal

Music

Group

NV

38,938

TOTAL

NETHERLANDS

546,432

NORWAY

-

0.7%

676,678

Aker

BP

ASA

21,033

3,365,240

Equinor

ASA

120,947

197,815

Gjensidige

Forsikring

BA

3,880

952,933

Norsk

Hydro

ASA

7,121

TOTAL

NORWAY

152,981

PERU

-

0.0%

46,000

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

343

15,900

Credicorp

Ltd

2,157

TOTAL

PERU

2,500

PHILIPPINES

-

0.1%

350,990

Aboitiz

Equity

Ventures,

Inc

364

1,832,650

AC

Energy

Corp

252

18,660

Ayala

Corp

234

1,571,370

Ayala

Land,

Inc

872

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

188

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

138,140

Bank

of

the

Philippine

Islands

$

253

186,600

BDO

Unibank,

Inc

355

2,414

Globe

Telecom,

Inc

95

215,860

International

Container

Term

Services,

Inc

775

606,205

JG

Summit

Holdings

(Series

B)

548

32,730

Jollibee

Foods

Corp

135

55,460

Manila

Electric

Co

298

131,963

Metropolitan

Bank

&

Trust

128

1,317,900

g

Monde

Nissin

Corp

263

6,815

PLDT,

Inc

161

5,826,950

Robinsons

Retail

Holdings,

Inc

5,640

18,890

SM

Investments

Corp

306

2,545,300

SM

Prime

Holdings

1,624

66,700

Universal

Robina

164

TOTAL

PHILIPPINES

12,467

POLAND

-

0.0%

74,107

*,g

Allegro.eu

S.A.

428

14,210

Bank

Pekao

S.A.

283

2,677

Bank

Zachodni

WBK

S.A.

159

1,008

BRE

Bank

S.A.

68

5,043

CD

Projekt

Red

S.A.

150

51,365

Cyfrowy

Polsat

S.A.

207

10,007

*,g

Dino

Polska

S.A.

860

28,829

KGHM

Polska

Miedz

S.A.

839

222

LPP

S.A.

541

200,894

*

PGE

Polska

Grupa

Energetyczna

S.A.

317

141,994

Polski

Koncern

Naftowy

Orlen

S.A.

2,086

68,313

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

474

125,492

Powszechny

Zaklad

Ubezpieczen

S.A.

1,019

TOTAL

POLAND

7,431

PORTUGAL

-

0.1%

899,973

Jeronimo

Martins

SGPS

S.A.

19,471

TOTAL

PORTUGAL

19,471

QATAR

-

0.1%

435,959

Barwa

Real

Estate

Co

344

244,705

Commercial

Bank

of

Qatar

QSC

336

329,617

Industries

Qatar

QSC

1,163

442,309

Masraf

Al

Rayan

386

852,361

Mesaieed

Petrochemical

Holding

Co

501

180,339

Ooredoo

QSC

456

101,850

Qatar

Electricity

&

Water

Co

495

146,972

Qatar

Fuel

QSC

725

567,795

Qatar

Gas

Transport

Co

Ltd

573

74,525

Qatar

International

Islamic

Bank

QSC

213

129,168

Qatar

Islamic

Bank

SAQ

658

1,393,727

Qatar

National

Bank

6,909

TOTAL

QATAR

12,759

ROMANIA

-

0.0%

99,888

NEPI

Rockcastle

NV

599

TOTAL

ROMANIA

599

RUSSIA

-

0.0%

12,672

*,†,e

Ozon

Holdings

plc

(ADR)

0

^

211,169

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

2

TOTAL

RUSSIA

2

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

189

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

SAUDI

ARABIA

-

0.3%

16,592

ACWA

Power

Co

$

671

27,589

Advanced

Petrochemical

Co

314

411,252

*

Al

Rajhi

Bank

8,224

586,776

Alinma

Bank

5,081

55,964

Almarai

Co

JSC

797

46,809

Arab

National

Bank

398

4,731

Arabian

Internet

&

Communications

Services

Co

305

38,009

*

Bank

AlBilad

447

30,171

Bank

Al-Jazira

153

46,026

Banque

Saudi

Fransi

496

15,075

Bupa

Arabia

for

Cooperative

Insurance

Co

575

7,138

Dallah

Healthcare

Co

282

43,498

*

Dar

Al

Arkan

Real

Estate

Development

Co

134

64,305

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

3,755

4,717

Elm

Co

419

33,529

*

Emaar

Economic

City

74

83,005

Etihad

Etisalat

Co

767

13,192

Jarir

Marketing

Co

526

96,636

*

Mobile

Telecommunications

Co

Saudi

Arabia

258

53,471

Mouwasat

Medical

Services

Co

2,996

9,005

Nahdi

Medical

Co

400

382,978

National

Commercial

Bank

5,155

63,921

*

National

Industrialization

Co

212

94,702

*

Rabigh

Refining

&

Petrochemical

Co

274

281,433

Riyad

Bank

2,393

45,910

SABIC

Agri-Nutrients

Co

1,792

75,083

Sahara

International

Petrochemical

Co

687

181,595

*

Saudi

Arabian

Mining

Co

3,118

536,002

g

Saudi

Arabian

Oil

Co

4,601

194,901

Saudi

Basic

Industries

Corp

4,662

542,254

Saudi

British

Bank

5,579

187,428

Saudi

Electricity

Co

1,159

77,677

Saudi

Industrial

Investment

Group

459

100,046

Saudi

Investment

Bank

461

156,510

*

Saudi

Kayan

Petrochemical

Co

574

7,591

*

Saudi

Research

&

Marketing

Group

368

9,515

Saudi

Tadawul

Group

Holding

Co

461

321,787

Saudi

Telecom

Co

3,131

54,612

Savola

Group

401

56,990

Yanbu

National

Petrochemical

Co

634

TOTAL

SAUDI

ARABIA

63,193

SINGAPORE

-

0.3%

596,900

e

Ascendas

REIT

1,223

17,000

g

BOC

Aviation

Ltd

142

482,342

e

Capitaland

Investment

Ltd

1,333

71,504

CapitaMall

Trust

109

402,200

DBS

Group

Holdings

Ltd

10,180

342,024

*

Grab

Holdings

Ltd

1,101

784,010

*

Grab

Holdings

Ltd.

2,525

741,061

e

Oversea-Chinese

Banking

Corp

6,741

180,200

Singapore

Exchange

Ltd

1,205

1,602,500

e

Singapore

Telecommunications

Ltd

3,072

999,374

STMicroelectronics

NV

35,514

263,616

United

Overseas

Bank

Ltd

6,038

TOTAL

SINGAPORE

69,183

SOUTH

AFRICA

-

0.3%

66,987

Absa

Group

Ltd

761

20,829

African

Rainbow

Minerals

Ltd

352

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

190

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,504

Anglo

American

Platinum

Ltd

$

960

273,809

Anglo

American

plc

10,722

28,636

Aspen

Pharmacare

Holdings

Ltd

229

70,879

Bid

Corp

Ltd

1,376

60,275

Bidvest

Group

Ltd

761

50,729

Capitec

Bank

Holdings

Ltd

5,522

49,325

Clicks

Group

Ltd

784

101,568

*

Discovery

Holdings

Ltd

735

58,803

Exxaro

Resources

Ltd

754

706,677

FirstRand

Ltd

2,567

74,095

Foschini

Ltd

436

187,917

Gold

Fields

Ltd

1,951

698,153

Growthpoint

Properties

Ltd

597

108,946

Harmony

Gold

Mining

Co

Ltd

381

179,403

Impala

Platinum

Holdings

Ltd

2,255

13,546

e

Kumba

Iron

Ore

Ltd

391

53,724

Mr

Price

Group

Ltd

498

365,058

MTN

Group

Ltd

2,727

77,092

MultiChoice

Group

Ltd

532

46,089

Naspers

Ltd

(N

Shares)

7,702

36,699

Nedbank

Group

Ltd

459

68,182

*

Northam

Platinum

Holdings

Ltd

751

999,924

Old

Mutual

Ltd

613

340,873

g

Pepkor

Holdings

Ltd

401

106,152

Remgro

Ltd

826

374,846

Sanlam

Ltd

1,075

121,993

Sasol

Ltd

1,947

107,231

Shoprite

Holdings

Ltd

1,421

601,855

Sibanye

Stillwater

Ltd

1,596

40,227

e

Spar

Group

Ltd

269

683,465

Standard

Bank

Group

Ltd

6,743

136,617

Vodacom

Group

Pty

Ltd

987

210,099

Woolworths

Holdings

Ltd

818

TOTAL

SOUTH

AFRICA

60,899

SPAIN

-

0.4%

287,054

*

Amadeus

IT

Holding

S.A.

14,892

8,948,619

Banco

Bilbao

Vizcaya

Argentaria

S.A.

53,900

1,046,204

Iberdrola

S.A.

12,213

281,121

Industria

De

Diseno

Textil

S.A.

7,467

108,528

*,†,e

Let's

GOWEX

S.A.

1

16,556

Merlin

Properties

Socimi

S.A.

155

1,074,354

Telefonica

S.A.

3,889

TOTAL

SPAIN

92,517

SWEDEN

-

0.7%

1,110,217

Assa

Abloy

AB

23,880

217,648

Boliden

AB

8,175

116,434

g

Evolution

Gaming

Group

AB

11,341

385,060

*

Fastighets

AB

Balder

1,797

1,954,210

e

Hexagon

AB

20,490

532,161

e

Intrum

Justitia

AB

6,441

1,478,488

Sandvik

AB

26,719

26,421

*,e

SAS

AB

1

5,101,161

e

Swedish

Match

AB

55,509

TOTAL

SWEDEN

154,353

SWITZERLAND

-

1.0%

108,526

Alcon,

Inc

7,447

106,107

Cie

Financiere

Richemont

S.A.

13,758

744,651

Credit

Suisse

Group

2,223

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

191

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,635

Givaudan

S.A.

$

14,196

177,108

Lonza

Group

AG.

86,938

184,558

Novartis

AG.

16,702

10,026

PSP

Swiss

Property

AG.

1,178

9,304

Sonova

Holdings

AG

2,210

50,528

Straumann

Holding

AG.

5,794

10,026

Swiss

Prime

Site

AG.

869

168,993

TE

Connectivity

Ltd

19,400

833,359

UBS

Group

AG

15,489

72,911

Zurich

Insurance

Group

AG

34,857

TOTAL

SWITZERLAND

221,061

TAIWAN

-

1.9%

103,000

Accton

Technology

Corp

782

218,000

Acer,

Inc

166

33,391

Advantech

Co

Ltd

358

260,000

ASE

Technology

Holding

Co

Ltd

790

182,000

Asia

Cement

Corp

242

56,000

Asustek

Computer,

Inc

488

503,800

AU

Optronics

Corp

245

51,189

Catcher

Technology

Co

Ltd

281

1,952,217

Cathay

Financial

Holding

Co

Ltd

2,535

297,671

Chailease

Holding

Co

Ltd

2,097

355,026

Chang

Hwa

Commercial

Bank

198

138,000

Cheng

Shin

Rubber

Industry

Co

Ltd

152

217,000

China

Airlines

134

1,222,844

China

Development

Financial

Holding

Corp

500

2,516,000

China

Steel

Corp

2,438

7,958,000

Chinatrust

Financial

Holding

Co

5,711

309,000

Chunghwa

Telecom

Co

Ltd

1,136

336,000

Compal

Electronics,

Inc

252

929,727

Dadi

Early-Childhood

Education

Group

Ltd

3,054

1,303,000

Delta

Electronics,

Inc

12,079

2,951,532

E.Sun

Financial

Holding

Co

Ltd

2,305

678,000

Eclat

Textile

Co

Ltd

10,884

14,000

eMemory

Technology,

Inc

605

189,000

Eva

Airways

Corp

172

80,292

Evergreen

Marine

Corp

Taiwan

Ltd

424

745,000

Far

Eastern

Textile

Co

Ltd

772

124,000

Far

EasTone

Telecommunications

Co

Ltd

266

31,040

Feng

TAY

Enterprise

Co

Ltd

208

836,228

First

Financial

Holding

Co

Ltd

720

761,000

Formosa

Chemicals

&

Fibre

Corp

1,743

254,000

Formosa

Petrochemical

Corp

663

892,000

Formosa

Plastics

Corp

2,515

1,638,979

Fubon

Financial

Holding

Co

Ltd

2,998

792,778

Fuhwa

Financial

Holdings

Co

Ltd

559

22,797

Giant

Manufacturing

Co

Ltd

148

17,000

Globalwafers

Co

Ltd

236

1,501,000

Hon

Hai

Precision

Industry

Co,

Ltd

4,865

1,934,278

Hota

Industrial

Manufacturing

Co

Ltd

4,195

23,000

Hotai

Motor

Co

Ltd

439

694,069

Hua

Nan

Financial

Holdings

Co

Ltd

506

698,145

InnoLux

Display

Corp

251

177,000

Inventec

Co

Ltd

151

7,604

Largan

Precision

Co

Ltd

503

152,000

Lite-On

Technology

Corp

314

546,242

MediaTek,

Inc

11,044

2,611,000

Mega

Financial

Holding

Co

Ltd

2,572

50,000

Micro-Star

International

Co

Ltd

194

13,400

momo.com,

Inc

279

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

192

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,025,000

Nan

Ya

Plastics

Corp

$

2,364

18,000

Nan

Ya

Printed

Circuit

Board

Corp

132

103,000

Nanya

Technology

Corp

171

12,000

Nien

Made

Enterprise

Co

Ltd

115

46,000

Novatek

Microelectronics

Corp

Ltd

470

153,000

Pegatron

Technology

Corp

316

290,000

*

PharmaEssentia

Corp

4,494

176,000

Pou

Chen

Corp

196

637,000

Powerchip

Semiconductor

Manufacturing

Corp

657

124,000

President

Chain

Store

Corp

1,096

1,505,000

Prime

View

International

Co

Ltd

7,881

213,000

Quanta

Computer,

Inc

500

36,000

Realtek

Semiconductor

Corp

327

359,310

Ruentex

Development

Co

Ltd

505

320,791

Shanghai

Commercial

&

Savings

Bank

Ltd

460

2,820,684

Shin

Kong

Financial

Holding

Co

Ltd

804

807,623

SinoPac

Financial

Holdings

Co

Ltd

439

101,000

Synnex

Technology

International

Corp

194

821,908

Taishin

Financial

Holdings

Co

Ltd

403

470,000

Taiwan

Business

Bank

198

479,579

Taiwan

Cement

Corp

524

772,545

Taiwan

Cooperative

Financial

Holding

653

427,000

Taiwan

High

Speed

Rail

Corp

399

141,000

Taiwan

Mobile

Co

Ltd

434

18,822,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

273,362

237,482

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

17,690

99,000

Unimicron

Technology

Corp

384

1,051,000

Uni-President

Enterprises

Corp

2,275

942,000

United

Microelectronics

Corp

1,238

72,000

Vanguard

International

Semiconductor

Corp

181

13,000

Voltronic

Power

Technology

Corp

652

531,650

Walsin

Lihwa

Corp

816

51,810

Wan

Hai

Lines

Ltd

135

25,000

Win

Semiconductors

Corp

111

227,000

Winbond

Electronics

Corp

144

18,000

Wiwynn

Corp

466

122,640

WPG

Holdings

Co

Ltd

192

25,739

Yageo

Corp

375

131,000

Yang

Ming

Marine

Transport

278

50,000

Zhen

Ding

Technology

Holding

Ltd

170

TOTAL

TAIWAN

406,370

THAILAND

-

0.1%

95,100

Advanced

Info

Service

PCL

535

919,700

Airports

of

Thailand

PCL

1,991

1,296,900

Asset

World

Corp

PCL

235

187,600

B

Grimm

Power

PCL

216

816,500

Bangkok

Dusit

Medical

Services

PCL

690

1,374,900

Bangkok

Expressway

&

Metro

PCL

389

265,900

Berli

Jucker

PCL

271

1,090,690

BTS

Group

Holdings

PCL

265

46,500

Bumrungrad

Hospital

PCL

284

57,900

Carabao

Group

PCL

162

425,500

Central

Pattana

PCL

871

137,975

Central

Retail

Corp

PCL

184

298,300

Charoen

Pokphand

Foods

PCL

213

1,260,200

CP

ALL

plc

2,477

24,700

Delta

Electronics

Thai

PCL

592

68,400

Electricity

Generating

PCL

340

354,297

Energy

Absolute

PCL

990

150,000

Global

Power

Synergy

Co

Ltd

316

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

193

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

614,230

Gulf

Energy

Development

PCL

$

979

1,240,700

Home

Product

Center

PCL

555

129,300

Indorama

Ventures

PCL

152

227,300

Intouch

Holdings

PCL

(Class

F)

507

134,300

JMT

Network

Services

PCL

267

46,000

Kasikornbank

PCL

(Foreign)

196

790,700

Krung

Thai

Bank

PCL

403

180,400

Krungthai

Card

PCL

307

1,991,800

Land

and

Houses

PCL

Co

Reg

569

239,700

*

Minor

International

PCL

225

88,100

Muangthai

Capital

PCL

96

107,600

Osotspa

PCL

88

330,000

PTT

Exploration

&

Production

PCL

1,681

556,100

PTT

Global

Chemical

PCL

757

701,000

PTT

Oil

&

Retail

Business

PCL

481

2,316,800

PTT

PCL

2,246

93,550

Ratch

Group

PCL

116

186,800

SCB

X

PCL

575

251,900

SCG

Packaging

PCL

414

171,300

Siam

Cement

PCL

1,690

123,800

Srisawad

Corp

PCL

174

329,902

Thai

Oil

PCL

535

210,500

Thai

Union

Group

PCL

103

924,600

True

Corp

PCL

129

TOTAL

THAILAND

24,266

TURKEY

-

0.0%

235,236

Akbank

TAS

246

144,060

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

478

101,084

BIM

Birlesik

Magazalar

AS

739

279,051

Eregli

Demir

ve

Celik

Fabrikalari

TAS

613

13,977

Ford

Otomotiv

Sanayi

AS

391

84,263

Haci

Omer

Sabanci

Holding

AS

203

236,338

*

Hektas

Ticaret

TAS

475

147,492

KOC

Holding

AS

662

94,874

*

Sasa

Polyester

Sanayi

AS

558

115,524

*

Turk

Hava

Yollari

870

265,156

Turkcell

Iletisim

Hizmet

AS

535

274,528

Turkiye

Is

Bankasi

(Series

C)

188

29,325

*

Turkiye

Petrol

Rafinerileri

AS

831

290,213

Turkiye

Sise

ve

Cam

Fabrikalari

AS

664

232,030

Yapi

ve

Kredi

Bankasi

147

TOTAL

TURKEY

7,600

UNITED

ARAB

EMIRATES

-

0.1%

216,214

Abu

Dhabi

Commercial

Bank

PJSC

529

107,941

Abu

Dhabi

Islamic

Bank

PJSC

267

680,080

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

815

837,296

Aldar

Properties

PJSC

1,006

626,858

Dubai

Islamic

Bank

PJSC

973

873,032

Emaar

Properties

PJSC

1,389

148,403

Emirates

NBD

Bank

PJSC

523

740,426

Emirates

Telecommunications

Group

Co

PJSC

4,596

703,086

*

Multiply

Group

886

999,805

National

Bank

of

Abu

Dhabi

PJSC

4,646

5,358

*,†

NMC

Health

plc

0

^

430,003

*

Q

Holding

PJSC

468

TOTAL

UNITED

ARAB

EMIRATES

16,098

UNITED

KINGDOM

-

4.1%

591,621

Allfunds

Group

PLC

4,149

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

194

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,242,714

Ashtead

Group

plc

$

70,592

139,583

Associated

British

Foods

plc

2,646

1,358,229

AstraZeneca

plc

183,795

1,994,150

Beazley

plc

16,309

130,365

Big

Yellow

Group

plc

1,806

4,298,118

BP

plc

24,800

654,066

British

American

Tobacco

plc

25,874

300,844

British

Land

Co

plc

1,428

97,235

*

Coca-Cola

European

Partners

plc

(Class

A)

5,379

671,685

Compass

Group

plc

15,511

2,971,182

*,e

Darktrace

plc

9,320

308,987

Dechra

Pharmaceuticals

plc

9,739

40,110

Derwent

London

plc

1,148

2,353,191

Diageo

plc

103,004

1,927,917

Electrocomponents

plc

20,758

861,385

Fevertree

Drinks

plc

10,714

200,562

Great

Portland

Estates

plc

1,195

309,839

Informa

plc

2,311

212,656

*,g

Just

Eat

Takeaway.com

NV

4,526

220,618

e

Land

Securities

Group

plc

1,648

111,431

*

Liberty

Global

plc

(Class

A)

2,109

22,153

*

Liberty

Global

plc

(Class

C)

430

230,912

Linde

plc

75,319

393,685

Linde

plc

(Xetra)

128,326

15,069,214

Lloyds

TSB

Group

plc

8,224

145,794

London

Stock

Exchange

Group

plc

12,527

6,296,945

Man

Group

plc

16,201

756,924

National

Grid

plc

9,067

2,022,186

NatWest

Group

plc

6,449

32,948

Next

plc

2,309

29,631

*,g

Pepco

Group

NV

268

144,742

Reckitt

Benckiser

Group

plc

10,033

776,251

RELX

plc

21,503

248,636

RELX

plc

6,874

160,448

Safestore

Holdings

plc

1,830

206,741

Scottish

&

Southern

Energy

plc

4,252

258,366

Segro

plc

2,380

1,934,012

Standard

Chartered

plc

14,425

4,781,461

Tesco

plc

12,885

1,446,210

*,e

THG

Holdings

Ltd

773

5,371,958

Tritax

Big

Box

REIT

plc

9,003

419,164

Unilever

plc

21,163

5,349,630

Vodafone

Group

plc

5,418

259,744

WPP

plc

2,566

TOTAL

UNITED

KINGDOM

890,986

UNITED

STATES

-

61.5%

63,482

3M

Co

7,613

636

A.O.

Smith

Corp

36

892,425

Abbott

Laboratories

97,979

1,090,980

AbbVie,

Inc

176,313

268,214

Accenture

plc

71,570

3,408

Activision

Blizzard,

Inc

261

15,189

*

Adobe,

Inc

5,112

257

Advance

Auto

Parts,

Inc

38

1,115,076

*

Advanced

Micro

Devices,

Inc

72,223

2,985

AES

Corp

86

1,191

*,e

Affirm

Holdings,

Inc

12

41,553

Aflac,

Inc

2,989

1,298

Agilent

Technologies,

Inc

194

11,694

Agree

Realty

Corp

829

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

195

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

92,585

Air

Products

&

Chemicals,

Inc

$

28,540

1,652

*

Airbnb,

Inc

141

675

*

Akamai

Technologies,

Inc

57

27,792

Albemarle

Corp

6,027

667,341

Alcoa

Corp

30,344

63,129

Alexandria

Real

Estate

Equities,

Inc

9,196

315

*

Align

Technology,

Inc

66

417

Allegion

plc

44

445,396

Alliant

Energy

Corp

24,590

1,171

Allstate

Corp

159

1,402

Ally

Financial,

Inc

34

57,585

*

Alnylam

Pharmaceuticals,

Inc

13,685

1,631,645

*

Alphabet,

Inc

(Class

A)

143,960

2,059,671

*

Alphabet,

Inc

(Class

C)

182,755

1,282,656

*,e

Altimmune,

Inc

21,100

331,567

Altria

Group,

Inc

15,156

3,566,040

*

Amazon.com,

Inc

299,547

6,782

Amcor

plc

81

369

AMERCO

20

285,034

Ameren

Corp

25,345

323,296

American

Electric

Power

Co,

Inc

30,697

249,423

American

Express

Co

36,852

340

American

Financial

Group,

Inc

47

288,831

American

Homes

4

Rent

8,705

609,434

American

International

Group,

Inc

38,541

90,572

American

Tower

Corp

19,189

799

American

Water

Works

Co,

Inc

122

90,847

Americold

Realty

Trust

2,572

74,343

Ameriprise

Financial,

Inc

23,148

73,023

AmerisourceBergen

Corp

12,101

174,112

Ametek,

Inc

24,327

143,198

Amgen,

Inc

37,610

2,592

Amphenol

Corp

(Class

A)

197

2,241

Analog

Devices,

Inc

368

2,039

Annaly

Capital

Management,

Inc

43

388

*

Ansys,

Inc

94

3,110,682

*

Antero

Resources

Corp

96,400

43,023

Aon

plc

12,913

1,460

APA

Corp

68

1,758

Apollo

Global

Management,

Inc

112

5,191,942

d

Apple,

Inc

674,589

3,748

Applied

Materials,

Inc

365

31,391

*

Aptiv

plc

2,923

1,096

ARAMARK

Holdings

Corp

45

307,316

*

Arch

Capital

Group

Ltd

19,293

2,441

Archer-Daniels-Midland

Co

227

674

Ares

Management

Corp

46

1,074

*

Arista

Networks,

Inc

130

285

*

Arrow

Electronics,

Inc

30

917

Arthur

J.

Gallagher

&

Co

173

126

*

Aspen

Technology,

Inc

26

232

Assurant,

Inc

29

1,990,882

AT&T,

Inc

36,652

269,258

*

Atlassian

Corp

34,648

613

Atmos

Energy

Corp

69

952

*

Autodesk,

Inc

178

322,063

Automatic

Data

Processing,

Inc

76,928

1,871

*

AutoZone,

Inc

4,614

47,084

AvalonBay

Communities,

Inc

7,605

20,553

*

Avantor,

Inc

433

3,877

Avery

Dennison

Corp

702

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

196

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,408

Baker

Hughes

Co

$

130

1,353

Ball

Corp

69

1,528,047

Bank

of

America

Corp

50,609

599,969

Bank

of

New

York

Mellon

Corp

27,311

1,084

Bath

&

Body

Works,

Inc

46

74,219

Baxter

International,

Inc

3,783

57,598

Becton

Dickinson

&

Co

14,647

936

Bentley

Systems,

Inc

35

349,341

*

Berkshire

Hathaway,

Inc

(Class

B)

107,911

26,230

Best

Buy

Co,

Inc

2,104

392

*

Bill.Com

Holdings,

Inc

43

30,286

*

Biogen,

Inc

8,387

826

*

BioMarin

Pharmaceutical,

Inc

85

94

*

Bio-Rad

Laboratories,

Inc

(Class

A)

40

660

Bio-Techne

Corp

55

653

*

Black

Knight,

Inc

40

39,618

BlackRock,

Inc

28,075

144,949

Blackstone,

Inc

10,754

2,307

*

Block,

Inc

145

248,155

*

Boeing

Co

47,271

6,469

*

Booking

Holdings,

Inc

13,037

561

Booz

Allen

Hamilton

Holding

Co

59

1,010

BorgWarner,

Inc

41

23,760

Boston

Properties,

Inc

1,606

1,901,785

*

Boston

Scientific

Corp

87,996

1,961,865

Bristol-Myers

Squibb

Co

141,156

348,837

Broadcom,

Inc

195,045

491

Broadridge

Financial

Solutions,

Inc

66

1,009

Brown

&

Brown,

Inc

57

1,374

Brown-Forman

Corp

(Class

B)

90

662

Bunge

Ltd

66

58,407

*

Burlington

Stores,

Inc

11,843

139,988

Cabot

Oil

&

Gas

Corp

3,440

1,198

*

Cadence

Design

Systems,

Inc

192

1,004

*

Caesars

Entertainment,

Inc

42

413

Camden

Property

Trust

46

985

Campbell

Soup

Co

56

2,382

Capital

One

Financial

Corp

221

1,230

Cardinal

Health,

Inc

95

238

Carlisle

Cos,

Inc

56

825

Carlyle

Group,

Inc

25

680

*

CarMax,

Inc

41

76,955

*,e

Carnival

Corp

620

1,494,122

Carrier

Global

Corp

61,633

716

*

Catalent,

Inc

32

472,536

Caterpillar,

Inc

113,201

449

CBOE

Global

Markets,

Inc

56

1,408

CBRE

Group,

Inc

108

299,098

CDW

Corp

53,413

26,067

Celanese

Corp

(Series

A)

2,665

290,640

*

Centene

Corp

23,835

756,196

Centerpoint

Energy,

Inc

22,678

576

*

Ceridian

HCM

Holding,

Inc

37

40,722

CF

Industries

Holdings,

Inc

3,470

542

CH

Robinson

Worldwide,

Inc

50

3,241

*

Charles

River

Laboratories

International,

Inc

706

528,130

Charles

Schwab

Corp

43,972

34,409

*

Charter

Communications,

Inc

11,668

67,083

Cheniere

Energy,

Inc

10,060

448

Chesapeake

Energy

Corp

42

385,789

Chevron

Corp

69,245

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

197

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

380

*,e

Chewy,

Inc

$

14

3,467

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

4,810

322,799

Chubb

Ltd

71,209

1,084

Church

&

Dwight

Co,

Inc

87

153,751

Cigna

Corp

50,944

641

Cincinnati

Financial

Corp

66

405

Cintas

Corp

183

1,553,404

Cisco

Systems,

Inc

74,004

67,735

Citigroup,

Inc

3,064

560,008

Citizens

Financial

Group,

Inc

22,048

1,300

*

Clarivate

Analytics

plc

11

2,206

*

Cleveland-Cliffs,

Inc

36

25,759

Clorox

Co

3,615

1,052

*

Cloudflare,

Inc

48

77,139

CME

Group,

Inc

12,972

56,488

CMS

Energy

Corp

3,577

2,832,721

Coca-Cola

Co

180,189

732

Cognex

Corp

34

2,291

Cognizant

Technology

Solutions

Corp

(Class

A)

131

620

*,e

Coinbase

Global,

Inc

22

203,058

Colgate-Palmolive

Co

15,999

1,263,091

Comcast

Corp

(Class

A)

44,170

244,614

ConAgra

Brands,

Inc

9,467

693,473

ConocoPhillips

81,830

1,545

Consolidated

Edison,

Inc

147

60,427

Constellation

Brands,

Inc

(Class

A)

14,004

88,667

Constellation

Energy

Corp

7,644

207

Cooper

Cos,

Inc

68

1,874

*

Copart,

Inc

114

503,807

Corebridge

Financial,

Inc

10,106

3,531

Corning,

Inc

113

1,554,851

Corteva,

Inc

91,394

1,726

*

CoStar

Group,

Inc

133

366,749

Costco

Wholesale

Corp

167,421

8,985

*

Coty,

Inc

77

883

*

Crowdstrike

Holdings,

Inc

93

186,324

Crown

Castle

International

Corp

25,273

922,698

Crown

Holdings,

Inc

75,855

93,941

CSL

Ltd

18,318

457,069

CSX

Corp

14,160

13,564

Cummins,

Inc

3,286

570,478

CVS

Health

Corp

53,163

236,995

Danaher

Corp

62,903

32,101

Darden

Restaurants,

Inc

4,441

699

*

Darling

International,

Inc

44

1,081

*

Datadog,

Inc

79

243

*

DaVita,

Inc

18

164,010

Deere

&

Co

70,321

1,220

Dell

Technologies,

Inc

49

216,566

*

Delta

Air

Lines,

Inc

7,116

1,086

Dentsply

Sirona,

Inc

35

2,655

Devon

Energy

Corp

163

108,413

*

Dexcom,

Inc

12,277

557,490

Diamondback

Energy,

Inc

76,253

42,129

Digital

Realty

Trust,

Inc

4,224

197,759

Discover

Financial

Services

19,347

57,477

*

DISH

Network

Corp

(Class

A)

807

833

*

DocuSign,

Inc

46

43,213

Dollar

General

Corp

10,641

68,952

*

Dollar

Tree,

Inc

9,753

412,312

Dominion

Energy,

Inc

25,283

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

198

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

153

Domino's

Pizza,

Inc

$

53

1,014

*

DoorDash,

Inc

50

606

Dover

Corp

82

116,383

Dow,

Inc

5,865

1,416

DR

Horton,

Inc

126

1,212

*

Dropbox,

Inc

27

815

DTE

Energy

Co

96

191,962

Duke

Energy

Corp

19,770

717,721

DuPont

de

Nemours,

Inc

49,257

842

*

Dynatrace,

Inc

32

543

Eastman

Chemical

Co

44

313,553

Eaton

Corp

49,212

183,661

eBay,

Inc

7,616

4,936

Ecolab,

Inc

718

96,886

Edison

International

6,164

301,703

*

Edwards

Lifesciences

Corp

22,510

1,792

*

Elanco

Animal

Health,

Inc

22

1,223

Electronic

Arts,

Inc

149

108,230

Elevance

Health,

Inc

55,519

229,322

Eli

Lilly

&

Co

83,895

2,576

Emerson

Electric

Co

247

590

*

Enphase

Energy,

Inc

156

634

Entegris,

Inc

42

49,645

Entergy

Corp

5,585

247,340

EOG

Resources,

Inc

32,035

254

*

EPAM

Systems,

Inc

83

1,426

EQT

Corp

48

514

Equifax,

Inc

100

10,005

Equinix,

Inc

6,554

969,740

Equitable

Holdings,

Inc

27,832

151,501

Equity

Lifestyle

Properties,

Inc

9,787

96,440

Equity

Residential

5,690

126

Erie

Indemnity

Co

(Class

A)

31

1,117

Essential

Utilities

Inc

53

16,221

Essex

Property

Trust,

Inc

3,438

83,533

Estee

Lauder

Cos

(Class

A)

20,725

8,425

*

Etsy,

Inc

1,009

52,926

Everest

Re

Group

Ltd

17,533

1,052

Evergy,

Inc

66

1,449

Eversource

Energy

121

855

*

Exact

Sciences

Corp

42

269,380

Exelon

Corp

11,645

29,277

*

Expedia

Group,

Inc

2,565

713

Expeditors

International

of

Washington,

Inc

74

30,645

Extra

Space

Storage,

Inc

4,510

2,604,091

Exxon

Mobil

Corp

287,231

77

*

F&G

Annuities

&

Life,

Inc

2

256

*

F5

Networks,

Inc

37

159

Factset

Research

Systems,

Inc

64

111

*

Fair

Isaac

Corp

66

2,522

Fastenal

Co

119

4,422

FedEx

Corp

766

116,158

Ferguson

plc

14,583

908

Ferguson

plc

115

1,133

Fidelity

National

Financial

Inc

43

2,648

Fidelity

National

Information

Services,

Inc

180

1,064,054

Fifth

Third

Bancorp

34,912

57

First

Citizens

Bancshares,

Inc

(Class

A)

43

2,338

First

Horizon

National

Corp

57

158,536

First

Republic

Bank

19,324

418

*

First

Solar,

Inc

63

633,153

FirstEnergy

Corp

26,554

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

199

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

16,252

*

Fiserv,

Inc

$

1,643

325

*

FleetCor

Technologies,

Inc

60

173,868

Flowserve

Corp

5,334

569

FMC

Corp

71

17,206

Ford

Motor

Co

200

2,972

*

Fortinet,

Inc

145

497,422

Fortive

Corp

31,959

565

Fortune

Brands

Home

&

Security,

Inc

32

1,329

Fox

Corp

(Class

A)

40

624

Fox

Corp

(Class

B)

18

1,268

e

Franklin

Resources,

Inc

33

3,850,370

Freeport-McMoRan,

Inc

(Class

B)

146,314

93,017

Gaming

and

Leisure

Properties,

Inc

4,845

649

*

Garmin

Ltd

60

139,594

*

Gartner,

Inc

46,923

318

*

Generac

Holdings,

Inc

32

1,016

General

Dynamics

Corp

252

4,777

General

Electric

Co

400

67,427

General

Mills,

Inc

5,654

6,035

General

Motors

Co

203

625

Genuine

Parts

Co

108

440,935

Gilead

Sciences,

Inc

37,854

88,934

Global

Payments,

Inc

8,833

137,138

Globe

Life,

Inc

16,532

703

*

GoDaddy,

Inc

53

172,869

Goldman

Sachs

Group,

Inc

59,360

504,443

GSK

plc

8,718

1,121,810

*

Haleon

plc

4,439

1,165,724

Halliburton

Co

45,871

1,395

Hartford

Financial

Services

Group,

Inc

106

555

Hasbro,

Inc

34

48,456

HCA

Healthcare,

Inc

11,628

28,431

Healthcare

Realty

Trust,

Inc

548

158,428

Healthpeak

Properties

Inc

3,972

183

HEICO

Corp

28

349

HEICO

Corp

(Class

A)

42

577

*

Henry

Schein,

Inc

46

640

Hershey

Co

148

185,514

Hess

Corp

26,310

5,474

Hewlett

Packard

Enterprise

Co

87

709

HF

Sinclair

Corp

37

1,174

Hilton

Worldwide

Holdings,

Inc

148

39,917

*

Hologic,

Inc

2,986

645,348

Home

Depot,

Inc

203,840

715,525

Honeywell

International,

Inc

153,337

134,474

*

Horizon

Therapeutics

Plc

15,303

1,360

Hormel

Foods

Corp

62

163,721

Host

Hotels

and

Resorts,

Inc

2,628

1,586

Howmet

Aerospace,

Inc

63

4,432

HP,

Inc

119

185,832

Hubbell,

Inc

43,611

190

*

HubSpot,

Inc

55

24,383

Humana,

Inc

12,489

6,051

Huntington

Bancshares,

Inc

85

43,406

Huntington

Ingalls

10,013

342

IDEX

Corp

78

13,179

*

IDEXX

Laboratories,

Inc

5,377

35,924

Illinois

Tool

Works,

Inc

7,914

70,714

*

Illumina,

Inc

14,298

857

*

Incyte

Corp

69

56,344

Independence

Realty

Trust,

Inc

950

778,958

Ingersoll

Rand,

Inc

40,701

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

200

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

13,153

e

Innovative

Industrial

Properties,

Inc

$

1,333

309

*

Insulet

Corp

91

17,889

Intel

Corp

473

259,392

Intercontinental

Exchange

Group,

Inc

26,611

3,935

International

Business

Machines

Corp

554

548,666

International

Flavors

&

Fragrances,

Inc

57,522

1,504

International

Paper

Co

52

201,154

Interpublic

Group

of

Cos,

Inc

6,700

1,168

Intuit,

Inc

455

124,276

*

Intuitive

Surgical,

Inc

32,977

1,454

Invesco

Ltd

26

55,712

Invitation

Homes,

Inc

1,651

77,543

*

IQVIA

Holdings,

Inc

15,888

1,312

Iron

Mountain,

Inc

65

296,971

e

iShares

MSCI

Canada

Index

Fund

9,720

75,112

e

iShares

MSCI

South

Korea

Index

Fund

4,242

456

J.M.

Smucker

Co

72

306

Jack

Henry

&

Associates,

Inc

54

544

Jacobs

Solutions,

Inc

65

259

*

Jazz

Pharmaceuticals

plc

41

4,718

JB

Hunt

Transport

Services,

Inc

823

165,300

JBS

S.A.

691

713,343

Johnson

&

Johnson

126,012

2,956

Johnson

Controls

International

plc

189

1,172,568

JPMorgan

Chase

&

Co

157,241

2,242,737

Juniper

Networks,

Inc

71,678

1,078

Kellogg

Co

77

1,335,528

Keurig

Dr

Pepper,

Inc

47,625

3,904

Keycorp

68

798

*

Keysight

Technologies,

Inc

137

20,054

Kilroy

Realty

Corp

775

86,928

Kimberly-Clark

Corp

11,800

2,595

Kimco

Realty

Corp

55

32,941

Kinder

Morgan,

Inc

596

31,004

KKR

&

Co,

Inc

1,439

168,558

KLA

Corp

63,551

664

Knight-Swift

Transportation

Holdings,

Inc

35

288,356

Kraft

Heinz

Co

11,739

204,687

Kroger

Co

9,125

812

L3Harris

Technologies,

Inc

169

393

Laboratory

Corp

of

America

Holdings

93

599

Lam

Research

Corp

252

626

Lamb

Weston

Holdings,

Inc

56

155,806

*

Las

Vegas

Sands

Corp

7,490

251

Lear

Corp

31

10,471

*

Legend

Biotech

Corp

(ADR)

523

562

Leidos

Holdings,

Inc

59

1,100

Lennar

Corp

(Class

A)

100

139

Lennox

International,

Inc

33

569

*

Liberty

Broadband

Corp

(Class

C)

43

821

*

Liberty

Media

Group

(Class

C)

49

319

*

Liberty

SiriusXM

Group

(Class

A)

13

701

*

Liberty

SiriusXM

Group

(Class

C)

27

689

Lincoln

National

Corp

21

709

*

Live

Nation,

Inc

49

1,139

LKQ

Corp

61

1,040

Lockheed

Martin

Corp

506

888

Loews

Corp

52

265,231

Lowe's

Companies,

Inc

52,845

337

LPL

Financial

Holdings,

Inc

73

1,739

*,e

Lucid

Group,

Inc

12

120,501

*

Lululemon

Athletica,

Inc

38,606

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

201

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

4,790

Lumen

Technologies,

Inc

$

25

5,897

LyondellBasell

Industries

NV

490

193,723

M&T

Bank

Corp

28,101

122,750

Magnolia

Oil

&

Gas

Corp

2,878

3,023

Marathon

Oil

Corp

82

204,960

Marathon

Petroleum

Corp

23,855

57

*

Markel

Corp

75

159

MarketAxess

Holdings,

Inc

44

16,984

Marriott

International,

Inc

(Class

A)

2,529

115,857

Marsh

&

McLennan

Cos,

Inc

19,172

263

Martin

Marietta

Materials,

Inc

89

3,714

Marvell

Technology,

Inc

138

1,010

Masco

Corp

47

221

*

Masimo

Corp

33

458,110

Mastercard,

Inc

(Class

A)

159,299

1,200

*

Match

Group,

Inc

50

1,111

McCormick

&

Co,

Inc

92

639,404

McDonald's

Corp

168,502

69,881

McKesson

Corp

26,214

2,897

e

Medical

Properties

Trust,

Inc

32

320,834

Medtronic

plc

24,935

1,350,220

Merck

&

Co,

Inc

149,807

575,346

*

Meta

Platforms,

Inc

69,237

256,440

Metlife,

Inc

18,559

583

*

Mettler-Toledo

International,

Inc

843

1,478

MGM

Resorts

International

50

2,407

Microchip

Technology,

Inc

169

4,807

Micron

Technology,

Inc

240

3,198,542

Microsoft

Corp

767,074

24,548

Mid-America

Apartment

Communities,

Inc

3,854

47,817

*

Moderna,

Inc

8,589

219

*

Mohawk

Industries,

Inc

22

262

*

Molina

Healthcare,

Inc

87

852

Molson

Coors

Brewing

Co

(Class

B)

44

675,188

Mondelez

International,

Inc

45,001

281

*

MongoDB,

Inc

55

186

Monolithic

Power

Systems,

Inc

66

923,115

*

Monster

Beverage

Corp

93,724

720

Moody's

Corp

201

1,418,399

Morgan

Stanley

120,592

5,833

Mosaic

Co

256

727

Motorola

Solutions,

Inc

187

2,949

MSCI,

Inc

(Class

A)

1,372

1,528

Nasdaq

Inc

94

52,173

National

Storage

Affiliates

Trust

1,884

609,284

Nestle

S.A.

70,378

935

NetApp,

Inc

56

97,058

*

Netflix,

Inc

28,620

443

*

Neurocrine

Biosciences,

Inc

53

2,090

Newell

Brands

Inc

27

107,170

Newmont

Goldcorp

Corp

5,058

1,607

News

Corp

(Class

A)

29

761,177

NextEra

Energy,

Inc

63,634

975,147

Nike,

Inc

(Class

B)

114,102

1,706

NiSource,

Inc

47

220

Nordson

Corp

52

1,029

Norfolk

Southern

Corp

254

831

Northern

Trust

Corp

74

151,761

Northrop

Grumman

Corp

82,802

2,670

NortonLifelock,

Inc

57

462

*

Novocure

Ltd

34

66,347

NRG

Energy,

Inc

2,111

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

202

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

27,202

Nucor

Corp

$

3,585

1,111,128

NVIDIA

Corp

162,380

15

*

NVR,

Inc

69

245,770

Occidental

Petroleum

Corp

15,481

625

*

Okta,

Inc

43

411

Old

Dominion

Freight

Line

117

879

Omnicom

Group,

Inc

72

1,891

*

ON

Semiconductor

Corp

118

8,967

ONEOK,

Inc

589

1,436,296

Oracle

Corp

117,403

5,002

*

O'Reilly

Automotive,

Inc

4,222

89,467

Otis

Worldwide

Corp

7,006

1,108

Ovintiv,

Inc

56

35,048

Owens

Corning,

Inc

2,990

1,515

PACCAR,

Inc

150

394

Packaging

Corp

of

America

50

7,607

*

Palantir

Technologies,

Inc

49

417,986

*

Palo

Alto

Networks,

Inc

58,326

6,000

Parade

Technologies

Ltd

150

99,717

Paramount

Global

(Class

B)

1,683

170,324

Parker-Hannifin

Corp

49,564

1,411

Paychex,

Inc

163

215

*

Paycom

Software,

Inc

67

181

*

Paylocity

Holding

Corp

35

221,167

*

PayPal

Holdings,

Inc

15,752

31,446

PBF

Energy,

Inc

1,282

11,836

*,e

Peloton

Interactive,

Inc

94

695

Pentair

plc

31

334,121

PepsiCo,

Inc

60,362

59,183

*

Performance

Food

Group

Co

3,456

531

PerkinElmer,

Inc

74

1,069,350

Pfizer,

Inc

54,793

391,325

*,b

PG&E

Corp

6,363

288,332

Philip

Morris

International,

Inc

29,182

72,917

Phillips

66

7,589

30,223

*

Pinterest,

Inc

734

144,341

Pioneer

Natural

Resources

Co

32,966

2,519

*,e

Plug

Power,

Inc

31

33,179

PNC

Financial

Services

Group,

Inc

5,240

169

Pool

Corp

51

88,528

PPG

Industries,

Inc

11,132

3,094

PPL

Corp

90

1,099

Principal

Financial

Group

92

1,408,378

Procter

&

Gamble

Co

213,454

247,756

Progressive

Corp

32,136

286,874

Prologis,

Inc

32,339

1,582

Prudential

Financial,

Inc

157

508

*

PTC,

Inc

61

2,113

Public

Service

Enterprise

Group,

Inc

129

35,934

Public

Storage,

Inc

10,068

1,046

Pulte

Homes,

Inc

48

456

*

Qorvo,

Inc

41

285,451

QUALCOMM,

Inc

31,382

640

Quanta

Services,

Inc

91

503

Quest

Diagnostics,

Inc

79

846

Raymond

James

Financial,

Inc

90

719,342

Raytheon

Technologies

Corp

72,596

54,362

Realty

Income

Corp

3,448

133,308

Regency

Centers

Corp

8,332

33,442

*

Regeneron

Pharmaceuticals,

Inc

24,128

4,162

Regions

Financial

Corp

90

230

*

Repligen

Corp

39

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

203

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

969

Republic

Services,

Inc

$

125

638

Resmed,

Inc

133

371,017

Rexford

Industrial

Realty,

Inc

20,272

1,503

*

Rivian

Automotive,

Inc

28

532

Robert

Half

International,

Inc

39

1,647

*

ROBLOX

Corp

47

375,682

Roche

Holding

AG.

118,053

11,576

Rockwell

Automation,

Inc

2,982

8,485

*

Roku,

Inc

345

1,058

Rollins,

Inc

39

66,929

Roper

Technologies,

Inc

28,919

37,557

Ross

Stores,

Inc

4,359

37,348

*

Royal

Caribbean

Cruises

Ltd

1,846

1,574

Royalty

Pharma

plc

62

27,372

RPM

International,

Inc

2,667

67,188

S&P

Global,

Inc

22,504

110,849

Sabra

Healthcare

REIT,

Inc

1,378

375,983

*

Salesforce,

Inc

49,852

18,575

SBA

Communications

Corp

5,207

273,318

Schlumberger

Ltd

14,612

349,664

Schneider

Electric

S.A.

49,105

875

Seagate

Technology

Holdings

plc

46

417,599

*

Seagen,

Inc

53,666

131,707

Sealed

Air

Corp

6,570

577

SEI

Investments

Co

34

74,481

Sempra

Energy

11,510

663

Sensata

Technologies

Holding

plc

27

334,567

*

ServiceNow,

Inc

129,902

46,053

Sherwin-Williams

Co

10,930

301

Signature

Bank

35

119,813

Simon

Property

Group,

Inc

14,076

4,103

e

Sirius

XM

Holdings,

Inc

24

690

Skyworks

Solutions,

Inc

63

4,002

e

SL

Green

Realty

Corp

135

4,611

*

Snap,

Inc

41

246

Snap-On,

Inc

56

976

*

Snowflake,

Inc

140

242

*

SolarEdge

Technologies,

Inc

69

129,209

Southern

Co

9,227

751

*

Southwest

Airlines

Co

25

668

*

Splunk,

Inc

58

971

SS&C

Technologies

Holdings,

Inc

51

16,678

Stanley

Black

&

Decker,

Inc

1,253

253,597

Starbucks

Corp

25,157

1,608

State

Street

Corp

125

805

Steel

Dynamics,

Inc

79

421

STERIS

plc

78

359,317

Stryker

Corp

87,849

74,791

Sun

Communities,

Inc

10,695

247

*

SVB

Financial

Group

57

2,193

Synchrony

Financial

72

242,550

*

Synopsys,

Inc

77,444

59,280

SYSCO

Corp

4,532

960

T

Rowe

Price

Group,

Inc

105

729

*

Take-Two

Interactive

Software,

Inc

76

9,805

Targa

Resources

Investments,

Inc

721

505,311

Target

Corp

75,312

199

*

Teledyne

Technologies,

Inc

80

220

Teleflex,

Inc

55

683

Teradyne,

Inc

60

51,672

Terreno

Realty

Corp

2,939

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

204

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

693,566

*

Tesla,

Inc

$

85,433

3,981

Texas

Instruments,

Inc

658

28

Texas

Pacific

Land

Corp

66

912

Textron,

Inc

65

91,570

Thermo

Fisher

Scientific,

Inc

50,427

286,886

TJX

Companies,

Inc

22,836

280,245

*

T-Mobile

US,

Inc

39,234

1,073

*

Toast,

Inc

19

474

Tractor

Supply

Co

107

1,957

*

Trade

Desk,

Inc

88

450

Tradeweb

Markets,

Inc

29

252,298

*,e

Traeger,

Inc

711

376,704

Trane

Technologies

plc

63,320

222

TransDigm

Group,

Inc

140

473,106

*,e

Transocean

Ltd

2,157

807

TransUnion

46

1,043

Travelers

Cos,

Inc

196

1,057

*

Trimble

Inc

53

5,779

Truist

Financial

Corp

249

722

*

Twilio,

Inc

35

174

*

Tyler

Technologies,

Inc

56

28,899

Tyson

Foods,

Inc

(Class

A)

1,799

6,470

*

Uber

Technologies,

Inc

160

1,339

UDR,

Inc

52

1,016

UGI

Corp

38

20,555

*

Ulta

Beauty,

Inc

9,642

765,809

Union

Pacific

Corp

158,576

109,913

United

Parcel

Service,

Inc

(Class

B)

19,107

124,213

*

United

Rentals,

Inc

44,148

507,870

UnitedHealth

Group,

Inc

269,263

1,078

*

Unity

Software,

Inc

31

284

Universal

Health

Services,

Inc

(Class

B)

40

313,368

US

Bancorp

13,666

5,763

Vail

Resorts,

Inc

1,374

791,869

Valero

Energy

Corp

100,456

797,983

e

Vanguard

Emerging

Markets

ETF

31,105

50,000

e

Vanguard

FTSE

Developed

Markets

ETF

2,098

23,298

*

Veeva

Systems,

Inc

3,760

122,805

Ventas,

Inc

5,532

417

*

VeriSign,

Inc

86

679

Verisk

Analytics,

Inc

120

879,221

Verizon

Communications,

Inc

34,641

44,033

*

Vertex

Pharmaceuticals,

Inc

12,716

33,042

VF

Corp

912

5,089

Viatris,

Inc

57

193,955

VICI

Properties,

Inc

6,284

868,068

Visa,

Inc

(Class

A)

180,350

90,186

Vistra

Energy

Corp

2,092

924

*

VMware,

Inc

(Class

A)

113

169,332

e

Voya

Financial,

Inc

10,412

559

Vulcan

Materials

Co

98

156,087

W.R.

Berkley

Corp

11,327

105,487

W.W.

Grainger,

Inc

58,677

3,209

Walgreens

Boots

Alliance,

Inc

120

988,663

Walmart,

Inc

140,183

1,156,466

*

Walt

Disney

Co

100,474

443,873

*

Warner

Bros

Discovery,

Inc

4,208

41,461

Washington

REIT

738

1,121

Waste

Connections,

Inc

149

1,801

Waste

Management,

Inc

283

255

*

Waters

Corp

87

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

205

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

850

Webster

Financial

Corp

$

40

1,379

WEC

Energy

Group,

Inc

129

4,002,860

Wells

Fargo

&

Co

165,278

73,746

Welltower,

Inc

4,834

313

West

Pharmaceutical

Services,

Inc

74

1,317

*

Western

Digital

Corp

42

1,656

Western

Union

Co

23

238,605

Westinghouse

Air

Brake

Technologies

Corp

23,815

119,691

Westlake

Chemical

Corp

12,273

36,686

WestRock

Co

1,290

134,121

Weyerhaeuser

Co

4,158

247

Whirlpool

Corp

35

263,279

Williams

Cos,

Inc

8,662

495

Willis

Towers

Watson

plc

121

541

*

Wolfspeed,

Inc

37

876

*

Workday,

Inc

147

866

e

WP

Carey,

Inc

68

12,516

*

Wynn

Resorts

Ltd

1,032

68,145

Xcel

Energy,

Inc

4,778

757

Xylem,

Inc

84

438,192

*

YETI

Holdings,

Inc

18,102

112,212

Yum!

Brands,

Inc

14,372

223

*

Zebra

Technologies

Corp

(Class

A)

57

693

*

Zillow

Group,

Inc

(Class

C)

22

120,350

Zimmer

Biomet

Holdings,

Inc

15,345

135,958

Zoetis,

Inc

19,925

988

*

Zoom

Video

Communications,

Inc

67

1,103

*

ZoomInfo

Technologies,

Inc

33

354

*

Zscaler,

Inc

40

TOTAL

UNITED

STATES

13,379,962

TOTAL

COMMON

STOCKS

21,389,351

(Cost

$20,115,757)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0.0%

3,698

Magellan

Financial

Group

Ltd

04/16/27

1

129,948

PointsBet

Holdings

Ltd

07/08/24

0

TOTAL

AUSTRALIA

1

BRAZIL

-

0.0%

5,643

Localiza

Rent

a

Car

S.A.

11

TOTAL

BRAZIL

11

KOREA,

REPUBLIC

OF

-

0.0%

210

Hanwha

Solutions

Corp

0

^

761

Lotte

Chemical

Corp

22

TOTAL

KOREA,

REPUBLIC

OF

22

TOTAL

RIGHTS/WARRANTS

34

(Cost

$0)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.8%

GOVERNMENT

AGENCY

DEBT

-

1.1%

$

2,500,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/04/23

2,500

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

206

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

$

50,000,000

FFCB

0

.000

%

01/09/23

$

49,964

20,985,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/06/23

20,978

15,000,000

FHLB

0

.000

01/13/23

14,982

20,000,000

FHLB

0

.000

01/18/23

19,964

20,000,000

FHLB

0

.000

02/06/23

19,917

10,000,000

FHLB

0

.000

02/10/23

9,953

35,000,000

FHLB

0

.000

02/15/23

34,816

10,000,000

FHLB

0

.000

03/10/23

9,920

10,000,000

FHLB

0

.000

04/14/23

9,877

25,000,000

FHLB

0

.000

04/24/23

24,662

10,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/11/23

9,990

TOTAL

GOVERNMENT

AGENCY

DEBT

227,523

REPURCHASE

AGREEMENT

-

0.6%

130,625,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

130,625

TOTAL

REPURCHASE

AGREEMENT

130,625

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

-

1.1%

CERTIFICATE

OF

DEPOSIT

-

0.0%

2,500,000

Australia

and

New

Zealand

Banking

Group

4

.900

04/05/23

2,500

2,500,000

Canadian

Imperial

Bank

of

Commerce

5

.000

06/02/23

2,500

1,500,000

Canadian

Imperial

Bank

of

Commerce

5

.040

08/09/23

1,500

1,500,000

Credit

Agricole

S.A.

4

.790

02/03/23

1,500

2,000,000

Credit

Agricole

S.A.

4

.980

05/03/23

2,000

1,500,000

ING

US

Funding

LLC

4

.820

02/24/23

1,500

2,500,000

Llodys

Bank

PLC

5

.000

05/08/23

2,500

2,000,000

Lloyds

Bank

PLC

4

.810

01/20/23

2,000

2,500,000

Mational

Bank

of

Canada

4

.700

03/16/23

2,500

1,500,000

Mitsubishi

Bank

4

.810

02/17/23

1,500

500,000

Mitsubishi

Bank

4

.880

03/16/23

500

1,000,000

Mizuho

Bank

4

.700

03/20/23

1,000

1,500,000

Mizuho

Bank

5

.080

04/26/23

1,500

2,000,000

MUFG

Bank

4

.900

02/28/23

2,000

2,000,000

Natixis

4

.800

02/01/23

2,000

1,500,000

Nordea

Bank

Abp

4

.970

06/07/23

1,500

2,000,000

Skandinaviska

Enskilda

Banken

AB

4

.910

04/20/23

2,000

1,500,000

Skandinaviska

Enskilda

Banken

AB

4

.980

04/28/23

1,500

TOTAL

CERTIFICATE

OF

DEPOSIT

32,000

REPURCHASE

AGREEMENT

-

1.1%

15,000,000

s

Calyon

4

.300

01/03/23

15,000

20,000,000

t

Citigroup

4

.300

01/03/23

20,000

5,000,000

u

Citigroup

4

.300

01/05/23

5,000

25,000,000

v

Deutsche

Bank

4

.260

01/03/23

25,000

30,000,000

w

HSBC

4

.300

01/03/23

30,000

35,000,000

x

JP

Morgan

4

.300

01/03/23

35,000

6,000,000

y

Merrill

Lynch

3

.950

01/03/23

6,000

25,000,000

z

Merrill

Lynch

4

.300

01/03/23

25,000

5,619,000

aa

Merrill

Lynch

4

.000

01/03/23

5,619

5,619,000

ab

Merrill

Lynch

4

.000

01/03/23

5,619

30,000,000

ac

Nomura

4

.270

01/03/23

30,000

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

207

College

Retirement

Equities

Fund

continued

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

$

15,000,000

ad

Societe

Generale

4

.300

%

01/03/23

$

15,000

TOTAL

REPURCHASE

AGREEMENT

217,238

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

249,238

TOTAL

SHORT-TERM

INVESTMENTS

607,386

(Cost

$607,341)

TOTAL

INVESTMENTS

-

101.0%

21,996,785

(Cost

$20,723,114)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.0)%

(

228,283

)

NET

ASSETS

-

100.0%

$21,768,502

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

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

$260,869,843.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$130,625,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.875%

and

maturity

date

1/15/29,

valued

at

$133,237,506.

s

Agreement

with

Calyon,

4.300%

dated

12/30/22

to

be

repurchased

at

$15,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.000%

and

maturity

date

1/20/51,

valued

at

$15,300,000.

t

Agreement

with

Citigroup,

4.300%

dated

12/30/22

to

be

repurchased

at

$20,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

dates

5/20/45–11/20/45,

valued

at

$20,400,119.

u

Agreement

with

Citigroup,

4.300%

dated

12/29/22

to

be

repurchased

at

$5,000,000

on

1/5/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.000%–4.000%

and

maturity

dates

12/15/41–9/20/44,

valued

at

$5,100,376.

v

Agreement

with

Deutsche

Bank,

4.260%

dated

12/30/22

to

be

repurchased

at

$25,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

4/18/23,

valued

at

$25,500,028.

w

Agreement

with

HSBC,

4.300%

dated

12/30/22

to

be

repurchased

at

$30,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–4.500%

and

maturity

dates

7/1/51–8/1/52,

valued

at

$30,600,001.

x

Agreement

with

JP

Morgan,

4.300%

dated

12/30/22

to

be

repurchased

at

$35,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–8.000%

and

maturity

dates

12/1/31–12/1/52,

valued

at

$35,700,000.

y

Agreement

with

Merrill

Lynch,

3.950%

dated

12/30/22

to

be

repurchased

at

$6,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.500%

and

maturity

date

2/15/25,

valued

at

$6,120,070.

z

Agreement

with

Merrill

Lynch,

4.300%

dated

12/30/22

to

be

repurchased

at

$25,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.500%–4.000%

and

maturity

dates

6/20/52–7/20/52,

valued

at

$25,500,001.

aa

Agreement

with

Merrill

Lynch,

4.000%

dated

0

to

be

repurchased

at

$5,619,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

0,

valued

at

$0.

ab

Agreement

with

Merrill

Lynch,

4.000%

dated

12/30/22

to

be

repurchased

at

$5,619,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.560%

and

maturity

date

5/17/33,

valued

at

$5,731,470.

ac

Agreement

with

Nomura,

4.270%

dated

12/30/22

to

be

repurchased

at

$30,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.875%–2.750%

and

maturity

dates

2/15/41–11/15/47,

valued

at

$30,600,022.

ad

Agreement

with

Societe

Generale,

4.300%

dated

12/30/22

to

be

repurchased

at

$15,000,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

12/28/23,

valued

at

$15,300,002.

Portfolio

of

investments

CREF

Global

Equities

Account

December

31,

2022

208

College

Retirement

Equities

Fund

concluded

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

MSCI

EAFE

Index

829‌

03/17/23

 $

82,168‌

$

80,803‌

$

(

1,365‌

)

S&P

500

E

Mini

Index

984‌

03/17/23

195,263‌

189,961‌

(

5,302‌

)

Total

1,813‌

  $

277,431‌

 $

270,764‌

 $

(

6,667‌

)

Portfolio

of

investments

CREF

Growth

Account

December

31,

2022

209

College

Retirement

Equities

Fund

SHARES

COMPANY

VALUE

(000)

COMMON

STOCKS

-

99.6%

AUTOMOBILES

&

COMPONENTS

-

1.5%

2,970,483

*

Tesla,

Inc

$

365,904

TOTAL

AUTOMOBILES

&

COMPONENTS

365,904

CAPITAL

GOODS

-

3.8%

807,373

*

Boeing

Co

153,796

3,925,419

Carrier

Global

Corp

161,924

711,957

Deere

&

Co

305,259

2,372,365

Raytheon

Technologies

Corp

239,419

692,954

Safran

S.A.

86,795

TOTAL

CAPITAL

GOODS

947,193

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.7%

1,881,769

Experian

Group

Ltd

63,732

671,614

Verisk

Analytics,

Inc

118,486

1,763,307

Waste

Connections,

Inc

233,744

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

415,962

CONSUMER

DURABLES

&

APPAREL

-

1.3%

563,101

Essilor

International

S.A.

101,883

1,472,104

Nike,

Inc

(Class

B)

172,251

9,782,100

Prada

S.p.A

54,915

TOTAL

CONSUMER

DURABLES

&

APPAREL

329,049

CONSUMER

SERVICES

-

3.7%

252,791

*

Booking

Holdings,

Inc

509,445

50,569

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

70,164

6,924,954

*

Las

Vegas

Sands

Corp

332,882

73,348

Starbucks

Corp

7,276

TOTAL

CONSUMER

SERVICES

919,767

DIVERSIFIED

FINANCIALS

-

2.4%

423,578

American

Express

Co

62,584

2,471,300

Charles

Schwab

Corp

205,760

8,050,962

*

Grab

Holdings

Ltd.

25,924

779,406

e

iShares

Russell

1000

Growth

Index

Fund

166,980

411,655

S&P

Global,

Inc

137,880

TOTAL

DIVERSIFIED

FINANCIALS

599,128

ENERGY

-

3.6%

2,323,072

ConocoPhillips

274,123

2,875,181

EOG

Resources,

Inc

372,393

689,946

Pioneer

Natural

Resources

Co

157,577

669,895

Valero

Energy

Corp

84,983

TOTAL

ENERGY

889,076

FOOD

&

STAPLES

RETAILING

-

2.4%

1,333,030

Costco

Wholesale

Corp

608,528

TOTAL

FOOD

&

STAPLES

RETAILING

608,528

FOOD,

BEVERAGE

&

TOBACCO

-

3.9%

5,133,712

Davide

Campari-Milano

NV

52,119

4,789,234

*

Monster

Beverage

Corp

486,251

2,483,915

PepsiCo,

Inc

448,744

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

987,114

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

7.5%

382,211

*

Align

Technology,

Inc

80,608

3,456,220

*

Dexcom,

Inc

391,382

Portfolio

of

investments

CREF

Growth

Account

December

31,

2022

210

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

556,492

Elevance

Health,

Inc

$

285,464

1,281,470

*

Intuitive

Surgical,

Inc

340,038

1,203,523

UnitedHealth

Group,

Inc

638,084

845,111

*

Veeva

Systems,

Inc

136,384

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,871,960

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.7%

676,558

Estee

Lauder

Cos

(Class

A)

167,861

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

167,861

INSURANCE

-

0.5%

2,025,198

American

International

Group,

Inc

128,074

TOTAL

INSURANCE

128,074

MATERIALS

-

2.5%

5,073,483

Corteva,

Inc

298,219

656,473

Linde

plc

214,129

505,418

Sherwin-Williams

Co

119,951

TOTAL

MATERIALS

632,299

MEDIA

&

ENTERTAINMENT

-

6.0%

5,453,112

*

Alphabet,

Inc

(Class

A)

481,128

6,014,972

*

Alphabet,

Inc

(Class

C)

533,709

899,437

*

Match

Group,

Inc

37,318

1,931,339

*

Meta

Platforms,

Inc

232,417

301,334

*

Netflix,

Inc

88,857

1,585,131

*

ROBLOX

Corp

45,113

570,909

*

Walt

Disney

Co

49,601

1,367,427

*

ZoomInfo

Technologies,

Inc

41,173

TOTAL

MEDIA

&

ENTERTAINMENT

1,509,316

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.2%

1,440,558

AbbVie,

Inc

232,809

3,882,268

AstraZeneca

plc

(ADR)

263,218

3,294,667

*

Avantor,

Inc

69,485

873,931

Bristol-Myers

Squibb

Co

62,879

1,125,657

Eli

Lilly

&

Co

411,810

732,581

Gilead

Sciences,

Inc

62,892

2,111,276

*

Horizon

Therapeutics

Plc

240,263

576,843

*

Illumina,

Inc

116,638

459,811

Novo

Nordisk

AS

(ADR)

62,231

1,847,994

Zoetis,

Inc

270,823

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,793,048

REAL

ESTATE

-

0.4%

509,574

American

Tower

Corp

107,958

TOTAL

REAL

ESTATE

107,958

RETAILING

-

7.4%

710,821

*

Alibaba

Group

Holding

Ltd

(ADR)

62,616

14,520,211

*

Amazon.com,

Inc

1,219,698

556,449

*

Burlington

Stores,

Inc

112,826

2,165,691

*

Coupang,

Inc

31,857

1,433,997

eBay,

Inc

59,468

93,014

Kering

47,337

578,108

Lowe's

Companies,

Inc

115,182

2,540,502

TJX

Companies,

Inc

202,224

TOTAL

RETAILING

1,851,208

Portfolio

of

investments

CREF

Growth

Account

December

31,

2022

211

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

7.0%

1,966,057

*

Advanced

Micro

Devices,

Inc

$

127,341

1,786,907

Applied

Materials,

Inc

174,009

965,240

Broadcom,

Inc

539,695

409,466

Lam

Research

Corp

172,099

1,383,209

Marvell

Technology,

Inc

51,234

429,113

Monolithic

Power

Systems,

Inc

151,739

3,635,400

NVIDIA

Corp

531,277

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,747,394

SOFTWARE

&

SERVICES

-

26.8%

562,625

Accenture

plc

150,131

39,364

*,g

Adyen

NV

54,647

514,878

*

Atlassian

Corp

66,254

361,825

*

Crowdstrike

Holdings,

Inc

38,097

784,135

*

DocuSign,

Inc

43,457

419,170

*

EPAM

Systems,

Inc

137,379

913,644

Intuit,

Inc

355,608

2,352,033

Mastercard,

Inc

(Class

A)

817,872

11,107,386

Microsoft

Corp

2,663,773

1,911,575

Oracle

Corp

156,252

1,838,325

*

Palo

Alto

Networks,

Inc

256,520

1,410,149

*

PayPal

Holdings,

Inc

100,431

2,281,002

*

Qualtrics

International,

Inc

23,677

309,518

Roper

Technologies,

Inc

133,740

1,503,770

*

Salesforce,

Inc

199,385

759,998

*

ServiceNow,

Inc

295,084

820,451

*

Synopsys,

Inc

261,962

3,772,242

Visa,

Inc

(Class

A)

783,721

578,339

*

Workday,

Inc

96,773

522,927

*

Zscaler,

Inc

58,516

TOTAL

SOFTWARE

&

SERVICES

6,693,279

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.3%

13,043,726

Apple,

Inc

1,694,771

1,031,190

*

Arista

Networks,

Inc

125,135

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,819,906

TRANSPORTATION

-

2.0%

5,654,679

*

Uber

Technologies,

Inc

139,840

1,710,841

Union

Pacific

Corp

354,264

TOTAL

TRANSPORTATION

494,104

TOTAL

COMMON

STOCKS

24,878,128

(Cost

$27,794,829)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.6%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

10,000,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/04/23

9,999

9,000,000

FFCB

0

.000

01/09/23

8,993

3,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

3,000

8,535,000

FHLB

0

.000

01/06/23

8,532

7,293,000

FHLB

0

.000

02/10/23

7,258

10,000,000

FHLB

0

.000

04/14/23

9,877

TOTAL

GOVERNMENT

AGENCY

DEBT

47,659

Portfolio

of

investments

CREF

Growth

Account

December

31,

2022

212

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

REPURCHASE

AGREEMENT

-

0.3%

$

83,875,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

%

01/03/23

$

83,875

TOTAL

REPURCHASE

AGREEMENT

83,875

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.1%

16,838,763

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

16,839

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

16,839

TOTAL

SHORT-TERM

INVESTMENTS

148,373

(Cost

$148,362)

TOTAL

INVESTMENTS

-

100.2%

25,026,501

(Cost

$27,943,191)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

55,250

)

NET

ASSETS

-

100.0%

$24,971,251

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

$16,400,500.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$83,875,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.875%

and

maturity

date

1/15/29,

valued

at

$85,552,557.

