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: June 30, 2023

Item 1. Reports to Stockholders.

June

30,

2023

College

Retirement

Equities

Fund

This

semi-annual

report

contains

the

Accounts'

unaudited financial

statements.

Account

Name

Class

R1

Class

R2

Class

R3

Class

R4

CREF

Stock

Account

QCSTRX

QCSTPX

QCSTIX

QCSTFX

CREF

Global

Equities

Account

QCGLRX

QCGLPX

QCGLIX

QCGLFX

CREF

Growth

Account

QCGRRX

QCGRPX

QCGRIX

QCGRFX

CREF

Equity

Index

Account

QCEQRX

QCEQPX

QCEQIX

QCEQFX

CREF

Core

Bond

Account

QCBMRX

QCBMPX

QCBMIX

QCBMFX

CREF

Inflation-Linked

Bond

Account

QCILRX

QCILPX

QCILIX

QCILFX

CREF

Social

Choice

Account

QCSCRX

QCSCPX

QCSCIX

QSCCFX

CREF

Money

Market

Account

QCMMRX

QCMMPX

QCMMIX

QCMMFX

Table

of

Contents

Letter

to

CREF

Participants

3

Important

Notices

5

About

the

Accounts’

Benchmarks

6

Account

Performance

7

Expense

Examples

15

Summary

Portfolio

of

Investments

18

Statement

of

Assets

and

Liabilities

40

Statement

of

Operations

42

Statement

of

Changes

in

Net

Assets

44

Financial

Highlights

48

Notes

to

Financial

Statements

64

Additional

Account

Information

76

Approval

of

Investment

Management

Agreement

77

Liquidity

Risk

Management

Program

83

Additional

Information

About

Index

Providers

84

Letter

to

CREF

Participants

3

Colbert

Narcisse

Keeping

long-term

goals

in

mind

The

strong

performance

of

the

financial

markets

in

the

first

half

of

2023

gave

most

investors

a

sigh

of

relief

after

enduring

substantial

losses

in

2022.

Yet,

despite

the

positive

trajectory

of

stocks

and

bonds,

we

remain

mindful

of

the

uncertainty

still

surrounding

the

future

direction

of

interest

rates,

as

well

as

potential

shifts

in

global

economic

data

and

ongoing

geopolitical

events.

It

would

have

been

difficult

to

predict

such

a

turnaround

at

the

end

of

last

year.

Likewise,

no

one

knows

for

certain

where

markets

are

headed

for

the

remainder

of

2023

and

beyond.

Yet,

lessons

of

the

recent

past

reinforce

our

belief

that

a

well-balanced

and

diversified

portfolio

of

stocks,

bonds

and

other

assets,

managed

by

professionals,

is

a

wise

course

of

action

for

all

market

conditions.

However,

please

keep

in

mind

that

past

performance

cannot

guarantee

future

results,

and

diversification

does

not

guarantee

against

market

losses.

Overview

of

the

markets

and

economy

Domestic

and

international

stock

markets

advanced

for

the

six-month

period

despite

persistent

pressure

from

global

inflation

and

rising

interest

rates.

Both

the

U.S.

economy

and

the

economy

of

the

19-nation

euro

area

expanded

in

the

first

quarter

of

2023;

however,

the

pace

of

growth

slowed.

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

Central

banks

around

the

world

reacted

to

inflation

concerns

by

tightening

monetary

policies.

During

the

period,

the

U.S.

Federal

Reserve

increased

the

federal

funds

target

rate

three

times

to

5.00%–5.25%

before

pausing

in

June

2023.

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

30.7%

for

the

Growth

Account

to

8.3%

for

the

Social

Choice

Account.

The

Core

Bond

Account

rose

2.6%,

the

Inflation-Linked

Bond

Account

gained

1.7%,

and

the

Money

Market

Account

returned

2.3%.

Most

accounts

outperformed

their

respective

benchmarks

for

the

six-month

period.

All

account

returns

are

for

the

Share

Class

R3.

Stocks

and

bonds

posted

gains

For

the

six-month

period,

domestic

equities,

as

measured

by

the

Russell

3000®

Index,

returned

16.2%.

Foreign

stocks,

as

represented

by

the

MSCI

EAFE®

Index,

returned

11.7%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

2.1%.

Yields

on

U.S.

fixed-

income

securities

rose

across

most

maturities,

resulting

in

lower

bond

prices

(bond

yields

move

in

the

opposite

direction

of

prices).

However,

spreads

tightened

as

the

U.S.

economy

remained

resilient,

enhancing

total

returns.

CREF

performance

review

In

a

positive

period

for

financial

markets,

all

of

the

CREF

Accounts

posted

gains.

Overall,

stocks

surpassed

bonds,

and

domestic

equities

outperformed

foreign

stocks.

The

Growth

Account

advanced

30.7%

and

outpaced

the

Russell

1000®

Growth

Index.

The

Equity

Index

Account

rose

16.1%

but

lagged

the

Russell

3000

Index.

The

Global

Equities

Account

returned

15.6%

and

surpassed

the

MSCI

All

Country

World

Index.

The

Stock

Account

gained

13.9%

and

outperformed

its

composite

benchmark.

The

Social

Choice

Account,

which

excludes

certain

stocks

and

bonds

due

to

environmental,

social

and

governance

criteria,

rose

8.3%

but

trailed

its

composite

benchmark.

Letter

to

CREF

Participants

(continued)

4

Among

fixed-income

accounts,

the

Core

Bond

Account

advanced

2.6%,

outperforming

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Inflation-Linked

Bond

Account

returned

1.7%,

surpassing

the

Bloomberg

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

1–10

Year

Index.

The

Money

Market

Account

gained

2.3%

and

exceeded

the

iMoneyNet

Money

Fund

Averages™—All

Government.

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.

Best

regards,

Colbert

G.

Narcisse

President

and

Chief

Executive

Officer

of

CREF

Important

Notices

5

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Accounts

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Accounts’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Account’s

December

31,

2022

annual

shareholder

report.

For

current

information

on

your

Account’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Account’s

website

at

www.tiaa.org.

For

changes

that

occurred

to

your

Account

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Account

Performance

section

within

this

report.

About

the

Accounts’

Benchmarks

6

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

large

and

mid-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):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

stocks

across

23

developed

and

24

emerging

markets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Growth

Account

The

Account’s

benchmark

is

the

Russell

1000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Equity

Index

Account

The

Account’s

benchmark

is

the

Russell

3000

Index:

An

index

designed

to

measure

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.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Core

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Inflation-Linked

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index:

An

index

designed

to

measure

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).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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.

CREF

Stock

Account

7

Performance

as

of

June

30,

2023

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. 

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Estimated

annual

Stock

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

13

.73

%

16

.98

%

7

.99

%

9

.33

%

†

0

.490

%

Class

R2

4/24/2015

13

.82

17

.16

8

.17

9

.51

†

0

.320

Class

R3

7/31/1952

13

.86

17

.23

8

.23

9

.57

0

.255

Class

R4

9/16/2022

13

.95

17

.37

†

8

.26

†

9

.59

†

0

.115

Broad

market

index

Morningstar

Aggressive

Target

Risk

Index

–

10

.03

14

.24

7

.18

8

.55

–

CREF

Stock

Account

Composite

Index

‡

–

13

.68

16

.83

8

.90

10

.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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

‡

As

of

the

close

of

business

on

June

30,

2023,

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.

as

of

6/30/2023

Net

assets

$

114.91

billion

Portfolio

turnover

rate

*

20%

Number

of

holdings

9,679

Weighted

median

market

capitalization

$42.24

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

20.2

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

21.3

Financials

15.3

Health

care

12.0

Consumer

discretionary

11.2

Industrials

11.1

Consumer

staples

6.9

Communication

services

6.5

Energy

5.0

Materials

4.7

Utilities

2.4

Real

estate

2.4

Short-term

investments

1.2

Investments

purchased

with

collateral

from

securities

lending

0.9

Other

assets

&

liabilities,

net

-0.9

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

62.0

More

than

$15

billion-$50

billion

19.4

More

than

$2

billion-$15

billion

14.6

$2

billion

or

less

4.0

Total

100.0

%

of

portfolio

investments

as

of

6/30/2023

United

States

65.4

Japan

4.5

United

Kingdom

2.9

France

2.5

China

2.5

Canada

2.2

Germany

2.0

Netherlands

1.9

Australia

1.5

Taiwan

1.5

66

other

nations

11.1

Short-term

investments

2.0

Total

100.0

CREF

Global

Equities

Account

8

Performance

as

of

June

30,

2023

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. 

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Estimated

annual

Global

Equities

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

15.41%

18.73%

8.41%

8.94%

†

0.485%

Class

R2

4/24/2015

15.50

18.92

8.59

9.12

†

0.315

Class

R3

5/1/1992

15.55

18.99

8.65

9.18

0.250

Class

R4

9/16/2022

15.63

19.13

†

8.67

†

9.19

†

0.110

MSCI

All

Country

World

Index

–

13.93

16.53

8.10

8.75

–

*

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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2023

Net

assets

$

24.43

billion

Portfolio

turnover

rate

*

18%

Number

of

holdings

2,512

Weighted

median

market

capitalization

$127.05

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

19.9

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

21.3

Financials

15.0

Consumer

discretionary

11.7

Health

care

11.5

Industrials

9.6

Consumer

staples

7.6

Communication

services

7.6

Energy

5.8

Materials

5.5

Utilities

1.8

Real

estate

1.0

Short-term

investments

1.5

Investments

purchased

with

collateral

from

securities

lending

0.3

Other

assets

&

liabilities,

net

-0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

72.4

More

than

$15

billion-$50

billion

19.3

More

than

$2

billion-$15

billion

7.8

$2

billion

or

less

0.5

Total

100.0

%

of

portfolio

investments

as

of

6/30/2023

United

States

63.2

Japan

5.8

France

2.8

United

Kingdom

2.7

China

2.5

Germany

2.4

Netherlands

2.4

Canada

2.0

Taiwan

1.9

Australia

1.6

41

other

nations

10.9

Short-term

investments

1.8

Total

100.0

CREF

Growth

Account

9

Performance

as

of

June

30,

2023

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. 

Account

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Estimated

annual

Growth

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

30

.58

%

28

.07

%

11

.98

%

14

.15

%

†

0

.450

%

Class

R2

4/24/2015

30

.68

28

.27

12

.17

14

.34

†

0

.280

Class

R3

4/29/1994

30

.73

28

.35

12

.23

14

.40

0

.215

Class

R4

9/16/2022

30

.83

28

.50

†

12

.26

†

14

.41

†

0

.075

Russell

1000®

Growth

Index

–

29

.02

27

.11

15

.14

15

.74

–

*

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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2023

Net

assets

$

31.53

billion

Portfolio

turnover

rate

*

21%

Number

of

holdings

99

Weighted

median

market

capitalization

$375.99

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

41.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

38.7

Consumer

discretionary

14.6

Health

care

12.5

Communication

services

10.1

Financials

8.8

Consumer

staples

5.7

Industrials

5.7

Energy

1.9

Materials

1.8

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.0

Other

assets

&

liabilities,

net

-0.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

88.5

More

than

$15

billion-$50

billion

10.4

More

than

$2

billion-$15

billion

1.0

$2

billion

or

less

0.1

Total

100.0

CREF

Equity

Index

Account

10

Performance

as

of

June

30,

2023

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. 

Account

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Estimated

annual

Equity

Index

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

15

.92

%

18

.52

%

10

.98

%

11

.85

%

†

0

.405

%

Class

R2

4/24/2015

16

.01

18

.70

11

.16

12

.04

†

0

.235

Class

R3

4/29/1994

16

.05

18

.78

11

.23

12

.10

0

.170

Class

R4

9/16/2022

16

.14

18

.92

†

11

.25

†

12

.12

†

0

.030

Russell

3000®

Index

–

16

.17

18

.95

11

.39

12

.34

–

*

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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2023

Net

assets

$

21.72

billion

Portfolio

turnover

rate

*

1%

Number

of

holdings

2,810

Weighted

median

market

capitalization

$131.89

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.2

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

26.4

Health

care

13.4

Financials

12.9

Consumer

discretionary

10.9

Industrials

9.9

Communication

services

7.8

Consumer

staples

6.2

Energy

4.1

Real

estate

2.9

Materials

2.8

Utilities

2.5

Short-term

investments

0.1

Investments

purchased

with

collateral

from

securities

lending

0.6

Other

assets

&

liabilities,

net

-0.5

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

68.3

More

than

$15

billion-$50

billion

17.6

More

than

$2

billion-$15

billion

11.9

$2

billion

or

less

2.2

Total

100.0

CREF

Core

Bond

Account

11

Performance

as

of

June

30,

2023

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. 

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.

Total

return

Average

annual

total

return

Estimated

annual

Core

Bond

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

2

.51

%

-

0

.03

%

0

.78

%

1

.54

%

†

0

.465

%

Class

R2

4/24/2015

2

.58

0

.12

0

.95

1

.71

†

0

.295

Class

R3

3/1/1990

2

.62

0

.18

1

.01

1

.77

0

.230

Class

R4

9/16/2022

2

.70

0

.30

†

1

.03

†

1

.78

†

0

.090

Bloomberg

U.S.

Aggregate

Bond

Index

–

2

.09

-

0

.94

0

.77

1

.52

–

*

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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2023

Net

assets

$

10.69

billion

Portfolio

turnover

rate

*

49%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

*

47%

Number

of

issues

1,813

Option-adjusted

duration

‡

6.32

years

Average

maturity

§

9.66

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

6/30/2023

Government

bonds

43.6

Corporate

bonds

33.7

Structured

assets

19.8

Bank

loan

obligations

0.4

Preferred

stocks

0.1

Short-term

investments

0.7

Investments

purchased

with

collateral

from

securities

lending

0.4

Other

assets

&

liabilities,

net

1.3

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

Less

than

1

year

3.1

1-3

years

14.9

3-5

years

15.0

5-10

years

42.6

Over

10

years

24.4

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

U.S.

Treasury

&

U.S.

agency

securities*

36.6

Aaa/AAA

8.1

Aa/AA

10.2

A/A

16.6

Baa/BBB

23.8

Ba/BB

2.1

B/B

0.8

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

12

Performance

as

of

June

30,

2023

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. 

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.

Total

return

Average

annual

total

return

Estimated

annual

Inflation-Linked

Bond

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

1

.56

%

-

0

.53

%

2

.56

%

1

.78

%

†

0

.420

%

Class

R2

4/24/2015

1

.63

-

0

.38

2

.73

1

.95

†

0

.250

Class

R3

5/1/1997

1

.68

-

0

.32

2

.79

2

.01

0

.185

Class

R4

9/16/2022

1

.75

-

0

.20

†

2

.81

†

2

.02

†

0

.045

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index

–

1

.48

-

0

.91

2

.75

1

.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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

as

of

6/30/2023

Net

assets

$

7.04

billion

Portfolio

turnover

rate

*

14%

Number

of

issues

197

Option-adjusted

duration

‡

4.15

years

Average

maturity

§

4.66

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

6/30/2023

Government

bonds

91.2

Structured

assets

4.0

Corporate

bonds

3.5

Bank

loan

obligations

0.5

Common

stocks

0.3

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

0.4

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

Less

than

1

year

6.3

1-3

years

28.1

3-5

years

31.9

5-10

years

32.4

Over

10

years

1.3

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

U.S.

Treasury

&

U.S.

agency

securities*

91.2

Aaa/AAA

0.5

Aa/AA

0.6

A/A

1.4

Baa/BBB

2.2

Ba/BB

2.6

B/B

0.4

Non-rated

1.1

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Social

Choice

Account

13

Performance

as

of

June

30,

2023

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. 

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

maturity

Total

return

Average

annual

total

return

Estimated

annual

Social

Choice

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

8.21%

9.76%

5.99%

6.54%

†

0.440%

Class

R2

4/24/2015

8.30

9.93

6.17

6.72

†

0.270

Class

R3

3/1/1990

8.34

10.00

6.23

6.77

0.205

Class

R4

9/16/2022

8.42

10.13

†

6.26

†

6.79

†

0.065

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

6.91

8.39

5.19

6.05

–

CREF

Social

Choice

Account

Composite

Index

‡

–

9.57

10.66

6.23

7.02

–

*

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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

‡

As

of

the

close

of

business

on

June

30,

2023,

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.

as

of

6/30/2023

Net

assets

$

20.09

billion

Portfolio

turnover

rate

*

36%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

*

35%

Equity

segment

Number

of

holdings

939

Weighted

median

market

capitalization

84.14

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

22.7

Fixed-income

segment

Number

of

issues

1,008

Option-adjusted

duration

‡

6.25

years

Average

maturity

§

9.94

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

‡

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.

%

of

net

assets

as

of

6/30/2023

Equity

Investments

59.9

Fixed-income

securities

39.0

Short-term

investments

0.9

Investments

purchased

with

collateral

from

securities

lending

0.8

Other

assets

&

liabilities,

net

-0.6

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

60.4

More

than

$15

billion-$50

billion

27.6

More

than

$2

billion-$15

billion

10.9

$2

billion

or

less

1.1

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

Less

than

1

year

5.1

1-3

years

12.1

3-5

years

10.7

5-10

years

42.9

Over

10

years

29.2

Total

100.0

CREF

Money

Market

Account

14

Performance

as

of

June

30,

2023

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

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.

Account

profile

Portfolio

composition

Net

annualized

yield

Total

return

Average

annual

total

return

Estimated

annual

Money

Market

Account

Inception

date

6

months

1

year

5

years

10

years

operating

expenses

*

Class

R1

4/24/2015

1.96%

2.86%

1.06%

0.59%

†

0.415%

Class

R2

4/24/2015

2.27

3.31

1.30

0.74

†

0.245

Class

R3

4/1/1988

2.31

3.49

1.38

0.80

0.180

Class

R4

9/16/2022

2.38

3.59

†

1.40

†

0.81

†

0.040

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

2.18

3.43

1.28

0.76

–

*

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

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

§

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.

as

of

6/30/2023

Net

assets

$

9.10

billion

Number

of

issues

78

%

of

net

assets

as

of

6/30/2023

U.S.

government

agency

securities*

35.6

Repurchase

agreements

33.1

Variable

rate

securities,

government

23.1

U.S.

Treasury

securities*

9.8

Other

assets

&

liabilities,

net

-1.6

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

June

27,

2023)

*

Current

yield

Effective

yield

Money

Market

Account

Class

R1

4.68%

4.79%

Class

R2

4.83

4.95

Class

R3

4.91

5.03

Class

R4

5.09

5.22

iMoneyNet

Money

Fund

Averages™—

All

Government

§

4.75

4.86

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.

15

Expense

Examples

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

(

January

1,

2023

–

June

30,

2023

).

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

$1,137.33

$1,138.20

$1,138.65

$1,139.50

Expenses

incurred

during

the

period*

$2.69

$1.87

$1.45

$0.66

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

$1,022.28

$1,023.04

$1,023.44

$1,024.18

Expenses

incurred

during

the

period*

$2.54

$1.77

$1.37

$0.62

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.51%

for

Class

R1,

0.35%

for

Class

R2,

0.27%

for

Class

R3

and

0.12%

for

Class

R4.

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

$1,154.14

$1,155.02

$1,155.48

$1,156.35

Expenses

incurred

during

the

period*

$2.67

$1.85

$1.42

$0.61

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

$1,022.32

$1,023.08

$1,023.48

$1,024.23

Expenses

incurred

during

the

period*

$2.51

$1.74

$1.33

$0.57

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.50%

for

Class

R1,

0.35%

for

Class

R2,

0.27%

for

Class

R3

and

0.11%

for

Class

R4.

Expense

Examples

(continued)

16

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

$1,305.82

$1,306.82

$1,307.34

$1,308.31

Expenses

incurred

during

the

period*

$2.60

$1.72

$1.27

$0.39

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

$1,022.54

$1,023.30

$1,023.70

$1,024.45

Expenses

incurred

during

the

period*

$2.28

$1.51

$1.11

$0.35

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.46%

for

Class

R1,

0.30%

for

Class

R2,

0.22%

for

Class

R3

and

0.07%

for

Class

R4.

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

$1,159.20

$1,160.08

$1,160.54

$1,161.40

Expenses

incurred

during

the

period*

$2.22

$1.40

$0.97

$0.16

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

$1,022.74

$1,023.50

$1,023.90

$1,024.65

Expenses

incurred

during

the

period*

$2.08

$1.31

$0.91

$0.15

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.41%

for

Class

R1,

0.26%

for

Class

R2,

0.18%

for

Class

R3

and

0.03%

for

Class

R4.

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

$1,025.05

$1,025.83

$1,026.24

$1,027.02

Expenses

incurred

during

the

period*

$2.36

$1.59

$1.19

$0.42

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

$1,022.46

$1,023.22

$1,023.62

$1,024.38

Expenses

incurred

during

the

period*

$2.36

$1.59

$1.19

$0.42

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.47%

for

Class

R1,

0.32%

for

Class

R2,

0.24%

for

Class

R3

and

0.08%

for

Class

R4.