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

213

College

Retirement

Equities

Fund

SHARES

COMPANY

VALUE

(000)

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

1.4%

49,971

*

Adient

plc

$

1,733

60,325

*

American

Axle

&

Manufacturing

Holdings,

Inc

472

137,792

*

Aptiv

plc

12,833

115,559

BorgWarner,

Inc

4,651

43,545

*,e

Canoo,

Inc

54

94,328

*,e

Cenntro

Electric

Group

Ltd

41

76,541

Dana

Inc

1,158

12,642

*

Dorman

Products,

Inc

1,022

86,619

*,e

Fisker,

Inc

630

2,003,548

Ford

Motor

Co

23,301

23,054

*

Fox

Factory

Holding

Corp

2,103

732,954

General

Motors

Co

24,657

119,427

Gentex

Corp

3,257

18,149

*

Gentherm,

Inc

1,185

104,434

*

Goodyear

Tire

&

Rubber

Co

1,060

67,182

Harley-Davidson,

Inc

2,795

26,356

*,e

Holley,

Inc

56

12,667

LCI

Industries,

Inc

1,171

32,974

Lear

Corp

4,089

61,192

*,e

Lordstown

Motors

Corp

70

274,188

*,e

Lucid

Group,

Inc

1,873

122,392

*,e

Luminar

Technologies,

Inc

606

6,489

*

Modine

Manufacturing

Co

129

13,147

*

Motorcar

Parts

of

America,

Inc

156

2,538

Patrick

Industries,

Inc

154

111,576

*,e

QuantumScape

Corp

633

266,811

*

Rivian

Automotive,

Inc

4,917

29,093

*,e

Solid

Power,

Inc

74

11,405

Standard

Motor

Products,

Inc

397

20,247

*

Stoneridge,

Inc

437

1,320,214

*

Tesla,

Inc

162,624

29,413

e

Thor

Industries,

Inc

2,220

12,140

*

Visteon

Corp

1,588

17,654

e

Winnebago

Industries,

Inc

930

67,449

*,e

Workhorse

Group,

Inc

102

9,934

*

XPEL,

Inc

597

TOTAL

AUTOMOBILES

&

COMPONENTS

263,775

BANKS

-

4.2%

4,682

1st

Source

Corp

249

4,331

e

ACNB

Corp

172

7,212

Amalgamated

Financial

Corp

166

12,491

Amerant

Bancorp

Inc

335

5,882

American

National

Bankshares,

Inc

217

38,500

Ameris

Bancorp

1,815

9,208

Arrow

Financial

Corp

312

85,309

Associated

Banc-Corp

1,970

42,326

Atlantic

Union

Bankshares

Corp

1,487

31,941

*

Axos

Financial,

Inc

1,221

31,112

Banc

of

California,

Inc

496

10,077

Bancfirst

Corp

889

3,732

e

Bank

First

Corp

346

3,586,022

Bank

of

America

Corp

118,769

23,380

Bank

of

Hawaii

Corp

1,813

7,728

Bank

of

Marin

Bancorp

254

25,484

Bank

of

NT

Butterfield

&

Son

Ltd

760

58,249

Bank

OZK

2,333

50,841

BankUnited

1,727

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

214

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,925

Banner

Corp

$

1,196

11,016

Bar

Harbor

Bankshares

353

6,589

Baycom

Corp

125

7,362

BCB

Bancorp,

Inc

132

26,834

Berkshire

Hills

Bancorp,

Inc

802

13,432

*

Blue

Foundry

Bancorp

173

8,721

Blue

Ridge

Bankshares,

Inc

109

15,941

BOK

Financial

Corp

1,655

10,571

*

Bridgewater

Bancshares,

Inc

188

28,234

Brookline

Bancorp,

Inc

400

6,436

Business

First

Bancshares,

Inc

142

5,576

Byline

Bancorp,

Inc

128

107,871

Cadence

BanCorp

2,660

2,502

Cambridge

Bancorp

208

3,639

Camden

National

Corp

152

4,609

Capital

Bancorp,

Inc

109

9,158

Capital

City

Bank

Group,

Inc

298

33,828

Capitol

Federal

Financial

293

5,956

Capstar

Financial

Holdings,

Inc

105

14,623

*

Carter

Bankshares,

Inc

243

25,721

Cathay

General

Bancorp

1,049

21,511

Central

Pacific

Financial

Corp

436

994,589

Citigroup,

Inc

44,985

9,568

Citizens

&

Northern

Corp

219

251,872

Citizens

Financial

Group,

Inc

9,916

4,775

e

City

Holding

Co

445

7,262

Civista

Bancshares,

Inc

160

9,772

CNB

Financial

Corp

232

5,328

*

Coastal

Financial

Corp

253

8,393

Colony

Bankcorp

Inc

107

39,274

Columbia

Banking

System,

Inc

1,183

17,061

*

Columbia

Financial,

Inc

369

69,667

Comerica,

Inc

4,657

55,801

Commerce

Bancshares,

Inc

3,798

29,222

Community

Bank

System,

Inc

1,840

1,585

Community

Trust

Bancorp,

Inc

73

21,722

ConnectOne

Bancorp,

Inc

526

2,974

*

CrossFirst

Bankshares,

Inc

37

31,366

e

Cullen/Frost

Bankers,

Inc

4,194

19,196

*

Customers

Bancorp,

Inc

544

45,531

CVB

Financial

Corp

1,172

19,153

Dime

Community

Bancshares,

Inc

610

17,266

Eagle

Bancorp,

Inc

761

71,752

East

West

Bancorp,

Inc

4,728

94,260

Eastern

Bankshares,

Inc

1,626

15,393

e

Enact

Holdings,

Inc

371

6,481

Enterprise

Bancorp,

Inc

229

16,077

Enterprise

Financial

Services

Corp

787

7,477

Equity

Bancshares,

Inc

244

3,546

Esquire

Financial

Holdings,

Inc

153

53,471

Essent

Group

Ltd

2,079

6,206

e

Farmers

&

Merchants

Bancorp,

Inc

169

18,150

Farmers

National

Banc

Corp

256

13,107

FB

Financial

Corp

474

1,343

Federal

Agricultural

Mortgage

Corp

(FAMC)

151

351,476

Fifth

Third

Bancorp

11,532

10,211

Financial

Institutions,

Inc

249

114,850

First

Bancorp

1,461

15,371

First

Bancorp

659

6,485

First

Bancorp,

Inc

194

6,018

First

Bancshares,

Inc

193

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

215

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

7,950

First

Bank

$

109

26,747

First

Busey

Corp

661

4,107

First

Business

Financial

Services,

Inc

150

5,426

First

Citizens

Bancshares,

Inc

(Class

A)

4,115

52,091

First

Commonwealth

Financial

Corp

728

12,139

First

Community

Bancshares,

Inc

412

47,775

First

Financial

Bancorp

1,158

70,877

First

Financial

Bankshares,

Inc

2,438

505

First

Financial

Corp

23

19,660

First

Foundation,

Inc

282

71,845

First

Hawaiian,

Inc

1,871

250,188

First

Horizon

National

Corp

6,130

4,089

First

Internet

Bancorp

99

43,798

First

Interstate

Bancsystem,

Inc

1,693

29,933

First

Merchants

Corp

1,231

7,120

First

Mid-Illinois

Bancshares,

Inc

228

15,462

First

of

Long

Island

Corp

278

92,712

First

Republic

Bank

11,301

4,047

*

First

Western

Financial,

Inc

114

6,452

Five

Star

Bancorp

176

4,145

Flushing

Financial

Corp

80

191,966

FNB

Corp

2,505

80,429

Fulton

Financial

Corp

1,354

6,122

*

FVCBankcorp,

Inc

117

5,087

German

American

Bancorp,

Inc

190

63,141

Glacier

Bancorp,

Inc

3,120

1,871

Great

Southern

Bancorp,

Inc

111

1,346

Guaranty

Bancshares,

Inc

47

47,878

Hancock

Whitney

Corp

2,317

23,963

Hanmi

Financial

Corp

593

16,668

HarborOne

Northeast

Bancorp,

Inc

232

13,408

Heartland

Financial

USA,

Inc

625

25,661

Heritage

Commerce

Corp

334

22,188

Heritage

Financial

Corp

680

35,248

Hilltop

Holdings,

Inc

1,058

997

Hingham

Institution

for

Savings

275

4,264

Home

Bancorp,

Inc

171

81,882

Home

Bancshares,

Inc

1,866

15,022

HomeStreet,

Inc

414

13,541

HomeTrust

Bancshares,

Inc

327

59,403

Hope

Bancorp,

Inc

761

2,709

Horizon

Bancorp

41

768,669

Huntington

Bancshares,

Inc

10,838

25,003

Independent

Bank

Corp

2,111

17,558

Independent

Bank

Corp

420

20,253

Independent

Bank

Group,

Inc

1,217

29,344

International

Bancshares

Corp

1,343

5,837

John

Marshall

Bancorp,

Inc

168

1,489,050

JPMorgan

Chase

&

Co

199,682

8,268

Kearny

Financial

Corp

84

490,546

Keycorp

8,545

9,106

Lakeland

Bancorp,

Inc

160

13,317

e

Lakeland

Financial

Corp

972

14,926

Live

Oak

Bancshares,

Inc

451

89,764

M&T

Bank

Corp

13,021

19,210

Macatawa

Bank

Corp

212

1,529

Mercantile

Bank

Corp

51

8,062

Merchants

Bancorp

196

20,574

Meta

Financial

Group,

Inc

886

10,190

Metrocity

Bankshares,

Inc

220

4,420

*

Metropolitan

Bank

Holding

Corp

259

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

216

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

136,986

MGIC

Investment

Corp

$

1,781

7,348

Mid

Penn

Bancorp,

Inc

220

10,800

Midland

States

Bancorp,

Inc

288

7,821

MidWestOne

Financial

Group,

Inc

248

37,224

*

Mr

Cooper

Group,

Inc

1,494

5,369

MVB

Financial

Corp

118

19,324

National

Bank

Holdings

Corp

813

21,431

NBT

Bancorp,

Inc

931

306,919

e

New

York

Community

Bancorp,

Inc

2,640

6,480

*

Nicolet

Bankshares,

Inc

517

38,864

*

NMI

Holdings,

Inc

812

3,442

Northeast

Bank

145

5,388

Northfield

Bancorp,

Inc

85

62,279

Northwest

Bancshares,

Inc

871

12,012

OceanFirst

Financial

Corp

255

33,903

OFG

Bancorp

934

133,138

Old

National

Bancorp

2,394

21,667

Old

Second

Bancorp,

Inc

348

11,057

Origin

Bancorp,

Inc

406

5,318

Orrstown

Financial

Services,

Inc

123

51,153

Pacific

Premier

Bancorp,

Inc

1,614

55,834

PacWest

Bancorp

1,281

7,855

Park

National

Corp

1,106

5,178

Parke

Bancorp,

Inc

107

5,966

PCB

Bancorp

106

13,465

PCSB

Financial

Corp

256

267

Peapack

Gladstone

Financial

Corp

10

9,684

PennyMac

Financial

Services,

Inc

549

4,697

Peoples

Bancorp,

Inc

133

5,712

Peoples

Financial

Services

Corp

296

41,191

Pinnacle

Financial

Partners,

Inc

3,023

206,542

PNC

Financial

Services

Group,

Inc

32,621

38,321

Popular,

Inc

2,541

8,859

Preferred

Bank

661

20,188

Premier

Financial

Corp

544

8,140

Primis

Financial

Corp

96

6,623

*

Professional

Holding

Corp

184

41,648

Prosperity

Bancshares,

Inc

3,027

6,589

Provident

Bancorp

Inc

48

12,289

Provident

Financial

Services,

Inc

262

8,729

QCR

Holdings,

Inc

433

73,149

Radian

Group,

Inc

1,395

9,265

RBB

Bancorp

193

2,235

Red

River

Bancshares

Inc

114

482,164

Regions

Financial

Corp

10,395

30,881

Renasant

Corp

1,161

6,104

Republic

Bancorp,

Inc

(Class

A)

250

34,776

*,e

Republic

First

Bancorp,

Inc

75

74,318

Rocket

Cos,

Inc

520

13,081

S&T

Bancorp,

Inc

447

22,606

Sandy

Spring

Bancorp,

Inc

796

28,631

Seacoast

Banking

Corp

of

Florida

893

24,631

ServisFirst

Bancshares,

Inc

1,697

9,123

Shore

Bancshares,

Inc

159

8,919

Sierra

Bancorp

189

32,409

Signature

Bank

3,734

12,494

*,e

Silvergate

Capital

Corp

217

55,218

Simmons

First

National

Corp

(Class

A)

1,192

5,382

SmartFinancial,

Inc

148

5,202

South

Plains

Financial

Inc

143

38,442

South

State

Corp

2,935

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

217

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,079

*

Southern

First

Bancshares,

Inc

$

187

4,139

Southern

Missouri

Bancorp,

Inc

190

10,544

Southside

Bancshares,

Inc

379

23,920

e

Stellar

Bancorp,

Inc

705

11,262

Stock

Yards

Bancorp,

Inc

732

6,101

Summit

Financial

Group,

Inc

152

30,276

*

SVB

Financial

Group

6,968

74,250

Synovus

Financial

Corp

2,788

27,678

*

Texas

Capital

Bancshares,

Inc

1,669

34,383

TFS

Financial

Corp

495

35,393

*

The

Bancorp,

Inc

1,004

6,549

*

Third

Coast

Bancshares,

Inc

121

7,201

Tompkins

Financial

Corp

559

34,516

Towne

Bank

1,064

19,212

Trico

Bancshares

980

10,668

Triumph

Bancorp,

Inc

521

686,348

Truist

Financial

Corp

29,534

2,656

TrustCo

Bank

Corp

NY

100

34,442

Trustmark

Corp

1,202

23,900

UMB

Financial

Corp

1,996

117,477

Umpqua

Holdings

Corp

2,097

68,198

United

Bankshares,

Inc

2,761

48,352

United

Community

Banks,

Inc

1,634

5,426

Univest

Financial

Corp

142

692,843

US

Bancorp

30,215

23,393

e

UWM

Holdings

Corp

77

218,557

Valley

National

Bancorp

2,472

22,054

Veritex

Holdings,

Inc

619

12,277

Walker

&

Dunlop,

Inc

964

25,531

Washington

Federal,

Inc

857

3,676

Washington

Trust

Bancorp,

Inc

173

19,189

Waterstone

Financial,

Inc

331

99,733

Webster

Financial

Corp

4,721

1,948,308

Wells

Fargo

&

Co

80,446

21,097

WesBanco,

Inc

780

11,970

West

Bancorporation,

Inc

306

13,352

Westamerica

Bancorporation

788

50,142

Western

Alliance

Bancorp

2,986

31,127

Wintrust

Financial

Corp

2,631

37,346

WSFS

Financial

Corp

1,693

81,460

Zions

Bancorporation

4,005

TOTAL

BANKS

822,192

CAPITAL

GOODS

-

6.7%

282,839

3M

Co

33,918

66,416

A.O.

Smith

Corp

3,802

21,498

Aaon,

Inc

1,619

23,226

*

AAR

Corp

1,043

16,749

Acuity

Brands,

Inc

2,774

31,531

Advanced

Drainage

Systems,

Inc

2,585

65,914

Aecom

Technology

Corp

5,598

39,078

*

Aerojet

Rocketdyne

Holdings,

Inc

2,186

12,268

*

Aerovironment,

Inc

1,051

8,143

*

AerSale

Corp

132

29,823

AGCO

Corp

4,136

38,532

Air

Lease

Corp

1,480

5,157

Alamo

Group,

Inc

730

16,794

Albany

International

Corp

(Class

A)

1,656

44,803

Allegion

plc

4,716

6,739

Allied

Motion

Technologies,

Inc

235

34,500

Allison

Transmission

Holdings,

Inc

1,435

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

218

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

10,745

Alta

Equipment

Group,

Inc

$

142

35,359

Altra

Industrial

Motion

Corp

2,113

13,776

*

Ameresco,

Inc

787

10,171

*

American

Woodmark

Corp

497

115,682

Ametek,

Inc

16,163

98,441

*

API

Group

Corp

1,852

13,802

Apogee

Enterprises,

Inc

614

21,181

Applied

Industrial

Technologies,

Inc

2,669

63,826

*,e

Archer

Aviation,

Inc

119

26,444

Arcosa,

Inc

1,437

10,471

e

Argan,

Inc

386

20,887

Armstrong

World

Industries,

Inc

1,433

69,116

*

Array

Technologies,

Inc

1,336

15,250

Astec

Industries,

Inc

620

73,791

*,e

Astra

Space,

Inc

32

15,755

*

Astronics

Corp

162

20,918

*

Atkore

International

Group,

Inc

2,373

35,579

*

Axon

Enterprise,

Inc

5,904

60,195

*

AZEK

Co,

Inc

1,223

13,571

AZZ,

Inc

546

30,289

*,e

Babcock

&

Wilcox

Enterprises,

Inc

175

25,595

Barnes

Group,

Inc

1,046

22,560

*

Beacon

Roofing

Supply,

Inc

1,191

19,926

*,e

Blink

Charging

Co

219

75,992

*

Bloom

Energy

Corp

1,453

3,946

*

Blue

Bird

Corp

42

4,896

*

BlueLinx

Holdings,

Inc

348

279,794

*

Boeing

Co

53,298

21,496

Boise

Cascade

Co

1,476

13,313

e

Brookfield

Business

Corp

250

73,255

*

Builders

FirstSource,

Inc

4,753

40,627

BWX

Technologies,

Inc

2,360

8,469

Cadre

Holdings,

Inc

171

14,163

e

Caesarstone

Sdot-Yam

Ltd

81

25,553

Carlisle

Cos,

Inc

6,022

433,072

Carrier

Global

Corp

17,864

267,006

Caterpillar,

Inc

63,964

120,169

*,e

ChargePoint

Holdings,

Inc

1,145

17,096

*,e

Chart

Industries,

Inc

1,970

12,045

*

CIRCOR

International,

Inc

289

14,727

Columbus

McKinnon

Corp

478

14,357

Comfort

Systems

USA,

Inc

1,652

11,212

*

Construction

Partners

Inc

299

18,969

*

Core

&

Main,

Inc

366

21,581

Crane

Holdings

Co

2,168

7,468

CSW

Industrials,

Inc

866

70,319

Cummins,

Inc

17,038

19,563

Curtiss-Wright

Corp

3,267

30,728

*,e

Custom

Truck

One

Source,

Inc

194

44,985

*,e

Decarbonization

Plus

Acquisition

Corp

70

141,502

Deere

&

Co

60,670

62,846

*,e

Desktop

Metal,

Inc

85

63,211

Donaldson

Co,

Inc

3,721

16,771

Douglas

Dynamics,

Inc

606

73,026

Dover

Corp

9,888

8,048

*

Ducommun,

Inc

402

11,117

*

DXP

Enterprises,

Inc

306

16,954

*

Dycom

Industries,

Inc

1,587

204,029

Eaton

Corp

32,022

24,435

EMCOR

Group,

Inc

3,619

297,582

Emerson

Electric

Co

28,586

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

219

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

8,964

Encore

Wire

Corp

$

1,233

24,905

*

Energy

Recovery,

Inc

510

12,892

*,e

Energy

Vault

Holdings,

Inc

40

32,971

Enerpac

Tool

Group

Corp

839

25,301

EnerSys

1,868

55,762

*,e

Enovix

Corp

694

11,263

EnPro

Industries,

Inc

1,224

21,428

Esab

Corp

1,005

13,003

ESCO

Technologies,

Inc

1,138

41,349

*,e

ESS

Tech,

Inc

100

63,155

*

Evoqua

Water

Technologies

Corp

2,501

297,190

Fastenal

Co

14,063

32,884

Federal

Signal

Corp

1,528

71,435

Flowserve

Corp

2,192

18,242

*,e

Fluence

Energy,

Inc

313

77,505

*

Fluor

Corp

2,686

180,842

Fortive

Corp

11,619

67,350

Fortune

Brands

Home

&

Security,

Inc

3,846

20,104

Franklin

Electric

Co,

Inc

1,603

21,243

*,e

FTC

Solar,

Inc

57

176,294

*,e

FuelCell

Energy,

Inc

490

30,738

*

Gates

Industrial

Corp

plc

351

12,741

GATX

Corp

1,355

31,919

*

Generac

Holdings,

Inc

3,213

124,399

General

Dynamics

Corp

30,865

560,024

General

Electric

Co

46,924

17,907

*

Gibraltar

Industries,

Inc

822

9,938

Global

Industrial

Co

234

21,710

*

GMS,

Inc

1,081

12,385

Gorman-Rupp

Co

317

85,810

Graco,

Inc

5,772

95,580

GrafTech

International

Ltd

455

24,972

Granite

Construction,

Inc

876

44,924

*

Great

Lakes

Dredge

&

Dock

Corp

267

19,838

Greenbrier

Cos,

Inc

665

20,793

Griffon

Corp

744

17,554

H&E

Equipment

Services,

Inc

797

21,061

*,e

Hayward

Holdings,

Inc

198

21,280

HEICO

Corp

3,269

38,786

HEICO

Corp

(Class

A)

4,649

16,194

Helios

Technologies,

Inc

882

13,619

Herc

Holdings,

Inc

1,792

48,986

Hexcel

Corp

2,883

32,149

Hillenbrand,

Inc

1,372

69,001

*

Hillman

Solutions

Corp

497

342,164

Honeywell

International,

Inc

73,326

178,854

Howmet

Aerospace,

Inc

7,049

27,556

Hubbell,

Inc

6,467

22,109

*

Hudson

Technologies,

Inc

224

20,298

Huntington

Ingalls

4,682

20,974

*

Hydrofarm

Holdings

Group,

Inc

33

63,978

*,e

Hyliion

Holdings

Corp

150

7,224

Hyster-Yale

Materials

Handling,

Inc

183

37,542

IDEX

Corp

8,572

5,334

*

IES

Holdings,

Inc

190

154,080

Illinois

Tool

Works,

Inc

33,944

210,036

Ingersoll

Rand,

Inc

10,974

3,056

Insteel

Industries,

Inc

84

46,862

ITT,

Inc

3,801

41,873

*

Janus

International

Group,

Inc

399

45,832

*

JELD-WEN

Holding,

Inc

442

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

220

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

16,888

John

Bean

Technologies

Corp

$

1,542

349,702

Johnson

Controls

International

plc

22,381

5,348

Kadant,

Inc

950

15,070

Kaman

Corp

336

45,625

Kennametal,

Inc

1,098

66,946

*

Kratos

Defense

&

Security

Solutions,

Inc

691

99,323

L3Harris

Technologies,

Inc

20,680

4,456

*

Lawson

Products,

Inc

164

16,699

Lennox

International,

Inc

3,995

28,514

Lincoln

Electric

Holdings,

Inc

4,120

5,950

Lindsay

Corp

969

119,938

Lockheed

Martin

Corp

58,349

17,575

Luxfer

Holdings

plc

241

22,630

*

Manitowoc

Co,

Inc

207

56,422

*,e

Markforged

Holding

Corp

65

107,444

Masco

Corp

5,014

13,395

*

Masonite

International

Corp

1,080

32,416

*

Mastec,

Inc

2,766

67,350

*

Masterbrand,

Inc

508

38,365

Maxar

Technologies,

Inc

1,985

8,494

McGrath

RentCorp

839

96,446

MDU

Resources

Group,

Inc

2,926

30,340

*

Mercury

Systems,

Inc

1,357

87,434

*,e

Microvast

Holdings,

Inc

134

27,681

*

Middleby

Corp

3,706

7,280

Miller

Industries,

Inc

194

14,585

Moog,

Inc

(Class

A)

1,280

43,932

*

MRC

Global,

Inc

509

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,575

28,683

Mueller

Industries,

Inc

1,692

85,916

Mueller

Water

Products,

Inc

(Class

A)

924

10,993

*

MYR

Group,

Inc

1,012

3,534

National

Presto

Industries,

Inc

242

109,431

*,e

Nikola

Corp

236

28,439

Nordson

Corp

6,761

75,585

Northrop

Grumman

Corp

41,240

6,891

*

Northwest

Pipe

Co

232

78,206

*

NOW,

Inc

993

16,026

*

NuScale

Power

Corp

164

5,211

*

NV5

Global

Inc

690

87,536

nVent

Electric

plc

3,368

2,354

e

Omega

Flex,

Inc

220

33,865

Oshkosh

Corp

2,987

206,243

Otis

Worldwide

Corp

16,151

47,520

Owens

Corning,

Inc

4,053

172,642

PACCAR,

Inc

17,086

14,228

Park

Aerospace

Corp

191

64,796

Parker-Hannifin

Corp

18,856

12,058

*

Parsons

Corp

558

88,369

Pentair

plc

3,975

36,380

*

PGT

Innovations,

Inc

653

274,975

*,e

Plug

Power,

Inc

3,401

7,077

Powell

Industries,

Inc

249

1,801

Preformed

Line

Products

Co

150

28,783

Primoris

Services

Corp

631

113,352

*,e

Proterra,

Inc

427

15,505

*

Proto

Labs,

Inc

396

16,969

Quanex

Building

Products

Corp

402

75,730

Quanta

Services,

Inc

10,792

748,163

Raytheon

Technologies

Corp

75,505

13,498

*

RBC

Bearings,

Inc

2,826

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

221

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

36,333

Regal-Beloit

Corp

$

4,359

82,950

*

Resideo

Technologies,

Inc

1,365

8,757

REV

Group,

Inc

111

109,316

*,e

Rocket

Lab

USA,

Inc

412

58,884

Rockwell

Automation,

Inc

15,167

15,224

Rush

Enterprises,

Inc

(Class

A)

796

6,895

Rush

Enterprises,

Inc

(Class

B)

388

38,910

*,e

Sarcos

Technology

and

Robotics

Corp

22

80,042

Sensata

Technologies

Holding

plc

3,232

50,036

*

Shoals

Technologies

Group,

Inc

1,234

18,886

Shyft

Group,

Inc

470

19,894

Simpson

Manufacturing

Co,

Inc

1,764

24,415

*

SiteOne

Landscape

Supply,

Inc

2,864

25,706

Snap-On,

Inc

5,874

59,911

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,773

23,935

*

SPX

Technologies,

Inc

1,571

4,143

Standex

International

Corp

424

77,790

Stanley

Black

&

Decker,

Inc

5,844

73,460

*,e

Stem,

Inc

657

18,886

*

Sterling

Construction

Co,

Inc

619

109,516

*

Sunrun,

Inc

2,631

10,075

Tennant

Co

620

35,787

Terex

Corp

1,529

13,596

Textainer

Group

Holdings

Ltd

422

104,739

Textron,

Inc

7,416

24,419

*

Thermon

Group

Holdings

490

35,263

Timken

Co

2,492

27,553

*

Titan

International,

Inc

422

11,613

*

Titan

Machinery,

Inc

461

51,928

Toro

Co

5,878

19,490

*

TPI

Composites,

Inc

198

115,072

Trane

Technologies

plc

19,342

3,856

*

Transcat

Inc

273

25,511

TransDigm

Group,

Inc

16,063

63,333

*

Trex

Co,

Inc

2,681

42,805

Trinity

Industries,

Inc

1,266

28,650

Triton

International

Ltd

1,971

32,779

*

Triumph

Group,

Inc

345

27,269

*

Tutor

Perini

Corp

206

26,618

UFP

Industries,

Inc

2,109

34,882

*

United

Rentals,

Inc

12,398

78,474

*

Univar

Solutions

Inc

2,495

10,628

Valmont

Industries,

Inc

3,514

7,860

*

Vectrus,

Inc

325

7,828

Veritiv

Corp

953

154,466

Vertiv

Holdings

Co

2,110

12,845

*

Vicor

Corp

690

57,371

*,e

View,

Inc

55

96,965

*,e

Virgin

Galactic

Holdings,

Inc

337

23,389

W.W.

Grainger,

Inc

13,010

2,535

Wabash

National

Corp

57

17,942

Watsco,

Inc

4,475

12,667

Watts

Water

Technologies,

Inc

(Class

A)

1,852

19,299

*

WESCO

International,

Inc

2,416

90,345

Westinghouse

Air

Brake

Technologies

Corp

9,017

105,633

*

WillScot

Mobile

Mini

Holdings

Corp

4,771

30,482

Woodward

Inc

2,945

95,020

Xylem,

Inc

10,506

65,462

Zurn

Water

Solutions

Corp

1,385

TOTAL

CAPITAL

GOODS

1,291,656

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

222

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

40,285

ABM

Industries,

Inc

$

1,789

5,587

ACCO

Brands

Corp

31

57,811

*,e

ACV

Auctions,

Inc

475

174,070

*

Alight,

Inc

1,455

11,286

e

Aris

Water

Solution,

Inc

163

27,574

*

ASGN

Inc

2,247

5,145

Barrett

Business

Services,

Inc

480

66,781

Booz

Allen

Hamilton

Holding

Co

6,980

22,496

Brady

Corp

(Class

A)

1,060

16,522

*

BrightView

Holdings,

Inc

114

26,557

Brink's

Co

1,426

12,641

*

CACI

International,

Inc

(Class

A)

3,800

26,846

*

Casella

Waste

Systems,

Inc

(Class

A)

2,129

18,053

*

CBIZ,

Inc

846

8,021

*

Cimpress

plc

221

43,380

Cintas

Corp

19,591

226,376

*

Clarivate

Analytics

plc

1,888

27,814

*

Clean

Harbors,

Inc

3,174

214,998

*

Copart,

Inc

13,091

49,610

*

CoreCivic,

Inc

574

201,024

*

CoStar

Group,

Inc

15,535

3,881

CRA

International,

Inc

475

22,984

Deluxe

Corp

390

20,676

*

Driven

Brands

Holdings,

Inc

565

129,661

e

Dun

&

Bradstreet

Holdings,

Inc

1,590

1,045

e

Ennis,

Inc

23

62,334

Equifax,

Inc

12,115

28,338

Exponent,

Inc

2,808

15,944

*

First

Advantage

Corp

207

7,582

*

Forrester

Research,

Inc

271

7,620

*

Franklin

Covey

Co

356

16,142

*

FTI

Consulting,

Inc

2,563

42,598

*,e

Geo

Group,

Inc

466

42,732

*

Harsco

Corp

269

40,910

Healthcare

Services

Group

491

14,300

Heidrick

&

Struggles

International,

Inc

400

8,893

*

Heritage-Crystal

Clean,

Inc

289

37,280

Herman

Miller,

Inc

783

10,874

*,e

HireRight

Holdings

Corp

129

23,758

HNI

Corp

675

15,850

*

Huron

Consulting

Group,

Inc

1,151

74,086

*

IAA,

Inc

2,963

6,267

e

ICF

International,

Inc

621

19,828

Insperity,

Inc

2,252

44,581

Interface,

Inc

440

64,684

Jacobs

Solutions,

Inc

7,767

67,918

*

KAR

Auction

Services,

Inc

886

77,169

KBR,

Inc

4,075

20,372

Kelly

Services,

Inc

(Class

A)

344

11,207

Kforce,

Inc

615

25,171

Kimball

International,

Inc

(Class

B)

164

29,134

Korn/Ferry

International

1,475

23,268

*,e

Legalzoom.com,

Inc

180

69,072

Leidos

Holdings,

Inc

7,266

67,802

*,e

Li-Cycle

Holdings

Corp

323

31,415

Manpower,

Inc

2,614

16,885

Matthews

International

Corp

(Class

A)

514

12,017

*

Montrose

Environmental

Group,

Inc

533

19,573

MSA

Safety,

Inc

2,822

4,961

NL

Industries,

Inc

34

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

223

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

95,984

Pitney

Bowes,

Inc

$

365

79,689

*,e

Planet

Labs

PBC

347

4,854

*,e

Red

Violet,

Inc

112

104,675

Republic

Services,

Inc

13,502

20,546

Resources

Connection,

Inc

378

55,521

Robert

Half

International,

Inc

4,099

119,495

Rollins,

Inc

4,366

28,414

Science

Applications

International

Corp

3,152

41,609

*,e

Skillsoft

Corp

54

12,140

*

SP

Plus

Corp

422

61,807

Steelcase,

Inc

(Class

A)

437

49,051

*

Stericycle,

Inc

2,447

12,139

*,e

Sterling

Check

Corp

188

29,513

Tetra

Tech,

Inc

4,285

100,803

TransUnion

5,721

15,001

*

TriNet

Group,

Inc

1,017

19,072

*

TrueBlue,

Inc

373

8,983

Unifirst

Corp

1,734

63,645

*

Upwork,

Inc

664

78,645

Verisk

Analytics,

Inc

13,875

15,178

*

Viad

Corp

370

5,586

VSE

Corp

262

206,562

Waste

Management,

Inc

32,405

5,398

*,e

Willdan

Group,

Inc

96

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

229,644

CONSUMER

DURABLES

&

APPAREL

-

1.2%

15,286

e

Acushnet

Holdings

Corp

649

48,382

*

Allbirds,

Inc

117

35,953

*,e

AMMO,

Inc

62

21,459

*

Beazer

Homes

USA,

Inc

274

35,190

Brunswick

Corp

2,536

63,158

*

Callaway

Golf

Co

1,247

56,416

*

Capri

Holdings

Ltd

3,234

19,479

e

Carter's,

Inc

1,453

5,040

*

Cavco

Industries,

Inc

1,140

13,611

Century

Communities,

Inc

681

14,289

Clarus

Corp

112

21,656

Columbia

Sportswear

Co

1,897

31,668

*

Crocs,

Inc

3,434

14,122

*

Deckers

Outdoor

Corp

5,637

166,594

DR

Horton,

Inc

14,850

10,739

*,e

Dream

Finders

Homes,

Inc

93

24,672

Ermenegildo

Zegna

Holditalia

S.p.A

258

18,783

Ethan

Allen

Interiors,

Inc

496

31,215

*

Fossil

Group,

Inc

135

79,850

*

Garmin

Ltd

7,369

24,084

*

G-III

Apparel

Group

Ltd

330

74,136

*

GoPro,

Inc

369

16,535

*

Green

Brick

Partners,

Inc

401

156,073

Hanesbrands,

Inc

993

67,084

Hasbro,

Inc

4,093

13,347

*

Helen

of

Troy

Ltd

1,480

2,792

*

Hovnanian

Enterprises,

Inc

117

13,822

Installed

Building

Products,

Inc

1,183

15,263

*,e

iRobot

Corp

735

3,583

Johnson

Outdoors,

Inc

237

36,885

KB

Home

1,175

30,075

e

Kontoor

Brands,

Inc

1,203

12,660

*

Latham

Group,

Inc

41

25,091

La-Z-Boy,

Inc

573

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

224

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

73,033

Leggett

&

Platt,

Inc

$

2,354

132,136

Lennar

Corp

(Class

A)

11,958

2,824

Lennar

Corp

(Class

B)

211

12,635

*

LGI

Homes,

Inc

1,170

7,210

Lifetime

Brands,

Inc

55

5,568

*

Lovesac

Co

123

56,995

*

Lululemon

Athletica,

Inc

18,260

5,951

*

M/I

Homes,

Inc

275

13,092

*

Malibu

Boats,

Inc

698

8,407

Marine

Products

Corp

99

13,690

*

MasterCraft

Boat

Holdings,

Inc

354

167,123

*

Mattel,

Inc

2,981

23,210

MDC

Holdings,

Inc

733

17,632

*

Meritage

Homes

Corp

1,626

28,443

*

Mohawk

Industries,

Inc

2,907

11,320

e

Movado

Group,

Inc

365

207,669

Newell

Brands

Inc

2,716

627,101

Nike,

Inc

(Class

B)

73,377

1,503

*

NVR,

Inc

6,933

8,770

e

Oxford

Industries,

Inc

817

145,284

*,e

Peloton

Interactive,

Inc

1,154

5,912

*,e

PLBY

Group,

Inc

16

27,935

Polaris

Inc

2,821

107,132

Pulte

Homes,

Inc

4,878

27,406

*,e

Purple

Innovation,

Inc

131

34,330

PVH

Corp

2,423

19,684

Ralph

Lauren

Corp

2,080

3,738

Rocky

Brands,

Inc

88

72,360

*

Skechers

U.S.A.,

Inc

(Class

A)

3,036

28,672

*

Skyline

Champion

Corp

1,477

29,016

Smith

&

Wesson

Brands,

Inc

252

67,337

*

Sonos,

Inc

1,138

44,766

Steven

Madden

Ltd

1,431

3,716

e

Sturm

Ruger

&

Co,

Inc

188

5,163

Superior

Uniform

Group,

Inc

52

129,498

Tapestry,

Inc

4,931

52,524

*

Taylor

Morrison

Home

Corp

1,594

87,531

Tempur

Sealy

International,

Inc

3,005

47,932

Toll

Brothers,

Inc

2,393

18,124

*

TopBuild

Corp

2,836

12,158

*,e

Traeger,

Inc

34

47,835

*

TRI

Pointe

Homes,

Inc

889

28,980

*

Tupperware

Brands

Corp

120

84,878

*

Under

Armour,

Inc

(Class

A)

862

110,542

*

Under

Armour,

Inc

(Class

C)

986

10,905

*

Unifi,

Inc

94

10,485

*

Universal

Electronics,

Inc

218

180,319

VF

Corp

4,979

94,396

*,e

Vinco

Ventures,

Inc

44

8,898

*

Vista

Outdoor,

Inc

217

34,786

*,e

Vizio

Holding

Corp

258

32,024

*,e

Vuzix

Corp

117

13,847

e

Weber,

Inc

111

26,040

Whirlpool

Corp

3,684

48,726

Wolverine

World

Wide,

Inc

533

46,993

*

YETI

Holdings,

Inc

1,941

TOTAL

CONSUMER

DURABLES

&

APPAREL

237,627

CONSUMER

SERVICES

-

2.2%

36,774

*

2U,

Inc

231

25,118

*

Accel

Entertainment,

Inc

193

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

225

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

86,801

ADT,

Inc

$

787

22,794

*,e

Adtalem

Global

Education,

Inc

809

192,462

*

Airbnb,

Inc

16,456

12,233

*

American

Public

Education,

Inc

150

108,444

ARAMARK

Holdings

Corp

4,483

17,816

*,e

Bally's

Corp

345

769

*

Biglari

Holdings,

Inc

(B

Shares)

107

15,173

*

BJ's

Restaurants,

Inc

400

44,145

Bloomin'

Brands,

Inc

888

8,897

Bluegreen

Vacations

Holding

Corp

222

19,733

*

Booking

Holdings,

Inc

39,768

19,931

*

Bowlero

Corp

269

37,718

Boyd

Gaming

Corp

2,057

28,106

*

Bright

Horizons

Family

Solutions

1,774

25,489

*

Brinker

International,

Inc

813

109,557

*

Caesars

Entertainment,

Inc

4,558

468,051

*,e

Carnival

Corp

3,773

11,838

Carriage

Services,

Inc

326

16,727

*

Century

Casinos,

Inc

118

23,639

e

Cheesecake

Factory

750

54,286

*

Chegg,

Inc

1,372

14,017

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

19,448

19,126

Choice

Hotels

International,

Inc

2,154

19,167

Churchill

Downs,

Inc

4,052

12,474

*

Chuy's

Holdings,

Inc

353

57,806

*

Coursera,

Inc

684

12,944

e

Cracker

Barrel

Old

Country

Store,

Inc

1,226

62,350

Darden

Restaurants,

Inc

8,625

23,587

*

Dave

&

Buster's

Entertainment,

Inc

836

41,277

*

Denny's

Corp

380

8,713

e

Dine

Brands

Global

Inc.

563

18,765

Domino's

Pizza,

Inc

6,500

173,206

*,e

DraftKings,

Inc

1,973

12,069

*

Duolingo,

Inc

858

14,501

e

El

Pollo

Loco

Holdings,

Inc

144

10,835

e

European

Wax

Center,

Inc

135

45,885

*

Everi

Holdings,

Inc

658

75,700

*

Expedia

Group,

Inc

6,631

45,952

*

frontdoor,

Inc

956

16,841

*,e

Full

House

Resorts,

Inc

127

7,389

*

Golden

Entertainment,

Inc

276

1,473

Graham

Holdings

Co

890

16,404

*

Grand

Canyon

Education,

Inc

1,733

70,456

H&R

Block,

Inc

2,572

34,161

*

Hilton

Grand

Vacations,

Inc

1,317

135,018

Hilton

Worldwide

Holdings,

Inc

17,061

24,452

*

Hyatt

Hotels

Corp

2,212

11,356

*

Inspired

Entertainment,

Inc

144

54,564

International

Game

Technology

plc

1,238

12,544

Jack

in

the

Box,

Inc

856

44,656

e

Krispy

Kreme,

Inc

461

167,139

*

Las

Vegas

Sands

Corp

8,034

62,559

Laureate

Education,

Inc

602

20,784

*,e

Life

Time

Group

Holdings,

Inc

249

10,890

*,e

Lindblad

Expeditions

Holdings,

Inc

84

133,278

Marriott

International,

Inc

(Class

A)

19,844

18,319

Marriott

Vacations

Worldwide

Corp

2,466

375,756

McDonald's

Corp

99,023

168,630

MGM

Resorts

International

5,654

22,276

*,e

Mister

Car

Wash,

Inc

206

7,140

*

Monarch

Casino

&

Resort,

Inc

549

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

226

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,043

*

NEOGAMES

S.A.

$

37

8,091

*

Noodles

&

Co

44

204,209

*,e

Norwegian

Cruise

Line

Holdings

Ltd

2,500

29,338

*,e

OneSpaWorld

Holdings

Ltd

274

18,811

Papa

John's

International,

Inc

1,548

85,767

*

Penn

National

Gaming,

Inc

2,547

46,334

*

Perdoceo

Education

Corp

644

45,756

*

Planet

Fitness,

Inc

3,606

12,559

*

Portillo's,

Inc

205

23,203

*

PowerSchool

Holdings,

Inc

536

6,547

RCI

Hospitality

Holdings,

Inc

610

26,499

Red

Rock

Resorts,

Inc

1,060

47,538

*

Rover

Group,

Inc

174

120,421

*

Royal

Caribbean

Cruises

Ltd

5,952

28,549

*

Rush

Street

Interactive,

Inc

103

21,790

Ruth's

Hospitality

Group

Inc

337

52,481

*

Scientific

Games

Corp

(Class

A)

3,075

22,953

*

SeaWorld

Entertainment,

Inc

1,228

77,028

Service

Corp

International

5,326

20,425

*

Shake

Shack,

Inc

848

42,367

*

Six

Flags

Entertainment

Corp

985

584,742

Starbucks

Corp

58,006

11,328

e

Strategic

Education,

Inc

887

13,194

*

Stride,

Inc

413

44,740

*,e

Sweetgreen,

Inc

383

21,327

*,e

Target

Hospitality

Corp

323

35,053

Texas

Roadhouse,

Inc

(Class

A)

3,188

39,819

Travel

&

Leisure

Co

1,449

36,983

*,e

Udemy,

Inc

390

16,593

*

Universal

Technical

Institute,

Inc

112

57,183

*,e

Vacasa,

Inc

72

21,929

Vail

Resorts,

Inc

5,227

41,530

*

Vivint

Smart

Home,

Inc

494

97,887

Wendy's

2,215

16,288

Wingstop,

Inc

2,242

26,120

*

WW

International

Inc

101

45,815

Wyndham

Hotels

&

Resorts,

Inc

3,267

58,587

*

Wynn

Resorts

Ltd

4,832

8,699

*

Xponential

Fitness,

Inc

199

140,288

Yum!

Brands,

Inc

17,968

TOTAL

CONSUMER

SERVICES

435,830

DIVERSIFIED

FINANCIALS

-

5.5%

8,101

e

AFC

Gamma,

Inc

127

17,614

Affiliated

Managers

Group,

Inc

2,791

247,438

e

AGNC

Investment

Corp

2,561

8,948

Alerus

Financial

Corp

209

148,401

Ally

Financial,

Inc

3,628

9,522

A-Mark

Precious

Metals,

Inc

331

306,966

American

Express

Co

45,354

54,253

Ameriprise

Financial,

Inc

16,893

239,553

Annaly

Capital

Management,

Inc

5,050

68,911

Apollo

Commercial

Real

Estate

Finance,

Inc

742

247,899

Apollo

Global

Management,

Inc

15,814

61,262

e

Arbor

Realty

Trust,

Inc

808

22,112

e

Ares

Commercial

Real

Estate

Corp

228

78,238

Ares

Management

Corp

5,355

26,163

e

ARMOUR

Residential

REIT,

Inc

147

32,135

Artisan

Partners

Asset

Management,

Inc

954

8,796

*

Assetmark

Financial

Holdings,

Inc

202

4,316

Associated

Capital

Group,

Inc

181

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

227

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

10,240

e

B.

Riley

Financial,

Inc

$

350

21,466

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

348

378,977

Bank

of

New

York

Mellon

Corp

17,251

919,068

*

Berkshire

Hathaway,

Inc

(Class

B)

283,900

166,153

BGC

Partners,

Inc

(Class

A)

626

76,716

BlackRock,

Inc

54,363

87,301

e

Blackstone

Mortgage

Trust,

Inc

1,848

361,366

Blackstone,

Inc

26,810

30,473

*,e

Blucora,

Inc

778

207,831

e

Blue

Owl

Capital,

Inc

2,203

23,450

Brightsphere

Investment

Group,

Inc

483

46,061

BrightSpire

Capital,

Inc

287

37,551

e

Broadmark

Realty

Capital,

Inc

134

48,331

*

Cannae

Holdings,

Inc

998

192,677

Capital

One

Financial

Corp

17,911

106,775

Carlyle

Group,

Inc

3,186

53,974

CBOE

Global

Markets,

Inc

6,772

775,620

Charles

Schwab

Corp

64,578

121,929

e

Chimera

Investment

Corp

671

47,158

e

Claros

Mortgage

Trust,

Inc

694

185,659

CME

Group,

Inc

31,220

15,440

Cohen

&

Steers,

Inc

997

79,947

*,e

Coinbase

Global,

Inc

2,829

31,056

e

Compass

Diversified

Trust

566

18,127

Cowen

Group,

Inc

700

3,577

*,e

Credit

Acceptance

Corp

1,697

7,834

e

Curo

Group

Holdings

Corp

28

2,179

Diamond

Hill

Investment

Group,

Inc

403

138,902

Discover

Financial

Services

13,589

19,156

*

Donnelley

Financial

Solutions,

Inc

740

11,107

e

Dynex

Capital,

Inc

141

17,423

e

Ellington

Financial

Inc

216

10,179

*

Encore

Capital

Group,

Inc

488

23,911

*

Enova

International,

Inc

917

175,999

Equitable

Holdings,

Inc

5,051

18,622

Evercore

Inc

2,031

38,445

*

Ezcorp,

Inc

(Class

A)

313

19,752

Factset

Research

Systems,

Inc

7,925

51,663

Federated

Investors,

Inc

(Class

B)

1,876

17,545

FirstCash

Holdings,

Inc

1,525

32,102

*

Focus

Financial

Partners,

Inc

1,196

23,368

e

Franklin

BSP

Realty

Trust,

Inc

301

145,793

e

Franklin

Resources,

Inc

3,846

23,172

e

GCM

Grosvenor,

Inc

176

166,292

Goldman

Sachs

Group,

Inc

57,101

31,227

Granite

Point

Mortgage

Trust,

Inc

167

33,057

*

Green

Dot

Corp

523

18,233

Hamilton

Lane,

Inc

1,165

41,845

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,213

25,893

Houlihan

Lokey,

Inc

2,257

44,099

Interactive

Brokers

Group,

Inc

(Class

A)

3,191

282,149

Intercontinental

Exchange

Group,

Inc

28,946

183,237

Invesco

Ltd

3,296

10,073

e

Invesco

Mortgage

Capital,

Inc

128

38,721

Jackson

Financial,

Inc

1,347

84,445

Janus

Henderson

Group

plc

1,986

110,637

Jefferies

Financial

Group,

Inc

3,793

289,960

KKR

&

Co,

Inc

13,460

17,625

KKR

Real

Estate

Finance

Trust,

Inc

246

49,932

Ladder

Capital

Corp

501

55,948

Lazard

Ltd

(Class

A)

1,940

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

228

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

42,896

*

LendingClub

Corp

$

378

6,343

*

LendingTree,

Inc

135

40,959

LPL

Financial

Holdings,

Inc

8,854

18,723

MarketAxess

Holdings,

Inc

5,222

46,018

MFA

Financial,

Inc

453

33,380

Moelis

&

Co

1,281

74,135

*

Moneylion,

Inc

46

81,693

Moody's

Corp

22,761

628,747

Morgan

Stanley

53,456

12,847

Morningstar,

Inc

2,783

39,665

MSCI,

Inc

(Class

A)

18,451

173,507

Nasdaq

Inc

10,645

35,663

e

Navient

Corp

587

3,424

Nelnet,

Inc

(Class

A)

311

13,129

*,e

NerdWallet,

Inc

126

185,902

New

Residential

Investment

Corp

1,519

73,139

e

New

York

Mortgage

Trust,

Inc

187

108,636

Northern

Trust

Corp

9,613

52,599

OneMain

Holdings,

Inc

1,752

56,898

*

Open

Lending

Corp

384

11,565

*

Oportun

Financial

Corp

64

7,363

Oppenheimer

Holdings,

Inc

312

4,738

e

Orchid

Island

Capital,

Inc

50

47,765

e

PennyMac

Mortgage

Investment

Trust

592

23,862

e

Perella

Weinberg

Partners

234

10,272

Piper

Jaffray

Cos

1,337

13,025

PJT

Partners,

Inc

960

24,781

*

PRA

Group,

Inc

837

36,804

*

PROG

Holdings,

Inc

622

95,906

Raymond

James

Financial,

Inc

10,248

22,908

e

Ready

Capital

Corp

255

49,700

e

Redwood

Trust,

Inc

336

8,577

Regional

Management

Corp

241

286,577

*,e

Robinhood

Markets,

Inc

2,333

167,043

S&P

Global,

Inc

55,949

10,879

e

Sculptor

Capital

Management,

Inc

94

50,003

SEI

Investments

Co

2,915

126,744

SLM

Corp

2,104

410,032

*,e

SoFi

Technologies,

Inc

1,890

137,605

Starwood

Property

Trust,

Inc

2,522

190,999

State

Street

Corp

14,816

20,369

StepStone

Group,

Inc

513

56,036

Stifel

Financial

Corp

3,271

11,369

*

StoneX

Group,

Inc

1,083

223,832

Synchrony

Financial

7,355

112,790

T

Rowe

Price

Group,

Inc

12,301

32,761

TPG

RE

Finance

Trust,

Inc

222

52,338

Tradeweb

Markets,

Inc

3,398

37,367

e

Two

Harbors

Investment

Corp

589

37,848

*,e

Upstart

Holdings,

Inc

500

8,459

e

Victory

Capital

Holdings,

Inc

227

51,259

Virtu

Financial,

Inc

1,046

2,751

Virtus

Investment

Partners,

Inc

527

48,558

e

Voya

Financial,

Inc

2,986

84,317

e

WisdomTree

Investments,

Inc

460

2,399

*,e

World

Acceptance

Corp

158

TOTAL

DIVERSIFIED

FINANCIALS

1,057,888

ENERGY

-

5.2%

39,034

*

Alto

Ingredients,

Inc

112

8,490

e

Altus

Midstream

Co

281

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

229

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,289

*

Amplify

Energy

Corp

$

161

183,627

Antero

Midstream

Corp

1,981

142,450

*

Antero

Resources

Corp

4,415

164,451

APA

Corp

7,677

7,811

Arch

Resources,

Inc

1,115

69,395

Archrock,

Inc

623

17,877

*

Ardmore

Shipping

Corp

258

477,668

Baker

Hughes

Co

14,106

36,376

Berry

Petroleum

Co

LLC

291

37,806

e

Bonanza

Creek

Energy,

Inc

2,190

68,885

*

Borr

Drilling

Ltd

342

4,788

*

Bristow

Group,

Inc

130

410,279

Cabot

Oil

&

Gas

Corp

10,081

29,784

Cactus,

Inc

1,497

30,263

California

Resources

Corp

1,317

21,769

*

Callon

Petroleum

Co

807

5,171

*

Centrus

Energy

Corp

168

110,556

ChampionX

Corp

3,205

130,655

Cheniere

Energy,

Inc

19,593

63,038

Chesapeake

Energy

Corp

5,949

987,223

Chevron

Corp

177,197

75,896

*

Clean

Energy

Fuels

Corp

395

87,769

*,e

CNX

Resources

Corp

1,478

7,387

Comstock

Resources

Inc

101

639,552

ConocoPhillips

75,467

16,946

CONSOL

Energy,

Inc

1,101

10,678

e

Crescent

Energy,

Inc

128

11,149

CVR

Energy,

Inc

349

27,497

Delek

US

Holdings,

Inc

742

27,534

*

Denbury,

Inc

2,396

339,415

Devon

Energy

Corp

20,877

55,111

DHT

Holdings,

Inc

489

51,211

*,e

Diamond

Offshore

Drilling,

Inc

533

88,232

Diamondback

Energy,

Inc

12,068

9,586

*

DMC

Global,

Inc

186

19,179

Dorian

LPG

Ltd

363

19,159

*

Dril-Quip,

Inc

521

52,968

DT

Midstream,

Inc

2,927

7,121

*,e

Earthstone

Energy,

Inc

101

56,201

*,e

Energy

Fuels,

Inc

349

15,785

e

Enviva,

Inc

836

301,947

EOG

Resources,

Inc

39,108

190,086

EQT

Corp

6,431

223,182

Equitrans

Midstream

Corp

1,495

9,511

e

Excelerate

Energy,

Inc

238

2,101,914

d

Exxon

Mobil

Corp

231,841

14,619

e

FLEX

LNG

Ltd

478

39,745

*

Frank's

International

NV

721

70,150

e

Frontline

Ltd

852

106,507

*,e

Gevo,

Inc

202

42,501

*

Golar

LNG

Ltd

969

26,945

*

Green

Plains

Inc

822

6,101

*

Gulfport

Energy

Operating

Corp

449

472,263

Halliburton

Co

18,584

100,808

*

Helix

Energy

Solutions

Group,

Inc

744

52,744

Helmerich

&

Payne,

Inc

2,615

146,598

Hess

Corp

20,791

74,422

HF

Sinclair

Corp

3,862

28,719

International

Seaways,

Inc

1,063

1,015,550

Kinder

Morgan,

Inc

18,361

234,852

*

Kosmos

Energy

Ltd

1,494

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

230

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,863

*

Laredo

Petroleum,

Inc

$

353

34,663

Liberty

Oilfield

Services,

Inc

555

85,538

Magnolia

Oil

&

Gas

Corp

2,006

324,498

Marathon

Oil

Corp

8,784

240,027

Marathon

Petroleum

Corp

27,937

61,756

Matador

Resources

Co

3,535

75,569

Murphy

Oil

Corp

3,250

4,194

*

Nabors

Industries

Ltd

650

16,237

*

National

Energy

Services

Reunited

Corp

113

24,850

e

New

Fortress

Energy,

Inc

1,054

63,344

*

Newpark

Resources,

Inc

263

76,759

*

NexTier

Oilfield

Solutions,

Inc

709

42,961

*

Noble

Corp

plc

1,620

68,002

Nordic

American

Tankers

Ltd

208

26,098

Northern

Oil

and

Gas,

Inc

804

214,007

NOV,

Inc

4,471

22,490

Oasis

Petroleum,

Inc

3,077

407,141

Occidental

Petroleum

Corp

25,646

54,360

*

Oceaneering

International,

Inc

951

38,178

*

Oil

States

International,

Inc

285

219,998

ONEOK,

Inc

14,454

128,970

Ovintiv,

Inc

6,540

23,180

*

Par

Pacific

Holdings,

Inc

539

101,807

Patterson-UTI

Energy,

Inc

1,714

37,415

PBF

Energy,

Inc

1,526

48,796

PDC

Energy,

Inc

3,098

60,358

*

Peabody

Energy

Corp

1,595

10,090

Penn

Virginia

Corp

408

98,820

Permian

Resources

Corp

929

240,559

Phillips

66

25,037

121,464

Pioneer

Natural

Resources

Co

27,741

11,921

*

ProFrac

Holding

Corp

300

48,018

*

ProPetro

Holding

Corp

498

112,319

Range

Resources

Corp

2,810

12,558

*

Rex

American

Resources

Corp

400

4,815

Riley

Exploration

Permian,

Inc

142

44,313

*

Ring

Energy,

Inc

109

42,512

e

RPC,

Inc

378

16,291

*

SandRidge

Energy,

Inc

277

724,666

Schlumberger

Ltd

38,741

26,610

Scorpio

Tankers,

Inc

1,431

6,869

Select

Energy

Services,

Inc

63

45,041

SFL

Corp

Ltd

415

6,017

*,e

SilverBow

Resources,

Inc

170

33,205

e

Sitio

Royalties

Corp

958

63,633

SM

Energy

Co

2,216

6,855

Solaris

Oilfield

Infrastructure,

Inc

68

541,965

*

Southwestern

Energy

Co

3,171

1,770

*

Talos

Energy,

Inc

33

114,858

Targa

Resources

Investments,

Inc

8,442

35,750

*

Teekay

Corp

162

11,719

*

Teekay

Tankers

Ltd

361

172,980

*,e

Tellurian,

Inc

291

66,939

*

Tetra

Technologies,

Inc

232

2,915

Texas

Pacific

Land

Corp

6,833

16,234

*

Tidewater,

Inc

598

95,169

*,e

Uranium

Energy

Corp

369

108,834

*,e

Ur-Energy,

Inc

125

37,988

*

US

Silica

Holdings,

Inc

475

29,976

e

Vaalco

Energy,

Inc

137

31,352

*

Valaris

Ltd

2,120

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

231

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

201,872

Valero

Energy

Corp

$

25,609

27,727

*,e

Vertex

Energy,

Inc

172

14,396

*

W&T

Offshore,

Inc

80

36,238

*

Weatherford

International

Ltd

1,845

628,435

Williams

Cos,

Inc

20,676

29,960

World

Fuel

Services

Corp

819

TOTAL

ENERGY

1,017,401

FOOD

&

STAPLES

RETAILING

-

1.4%

87,310

Albertsons

Cos,

Inc

1,811

19,849

Andersons,

Inc

694

68,459

*

BJ's

Wholesale

Club

Holdings,

Inc

4,529

18,360

Casey's

General

Stores,

Inc

4,119

14,374

*

Chefs'

Warehouse

Holdings,

Inc

478

225,968

Costco

Wholesale

Corp

103,154

47,990

*

Grocery

Outlet

Holding

Corp

1,401

21,180

*,e

HF

Foods

Group

Inc

86

7,244

Ingles

Markets,

Inc

(Class

A)

699

338,299

Kroger

Co

15,081

6,410

Natural

Grocers

by

Vitamin

C

59

71,529

*

Performance

Food

Group

Co

4,177

14,866

Pricesmart,

Inc

904

38,176

*,e

Rite

Aid

Corp

127

7,101

SpartanNash

Co

215

64,788

*

Sprouts

Farmers

Market,

Inc

2,097

255,327

SYSCO

Corp

19,520

30,449

*

United

Natural

Foods,

Inc

1,179

108,028

*

US

Foods

Holding

Corp

3,675

4,843

Village

Super

Market

(Class

A)

113

364,496

Walgreens

Boots

Alliance,

Inc

13,618

725,036

Walmart,

Inc

102,803

8,426

Weis

Markets,

Inc

693

TOTAL

FOOD

&

STAPLES

RETAILING

281,232

FOOD,

BEVERAGE

&

TOBACCO

-

3.5%

82,392

*,e

22nd

Century

Group,

Inc

76

3,213

Alico,

Inc

77

914,315

Altria

Group,

Inc

41,793

280,410

Archer-Daniels-Midland

Co

26,036

34,958

B&G

Foods,

Inc

(Class

A)

390

87,744

*,e

Benson

Hill,

Inc

224

31,483

*,e

Beyond

Meat,

Inc

388

5,121

*,e

Boston

Beer

Co,

Inc

(Class

A)

1,687

13,162

*,e

BRC,

Inc

80

25,010

Brown-Forman

Corp

(Class

A)

1,645

91,961

Brown-Forman

Corp

(Class

B)

6,040

70,268

Bunge

Ltd

7,011

11,455

e

Calavo

Growers,

Inc

337

22,629

Cal-Maine

Foods,

Inc

1,232

94,499

Campbell

Soup

Co

5,363

29,057

*

Celsius

Holdings,

Inc

3,023

1,986,822

Coca-Cola

Co

126,382

2,566

Coca-Cola

Consolidated

Inc

1,315

238,268

ConAgra

Brands,

Inc

9,221

77,123

Constellation

Brands,

Inc

(Class

A)

17,873

81,644

*

Darling

International,

Inc

5,110

11,007

*

Duckhorn

Portfolio,

Inc

182

85,884

Flowers

Foods,

Inc

2,468

20,613

Fresh

Del

Monte

Produce,

Inc

540

23,047

*

Freshpet,

Inc

1,216

302,674

General

Mills,

Inc

25,379

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

232

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

46,022

*

Hain

Celestial

Group,

Inc

$

745

73,926

Hershey

Co

17,119

143,109

Hormel

Foods

Corp

6,519

71,472

*

Hostess

Brands,

Inc

1,604

32,682

Ingredion,

Inc

3,200

8,046

e

J&J

Snack

Foods

Corp

1,205

51,061

J.M.

Smucker

Co

8,091

5,780

John

B.

Sanfilippo

&

Son,

Inc

470

130,693

Kellogg

Co

9,311

426,401

Keurig

Dr

Pepper,

Inc

15,205

360,590

Kraft

Heinz

Co

14,680

72,659

Lamb

Weston

Holdings,

Inc

6,493

10,268

Lancaster

Colony

Corp

2,026

19,323

*

Landec

Corp

125

131,394

McCormick

&

Co,

Inc

10,891

9,193

MGP

Ingredients,

Inc

978

20,226

*

Mission

Produce,

Inc

235

90,373

Molson

Coors

Brewing

Co

(Class

B)

4,656

690,126

Mondelez

International,

Inc

45,997

183,854

*

Monster

Beverage

Corp

18,667

12,819

*

National

Beverage

Corp

596

703,485

PepsiCo,

Inc

127,092

790,697

Philip

Morris

International,

Inc

80,026

24,393

*

Pilgrim's

Pride

Corp

579

27,833

*

Post

Holdings,

Inc

2,512

92,946

Primo

Water

Corp

1,444

131

Seaboard

Corp

495

5,451

*

Seneca

Foods

Corp

332

46,457

*

Simply

Good

Foods

Co

1,767

14,597

*

Sovos

Brands,

Inc

210

50,062

*,e

SunOpta,

Inc

422

25,510

*,e

Tattooed

Chef,

Inc

31

12,352

Tootsie

Roll

Industries,

Inc

526

29,630

*

TreeHouse

Foods,

Inc

1,463

4,760

Turning

Point

Brands,

Inc

103

140,077

Tyson

Foods,

Inc

(Class

A)

8,720

12,311

Universal

Corp

650

32,173

e

Utz

Brands,

Inc

510

78,380

Vector

Group

Ltd

930

16,593

*,e

Vintage

Wine

Estates,

Inc

54

14,289

*,e

Vita

Coco

Co,

Inc

197

13,394

*

Vital

Farms,

Inc

200

20,392

*,e

Whole

Earth

Brands,

Inc

83

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

682,247

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.3%

63,623

*

1Life

Healthcare,

Inc

1,063

874,338

Abbott

Laboratories

95,994

48,576

*

Acadia

Healthcare

Co,

Inc

3,999

27,471

*,e

Accolade,

Inc

214

42,027

*

AdaptHealth

Corp

808

8,397

*

Addus

HomeCare

Corp

835

12,333

*,e

Agiliti,

Inc

201

89,660

*,e

agilon

health,

Inc

1,447

41,729

*

Align

Technology,

Inc

8,801

14,356

*

Alignment

Healthcare,

Inc

169

51,829

*

Allscripts

Healthcare

Solutions,

Inc

914

31,277

*

Alphatec

Holdings

Inc

386

17,538

*

Amedisys,

Inc

1,465

106,234

*

American

Well

Corp

301

76,067

AmerisourceBergen

Corp

12,605

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

233

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

25,726

*

AMN

Healthcare

Services,

Inc

$

2,645

26,107

*

Angiodynamics,

Inc

359

16,786

*,e

Apollo

Medical

Holdings,

Inc

497

22,609

*

AtriCure,

Inc

1,003

1,019

Atrion

Corp

570

26,266

*

Avanos

Medical,

Inc

711

21,058

*

Aveanna

Healthcare

Holdings,

Inc

16

18,090

*

AxoGen,

Inc

181

22,714

*

Axonics

Modulation

Technologies,

Inc

1,420

263,385

Baxter

International,

Inc

13,425

144,142

Becton

Dickinson

&

Co

36,655

13,317

*

BioLife

Solutions

Inc

242

720,116

*

Boston

Scientific

Corp

33,320

100,981

*

Brookdale

Senior

Living,

Inc

276

98,379

*,e

Butterfly

Network,

Inc

242

134,447

Cardinal

Health,

Inc

10,335

23,626

*

Cardiovascular

Systems,

Inc

322

30,584

*,e

CareMax,

Inc

112

11,625

*

Castle

Biosciences,

Inc

274

291,876

*

Centene

Corp

23,937

44,636

*

Certara,

Inc

717

71,510

*

Cerus

Corp

261

7,521

Chemed

Corp

3,839

152,937

Cigna

Corp

50,674

195,629

*,e

Clover

Health

Investments

Corp

182

67,798

*

Community

Health

Systems,

Inc

293

8,700

*

Computer

Programs

&

Systems,

Inc

237

15,846

Conmed

Corp

1,405

24,480

Cooper

Cos,

Inc

8,095

4,814

*

Corvel

Corp

700

25,224

*

Cross

Country

Healthcare,

Inc

670

23,064

*

CryoLife,

Inc

279

55,246

*

Cue

Health,

Inc

114

10,004

*

Cutera,

Inc

442

670,760

CVS

Health

Corp

62,508

32,781

*

DaVita,

Inc

2,448

10,656

*

Definitive

Healthcare

Corp

117

106,534

Dentsply

Sirona,

Inc

3,392

196,396

*

Dexcom,

Inc

22,240

41,284

*

DocGo,

Inc

292

49,456

*,e

Doximity,

Inc

1,660

315,810

*

Edwards

Lifesciences

Corp

23,563

123,246

Elevance

Health,

Inc

63,221

30,207

Embecta

Corp

764

54,203

Encompass

Health

Corp

3,242

27,101

*

Enhabit,

Inc

357

21,428

*

Enovis

Corp

1,147

28,674

Ensign

Group,

Inc

2,713

79,184

*

Envista

Holdings

Corp

2,666

45,708

*

Evolent

Health,

Inc

1,283

65,385

*

Figs,

Inc

440

11,072

*,e

Fulgent

Genetics,

Inc

330

24,523

*

Glaukos

Corp

1,071

42,442

*

Globus

Medical,

Inc

3,152

49,332

*

Guardant

Health,

Inc

1,342

27,531

*

Haemonetics

Corp

2,165

109,687

HCA

Healthcare,

Inc

26,320

24,393

*

Health

Catalyst,

Inc

259

42,554

*

HealthEquity,

Inc

2,623

18,780

*

HealthStream,

Inc

466

70,773

*

Henry

Schein,

Inc

5,653

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

234

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,605

*

Heska

Corp

$

286

62,220

*

Hims

&

Hers

Health,

Inc

399

119,793

*

Hologic,

Inc

8,962

63,960

Humana,

Inc

32,760

10,885

*

ICU

Medical,

Inc

1,714

42,138

*

IDEXX

Laboratories,

Inc

17,191

24,734

*

Inari

Medical,

Inc

1,572

10,000

*,e

Innovage

Holding

Corp

72

12,244

*

Inogen,

Inc

241

13,280

*

Inspire

Medical

Systems,

Inc

3,345

34,390

*

Insulet

Corp

10,124

17,928

*

Integer

Holding

Corp

1,227

39,699

*

Integra

LifeSciences

Holdings

Corp

2,226

178,491

*

Intuitive

Surgical,

Inc

47,363

401,885

*,e

Invitae

Corp

747

3,653

iRadimed

Corp

103

16,105

*

iRhythm

Technologies,

Inc

1,509

7,427

*

Joint

Corp

104

47,794

Laboratory

Corp

of

America

Holdings

11,254

34,223

*

Lantheus

Holdings,

Inc

1,744

9,523

LeMaitre

Vascular,

Inc

438

15,150

*

LHC

Group,

Inc

2,450

25,006

*,e

LifeStance

Health

Group,

Inc

123

26,810

*

LivaNova

plc

1,489

24,240

*

Masimo

Corp

3,586

73,075

McKesson

Corp

27,412

43,753

*

MEDNAX,

Inc

650

683,407

Medtronic

plc

53,114

11,623

*

Meridian

Bioscience,

Inc

386

28,011

*

Merit

Medical

Systems,

Inc

1,978

2,255

Mesa

Laboratories,

Inc

375

6,780

*

ModivCare,

Inc

608

30,182

*

Molina

Healthcare,

Inc

9,967

193,725

*,e

Multiplan

Corp

223

21,550

*,e

Nano-X

Imaging

Ltd

159

2,600

National

Healthcare

Corp

155

5,598

National

Research

Corp

209

110,527

*

Neogen

Corp

1,683

19,942

*

Nevro

Corp

790

37,773

*

NextGen

Healthcare,

Inc

709

56,233

*

Novocure

Ltd

4,125

477,441

*,e

Nutex

Health,

Inc

907

28,270

*

NuVasive,

Inc

1,166

56,949

*,e

Oak

Street

Health,

Inc

1,225

23,061

*

Omnicell,

Inc

1,163

238,337

*

Opko

Health,

Inc

298

8,440

*

OptimizeRx

Corp

142

80,646

*

Option

Care

Health,

Inc

2,427

40,487

*

OraSure

Technologies,

Inc

195

12,159

*

Orthofix

Medical

Inc

250

5,177

*

OrthoPediatrics

Corp

206

24,964

*

Outset

Medical,

Inc

645

31,294

*

Owens

&

Minor,

Inc

611

23,637

*

Paragon

28,

Inc

452

44,685

Patterson

Cos,

Inc

1,252

17,723

*

Pennant

Group,

Inc

195

17,918

*

Penumbra,

Inc

3,986

14,406

*

PetIQ,

Inc

133

20,801

*

Phreesia,

Inc

673

56,653

Premier,

Inc

1,982

10,696

*

Privia

Health

Group,

Inc

243

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

235

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

13,124

*,e

PROCEPT

BioRobotics

Corp

$

545

51,583

*,†

Progenics

Pharmaceuticals,

Inc

0

34,423

*

Progyny,

Inc

1,072

72,154

*

Project

Roadrunner

Parent,

Inc

790

13,858

*

Pulmonx

Corp

117

57,968

Quest

Diagnostics,

Inc

9,068

26,154

*

QuidelOrtho

Corp

2,241

25,914

*

RadNet,

Inc

488

73,604

Resmed,

Inc

15,319

10,559

*,e

RxSight,

Inc

134

24,729

*

Schrodinger,

Inc

462

15,644

*

SeaSpine

Holdings

Corp

131

60,301

Select

Medical

Holdings

Corp

1,497

81,063

*,e

Sema4

Holdings

Corp

21

226,696

*,e

Senseonics

Holdings,

Inc

233

150,613

*,e

Sharecare,

Inc

241

18,412

*

Shockwave

Medical

Inc

3,786

17,531

*

SI-BONE,

Inc

238

34,185

*

Signify

Health,

Inc

980

18,916

*

Silk

Road

Medical

Inc

1,000

7,680

Simulations

Plus,

Inc

281

26,141

*

Staar

Surgical

Co

1,269

51,240

STERIS

plc

9,463

178,206

Stryker

Corp

43,570

17,295

*

Surgery

Partners,

Inc

482

10,275

*

SurModics,

Inc

351

10,460

*

Tactile

Systems

Technology,

Inc

120

35,006

*

Tandem

Diabetes

Care,

Inc

1,573

80,556

*

Teladoc,

Inc

1,905

23,691

Teleflex,

Inc

5,914

53,386

*

Tenet

Healthcare

Corp

2,605

11,786

*

Transmedics

Group,

Inc

727

5,968

*

Treace

Medical

Concepts,

Inc

137

4,630

*

UFP

Technologies,

Inc

546

476,915

UnitedHealth

Group,

Inc

252,851

33,482

Universal

Health

Services,

Inc

(Class

B)

4,717

6,975

US

Physical

Therapy,

Inc

565

2,349

Utah

Medical

Products,

Inc

236

27,229

*

Varex

Imaging

Corp

553

71,525

*

Veeva

Systems,

Inc

11,543

88,085

*

VG

Acquisition

Corp

190

27,942

*,e

Vicarious

Surgical,

Inc

56

74,317

*

ViewRay,

Inc

333

105,464

Zimmer

Biomet

Holdings,

Inc

13,447

11,472

*

Zimvie,

Inc

107

10,840

e

Zynex

Inc

151

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,222,864

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.6%

46,991

*,e

Beauty

Health

Co

428

66,090

*

BellRing

Brands,

Inc

1,695

7,431

*

Central

Garden

&

Pet

Co

278

22,079

*

Central

Garden

and

Pet

Co

(Class

A)

790

125,208

Church

&

Dwight

Co,

Inc

10,093

65,460

Clorox

Co

9,186

419,527

Colgate-Palmolive

Co

33,055

159,439

*

Coty,

Inc

1,365

29,639

Edgewell

Personal

Care

Co

1,142

24,917

*

elf

Beauty,

Inc

1,378

34,187

Energizer

Holdings,

Inc

1,147

116,171

Estee

Lauder

Cos

(Class

A)

28,823

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

236

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

58,982

*

Herbalife

Nutrition

Ltd

$

878

13,542

*

Honest

Co,

Inc

41

12,258

Inter

Parfums,

Inc

1,183

171,298

Kimberly-Clark

Corp

23,254

6,191

Medifast,

Inc

714

5,868

*

Nature's

Sunshine

Products,

Inc

49

27,121

Nu

Skin

Enterprises,

Inc

(Class

A)

1,143

43,357

*,e

Olaplex

Holdings,

Inc

226

1,202,715

Procter

&

Gamble

Co

182,283

28,002

e

Reynolds

Consumer

Products,

Inc

840

21,541

Spectrum

Brands

Holdings,

Inc

1,312

8,349

*

USANA

Health

Sciences,

Inc

444

30,185

*,e

Veru,

Inc

159

7,178

WD-40

Co

1,157

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

303,063

INSURANCE

-

2.5%

312,941

Aflac,

Inc

22,513

135,512

Allstate

Corp

18,375

32,424

*

AMBAC

Financial

Group,

Inc

565

46,586

American

Equity

Investment

Life

Holding

Co

2,125

34,605

American

Financial

Group,

Inc

4,751

377,308

American

International

Group,

Inc

23,861

13,468

Amerisafe,

Inc

700

104,327

Aon

plc

31,313

184,638

*

Arch

Capital

Group

Ltd

11,592

17,301

Argo

Group

International

Holdings

Ltd

447

105,001

Arthur

J.