17

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

$1,015.57

$1,016.34

$1,016.75

$1,017.51

Expenses

incurred

during

the

period*

$2.14

$1.38

$0.97

$0.22

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

$1,022.67

$1,023.43

$1,023.83

$1,024.58

Expenses

incurred

during

the

period*

$2.15

$1.38

$0.98

$0.22

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.43%

for

Class

R1,

0.28%

for

Class

R2,

0.19%

for

Class

R3

and

0.04%

for

Class

R4.

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

$1,082.12

$1,082.95

$1,083.38

$1,084.19

Expenses

incurred

during

the

period*

$2.32

$1.53

$1.12

$0.34

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

$1,022.56

$1,023.33

$1,023.72

$1,024.47

Expenses

incurred

during

the

period*

$2.26

$1.48

$1.08

$0.33

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.45%

for

Class

R1,

0.30%

for

Class

R2,

0.22%

for

Class

R3

and

0.07%

for

Class

R4.

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

$1,019.58

$1,022.67

$1,023.08

$1,023.85

Expenses

incurred

during

the

period*

$4.38

$1.35

$0.95

$0.18

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

$1,020.46

$1,023.46

$1,023.85

$1,024.62

Expenses

incurred

during

the

period*

$4.38

$1.35

$0.95

$0.18

*

"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

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.87%

for

Class

R1,

0.27%

for

Class

R2,

0.19%

for

Class

R3

and

0.04%

for

Class

R4.

CREF

Stock

Account

June

30,

2023

Summary

Portfolio

of

Investments

18

See

Notes

to

Financial

Statements

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

CORPORATE

BONDS

FOOD,

BEVERAGE

&

TOBACCO

$

56‌

0.0‌

%

$

4,636,868

TOTAL

CORPORATE

BONDS

(Cost

$64)

56‌

0.0‌

GOVERNMENT

BONDS

U.S.

TREASURY

SECURITIES

204‌

0.0‌

200,000

TOTAL

GOVERNMENT

BONDS

(Cost

$210)

204‌

0.0‌

Shares

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

3,432,458

*

Tesla,

Inc

898,515‌

0.8‌

Other

1,510,420‌

1.3‌

2,408,935‌

2.1‌

BANKS

5,027,664

JPMorgan

Chase

&

Co

731,223‌

0.6‌

11,498,832

Wells

Fargo

&

Co

490,770‌

0.4‌

Other

5,712,549‌

5.0‌

6,934,542‌

6.0‌

CAPITAL

GOODS

2,029,360

e

Eaton

Corp

408,104‌

0.4‌

2,060,441

Honeywell

International,

Inc

427,542‌

0.4‌

4,692,782

Raytheon

Technologies

Corp

459,705‌

0.4‌

Other

8,012,242‌

6.9‌

9,307,593‌

8.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,418,991‌

1.2‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

17,732,018

*

Amazon.com,

Inc

2,311,546‌

2.0‌

Other

2,625,034‌

2.3‌

4,936,580‌

4.3‌

CONSUMER

DURABLES

&

APPAREL

2,339,839‌

2.0‌

CONSUMER

SERVICES

8,812,494

a,e

Arcos

Dorados

Holdings,

Inc

90,328‌

0.1‌

1,810,236

McDonald's

Corp

540,192‌

0.5‌

Other

2,524,008‌

2.2‌

3,154,528‌

2.8‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

903,418

Costco

Wholesale

Corp

486,382‌

0.4‌

3,165,476

Walmart,

Inc

497,550‌

0.5‌

Other

975,049‌

0.8‌

1,958,981‌

1.7‌

ENERGY

3,241,113

Chevron

Corp

509,989‌

0.5‌

4,057,531

ConocoPhillips

420,401‌

0.4‌

3,385,233

EOG

Resources,

Inc

387,406‌

0.4‌

5,952,631

Exxon

Mobil

Corp

638,420‌

0.6‌

14,844,783

Shell

plc

442,845‌

0.

3‌

Other

3,356,959‌

2.

8‌

5,756,020‌

5.0‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,099,741

Prologis,

Inc

$

380,121‌

0.4‌

%

Other

1,898,459‌

1.6‌

2,278,580‌

2.0‌

FINANCIAL

SERVICES

1,845,215

*

Berkshire

Hathaway,

Inc

(Class

B)

629,218‌

0.6‌

2,377,100

Mastercard,

Inc

(Class

A)

934,913‌

0.8‌

2,842,053

Visa,

Inc

(Class

A)

674,931‌

0.6‌

Other

5,278,493‌

4.5‌

7,517,555‌

6.5‌

FOOD,

BEVERAGE

&

TOBACCO

3,278,645

Nestle

S.A.

394,393‌

0.4‌

2,786,426

PepsiCo,

Inc

516,102‌

0.5‌

4,577,070

Philip

Morris

International,

Inc

446,814‌

0.4‌

Other

2,721,549‌

2.3‌

4,078,858‌

3.6‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,361,381

Abbott

Laboratories

475,478‌

0.4‌

1,105,439

Elevance

Health,

Inc

491,135‌

0.5‌

2,000,093

UnitedHealth

Group,

Inc

961,325‌

0.9‌

Other

3,782,918‌

3.2‌

5,710,856‌

5.0‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,418,249

Procter

&

Gamble

Co

518,685‌

0.5‌

Other

1,289,801‌

1.1‌

1,808,486‌

1.6‌

INSURANCE

3,173,279‌

2.8‌

MATERIALS

1,555,871

Linde

plc

592,911‌

0.5‌

Other

4,846,151‌

4.2‌

5,439,062‌

4.7‌

MEDIA

&

ENTERTAINMENT

8,609,441

*

Alphabet,

Inc

(Class

A)

1,030,550‌

0.9‌

8,340,658

*

Alphabet,

Inc

(Class

C)

1,008,969‌

0.9‌

5,907,101

*,a

HUYA,

Inc

(ADR)

21,147‌

0.0‌

453,706

*,a

iClick

Interactive

Asia

Group

Ltd

(ADR)

635‌

0.0‌

4,757,632

*

Meta

Platforms,

Inc

1,365,345‌

1.2‌

10,603,725

Tencent

Holdings

Ltd

449,610‌

0.4‌

Other

2,395,872‌

2.1‌

6,272,128‌

5.5‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,663,101

AbbVie,

Inc

493,530‌

0.5‌

3,256,831

AstraZeneca

plc

466,880‌

0.4‌

1,163,594

Eli

Lilly

&

Co

545,702‌

0.5‌

3,421,455

Johnson

&

Johnson

566,319‌

0.5‌

5,048,584

Merck

&

Co,

Inc

582,556‌

0.5‌

3,534,665

Novo

Nordisk

AS

570,989‌

0.5‌

Other

4,860,068‌

4.1‌

8,086,044‌

7.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

454,292‌

0.4‌

19

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.

Shares

Description

1

1

Value

(000)

%

of

net

assets

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

810,673

ASML

Holding

NV

$

588,004‌

0.5‌

%

1,280,703

Broadcom,

Inc

1,110,920‌

1.0‌

4,325,345

NVIDIA

Corp

1,829,707‌

1.6‌

43,176,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

797,607‌

0.7‌

Other

3,009,295‌

2.6‌

7,335,533‌

6.4‌

SOFTWARE

&

SERVICES

1,226,750

e

Accenture

plc

378,551‌

0.

3‌

14,075,527

Microsoft

Corp

4,793,280‌

4.2‌

4,075,708

Oracle

Corp

485,376‌

0.5‌

2,641,318

*

Salesforce,

Inc

558,005‌

0.5‌

Other

4,008,076‌

3.

4‌

10,223,288‌

8.9‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

22,593,341

d

Apple,

Inc

4,382,430‌

3.8‌

7,617,347

Samsung

Electronics

Co

Ltd

419,436‌

0.4‌

Other

2,076,897‌

1.8‌

6,878,763‌

6.0‌

TELECOMMUNICATION

SERVICES

1,168,003‌

1.0‌

TRANSPORTATION

2,052,467

Union

Pacific

Corp

419,976‌

0.4‌

Other

1,637,721‌

1.4‌

2,057,697‌

1.8‌

UTILITIES

6,534,767

NextEra

Energy,

Inc

484,880‌

0.4‌

Other

2,310,929‌

2.0‌

2,795,809‌

2.4‌

TOTAL

COMMON

STOCKS

(Cost

$102,074,959)

113,494,242‌

98.8‌

a

a

a

a

RIGHTS/WARRANTS

CAPITAL

GOODS

55‌

0.0‌

CONSUMER

DURABLES

&

APPAREL

1,763‌

0.0‌

CONSUMER

SERVICES

0‌

0.0‌

ENERGY

4‌

0.0‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

6‌

0.0‌

FINANCIAL

SERVICES

0‌

^

0.0‌

MATERIALS

56‌

0.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1‌

0.0‌

UTILITIES

68‌

0.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$436)

1,953‌

0.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$102,075,669)

113,496,455‌

98.8‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

434,888‌

0.4‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

943,610,000

r

5.050%,

07/03/23

$

943,610‌

0.8‌

%

943,610‌

0.8‌

TREASURY

DEBT

33,471‌

0.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,411,818)

1,411,969‌

1.2‌

a

a

a

a

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

318,750‌

0.3‌

COMMERCIAL

PAPER

19,830‌

0.0‌

REPURCHASE

AGREEMENT

624,809‌

0.6‌

VARIABLE

RATE

SECURITIES

27,000‌

0.0‌

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$990,389

)

990,389‌

0.9‌

TOTAL

PORTFOLIO

(Cost

$104,477,876)

115,898,813‌

100.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

(991,991‌)

(0.9‌)

NET

ASSETS

$

114,906,822‌

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

$1,387,424,555.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$943,610,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.625%–3.250%

and

maturity

dates

5/31/27–6/30/27,

valued

at

$962,482,216.

Summary

Portfolio

of

Investments

(continued)

CREF

Stock

Account

June

30,

2023

20

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E

Mini

Index

458‌

09/15/23

 $

43,205‌

$

43,595‌

$

390‌

S&P

500

E

Mini

Index

2,996‌

09/15/23

651,487‌

672,340‌

20,853‌

S&P

Mid-Cap

400

E

Mini

Index

249‌

09/15/23

63,926‌

65,838‌

1,912‌

Total

3,703‌

  $

758,618‌

 $

781,773‌

 $

23,155‌

21

See

Notes

to

Financial

Statements

CREF

Global

Equities

Account

June

30,

2023

Summary

Portfolio

of

Investments

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

CORPORATE

BONDS

INDIA

$

14‌

0

.0‌

%

TOTAL

CORPORATE

BONDS

(Cost

$16)

14‌

0

.0‌

Shares

COMMON

STOCKS

AUSTRALIA

25,053,800

Glencore

Xstrata

plc

142,052‌

0

.6‌

Other

247,224‌

1

.0‌

389,276‌

1

.6‌

AUSTRIA

11,692‌

0

.1‌

BELGIUM

26,344‌

0

.1‌

BERMUDA

12,038‌

0

.1‌

BRAZIL

300,061‌

1

.2‌

CANADA

482,693‌

2

.0‌

CHILE

12,800‌

0

.1‌

CHINA

2,792,000

Tencent

Holdings

Ltd

118,384‌

0

.5‌

Other

503,922‌

2

.1‌

622,306‌

2

.6‌

COLOMBIA

829‌

0

.0‌

CZECH

REPUBLIC

1,722‌

0

.0‌

DENMARK

682,821

Novo

Nordisk

AS

110,303‌

0

.5‌

Other

32,645‌

0

.1‌

142,948‌

0

.6‌

EGYPT

650‌

0

.0‌

FINLAND

42,336‌

0

.2‌

FRANCE

949,926

Airbus

SE

137,342‌

0

.6‌

Other

553,338‌

2

.2‌

690,680‌

2

.8‌

GERMANY

678,839

Siemens

AG.

113,163‌

0

.5‌

Other

482,272‌

1

.9‌

595,435‌

2

.4‌

GREECE

8,158‌

0

.0‌

HONG

KONG

73,483‌

0

.3‌

HUNGARY

2,408‌

0

.0‌

INDIA

207,726‌

0

.9‌

INDONESIA

53,361‌

0

.2‌

IRELAND

142,623‌

0

.6‌

ISRAEL

6,752‌

0

.0‌

ITALY

223,201‌

0

.9‌

JAPAN

3,330,700

Nintendo

Co

Ltd

151,841‌

0

.6‌

1,972,565

Sony

Corp

178,064‌

0

.7‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

JAPAN—continued

6,982,710

*

Toyota

Motor

Corp

$

112,227‌

0

.5‌

%

Other

981,792‌

4

.0‌

1,423,924‌

5

.8‌

KOREA,

REPUBLIC

OF

3,578,572

Samsung

Electronics

Co

Ltd

197,048‌

0

.8‌

Other

163,572‌

0

.7‌

360,620‌

1

.5‌

KUWAIT

5,553‌

0

.0‌

LUXEMBOURG

246‌

0

.0‌

MACAU

1,784‌

0

.0‌

MALAYSIA

12,507‌

0

.1‌

MEXICO

85,540‌

0

.4‌

NETHERLANDS

197,166

ASML

Holding

NV

143,010‌

0

.6‌

8,647,562

ING

Groep

NV

116,583‌

0

.5‌

5,631,186

Shell

plc

167,988‌

0

.7‌

Other

165,994‌

0

.6‌

593,575‌

2

.4‌

NORWAY

126,316‌

0

.5‌

PERU

2,607‌

0

.0‌

PHILIPPINES

13,318‌

0

.1‌

POLAND

11,143‌

0

.0‌

PORTUGAL

24,793‌

0

.1‌

QATAR

10,267‌

0

.0‌

ROMANIA

670‌

0

.0‌

RUSSIA

2‌

0

.0‌

SAUDI

ARABIA

64,317‌

0

.3‌

SINGAPORE

27,834‌

0

.1‌

SOUTH

AFRICA

46,585‌

0

.2‌

SPAIN

129,731‌

0

.5‌

SWEDEN

107,246‌

0

.4‌

SWITZERLAND

284,348‌

1

.2‌

TAIWAN

16,955,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

313,217‌

1

.3‌

Other

148,256‌

0

.6‌

461,473‌

1

.9‌

THAILAND

24,364‌

0

.1‌

TURKEY

8,276‌

0

.0‌

UNITED

ARAB

EMIRATES

15,270‌

0

.1‌

UNITED

KINGDOM

1,232,830

AstraZeneca

plc

176,731‌

0

.7‌

Other

482,600‌

2

.0‌

659,331‌

2

.7‌

UNITED

STATES

1,055,231

Abbott

Laboratories

115,041‌

0

.5‌

259,354

*

Adobe,

Inc

126,822‌

0

.5‌

1,929,023

*

Alphabet,

Inc

(Class

A)

230,904‌

1

.0‌

1,980,637

*

Alphabet,

Inc

(Class

C)

239,598‌

1

.0‌

Summary

Portfolio

of

Investments

(continued)

CREF

Global

Equities

Account

June

30,

2023

22

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.

At

6/30/23,

the

aggregate

value

of

securities

on

loan

is

$93,580,478. 

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

Description

1

1

Value

(000)

%

of

net

assets

UNITED

STATES—continued

4,580,969

*

Amazon.com,

Inc

$

597,175‌

2

.5‌

%

5,024,377

d

Apple,

Inc

974,578‌

4

.0‌

382,558

*

Berkshire

Hathaway,

Inc

(Class

B)

130,452‌

0

.5‌

338,975

Broadcom,

Inc

294,037‌

1

.2‌

502,658

Caterpillar,

Inc

123,679‌

0

.5‌

2,611,757

Coca-Cola

Co

157,280‌

0

.7‌

384,476

Costco

Wholesale

Corp

206,994‌

0

.9‌

245,279

Eli

Lilly

&

Co

115,031‌

0

.5‌

2,759,927

Exxon

Mobil

Corp

296,002‌

1

.2‌

3,346,477

Freeport-McMoRan,

Inc

(Class

B)

133,859‌

0

.6‌

552,774

Home

Depot,

Inc

171,714‌

0

.7‌

709,058

Honeywell

International,

Inc

147,130‌

0

.6‌

675,716

Johnson

&

Johnson

111,845‌

0

.5‌

1,335,451

JPMorgan

Chase

&

Co

194,228‌

0

.8‌

393,685

Linde

plc

150,147‌

0

.6‌

446,197

Mastercard,

Inc

(Class

A)

175,489‌

0

.7‌

654,883

McDonald's

Corp

195,424‌

0

.8‌

1,336,464

Merck

&

Co,

Inc

154,215‌

0

.6‌

1,337,496

*

Meta

Platforms,

Inc

383,835‌

1

.6‌

3,120,750

Microsoft

Corp

1,062,740‌

4

.4‌

1,359,030

Morgan

Stanley

116,061‌

0

.5‌

1,379,213

NVIDIA

Corp

583,435‌

2

.4‌

1,392,290

Procter

&

Gamble

Co

211,266‌

0

.9‌

897,200

*

Salesforce,

Inc

189,542‌

0

.8‌

416,694

Stryker

Corp

127,129‌

0

.5‌

1,283,080

*

Tesla,

Inc

335,872‌

1

.4‌

759,962

Union

Pacific

Corp

155,503‌

0

.5‌

449,978

UnitedHealth

Group,

Inc

216,277‌

0

.8‌

862,166

Visa,

Inc

(Class

A)

204,747‌

0

.7‌

1,012,433

Walmart,

Inc

159,134‌

0

.6‌

3,987,062

Wells

Fargo

&

Co

170,168‌

0

.6‌

Other

6,513,281‌

26

.7‌

15,470,634‌

63

.3‌

TOTAL

COMMON

STOCKS

(Cost

$20,174,849)

24,021,796‌

98

.4‌

a

a

a

a

RIGHTS/WARRANTS

AUSTRALIA

1‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

1‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$20,174,865)

24,021,811‌

98

.4‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

120,508‌

0

.5‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

256,295,000

r

5.050%,

07/03/23

256,295‌

1

.0‌

256,295‌

1

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$376,759)

376,803‌

1

.5‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

$

37,750‌

0

.2‌

%

COMMERCIAL

PAPER

3,966‌

0

.0‌

REPURCHASE

AGREEMENT

22,388‌

0

.1‌

VARIABLE

RATE

SECURITIES

5,000‌

0

.0‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$69,104)

69,104‌

0

.3‌

TOTAL

PORTFOLIO

(Cost

$20,620,728)

24,467,718‌

100

.2‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

38,373‌

)

(

0

.2‌

)

NET

ASSETS

$

24,429,345‌

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$256,295,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

6/30/27,

valued

at

$261,420,969.