Gallagher

&

Co

19,797

27,795

Assurant,

Inc

3,476

36,683

Assured

Guaranty

Ltd

2,284

40,126

Axis

Capital

Holdings

Ltd

2,174

28,604

*,e

Bright

Health

Group,

Inc

19

25,977

*

Brighthouse

Financial,

Inc

1,332

117,798

Brown

&

Brown,

Inc

6,711

25,189

*

BRP

Group,

Inc

633

212,450

Chubb

Ltd

46,866

79,605

Cincinnati

Financial

Corp

8,151

14,067

CNA

Financial

Corp

595

66,761

Conseco,

Inc

1,526

41,092

Corebridge

Financial,

Inc

824

7,812

Donegal

Group,

Inc

(Class

A)

111

15,165

*

eHealth,

Inc

73

6,714

Employers

Holdings,

Inc

290

4,741

*

Enstar

Group

Ltd

1,095

13,782

Erie

Indemnity

Co

(Class

A)

3,428

18,999

Everest

Re

Group

Ltd

6,294

9,274

*

F&G

Annuities

&

Life,

Inc

186

136,393

Fidelity

National

Financial

Inc

5,131

52,851

First

American

Financial

Corp

2,766

184,221

*

Genworth

Financial,

Inc

(Class

A)

975

41,690

Globe

Life,

Inc

5,026

9,663

*

Goosehead

Insurance,

Inc

332

20,683

*

Greenlight

Capital

Re

Ltd

(Class

A)

169

17,079

Hanover

Insurance

Group,

Inc

2,308

162,064

Hartford

Financial

Services

Group,

Inc

12,289

3,092

e

HCI

Group,

Inc

122

5,219

*,e

Hippo

Holdings,

Inc

71

22,775

Horace

Mann

Educators

Corp

851

1,119

Investors

Title

Co

165

19,526

James

River

Group

Holdings

Ltd

408

33,482

Kemper

Corp

1,647

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

237

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

10,502

Kinsale

Capital

Group,

Inc

$

2,746

20,988

*,e

Lemonade,

Inc

287

87,713

Lincoln

National

Corp

2,695

102,146

Loews

Corp

5,958

6,672

*

Markel

Corp

8,790

250,488

Marsh

&

McLennan

Cos,

Inc

41,451

26,174

*,e

MBIA,

Inc

336

12,675

Mercury

General

Corp

433

337,562

Metlife,

Inc

24,429

1,551

National

Western

Life

Group,

Inc

436

7,308

*

NI

Holdings,

Inc

97

135,376

Old

Republic

International

Corp

3,269

60,575

*

Oscar

Health,

Inc

149

13,408

*

Palomar

Holdings,

Inc

606

21,522

Primerica,

Inc

3,052

126,511

Principal

Financial

Group

10,617

37,307

ProAssurance

Corp

652

296,339

Progressive

Corp

38,438

193,606

Prudential

Financial,

Inc

19,256

34,463

Reinsurance

Group

of

America,

Inc

(Class

A)

4,897

21,969

RenaissanceRe

Holdings

Ltd

4,047

20,019

RLI

Corp

2,628

42,415

*

Ryan

Specialty

Group

Holdings,

Inc

1,761

4,020

Safety

Insurance

Group,

Inc

339

32,431

Selective

Insurance

Group,

Inc

2,874

73,128

*

Selectquote,

Inc

49

8,398

*

SiriusPoint

Ltd

50

15,315

Stewart

Information

Services

Corp

654

22,143

Tiptree

Inc

306

117,953

Travelers

Cos,

Inc

22,115

20,838

*,e

Trupanion,

Inc

990

16,104

United

Fire

Group

Inc

441

22,402

Universal

Insurance

Holdings,

Inc

237

99,041

Unum

Group

4,064

101,609

W.R.

Berkley

Corp

7,374

1,280

White

Mountains

Insurance

Group

Ltd

1,810

54,992

Willis

Towers

Watson

plc

13,450

TOTAL

INSURANCE

486,150

MATERIALS

-

3.0%

16,560

*,e

5E

Advanced

Materials,

Inc

130

14,906

AdvanSix,

Inc

567

112,477

Air

Products

&

Chemicals,

Inc

34,672

59,463

Albemarle

Corp

12,895

99,055

Alcoa

Corp

4,504

58,071

*,e

Allegheny

Technologies,

Inc

1,734

5,106

Alpha

Metallurgical

Resources,

Inc

747

726,379

Amcor

plc

8,651

20,501

American

Vanguard

Corp

445

30,628

Aptargroup,

Inc

3,368

57,334

*

Arconic

Corp

1,213

13,288

*,†

Ardagh

Group

S.A.

160

74,922

Ardagh

Metal

Packaging

S.A.

360

26,123

Ashland

Global

Holdings,

Inc

2,809

11,564

*,e

Aspen

Aerogels,

Inc

136

41,051

Avery

Dennison

Corp

7,430

49,682

Avient

Corp

1,677

113,646

*

Axalta

Coating

Systems

Ltd

2,895

15,070

Balchem

Corp

1,840

164,015

Ball

Corp

8,388

64,172

Berry

Global

Group,

Inc

3,878

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

238

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

31,457

Cabot

Corp

$

2,103

25,997

Carpenter

Technology

Corp

960

52,775

Celanese

Corp

(Series

A)

5,396

12,437

*

Century

Aluminum

Co

102

102,050

CF

Industries

Holdings,

Inc

8,695

5,158

Chase

Corp

445

78,774

Chemours

Co

2,412

11,678

*

Clearwater

Paper

Corp

442

267,350

*

Cleveland-Cliffs,

Inc

4,307

119,550

*

Coeur

Mining,

Inc

402

53,154

Commercial

Metals

Co

2,567

20,319

Compass

Minerals

International,

Inc

833

66,991

*

Constellium

SE

793

374,291

Corteva,

Inc

22,001

58,648

Crown

Holdings,

Inc

4,821

36,022

*,e

Danimer

Scientific,

Inc

64

28,159

*

Diversey

Holdings

Ltd

120

364,283

Dow,

Inc

18,356

257,656

DuPont

de

Nemours,

Inc

17,683

19,104

Eagle

Materials,

Inc

2,538

66,255

Eastman

Chemical

Co

5,396

125,486

Ecolab,

Inc

18,266

127,079

Element

Solutions,

Inc

2,312

64,363

FMC

Corp

8,033

732,302

Freeport-McMoRan,

Inc

(Class

B)

27,827

17,819

FutureFuel

Corp

145

423,235

*,e

Ginkgo

Bioworks

Holdings,

Inc

715

32,454

Glatfelter

Corp

90

145,764

Graphic

Packaging

Holding

Co

3,243

14,075

Greif,

Inc

(Class

A)

944

3,993

Greif,

Inc

(Class

B)

312

22,652

H.B.

Fuller

Co

1,622

15,846

Hawkins,

Inc

612

9,402

Haynes

International,

Inc

430

290,099

Hecla

Mining

Co

1,613

104,824

Huntsman

Corp

2,881

77,853

*,e

Hycroft

Mining

Holding

Corp

41

21,966

*

Ingevity

Corp

1,547

11,273

Innospec,

Inc

1,160

133,564

International

Flavors

&

Fragrances,

Inc

14,003

188,466

International

Paper

Co

6,527

6,735

*

Intrepid

Potash,

Inc

194

8,625

Kaiser

Aluminum

Corp

655

15,231

Koppers

Holdings,

Inc

430

14,288

Kronos

Worldwide,

Inc

134

250,997

Linde

plc

81,870

80,227

*

Livent

Corp

1,594

34,555

Louisiana-Pacific

Corp

2,046

16,250

*

LSB

Industries,

Inc

216

129,559

LyondellBasell

Industries

NV

10,757

31,591

Martin

Marietta

Materials,

Inc

10,677

11,119

Materion

Corp

973

12,674

Minerals

Technologies,

Inc

770

166,909

Mosaic

Co

7,322

39,809

*

MP

Materials

Corp

967

18,118

Myers

Industries,

Inc

403

2,137

NewMarket

Corp

665

410,068

Newmont

Goldcorp

Corp

19,355

149,512

*

Novagold

Resources

Inc

894

133,610

Nucor

Corp

17,611

90,414

*

O-I

Glass,

Inc

1,498

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

239

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

62,167

Olin

Corp

$

3,291

6,559

Olympic

Steel,

Inc

220

54,529

*,e

Origin

Materials,

Inc

251

38,461

Orion

Engineered

Carbons

SA

685

45,269

Packaging

Corp

of

America

5,790

22,477

Pactiv

Evergreen,

Inc

255

62,456

*

Perimeter

Solutions

S.A.

571

8,901

*

Piedmont

Lithium,

Inc

392

120,414

PPG

Industries,

Inc

15,141

20,162

*

PQ

Group

Holdings,

Inc

179

17,967

*,e

PureCycle

Technologies,

Inc

121

7,360

Quaker

Chemical

Corp

1,228

11,495

e

Ramaco

Resources,

Inc

101

16,208

*

Ranpak

Holdings

Corp

94

31,957

*

Rayonier

Advanced

Materials,

Inc

307

28,345

Reliance

Steel

&

Aluminum

Co

5,738

23,550

*

Resolute

Forest

Products

508

32,757

Royal

Gold,

Inc

3,692

63,937

RPM

International,

Inc

6,231

8,418

Ryerson

Holding

Corp

255

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

434

35,580

Schweitzer-Mauduit

International,

Inc

744

22,512

Scotts

Miracle-Gro

Co

(Class

A)

1,094

70,338

Sealed

Air

Corp

3,508

18,559

Sensient

Technologies

Corp

1,353

124,770

Sherwin-Williams

Co

29,612

31,746

Silgan

Holdings,

Inc

1,646

48,557

Sonoco

Products

Co

2,948

46,247

Southern

Copper

Corp

2,793

109,335

SSR

Mining,

Inc

1,713

83,444

Steel

Dynamics,

Inc

8,152

8,132

Stepan

Co

866

65,111

*

Summit

Materials,

Inc

1,849

48,451

SunCoke

Energy,

Inc

418

6,165

Sylvamo

Corp

300

29,755

*

TimkenSteel

Corp

541

19,671

Tredegar

Corp

201

23,586

Trimas

Corp

654

23,427

Trinseo

plc

532

62,538

Tronox

Holdings

plc

857

1,357

United

States

Lime

&

Minerals,

Inc

191

94,192

United

States

Steel

Corp

2,360

99,474

Valvoline,

Inc

3,248

66,639

Vulcan

Materials

Co

11,669

28,082

Warrior

Met

Coal,

Inc

973

14,533

Westlake

Chemical

Corp

1,490

130,721

WestRock

Co

4,596

18,895

Worthington

Industries,

Inc

939

TOTAL

MATERIALS

581,020

MEDIA

&

ENTERTAINMENT

-

5.6%

392,405

Activision

Blizzard,

Inc

30,039

41,683

*

Advantage

Solutions,

Inc

87

3,069,988

*

Alphabet,

Inc

(Class

A)

270,865

2,722,949

*

Alphabet,

Inc

(Class

C)

241,607

112,426

*

Altice

USA,

Inc

517

239,852

*,e

AMC

Entertainment

Holdings,

Inc

976

16,067

*

AMC

Networks,

Inc

252

7,354

*

Boston

Omaha

Corp

195

44,223

*

Bumble,

Inc

931

3,042

Cable

One,

Inc

2,165

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

240

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

17,446

*,e

Cardlytics,

Inc

$

101

51,402

*

Cargurus,

Inc

720

37,344

*

Cars.com,

Inc

514

56,848

*,e

Charter

Communications,

Inc

19,277

58,982

*

Cinemark

Holdings,

Inc

511

198,206

*

Clear

Channel

208

2,184,154

Comcast

Corp

(Class

A)

76,380

772

*

Daily

Journal

Corp

193

22,415

*

DHI

Group,

Inc

119

136,485

*

DISH

Network

Corp

(Class

A)

1,916

141,619

Electronic

Arts,

Inc

17,303

88,350

*,e

Entercom

Communications

Corp

20

50,932

Entravision

Communications

Corp

(Class

A)

244

40,961

*

Eventbrite

Inc

240

8,345

*

EverQuote

Inc

123

31,270

*

EW

Scripps

Co

(Class

A)

412

155,691

Fox

Corp

(Class

A)

4,728

72,327

Fox

Corp

(Class

B)

2,058

71,756

*,e

fuboTV,

Inc

125

74,491

*,e

Gannett

Co,

Inc

151

46,930

Gray

Television,

Inc

525

42,355

*

IAC

1,881

61,117

*

iHeartMedia,

Inc

375

27,196

*

Imax

Corp

399

16,911

*

Integral

Ad

Science

Holding

Corp

149

183,140

Interpublic

Group

of

Cos,

Inc

6,100

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

943

7,655

*,e

Liberty

Braves

Group

(Class

A)

250

25,374

*

Liberty

Braves

Group

(Class

C)

818

12,929

Liberty

Broadband

Corp

(Class

A)

981

66,509

*

Liberty

Broadband

Corp

(Class

C)

5,073

6,884

*

Liberty

Media

Group

(Class

A)

368

100,858

*

Liberty

Media

Group

(Class

C)

6,029

34,936

*

Liberty

SiriusXM

Group

(Class

A)

1,373

72,983

*

Liberty

SiriusXM

Group

(Class

C)

2,856

37,150

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

212

71,817

*

Lions

Gate

Entertainment

Corp

(Class

B)

390

79,453

*

Live

Nation,

Inc

5,541

10,365

Madison

Square

Garden

Co

1,900

13,156

*

Madison

Square

Garden

Entertainment

Corp

592

61,168

*

Magnite,

Inc

648

14,211

e

Marcus

Corp

205

148,269

*

Match

Group,

Inc

6,152

11,302

*

MediaAlpha,

Inc

112

1,148,425

*

Meta

Platforms,

Inc

138,201

224,834

*

Netflix,

Inc

66,299

89,935

New

York

Times

Co

(Class

A)

2,919

213,357

News

Corp

(Class

A)

3,883

66,535

News

Corp

(Class

B)

1,227

18,525

Nexstar

Media

Group

Inc

3,242

97,357

Omnicom

Group,

Inc

7,941

20,470

*,e

Outbrain,

Inc

74

4,594

Paramount

Global

(Class

A)

90

305,131

Paramount

Global

(Class

B)

5,151

300,393

*

Pinterest,

Inc

7,294

40,614

*

Playstudios,

Inc

158

42,908

*

Playtika

Holding

Corp

365

21,386

*

PubMatic,

Inc

274

20,643

*

QuinStreet,

Inc

296

227,072

*

ROBLOX

Corp

6,462

63,324

*

Roku,

Inc

2,577

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

241

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

19,984

Scholastic

Corp

$

789

11,690

Sinclair

Broadcast

Group,

Inc

(Class

A)

181

319,108

e

Sirius

XM

Holdings,

Inc

1,864

161,762

*,e

Skillz,

Inc

82

72,151

*

Spotify

Technology

S.A.

5,696

33,238

*,e

Stagwell,

Inc

206

81,955

*

Take-Two

Interactive

Software,

Inc

8,534

12,153

*

TechTarget,

Inc

535

101,609

TEGNA,

Inc

2,153

13,027

*

Thryv

Holdings,

Inc

248

56,597

*

TripAdvisor,

Inc

1,018

44,667

*

TrueCar,

Inc

112

68,763

*

Vimeo,

Inc

236

934,910

*

Walt

Disney

Co

81,225

1,217,041

*

Warner

Bros

Discovery,

Inc

11,538

28,599

*,e

WideOpenWest,

Inc

261

18,467

World

Wrestling

Entertainment,

Inc

(Class

A)

1,265

41,665

*

Yelp,

Inc

1,139

23,417

*

Ziff

Davis

Inc

1,852

40,960

*

ZipRecruiter,

Inc

673

141,765

*

ZoomInfo

Technologies,

Inc

4,269

TOTAL

MEDIA

&

ENTERTAINMENT

1,087,178

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9.2%

45,940

*

10X

Genomics,

Inc

1,674

11,229

*

2seventy

bio,

Inc

105

11,292

*

4D

Molecular

Therapeutics,

Inc

251

903,549

AbbVie,

Inc

146,023

106,154

*,e

AbCellera

Biologics,

Inc

1,075

29,156

*

Absci

Corp

61

70,913

*

Acadia

Pharmaceuticals,

Inc

1,129

23,691

*

Aclaris

Therapeutics,

Inc

373

11,379

*,e

Adagio

Therapeutics,

Inc

17

59,774

*

Adaptive

Biotechnologies

Corp

457

14,505

*

Adicet

Bio,

Inc

130

95,244

*

ADMA

Biologics,

Inc

370

43,765

*

Affimed

NV

54

107,560

*

Agenus,

Inc

258

150,692

Agilent

Technologies,

Inc

22,551

34,493

*

Agios

Pharmaceuticals,

Inc

969

14,029

*

Akero

Therapeutics,

Inc

769

6,175

*,e

Albireo

Pharma,

Inc

133

31,429

*

Alector,

Inc

290

87,531

*

Alkermes

plc

2,287

28,864

*,e

Allogene

Therapeutics,

Inc

182

10,335

*,e

Allovir,

Inc

53

61,672

*

Alnylam

Pharmaceuticals,

Inc

14,656

9,675

*,e

ALX

Oncology

Holdings,

Inc

109

273,177

Amgen,

Inc

71,747

151,298

*

Amicus

Therapeutics,

Inc

1,847

53,162

*

Amneal

Pharmaceuticals,

Inc

106

25,774

*

Amphastar

Pharmaceuticals,

Inc

722

25,689

*

Amylyx

Pharmaceuticals,

Inc

949

12,566

*,e

AnaptysBio,

Inc

389

30,524

*,e

Anavex

Life

Sciences

Corp

283

5,767

*

ANI

Pharmaceuticals,

Inc

232

10,943

*

Anika

Therapeutics,

Inc

324

46,610

*

Apellis

Pharmaceuticals,

Inc

2,410

55,373

*,e

Arbutus

Biopharma

Corp

129

15,098

*,e

Arcellx,

Inc

468

7,756

*

Arcturus

Therapeutics

Holdings,

Inc

132

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

242

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

20,717

*

Arcus

Biosciences,

Inc

$

428

15,151

*,e

Arcutis

Biotherapeutics,

Inc

224

55,310

*

Arrowhead

Pharmaceuticals

Inc

2,243

23,815

*

Arvinas,

Inc

815

34,194

*

Atara

Biotherapeutics,

Inc

112

35,244

*,e

Atea

Pharmaceuticals,

Inc

170

7,303

*

Athira

Pharma,

Inc

23

9,389

*,e

Aura

Biosciences,

Inc

99

68,772

*,e

Aurinia

Pharmaceuticals,

Inc

297

318,550

*

Avantor,

Inc

6,718

33,858

*,e

Avid

Bioservices,

Inc

466

9,645

*

Avidity

Biosciences,

Inc

214

15,727

*,e

Axsome

Therapeutics,

Inc

1,213

25,636

*

Beam

Therapeutics,

Inc

1,003

26,163

*

Berkeley

Lights,

Inc

70

97,016

*

BioCryst

Pharmaceuticals,

Inc

1,114

73,489

*

Biogen,

Inc

20,351

15,967

*

Biohaven

Ltd

222

93,702

*

BioMarin

Pharmaceutical,

Inc

9,697

153,496

*,e

Bionano

Genomics,

Inc

224

11,654

*

Bio-Rad

Laboratories,

Inc

(Class

A)

4,900

78,368

Bio-Techne

Corp

6,495

6,302

*

Bioxcel

Therapeutics

Inc

135

33,689

*,e

Bluebird

Bio,

Inc

233

31,927

*

Blueprint

Medicines

Corp

1,399

58,721

*

Bridgebio

Pharma,

Inc

447

1,087,263

Bristol-Myers

Squibb

Co

78,229

39,365

*

Brooks

Automation,

Inc

2,292

56,206

Bruker

BioSciences

Corp

3,842

18,793

*

C4

Therapeutics,

Inc

111

19,366

*,e

Cara

Therapeutics,

Inc

208

27,306

*

CareDx,

Inc

312

10,333

*

Caribou

Biosciences,

Inc

65

20,876

*,e

Cassava

Sciences,

Inc

617

85,996

*

Catalent,

Inc

3,871

50,782

*

Catalyst

Pharmaceuticals,

Inc

945

21,395

*

Celldex

Therapeutics,

Inc

954

19,234

*,e

Cerevel

Therapeutics

Holdings,

Inc

607

27,377

*

Charles

River

Laboratories

International,

Inc

5,965

30,594

*

Chimerix,

Inc

57

7,917

*

Chinook

Therapeutics,

Inc

207

6,864

*

CinCor

Pharma,

Inc

84

23,538

*

Codexis,

Inc

110

22,858

*

Cogent

Biosciences,

Inc

264

27,864

*

Coherus

Biosciences,

Inc

221

16,286

*

Collegium

Pharmaceutical,

Inc

378

52,750

*

Corcept

Therapeutics,

Inc

1,071

16,128

*

Crinetics

Pharmaceuticals,

Inc

295

22,130

*

CryoPort,

Inc

384

47,472

*,e

CTI

BioPharma

Corp

285

7,345

*,e

Cullinan

Oncology,

Inc

77

51,177

*

Cytek

Biosciences,

Inc

523

42,716

*

Cytokinetics,

Inc

1,957

329,954

Danaher

Corp

87,576

11,974

*

Day

One

Biopharmaceuticals,

Inc

258

22,263

*

Deciphera

Pharmaceuticals,

Inc

365

49,642

*

Denali

Therapeutics,

Inc

1,381

14,200

*,e

Design

Therapeutics,

Inc

146

14,558

*

DICE

Therapeutics,

Inc

454

58,823

*,e

Dynavax

Technologies

Corp

626

16,387

*

Dyne

Therapeutics,

Inc

190

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

243

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,368

*

Eagle

Pharmaceuticals,

Inc

$

186

20,664

*,e

Edgewise

Therapeutics,

Inc

185

35,681

*,e

Editas

Medicine,

Inc

316

242,401

*

Elanco

Animal

Health,

Inc

2,962

429,975

Eli

Lilly

&

Co

157,302

24,015

*

Emergent

Biosolutions,

Inc

284

11,786

*

Enanta

Pharmaceuticals,

Inc

548

70,095

*,e

EQRx,

Inc

172

33,527

*

Erasca,

Inc

144

33,414

*

Esperion

Thereapeutics,

Inc

208

17,590

*

Evolus,

Inc

132

93,800

*

Exact

Sciences

Corp

4,644

170,031

*

Exelixis,

Inc

2,727

52,399

*,e

EyePoint

Pharmaceuticals,

Inc

183

42,216

*

Fate

Therapeutics,

Inc

426

50,667

*

FibroGen,

Inc

812

10,305

*,e

Foghorn

Therapeutics,

Inc

66

14,355

*

Fulcrum

Therapeutics,

Inc

104

23,909

*

Generation

Bio

Co

94

114,325

*,e

Geron

Corp

277

648,183

Gilead

Sciences,

Inc

55,646

68,124

*

Halozyme

Therapeutics,

Inc

3,876

12,195

*

Harmony

Biosciences

Holdings,

Inc

672

52,161

*,e

Heron

Therapeutics,

Inc

130

114,482

*

Horizon

Therapeutics

Plc

13,028

7,208

*,e

Icosavax,

Inc

57

15,316

*

Ideaya

Biosciences,

Inc

278

2,211

*,e

IGM

Biosciences,

Inc

38

81,101

*

Illumina,

Inc

16,399

13,485

*,e

Imago

Biosciences,

Inc

485

36,493

*,e

ImmunityBio,

Inc

185

106,612

*

Immunogen,

Inc

529

11,380

*

Immunovant,

Inc

202

94,070

*

Incyte

Corp

7,556

15,231

*,e

Inhibrx,

Inc

375

34,523

*

Innoviva,

Inc

457

112,816

*,e

Inovio

Pharmaceuticals,

Inc

176

60,247

*

Insmed,

Inc

1,204

34,856

*

Intellia

Therapeutics,

Inc

1,216

12,921

*

Intercept

Pharmaceuticals,

Inc

160

46,963

*

Intra-Cellular

Therapies,

Inc

2,485

79,163

*

Ionis

Pharmaceuticals,

Inc

2,990

74,052

*

Iovance

Biotherapeutics,

Inc

473

95,260

*

IQVIA

Holdings,

Inc

19,518

95,014

*

Ironwood

Pharmaceuticals,

Inc

1,177

11,046

*

iTeos

Therapeutics,

Inc

216

56,231

*

IVERIC

bio,

Inc

1,204

8,802

*

Janux

Therapeutics,

Inc

116

32,370

*

Jazz

Pharmaceuticals

plc

5,157

1,341,100

Johnson

&

Johnson

236,905

4,482

*

Jounce

Therapeutics,

Inc

5

10,666

*

KalVista

Pharmaceuticals

Inc

72

15,240

*

Karuna

Therapeutics,

Inc

2,995

46,110

*

Karyopharm

Therapeutics,

Inc

157

8,516

*

Keros

Therapeutics,

Inc

409

18,676

*

Kezar

Life

Sciences,

Inc

131

11,321

*

Kiniksa

Pharmaceuticals

Ltd

170

7,565

*,e

Kinnate

Biopharma,

Inc

46

18,276

*

Kodiak

Sciences,

Inc

131

21,178

*

Kronos

Bio,

Inc

34

9,785

*

Krystal

Biotech

Inc

775

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

244

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

31,598

*

Kura

Oncology,

Inc

$

392

15,771

*

Kymera

Therapeutics,

Inc

394

30,110

*

Lexicon

Pharmaceuticals,

Inc

57

8,586

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

574

24,455

*,e

Liquidia

Corp

156

77,816

*,e

Lyell

Immunopharma,

Inc

270

32,187

*

MacroGenics,

Inc

216

6,193

*

Madrigal

Pharmaceuticals,

Inc

1,798

94,899

*,e

MannKind

Corp

500

54,984

*

Maravai

LifeSciences

Holdings,

Inc

787

51,230

*,e

MaxCyte,

Inc

280

12,929

*

Medpace

Holdings,

Inc

2,746

10,086

*

MeiraGTx

Holdings

plc

66

1,294,564

Merck

&

Co,

Inc

143,632

27,294

*

Mersana

Therapeutics,

Inc

160

11,568

*

Mettler-Toledo

International,

Inc

16,721

60,615

*,e

MiMedx

Group,

Inc

168

21,876

*

Mirati

Therapeutics,

Inc

991

8,147

*

Mirum

Pharmaceuticals,

Inc

159

170,238

*

Moderna,

Inc

30,578

14,704

*

Monte

Rosa

Therapeutics,

Inc

112

8,159

*

Morphic

Holding,

Inc

218

46,607

*

Myriad

Genetics,

Inc

676

22,499

*

NanoString

Technologies,

Inc

179

42,988

*

Natera,

Inc

1,727

106,507

*

Nektar

Therapeutics

241

58,635

*

NeoGenomics,

Inc

542

51,383

*

Neurocrine

Biosciences,

Inc

6,137

15,360

*

NGM

Biopharmaceuticals

Inc

77

9,374

*

Nkarta,

Inc

56

40,572

*,e

Novavax,

Inc

417

17,085

*

Nurix

Therapeutics,

Inc

188

10,256

*

Nuvalent,

Inc

305

35,946

*,e

Nuvation

Bio,

Inc

69

505,900

*,e

Ocugen,

Inc

658

41,830

*

Ocular

Therapeutix,

Inc

118

3,255

*,†

Omniab,

Inc

0

3,255

*,†

Omniab,

Inc

0

42,072

*

OmniAb,

Inc

151

13,691

*

Organogenesis

Holdings

Inc

37

127,492

Organon

&

Co

3,561

333,993

*,e

Outlook

Therapeutics,

Inc

361

100,456

*

Pacific

Biosciences

of

California,

Inc

822

23,821

*

Pacira

BioSciences

Inc

920

65,063

PerkinElmer,

Inc

9,123

69,259

Perrigo

Co

plc

2,361

2,891,465

Pfizer,

Inc

148,159

6,396

*,e

Phathom

Pharmaceuticals,

Inc

72

12,927

Phibro

Animal

Health

Corp

173

14,315

*

PMV

Pharmaceuticals,

Inc

125

37,958

*,e

Point

Biopharma

Global,

Inc

277

48,133

*

Praxis

Precision

Medicines,

Inc

115

39,456

*,e

Precigen,

Inc

60

27,333

*

Prestige

Consumer

Healthcare,

Inc.

1,711

15,994

*

Prometheus

Biosciences,

Inc

1,759

22,557

*

Protagonist

Therapeutics,

Inc

246

18,603

*

Prothena

Corp

plc

1,121

25,243

*,e

Provention

Bio,

Inc

267

37,990

*,e

PTC

Therapeutics,

Inc

1,450

114,179

*

QIAGEN

NV

5,694

16,838

*

Quanterix

Corp

233

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

245

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

46,832

*

Quantum-Si,

Inc

$

86

6,533

*

RAPT

Therapeutics,

Inc

129

14,987

*,e

Reata

Pharmaceuticals,

Inc

569

61,485

*,e

Recursion

Pharmaceuticals,

Inc

474

53,064

*

Regeneron

Pharmaceuticals,

Inc

38,285

19,715

*

REGENXBIO,

Inc

447

31,945

*

Relay

Therapeutics,

Inc

477

8,368

*

Relmada

Therapeutics,

Inc

29

30,248

*

Repligen

Corp

5,121

10,254

*

Replimune

Group,

Inc

279

33,815

*

Revance

Therapeutics,

Inc

624

32,407

*

REVOLUTION

Medicines,

Inc

772

86,450

*

Rigel

Pharmaceuticals,

Inc

130

20,281

*

Rocket

Pharmaceuticals,

Inc

397

189,332

Royalty

Pharma

plc

7,482

28,225

*

Sage

Therapeutics,

Inc

1,076

46,510

*,e

Sana

Biotechnology,

Inc

184

52,234

*

Sangamo

Therapeutics

Inc

164

41,917

*

Sarepta

Therapeutics,

Inc

5,432

31,930

*,e

Science

37

Holdings,

Inc

13

68,787

*

Seagen,

Inc

8,840

22,417

*

Seer,

Inc

130

37,976

*

Seres

Therapeutics,

Inc

213

35,191

e

SIGA

Technologies,

Inc

259

76,705

*

SomaLogic,

Inc

193

702,656

*,e

Sorrento

Therapeutics,

Inc

623

43,033

*

Sotera

Health

Co

358

15,930

*

SpringWorks

Therapeutics,

Inc

414

10,464

*

Stoke

Therapeutics,

Inc

97

26,807

*

Supernus

Pharmaceuticals,

Inc

956

15,843

*

Sutro

Biopharma,

Inc

128

24,529

*

Syndax

Pharmaceuticals,

Inc

624

55,220

*

Syneos

Health,

Inc

2,025

23,918

*,e

Tango

Therapeutics,

Inc

173

9,396

*

Tarsus

Pharmaceuticals,

Inc

138

69,942

*

TG

Therapeutics,

Inc

827

29,259

*,e

Theravance

Biopharma,

Inc

328

199,674

Thermo

Fisher

Scientific,

Inc

109,958

25,726

*,e

Travere

Therapeutics,

Inc

541

26,284

*

Twist

Bioscience

Corp

626

33,751

*

Ultragenyx

Pharmaceutical,

Inc

1,564

22,243

*

United

Therapeutics

Corp

6,186

31,395

*

Vanda

Pharmaceuticals,

Inc

232

608,466

*,e

Vaxart

Inc

585

36,531

*

Vaxcyte,

Inc

1,752

102,172

*,e

VBI

Vaccines,

Inc

40

11,485

*

Ventyx

Biosciences,

Inc

377

29,297

*,e

Vera

Therapeutics,

Inc

567

36,815

*

Veracyte,

Inc

874

24,994

*

Vericel

Corp

658

132,191

*

Vertex

Pharmaceuticals,

Inc

38,174

23,209

*

Verve

Therapeutics,

Inc

449

596,044

Viatris,

Inc

6,634

32,800

*

Vir

Biotechnology,

Inc

830

13,226

*

Viridian

Therapeutics,

Inc

386

104,364

*

VistaGen

Therapeutics,

Inc

11

30,893

*

Waters

Corp

10,583

39,169

West

Pharmaceutical

Services,

Inc

9,218

27,098

*

Xencor,

Inc

706

67,913

*,e

Xeris

Biopharma

Holdings,

Inc

90

19,065

*

Y-mAbs

Therapeutics,

Inc

93

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

246

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,143

*

Zentalis

Pharmaceuticals,

Inc

$

365

243,111

Zoetis,

Inc

35,628

33,098

*,†,e

Zogenix,

Inc

23

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,774,369

REAL

ESTATE

-

3.3%

46,252

Acadia

Realty

Trust

664

36,654

Agree

Realty

Corp

2,600

47,563

Alexander

&

Baldwin,

Inc

891

1,329

e

Alexander's,

Inc

292

83,569

Alexandria

Real

Estate

Equities,

Inc

12,173

28,646

American

Assets

Trust,

Inc

759

68,514

American

Finance

Trust,

Inc

406

152,675

American

Homes

4

Rent

4,602

237,271

American

Tower

Corp

50,268

133,721

Americold

Realty

Trust

3,786

85,829

Apartment

Income

REIT

Corp

2,945

11,738

e

Apartment

Investment

and

Management

Co

84

113,878

Apple

Hospitality

REIT,

Inc

1,797

31,681

Armada

Hoffler

Properties,

Inc

364

5,980

*

Ashford

Hospitality

Trust,

Inc

27

72,533

AvalonBay

Communities,

Inc

11,716

1,837

*

Bluerock

Homes

Trust,

Inc

39

81,787

Boston

Properties,

Inc

5,527

35,081

BraeMar

Hotels

&

Resorts,

Inc

144

92,621

Brandywine

Realty

Trust

570

162,598

Brixmor

Property

Group,

Inc

3,686

77,650

Broadstone

Net

Lease,

Inc

1,259

6,068

Brt

Realty

Trust

119

52,715

Camden

Property

Trust

5,898

50,740

CareTrust

REIT,

Inc

943

13,650

CBL

&

Associates

Properties,

Inc

315

158,267

CBRE

Group,

Inc

12,180

9,060

Centerspace

532

28,285

Chatham

Lodging

Trust

347

21,833

City

Office

REIT,

Inc

183

10,462

e

Clipper

Realty,

Inc

67

9,586

Community

Healthcare

Trust,

Inc

343

133,621

*,e

Compass,

Inc

311

61,652

Corporate

Office

Properties

Trust

1,599

84,914

Cousins

Properties,

Inc

2,147

222,772

Crown

Castle

International

Corp

30,217

11,994

e

CTO

Realty

Growth,

Inc

219

110,271

CubeSmart

4,438

66,192

*,e

Cushman

&

Wakefield

plc

825

114,160

DiamondRock

Hospitality

Co

935

146,213

Digital

Realty

Trust,

Inc

14,661

136,618

Diversified

Healthcare

Trust

88

39,190

Douglas

Elliman,

Inc

160

91,371

Douglas

Emmett,

Inc

1,433

46,730

e

Easterly

Government

Properties,

Inc

667

21,698

EastGroup

Properties,

Inc

3,213

82,308

e

Empire

State

Realty

Trust,

Inc

555

40,647

EPR

Properties

1,533

46,900

Equinix,

Inc

30,721

43,426

Equity

Commonwealth

1,084

91,603

Equity

Lifestyle

Properties,

Inc

5,918

191,041

Equity

Residential

11,271

63,885

Essential

Properties

Realty

Trust,

Inc

1,499

34,070

Essex

Property

Trust,

Inc

7,220

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

247

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

28,436

e

eXp

World

Holdings

Inc

$

315

69,414

Extra

Space

Storage,

Inc

10,216

19,962

e

Farmland

Partners,

Inc

249

39,750

Federal

Realty

Investment

Trust

4,016

67,202

First

Industrial

Realty

Trust,

Inc

3,243

425

*

Forestar

Group,

Inc

7

41,086

Four

Corners

Property

Trust,

Inc

1,065

72,511

Franklin

Street

Properties

Corp

198

4,942

*

FRP

Holdings,

Inc

266

119,848

Gaming

and

Leisure

Properties,

Inc

6,243

18,198

Getty

Realty

Corp

616

17,811

e

Gladstone

Commercial

Corp

330

11,325

e

Gladstone

Land

Corp

208

30,930

Global

Medical

REIT,

Inc

293

44,961

Global

Net

Lease,

Inc

565

202,313

Healthcare

Realty

Trust,

Inc

3,899

279,927

Healthpeak

Properties

Inc

7,018

27,708

Hersha

Hospitality

Trust

236

46,362

Highwoods

Properties,

Inc

1,297

366,232

Host

Hotels

and

Resorts,

Inc

5,878

22,285

*

Howard

Hughes

Corp

1,703

80,595

Hudson

Pacific

Properties

784

115,925

Independence

Realty

Trust,

Inc

1,954

2,737

e

Indus

Realty

Trust,

Inc

174

34,891

Industrial

Logistics

Properties

Trust

114

12,344

Innovative

Industrial

Properties,

Inc

1,251

34,736

InvenTrust

Properties

Corp

822

307,088

Invitation

Homes,

Inc

9,102

146,394

Iron

Mountain,

Inc

7,298

38,621

iStar

Inc

295

64,898

JBG

SMITH

Properties

1,232

23,806

*

Jones

Lang

LaSalle,

Inc

3,794

44,610

Kennedy-Wilson

Holdings,

Inc

702

63,758

Kilroy

Realty

Corp

2,466

300,353

Kimco

Realty

Corp

6,361

118,460

Kite

Realty

Group

Trust

2,494

44,100

Lamar

Advertising

Co

4,163

144,484

Lexington

Realty

Trust

1,448

42,193

Life

Storage,

Inc

4,156

19,960

LTC

Properties,

Inc

709

107,859

Macerich

Co

1,214

47,939

*

Mack-Cali

Realty

Corp

764

11,498

Marcus

&

Millichap,

Inc

396

283,531

e

Medical

Properties

Trust,

Inc

3,159

61,102

Mid-America

Apartment

Communities,

Inc

9,592

22,628

National

Health

Investors,

Inc

1,182

91,205

National

Retail

Properties,

Inc

4,174

38,309

National

Storage

Affiliates

Trust

1,384

21,654

e

NETSTREIT

Corp

397

81,428

Newmark

Group,

Inc

649

12,730

NexPoint

Residential

Trust,

Inc

554

23,677

Office

Properties

Income

Trust

316

129,929

e

Omega

Healthcare

Investors,

Inc

3,632

9,166

e

One

Liberty

Properties,

Inc

204

228,590

*,e

Opendoor

Technologies,

Inc

265

29,999

Orion

Office

REIT,

Inc

256

76,197

Outfront

Media,

Inc

1,263

101,864

Paramount

Group,

Inc

605

132,332

Park

Hotels

&

Resorts,

Inc

1,560

71,223

e

Pebblebrook

Hotel

Trust

954

59,852

Phillips

Edison

&

Co,

Inc

1,906

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

248

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

107,460

Physicians

Realty

Trust

$

1,555

36,714

Piedmont

Office

Realty

Trust,

Inc

337

13,733

Plymouth

Industrial

REIT,

Inc

263

9,072

e

Postal

Realty

Trust,

Inc

132

40,727

PotlatchDeltic

Corp

1,792

470,773

Prologis,

Inc

53,070

79,744

Public

Storage,

Inc

22,343

75,814

Rayonier,

Inc

2,499

13,117

Re/Max

Holdings,

Inc

245

62,854

*

Realogy

Holdings

Corp

402

317,167

Realty

Income

Corp

20,118

57,095

*,e

Redfin

Corp

242

92,769

Regency

Centers

Corp

5,798

63,462

Retail

Opportunities

Investment

Corp

954

84,858

Rexford

Industrial

Realty,

Inc

4,637

92,471

RLJ

Lodging

Trust

979

5,123

RMR

Group,

Inc

145

57,913

RPT

Realty

581

29,351

Ryman

Hospitality

Properties

2,400

116,469

Sabra

Healthcare

REIT,

Inc

1,448

10,477

e

Safehold,

Inc

300

6,451

e

Saul

Centers,

Inc

262

55,017

SBA

Communications

Corp

15,422

93,168

Service

Properties

Trust

679

168,295

Simon

Property

Group,

Inc

19,771

103,764

SITE

Centers

Corp

1,417

38,202

e

SL

Green

Realty

Corp

1,288

62,949

Spirit

Realty

Capital,

Inc

2,514

18,561

St.

Joe

Co

717

84,224

STAG

Industrial,

Inc

2,721

126,209

STORE

Capital

Corp

4,046

3,112

Stratus

Properties,

Inc

60

73,018

Summit

Hotel

Properties,

Inc

527

60,721

Sun

Communities,

Inc

8,683

117,301

e

Sunstone

Hotel

Investors,

Inc

1,133

54,135

Tanger

Factory

Outlet

Centers,

Inc

971

12,164

*

Tejon

Ranch

Co

229

35,329

Terreno

Realty

Corp

2,009

162,250

UDR,

Inc

6,284

20,169

UMH

Properties,

Inc

325

121,658

Uniti

Group,

Inc

673

2,401

e

Universal

Health

Realty

Income

Trust

115

70,770

Urban

Edge

Properties

997

20,808

Urstadt

Biddle

Properties,

Inc

(Class

A)

394

205,950

Ventas,

Inc

9,278

477,997

VICI

Properties,

Inc

15,487

96,380

e

Vornado

Realty

Trust

2,006

46,196

Washington

REIT

822

234,476

Welltower,

Inc

15,370

67,032

*,e

WeWork,

Inc

96

368,298

Weyerhaeuser

Co

11,417

25,132

Whitestone

REIT

242

105,687

e

WP

Carey,

Inc

8,259

62,184

Xenia

Hotels

&

Resorts,

Inc

820

32,630

*

Zillow

Group,

Inc

(Class

A)

1,018

90,080

*

Zillow

Group,

Inc

(Class

C)

2,901

TOTAL

REAL

ESTATE

637,039

RETAILING

-

5.1%

18,290

*

1-800-FLOWERS.COM,

Inc

(Class

A)

175

18,402

Aaron's

Co,

Inc

220

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

249

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

23,424

*

Abercrombie

&

Fitch

Co

(Class

A)

$

537

36,738

Academy

Sports

&

Outdoors,

Inc

1,930

31,209

Advance

Auto

Parts,

Inc

4,589

4,538,619

*

Amazon.com,

Inc

381,244

85,497

e

American

Eagle

Outfitters,

Inc

1,194

3,312

*

America's

Car-Mart,

Inc

239

65,041

Arko

Corp

563

10,565

*

Asbury

Automotive

Group,

Inc

1,894

11,989

*

Autonation,

Inc

1,286

9,686

*

AutoZone,

Inc

23,887

119,103

Bath

&

Body

Works,

Inc

5,019

27,869

*,e

Bed

Bath

&

Beyond,

Inc

70

103,686

Best

Buy

Co,

Inc

8,317

11,361

e

Big

5

Sporting

Goods

Corp

100

20,052

e

Big

Lots,

Inc

295

15,681

*

Boot

Barn

Holdings,

Inc

980

14,004

Buckle,

Inc

635

7,271

*

Build-A-Bear

Workshop,

Inc

173

36,184

*

Burlington

Stores,

Inc

7,337

20,111

Caleres,

Inc

448

22,123

Camping

World

Holdings,

Inc

494

85,911

*

CarMax,

Inc

5,231

19,398

*

CarParts.com,

Inc

121

12,003

Cato

Corp

(Class

A)

112

66,517

*

Chico's

FAS,

Inc

327

7,673

*,e

Children's

Place,

Inc

279

6,121

*

Citi

Trends,

Inc

162

13,169

*,e

Conn's,

Inc

91

11,400

*

Container

Store

Group,

Inc

49

291,707

*,e

ContextLogic,

Inc

142

32,814

Designer

Brands,

Inc

321

30,615

*

Destination

XL

Group,

Inc

207

28,635

Dick's

Sporting

Goods,

Inc

3,445

1,003

e

Dillard's,

Inc

(Class

A)

324

115,572

Dollar

General

Corp

28,460

109,618

*

Dollar

Tree,

Inc

15,504

128,912

*

DoorDash,

Inc

6,293

7,236

*,e

Duluth

Holdings,

Inc

45

273,278

eBay,

Inc

11,333

66,094

*

Etsy,

Inc

7,917

34,837

*,e

EVgo,

Inc

156

30,809

*

Five

Below,

Inc

5,449

55,907

*

Floor

&

Decor

Holdings,

Inc

3,893

33,391

Foot

Locker,

Inc

1,262

11,421

e

Franchise

Group,

Inc

272

10,965

*,e

Funko,

Inc

120

138,452

*,e

GameStop

Corp

(Class

A)

2,556

81,317

Gap,

Inc

917

7,998

*

Genesco,

Inc

368

70,631

Genuine

Parts

Co

12,255

4,523

Group

1

Automotive,

Inc

816

12,244

*,e

Groupon,

Inc

105

29,518

*,e

GrowGeneration

Corp

116

21,962

e

Guess?,

Inc

454

9,098

e

Haverty

Furniture

Cos,

Inc

272

9,181

Hibbett

Sports,

Inc

626

526,897

Home

Depot,

Inc

166,426

65,995

Kohl's

Corp

1,666

9,431

*

Lands'

End,

Inc

72

59,869

*,e

Leslie's,

Inc

731

19,090

*

Liquidity

Services,

Inc

268

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

250

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

13,553

Lithia

Motors,

Inc

(Class

A)

$

2,775

121,330

LKQ

Corp

6,480

318,635

Lowe's

Companies,

Inc

63,485

19,294

*

Lumber

Liquidators,

Inc

108

136,925

Macy's,

Inc

2,828

11,739

*

MarineMax,

Inc

366

18,107

Monro

Muffler,

Inc

818

8,996

Murphy

USA,

Inc

2,515

47,869

*

National

Vision

Holdings,

Inc

1,855

24,457

e

Nordstrom,

Inc

395

18,624

*

ODP

Corp

848

35,834

*

Ollie's

Bargain

Outlet

Holdings,

Inc

1,678

5,690

*,e

OneWater

Marine,

Inc

163

31,919

*

O'Reilly

Automotive,

Inc

26,941

24,586

*

Overstock.com,

Inc

476

13,329

Penske

Auto

Group,

Inc

1,532

40,988

*,e

Petco

Health

&

Wellness

Co,

Inc

389

14,105

e

PetMed

Express,

Inc

250

20,231

Pool

Corp

6,116

23,560

*

Poshmark,

Inc

421

53,361

*

Quotient

Technology,

Inc

183

130,909

*

Qurate

Retail

Group,

Inc

QVC

Group

213

27,217

Rent-A-Center,

Inc

614

19,596

*,e

Revolve

Group,

Inc

436

9,426

*,e

RH

2,519

169,891

Ross

Stores,

Inc

19,719

66,571

*

Sally

Beauty

Holdings,

Inc

833

4,712

Shoe

Carnival,

Inc

113

13,499

Shutterstock,

Inc

712

20,162

Signet

Jewelers

Ltd

1,371

13,058

*

Sleep

Number

Corp

339

11,945

e

Sonic

Automotive,

Inc

(Class

A)

589

19,952

*

Sportsman's

Warehouse

Holdings,

Inc

188

32,244

*,e

Stitch

Fix

Inc

100

236,488

Target

Corp

35,246

30,109

*,e

ThredUp,

Inc

39

6,790

*

Tilly's,

Inc

61

588,622

TJX

Companies,

Inc

46,854

57,697

Tractor

Supply

Co

12,980

6,470

*

TravelCenters

of

America,

Inc

290

25,507

*

Ulta

Beauty,

Inc

11,965

13,265

*

Urban

Outfitters,

Inc

316

41,105

*,e

Victoria's

Secret

&

Co

1,471

12,686

*,e

Vivid

Seats,

Inc

93

62,669

*,e

Volta,

Inc

22

42,783

*

Warby

Parker,

Inc

577

41,399

*,e

Wayfair,

Inc

1,362

32,140

Williams-Sonoma,

Inc

3,694

1,945

Winmark

Corp

459

17,318

*,e

Xometry,

Inc

558

11,661

*,e

Zumiez,

Inc

254

TOTAL

RETAILING

985,398

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4.5%

24,578

*

ACM

Research,

Inc

189

827,551

*

Advanced

Micro

Devices,

Inc

53,600

26,133

*

Allegro

MicroSystems,

Inc

785

15,539

*

Alpha

&

Omega

Semiconductor

Ltd

444

19,074

*

Ambarella,

Inc

1,568

55,705

Amkor

Technology,

Inc

1,336

259,509

Analog

Devices,

Inc

42,567

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

251

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

439,991

Applied

Materials,

Inc

$

42,846

10,142

*,e

Atomera,

Inc

63

20,849

*

Axcelis

Technologies,

Inc

1,655

26,991

*

AXT,

Inc

118

200,896

Broadcom,

Inc

112,327

15,710

*

Ceva,

Inc

402

26,804

*

Cirrus

Logic,

Inc

1,996

67,503

*

Coherent

Corp

2,369

26,675

*

Cohu,

Inc

855

12,042

*,e

Credo

Technology

Group

Holding

Ltd

160

23,788

*

Diodes,

Inc

1,811

66,786

*

Enphase

Energy,

Inc

17,696

72,011

Entegris,

Inc

4,723

51,096

*

First

Solar,

Inc

7,654

42,439

*

Formfactor,

Inc

943

32,223

*,e

GLOBALFOUNDRIES,

Inc

1,737

15,133

*,e

Ichor

Holdings

Ltd

406

13,074

*

Impinj,

Inc

1,427

51,148

*,e

indie

Semiconductor,

Inc

298

2,090,656

Intel

Corp

55,256

71,218

KLA

Corp

26,851

26,815

Kulicke

&

Soffa

Industries,

Inc

1,187

69,731

Lam

Research

Corp

29,308

75,431

*

Lattice

Semiconductor

Corp

4,894

29,103

*

MACOM

Technology

Solutions

Holdings,

Inc

1,833

436,898

Marvell

Technology,

Inc

16,183

38,172

*

MaxLinear,

Inc

1,296

268,931

Microchip

Technology,

Inc

18,892

553,252

Micron

Technology,

Inc

27,652

26,862

MKS

Instruments,

Inc

2,276

23,066

Monolithic

Power

Systems,

Inc

8,156

26,573

*

Nanometrics,

Inc

1,809

1,229,709

NVIDIA

Corp

179,710

220,276

*

ON

Semiconductor

Corp

13,739

20,605

*

PDF

Solutions,

Inc

588

10,799

*

Photronics,

Inc

182

33,225

Power

Integrations,

Inc

2,383

52,571

*

Qorvo,

Inc

4,765

571,998

QUALCOMM,

Inc

62,885

44,756

*

Rambus,

Inc

1,603

35,296

*

Semtech

Corp

1,013

18,610

*

Silicon

Laboratories,

Inc

2,525

7,023

*

SiTime

Corp

714

80,978

Skyworks

Solutions,

Inc

7,380

15,494

*

SMART

Global

Holdings,

Inc

231

42,585

*,e

SunPower

Corp

768

19,257

*

Synaptics,

Inc

1,832

81,009

Teradyne,

Inc

7,076

460,832

Texas

Instruments,

Inc

76,139

23,500

*

Ultra

Clean

Holdings

779

24,314

Universal

Display

Corp

2,627

34,384

*,e

Veeco

Instruments,

Inc

639

62,345

*

Wolfspeed,

Inc

4,304

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

867,450

SOFTWARE

&

SERVICES

-

12.8%

65,506

*,e

8x8,

Inc

283

32,215

A10

Networks,

Inc

536

323,217

Accenture

plc

86,247

68,208

*

ACI

Worldwide,

Inc

1,569

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

252

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

57,275

Adeia,

Inc

$

543

236,471

*

Adobe,

Inc

79,580

150,477

*,e

Affirm

Holdings,

Inc

1,455

11,056

*

Agilysys,

Inc

875

75,911

*

Akamai

Technologies,

Inc

6,399

26,945

*

Alarm.com

Holdings,

Inc

1,333

15,192

*,e

Alkami

Technology,

Inc

222

24,769

*

Altair

Engineering,

Inc

1,126

32,290

*

Alteryx,

Inc

1,636

59,006

Amdocs

Ltd

5,364

15,720

American

Software,

Inc

(Class

A)

231

28,669

*,e

Amplitude,

Inc

346

45,731

*

Ansys,

Inc

11,048

9,509

*

Appfolio,

Inc

1,002

20,140

*

Appian

Corp

656

116,026

*,e

AppLovin

Corp

1,222

40,356

*,e

Asana,

Inc

556

14,242

*

Aspen

Technology,

Inc

2,925

70,590

*

Atlassian

Corp

9,084

112,313

*

Autodesk,

Inc

20,988

212,833

Automatic

Data

Processing,

Inc

50,837

66,029

*,e

AvePoint,

Inc

271

75,147

*

AvidXchange

Holdings,

Inc

747

11,374

*

Benefitfocus,

Inc

119

86,956

Bentley

Systems,

Inc

3,214

24,476

*

BigCommerce

Holdings,

Inc

214

49,304

*

Bill.Com

Holdings,

Inc

5,372

82,754

*

Black

Knight,

Inc

5,110

26,411

*

Blackbaud,

Inc

1,555

29,853

*

Blackline,

Inc

2,008

94,859

*

Blend

Labs,

Inc

137

267,045

*

Block,

Inc

16,781

66,925

*

Box,

Inc

2,083

27,328

Bread

Financial

Holdings,

Inc

1,029

20,694

*

Brightcove,

Inc

108

57,307

Broadridge

Financial

Solutions,

Inc

7,687

42,696

*

C3.ai,

Inc

478

137,612

*

Cadence

Design

Systems,

Inc

22,106

31,787

*

Cantaloupe,

Inc

138

10,596

Cass

Information

Systems,

Inc

485

87,215

*

CCC

Intelligent

Solutions

Holdings,

Inc

759

23,399

*

Cerberus

Cyber

Sentinel

Corp

60

22,039

*

Cerence

Inc

408

66,788

*

Ceridian

HCM

Holding,

Inc

4,284

17,869

*,e

Cleanspark,

Inc

36

31,897

e

Clear

Secure,

Inc

875

144,134

*

Cloudflare,

Inc

6,516

261,232

Cognizant

Technology

Solutions

Corp

(Class

A)

14,940

20,876

*

Commvault

Systems,

Inc

1,312

21,043

Concentrix

Corp

2,802

91,431

*

Conduent,

Inc

370

64,060

*

Confluent,

Inc

1,425

7,805

*

Consensus

Cloud

Solutions,

Inc

420

13,583

*,e

Couchbase,

Inc

180

40,201

*

Coupa

Software,

Inc

3,183

108,468

*

Crowdstrike

Holdings,

Inc

11,421

6,968

*

CS

Disco,

Inc

44

17,763

CSG

Systems

International,

Inc

1,016

43,093

*

Cvent

Holding

Corp

233

21,825

*,e

Cyxtera

Technologies,

Inc

42

133,433

*

Datadog,

Inc

9,807

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

253

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

7,264

*,e

Digimarc

Corp

$

134

46,104

*

Digital

Turbine,

Inc

703

39,126

*,e

DigitalOcean

Holdings,

Inc

997

103,146

*

DocuSign,

Inc

5,716

35,265

Dolby

Laboratories,

Inc

(Class

A)

2,488

15,039

*

Domo,

Inc

214

35,232

*

DoubleVerify

Holdings,

Inc

774

118,133

*

Dropbox,

Inc

2,644

40,815

*

Duck

Creek

Technologies,

Inc

492

115,855

*

DXC

Technology

Co

3,070

106,722

*

Dynatrace,

Inc

4,087

87,429

*,e

E2open

Parent

Holdings,

Inc

513

17,480

e

Ebix,

Inc

349

10,699

*

eGain

Corp

97

37,517

*

Elastic

NV

1,932

13,046

*,e

Enfusion,

Inc

126

17,890

*

EngageSmart,

Inc

315

30,234

*

Envestnet,

Inc

1,865

27,283

*

EPAM

Systems,

Inc

8,942

27,813

*

Euronet

Worldwide,

Inc

2,625

21,053

*

Everbridge,

Inc

623

12,378

*,e

EverCommerce,

Inc

92

31,074

EVERTEC,

Inc

1,006

8,207

*

Evo

Payments,

Inc

278

17,218

*

ExlService

Holdings,

Inc

2,917

12,846

*

Fair

Isaac

Corp

7,689

58,075

*,e

Fastly,

Inc

476

304,033

Fidelity

National

Information

Services,

Inc

20,629

299,079

*

Fiserv,

Inc

30,228

37,675

*

Five9,

Inc

2,557

36,005

*

FleetCor

Technologies,

Inc

6,613

33,603

*

Flywire

Corp

822

15,452

*,e

ForgeRock,

Inc

352

332,686

*

Fortinet,

Inc

16,265

39,260

*

Gartner,

Inc

13,197

81,103

Genpact

Ltd

3,757

135,154

Global

Payments,

Inc

13,423

21,651

*

Globant

S.A.

3,641

81,487

*

GoDaddy,

Inc

6,097

15,258

*

Grid

Dynamics

Holdings,

Inc

171

46,084

*

Guidewire

Software,

Inc

2,883

17,956

Hackett

Group,

Inc

366

24,272

*

HubSpot,

Inc

7,018

9,245

*

I3

Verticals,

Inc

225

17,943

*

Informatica,

Inc

292

18,219

Information

Services

Group,

Inc

84

8,870

*

Instructure

Holdings,

Inc

208

18,324

InterDigital,

Inc

907

458,868

International

Business

Machines

Corp

64,650

13,645

*

International

Money

Express

Inc

333

141,252

Intuit,

Inc

54,978

37,546

Jack

Henry

&

Associates,

Inc

6,592

29,050

*

Jamf

Holding

Corp

619

37,345

*

KnowBe4,

Inc

925

95,867

*

Kyndryl

Holdings,

Inc

1,066

50,961

*,e

Limelight

Networks,

Inc

58

34,967

*

Liveperson,

Inc

355

35,615

*

LiveRamp

Holdings,

Inc

835

32,654

*

Manhattan

Associates,

Inc

3,964

52,095

*,e

Marathon

Digital

Holdings,

Inc

178

222,577

*

Marqeta,

Inc

1,360

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

254

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

433,395

Mastercard,

Inc

(Class

A)

$

150,704

112,247

*,e

Matterport,

Inc

314

31,583

MAXIMUS,

Inc

2,316

11,893

*,e

MeridianLink,

Inc

163

3,818,004

Microsoft

Corp

915,634

4,156

*,e

MicroStrategy,

Inc

(Class

A)

588

22,456

*

Mitek

Systems,

Inc

218

14,483

*

Model

N,

Inc

587

35,218

*

MoneyGram

International,

Inc

384

33,619

*

MongoDB,

Inc

6,618

19,169

*

N-Able,

Inc

197

25,933

*

nCino

OpCo,

Inc

686

68,992

*

NCR

Corp

1,615

30,028

*

New

Relic,

Inc

1,695

283,454

NortonLifelock,

Inc

6,074

105,783

*

Nutanix,

Inc

2,756

76,550

*

Okta,

Inc

5,231

46,103

*,e

Olo,

Inc

288

4,837

*

ON24,

Inc

42

21,489

*

OneSpan,

Inc

240

776,958

Oracle

Corp

63,509

41,005

*

Pagerduty,

Inc

1,089

933,059

*

Palantir

Technologies,

Inc

5,990

149,946

*

Palo

Alto

Networks,

Inc

20,923

44,842

*

Paya

Holdings,

Inc

353

164,950

Paychex,

Inc

19,062

26,407

*

Paycom

Software,

Inc

8,194

11,105

*

Paycor

HCM,

Inc

272

20,584

*

Paylocity

Holding

Corp

3,999

110,964

*

Payoneer

Global,

Inc

607

584,785

*

PayPal

Holdings,

Inc

41,648

18,818

*,e

Paysafe

Ltd

261

22,404

Pegasystems,

Inc

767

17,663

*

Perficient,

Inc

1,233

8,474

PFSweb,

Inc

52

31,944

*

Procore

Technologies,

Inc

1,507

23,997

Progress

Software

Corp

1,211

19,034

*

PROS

Holdings,

Inc

462

52,897

*

PTC,

Inc

6,350

29,530

*

Q2

Holdings,

Inc

793

18,605

*

Qualys,

Inc

2,088

19,217

*,e

Rackspace

Technology,

Inc

57

31,056

*

Rapid7,

Inc

1,055

43,126

*

Remitly

Global,

Inc

494

42,004

*

Repay

Holdings

Corp

338

24,959

*

Rimini

Street,

Inc

95

44,149

*

RingCentral,

Inc

1,563

38,880

*,e

Riot

Blockchain,

Inc

132

53,965

Roper

Technologies,

Inc

23,318

186,641

*

Sabre

Corp

1,153

492,111

*

Salesforce,

Inc

65,249

15,268

e

Sapiens

International

Corp

NV

282

4,599

*

SecureWorks

Corp

29

88,419

*

SentinelOne,

Inc

1,290

103,386

*

ServiceNow,

Inc

40,142

23,585

*

Shift4

Payments,

Inc

1,319

4,906

*

ShotSpotter,

Inc

166

66,115

*

Smartsheet,

Inc

2,602

157,505

*

Snowflake,

Inc

22,608

19,169

*

SolarWinds

Corp

179

85,374

*

Splunk,

Inc

7,350

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

255

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

24,107

*

Sprout

Social,

Inc

$

1,361

19,690

*

SPS

Commerce,

Inc

2,529

16,060

*

Squarespace,

Inc

356

111,085

SS&C

Technologies

Holdings,

Inc

5,783

120,616

*

StoneCo

Ltd

1,139

44,512

*

Sumo

Logic,

Inc

361

70,963

*

SVMK,

Inc

497

77,041

*

Synopsys,

Inc

24,598

21,512

*

Telos

Corp

109

49,510

*

Tenable

Holdings,

Inc

1,889

51,680

*

Teradata

Corp

1,740

116,597

*,e

Toast,

Inc

2,102

226,382

*

Trade

Desk,

Inc

10,149

10,054

TTEC

Holdings,

Inc

444

6,516

*,e

Tucows,

Inc

221

22,872

*

Turing

Holding

Corp

233

85,658

*

Twilio,

Inc

4,194

21,091

*

Tyler

Technologies,

Inc

6,800

192,445

*

UiPath,

Inc

2,446

38,674

*

Unisys

Corp

198

107,430

*

Unity

Software,

Inc

3,071

15,606

*

Upland

Software,

Inc

111

24,261

*,e

UserTesting,

Inc

182

56,469

*

Varonis

Systems,

Inc

1,352

35,164

*

Verint

Systems,

Inc

1,276

46,419

*

VeriSign,

Inc

9,536

13,662

*,e

Veritone,

Inc

72

63,620

*

Verra

Mobility

Corp

880

6,012

*

Viant

Technology,

Inc

24

838,459

Visa,

Inc

(Class

A)

174,198

103,551

*

VMware,

Inc

(Class

A)

12,712

198,450

Western

Union

Co

2,733

20,819

*

WEX,

Inc

3,407

29,289

*

Wix.com

Ltd

2,250

36,785

*

WM

Technology,

Inc

37

100,015

*

Workday,

Inc

16,735

22,930

*

Workiva,

Inc

1,925

55,032

*

Yext,

Inc

359

55,743

*

Zeta

Global

Holdings

Corp

455

130,278

*

Zoom

Video

Communications,

Inc

8,825

41,021

*

Zscaler,

Inc

4,590

55,037

*

Zuora

Inc

350

TOTAL

SOFTWARE

&

SERVICES

2,491,020

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.0%

66,252

*

3D

Systems

Corp

490

6,963

*,e

908

Devices,

Inc

53

35,649

ADTRAN

Holdings,

Inc

670

20,999

Advanced

Energy

Industries,

Inc

1,801

41,314

*,e

Aeva

Technologies,

Inc

56

18,515

*,e

Akoustis

Technologies,

Inc

52

294,062

Amphenol

Corp

(Class

A)

22,390

7,669,597

Apple,

Inc

996,511

123,543

*

Arista

Networks,

Inc

14,992

47,303

*

Arlo

Technologies,

Inc

166

28,727

*

Arrow

Electronics,

Inc

3,004

5,662

*

Aviat

Networks,

Inc

177

24,161

*

Avid

Technology,

Inc

642

46,118

Avnet,

Inc

1,918

15,939

Badger

Meter,

Inc

1,738

24,142

Belden

CDT,

Inc

1,736

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

256

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

19,531

Benchmark

Electronics,

Inc

$

521

28,887

*

Calix,

Inc

1,977

4,889

*

Cambium

Networks

Corp

106

9,824

*

Casa

Systems,

Inc

27

66,275

CDW

Corp

11,835

79,273

*

Ciena

Corp

4,041

2,089,400

Cisco

Systems,

Inc

99,539

8,964

*

Clearfield,

Inc

844

93,925

Cognex

Corp

4,425

115,638

*

CommScope

Holding

Co,

Inc

850

16,237

Comtech

Telecommunications

Corp

197

381,511

Corning,

Inc

12,185

8,680

*

Corsair

Gaming,

Inc

118

17,421

CTS

Corp

687

127,201

Dell

Technologies,

Inc

5,116

18,652

*,e

Digi

International,

Inc

682

9,167

*

DZS,

Inc

116

24,605

*,e

Eastman

Kodak

Co

75

18,556

*

ePlus,

Inc

822

43,075

*

Evolv

Technologies

Holdings,

Inc

112

79,396

*

Extreme

Networks,

Inc

1,454

30,171

*

F5

Networks,

Inc

4,330

20,485

*

Fabrinet

2,627

9,925

*

FARO

Technologies,

Inc

292

9,076

*,e

Focus

Universal,

Inc

58

58,321

*

Harmonic,

Inc

764

670,009

Hewlett

Packard

Enterprise

Co

10,693

502,632

HP,

Inc

13,506

11,473

*

Identiv,

Inc

83

103,799

*,e

Infinera

Corp

700

40,550

*,e

Inseego

Corp

34

14,981

*

Insight

Enterprises,

Inc

1,502

60,908

*,e

IonQ,

Inc

210

19,271

*

IPG

Photonics

Corp

1,824

24,355

*

Itron,

Inc

1,234

59,846

Jabil

Inc

4,081

163,210

Juniper

Networks,

Inc

5,216

89,572

*

Keysight

Technologies,

Inc

15,323

21,162

*

Kimball

Electronics,

Inc

478

28,141

*

Knowles

Corp

462

57,291

*,e

Lightwave

Logic,

Inc

247

13,151

Littelfuse,

Inc

2,896

36,595

*

Lumentum

Holdings,

Inc

1,909

20,833

Methode

Electronics,

Inc

924

86,400

*,e

Microvision,

Inc

203

70,213

*,e

Mirion

Technologies,

Inc

464

82,239

Motorola

Solutions,

Inc

21,194

15,874

*

Napco

Security

Technologies,

Inc

436

72,088

National

Instruments

Corp

2,660

113,799

NetApp,

Inc

6,835

16,454

*

Netgear,

Inc

298

43,446

*

Netscout

Systems,

Inc

1,412

20,535

*

nLight,

Inc

208

18,332

*

Novanta,

Inc

2,491

17,528

*,e

Ondas

Holdings,

Inc

28

9,244

*

OSI

Systems,

Inc

735

15,844

*,e

Ouster,

Inc

14

12,941

*,e

PAR

Technology

Corp

337

8,216

PC

Connection,

Inc

385

17,083

*

Plexus

Corp

1,758

145,102

*

Pure

Storage,

Inc

3,883

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

257

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

37,508

*

Ribbon

Communications,

Inc

$

105

8,376

*

Rogers

Corp

1,000

36,299

*

Sanmina

Corp

2,080

17,777

*

Scansource,

Inc

519

61,017

*,e

SmartRent,

Inc

148

26,460

*

Super

Micro

Computer,

Inc

2,172

19,067

SYNNEX

Corp

1,806

24,117

*

Teledyne

Technologies,

Inc

9,645

129,908

*

Trimble

Inc

6,568

51,948

*

TTM

Technologies,

Inc

783

8,166

*

Turtle

Beach

Corp

59

1,436

e

Ubiquiti,

Inc

393

38,579

*,e

Velodyne

Lidar,

Inc

29

34,027

*

Viasat,

Inc

1,077

136,006

*

Viavi

Solutions,

Inc

1,429

52,971

Vishay

Intertechnology,

Inc

1,143

9,508

*

Vishay

Precision

Group,

Inc

367

92,880

Vontier

Corp

1,795

155,579

*

Western

Digital

Corp

4,909

58,625

Xerox

Holdings

Corp

856

22,910

*

Xperi,

Inc

197

27,748

*

Zebra

Technologies

Corp

(Class

A)

7,115

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,349,054

TELECOMMUNICATION

SERVICES

-

1.1%

7,472

*

Anterix,

Inc

240

3,661,815

AT&T,

Inc

67,414

7,918

ATN

International,

Inc

359

12,460

*

Bandwidth

Inc

286

55,430

*,e

Charge

Enterprises,

Inc

69

25,280

Cogent

Communications

Group,

Inc

1,443

48,355

*

Consolidated

Communications

Holdings,

Inc

173

69,755

DigitalBridge

Group,

Inc

763

22,558

*

EchoStar

Corp

(Class

A)

376

126,319

*

Frontier

Communications

Parent,

Inc

3,219

331,269

*,e

Globalstar,

Inc

440

13,459

*

Gogo,

Inc

199

11,096

*

IDT

Corp

(Class

B)

312

60,764

*

Iridium

Communications,

Inc

3,123

29,453

*

Liberty

Latin

America

Ltd

(Class

A)

222

84,348

*

Liberty

Latin

America

Ltd

(Class

C)

641

529,866

Lumen

Technologies,

Inc

2,766

13,047

*

Ooma,

Inc

178

23,995

*

Radius

Global

Infrastructure,

Inc

284

26,373

Shenandoah

Telecom

Co

419

55,138

Telephone

&

Data

Systems,

Inc

578

306,308

*

T-Mobile

US,

Inc

42,883

9,529

*

US

Cellular

Corp

199

2,156,068

Verizon

Communications,

Inc

84,949

TOTAL

TELECOMMUNICATION

SERVICES

211,535

TRANSPORTATION

-

1.8%

37,928

*

Air

Transport

Services

Group,

Inc

985

60,779

*

Alaska

Air

Group,

Inc

2,610

8,270

*

Allegiant

Travel

Co

562

38,763

AMERCO

2,131

4,307

Amerco,

Inc

259

347,869

*

American

Airlines

Group,

Inc

4,425

13,812

ArcBest

Corp

967

9,879

*,e

Atlas

Air

Worldwide

Holdings,

Inc

996

11,589

*

Avis

Budget

Group,

Inc

1,900

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

258

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

28,768

*,e

Blade

Air

Mobility,

Inc

$

103

62,417

CH

Robinson

Worldwide,

Inc

5,715

11,515

*

Copa

Holdings

S.A.