23

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

777‌

09/15/23

 $

83,239‌

$

83,741‌

$

502‌

S&P

500

E

Mini

Index

946‌

09/15/23

205,961‌

212,295‌

6,334‌

Total

1,723‌

  $

289,200‌

 $

296,036‌

 $

6,836‌

CREF

Growth

Account

June

30,

2023

Summary

Portfolio

of

Investments

24

See

Notes

to

Financial

Statements

(Unaudited)

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

2,253,867

*

Tesla,

Inc

$

589,995‌

1.9‌

%

589,995‌

1.9‌

CAPITAL

GOODS

2,046,215

*

Boeing

Co

432,079‌

1.4‌

3,925,419

Carrier

Global

Corp

195,132‌

0.6‌

2,372,365

Raytheon

Technologies

Corp

232,397‌

0.8‌

Other

201,430‌

0.6‌

1,061,038‌

3.4‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,054,014

Waste

Connections,

Inc

150,650‌

0.5‌

Other

171,522‌

0.5‌

322,172‌

1.0‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

15,564,426

*

Amazon.com,

Inc

2,028,979‌

6.4‌

1,749,120

TJX

Companies,

Inc

148,308‌

0.5‌

Other

164,598‌

0.5‌

2,341,885‌

7.4‌

CONSUMER

DURABLES

&

APPAREL

274,201

Kering

151,413‌

0.5‌

Other

124,818‌

0.4‌

276,231‌

0.9‌

CONSUMER

SERVICES

228,593

*

Booking

Holdings,

Inc

617,276‌

2.0‌

6,393,533

*

Las

Vegas

Sands

Corp

370,825‌

1.2‌

1,359,045

Starbucks

Corp

134,627‌

0.4‌

Other

273,796‌

0.8‌

1,396,524‌

4.4‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,269,895

Costco

Wholesale

Corp

683,686‌

2.2‌

683,686‌

2.2‌

ENERGY

1,556,054

ConocoPhillips

161,223‌

0.5‌

2,594,278

EOG

Resources,

Inc

296,889‌

0.9‌

Other

132,415‌

0.5‌

590,527‌

1.9‌

FINANCIAL

SERVICES

2,098,719

e

iShares

Russell

1000

Growth

Index

Fund

577,525‌

1.8‌

2,113,677

Mastercard,

Inc

(Class

A)

831,309‌

2.6‌

3,483,933

*

PayPal

Holdings,

Inc

232,483‌

0.7‌

2,590,954

Visa,

Inc

(Class

A)

615,300‌

2.0‌

Other

448,794‌

1.5‌

2,705,411‌

8.6‌

FOOD,

BEVERAGE

&

TOBACCO

8,239,476

*

Monster

Beverage

Corp

473,275‌

1.5‌

1,830,238

PepsiCo,

Inc

338,997‌

1.1‌

Other

71,149‌

0.2‌

883,421‌

2.8‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

521,800

*

Align

Technology,

Inc

$

184,529‌

0.6‌

%

3,568,644

*

Dexcom,

Inc

458,606‌

1.5‌

490,361

Elevance

Health,

Inc

217,863‌

0.7‌

1,323,165

*

Intuitive

Surgical,

Inc

452,443‌

1.4‌

1,055,735

UnitedHealth

Group,

Inc

507,429‌

1.6‌

1,043,131

*

Veeva

Systems,

Inc

206,258‌

0.6‌

Other

82,413‌

0.3‌

2,109,541‌

6.7‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

816,892

Estee

Lauder

Cos

(Class

A)

160,421‌

0.5‌

Other

64,910‌

0.2‌

225,331‌

0.7‌

INSURANCE

73,352‌

0.2‌

MATERIALS

4,471,895

Corteva,

Inc

256,240‌

0.8‌

844,860

Linde

plc

321,959‌

1.0‌

578,199‌

1.8‌

MEDIA

&

ENTERTAINMENT

5,684,013

*

Alphabet,

Inc

(Class

A)

680,376‌

2.2‌

5,955,380

*

Alphabet,

Inc

(Class

C)

720,422‌

2.3‌

4,873,547

*

Meta

Platforms,

Inc

1,398,611‌

4.4‌

Other

392,914‌

1.2‌

3,192,323‌

10.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,475,748

AstraZeneca

plc

(ADR)

248,759‌

0.8‌

1,148,461

Eli

Lilly

&

Co

538,605‌

1.7‌

1,067,037

Novo

Nordisk

AS

(ADR)

172,679‌

0.5‌

1,769,352

Zoetis,

Inc

304,700‌

1.0‌

Other

562,967‌

1.8‌

1,827,710‌

5.8‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,288,620

*

Advanced

Micro

Devices,

Inc

146,787‌

0.5‌

2,085,503

Applied

Materials,

Inc

301,438‌

1.0‌

956,958

Broadcom,

Inc

830,094‌

2.6‌

4,146,609

NVIDIA

Corp

1,754,098‌

5.6‌

Other

243,198‌

0.7‌

3,275,615‌

10.4‌

SOFTWARE

&

SERVICES

973,265

Intuit,

Inc

445,940‌

1.4‌

10,548,017

Microsoft

Corp

3,592,022‌

11.4‌

1,142,644

Oracle

Corp

136,077‌

0.4‌

1,836,576

*

Palo

Alto

Networks,

Inc

469,264‌

1.5‌

2,370,696

*

Salesforce,

Inc

500,833‌

1.6‌

690,614

*

ServiceNow,

Inc

388,104‌

1.2‌

842,172

*

Synopsys,

Inc

366,690‌

1.2‌

Other

497,718‌

1.6‌

6,396,648‌

20.3‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

12,399,911

Apple,

Inc

2,405,211‌

7.6‌

Other

107,806‌

0.4‌

2,513,017‌

8.0‌

25

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.

Shares

Description

1

1

Value

(000)

%

of

net

assets

TRANSPORTATION

7,018,107

*

Uber

Technologies,

Inc

$

302,972‌

1.0‌

%

Other

109,942‌

0.3‌

412,914‌

1.3‌

TOTAL

COMMON

STOCKS

(Cost

$26,778,988)

31,455,540‌

99.8‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$26,778,988)

31,455,540‌

99.8‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

9,997‌

0.0‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

152,020,000

r

5.050%,

07/03/23

152,020‌

0.5‌

152,020‌

0.5‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$162,014)

162,017‌

0.5‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

4,783

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%

5‌

0.0‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$5)

5‌

0.0‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$26,941,007)

31,617,562‌

100.3‌

OTHER

ASSETS

&

LIABILITIES,

NET

(84,840‌)

(0.3‌)

NET

ASSETS

$

31,532,722‌

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

$5,641,190.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$152,020,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

7/31/27,

valued

at

$155,060,416.

CREF

Equity

Index

Account

June

30,

2023

Summary

Portfolio

of

Investments

26

See

Notes

to

Financial

Statements

(Unaudited)

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

1,375,707

*

Tesla,

Inc

$

360,119‌

1

.7‌

%

Other

115,891‌

0

.5‌

476,010‌

2

.2‌

BANKS

3,473,264

Bank

of

America

Corp

99,648‌

0

.5‌

1,456,831

JPMorgan

Chase

&

Co

211,881‌

1

.0‌

1,884,455

Wells

Fargo

&

Co

80,429‌

0

.4‌

Other

316,597‌

1

.4‌

708,555‌

3

.3‌

CAPITAL

GOODS

728,658

Raytheon

Technologies

Corp

71,379‌

0

.4‌

Other

1,343,084‌

6

.1‌

1,414,463‌

6

.5‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

349,999‌

1

.6‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,492,206

*

Amazon.com,

Inc

585,604‌

2

.7‌

505,000

Home

Depot,

Inc

156,873‌

0

.7‌

Other

367,736‌

1

.7‌

1,110,213‌

5

.1‌

CONSUMER

DURABLES

&

APPAREL

258,160‌

1

.2‌

CONSUMER

SERVICES

363,563

McDonald's

Corp

108,491‌

0

.5‌

Other

411,114‌

1

.9‌

519,605‌

2

.4‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

221,308

Costco

Wholesale

Corp

119,148‌

0

.6‌

709,467

Walmart,

Inc

111,514‌

0

.5‌

Other

137,763‌

0

.6‌

368,425‌

1

.7‌

ENERGY

862,277

Chevron

Corp

135,679‌

0

.6‌

2,025,314

Exxon

Mobil

Corp

217,215‌

1

.0‌

Other

547,323‌

2

.5‌

900,217‌

4

.1‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

605,740‌

2

.8‌

FINANCIAL

SERVICES

913,040

*

Berkshire

Hathaway,

Inc

(Class

B)

311,347‌

1

.4‌

418,313

Mastercard,

Inc

(Class

A)

164,523‌

0

.8‌

807,422

Visa,

Inc

(Class

A)

191,747‌

0

.9‌

Other

971,476‌

4

.4‌

1,639,093‌

7

.5‌

FOOD,

BEVERAGE

&

TOBACCO

1,941,639

Coca-Cola

Co

116,925‌

0

.6‌

686,779

PepsiCo,

Inc

127,205‌

0

.6‌

770,256

Philip

Morris

International,

Inc

75,192‌

0

.4‌

Other

343,926‌

1

.5‌

663,248‌

3

.1‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

863,155

Abbott

Laboratories

$

94,101‌

0

.4‌

%

463,534

UnitedHealth

Group,

Inc

222,793‌

1

.0‌

Other

911,309‌

4

.3‌

1,228,203‌

5

.7‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,173,974

Procter

&

Gamble

Co

178,139‌

0

.8‌

Other

118,426‌

0

.6‌

296,565‌

1

.4‌

INSURANCE

465,161‌

2

.1‌

MATERIALS

244,631

Linde

plc

93,224‌

0

.4‌

Other

511,884‌

2

.4‌

605,108‌

2

.8‌

MEDIA

&

ENTERTAINMENT

2,962,974

*

Alphabet,

Inc

(Class

A)

354,668‌

1

.6‌

2,567,765

*

Alphabet,

Inc

(Class

C)

310,623‌

1

.4‌

2,062,053

Comcast

Corp

(Class

A)

85,678‌

0

.4‌

1,102,848

*

Meta

Platforms,

Inc

316,495‌

1

.5‌

218,971

*

Netflix,

Inc

96,455‌

0

.5‌

914,896

*

Walt

Disney

Co

81,682‌

0

.4‌

Other

254,810‌

1

.1‌

1,500,411‌

6

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

879,743

AbbVie,

Inc

118,528‌

0

.6‌

328,137

Danaher

Corp

78,753‌

0

.4‌

421,946

Eli

Lilly

&

Co

197,884‌

0

.9‌

1,296,781

Johnson

&

Johnson

214,643‌

1

.0‌

1,265,638

Merck

&

Co,

Inc

146,042‌

0

.7‌

2,817,377

Pfizer,

Inc

103,341‌

0

.4‌

192,349

Thermo

Fisher

Scientific,

Inc

100,358‌

0

.4‌

Other

720,888‌

3

.3‌

1,680,437‌

7

.7‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

30,739‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

799,225

*

Advanced

Micro

Devices,

Inc

91,040‌

0

.4‌

203,509

Broadcom,

Inc

176,530‌

0

.8‌

2,074,355

Intel

Corp

69,366‌

0

.3‌

1,184,757

NVIDIA

Corp

501,176‌

2

.3‌

451,915

Texas

Instruments,

Inc

81,354‌

0

.4‌

Other

483,777‌

2

.3‌

1,403,243‌

6

.5‌

SOFTWARE

&

SERVICES

315,034

Accenture

plc

97,213‌

0

.5‌

228,369

*

Adobe,

Inc

111,670‌

0

.5‌

3,710,694

Microsoft

Corp

1,263,640‌

5

.8‌

758,133

Oracle

Corp

90,286‌

0

.4‌

471,927

*

Salesforce,

Inc

99,699‌

0

.5‌

Other

841,051‌

3

.8‌

2,503,559‌

11

.5‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

7,440,928

Apple,

Inc

1,443,317‌

6

.7‌

2,049,087

Cisco

Systems,

Inc

106,020‌

0

.5‌

Other

280,561‌

1

.2‌

1,829,898‌

8

.4‌

27

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.

At

6/30/23,

the

aggregate

value

of

securities

on

loan

is

$163,327,046. 

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

Description

1

1

Value

(000)

%

of

net

assets

TELECOMMUNICATION

SERVICES

2,108,537

Verizon

Communications,

Inc

$

78,416‌

0

.4‌

%

Other

108,536‌

0

.5‌

186,952‌

0

.9‌

TRANSPORTATION

391,798‌

1

.8‌

UTILITIES

1,009,411

NextEra

Energy,

Inc

74,898‌

0

.4‌

Other

466,659‌

2

.1‌

541,557‌

2

.5‌

TOTAL

COMMON

STOCKS

(Cost

$7,694,083)

21,677,359‌

99

.8‌

a

a

a

a

RIGHTS/WARRANTS

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0‌

^

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

0‌

^

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,694,083)

21,677,359‌

99

.8‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

9,920‌

0

.0‌

REPURCHASE

AGREEMENT

28,040‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$37,953)

37,960‌

0

.1‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

127,193,567

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%

127,194‌

0

.6‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$127,194)

127,194‌

0

.6‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,859,230)

21,842,513‌

100

.5‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

118,415‌

)

(

0

.5‌

)

NET

ASSETS

$

21,724,098‌

100

.0‌

%

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

S&P

500

E

Mini

Index

131‌

09/15/23

 $

28,530‌

$

29,399‌

$

869‌

CREF

Core

Bond

Account

June

30,

2023

Summary

Portfolio

of

Investments

28

See

Notes

to

Financial

Statements

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

AUTOMOBILES

&

COMPONENTS

$

1,817‌

0

.0‌

%

CAPITAL

GOODS

4,371‌

0

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

5,990‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

533‌

0

.0‌

CONSUMER

DURABLES

&

APPAREL

374‌

0

.0‌

CONSUMER

SERVICES

5,537‌

0

.1‌

ENERGY

1,534‌

0

.0‌

FINANCIAL

SERVICES

615‌

0

.0‌

FOOD,

BEVERAGE

&

TOBACCO

1,242‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,112‌

0

.0‌

INSURANCE

1,387‌

0

.0‌

MATERIALS

4,109‌

0

.0‌

MEDIA

&

ENTERTAINMENT

7,407‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

363‌

0

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

915‌

0

.0‌

SOFTWARE

&

SERVICES

4,406‌

0

.1‌

TELECOMMUNICATION

SERVICES

359‌

0

.0‌

TRANSPORTATION

958‌

0

.0‌

UTILITIES

751‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$47,473)

45,780‌

0

.4‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

101,681‌

1

.0‌

BANKS

Bank

of

America

Corp

$

55,925,000

2.592%,

04/29/31

46,951‌

0

.4‌

39,000,000

5.288%,

04/25/34

38,638‌

0

.4‌

Citigroup,

Inc

36,375,000

3.200%,

10/21/26

34,049‌

0

.3‌

39,225,000

6.270%,

11/17/33

41,634‌

0

.4‌

JPMorgan

Chase

&

Co

31,125,000

2.301%,

10/15/25

29,659‌

0

.3‌

126,100,000

1.953%-6.100%,

06/15/26-N/A‡

114,524‌

1

.2‌

EUR

600,000

1.638%,

05/18/28

592‌

0

.0‌

Other

438,486‌

4

.0‌

744,533‌

7

.0‌

CAPITAL

GOODS

101,291‌

0

.9‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,241‌

0

.2‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

37,842‌

0

.4‌

CONSUMER

DURABLES

&

APPAREL

144‌

0

.0‌

CONSUMER

SERVICES

55,448‌

0

.5‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

31,309‌

0

.3‌

ENERGY

281,429‌

2

.6‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

SBA

Tower

Trust

$

42,100,000

g

1.840%,

04/15/27

$

36,211‌

0

.3‌

%

Other

216,044‌

2

.1‌

252,255‌

2

.4‌

FINANCIAL

SERVICES

Morgan

Stanley

31,425,000

3.125%,

07/27/26

29,428‌

0

.3‌

Other

212,818‌

2

.0‌

242,246‌

2

.3‌

FOOD,

BEVERAGE

&

TOBACCO

148,203‌

1

.4‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

168,216‌

1

.6‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,152‌

0

.0‌

INSURANCE

148,314‌

1

.4‌

MATERIALS

115,923‌

1

.1‌

MEDIA

&

ENTERTAINMENT

202,614‌

1

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

132,234‌

1

.2‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

164‌

0

.0‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

59,131‌

0

.6‌

SOFTWARE

&

SERVICES

69,340‌

0

.6‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

47,232‌

0

.4‌

TELECOMMUNICATION

SERVICES

AT&T,

Inc

42,943,000

2.550%,

12/01/33

33,731‌

0

.3‌

Verizon

Communications,

Inc

39,625,000

2.550%,

03/21/31

33,084‌

0

.3‌

Other

171,624‌

1

.6‌

238,439‌

2

.2‌

TRANSPORTATION

48,014‌

0

.4‌

UTILITIES

352,027‌

3

.3‌

6,103,320,636

TOTAL

CORPORATE

BONDS

(Cost

$4,071,137)

3,599,422‌

33

.7‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

34,767‌

0

.3‌

FOREIGN

GOVERNMENT

BONDS

410,872‌

3

.8‌

MORTGAGE

BACKED

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

33,449,426

3.000%,

11/01/51

29,835‌

0

.3‌

32,082,308

6.000%,

11/01/52

32,426‌

0

.3‌

292,025,917

0.727%-5.500%,

11/01/37-02/25/53

215,465‌

2

.1‌

Federal

National

Mortgage

Association

(FNMA)

30,483,262

4.000%,

05/01/44

29,185‌

0

.3‌

75,898,545

2.000%,

04/01/51

62,144‌

0

.6‌

35,639,175

2.000%,

03/01/52

29,207‌

0

.3‌

52,032,915

3.000%,

04/01/52

46,070‌

0

.4‌

43,472,637

4.000%,

05/01/52

40,820‌

0

.4‌

49,269,120

3.500%,

06/01/52

44,998‌

0

.4‌

55,390,394

4.000%,

07/01/52

52,011‌

0

.5‌

52,605,012

5.000%,

08/01/52

51,599‌

0

.5‌

69,199,513

4.000%,

09/01/52

64,948‌

0

.6‌

111,351,531

4.500%,

09/01/52

107,074‌

1

.0‌

101,044,354

4.000%,

10/01/52

94,847‌

0

.9‌

62,215,532

4.500%,

10/01/52

59,822‌

0

.6‌

29

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

50,886,339

4.500%,

11/01/52

$

48,929‌

0

.5‌

%

714,901,844

0.800%-9.000%,

07/01/24-02/01/53

596,092‌

5

.6‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

31,100,000

g,i

9.567%,

06/25/42,

30

D

AVG

SOFR

+

4.500%

32,693‌

0

.3‌

Government

National

Mortgage

Association

(GNMA)

102,869,040

3.000%,

05/20/52

91,990‌

0

.8‌

190,151,130

0.943%-6.500%,

10/15/33-05/20/53

144,099‌

1

.2‌

Other

98,149‌

0

.8‌

1,972,403‌

18

.4‌

MUNICIPAL

BONDS

316,469‌

3

.0‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Bond

35,680,000

3.000%,

05/15/45

30,134‌

0

.3‌

41,710,000

2.875%,

08/15/45

34,419‌

0

.3‌

52,140,000

2.500%,

05/15/46

40,093‌

0

.4‌

51,995,000

3.000%,

08/15/48

43,867‌

0

.4‌

124,295,000

2.750%-4.750%,

02/15/37-11/15/48

114,793‌

1

.2‌

United

States

Treasury

Inflation

Indexed

Bonds

36,800,172

k

0.500%,

04/15/24

35,910‌

0

.3‌

United

States

Treasury

Note

143,890,000

3.875%,

03/31/25

141,063‌

1

.3‌

177,485,000

4.000%,

02/15/26

174,760‌

1

.6‌

255,364,000

3.500%,

04/30/28

248,142‌

2

.3‌

117,115,000

3.625%,

05/31/28

114,553‌

1

.1‌

131,595,000

4.000%,

06/30/28

130,875‌

1

.2‌

109,835,000

3.500%,

04/30/30

106,643‌

1

.0‌

139,476,000

3.375%,

05/15/33

134,507‌

1

.3‌

85,325,800

2.375%,

02/15/42

66,431‌

0

.6‌

91,758,000

3.375%,

08/15/42

83,288‌

0

.8‌

54,100,000

3.875%,

02/15/43

52,748‌

0

.5‌

37,000,000

e

3.875%,

05/15/43

36,104‌

0

.3‌

256,002,000

2.250%,

02/15/52

185,001‌

1

.7‌

89,786,000

3.625%,

02/15/53

86,167‌

0

.8‌

Other

71,143‌

0

.7‌

1,930,641‌

18

.1‌

68,401,477,424

TOTAL

GOVERNMENT

BONDS

(Cost

$5,011,584)

4,665,152‌

43

.6‌

STRUCTURED

ASSETS

ASSET

BACKED

DB

Master

Finance

LLC

Series

-

2021

1A

(Class

A2I)

36,937,500

g

2.045%,

11/20/51

32,145‌

0

.3‌

Gracie

Point

International

Funding

Series

-

2022

2A

(Class

A)

43,700,000

g,i

7.791%,

07/01/24,

30

D

AVG

SOFR

+

2.750%

43,729‌

0

.4‌

Santander

Drive

Auto

Receivables

Trust

Series

-

2021

4

(Class

D)

34,000,000

1.670%,

10/15/27

31,380‌

0

.3‌

Other

555,560‌

5

.2‌

662,814‌

6

.2‌

OTHER

MORTGAGE

BACKED

Connecticut

Avenue

Securities

Trust

Series

-

2022

R06

(Class

1M2)

30,200,000

g,i

8.917%,

05/25/42,

30

D

AVG

SOFR

+

3.850%

31,143‌

0

.3‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

OTHER

MORTGAGE

BACKED—continued

$

119,102,456

g,i

6.349%-9.817%,

12/25/41-12/25/42,

30

D

AVG

SOFR

+

1.900%-30

D

AVG

SOFR

+

6.250%

$

122,452‌

1

.2‌

%

GS

Mortgage-Backed

Securities

Trust

124,746,387

g,i

2.500%-3.632%,

05/25/50-02/25/53

99,061‌

0

.9‌

JP

Morgan

Mortgage

Trust

330,710,983

g,i

0.132%-6.191%,

12/25/44-06/25/53,

LIBOR

1

M

+

0.950%-LIBOR

1

M

+

0.950%

180,799‌

1

.7‌

Other

1,016,324‌

9

.5‌

1,449,779‌

13

.6‌

2,576,810,017

TOTAL

STRUCTURED

ASSETS

(Cost

$2,363,655)

2,112,593‌

19

.8‌

Shares

PREFERRED

STOCKS

FINANCIAL

SERVICES

4,515‌

0

.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$4,348)

4,515‌

0

.1‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$11,498,197)

10,427,462‌

97

.6‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

COMMERCIAL

PAPER

5,304‌

0

.0‌

GOVERNMENT

AGENCY

DEBT

27,792‌

0

.3‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

39,160,000

r

5.050%,

07/03/23

39,160‌

0

.4‌

39,160‌

0

.4‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$72,278)

72,256‌

0

.7‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

46,574,601

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%

46,575‌

0

.4‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$46,575)

46,575‌

0

.4‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$11,617,050)

10,546,293‌

98

.7‌

OTHER

ASSETS

&

LIABILITIES,

NET

141,483‌

1

.3‌

NET

ASSETS

$

10,687,776‌

100

.0‌

%

AVG

Average

D

Day

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

SOFR

Secure

Overnight

Financing

Rate

Summary

Portfolio

of

Investments

(continued)

CREF

Core

Bond

Account

June

30,

2023

30

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.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

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.

‡

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

$45,432,543.

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$39,160,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.250%–2.625%

and

maturity

dates

5/31/27–9/30/28,

valued

at

$39,943,337.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

U.S.

Treasury

2-Year

Note

1,410‌

09/29/23

 $

290,682‌

$

286,715‌

$

(

3,967‌

)

U.S.

Treasury

5-Year

Note

2,350‌

09/29/23

256,433‌

251,670‌

(

4,763‌

)

U.S.

Treasury

Ultra

Bond

500‌

09/20/23

67,563‌

68,109‌

546‌

Total

4,260‌

  $

614,678‌

 $

606,494‌

 $

(

8,184‌

)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

542

EUR

490

Australia

and

New

Zealand

Banking

Group

Limited

07/14/23

  $

7‌

$

268

EUR

246

Australia

and

New

Zealand

Banking

Group

Limited

07/14/23

(

1‌

)

$

2,918

NZD

4,766

Australia

and

New

Zealand

Banking

Group

Limited

07/17/23

(

6‌

)

Total

  $

0‌

NOK

288

$

27

Bank

of

America

07/14/23

  $

0‌

^

$

3,181

EUR

2,888

Citibank

N.A.

07/14/23

  $

28‌

$

81,343

EUR

73,296

Citibank

N.A.

07/14/23

1,304‌

$

6

EUR

5

Citibank

N.A.

07/14/23

(

0‌

)

^

$

107

EUR

98

Citibank

N.A.

07/14/23

0‌

^

$

16,200

GBP

12,970

Citibank

N.A.

07/14/23

(

273‌

)

$

934

IDR

13,897,123

Citibank

N.A.

07/18/23

10‌

$

22,126

JPY

2,920,875

Citibank

N.A.

07/14/23

1,839‌

$

7,674

KRW

9,727,557

Citibank

N.A.

07/18/23

286‌

$

2,195

NOK

23,259

Citibank

N.A.

07/14/23

26‌

$

736

THB

25,359

Citibank

N.A.

07/14/23

19‌

EUR

484

$

534

Citibank

N.A.

07/14/23

(

5‌

)

EUR

101

$

110

Citibank

N.A.

07/14/23

0‌

^

NZD

609

$

378

Citibank

N.A.

07/17/23

(

4‌

)

Total

  $

3,230‌

$

25,970

CNY

185,945

Morgan

Stanley

07/17/23

  $

256‌

$

490

CZK

10,812

Morgan

Stanley

07/14/23

(

6‌

)

$

327

EUR

295

Morgan

Stanley

07/14/23

5‌

$

22

EUR

20

Morgan

Stanley

07/14/23

(

0‌

)

^

$

973

HUF

335,918

Morgan

Stanley

07/14/23

(

7‌

)

$

939

ILS

3,338

Morgan

Stanley

07/14/23

38‌

$

730

MXN

12,684

Morgan

Stanley

07/14/23

(

9‌

)

$

672

RON

3,088

Morgan

Stanley

07/14/23

(

8‌

)

EUR

1,727

$

1,908

Morgan

Stanley

07/14/23

(

22‌

)

EUR

250

$

273

Morgan

Stanley

07/14/23

(

0‌

)

^

EUR

169

$

181

Morgan

Stanley

07/14/23

4‌

NZD

630

$

391

Morgan

Stanley

07/17/23

(

4‌

)

$

367

ZAR

6,822

Morgan

Stanley

07/14/23

5‌

Total

  $

252‌

$

5,472

AUD

8,253

Standard

Chartered

Bank

07/14/23

  $

(

28‌

)

$

213

PEN

778

Standard

Chartered

Bank

07/18/23

(

1‌

)

Total

  $

(

29‌

)

31

See

Notes

to

Financial

Statements

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

10,093

CAD

13,733

Toronto

Dominion

Bank

07/14/23

  $

(

276‌

)

$

734

COP

3,109,183

Toronto

Dominion

Bank

07/18/23

(

6‌

)

Total

  $

(

282‌

)

Total

  $

3,171‌

^

Amount

represents

less

than

$1,000.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesia

Rupiah

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

Credit

Default

Swaps

-

Centrally

Cleared

SOLD

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)

*

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

CDX-NAHYS40V1-5Y

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

$

150,000‌

$

(

4,419‌

)

$

(

214‌

)

$

(

4,205‌

)

CDX-NAIGS40V1-5Y

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

450,000‌

(

6,869‌

)

(

3,310‌

)

(

3,559‌

)

Total

$

(

11,288‌

)

$

(

3,524‌

)

$

(

7,764‌

)

*  

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.

CREF

Inflation-Linked

Bond

Account

June

30,

2023

Summary

Portfolio

of

Investments

32

See

Notes

to

Financial

Statements

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

COMMERCIAL

&

PROFESSIONAL

SERVICES

$

2,130‌

0.0‌

%

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,964‌

0.0‌

CONSUMER

DURABLES

&

APPAREL

1,610‌

0.0‌

CONSUMER

SERVICES

5,404‌

0.1‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,998‌

0.1‌

MEDIA

&

ENTERTAINMENT

4,032‌

0.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,318‌

0.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0‌^

0.0‌

SOFTWARE

&

SERVICES

5,084‌

0.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

358‌

0.0‌

UTILITIES

2,474‌

0.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$33,269)

33,372‌

0.5‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

Ford

Motor

Credit

Co

LLC

$

20,000,000

7.350%,

03/06/30

20,425‌

0.3‌

Other

2,553‌

0.0‌

22,978‌

0.3‌

BANKS

4,901‌

0.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

8,184‌

0.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

7,756‌

0.1‌

CONSUMER

DURABLES

&

APPAREL

4,980‌

0.1‌

CONSUMER

SERVICES

3,788‌

0.0‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,511‌

0.0‌

ENERGY

Occidental

Petroleum

Corp

10,000,000

8.875%,

07/15/30

11,494‌

0.2‌

Other

48,972‌

0.7‌

60,466‌

0.9‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,588‌

0.1‌

FINANCIAL

SERVICES

13,587‌

0.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,414‌

0.1‌

INSURANCE

4,324‌

0.1‌

MATERIALS

37,685‌

0.5‌

MEDIA

&

ENTERTAINMENT

13,389‌

0.2‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,985‌

0.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,082‌

0.1‌

SOFTWARE

&

SERVICES

7,317‌

0.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,609‌

0.0‌

TELECOMMUNICATION

SERVICES

11,830‌

0.2‌

TRANSPORTATION

6,631‌

0.1‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

UTILITIES

$

4,305‌

0.1‌

%

$

259,805,000

TOTAL

CORPORATE

BONDS

(Cost

$258,866)

242,310‌

3.5‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

Montefiore

Medical

Center

14,200,000

2.895%,

04/20/32

12,758‌

0.2‌

Other

8,319‌

0.1‌

21,077‌

0.3‌

FOREIGN

GOVERNMENT

BONDS

6,476‌

0.1‌

MORTGAGE

BACKED

Government

National

Mortgage

Association

(GNMA)

17,437,141

3.600%,

09/15/31

17,051‌

0.2‌

34,847,939

1.730%,

07/15/37

29,442‌

0.4‌

32,726,868

4.250%,

09/15/38

32,441‌

0.5‌

22,789,621

1.650%,

07/15/42

18,723‌

0.3‌

25,019,004

2.750%,

01/15/45

22,216‌

0.3‌

Other

32,291‌

0.4‌

152,164‌

2.1‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Inflation

Indexed

Bonds

108,175,900

k

0.375%,

07/15/23

108,100‌

1.5‌

56,221,540

k

0.625%,

01/15/24

55,268‌

0.8‌

244,733,170

k

0.500%,

04/15/24

238,811‌

3.4‌

114,709,622

k

0.125%,

07/15/24

111,271‌

1.6‌

206,293,900

k

0.125%,

10/15/24

198,979‌

2.8‌

234,347,970

k

0.250%,

01/15/25

224,647‌

3.2‌

123,919,170

k

2.375%,

01/15/25

122,621‌

1.7‌

190,230,120

k

0.125%,

04/15/25

180,960‌

2.6‌

253,245,960

k

0.375%,

07/15/25

242,337‌

3.4‌

329,649,540

k

0.125%,

10/15/25

312,510‌

4.4‌

271,291,564

k

0.625%,

01/15/26

258,668‌

3.7‌

81,490,732

k

2.000%,

01/15/26

80,400‌

1.1‌

167,702,650

k

0.125%,

04/15/26

157,243‌

2.2‌

187,276,240

k

0.125%,

07/15/26

175,903‌

2.5‌

314,420,207

k

0.125%,

10/15/26

293,915‌

4.2‌

249,244,540

k

0.375%,

01/15/27

233,844‌

3.3‌

124,775,158

k

2.375%,

01/15/27

125,394‌

1.8‌

134,282,500

k

0.125%,

04/15/27

124,280‌

1.8‌

168,011,870

k

0.375%,

07/15/27

157,480‌

2.2‌

149,490,860

k

1.625%,

10/15/27

147,279‌

2.1‌

252,693,075

k

0.500%,

01/15/28

236,332‌

3.4‌

249,602,444

k

1.750%,

01/15/28

246,680‌

3.5‌

87,520,226

k

1.250%,

04/15/28

84,676‌

1.2‌

133,193,893

k

3.625%,

04/15/28

142,946‌

2.0‌

154,666,240

k

0.750%,

07/15/28

146,543‌

2.1‌

227,030,580

k

0.875%,

01/15/29

214,863‌

3.1‌

166,560,867

k

2.500%,

01/15/29

171,506‌

2.4‌

9,391,254

k

3.875%,

04/15/29

10,374‌

0.2‌

221,738,990

k

0.250%,

07/15/29

202,436‌

2.9‌

182,729,500

k

0.125%,

01/15/30

163,878‌

2.3‌

144,917,500

k

0.125%,

07/15/30

129,930‌

1.8‌

177,105,840

k

0.125%,

01/15/31

157,360‌

2.2‌

266,464,150

k

0.125%,

07/15/31

236,224‌

3.4‌

99,333,632

k

0.125%,

01/15/32

87,421‌

1.2‌

71,086,080

k

3.375%,

04/15/32

80,816‌

1.2‌

156,067,535

k

0.625%,

07/15/32

143,405‌

2.0‌

209,708,588

k

1.125%,

01/15/33

200,872‌

2

.9‌

33

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.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

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

Description

1

1

Value

(000)

%

of

net

assets

U.S.

TREASURY

SECURITIES—continued

$

40,815,200

k

1.500%,

02/15/53

$

39,665‌

0.6‌

%

6,245,837‌

88.7‌

6,757,844,594

TOTAL

GOVERNMENT

BONDS

(Cost

$6,877,221)

6,425,554‌

91.2‌

STRUCTURED

ASSETS

ASSET

BACKED

40,803‌

0.6‌

OTHER

MORTGAGE

BACKED

BX

Commercial

Mortgage

Trust

Series

-

2021

XL2

(Class

C)

26,179,700

g,i

6.390%,

10/15/38,

LIBOR

1

M

+

1.197%

25,256‌

0.4‌

Freddie

Mac

STACR

REMIC

Trust

Series

-

2022

DNA1

(Class

M2)

15,000,000

g,i

7.567%,

01/25/42,

30

D

AVG

SOFR

+

2.500%

14,536‌

0.2‌

Series

-

2022

DNA4

(Class

M1B)

20,000,000

g,i

8.417%,

05/25/42,

30

D

AVG

SOFR

+

3.350%

20,249‌

0.3‌

Other

182,068‌

2.5‌

242,109‌

3.4‌

299,864,147

TOTAL

STRUCTURED

ASSETS

(Cost

$295,808)

282,912‌

4.0‌

Shares

COMMON

STOCKS

FINANCIAL

SERVICES

475,737

e

Invesco

Senior

Loan

ETF

10,010‌

0.1‌

Other

9,749‌

0.2‌

19,759‌

0.3‌

TOTAL

COMMON

STOCKS

(Cost

$20,002)

19,759‌

0.3‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,485,166)

7,003,907‌

99.5‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

REPURCHASE

AGREEMENT

4,130‌

0.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$4,130)

4,130‌

0.0‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

8,850,267

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%

8,850‌

0.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$8,850)

8,850‌

0.1‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,498,146)

7,016,887‌

99.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

26,942‌

0.4‌

NET

ASSETS

$

7,043,829‌

100.0‌%

AVG

Average

D

Day

ETF

Exchange

Traded

Fund

LIBOR

London

Interbank

Offered

Rate

M

Month

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

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

$16,756,937.

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.

Summary

Portfolio

of

Investments

(continued)

CREF

Inflation-Linked

Bond

Account

June

30,

2023

34

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

U.S.

Treasury

10-Year

Note

1,302‌

09/20/23

 $

148,840‌

$

146,170‌

$

(2,670‌)

U.S.

Treasury

2-Year

Note

894‌

09/29/23

184,305‌

181,789‌

(2,516‌)

U.S.

Treasury

5-Year

Note

1,045‌

09/29/23

113,217‌

111,913‌

(1,304‌)

Total

3,241‌

  $

446,362‌

 $

439,872‌

 $

(6,490‌)

35

See

Notes

to

Financial

Statements

CREF

Social

Choice

Account

June

30,

2023

Summary

Portfolio

of

Investments

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

COMMERCIAL

&

PROFESSIONAL

SERVICES

$

14,043‌

0.1‌

%

CONSUMER

DURABLES

&

APPAREL

300‌

0.0‌

UTILITIES

21,647‌

0.1‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$37,549)

35,990‌

0.2‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

25,281‌

0.1‌

BANKS

289,350‌

1.4‌

CAPITAL

GOODS

13,818‌

0.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

39,608‌

0.2‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

34,991‌

0.2‌

CONSUMER

SERVICES

124,672‌

0.6‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

27,319‌

0.1‌

ENERGY

144,697‌

0.7‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

53,653‌

0.3‌

FINANCIAL

SERVICES

276,915‌

1.4‌

FOOD,

BEVERAGE

&

TOBACCO

72,980‌

0.4‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

42,629‌

0.2‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

38,322‌

0.2‌

INSURANCE

37,870‌

0.2‌

MATERIALS

127,679‌

0.6‌

MEDIA

&

ENTERTAINMENT

21,273‌

0.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

155,111‌

0.8‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

7,104‌

0.0‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

38,443‌

0.2‌

SOFTWARE

&

SERVICES

2,659‌

0.0‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,494‌

0.1‌

TELECOMMUNICATION

SERVICES

28,976‌

0.1‌

TRANSPORTATION

13,391‌

0.1‌

UTILITIES

662,729‌

3.3‌

$

2,602,925,152

TOTAL

CORPORATE

BONDS

(Cost

$2,581,245)

2,292,964‌

11.4‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

263,974‌

1.3‌

FOREIGN

GOVERNMENT

BONDS

685,874‌

3.4‌

MORTGAGE

BACKED

Federal

National

Mortgage

Association

(FNMA)

205,390,156

4.500%,

09/01/52

197,500‌

1.0‌

112,322,055

4.000%,

10/01/52

105,433‌

0.5‌

81,574,704

5.000%,

10/01/52

79,969‌

0.4‌

737,331,174

0.800%-8.000%,

07/01/24-12/01/52

652,627‌

3.2‌

Government

National

Mortgage

Association

(GNMA)

89,138,719

3.000%,

05/20/52

79,711‌

0.4‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

318,133,769

0.943%-6.500%,

08/15/25-05/20/53

$

273,779‌

1.3‌

%

Other

202,442‌

1.1‌

1,591,461‌

7.9‌

MUNICIPAL

BONDS

527,839‌

2.7‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Note

68,394,000

4.625%,

06/30/25

68,081‌

0.3‌

68,947,000

4.125%,

06/15/26

68,252‌

0.3‌

82,025,000

3.625%,

05/31/28

80,231‌

0.4‌

97,840,000

4.000%,

06/30/28

97,305‌

0.5‌

148,099,000

3.750%,

06/30/30

146,132‌

0.7‌

284,851,000

3.375%,

05/15/33

274,703‌

1.4‌

232,705,800

j

2.375%,

02/15/42

181,174‌

0.9‌

120,095,000

3.875%,

05/15/43

117,187‌

0.6‌

198,253,000

3.625%,

02/15/53

190,261‌

1.0‌

297,559,000

0.250%-4.250%,

09/30/23-02/15/52

258,827‌

1.3‌

Other

47,458‌

0.2‌

1,529,611‌

7.6‌

13,594,640,736

TOTAL

GOVERNMENT

BONDS

(Cost

$4,870,941)

4,598,759‌

22

.9‌

STRUCTURED

ASSETS

ASSET

BACKED

228,661‌

1.1‌

OTHER

MORTGAGE

BACKED

672,390‌

3.4‌

1,378,625,341

TOTAL

STRUCTURED

ASSETS

(Cost

$1,026,570)

901,051‌

4.5‌

Shares

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

636,872

*

Tesla,

Inc

166,714‌

0.8‌

Other

148,558‌

0.8‌

315,272‌

1.6‌

BANKS

551,271‌

2.7‌

CAPITAL

GOODS

266,952

Caterpillar,

Inc

65,684‌

0.3‌

Other

806,958‌

4.0‌

872,642‌

4.3‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

271,560‌

1.4‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,750,367

*

Amazon.com,

Inc

228,178‌

1.2‌

331,159

Home

Depot,

Inc

102,871‌

0.5‌

302,482

Lowe's

Companies,

Inc

68,270‌

0.3‌

Other

172,553‌

0.8‌

571,872‌

2.8‌

CONSUMER

DURABLES

&

APPAREL

184,748‌

0.9‌

CONSUMER

SERVICES

279,127‌

1.4‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

157,169‌

0.8‌

ENERGY

581,212‌

2.9‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

252,888‌

1.3‌

FINANCIAL

SERVICES

271,663

Mastercard,

Inc

(Class

A)

106,845‌

0.5‌

170,630

S&P

Global,

Inc

68,404‌

0.3‌

Other

728,736‌

3.7‌

903,985‌

4.5‌

Summary

Portfolio

of

Investments

(continued)

CREF

Social

Choice

Account

June

30,

2023

36

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

FOOD,

BEVERAGE

&

TOBACCO

1,365,683

Coca-Cola

Co

$

82,241‌

0.4‌

%

648,894

Nestle

S.A.

78,057‌

0.4‌

477,402

PepsiCo,

Inc

88,424‌

0.4‌

Other

219,459‌

1.1‌

468,181‌

2.3‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

177,457

UnitedHealth

Group,

Inc

85,293‌

0.4‌

Other

449,732‌

2.3‌

535,025‌

2.7‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

727,158

Procter

&

Gamble

Co

110,339‌

0.6‌

Other

143,552‌

0.7‌

253,891‌

1.3‌

INSURANCE

378,753‌

1.9‌

MATERIALS

204,097

Linde

plc

77,777‌

0.4‌

Other

461,922‌

2.3‌

539,699‌

2.7‌

MEDIA

&

ENTERTAINMENT

178,846

*

Netflix,

Inc

78,780‌

0.4‌

732,165

*

Walt

Disney

Co

65,368‌

0.3‌

Other

283,575‌

1.4‌

427,723‌

2.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

979,039

Bristol-Myers

Squibb

Co

62,610‌

0.3‌

282,721

Danaher

Corp

67,853‌

0.3‌

255,061

Eli

Lilly

&

Co

119,618‌

0.6‌

841,898

Merck

&

Co,

Inc

97,147‌

0.5‌

402,947

Novo

Nordisk

AS

65,092‌

0.3‌

Other

577,895‌

2.9‌

990,215‌

4.9‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

53,715‌

0.3‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

449,175

Applied

Materials,

Inc

64,924‌

0.3‌

96,641

ASML

Holding

NV

70,097‌

0.3‌

1,972,997

Intel

Corp

65,977‌

0.3‌

562,075

NVIDIA

Corp

237,769‌

1.2‌

393,016

Texas

Instruments,

Inc

70,751‌

0.4‌

Other

183,228‌

0.9‌

692,746‌

3.4‌

SOFTWARE

&

SERVICES

248,178

e

Accenture

plc

76,583‌

0.4‌

173,946

*

Adobe,

Inc

85,058‌

0.4‌

469,889

International

Business

Machines

Corp

62,876‌

0.3‌

142,253

Intuit,

Inc

65,179‌

0.3‌

1,574,026

Microsoft

Corp

536,019‌

2.7‌

366,095

*

Salesforce,

Inc

77,341‌

0.4‌

112,484

*

ServiceNow,

Inc

63,213‌

0.3‌

Other

451,912‌

2.3‌

1,418,181‌

7.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,592,267

Cisco

Systems,

Inc

82,384‌

0.4‌

Other

328,382‌

1.6‌

410,766‌

2.0‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

TELECOMMUNICATION

SERVICES

1,821,347

Verizon

Communications,

Inc

$

67,736‌

0.3‌

%

Other

117,336‌

0.6‌

185,072‌

0.9‌

TRANSPORTATION

372,285‌

1.9‌

UTILITIES

881,879

NextEra

Energy,

Inc

65,435‌

0.3‌

Other

265,643‌

1.3‌

331,078‌

1.6‌

TOTAL

COMMON

STOCKS

(Cost

$9,898,439)

11,999,076‌

59.7‌

a

a

a

a

PREFERRED

STOCKS

INSURANCE

3,375‌

0.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

14,683‌

0.1‌

UTILITIES

15,471‌

0.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$51,220)

33,529‌

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

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$18,465,965)

19,861,370‌

98.9‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

44,718‌

0.2‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

148,995,000

r

5.050%,

07/03/23

148,995‌

0.7‌

148,995‌

0.7‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$193,695)

193,713‌

0.9‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

156,230,001

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%

156,230‌

0.8‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$156,230)

156,230‌

0.8‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$18,815,890)

20,211,313‌

100.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

(124,163‌)

(0.6‌)

NET

ASSETS

$

20,087,150‌

100.0‌%

37

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.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted.