(Class

A)

958

23,634

Costamare,

Inc

219

8,672

Covenant

Transportation

Group,

Inc

300

1,059,536

CSX

Corp

32,824

14,173

*

Daseke,

Inc

81

316,616

*

Delta

Air

Lines,

Inc

10,404

4,116

e

Eagle

Bulk

Shipping,

Inc

206

79,798

Expeditors

International

of

Washington,

Inc

8,293

121,217

FedEx

Corp

20,995

14,836

Forward

Air

Corp

1,556

18,987

*

Frontier

Group

Holdings,

Inc

195

17,525

Genco

Shipping

&

Trading

Ltd

269

62,934

Golden

Ocean

Group

Ltd

547

50,638

*

GXO

Logistics,

Inc

2,162

27,588

*

Hawaiian

Holdings,

Inc

283

26,012

Heartland

Express,

Inc

399

104,128

*

Hertz

Global

Holdings,

Inc

1,602

18,067

*

Hub

Group,

Inc

(Class

A)

1,436

43,796

JB

Hunt

Transport

Services,

Inc

7,636

173,855

*

JetBlue

Airways

Corp

1,127

128,773

*,e

Joby

Aviation,

Inc

431

32,726

*

Kirby

Corp

2,106

79,606

Knight-Swift

Transportation

Holdings,

Inc

4,172

20,412

Landstar

System,

Inc

3,325

154,071

*

Lyft,

Inc

(Class

A)

1,698

34,852

Marten

Transport

Ltd

689

11,759

Matson,

Inc

735

118,699

Norfolk

Southern

Corp

29,250

50,477

Old

Dominion

Freight

Line

14,324

29,335

*

Radiant

Logistics,

Inc

149

52,508

*

RXO,

Inc

903

17,915

Ryder

System,

Inc

1,497

33,371

Safe

Bulkers,

Inc

97

13,620

*

Saia,

Inc

2,856

22,723

Schneider

National,

Inc

532

28,022

*

Skywest,

Inc

463

299,691

*

Southwest

Airlines

Co

10,091

50,261

Spirit

Airlines,

Inc

979

9,455

*

Sun

Country

Airlines

Holdings,

Inc

150

71,175

*

TuSimple

Holdings,

Inc

117

975,524

*

Uber

Technologies,

Inc

24,125

315,338

Union

Pacific

Corp

65,297

151,271

*

United

Airlines

Holdings

Inc

5,703

376,065

United

Parcel

Service,

Inc

(Class

B)

65,375

6,297

Universal

Logistics

Holdings

Inc

211

36,247

Werner

Enterprises,

Inc

1,459

81,596

*

Wheels

Up

Experience,

Inc

84

52,508

*

XPO

Logistics,

Inc

1,748

TOTAL

TRANSPORTATION

350,711

UTILITIES

-

3.0%

344,146

AES

Corp

9,898

29,387

Allete,

Inc

1,896

129,301

Alliant

Energy

Corp

7,139

21,469

*

Altus

Power,

Inc

140

128,677

Ameren

Corp

11,442

264,131

American

Electric

Power

Co,

Inc

25,079

20,132

American

States

Water

Co

1,863

91,368

American

Water

Works

Co,

Inc

13,926

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

259

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,909

Artesian

Resources

Corp

$

288

69,836

Atmos

Energy

Corp

7,826

36,552

e

Avangrid,

Inc

1,571

33,562

e

Avista

Corp

1,488

34,402

Black

Hills

Corp

2,420

44,523

e

Brookfield

Infrastructure

Corp

1,732

72,027

Brookfield

Renewable

Corp

1,984

27,522

California

Water

Service

Group

1,669

325,046

Centerpoint

Energy,

Inc

9,748

9,405

Chesapeake

Utilities

Corp

1,111

10,556

Clearway

Energy,

Inc

(Class

A)

316

47,061

Clearway

Energy,

Inc

(Class

C)

1,500

148,205

CMS

Energy

Corp

9,386

182,270

Consolidated

Edison,

Inc

17,372

164,317

Constellation

Energy

Corp

14,166

427,454

Dominion

Energy,

Inc

26,211

98,822

DTE

Energy

Co

11,614

391,762

Duke

Energy

Corp

40,348

195,908

Edison

International

12,464

106,399

Entergy

Corp

11,970

120,688

Essential

Utilities

Inc

5,760

112,667

Evergy,

Inc

7,090

177,794

Eversource

Energy

14,906

505,635

Exelon

Corp

21,859

276,167

FirstEnergy

Corp

11,582

6,410

Global

Water

Resources,

Inc

85

56,097

Hawaiian

Electric

Industries,

Inc

2,348

23,041

Idacorp,

Inc

2,485

15,195

MGE

Energy,

Inc

1,070

11,759

Middlesex

Water

Co

925

33,009

*,e

Montauk

Renewables,

Inc

364

44,613

National

Fuel

Gas

Co

2,824

52,723

New

Jersey

Resources

Corp

2,616

1,011,874

NextEra

Energy,

Inc

84,593

209,437

NiSource,

Inc

5,743

14,483

Northwest

Natural

Holding

Co

689

27,636

NorthWestern

Corp

1,640

114,095

NRG

Energy,

Inc

3,630

96,380

OGE

Energy

Corp

3,812

27,567

e

ONE

Gas,

Inc

2,087

24,734

e

Ormat

Technologies,

Inc

2,139

16,819

e

Otter

Tail

Corp

987

844,040

*,b

PG&E

Corp

13,724

55,268

Pinnacle

West

Capital

Corp

4,203

31,492

PNM

Resources,

Inc

1,536

40,332

e

Portland

General

Electric

Co

1,976

376,450

PPL

Corp

11,000

256,899

Public

Service

Enterprise

Group,

Inc

15,740

11,616

*

Pure

Cycle

Corp

122

162,307

Sempra

Energy

25,083

12,005

SJW

Corp

975

58,642

South

Jersey

Industries,

Inc

2,084

557,909

Southern

Co

39,840

31,668

Southwest

Gas

Holdings

Inc

1,960

21,354

Spire,

Inc

1,470

46,961

*,e

Sunnova

Energy

International,

Inc

846

105,006

UGI

Corp

3,893

10,272

Unitil

Corp

528

7,544

e

Via

Renewables,

Inc

38

194,785

Vistra

Energy

Corp

4,519

159,399

WEC

Energy

Group,

Inc

14,945

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

260

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

280,885

Xcel

Energy,

Inc

$

19,693

9,006

York

Water

Co

405

TOTAL

UTILITIES

590,381

TOTAL

COMMON

STOCKS

19,256,724

(Cost

$7,744,875)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

CONSUMER

DURABLES

&

APPAREL

-

0.0%

5,912

e

PLBY

Group,

Inc

0

TOTAL

CONSUMER

DURABLES

&

APPAREL

0

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

7,917

†

Chinook

Therapeutics,

Inc

0

6,981

†

Tobira

Therapeutics,

Inc

0

^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0

^

TOTAL

RIGHTS/WARRANTS

0

^

(Cost

$0)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.4%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

3,525,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/09/23

3,522

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/18/23

9,982

9,725,000

FHLB

0

.000

02/10/23

9,679

5,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/11/23

4,995

TOTAL

GOVERNMENT

AGENCY

DEBT

28,178

REPURCHASE

AGREEMENT

-

0.5%

95,965,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

95,965

TOTAL

REPURCHASE

AGREEMENT

95,965

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.7%

141,107,586

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

141,108

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

141,108

TOTAL

SHORT-TERM

INVESTMENTS

265,251

(Cost

$265,250)

TOTAL

INVESTMENTS

-

100.7%

19,521,975

(Cost

$8,010,125)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.7)%

(

133,694

)

NET

ASSETS

-

100.0%

$19,388,281

REIT

Real

Estate

Investment

Trust

Portfolio

of

investments

CREF

Equity

Index

Account

December

31,

2022

261

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$170,403,798.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$95,965,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.375%–3.125%

and

maturity

dates

10/31/28–11/15/28,

valued

at

$97,884,336.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

594‌

03/17/23

 $

114,846‌

$

114,672‌

$

(

174‌

)

CREF

Core

Bond

Account

December

31,

2022

Portfolio

of

investments

262

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANK

LOAN

OBLIGATIONS

-

0.5%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

590,124

i

Adient

US

LLC

LIBOR

12

M

+

3.250%

7

.634

%

04/10/28

$

585

618,326

i

Clarios

Global

LP

LIBOR

12

M

+

3.250%

7

.634

04/30/26

608

1,450,936

i

Gates

Global

LLC

LIBOR

12

M

+

2.500%

6

.884

03/31/27

1,423

TOTAL

AUTOMOBILES

&

COMPONENTS

2,616

CAPITAL

GOODS

-

0.0%

174,057

i

Avolon

TLB

Borrower

US

LLC

LIBOR

12

M

+

1.750%

6

.103

01/15/25

174

219,375

i

Avolon

TLB

Borrower

US

LLC

LIBOR

1

M

+

1.500%

5

.853

02/12/27

217

583,580

i

Beacon

Roofing

Supply,

Inc

LIBOR

12

M

+

2.250%

6

.634

05/19/28

579

349,509

i

Cornerstone

Building

Brands,

Inc

LIBOR

12

M

+

3.250%

7

.568

04/12/28

315

1,062,058

i

TransDigm,

Inc

LIBOR

4

M

+

2.250%

6

.980

05/30/25

1,052

TOTAL

CAPITAL

GOODS

2,337

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

467,129

i

AECOM

LIBOR

12

M

+

1.750%

6

.134

04/13/28

467

1,155,129

i

GFL

Environmental,

Inc

LIBOR

4

M

+

3.000%

7

.415

05/30/25

1,157

1,819,722

i

Prime

Security

Services

Borrower

LLC

LIBOR

4

M

+

2.750%

6

.505

09/23/26

1,806

552,563

i

Spin

Holdco,

Inc

LIBOR

4

M

+

4.000%

8

.765

03/04/28

469

2,775,340

i

Trans

Union

LLC

LIBOR

12

M

+

2.250%

6

.634

12/01/28

2,753

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

6,652

CONSUMER

DURABLES

&

APPAREL

-

0.0%

280,455

i

Samsonite

IP

Holdings

Sarl

LIBOR

12

M

+

1.750%

6

.134

04/25/25

275

TOTAL

CONSUMER

DURABLES

&

APPAREL

275

CONSUMER

SERVICES

-

0.1%

434,715

i

1011778

BC

ULC

LIBOR

4

M

+

1.750%

6

.165

11/19/26

428

863,663

i

Carnival

Corp

LIBOR

12

M

+

3.250%

7

.634

10/18/28

811

358,588

i

IRB

Holding

Corp

SOFR

12M

+

3.000%

7

.317

12/15/27

348

944,462

i

KFC

Holding

Co

LIBOR

12

M

+

1.750%

6

.089

03/15/28

934

1,551,464

i

Sophia

LP

LIBOR

4

M

+

3.500%

8

.230

10/07/27

1,501

1,441,700

i

Stars

Group

Holdings

BV

LIBOR

4

M

+

2.250%

6

.980

07/21/26

1,424

TOTAL

CONSUMER

SERVICES

5,446

DIVERSIFIED

FINANCIALS

-

0.0%

620,383

i

Lions

Gate

Capital

Holdings

LLC

LIBOR

12

M

+

2.250%

6

.634

03/24/25

594

1,269,896

i

Reynolds

Group

Holdings,

Inc

LIBOR

12

M

+

3.250%

7

.634

02/05/26

1,258

TOTAL

DIVERSIFIED

FINANCIALS

1,852

ENERGY

-

0.0%

1,419,980

i

Buckeye

Partners

LP

LIBOR

12

M

+

2.250%

6

.634

11/01/26

1,414

128,567

i

DT

Midstream,

Inc

LIBOR

12

M

+

2.000%

6

.438

06/26/28

129

TOTAL

ENERGY

1,543

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

428,309

i

Chobani

LLC

LIBOR

12

M

+

3.500%

7

.884

10/25/27

422

579,825

i

Hostess

Brands

LLC

LIBOR

4

M

+

2.250%

6

.665

08/03/25

579

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,001

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

1,587,991

i

Da

Vinci

Purchaser

Corp

LIBOR

12

M

+

4.000%

8

.384

01/08/27

1,450

705,924

i

DaVita,

Inc

LIBOR

12

M

+

1.750%

6

.134

08/12/26

689

300,449

i

Grifols

Worldwide

Operations

USA,

Inc

LIBOR

12

M

+

2.000%

6

.384

11/15/27

291

1,468,842

i

RegionalCare

Hospital

Partners

Holdings,

Inc

LIBOR

4

M

+

3.750%

8

.165

11/16/25

1,388

2,131,100

i

Select

Medical

Corp

LIBOR

12

M

+

2.500%

6

.890

03/06/25

2,095

4,803

i

Team

Health

Holdings,

Inc

SOFR

12M

+

5.250%

9

.573

03/02/27

4

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,917

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

263

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

$

425,819

i

Weber-Stephen

Products

LLC

LIBOR

12

M

+

3.250%

7

.634

%

10/30/27

$

362

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

362

INSURANCE

-

0.0%

1,419,701

i

NFP

Corp

LIBOR

12

M

+

3.250%

7

.634

02/15/27

1,361

TOTAL

INSURANCE

1,361

MATERIALS

-

0.0%

1,248,986

i

Asplundh

Tree

Expert

LLC

LIBOR

12

M

+

1.750%

6

.134

09/07/27

1,249

926,908

i

Berry

Global,

Inc

LIBOR

12

M

+

1.750%

6

.024

07/01/26

921

262,182

i

Messer

Industries

USA,

Inc

LIBOR

4

M

+

2.500%

7

.230

03/02/26

260

437,596

i

PolyOne

Corp

SOFR

4M

+

3.060%

7

.154

01/30/26

437

297,951

i

Reynolds

Consumer

Products

LLC

LIBOR

12

M

+

1.750%

6

.134

02/04/27

296

TOTAL

MATERIALS

3,163

MEDIA

&

ENTERTAINMENT

-

0.1%

1,184,817

i

Alliance

Laundry

Systems

LLC

LIBOR

4

M

+

3.500%

7

.409

10/08/27

1,163

243,508

i

Arterra

Wines

Canada,

Inc

LIBOR

4

M

+

3.500%

8

.230

11/24/27

229

303,788

i

Cablevision

Lightpath

LLC

LIBOR

12

M

+

3.250%

7

.568

11/30/27

291

1,412,699

i

Charter

Communications

Operating

LLC

LIBOR

12

M

+

1.750%

6

.140

02/01/27

1,382

701,033

i

CNT

Holdings

I

Corp

SOFR

4M

+

3.500%

7

.239

11/08/27

680

513,787

i

CSC

Holdings

LLC

LIBOR

12

M

+

2.500%

6

.818

04/15/27

460

141,729

i

Diamond

Sports

Group

LLC

SOFR

12M

+

8.000%

12

.317

05/25/26

135

970,113

†,i

Diamond

Sports

Group

LLC

SOFR

12M

+

3.250%

7

.567

08/24/26

116

906,535

i

DIRECTV

Financing

LLC

LIBOR

12

M

+

5.000%

9

.384

08/02/27

885

579,083

i

Mozart

Borrower

LP

LIBOR

12

M

+

3.250%

7

.634

10/23/28

551

492,494

i

Rackspace

Technology

Global,

Inc

LIBOR

4

M

+

2.750%

7

.380

02/15/28

310

8,945

i

Radiate

Holdco

LLC

LIBOR

12

M

+

3.250%

7

.634

09/25/26

7

594,000

i

SkyMiles

IP

Ltd

LIBOR

4

M

+

3.750%

7

.993

10/20/27

607

1,276,672

i

TK

Elevator

US

Newco,

Inc

LIBOR

2

M

+

3.500%

6

.871

07/30/27

1,232

1,642,000

i

Virgin

Media

Bristol

LLC

LIBOR

12

M

+

2.500%

6

.818

01/31/28

1,618

TOTAL

MEDIA

&

ENTERTAINMENT

9,666

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

496,124

i

Avantor,

Inc

LIBOR

12

M

+

2.250%

6

.634

11/06/27

495

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

495

REAL

ESTATE

-

0.0%

981,348

i

Cushman

&

Wakefield

plc

LIBOR

12

M

+

2.750%

7

.134

08/21/25

961

TOTAL

REAL

ESTATE

961

RETAILING

-

0.0%

537,131

h,i

LS

GROUP

OPCO

ACQUISITIO

LIBOR

4

M

+

3.250%

6

.580

11/02/27

531

TOTAL

RETAILING

531

SOFTWARE

&

SERVICES

-

0.1%

282,170

i

Camelot

Finance

S.A.

LIBOR

12

M

+

3.000%

7

.384

10/30/26

278

640,257

i

Camelot

US

Acquisition

LIBOR

12

M

+

3.000%

7

.384

10/30/26

631

481,432

i

Hyland

Software,

Inc

LIBOR

12

M

+

3.500%

7

.884

07/01/24

476

1,927,000

i

NortonLifeLock,

Inc

SOFR

12M

+

2.000%

6

.423

09/12/29

1,899

706,773

i

Rocket

Software,

Inc

LIBOR

12

M

+

4.250%

8

.634

11/28/25

681

1,165,800

i

UKG,

Inc

LIBOR

1

M

+

3.250%

3

.250

05/04/26

1,112

TOTAL

SOFTWARE

&

SERVICES

5,077

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

551,472

i

TTM

Technologies,

Inc

LIBOR

3

M

+

2.500%

2

.500

09/28/24

553

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

553

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

264

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

TELECOMMUNICATION

SERVICES

-

0.0%

$

455,553

i

Zayo

Group

Holdings,

Inc

LIBOR

12

M

+

3.000%

7

.384

%

03/09/27

$

371

TOTAL

TELECOMMUNICATION

SERVICES

371

TRANSPORTATION

-

0.0%

402,976

i

Air

Canada

LIBOR

4

M

+

3.500%

8

.130

08/11/28

399

TOTAL

TRANSPORTATION

399

UTILITIES

-

0.0%

707,246

i

Gopher

Resource

LLC

LIBOR

12

M

+

3.250%

7

.634

03/06/25

477

TOTAL

UTILITIES

477

TOTAL

BANK

LOAN

OBLIGATIONS

51,055

(Cost

$53,520)

BONDS

-

96.9%

CORPORATE

BONDS

-

33.5%

AUTOMOBILES

&

COMPONENTS

-

0.4%

EUR

300,000

Aptiv

plc

1

.500

03/10/25

304

EUR

500,000

g

Dana

Financing

Luxembourg

Sarl

3

.000

07/15/29

410

225,000

Dana,

Inc

5

.375

11/15/27

209

350,000

Dana,

Inc

5

.625

06/15/28

318

11,000,000

General

Motors

Co

6

.125

10/01/25

11,195

10,250,000

General

Motors

Co

5

.400

10/15/29

9,782

6,575,000

General

Motors

Co

6

.600

04/01/36

6,440

5,500,000

General

Motors

Co

5

.200

04/01/45

4,470

1,375,000

General

Motors

Co

6

.750

04/01/46

1,318

3,575,000

g

Hyundai

Capital

Services,

Inc

2

.125

04/24/25

3,269

EUR

400,000

g,o

IHO

Verwaltungs

GmbH

3

.750

09/15/26

371

4,450,000

Magna

International,

Inc

3

.625

06/15/24

4,349

EUR

300,000

Volkswagen

Bank

GmbH

2

.500

07/31/26

300

TOTAL

AUTOMOBILES

&

COMPONENTS

42,735

BANKS

-

7.1%

2,000,000

g

Akbank

T.A.S.

6

.800

06/22/31

1,795

1,775,000

g

Banco

de

Credito

del

Peru

3

.125

07/01/30

1,608

5,929,000

g

Banco

de

Credito

e

Inversiones

S.A.

2

.875

10/14/31

4,932

3,000,000

g

Banco

del

Estado

de

Chile

2

.704

01/09/25

2,827

300,000

g

Banco

General

S.A.

4

.125

08/07/27

285

3,800,000

g

Banco

Internacional

del

Peru

SAA

Interbank

3

.375

01/18/23

3,791

7,400,000

Banco

Santander

S.A.

5

.294

08/18/27

7,225

EUR

400,000

Banco

Santander

S.A.

0

.200

02/11/28

354

2,600,000

Banco

Santander

S.A.

3

.800

02/23/28

2,358

600,000

Banco

Santander

S.A.

7

.500

N/A‡

586

350,000

Bancolombia

S.A.

3

.000

01/29/25

332

2,650,000

Bancolombia

S.A.

4

.625

12/18/29

2,325

3,010,000

g

Bangkok

Bank

PCL

3

.466

09/23/36

2,353

2,750,000

g

Banistmo

S.A.

4

.250

07/31/27

2,516

8,100,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

6,963

6,300,000

g

Bank

Leumi

Le-Israel

BM

3

.275

01/29/31

5,574

EUR

400,000

Bank

of

America

Corp

1

.375

03/26/25

409

EUR

300,000

Bank

of

America

Corp

1

.776

05/04/27

296

17,250,000

Bank

of

America

Corp

3

.824

01/20/28

16,096

5,500,000

Bank

of

America

Corp

4

.948

07/22/28

5,372

5,800,000

Bank

of

America

Corp

6

.204

11/10/28

5,988

34,450,000

Bank

of

America

Corp

2

.496

02/13/31

28,001

55,925,000

Bank

of

America

Corp

2

.592

04/29/31

45,547

39,000,000

Bank

of

America

Corp

1

.922

10/24/31

29,792

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

265

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

13,450,000

Bank

of

America

Corp

2

.299

%

07/21/32

$

10,358

26,750,000

Bank

of

America

Corp

2

.676

06/19/41

17,995

5,000,000

Bank

of

America

Corp

6

.250

N/A‡

4,802

3,000,000

Bank

of

America

Corp

6

.100

N/A‡

2,895

2,975,000

Bank

of

Montreal

3

.803

12/15/32

2,620

9,475,000

Barclays

plc

3

.932

05/07/25

9,188

6,075,000

Barclays

plc

3

.330

11/24/42

4,147

5,600,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

4,663

5,000,000

g

BNP

Paribas

S.A.

2

.159

09/15/29

4,076

2,775,000

g

BNP

Paribas

S.A.

2

.588

08/12/35

2,031

4,200,000

g

CIMB

Bank

Bhd

2

.125

07/20/27

3,676

36,375,000

Citigroup,

Inc

3

.200

10/21/26

33,653

13,835,000

Citigroup,

Inc

4

.450

09/29/27

13,190

7,125,000

Citigroup,

Inc

2

.572

06/03/31

5,763

15,100,000

Citigroup,

Inc

4

.910

05/24/33

14,140

39,225,000

Citigroup,

Inc

6

.270

11/17/33

40,466

5,000,000

Citigroup,

Inc

5

.000

N/A‡

4,450

4,000,000

Citigroup,

Inc

6

.300

N/A‡

3,773

8,425,000

Cooperatieve

Rabobank

UA

3

.750

07/21/26

7,911

EUR

200,000

Cooperatieve

Rabobank

UA

3

.250

N/A‡

182

6,100,000

g

Credit

Agricole

S.A.

4

.125

01/10/27

5,791

2,450,000

g

DBS

Group

Holdings

Ltd

4

.520

12/11/28

2,423

200,000

g

Development

Bank

of

Kazakhstan

JSC

5

.750

05/12/25

200

2,975,000

g

Development

Bank

of

Kazakhstan

JSC

2

.950

05/06/31

2,351

7,525,000

Discover

Bank

2

.450

09/12/24

7,118

7,305,000

Discover

Bank

3

.450

07/27/26

6,726

3,750,000

Discover

Bank

2

.700

02/06/30

3,002

3,325,000

g

Grupo

Aval

Ltd

4

.375

02/04/30

2,693

2,880,000

g

Hana

Bank

3

.500

N/A‡

2,479

9,925,000

HSBC

Holdings

plc

4

.292

09/12/26

9,494

6,200,000

HSBC

Holdings

plc

2

.013

09/22/28

5,182

12,400,000

HSBC

Holdings

plc

7

.390

11/03/28

13,032

11,925,000

HSBC

Holdings

plc

2

.206

08/17/29

9,626

3,750,000

HSBC

Holdings

plc

3

.973

05/22/30

3,282

7,000,000

Huntington

Bancshares,

Inc

5

.625

N/A‡

6,498

2,125,000

g

Intercorp

Financial

Services,

Inc

4

.125

10/19/27

1,871

200,000

g

Intesa

Sanpaolo

S.p.A

4

.198

06/01/32

147

4,850,000

JPMorgan

Chase

&

Co

2

.700

05/18/23

4,809

31,125,000

JPMorgan

Chase

&

Co

2

.301

10/15/25

29,331

14,600,000

JPMorgan

Chase

&

Co

3

.200

06/15/26

13,784

8,325,000

JPMorgan

Chase

&

Co

4

.323

04/26/28

7,950

EUR

600,000

JPMorgan

Chase

&

Co

1

.638

05/18/28

577

12,000,000

JPMorgan

Chase

&

Co

4

.203

07/23/29

11,182

10,500,000

JPMorgan

Chase

&

Co

3

.702

05/06/30

9,417

20,800,000

JPMorgan

Chase

&

Co

2

.522

04/22/31

17,020

12,675,000

JPMorgan

Chase

&

Co

1

.953

02/04/32

9,695

23,950,000

JPMorgan

Chase

&

Co

2

.963

01/25/33

19,493

4,625,000

JPMorgan

Chase

&

Co

2

.525

11/19/41

3,024

20,750,000

JPMorgan

Chase

&

Co

3

.157

04/22/42

15,063

5,500,000

JPMorgan

Chase

&

Co

5

.000

N/A‡

5,032

11,100,000

JPMorgan

Chase

&

Co

6

.100

N/A‡

10,803

6,250,000

JPMorgan

Chase

&

Co

3

.650

N/A‡

5,352

GBP

500,000

Lloyds

Banking

Group

plc

1

.985

12/15/31

506

5,950,000

M&T

Bank

Corp

3

.500

N/A‡

4,611

3,675,000

g

Mizrahi

Tefahot

Bank

Ltd

3

.077

04/07/31

3,220

5,700,000

NatWest

Group

plc

5

.516

09/30/28

5,630

9,225,000

g

NBK

SPC

Ltd

1

.625

09/15/27

8,100

2,100,000

g

Oversea-Chinese

Banking

Corp

Ltd

1

.832

09/10/30

1,883

6,000,000

PNC

Financial

Services

Group,

Inc

3

.900

04/29/24

5,926

7,465,000

PNC

Financial

Services

Group,

Inc

3

.400

N/A‡

5,916

CNY

8,000,000

QNB

Finance

Ltd

3

.150

02/04/26

1,099

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

266

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,800,000

Sumitomo

Mitsui

Financial

Group,

Inc

1

.474

%

07/08/25

$

7,107

5,385,000

SVB

Financial

Group

4

.100

N/A‡

3,082

11,700,000

Toronto-Dominion

Bank

4

.285

09/13/24

11,563

2,350,000

Toronto-Dominion

Bank

3

.625

09/15/31

2,164

2,400,000

Truist

Financial

Corp

4

.000

05/01/25

2,346

9,000,000

Truist

Financial

Corp

4

.800

N/A‡

8,102

5,000,000

Truist

Financial

Corp

4

.950

N/A‡

4,780

3,050,000

g

Turkiye

Vakiflar

Bankasi

TAO

5

.500

10/01/26

2,726

3,065,000

g

UBS

Group

AG.

3

.179

02/11/43

2,105

3,000,000

g

United

Overseas

Bank

Ltd

1

.250

04/14/26

2,696

2,350,000

g

United

Overseas

Bank

Ltd

3

.750

04/15/29

2,289

3,500,000

g

United

Overseas

Bank

Ltd

2

.000

10/14/31

3,055

GBP

500,000

Virgin

Money

UK

plc

3

.375

04/24/26

558

3,700,000

Wells

Fargo

&

Co

3

.750

01/24/24

3,650

5,300,000

Wells

Fargo

&

Co

3

.550

09/29/25

5,097

14,075,000

Wells

Fargo

&

Co

3

.526

03/24/28

13,033

16,375,000

Wells

Fargo

&

Co

2

.393

06/02/28

14,452

10,000,000

Wells

Fargo

&

Co

3

.900

N/A‡

8,753

8,500,000

Wells

Fargo

&

Co

5

.875

N/A‡

8,202

6,000,000

Wells

Fargo

&

Co

5

.900

N/A‡

5,374

4,521,000

Westpac

Banking

Corp

2

.668

11/15/35

3,360

TOTAL

BANKS

763,136

CAPITAL

GOODS

-

1.0%

3,250,000

Air

Lease

Corp

3

.125

12/01/30

2,693

25,400,000

Boeing

Co

2

.196

02/04/26

23,078

5,350,000

Boeing

Co

3

.250

02/01/28

4,859

7,600,000

Boeing

Co

2

.950

02/01/30

6,437

3,352,000

Boeing

Co

3

.250

02/01/35

2,549

3,350,000

Boeing

Co

5

.705

05/01/40

3,194

8,425,000

Boeing

Co

5

.805

05/01/50

7,812

200,000

g

DAE

Funding

LLC

3

.375

03/20/28

177

3,075,000

g

H&E

Equipment

Services,

Inc

3

.875

12/15/28

2,619

EUR

500,000

Honeywell

International,

Inc

0

.000

03/10/24

514

5,425,000

Ingersoll-Rand

Luxembourg

Finance

S.A.

3

.800

03/21/29

4,993

3,000,000

g

Korea

East-West

Power

Co

Ltd

1

.750

05/06/25

2,769

2,075,000

g

Korea

East-West

Power

Co

Ltd

3

.600

05/06/25

2,006

450,000

L3Harris

Technologies,

Inc

3

.850

06/15/23

447

7,275,000

Northrop

Grumman

Corp

3

.250

01/15/28

6,709

5,275,000

Parker-Hannifin

Corp

3

.250

06/14/29

4,711

15,300,000

Raytheon

Technologies

Corp

4

.125

11/16/28

14,644

EUR

500,000

Raytheon

Technologies

Corp

2

.150

05/18/30

462

5,575,000

Raytheon

Technologies

Corp

2

.250

07/01/30

4,639

5,390,000

Raytheon

Technologies

Corp

4

.500

06/01/42

4,847

325,000

g

Rolls-Royce

plc

5

.750

10/15/27

310

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0

.800

10/18/30

695

4,000,000

g

TSMC

Global

Ltd

1

.000

09/28/27

3,319

300,000

g

WESCO

Distribution,

Inc

7

.250

06/15/28

304

TOTAL

CAPITAL

GOODS

104,787

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

EUR

1,000,000

g

Albion

Financing

1

SARL

5

.250

10/15/26

930

EUR

250,000

g

Allied

Universal

Holdco

LLC

3

.625

06/01/28

212

325,000

g

ASGN,

Inc

4

.625

05/15/28

294

925,000

g

Booz

Allen

Hamilton,

Inc

3

.875

09/01/28

819

750,000

g

GFL

Environmental,

Inc

4

.250

06/01/25

716

1,000,000

g

GFL

Environmental,

Inc

3

.750

08/01/25

945

2,350,000

g

Prime

Security

Services

Borrower

LLC

5

.250

04/15/24

2,308

2,000,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

1,925

1,325,000

g

Prime

Security

Services

Borrower

LLC

3

.375

08/31/27

1,144

725,000

g

Prime

Security

Services

Borrower

LLC

6

.250

01/15/28

660

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

267

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,771,000

Republic

Services,

Inc

2

.900

%

07/01/26

$

3,513

2,525,000

Waste

Management,

Inc

2

.500

11/15/50

1,573

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

15,039

CONSUMER

DURABLES

&

APPAREL

-

0.0%

149,000

Newell

Brands,

Inc

4

.875

06/01/25

145

TOTAL

CONSUMER

DURABLES

&

APPAREL

145

CONSUMER

SERVICES

-

0.9%

9,820,000

Amherst

College

4

.100

11/01/45

8,140

29,085,000

Anheuser-Busch

Cos

LLC

3

.650

02/01/26

27,992

12,875,000

Anheuser-Busch

Cos

LLC

4

.900

02/01/46

11,704

1,825,000

g

Cedar

Fair

LP

5

.500

05/01/25

1,805

3,800,000

g

ENA

Master

Trust

4

.000

05/19/48

2,660

125,000

g

Hilton

Domestic

Operating

Co,

Inc

5

.750

05/01/28

121

1,610,000

g

International

Game

Technology

plc

6

.500

02/15/25

1,620

EUR

500,000

g

International

Game

Technology

plc

3

.500

06/15/26

508

6,400,000

McDonald's

Corp

4

.600

09/09/32

6,258

8,000,000

President

and

Fellows

of

Harvard

College

3

.529

10/01/31

7,405

14,250,000

President

and

Fellows

of

Harvard

College

3

.619

10/01/37

12,213

1,000,000

Sands

China

Ltd

2

.800

03/08/27

857

2,100,000

Sands

China

Ltd

5

.400

08/08/28

1,966

15,000,000

Smith

College

4

.620

07/01/45

13,420

1,125,000

g

Wynn

Macau

Ltd

5

.500

01/15/26

1,032

TOTAL

CONSUMER

SERVICES

97,701

DIVERSIFIED

FINANCIALS

-

3.3%

8,975,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

7,896

18,194,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

15,242

2,650,000

AerCap

Ireland

Capital

DAC

3

.300

01/30/32

2,072

2,250,000

AerCap

Ireland

Capital

DAC

3

.850

10/29/41

1,591

4,000,000

American

Express

Co

3

.700

08/03/23

3,974

1,375,000

American

Express

Co

2

.550

03/04/27

1,251

7,500,000

American

Express

Co

3

.550

N/A‡

6,161

EUR

425,000

American

Honda

Finance

Corp

1

.950

10/18/24

442

2,900,000

g

B3

S.A.-Brasil

Bolsa

Balcao

4

.125

09/20/31

2,444

2,800,000

g

Banco

BTG

Pactual

S.A.

2

.750

01/11/26

2,544

10,000,000

Bank

of

New

York

Mellon

Corp

4

.700

N/A‡

9,601

300,000

g

BBVA

Bancomer

S.A.

5

.350

11/12/29

293

1,500,000

g

BBVA

Bancomer

S.A.

5

.125

01/18/33

1,346

449,000

g

BPCE

S.A.

4

.625

07/11/24

437

EUR

300,000

BPCE

S.A.

0

.500

09/15/27

278

16,950,000

Capital

One

Bank

USA

NA

3

.375

02/15/23

16,920

EUR

500,000

Capital

One

Financial

Corp

0

.800

06/12/24

509

6,635,000

e

Capital

One

Financial

Corp

3

.950

N/A‡

5,211

EUR

100,000

Celanese

US

Holdings

LLC

0

.625

09/10/28

78

7,000,000

Charles

Schwab

Corp

5

.375

N/A‡

6,846

6,250,000

Community

Preservation

Corp

2

.867

02/01/30

5,282

2,950,000

g

Credit

Suisse

Group

AG.

2

.193

06/05/26

2,520

9,100,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

7,273

GBP

300,000

Credit

Suisse

Group

AG.

2

.250

06/09/28

279

6,200,000

g

Credit

Suisse

Group

AG.

6

.442

08/11/28

5,646

7,700,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.800

06/09/23

7,498

8,825,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.750

03/26/25

7,943

GBP

300,000

Danske

Bank

A.S.

2

.250

01/14/28

310

7,350,000

Deutsche

Bank

AG.

5

.371

09/09/27

7,366

5,575,000

Deutsche

Bank

AG.

2

.311

11/16/27

4,727

600,000

Deutsche

Bank

AG.

3

.742

01/07/33

426

3,543,000

Equitable

Holdings,

Inc

4

.950

N/A‡

3,340

20,000,000

General

Motors

Financial

Co,

Inc

2

.750

06/20/25

18,722

19,850,000

General

Motors

Financial

Co,

Inc

5

.000

04/09/27

19,228

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

268

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

500,000

General

Motors

Financial

Co,

Inc

0

.600

%

05/20/27

$

453

$

30,925,000

General

Motors

Financial

Co,

Inc

2

.700

06/10/31

23,694

5,450,000

General

Motors

Financial

Co,

Inc

5

.700

N/A‡

4,613

12,825,000

Goldman

Sachs

Group,

Inc

3

.500

04/01/25

12,333

28,750,000

Goldman

Sachs

Group,

Inc

4

.482

08/23/28

27,554

6,000,000

Goldman

Sachs

Group,

Inc

1

.992

01/27/32

4,571

12,080,000

Goldman

Sachs

Group,

Inc

2

.615

04/22/32

9,634

3,550,000

Goldman

Sachs

Group,

Inc

4

.017

10/31/38

2,919

6,825,000

Goldman

Sachs

Group,

Inc

3

.436

02/24/43

5,015

3,000,000

Goldman

Sachs

Group,

Inc

3

.800

N/A‡

2,444

200,000

g

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

172

3,600,000

g

Indian

Railway

Finance

Corp

Ltd

2

.800

02/10/31

2,940

1,700,000

g

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,449

EUR

500,000

ING

Groep

NV

1

.250

02/16/27

486

3,000,000

g

Minejesa

Capital

BV

4

.625

08/10/30

2,626

10,000,000

Morgan

Stanley

2

.188

04/28/26

9,293

31,425,000

Morgan

Stanley

3

.125

07/27/26

29,312

EUR

700,000

Morgan

Stanley

1

.342

10/23/26

692

6,200,000

Morgan

Stanley

1

.512

07/20/27

5,380

7,450,000

Morgan

Stanley

2

.699

01/22/31

6,156

3,850,000

Morgan

Stanley

1

.794

02/13/32

2,894

500,000

Morgan

Stanley

1

.928

04/28/32

377

EUR

500,000

Morgan

Stanley

2

.950

05/07/32

474

3,100,000

Morgan

Stanley

6

.342

10/18/33

3,248

4,440,000

Northern

Trust

Corp

4

.600

N/A‡

3,891

3,350,000

g

Power

Finance

Corp

Ltd

3

.950

04/23/30

2,932

4,125,000

g

Societe

Generale

S.A.

4

.027

01/21/43

2,791

550,000

Springleaf

Finance

Corp

5

.375

11/15/29

450

5,600,000

g

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

5,156

TOTAL

DIVERSIFIED

FINANCIALS

349,645

ENERGY

-

2.9%

EUR

500,000

BP

Capital

Markets

plc

1

.231

05/08/31

433

5,000,000

Cenovus

Energy,

Inc

5

.400

06/15/47

4,472

4,550,000

Diamondback

Energy,

Inc

3

.125

03/24/31

3,768

4,250,000

Diamondback

Energy,

Inc

4

.250

03/15/52

3,110

5,250,000

Ecopetrol

S.A.

5

.375

06/26/26

4,952

2,000,000

Ecopetrol

S.A.

6

.875

04/29/30

1,814

2,125,000

Ecopetrol

S.A.

4

.625

11/02/31

1,623

3,000,000

g

Empresa

Nacional

del

Petroleo

5

.250

11/06/29

2,898

2,975,000

g

Empresa

Nacional

del

Petroleo

3

.450

09/16/31

2,501

12,968,000

Enbridge,

Inc

3

.125

11/15/29

11,306

2,950,000

Enbridge,

Inc

3

.400

08/01/51

2,002

2,624,000

g

Energean

Israel

Finance

Ltd

4

.500

03/30/24

2,526

2,900,000

Energy

Transfer

LP

5

.750

02/15/33

2,837

6,421,000

Energy

Transfer

Operating

LP

3

.600

02/01/23

6,409

2,500,000

Energy

Transfer

Operating

LP

4

.200

09/15/23

2,484

4,575,000

Energy

Transfer

Operating

LP

2

.900

05/15/25

4,309

4,725,000

Energy

Transfer

Operating

LP

4

.750

01/15/26

4,602

2,950,000

Energy

Transfer

Operating

LP

5

.500

06/01/27

2,929

6,350,000

Energy

Transfer

Operating

LP

4

.950

06/15/28

6,140

4,225,000

Energy

Transfer

Operating

LP

5

.250

04/15/29

4,085

8,700,000

Energy

Transfer

Operating

LP

6

.250

04/15/49

8,090

9,125,000

Energy

Transfer

Operating

LP

5

.000

05/15/50

7,290

5,125,000

Enterprise

Products

Operating

LLC

3

.700

02/15/26

4,939

5,425,000

Enterprise

Products

Operating

LLC

3

.125

07/31/29

4,776

2,650,000

Enterprise

Products

Operating

LLC

4

.250

02/15/48

2,126

6,200,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

4,875

10,600,000

Enterprise

Products

Operating

LLC

3

.700

01/31/51

7,642

4,500,000

Enterprise

Products

Operating

LLC

3

.200

02/15/52

2,949

6,500,000

Enterprise

Products

Operating

LLC

3

.300

02/15/53

4,324

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

269

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

450,000

g

EQM

Midstream

Partners

LP

6

.000

%

07/01/25

$

434

3,082,816

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.160

03/31/34

2,618

3,300,000

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

2,651

3,475,000

g

KazTransGas

JSC

4

.375

09/26/27

3,131

2,900,000

Kinder

Morgan

Energy

Partners

LP

5

.400

09/01/44

2,606

5,325,000

Magellan

Midstream

Partners

LP

3

.250

06/01/30

4,645

9,075,000

Marathon

Petroleum

Corp

3

.800

04/01/28

8,396

5,060,000

Marathon

Petroleum

Corp

4

.750

09/15/44

4,225

5,500,000

Marathon

Petroleum

Corp

5

.000

09/15/54

4,590

725,000

g

MEG

Energy

Corp

5

.875

02/01/29

684

8,950,000

MPLX

LP

1

.750

03/01/26

7,978

20,000,000

MPLX

LP

2

.650

08/15/30

16,208

5,825,000

MPLX

LP

4

.700

04/15/48

4,597

275,000

Murphy

Oil

Corp

5

.875

12/01/27

265

1,000,000

†,q

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

7

.375

07/19/24

155

2,200,000

Occidental

Petroleum

Corp

5

.550

03/15/26

2,192

1,350,000

g

Oleoducto

Central

S.A.

4

.000

07/14/27

1,191

11,642,000

ONEOK,

Inc

4

.550

07/15/28

10,988

12,150,000

ONEOK,

Inc

4

.350

03/15/29

11,229

5,000,000

ONEOK,

Inc

4

.500

03/15/50

3,723

315,000

g

Parkland

Corp

4

.625

05/01/30

261

500,000

g

Parkland

Fuel

Corp

5

.875

07/15/27

475

1,425,000

g

Pertamina

Persero

PT

3

.650

07/30/29

1,305

1,200,000

e

Petrobras

Global

Finance

BV

5

.999

01/27/28

1,193

560,000

Petrobras

Global

Finance

BV

7

.250

03/17/44

540

5,300,000

Petroleos

Mexicanos

5

.950

01/28/31

4,011

3,000,000

Petroleos

Mexicanos

6

.700

02/16/32

2,356

13,575,000

Phillips

66

2

.150

12/15/30

10,869

3,225,000

Phillips

66

3

.300

03/15/52

2,225

2,375,000

g

Phillips

66

Co

4

.680

02/15/45

2,058

475,000

Plains

All

American

Pipeline

LP

3

.800

09/15/30

413

2,255,680

g

Rio

Oil

Finance

Trust

8

.200

04/06/28

2,278

6,200,000

Sabine

Pass

Liquefaction

LLC

5

.875

06/30/26

6,273

9,875,000

Sabine

Pass

Liquefaction

LLC

4

.200

03/15/28

9,282

4,800,000

Sabine

Pass

Liquefaction

LLC

4

.500

05/15/30

4,449

1,700,000

g

Santos

Finance

Ltd

3

.649

04/29/31

1,351

2,000,000

g

Saudi

Arabian

Oil

Co

2

.250

11/24/30

1,646

3,000,000

g

Saudi

Arabian

Oil

Co

3

.250

11/24/50

2,108

5,325,000

Shell

International

Finance

BV

3

.125

11/07/49

3,742

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4

.000

10/01/27

6,066

775,000

Sunoco

Logistics

Partners

Operations

LP

5

.400

10/01/47

656

3,350,000

Targa

Resources

Corp

4

.200

02/01/33

2,882

2,225,000

Targa

Resources

Corp

4

.950

04/15/52

1,760

425,000

Targa

Resources

Partners

LP

6

.500

07/15/27

428

4,300,000

g

Thaioil

Treasury

Center

Co

Ltd

2

.500

06/18/30

3,356

11,000,000

Total

Capital

International

S.A.

3

.127

05/29/50

7,768

13,800,000

TransCanada

PipeLines

Ltd

4

.250

05/15/28

13,063

3,475,000

TransCanada

PipeLines

Ltd

2

.500

10/12/31

2,759

4,675,000

Williams

Cos,

Inc

2

.600

03/15/31

3,783

TOTAL

ENERGY

314,073

FOOD

&

STAPLES

RETAILING

-

0.2%

4,000,000

Costco

Wholesale

Corp

1

.600

04/20/30

3,277

EUR

500,000

SYSCO

Corp

1

.250

06/23/23

530

5,450,000

SYSCO

Corp

3

.150

12/14/51

3,583

8,500,000

Walmart,

Inc

1

.800

09/22/31

6,918

4,000,000

Walmart,

Inc

2

.500

09/22/41

2,918

TOTAL

FOOD

&

STAPLES

RETAILING

17,226

FOOD,

BEVERAGE

&

TOBACCO

-

1.0%

2,600,000

g

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3

.375

06/29/28

2,011

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

270

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.750

%

01/23/29

$

16,632

4,720,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.439

10/06/48

4,031

6,275,000

BAT

Capital

Corp

2

.259

03/25/28

5,208

10,225,000

BAT

Capital

Corp

4

.906

04/02/30

9,362

4,400,000

BAT

Capital

Corp

2

.726

03/25/31

3,433

3,100,000

BAT

Capital

Corp

4

.742

03/16/32

2,751

10,000,000

BAT

International

Finance

plc

4

.448

03/16/28

9,262

3,875,000

g

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

3,268

3,000,000

g

Coca-Cola

Icecek

AS.

4

.500

01/20/29

2,618

1,700,000

Constellation

Brands,

Inc

4

.400

11/15/25

1,671

2,675,000

Constellation

Brands,

Inc

3

.700

12/06/26

2,544

1,050,000

Constellation

Brands,

Inc

3

.150

08/01/29

920

6,900,000

Constellation

Brands,

Inc

2

.875

05/01/30

5,874

20,175,000

Constellation

Brands,

Inc

2

.250

08/01/31

16,027

750,000

g

Corp

Lindley

S.A.

4

.625

04/12/23

742

4,500,000

Diageo

Capital

plc

1

.375

09/29/25

4,126

8,050,000

Diageo

Capital

plc

2

.375

10/24/29

6,867

2,850,000

Diageo

Capital

plc

2

.000

04/29/30

2,341

2,500,000

g

Grupo

Bimbo

SAB

de

C.V.

4

.700

11/10/47

2,111

3,500,000

g

Sigma

Alimentos

S.A.

de

C.V.

4

.125

05/02/26

3,316

GBP

300,000

Tesco

Corporate

Treasury

Services

plc

2

.750

04/27/30

298

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

105,413

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.5%

1,500,000

Abbott

Laboratories

5

.300

05/27/40

1,526

10,775,000

Anthem,

Inc

2

.250

05/15/30

8,914

EUR

430,000

Becton

Dickinson

&

Co

1

.401

05/24/23

458

1,925,000

Boston

Scientific

Corp

2

.650

06/01/30

1,644

3,285,000

Centene

Corp

2

.450

07/15/28

2,773

2,910,000

Centene

Corp

3

.000

10/15/30

2,385

19,230,000

Children's

Hospital

Medic

4

.268

05/15/44

16,913

18,475,000

CVS

Health

Corp

3

.750

04/01/30

16,751

30,950,000

CVS

Health

Corp

1

.750

08/21/30

24,391

9,750,000

CVS

Health

Corp

4

.780

03/25/38

8,882

4,050,000

CVS

Health

Corp

2

.700

08/21/40

2,798

8,350,000

CVS

Health

Corp

5

.050

03/25/48

7,495

1,950,000

CVS

Health

Corp

4

.250

04/01/50

1,552

4,105,000

Dartmouth-Hitchcock

Health

4

.178

08/01/48

3,203

4,225,000

HCA,

Inc

5

.625

09/01/28

4,201

6,200,000

g

HCA,

Inc

3

.625

03/15/32

5,246

4,300,000

HCA,

Inc

5

.500

06/15/47

3,819

5,350,000

g

HCA,

Inc

4

.625

03/15/52

4,164

3,500,000

g

Hologic,

Inc

3

.250

02/15/29

3,005

6,250,000

Humana,

Inc

3

.950

03/15/27

5,991

6,125,000

Humana,

Inc

2

.150

02/03/32

4,780

GBP

500,000

McKesson

Corp

3

.125

02/17/29

527

12,500,000

Mercy

Health

3

.382

11/01/25

11,867

5,000,000

New

York

and

Presbyterian

Hospital

3

.563

08/01/36

4,152

EUR

450,000

Stryker

Corp

2

.625

11/30/30

439

375,000

g

Tenet

Healthcare

Corp

4

.625

06/15/28

336

5,775,000

UnitedHealth

Group,

Inc

2

.950

10/15/27

5,346

10,700,000

UnitedHealth

Group,

Inc

2

.300

05/15/31

8,917

3,250,000

UnitedHealth

Group,

Inc

3

.750

10/15/47

2,584

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

165,059

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.1%

1,275,000

Church

&

Dwight

Co,

Inc

2

.300

12/15/31

1,022

5,625,000

Church

&

Dwight

Co,

Inc

5

.000

06/15/52

5,260

1,625,000

Colgate-Palmolive

Co

3

.250

08/15/32

1,467

EUR

750,000

g

Coty,

Inc

3

.875

04/15/26

745

2,525,000

e,g

Natura

Cosmeticos

S.A.

4

.125

05/03/28

2,060

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

271

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

600,000

The

Procter

&

Gamble

Company

0

.625

%

10/30/24

$

614

EUR

400,000

The

Procter

&

Gamble

Company

1

.875

10/30/38

356

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

11,524

INSURANCE

-

1.2%

$

825,000

g

Alliant

Holdings

Intermediate

LLC

4

.250

10/15/27

739

4,925,000

Aon

Corp

2

.800

05/15/30

4,200

8,306,000

Aon

plc

3

.500

06/14/24

8,107

5,250,000

AXIS

Specialty

Finance

LLC

4

.900

01/15/40

4,305

1,400,000

Berkshire

Hathaway

Finance

Corp

4

.250

01/15/49

1,246

16,000,000

Berkshire

Hathaway

Finance

Corp

2

.850

10/15/50

10,686

EUR

500,000

Chubb

INA

Holdings,

Inc

1

.550

03/15/28

473

EUR

450,000

Chubb

INA

Holdings,

Inc

1

.400

06/15/31

386

1,500,000

CNA

Financial

Corp

3

.950

05/15/24

1,474

1,825,000

g

Equitable

Financial

Life

Global

Funding

1

.400

07/07/25

1,655

EUR

250,000

g

Fairfax

Financial

Holdings

Ltd

2

.750

03/29/28

234

5,575,000

g

Five

Corners

Funding

Trust

4

.419

11/15/23

5,527

7,325,000

g

Five

Corners

Funding

Trust

II

2

.850

05/15/30

6,140

3,000,000

g

Hanwha

Life

Insurance

Co

Ltd

3

.379

02/04/32

2,492

22,408,000

Hartford

Financial

Services

Group,

Inc

2

.800

08/19/29

19,183

1,100,000

Hartford

Financial

Services

Group,

Inc

4

.300

04/15/43

880

2,500,000

Hartford

Financial

Services

Group,

Inc

2

.900

09/15/51

1,571

EUR

750,000

Liberty

Mutual

Group,

Inc

2

.750

05/04/26

763

EUR

400,000

g

Liberty

Mutual

Group,

Inc

4

.625

12/02/30

409

4,100,000

g

Liberty

Mutual

Group,

Inc

3

.951

10/15/50

2,860

4,825,000

g

Liberty

Mutual

Group,

Inc

5

.500

06/15/52

4,329

440,000

Marsh

&

McLennan

Cos,

Inc

3

.500

03/10/25

427

4,325,000

MetLife,

Inc

3

.600

11/13/25

4,202

1,750,000

MetLife,

Inc

5

.000

07/15/52

1,666

11,820,000

MetLife,

Inc

3

.850

N/A‡

10,978

GBP

200,000

Metropolitan

Life

Global

Funding

I

4

.125

09/02/25

237

8,200,000

g

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

8,162

11,875,000

PartnerRe

Finance

B

LLC

4

.500

10/01/50

10,275

5,250,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

4,302

1,450,000

Prudential

Financial,

Inc

3

.905

12/07/47

1,155

6,960,000

Prudential

Financial,

Inc

3

.700

10/01/50

5,874

3,875,000

Prudential

Financial,

Inc

5

.125

03/01/52

3,526

3,000,000

g

Prudential

Funding

LLC

6

.750

09/15/23

3,021

3,275,000

Reinsurance

Group

of

America,

Inc

3

.900

05/15/29

2,996

TOTAL

INSURANCE

134,480

MATERIALS

-

1.2%

7,975,000

Albemarle

Corp

4

.650

06/01/27

7,777

1,925,000

g

Alpek

SAB

de

C.V.

4

.250

09/18/29

1,747

2,600,000

g

Alpek

SAB

de

C.V.

3

.250

02/25/31

2,166

9,400,000

Amcor

Flexibles

North

America,

Inc

2

.690

05/25/31

7,637

2,600,000

g

Anglo

American

Capital

plc

3

.875

03/16/29

2,334

4,550,000

g

Anglo

American

Capital

plc

2

.625

09/10/30

3,698

4,300,000

AngloGold

Ashanti

Holdings

plc

3

.375

11/01/28

3,748

11,325,000

AngloGold

Ashanti

Holdings

plc

3

.750

10/01/30

9,823

2,000,000

g

Antofagasta

plc

5

.625

05/13/32

1,962

EUR

500,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

2

.000

09/01/28

432

EUR

500,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

3

.000

09/01/29

391

1,875,000

Ball

Corp

2

.875

08/15/30

1,496

852,000

Bemis

Co,

Inc

3

.100

09/15/26

790

4,879,000

Bemis

Co,

Inc

2

.630

06/19/30

3,970

14,250,000

Berry

Global,

Inc

1

.570

01/15/26

12,694

200,000

Celulosa

Arauco

y

Constitucion

S.A.

3

.875

11/02/27

187

3,000,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.250

04/30/29

2,803

1,650,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

1,538

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

272

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,000,000

g

Cemex

SAB

de

C.V.

7

.375

%

06/05/27

$

2,053

2,500,000

g

Cemex

SAB

de

C.V.

5

.450

11/19/29

2,400

1,600,000

g

Cemex

SAB

de

C.V.

5

.125

N/A‡

1,478

4,200,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.625

08/01/27

3,938

EUR

500,000

Dow

Chemical

Co

0

.500

03/15/27

465

1,800,000

g

Freeport

Indonesia

PT

4

.763

04/14/27

1,728

2,750,000

Freeport-McMoRan,

Inc

5

.450

03/15/43

2,481

2,400,000

g

Fresnillo

plc

4

.250

10/02/50

1,889

1,850,000

g

Gold

Fields

Orogen

Holdings

BVI

Ltd

6

.125

05/15/29

1,870

1,519,000

e

International

Paper

Co

4

.350

08/15/48

1,268

3,000,000

g

Inversiones

CMPC

S.A.

4

.375

04/04/27

2,899

3,600,000

g

Inversiones

CMPC

S.A.

3

.000

04/06/31

3,013

3,525,000

g

Midwest

Connector

Capital

Co

LLC

4

.625

04/01/29

3,184

1,100,000

Mosaic

Co

4

.875

11/15/41

932

4,000,000

Newmont

Corp

2

.250

10/01/30

3,215

3,400,000

e

Newmont

Corp

2

.600

07/15/32

2,707

6,675,000

Nutrien

Ltd

2

.950

05/13/30

5,719

1,920,000

g

OCI

NV

4

.625

10/15/25

1,819

875,000

g

OCP

S.A.

3

.750

06/23/31

733

EUR

250,000

g

Olympus

Water

US

Holding

Corp

3

.875

10/01/28

217

1,175,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1

.875

05/11/26

1,015

375,000

g

PolyOne

Corp

5

.750

05/15/25

366

250,000

g

SABIC

Capital

II

BV

4

.000

10/10/23

248

2,075,000

e

Sasol

Financing

USA

LLC

4

.375

09/18/26

1,834

3,225,000

e,g

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3

.500

09/10/51

2,372

1,925,000

Suzano

Austria

GmbH

6

.000

01/15/29

1,915

4,300,000

Suzano

Austria

GmbH

3

.125

01/15/32

3,352

200,000

g

UltraTech

Cement

Ltd

2

.800

02/16/31

159

3,600,000

WRKCo,

Inc

4

.900

03/15/29

3,456

4,450,000

WRKCo,

Inc

3

.000

06/15/33

3,534

TOTAL

MATERIALS

127,452

MEDIA

&

ENTERTAINMENT

-

1.9%

2,200,000

Activision

Blizzard,

Inc

3

.400

09/15/26

2,096

1,950,000

g

Adani

Electricity

Mumbai

Ltd

3

.867

07/22/31

1,402

3,985,419

g

Alfa

Desarrollo

S.p.A

4

.550

09/27/51

3,027

1,550,000

Baidu,

Inc

1

.625

02/23/27

1,326

3,000,000

g

Banco

Nacional

de

Panama

2

.500

08/11/30

2,405

EUR

400,000

g

Blackstone

Private

Credit

Fund

1

.750

11/30/26

349

3,000,000

g

BOC

Aviation

USA

Corp

1

.625

04/29/24

2,848

EUR

750,000

g

BOI

Finance

BV

7

.500

02/16/27

638

1,775,000

g

Cable

Onda

S.A.

4

.500

01/30/30

1,594

5,000,000

g

CCO

Holdings

LLC

4

.250

02/01/31

4,011

12,600,000

Charter

Communications

Operating

LLC

2

.800

04/01/31

9,809

14,100,000

Charter

Communications

Operating

LLC

3

.500

03/01/42

9,035

6,150,000

Charter

Communications

Operating

LLC

5

.125

07/01/49

4,650

20,345,000

Charter

Communications

Operating

LLC

4

.800

03/01/50

14,769

3,000,000

Charter

Communications

Operating

LLC

3

.700

04/01/51

1,824

EUR

450,000

Comcast

Corp

0

.250

05/20/27

415

18,750,000

Comcast

Corp

4

.150

10/15/28

17,980

27,075,000

Comcast

Corp

1

.500

02/15/31

21,081

4,100,000

Comcast

Corp

4

.400

08/15/35

3,816

17,000,000

Comcast

Corp

3

.200

07/15/36

13,781

1,925,000

Comcast

Corp

3

.900

03/01/38

1,659

28,050,000

Comcast

Corp

2

.887

11/01/51

18,015

5,000,000

g

CSC

Holdings

LLC

3

.375

02/15/31

3,261

GBP

300,000

Discovery

Communications

LLC

2

.500

09/20/24

344

3,000,000

g

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

2,511

1,550,000

g

Empresa

de

los

Ferrocarriles

del

Estado

3

.068

08/18/50

969

200,000

g

ENN

Clean

Energy

International

Investment

Ltd

3

.375

05/12/26

174

4,300,000

g

Genm

Capital

Labuan

Ltd

3

.882

04/19/31

3,202

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

273

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

205,000

g

Goodyear

Europe

BV

2

.750

%

08/15/28

$

176

$

1,895,000

Grupo

Televisa

SAB

6

.625

01/15/40

1,947

5,975,000

GSK

Consumer

Healthcare

Capital

US

LLC

3

.375

03/24/27

5,562

3,500,000

GSK

Consumer

Healthcare

Capital

US

LLC

3

.625

03/24/32

3,073

650,000

Lamar

Media

Corp

3

.750

02/15/28

582

1,000,000

Lamar

Media

Corp

4

.000

02/15/30

874

4,100,000

g

Magallanes,

Inc

4

.279

03/15/32

3,377

18,225,000

g

Magallanes,

Inc

5

.050

03/15/42

13,944

3,260,000

g

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4

.875

01/15/28

2,901

3,175,000

g

Misc

Capital

Two

Labuan

Ltd

3

.625

04/06/25

3,019

3,260,000

g

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,954

200,000

g

POSCO

4

.500

08/04/27

188

2,675,000

g

Sirius

XM

Radio,

Inc

4

.125

07/01/30

2,207

GBP

200,000

Time

Warner

Cable

LLC

5

.750

06/02/31

227

4,400,000

Time

Warner

Cable

LLC

5

.875

11/15/40

3,833

3,450,000

Time

Warner

Cable

LLC

4

.500

09/15/42

2,526

EUR

700,000

g

VZ

Secured

Financing

BV

3

.500

01/15/32

587

2,105,000

Walt

Disney

Co

7

.625

11/30/28

2,375

2,700,000

Weibo

Corp

3

.375

07/08/30

2,098

EUR

500,000

Whirlpool

EMEA

Finance

Sarl

0

.500

02/20/28

443

TOTAL

MEDIA

&

ENTERTAINMENT

199,884

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.8%

3,250,000

AbbVie,

Inc

2

.850

05/14/23

3,226

EUR

550,000

AbbVie,

Inc

1

.250

06/01/24

571

23,650,000

AbbVie,

Inc

4

.050

11/21/39

20,243

7,350,000

AstraZeneca

Finance

LLC

1

.200

05/28/26

6,544

9,650,000

AstraZeneca

Finance

LLC

2

.250

05/28/31

8,027

6,510,000

AstraZeneca

plc

1

.375

08/06/30

5,143

EUR

750,000

g

Avantor

Funding,

Inc

3

.875

07/15/28

739

1,500,000

g

Avantor

Funding,

Inc

4

.625

07/15/28

1,363

5,275,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

3,627

2,000,000

Bristol-Myers

Squibb

Co

3

.550

03/15/42

1,623

3,125,000

Danaher

Corp

2

.800

12/10/51

2,065

10,850,000

Gilead

Sciences,

Inc

2

.800

10/01/50

6,937

4,025,000

Merck

&

Co,

Inc

2

.750

12/10/51

2,689

EUR

600,000

g

Organon

Finance   LLC

2

.875

04/30/28

562

750,000

g

Organon

Finance   LLC

5

.125

04/30/31

649

GBP

200,000

Pfizer,

Inc

2

.735

06/15/43

176

20,175,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

16,468

EUR

400,000

Takeda

Pharmaceutical

Co

Ltd

1

.375

07/09/32

340

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2

.000

07/09/40

382

1,975,000

Takeda

Pharmaceutical

Co

Ltd

3

.025

07/09/40

1,449

1,045,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4

.750

05/09/27

945

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

83,768

REAL

ESTATE

-

2.3%

5,100,000

Agree

LP

2

.000

06/15/28

4,176

1,675,000

e

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/28

1,572

5,500,000

e

Alexandria

Real

Estate

Equities,

Inc

4

.900

12/15/30

5,358

2,418,000

American

Tower

Corp

3

.375

10/15/26

2,261

EUR

450,000

American

Tower

Corp

0

.450

01/15/27

413

1,600,000

American

Tower

Corp

3

.600

01/15/28

1,471

4,350,000

American

Tower

Corp

3

.800

08/15/29

3,946

13,700,000

American

Tower

Corp

2

.900

01/15/30

11,602

2,750,000

American

Tower

Corp

2

.100

06/15/30

2,177

3,825,000

American

Tower

Corp

1

.875

10/15/30

2,952

4,125,000

Brandywine

Operating

Partnership

LP

4

.100

10/01/24

3,925

5,825,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

5,589

1,075,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

887

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

274

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,300,000

Brixmor

Operating

Partnership

LP

2

.500

%

08/16/31

$

994

14,275,000

Crown

Castle

International

Corp

2

.250

01/15/31

11,452

1,800,000

Crown

Castle

International

Corp

2

.100

04/01/31

1,419

3,200,000

CubeSmart

LP

2

.250

12/15/28

2,637

GBP

400,000

Digital

Stout

Holding

LLC

3

.750

10/17/30

404

2,275,000

Equinix,

Inc

2

.150

07/15/30

1,810

6,700,000

Essex

Portfolio

LP

3

.000

01/15/30

5,666

6,600,000

Healthcare

Realty

Holdings

LP

3

.875

05/01/25

6,302

3,000,000

Healthcare

Realty

Holdings

LP

3

.625

01/15/28

2,660

1,750,000

Healthcare

Realty

Holdings

LP

2

.400

03/15/30

1,366

1,050,000

Healthcare

Realty

Holdings

LP

2

.050

03/15/31

768

6,250,000

Healthcare

Trust

of

America

Holdings

LP

3

.500

08/01/26

5,817

8,975,000

Healthcare

Trust

of

America

Holdings

LP

3

.100

02/15/30

7,494

7,950,000

Highwoods

Realty

LP

3

.875

03/01/27

7,378

2,900,000

Highwoods

Realty

LP

4

.125

03/15/28

2,619

2,875,000

Highwoods

Realty

LP

4

.200

04/15/29

2,505

4,000,000

Highwoods

Realty

LP

3

.050

02/15/30

3,186

3,875,000

Life

Storage

LP

2

.400

10/15/31

2,981

5,224,000

Mid-America

Apartments

LP

4

.300

10/15/23

5,193

4,475,000

Mid-America

Apartments

LP

3

.750

06/15/24

4,382

4,300,000

Mid-America

Apartments

LP

4

.000

11/15/25

4,179

11,100,000

Mid-America

Apartments

LP

2

.750

03/15/30

9,438

3,025,000

Mid-America

Apartments

LP

1

.700

02/15/31

2,358

2,575,000

Mid-America

Apartments

LP

2

.875

09/15/51

1,641

600,000

National

Retail

Properties,

Inc

4

.000

11/15/25

577

3,000,000

National

Retail

Properties,

Inc

3

.600

12/15/26

2,798

1,600,000

ProLogis

LP

3

.250

06/30/26

1,518

1,275,000

ProLogis

LP

2

.875

11/15/29

1,109

3,125,000

ProLogis

LP

1

.750

07/01/30

2,461

6,350,000

Regency

Centers

LP

3

.900

11/01/25

6,033

1,025,000

Regency

Centers

LP

3

.600

02/01/27

959

5,500,000

Regency

Centers

LP

2

.950

09/15/29

4,616

5,300,000

Retail

Properties

of

America,

Inc

4

.750

09/15/30

4,666

9,150,000

g

SBA

Tower

Trust

2

.836

01/15/25

8,624

11,046,000

g

SBA

Tower

Trust

1

.884

01/15/26

9,715

25,000,000

g

SBA

Tower

Trust

1

.631

11/15/26

21,232

42,100,000

g

SBA

Tower

Trust

1

.840

04/15/27

35,661

2,968,000

SITE

Centers

Corp

3

.625

02/01/25

2,801

3,850,000

SITE

Centers

Corp

4

.700

06/01/27

3,612

EUR

400,000

Vonovia

SE

0

.625

12/14/29

315

3,025,000

Weingarten

Realty

Investors

4

.450

01/15/24

2,988

1,175,000

Weyerhaeuser

Co

4

.000

03/09/52

887

TOTAL

REAL

ESTATE

251,550

RETAILING

-

0.5%

1,050,000

AmeriGas

Partners

LP

5

.875

08/20/26

997

2,950,000

AutoNation,

Inc

3

.800

11/15/27

2,676

5,575,000

AutoZone,

Inc

1

.650

01/15/31

4,325

900,000

Chevron

USA,

Inc

3

.900

11/15/24

885

550,000

g

Group

1

Automotive,

Inc

4

.000

08/15/28

465

350,000

JD.com,

Inc

3

.375

01/14/30

306

200,000

g

Kia

Corp

2

.750

02/14/27

176

925,000

g

L

Brands,

Inc

6

.625

10/01/30

868

875,000

g

Lithia

Motors,

Inc

4

.625

12/15/27

789

5,100,000

O'Reilly

Automotive,

Inc

3

.550

03/15/26

4,898

6,875,000

O'Reilly

Automotive,

Inc

3

.600

09/01/27

6,479

4,075,000

O'Reilly

Automotive,

Inc

4

.200

04/01/30

3,845

12,400,000

O'Reilly

Automotive,

Inc

1

.750

03/15/31

9,623

6,000,000

g

Prosus

NV

3

.832

02/08/51

3,625

3,000,000

g

Staples,

Inc

7

.500

04/15/26

2,582

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

275

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,375,000

Target

Corp

2

.350

%

02/15/30

$

7,958

TOTAL

RETAILING

50,497

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.6%

5,094,000

g

Broadcom,

Inc

3

.187

11/15/36

3,659

25,131,000

g

Broadcom,

Inc

4

.926

05/15/37

21,923

1,675,000

Intel

Corp

3

.734

12/08/47

1,255

2,875,000

Lam

Research

Corp

3

.750

03/15/26

2,787

3,275,000

Lam

Research

Corp

4

.000

03/15/29

3,119

8,375,000

NVIDIA

Corp

2

.000

06/15/31

6,708

1,100,000

g

NXP

BV

2

.700

05/01/25

1,035

5,450,000

NXP

BV

3

.875

06/18/26

5,177

3,475,000

NXP

BV

4

.400

06/01/27

3,331

4,100,000

NXP

BV

3

.125

02/15/42

2,779

4,800,000

g

SK

Hynix,

Inc

1

.500

01/19/26

4,160

2,200,000

Texas

Instruments,

Inc

4

.150

05/15/48

1,947

1,575,000

TSMC

Arizona

Corp

1

.750

10/25/26

1,405

200,000

TSMC

Arizona

Corp

4

.125

04/22/29

190

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

59,475

SOFTWARE

&

SERVICES

-

0.6%

7,350,000

Adobe,

Inc

2

.300

02/01/30

6,267

200,000

g

CA

Magnum

Holdings

5

.375

10/31/26

182

EUR

375,000

Fidelity

National

Information

Services,

Inc

1

.100

07/15/24

386

900,000

g

Gartner,

Inc

3

.750

10/01/30

776

3,000,000

g

HCL

America,

Inc

1

.375

03/10/26

2,653

EUR

400,000

International

Business

Machines

Corp

0

.650

02/11/32

324

EUR

500,000

g

IQVIA,

Inc

1

.750

03/15/26

489

1,413,000

g

j2

Global,

Inc

4

.625

10/15/30

1,196

4,500,000

h

Meta

Platforms,

Inc

4

.450

08/15/52

3,576

26,300,000

Microsoft

Corp

2

.400

08/08/26

24,524

4,120,000

Microsoft

Corp

2

.525

06/01/50

2,711

550,000

g

Open

Text

Holdings,

Inc

4

.125

02/15/30

441

3,000,000

Roper

Technologies,

Inc

1

.400

09/15/27

2,538

10,050,000

Roper

Technologies,

Inc

2

.000

06/30/30

8,054

9,650,000

salesforce.com,

Inc

2

.700

07/15/41

6,887

4,225,000

Visa,

Inc

2

.700

04/15/40

3,200

TOTAL

SOFTWARE

&

SERVICES

64,204

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2

.800

02/15/30

3,692

4,825,000

Apple,

Inc

2

.450

08/04/26

4,475

26,100,000

Apple,

Inc

2

.050

09/11/26

23,824

3,225,000

Apple,

Inc

4

.650

02/23/46

3,053

4,675,000

Apple,

Inc

2

.650

02/08/51

3,083

1,275,000

Corning,

Inc

4

.375

11/15/57

988

5,375,000

Dell

International

LLC

5

.300

10/01/29

5,257

2,175,000

Tyco

Electronics

Group

S.A.

3

.700

02/15/26

2,087

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

46,459

TELECOMMUNICATION

SERVICES

-

2.1%

2,300,000

g

America

Movil

SAB

de

C.V.

5

.375

04/04/32

2,076

200,000

America

Movil

SAB

de

C.V.