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.

*

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

$178,442,691.

j

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

collateral

requirements

on

mortgage

dollar

rolls.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$148,995,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.250%–4.500%

and

maturity

dates

8/15/39–5/15/41,

valued

at

$151,974,906.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

6,518

EUR

5,919

Citibank

N.A.

07/14/23

  $

54‌

EUR

Euro

Shares

Description

1

1

Value

(000)

%

of

net

assets

FOOD,

BEVERAGE

&

TOBACCO

1,365,683

Coca-Cola

Co

$

82,241‌

0.4‌

%

648,894

Nestle

S.A.

78,057‌

0.4‌

477,402

PepsiCo,

Inc

88,424‌

0.4‌

Other

219,459‌

1.1‌

468,181‌

2.3‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

177,457

UnitedHealth

Group,

Inc

85,293‌

0.4‌

Other

449,732‌

2.3‌

535,025‌

2.7‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

727,158

Procter

&

Gamble

Co

110,339‌

0.6‌

Other

143,552‌

0.7‌

253,891‌

1.3‌

INSURANCE

378,753‌

1.9‌

MATERIALS

204,097

Linde

plc

77,777‌

0.4‌

Other

461,922‌

2.3‌

539,699‌

2.7‌

MEDIA

&

ENTERTAINMENT

178,846

*

Netflix,

Inc

78,780‌

0.4‌

732,165

*

Walt

Disney

Co

65,368‌

0.3‌

Other

283,575‌

1.4‌

427,723‌

2.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

979,039

Bristol-Myers

Squibb

Co

62,610‌

0.3‌

282,721

Danaher

Corp

67,853‌

0.3‌

255,061

Eli

Lilly

&

Co

119,618‌

0.6‌

841,898

Merck

&

Co,

Inc

97,147‌

0.5‌

402,947

Novo

Nordisk

AS

65,092‌

0.3‌

Other

577,895‌

2.9‌

990,215‌

4.9‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

53,715‌

0.3‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

449,175

Applied

Materials,

Inc

64,924‌

0.3‌

96,641

ASML

Holding

NV

70,097‌

0.3‌

1,972,997

Intel

Corp

65,977‌

0.3‌

562,075

NVIDIA

Corp

237,769‌

1.2‌

393,016

Texas

Instruments,

Inc

70,751‌

0.4‌

Other

183,228‌

0.9‌

692,746‌

3.4‌

SOFTWARE

&

SERVICES

248,178

e

Accenture

plc

76,583‌

0.4‌

173,946

*

Adobe,

Inc

85,058‌

0.4‌

469,889

International

Business

Machines

Corp

62,876‌

0.3‌

142,253

Intuit,

Inc

65,179‌

0.3‌

1,574,026

Microsoft

Corp

536,019‌

2.7‌

366,095

*

Salesforce,

Inc

77,341‌

0.4‌

112,484

*

ServiceNow,

Inc

63,213‌

0.3‌

Other

451,912‌

2.3‌

1,418,181‌

7.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,592,267

Cisco

Systems,

Inc

82,384‌

0.4‌

Other

328,382‌

1.6‌

410,766‌

2.0‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

TELECOMMUNICATION

SERVICES

1,821,347

Verizon

Communications,

Inc

$

67,736‌

0.3‌

%

Other

117,336‌

0.6‌

185,072‌

0.9‌

TRANSPORTATION

372,285‌

1.9‌

UTILITIES

881,879

NextEra

Energy,

Inc

65,435‌

0.3‌

Other

265,643‌

1.3‌

331,078‌

1.6‌

TOTAL

COMMON

STOCKS

(Cost

$9,898,439)

11,999,076‌

59.7‌

a

a

a

a

PREFERRED

STOCKS

INSURANCE

3,375‌

0.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

14,683‌

0.1‌

UTILITIES

15,471‌

0.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$51,220)

33,529‌

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

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$18,465,965)

19,861,370‌

98.9‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

44,718‌

0.2‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

148,995,000

r

5.050%,

07/03/23

148,995‌

0.7‌

148,995‌

0.7‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$193,695)

193,713‌

0.9‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

156,230,001

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110%

156,230‌

0.8‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$156,230)

156,230‌

0.8‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$18,815,890)

20,211,313‌

100.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

(124,163‌)

(0.6‌)

NET

ASSETS

$

20,087,150‌

100.0‌%

CREF

Money

Market

Account

June

30,

2023

Summary

Portfolio

of

Investments

38

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.

(Unaudited)

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

Federal

Farm

Credit

Discount

Note

$

42,000,000

0.000%,

10/16/23

$

41,388‌

0.5‌

%

Federal

Home

Loan

Bank

(FHLB)

205,000,000

0.000%,

07/07/23

204,836‌

2.3‌

40,975,000

0.000%,

07/21/23

40,859‌

0.4‌

82,000,000

0.000%,

08/16/23

81,499‌

0.9‌

81,750,000

0.000%,

08/18/23

81,205‌

0.9‌

226,500,000

0.000%,

09/01/23

224,555‌

2.5‌

150,500,000

0.000%,

09/08/23

149,058‌

1.6‌

264,500,000

0.000%,

09/13/23

261,733‌

2.9‌

61,500,000

0.000%,

09/20/23

60,781‌

0.7‌

165,000,000

0.000%,

09/28/23

162,952‌

1.8‌

232,850,000

0.000%,

10/11/23

229,580‌

2.5‌

266,450,000

0.000%,

10/13/23

262,723‌

2.9‌

350,800,000

0.000%,

10/18/23

345,592‌

3.8‌

441,150,000

0.001%,

10/20/23

434,487‌

4.8‌

141,000,000

0.000%,

10/25/23

138,762‌

1.5‌

162,125,000

0.000%,

10/27/23

159,500‌

1

.8‌

50,000,000

0.001%,

02/15/24

48,399‌

0.5‌

199,605,000

0.000%-0.530%,

07/14/23-03/06/24

195,051‌

2.0‌

Tennessee

Valley

Authority

(TVA)

108,000,000

0.000%,

07/12/23

107,833‌

1.2‌

Other

9,156‌

0.1‌

3,239,949‌

35.6‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

3,015,021,000

r

5.050%,

07/03/23

3,015,021‌

33.1‌

3,015,021‌

33.1‌

TREASURY

DEBT

United

States

Treasury

Bill

163,675,000

0.000%,

07/06/23

163,560‌

1.8‌

81,750,000

0.000%,

07/20/23

81,528‌

0.9‌

163,000,000

0.000%,

08/03/23

162,243‌

1.8‌

161,375,000

0.000%,

08/08/23

160,502‌

1.7‌

81,950,000

0.000%,

08/22/23

81,343‌

0.9‌

162,750,000

0.000%,

08/29/23

161,460‌

1.8‌

80,475,000

0.000%,

09/28/23

79,443‌

0.9‌

890,079‌

9.8‌

VARIABLE

RATE

SECURITIES

Federal

Farm

Credit

Bank

(FFCB)

127,600,000

i

5.078%,

07/13/23,

SOFR

+

0.018%

127,599‌

1.4‌

63,100,000

i

5.100%,

08/17/23,

SOFR

+

0.040%

63,100‌

0.7‌

41,950,000

i

5.100%,

02/09/24,

SOFR

+

0.040%

41,949‌

0.4‌

188,150,000

i

5.085%-5.195%,

07/12/23-04/12/24,

SOFR

+

0.025%-SOFR

+

0.135%

188,155‌

2.0‌

Federal

Home

Loan

Bank

(FHLB)

42,000,000

i

5.120%,

07/03/23,

SOFR

+

0.060%

42,000‌

0.5‌

81,500,000

i

5.145%,

07/03/23,

SOFR

+

0.085%

81,500‌

0.9‌

81,500,000

i

5.110%,

08/01/23,

SOFR

+

0.050%

81,500‌

0.9‌

78,500,000

i

5.120%,

08/01/23,

SOFR

+

0.060%

78,500‌

0.9‌

42,500,000

i

5.090%,

08/11/23,

SOFR

+

0.030%

42,500‌

0.5‌

41,000,000

i

5.150%,

08/15/23,

SOFR

+

0.090%

41,000‌

0.5‌

122,450,000

i

5.110%,

08/29/23,

SOFR

+

0.050%

122,450‌

1.3‌

121,800,000

i

5.120%,

09/05/23,

SOFR

+

0.060%

121,800‌

1.3‌

81,500,000

i

5.085%,

09/11/23,

SOFR

+

0.025%

81,500‌

0.9‌

60,000,000

i

5.090%,

09/20/23,

SOFR

+

0.030%

60,000‌

0.7‌

41,500,000

i

5.090%,

09/25/23,

SOFR

+

0.030%

41,500‌

0.5‌

82,000,000

i

5.090%,

09/25/23,

SOFR

+

0.030%

82,000‌

0.9‌

61,000,000

i

5.100%,

09/26/23,

SOFR

+

0.040%

61,000‌

0.7‌

204,750,000

i

5.080%,

10/03/23,

SOFR

+

0.020%

204,750‌

2.2‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

VARIABLE

RATE

SECURITIES—continued

$

81,750,000

i

5.085%,

10/03/23,

SOFR

+

0.025%

$

81,750‌

0.9‌

%

81,250,000

i

5.085%,

10/27/23,

SOFR

+

0.025%

81,250‌

0.9‌

41,000,000

i

5.085%,

11/01/23,

SOFR

+

0.025%

41,000‌

0.5‌

80,500,000

i

5.100%,

11/17/23,

SOFR

+

0.040%

80,500‌

0.9‌

40,965,000

i

5.140%,

11/29/23,

SOFR

+

0.080%

40,965‌

0.4‌

65,500,000

i

5.150%,

12/05/23,

SOFR

+

0.090%

65,500‌

0.7‌

United

States

Treasury

Floating

Rate

Note

81,900,000

i

5.284%,

10/31/23,

US

Treasury

Bill

3

M

+

0.035%

81,892‌

0.9‌

Other

67,807‌

0.7‌

2,103,467‌

23.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,248,516)

9,248,516‌

101.6‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$9,248,516)

9,248,516‌

101.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

(144,147‌)

(1.6‌)

NET

ASSETS

$

9,104,369‌

100.0‌%

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$3,015,021,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.375%–4.500%

and

maturity

dates

7/31/27–8/15/39,

valued

at

$3,075,321,462.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

40

June

30,

2023

(Unaudited)

(amounts

in

thousands,

except

accumulation

unit

value)

20.1

Stock

Account

20.2

Global

Equities

Account

ASSETS

Long-term

investments,

at

value*†

$

113,332,062‌

$

24,021,811‌

Affiliated

investments,

at

value‡

164,393‌

–‌

Short-term

investments,

at

value#

1,411,969‌

376,803‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

990,389‌

69,104‌

Cash

2,223‌

1,524‌

Cash

-

foreign^

45,730‌

4,275‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

mortgage

dollar

rolls

–‌

–‌

Due

from

affiliates

–‌

–‌

Receivables:

Dividends

and

interest

176,917‌

33,923‌

Investments

sold

629,885‌

46,872‌

Variation

margin

on

open

futures

contracts

8,404‌

3,466‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

19,363‌

2,248‌

Total

assets

116,781,335‌

24,560,026‌

LIABILITIES

Investment

management

fees

payable

1,995‌

412‌

Service

agreement

fees

payable

2,807‌

139‌

Due

to

affiliates

115,218‌

575‌

Payables:

Investments

purchased

-

regular

settlement

726,803‌

54,986‌

Investments

purchased

-

delayed

delivery

282‌

–‌

Collateral

for

securities

lending

989,482‌

68,853‌

Trustee

compensation

16,153‌

2,131‌

Variation

margin

on

centrally

cleared

swap

contracts

–‌

–‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

21,773‌

3,585‌

Total

liabilities

1,874,513‌

130,681‌

NET

ASSETS

$

114,906,822‌

$

24,429,345‌

CLASS

R1

(Accumulation):

Net

assets

$

13,265,088‌

$

3,704,124‌

Units

outstanding

18,527‌

13,882‌

Unit

value

$

715.969‌

$

266.831‌

CLASS

R2

(Accumulation):

Net

assets

$

32,092,914‌

$

7,529,630‌

Units

outstanding

44,083‌

27,753‌

Unit

value

$

728.005‌

$

271.310‌

CLASS

R3

(Accumulation):

Net

assets

$

58,433,869‌

$

12,201,112‌

Units

outstanding

79,830‌

44,727‌

Unit

value

$

731.976‌

$

272.789‌

CLASS

R4

(Accumulation):

Net

assets

$

1,177,080‌

$

542,439‌

Units

outstanding

1,606‌

1,986‌

Unit

value

$

732.853‌

$

273.117‌

ANNUITY:

Net

assets

$

9,937,871‌

$

452,040‌

*

Includes

securities

loaned

of

$

1,387,425‌

$

93,580‌

†

Long-term

investments,

at

cost

$

101,835,312‌

$

20,174,865‌

‡

Affiliated

investments,

at

cost

$

240,357‌

$

–‌

#

Short-term

investments,

cost

$

1,411,818‌

$

376,759‌

^

Foreign

cash,

cost

$

45,709‌

$

4,265‌

See

Notes

to

Financial

Statements

41

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

$

31,455,540‌

$

21,677,359‌

$

10,427,462‌

$

7,003,907‌

$

19,861,370‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

162,017‌

37,960‌

72,256‌

4,130‌

193,713‌

9,248,516‌

5‌

127,194‌

46,575‌

8,850‌

156,230‌

–‌

5‌

21‌

8,524‌

1‌

5‌

–‌

–‌

–‌

738‌

–‌

1,158‌

–‌

–‌

73‌

872‌

–‌

–‌

–‌

–‌

–‌

99,000‌

–‌

31,505‌

–‌

–‌

–‌

–‌

–‌

6,816‌

3,771‌

3,920‌

15,137‌

76,139‌

23,272‌

71,839‌

13,630‌

134,249‌

225‌

33,091‌

11,655‌

36,755‌

–‌

–‌

344‌

581‌

155‌

–‌

–‌

–‌

–‌

3,827‌

–‌

54‌

–‌

2,474‌

1,718‌

3,109‌

2,945‌

2,061‌

1,447‌

31,758,210‌

21,860,031‌

10,772,174‌

7,054,915‌

20,361,506‌

9,267,364‌

404‌

257‌

262‌

142‌

1,036‌

211‌

906‌

534‌

–‌

–‌

–‌

–‌

6,987‌

6,234‌

2,895‌

1,179‌

–‌

–‌

214,991‌

–‌

6,937‌

–‌

78,131‌

161,460‌

–‌

–‌

23,863‌

–‌

37,497‌

–‌

5‌

127,194‌

46,575‌

8,850‌

156,230‌

–‌

2,191‌

1,711‌

1,454‌

914‌

1,459‌

1,324‌

–‌

–‌

1,747‌

–‌

–‌

–‌

–‌

–‌

656‌

–‌

–‌

–‌

4‌

3‌

9‌

1‌

3‌

–‌

225,488‌

135,933‌

84,398‌

11,086‌

274,356‌

162,995‌

$

31,532,722‌

$

21,724,098‌

$

10,687,776‌

$

7,043,829‌

$

20,087,150‌

$

9,104,369‌

$

5,618,815‌

$

4,168,057‌

$

1,700,313‌

$

1,259,810‌

$

2,725,911‌

$

1,790,352‌

16,050‌

11,027‌

13,683‌

16,156‌

8,703‌

66,080‌

$

350.077‌

$

377.977‌

$

124.265‌

$

77.976‌

$

313.198‌

$

27.094‌

$

9,876,574‌

$

6,931,201‌

$

3,427,233‌

$

1,917,337‌

$

6,396,975‌

$

2,552,386‌

27,746‌

18,035‌

27,124‌

24,183‌

20,087‌

92,811‌

$

355.960‌

$

384.325‌

$

126.352‌

$

79.285‌

$

318.458‌

$

27.501‌

$

15,215,156‌

$

10,023,667‌

$

5,184,734‌

$

3,594,950‌

$

9,917,689‌

$

4,586,341‌

42,512‌

25,940‌

40,812‌

45,097‌

30,974‌

165,861‌

$

357.904‌

$

386.421‌

$

127.039‌

$

79.717‌

$

320.193‌

$

27.652‌

$

196,510‌

$

82,745‌

$

124,107‌

$

106,009‌

$

610,660‌

$

54,796‌

548‌

214‌

976‌

1,328‌

1,905‌

1,980‌

$

358.334‌

$

386.880‌

$

127.193‌

$

79.813‌

$

320.575‌

$

27.678‌

$

625,667‌

$

518,428‌

$

251,389‌

$

165,723‌

$

435,915‌

$

120,494‌

$

5,641‌

$

163,327‌

$

45,433‌

$

16,757‌

$

178,443‌

$

–‌

$

26,778,988‌

$

7,694,083‌

$

11,498,197‌

$

7,485,166‌

$

18,465,965‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

162,014‌

$

37,953‌

$

72,278‌

$

4,130‌

$

193,695‌

$

9,248,516‌

$

–‌

$

–‌

$

921‌

$

–‌

$

1,156‌

$

–‌

Statement

of

Operations

See

Notes

to

Financial

Statements

42

Six

Months

Ended

June

30,

2023

(Unaudited)

(amounts

in

thousands)

20.1

Stock

Account

20.2

Global

Equities

Account

INVESTMENT

INCOME

Dividends:

Unaffiliated

issuers

$

1,348,107‌

$

278,995‌

Affiliated

issuers

881‌

–‌

Interest

21,896‌

6,537‌

Securities

lending

income,

net

12,041‌

1,299‌

Other

170‌

7‌

Tax

withheld

(83,532‌)

(18,470‌)

Total

investment

income

1,299,563‌

268,368‌

EXPENSES

Investment

management

fees

56,287‌

10,968‌

Administrative

-

Class

R1

21,393‌

5,906‌

Administrative

-

Class

R2

32,411‌

7,482‌

Administrative

-

Class

R3

48,573‌

8,834‌

Administrative

-

Class

R4

46‌

25‌

Distribution

fees

-

Class

R1

3,785‌

1,047‌

Distribution

fees

-

Class

R2

5,071‌

1,173‌

Distribution

fees

-

Class

R3

5,149‌

942‌

Distribution

fees

-

Class

R4

11‌

6‌

Mortality

and

expense

risk

charges

2,727‌

572‌

Total

expenses

175,453‌

36,955‌

Plus:

Recovery

of

expenses

previously

withheld

by

TIAA

–‌

–‌

Net

expenses

175,453‌

36,955‌

Net

investment

income

(loss)

1,124,110‌

231,413‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Unaffiliated

issuers

415,126‌

489,103‌

Affiliated

issuers

(566‌)

–‌

Written

options

(1,605‌)

–‌

Futures

contracts

47,298‌

21,474‌

Forward

foreign

currency

contracts

–‌

–‌

Swap

contracts

–‌

–‌

Foreign

currency

transactions

(9,661‌)

(3,589‌)

Net

realized

gain

(loss)

450,592‌

506,988‌

Change

in

unrealized

appreciation

(depreciation)

on:

Unaffiliated

issuers‡

12,593,599‌

2,573,166‌

Affiliated

issuers

26,086‌

–‌

Written

options

579‌

–‌

Futures

contracts

41,326‌

13,503‌

Forward

foreign

currency

contracts

–‌

–‌

Swap

contracts

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

1,185‌

523‌

Net

change

in

unrealized

appreciation

(depreciation)

12,662,775‌

2,587,192‌

Net

realized

and

unrealized

gain

(loss)

13,113,367‌

3,094,180‌

Net

increase

(decrease)

in

net

assets

from

operations

$

14,237,477‌

$

3,325,593‌

‡  

Includes

net

change

in

unrealized

foreign

capital

gains

taxes

of

$

(2,423‌)

$

(153‌)

See

Notes

to

Financial

Statements

43

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

$

119,924‌

$

170,412‌

$

141‌

$

595‌

$

148,916‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

2,150‌

1,687‌

213,454‌

138,694‌

150,653‌

212,284‌

45‌

2,310‌

553‌

197‌

2,155‌

–‌

6‌

3‌

2,019‌

1,249‌

1,312‌

–‌

(1,499‌)

(23‌)

(3‌)

(8‌)

(8,325‌)

–‌

120,626‌

174,389‌

216,164‌

140,727‌

294,711‌

212,284‌

7,119‌

1,007‌

3,523‌

841‌

4,311‌

837‌

8,350‌

6,555‌

2,867‌

2,118‌

4,383‌

2,897‌

9,207‌

6,884‌

3,703‌

2,065‌

6,388‌

2,635‌

10,370‌

7,336‌

4,117‌

2,873‌

7,243‌

3,459‌

8‌

3‌

6‌

4‌

23‌

2‌

1,496‌

1,160‌

508‌

376‌

780‌

513‌

1,448‌

1,071‌

579‌

322‌

1,007‌

413‌

1,135‌

774‌

433‌

300‌

782‌

372‌

2‌

1‌

1‌

1‌

6‌

–‌

694‌

505‌

269‌

177‌

470‌

222‌

39,829‌

25,296‌

16,006‌

9,077‌

25,393‌

11,350‌

–‌

–‌

–‌

–‌

–‌

3,849‌

39,829‌

25,296‌

16,006‌

9,077‌

25,393‌

15,199‌

80,797‌

149,093‌

200,158‌

131,650‌

269,318‌

197,085‌

(157,936‌)

412,706‌

(121,314‌)

(37,700‌)

92,613‌

120‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

9,857‌

(4,600‌)

(2,426‌)

–‌

–‌

–‌

–‌

(9,036‌)

–‌

–‌

–‌

–‌

–‌

(12,883‌)

–‌

–‌

–‌

34‌

–‌

(456‌)

–‌

(387‌)

–‌

(157,902‌)

422,563‌

(148,289‌)

(40,126‌)

92,226‌

120‌

7,593,245‌

2,471,433‌

221,688‌

32,162‌

1,135,672‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

1,043‌

(10,412‌)

(6,786‌)

–‌

–‌

–‌

–‌

12,834‌

–‌

54‌

–‌

–‌

–‌

1,824‌

–‌

–‌

–‌

6‌

–‌

(22‌)

–‌

162‌

–‌

7,593,251‌

2,472,476‌

225,912‌

25,376‌

1,135,888‌

–‌

7,435,349‌

2,895,039‌

77,623‌

(14,750‌)

1,228,114‌

120‌

$

7,516,146‌

$

3,044,132‌

$

277,781‌

$

116,900‌

$

1,497,432‌

$

197,205‌

$

–‌

$

–‌

$

(5‌)

$

–‌

$

–‌

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

44

T

20.1

Stock

Account

20.2

Global

Equities

Account

(amounts

in

thousands)

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

1,124,110‌

$

2,020,464‌

$

231,413‌

$

406,670‌

Net

realized

gain

(loss)

450,592‌

2,660,611‌

506,988‌

(40,666‌)

Net

change

in

unrealized

appreciation

(depreciation)

12,662,775‌

(29,986,867‌)

2,587,192‌

(5,603,455‌)

Net

increase

(decrease)

in

net

assets

from

operations

14,237,477‌

(25,305,792‌)

3,325,593‌

(5,237,451‌)

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions:

Class

R1

148,173‌

344,564‌

58,699‌

132,743‌

Class

R2

311,829‌

684,175‌

96,788‌

178,194‌

Class

R3

751,099‌

1,435,728‌

254,914‌

462,829‌

Class

R4§

190,861‌

290,770‌

63,633‌

341,218‌

Net

transfers

between

CREF

Accounts:

Class

R1

(62,741‌)

(356,497‌)

(3,084‌)

(88,747‌)

Class

R2

(379,253‌)

(1,595,199‌)

(23,275‌)

(282,505‌)

Class

R3

(315,520‌)

1,411,167‌

9,391‌

266,606‌

Class

R4§

393,058‌

(9,401‌)

70,030‌

(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

(635,653‌)

(1,307,981‌)

(188,656‌)

(382,515‌)

Class

R2

(1,380,425‌)

(3,077,022‌)

(319,474‌)

(720,807‌)

Class

R3

(2,455,921‌)

(5,207,768‌)

(597,940‌)

(1,564,053‌)

Class

R4§

(83,182‌)

(41,226‌)

(60,664‌)

(27,055‌)

Annuity

payments:

(700,287‌)

(1,548,353‌)

(25,112‌)

(52,519‌)

Net

increase

(decrease)

from

participant

transactions

(4,217,962‌)

(8,977,043‌)

(664,750‌)

(1,737,343‌)

Net

increase

(decrease)

in

net

assets

10,019,515‌

(34,282,835‌)

2,660,843‌

(6,974,794‌)

NET

ASSETS

Beginning

of

period

104,887,307‌

139,170,142‌

21,768,502‌

28,743,296‌

End

of

period

$

114,906,822‌

$

104,887,307‌

$

24,429,345‌

$

21,768,502‌

ACCUMULATION

UNITS

Units

purchased:

Class

R1

220‌

521‌

236‌

541‌

Class

R2

455‌

1,017‌

382‌

718‌

Class

R3

942‌

1,876‌

953‌

1,761‌

Class

R4§

275‌

444‌

249‌

1,412‌

Units

sold/transferred:

Class

R1

(1,040‌)

(2,510‌)

(771‌)

(1,940‌)

Class

R2

(2,578‌)

(6,963‌)

(1,360‌)

(4,083‌)

Class

R3

(4,015‌)

(5,607‌)

(2,322‌)

(5,203‌)

Class

R4§

451‌

(79‌)

42‌

(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

149,336‌

160,639‌

90,939‌

97,850‌

End

of

period

144,046‌

149,336‌

88,348‌

90,939‌

§      Class

R4

commenced

operations

on

September

16,

2022.

See

Notes

to

Financial

Statements

45

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

$

80,797‌

$

150,615‌

$

149,093‌

$

284,621‌

$

200,158‌

$

333,182‌

$

131,650‌

$

514,231‌

(157,902‌)

(230,403‌)

422,563‌

1,029,844‌

(148,289‌)

(513,754‌)

(40,126‌)

16,604‌

7,593,251‌

(12,539,810‌)

2,472,476‌

(6,175,890‌)

225,912‌

(1,565,782‌)

25,376‌

(1,031,242‌)

7,516,146‌

(12,619,598‌)

3,044,132‌

(4,861,425‌)

277,781‌

(1,746,354‌)

116,900‌

(500,407‌)

85,128‌

174,433‌

77,169‌

169,373‌

86,997‌

86,985‌

86,397‌

173,346‌

78,744‌

182,621‌

74,909‌

212,505‌

79,469‌

128,164‌

55,273‌

135,174‌

166,102‌

369,019‌

95,981‌

244,233‌

136,585‌

293,845‌

131,239‌

353,786‌

35,303‌

24,286‌

6,851‌

1,781‌

21,706‌

12,602‌

19,863‌

3,060‌

(18,678‌)

(150,230‌)

(8,813‌)

(78,090‌)

11,092‌

(47,038‌)

8,900‌

11,842‌

(94,570‌)

(511,264‌)

(103,313‌)

(310,041‌)

(36,141‌)

(210,913‌)

(16,816‌)

(78,869‌)

(54,524‌)

306,086‌

(24,383‌)

275,683‌

(14,764‌)

112,443‌

(36,470‌)

205,362‌

48,378‌

294‌

60,827‌

862‌

41,118‌

420‌

54,789‌

(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

(228,312‌)

(504,855‌)

(182,682‌)

(392,764‌)

(108,529‌)

(245,947‌)

(85,066‌)

(171,038‌)

(377,804‌)

(806,835‌)

(291,560‌)

(633,960‌)

(202,146‌)

(471,254‌)

(117,032‌)

(284,996‌)

(542,069‌)

(1,248,866‌)

(380,510‌)

(855,126‌)

(312,048‌)

(768,246‌)

(264,779‌)

(542,532‌)

(19,031‌)

(15,380‌)

(3,293‌)

(2,604‌)

(9,979‌)

(6,608‌)

(6,037‌)

(2,612‌)

(33,342‌)

(72,324‌)

(29,498‌)

(62,130‌)

(13,885‌)

(29,976‌)

(9,553‌)

(20,101‌)

(954,675‌)

(2,253,015‌)

(708,315‌)

(1,430,278‌)

(320,525‌)

(1,145,523‌)

(179,292‌)

(217,637‌)

6,561,471‌

(14,872,613‌)

2,335,817‌

(6,291,703‌)

(42,744‌)

(2,891,877‌)

(62,392‌)

(718,044‌)

24,971,251‌

39,843,864‌

19,388,281‌

25,679,984‌

10,730,520‌

13,622,397‌

7,106,221‌

7,824,265‌

$

31,532,722‌

$

24,971,251‌

$

21,724,098‌

$

19,388,281‌

$

10,687,776‌

$

10,730,520‌

$

7,043,829‌

$

7,106,221‌

275‌

575‌

221‌

489‌

699‌

681‌

1,106‌

2,182‌

251‌

608‌

212‌

593‌

628‌

989‌

696‌

1,659‌

485‌

1,094‌

236‌

645‌

997‌

2,167‌

1,590‌

4,263‌

112‌

85‌

20‌

5‌

171‌

102‌

248‌

39‌

(811‌)

(2,139‌)

(551‌)

(1,349‌)

(784‌)

(2,313‌)

(976‌)

(2,015‌)

(1,539‌)

(4,258‌)

(1,117‌)

(2,659‌)

(1,890‌)

(5,290‌)

(1,689‌)

(4,523‌)

(1,899‌)

(3,014‌)

(1,137‌)

(1,633‌)

(2,566‌)

(5,053‌)

(3,762‌)

(4,195‌)

107‌

(53‌)

163‌

(5‌)

246‌

(51‌)

611‌

(34‌)

–‌

(4‌)

–‌

–‌

–‌

–‌

–‌

(3‌)

–‌

(135‌)

–‌

(6‌)

–‌

(79‌)

–‌

(237‌)

–‌

(159‌)

–‌

(25‌)

–‌

(429‌)

–‌

(226‌)

–‌

297‌

–‌

31‌

–‌

508‌

–‌

464‌

89,875‌

96,978‌

57,170‌

61,084‌

85,094‌

93,862‌

88,940‌

91,566‌

86,856‌

89,875‌

55,217‌

57,170‌

82,595‌

85,094‌

86,764‌

88,940‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

46

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

20.7

Social

Choice

Account

20.8

Money

Market

Account

(amounts

in

thousands)

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

269,318‌

$

395,780‌

$

197,085‌

$

94,605‌

Net

realized

gain

(loss)

92,226‌

138,061‌

120‌

6‌

Net

change

in

unrealized

appreciation

(depreciation)

1,135,888‌

(3,644,964‌)

–‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

1,497,432‌

(3,111,123‌)

197,205‌

94,611‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions:

Class

R1

137,444‌

264,548‌

360,789‌

598,903‌

Class

R2

355,614‌

615,670‌

374,750‌

574,619‌

Class

R3

663,102‌

1,103,803‌

846,326‌

1,194,591‌

Class

R4§

201,392‌

35,470‌

47,157‌

23,512‌

Net

transfers

between

CREF

Accounts:

Class

R1

40,140‌

48,205‌

299‌

9,002‌

Class

R2

80,801‌

2,477‌

22,058‌

(45,940‌)

Class

R3

114,507‌

722,716‌

45,254‌

385,895‌

Class

R4§

193,359‌

7,375‌

(1,655‌)

(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

(123,423‌)

(236,973‌)

(297,478‌)

(588,384‌)

Class

R2

(273,975‌)

(588,169‌)

(341,608‌)

(602,969‌)

Class

R3

(444,381‌)

(863,848‌)

(806,085‌)

(1,282,829‌)

Class

R4§

(26,267‌)

(8,919‌)

(31,927‌)

(6,174‌)

Annuity

payments:

(23,291‌)

(48,070‌)

(6,788‌)

(13,126‌)

Net

increase

(decrease)

from

participant

transactions

895,022‌

1,054,285‌

211,092‌

246,205‌

Net

increase

(decrease)

in

net

assets

2,392,454‌

(2,056,838‌)

408,297‌

340,816‌

NET

ASSETS

Beginning

of

period

17,694,696‌

19,751,534‌

8,696,072‌

8,355,256‌

End

of

period

$

20,087,150‌

$

17,694,696‌

$

9,104,369‌

$

8,696,072‌

ACCUMULATION

UNITS

Units

purchased:

Class

R1

453‌

876‌

13,441‌

22,673‌

Class

R2

1,153‌

2,012‌

13,786‌

21,533‌

Class

R3

2,074‌

3,487‌

30,701‌

44,056‌

Class

R4§

648‌

120‌

1,723‌

873‌

Units

sold/transferred:

Class

R1

(275‌)

(629‌)

(11,083‌)

(21,937‌)

Class

R2

(628‌)

(1,928‌)

(11,749‌)

(24,330‌)

Class

R3

(1,063‌)

(472‌)

(27,904‌)

(33,279‌)

Class

R4§

541‌

(3‌)

(1,227‌)

(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

58,766‌

55,304‌

319,043‌

309,720‌

End

of

period

61,669‌

58,766‌

326,731‌

319,043‌

§      Class

R4

commenced

operations

on

September

16,

2022.

Financial

Highlights

See

Notes

to

Financial

Statements

48

The

following

data

is

for

a

unit outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.1

STOCK

ACCOUNT

Class

R1

:

6/30/23

#

$

7

.947‌

$

1

.691‌

$

6

.256‌

$

80

.188‌

$

86

.444‌

$

629

.525‌

$

715

.969‌

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

:

6/30/23

#

8

.074‌

1

.199‌

6

.875‌

81

.509‌

88

.384‌

639

.621‌

728

.005‌

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

:

6/30/23

#

8

.122‌

0

.932‌

7

.190‌

81

.932‌

89

.122‌

642

.854‌

731

.976‌

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

:

6/30/23

#

8

.375‌

0

.424‌

7

.951‌

81

.759‌

89

.710‌

643

.143‌

732

.853‌

12/31/22

§

3

.271‌

0

.203‌

3

.068‌

9

.589‌

12

.657‌

630

.486‌

643

.143‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

49

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

13

.73‌

%

0

.51‌

%

d

1

.88‌

%

d

20‌

%

19

  $

13,265‌

(

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

13

.82‌

0

.35‌

d

2

.03‌

d

20‌

44

32,093‌

(

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

13

.86‌

0

.27‌

d

2

.11‌

d

20‌

80

58,434‌

(

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

13

.95‌

0

.12‌

d

2

.33‌

d

20‌

2

1,177‌

2

.01‌

0

.11‌

d

1

.68‌

d

41‌

1

566‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

50

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

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

:

6/30/23

#

$

2

.891‌

$

0

.616‌

$

2

.275‌

$

33

.361‌

$

35

.636‌

$

231

.195‌

$

266

.831‌

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

:

6/30/23

#

2

.937‌

0

.433‌

2

.504‌

33

.910‌

36

.414‌

234

.896‌

271

.310‌

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

:

6/30/23

#

2

.954‌

0

.335‌

2

.619‌

34

.087‌

36

.706‌

236

.083‌

272

.789‌

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

:

6/30/23

#

2

.972‌

0

.144‌

2

.828‌

34

.100‌

36

.928‌

236

.189‌

273

.117‌

12/31/22

§

1

.069‌

0

.070‌

0

.999‌

4

.803‌

5

.802‌

230

.387‌

236

.189‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

51

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

15

.41‌

%

0

.50‌

%

d

1

.85‌

%

d

18‌

%

14

  $

3,704‌

(

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

15

.50‌

0

.35‌

d

2

.00‌

d

18‌

28

7,530‌

(

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

15

.55‌

0

.27‌

d

2

.08‌

d

18‌

45

12,201‌

(

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

15

.63‌

0

.11‌

d

2

.24‌

d

18‌

2

542‌

2

.52‌

0

.10‌

d

1

.48‌

d

36‌

2

400‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

52

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

20.3

GROWTH

ACCOUNT

Class

R1

:

6/30/23

#

$

1

.318‌

$

0

.690‌

$

0

.628‌

$

81

.360‌

$

81

.988‌

$

268

.089‌

$

350

.077‌

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

:

6/30/23

#

1

.340‌

0

.463‌

0

.877‌

82

.697‌

83

.574‌

272

.386‌

355

.960‌

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

:

6/30/23

#

1

.347‌

0

.343‌

1

.004‌

83

.134‌

84

.138‌

273

.766‌

357

.904‌

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

:

6/30/23

#

1

.361‌

0

.107‌

1

.254‌

83

.189‌

84

.443‌

273

.891‌

358

.334‌

12/31/22

§

0

.786‌

0

.067‌

0

.719‌

(

12

.196‌

)

(

11

.477‌

)

285

.368‌

273

.891‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

53

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

30

.58‌

%

0

.46‌

%

d

0

.41‌

%

d

21‌

%

16

  $

5,619‌

(

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

30

.68‌

0

.30‌

d

0

.57‌

d

21‌

28

9,877‌

(

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

30

.73‌

0

.22‌

d

0

.65‌

d

21‌

43

15,215‌

(

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

30

.83‌

0

.07‌

d

0

.81‌

d

21‌

1

197‌

(

4

.02‌

)

0

.08‌

d

0

.89‌

d

41‌

0

90‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

54

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

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

:

6/30/23

#

$

2

.983‌

$

0

.715‌

$

2

.268‌

$

49

.641‌

$

51

.909‌

$

326

.068‌

$

377

.977‌

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

:

6/30/23

#

3

.031‌

0

.457‌

2

.574‌

50

.459‌

53

.033‌

331

.292‌

384

.325‌

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

:

6/30/23

#

3

.047‌

0

.318‌

2

.729‌

50

.726‌

53

.455‌

332

.966‌

386

.421‌

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

:

6/30/23

#

3

.064‌

0

.053‌

3

.011‌

50

.752‌

53

.763‌

333

.117‌

386

.880‌

12/31/22

§

1

.690‌

0

.037‌

1

.653‌

(

4

.237‌

)

(

2

.584‌

)

335

.701‌

333

.117‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

55

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

15

.92‌

%

0

.41‌

%

d

1

.31‌

%

d

1‌

%

11

  $

4,168‌

(

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

16

.01‌

0

.26‌

d

1

.47‌

d

1‌

18

6,931‌

(

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

16

.05‌

0

.18‌

d

1

.55‌

d

1‌

26

10,024‌

(

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

16

.14‌

0

.03‌

d

1

.70‌

d

1‌

0

83‌

(

0

.77‌

)

0

.04‌

d

1

.71‌

d

2‌

0

10‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

56

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

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

:

6/30/23

#

$

2

.476‌

$

0

.290‌

$

2

.186‌

$

0

.850‌

$

3

.036‌

$

121

.229‌

$

124

.265‌

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

:

6/30/23

#

2

.517‌

0

.199‌

2

.318‌

0

.863‌

3

.181‌

123

.171‌

126

.352‌

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

:

6/30/23

#

2

.530‌

0

.149‌

2

.381‌

0

.866‌

3

.247‌

123

.792‌

127

.039‌

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

:

6/30/23

#

2

.533‌

0

.053‌

2

.480‌

0

.865‌

3

.345‌

123

.848‌

127

.193‌

12/31/22

§

1

.339‌

0

.034‌

1

.305‌

(

2

.437‌

)

(

1

.132‌

)

124

.980‌

123

.848‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

57

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

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

2

.51‌

%

0

.47‌

%

d

3

.54‌

%

d

49‌

%

47‌

%

14

  $

1,700‌

(

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

2

.58‌

0

.32‌

d

3

.70‌

d

49‌

47‌

27

3,427‌

(

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

2

.62‌

0

.24‌

d

3

.78‌

d

49‌

47‌

41

5,185‌

(

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

2

.70‌

0

.08‌

d

3

.94‌

d

49‌

47‌

1

124‌

(

0

.91‌

)

0

.09‌

d

3

.68‌

d

176‌

105‌

1

69‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

58

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

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

:

6/30/23

#

$

1

.549‌

$

0

.166‌

$

1

.383‌

$

(

0

.187‌

)

$

1

.196‌

$

76

.780‌

$

77

.976‌

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

:

6/30/23

#

1

.557‌

0

.109‌

1

.448‌

(

0

.173‌

)

1

.275‌

78

.010‌

79

.285‌

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

:

6/30/23

#

1

.568‌

0

.077‌

1

.491‌

(

0

.178‌

)

1

.313‌

78

.404‌

79

.717‌

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

:

6/30/23

#

1

.833‌

0

.017‌

1

.816‌

(

0

.442‌

)

1

.374‌

78

.439‌

79

.813‌

12/31/22

§

0

.578‌

0

.011‌

0

.567‌

(

1

.691‌

)

(

1

.124‌

)

79

.563‌

78

.439‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

59

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

1

.56‌

%

0

.43‌

%

d

3

.57‌

%

d

14‌

%

16

  $

1,260‌

(

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

1

.63‌

0

.28‌

d

3

.68‌

d

14‌

24

1,917‌

(

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

1

.68‌

0

.19‌

d

3

.77‌

d

14‌

45

3,595‌

(

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

.75‌

0

.04‌

d

4

.60‌

d

14‌

1

106‌

(

1

.41‌

)

0

.05‌

d

2

.51‌

d

16‌

0

37‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

60

Financial

Highlights

(continued)

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

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

:

6/30/23

#

$

4

.713‌

$

0

.676‌

$

4

.037‌

$

19

.730‌

$

23

.767‌

$

289

.431‌

$

313

.198‌

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

:

6/30/23

#

4

.791‌

0

.452‌

4

.339‌

20

.052‌

24

.391‌

294

.067‌

318

.458‌

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

:

6/30/23

#

4

.817‌

0

.332‌

4

.485‌

20

.156‌

24

.641‌

295

.552‌

320

.193‌

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

:

6/30/23

#

4

.895‌

0

.100‌

4

.795‌

20

.096‌

24

.891‌

295

.684‌

320

.575‌

12/31/22

§

2

.190‌

0

.060‌

2

.130‌

2

.737‌

4

.867‌

290

.817‌

295

.684‌

#

Unaudited

§

Class

R4

commenced

operations

on

September

16,

2022.