4

.700

07/21/32

192

EUR

500,000

AT&T,

Inc

2

.350

09/05/29

483

42,943,000

AT&T,

Inc

2

.550

12/01/33

33,002

8,325,000

AT&T,

Inc

4

.500

05/15/35

7,568

7,375,000

AT&T,

Inc

3

.500

06/01/41

5,500

38,320,000

AT&T,

Inc

3

.550

09/15/55

25,569

6,553,000

AT&T,

Inc

3

.800

12/01/57

4,521

7,225,000

g

Bharti

Airtel

Ltd

3

.250

06/03/31

6,107

3,000,000

g

C&W

Senior

Financing

Designated

Activity

Co

6

.875

09/15/27

2,790

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

276

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

850,000

Deutsche

Telekom

International

Finance

BV

8

.750

%

06/15/30

$

1,002

EUR

915,000

g

Iliad

Holding

SAS

5

.125

10/15/26

906

1,175,000

e,g

Millicom

International

Cellular

S.A.

4

.500

04/27/31

988

4,000,000

g

MTN

Mauritius

Investment

Ltd

6

.500

10/13/26

3,991

2,425,000

Orange

S.A.

5

.375

01/13/42

2,344

22,975,000

T-Mobile

USA,

Inc

2

.625

02/15/29

19,449

30,200,000

T-Mobile

USA,

Inc

3

.875

04/15/30

27,356

2,225,000

T-Mobile

USA,

Inc

3

.000

02/15/41

1,570

1,625,000

T-Mobile

USA,

Inc

4

.500

04/15/50

1,336

7,800,000

T-Mobile

USA,

Inc

3

.300

02/15/51

5,205

EUR

400,000

Verizon

Communications,

Inc

1

.875

10/26/29

375

2,325,000

Verizon

Communications,

Inc

1

.680

10/30/30

1,812

EUR

200,000

Verizon

Communications,

Inc

4

.250

10/31/30

217

8,000,000

Verizon

Communications,

Inc

1

.750

01/20/31

6,207

17,100,000

Verizon

Communications,

Inc

2

.550

03/21/31

14,062

35,551,000

Verizon

Communications,

Inc

2

.355

03/15/32

28,181

EUR

300,000

Verizon

Communications,

Inc

2

.875

01/15/38

271

14,450,000

Verizon

Communications,

Inc

2

.650

11/20/40

9,754

7,625,000

Verizon

Communications,

Inc

3

.400

03/22/41

5,733

GBP

1,000,000

g

Vmed

O2

UK

Financing

I

plc

4

.500

07/15/31

920

6,550,000

Vodafone

Group

plc

4

.375

02/19/43

5,244

5,125,000

Vodafone

Group

plc

4

.250

09/17/50

3,931

TOTAL

TELECOMMUNICATION

SERVICES

228,662

TRANSPORTATION

-

0.4%

1,850,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.000

07/30/27

1,619

2,000,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.200

08/04/27

1,756

2,700,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

3

.100

02/02/31

1,979

4,075,000

Burlington

Northern

Santa

Fe

LLC

3

.050

02/15/51

2,831

1,300,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

1,065

5,600,000

Canadian

Pacific

Railway

Co

3

.100

12/02/51

3,765

2,040,000

CSX

Corp

2

.600

11/01/26

1,878

4,000,000

CSX

Corp

3

.250

06/01/27

3,737

1,525,000

CSX

Corp

3

.800

03/01/28

1,455

14,175,000

CSX

Corp

4

.250

03/15/29

13,635

5,100,000

Union

Pacific

Corp

2

.891

04/06/36

4,053

2,275,000

Union

Pacific

Corp

3

.839

03/20/60

1,757

TOTAL

TRANSPORTATION

39,530

UTILITIES

-

3.0%

1,650,000

AEP

Transmission

Co

LLC

3

.100

12/01/26

1,547

1,650,000

AEP

Transmission

Co

LLC

4

.000

12/01/46

1,296

4,750,000

AEP

Transmission

Co

LLC

2

.750

08/15/51

3,012

1,650,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

4

.000

08/11/41

1,360

3,475,000

Alabama

Power

Co

4

.150

08/15/44

2,876

6,025,000

Alabama

Power

Co

3

.450

10/01/49

4,340

3,225,000

Ameren

Illinois

Co

5

.900

12/01/52

3,502

2,750,000

American

Water

Capital

Corp

3

.000

12/01/26

2,543

4,000,000

American

Water

Capital

Corp

2

.800

05/01/30

3,459

8,500,000

American

Water

Capital

Corp

2

.300

06/01/31

6,972

2,375,000

American

Water

Capital

Corp

4

.000

12/01/46

1,846

4,500,000

American

Water

Capital

Corp

3

.750

09/01/47

3,502

5,788,000

Appalachian

Power

Co

4

.450

06/01/45

4,758

8,475,000

Atmos

Energy

Corp

1

.500

01/15/31

6,601

1,175,000

Atmos

Energy

Corp

4

.125

10/15/44

964

6,500,000

Baltimore

Gas

&

Electric

Co

3

.750

08/15/47

5,013

3,700,000

g

Becle

SAB

de

C.V.

2

.500

10/14/31

2,875

5,925,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

5,481

6,225,000

Black

Hills

Corp

4

.250

11/30/23

6,190

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3

.000

03/01/32

926

3,550,000

CenterPoint

Energy

Resources

Corp

6

.250

02/01/37

3,622

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

277

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

350,000

CEZ

AS.

0

.875

%

12/02/26

$

322

$

2,975,000

CMS

Energy

Corp

3

.600

11/15/25

2,833

200,000

g

Colbun

S.A.

3

.150

01/19/32

168

3,500,000

Commonwealth

Edison

Co

5

.900

03/15/36

3,648

8,250,000

Commonwealth

Edison

Co

3

.000

03/01/50

5,661

5,100,000

Commonwealth

Edison

Co

2

.750

09/01/51

3,264

3,800,000

Consumers

Energy

Co

2

.650

08/15/52

2,389

2,650,000

Consumers

Energy

Co

2

.500

05/01/60

1,483

EUR

300,000

Credit

Agricole

Assurances

S.A.

1

.500

10/06/31

236

2,350,000

Dominion

Energy,

Inc

2

.250

08/15/31

1,870

4,000,000

Dominion

Energy,

Inc

3

.300

04/15/41

2,961

2,500,000

DTE

Electric

Co

3

.650

03/01/52

1,932

4,600,000

Duke

Energy

Florida

LLC

3

.400

10/01/46

3,304

8,850,000

Duke

Energy

Indiana

LLC

2

.750

04/01/50

5,556

6,100,000

Duke

Energy

Progress

LLC

2

.500

08/15/50

3,660

EUR

300,000

e

Electricite

de

France

S.A.

2

.000

10/02/30

268

3,445,000

g

Empresas

Publicas

de

Medellin

ESP

4

.250

07/18/29

2,734

3,000,000

Enel

Chile

S.A.

4

.875

06/12/28

2,923

4,000,000

g

EnfraGen

Energia

Sur

S.A.

5

.375

12/30/30

2,800

4,300,000

g

ENN

Energy

Holdings

Ltd

2

.625

09/17/30

3,481

6,900,000

Entergy

Corp

0

.900

09/15/25

6,145

2,800,000

g

Equate

Petrochemical

BV

2

.625

04/28/28

2,436

5,375,000

Eversource

Energy

1

.650

08/15/30

4,182

6,350,000

Eversource

Energy

3

.450

01/15/50

4,606

5,775,000

Florida

Power

&

Light

Co

3

.990

03/01/49

4,842

UGX

2,000,000,000

†,g

ICBC

Standard

Bank

plc

14

.250

06/26/34

472

2,900,000

Indiana

Michigan

Power

Co

3

.750

07/01/47

2,152

4,525,000

g

Israel

Electric

Corp

Ltd

4

.250

08/14/28

4,265

2,675,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

2,340

2,850,000

g

Kallpa

Generacion

SA

4

.125

08/16/27

2,611

3,200,000

g

Korea

Southern

Power

Co

Ltd

0

.750

01/27/26

2,806

6,975,000

MidAmerican

Energy

Co

3

.650

04/15/29

6,521

5,400,000

MidAmerican

Energy

Co

3

.650

08/01/48

4,237

EUR

300,000

g

Mondelez

International

Holdings

Netherlands

BV

1

.250

09/09/41

205

7,350,000

Nevada

Power

Co

2

.400

05/01/30

6,162

3,335,000

Nevada

Power

Co

5

.450

05/15/41

3,182

12,700,000

NextEra

Energy

Capital

Holdings,

Inc

2

.250

06/01/30

10,444

20,060,000

NiSource,

Inc

1

.700

02/15/31

15,292

6,000,000

g

NRG

Energy,

Inc

2

.450

12/02/27

4,971

2,750,000

Ohio

Power

Co

2

.600

04/01/30

2,339

6,150,000

Ohio

Power

Co

4

.150

04/01/48

4,989

4,925,000

Ohio

Power

Co

4

.000

06/01/49

3,884

1,280,000

Oncor

Electric

Delivery

Co

LLC

5

.250

09/30/40

1,268

425,000

ONE

Gas,

Inc

3

.610

02/01/24

417

600,000

g

Pattern

Energy

Operations

LP

4

.500

08/15/28

538

2,775,000

PECO

Energy

Co

3

.000

09/15/49

1,894

3,700,000

PECO

Energy

Co

2

.800

06/15/50

2,420

3,000,000

g

Perusahaan

Listrik

Negara

PT

4

.125

05/15/27

2,880

650,000

g

Perusahaan

Listrik

Negara

PT

3

.875

07/17/29

576

3,000,000

g

Perusahaan

Listrik

Negara

PT

3

.375

02/05/30

2,542

200,000

g

Perusahaan

Listrik

Negara

PT

4

.875

07/17/49

158

5,000,000

g

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4

.000

06/30/50

3,579

1,475,000

†,g

Phosagro

OAO

Via

Phosagro

Bond

Funding

DAC

2

.600

09/16/28

959

750,000

Potomac

Electric

Power

Co

7

.900

12/15/38

903

3,300,000

e,g

Promigas

S.A.

ESP

3

.750

10/16/29

2,684

6,800,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

5,413

2,100,000

Public

Service

Co

of

Colorado

4

.050

09/15/49

1,724

4,450,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

3,156

6,970,000

Public

Service

Electric

&

Gas

Co

3

.150

01/01/50

4,874

5,150,000

Public

Service

Electric

and

Gas

Co

4

.900

12/15/32

5,159

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

278

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,500,000

g

Saka

Energi

Indonesia

PT

4

.450

%

05/05/24

$

3,340

20,000,000

Southern

Co

4

.000

01/15/51

18,200

EUR

300,000

Southern

Co

1

.875

09/15/81

250

8,475,000

Southern

Co

Gas

Capital

Corp

3

.875

11/15/25

8,175

EUR

500,000

Southern

Power

Co

1

.850

06/20/26

501

2,440,000

Southwestern

Public

Service

Co

3

.400

08/15/46

1,760

4,171,482

g

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

3,342

350,000

g

Tengizchevroil

Finance

Co

International

Ltd

2

.625

08/15/25

299

3,250,000

Virginia

Electric

&

Power

Co

2

.950

11/15/26

3,029

3,250,000

Virginia

Electric

&

Power

Co

3

.500

03/15/27

3,071

8,879,000

Virginia

Electric

&

Power

Co

3

.800

04/01/28

8,365

4,125,000

Wisconsin

Power

&

Light

Co

4

.100

10/15/44

3,193

2,240,000

Xcel

Energy,

Inc

4

.800

09/15/41

1,957

TOTAL

UTILITIES

319,887

TOTAL

CORPORATE

BONDS

3,592,331

(Cost

$4,181,194)

GOVERNMENT

BONDS

-

45.4%

AGENCY

SECURITIES

-

0.3%

2,911,000

Canal

Barge

Co,

Inc

4

.500

11/12/34

2,854

225

Export-Import

Bank

of

the

United

States

1

.822

05/03/25

0

^

25,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1

.540

08/17/35

17,103

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1

.625

08/24/35

6,255

8,225,000

Private

Export

Funding

Corp

(PEFCO)

1

.750

11/15/24

7,741

TOTAL

AGENCY

SECURITIES

33,953

FOREIGN

GOVERNMENT

BONDS

-

4.1%

2,000,000

g

Abu

Dhabi

Government

International

Bond

2

.500

09/30/29

1,795

750,000

g

Africa

Finance

Corp

2

.875

04/28/28

643

2,325,000

g

African

Export-Import

Bank

2

.634

05/17/26

2,092

3,925,000

g

Angolan

Government

International

Bond

8

.750

04/14/32

3,396

3,325,000

g

Arab

Petroleum

Investments

Corp

4

.125

09/18/23

3,297

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6

.000

12/08/31

462

AUD

1,425,000

Australia

Government

Bond

4

.750

04/21/27

1,010

AUD

1,925,000

Australia

Government

Bond

2

.250

05/21/28

1,213

AUD

1,250,000

Australia

Government

Bond

1

.000

12/21/30

676

AUD

1,775,000

Australia

Government

Bond

1

.250

05/21/32

948

AUD

1,960,000

†

Australia

Government

Bond

1

.750

06/21/51

773

8,500,000

g

Banque

Ouest

Africaine

de

Developpement

4

.700

10/22/31

7,217

EUR

3,650,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

2,940

EUR

850,000

g

Benin

Government

International

Bond

4

.950

01/22/35

659

200,000

g

Bermuda

Government

International

Bond

4

.750

02/15/29

199

12,400,000

g

BNG

Bank

NV

3

.000

09/20/23

12,227

5,000,000

g

BNG

Bank

NV

3

.500

08/26/24

4,898

8,000,000

g

BNG

Bank

NV

0

.875

05/18/26

7,103

2,340,000

g

Brazil

Minas

SPE

via

State

of

Minas

Gerais

5

.333

02/15/28

2,272

BRL

3,000,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/27

525

2,900,000

e

Brazilian

Government

International

Bond

4

.625

01/13/28

2,777

750,000

e

Brazilian

Government

International

Bond

3

.875

06/12/30

651

EUR

2,575,000

Bundesrepublik

Deutschland

0

.500

08/15/27

2,519

EUR

2,500,000

Bundesrepublik

Deutschland

1

.000

05/15/38

2,131

EUR

135,000

Bundesrepublik

Deutschland

1

.250

08/15/48

111

EUR

1,365,000

†

Bundesrepublik

Deutschland

0

.000

08/15/52

717

7,000,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.125

11/29/24

6,541

CAD

1,400,000

g

Canada

Housing

Trust

No

1

.100

12/15/26

933

CAD

1,650,000

Canadian

Government

Bond

3

.000

11/01/24

1,196

CAD

875,000

Canadian

Government

International

Bond

2

.000

09/01/23

636

CAD

1,475,000

Canadian

Government

International

Bond

2

.000

06/01/28

1,021

CAD

850,000

Canadian

Government

International

Bond

2

.000

06/01/32

562

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

279

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CAD

1,000,000

Canadian

Government

International

Bond

5

.000

%

06/01/37

$

875

$

3,050,000

e

Chile

Government

International

Bond

2

.550

01/27/32

2,495

CNY

24,000,000

China

Government

Bond

2

.880

11/05/23

3,473

CNY

14,550,000

China

Government

Bond

2

.940

10/17/24

2,115

CNY

21,000,000

China

Government

Bond

1

.990

04/09/25

2,989

CNY

47,400,000

China

Government

Bond

3

.120

12/05/26

6,963

CNY

20,200,000

China

Government

Bond

2

.500

07/25/27

2,884

CNY

16,100,000

China

Government

Bond

3

.270

11/19/30

2,391

CNY

18,900,000

China

Government

Bond

3

.860

07/22/49

3,002

CNY

10,000,000

China

Government

Bond

3

.390

03/16/50

1,465

CNY

4,700,000

China

Government

Bond

3

.810

09/14/50

742

CNY

4,700,000

China

Government

Bond

3

.720

04/12/51

733

NOK

7,000,000

City

of

Oslo

Norway

2

.050

10/31/24

691

3,425,000

Colombia

Government

International

Bond

3

.250

04/22/32

2,491

1,700,000

Colombia

Government

International

Bond

5

.000

06/15/45

1,157

COP

3,300,000,000

Colombian

TES

7

.750

09/18/30

511

2,200,000

g

Costa

Rica

Government

International

Bond

5

.625

04/30/43

1,799

5,000,000

g

Development

Bank

of

Japan,

Inc

0

.500

03/04/24

4,746

DOP

8,000,000

g

Dominican

Republic

Government

International

Bond

9

.750

06/05/26

136

3,500,000

g

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

2,905

2,950,000

g

Dominican

Republic

Government

International

Bond

6

.500

02/15/48

2,426

24,960

g

Ecuador

Government

International

Bond

0

.000

07/31/30

10

141,600

g

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

91

99,120

g

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

46

425,000

g

Egypt

Government

International

Bond

5

.750

05/29/24

404

EGP

19,025,000

Egypt

Government

International

Bond

15

.900

07/02/24

743

1,500,000

g

Egypt

Government

International

Bond

5

.800

09/30/27

1,239

725,000

g

Egypt

Government

International

Bond

7

.600

03/01/29

589

EUR

1,100,000

g

Egypt

Government

International

Bond

5

.625

04/16/30

814

EUR

700,000

g

Egypt

Government

International

Bond

6

.375

04/11/31

519

325,000

g

Egypt

Government

International

Bond

7

.053

01/15/32

237

2,700,000

g

Egypt

Government

International

Bond

8

.500

01/31/47

1,795

650,000

g

El

Salvador

Government

International

Bond

6

.375

01/18/27

284

1,445,000

g

El

Salvador

Government

International

Bond

7

.125

01/20/50

558

1,425,000

Emirate

of

Dubai

Government

International

Bonds

3

.900

09/09/50

1,019

200,000

†

European

Bank

for

Reconstruction

&

Development

10

.000

02/28/23

166

3,500,000

European

Investment

Bank

4

.875

02/15/36

3,721

2,000,000

g

Export-Import

Bank

of

India

3

.875

02/01/28

1,849

3,975,000

g

Export-Import

Bank

of

India

2

.250

01/13/31

3,119

2,800,000

Export-Import

Bank

of

Korea

0

.750

09/21/25

2,501

3,350,000

Export-Import

Bank

of

Korea

1

.250

09/21/30

2,586

EUR

1,800,000

French

Republic

Government

Bond

OAT

0

.500

05/25/25

1,825

EUR

1,325,000

French

Republic

Government

Bond

OAT

0

.750

11/25/28

1,263

EUR

3,400,000

French

Republic

Government

Bond

OAT

1

.250

05/25/36

2,852

EUR

2,775,000

g

French

Republic

Government

Bond

OAT

0

.500

05/25/40

1,885

EUR

860,000

French

Republic

Government

Bond

OAT

0

.750

05/25/52

486

2,325,000

†,g

Ghana

Government

International

Bond

8

.125

03/26/32

832

1,000,000

†,g

Ghana

Government

International

Bond

8

.627

06/16/49

345

600,000

g

Guatemala

Government

Bond

6

.125

06/01/50

564

450,000

g

Guatemala

Government

International

Bond

4

.375

06/05/27

425

EUR

1,250,000

g

Hellenic

Republic

Government

International

Bond

1

.500

06/18/30

1,084

EUR

725,000

g

Hellenic

Republic

Government

International

Bond

0

.750

06/18/31

572

1,775,000

g

Honduras

Government

International

Bond

6

.250

01/19/27

1,562

HUF

345,000,000

Hungary

Government

Bond

5

.500

06/24/25

809

HUF

336,050,000

Hungary

Government

International

Bond

3

.000

06/26/24

793

1,725,000

g

Hungary

Government

International

Bond

5

.250

06/16/29

1,648

1,150,000

g

Hungary

Government

International

Bond

2

.125

09/22/31

854

CAD

1,475,000

Hydro-Quebec

5

.000

02/15/45

1,188

200,000

Indonesia

Government

International

Bond

4

.650

09/20/32

196

10,575,000

g

Indonesia

Government

International

Bond

4

.625

04/15/43

9,404

IDR

7,750,000,000

Indonesia

Treasury

Bond

8

.125

05/15/24

513

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

280

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

IDR

10,000,000,000

Indonesia

Treasury

Bond

6

.375

%

04/15/32

$

617

AUD

500,000

Inter-American

Development

Bank

4

.750

08/27/24

344

AUD

900,000

Inter-American

Development

Bank

2

.750

10/30/25

589

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1

.900

01/16/25

916

GBP

500,000

International

Finance

Corp

0

.250

12/15/25

538

$

1,409,375

g

Iraq

Government

International

Bond

5

.800

01/15/28

1,297

ILS

3,100,000

Israel

Government

International

Bond

5

.500

01/31/42

1,103

ILS

3,200,000

Israel

Government

International

Bond

3

.750

03/31/47

913

EUR

3,345,000

Italy

Buoni

Poliennali

Del

Tesoro

1

.250

12/01/26

3,264

EUR

425,000

†,g

Italy

Buoni

Poliennali

Del

Tesoro

1

.700

09/01/51

253

EUR

1,000,000

g

Ivory

Coast

Government

International

Bond

5

.875

10/17/31

897

EUR

100,000

g

Ivory

Coast

Government

International

Bond

4

.875

01/30/32

85

1,441,973

g

Ivory

Coast

Government

International

Bond

(Step

Bond)

5

.750

12/31/32

1,361

2,850,000

Jamaica

Government

International

Bond

7

.875

07/28/45

3,203

6,650,000

g

Japan

Finance

Organization

for

Municipalities

3

.375

09/27/23

6,560

2,500,000

g

Japan

Finance

Organization

for

Municipalities

1

.000

05/21/25

2,284

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0

.020

03/13/26

1,062

JPY

498,000,000

Japan

Government

Five

Year

Bond

0

.005

09/20/26

3,777

JPY

327,000,000

Japan

Government

Ten

Year

Bond

0

.100

09/20/26

2,489

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0

.100

12/20/29

1,206

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0

.500

09/20/46

1,393

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0

.600

09/20/50

627

JPY

132,000,000

Japan

Government

Thirty

Year

Bond

0

.700

09/20/51

803

JPY

220,000,000

Japan

Government

Thirty

Year

Bond

1

.300

06/20/52

1,568

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1

.400

09/20/34

1,650

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0

.600

12/20/36

676

JPY

219,000,000

Japan

Government

Twenty

Year

Bond

0

.500

12/20/38

1,517

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0

.300

06/20/39

1,016

JPY

385,000,000

Japan

Government

Twenty

Year

Bond

1

.100

09/20/42

2,834

JPY

320,000,000

Japan

Government

Two

Year

Bond

0

.005

11/01/24

2,437

925,000

g

Jordan

Government

International

Bond

4

.950

07/07/25

885

500,000

g

Jordan

Government

International

Bond

7

.750

01/15/28

506

1,025,000

g

Jordan

Government

International

Bond

5

.850

07/07/30

919

1,525,000

g

Kenya

Government

International

Bond

6

.875

06/24/24

1,399

975,000

g

Kenya

Government

International

Bond

7

.000

05/22/27

870

EUR

1,875,000

g

Kingdom

of

Belgium

Government

Bond

0

.000

10/22/27

1,751

EUR

2,900,000

g

Kingdom

of

Belgium

Government

Bond

0

.350

06/22/32

2,403

EUR

3,950,000

g

Kingdom

of

Belgium

Government

Bond

1

.450

06/22/37

3,321

2,600,000

g

Kommunalbanken

AS.

2

.750

02/05/24

2,541

3,000,000

g

Kommunalbanken

AS.

1

.125

06/14/30

2,405

800,000

g

Kommuninvest

I

Sverige

AB

2

.875

07/03/24

778

6,975,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

6,318

KRW

1,050,000,000

Korea

Treasury

Bond

2

.875

06/10/24

820

KRW

1,270,000,000

Korea

Treasury

Bond

1

.500

03/10/25

956

KRW

1,800,000,000

Korea

Treasury

Bond

1

.500

12/10/26

1,303

KRW

2,400,000,000

Korea

Treasury

Bond

2

.000

06/10/31

1,649

KRW

1,225,000,000

Korea

Treasury

Bond

2

.375

12/10/31

864

KRW

2,380,000,000

Korea

Treasury

Bond

2

.375

09/10/38

1,572

KRW

400,000,000

Korea

Treasury

Bond

1

.875

09/10/41

238

KRW

365,000,000

Korea

Treasury

Bond

2

.500

03/10/52

228

MXN

7,800,000

Kreditanstalt

fuer

Wiederaufbau

4

.400

07/25/25

347

1,750,000

†,q

Lebanon

Government

International

Bond

6

.750

11/29/27

101

MYR

3,960,000

Malaysia

Government

Bond

3

.757

05/22/40

830

MXN

23,500,000

Mexican

Bonos

5

.750

03/05/26

1,091

MXN

13,700,000

Mexican

Bonos

8

.500

11/18/38

665

3,375,000

e

Mexico

Government

International

Bond

3

.250

04/16/30

2,940

3,001,000

Mexico

Government

International

Bond

6

.050

01/11/40

2,911

6,650,000

Mexico

Government

International

Bond

4

.280

08/14/41

5,127

3,500,000

Mexico

Government

International

Bond

4

.600

02/10/48

2,699

5,075,000

Mexico

Government

International

Bond

4

.400

02/12/52

3,731

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

281

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

900,000

g

Morocco

Government

International

Bond

1

.500

%

11/27/31

$

709

$

4,050,000

g

Morocco

Government

International

Bond

5

.500

12/11/42

3,468

1,675,000

g

Namibia

Government

International

Bond

5

.250

10/29/25

1,566

EUR

400,000

g

Netherlands

Government

International

Bond

2

.750

01/15/47

433

EUR

1,000,000

g

Netherlands

Government

International

Bond

0

.000

01/15/52

512

AUD

500,000

New

South

Wales

Treasury

Corp

4

.000

05/20/26

340

AUD

2,690,000

New

South

Wales

Treasury

Corp

3

.000

04/20/29

1,690

NZD

2,485,000

New

Zealand

Government

International

Bond

0

.500

05/15/24

1,482

NZD

1,175,000

New

Zealand

Government

International

Bond

2

.750

04/15/25

711

NZD

625,000

New

Zealand

Government

International

Bond

4

.500

04/15/27

396

NZD

735,000

New

Zealand

Government

International

Bond

2

.000

05/15/32

378

400,000

g

Nigeria

Government

International

Bond

6

.500

11/28/27

322

925,000

g

Nigeria

Government

International

Bond

8

.375

03/24/29

766

NOK

17,250,000

g

Norway

Government

International

Bond

2

.000

04/26/28

1,666

1,100,000

g

Oman

Government

International

Bond

6

.000

08/01/29

1,104

2,400,000

g

Oman

Government

International

Bond

6

.250

01/25/31

2,417

21,300,000

g

OMERS

Finance

Trust

2

.500

05/02/24

20,592

15,000,000

g

Ontario

Teachers'

Finance

Trust

1

.625

09/12/24

14,211

275,000

g

Pakistan

Global

Sukuk

Programme

Co

Ltd

7

.950

01/31/29

143

500,000

g

Pakistan

Government

International

Bond

6

.000

04/08/26

198

6,000,000

Panama

Bonos

del

Tesoro

3

.362

06/30/31

4,830

2,025,000

Panama

Government

International

Bond

4

.300

04/29/53

1,462

3,150,000

Panama

Notas

del

Tesoro

3

.750

04/17/26

2,963

925,000

g

Paraguay

Government

International

Bond

5

.400

03/30/50

797

1,360,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

4

.700

06/06/32

1,338

3,000,000

Peruvian

Government

International

Bond

1

.862

12/01/32

2,188

1,970,000

Peruvian

Government

International

Bond

3

.000

01/15/34

1,552

PEN

3,515,000

g

Peruvian

Government

International

Bond

5

.400

08/12/34

742

2,645,000

Philippine

Government

International

Bond

4

.200

03/29/47

2,253

CAD

1,600,000

Province

of

Ontario

Canada

2

.600

06/02/25

1,142

CAD

875,000

Province

of

Ontario

Canada

2

.150

06/02/31

561

CAD

875,000

Province

of

Ontario

Canada

1

.900

12/02/51

394

CAD

650,000

Province

of

Quebec

Canada

2

.750

09/01/27

458

6,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

7,047

2,050,000

g

Qatar

Government

International

Bond

3

.750

04/16/30

1,988

5,900,000

g

Qatar

Government

International

Bond

4

.400

04/16/50

5,406

EUR

425,000

g

Republic

of

Cameroon

International

Bond

5

.950

07/07/32

336

500,000

g

Republic

of

Guatemala

4

.650

10/07/41

401

7,000,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

4,947

1,000,000

g

Republic

of

Paraguay

6

.100

08/11/44

961

1,425,000

Republic

of

Poland

Government

International

Bond

5

.750

11/16/32

1,521

200,000

Republic

of

South

Africa

Government

International

Bond

5

.875

04/20/32

181

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8

.875

02/28/35

928

350,000

Republic

of

South

Africa

Government

International

Bond

7

.300

04/20/52

302

2,150,000

g

Republic

of

Uzbekistan

International

Bond

4

.750

02/20/24

2,101

UZS

5,708,925,000

g

Republic

of

Uzbekistan

International

Bond

14

.000

07/19/24

476

RON

6,075,000

Romanian

Government

International

Bond

4

.000

10/25/23

1,286

1,850,000

g

Romanian

Government

International

Bond

3

.000

02/14/31

1,458

EUR

600,000

g

Romanian

Government

International

Bond

2

.000

01/28/32

428

EUR

500,000

g

Romanian

Government

International

Bond

2

.000

04/14/33

343

3,300,000

g

Romanian

Government

International

Bond

4

.000

02/14/51

2,180

3,550,000

g

Rwanda

International

Government

Bond

5

.500

08/09/31

2,685

3,000,000

g

Saudi

Government

International

Bond

3

.250

10/26/26

2,866

6,775,000

g

Saudi

Government

International

Bond

4

.500

04/17/30

6,725

6,150,000

g

Saudi

Government

International

Bond

3

.750

01/21/55

4,862

EUR

1,000,000

g

Senegal

Government

International

Bond

4

.750

03/13/28

921

EUR

425,000

g

Senegal

Government

International

Bond

5

.375

06/08/37

305

1,000,000

g

Senegal

Government

International

Bond

6

.750

03/13/48

704

EUR

1,250,000

g

Serbia

Government

International

Bond

1

.500

06/26/29

957

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

282

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

575,000

g

Serbia

Government

International

Bond

2

.050

%

09/23/36

$

346

$

3,450,000

g

Serbia

International

Bond

2

.125

12/01/30

2,480

RSD

96,000,000

Serbia

Treasury

Bonds

5

.875

02/08/28

834

RSD

31,700,000

Serbia

Treasury

Bonds

4

.500

08/20/32

237

SGD

815,000

Singapore

Government

Bond

3

.500

03/01/27

624

SGD

2,030,000

Singapore

Government

Bond

1

.625

07/01/31

1,348

2,000,000

South

Africa

Government

International

Bond

5

.875

09/16/25

2,003

ZAR

15,100,000

South

Africa

Government

International

Bond

8

.750

01/31/44

693

2,800,000

e

South

Africa

Government

International

Bond

5

.375

07/24/44

2,102

525,000

g

Southern

Gas

Corridor

CJSC

6

.875

03/24/26

539

EUR

2,550,000

g

Spain

Government

International

Bond

2

.750

10/31/24

2,720

EUR

845,000

g

Spain

Government

International

Bond

1

.400

07/30/28

823

EUR

1,475,000

g

Spain

Government

International

Bond

0

.600

10/31/29

1,325

EUR

625,000

g

Spain

Government

International

Bond

0

.100

04/30/31

510

EUR

2,350,000

g

Spain

Government

International

Bond

1

.200

10/31/40

1,653

3,100,000

State

of

Israel

3

.375

01/15/50

2,373

6,590,000

Svensk

Exportkredit

AB

1

.750

12/12/23

6,401

SEK

11,000,000

g

Sweden

Government

International

Bond

2

.500

05/12/25

1,047

THB

24,600,000

Thailand

Government

International

Bond

2

.875

12/17/28

740

THB

24,400,000

Thailand

Government

International

Bond

3

.300

06/17/38

709

2,500,000

g

Turkiye

Ihracat

Kredi

Bankasi

AS.

5

.750

07/06/26

2,277

EUR

1,000,000

g

Ukraine

Government

International

Bond

6

.750

06/20/28

185

EUR

2,025,000

g

Ukraine

Government

International

Bond

4

.375

01/27/32

340

GBP

1,220,000

United

Kingdom

Gilt

1

.625

10/22/28

1,325

GBP

425,000

United

Kingdom

Gilt

0

.500

01/31/29

426

GBP

2,450,000

United

Kingdom

Gilt

1

.750

09/07/37

2,230

GBP

275,000

United

Kingdom

Gilt

1

.250

10/22/41

211

GBP

575,000

United

Kingdom

Gilt

1

.500

07/22/47

424

GBP

1,875,000

United

Kingdom

Gilt

0

.625

10/22/50

1,010

UYU

21,800,000

g

Uruguay

Government

International

Bond

8

.500

03/15/28

496

5,280,000

Uruguay

Government

International

Bond

4

.375

01/23/31

5,245

UYU

20,300,000

Uruguay

Government

International

Bond

8

.250

05/21/31

438

1,400,000

Uruguay

Government

International

Bond

5

.100

06/18/50

1,372

TOTAL

FOREIGN

GOVERNMENT

BONDS

443,551

MORTGAGE

BACKED

-

19.9%

6,956,056

g,i

Connecticut

Avenue

Securities

Trust

5

.828

12/25/41

6,616

6,000,000

g,i

Connecticut

Avenue

Securities

Trust

8

.428

01/25/42

5,697

4,466,400

g,i

Connecticut

Avenue

Securities

Trust

6

.349

03/25/42

4,658

17,830,000

g,i

Connecticut

Avenue

Securities

Trust

7

.028

03/25/42

17,788

30,200,000

g,i

Connecticut

Avenue

Securities

Trust

7

.778

05/25/42

30,869

21,395,000

g,i

Connecticut

Avenue

Securities

Trust

8

.594

06/25/42

22,457

12,910,552

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4

.500

11/01/37

12,826

4,043,980

i

FHLMC

LIBOR

1

M

+

5.920%

1

.602

03/15/44

355

8,573,355

i

FHLMC

LIBOR

1

M

+

9.920%

3

.011

06/15/48

8,012

6,468,646

i

FHLMC

LIBOR

1

M

+

9.840%

2

.931

10/15/48

5,886

19,339,909

FHLMC

3

.000

11/01/49

17,245

17,447,519

FHLMC

2

.000

09/25/50

2,054

37,354,739

FHLMC

2

.500

02/25/51

5,907

35,186,061

FHLMC

3

.000

11/01/51

31,403

5,033,836

FHLMC

3

.000

11/01/51

4,475

3,180,826

FHLMC

3

.000

11/01/51

2,850

4,457,511

FHLMC

3

.000

11/01/51

3,978

42,216,134

FHLMC

2

.000

02/01/52

34,599

41,473,061

FHLMC

2

.500

02/01/52

35,358

33,785,490

FHLMC

2

.500

03/01/52

28,804

4,867,366

FHLMC

3

.000

04/01/52

4,293

17,398,562

h

FHLMC

3

.500

05/01/52

15,822

1,098,174

FHLMC

3

.500

06/01/52

1,002

18,225,734

FHLMC

4

.500

06/01/52

17,543

17,465,972

FHLMC

4

.500

07/01/52

16,812

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

283

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,213,019

FHLMC

4

.000

%

08/25/52

$

2,748

33,209,952

FHLMC

6

.000

11/01/52

33,720

179

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

7

.000

05/01/23

0

^

6,233

FGLMC

8

.000

01/01/31

6

4,199

FGLMC

7

.000

01/01/32

4

238,316

FGLMC

4

.500

07/01/33

235

1,755,039

FGLMC

7

.000

12/01/33

1,823

501,615

FGLMC

4

.500

10/01/34

495

313,192

FGLMC

4

.500

04/01/35

309

480,152

FGLMC

7

.000

05/01/35

494

1,337,601

FGLMC

5

.000

06/01/36

1,368

455,335

FGLMC

5

.000

07/01/39

462

62,032

FGLMC

4

.500

12/01/43

61

34,764

FGLMC

4

.500

02/01/44

34

1,307,184

FGLMC

4

.500

10/01/44

1,278

612,474

FGLMC

4

.500

11/01/44

602

963,187

FGLMC

4

.500

11/01/44

948

587,075

FGLMC

4

.500

12/01/44

577

803,341

FGLMC

4

.500

12/01/44

790

3,394,175

FGLMC

3

.500

04/01/45

3,169

692,626

FGLMC

4

.500

05/01/45

667

15,138,533

FGLMC

3

.500

08/01/45

14,118

1,549,711

FGLMC

4

.500

06/01/47

1,536

2,718,864

FGLMC

4

.000

09/01/47

2,601

2,616,017

FGLMC

3

.500

12/01/47

2,434

9,554,054

FGLMC

4

.500

08/01/48

9,446

4,398,050

FGLMC

4

.500

10/01/48

4,340

7,055,341

FGLMC

3

.500

11/01/48

6,566

6,066

Federal

National

Mortgage

Association

(FNMA)

8

.000

07/01/24

6

2,031

FNMA

9

.000

11/01/25

2

2,262,291

FNMA

3

.500

05/01/32

2,209

13,633,977

FNMA

3

.000

10/01/32

12,975

236,530

FNMA

4

.500

10/01/33

233

423,400

FNMA

4

.500

05/01/35

416

2,619,207

FNMA

5

.000

05/01/35

2,675

1,216,832

FNMA

5

.000

10/01/35

1,243

1,020,976

FNMA

5

.000

02/01/36

1,041

11,245,901

FNMA

3

.500

09/01/37

10,762

4,061,186

FNMA

3

.500

10/01/37

3,885

26,191,089

FNMA

4

.000

11/01/37

25,562

2,861,262

FNMA

5

.500

11/01/38

2,967

1,041,667

FNMA

3

.000

10/01/39

945

12,551,493

FNMA

3

.000

05/01/40

11,395

1,707,237

FNMA

5

.000

09/01/40

1,729

3,636,191

FNMA

5

.000

05/01/41

3,682

29,814,988

FNMA

2

.000

03/01/42

25,132

9,629,588

FNMA

4

.000

09/01/42

9,226

7,432,589

FNMA

3

.500

04/01/43

6,952

6,498,231

FNMA

3

.500

09/01/43

6,093

5,437,910

i

FNMA

LIBOR

1

M

+

5.950%

1

.561

09/25/43

541

6,802,386

FNMA

4

.500

03/01/44

6,743

3,024,856

FNMA

4

.500

06/01/44

2,968

2,989,984

FNMA

4

.500

10/01/44

2,938

4,987,604

FNMA

4

.500

11/01/44

4,895

1,582,400

FNMA

5

.000

11/01/44

1,608

1,894,437

FNMA

4

.500

12/01/44

1,861

1,995,115

FNMA

4

.000

01/01/45

1,906

558,106

FNMA

4

.500

03/01/45

548

285,611

FNMA

4

.500

04/01/45

281

6,857,192

FNMA

3

.500

05/01/45

6,408

8,762,869

FNMA

3

.500

01/01/46

8,146

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

284

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,024,418

FNMA

4

.000

%

04/01/46

$

979

7,199,198

FNMA

3

.500

06/01/46

6,685

9,070,297

FNMA

3

.500

07/01/46

8,424

16,212,447

FNMA

3

.500

07/01/46

15,170

1,502,125

FNMA

3

.000

10/01/46

1,330

9,042,928

FNMA

3

.500

10/01/46

8,395

3,477,736

FNMA

4

.500

05/01/47

3,448

364,327

FNMA

3

.000

11/01/47

323

6,762,750

FNMA

3

.500

11/01/47

6,318

14,456,270

FNMA

3

.500

01/01/48

13,439

5,832,335

FNMA

4

.500

01/01/48

5,743

5,264,760

FNMA

4

.500

02/01/48

5,190

20,939,821

FNMA

4

.500

03/01/48

20,631

4,168,587

FNMA

4

.500

05/01/48

4,112

2,910,849

FNMA

4

.500

05/01/48

2,871

8,031,105

FNMA

5

.000

08/01/48

8,084

457,978

FNMA

3

.000

06/01/49

399

18,873,950

FNMA

3

.000

07/01/50

16,808

12,227,999

FNMA

2

.000

08/25/50

1,728

33,104,139

FNMA

2

.500

11/25/50

4,817

10,863,289

FNMA

3

.000

12/25/50

1,710

4,094,731

FNMA

3

.000

02/25/51

836

78,073,253

FNMA

2

.000

04/01/51

63,747

12,174,977

FNMA

3

.000

09/01/51

10,830

12,111,257

FNMA

2

.500

11/25/51

1,642

32,528,338

FNMA

2

.000

12/01/51

26,655

11,078,093

FNMA

2

.000

01/01/52

9,140

1,504,202

FNMA

3

.000

01/01/52

1,328

40,088,866

FNMA

2

.000

02/01/52

32,746

30,060,712

FNMA

2

.500

02/01/52

25,628

37,387,422

FNMA

2

.500

02/01/52

31,875

9,844,158

FNMA

2

.500

02/01/52

8,382

13,172,445

FNMA

3

.500

02/01/52

12,082

36,761,632

FNMA

2

.000

03/01/52

30,097

6,188,509

FNMA

2

.000

03/01/52

5,054

5,820,678

FNMA

3

.000

04/01/52

5,133

38,666,645

FNMA

3

.000

04/01/52

34,091

82,132,378

FNMA

3

.000

04/01/52

72,447

40,317,199

FNMA

3

.000

04/01/52

35,555

7,712,927

FNMA

3

.000

04/01/52

6,802

4,081,609

FNMA

3

.500

04/01/52

3,709

44,882,569

FNMA

4

.000

05/01/52

42,120

50,400,275

FNMA

3

.500

06/01/52

45,941

31,036,674

FNMA

4

.000

06/01/52

29,114

9,050,512

FNMA

4

.500

06/01/52

8,711

56,631,138

FNMA

4

.000

07/01/52

53,140

8,234,507

FNMA

4

.500

07/01/52

7,927

8,699,242

FNMA

4

.500

07/01/52

8,380

5,423,306

FNMA

4

.500

07/01/52

5,221

54,629,614

FNMA

5

.000

08/01/52

53,874

5,298,234

FNMA

4

.500

08/25/52

4,678

17,957,425

FNMA

4

.000

09/01/52

16,845

113,970,732

FNMA

4

.500

09/01/52

109,706

24,283,865

FNMA

5

.000

09/01/52

23,948

4,028,266

FNMA

4

.000

09/25/52

3,526

4,595,770

FNMA

4

.000

09/25/52

4,086

88,727,640

h

FNMA

4

.000

10/01/52

83,230

3,842,911

FNMA

4

.500

10/25/52

3,653

4,389,008

FNMA

4

.500

10/25/52

4,192

7,104,681

FNMA

5

.500

11/25/52

7,037

2,122,632

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.578

01/25/34

2,094

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

285

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,284,796

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.428

%

10/25/41

$

1,222

5,450,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.328

10/25/41

5,096

3,130,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.428

03/25/42

3,109

29,350,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.278

05/25/42

29,547

3,100,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.478

08/25/42

3,079

15,170,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.628

09/25/42

15,491

2,615,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.228

08/25/33

2,587

7,600,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.647

11/25/41

7,083

29,600,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.328

02/25/42

28,826

31,100,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

8

.428

06/25/42

32,562

16,775,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

7

.928

07/25/42

16,931

10,984,027

Government

National

Mortgage

Association

(GNMA)

3

.700

10/15/33

10,525

187,619

GNMA

5

.000

04/15/38

190

231,941

GNMA

6

.500

11/20/38

245

445,122

GNMA

5

.000

06/15/39

450

853,678

GNMA

5

.000

06/15/39

869

9,866,082

GNMA

3

.700

08/15/40

9,420

10,673,466

GNMA

2

.500

12/20/43

9,562

4,553,940

GNMA

4

.500

12/20/45

4,475

4,145,682

GNMA

4

.000

06/20/46

573

7,864,223

i

GNMA

LIBOR

1

M

+

6.100%

1

.747

03/20/50

916

5,830,500

GNMA

2

.500

02/20/52

4,829

5,668,006

GNMA

2

.500

05/20/52

4,911

118,151,927

GNMA

3

.000

05/20/52

105,206

4,919,899

GNMA

3

.500

07/20/52

4,521

5,177,731

GNMA

4

.000

07/20/52

4,389

12,881,323

GNMA

4

.000

08/20/52

12,190

7,970,956

GNMA

4

.000

09/20/52

7,543

9,188,528

GNMA

4

.500

09/20/52

8,312

7,802,543

GNMA

4

.500

09/20/52

7,304

6,503,620

GNMA

4

.500

09/20/52

6,096

10,412,204

h

GNMA

5

.000

11/20/52

10,320

11,038,155

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

8,487

2,210,016

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

1,907

4,932,421

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

4,252

11,423,250

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

08/26/52

9,219

2,773,059

g,i

J.P.

Morgan

Mortgage

Trust

2

.927

05/25/52

2,098

7,775,702

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

09/25/52

6,459

5,796,784

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

11/25/52

4,859

7,069,468

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

12/25/52

5,653

14,583,696

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

11,286

25,006,714

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

21,353

19,792,493

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

16,171

10,666,926

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

8,514

6,424,769

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

5,137

TOTAL

MORTGAGE

BACKED

2,131,693

MUNICIPAL

BONDS

-

3.0%

2,975,000

Chicago

Housing

Authority

3

.682

01/01/25

2,895

245,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.264

09/01/25

236

1,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.038

09/01/34

885

845,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.750

09/01/37

708

2,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.000

09/01/48

1,511

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4

.029

06/01/39

3,519

4,940,000

City

of

New

York

NY

3

.200

12/01/26

4,652

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4

.353

07/01/25

1,537

4,055,000

Commonwealth

Financing

Authority

3

.864

06/01/38

3,564

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

286

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

19,355,000

Commonwealth

Financing

Authority

3

.807

%

06/01/41

$

15,972

1,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.368

10/01/23

1,475

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.285

10/01/23

2,474

3,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.504

10/01/24

3,359

2,250,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.405

10/01/24

2,192

4,365,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.604

10/01/25

4,106

2,375,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.505

10/01/25

2,289

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.704

10/01/26

2,310

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.049

10/01/26

3,686

3,750,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.612

10/01/26

3,580

4,700,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.529

10/01/30

3,902

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.732

10/01/37

3,070

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.982

10/01/41

3,211

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4

.280

10/01/41

8,108

2,000,000

Duke

University

3

.199

10/01/38

1,626

5,080,000

Illinois

Finance

Authority

3

.944

08/15/47

3,876

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3

.375

09/01/35

3,985

1,360,000

New

York

City

Housing

Development

Corp

3

.523

05/01/23

1,354

1,815,000

New

York

City

Housing

Development

Corp

3

.573

11/01/23

1,793

1,000,000

New

York

City

Housing

Development

Corp

3

.650

05/01/24

982

5,680,000

New

York

State

Dormitory

Authority

3

.998

07/01/39

4,907

10,605,000

New

York

State

Dormitory

Authority

4

.294

07/01/44

9,162

6,000,000

New

York

State

Dormitory

Authority

3

.879

07/01/46

4,746

5,000,000

New

York

State

Thruway

Authority

2

.256

01/01/25

4,747

6,460,000

New

York

State

Thruway

Authority

2

.406

01/01/26

6,004

4,750,000

New

York

State

Thruway

Authority

2

.500

01/01/27

4,323

3,400,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.287

12/01/23

3,363

1,500,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.387

12/01/24

1,465

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.487

12/01/25

966

1,910,000

Public

Finance

Authority

4

.269

07/01/40

1,570

6,360,000

San

Jose

Redevelopment

Agency

3

.375

08/01/34

5,580

13,060,000

State

of

California

4

.600

04/01/38

12,319

10,500,000

State

of

Illinois

3

.150

06/15/26

9,719

12,500,000

State

of

Illinois

3

.250

06/15/27

11,355

27,150,000

State

of

Illinois

5

.100

06/01/33

26,086

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4

.103

05/01/39

8,368

9,900,000

State

of

Wisconsin

3

.154

05/01/27

9,257

25,860,000

University

of

California

3

.063

07/01/25

24,880

10,230,000

University

of

California

4

.601

05/15/31

10,057

17,045,000

University

of

California

3

.931

05/15/45

14,923

21,000,000

University

of

Chicago

4

.151

10/01/45

17,996

7,620,000

University

of

Massachusetts

Building

Authority

3

.097

11/01/35

6,068

13,000,000

University

of

Massachusetts

Building

Authority

3

.434

11/01/40

10,422

20,000,000

University

of

New

Mexico

3

.532

06/20/32

18,279

1,500,000

Utah

Municipal

Power

Agency

2

.512

07/01/23

1,482

2,160,000

Virginia

Port

Authority

4

.228

07/01/36

1,938

390,000

Washington

Convention

&

Sports

Authority

3

.969

10/01/30

352

TOTAL

MUNICIPAL

BONDS

323,191

U.S.

TREASURY

SECURITIES

-

18.1%

4,500,000

United

States

Treasury

Bond

4

.750

02/15/37

4,916

22,750,000

United

States

Treasury

Bond

3

.500

02/15/39

21,368

12,050,000

United

States

Treasury

Bond

3

.875

08/15/40

11,754

20,935,000

United

States

Treasury

Bond

4

.375

05/15/41

21,687

6,000,000

United

States

Treasury

Bond

2

.750

11/15/42

4,809

35,680,000

United

States

Treasury

Bond

3

.000

05/15/45

29,394

41,710,000

United

States

Treasury

Bond

2

.875

08/15/45

33,583

52,140,000

United

States

Treasury

Bond

2

.500

05/15/46

38,895

1,075,000

United

States

Treasury

Bond

3

.000

05/15/47

879

30,710,000

United

States

Treasury

Bond

2

.750

11/15/47

23,955

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

287

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,155,000

United

States

Treasury

Bond

3

.125

%

05/15/48

$

5,173

51,995,000

United

States

Treasury

Bond

3

.000

08/15/48

42,697

20,120,000

United

States

Treasury

Bond

3

.375

11/15/48

17,748

36,152,676

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

35,156

14,575,000

United

States

Treasury

Note

0

.125

01/31/23

14,531

4,475,000

United

States

Treasury

Note

0

.125

03/31/23

4,429

9,875,000

United

States

Treasury

Note

0

.125

05/31/23

9,699

5,145,000

United

States

Treasury

Note

0

.125

08/31/23

4,990

73,500,000

United

States

Treasury

Note

0

.250

11/15/23

70,675

165,655,000

United

States

Treasury

Note

4

.250

12/31/24

165,079

2,205,000

United

States

Treasury

Note

0

.250

10/31/25

1,972

169,430,000

United

States

Treasury

Note

4

.000

12/15/25

168,345

30,850,000

United

States

Treasury

Note

0

.500

10/31/27

26,094

186,596,000

United

States

Treasury

Note

4

.125

10/31/27

187,281

114,025,000

United

States

Treasury

Note

3

.875

12/31/27

113,397

1,250,000

United

States

Treasury

Note

1

.250

09/30/28

1,074

33,320,000

United

States

Treasury

Note

4

.000

10/31/29

33,330

68,948,000

United

States

Treasury

Note

2

.875

05/15/32

63,540

289,666,400

United

States

Treasury

Note

4

.125

11/15/32

295,595

10,000,000

United

States

Treasury

Note

1

.125

08/15/40

6,210

85,325,800

United

States

Treasury

Note

2

.375

02/15/42

65,148

26,721,000

United

States

Treasury

Note

3

.250

05/15/42

23,427

91,758,000

United

States

Treasury

Note

3

.375

08/15/42

82,009

40,200,000

e

United

States

Treasury

Note

4

.000

11/15/42

39,358

250,102,000

United

States

Treasury

Note

2

.250

02/15/52

173,919

116,385,000

United

States

Treasury

Note

3

.000

08/15/52

95,890

TOTAL

U.S.

TREASURY

SECURITIES

1,938,006

TOTAL

GOVERNMENT

BONDS

4,870,394

(Cost

$5,276,243)

STRUCTURED

ASSETS

-

18.0%

ASSET

BACKED

-

6.6%

5,000,000

g,i

AGL

CLO

19

Ltd

4

.908

07/21/35

4,933

Series

-

2022

19A

(Class

B1)

7,100,000

g,i

AIMCO

CLO

16

Ltd

LIBOR

3

M

+

1.650%

5

.729

01/17/35

6,840

Series

-

2021

16A

(Class

B)

7,500,000

g,i

AIMCO

CLO

Series

LIBOR

3

M

+

1.500%

5

.743

04/20/34

7,184

Series

-

2017

AA

(Class

BR)

4,120,000

AmeriCredit

Automobile

Receivables

Trust

2

.130

03/18/26

3,856

Series

-

2020

2

(Class

D)

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1

.490

09/18/26

5,719

Series

-

2020

3

(Class

D)

3,499,000

g

AMSR

Trust

3

.148

01/19/39

3,096

Series

-

2019

SFR1

(Class

C)

3,347,000

g

AMSR

Trust

3

.247

01/19/39

2,942

Series

-

2019

SFR1

(Class

D)

74,236

†,g

Asset

Backed

Funding

Corp

NIM

Trust

5

.900

07/26/35

0

^

Series

-

2005

WMC1

(Class

N1)

1,825,000

g

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2

.970

03/20/24

1,819

Series

-

2017

2A

(Class

A)

9,500,000

g

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1

.380

08/20/27

8,271

Series

-

2021

1A

(Class

A)

4,400,000

g

BHG

Securitization

Trust

1

.670

10/17/34

3,703

Series

-

2021

B

(Class

B)

2,096,607

g

BRE

Grand

Islander

Timeshare

Issuer

LLC

3

.280

09/26/33

1,969

Series

-

2019

A

(Class

A)

EUR

734,910

g,i

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

4

.291

05/22/31

746

Series

-

2021

1A

(Class

D)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

288

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

12,236,086

g

Capital

Automotive

REIT

2

.690

%

02/15/50

$

11,405

Series

-

2020

1A

(Class

A1)

5,776,468

g

Capital

Automotive

REIT

1

.440

08/15/51

4,948

Series

-

2021

1A

(Class

A1)

4,223,831

g

Capital

Automotive

REIT

1

.920

08/15/51

3,624

Series

-

2021

1A

(Class

A3)

9,800,000

g

Cars

Net

Lease

Mortgage

Notes

Series

2

.010

12/15/50

8,283

Series

-

2020

1A

(Class

A1)

5,000,000

Carvana

Auto

Receivables

Trust

0

.970

03/10/28

4,552

Series

-

2021

N2

(Class

A2)

1,000,000

Carvana

Auto

Receivables

Trust

1

.270

03/10/28

946

Series

-

2021

N2

(Class

D)

EUR

595,590

g,i

Cassia

SRL

EURIBOR

3

M

+

3.500%

5

.321

05/22/34

591

Series

-

2022

1A

(Class

B)

4,150,000

g,i

Cayuga

Park

CLO

Ltd

LIBOR

3

M

+

1.650%

1

.000

07/17/34

3,992

Series

-

2020

1A

(Class

B1R)

649,946

i

C-BASS

Trust

LIBOR

1

M

+

0.160%

3

.039

07/25/36

614

Series

-

2006

CB6

(Class

A1)

17,348,566

g

CF

Hippolyta

LLC

1

.690

07/15/60

15,485

Series

-

2020

1

(Class

A1)

5,110,380

g

CF

Hippolyta

LLC

1

.990

07/15/60

4,215

Series

-

2020

1

(Class

A2)

2,970,147

g

CF

Hippolyta

LLC

2

.280

07/15/60

2,592

Series

-

2020

1

(Class

B1)

19,034,410

g

CF

Hippolyta

LLC

1

.530

03/15/61

16,459

Series

-

2021

1A

(Class

A1)

4,520,672

g

CF

Hippolyta

LLC

1

.980

03/15/61

3,769

Series

-

2021

1A

(Class

B1)

428,194

i

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5

.700

02/26/35

409

Series

-

2004

2

(Class

1M2)

1,493,086

g,i

CIFC

Funding

Ltd

LIBOR

3

M

+

1.220%

5

.463

07/20/30

1,478

Series

-

2017

3A

(Class

A1)

2,000,000

g,i

CIFC

Funding

Ltd

LIBOR

3

M

+

1.600%

5

.679

11/16/30

1,948

Series

-

2017

5A

(Class

A2)

5,500,000

g,i

CIFC

Funding

Ltd

7

.214

10/22/35

5,502

Series

-

2022

7A

(Class

B1)

58,932

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6

.200

02/25/30

57

Series

-

2002

1

(Class

AF6)

6,520,000

i

Citibank

Credit

Card

Issuance

Trust

LIBOR

1

M

+

0.770%

5

.062

05/14/29

6,398

Series

-

2017

A6

(Class

A6)

8,039,925

g

DB

Master

Finance

LLC

4

.021

05/20/49

7,456

Series

-

2019

1A

(Class

A2II)

37,125,000

g

DB

Master

Finance

LLC

2

.045

11/20/51

31,689

Series

-

2021

1A

(Class

A2I)

29,304,000

g

DB

Master

Finance

LLC

2

.493

11/20/51

24,086

Series

-

2021

1A

(Class

A2II)

2,883,983

g

Diamond

Resorts

Owner

Trust

2

.890

02/20/32

2,819

Series

-

2019

1A

(Class

A)

416,793

g

Diamond

Resorts

Owner

Trust

2

.700

11/21/33

380

Series

-

2021

1A

(Class

C)

28,146,375

g

Domino's

Pizza

Master

Issuer

LLC

2

.662

04/25/51

23,409

Series

-

2021

1A

(Class

A2I)

3,800,000

g,i

Dryden

49

Senior

Loan

Fund

LIBOR

3

M

+

1.600%

5

.794

07/18/30

3,691

Series

-

2017

49A

(Class

BR)

4,000,000

g

DT

Auto

Owner

Trust

0

.840

10/15/26

3,840

Series

-

2021

1A

(Class

C)

934,439

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

5

.489

05/25/37

918

Series

-

2007

2

(Class

A2C)

4,272,280

g

FCI

Funding

LLC

1

.130

04/15/33

4,172

Series

-

2021

1A

(Class

A)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

289

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,173,351

g

FNA

VI

LLC

1

.350

%

01/10/32

$

5,615

Series

-

2021

1A

(Class

A)

1,885,067

g,i

GoldenTree

Loan

Opportunities

IX

Ltd

LIBOR

3

M

+

1.110%

5

.525

10/29/29

1,872

Series

-

2014

9A

(Class

AR2)

43,700,000

g,i

Gracie

Point

International

Funding

6

.795

07/01/24

43,706

Series

-

2022

2A

(Class

A)

6,925,000

g,i

Gracie

Point

International

Funding

7

.395

07/01/24

6,926

Series

-

2022

2A

(Class

B)

4,000,000

g

GSCG

Trust

2

.936

09/06/34

3,632

Series

-

2019

600C

(Class

A)

251,369

g

HERO

Funding

Trust

3

.280

09/20/48

232

Series

-

2017

2A

(Class

A1)

502,738

g

HERO

Funding

Trust

4

.070

09/20/48

468

Series

-

2017

2A

(Class

A2)

24,000,000

g

Hertz

Vehicle

Financing

LLC

1

.210

12/26/25

22,173

Series

-

2021

1A

(Class

A)

1,448,269

g

Hilton

Grand

Vacations

Trust

2

.660

12/26/28

1,425

Series

-

2017

AA

(Class

A)

1,249,132

g

Hilton

Grand

Vacations

Trust

2

.960

12/26/28

1,220

Series

-

2017

AA

(Class

B)

3,362,037

g

Hilton

Grand

Vacations

Trust

2

.340

07/25/33

3,140

Series

-

2019

AA

(Class

A)

373,384

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

365

Series

-

2003

1

(Class

M1)

1,499,931

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

5

.589

01/17/38

1,475

Series

-

2018

SFR4

(Class

B)

3,348,459

g

JG

Wentworth

XXII

LLC

3

.820

12/15/48

3,258

Series

-

2010

3A

(Class

A)

5,000,000

g,i

KKR

Clo

32

Ltd

LIBOR

3

M

+

1.750%

5

.829

01/15/32

4,849

Series

-

2020

32A

(Class

B)

3,500,000

g,i

Madison

Park

Funding

LV

Ltd

5

.441

07/18/35

3,463

Series

-

2022

55A

(Class

B1)

5,500,000

g,i

Madison

Park

Funding

XXI

Ltd

LIBOR

3

M

+

1.650%

5

.729

10/15/32

5,320

Series

-

2016

21A

(Class

A2RR)

530,000

g,i

Magnetite

XVIII

Ltd

LIBOR

3

M

+

1.500%

6

.106

11/15/28

519

Series

-

2016

18A

(Class

BR)

3,500,000

g,i

Massachusetts

St

LIBOR

3

M

+

1.650%

5

.729

01/15/35

3,382

Series

-

2021

3A

(Class

B)

4,259,715

g

MVW

LLC

1

.140

01/22/41

3,890

Series

-

2021

1WA

(Class

A)

1,303,624

g

MVW

Owner

Trust

2

.420

12/20/34

1,274

Series

-

2017

1A

(Class

A)

1,501,604

g

MVW

Owner

Trust

3

.450

01/21/36

1,454

Series

-

2018

1A

(Class

A)

1,620,310

g

MVW

Owner

Trust

2

.890

11/20/36

1,527

Series

-

2019

1A

(Class

A)

5,275,632

g

MVW

Owner

Trust

2

.220

10/20/38

4,980

Series

-

2019

2A

(Class

A)

3,209,827

g

Navient

Private

Education

Refi

Loan

Trust

1

.310

01/15/69

2,881

Series

-

2020

HA

(Class

A)

5,542,667

g

Navient

Private

Education

Refi

Loan

Trust

0

.840

05/15/69

4,792

Series

-

2021

A

(Class

A)

2,697,756

g

Navient

Student

Loan

Trust

3

.390

12/15/59

2,549

Series

-

2019

BA

(Class

A2A)

1,287,565

g,i

Navient

Student

Loan

Trust

LIBOR

1

M

+

0.980%

5

.298

12/15/59

1,257

Series

-

2019

BA

(Class

A2B)

500,000

g,i

NCMF

Trust

7

.671

03/15/39

483

Series

-

2022

MFP

(Class

D)

10,000,000

g,i

Neuberger

Berman

CLO

Ltd

5

.860

04/25/36

9,555

Series

-

2022

48A

(Class

B)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

290

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,600,000

g,i

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd

LIBOR

3

M

+

1.550%

5

.793

%

04/20/31

$

8,343

Series

-

2019

31A

(Class

BR)

1,000,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd

LIBOR

3

M

+

1.600%

5

.679

07/17/35

961

Series

-

2021

43A

(Class

B)

6,650,000

g,i

OHA

Credit

Funding

10

Ltd

LIBOR

3

M

+

1.650%

5

.844

01/18/36

6,434

Series

-

2021

10A

(Class

B)

2,250,000

g,i

OHA

Credit

Funding

6

Ltd

LIBOR

3

M

+

1.650%

5

.893

07/20/34

2,185

Series

-

2020

6A

(Class

BR)

7,653,772

g

OneMain

Financial

Issuance

Trust

3

.840

05/14/32

7,598

Series

-

2020

1A

(Class

A)

9,000,000

g

OneMain

Financial

Issuance

Trust

4

.890

10/14/34

8,786

Series

-

2022

2A

(Class

A)

17,350,000

g

OneMain

Financial

Issuance

Trust

1

.750

09/14/35

15,156

Series

-

2020

2A

(Class

A)

21,646,000

g,i

OneMain

Financial

Issuance

Trust

4

.567

06/16/36

20,682

Series

-

2021

1A

(Class

A2)

5,000,000

g

Oportun

Funding

XIV

LLC

1

.210

03/08/28

4,656

Series

-

2021

A

(Class

A)

445,070

g

Orange

Lake

Timeshare

Trust

3

.100

11/08/30

431

Series

-

2018

A

(Class

A)

8,000,000

g,i

Palmer

Square

CLO

Ltd

5

.763

04/20/35

7,749

Series

-

2022

1A

(Class

B)

20,500,000

g

PFS

Financing

Corp

1

.270

06/15/25

20,084

Series

-

2020

A

(Class

A)

9,000,000

g

PFS

Financing

Corp

1

.000

10/15/25

8,676

Series

-

2020

E

(Class

A)

9,861,000

g

PFS

Financing

Corp

0

.970

02/15/26

9,304

Series

-

2020

G

(Class

A)

1,450,000

g

Progress

Residential

Trust

2

.711

11/17/40

1,126

Series

-

2021

SFR9

(Class

D)

1,000,000

g

Purchasing

Power

Funding

LLC

4

.370

10/15/25

948

Series

-

2021

A

(Class

D)

15,420,000

Santander

Drive

Auto

Receivables

Trust

2

.220

09/15/26

15,019

Series

-

2020

2

(Class

D)

3,690,000

Santander

Drive

Auto

Receivables

Trust

1

.480

01/15/27

3,521

Series

-

2020

4

(Class

D)

34,000,000

Santander

Drive

Auto

Receivables

Trust

1

.670

10/15/27

31,316

Series

-

2021

4

(Class

D)

20,340,250

g

SERVPRO

Master

Issuer

LLC

2

.394

04/25/51

15,910

Series

-

2021

1A

(Class

A2)

1,290,746

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.500

06/20/35

1,259

Series

-

2018

2A

(Class

A)

1,435,984

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.200

01/20/36

1,380

Series

-

2019

1A

(Class

A)

2,209,102

g

Sierra

Timeshare

Receivables

Funding

LLC

2

.590

05/20/36

2,128

Series

-

2019

2A

(Class

A)

1,289,534

g

Sierra

Timeshare

Receivables

Funding

LLC

2

.340

08/20/36

1,219

Series

-

2019

3A

(Class

A)

1,703,594

g

Sierra

Timeshare

Receivables

Funding

LLC

0

.990

11/20/37

1,576

Series

-

2021

1A

(Class

A)

1,847,155

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.340

11/20/37

1,689

Series

-

2021

1A

(Class

B)

1,024,070

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.790

11/20/37

936

Series

-

2021

1A

(Class

C)

2,938,788

g

SMB

Private

Education

Loan

Trust

2

.430

02/17/32

2,808

Series

-

2016

B

(Class

A2A)

4,901,094

g

SMB

Private

Education

Loan

Trust

2

.880

09/15/34

4,698

Series

-

2017

A

(Class

A2A)

5,748,874

g

SMB

Private

Education

Loan

Trust

2

.820

10/15/35

5,473

Series

-

2017

B

(Class

A2A)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

291

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,545,426

g

SMB

Private

Education

Loan

Trust

3

.500

%

02/15/36

$

2,425

Series

-

2018

A

(Class

A2A)

1,267,079

g

SoFi

Professional

Loan

Program

LLC

2

.340

04/25/33

1,241

Series

-

2016

D

(Class

A2B)

176,190

g

SoFi

Professional

Loan

Program

LLC

2

.400

03/26/40

175

Series

-

2017

A

(Class

A2B)

336,221

g

SoFi

Professional

Loan

Program

LLC

2

.630

07/25/40

330

Series

-

2017

C

(Class

A2B)

2,850,540

g

SoFi

Professional

Loan

Program

LLC

2

.840

01/25/41

2,746

Series

-

2017

F

(Class

A2FX)

5,182,565

g

SoFi

Professional

Loan

Program

LLC

2

.950

02/25/42

4,984

Series

-

2018

A

(Class

A2B)

2,008,289

g

SoFi

Professional

Loan

Program

LLC

3

.690

06/15/48

1,941

Series

-

2019

A

(Class

A2FX)

4,438,070

g

SpringCastle

America

Funding

LLC

1

.970

09/25/37

4,002

Series

-

2020

AA

(Class

A)

9,021,000

g

SpringCastle

America

Funding

LLC

2

.660

09/25/37

7,894

Series

-

2020

AA

(Class

B)

6,475,000

g

Stack

Infrastructure

Issuer

LLC

1

.893

08/25/45

5,761

Series

-

2020

1A

(Class

A2)

5,875,000

g

Stack

Infrastructure

Issuer

LLC

1

.877

03/26/46

5,074

Series

-

2021

1A

(Class

A2)

132,868

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

5

.289

09/25/34

129

Series

-

2004

8

(Class

M1)

1,795,500

g

Taco

Bell

Funding

LLC

4

.970

05/25/46

1,722

Series

-

2016

1A

(Class

A23)

26,601,300

g

Taco

Bell

Funding

LLC

1

.946

08/25/51

22,479

Series

-

2021

1A

(Class

A2I)

16,245,900

g

Taco

Bell

Funding

LLC

2

.294

08/25/51

13,051

Series

-

2021

1A

(Class

A2II)

2,300,000

g

Tesla

Auto

Lease

Trust

0

.780

12/20/23

2,292

Series

-

2020

A

(Class

A4)

7,000,000

g,i

TICP

CLO

VIII

Ltd

LIBOR

3

M

+

1.700%

5

.943

10/20/34

6,750

Series

-

2017

8A

(Class

A2R)

1,275,000

g

Tricon

American

Homes

Trust

2

.049

07/17/38

1,119

Series

-

2020

SFR1

(Class

B)

440,000

Verizon

Owner

Trust

0

.770

04/21/25

420

Series

-

2020

C

(Class

C)

3,500,000

g,i

Vitality

Re

X

Ltd

U.S.