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

61

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

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

8

.21‌

%

0

.45‌

%

d

2

.69‌

%

d

36‌

%

35‌

%

9

  $

2,726‌

(

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

8

.30‌

0

.30‌

d

2

.84‌

d

36‌

35‌

20

6,397‌

(

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

8

.34‌

0

.22‌

d

2

.92‌

d

36‌

35‌

31

9,918‌

(

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

8

.42‌

0

.07‌

d

3

.13‌

d

36‌

35‌

2

611‌

1

.67‌

0

.07‌

d

2

.53‌

d

88‌

61‌

1

212‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

62

Financial

Highlights

(continued)

0

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

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

:

6/30/23

#

$

0

.637‌

$

0

.116‌

$

0

.521‌

$

0

.000‌

$

0

.521‌

$

26

.573‌

$

27

.094‌

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

:

6/30/23

#

0

.646‌

0

.036‌

0

.610‌

0

.000‌

0

.610‌

26

.891‌

27

.501‌

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

:

6/30/23

#

0

.649‌

0

.025‌

0

.624‌

0

.000‌

0

.624‌

27

.028‌

27

.652‌

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

:

6/30/23

#

0

.653‌

0

.005‌

0

.648‌

(

0

.003‌

)

0

.645‌

27

.033‌

27

.678‌

12/31/22

§

0

.277‌

0

.013‌

0

.264‌

(

0

.024‌

)

0

.240‌

26

.793‌

27

.033‌

#

Unaudited

^

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

Percentage

is

not

annualized.

d

Percentage

is

annualized.

i

Does

not

include

annuity

net

assets.

See

Notes

to

Financial

Statements

63

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

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

1

.96‌

%

0

.42‌

%

d

0

.87‌

%

d

3

.92‌

%

d

66

  $

1,790‌

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

2

.27‌

0

.27‌

d

0

.27‌

d

4

.52‌

d

93

2,552‌

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

2

.31‌

0

.19‌

d

0

.19‌

d

4

.60‌

d

166

4,586‌

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

2

.38‌

0

.04‌

d

0

.04‌

d

4

.78‌

d

2

55‌

0

.90‌

0

.06‌

d

0

.16‌

^

d

3

.43‌

d

1

40‌

64

Notes

to

Financial

Statements

(Unaudited)

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”).

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

Statement

of

Changes

in

Net

Assets.

Each

class

differs

by

the

allocation

of

class-specific

expenses. 

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Accounts

is

June

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2023

(the

"current

fiscal

period").

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

of

shares,

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

the

Statement

of

Operations,

when

applicable. 

65

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

the

Statement

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

the

Statement

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.

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

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

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

Accounts

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.

3.

Investment

Valuation

and

Fair

Value

Measurements

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.).

Notes

to

Financial

Statements

(Unaudited)

(continued)

66

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:

Prices

of

fixed-income

securities

are

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser 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.

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’s

portfolio

securities

are

valued

on

an

amortized

cost

basis.

Money

Market

investments

are

generally

classified

as

Level

2.

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.

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

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

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

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

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

the

end

of

the

current

fiscal

period, based

on

the

inputs

used

to

value

them

(dollar

amounts

are

in

thousands):

67

Account

Level

1

Level

2

Level

3

Total

Stock

Long-Term

Investments

:

Corporate

bonds

$—

$56

$—

$56

Government

bonds

—

204

—

204

Common

stocks

79,622,782

33,861,469

9,991

113,494,242

Rights/Warrants

4

1,856

93

1,953

Short-Term

Investments

:

Government

agency

debt

—

434,888

—

434,888

Repurchase

agreement

—

943,610

—

943,610

Treasury

debt

—

33,471

—

33,471

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

318,750

—

318,750

Commercial

paper

—

19,830

—

19,830

Repurchase

agreement

—

624,809

—

624,809

Variable

rate

securities

—

27,000

—

27,000

Investments

in

Derivatives

:

Futures

contracts*

23,155

—

—

23,155

Total

$79,645,941

$36,265,943

$10,084

$115,921,968

Global

Equities

Long-Term

Investments

:

Corporate

bonds

$—

$14

$—

$14

Common

stocks

16,123,711

7,898,062

23

24,021,796

Rights/Warrants

—

1

—

1

Short-Term

Investments

:

Government

agency

debt

—

120,508

—

120,508

Repurchase

agreement

—

256,295

—

256,295

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

37,750

—

37,750

Commercial

paper

—

3,966

—

3,966

Repurchase

agreement

—

22,388

—

22,388

Variable

rate

securities

—

5,000

—

5,000

Investments

in

Derivatives

:

Futures

contracts*

6,836

—

—

6,836

Total

$16,130,547

$8,343,984

$23

$24,474,554

Growth

Long-Term

Investments

:

Common

stocks

$30,439,528

$1,016,012

$—

$31,455,540

Short-Term

Investments

:

Government

agency

debt

—

9,997

—

9,997

Repurchase

agreement

—

152,020

—

152,020

Investments

purchased

with

collateral

from

securities

lending

5

—

—

5

Total

$30,439,533

$1,178,029

$—

$31,617,562

Equity

Index

Long-Term

Investments

:

Common

stocks

$21,676,766

$—

$593

$21,677,359

Short-Term

Investments

:

Government

agency

debt

—

9,920

—

9,920

Repurchase

agreement

—

28,040

—

28,040

Investments

purchased

with

collateral

from

securities

lending

127,194

—

—

127,194

Investments

in

Derivatives

:

Futures

contracts*

869

—

—

869

Total

$21,804,829

$37,960

$593

$21,843,382

Notes

to

Financial

Statements

(Unaudited)

(continued)

68

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.

Account

Level

1

Level

2

Level

3

Total

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$45,780

$—

$45,780

Corporate

bonds

—

3,598,930

492

3,599,422

Government

bonds

—

4,665,152

—

4,665,152

Structured

assets

—

2,112,593

—

2,112,593

Preferred

stocks

4,515

—

—

4,515

Short-Term

Investments

:

Commercial

paper

—

5,304

—

5,304

Government

agency

debt

—

27,792

—

27,792

Repurchase

agreement

—

39,160

—

39,160

Investments

purchased

with

collateral

from

securities

lending

46,575

—

—

46,575

Investments

in

Derivatives

:

Futures

contracts*

(8,184)

—

—

(8,184)

Forward

foreign

currency

contracts*

—

3,171

—

3,171

Credit

default

swap

contracts*

—

(7,764)

—

(7,764)

Total

$42,906

$10,490,118

$492

$10,533,516

Inflation-Linked

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$33,372

$—

$33,372

Corporate

bonds

—

242,310

—

242,310

Government

bonds

—

6,425,554

—

6,425,554

Structured

assets

—

280,365

2,547

282,912

Common

stocks

19,759

—

—

19,759

Short-Term

Investments

:

Repurchase

agreement

—

4,130

—

4,130

Investments

purchased

with

collateral

from

securities

lending

8,850

—

—

8,850

Investments

in

Derivatives

:

Futures

contracts*

(6,490)

—

—

(6,490)

Total

$22,119

$6,985,731

$2,547

$7,010,397

Social

Choice

Long-Term

Investments

:

Bank

loan

obligations

$—

$35,690

$300

$35,990

Corporate

bonds

—

2,292,964

—

2,292,964

Government

bonds

—

4,598,697

62

4,598,759

Structured

assets

—

899,569

1,482

901,051

Common

stocks

8,826,292

3,172,784

—

11,999,076

Preferred

stocks

33,529

—

—

33,529

Rights/Warrants

—

—

1

1

Short-Term

Investments

:

Government

agency

debt

—

44,718

—

44,718

Repurchase

agreement

—

148,995

—

148,995

Investments

purchased

with

collateral

from

securities

lending

156,230

—

—

156,230

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

54

—

54

Total

$9,016,051

$11,193,471

$1,845

$20,211,367

Money

Market

Short-Term

Investments:

Government

agency

debt

$

—

$

3,239,949

$

—

$

3,239,949

Repurchase

agreement

—

3,015,021

—

3,015,021

Treasury

debt

—

890,079

—

890,079

Variable

rate

securities

—

2,103,467

—

2,103,467

Total

$—

$9,248,516

$—

$9,248,516

*

Represents

net

unrealized

appreciation

(depreciation).

69

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.

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

Statement

of

Assets

and

Liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Accounts’

Statement

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

the

end

of

the

current

fiscal

period,

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

Statement

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

the

end

of

the

current

fiscal

period,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows

(dollar

amounts

are

in

thousands):

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

Statement

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

current

fiscal

period,

were

as

follows

(dollar

amounts

are

in

thousands):

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

$

1,387,425

$

—

$

989,482

$

471,076

$

1,460,558

20.2

Global

Equities

93,580

—

68,853

30,344

99,197

20.3

Growth

5,641

—

5

5,744

5,749

20.4

Equity

Index

163,327

—

127,194

41,177

168,371

20.5

Core

Bond

4,470

40,963

46,575

341

46,916

20.6

Inflation-Linked

Bond

9,842

6,915

8,850

8,570

17,420

20.7

Social

Choice

125,331

53,112

156,230

29,522

185,752

*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

$

22,151,349

$

3,211

$

25,497,788

$

3,000

20.2

Global

Equities

4,170,268

—

4,601,778

—

20.3

Growth

5,894,878

—

6,752,603

—

20.4

Equity

Index

262,451

—

726,963

—

20.5

Core

Bond

582,738

4,606,886

691,078

4,486,186

20.6

Inflation-Linked

Bond

191,179

795,494

36,048

1,101,564

20.7

Social

Choice

3,035,534

4,879,956

2,189,634

4,495,476

Notes

to

Financial

Statements

(Unaudited)

(continued)

70

The Accounts

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

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.

If

the

Accounts have

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

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.

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

Statement

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

Statement

of

Operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statement

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

Statement

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

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

Statement

of

Assets

and

Liabilities.

Account

Average

Notional

Amount

of

Options

Contracts

Purchased

Outstanding*

20.1

Stock

$

686

Account

Average

Notional

Amount

of

Options

Contracts

Written

Outstanding*

20.1

Stock

$

(728)

*

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.

71

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

Statement

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

was

as

follows

(dollar

amounts

are

in

thousands):

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

Statement

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

Statement

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

was

as

follows

(dollar

amounts

are

in

thousands):

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.

Account

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

20.1

Stock

$

714,190

20.2

Global

Equities

276,605

20.4

Equity

Index

77,075

20.5

Core

Bond

432,001

20.6

Inflation-Linked

Bond

148,787

*

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*

20.5

Core

Bond

$

182,269

20.7

Social

Choice

2,173

*

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

(Unaudited)

(continued)

72

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.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

ended June

30,

2023

was

as

follows

(dollar

amounts

are

in

thousands):

At

the

end

of

the

reporting

period,

the

following Accounts

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows

(dollar

amounts

are

in

thousands):

Account

Average

Notional

Amount

of

Swap

Contracts

Outstanding*

20.5

Core

Bond

$

550,000

*

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.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Account

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

$

23,155

-

$

–

1

1

1

1

1

1

1

1

Global

Equities

Account

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

6,836

-

–

1

1

1

1

1

1

1

1

Equity

Index

Account

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

869

-

–

1

1

1

1

1

1

1

1

Core

Bond

Account

Futures

contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

546

Unrealized

depreciation

on

futures

contracts

*

(8,730)

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

3,827

Unrealized

depreciation

on

forward

contracts

(656)

Credit

default

swap

contracts

Credit

-

–

Unrealized

depreciation

on

swap

contracts

(7,764)

1

1

1

1

1

1

1

1

Inflation-Linked

Bond

Account

Futures

contracts

Interest

rate

-

–

Unrealized

depreciation

on

futures

contracts

*

(6,490)

1

1

1

1

1

1

1

1

Social

Choice

Account

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

54

-

–

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

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

73

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Accounts'

Statement

of

Operations

was

as

follows

(dollar

amounts

are

in

thousands):

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. 

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.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

20.1

Stock

Account

Written

option

contracts

Equity

$

(1,605)

$

579

Futures

contracts

Equity

47,298

41,326

20.2

Global

Equities

Account

Futures

contracts

Equity

21,474

13,503

20.4

Equity

Index

Account

Futures

contracts

Equity

9,857

1,043

20.5

Core

Bond

Account

Futures

contracts

Interest

rate

(4,600)

(10,412)

Forward

contracts

Foreign

currency

exchange

rate

(9,036)

12,834

Swap

contracts

Credit

(12,883)

1,824

20.6

Inflation-Linked

Bond

Account

Futures

contracts

Interest

rate

(2,426)

(6,786)

20.7

Social

Choice

Account

Forward

contracts

Foreign

currency

exchange

rate

–

54

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

$

104,501,031

$

17,775,103

$

(6,354,166)

$

11,420,937

Global

Equities

20,627,564

5,032,867

(1,185,877)

3,846,990

Growth

26,941,007

5,873,754

(1,197,199)

4,676,555

Equity

Index

7,860,099

14,675,496

(692,213)

13,983,283

Core

Bond

11,612,023

27,344

(1,105,851)

(1,078,507)

Inflation-Linked

Bond

7,491,656

16,124

(497,383)

(481,259)

Social

Choice

18,815,944

2,603,622

(1,208,199)

1,395,423

Notes

to

Financial

Statements

(Unaudited)

(continued)

74

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

the

end

of

the

current

fiscal

period,

the

following

table

represents

the

effective

expense

deductions

as

an

annual

percentage

of

average

daily

net

assets

to

approximate

the

costs

that

CREF

incurred:

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

$3,848,891

for

Class

R1

and

$112

for

Class

R4

from

January

1,

2023

through

June

30,

2023.

As

of

June

30,

2023,

all

previously

waived

expenses

have

been

recouped.

The

amounts

recovered

during

the

current

period

are

disclosed

on

the

Statement

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

Statement

of

Assets

and

Liabilities.

Account

expenses

owed

to

affiliates

are

reflected

in

the

Statement

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.

As

of

the

end

of

the

current

fiscal

period,

the

Accounts

engaged

in

the

following

security

transactions

with

affiliated

entities

(dollar

amounts

are

in

thousands):

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

0.103

%

0.339

%

0.212

%

0.149

%

0.010

%

0.060

%

0.033

%

0.016

%

0.003

%

20.2

Global

Equities

0.096

0.339

0.212

0.149

0.010

0.060

0.033

0.016

0.002

20.3

Growth

0.051

0.338

0.211

0.149

0.010

0.061

0.033

0.016

0.002

20.4

Equity

Index

0.010

0.339

0.212

0.150

0.011

0.060

0.033

0.016

0.004

20.5

Core

Bond

0.065

0.340

0.213

0.150

0.010

0.060

0.033

0.016

0.002

20.6

Inflation-Linked

Bond

0.024

0.340

0.213

0.150

0.011

0.060

0.033

0.016

0.003

20.7

Social

Choice

0.046

0.339

0.212

0.149

0.011

0.060

0.033

0.016

0.003

20.8

Money

Market

0.019

0.340

0.212

0.150

0.010

0.060

0.033

0.016

0.002

Account

Purchases

Sales

Realized

Gain

(Loss)

Stock

$

341,375

$

390,503

$

74,338

Global

Equities

27,522

51,985

6,467

Growth

66,383

282,330

42,369

Equity

Index

3,893

41,952

35,205

Social

Choice

26,596

8,457

2,486

75

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 current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

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

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

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.

There

were

no

borrowings

under

this

credit

facility

by

the

Accounts during

the

current fiscal

period.

Issue

Value

at

12/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Shares

at

6/30/23

Value

at

6/30/23

Stock

Account

Common

Stocks

Consumer

Services

Arcos

Dorados

Holdings,

Inc

e

$

73,672

$

–

$

–

$

–

$

16,656

$

881

8,812,494

$

90,328

Consumer

Staples

Cia

Brasileira

de

Distribuicao

*

  –

‡

 24,990

  3,476

  (566)

  11,561

–

 –

§

Media

&

Entertainment

HUYA,

Inc

(ADR)*

16,500

‡

5,666

–

–

(1,019)

–

5,907,101

21,147

iClick

Interactive

Asia

Group

Ltd

(ADR)*

1,722

25

–

–

(1,112)

–

453,706

635

Total

$91,894

30,681

3,476

(566)

26,086

881

15,173,301

$112,110

*

Non-income

producing

‡

At

December

31,

2022,

the

issuer

was

not

an

affiliated

company

of

the

Account.

§

At

June

30,

2023,

the

issuer

was

not

an

affiliated

company

of

the

Account.

e

Security

on

loan

Additional

Account

Information

(Unaudited)

76

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-governance-leadership/document-library.

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

account

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

877-518-9161.

Please

read

the

prospectus

carefully

before

investing.

Investment,

insurance

and

annuity

products

are

not

Federal

Deposit

Insurance

Corporation

(FDIC)

insured,

are

not

bank

guaranteed,

are

not

bank

deposits,

are

not

insured

by

any

federal

government

agency,

are

not

a

condition

to

any

banking

service

or

activity,

and

may

lose

value.

TIAA

Brokerage

Services

is

a

division

of

TIAA-CREF

Individual

&

Institutional

Services

LLC.

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

member

FINRA,

distributes

securities

products.

CREF

variable

annuities

are

issued

by

College

Retirement

Equities

Fund,

New

York,

NY.

Each

of

the

foregoing

is

solely

responsible

for

its

own

financial

condition

and

contractual

obligations.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

77

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

Renewal

of

the

Investment

Management

Agreement

for

the

College

Retirement

Equities

Fund

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

College

Retirement

Equities

Fund

(“CREF”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

TIAA-CREF

Investment

Management,

LLC

(“TCIM”)

and

CREF,

on

behalf

of

each

of

its

accounts

(the

“Accounts”).

Under

the

Agreement,

TCIM

is

responsible

for

providing

investment

advisory

services

to

each

Account

and

overseeing

the

everyday

operations

and

other

service

providers

of

CREF.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement.

Most

investment

companies

that

are

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

enter

into

investment

management

agreements

that

are

subject

to

Section

15(c)

of

the

1940

Act.

This

provision

provides,

in

part,

that,

after

an

initial

period

of

up

to

two

years,

the

investment

management

agreement

will

remain

in

effect

only

if

a

fund’s

board,

including

a

majority

of

those

trustees

who

are

independent

trustees

because

they

are

not

“interested

persons”

of

the

fund,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

agreement.

The

Agreement

is

not

subject

to

this

requirement

due

to

its

unique

“at-cost”

structure

under

which

TCIM

provides

services

to

CREF

on

an

at-cost

basis.

Nevertheless,

the

Board

determined

that

it

would

conduct

an

annual

review

of

the

Agreement,

as

described

below,

in

a

manner

generally

consistent

with

relevant

1940

Act

requirements.

None

of

the

Trustees

is

an

interested

person

of

CREF.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

Renewal

Process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Account

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

TCIM,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

TCIM’s

representatives,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

TCIM

and

CREF,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Account

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Account,

including

data

relating

to

the

Account’s

actual

expenses,

total

expense

ratio,

short-term

and

long-term

investment

performance,

brokerage

commission

costs

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Account

against

a

universe

of

investment

companies

(except

for

brokerage

commission

costs

and

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies

that

underlie

variable

insurance

products,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Account

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

oversight

and

review

duties.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Account’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

TCIM

or

the

Board).

The

Board

considered

the

propriety

of

each

Account’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

Class

R3

as

the

base

class

for

comparison

purposes.