Treasury

Bill

3

M

+

1.750%

6

.087

01/10/23

3,500

Series

-

2020

A

(Class

A)

19,434,050

g

Wendy's

Funding

LLC

2

.370

06/15/51

15,690

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

714,263

OTHER

MORTGAGE

BACKED

-

11.4%

3,000,000

g,i

20

Times

Square

Trust

3

.100

05/15/35

2,898

Series

-

2018

20TS

(Class

B)

12,000,000

g,i

20

TSQ

GROUNDCO

LLC

3

.100

05/15/35

10,299

Series

-

2018

20TS

(Class

E)

1,892,610

g,i

ACRE

Commercial

Mortgage

Ltd

LIBOR

1

M

+

0.830%

5

.169

12/18/37

1,875

Series

-

2021

FL4

(Class

A)

1,145,603

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

1,021

Series

-

2015

6

(Class

A9)

5,000,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

6

.568

04/15/34

4,283

Series

-

2021

ACEN

(Class

C)

5,176,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

3,378

Series

-

2021

8

(Class

A3)

GBP

520,314

g,i

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

4

.875

07/22/31

552

Series

-

2021

1A

(Class

D)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

292

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,067,340

i

BANK

3

.952

%

11/15/50

$

912

Series

-

2017

BNK8

(Class

B)

2,500,000

i

BANK

4

.096

11/15/50

2,043

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3

.093

10/17/52

836

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3

.203

12/15/52

3,211

Series

-

2019

BN23

(Class

AS)

1,000,000

i

BANK

3

.851

07/15/60

819

Series

-

2017

BNK6

(Class

C)

1,693,142

BANK

2

.758

09/15/62

1,471

Series

-

2019

BN20

(Class

A2)

8,000,000

i

BANK

3

.283

11/15/62

6,823

Series

-

2019

BN24

(Class

AS)

772,000

i

BANK

3

.518

11/15/62

571

Series

-

2019

BN24

(Class

C)

6,864,387

g,i

Bayview

MSR

Opportunity

Master

Fund

Trust

3

.000

10/25/51

5,489

Series

-

2021

6

(Class

A19)

1,250,000

g,i

BBCMS

Mortgage

Trust

4

.267

08/05/38

813

Series

-

2018

CHRS

(Class

E)

4,204,301

BBCMS

Mortgage

Trust

3

.488

02/15/50

4,022

Series

-

2017

C1

(Class

ASB)

4,600,000

g,i

Benchmark

Mortgage

Trust

2

.791

09/15/48

3,666

Series

-

2020

IG2

(Class

AM)

2,740,000

g,i

Benchmark

Mortgage

Trust

3

.132

09/15/48

2,223

Series

-

2020

IG3

(Class

AS)

2,500,000

g,i

Benchmark

Mortgage

Trust

3

.536

09/15/48

2,107

Series

-

2020

IG3

(Class

BXA)

3,452,143

Benchmark

Mortgage

Trust

4

.016

03/15/52

3,257

Series

-

2019

B9

(Class

A5)

3,000,000

Benchmark

Mortgage

Trust

3

.784

05/15/52

2,679

Series

-

2019

B11

(Class

AS)

1,500,000

Benchmark

Mortgage

Trust

3

.419

08/15/52

1,310

Series

-

2019

B12

(Class

AS)

830,000

Benchmark

Mortgage

Trust

4

.241

05/15/53

785

Series

-

2018

B7

(Class

A3)

5,921,744

i

Benchmark

Mortgage

Trust

4

.510

05/15/53

5,739

Series

-

2018

B7

(Class

A4)

1,000,000

Benchmark

Mortgage

Trust

2

.355

07/15/54

714

Series

-

2021

B27

(Class

B)

10,000,000

i

Benchmark

Mortgage

Trust

2

.244

08/15/54

7,143

Series

-

2021

B28

(Class

B)

10,000,000

Benchmark

Mortgage

Trust

2

.429

08/15/54

7,751

Series

-

2021

B28

(Class

AS)

3,000,000

i

BENCHMARK

Mortgage

Trust

4

.227

02/15/51

2,497

Series

-

2018

B2

(Class

C)

9,500,000

BMARK

AS

2

.612

09/15/54

7,407

Series

-

2021

B29

(Class

AS)

2,360,000

g

BWAY

Mortgage

Trust

3

.402

02/10/44

1,812

Series

-

2022

26BW

(Class

A)

5,000,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

0.921%

5

.239

12/15/38

4,833

Series

-

2021

CIP

(Class

A)

7,500,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.271%

5

.589

12/15/38

7,214

Series

-

2021

CIP

(Class

B)

1,235,704

g,i

BX

TRUST

7

.285

08/15/39

1,228

Series

-

2022

PSB

(Class

B)

1,325,000

g

BXP

Trust

3

.459

08/13/37

1,152

Series

-

2017

CC

(Class

A)

5,000,000

g

BXP

Trust

2

.618

01/15/44

3,755

Series

-

2021

601L

(Class

A)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

293

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,500,000

g,i

BXP

Trust

2

.775

%

01/15/44

$

3,456

Series

-

2021

601L

(Class

D)

10,000,000

g,i

BXP

Trust

2

.775

01/15/44

6,802

Series

-

2021

601L

(Class

C)

3,858,395

CD

Mortgage

Trust

2

.622

08/10/49

3,647

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2

.926

08/10/49

7,953

Series

-

2016

CD1

(Class

AM)

5,750,000

i

CD

Mortgage

Trust

3

.879

11/10/49

4,885

Series

-

2016

CD2

(Class

B)

1,000,000

i

CD

Mortgage

Trust

3

.980

11/10/49

806

Series

-

2016

CD2

(Class

C)

806,091

CD

Mortgage

Trust

3

.453

02/10/50

770

Series

-

2017

CD3

(Class

AAB)

500,000

i

CD

Mortgage

Trust

4

.547

02/10/50

382

Series

-

2017

CD3

(Class

C)

4,596,057

CD

Mortgage

Trust

3

.220

08/15/50

4,350

Series

-

2017

CD5

(Class

AAB)

3,457,000

CD

Mortgage

Trust

2

.812

08/15/57

3,123

Series

-

2019

CD8

(Class

ASB)

894,666

CFCRE

Commercial

Mortgage

Trust

3

.121

05/10/58

829

Series

-

2016

C4

(Class

AHR)

355,859

i

CHL

Mortgage

Pass-Through

Trust

3

.671

02/20/35

353

Series

-

2004

HYB9

(Class

1A1)

2,500,000

g,i

Citigroup

Commercial

Mortgage

Trust

3

.518

05/10/35

2,321

Series

-

2013

375P

(Class

B)

4,500,000

g

Citigroup

Commercial

Mortgage

Trust

3

.341

05/10/36

4,421

Series

-

2019

PRM

(Class

A)

1,054,000

i

Citigroup

Commercial

Mortgage

Trust

3

.732

04/10/46

1,046

Series

-

2013

GC11

(Class

B)

2,400,000

Citigroup

Commercial

Mortgage

Trust

4

.023

03/11/47

2,353

Series

-

2014

GC19

(Class

A4)

1,700,000

i

Citigroup

Commercial

Mortgage

Trust

3

.758

04/10/48

1,563

Series

-

2015

GC29

(Class

B)

3,000,000

i

Citigroup

Commercial

Mortgage

Trust

4

.140

04/10/48

2,702

Series

-

2015

GC29

(Class

C)

5,000,573

Citigroup

Commercial

Mortgage

Trust

3

.243

08/15/50

4,757

Series

-

2017

B1

(Class

AAB)

6,765,000

Citigroup

Commercial

Mortgage

Trust

3

.764

10/12/50

6,104

Series

-

2017

C4

(Class

AS)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3

.778

09/10/58

1,905

Series

-

2015

GC33

(Class

A4)

5,000,000

g

COMM

Mortgage

Trust

3

.244

10/10/29

4,673

Series

-

2017

PANW

(Class

A)

3,000,000

g

COMM

Mortgage

Trust

3

.376

01/10/39

2,511

Series

-

2022

HC

(Class

C)

1,466,953

i

COMM

Mortgage

Trust

4

.266

07/10/45

1,458

Series

-

2013

CR9

(Class

A4)

340,105

COMM

Mortgage

Trust

2

.853

10/15/45

338

Series

-

2012

CR4

(Class

A3)

1,185,000

g

COMM

Mortgage

Trust

3

.147

03/10/46

1,176

Series

-

2013

CR6

(Class

AM)

4,197,221

g,i

COMM

Mortgage

Trust

3

.903

06/10/46

4,123

Series

-

2013

CR8

(Class

B)

2,000,000

g,i

COMM

Mortgage

Trust

4

.869

08/10/46

1,964

Series

-

2013

CR10

(Class

B)

5,000,000

g,i

COMM

Mortgage

Trust

4

.869

08/10/46

4,866

Series

-

2013

CR10

(Class

C)

3,000,000

COMM

Mortgage

Trust

4

.199

03/10/47

2,913

Series

-

2014

UBS2

(Class

AM)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

294

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

750,000

COMM

Mortgage

Trust

4

.174

%

05/10/47

$

725

Series

-

2014

CR17

(Class

AM)

2,500,000

g,i

COMM

Mortgage

Trust

4

.767

06/10/47

2,250

Series

-

2014

UBS3

(Class

D)

5,240,000

COMM

Mortgage

Trust

3

.917

10/10/47

5,082

Series

-

2014

LC17

(Class

A5)

5,205,000

i

COMM

Mortgage

Trust

4

.188

10/10/47

5,006

Series

-

2014

LC17

(Class

AM)

2,288,546

i

COMM

Mortgage

Trust

4

.490

10/10/47

2,169

Series

-

2014

LC17

(Class

B)

2,825,979

i

COMM

Mortgage

Trust

3

.829

02/10/48

2,610

Series

-

2015

LC19

(Class

B)

1,000,000

g

COMM

Mortgage

Trust

3

.000

03/10/48

785

Series

-

2015

CR22

(Class

E)

1,445,000

COMM

Mortgage

Trust

3

.309

03/10/48

1,376

Series

-

2015

CR22

(Class

A5)

3,382,775

i

COMM

Mortgage

Trust

3

.603

03/10/48

3,192

Series

-

2015

CR22

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

3

.926

03/10/48

1,854

Series

-

2015

CR22

(Class

B)

2,175,000

i

COMM

Mortgage

Trust

4

.070

03/10/48

1,982

Series

-

2015

CR22

(Class

C)

7,380,000

COMM

Mortgage

Trust

3

.801

05/10/48

6,971

Series

-

2015

CR23

(Class

AM)

4,500,000

i

COMM

Mortgage

Trust

4

.183

05/10/48

4,167

Series

-

2015

CR23

(Class

B)

2,549,000

i

COMM

Mortgage

Trust

4

.301

05/10/48

2,333

Series

-

2015

CR23

(Class

C)

2,348,693

COMM

Mortgage

Trust

3

.421

07/10/48

2,287

Series

-

2015

LC21

(Class

ASB)

4,000,000

i

COMM

Mortgage

Trust

3

.463

08/10/48

3,267

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3

.696

08/10/48

2,432

Series

-

2015

CR24

(Class

A5)

5,000,000

i

COMM

Mortgage

Trust

4

.028

08/10/48

4,718

Series

-

2015

CR24

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

4

.344

08/10/48

1,852

Series

-

2015

CR24

(Class

B)

1,467,000

i

COMM

Mortgage

Trust

4

.344

08/10/48

1,319

Series

-

2015

CR24

(Class

C)

1,352,000

COMM

Mortgage

Trust

3

.612

10/10/48

1,286

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3

.630

10/10/48

3,052

Series

-

2015

CR26

(Class

A4)

1,575,000

COMM

Mortgage

Trust

3

.774

10/10/48

1,500

Series

-

2015

LC23

(Class

A4)

1,875,000

i

COMM

Mortgage

Trust

4

.467

10/10/48

1,746

Series

-

2015

CR26

(Class

B)

4,855,000

i

COMM

Mortgage

Trust

4

.554

10/10/48

4,356

Series

-

2015

LC23

(Class

C)

1,002,026

COMM

Mortgage

Trust

3

.651

02/10/49

942

Series

-

2016

CR28

(Class

AHR)

4,650,000

i

COMM

Mortgage

Trust

4

.605

02/10/49

4,321

Series

-

2016

CR28

(Class

B)

6,500,000

COMM

Mortgage

Trust

3

.263

08/15/57

5,431

Series

-

2019

GC44

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

3

.524

08/15/57

1,499

Series

-

2019

GC44

(Class

C)

2,600,000

i

COMM

MORTGAGE

TRUST

4

.341

05/10/51

2,371

Series

-

2018

COR3

(Class

AM)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

295

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,722,308

g,i

Connecticut

Avenue

Securities

Trust

5

.478

%

10/25/41

$

1,680

Series

-

2021

R01

(Class

1M2)

1,870,000

g,i

Connecticut

Avenue

Securities

Trust

7

.228

11/25/41

1,731

Series

-

2021

R02

(Class

2B1)

18,155,000

g,i

Connecticut

Avenue

Securities

Trust

7

.428

03/25/42

18,407

Series

-

2022

R03

(Class

1M2)

5,970,000

g,i

Connecticut

Avenue

Securities

Trust

6

.928

04/25/42

5,789

Series

-

2022

R05

(Class

2M2)

9,405,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

7

.528

07/25/42

9,342

Series

-

2022

R08

(Class

1M2)

11,490,000

g,i

Connecticut

Avenue

Securities

Trust

8

.694

09/25/42

11,740

Series

-

2022

R09

(Class

2M2)

7,400,000

g,i

Credit

Suisse

Commercial

Mortgage

Trust

3

.728

11/10/32

6,613

Series

-

2017

CALI

(Class

B)

1,910,000

g,i

Credit

Suisse

Mortgage

Capital

Certificates

LIBOR

1

M

+

1.600%

5

.918

05/15/36

1,872

Series

-

2019

ICE4

(Class

D)

8,588,033

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

7,018

Series

-

2021

NQM8

(Class

A3)

4,270,400

g,i

CSMC

Series

3

.388

10/25/59

3,514

Series

-

2019

NQM1

(Class

M1)

9,250,000

DBGS

Mortgage

Trust

4

.466

10/15/51

8,831

Series

-

2018

C1

(Class

A4)

7,883,306

DBJPM

Mortgage

Trust

2

.756

08/10/49

7,530

Series

-

2016

C3

(Class

ASB)

8,886,397

DBJPM

Mortgage

Trust

3

.121

06/10/50

8,450

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2

.340

08/15/53

4,111

Series

-

2020

C9

(Class

AM)

17,410,000

g

DBUBS

Mortgage

Trust

3

.452

10/10/34

16,383

Series

-

2017

BRBK

(Class

A)

15,500,000

g,i

DBUBS

Mortgage

Trust

3

.530

10/10/34

14,177

Series

-

2017

BRBK

(Class

B)

5,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.120%

5

.438

11/15/38

4,772

Series

-

2021

ELP

(Class

B)

7,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

5

.638

11/15/38

6,664

Series

-

2021

ELP

(Class

C)

6,870,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

6

.436

11/15/38

6,339

Series

-

2021

ELP

(Class

E)

4,999,900

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

0.755%

5

.073

10/15/38

4,820

Series

-

2021

EQAZ

(Class

A)

4,729,905

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

2.300%

6

.618

10/15/38

4,355

Series

-

2021

EQAZ

(Class

E)

5,936,285

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4

.500

10/25/52

5,352

Series

-

2022

5262

(Class

EZ)

7,084,497

FHLMC

5

.500

11/25/52

7,186

Series

-

2022

5270

(Class

CZ)

2,412,806

g,i

Flagstar

Mortgage

Trust

4

.035

10/25/47

2,085

Series

-

2017

2

(Class

B3)

150,887

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

143

Series

-

2018

5

(Class

A11)

3,275,743

g,i

Flagstar

Mortgage

Trust

2

.500

04/25/51

2,519

Series

-

2021

2

(Class

A4)

9,393,685

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

7,223

Series

-

2021

4

(Class

A21)

7,160,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.428

01/25/42

6,488

Series

-

2022

DNA1

(Class

M2)

16,690,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.828

04/25/42

16,516

Series

-

2022

DNA3

(Class

M1B)

GBP

900,000

g,i

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

6

.171

11/20/33

970

Series

-

2021

1A

(Class

GBD)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

296

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,430,000

g

GS

Mortgage

Securities

Corp

II

2

.954

%

11/05/34

$

3,883

Series

-

2012

BWTR

(Class

A)

5,000,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

1.250%

5

.568

11/15/36

4,849

Series

-

2021

ARDN

(Class

A)

2,600,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

3.350%

7

.668

11/15/36

2,409

Series

-

2021

ARDN

(Class

E)

1,130,000

g,i

GS

Mortgage

Securities

Corp

II

3

.475

09/10/37

1,002

Series

-

2017

375H

(Class

A)

2,500,000

g,i

GS

Mortgage

Securities

Corp

II

3

.483

09/10/37

2,136

Series

-

2017

375H

(Class

B)

1,350,000

i

GS

Mortgage

Securities

Corp

II

3

.777

05/10/50

1,268

Series

-

2015

GC30

(Class

AS)

5,235,000

g,i

GS

Mortgage

Securities

Corp

Trust

LIBOR

1

M

+

1.850%

6

.168

07/15/31

4,645

Series

-

2018

TWR

(Class

D)

2,000,000

g,i

GS

Mortgage

Securities

Trust

LIBOR

1

M

+

1.700%

6

.018

07/15/31

1,857

Series

-

2018

TWR

(Class

C)

626,323

GS

Mortgage

Securities

Trust

3

.206

02/10/48

610

Series

-

2015

GC28

(Class

AAB)

2,816,500

GS

Mortgage

Securities

Trust

3

.396

02/10/48

2,699

Series

-

2015

GC28

(Class

A5)

7,400,000

i

GS

Mortgage

Securities

Trust

4

.018

07/10/48

6,923

Series

-

2015

GC32

(Class

AS)

1,897,083

GS

Mortgage

Securities

Trust

3

.278

10/10/48

1,830

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

1,798

Series

-

2016

GS3

(Class

AS)

1,500,000

i

GS

Mortgage

Securities

Trust

3

.954

11/10/49

1,268

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3

.674

03/10/50

1,866

Series

-

2017

GS5

(Class

A4)

4,150,000

i

GS

Mortgage

Securities

Trust

3

.826

03/10/50

3,783

Series

-

2017

GS5

(Class

AS)

10,504,141

GS

Mortgage

Securities

Trust

3

.230

05/10/50

10,062

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3

.433

05/10/50

5,552

Series

-

2017

GS6

(Class

A3)

2,540,000

i

GS

Mortgage

Securities

Trust

4

.025

05/10/50

2,334

Series

-

2015

GC30

(Class

B)

5,000,000

i

GS

Mortgage

Securities

Trust

4

.069

05/10/50

4,471

Series

-

2015

GC30

(Class

C)

3,000,000

GS

Mortgage

Securities

Trust

3

.837

11/10/50

2,802

Series

-

2017

GS8

(Class

ABP)

4,844,000

i

GS

Mortgage

Securities

Trust

4

.334

11/10/50

4,061

Series

-

2017

GS8

(Class

C)

3,050,000

i

GS

Mortgage

Securities

Trust

4

.158

02/10/52

2,731

Series

-

2019

GC38

(Class

AS)

2,500,000

i

GS

Mortgage

Securities

Trust

3

.173

02/13/53

2,083

Series

-

2020

GC45

(Class

AS)

186,582

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

177

Series

-

2019

PJ2

(Class

A1)

487,390

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

461

Series

-

2019

PJ2

(Class

A4)

1,025,254

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.500

07/25/50

867

Series

-

2020

PJ2

(Class

A4)

956,997

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

786

Series

-

2020

PJ4

(Class

A4)

733,562

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

605

Series

-

2020

PJ5

(Class

A4)

2,022,240

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

1,578

Series

-

2020

PJ6

(Class

A4)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

297

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,404,040

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

%

10/25/51

$

4,924

Series

-

2021

PJ5

(Class

A4)

12,462,542

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

9,965

Series

-

2022

PJ2

(Class

A36)

4,519,633

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

3,614

Series

-

2022

PJ4

(Class

A36)

1,042,003

g,i

GS

Mortgage-Backed

Securities

Trust

3

.625

05/25/50

861

Series

-

2020

PJ1

(Class

B2)

2,491,362

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

1,943

Series

-

2021

PJ2

(Class

A4)

18,459,917

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

14,194

Series

-

2021

PJ6

(Class

A4)

22,367,875

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

17,199

Series

-

2021

PJ7

(Class

A4)

10,508,646

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

8,080

Series

-

2021

PJ8

(Class

A4)

7,615,696

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

07/25/52

6,089

Series

-

2022

INV1

(Class

A4)

9,723,866

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

09/25/52

7,775

Series

-

2022

HP1

(Class

A4)

7,243,654

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

5,792

Series

-

2022

PJ5

(Class

A36)

1,752,961

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

4

.959

08/19/45

1,579

Series

-

2005

11

(Class

2A1A)

6,000,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

5,330

Series

-

2016

10HY

(Class

A)

2,500,000

g,i

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

2,180

Series

-

2016

10HY

(Class

B)

7,250,000

g,i

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

6,153

Series

-

2016

10HY

(Class

C)

5,500,000

g,i

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

3,979

Series

-

2019

55HY

(Class

D)

2,750,000

g,i

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

1,945

Series

-

2019

55HY

(Class

E)

303,817

i

Impac

CMB

Trust

LIBOR

1

M

+

0.660%

5

.049

03/25/35

284

Series

-

2004

11

(Class

2A1)

3,025,706

g,i

Imperial

Fund

Mortgage

Trust

2

.051

10/25/55

2,685

Series

-

2020

NQM1

(Class

A3)

1,043,500

g,i

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

848

Series

-

2020

NQM1

(Class

M1)

1,000,000

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4

.613

07/05/31

871

Series

-

2018

AON

(Class

D)

2,800,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.372

12/15/47

2,793

Series

-

2013

C10

(Class

AS)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.914

01/15/49

1,700

Series

-

2015

JP1

(Class

A5)

5,217,026

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2

.713

08/15/49

4,961

Series

-

2016

JP2

(Class

ASB)

4,500,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.379

09/15/50

4,330

Series

-

2017

JP7

(Class

A3)

3,155,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.065

01/16/37

2,814

Series

-

2020

NNN

(Class

BFX)

260,000

i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

4

.122

01/15/46

257

Series

-

2013

C13

(Class

AS)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

298

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,084,535

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

4

.694

%

12/25/44

$

3,847

Series

-

2015

1

(Class

B1)

219,535

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

198

Series

-

2015

3

(Class

A19)

2,286,248

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

1,999

Series

-

2015

6

(Class

A13)

425,630

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

380

Series

-

2016

1

(Class

A13)

1,158,391

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

1,014

Series

-

2017

2

(Class

A13)

1,844,156

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

1,529

Series

-

2018

3

(Class

A13)

734,439

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

601

Series

-

2018

4

(Class

A13)

3,158,640

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

2,663

Series

-

2018

5

(Class

A13)

2,062,297

g,i

JP

Morgan

Mortgage

Trust

3

.211

10/26/48

1,941

Series

-

2017

5

(Class

A2)

250,762

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

231

Series

-

2018

8

(Class

A13)

739,602

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

680

Series

-

2018

9

(Class

A13)

360,836

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

339

Series

-

2019

1

(Class

A3)

662,291

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

622

Series

-

2019

1

(Class

A15)

1,348,708

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

4

.994

10/25/49

1,327

Series

-

2019

INV1

(Class

A11)

6,717,914

g,i

JP

Morgan

Mortgage

Trust

3

.841

06/25/50

5,438

Series

-

2020

1

(Class

B2)

10,092,692

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

7,760

Series

-

2021

6

(Class

A15)

5,437,216

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

4,181

Series

-

2021

7

(Class

A15)

6,630,899

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

5,099

Series

-

2021

8

(Class

A15)

2,576,122

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

1,981

Series

-

2021

10

(Class

A15)

8,984,151

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

6,908

Series

-

2021

11

(Class

A15)

2,627,386

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

2,020

Series

-

2021

12

(Class

A15)

9,023,007

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

6,829

Series

-

2021

INV6

(Class

B1)

5,773,752

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

4,304

Series

-

2021

INV6

(Class

B2)

4,065,449

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

3,126

Series

-

2021

14

(Class

A15)

11,536,381

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

8,871

Series

-

2021

15

(Class

A15)

17,710,005

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

14,161

Series

-

2022

2

(Class

A25)

12,555,368

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

11,020

Series

-

2022

LTV2

(Class

A6)

753,794

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.133

08/15/46

748

Series

-

2013

C14

(Class

A4)

5,172,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.997

08/15/47

4,970

Series

-

2014

C21

(Class

AS)

2,686,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.482

09/15/47

2,501

Series

-

2014

C23

(Class

B)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

299

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.898

%

02/15/48

$

2,774

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.611

05/15/48

2,435

Series

-

2015

C29

(Class

A4)

2,500,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

3

.917

05/15/48

2,354

Series

-

2015

C29

(Class

AS)

2,350,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.118

05/15/48

2,119

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4

.106

08/15/48

3,278

Series

-

2015

C31

(Class

AS)

9,952,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.622

08/15/48

9,194

Series

-

2015

C31

(Class

B)

3,000,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.622

08/15/48

2,696

Series

-

2015

C31

(Class

C)

1,820,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.736

03/17/49

1,635

Series

-

2016

C1

(Class

C)

2,963,155

JPMCC

Commercial

Mortgage

Securities

Trust

3

.457

03/15/50

2,867

Series

-

2017

JP5

(Class

A4)

1,013,123

JPMCC

Commercial

Mortgage

Securities

Trust

3

.549

03/15/50

968

Series

-

2017

JP5

(Class

ASB)

1,000,000

i

JPMCC

Commercial

Mortgage

Securities

Trust

3

.780

03/15/50

798

Series

-

2017

JP5

(Class

C)

1,000,000

i

JPMDB

Commercial

Mortgage

Securities

Trust

3

.068

12/15/49

821

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3

.694

03/15/50

2,807

Series

-

2017

C5

(Class

A5)

9,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

2

.536

05/13/53

7,037

Series

-

2020

COR7

(Class

AS)

2,726,810

g

Ladder

Capital

Commercial

Mortgage

Securities

3

.575

02/15/36

2,521

Series

-

2013

GCP

(Class

A1)

4,581,053

g

Ladder

Capital

Commercial

Mortgage

Securities

3

.357

07/12/50

4,373

Series

-

2017

LC26

(Class

ASB)

EUR

597,323

g,i

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1

.000

08/17/33

567

Series

-

2021

1A

(Class

E)

EUR

599,877

g,i

Last

Mile

Securities

PE

2021

DAC

EURIBOR

3

M

+

2.350%

4

.145

08/17/31

576

Series

-

2021

1A

(Class

D)

7,250,000

g

Liberty

Street

Trust

3

.597

02/10/36

6,615

Series

-

2016

225L

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.188

08/15/34

3,735

Series

-

2017

330M

(Class

A)

1,500,000

g,i

Manhattan

West

2

.335

09/10/39

1,271

Series

-

2020

1MW

(Class

B)

550,429

i

Merrill

Lynch

Mortgage

Investors

Trust

LIBOR

1

M

+

0.520%

2

.278

01/25/37

514

Series

-

2006

WMC1

(Class

A1B)

2,751,397

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.989

12/15/46

2,572

Series

-

2014

C19

(Class

LNC1)

906,556

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.384

12/15/46

837

Series

-

2014

C19

(Class

LNC2)

4,650,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.832

12/15/47

4,412

Series

-

2014

C19

(Class

AS)

1,600,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.605

02/15/48

1,514

Series

-

2015

C20

(Class

AS)

1,250,000

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.454

02/15/48

1,152

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.338

03/15/48

2,376

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.652

03/15/48

6,079

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.561

04/15/48

2,795

Series

-

2015

C22

(Class

AS)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

300

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,380,820

g,i

Morgan

Stanley

Capital

I

Inc

LIBOR

1

M

+

1.377%

5

.695

%

11/15/23

$

3,211

Series

-

2021

ILP

(Class

C)

2,795,000

i

Morgan

Stanley

Capital

I

Trust

3

.779

05/15/48

2,675

Series

-

2015

MS1

(Class

A4)

388,737

†,i

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

196

Series

-

2007

IQ16

(Class

AJ)

265,169

†,i

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

134

Series

-

2007

IQ16

(Class

AJFX)

5,232,068

Morgan

Stanley

Capital

I

Trust

3

.304

06/15/50

5,019

Series

-

2017

H1

(Class

ASB)

1,458,000

Morgan

Stanley

Capital

I

Trust

3

.587

12/15/50

1,347

Series

-

2017

HR2

(Class

A4)

2,840,000

i

Morgan

Stanley

Capital

I

Trust

4

.429

07/15/51

2,623

Series

-

2018

H3

(Class

AS)

5,027,114

Morgan

Stanley

Capital

I

Trust

4

.310

12/15/51

4,771

Series

-

2018

H4

(Class

A4)

686,712

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

590

Series

-

2021

4

(Class

A4)

8,454,722

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

6,501

Series

-

2021

5

(Class

A9)

2,091,569

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,803

Series

-

2021

6

(Class

A4)

5,641,397

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

4,338

Series

-

2021

6

(Class

A9)

3,000,000

g,i

MSDB

Trust

3

.316

07/11/39

2,628

Series

-

2017

712F

(Class

A)

1,200,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

3

.790

11/15/32

1,135

Series

-

2018

285M

(Class

A)

15,010,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.500%

5

.818

07/15/36

14,377

Series

-

2019

MILE

(Class

A)

5,000,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.800%

6

.118

07/15/36

4,602

Series

-

2019

MILE

(Class

B)

2,900,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.200%

6

.518

07/15/36

2,639

Series

-

2019

MILE

(Class

C)

5,000,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.750%

7

.068

07/15/36

4,462

Series

-

2019

MILE

(Class

D)

703,488

g

Natixis

Commercial

Mortgage

Securities

Trust

2

.966

12/15/38

650

Series

-

2020

2PAC

(Class

A)

1,193,867

g,i

New

Residential

Mortgage

Loan

Trust

2

.797

09/25/59

1,068

Series

-

2019

NQM4

(Class

A3)

980,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

764

Series

-

2019

NQM4

(Class

M1)

322,245

i

New

York

Mortgage

Trust

LIBOR

1

M

+

0.480%

4

.869

02/25/36

314

Series

-

2005

3

(Class

A1)

1,825,000

g,i

NLT

Trust

2

.569

08/25/56

1,080

Series

-

2021

INV2

(Class

M1)

11,446,940

g,i

OBX

Trust

2

.500

07/25/51

8,802

Series

-

2021

J2

(Class

A19)

9,998,440

g,i

OBX

Trust

4

.000

10/25/52

8,597

Series

-

2022

INV5

(Class

A13)

933,767

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

5

.039

06/25/57

882

Series

-

2018

1

(Class

A2)

3,565,318

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

2,741

Series

-

2021

1

(Class

A19)

5,434,000

g

Olympic

Tower

Mortgage

Trust

3

.566

05/10/39

4,730

Series

-

2017

OT

(Class

A)

5,120,000

g

One

Bryant

Park

Trust

2

.516

09/15/54

4,203

Series

-

2019

OBP

(Class

A)

2,000,000

g

RBS

Commercial

Funding,

Inc

Trust

3

.511

03/11/31

1,946

Series

-

2013

SMV

(Class

B)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

301

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

15,315,801

g,i

RCKT

Mortgage

Trust

2

.500

%

02/25/52

$

11,700

Series

-

2022

2

(Class

A22)

3,390,152

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

2,815

Series

-

2022

4

(Class

A22)

649,819

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

570

Series

-

2015

2

(Class

A1)

592,888

g,i

Sequoia

Mortgage

Trust

3

.500

06/25/46

528

Series

-

2016

1

(Class

A19)

144,341

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/47

127

Series

-

2017

2

(Class

A19)

45,131

g,i

Sequoia

Mortgage

Trust

3

.500

04/25/47

38

Series

-

2017

3

(Class

A19)

2,137,842

g,i

Sequoia

Mortgage

Trust

3

.718

09/25/47

1,843

Series

-

2017

6

(Class

B1)

59,884

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/48

51

Series

-

2018

2

(Class

A19)

961,163

g,i

Sequoia

Mortgage

Trust

3

.500

03/25/48

827

Series

-

2018

3

(Class

A1)

95,482

g,i

Sequoia

Mortgage

Trust

4

.000

09/25/48

89

Series

-

2018

7

(Class

A19)

311,638

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

288

Series

-

2019

2

(Class

A19)

1,439,166

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

1,203

Series

-

2019

5

(Class

A19)

6,128,174

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

4,953

Series

-

2020

3

(Class

A19)

6,238,134

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

4,797

Series

-

2021

4

(Class

A19)

460,202

g,i

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

404

Series

-

2017

1

(Class

A19)

7,750,000

g

SLG

Office

Trust

2

.585

07/15/41

6,202

Series

-

2021

OVA

(Class

A)

26,865,000

g

SLG

Office

Trust

2

.851

07/15/41

20,056

Series

-

2021

OVA

(Class

D)

10,128,200

g,i

SMR

Mortgage

Trust

5

.986

02/15/39

9,596

Series

-

2022

IND

(Class

A)

9,645,905

g,i

SMR

Mortgage

Trust

7

.286

02/15/39

9,063

Series

-

2022

IND

(Class

C)

5,000,000

g,i

SREIT

Trust

LIBOR

1

M

+

0.822%

5

.140

11/15/36

4,820

Series

-

2021

MFP2

(Class

A)

6,930,000

g,i

SREIT

Trust

LIBOR

1

M

+

1.171%

5

.489

11/15/36

6,631

Series

-

2021

MFP2

(Class

B)

2,061,000

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

6

.028

10/25/33

2,023

Series

-

2021

DNA3

(Class

M2)

140,861

g,i

STACR

3

.780

02/25/48

132

Series

-

2018

SPI1

(Class

M2)

29,416

g,i

STACR

3

.836

05/25/48

28

Series

-

2018

SPI2

(Class

M2)

GBP

347,448

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

4

.551

05/17/31

395

Series

-

2021

UK1A

(Class

B)

GBP

506,281

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

4

.901

05/17/31

567

Series

-

2021

UK1A

(Class

C)

10,794,084

UBS

Commercial

Mortgage

Trust

3

.256

06/15/50

10,324

Series

-

2017

C1

(Class

ASB)

1,895,711

UBS

Commercial

Mortgage

Trust

3

.366

10/15/50

1,801

Series

-

2017

C4

(Class

ASB)

1,450,000

UBS

Commercial

Mortgage

Trust

3

.563

10/15/50

1,335

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4

.334

10/15/51

1,661

Series

-

2018

C13

(Class

A4)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

302

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,070,000

g,i

Verus

Securitization

Trust

3

.207

%

11/25/59

$

1,757

Series

-

2019

4

(Class

M1)

1,340,856

g

Verus

Securitization

Trust

1

.733

05/25/65

1,202

Series

-

2020

5

(Class

A3)

1,936,527

g,i

Verus

Securitization

Trust

2

.240

10/25/66

1,578

Series

-

2021

7

(Class

A3)

1,518,018

g

VSE

VOI

Mortgage

LLC

2

.330

03/20/35

1,453

Series

-

2017

A

(Class

A)

1,740,030

Wells

Fargo

Commercial

Mortgage

Trust

3

.405

12/15/47

1,661

Series

-

2014

LC18

(Class

A5)

1,570,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.406

05/15/48

1,462

Series

-

2015

NXS1

(Class

AS)

2,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

3

.658

05/15/48

1,836

Series

-

2015

NXS1

(Class

B)

2,279,000

i

Wells

Fargo

Commercial

Mortgage

Trust

4

.149

05/15/48

1,954

Series

-

2015

NXS1

(Class

D)

6,715,181

Wells

Fargo

Commercial

Mortgage

Trust

2

.788

07/15/48

6,428

Series

-

2016

C35

(Class

ASB)

10,517,370

Wells

Fargo

Commercial

Mortgage

Trust

2

.514

08/15/49

10,032

Series

-

2016

BNK1

(Class

ASB)

10,451,641

Wells

Fargo

Commercial

Mortgage

Trust

2

.825

10/15/49

10,004

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3

.635

03/15/50

810

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.757

03/15/50

1,823

Series

-

2017

RB1

(Class

AS)

13,271,861

Wells

Fargo

Commercial

Mortgage

Trust

3

.261

07/15/50

12,735

Series

-

2017

C38

(Class

ASB)

2,197,255

i

Wells

Fargo

Commercial

Mortgage

Trust

3

.903

07/15/50

1,809

Series

-

2017

C38

(Class

C)

9,148,458

Wells

Fargo

Commercial

Mortgage

Trust

3

.212

09/15/50

8,700

Series

-

2017

C39

(Class

ASB)

4,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

3

.767

07/15/58

3,815

Series

-

2015

NXS2

(Class

A5)

1,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

4

.279

07/15/58

923

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.749

03/15/59

5,557

Series

-

2016

C33

(Class

AS)

221,256

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

212

Series

-

2019

2

(Class

A17)

2,573,325

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

09/25/49

2,245

Series

-

2019

4

(Class

A1)

672,944

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

556

Series

-

2020

4

(Class

A17)

11,662,248

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

8,967

Series

-

2021

2

(Class

A17)

4,868,650

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

08/25/51

3,893

Series

-

2021

INV1

(Class

A17)

5,452,682

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.317

08/25/51

4,272

Series

-

2021

INV1

(Class

B1)

4,740,378

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

3,645

Series

-

2022

2

(Class

A18)

4,200,335

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

03/25/52

3,358

Series

-

2022

INV1

(Class

A18)

7,215,984

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

03/25/52

6,010

Series

-

2022

INV1

(Class

A17)

1,770,000

WFRBS

Commercial

Mortgage

Trust

3

.345

05/15/45

1,752

Series

-

2013

C13

(Class

AS)

3,639,052

i

WFRBS

Commercial

Mortgage

Trust

4

.079

03/15/46

3,576

Series

-

2013

UBS1

(Class

A4)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

303

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,050,000

i

WFRBS

Commercial

Mortgage

Trust

4

.162

%

12/15/46

$

1,030

Series

-

2013

C18

(Class

A5)

2,185,281

WFRBS

Commercial

Mortgage

Trust

3

.995

05/15/47

2,130

Series

-

2014

C20

(Class

A5)

3,865,000

WFRBS

Commercial

Mortgage

Trust

3

.607

11/15/47

3,722

Series

-

2014

C24

(Class

A5)

3,476,361

WFRBS

Commercial

Mortgage

Trust

3

.560

03/15/48

3,462

Series

-

2013

C12

(Class

AS)

255,705

g,i

WinWater

Mortgage

Loan

Trust

3

.909

06/20/44

197

Series

-

2014

1

(Class

B4)

6,612,449

g,i

Woodward

Capital

Management

3

.000

05/25/52

5,287

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

1,221,708

TOTAL

STRUCTURED

ASSETS

1,935,971

(Cost

$2,185,985)

TOTAL

BONDS

10,398,696

(Cost

$11,643,422)

SHARES

COMPANY

PREFERRED

STOCKS

-

0.1%

BANKS

-

0.1%

470,597

*,e

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

955

1,527,061

*

Federal

National

Mortgage

Association

(FNMA)

3,574

TOTAL

BANKS

4,529

DIVERSIFIED

FINANCIALS

-

0.0%

173,925

Morgan

Stanley

4,391

TOTAL

DIVERSIFIED

FINANCIALS

4,391

TOTAL

PREFERRED

STOCKS

8,920

(Cost

$54,290)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.4%

COMMERCIAL

PAPER

-

0.1%

8,000,000

g

HSBC

USA,

Inc

0

.000

05/01/23

7,868

TOTAL

COMMERCIAL

PAPER

7,868

GOVERNMENT

AGENCY

DEBT

-

0.7%

16,500,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

01/04/23

16,498

4,475,000

FFCB

0

.000

01/09/23

4,472

3,170,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

3,170

8,535,000

FHLB

0

.000

01/06/23

8,532

15,000,000

FHLB

0

.000

02/06/23

14,937

10,000,000

FHLB

0

.000

02/10/23

9,953

10,000,000

FHLB

0

.000

02/15/23

9,947

10,000,000

FHLB

0

.000

04/14/23

9,877

TOTAL

GOVERNMENT

AGENCY

DEBT

77,386

REPURCHASE

AGREEMENT

-

2.0%

211,510,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

211,510

TOTAL

REPURCHASE

AGREEMENT

211,510

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

304

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

TREASURY

DEBT

-

0.0%

JPY

238,000,000

Japan

Treasury

Discount

Bill

0

.000

%

03/20/23

$

1,814

TOTAL

TREASURY

DEBT

1,814

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.6%

66,458,548

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

66,459

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

66,459

TOTAL

SHORT-TERM

INVESTMENTS

365,037

(Cost

$364,927)

TOTAL

INVESTMENTS

-

100.9%

10,823,708

(Cost

$12,116,159)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.9)%

(

93,188

)

NET

ASSETS

-

100.0%

$10,730,520

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

DOP

Dominican

Republic

Peso

EGP

Egyptian

Pound

EUR

Euro

EURIBOR

EURO

Interbank

Offer

Rate

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

LIBOR

London

Interbank

Offered

Rate

M

Month

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

RON

Romanian

Leu

RSD

Serbian

Dinar

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR

Secure

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

THB

Thai

Baht

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

305

College

Retirement

Equities

Fund

continued

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$64,341,907.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

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.

o

Payment

in

Kind

Bond

q

In

default

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$211,510,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.000%–3.125%

and

maturity

dates

7/31/28–11/30/28,

valued

at

$215,740,261.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

US

10YR

Ultra

(

1,175‌

)

03/22/23

 $

(

140,905‌

)

$

(

138,980‌

)

$

1,925‌

US

2YR

Note

(CBT)

1,810‌

03/31/23

370,542‌

371,191‌

649‌

US

Ultra

Bond

CBT

250‌

03/22/23

33,924‌

33,578‌

(

346‌

)

Total

885‌

  $

263,561‌

 $

265,789‌

 $

2,228‌

Forward

foreign

currency

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Currency

to

be

purchased

Receive

Currency

to

be

sold

Deliver

Counterparty

Settlement

date

Unrealized

appreciation

(depreciation)

$

200

EUR

199

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

  $

(

14‌

)

$

739

JPY

100,222

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

(

28‌

)

$

1,151

NZD

1,969

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

(

100‌

)

$

991

NZD

1,549

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

7‌

EUR

297

$

295

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

23‌

JPY

24,200

$

175

Australia

and

New

Zealand

Banking

Group

Limited

01/31/23

10‌

Total

  $

(

102‌

)

$

640

AUD

1,009

Citibank

N.A.

01/31/23

  $

(

48‌

)

$

257

COP

1,258,399

Citibank

N.A.

01/31/23

(

1‌

)

$

259

COP

1,265,904

Citibank

N.A.

01/31/23

(

1‌

)

$

2,972

EUR

2,814

Citibank

N.A.

01/31/23

(

47‌

)

$

405

HUF

162,470

Citibank

N.A.

01/31/23

(

27‌

)

$

6,510

KRW

8,687,591

Citibank

N.A.

02/02/23

(

392‌

)

$

799

KRW

1,038,345

Citibank

N.A.

02/02/23

(

26‌

)

$

337

PEN

1,356

Citibank

N.A.

02/02/23

(

19‌

)

EUR

2,288

$

2,436

Citibank

N.A.

01/31/23

19‌

GBP

313

$

379

Citibank

N.A.

01/31/23

1‌

JPY

686,129

$

4,735

Citibank

N.A.

01/31/23

515‌

Total

  $

(

26‌

)

$

2,308

CNY

16,087

Goldman

Sachs

02/02/23

  $

(

24‌

)

$

597

RON

2,956

Goldman

Sachs

01/31/23

(

42‌

)

Total

  $

(

66‌

)

$

906

CAD

1,233

Morgan

Stanley

01/31/23

  $

(

5‌

)

$

2,339

CAD

3,197

Morgan

Stanley

01/31/23

(

23‌

)

$

68,711

EUR

68,162

Morgan

Stanley

01/31/23

(

4,412‌

)

$

416

EUR

399

Morgan

Stanley

01/31/23

(

12‌

)

$

511

EUR

483

Morgan

Stanley

01/31/23

(

7‌

)

$

345

HUF

145,362

Morgan

Stanley

01/31/23

(

41‌

)

$

1,057

ILS

3,678

Morgan

Stanley

01/31/23

10‌

$

2,219

NOK

22,701

Morgan

Stanley

01/31/23

(

101‌

)

Portfolio

of

investments

CREF

Core

Bond

Account

December

31,

2022

306

College

Retirement

Equities

Fund

concluded

Currency

to

be

purchased

Receive

Currency

to

be

sold

Deliver

Counterparty

Settlement

date

Unrealized

appreciation

(depreciation)

$

653

NZD

1,125

Morgan

Stanley

01/31/23

(

62‌

)

$

1,005

SEK

11,165

Morgan

Stanley

01/31/23

(

67‌

)

$

622

THB

23,263

Morgan

Stanley

01/31/23

(

52‌

)

EUR

191

$

193

Morgan

Stanley

01/31/23

12‌

EUR

369

$

388

Morgan

Stanley

01/31/23

7‌

$

380

ZAR

6,851

Morgan

Stanley

01/31/23

(

22‌

)

Total

  $

(

4,775‌

)

$

6,911

CAD

9,346

Standard

Chartered

Bank

01/31/23

  $

7‌

$

531

GBP

432

Standard

Chartered

Bank

01/31/23

8‌

Total

  $

15‌

$

6,448

AUD

9,889

Toronto

Dominion

Bank

01/31/23

  $

(

294‌

)

$

22,628

CNY

163,233

Toronto

Dominion

Bank

02/02/23

(

1,040‌

)

$

585

CNY

4,061

Toronto

Dominion

Bank

02/02/23

(

4‌

)

$

12,944

GBP

11,152

Toronto

Dominion

Bank

01/31/23

(

550‌

)

$

25,023

JPY

3,629,865

Toronto

Dominion

Bank

01/31/23

(

2,750‌

)

$

1,763

JPY

238,000

Toronto

Dominion

Bank

03/20/23

(

71‌

)

Total

  $

(

4,709‌

)

Total

  $

(

9,663‌

)

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

SEK

Swedish

Krona

THB

Thai

Baht

ZAR

South

African

Rand

Centrally

cleared

credit

default

swap

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

SOLD

Reference

entity

Terms

of

payments

to

be

paid

Terms

of

payments

to

be

received

Counterparty

Fixed

rate

payment

frequency

Maturity

date

Notional

amount

*

Value

Premiums

paid

(received)

Unrealized

appreciation

(depreciation)

CDX-NAHYS39V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/27

$

150,000‌

$

(

1,124‌

)

$

6,446‌

$

(

7,570‌

)

CDX-NAIGS39V1-5

Year

Index

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/27

300,000‌

(

2,491‌

)

(

473‌

)

(

2,018‌

)

Total

$

(

3,615‌

)

$

5,973‌

$

(

9,588‌

)

*  

The

maximum

potential

amount

the

Account

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

307

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANK

LOAN

OBLIGATIONS

-

0.5%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

$

2,286,111

i

Trans

Union

LLC

LIBOR

12

M

+

2.250%

6

.634

%

12/01/28

$

2,267

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,267

CONSUMER

DURABLES

&

APPAREL

-

0.0%

2,278,000

i

Crocs,

Inc

SOFR

2M

+

3.500%

7

.481

02/20/29

2,238

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,238

CONSUMER

SERVICES

-

0.1%

2,961,832

i

1011778

BC

ULC

LIBOR

4

M

+

1.750%

6

.165

11/19/26

2,917

2,468,750

i

Stars

Group

Holdings

BV

LIBOR

4

M

+

2.250%

6

.980

07/21/26

2,438

TOTAL

CONSUMER

SERVICES

5,355

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

3,000,000

i

Select

Medical

Corp

LIBOR

12

M

+

2.500%

6

.890

03/06/25

2,949

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,949

MEDIA

&

ENTERTAINMENT

-

0.1%

1,980,000

i

Fluidra

Finco

SL

SOFR

12M

+

2.000%

6

.423

01/29/29

1,889

2,597,951

i

Nascar

Holdings,

Inc

LIBOR

12

M

+

2.500%

6

.884

10/19/26

2,595

TOTAL

MEDIA

&

ENTERTAINMENT

4,484

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

2,704,025

i

Avantor,

Inc

LIBOR

12

M

+

2.250%

6

.634

11/06/27

2,696

2,226,130

i

Jazz

Financing

Lux

Sarl

LIBOR

12

M

+

3.500%

7

.884

05/05/28

2,210

2,332,916

i

Organon

&

Co

LIBOR

4

M

+

3.000%

7

.750

06/02/28

2,316

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,222

RETAILING

-

0.1%

2,970,000

i

Rexnord

LLC

LIBOR

12

M

+

2.000%

6

.384

10/04/28

2,968

TOTAL

RETAILING

2,968

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1

h,i

MKS

Instruments,

Inc

SOFR

12M

+

2.750%

7

.171

08/17/29

0

^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0

SOFTWARE

&

SERVICES

-

0.1%

2,640,000

i

NortonLifeLock,

Inc

SOFR

12M

+

2.000%

6

.423

09/12/29

2,601

1,297,251

i

SS&C

Technologies,

Inc

LIBOR

1

M

+

1.750%

6

.134

04/16/25

1,278

1,595,685

i

SS&C

Technologies,

Inc

LIBOR

12

M

+

1.750%

6

.134

04/16/25

1,571

TOTAL

SOFTWARE

&

SERVICES

5,450

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

367,366

i

Coherent

Corp

LIBOR

12

M

+

2.750%

7

.134

07/02/29

364

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

364

UTILITIES

-

0.0%

2,487,469

i

Core

&

Main

LP

LIBOR

4

M

+

2.500%

7

.060

07/27/28

2,463

TOTAL

UTILITIES

2,463

TOTAL

BANK

LOAN

OBLIGATIONS

35,760

(Cost

$36,031)

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

308

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BONDS

-

99.0%

CORPORATE

BONDS

-

2.3%

BANKS

-

0.1%

$

3,000,000

Bank

of

America

Corp

2

.572

%

10/20/32

$

2,350

3,000,000

JPMorgan

Chase

&

Co

2

.545

11/08/32

2,371

TOTAL

BANKS

4,721

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

3,485,000

g

Albion

Financing

1

SARL

6

.125

10/15/26

3,108

5,000,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

4,813

5,000,000

United

Rentals

North

America,

Inc

4

.875

01/15/28

4,738

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

12,659

CONSUMER

DURABLES

&

APPAREL

-

0.1%

5,200,000

Newell

Brands,

Inc

6

.375

09/15/27

5,161

TOTAL

CONSUMER

DURABLES

&

APPAREL

5,161

DIVERSIFIED

FINANCIALS

-

0.2%

3,125,000

g

Banco

de

Chile

2

.990

12/09/31

2,658

2,000,000

Ford

Motor

Credit

Co

LLC

4

.950

05/28/27

1,866

2,500,000

Ford

Motor

Credit

Co

LLC

7

.350

11/04/27

2,562

1,700,000

g

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,448

3,000,000

Morgan

Stanley

2

.511

10/20/32

2,348

5,000,000

OneMain

Finance

Corp

3

.500

01/15/27

4,140

TOTAL

DIVERSIFIED

FINANCIALS

15,022

ENERGY

-

0.5%

2,275,000

Ecopetrol

S.A.

4

.625

11/02/31

1,738

680,000

g

EQM

Midstream

Partners

LP

7

.500

06/01/27

666

6,000,000

g

EQM

Midstream

Partners

LP

6

.500

07/01/27

5,734

2,500,000

Genesis

Energy

LP

8

.000

01/15/27

2,361

5,000,000

g

Hess

Midstream

Operations

LP

5

.625

02/15/26

4,870

2,000,000

g

Hilcorp

Energy

I

LP

6

.250

04/15/32

1,726

2,500,000

g

MEG

Energy

Corp

7

.125

02/01/27

2,550

5,000,000

Murphy

Oil

Corp

5

.875

12/01/27

4,811

5,000,000

e

Occidental

Petroleum

Corp

3

.500

08/15/29

4,477

3,150,000

g

Parkland

Corp

4

.625

05/01/30

2,607

2,375,000

Petroleos

Mexicanos

6

.700

02/16/32

1,865

TOTAL

ENERGY

33,405

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

6,000,000

g

Tenet

Healthcare

Corp

4

.375

01/15/30

5,193

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,193

MATERIALS

-

0.3%

600,000

g

Antofagasta

plc

5

.625

05/13/32

588

2,950,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

2,706

3,275,000

g

GCC

SAB

de

C.V.

3

.614

04/20/32

2,726

6,000,000

e

Olin

Corp

5

.000

02/01/30

5,475

7,000,000

g

POSCO

4

.375

08/04/25

6,775

5,000,000

g

SunCoke

Energy,

Inc

4

.875

06/30/29

4,292

TOTAL

MATERIALS

22,562

MEDIA

&

ENTERTAINMENT

-

0.2%

5,000,000

g

CCO

Holdings

LLC

5

.125

05/01/27

4,660

5,000,000

g

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

4,185

3,260,000

g

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,954

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

309

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

g

Sirius

XM

Radio,

Inc

3

.125

%

09/01/26

$

4,440

TOTAL

MEDIA

&

ENTERTAINMENT

16,239

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

3,400,000

e,g

Avantor

Funding,

Inc

3

.875

11/01/29

2,855

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,855

REAL

ESTATE

-

0.1%

1,000,000

g

Blackstone

Mortgage

Trust,

Inc

3

.750

01/15/27

860

5,000,000

g

Howard

Hughes

Corp

4

.125

02/01/29

4,187

5,000,000

g

RLJ

Lodging

Trust

LP

3

.750

07/01/26

4,453

TOTAL

REAL

ESTATE

9,500

RETAILING

-

0.1%

4,340,000

e,g

Asbury

Automotive

Group,

Inc

4

.625

11/15/29

3,657

3,600,000

g

Prosus

NV

3

.257

01/19/27

3,218

TOTAL

RETAILING

6,875

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1,575,000

TSMC

Arizona

Corp

1

.750

10/25/26

1,405

2,000,000

TSMC

Arizona

Corp

4

.250

04/22/32

1,934

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,339

SOFTWARE

&

SERVICES

-

0.1%

2,435,000

g

CA

Magnum

Holdings

5

.375

10/31/26

2,219

2,315,000

g

NortonLifeLock,

Inc

6

.750

09/30/27

2,269

455,000

g

Open

Text

Corp

6

.900

12/01/27

455

2,830,000

g

Open

Text

Corp

3

.875

12/01/29

2,276

TOTAL

SOFTWARE

&

SERVICES

7,219

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

3,000,000

g

Imola

Merger

Corp

4

.750

05/15/29

2,603

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,603

TELECOMMUNICATION

SERVICES

-

0.2%

2,900,000

AT&T,

Inc

2

.250

02/01/32

2,273

4,925,000

g

Iliad

Holding

SASU

6

.500

10/15/26

4,568

3,000,000

g

Telefonica

Moviles

Chile

S.A.

3

.537

11/18/31

2,458

3,100,000

Verizon

Communications,

Inc

2

.355

03/15/32

2,457

TOTAL

TELECOMMUNICATION

SERVICES

11,756

TRANSPORTATION

-

0.1%

5,000,000

g

Grupo

Aeromexico

SAB

de

C.V.

8

.500

03/17/27

4,416

TOTAL

TRANSPORTATION

4,416

UTILITIES

-

0.0%

2,500,000

g

Ferrellgas

Escrow

LLC

5

.875

04/01/29

2,056

1,450,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

1,268

TOTAL

UTILITIES

3,324

TOTAL

CORPORATE

BONDS

166,849

(Cost

$185,669)

GOVERNMENT

BONDS

-

93.8%

AGENCY

SECURITIES

-

0.3%

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1

.625

08/24/35

6,255

14,875,000

Montefiore

Medical

Center

2

.895

04/20/32

13,534

2,302,631

Reliance

Industries

Ltd

2

.444

01/15/26

2,211

TOTAL

AGENCY

SECURITIES

22,000

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

310

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

MORTGAGE

BACKED

-

2.5%

$

6,225,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.178

%

08/25/33

$

6,101

2,305,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.428

10/25/41

2,193

9,507,642

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.878

12/25/41

9,031

20,000,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.278

05/25/42

20,135

18,326,641

Government

National

Mortgage

Association

(GNMA)

3

.600

09/15/31

17,828

9,173,065

GNMA

3

.650

02/15/32

8,812

2,112,933

GNMA

3

.380

07/15/35

2,014

2,775,500

GNMA

3

.870

10/15/36

2,673

35,915,493

GNMA

1

.730

07/15/37

30,381

33,465,693

GNMA

4

.250

09/15/38

33,053

23,282,736

GNMA

1

.650

07/15/42

19,110

25,428,174

GNMA

2

.750

01/15/45

22,642

5,155,252

GNMA

4

.930

10/15/45

5,142

TOTAL

MORTGAGE

BACKED

179,115

U.S.

TREASURY

SECURITIES

-

91.0%

94,237,160

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/23

94,116

140,354,370

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

04/15/23

138,921

138,283,200

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/23

136,641

204,645,660

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

200,298

241,017,840

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

234,374

203,922,875

d,k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/24

197,343

211,953,675

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/24

204,111

230,223,150

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

01/15/25

220,834

121,738,219

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/25

121,836

186,881,580

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

178,097

248,788,980

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/25

238,932

323,845,980

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

307,763

266,516,105

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

255,824

80,056,823

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

79,956

164,751,900

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

154,885

183,978,800

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/26

173,358

308,885,229

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

289,522

244,857,690

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

230,893

122,579,207

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/27

125,029

131,918,750

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

122,935

140,691,705

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/27

132,591

129,759,810

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/27

129,608

248,244,000

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

233,432

245,209,692

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

245,040

130,849,358

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

142,601

151,944,960

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

144,734

223,035,120

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

212,475

163,628,694

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.500

01/15/29

170,598

9,225,930

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

10,366

217,836,300

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

199,418

179,513,250

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

161,243

142,367,050

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

127,467

173,988,320

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

154,512

261,773,767

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

231,293

97,585,155

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/32

85,472

69,834,752

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

79,930

153,319,725

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

07/15/32

140,428

190,938,273

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

02/15/52

123,500

25,000,000

United

States

Treasury

Note

4

.125

11/15/32

25,512

9,000,000

United

States

Treasury

Note

4

.000

11/15/52

9,013

TOTAL

U.S.

TREASURY

SECURITIES

6,464,901

TOTAL

GOVERNMENT

BONDS

6,666,016

(Cost

$7,144,653)

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

311

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

STRUCTURED

ASSETS

-

2.9%

ASSET

BACKED

-

0.5%

$

4,214,000

i

Bayview

Financial

Mortgage

Pass-Through

Trust

LIBOR

1

M

+

1.125%

5

.514

%

02/28/41

$

4,159

Series

-

2006

A

(Class

M4)

2,970,000

g

DB

Master

Finance

LLC

2

.045

11/20/51

2,535

Series

-

2021

1A

(Class

A2I)

5,841,000

g

DB

Master

Finance

LLC

2

.493

11/20/51

4,801

Series

-

2021

1A

(Class

A2II)

4,356,000

g

DB

Master

Finance

LLC

2

.791

11/20/51

3,356

Series

-

2021

1A

(Class

A23)

3,000,000

†,g

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

2,528

Series

-

2022

1A

(Class

1)

5,939,974

g

MVW

LLC

1

.830

05/20/39

5,322

Series

-

2021

2A

(Class

B)

6,870,103

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

6,029

Series

-

2021

2A

(Class

A1)

4,529,505

g

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,879

Series

-

2022

A

(Class

A)

TOTAL

ASSET

BACKED

32,609

OTHER

MORTGAGE

BACKED

-

2.4%

5,000,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

5

.486

01/15/39

4,847

Series

-

2022

DKLX

(Class

A)

7,500,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

6

.486

01/15/39

7,137

Series

-

2022

DKLX

(Class

C)

2,500,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

7

.336

01/15/39

2,346

Series

-

2022

DKLX

(Class

D)

2,000,000

i

BENCHMARK

Mortgage

Trust

4

.227

02/15/51

1,665

Series

-

2018

B2

(Class

C)

4,675,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.114%

6

.450

10/15/36

4,506

Series

-

2019

XL

(Class

F)

26,179,700

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.197%

5

.515

10/15/38

24,890

Series

-

2021

XL2

(Class

C)

1,390,073

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.846%

6

.164

10/15/38

1,310

Series

-

2021

XL2

(Class

E)

6,000,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.271%

5

.589

12/15/38

5,771

Series

-

2021

CIP

(Class

B)

2,000,000

g,i

BX

Commercial

Mortgage

Trust

6

.176

01/17/39

1,899

Series

-

2022

AHP

(Class

B)

5,650,000

g,i

Citigroup

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.900%

6

.218

10/15/36

5,326

Series

-

2021

PRM2

(Class

D)

7,000,000

g,i

Citigroup

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.400%

6

.718

10/15/36

6,555

Series

-

2021

PRM2

(Class

E)

2,000,000

g

COMM

Mortgage

Trust

3

.397

03/10/46

1,989

Series

-

2013

CR6

(Class

B)

1,000,000

i

COMM

Mortgage

Trust

4

.544

10/10/47

927

Series

-

2014

LC17

(Class

C)

2,500,000

i

COMM

Mortgage

Trust

4

.467

10/10/48

2,328

Series

-

2015

CR26

(Class

B)

10,000,000

g,i

Connecticut

Avenue

Securities

Trust

5

.478

10/25/41

9,753

Series

-

2021

R01

(Class

1M2)

3,949,166

g,i

Connecticut

Avenue

Securities

Trust

4

.828

11/25/41

3,879

Series

-

2021

R02

(Class

2M1)

9,000,000

g,i

Connecticut

Avenue

Securities

Trust

5

.578

12/25/41

8,502

Series

-

2021

R03

(Class

1M2)

6,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

5

.638

11/15/38

5,712

Series

-

2021

ELP

(Class

C)

4,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

6

.436

11/15/38

4,152

Series

-

2021

ELP

(Class

E)

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

312

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,999,900

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

2.300%

6

.618

%

10/15/38

$

4,604

Series

-

2021

EQAZ

(Class

E)

15,000,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.428

01/25/42

13,593

Series

-

2022

DNA1

(Class

M2)

5,488,084

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

1

.349

02/25/42

5,399

Series

-

2022

DNA2

(Class

M1A)

4,000,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

3.350%

7

.668

11/15/36

3,706

Series

-

2021

ARDN

(Class

E)

2,000,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.620

01/16/37

1,720

Series

-

2020

NNN

(Class

DFX)

2,200,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.482

09/15/47

2,048

Series

-

2014

C23

(Class

B)

3,479,675

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.869

02/15/47

3,368

Series

-

2014

C14

(Class

B)

5,000,000

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014

C19

4

.000

12/15/47

4,633

Series

-

2014

C19

(Class

B)

3,986,816

g,i

Morgan

Stanley

Capital

I

Inc

LIBOR

1

M

+

1.377%

5

.695

11/15/23

3,786

Series

-

2021

ILP

(Class

C)

2,500,000

g

MRCD

Mortgage

Trust

2

.718

12/15/36

2,212

Series

-

2019

PARK

(Class

E)

2,500,000

g

MRCD

Mortgage

Trust

2

.718

12/15/36

2,232

Series

-

2019

PARK

(Class

D)

2,500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.200%

6

.518

07/15/36

2,275

Series

-

2019

MILE

(Class

C)

7,716,724

g,i

SMR

Mortgage

Trust

6

.736

02/15/39

7,293

Series

-

2022

IND

(Class

B)

2,000,000

g,i

SREIT

Trust

LIBOR

1

M

+

1.171%

5

.489

11/15/36

1,914

Series

-

2021

MFP2

(Class

B)

1,604,065

g

Verus

Securitization

Trust

3

.000

11/25/59

1,528

Series

-

2019

4

(Class

A3)

8,170,998

g,i

Verus

Securitization

Trust

2

.240

10/25/66

6,660

Series

-

2021

7

(Class

A3)

1,951,000

i

WFRBS

Commercial

Mortgage

Trust

4

.192

03/15/45

1,885

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

172,350

TOTAL

STRUCTURED

ASSETS

204,959

(Cost

$220,652)

TOTAL

BONDS

7,037,824

(Cost

$7,550,974)

SHORT-TERM

INVESTMENTS

-

0.3%

REPURCHASE

AGREEMENT

-

0.2%

10,480,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

10,480

TOTAL

REPURCHASE

AGREEMENT

10,480

Portfolio

of

investments

CREF

Inflation-Linked

Bond

Account

December

31,

2022

313

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

SHARES

COMPANY

RATE

VALUE

(000)

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.1%

8,815,771

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

%

$

8,816

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

8,816

TOTAL

SHORT-TERM

INVESTMENTS

19,296

(Cost

$19,296)

TOTAL

INVESTMENTS

-

99.8%

7,092,880

(Cost

$7,606,301)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

13,341

NET

ASSETS

-

100.0%

$7,106,221

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

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

$8,466,121.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$10,480,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.375%

and

maturity

date

10/31/28,

valued

at

$10,689,681.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

US

Long

Bond

CBT

(

19‌

)

03/22/23

 $

(

2,404‌

)

$

(

2,382‌

)

$

22‌

US

Ultra

Bond

CBT

(

200‌

)

03/22/23

(

27,136‌

)

(

26,862‌

)

274‌

Total

(

219‌

)

  $

(

29,540‌

)

 $

(

29,244‌

)

 $

296‌

CREF

Social

Choice

Account

December

31,

2022

Portfolio

of

investments

314

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANK

LOAN

OBLIGATIONS

-

0.1%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

$

15,760,000

i

LTR

Intermediate

Holdings,

Inc

LIBOR

12

M

+

4.500%

8

.884

%

05/05/28

$

14,381

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,381

UTILITIES

-

0.0%

11,880,300

i

TerraForm

Power

Operating

LLC

SOFR

4M

+

2.750%

7

.430

05/21/29

11,812

TOTAL

UTILITIES

11,812

TOTAL

BANK

LOAN

OBLIGATIONS

26,193

(Cost

$27,332)

BONDS

-

40.6%

CORPORATE

BONDS

-

12.2%

AUTOMOBILES

&

COMPONENTS

-

0.3%

9,665,000

Ford

Motor

Co

3

.250

02/12/32

7,248

9,000,000

e

General

Motors

Co

5

.400

10/15/29

8,589

14,900,000

General

Motors

Co

5

.600

10/15/32

13,842

12,925,000

g

Hyundai

Capital

Services,

Inc

1

.250

02/08/26

11,225

12,866,000

Magna

International,

Inc

3

.625

06/15/24

12,576

8,727,000

Toyota

Motor

Credit

Corp

2

.150

02/13/30

7,342

TOTAL

AUTOMOBILES

&

COMPONENTS

60,822

BANKS

-

1.8%

15,000,000

g

ABN

AMRO

Bank

NV

2

.470

12/13/29

12,129

6,925,000

g

Banco

Nacional

de

Comercio

Exterior

SNC

2

.720

08/11/31

5,777

11,575,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

9,951

11,181,000

Bank

of

America

Corp

0

.981

09/25/25

10,291

11,993,000

Bank

of

America

Corp

2

.456

10/22/25

11,332

11,750,000

Bank

of

America

Corp

2

.687

04/22/32

9,405

10,000,000

Bank

of

Montreal

3

.803

12/15/32

8,805

5,000,000

Bank

of

Nova

Scotia

0

.650

07/31/24

4,661

4,350,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

3,622

1,825,000

e

Canadian

Imperial

Bank

of

Commerce

0

.950

10/23/25

1,640

11,250,000

Citigroup,

Inc

0

.776

10/30/24

10,779

14,091,000

e

Citigroup,

Inc

1

.281

11/03/25

12,984

4,841,000

Citigroup,

Inc

2

.014

01/25/26

4,486

6,375,000

e,i

Citigroup,

Inc

SOFR

+

0.694%

4

.615

01/25/26

6,232

10,000,000

HSBC

Holdings

plc

5

.210

08/11/28

9,648

6,575,000

HSBC

Holdings

plc

5

.402

08/11/33

6,089

10,000,000

g

ING

Groep

NV

1

.400

07/01/26

8,990

10,000,000

ING

Groep

NV

2

.727

04/01/32

7,967

9,174,000

g

Intesa

Sanpaolo

S.p.A

3

.375

01/12/23

9,169

1,825,000

g

Intesa

Sanpaolo

S.p.A

5

.017

06/26/24

1,754

9,750,000

g

Intesa

Sanpaolo

S.p.A

3

.250

09/23/24

9,248

5,600,000

e,g

Intesa

Sanpaolo

S.p.A

8

.248

11/21/33

5,681

6,000,000

g

Intesa

Sanpaolo

S.p.A

4

.950

06/01/42

3,853

5,000,000

JPMorgan

Chase

&

Co

1

.040

02/04/27

4,349

5,990,000

JPMorgan

Chase

&

Co

3

.650

N/A‡

5,129

4,000,000

Lloyds

Banking

Group

plc

4

.500

11/04/24

3,903

11,125,000

g

National

Australia

Bank

Ltd

2

.332

08/21/30

8,469

12,638,000

National

Bank

of

Canada

0

.550

11/15/24

12,096

2,790,000

NatWest

Group

plc

2

.359

05/22/24

2,750

10,457,000

Santander

Holdings

USA,

Inc

5

.807

09/09/26

10,378

7,656,000

e

SVB

Financial

Group

2

.100

05/15/28

6,330

12,775,000

e

SVB

Financial

Group

1

.800

02/02/31

9,320

12,635,000

SVB

Financial

Group

4

.100

N/A‡

7,231

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

315

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,675,000

g

UBS

Group

AG.

1

.494

%

08/10/27

$

10,045

10,000,000

g

UBS

Group

AG.

2

.746

02/11/33

7,728

7,150,000

g

UBS

Group

AG.

3

.179

02/11/43

4,911

15,000,000

g

UniCredit

S.p.A

2

.569

09/22/26

13,283

3,600,000

g

UniCredit

S.p.A

5

.459

06/30/35

2,925

10,000,000

g

United

Overseas

Bank

Ltd

2

.000

10/14/31

8,727

7,885,000

g

USAA

Capital

Corp

2

.125

05/01/30

6,461

10,450,000

Wells

Fargo

&

Co

4

.540

08/15/26

10,241

9,500,000

Westpac

Banking

Corp

3

.020

11/18/36

7,063

TOTAL

BANKS

315,832

CAPITAL

GOODS

-

0.1%

1,685,000

g

Korea

East-West

Power

Co

Ltd

3

.600

05/06/25

1,629

5,000,000

Otis

Worldwide

Corp

3

.112

02/15/40

3,646

450,000

Siemens

Financieringsmaatschappij

NV

1

.200

03/11/26

401

12,500,000

g

Siemens

Financieringsmaatschappij

NV

1

.200

03/11/26

11,139

10,500,000

g

Triton

Container

International

Ltd

1

.150

06/07/24

9,711

TOTAL

CAPITAL

GOODS

26,526

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

10,000,000

Mather

Foundation

2

.675

10/01/31

8,177

15,810,000

Rockefeller

Foundation

2

.492

10/01/50

10,017

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,194

CONSUMER

SERVICES

-

0.6%

2,900,000

Bush

Foundation

2

.754

10/01/50

1,884

3,125,000

Conservation

Fund

3

.474

12/15/29

2,687

10,000,000

Henry

J

Kaiser

Family

Foundation

3

.356

12/01/25

9,430

5,145,000

Low

Income

Investment

Fund

3

.711

07/01/29

4,827

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2

.673

07/01/31

6,374

3,440,000

i

Nature

Conservancy

LIBOR

3

M

+

1.080%

6

.766

02/01/24

3,437

1,720,000

Nature

Conservancy

2

.668

03/01/26

1,624

3,000,000

Nature

Conservancy

3

.001

03/01/29

2,715

10,437,000

Nature

Conservancy

3

.957

03/01/52

8,339

17,500,000

New

York

Public

Library

Astor

Lenox

&

Tilden

Foundations

4

.305

07/01/45

14,762

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4

.479

12/01/32

8,853

2,855,000

Salvation

Army

5

.637

09/01/26

2,862

20,000,000

Salvation

Army

4

.528

09/01/48

17,877

12,300,000

Starbucks

Corp

2

.450

06/15/26

11,392

11,440,000

Wisconsin

Alumni

Research

Foundation

3

.564

10/01/49

7,794

11,065,000

YMCA

of

Greater

New

York

5

.151

08/01/48

9,240

TOTAL

CONSUMER

SERVICES

114,097

DIVERSIFIED

FINANCIALS

-

1.6%

9,400,000

i

AerCap

Ireland

Capital

DAC

SOFR

+

0.680%

5

.003

09/29/23

9,228

10,500,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

8,797

5,000,000

BB

Blue

Financing

DAC

4

.395

09/20/29

4,881

10,839,600

BB

Blue

Financing

DAC

4

.395

09/20/37

10,688

20,525,000

g

BPCE

S.A.

2

.045

10/19/27

17,691

15,850,000

g

BPCE

S.A.

3

.116

10/19/32

11,565

11,645,000

Community

Preservation

Corp

2

.867

02/01/30

9,842

2,150,000

g

Cooperatieve

Rabobank

UA

1

.004

09/24/26

1,899

10,375,000

Credit

Suisse

AG.

5

.000

07/09/27

9,456

5,000,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

3,996

6,750,000

g

Credit

Suisse

Group

AG.

6

.442

08/11/28

6,147

4,750,000

Enterprise

Community

Loan

Fund,

Inc

4

.152

11/01/28

4,491

15,000,000

Ford

Foundation

2

.815

06/01/70

8,749

10,000,000

Goldman

Sachs

Group,

Inc

0

.855

02/12/26

9,042

8,300,000

e

ING

Groep

NV

4

.017

03/28/28

7,761

10,000,000

Morgan

Stanley

0

.791

01/22/25

9,461

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

316

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,950,000

Morgan

Stanley

0

.985

%

12/10/26

$

10,471

12,500,000

Morgan

Stanley

2

.484

09/16/36

9,064

11,400,000

g,i

NatWest

Markets

plc

SOFR

+

0.530%

4

.656

08/12/24

11,204

10,000,000

g

NongHyup

Bank

1

.250

07/20/25

9,035

1,211,000

Reinvestment

Fund,

Inc

3

.166

11/01/23

1,182

3,000,000

Reinvestment

Fund,

Inc

3

.600

02/15/24

2,939

10,250,000

Reinvestment

Fund,

Inc

3

.366

11/01/24

9,876

2,570,000

Reinvestment

Fund,

Inc

3

.513

11/01/25

2,431

15,240,000

Reinvestment

Fund,

Inc

3

.880

02/15/27

14,239

7,435,000

Reinvestment

Fund,

Inc

3

.930

02/15/28

6,848

1,325,000

g

Starwood

Property

Trust,

Inc

5

.500

11/01/23

1,314

4,430,000

g

Starwood

Property

Trust,

Inc

4

.375

01/15/27

3,877

11,075,000

Unilever

Capital

Corp

2

.000

07/28/26

10,093

5,523,000

Unilever

Capital

Corp

2

.125

09/06/29

4,674

6,125,000

Unilever

Capital

Corp

1

.375

09/14/30

4,784

8,475,000

Unilever

Capital

Corp

1

.750

08/12/31

6,659

9,425,000

e

Unilever

Capital

Corp

2

.625

08/12/51

6,076

3,450,000

g

WLB

Asset

II

B

Pte

Ltd

3

.950

12/10/24

3,235

5,500,000

g

WLB

Asset

II

C

Pte

Ltd

3

.900

12/23/25

5,060

15,750,000

g

WLB

Asset

II

D

Pte

Ltd

6

.500

12/21/26

15,646

1,925,000

g

WLB

Asset

II

Pte

Ltd

4

.000

01/14/24

1,879

TOTAL

DIVERSIFIED

FINANCIALS

274,280

ENERGY

-

0.5%

8,000,000

g

Aker

BP

ASA

2

.875

01/15/26

7,390

10,000,000

g

Aker

BP

ASA

4

.000

01/15/31

8,764

9,875,000

BP

Capital

Markets

America,

Inc

2

.772

11/10/50

6,304

2,650,000

Cenovus

Energy,

Inc

2

.650

01/15/32

2,116

9,625,000

Enbridge,

Inc

2

.500

01/15/25

9,106

2,923,000

Enbridge,

Inc

5

.750

07/15/80

2,643

8,125,000

e

Equinor

ASA

2

.375

05/22/30

6,910

5,932,000

Equinor

ASA

3

.950

05/15/43

4,956

12,450,000

Equinor

ASA

3

.250

11/18/49

9,043

3,875,000

ONEOK,

Inc

4

.000

07/13/27

3,646

6,200,000

ONEOK,

Inc

4

.950

07/13/47

4,994

11,700,000

e,g

Santos

Finance

Ltd

3

.649

04/29/31

9,300

4,540,000

e,g

Sunnova

Energy

Corp

5

.875

09/01/26

4,056

12,850,000

Total

Capital

International

S.A.

2

.986

06/29/41

9,572

11,316,000

Total

Capital

International

S.A.

3

.127

05/29/50

7,992

TOTAL

ENERGY

96,792

FOOD

&

STAPLES

RETAILING

-

0.1%

18,954,000

Walmart,

Inc

1

.800

09/22/31

15,425

TOTAL

FOOD

&

STAPLES

RETAILING

15,425

FOOD,

BEVERAGE

&

TOBACCO

-

0.2%

10,000,000

g

NBM

US

Holdings,

Inc

6

.625

08/06/29

9,658

10,000,000

PepsiCo,

Inc

3

.900

07/18/32

9,429

16,674,000

e

PepsiCo,

Inc

2

.875

10/15/49

11,912

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

30,999

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3

.786

04/01/51

1,574

10,385,000

Stanford

Health

Care

3

.027

08/15/51

6,826

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

8,400

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.1%

5,300,000

Procter

&

Gamble

Co

3

.000

03/25/30

4,842

12,975,000

Procter

&

Gamble

Co

1

.200

10/29/30

10,181

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

15,023

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

317

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

INSURANCE

-

0.4%

$

11,450,000

g

AIA

Group

Ltd

3

.375

%

04/07/30

$

10,065

11,400,000

g

Empower

Finance

2020

LP

1

.357

09/17/27

9,518

8,178,000

First

American

Financial

Corp

2

.400

08/15/31

5,976

3,975,000

g

Five

Corners

Funding

Trust

4

.419

11/15/23

3,941

14,425,000

g

Five

Corners

Funding

Trust

II

2

.850

05/15/30

12,092

4,700,000

g

Great-West

Lifeco

US

Finance

2020

LP

0

.904

08/12/25

4,180

5,200,000

g

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

5,176

10,000,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

8,193

7,504,000

Prudential

Financial,

Inc

1

.500

03/10/26

6,756

2,152,000

Prudential

Financial,

Inc

3

.700

10/01/50

1,816

TOTAL

INSURANCE

67,713

MATERIALS

-

0.6%

6,550,000

e,g

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

6,106

10,000,000

g

Celulosa

Arauco

y

Constitucion

S.A.

5

.150

01/29/50

8,689

10,500,000

e

Fibria

Overseas

Finance

Ltd

5

.500

01/17/27

10,535

10,500,000

g

FMG

Resources

August

2006

Pty

Ltd

6

.125

04/15/32

9,792

3,409,000

International

Paper

Co

4

.800

06/15/44

2,944

12,000,000

g

Inversiones

CMPC

S.A.

4

.375

04/04/27

11,595

8,000,000

g

Klabin

Austria

GmbH

7

.000

04/03/49

7,848

6,855,000

g

LG

Chem

Ltd

4

.375

07/14/25

6,635

3,250,000

g

LG

Chem

Ltd

3

.625

04/15/29

2,966

5,000,000

e

Newmont

Corp

2

.250

10/01/30

4,019

9,875,000

PPG

Industries,

Inc

1

.200

03/15/26

8,753

11,500,000

Sonoco

Products

Co

1

.800

02/01/25

10,686

5,525,000

Sonoco

Products

Co

2

.250

02/01/27

4,913

12,736,000

Teck

Resources

Ltd

3

.900

07/15/30

11,390

TOTAL

MATERIALS

106,871

MEDIA

&

ENTERTAINMENT

-

0.1%

10,000,000

Alphabet,

Inc

1

.100

08/15/30

7,826

7,025,000

Paramount

Global

6

.375

03/30/62

5,743

9,100,000

g

RGA

Global

Funding

2

.700

01/18/29

7,707

TOTAL

MEDIA

&

ENTERTAINMENT

21,276

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.4%

4,800,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

3,300

8,350,000

Bristol-Myers

Squibb

Co

3

.700

03/15/52

6,495

5,625,000

Gilead

Sciences,

Inc

2

.600

10/01/40

3,925

15,400,000

e

Gilead

Sciences,

Inc

2

.800

10/01/50

9,846

12,550,000

Merck

&

Co,

Inc

2

.150

12/10/31

10,248

8,800,000

Merck

&

Co,

Inc

2

.750

12/10/51

5,880

7,000,000

PerkinElmer,

Inc

2

.250

09/15/31

5,485

1,600,000

Pfizer,

Inc

2

.625

04/01/30

1,405

5,400,000

e

Pfizer,

Inc

1

.750

08/18/31

4,335

14,675,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

11,978

8,500,000

Takeda

Pharmaceutical

Co

Ltd

3

.175

07/09/50

5,733

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

68,630

REAL

ESTATE

-

0.4%

6,225,000

Brandywine

Operating

Partnership

LP

3

.950

11/15/27

5,225

8,595,000

Brixmor

Operating

Partnership

LP

3

.900

03/15/27

7,861

6,600,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

5,447

1,500,000

ERP

Operating

LP

4

.150

12/01/28

1,399

8,800,000

Federal

Realty

Investment

Trust

1

.250

02/15/26

7,750

4,470,000

g

HAT

Holdings

I

LLC

3

.375

06/15/26

3,884

10,000,000

g

HAT

Holdings

I

LLC

3

.750

09/15/30

7,348

3,900,000

Host

Hotels

&

Resorts

LP

2

.900

12/15/31

2,983

11,075,000

Kilroy

Realty

LP

3

.450

12/15/24

10,601

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

318

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,211,000

Kilroy

Realty

LP

2

.650

%

11/15/33

$

840

8,550,000

National

Community

Renaissance

of

California

3

.270

12/01/32

6,830

16,822,000

Regency

Centers

LP

3

.750

06/15/24

16,314

TOTAL

REAL

ESTATE

76,482

RETAILING

-

0.1%

4,100,000

Advance

Auto

Parts,

Inc

1

.750

10/01/27

3,440

6,200,000

Genuine

Parts

Co

1

.750

02/01/25

5,789

5,525,000

Lowe's

Cos,

Inc

2

.800

09/15/41

3,760

TOTAL

RETAILING

12,989

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

11,550,000

e

Intel

Corp

4

.150

08/05/32

10,799

7,208,000

NXP

BV

3

.400

05/01/30

6,229

10,000,000

g

SK

Hynix,

Inc

2

.375

01/19/31

7,331

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

24,359

SOFTWARE

&

SERVICES

-

0.3%

3,250,000

Autodesk,

Inc

2

.400

12/15/31

2,596

9,500,000

Automatic

Data

Processing,

Inc

1

.700

05/15/28

8,247

10,000,000

Automatic

Data

Processing,

Inc

1

.250

09/01/30

7,816

7,725,000

Mastercard,

Inc

1

.900

03/15/31

6,275

7,500,000

Visa,

Inc

1

.900

04/15/27

6,754

17,000,000

e

Visa,

Inc

1

.100

02/15/31

13,021

TOTAL

SOFTWARE

&

SERVICES

44,709

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

Apple,

Inc

3

.000

06/20/27

13,420

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,420

TELECOMMUNICATION

SERVICES

-

0.3%

9,000,000

i

Verizon

Communications,

Inc

SOFR

+

0.790%

5

.113

03/20/26

8,773

14,225,000

Verizon

Communications,

Inc

2

.550

03/21/31

11,698

22,950,000

Verizon

Communications,

Inc

3

.400

03/22/41

17,256

1,800,000

e

Vodafone

Group

plc

3

.250

06/04/81

1,503

10,000,000

Vodafone

Group

plc

4

.125

06/04/81

7,422

TOTAL

TELECOMMUNICATION

SERVICES

46,652

TRANSPORTATION

-

0.1%

8,799,000

Vessel

Management

Services,

Inc

5

.125

04/16/35

8,885

TOTAL

TRANSPORTATION

8,885

UTILITIES

-

3.9%

14,114,000

AES

Corp

2

.450

01/15/31

11,228

8,500,000

Algonquin

Power

&

Utilities

Corp

4

.750

01/18/82

6,885

12,325,000

e

Ameren

Illinois

Co

2

.900

06/15/51

8,198

3,605,000

Arizona

Public

Service

Co

3

.750

05/15/46

2,545

4,500,000

Atlantic

City

Electric

Co

2

.300

03/15/31

3,663

3,345,000

Avangrid,

Inc

3

.150

12/01/24

3,197

14,950,000

Avangrid,

Inc

3

.200

04/15/25

14,287

13,200,000

Avangrid,

Inc

3

.800

06/01/29

11,995

10,275,000

Avista

Corp

4

.350

06/01/48

8,524

5,900,000

e,g

Azure

Power

Solar

Energy

Pvt

Ltd

5

.650

12/24/24

5,134

7,050,000

g

Brooklyn

Union

Gas

Co

4

.632

08/05/27

6,724

10,000,000

g

Brooklyn

Union

Gas

Co

4

.866

08/05/32

9,343

9,750,000

g

Brooklyn

Union

Gas

Co

4

.273

03/15/48

7,297

13,500,000

g

Brooklyn

Union

Gas

Co

4

.487

03/04/49

10,308

9,875,000

CenterPoint

Energy

Houston

Electric

LLC

2

.350

04/01/31

8,188

12,350,000

CenterPoint

Energy

Houston

Electric

LLC

3

.350

04/01/51

9,088

3,550,000

CMS

Energy

Corp

4

.750

06/01/50

3,071

3,100,000

CMS

Energy

Corp

3

.750

12/01/50

2,335

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

319

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,300,000

g

Colbun

S.A.

3

.150

%

01/19/32

$

9,520

17,500,000

Commonwealth

Edison

Co

2

.750

09/01/51

11,199

7,525,000

g

Consorcio

Transmantaro

SA

4

.700

04/16/34

6,848

9,376,000

Consumers

Energy

Co

2

.500

05/01/60

5,248

5,358,950

g

Continental

Wind

LLC

6

.000

02/28/33

5,366

2,162,363

g

Continuum

Energy

Levanter

Pte

Ltd

4

.500

02/09/27

1,940

7,110,000

Dominion

Energy,

Inc

3

.600

03/15/27

6,682

8,325,000

e

Dominion

Energy,

Inc

4

.350

N/A‡

6,992

4,000,000

Dominion

Energy,

Inc

(Step

Bond)

3

.071

08/15/24

3,854

14,125,000

DTE

Electric

Co

1

.900

04/01/28

12,274

9,025,000

DTE

Electric

Co

3

.250

04/01/51

6,457

10,000,000

Duke

Energy

Florida

LLC

2

.500

12/01/29

8,546

4,000,000

Duke

Energy

Progress

LLC

3

.450

03/15/29

3,682

8,850,000

Eastern

Energy

Gas

Holdings

LLC

2

.500

11/15/24

8,430

11,625,000

g

EDP

Finance

BV

3

.625

07/15/24

11,222

20,250,000

g

Electricite

de

France

S.A.

3

.625

10/13/25

19,518

11,735,000

Essential

Utilities,

Inc

2

.704

04/15/30

9,843

9,375,000

Essential

Utilities,

Inc

3

.351

04/15/50

6,402

2,800,000

Eversource

Energy

0

.800

08/15/25

2,509

9,885,000

Georgia

Power

Co

3

.250

04/01/26

9,346

8,700,000

Georgia

Power

Co

5

.125

05/15/52

8,155

8,096,850

g

India

Cleantech

Energy

4

.700

08/10/26

6,917

9,700,000

Interstate

Power

&

Light

Co

3

.500

09/30/49

6,907

24,325,000

g

Korea

Hydro

&

Nuclear

Power

Co

Ltd

3

.750

07/25/23

24,220

16,441,000

g

Liberty

Utilities

Finance

GP

2

.050

09/15/30

12,351

1,000,000

MidAmerican

Energy

Co

3

.950

08/01/47

814

3,596,000

MidAmerican

Energy

Co

3

.150

04/15/50

2,545

12,350,000

National

Fuel

Gas

Co

5

.500

01/15/26

12,286

3,400,000

National

Fuel

Gas

Co

4

.750

09/01/28

3,178

11,250,000

National

Fuel

Gas

Co

2

.950

03/01/31

8,816

11,610,000

g

New

York

State

Electric

&

Gas

Corp

2

.150

10/01/31

9,046

13,164,000

g

Niagara

Mohawk

Power

Corp

1

.960

06/27/30

10,406

9,732,000

g

Niagara

Mohawk

Power

Corp

4

.278

10/01/34

8,417

9,750,000

g

Niagara

Mohawk

Power

Corp

4

.119

11/28/42

7,544

5,250,000

Northwest

Natural

Gas

Co

3

.078

12/01/51

3,251

16,250,000

PacifiCorp

2

.900

06/15/52

10,608

9,050,000

PacifiCorp

5

.350

12/01/53

8,957

7,113,000

Piedmont

Natural

Gas

Co,

Inc

3

.350

06/01/50

4,758

630,000

Public

Service

Co

of

Colorado

4

.750

08/15/41

552

5,000,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

3,547

2,975,000

Public

Service

Co

of

New

Hampshire

3

.600

07/01/49

2,283

1,379,000

Public

Service

Co

of

Oklahoma

2

.200

08/15/31

1,098

6,134,000

Public

Service

Electric

&

Gas

Co

3

.200

08/01/49

4,379

19,475,000

Public

Service

Enterprise

Group,

Inc

0

.800

08/15/25

17,454

14,000,000

San

Diego

Gas

&

Electric

Co

2

.950

08/15/51

9,455

3,145,710

SCE

Recovery

Funding

LLC

1

.977

11/15/28

2,863

7,100,000

SCE

Recovery

Funding

LLC

2

.943

11/15/42

5,551

2,640,000

SCE

Recovery

Funding

LLC

3

.240

11/15/46

1,895

6,900,000

Sempra

Energy

4

.875

N/A‡

6,380

6,250,000

g

Sociedad

de

Transmision

Austral

S.A.

4

.000

01/27/32

5,399

20,292,066

g

Solar

Star

Funding

LLC

3

.950

06/30/35

17,423

19,253,611

g

Solar

Star

Funding

LLC

5

.375

06/30/35

18,714

750,000

e

Southern

California

Edison

Co

2

.750

02/01/32

628

5,000,000

e

Southern

California

Edison

Co

3

.450

02/01/52

3,557

10,348,000

Southern

Power

Co

4

.150

12/01/25

10,142

14,825,000

Southwestern

Electric

Power

Co

3

.250

11/01/51

9,746

5,613,000

Southwestern

Public

Service

Co

3

.750

06/15/49

4,295

18,650,000

Southwestern

Public

Service

Co

3

.150

05/01/50

12,863

19,134,880

g

Star

Energy

Geothermal

Wayang

Windu

Ltd

6

.750

04/24/33

18,051

15,643,058

g

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

12,534

16,612,000

g

TerraForm

Power

Operating

LLC

5

.000

01/31/28

14,951

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

320

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

17,370,989

g

Topaz

Solar

Farms

LLC

4

.875

%

09/30/39

$

15,330

9,776,284

g

Topaz

Solar

Farms

LLC

5

.750

09/30/39

9,263

2,775,000

TransAlta

Corp

7

.750

11/15/29

2,834

8,083,302

g

UEP

Penonome

II

S.A.

6

.500

10/01/38

5,911

15,000,000

Union

Electric

Co

2

.150

03/15/32

11,856

8,325,000

Union

Electric

Co

2

.625

03/15/51

5,246

6,275,000

Union

Electric

Co

3

.900

04/01/52

5,055

3,775,000

g

Vistra

Corp

7

.000

N/A‡

3,435

10,049,000

Wisconsin

Power

and

Light

Co

3

.950

09/01/32

9,197

TOTAL

UTILITIES

688,951

TOTAL

CORPORATE

BONDS

2,157,327

(Cost

$2,546,985)

GOVERNMENT

BONDS

-

24.2%

AGENCY

SECURITIES

-

1.5%

3,635,000

Canal

Barge

Co,

Inc

4

.500

11/12/34

3,564

13,014,095

Crowley

Conro

LLC

4

.181

08/15/43

12,137

754,231

DY7

Leasing

LLC

2

.578

12/10/25

725

4,733,703

Ethiopian

Leasing

LLC

2

.566

08/14/26

4,435

23,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.375

05/05/23

22,682

18,700,000

FHLMC

0

.250

08/24/23

18,156

13,650,000

FHLMC

0

.250

09/08/23

13,239

23,636,000

FHLMC

0

.250

12/04/23

22,656

25,000,000

FHLMC

1

.540

08/17/35

17,103

20,000,000

Federal

National

Mortgage

Association

(FNMA)

0

.250

07/10/23

19,531

8,000,000

FNMA

0

.625

04/22/25

7,350

18,880,000

FNMA

0

.875

08/05/30

14,987

9,000,000

FNMA

1

.625

08/24/35

6,255

5,950,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3

.000

06/30/25

5,737

3,375,000

i

India

Government

AID

Bond

LIBOR

3

M

+

0.100%

4

.540

02/01/27

3,329

14,585,000

Montefiore

Medical

Center

2

.895

04/20/32

13,270

505,932

Overseas

Private

Investment

Corp

(OPIC)

2

.040

12/15/26

488

10,713,794

OPIC

3

.220

09/15/29

10,126

4,825,146

OPIC

1

.790

10/15/29

4,328

15,078,580

OPIC

2

.360

10/15/29

13,809

2,460,500

OPIC

2

.930

05/15/30

2,298

4,066,300

OPIC

3

.040

05/15/30

3,814

10,833,511

OPIC

3

.430

06/01/33

10,116

5,182,122

OPIC

2

.450

07/15/38

4,410

8,000,000

Private

Export

Funding

Corp

(PEFCO)

3

.250

06/15/25

7,701

11,951,205

Thirax   LLC

0

.968

01/14/33

9,829

3,781,127

Thirax

2

LLC

2

.320

01/22/34

3,273

1,775,000

United

States

International

Development

Finance

Corp

1

.440

04/15/28

1,541

1,000,000

United

States

International

Development

Finance

Corp

1

.650

04/15/28

876

8,396,957

United

States

International

Development

Finance

Corp

1

.630

07/15/38

6,708

2,386,000

US

Department

of

Housing

and

Urban

Development

(HUD)

2

.910

08/01/23

2,367

5,000,000

HUD

3

.535

08/01/36

4,271

TOTAL

AGENCY

SECURITIES

271,111

FOREIGN

GOVERNMENT

BONDS

-

3.1%

17,761,000

African

Development

Bank

0

.750

04/03/23

17,590

11,850,000

g

Arab

Petroleum

Investments

Corp

1

.483

10/06/26

10,547

9,500,000

Asian

Development

Bank

2

.125

03/19/25

9,030

6,500,000

Asian

Development

Bank

1

.750

08/14/26

5,947

19,194,000

Asian

Development

Bank

3

.125

09/26/28

18,069

12,500,000

Asian

Development

Bank

1

.500

03/04/31

10,273

EUR

7,925,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

6,383

12,400,000

g

BNG

Bank

NV

2

.625

02/27/24

12,080

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

321

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CLP

9,475,000,000

g

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos

2

.300

%

10/01/28

$

9,409

$

5,500,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.375

05/27/24

5,163

1,900,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.625

02/18/26

1,688

4,750,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.375

01/20/31

3,821

5,000,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

2

.125

01/26/32

4,200

21,980,000

Canada

Government

International

Bond

2

.875

04/28/25

21,258

12,500,000

g

CDP

Financial,

Inc

1

.000

05/26/26

11,109

10,075,000

Chile

Government

International

Bond

3

.100

05/07/41

7,237

10,125,000

Council

Of

Europe

Development

Bank

3

.000

06/16/25

9,781

15,000,000

g

Development

Bank

of

Japan,

Inc

0

.500

03/04/24

14,239

19,500,000

European

Bank

for

Reconstruction

&

Development

1

.625

09/27/24

18,520

6,540,000

g

European

Investment

Bank

2

.875

06/13/25

6,312

3,750,000

European

Investment

Bank

2

.375

05/24/27

3,482

11,961,000

e

European

Investment

Bank

0

.625

10/21/27

10,146

3,750,000

e

European

Investment

Bank

3

.250

11/15/27

3,604

11,600,000

e

European

Investment

Bank

1

.625

10/09/29

9,926

19,749,000

e

European

Investment

Bank

0

.750

09/23/30

15,492

2,000,000

European

Investment

Bank

4

.875

02/15/36

2,127

10,875,000

Export

Development

Canada

3

.375

08/26/25

10,587

6,619,000

Inter-American

Development

Bank

0

.500

05/24/23

6,511

5,000,000

Inter-American

Development

Bank

1

.125

01/13/31

3,994

10,625,000

e

Inter-American

Investment

Corp

2

.625

04/22/25

10,175

3,215,000

i

International

Bank

for

Reconstruction

&

Development

4

.696

06/17/24

3,226

15,000,000

International

Bank

for

Reconstruction

&

Development

0

.625

04/22/25

13,760

14,750,000

International

Bank

for

Reconstruction

&

Development

3

.125

11/20/25

14,250

28,030,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/27

24,553

10,000,000

International

Bank

for

Reconstruction

&

Development

1

.625

11/03/31

8,185

17,150,000

g

International

Development

Association

2

.750

04/24/23

17,047

10,205,000

International

Finance

Corp

0

.500

03/20/23

10,122

8,750,000

Japan

International

Cooperation

Agency

1

.750

04/28/31

7,055

12,500,000

g

Kommunalbanken

AS.

2

.125

02/11/25

11,896

10,100,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

9,149

9,200,000

i

Kreditanstalt

fuer

Wiederaufbau

SOFR

+

1.000%

5

.103

02/12/24

9,291

11,250,000

Kreditanstalt

fuer

Wiederaufbau

0

.250

03/08/24

10,662

9,537,000

Kreditanstalt

fuer

Wiederaufbau

1

.000

10/01/26

8,474

6,500,000

Kreditanstalt

fuer

Wiederaufbau

1

.750

09/14/29

5,603

13,000,000

Landwirtschaftliche

Rentenbank

0

.875

09/03/30

10,235

18,250,000

e,g

Nederlandse

Waterschapsbank

NV

1

.750

01/15/25

17,260

19,000,000

g

Nederlandse

Waterschapsbank

NV

2

.375

03/24/26

17,810

4,430,000

g

Nederlandse

Waterschapsbank

NV

1

.000

05/28/30

3,530

11,250,000

g

OMERS

Finance

Trust

3

.500

04/19/32

10,143

9,000,000

g

OMERS

Finance

Trust

4

.000

04/19/52

7,160

10,500,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

3

.900

08/20/24

10,369

8,225,000

Peruvian

Government

International

Bond

3

.000

01/15/34

6,478

10,000,000

Province

of

Quebec

Canada

2

.750

04/12/27

9,374

5,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

5,873

15,250,000

Province

of

Quebec

Canada

1

.900

04/21/31

12,644

10,000,000

Republic

of

Italy

Government

International

Bond

2

.875

10/17/29

8,301

7,750,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

5,477

TOTAL

FOREIGN

GOVERNMENT

BONDS

556,627

MORTGAGE

BACKED

-

9.3%

2,805,000

g,i

Connecticut

Avenue

Securities

Trust

5

.828

12/25/41

2,668

3,000,000

g,i

Connecticut

Avenue

Securities

Trust

8

.428

01/25/42

2,848

8,345,000

g,i

Connecticut

Avenue

Securities

Trust

7

.028

03/25/42

8,326

14,910,000

g,i

Connecticut

Avenue

Securities

Trust

7

.778

05/25/42

15,240

14,956,000

g,i

Connecticut

Avenue

Securities

Trust

8

.594

06/25/42

15,699

5,448,750

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

2

.310

12/01/31

4,565

6,875,000

FHLMC

3

.740

06/01/37

6,140

93,769

FHLMC

4

.000

06/01/42

90

959,552

i

FHLMC

LIBOR

1

M

+

5.920%

1

.602

03/15/44

84

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

322

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,266,460

i

FHLMC

LIBOR

1

M

+

9.920%

3

.011

%

06/15/48

$

3,053

2,248,625

i

FHLMC

LIBOR

1

M

+

9.840%

2

.931

10/15/48

2,046

8,926,112

FHLMC

3

.000

11/01/49

7,959

9,367,796

FHLMC

2

.000

09/25/50

1,103

17,440,371

FHLMC

2

.500

02/25/51

2,758

12,316,108

FHLMC

3

.000

11/01/51

10,992

1,441,576

FHLMC

3

.000

11/01/51

1,281

1,304,678

FHLMC

3

.000

11/01/51

1,169

1,745,235

FHLMC

3

.000

11/01/51

1,558

19,384,165

FHLMC

2

.000

02/01/52

15,887

22,960,379

FHLMC

2

.500

02/01/52

19,575

15,619,763

FHLMC

2

.500

03/01/52

13,317

2,673,273

FHLMC

3

.000

04/01/52

2,358

20,038,378

h

FHLMC

3

.500

05/01/52

18,223

483,777

FHLMC

3

.500

06/01/52

442

9,841,496

FHLMC

4

.500

06/01/52

9,473

9,447,064

FHLMC

4

.500

07/01/52

9,094

1,540,419

FHLMC

4

.000

08/25/52

1,318

11,062,723

FHLMC

6

.000

11/01/52

11,232

71

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

7

.000

05/01/23

0

^

3,705

FGLMC

8

.000

01/01/31

4

104,592

FGLMC

4

.500

07/01/33

103

771,163

FGLMC

7

.000

12/01/33

801

210,890

FGLMC

7

.000

05/01/35

217

495,573

FGLMC

5

.000

06/01/36

507

142,183

FGLMC

5

.000

07/01/39

144

217,864

FGLMC

4

.500

10/01/44

213

272,210

FGLMC

4

.500

11/01/44

268

428,083

FGLMC

4

.500

11/01/44

421

260,922

FGLMC

4

.500

12/01/44

256

357,040

FGLMC

4

.500

12/01/44

351

1,122,828

FGLMC

3

.500

04/01/45

1,048

4,356,146

FGLMC

3

.500

10/01/45

4,060

558,431

FGLMC

4

.500

06/01/47

553

1,162,514

FGLMC

4

.000

09/01/47

1,112

821,429

FGLMC

3

.500

12/01/47

764

3,424,982

FGLMC

4

.500

08/01/48

3,386

1,678

Federal

National

Mortgage

Association

(FNMA)

8

.000

07/01/24

2

13,411,866

i

FNMA

2

.759

02/25/27

12,629

3,179,656

i

FNMA

3

.302

06/25/28

3,023

15,250,000

i

FNMA

1

.467

11/25/30

12,184

15,500,000

i

FNMA

1

.246

01/25/31

12,162

1,096,968

FNMA

3

.500

05/01/32

1,071

1,244,235

FNMA

3

.000

10/01/32

1,184

1,222,297

FNMA

5

.000

05/01/35

1,248

811,221

FNMA

5

.000

10/01/35

828

610,301

FNMA

5

.000

02/01/36

622

1,144,505

FNMA

5

.500

11/01/38

1,187

155,084

FNMA

3

.000

05/01/40

141

475,813

FNMA

5

.000

09/01/40

482

1,148,271

FNMA

5

.000

05/01/41

1,163

14,702,433

FNMA

2

.000

03/01/42

12,393

768,881

FNMA

4

.000

09/01/42

737

1,583,672

i

FNMA

LIBOR

1

M

+

5.950%

1

.561

09/25/43

157

1,288,535

FNMA

4

.500

03/01/44

1,277

323,300

FNMA

4

.500

06/01/44

318

3,838,636

FNMA

4

.500

06/01/44

3,767

822,161

FNMA

4

.500

08/01/44

807

2,092,413

FNMA

4

.500

10/01/44

2,056

3,740,112

FNMA

4

.500

11/01/44

3,671

694,956

FNMA

5

.000

11/01/44

706

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

323

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,055,796

FNMA

4

.500

%

12/01/44

$

1,037

421,175

FNMA

4

.000

01/01/45

402

186,035

FNMA

4

.500

03/01/45

183

285,610

FNMA

4

.500

04/01/45

281

2,183,819

FNMA

3

.500

05/01/45

2,041

3,129,596

FNMA

3

.500

01/01/46

2,909

618,500

FNMA

4

.000

04/01/46

591

3,599,599

FNMA

3

.500

06/01/46

3,343

2,360,334

FNMA

3

.500

07/01/46

2,192

3,926,809

FNMA

3

.500

07/01/46

3,674

1,072,339

FNMA

3

.500

08/01/46

996

312,943

FNMA

3

.000

10/01/46

277

2,936,256

FNMA

3

.500

10/01/46

2,726

1,178,720

FNMA

4

.500

05/01/47

1,169

1,632,937

FNMA

4

.000

10/01/47

1,558

248,299

FNMA

3

.500

11/01/47

232

295,472

FNMA

4

.500

11/01/47

290

3,174,266

FNMA

3

.500

01/01/48

2,943

2,089,616

FNMA

4

.500

01/01/48

2,058

1,745,400

FNMA

4

.500

02/01/48

1,721

6,944,890

FNMA

4

.500

03/01/48

6,842

1,499,929

FNMA

4

.500

05/01/48

1,480

1,038,926

FNMA

4

.500

05/01/48

1,025

2,634,899

FNMA

5

.000

08/01/48

2,652

12,726,245

FNMA

3

.000

07/01/50

11,334

5,656,755

FNMA

2

.000

08/25/50

800

14,660,404

FNMA

2

.500

11/25/50

2,133

4,998,264

FNMA

3

.000

12/25/50

787

4,169,181

FNMA

3

.000

02/25/51

852

35,851,161

FNMA

2

.000

04/01/51

29,273

4,672,336

FNMA

3

.000

09/01/51

4,156

5,195,197

FNMA

2

.500

11/25/51

704

15,056,533

FNMA

2

.000

12/01/51

12,338

6,434,187

FNMA

2

.000

01/01/52

5,309

826,329

FNMA

3

.000

01/01/52

730

18,412,880

FNMA

2

.000

02/01/52

15,040

14,100,566

FNMA

2

.500

02/01/52

12,021

24,203,229

FNMA

2

.500

02/01/52

20,634

5,000,907

FNMA

3

.500

02/01/52

4,587

6,269,064

FNMA

2

.000

03/01/52

5,120

2,004,331

FNMA

2

.500

04/01/52

1,709

3,199,654

FNMA

3

.000

04/01/52

2,822

448,946

FNMA

3

.000

04/01/52

396

4,240,181

FNMA

3

.000

04/01/52

3,739

44,138,449

FNMA

3

.000

04/01/52

38,933

26,726,718

FNMA

3

.000

04/01/52

23,569

1,409,579

FNMA

3

.500

04/01/52

1,281

13,617,122

FNMA

3

.500

05/01/52

12,375

29,680,446

h

FNMA

3

.500

05/01/52

26,965

23,660,737

FNMA

4

.000

05/01/52

22,205

16,676,634

FNMA

3

.500

06/01/52

15,201

19,627,179

FNMA

4

.000

06/01/52

18,411

4,894,999

FNMA

4

.500

06/01/52

4,711

43,579,316

FNMA

4

.000

07/01/52

40,893

4,235,294

FNMA

4

.500

07/01/52

4,077

31,904,937

FNMA

4

.500

07/01/52

30,712

30,784,731

FNMA

5

.000

08/01/52

30,359

2,323,072

FNMA

4

.500

08/25/52

2,051

28,186,534

FNMA

3

.500

09/01/52

25,613

13,821,413

h

FNMA

4

.000

09/01/52

12,965

210,217,546

h

FNMA

4

.500

09/01/52

202,351

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

324

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,852,411

FNMA

5

.000

%

09/01/52

$

5,771

2,209,212

FNMA

4

.000

09/25/52

1,964

1,773,450

FNMA

4

.000

09/25/52

1,552

169,100,293

h

FNMA

4

.000

10/01/52

158,622

84,606,487

FNMA

5

.000

10/01/52

83,436

1,688,858

FNMA

4

.500

10/25/52

1,605

1,938,308

FNMA

4

.500

10/25/52

1,851

3,390,871

FNMA

5

.500

11/25/52

3,359

55,127,346

h

FNMA

5

.500

12/01/52

55,275

11,726,428

Freddie

Mac

Multifamily

Variable

Rate

Certificate

2

.875

07/25/36

10,101

265,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.428

10/25/41

252

2,490,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.428

03/25/42

2,473

17,140,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.278

05/25/42

17,255

10,390,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.478

08/25/42

10,320

6,670,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.628

09/25/42

6,811

1,815,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.228

08/25/33

1,796

12,950,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.328

02/25/42

12,611

14,900,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

8

.428

06/25/42

15,601

7,005,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

7

.928

07/25/42

7,070

2,060,950

Government

National

Mortgage

Association

(GNMA)

2

.580

08/15/25

2,043

8,213,119

GNMA

2

.690

06/15/33

7,403

6,828,689

GNMA

3

.700

10/15/33

6,543

57,091

GNMA

5

.000

04/15/38

58

115,971

GNMA

6

.500

11/20/38

123

7,105,022

GNMA

3

.700

08/15/40

6,784

8,352,226

GNMA

2

.500

12/20/43

7,483

11,475,298

GNMA

2

.750

01/15/45

10,218

1,678,650

GNMA

4

.500

12/20/45

1,650

1,389,736

GNMA

4

.000

06/20/46

192

4,508,426

GNMA

3

.500

12/20/46

4,205

3,069,827

GNMA

3

.500

01/20/47

2,866

3,450,363

i

GNMA

LIBOR

1

M

+

6.100%

1

.747

03/20/50

402

1,690,826

GNMA

3

.500

10/20/50

1,564

5,743,325

GNMA

3

.000

07/20/51

5,139

23,084,345

h

GNMA

2

.500

12/20/51

20,024

4,568,028

GNMA

2

.500

02/20/52

3,783

12,591,277

GNMA

2

.500

05/20/52

10,909

60,304,879

GNMA

3

.000

05/20/52

53,697

21,327,762

GNMA

3

.500

07/20/52

19,597

2,379,261

GNMA

4

.000

07/20/52

2,017

7,601,119

GNMA

4

.000

08/20/52

7,193

19,616,995

h

GNMA

4

.000

09/20/52

18,564

4,206,371

GNMA

4

.500

09/20/52

3,805

3,433,337

GNMA

4

.500

09/20/52

3,214

2,887,239

GNMA

4

.500

09/20/52

2,706

33,000,000

h

GNMA

4

.500

12/20/52

32,016

4,747,496

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

3,650

3,113,317

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

2,686

2,968,587

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

2,559

1,252,781

g,i

J.P.

Morgan

Mortgage

Trust

2

.927

05/25/52

948

2,560,246

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

11/25/52

2,146

3,414,723

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

12/25/52

2,730

6,653,520

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

5,149

10,225,664

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

8,732

10,275,071

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

8,395

5,383,662

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

4,297

4,878,960

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

3,901

TOTAL

MORTGAGE

BACKED

1,643,415

MUNICIPAL

BONDS

-

3.0%

2,000,000

g

Basin

Electric

Power

Coop

6

.127

06/01/41

2,094

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

325

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3

.060

%

04/01/25

$

1,131

3,000,000

California

Earthquake

Authority

1

.477

07/01/23

2,950

1,990,000

California

Health

Facilities

Financing

Authority

2

.984

06/01/33

1,644

915,000

California

Health

Facilities

Financing

Authority

4

.353

06/01/41

811

145,000

g

California

Municipal

Finance

Authority

4

.250

11/01/23

143

455,000

California

Municipal

Finance

Authority

2

.138

08/15/27

396

350,000

California

Municipal

Finance

Authority

2

.288

08/15/28

298

500,000

California

Municipal

Finance

Authority

3

.694

08/15/56

317

16,250,000

Chicago

Housing

Authority

4

.361

01/01/38

14,565

11,645,000

Chicago

Metropolitan

Water

Reclamation

District-

Greater

Chicago

5

.720

12/01/38

12,324

3,035,000

City

&

County

of

Honolulu

HI

2

.668

10/01/27

2,790

5,645,000

City

&

County

of

Honolulu

HI

3

.974

09/01/35

5,080

1,615,000

City

&

County

of

Honolulu

HI

4

.004

09/01/36

1,438

7,085,000

City

&

County

of

San

Francisco

CA

4

.000

04/01/47

5,759

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.000

09/01/48

4,154

7,790,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.482

09/01/50

5,182

1,240,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014

6

.332

09/01/51

1,253

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.091

09/01/36

278

5,395,000

City

of

Chicago

IL

7

.750

01/01/42

5,675

1,105,000

City

of

Chicago

IL

7

.750

01/01/42

1,124

1,250,000

City

of

Florence

SC

4

.250

12/01/34

1,162

1,000,000

City

of

Houston

TX

Combined

Utility

System

Revenue

3

.375

11/15/24

977

1,275,000

City

of

Houston

TX

Combined

Utility

System

Revenue

4

.172

11/15/38

1,137

7,500,000

City

of

Los

Angeles

CA

3

.880

09/01/38

6,543

7,190,000

City

of

Los

Angeles

CA

5

.000

09/01/42

6,859

1,530,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

3

.158

05/15/29

1,373

5,850,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

4

.242

05/15/48

4,907

1,780,000

g

City

of

Miami

FL

4

.808

01/01/39

1,625

3,665,000

City

of

Norfolk

VA

3

.050

10/01/36

2,930

4,835,000

City

of

Oakland

CA

2

.070

01/15/29

4,065

3,025,000

City

of

Port

Lions

AK

7

.500

10/01/52

3,051

3,345,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.000

11/01/26

3,138

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.950

11/01/36

3,218

8,615,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.303

11/01/39

7,056

23,010,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

2

.825

11/01/41

17,200

18,500,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

4

.185

11/01/46

15,084

1,000,000

City

of

San

Juan

Capistrano

CA

3

.700

08/01/31

917

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2

.999

11/01/43

4,327

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3

.079

11/01/43

4,258

2,730,000

Commonwealth

Financing

Authority

3

.864

06/01/38

2,400

7,650,000

County

of

Alameda

CA

3

.820

08/01/38

6,601

4,430,000

g

County

of

Fond

Du

Lac

WI

5

.569

11/01/51

4,161

3,500,000

g

County

of

Gallatin

MT

11

.500

09/01/27

3,645

12,015,000

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

3

.490

10/01/42

9,650

3,500,000

District

of

Columbia

3

.432

04/01/42

2,602

15,000,000

District

of

Columbia

Water

&

Sewer

Authority

4

.814

10/01/14

13,028

6,500,000

g

Florida

Development

Finance

Corp

7

.250

07/01/57

6,482

1,000,000

Grant

County

Public

Utility

District

No

2

5

.470

01/01/34

1,003

1,250,000

Grant

County

Public

Utility

District

No

2

4

.164

01/01/35

1,153

22,445,000

Grant

County

Public

Utility

District

No

2

2

.918

01/01/40

16,646

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

326

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,255,000

Grant

County

Public

Utility

District

No

2

3

.210

%

01/01/40

$

7,087

3,230,000

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

3

.056

07/01/39

2,486

16,915,000

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

3

.473

07/01/41

13,578

1,100,000

Guadalupe

Valley

Electric

Coop,

Inc

5

.671

10/01/32

1,141

210,000

Guadalupe-Blanco

River

Authority

Industrial

Development

Corp

3

.287

04/15/23

209

640,000

Henry

County

Water

Authority

3

.000

01/01/43

442

850,000

Henry

County

Water

Authority

3

.200

01/01/49

556

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2

.327

07/01/32

784

2,000,000

Kern

County

Water

Agency

Improvement

District

No

4

4

.276

05/01/36

1,865

6,430,000

Lavaca-Navidad

River

Authority

4

.430

08/01/35

6,136

8,655,000

Los

Angeles

Community

College

District

2

.106

08/01/32

6,932

1,025,000

Maine

State

Housing

Authority

2

.331

11/15/30

848

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3

.797

03/01/39

2,153

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.020

07/01/28

2,566

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.485

07/01/32

2,390

3,455,000

Massachusetts

Housing

Finance

Agency

5

.562

12/01/52

3,449

4,190,000

Massachusetts

St.

Water

Pollution

Abatement

5

.192

08/01/40

4,205

11,620,000

Metropolitan

Transportation

Authority

5

.175

11/15/49

10,068

2,000,000

Michigan

Finance

Authority

5

.000

07/01/31

2,049

7,400,000

New

Jersey

Economic

Development

Authority

5

.706

06/15/30

7,517

3,000,000

New

Jersey

Economic

Development

Authority

5

.756

06/15/31

3,043

3,375,000

New

Mexico

Finance

Authority

4

.090

06/15/38

2,907

4,065,000

New

York

City

Housing

Development

Corp

3

.119

08/01/38

3,125

2,500,000

New

York

City

Housing

Development

Corp

3

.720

11/01/39

2,019

1,225,000

New

York

State

Environmental

Facilities

Corp

3

.195

06/15/25

1,184

2,120,000

New

York

State

Environmental

Facilities

Corp

3

.520

07/15/27

2,013

17,500,000

New

York

Transportation

Development

Corp

5

.000

01/01/26

17,752

11,245,000

Ohio

State

Water

Development

Authority

4

.879

12/01/34

11,149

13,250,000

†,g,q

Oregon

State

Business

Development

Commission

6

.500

04/01/31

967

3,470,000

†,g

Oregon

State

Business

Development

Commission

9

.000

04/01/37

253

2,500,000

Palm

Beach

County

Solid

Waste

Authority

2

.636

10/01/24

2,415

4,020,000

Papio-Missouri

River

Natural

Resource

District

2

.088

12/15/24

3,874

4,500,000

Pend

Oreille

County

Public

Utility

District

No

Box

Canyon

5

.000

01/01/30

4,422

6,925,000

g

Pennsylvania

Economic

Development

Financing

Authority

10

.000

12/01/29

6,446

1,170,000

Pharr

Economic

Development

Corp

3

.513

08/15/30

1,055

1,140,000

Pharr

Economic

Development

Corp

3

.893

08/15/33

1,022

405,000

Public

Finance

Authority

15

.000

02/01/23

405

1,735,000

g

Public

Finance

Authority

7

.500

06/01/29

1,705

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1

.927

09/01/27

1,093

1,710,000

Redevelopment

Authority

of

the

City

of

Philadelphia

3

.172

09/01/41

1,267

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4

.375

08/01/44

1,657

3,870,000

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

3

.293

12/01/35

3,151

1,600,000

South

Dakota

Housing

Development

Authority

5

.460

05/01/53

1,610

36,330,000

State

of

California

3

.750

10/01/37

35,876

11,565,000

State

of

California

4

.600

04/01/38

10,909

10,050,000

State

of

California

4

.988

04/01/39

9,753

9,000,000

State

of

Illinois

5

.520

04/01/38

8,316

4,405,000

State

of

Michigan

3

.590

12/01/26

4,247

2,500,000

State

of

Ohio

5

.412

09/01/28

2,581

3,370,000

State

of

Texas

3

.726

08/01/43

3,346

3,000

State

of

Wisconsin

5

.700

05/01/26

3

1,650,000

g

Syracuse

Industrial

Development

Agency

5

.000

01/01/36

1,116

2,280,000

Tampa

Bay

Water

2

.612

10/01/25

2,154

3,225,000

Tampa

Bay

Water

2

.782

10/01/26

3,002

3,000,000

Tampa

Bay

Water

2

.952

10/01/27

2,756

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

327

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,255,000

Texas

Water

Development

Board

4

.248

%

10/15/35

$

1,179

5,880,000

Texas

Water

Development

Board

4

.340

10/15/48

5,000

4,170,000

Texas

Water

Development

Board

4

.648

04/15/50

3,792

5,000,000

Tuolumne

Wind

Project

Authority

6

.918

01/01/34

5,533

3,035,000

University

of

California

3

.809

05/15/28

2,853

11,400,000

University

of

California

4

.009

05/15/30

10,579

1,000,000

University

of

Cincinnati

3

.250

06/01/29

999

1,560,000

University

of

Cincinnati

3

.650

06/01/34

1,558

1,615,000

University

of

Cincinnati

3

.700

06/01/35

1,605

18,000,000

University

of

New

Mexico

3

.532

06/20/32

16,451

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.550

09/01/39

403

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.800

09/01/49

1,119

5,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4

.000

12/01/42

4,540

3,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4

.000

12/01/46

2,652

750,000

Village

of

Bellwood

IL

5

.375

12/01/32

692

4,500,000

Village

of

Bellwood

IL

6

.000

12/01/50

3,708

1,000,000

Washington

County

Clean

Water

Services

5

.078

10/01/24

1,007

TOTAL

MUNICIPAL

BONDS

525,328

U.S.

TREASURY

SECURITIES

-

7.3%

35,830,000

United

States

Treasury

Bond

2

.875

11/15/46

28,710

2,500,000

United

States

Treasury

Bond

3

.000

02/15/49

2,059

31,689,900

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/23

31,314

15,803,370

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

15,468

19,250,000

United

States

Treasury

Note

0

.125

03/31/23

19,053

3,780,000

United

States

Treasury

Note

0

.250

09/30/23

3,654

31,765,000

United

States

Treasury

Note

2

.875

09/30/23

31,370

6,100,000

United

States

Treasury

Note

2

.625

12/31/23

5,975

1,525,000

United

States

Treasury

Note

2

.250

10/31/24

1,465

35,635,000

United

States

Treasury

Note

4

.250

12/31/24

35,511

57,190,000

United

States

Treasury

Note

4

.000

12/15/25

56,824

1,500,000

United

States

Treasury

Note

0

.375

12/31/25

1,341

18,842,000

United

States

Treasury

Note

2

.500

02/28/26

17,896

15,031,000

United

States

Treasury

Note

0

.500

10/31/27

12,713

72,638,000

United

States

Treasury

Note

4

.125

10/31/27

72,905

35,275,000

United

States

Treasury

Note

0

.625

11/30/27

29,953

9,750,000

United

States

Treasury

Note

3

.875

12/31/27

9,694

28,250,000

United

States

Treasury

Note

1

.125

08/31/28

24,121

60,900,000

United

States

Treasury

Note

4

.000

10/31/29

60,919

37,300,000

United

States

Treasury

Note

3

.875

12/31/29

37,113

256,740,400

United

States

Treasury

Note

4

.125

11/15/32

261,995

14,508,000

United

States

Treasury

Note

1

.875

02/15/41

10,254

4,700,000

United

States

Treasury

Note

2

.250

05/15/41

3,533

232,705,800

United

States

Treasury

Note

2

.375

02/15/42

177,674

29,796,000

United

States

Treasury

Note

3

.250

05/15/42

26,123

109,370,000

United

States

Treasury

Note

4

.000

11/15/42

107,080

65,008,000

United

States

Treasury

Note

2

.250

02/15/52

45,206

173,017,000

United

States

Treasury

Note

3

.000

08/15/52

142,550

10,000,000

United

States

Treasury

Note

4

.000

11/15/52

10,014

TOTAL

U.S.

TREASURY

SECURITIES

1,282,487

TOTAL

GOVERNMENT

BONDS

4,278,968

(Cost

$4,599,389)

STRUCTURED

ASSETS

-

4.2%

ASSET

BACKED

-

1.2%

900,000

g

AMSR

Trust

3

.148

01/19/39

796

Series

-

2019

SFR1

(Class

C)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

328

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

800,000

g

AMSR

Trust

3

.247

%

01/19/39

$

703

Series

-

2019

SFR1

(Class

D)

2,000,000

g,i

BFLD

Trust

LIBOR

1

M

+

2.100%

6

.418

10/15/35

1,780

Series

-

2020

EYP

(Class

C)

233,173

i

C-BASS

Trust

LIBOR

1

M

+

0.160%

3

.039

07/25/36

220

Series

-

2006

CB6

(Class

A1)

1,861,157

Delta

Air

Lines

Pass

Through

Trust

4

.250

07/30/23

1,824

Series

-

2015

1

(Class

B)

7,150,000

Delta

Air

Lines

Pass

Through

Trust

3

.204

04/25/24

6,969

Series

-

2019

1

(Class

AA)

4,252,576

Delta

Air

Lines

Pass

Through

Trust

2

.000

06/10/28

3,621

Series

-

2020

1

(Class

AA)

17,647,220

Delta

Air

Lines

Pass

Through

Trust

2

.500

06/10/28

14,986

Series

-

2020

1

(Class

A)

97,060

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

5

.489

05/25/37

95

Series

-

2007

2

(Class

A2C)

3,432,673

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.100

05/20/48

2,441

Series

-

2021

3CS

(Class

A)

3,736,341

g

GoodLeap

Sustainable

Home

Solutions

Trust

1

.930

07/20/48

2,847

Series

-

2021

4GS

(Class

A)

13,633,447

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.310

10/20/48

9,893

Series

-

2021

5CS

(Class

A)

4,817,937

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.700

01/20/49

3,692

Series

-

2022

1GS

(Class

A)

3,173,052

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.940

01/20/49

2,323

Series

-

2022

1GS

(Class

B)

15,125,719

g

GoodLeap

Sustainable

Home

Solutions

Trust

4

.950

07/20/49

13,999

Series

-

2022

3CS

(Class

A)

8,297,000

g

Grace

Trust

2

.347

12/10/40

6,380

Series

-

2020

GRCE

(Class

A)

2,479,790

g

HERO

Funding

Trust

3

.840

09/21/40

2,336

Series

-

2015

1A

(Class

A)

689,240

g

HERO

Funding

Trust

3

.990

09/21/40

644

Series

-

2014

2A

(Class

A)

1,211,652

g

HERO

Funding

Trust

3

.750

09/20/41

1,183

Series

-

2016

2A

(Class

A)

1,127,009

g

HERO

Funding

Trust

4

.050

09/20/41

1,071

Series

-

2016

1A

(Class

A)

423,879

g

HERO

Funding

Trust

3

.080

09/20/42

396

Series

-

2016

3A

(Class

A1)

3,242,804

g

HERO

Funding

Trust

3

.710

09/20/47

3,058

Series

-

2017

1A

(Class

A1)

3,245,621

g

HERO

Funding

Trust

3

.190

09/20/48

2,958

Series

-

2017

3A

(Class

A1)

754,107

g

HERO

Funding

Trust

3

.280

09/20/48

698

Series

-

2017

2A

(Class

A1)

3,529,623

g

HERO

Funding

Trust

4

.670

09/20/48

3,350

Series

-

2018

1A

(Class

A2)

2,680,002

g

HERO

Funding

Trust

2

.240

09/20/51

2,339

Series

-

2021

1A

(Class

A)

14,320

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

14

Series

-

2003

1

(Class

M1)

599,972

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

5

.589

01/17/38

590

Series

-

2018

SFR4

(Class

B)

3,438,523

g

Loanpal

Solar

Loan

Ltd

2

.290

01/20/48

2,615

Series

-

2021

1GS

(Class

A)

5,839,942

g

Loanpal

Solar

Loan

Ltd

2

.220

03/20/48

4,271

Series

-

2021

2GS

(Class

A)

2,328,654

†,g

Mosaic

Solar

Loan

Trust

0

.000

04/20/46

1,684

Series

-

2020

1A

(Class

R)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

329

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,434,533

g

Mosaic

Solar

Loan

Trust

2

.100

%

04/20/46

$

1,245

Series

-

2020

1A

(Class

A)

1,985,291

g

Mosaic

Solar

Loan

Trust

3

.100

04/20/46

1,746

Series

-

2020

1A

(Class

B)

2,286,544

g

Mosaic

Solar

Loan

Trust

2

.050

12/20/46

1,726

Series

-

2021

1A

(Class

B)

3,409,607

g

Mosaic

Solar

Loan

Trust

1

.440

06/20/52

2,688

Series

-

2021

3A

(Class

A)

3,134,065

g

Mosaic

Solar

Loans

LLC

3

.820

06/22/43

2,903

Series

-

2017

2A

(Class

A)

3,568,622

g

Mosaic

Solar

Loans

LLC

1

.640

04/22/47

2,943

Series

-

2021

2A

(Class

A)

750,000

g

Progress

Residential

Trust

2

.711

11/17/40

582

Series

-

2021

SFR9

(Class

D)

2,129,584

g

Renew

3

.670

09/20/52

1,926

Series

-

2017

1A

(Class

A)

4,489,094

g

Renew

3

.950

09/20/53

4,124

Series

-

2018

1

(Class

A)

4,083,104

g

Renew

2

.060

11/20/56

3,476

Series

-

2021

1

(Class

A)

5,576,537

SCE

Recovery

Funding

LLC

0

.861

11/15/31

4,633

10,202

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

5

.289

09/25/34

10

Series

-

2004

8

(Class

M1)

6,806,332

g

Sunnova

Helios

VII

Issuer

LLC

2

.030

10/20/48

5,551

Series

-

2021

C

(Class

A)

3,845,361

g

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,293

Series

-

2022

A

(Class

A)

2,720,369

g

Sunrun

Athena

Issuer

LLC

5

.310

04/30/49

2,491

Series

-

2018

1

(Class

A)

8,907,354

g

Sunrun

Atlas

Issuer

LLC

3

.610

02/01/55

7,837

Series

-

2019

2

(Class

A)

5,785,024

g

Sunrun

Callisto

Issuer

LLC

2

.270

01/30/57

4,512

Series

-

2021

2A

(Class

A)

6,847,814

g

Sunrun

Jupiter

Issuer

LLC

4

.750

07/30/57

6,264

Series

-

2022

1A

(Class

A)

5,400,000

g

Tesla

Auto

Lease

Trust

0

.560

03/20/25

5,235

Series

-

2021

A

(Class

A3)

6,650,000

g

Tesla

Auto

Lease

Trust

0

.660

03/20/25

6,379

Series

-

2021

A

(Class

A4)

6,250,000

g

Tesla

Auto

Lease

Trust

1

.180

03/20/25

5,938

Series

-

2021

A

(Class

C)

4,500,000

g

Tesla

Auto

Lease

Trust

0

.600

09/22/25

4,240

Series

-

2021

B

(Class

A3)

5,000,000

g

Tesla

Auto

Lease

Trust

0

.630

09/22/25

4,681

Series

-

2021

B

(Class

A4)

9,500,000

Toyota

Auto

Receivables

Owner

Trust

0

.260

11/17/25

9,134

Series

-

2021

B

(Class

A3)

9,900,000

Toyota

Auto

Receivables

Owner

Trust

0

.530

10/15/26

9,037

Series

-

2021

B

(Class

A4)

475,000

g

Tricon

American

Homes

Trust

2

.049

07/17/38

417

Series

-

2020

SFR1

(Class

B)

13,727,158

g

Vivint

Colar

Financing

V

LLC

4

.730

04/30/48

12,155

Series

-

2018

1A

(Class

A)

4,823,972

g

Vivint

Solar

Financing

VII

LLC

2

.210

07/31/51

3,692

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

218,634

OTHER

MORTGAGE

BACKED

-

3.0%

81,829

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

73

Series

-

2015

6

(Class

A9)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

330

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,075,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

6

.568

%

04/15/34

$

3,491

Series

-

2021

ACEN

(Class

C)

2,115,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

1,380

Series

-

2021

8

(Class

A3)

5,000,000

g

BANK

2

.500

10/17/52

3,198

Series

-

2019

BN21

(Class

D)

6,500,000

i

BANK

3

.517

10/17/52

4,812

Series

-

2019

BN21

(Class

C)

8,000,000

i

BANK

3

.461

11/15/62

6,157

Series

-

2019

BN22

(Class

C)

4,940,000

g,i

BBCMS

Mortgage

Trust

4

.267

08/05/38

3,214

Series

-

2018

CHRS

(Class

E)

12,500,000

g

BBCMS

Trust

3

.593

09/15/32

12,138

Series

-

2015

MSQ

(Class

A)

3,600,000

g

BBCMS

Trust

3

.894

09/15/32

3,383

Series

-

2015

MSQ

(Class

B)

2,750,000

g

BBCMS

Trust

4

.798

08/10/35

2,526

Series

-

2015

SRCH

(Class

C)

3,000,000

g,i

BBCMS

Trust

3

.688

02/15/53

2,300

Series

-

2020

C6

(Class

F5TA)

8,870,000

g,i

Benchmark

Mortgage

Trust

3

.899

03/15/62

6,539

Series

-

2019

B10

(Class

3CCA)

5,200,000

g

BMO

360A

3

.776

02/17/55

4,083

Series

-

2022

C1

(Class

360A)

10,402,377

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.197%

5

.515

10/15/38

9,890

Series

-

2021

XL2

(Class

C)

6,000,000

g,i

BX

Commercial

Mortgage

Trust

6

.176

01/17/39

5,698

Series

-

2022

AHP

(Class

B)

9,250,000

g,i

BX

TRUST

5

.826

01/17/39

8,842

Series

-

2022

AHP

(Class

AS)

2,901,500

g,i

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5

.696

06/25/34

2,696

Series

-

2017

Q005

(Class

B)

2,000,000

i

CD

Mortgage

Trust

3

.879

11/10/49

1,699

Series

-

2016

CD2

(Class

B)

1,000,000

g,i

Century

Plaza

Towers

2

.997

11/13/39

754

Series

-

2019

CPT

(Class

B)

2,000,000

i

Citigroup

Commercial

Mortgage

Trust

4

.140

04/10/48

1,801

Series

-

2015

GC29

(Class

C)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3

.300

11/10/52

1,682

Series

-

2019

GC43

(Class

AS)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3

.018

08/10/56

1,352

Series

-

2019

GC41

(Class

AS)

3,000,000

g,i

Cityline

Commercial

Mortgage

Trust

2

.778

11/10/31

2,890

Series

-

2016

CLNE

(Class

A)

3,740,000

g,i

COMM

Mortgage

Trust

3

.413

10/10/29

3,475

Series

-

2017

PANW

(Class

B)

3,000,000

g,i

COMM

Mortgage

Trust

3

.538

10/10/29

2,754

Series

-

2017

PANW

(Class

C)

5,120,000

g

COMM

Mortgage

Trust

4

.353

08/10/30

4,954

Series

-

2013

300P

(Class

A1)

4,375,000

g

COMM

Mortgage

Trust

3

.376

01/10/39

3,662

Series

-

2022

HC

(Class

C)

3,500,000

g,i

COMM

Mortgage

Trust

4

.070

03/10/48

3,018

Series

-

2015

CR22

(Class

D)

1,100,000

i

COMM

Mortgage

Trust

4

.301

05/10/48

1,007

Series

-

2015

CR23

(Class

C)

1,000,000

i

COMM

Mortgage

Trust

4

.301

05/10/48

843

Series

-

2015

CR23

(Class

D)

2,500,000

i

COMM

Mortgage

Trust

3

.463

08/10/48

2,042

Series

-

2015

CR24

(Class

D)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

331

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,000,000

COMM

Mortgage

Trust

3

.263

%

08/15/57

$

836

Series

-

2019

GC44

(Class

AM)

6,000,000

g,i

Commercial

Mortgage

Pass

Through

Certificates

3

.896

01/10/39

4,917

Series

-

2022

HC

(Class

D)

935,000

g,i

Connecticut

Avenue

Securities

Trust

5

.478

10/25/41

912

Series

-

2021

R01

(Class

1M2)

2,800,000

g,i

Connecticut

Avenue

Securities

Trust

7

.228

11/25/41

2,592

Series

-

2021

R02

(Class

2B1)

14,130,000

g,i

Connecticut

Avenue

Securities

Trust

7

.428

03/25/42

14,326

Series

-

2022

R03

(Class

1M2)

3,395,000

g,i

Connecticut

Avenue

Securities

Trust

6

.928

04/25/42

3,292

Series

-

2022

R05

(Class

2M2)

4,203,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

7

.528

07/25/42

4,175

Series

-

2022

R08

(Class

1M2)

4,665,000

g,i

Connecticut

Avenue

Securities

Trust

8

.694

09/25/42

4,767

Series

-

2022

R09

(Class

2M2)

15,000,000

g

CPT

Mortgage

Trust

2

.865

11/13/39

12,002

Series

-

2019

CPT

(Class

A)

2,000,000

g,i

CPT

Mortgage

Trust

2

.997

11/13/39

1,339

Series

-

2019

CPT

(Class

E)

5,000,000

g,i

Credit

Suisse

Commercial

Mortgage

Trust

3

.728

11/10/32

4,468

Series

-

2017

CALI

(Class

B)

3,368,226

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

2,752

Series

-

2021

NQM8

(Class

A3)

6,100,000

g,i

CSAIL

Commercial

Mortgage

Trust

3

.677

06/15/37

4,976

Series

-

2017

C8

(Class

85BB)

6,650,000

g,i

CSAIL

Commercial

Mortgage

Trust

3

.677

06/15/37

5,691

Series

-

2017

C8

(Class

85BA)

2,000,000

g,i

CSMC

Series

3

.388

10/25/59

1,646

Series

-

2019

NQM1

(Class

M1)

102,725,000

g,i

DOLP

Trust

0

.665

05/10/41

4,126

Series

-

2021

NYC

(Class

X)

7,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

5

.638

11/15/38

7,140

Series

-

2021

ELP

(Class

C)

7,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

6

.436

11/15/38

6,921

Series

-

2021

ELP

(Class

E)

2,604,078

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4

.500

10/25/52

2,348

Series

-

2022

5262

(Class

EZ)

3,138,574

FHLMC

5

.500

11/25/52

3,184

Series

-

2022

5270

(Class

CZ)

528,159

g,i

Flagstar

Mortgage

Trust

4

.035

10/25/47

457

Series

-

2017

2

(Class

B3)

52,819

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

50

Series

-

2018

5

(Class

A11)

1,435,824

g,i

Flagstar

Mortgage

Trust

2

.500

04/25/51

1,104

Series

-

2021

2

(Class

A4)

4,438,627

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

3,413

Series

-

2021

4

(Class

A21)

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1

.878

01/25/31

8,505

Series

-

2021

P009

(Class

A2)

7,324,000

i

Freddie

Mac

Multiclass

Certificates

Series

2

.760

02/25/32

6,366

Series

-

2022

P013

(Class

A2)

6,707,704

Freddie

Mac

Multifamily

ML

Certificates

1

.877

07/25/37

5,056

Series

-

2021

ML08

(Class

ML08)

39,759,037

i

Freddie

Mac

Multifamily

ML

Certificates

1

.769

11/25/37

5,089

Series

-

2021

ML08

(Class

XCA)

3,174,428

Freddie

Mac

Multifamily

ML

Certificates

1

.896

11/25/37

2,411

Series

-

2021

ML08

(Class

ML08)

10,000,000

i

Freddie

Mac

Multifamily

ML

Certificates

3

.650

11/25/38

9,004

Series

-

2022

ML14

(Class

A)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

332

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

16,597,071

Freddie

Mac

Multifamily

ML

Certificates

2

.340

%

07/25/41

$

12,725

Series

-

2021

ML12

(Class

AUS)

1,024,998

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.518

09/25/35

765

Series

-

2020

Q012

(Class

A3)

4,664,337

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.555

01/25/36

3,752

Series

-

2020

Q014

(Class

A1)

16,607,877

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3

.150

10/15/36

14,249

Series

-

2022

M068

(Class

A)

1,750,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4

.013

04/15/37

1,648

Series

-

2022

M069

(Class

A)

6,070,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1

.761

09/15/38

4,825

Series

-

2020

M061

(Class

A)

8,080,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.828

04/25/42

7,996

Series

-

2022

DNA3

(Class

M1B)

2,972,000

g,i

GS

Mortgage

Securities

Corp

II

4

.904

03/10/33

2,584

Series

-

2018

GS10

(Class

WLSC)

2,000,000

g,i

GS

Mortgage

Securities

Trust

LIBOR

1

M

+

1.090%

5

.410

10/15/31

1,899

Series

-

2018

HART

(Class

A)

3,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

2,697

Series

-

2016

GS3

(Class

AS)

830,000

i

GS

Mortgage

Securities

Trust

3

.954

11/10/49

702

Series

-

2016

GS4

(Class

C)

934,296

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.500

07/25/50

790

Series

-

2020

PJ2

(Class

A4)

379,499

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

312

Series

-

2020

PJ4

(Class

A4)

300,761

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

248

Series

-

2020

PJ5

(Class

A4)

1,048,071

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

818

Series

-

2020

PJ6

(Class

A4)

2,836,689

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

2,181

Series

-

2021

PJ5

(Class

A4)

5,031,174

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

4,023

Series

-

2022

PJ2

(Class

A36)

2,417,018

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

1,933

Series

-

2022

PJ4

(Class

A36)

416,801

g,i

GS

Mortgage-Backed

Securities

Trust

3

.625

05/25/50

344

Series

-

2020

PJ1

(Class

B2)

1,151,098

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

898

Series

-

2021

PJ2

(Class

A4)

8,433,820

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

6,485

Series

-

2021

PJ6

(Class

A4)

10,722,517

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

8,245

Series

-

2021

PJ7

(Class

A4)

4,886,744

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

3,758

Series

-

2021

PJ8

(Class

A4)

5,487,617

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

4,388

Series

-

2022

PJ5

(Class

A36)

629,538

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

4

.959

08/19/45

567

Series

-

2005

11

(Class

2A1A)

6,000,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

5,330

Series

-

2016

10HY

(Class

A)

5,000,000

g,i

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

4,361

Series

-

2016

10HY

(Class

B)

5,000,000

g,i

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

4,243

Series

-

2016

10HY

(Class

C)

7,000,000

g

Hudson

Yards

Mortgage

Trust

3

.228

07/10/39

6,035

Series

-

2019

30HY

(Class

A)

1,000,000

g,i

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

724

Series

-

2019

55HY

(Class

D)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

333

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,000,000

g,i

Hudson

Yards

Mortgage

Trust

2

.943

%

12/10/41

$

4,950

Series

-

2019

55HY

(Class

E)

146,246

i

Impac

CMB

Trust

LIBOR

1

M

+

0.660%

5

.049

03/25/35

137

Series

-

2004

11

(Class

2A1)

480,000

g,i

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

390

Series

-

2020

NQM1

(Class

M1)

2,000,000

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.170%

6

.488

10/15/33

1,847

Series

-

2020

609M

(Class

C)

1,836,571

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

4

.694

12/25/44

1,730

Series

-

2015

1

(Class

B1)

83,918

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

76

Series

-

2015

3

(Class

A19)

459,255

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

402

Series

-

2015

6

(Class

A13)

210,043

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

187

Series

-

2016

1

(Class

A13)

229,215

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

201

Series

-

2017

2

(Class

A13)

248,657

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

206

Series

-

2018

3

(Class

A13)

167,389

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

137

Series

-

2018

4

(Class

A13)

860,242

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

725

Series

-

2018

5

(Class

A13)

863,179

g,i

JP

Morgan

Mortgage

Trust

3

.211

10/26/48

812

Series

-

2017

5

(Class

A2)

97,928

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

90

Series

-

2018

8

(Class

A13)

209,825

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

193

Series

-

2018

9

(Class

A13)

32,508

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

31

Series

-

2019

1

(Class

A3)

210,910

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

198

Series

-

2019

1

(Class

A15)

475,103

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

4

.994

10/25/49

468

Series

-

2019

INV1

(Class

A11)

1,582,951

g,i

JP

Morgan

Mortgage

Trust

3

.841

06/25/50

1,281

Series

-

2020

1

(Class

B2)

4,384,530

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

3,371

Series

-

2021

6

(Class

A15)

2,302,821

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

1,771

Series

-

2021

7

(Class

A15)

2,915,895

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

2,242

Series

-

2021

8

(Class

A15)

1,243,645

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

956

Series

-

2021

10

(Class

A15)

4,134,269

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

3,179

Series

-

2021

11

(Class

A15)

1,144,184

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

880

Series

-

2021

12

(Class

A15)

1,902,017

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

1,463

Series

-

2021

14

(Class

A15)

5,993,514

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

4,609

Series

-

2021

15

(Class

A15)

7,206,465

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

5,762

Series

-

2022

2

(Class

A25)

6,550,292

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

5,749

Series

-

2022

LTV2

(Class

A6)

5,000,000

g

Liberty

Street

Trust

3

.597

02/10/36

4,562

Series

-

2016

225L

(Class

A)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

334

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,000,000

g,i

MAD

Mortgage

Trust

3

.188

%

08/15/34

$

3,735

Series

-

2017

330M

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.366

08/15/34

3,682

Series

-

2017

330M

(Class

B)

2,000,000

g,i

Manhattan

West

2

.335

09/10/39

1,642

Series

-

2020

1MW

(Class

C)

2,000,000

g

Manhattan

West

Mortgage

Trust

2

.130

09/10/39

1,711

Series

-

2020

1MW

(Class

A)

2,169,000

g,i

Menora

Mivtachim

Holdings

Ltd

3

.939

02/17/55

1,333

Series

-

2022

C1

(Class

360D)

132,584

†,i

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

67

Series

-

2007

IQ16

(Class

AJFX)

968,221

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

832

Series

-

2021

4

(Class

A4)

3,938,052

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

3,028

Series

-

2021

5

(Class

A9)

2,531,877

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,947

Series

-

2021

6

(Class

A9)

2,944,764

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

2,538

Series

-

2021

6

(Class

A4)

3,000,000

g,i

MSDB

Trust

3

.316

07/11/39

2,628

Series

-

2017

712F

(Class

A)

5,750,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.500%

5

.818

07/15/36

5,507

Series

-

2019

MILE

(Class

A)

6,750,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.800%

6

.118

07/15/36

6,213

Series

-

2019

MILE

(Class

B)

4,250,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.200%

6

.518

07/15/36

3,867

Series

-

2019

MILE

(Class

C)

9,800,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

3.500%

7

.818

07/15/36

8,792

Series

-

2019

MILE

(Class

E)

1,500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

4.250%

8

.568

07/15/36

1,338

Series

-

2019

MILE

(Class

F)

508,499

g,i

New

Residential

Mortgage

Loan

Trust

2

.797

09/25/59

455

Series

-

2019

NQM4

(Class

A3)

470,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

367

Series

-

2019

NQM4

(Class

M1)

46,820

i

New

York

Mortgage

Trust

LIBOR

1

M

+

0.480%

4

.869

02/25/36

46

Series

-

2005

3

(Class

A1)

5,258,931

g,i

OBX

Trust

2

.500

07/25/51

4,044

Series

-

2021

J2

(Class

A19)

351,454

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

5

.039

06/25/57

332

Series

-

2018

1

(Class

A2)

1,615,204

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

1,242

Series

-

2021

1

(Class

A19)

11,800,000

g

One

Bryant

Park

Trust

2

.516

09/15/54

9,687

Series

-

2019

OBP

(Class

A)

4,699,000

g

One

Market

Plaza

Trust

3

.614

02/10/32

4,523

Series

-

2017

1MKT

(Class

A)

1,000,000

g

One

Market

Plaza

Trust

3

.845

02/10/32

951

Series

-

2017

1MKT

(Class

B)

2,000,000

g

One

Market

Plaza

Trust

4

.146

02/10/32

1,849

Series

-

2017

1MKT

(Class

D)

4,643,133

g,i

RCKT

Mortgage

Trust

2

.500

09/25/51

3,570

Series

-

2021

4

(Class

A21)

7,144,261

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

5,458

Series

-

2022

2

(Class

A22)

5,452,273

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

4,528

Series

-

2022

4

(Class

A22)

441,392

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

387

Series

-

2015

2

(Class

A1)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

335

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

197,628

g,i

Sequoia

Mortgage

Trust

3

.500

%

06/25/46

$

176

Series

-

2016

1

(Class

A19)

425,517

g,i

Sequoia

Mortgage

Trust

3

.500

04/25/47

357

Series

-

2017

3

(Class

A19)

669,800

g,i

Sequoia

Mortgage

Trust

3

.718

09/25/47

577

Series

-

2017

6

(Class

B1)

95,815

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/48

81

Series

-

2018

2

(Class

A19)

12,731

g,i

Sequoia

Mortgage

Trust

4

.000

09/25/48

12

Series

-

2018

7

(Class

A19)

75,157

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

69

Series

-

2019

2

(Class

A19)

188,971

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

158

Series

-

2019

5

(Class

A19)

1,472,429

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

1,190

Series

-

2020

3

(Class

A19)

3,029,180

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

2,329

Series

-

2021

4

(Class

A19)

295,352

g,i

Shellpoint

Co-Originator

Trust

3

.500

10/25/47

263

Series

-

2017

2

(Class

A1)

78,068,000

g,i

SLG

Office

Trust

0

.258

07/15/41

1,254

Series

-

2021

OVA

(Class

X)

6,640,000

g

SLG

Office

Trust

2

.585

07/15/41

5,313

Series

-

2021

OVA

(Class

A)

1,450,000

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

6

.028

10/25/33

1,423

Series

-

2021

DNA3

(Class

M2)

58,931

g,i

STACR

3

.780

02/25/48

55

Series

-

2018

SPI1

(Class

M2)

74,055

g,i

STACR

3

.836

05/25/48

70

Series

-

2018

SPI2

(Class

M2)

1,125,000

g,i

STWD

Mortgage

Trust

LIBOR

1

M

+

1.257%

5

.575

11/15/36

1,079

Series

-

2021

LIH

(Class

AS)

4,000,000

g

SUMIT

Mortgage

Trust

2

.789

02/12/41

3,300

Series

-

2022

BVUE

(Class

A)

982,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

833

Series

-

2019

4

(Class

M1)

515,714

g

Verus

Securitization

Trust

1

.733

05/25/65

462

Series

-

2020

5

(Class

A3)

2,716,857

g,i

Verus

Securitization

Trust

2

.240

10/25/66

2,214

Series

-

2021

7

(Class

A3)

58,471

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

56

Series

-

2019

2

(Class

A17)

269,178

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

223

Series

-

2020

4

(Class

A17)

7,085,867

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

5,448

Series

-

2021

2

(Class

A17)

2,454,409

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

1,887

Series

-

2022

2

(Class

A18)

150,880

g,i

WinWater

Mortgage

Loan

Trust

3

.909

06/20/44

117

Series

-

2014

1

(Class

B4)

3,487,374

g,i

Woodward

Capital

Management

3

.000

05/25/52

2,788

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

522,381

TOTAL

STRUCTURED

ASSETS

741,015

(Cost

$864,413)

TOTAL

BONDS

7,177,310

(Cost

$8,010,787)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

336

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

COMMON

STOCKS

-

57.8%

AUTOMOBILES

&

COMPONENTS

-

1.2%

229,881

*

American

Axle

&

Manufacturing

Holdings,

Inc

$

1,798

134,549

*

Aptiv

plc

12,531

176,295

Bayerische

Motoren

Werke

AG.

15,608

70,276

Bayerische

Motoren

Werke

AG.

(Preference)

5,931

14,525

BorgWarner,

Inc

585

290,490

*,e

Canoo,

Inc

357

467,635

Cie

Generale

des

Etablissements

Michelin

S.C.A

13,027

303,835

Daimler

AG.

(Registered)

19,869

85,292

*

Dr

ING

hc

F

Porsche

AG.

8,607

212,843

Magna

International,

Inc

11,956

234,995

*,e

Rivian

Automotive,

Inc

4,331

645,139

*

Tesla,

Inc

79,468

2,779,500

*

Toyota

Motor

Corp

37,919

244,557

Valeo

S.A.

4,370

291,308

*,e

Workhorse

Group,

Inc

443

823

e

Yamaha

Motor

Co

Ltd

19

TOTAL

AUTOMOBILES

&

COMPONENTS

216,819

BANKS

-

3.0%

2,364

Ameris

Bancorp

111

1,185,685

e

ANZ

Group

Holdings

Ltd

19,100

2,811,877

Banco

Bilbao

Vizcaya

Argentaria

S.A.

16,937

1,274,864

Bank

Hapoalim

Ltd

11,479

234,971

Bank

of

Montreal

21,286

427,272

Bank

of

Nova

Scotia

20,934

56,219

Bank

OZK

2,252

2,405

Banner

Corp

152

56,868

Berkshire

Hills

Bancorp,

Inc

1,700

3,266,000

BOC

Hong

Kong

Holdings

Ltd

11,087

8,511

Brookline

Bancorp,

Inc

120

1,840

Cadence

BanCorp

45

6,038

Camden

National

Corp

252

372,918

e

Canadian

Imperial

Bank

of

Commerce

15,085

1,005,506

Citigroup,

Inc

45,479

562,901

Citizens

Financial

Group,

Inc

22,161

2,120

Columbia

Banking

System,

Inc

64

128,629

Comerica,

Inc

8,599

823

Commerce

Bancshares,

Inc

56

889

Community

Trust

Bancorp,

Inc

41

54,845

*

Customers

Bancorp,

Inc

1,554

746,693

DBS

Group

Holdings

Ltd

18,900

59,728

DNB

Bank

ASA

1,180

116,855

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

3,739

7,467

Federal

Agricultural

Mortgage

Corp

(FAMC)

842

7,030

First

Busey

Corp

174

53,930

First

Republic

Bank

6,574

1,019

Glacier

Bancorp,

Inc

50

1,984

Hancock

Whitney

Corp

96

616,500

Hang

Seng

Bank

Ltd

10,226

4,964

Heritage

Financial

Corp

152

19,873

HomeStreet,

Inc

548

5,558,476

HSBC

Holdings

plc

34,449

338,485

Huntington

Bancshares,

Inc

4,773

7,848,049

Intesa

Sanpaolo

S.p.A.

17,387

8,112

JPMorgan

Chase

&

Co

1,088

199,885

KBC

Groep

NV

12,870

262,047

Keycorp

4,565

25,729

Live

Oak

Bancshares,

Inc

777

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

337

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

17,431

*

Mr

Cooper

Group,

Inc

$

699

30,945

National

Bank

Holdings

Corp

1,302

138,079

e

National

Bank

of

Canada

9,303

9,051

Old

National

Bancorp

163

165,267

Oversea-Chinese

Banking

Corp

1,503

63,894

Pinnacle

Financial

Partners,

Inc

4,690

281,757

PNC

Financial

Services

Group,

Inc

44,501

814,986

Regions

Financial

Corp

17,571

1,852,800

Resona

Holdings,

Inc

10,176

546,000

Societe

Generale

13,696

1,859,357

Standard

Chartered

plc

13,868

346,100

Sumitomo

Mitsui

Trust

Holdings,

Inc

12,077

23,374

*

SVB

Financial

Group

5,379

679,194

Svenska

Handelsbanken

AB

6,838

2,226

*

Texas

Capital

Bancshares,

Inc

134

6,965

TFS

Financial

Corp

100

20,196

*

The

Bancorp,

Inc

573

507,493

Toronto-Dominion

Bank

32,860

4,787

Trico

Bancshares

244

620,945

Truist

Financial

Corp

26,719

2,114

UMB

Financial

Corp

177

18,027

Univest

Financial

Corp

471

2,021

Westamerica

Bancorporation

119

1,110

Wintrust

Financial

Corp

94

65,511

Zions

Bancorporation

3,221

TOTAL

BANKS

523,362

CAPITAL

GOODS

-

4.0%

288,873

3M

Co

34,642

362

A.O.

Smith

Corp

21

367,452

ABB

Ltd

11,199

790

Acuity

Brands,

Inc

131

247

Allegion

plc

26

188,087

Ashtead

Group

plc

10,684

510,377

Assa

Abloy

AB

10,978

1,154,815

Atlas

Copco

AB

12,322

1,105,709

Atlas

Copco

AB

13,101

102,247

*

Axon

Enterprise,

Inc

16,966

688

*

Beacon

Roofing

Supply,

Inc

36

73,426

*,e

Blink

Charging

Co

806

11,104

*

Bloom

Energy

Corp

212

272,149

Bouygues

S.A.

8,162

39,132

Brenntag

AG.

2,496

387,083

*

CAE,

Inc

7,487

296,395

Carrier

Global

Corp

12,226

244,029

Caterpillar,

Inc

58,460

791,324

CNH

Industrial

NV

12,694

43,093

Cummins,

Inc

10,441

79,212

Curtiss-Wright

Corp

13,228

300

Daifuku

Co

Ltd

14

81,100

Daikin

Industries

Ltd

12,304

92,545

DCC

plc

4,551

132,127

Deere

&

Co

56,651

396

Dover

Corp

54

217,645

Eaton

Corp

34,159

98,775

Eiffage

S.A.

9,716

1,733

EMCOR

Group,

Inc

257

59,351

Emerson

Electric

Co

5,701

1,823

Epiroc

AB

33

531

*

Fanuc

Ltd

79

143,931

Fastenal

Co

6,811

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

338

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

576

e

Ferguson

plc

$

73

118,801

Fortive

Corp

7,633

1,653

Fortune

Brands

Home

&

Security,

Inc

94

99

Geberit

AG.

47

422

*

Generac

Holdings,

Inc

43

63,992

*

Great

Lakes

Dredge

&

Dock

Corp

381

171,805

Hexcel

Corp

10,111

1,155

Husqvarna

AB

(B

Shares)

8

2,459

IDEX

Corp

561

219,871

Illinois

Tool

Works,

Inc

48,438

1,115

Ingersoll

Rand,

Inc

58

386,873

Johnson

Controls

International

plc

24,760

1,220,570

Keppel

Corp

Ltd

6,619

373,700

Komatsu

Ltd

8,077

151,707

*

Kratos

Defense

&

Security

Solutions,

Inc

1,566

383,900

Kubota

Corp

5,245

289

Kurita

Water

Industries

Ltd

12

63,765

Legrand

S.A.

5,113

86

Lennox

International,

Inc

21

794

LIXIL

Group

Corp

12

36,237

*

Manitowoc

Co,

Inc

332

1,130,600

Marubeni

Corp

12,952

206,090

Masco

Corp

9,618

117,941

*

Mercury

Systems,

Inc

5,277

501,500

Mitsubishi

Corp

16,281

7,392

Moog,

Inc

(Class

A)

649

55,368

MTU

Aero

Engines

Holding

AG.

11,912

4,501

*

MYR

Group,

Inc

414

658

NGK

Insulators

Ltd

8

333,800

Obayashi

Corp

2,521

7,069

Owens

Corning,

Inc

603

74,920

PACCAR,

Inc

7,415

455

Pentair

plc

20

52,759

*

Proto

Labs,

Inc

1,347

396

Quanta

Services,

Inc

56

47,053

Rockwell

Automation,

Inc

12,119

4,744

Rush

Enterprises,

Inc

(Class

A)

248

300,809

Sandvik

AB

5,436

177,659

Schneider

Electric

S.A.

24,950

355,600

Shimizu

Corp

1,897

223,411

Siemens

AG.

30,798

829,300

Singapore

Technologies

Engineering

Ltd

2,075

30,802

SKF

AB

(B

Shares)

470

10,842

Snap-On,

Inc

2,477

227

Toromont

Industries

Ltd

16

392

Toto

Ltd

13

84,304

Trane

Technologies

plc

14,171

124,121

*

Triumph

Group,

Inc

1,306

36,726

*

United

Rentals,

Inc

13,053

24,341

*

Vectrus,

Inc

1,005

229,354

Vestas

Wind

Systems

A.S.

6,690

697,434

Volvo

AB

(B

Shares)

12,598

15,681

W.W.

Grainger,

Inc

8,723

1,964

Wabash

National

Corp

44

295,210

Wartsila

Oyj

(B

Shares)

2,489

4,955

*

WESCO

International,

Inc

620

42,922

Woodward

Inc

4,147

47,504

WSP

Global,

Inc

5,511

44,423

Xylem,

Inc

4,912

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

339

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

700

Yaskawa

Electric

Corp

$

22

TOTAL

CAPITAL

GOODS

710,715

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.9%

834

ABM

Industries,

Inc

37

33,977

ACCO

Brands

Corp

190

1,000

*

ASGN

Inc

81

372

Booz

Allen

Hamilton

Holding

Co

39

3,969

Brambles

Ltd

33

222,321

Bureau

Veritas

S.A.

5,859

639,040

*

Copart,

Inc

38,911

614

Dai

Nippon

Printing

Co

Ltd

12

5,059

Heidrick

&

Struggles

International,

Inc

141

120,130

Intertek

Group

plc

5,845

170,361

*

KAR

Auction

Services,

Inc

2,223

45,168

Kelly

Services,

Inc

(Class

A)

763

37,996

Randstad

Holdings

NV

2,322

279,000

Recruit

Holdings

Co

Ltd

8,733

740,173

RELX

plc

20,464

304

Ritchie

Bros

Auctioneers,

Inc

18

63,070

Robert

Half

International,

Inc

4,656

3,908

SGS

S.A.

9,103

14,329

Teleperformance

3,426

40,510

Thomson

Reuters

Corp

4,621

144,291

TransUnion

8,189

2,948

*

TriNet

Group,

Inc

200

17,022

Verisk

Analytics,

Inc

3,003

175,562

Waste

Management,

Inc

27,542

30,531

Wolters

Kluwer

NV

3,195

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

149,606

CONSUMER

DURABLES

&

APPAREL

-

1.2%

74,165

Adidas-Salomon

AG.

10,051

127,418

*

Allbirds,

Inc

308

385,655

Barratt

Developments

plc

1,842

68,119

Berkeley

Group

Holdings

plc

3,106

399,254

Burberry

Group

plc

9,707

58,519

DR

Horton,

Inc

5,216

622

e

Electrolux

AB

8

111,404

Essilor

International

S.A.

20,157

48,997

e

Ethan

Allen

Interiors,

Inc

1,294

524

Gildan

Activewear,

Inc

14

58,468

*

GoPro,

Inc

291

9,916

*

Green

Brick

Partners,

Inc

240

804

Hasbro,

Inc

49

12,448

Hermes

International

19,268

28,312

*,e

iRobot

Corp

1,363

18,915

*

Lovesac

Co

416

33,189

*

Lululemon

Athletica,

Inc

10,633

126,305

Moncler

S.p.A

6,711

10,439

Newell

Brands

Inc

137

534,413

Nike,

Inc

(Class

B)

62,532

2,273

*

NVR,

Inc

10,484

990,000

Panasonic

Corp

8,285

262

Pandora

AS

19

880

Persimmon

plc

13

714

Pulte

Homes,

Inc

33

9,326

Puma

AG.

Rudolf

Dassler

Sport

564

2,388

PVH

Corp

169

22,299

SEB

S.A.

1,871

1,026

Sekisui

Chemical

Co

Ltd

14

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

340

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

296,900

Sekisui

House

Ltd

$

5,264

153,481

*

Sonos,

Inc

2,594

353,400

Sony

Corp

26,937

1,076,998

Taylor

Wimpey

plc

1,319

62,773

*,e

Traeger,

Inc

177

94,128

*

Tupperware

Brands

Corp

390

67,452

VF

Corp

1,862

389

Yamaha

Corp

14

TOTAL

CONSUMER

DURABLES

&

APPAREL

213,352

CONSUMER

SERVICES

-

1.2%

204,289

*

Accor

S.A.

5,096

38,630

e

ADT,

Inc

350

25,003

*

Booking

Holdings,

Inc

50,388

40,114

*

Bright

Horizons

Family

Solutions

2,531

33,285

Carriage

Services,

Inc

917

766,210

Compass

Group

plc

17,693

92,056

*

Dave

&

Buster's

Entertainment,

Inc

3,262

68,958

*,e

F45

Training

Holdings,

Inc

197

307,210

Hilton

Worldwide

Holdings,

Inc

38,819

575

IDP

Education

Ltd

11

203,516

InterContinental

Hotels

Group

plc

11,677

94,100

Oriental

Land

Co

Ltd

13,694

33,446

*

Planet

Fitness,

Inc

2,636

3,541

*

Shake

Shack,

Inc

147

87,471

*

Six

Flags

Entertainment

Corp

2,034

568,908

Starbucks

Corp

56,436

23,339

Vail

Resorts,

Inc

5,563

88,897

Wendy's

2,012

129,335

Whitbread

plc

3,999

95,091

*

WW

International

Inc

367

TOTAL

CONSUMER

SERVICES

217,829

DIVERSIFIED

FINANCIALS

-

3.8%

794,321

3i

Group

plc

12,810

215,685

Ally

Financial,

Inc

5,273

349,019

American

Express

Co

51,568

73,893

Ameriprise

Financial,

Inc

23,008

6,128

Annaly

Capital

Management,

Inc

129

536

Australian

Stock

Exchange

Ltd

25

609,882

Bank

of

New

York

Mellon

Corp

27,762

77,740

BlackRock,

Inc

55,089

732,982

Charles

Schwab

Corp

61,028

84,822

Deutsche

Boerse

AG.

14,606

385,240

Discover

Financial

Services

37,688

51,668

Eurazeo

3,217

10,546

Factset

Research

Systems,

Inc

4,231

3,347

e

Franklin

Resources,

Inc

88

158,760

Goldman

Sachs

Group,

Inc

54,515

10,629

*

Green

Dot

Corp

168

334,646

Hong

Kong

Exchanges

and

Clearing

Ltd

14,380

406,008

Intercontinental

Exchange

Group,

Inc

41,652

43,051

Invesco

Ltd

774

166,684

London

Stock

Exchange

Group

plc

14,322

221

LPL

Financial

Holdings,

Inc

48

152,943

Macquarie

Group

Ltd

17,265

260

MarketAxess

Holdings,

Inc

73

94,714

Moody's

Corp

26,389

626,173

Morgan

Stanley

53,237

81,667

Nasdaq

Inc

5,010

2,220,800

*

Nomura

Holdings,

Inc

8,229

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

341

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

122,676

Northern

Trust

Corp

$

10,856

654,090

ORIX

Corp

10,470

5,978

*

PRA

Group,

Inc

202

2,150

*

PROG

Holdings,

Inc

36

9,022

Raymond

James

Financial,

Inc

964

167,725

S&P

Global,

Inc

56,178

656,988

Schroders

plc

3,452

2,200

Singapore

Exchange

Ltd

15

96,869

St.

James's

Place

plc

1,276

2,388,396

e

Standard

Life

Aberdeen

plc

5,427

150,543

State

Street

Corp

11,678

1,437

Synchrony

Financial

47

79,053

T

Rowe

Price

Group,

Inc

8,622

154

TMX

Group

Ltd

15

1,195,389

UBS

Group

AG

22,218

30,353

e

Voya

Financial,

Inc

1,866

31,162

Wendel

2,911

TOTAL

DIVERSIFIED

FINANCIALS

668,817

ENERGY

-

3.3%

428,909

Antero

Midstream

Corp

4,628

217,693

APA

Corp

10,162

517,908

e

ARC

Resources

Ltd

6,981

316,285

Baker

Hughes

Co

9,340

731,836

Cenovus

Energy,

Inc

(Toronto)

14,199

3,725

ChampionX

Corp

108

227,402

Cheniere

Energy,

Inc

34,101

172,096

Chevron

Corp

30,889

508,979

ConocoPhillips

60,059

2,773

Delek

US

Holdings,

Inc

75

179,107

Devon

Energy

Corp

11,017

26,007

*

DMC

Global,

Inc

506

52,213

*

Dril-Quip,

Inc

1,419

637,666

e

Enbridge,

Inc

24,923

218,607

EOG

Resources,

Inc

28,314

252,801

EQT

Corp

8,552

454,863

Equinor

ASA

16,348

537,285

Galp

Energia

SGPS

S.A.

7,248

1,424

Halliburton

Co

56

116,794

Hess

Corp

16,564

212,089

e

Imperial

Oil

Ltd

10,330

202,500

Inpex

Holdings,

Inc

2,176

6,419

Keyera

Corp

140

1,153,122

Kinder

Morgan,

Inc

20,848

801,981

*

Kosmos

Energy

Ltd

5,101

1,874

Marathon

Oil

Corp

51

110,690

Marathon

Petroleum

Corp

12,883

263,195

Neste

Oil

Oyj

12,138

379,412

NOV,

Inc

7,926

5,830

*

Oceaneering

International,

Inc

102

163,865

OMV

AG.

8,429

26,543

ONEOK,

Inc

1,744

21,024

Ovintiv,

Inc

1,066

170,132

e

Parkland

Corp

3,733

1,331

Phillips

66

138

98,089

Pioneer

Natural

Resources

Co

22,403

900,537

Schlumberger

Ltd

48,143

1,271,207

Shell

plc

35,836

886,363

*

Southwestern

Energy

Co

5,185

571,607

Suncor

Energy,

Inc

18,132

655,251

Total

S.A.

41,132

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

342

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

245,268

Valero

Energy

Corp

$

31,115

3,371

Williams

Cos,

Inc

111

572,494

Woodside

Energy

Group

Ltd

13,865

TOTAL

ENERGY

588,216

FOOD

&

STAPLES

RETAILING

-

0.6%

220,700

Aeon

Co

Ltd

4,660

372,479

Alimentation

Couche-Tard,

Inc

16,368

229,061

*

BJ's

Wholesale

Club

Holdings,

Inc

15,155

484,992

Coles

Group

Ltd

5,498

77,367

George

Weston

Ltd

9,599

1,743,514

J

Sainsbury

plc

4,573

13,900

Kesko

Oyj

(B

Shares)

307

1,880

Kroger

Co

84

136,504

Loblaw

Cos

Ltd

12,069

37,655

Metro,

Inc

2,085

95,256

*

Performance

Food

Group

Co

5,562

44,141

Pricesmart,

Inc

2,683

70,405

SpartanNash

Co

2,129

225,859

*

Sprouts

Farmers

Market,

Inc

7,311

108,392

*

United

Natural

Foods,

Inc

4,196

298,084

*

US

Foods

Holding

Corp

10,141

455,103

Woolworths

Ltd

10,392

TOTAL

FOOD

&

STAPLES

RETAILING

112,812

FOOD,

BEVERAGE

&

TOBACCO

-

2.3%

397,063

Ajinomoto

Co,

Inc

12,136

86,043

Archer-Daniels-Midland

Co

7,989

110,234

*,e

Benson

Hill,

Inc

281

124,961

*,e

Beyond

Meat,

Inc

1,538

1,758

Bunge

Ltd

175

59,280

Campbell

Soup

Co

3,364

1,291,781

Coca-Cola

Co

82,170

213,058

*

Coca-Cola

European

Partners

plc

(Class

A)

11,786

241,442

Coca-Cola

HBC

AG.

5,708

1,330

ConAgra

Brands,

Inc

52

316,465

Danone

16,680

15,327

*

Darling

International,

Inc

959

42,000

Fresh

Del

Monte

Produce,

Inc

1,100

445,330

General

Mills,

Inc

37,341

2,360

*

Hain

Celestial

Group,

Inc

38

251,971

Hormel

Foods

Corp

11,477

159,512

Kellogg

Co

11,364

133,885

Kerry

Group

plc

(Class

A)

12,094

2,155

Keurig

Dr

Pepper,

Inc

77

173,000

Kikkoman

Corp

9,106

87,204

McCormick

&

Co,

Inc

7,228

308

MEIJI

Holdings

Co

Ltd

16

116,254

Mowi

ASA

1,981

634,492

Nestle

S.A.

73,290

74,000

Nissin

Food

Products

Co

Ltd

5,860

304,982

Orkla

ASA

2,201

455,171

PepsiCo,

Inc

82,231

166,600

Suntory

Beverage

&

Food

Ltd

5,673

6,454

*

TreeHouse

Foods,

Inc

319

16,271

*

Vital

Farms,

Inc

243

1,637,414

Wilmar

International

Ltd

5,101

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

409,578

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.5%

108,845

*

1Life

Healthcare,

Inc

1,819

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

343

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

116,482

*

Accolade,

Inc

$

907

71,383

*,e

Allscripts

Healthcare

Solutions,

Inc

1,259

149,137

Amplifon

S.p.A.

4,453

70,373

*

Angiodynamics,

Inc

969

8,730

*

AtriCure,

Inc

387

1,253

*

Axonics

Modulation

Technologies,

Inc

78

1,376

Baxter

International,

Inc

70

48,498

BioMerieux

5,095

381,856

*

Brookdale

Senior

Living,

Inc

1,043

4,607

Cardinal

Health,

Inc

354

48,050

*

Cardiovascular

Systems,

Inc

655

31,597

Carl

Zeiss

Meditec

AG.

3,972

36,730

*

Castle

Biosciences,

Inc

865

354,493

*

Cerus

Corp

1,294

162,381

Cigna

Corp

53,803

23,683

Cochlear

Ltd

3,271

50,637

Coloplast

AS

5,932

22,324

*

Computer

Programs

&

Systems,

Inc

608

54,738

*

CryoLife,

Inc

663

188

*

DaVita,

Inc

14

71,367

*

Demant

A.S.

1,990

231,872

*

Dexcom,

Inc

26,257

432,588

*

Edwards

Lifesciences

Corp

32,275

111,438

Elevance

Health,

Inc

57,164

96,606

*

Enhabit,

Inc

1,271

165,782

*

Envista

Holdings

Corp

5,582

256,151

Fisher

&

Paykel

Healthcare

Corp

3,665

23,818

*

Fulgent

Genetics,

Inc

709

13,596

*

Globus

Medical,

Inc

1,010

128,579

HCA

Healthcare,

Inc

30,854

113,131

*

Health

Catalyst,

Inc

1,203

21,864

*

Henry

Schein,

Inc

1,746

14,137

*

Heska

Corp

879

113,705

*

Hologic,

Inc

8,506

60,344

*

IDEXX

Laboratories,

Inc

24,618

39,588

*

Inogen,

Inc

780

527

*

Insulet

Corp

155

46,638

Laboratory

Corp

of

America

Holdings

10,982

30,526

e

LeMaitre

Vascular,

Inc

1,405

8,932

*

LivaNova

plc

496

43,064

*

Merit

Medical

Systems,

Inc

3,041

161

*

Molina

Healthcare,

Inc

53

31,947

*

Nevro

Corp

1,265

110,180

*

NextGen

Healthcare,

Inc

2,069

257

*

Novocure

Ltd

19

86,938

*

Omnicell,

Inc

4,383

594,366

*,e

Opko

Health,

Inc

743

112,552

*

OraSure

Technologies,

Inc

543

32,369

*

Orthofix

Medical

Inc

665

80,723

*

Outset

Medical,

Inc

2,084

15,017

*

Penumbra,

Inc

3,341

2,830

Premier,

Inc

99

38,708

*

Pulmonx

Corp

326

28,484

Quest

Diagnostics,

Inc

4,456

143,876

Ramsay

Health

Care

Ltd

6,318

83,617

Resmed,

Inc

17,403

17,548

*

SI-BONE,

Inc

239

44,933

Sonova

Holdings

AG

10,672

24,596

*

Staar

Surgical

Co

1,194

33,157

STERIS

plc

6,124

34,000

Sysmex

Corp

2,053

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

344

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

43,554

*

Teladoc,

Inc

$

1,030

94,486

Terumo

Corp

2,679

140,780

UnitedHealth

Group,

Inc

74,639

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

444,496

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.3%

672

Church

&

Dwight

Co,

Inc

54

589

Clorox

Co

83

315,327

Colgate-Palmolive

Co

24,845

367,053

Essity

AB

9,612

172,700

e

Kao

Corp

6,856

65,896

Kimberly-Clark

Corp

8,945

74,681

L'Oreal

S.A.

26,743

675,349

Procter

&

Gamble

Co

102,356

220,600

Shiseido

Co

Ltd

10,813

216,400

Uni-Charm

Corp

8,285

578,642

Unilever

plc

29,214

131,058

*,e

Veru,

Inc

692

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

228,498

INSURANCE

-

2.4%

2,049,294

Aegon

NV

10,383

2,161,000

AIA

Group

Ltd

23,865

116,920

Allianz

AG.

24,969

116,459

Allstate

Corp

15,792

772,624

Assicurazioni

Generali

S.p.A.

13,739

147

Assurant,

Inc

18

726,786

AXA

S.A.

20,245

239,464

Chubb

Ltd

52,826

1,068,648

*

Genworth

Financial,

Inc

(Class

A)

5,653

914

Hartford

Financial

Services

Group,

Inc

69

1,068

Insurance

Australia

Group

Ltd

4

4,383,717

Legal

&

General

Group

plc

13,143

300,258

Marsh

&

McLennan

Cos,

Inc

49,687

82,300

MS&AD

Insurance

Group

Holdings

Inc

2,631

32,517

Muenchener

Rueckver

AG.

10,518

225,357

NN

Group

NV

9,215

720

Principal

Financial

Group

61

298,819

Progressive

Corp

38,760

324,743

Prudential

Financial,

Inc

32,299

305,354

QBE

Insurance

Group

Ltd

2,770

149,200

Sompo

Holdings,

Inc

6,601

77,096

Sun

Life

Financial,

Inc

3,579

24,208

Swiss

Life

Holding

12,478

121,443

Swiss

Re

Ltd

11,355

155,384

Travelers

Cos,

Inc

29,133

15,873

Willis

Towers

Watson

plc

3,882

50,965

Zurich

Insurance

Group

AG

24,365

TOTAL

INSURANCE

418,040

MATERIALS

-

2.7%

114,270

Agnico-Eagle

Mines

Ltd

5,938

502

Akzo

Nobel

NV

34

19,088

Amcor

plc

227

100,173

Anglo

American

plc

3,923

478,842

Antofagasta

plc

8,939

12,214

Aptargroup,

Inc

1,343

480,800

Asahi

Kasei

Corp

3,423

358,467

Ball

Corp

18,332

220,460

BlueScope

Steel

Ltd

2,513

306,471

Boliden

AB

11,512

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

345

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

83,968

*

Century

Aluminum

Co

$

687

290

Chr

Hansen

Holding

A/S

21

103,486

Clariant

AG.

1,644

19,088

*

Coeur

Mining,

Inc

64

1,679

Compass

Minerals

International,

Inc

69

534

g

Covestro

AG.

21

335,807

CRH

plc

13,355

41,736

Croda

International

plc

3,321

118,545

Dow,

Inc

5,973

45,775

DSM

NV

5,621

234,680

Ecolab,

Inc

34,160

127,774

Evonik

Industries

AG.

2,437

956,824

Fortescue

Metals

Group

Ltd

13,374

63,107

Franco-Nevada

Corp

8,602

3,439

Givaudan

S.A.

10,533

114,550

HeidelbergCement

AG.

6,491

41,648

Holmen

AB

1,655

190,067

Independence

Group

NL

1,739

69,904

International

Flavors

&

Fragrances,

Inc

7,329

1,576

International

Paper

Co

55

1,233

James

Hardie

Industries

NV

22

309,800

JFE

Holdings,

Inc

3,595

11,455

Johnson

Matthey

plc

293

84,990

JSR

Corp

1,664

42,157

Koppers

Holdings,

Inc

1,189

202,703

Linde

plc

66,118

18,306

Martin

Marietta

Materials,

Inc

6,187

195,886

Mineral

Resources

Ltd

10,275

306,342

Mitsubishi

Chemical

Holdings

Corp

1,586

14,802

Mitsui

Chemicals,

Inc

332

279,430

Mondi

plc

4,725

326,645

Mosaic

Co

14,330

605,266

Newcrest

Mining

Ltd

8,487

503,252

Newmont

Goldcorp

Corp

23,753

579,300

Nippon

Paint

Co

Ltd

4,550

600,800

Nippon

Steel

Corp

10,425

89,700

Nitto

Denko

Corp

5,166

1,584,602

Norsk

Hydro

ASA

11,841

375,868

Northern

Star

Resources

Ltd

2,813

566

Novozymes

AS

29

196,838

Nucor

Corp

25,945

215,124

Nutrien

Ltd

15,705

1,122

Orica

Ltd

11

905,449

*

Pilbara

Minerals

Ltd

2,293

22,371

PPG

Industries,

Inc

2,813

2,785

Reliance

Steel

&

Aluminum

Co

564

5,386

Schnitzer

Steel

Industries,

Inc

(Class

A)

165

116,800

Shin-Etsu

Chemical

Co

Ltd

14,263

62,483

SIG

Combibloc

Group

AG.

1,365

58,204

Sika

AG.

13,992

678

Smurfit

Kappa

Group

plc

25

204

e

Solvay

S.A.

21

527

Steel

Dynamics,

Inc

51

152,065

Stora

Enso

Oyj

(R

Shares)

2,144

1,346,023

Sumitomo

Chemical

Co

Ltd

4,826

290,200

Sumitomo

Metal

Mining

Co

Ltd

10,197

175,508

*

Summit

Materials,

Inc

4,983

482,659

Svenska

Cellulosa

AB

(B

Shares)

6,113

367

Symrise

AG.

40

9,000

Toray

Industries,

Inc

50

719

Tosoh

Corp

9

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

346

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

30,132

Trinseo

plc

$

684

229,769

Umicore

S.A.

8,451

25,842

UPM-Kymmene

Oyj

967

112,930

Voestalpine

AG.

2,991

703

WestRock

Co

25

148,093

Wheaton

Precious

Metals

Corp

5,786

TOTAL

MATERIALS

475,194

MEDIA

&

ENTERTAINMENT

-

1.9%

52,817

*

Cardlytics,

Inc

305

311

*

Charter

Communications,

Inc

105

209,432

*

Cinemark

Holdings,

Inc

1,814

366,768

*

Clear

Channel

385

1,294,838

Comcast

Corp

(Class

A)

45,281

153,590

Electronic

Arts,

Inc

18,766

870

Fox

Corp

(Class

A)

26

409

Fox

Corp

(Class

B)

12

184,668

Gray

Television,

Inc

2,066

109,942

*

iHeartMedia,

Inc

674

9,348

*

Imax

Corp

137

1,517,332

Informa

plc

11,319

125,227

Interpublic

Group

of

Cos,

Inc

4,171

14,063

John

Wiley

&

Sons,

Inc

(Class

A)

563

94,773

*

Liberty

Broadband

Corp

(Class

C)

7,228

40,259

*

MediaAlpha,

Inc

401

155,332

*

Netflix,

Inc

45,804

15,892

New

York

Times

Co

(Class

A)

516

402,000

Nintendo

Co

Ltd

16,903

357,623

Omnicom

Group,

Inc

29,171

1,668

Paramount

Global

(Class

B)

28

225,228

Pearson

plc

2,543

80,096

*

Pinterest,

Inc

1,945

168,177

Publicis

Groupe

S.A.

10,744

146

e

REA

Group

Ltd

11

981

*

ROBLOX

Corp

28

5,556

*

Roku,

Inc

226

13,853

Scholastic

Corp

547

10,426

e

Seek

Ltd

148

59,889

Sinclair

Broadcast

Group,

Inc

(Class

A)

929

1,494,166

e

Sirius

XM

Holdings,

Inc

8,726

9,104

*

Snap,

Inc

81

169,136

*

Take-Two

Interactive

Software,

Inc

17,612

9,574

TEGNA,

Inc

203

214,381

*

TripAdvisor,

Inc

3,855

294,462

*

Vimeo,

Inc

1,010

666,032

Vivendi

Universal

S.A.

6,363

621,301

*

Walt

Disney

Co

53,979

348,143

*

Warner

Bros

Discovery,

Inc

3,300

766,310

WPP

plc

7,571

107,544

*

Yelp,

Inc

2,940

2,798,400

Z

Holdings

Corp

6,989

566,878

*

ZoomInfo

Technologies,

Inc

17,069

TOTAL

MEDIA

&

ENTERTAINMENT

332,494

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5.3%

191,748

*

Adaptive

Biotechnologies

Corp

1,465

273,240

Agilent

Technologies,

Inc

40,890

107,585

*

Agios

Pharmaceuticals,

Inc

3,021

96,398

*

Alector,

Inc

890

220,521

Amgen,

Inc

57,918

789,014

Astellas

Pharma,

Inc

11,997

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

347

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

376,958

AstraZeneca

plc

$

51,010

8,612

AstraZeneca

plc

(ADR)

584

192,539

*

Atara

Biotherapeutics,

Inc

632

2,859

*,e

Axsome

Therapeutics,

Inc

221

99,760

*

BioCryst

Pharmaceuticals,

Inc

1,145

8,992

*

Biogen,

Inc

2,490

851,854

Bristol-Myers

Squibb

Co

61,291

48,568

*

Caribou

Biosciences,

Inc

305

41,279

*,e

Cassava

Sciences,

Inc

1,219

222,326

*

Catalent,

Inc

10,007

462,391

Chugai

Pharmaceutical

Co

Ltd

11,794

58,062

*,e

Collegium

Pharmaceutical,

Inc

1,347

143,723

CSL

Ltd

28,025

556,247

Daiichi

Sankyo

Co

Ltd

17,904

254,381

Danaher

Corp

67,518

15,154

*

Eagle

Pharmaceuticals,

Inc

443

117,600

Eisai

Co

Ltd

7,756

255,169

Eli

Lilly

&

Co

93,351

51,525

*

Erasca,

Inc

222

31,813

*

Fulcrum

Therapeutics,

Inc

232

34,151

*

Genmab

AS

14,439

401,040

Gilead

Sciences,

Inc

34,429

1,242,756

GSK

plc

21,479

16,584

*,e

IGM

Biosciences,

Inc

282

67,634

*

Illumina,

Inc

13,676

516,979

*,e

Inovio

Pharmaceuticals,

Inc

806

18,922

*

Intra-Cellular

Therapies,

Inc

1,001

79,472

*

IQVIA

Holdings,

Inc

16,283

33,350

*

Jazz

Pharmaceuticals

plc

5,313

71,749

*

Kezar

Life

Sciences,

Inc

505

747

Kyowa

Hakko

Kogyo

Co

Ltd

17

33,945

Lonza

Group

AG.

16,663

745,192

Merck

&

Co,

Inc

82,679

76,434

Merck

KGaA

14,747

7,227

*

Mettler-Toledo

International,

Inc

10,446

55,708

*

Mirati

Therapeutics,

Inc

2,524

236,224

*

NeoGenomics,

Inc

2,183

54,572

*

NGM

Biopharmaceuticals

Inc

274

37,791

*

Nkarta,

Inc

226

535,963

Novartis

AG.

48,503

405,716

Novo

Nordisk

AS

55,103

75,327

*

Nurix

Therapeutics,

Inc

827

263,600

Ono

Pharmaceutical

Co

Ltd

6,161

66,248

Orion

Oyj

(Class

B)

3,632

50,313

Perrigo

Co

plc

1,715

77,793

*

Prothena

Corp

plc

4,687

99,790

*,e

Provention

Bio,

Inc

1,055

29,310

*

Regeneron

Pharmaceuticals,

Inc

21,147

87,503

*

Revance

Therapeutics,

Inc

1,615

171,442

*,e

Sana

Biotechnology,

Inc

677

117,033

Shionogi

&

Co

Ltd

5,839

85,477

UCB

S.A.

6,735

133,862

*

Ultragenyx

Pharmaceutical,

Inc

6,202

36,177

*

Viridian

Therapeutics,

Inc

1,057

22,240

*

Waters

Corp

7,619

45,920

West

Pharmaceutical

Services,

Inc

10,807

278,267

Zoetis,

Inc

40,780

15,799

*,†,e

Zogenix,

Inc

11

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

935,821

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

348

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

REAL

ESTATE

-

1.6%

231,273

American

Tower

Corp

$

48,998

87,267

Boston

Properties,

Inc

5,898

545,111

British

Land

Co

plc

2,588

63,675

Brixmor

Property

Group,

Inc

1,444

2,080,173

Capitaland

Investment

Ltd

5,749

14,677

CapitaMall

Trust

22

101,664

CBRE

Group,

Inc

7,824

177,700

City

Developments

Ltd

1,092

50,850

City

Office

REIT,

Inc

426

59,802

Crown

Castle

International

Corp

8,112

301,100

Daiwa

House

Industry

Co

Ltd

6,936

2,975

Dexus

Property

Group

16

368,904

DiamondRock

Hospitality

Co

3,021

784

Digital

Realty

Trust,

Inc

79

6,866

Douglas

Emmett,

Inc

108

43,867

Equinix,

Inc

28,734

39,506

First

Industrial

Realty

Trust,

Inc

1,907

5,328

FirstService

Corp

652

51,892

Fonciere

Des

Regions

3,080

665

Gecina

S.A.

68

565,550

e

Goodman

Group

6,651

688,636

GPT

Group

1,964

244,659

Healthpeak

Properties

Inc

6,134

1,608

*

Howard

Hughes

Corp

123

191,100

e

Hulic

Co

Ltd

1,501

945

Iron

Mountain,

Inc

47

30,104

iStar

Inc

230

6,486

*

Jones

Lang

LaSalle,

Inc

1,034

4,380

Kilroy

Realty

Corp

169

255,081

Klepierre

5,887

1,939

Land

Securities

Group

plc

14

205

LEG

Immobilien

AG.

13

505,854

Lend

Lease

Corp

Ltd

2,685

1,231,900

Link

REIT

9,014

277,961

Macerich

Co

3,130

1,050,750

e

Mirvac

Group

1,520

560,472

Mitsubishi

Estate

Co

Ltd

7,260

359,317

Mitsui

Fudosan

Co

Ltd

6,567

97,100

Nomura

Real

Estate

Holdings,

Inc

2,076

474,829

Park

Hotels

&

Resorts,

Inc

5,598

7,536

PotlatchDeltic

Corp

332

390,185

Prologis,

Inc

43,986

66,712

*

Realogy

Holdings

Corp

426

418

RioCan

Real

Estate

Investment

Trust

7

2,740

RMR

Group,

Inc

77

2,304

e

Safehold,

Inc

66

298

SBA

Communications

Corp

84

14,358

Scentre

Group

28

151,016

Segro

plc

1,391

6,604

Stockland

Trust

Group

16

604,000

Swire

Pacific

Ltd

(Class

A)

5,295

1,367,000

Swire

Properties

Ltd

3,462

35,424

*

Unibail-Rodamco-Westfield

1,844

104,837

*

Unibail-Rodamco-Westfield

5,480

1,300

UOL

Group

Ltd

7

79,201

Ventas,

Inc

3,568

190,252

Vicinity

Centres

257

214,587

Welltower,

Inc

14,066

286,231

Weyerhaeuser

Co

8,873

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

349

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

63,158

Xenia

Hotels

&

Resorts,

Inc

$

832

TOTAL

REAL

ESTATE

278,468

RETAILING

-

2.2%

45,506

*

1-800-FLOWERS.COM,

Inc

(Class

A)

435

18,982

Advance

Auto

Parts,

Inc

2,791

621

Best

Buy

Co,

Inc

50

184

*

Burlington

Stores,

Inc

37

158

Canadian

Tire

Corp

Ltd

16

2,874

*

CarMax,

Inc

175

80,482

*,g

Delivery

Hero

AG.

3,862

29,510

Dieteren

S.A.

5,663

68,736

Dollarama,

Inc

4,020

904,648

eBay,

Inc

37,516

13,700

Fast

Retailing

Co

Ltd

8,337

7,052

*

Five

Below,

Inc

1,247

29,570

*

Genesco,

Inc

1,361

679

Genuine

Parts

Co

118

289,675

e

Hennes

&

Mauritz

AB

(B

Shares)

3,122

26,127

Hibbett

Sports,

Inc

1,782

300,994

Home

Depot,

Inc

95,072

440,328

Industria

De

Diseno

Textil

S.A.

11,696

123,330

*,g

Just

Eat

Takeaway.com

NV

2,625

27,159

Kering

13,822

5,813

Kingfisher

plc

17

27,150

*

Lands'

End,

Inc

206

50,425

*

Liquidity

Services,

Inc

709

93,396

LKQ

Corp

4,988

294,994

Lowe's

Companies,

Inc

58,775

506,415

Macy's,

Inc

10,457

38,743

*

MarineMax,

Inc

1,210

370

*

MercadoLibre,

Inc

313

366

Next

plc

26

569

Pool

Corp

172

267,052

Prosus

NV

18,438

1,746

*

Sally

Beauty

Holdings,

Inc

22

34,896

Shoe

Carnival,

Inc

834

266,453

Target

Corp

39,712

565,913

TJX

Companies,

Inc

45,047

19,712

Tractor

Supply

Co

4,435

8,206

*

TravelCenters

of

America,

Inc

367

62,274

Wesfarmers

Ltd

1,942

874

Winmark

Corp

206

612

*,g

Zalando

SE

22

20,869

*,e

Zumiez,

Inc

454

TOTAL

RETAILING

382,099

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2.4%

494,028

Applied

Materials,

Inc

48,108

98,314

ASML

Holding

NV

53,606

26,377

*

Cirrus

Logic,

Inc

1,965

39,977

*

First

Solar,

Inc

5,988

2,039,643

Intel

Corp

53,908

96,729

Lam

Research

Corp

40,655

2,359

Marvell

Technology,

Inc

87

654,199

NVIDIA

Corp

95,605

730

NXP

Semiconductors

NV

115

582,861

*

ON

Semiconductor

Corp

36,353

22,124

*

Silicon

Laboratories,

Inc

3,002

376,801

Texas

Instruments,

Inc

62,255

55,200

Tokyo

Electron

Ltd

16,219

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

350

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

15,749

Universal

Display

Corp

$

1,702

142,944

*

Wolfspeed,

Inc

9,869

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

429,437

SOFTWARE

&

SERVICES

-

7.4%

248,482

Accenture

plc

66,305

173,685

*

Adobe,

Inc

58,450

440

*

Akamai

Technologies,

Inc

37

10,679

*

Ansys,

Inc

2,580

201,638

*

Autodesk,

Inc

37,680

214,568

Automatic

Data

Processing,

Inc

51,252

428

*

Black

Knight,

Inc

26

57,206

*

Blackline,

Inc

3,848

164,242

*

Cadence

Design

Systems,

Inc

26,384

381

*

Ceridian

HCM

Holding,

Inc

24

342,048

Computershare

Ltd

6,026

31,352

Concentrix

Corp

4,175

66,006

CSG

Systems

International,

Inc

3,776

232,364

Dassault

Systemes

SE

8,356

30,564

*

Descartes

Systems

Group,

Inc

2,131

553

*

DocuSign,

Inc

31

130,725

Dolby

Laboratories,

Inc

(Class

A)

9,221

477,429

*

DXC

Technology

Co

12,652

67,978

*

ExlService

Holdings,

Inc

11,518

70

*

Fair

Isaac

Corp

42

583,589

Fidelity

National

Information

Services,

Inc

39,597

19,869

*

Five9,

Inc

1,348

97,800

Fujitsu

Ltd

13,038

123

*

HubSpot,

Inc

36

411,280

International

Business

Machines

Corp

57,945

123,658

Intuit,

Inc

48,130

264,132

Mastercard,

Inc

(Class

A)

91,847

1,525,906

Microsoft

Corp

365,943

265,881

NEC

Corp

9,324

102,939

*

New

Relic,

Inc

5,811

211,300

Nomura

Research

Institute

Ltd

5,023

1,601

NortonLifelock,

Inc

34

142,438

*

Nutanix,

Inc

3,710

6,151

*

OneSpan,

Inc

69

165,017

Open

Text

Corp

(Toronto)

4,890

38,600

Otsuka

Corp

1,217

702,184

*

PayPal

Holdings,

Inc

50,010

309

*

PTC,

Inc

37

33,075

*

Rapid7,

Inc

1,124

45,144

Roper

Technologies,

Inc

19,506

365,490

*

Salesforce,

Inc

48,460

300,308

SAP

AG.

31,004

110,208

*

ServiceNow,

Inc

42,790

409,970

*

Shopify,

Inc

(Class

A)

14,234

451

*

Splunk,

Inc

39

72,879

*

SPS

Commerce,

Inc

9,360

91,800

Sumisho

Computer

Systems

Corp

1,390

119,055

*

SVMK,

Inc

833

101,932

*

Synopsys,

Inc

32,546

66,879

*

Teradata

Corp

2,251

1,228

*

Trade

Desk,

Inc

55

34,608

TTEC

Holdings,

Inc

1,527

267

*

VeriSign,

Inc

55

333,621

*

VMware,

Inc

(Class

A)

40,955

1,119

Western

Union

Co

15

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

351

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

90,879

*

WEX,

Inc

$

14,872

178,295

e

Wisetech

Global

Ltd

6,132

195,632

*

Workday,

Inc

32,735

122,223

*

Xero

Ltd

5,828

TOTAL

SOFTWARE

&

SERVICES

1,308,234

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.9%

173,769

Avnet,

Inc

7,225

3,200

Azbil

Corp

80

23,497

Badger

Meter,

Inc

2,562

79,361

Benchmark

Electronics,

Inc

2,118

157,592

*

Ciena

Corp

8,034

1,509,873

Cisco

Systems,

Inc

71,930

64,983

CTS

Corp

2,562

54,070

*

ePlus,

Inc

2,394

74,898

*

Fabrinet

9,604

36,066

*

FARO

Technologies,

Inc

1,061

85,100

Fujifilm

Holdings

Corp

4,255

2,045,339

Hewlett

Packard

Enterprise

Co

32,644

1,473,257

HP,

Inc

39,586

29,100

Ibiden

Co

Ltd

1,049

63,302

*,e

Insight

Enterprises,

Inc

6,347

4,037

*

Itron,

Inc

205

56,174

Keyence

Corp

21,809

230,829

*

Keysight

Technologies,

Inc

39,488

39,615

*

Kimball

Electronics,

Inc

895

185,192

*

Knowles

Corp

3,041

17,609

*

Lumentum

Holdings,

Inc

919

8,736

Methode

Electronics,

Inc

388

344,316

*,e

Microvision,

Inc

809

235,425

*,e

Mirion

Technologies,

Inc

1,556

4,828

Motorola

Solutions,

Inc

1,244

236,500

Murata

Manufacturing

Co

Ltd

11,663

138,274

National

Instruments

Corp

5,102

24,537

*

Netgear,

Inc

444

3,862

*

Novanta,

Inc

525

46,700

Omron

Corp

2,257

8,485

*

OSI

Systems,

Inc

675

51,066

*,e

PAR

Technology

Corp

1,331

39,767

*

Plexus

Corp

4,093

64,222

*

Ribbon

Communications,

Inc

179

38,135

*

Rogers

Corp

4,551

6,455

Shimadzu

Corp

183

151,500

TDK

Corp

4,929

525,601

*

Trimble

Inc

26,574

213,684

*

TTM

Technologies,

Inc

3,222

22,191

*

Vishay

Precision

Group,

Inc

858

329,723

Vontier

Corp

6,374

231,370

Xerox

Holdings

Corp

3,378

34,711

*

Xperi,

Inc

299

632

Yokogawa

Electric

Corp

10

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

338,452

TELECOMMUNICATION

SERVICES

-

1.0%

47,068

*

Bandwidth

Inc

1,080

4,985,806

e

BT

Group

plc

6,732

393

Elisa

Oyj

(Series

A)

21

10,000

HKT

Trust

and

HKT

Ltd

12

200,145

*

Iridium

Communications,

Inc

10,287

610,632

KDDI

Corp

18,519

555,864

Koninklijke

KPN

NV

1,721

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

352

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,960

*

Liberty

Global

plc

(Class

A)

$

56

7,192

*

Liberty

Global

plc

(Class

C)

140

2,586

Lumen

Technologies,

Inc

14

1,349,797

e

Orange

S.

A.

13,393

185,118

Rogers

Communications,

Inc

(Class

B)

8,664

3,175,800

Singapore

Telecommunications

Ltd

6,089

1,298,600

Softbank

Corp

14,692

14,787

Swisscom

AG.

8,100

8,252

Tele2

AB

(B

Shares)

67

5,177

Telecom

Corp

of

New

Zealand

Ltd

18

588,810

Telefonica

Deutschland

Holding

AG.

1,446

131,695

Telenor

ASA

1,230

1,677,759

TeliaSonera

AB

4,287

29,534

TELUS

Corp

570

1,693,238

Verizon

Communications,

Inc

66,714

13,012,801

Vodafone

Group

plc

13,178

TOTAL

TELECOMMUNICATION

SERVICES

177,030

TRANSPORTATION

-

1.8%

115,400

*

All

Nippon

Airways

Co

Ltd

2,444

243

AMERCO

13

51,209

ArcBest

Corp

3,587

445,387

*

Auckland

International

Airport

Ltd

2,209

620,413

Aurizon

Holdings

Ltd

1,572

194,025

Canadian

National

Railway

Co

23,048

66,030

CH

Robinson

Worldwide,

Inc

6,046

1,535,811

CSX

Corp

47,579

1,068,495

*

Delta

Air

Lines,

Inc

35,111

233,700

e

East

Japan

Railway

Co

13,311

122,317

Expeditors

International

of

Washington,

Inc

12,711

270,700

Hankyu

Hanshin

Holdings,

Inc

8,020

284

Keio

Corp

10

111,858

Keisei

Electric

Railway

Co

Ltd

3,178

24,300

Kintetsu

Corp

802

44,193

Kuehne

&

Nagel

International

AG.

10,274

459

Landstar

System,

Inc

75

1,879,864

MTR

Corp

9,942

82,713

Nippon

Express

Holdings,

Inc

4,724

327,375

e

Nippon

Yusen

Kabushiki

Kaisha

7,720

137,749

Norfolk

Southern

Corp

33,944

815

Odakyu

Electric

Railway

Co

Ltd

11

61,860

Old

Dominion

Freight

Line

17,555

101,200

SG

Holdings

Co

Ltd

1,403

1,185,349

e

Singapore

Airlines

Ltd

4,894

1,469

Tokyu

Corp

19

1,618,272

Transurban

Group

14,237

330,692

United

Parcel

Service,

Inc

(Class

B)

57,487

19,407

West

Japan

Railway

Co

843

TOTAL

TRANSPORTATION

322,769

UTILITIES

-

1.9%

1,850

e

Algonquin

Power

&

Utilities

Corp

12

689

Alliant

Energy

Corp

38

334,289

American

Electric

Power

Co,

Inc

31,741

500,415

APA

Group

3,658

1,021,500

CLP

Holdings

Ltd

7,442

797

CMS

Energy

Corp

51

225,509

Consolidated

Edison,

Inc

21,493

23,903

DTE

Energy

Co

2,809

3,427,094

Enel

S.p.A.

18,431

911,108

Energias

de

Portugal

S.A.

4,542

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

353

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

689

Essential

Utilities

Inc

$

33

89,791

Eversource

Energy

7,528

118,617

Fortis,

Inc

4,746

911

g

Hydro

One

Ltd

24

2,058,298

Iberdrola

S.A.

24,028

1,949

Mercury

NZ

Ltd

7

247,549

Meridian

Energy

Ltd

823

1,254,956

National

Grid

plc

15,034

172,595

e

Naturgy

Energy

Group

S.A.

4,486

786,343

NextEra

Energy,

Inc

65,738

1,123

NiSource,

Inc

31

746,374

Origin

Energy

Ltd

3,906

48,943

g

Orsted

AS

4,425

145,500

Osaka

Gas

Co

Ltd

2,344

1,123

e

Red

Electrica

Corp

S.A.

20

590,179

Scottish

&

Southern

Energy

plc

12,138

196,561

Sempra

Energy

30,377

7,999

South

Jersey

Industries,

Inc

284

605,854

Southern

Co

43,264

181,100

Tokyo

Gas

Co

Ltd

3,546

34,209

UGI

Corp

1,268

136,486

WEC

Energy

Group,

Inc

12,797

219,571

Xcel

Energy,

Inc

15,394

TOTAL

UTILITIES

342,458

TOTAL

COMMON

STOCKS

10,224,596

(Cost

$9,084,928)

PREFERRED

STOCKS

-

0.2%

BANKS

-

0.0%

233,115

*,e

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

473

740,991

*,e

Federal

National

Mortgage

Association

(FNMA)

1,734

490,000

e

First

Republic

Bank

8,051

TOTAL

BANKS

10,258

INSURANCE

-

0.0%

178,941

Assurant,

Inc

3,613

TOTAL

INSURANCE

3,613

REAL

ESTATE

-

0.1%

390,000

e

Brookfield

Property

Partners

LP

5,932

695,000

Brookfield

Property

Partners

LP

9,403

TOTAL

REAL

ESTATE

15,335

UTILITIES

-

0.1%

490,000

e

Brookfield

Infrastructure

Partners

LP

7,864

308,000

e

Brookfield

Renewable

Partners

LP

5,803

TOTAL

UTILITIES

13,667

TOTAL

PREFERRED

STOCKS

42,873

(Cost

$88,151)

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

354

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

EXPIRATION

DATE

VALUE

(000)

RIGHTS/WARRANTS

-

0.0%

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

774

†

ABIOMED,

Inc

12/31/29

$

1

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1

TOTAL

RIGHTS/WARRANTS

1

(Cost

$1)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.3%

GOVERNMENT

AGENCY

DEBT

-

0.6%

$

6,000,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/04/23

5,999

10,915,000

FFCB

0

.000

01/09/23

10,907

2,320,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

2,320

8,535,000

FHLB

0

.000

01/06/23

8,532

20,000,000

FHLB

0

.000

02/06/23

19,917

42,000,000

FHLB

0

.000

02/10/23

41,801

10,000,000

FHLB

0

.000

02/27/23

9,933

5,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/11/23

4,995

TOTAL

GOVERNMENT

AGENCY

DEBT

104,404

REPURCHASE

AGREEMENT

-

1.0%

170,518,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

170,518

TOTAL

REPURCHASE

AGREEMENT

170,518

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.7%

126,516,252

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

126,516

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

126,516

TOTAL

SHORT-TERM

INVESTMENTS

401,438

(Cost

$401,461)

TOTAL

INVESTMENTS

-

101.0%

17,872,411

(Cost

$17,612,660)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.0)%

(

177,715

)

NET

ASSETS

-

100.0%

$17,694,696

ADR

American

Depositary

Receipt

CLP

Chilean

Peso

CCRC

Congregate

Care

Retirement

Center

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

Portfolio

of

investments

CREF

Social

Choice

Account

December

31,

2022

355

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$154,064,752.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

q

In

default

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$170,518,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.875%

and

maturity

date

1/15/29,

valued

at

$173,928,368.

CREF

Money

Market

Account

December

31,

2022

Portfolio

of

investments

356

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

-

54.3%

$

12,500,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/12/23

$

12,485

61,400,000

FFCB

0

.000

01/13/23

61,328

42,200,000

FFCB

0

.000

02/23/23

41,991

41,800,000

FFCB

0

.000

03/01/23

41,547

41,800,000

FFCB

0

.000

03/02/23

41,542

6,789,000

FFCB

0

.125

04/13/23

6,705

4,750,000

FFCB

0

.125

05/10/23

4,674

40,900,000

FFCB

0

.000

05/19/23

40,183

302,300,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

302,236

41,750,000

FHLB

0

.000

01/04/23

41,737

253,750,000

FHLB

0

.000

01/06/23

253,619

63,000,000

FHLB

0

.000

01/09/23

62,947

62,850,000

FHLB

0

.000

01/11/23

62,805

103,750,000

FHLB

0

.000

01/13/23

103,617

123,850,000

FHLB

0

.000

01/18/23

123,619

159,300,000

FHLB

0

.000

01/20/23

158,966

124,000,000

FHLB

0

.000

01/24/23

123,680

62,300,000

FHLB

0

.000

01/25/23

62,132

111,000,000

FHLB

0

.000

02/07/23

110,522

20,000,000

FHLB

0

.000

02/08/23

19,913

61,000,000

FHLB

0

.000

02/09/23

60,724

226,600,000

FHLB

0

.000

02/10/23

225,552

167,000,000

FHLB

0

.000

02/14/23

166,205

82,000,000

FHLB

0

.000

02/15/23

81,568

79,000,000

FHLB

0

.000

02/17/23

78,563

177,000,000

FHLB

0

.000

02/22/23

175,893

87,567,000

FHLB

0

.000

02/24/23

86,998

79,500,000

FHLB

0

.000

02/28/23

78,941

133,000,000

FHLB

0

.000

03/01/23

132,047

121,000,000

FHLB

0

.000

03/03/23

120,103

146,950,000

FHLB

0

.000

03/08/23

145,767

114,200,000

FHLB

0

.000

03/10/23

113,248

327,750,000

FHLB

0

.000

03/15/23

324,809

36,140,000

FHLB

0

.125

03/17/23

35,816

159,700,000

FHLB

0

.000

03/20/23

158,204

60,500,000

FHLB

0

.000

03/22/23

59,904

125,900,000

FHLB

0

.000

03/23/23

124,648

341,670,000

FHLB

0

.000

03/24/23

338,210

119,380,000

FHLB

0

.000

03/29/23

118,087

247,000,000

FHLB

0

.000

03/31/23

244,283

49,400,000

FHLB

4

.480

04/04/23

49,400

800,000

FHLB

0

.000

04/12/23

791

80,000,000

FHLB

0

.000

04/14/23

78,972

7,000,000

FHLB

4

.330

04/18/23

6,992

40,750,000

FHLB

4

.800

06/07/23

40,750

1,270,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.375

05/05/23

1,252

TOTAL

GOVERNMENT

AGENCY

DEBT

4,723,975

REPURCHASE

AGREEMENT

-

14.4%

1,256,406,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.080

01/03/23

1,256,406

TOTAL

REPURCHASE

AGREEMENT

1,256,406

TREASURY

DEBT

-

6.2%

34,000,000

United

States

Treasury

Bill

0

.000

01/12/23

33,972

33,400,000

United

States

Treasury

Bill

0

.000

01/17/23

33,347

41,000,000

United

States

Treasury

Bill

0

.000

01/24/23

40,892

34,000,000

United

States

Treasury

Bill

0

.000

02/09/23

33,888

50,000,000

United

States

Treasury

Bill

0

.000

02/16/23

49,807

54,900,000

United

States

Treasury

Bill

0

.000

02/23/23

54,649

61,250,000

United

States

Treasury

Bill

0

.000

03/07/23

60,777

Portfolio

of

investments

CREF

Money

Market

Account

December

31,

2022

357

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

49,000,000

United

States

Treasury

Bill

0

.000

%

03/09/23

$

48,611

40,850,000

United

States

Treasury

Bill

0

.000

03/14/23

40,269

40,800,000

United

States

Treasury

Bill

0

.000

03/21/23

40,414

42,000,000

United

States

Treasury

Bill

0

.000

04/18/23

41,446

60,700,000

United

States

Treasury

Bill

0

.000

05/02/23

59,788

TOTAL

TREASURY

DEBT

537,860

VARIABLE

RATE

SECURITIES

-

25.5%

63,750,000

i

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.050%

4

.350

03/03/23

63,750

16,775,000

i

FAMC

SOFR

+

0.100%

4

.400

02/12/24

16,779

41,200,000

i

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.015%

4

.315

01/09/23

41,200

3,200,000

i

FFCB

SOFR

+

0.008%

4

.308

01/12/23

3,200

14,155,000

i

FFCB

SOFR

+

0.060%

4

.360

01/13/23

14,155

12,033,000

i

FFCB

SOFR

+

0.060%

4

.360

01/20/23

12,033

8,415,000

i

FFCB

SOFR

+

0.055%

4

.355

02/09/23

8,415

49,547,000

i

FFCB

SOFR

+

0.050%

4

.350

02/17/23

49,549

41,500,000

i

FFCB

SOFR

+

0.015%

4

.315

03/07/23

41,500

4,350,000

i

FFCB

SOFR

+

0.040%

4

.340

03/10/23

4,350

42,500,000

i

FFCB

SOFR

+

0.015%

4

.315

05/02/23

42,499

30,500,000

i

FFCB

SOFR

+

0.035%

4

.335

05/04/23

30,500

30,500,000

i

FFCB

SOFR

+

0.035%

4

.335

05/12/23

30,500

3,075,000

i

FFCB

SOFR

+

0.320%

4

.620

06/09/23

3,079

21,250,000

i

FFCB

SOFR

+

0.035%

4

.335

07/12/23

21,249

127,600,000

i

FFCB

SOFR

+

0.018%

4

.318

07/13/23

127,591

63,100,000

i

FFCB

SOFR

+

0.040%

4

.340

08/17/23

63,100

39,150,000

i

FFCB

SOFR

+

0.030%

4

.330

08/28/23

39,150

25,450,000

i

FFCB

SOFR

+

0.050%

4

.350

09/15/23

25,450

10,400,000

i

FFCB

SOFR

+

0.040%

4

.340

09/20/23

10,400

12,850,000

i

FFCB

SOFR

+

0.025%

4

.325

09/27/23

12,850

14,800,000

i

FFCB

SOFR

+

0.045%

4

.345

10/16/23

14,800

13,700,000

i

FFCB

SOFR

+

0.025%

4

.325

10/27/23

13,700

1,700,000

i

FFCB

SOFR

+

0.135%

4

.435

11/06/23

1,701

4,250,000

i

FFCB

SOFR

+

0.025%

4

.325

11/30/23

4,249

13,525,000

i

FFCB

SOFR

+

0.120%

4

.420

01/22/24

13,534

41,950,000

i

FFCB

SOFR

+

0.040%

4

.340

02/09/24

41,948

12,625,000

i

FFCB

SOFR

+

0.045%

4

.345

02/20/24

12,625

4,200,000

i

FFCB

SOFR

+

0.040%

4

.340

03/04/24

4,200

14,250,000

i

FFCB

SOFR

+

0.050%

4

.350

04/12/24

14,250

9,275,000

i

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.010%

4

.310

01/03/23

9,275

42,000,000

i

FHLB

SOFR

+

0.010%

4

.310

01/05/23

42,000

50,000,000

i

FHLB

SOFR

+

0.020%

4

.320

01/11/23

50,000

5,000,000

i

FHLB

SOFR

+

0.030%

4

.330

01/13/23

5,000

62,900,000

i

FHLB

SOFR

+

0.010%

4

.310

01/17/23

62,900

42,000,000

i

FHLB

SOFR

+

0.020%

4

.320

01/23/23

42,000

42,100,000

i

FHLB

SOFR

+

0.020%

4

.320

01/24/23

42,100

42,025,000

i

FHLB

SOFR

+

0.010%

4

.310

01/25/23

42,025

50,000,000

i

FHLB

SOFR

+

0.015%

4

.315

01/26/23

50,000

116,600,000

i

FHLB

SOFR

+

0.040%

4

.340

01/26/23

116,600

41,750,000

i

FHLB

SOFR

+

0.040%

4

.340

01/30/23

41,750

63,000,000

i

FHLB

SOFR

+

0.025%

4

.325

02/06/23

63,000

41,000,000

i

FHLB

SOFR

+

0.050%

4

.350

02/08/23

41,000

125,250,000

i

FHLB

SOFR

+

0.040%

4

.340

02/10/23

125,250

41,800,000

i

FHLB

SOFR

+

0.040%

4

.340

02/10/23

41,800

20,700,000

i

FHLB

SOFR

+

0.045%

4

.345

02/23/23

20,700

83,750,000

i

FHLB

SOFR

+

0.030%

4

.330

02/28/23

83,750

41,600,000

i

FHLB

SOFR

+

0.045%

4

.345

02/28/23

41,600

42,250,000

i

FHLB

SOFR

+

0.030%

4

.330

03/02/23

42,250

48,500,000

i

FHLB

SOFR

+

0.055%

4

.355

03/02/23

48,500

6,200,000

i

FHLB

SOFR

+

0.015%

4

.315

03/15/23

6,200

42,000,000

i

FHLB

SOFR

+

0.030%

4

.330

03/21/23

42,000

50,000,000

i

FHLB

SOFR

+

0.040%

4

.340

03/27/23

50,000

63,000,000

i

FHLB

SOFR

+

0.055%

4

.355

04/04/23

63,000

Portfolio

of

investments

CREF

Money

Market

Account

December

31,

2022

358

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

40,750,000

i

FHLB

SOFR

+

0.060%

4

.360

%

04/10/23

$

40,750

36,160,000

i

FHLB

SOFR

+

0.035%

4

.335

05/19/23

36,161

42,100,000

i

FHLB

SOFR

+

0.045%

4

.345

05/23/23

42,100

42,000,000

i

FHLB

SOFR

+

0.060%

4

.360

07/03/23

42,000

42,500,000

i

FHLB

SOFR

+

0.030%

4

.330

08/11/23

42,500

41,000,000

i

FHLB

SOFR

+

0.090%

4

.390

08/15/23

41,000

17,246,000

i

United

States

Treasury

Note

US

Treasury

Bill

3

M

+

0.034%

4

.432

04/30/23

17,246

TOTAL

VARIABLE

RATE

SECURITIES

2,216,763

TOTAL

SHORT-TERM

INVESTMENTS

8,735,004

(Cost

$8,735,004)

TOTAL

INVESTMENTS

-

100.4%

8,735,004

(Cost

$8,735,004)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

38,932

)

NET

ASSETS

-

100.0%

$8,696,072

M

Month

SOFR

Secure

Overnight

Financing

Rate

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.080%

dated

12/30/22

to

be

repurchased

at

$1,256,406,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–1.375%

and

maturity

dates

7/31/28–1/15/29,

valued

at

$1,281,534,217.

Report

of

independent

registered

public

accounting

firm

359

College

Retirement

Equities

Fund

To

the

Board

of

Trustees

of

College

Retirement

Equities

Fund

and

Participants

of

Stock

Account,

Global

Equities

Account,

Growth

Account,

Equity

Index

Account,

Core

Bond

Account

(formerly

Bond

Market

Account),

Inflation-Linked

Bond

Account,

Social

Choice

Account

and

Money

Market

Account

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

summary

portfolios

of

investments,

of

Stock

Account,

Global

Equities

Account,

Growth

Account,

Equity

Index

Account,

Core

Bond

Account

(formerly

Bond

Market

Account),

Inflation-

Linked

Bond

Account,

Social

Choice

Account

and

Money

Market

Account

(constituting

College

Retirement

Equities

Fund,

hereafter

collectively

referred

to

as

the

“Accounts”)

as

of

December

31,

2022,

the

related

statements

of

operations

for

the

year

ended

December

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(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,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

positions

of

each

of

the

Accounts

as

of

December

31,

2022,

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,

2022

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Accounts’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Accounts’

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

Accounts

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,

2022

by

correspondence

with

the

custodian

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

Charlotte,

North

Carolina

February

27,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

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) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no amendments during the period covered by this report.

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.

Dated: February 27, 2023	COLLEGE RETIREMENT EQUITIES FUND
	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer

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 27, 2023	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer (principal executive officer)
Dated: February 27, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

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

Exhibit 13(a)(2)(i)

CERTIFICATION

I, Colbert Narcisse, certify that:

1.        I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

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

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

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

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

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

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

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

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

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

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

Date: February 27, 2023
	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer (principal executive officer)

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

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, E. Scott Wickerham, certify that:

1.        I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

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

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

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

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

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

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

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

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

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

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

Date: February 27, 2023
	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

EX-99.13(B)

Exhibit 13(b)

CERTIFICATION

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

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

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

Dated: February 27, 2023
	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer (principal executive officer)
Dated: February 27, 2023
	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)