78

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

TCIM

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Account.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Account’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Account

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Account’s

performance

during

that

period;

(2)

a

comparison

of

each

Account’s

actual

expenses

and

performance

to

other

accounts

with

comparable

strategies

managed

by

TCIM

or

certain

of

its

affiliates;

(3)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

TCIM

or

its

affiliates

due

to

their

relationship

with

the

Accounts

in

addition

to

the

Accounts’

direct

payments

to

TCIM

pursuant

to

the

Agreement;

(4)

information

regarding

TCIM’s

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Accounts

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading,

soft

dollar

usage

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

TCIM

in

connection

with

rendering

services

to

the

Accounts;

(5)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Accounts

and

affiliates

of

TCIM;

(6)

a

copy

of

TCIM’s

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(7)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

TCIM’s

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

TCIM.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

TCIM

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Account,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

TCIM

to

each

Account;

(2)

the

Account’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Account

and

CREF’s

at-cost

expense

structure;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Account

grows;

(6)

whether

the

estimated

expenses

set

forth

in

the

Agreement

reflect

any

such

economies

of

scale

for

the

benefit

of

Account

investors;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

TCIM

and

its

affiliate,

Teachers

Advisors,

LLC

(“Advisors”),

to,

and

the

actual

expenses

and

performance

of,

the

Account

to

other

clients

to

which

TCIM

and

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

TCIM

derived

or

anticipated

to

be

derived

by

TCIM

or

its

affiliates

from

their

relationship

with

the

Account.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

TCIM

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

TCIM

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Account.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

TCIM’s

services

to

the

Accounts

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Accounts.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Account,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

CREF-level

and

Account-specific

information,

but

made

its

renewal

determinations

on

an

Account-by-Account

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Account,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Account.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Account.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Account.

79

The

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

level

and

depth

of

knowledge

of

TCIM,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

TCIM

is

an

experienced

investment

adviser

that

has

managed

the

Accounts

since

their

operations

commenced.

Investment

professionals

at

TCIM’s

affiliate,

Advisors,

also

manage

various

funds

and

accounts

of

the

TIAA-

CREF

Funds,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

TCIM

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Accounts,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Accounts’

investment

portfolios;

active

daily

monitoring

of

the

Accounts’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Accounts

to

the

Board

on

a

regular

basis;

responding

to

Account

flows;

and

compliance

monitoring.

The

Board

considered

that

TCIM

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

TCIM

has

committed

significant

resources

to

supporting

the

Accounts.

It

also

considered

TCIM’s

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Accounts.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Account,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

TCIM

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

TCIM’s

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

TCIM

to

provide

portfolio

management

and

other

services

to

the

Accounts,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

TCIM

to

each

Account

under

the

Agreement

was

reasonable.

Investment

Performance

The

Board

considered

the

investment

performance

of

each

Account,

over

the

periods

indicated

in

the

Account-by-Account

synopsis

below.

The

Board

considered

each

Account’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index

or,

in

circumstances

where

an

Account’s

peer

group

or

peer

universe

was

not

viewed

as

a

representative

basis

for

comparison,

other

comparative

information

deemed

relevant

by

management

and/or

the

Board.

The

Board

also

discussed

the

three-

year

performance

of

the

Equity

Index

Account

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Board

considered

the

impact

of

net

asset

value

rounding

and

the

effects

of

fair

valuation,

securities

lending

and

class

action

litigation,

as

applicable,

on

the

Equity

Index

Account’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

each

Account’s

performance,

see

the

Account-by-Account

synopsis

below.

The

Board

considered,

in

those

cases

in

which

an

Account

had

performed

materially

differently

from

its

Broadridge

peers

or

benchmark

based

on

a

Board-established

threshold,

the

factors

identified

by

TCIM

that

contributed

to

such

difference

and

any

remedial

measures

being

undertaken,

or

planned

to

be

taken,

by

TCIM.

Thus,

the

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Account

was

reasonable

or

that

appropriate

actions

had

been

or

were

being

implemented.

Cost

and

Expenses

The

Board

considered

the

amounts

charged

by

TCIM

to

each

Account

in

2022

and

the

estimated

amounts

to

be

charged

by

TCIM

to

each

Account

in

2023

(for

the

period

May

1,

2023

–

April

30,

2024).

This

included

investment

advisory

costs

paid

to

TCIM,

expressed

in

dollar

terms

and

as

a

percentage

of

assets,

as

well

as

a

reconciliation

and

analysis

of

those

expenses.

The

Board

considered

that

TCIM

charges

expenses

“at

cost”

and

these

charges

are

adjusted

at

least

quarterly

to

reflect

the

actual

expenses

incurred

with

respect

to

each

Account

during

the

most

recent

quarter.

The

Board

considered

the

rationale

for

TCIM’s

anticipated

costs

in

providing

services

to

CREF

and

considered

whether

the

methodology

for

allocating

such

costs

is

reasonable.

The

Board

noted

that,

because

TCIM

provides

its

services

on

an

at-cost

basis

under

the

arrangement

outlined

in

the

Agreement,

there

was

no

profit

or

loss

data

for

the

Board

to

consider.

80

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fees

Charged

by

Other

Advisers

The

Board

considered

comparative

information

regarding

each

Account’s

actual

expenses

and

the

effective

management

fee

rates

paid

by

similar

mutual

funds

that

underlie

variable

insurance

products

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Account-by-Account

synopsis

below.

The

Board

determined

that

the

effective

management

fee

rate

charged

to

an

Account

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds

that

underlie

variable

insurance

products.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

an

Account

and

its

comparable

mutual

funds

that

underlie

variable

insurance

products.

For

example,

most

similar

mutual

funds

are

offered

only

through

variable

insurance

products

that

also

carry

additional

fees

and

expenses,

whereas

the

Accounts

bear

certain

of

these

expenses

themselves.

Another

limitation

noted

by

the

Board

was

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Accounts’

effective

management

fee

rates

compare

to

those

of

similar

mutual

funds

that

underlie

variable

insurance

products.

Based

on

all

factors

considered,

the

Board

concluded

that

the

effective

management

fee

rates

under

the

Agreement

with

respect

to

each

Account

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds

that

underlie

variable

insurance

products.

Economies

of

Scale

The

Board

considered

that

certain

economies

of

scale

are

already

integrated

into

each

Account’s

cost

structure

due

to

the

at-cost

expense

arrangements

pursuant

to

which

TCIM

renders

investment

advisory

services

to

each

Account.

The

Board

also

considered

that,

in

certain

circumstances,

an

increase

in

CREF

assets

can

result

in

additional

expenses

being

allocated

to

CREF

pursuant

to

the

cost

allocation

methodologies

that

are

used

to

calculate

payments

to

be

made

by

CREF

pursuant

to

the

at-cost

expense

arrangements.

Fee

and

Performance

Comparisons

with

Other

TCIM

and

Advisors

Clients

The

Board

considered

that

TCIM

and

its

affiliate,

Advisors,

provide

investment

management

services

to

other

investment

companies,

including

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

certain

of

the

Accounts.

The

Board

also

considered

TCIM’s

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

TCIM’s

and

Advisors’

representation

that,

while

the

management

fee

rates

charged

to

the

Accounts

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

other

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

be

offered

through

products

that

charge

additional

fees

to

their

investors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

(5)

target

different

investors;

and/or

(6)

be

packaged

with

other

products.

The

Board

concluded

that

these

factors,

among

others,

could

reasonably

explain

different

management

fee

rate

schedules.

Other

Benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

TCIM

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Accounts

to

TCIM’s

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Accounts

share

investment

resources

and/or

personnel

with

other

clients

of

TCIM,

use

of

research

obtained

through

the

Accounts’

use

of

soft

dollars

to

manage

the

assets

of

other

clients

and

the

ability

to

incubate

strategies

within

one

or

more

Accounts

that

could

be

subsequently

utilized

to

manage

other

non-Account

products.

TCIM

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Accounts

have

with

certain

service

providers.

Also,

TCIM

and

its

affiliates

may

benefit

from

their

relationship

with

the

Accounts

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

TCIM

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

TCIM

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Account-by-Account

Synopsis

of

Factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Account.

If

an

Account

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

expense

and

performance

factors

outlined

below

are

based

on

the

Class

R3

units

of

each

Account.

Because

Class

R3

generally

has

different

non-management

expenses

than

the

other

classes

of

these

Accounts,

the

expenses

and

performance

of

these

other

classes

will

vary

from

the

expenses

and

performance

shown

for

Class

R3.

Except

as

otherwise

noted,

all

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

81

CREF

Stock

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.095%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.086%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

The

Account

ranked

2

out

of

3

funds,

1

out

of

2

funds,

1

out

of

2

funds

and

1

out

of

2

funds

within

its

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Account

was

in

the

3rd,

2nd,

1st

and

1st

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

4

stars.

CREF

Global

Equities

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.090%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.076%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

ranked

2

out

of

3

funds,

1

out

of

2

funds,

1

out

of

2

funds

and

1

out

of

2

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

3rd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

CREF

Growth

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.055%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.056%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

4th,

2nd,

3rd

and

2nd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

3rd

quintile

of

its

Performance

Universe

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

CREF

Equity

Index

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.010%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.010%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

For

the

three-year

period,

the

Account’s

adjusted

annualized

gross

performance

(meaning

the

Fund’s

performance

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

securities

lending

and

class

action

recoveries)

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

+4

basis

points.

For

reference,

one

basis

point

equals

0.01%.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

82

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

CREF

Core

Bond

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.070%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.070%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

costs

and

total

costs

were

each

in

the

1st

quintile

of

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

1st,

2nd,

2nd

and

3rd

quintiles

of

its

Performance

Group

for

each

of

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

2nd

quintile

of

its

Performance

Universe

for

each

of

the

one-,

three-,

five-

and

ten-

year

periods.

The

Account

received

an

Overall

Morningstar

Rating

of

4

stars.

CREF

Inflation-Linked

Bond

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.025%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.020%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

1st

quintile

of

both

its

Performance

Group

and

Performance

Universe

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Account

received

an

Overall

Morningstar

Rating

of

4

stars.

CREF

Social

Choice

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.045%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.044%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

was

in

the

2nd,

4th,

4th

and

4th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

3rd,

1st,

1st

and

1st

quintiles

of

its

Performance

Universe

for

each

of

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

received

an

Overall

Morningstar

Rating

of

3

stars.

CREF

Money

Market

Account

The

Account

is

operated

as

an

at-cost

arrangement,

with

no

profits

to

TCIM.

The

Account’s

pro

forma

investment

management

costs

are

expected

to

be

0.020%

of

average

daily

net

assets

for

the

year

ending

April

30,

2024.

The

Account’s

actual

management

costs

for

the

year

ended

December

31,

2022

equaled

0.031%

of

average

daily

net

assets,

which

was

used

by

Broadridge

for

comparative

purposes.

The

Account’s

actual

investment

management

costs

and

total

costs

were

each

in

the

5th

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Account

ranked

2

out

of

2

funds,

1

out

of

2

funds,

1

out

of

2

funds

and

1

out

of

2

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Account

was

in

the

5th,

4th

and

3rd

quintiles

and

ranked

3

out

of

5

funds

within

its

Performance

Universe

for

the

one,

three-,

five-

and

ten-year

periods,

respectively.

Money

market

funds

are

not

rated

by

Morningstar.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Account.

83

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Accounts’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Account

covered

by

this

Report

(the

“Accounts”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

each

Account’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Account

liquidity

risk,

as

discussed

further

below.

The

Accounts’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

TCIM

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Accounts’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Account’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Account’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Account

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Account

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Account

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Account

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

each

Account’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

an

Account

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

an

Account’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Account

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

84

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Indexes

Source:

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Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

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2023.

FTSE

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certain

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the

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and

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Russell®”

are

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of

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relevant

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companies

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company

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in

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which

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the

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injury

or

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in

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therewith.

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(or

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(www.msci.com)

Morningstar

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©2023

Morningstar.

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Reserved.

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herein:

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Morningstar

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Item 6. Schedule of Investments.

Portfolio

of

Investments

CREF

Stock

Account

June

30,

2023

1

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.8%

CORPORATE

BONDS

-

0.0%

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

INR

4,636,868

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

56

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

56

TOTAL

CORPORATE

BONDS

56

(Cost

$64)

GOVERNMENT

BONDS

-

0.0%

U.S.

TREASURY

SECURITIES

-

0.0%

$

200,000

United

States

Treasury

Note

4

.125

11/15/32

204

TOTAL

U.S.

TREASURY

SECURITIES

204

TOTAL

GOVERNMENT

BONDS

204

(Cost

$210)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

98.8%

AUTOMOBILES

&

COMPONENTS

-

2.1%

13,843

AB

Dynamics

plc

331

39,000

Actron

Technology

Corp

215

2,300

*

Adient

plc

88

37,000

AIMA

Technology

Group

Co

Ltd

164

223,811

Aisin

Seiki

Co

Ltd

6,912

3,449

*

American

Axle

&

Manufacturing

Holdings,

Inc

29

340,286

*

Apollo

Tyres

Ltd

1,690

306,956

*

Aptiv

plc

31,337

65,372

e

ARB

Corp

Ltd

1,254

59,946

Asahi

India

Glass

Ltd

357

264,088

*,e,g

Aston

Martin

Lagonda

Global

Holdings

plc

1,193

113,098,407

Astra

International

Tbk

PT

51,299

382,928

*

Atmus

Filtration

Technologies,

Inc

8,409

239,235

Autoliv,

Inc

20,354

209,956

Autoliv,

Inc

17,855

1,947

e

Autoneum

Holding

AG.

319

61,214

Bajaj

Holdings

and

Investment

Ltd

3,507

64,946

Balkrishna

Industries

Ltd

1,880

453,806

Bayerische

Motoren

Werke

AG.

55,821

58,099

Bayerische

Motoren

Werke

AG.

(Preference)

6,621

19,400

Bethel

Automotive

Safety

Systems

Co

Ltd

212

214,658

Bharat

Forge

Ltd

2,194

425,320

BorgWarner,

Inc

20,802

460,700

e

Bridgestone

Corp

18,926

93,043

BYD

Co

Ltd

3,318

849,862

BYD

Co

Ltd

(H

shares)

27,251

16,678

Ceat

Ltd

423

6,639

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

113

1,570,885

Cheng

Shin

Rubber

Industry

Co

Ltd

2,029

176,000

China

Motor

Corp

527

91,208

*

Chongqing

Changan

Automobile

Co

Ltd

163

34,909

Cie

Automotive

S.A.

1,068

1,054,708

Cie

Generale

des

Etablissements

Michelin

S.C.A

31,200

166,202

Cie

Plastic

Omnium

SA

2,923

CREF

Stock

Account

June

30,

2023

2

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

619,975

*

Cofide

S.p.A.

$

256

356,431

Continental

AG.

26,929

14,750

*

Cooper-Standard

Holding,

Inc

210

46,800

*

Cub

Elecparts,

Inc

246

601,089

Daimler

AG.

(Registered)

48,382

1,256,399

Dana

Inc

21,359

356,500

Denso

Corp

24,047

255,442

g

Dometic

Group

AB

1,685

1,523

Dong

Ah

Tire

&

Rubber

Co

Ltd

106

2,966,517

Dongfeng

Motor

Group

Co

Ltd

1,360

634

*

Dorman

Products,

Inc

50

2,319,713

*

Dowlais

Group

plc

3,741

266,028

Dr

ING

hc

F

Porsche

AG.

33,048

1,122,500

Drb-Hicom

BHD

323

1,054

EGE

Endustri

VE

Ticaret

AS.

218

116,588

Eicher

Motors

Ltd

5,097

82,330

ElringKlinger

AG.

742

26,260

g

Endurance

Technologies

Ltd

506

29,882

Exedy

Corp

503

363,662

*

Exide

Industries

Ltd

1,052

132,119

Faurecia

3,118

189,586

FAW

Jiefang

Group

Co

Ltd

219

32,600

FCC

Co

Ltd

425

152,274

Ferrari

NV

49,786

4,803

*,e

Fisker,

Inc

27

2,326,654

Ford

Motor

Co

35,202

57,612

Ford

Otomotiv

Sanayi

AS

1,685

1,027

*

Fox

Factory

Holding

Corp

111

597,663

Freni

Brembo

SpA

8,870

504,000

Fuji

Heavy

Industries

Ltd

9,492

75,463

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

373

530,162

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

2,199

25,825,302

Geely

Automobile

Holdings

Ltd

31,710

1,216,826

General

Motors

Co

46,921

55,736

Gentex

Corp

1,631

690

*

Gentherm,

Inc

39

510,051

g

Gestamp

Automocion

S.A.

2,394

6,290

Global

&

Yuasa

Battery

Co

Ltd

231

36,000

Global

PMX

Co

Ltd

183

474,872

*

Goodyear

Tire

&

Rubber

Co

6,496

130,159

*

Great

Wall

Motor

Co

Ltd

452

2,058,246

e

Great

Wall

Motor

Co

Ltd

2,371

39,200

G-Tekt

Corp

470

237,400

Guangzhou

Automobile

Group

Co

Ltd

341

2,905,042

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,737

112,135

GUD

Holdings

Ltd

662

58,647

Hankook

Tire

Co

Ltd

1,539

20,592

Hankook

Tire

Worldwide

Co

Ltd

187

120,074

Hanon

Systems

837

105,886

Harley-Davidson,

Inc

3,728

94,363

Hero

Honda

Motors

Ltd

3,354

1,266,150

Honda

Motor

Co

Ltd

38,357

3,344,000

*

Hota

Industrial

Manufacturing

Co

Ltd

7,746

56,000

Hu

Lane

Associate,

Inc

301

165,215

Huayu

Automotive

Systems

Co

Ltd

421

586,000

e

Huazhong

In-Vehicle

Holdings

Co

Ltd

190

26,976

Huizhou

Desay

Sv

Automotive

Co

Ltd

580

52,336

Hyundai

Mobis

9,266

117,965

Hyundai

Motor

Co

18,555

33,005

Hyundai

Motor

Co

Ltd

(2nd

Preference)

2,757

49,469

Hyundai

Motor

Co

Ltd

(Preference)

4,094

13,070

Hyundai

Wia

Corp

668

3

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,721

*

Iljin

Hysolus

Co

ltd

$

144

363,000

Intron

Technology

Holdings

Ltd

212

482,100

Isuzu

Motors

Ltd

5,848

19,420

JBM

Auto

Ltd

317

67,689

JK

Tyre

&

Industries

Ltd

196

320,342

Johnson

Electric

Holdings

Ltd

411

167,200

JTEKT

Corp

1,524

14,596

Kayaba

Industry

Co

Ltd

513

478,000

Kenda

Rubber

Industrial

Co

Ltd

493

225,769

Kia

Motors

Corp

15,208

3,454

Knaus

Tabbert

AG.

228

172,000

*

Koito

Manufacturing

Co

Ltd

3,121

34,840

Kordsa

Teknik

Tekstil

AS.

105

76,438

*

Kumho

Tire

Co,

Inc

276

690

LCI

Industries,

Inc

87

55,078

Lear

Corp

7,906

961,200

*

Li

Auto,

Inc

16,642

36,093

Linamar

Corp

1,897

504,056

*,e

Lucid

Group,

Inc

3,473

4,138

*,e

Luminar

Technologies,

Inc

28

255,587

Magna

International,

Inc

14,429

3,509

Maharashtra

Scooters

Ltd

235

4,009,382

Mahindra

&

Mahindra

Ltd

71,236

88,618

Mahindra

CIE

Automotive

Ltd

558

22,700

Mahle-Metal

Leve

S.A.

Industria

e

Comercio

221

26,967

Mando

Corp

1,109

408,602

Martinrea

International,

Inc

4,087

115,975

Maruti

Suzuki

India

Ltd

13,871

470,073

Mazda

Motor

Corp

4,543

10,480

MGI

Coutier

155

81,462

Minda

Corp

Ltd

281

141,104

Minda

Industries

Ltd

1,002

673,426

Minth

Group

Ltd

1,852

562,700

*

Mitsubishi

Motors

Corp

1,968

69,130

*,e

Mobileye

Global,

Inc

2,656

315,092

*

Modine

Manufacturing

Co

10,404

1,933,992

Motherson

Sumi

Systems

Ltd

2,027

1,506,024

Motherson

Sumi

Wiring

India

Lt

1,062

1,653

MRF

Ltd

2,043

34,038

Musashi

Seimitsu

Industry

Co

Ltd

420

18,669

*

Myoung

Shin

Industrial

Co

Ltd

335

293,000

*

Nan

Kang

Rubber

Tire

Co

Ltd

371

2,440,898

*,e,g

Nemak

SAB

de

C.V.

583

18,798

Nexen

Tire

Corp

118

590,000

Nexteer

Automotive

Group

Ltd

309

128,600

NGK

Spark

Plug

Co

Ltd

2,580

162,015

NHK

Spring

Co

Ltd

1,184

66,112

Nifco,

Inc

1,966

55,511

Ningbo

Joyson

Electronic

Corp

135

49,778

*

Ningbo

Tuopu

Group

Co

Ltd

554

1,161,872

*

NIO,

Inc

(ADR)

11,259

82,353

Nippon

Seiki

Co

Ltd

562

1,909,000

Nissan

Motor

Co

Ltd

7,835

57,310

Nissan

Shatai

Co

Ltd

335

64,188

NOK

Corp

942

108,878

Nokian

Renkaat

Oyj

950

31,600

Pacific

Industrial

Co

Ltd

286

153

Patrick

Industries,

Inc

12

640,936

Piaggio

&

C

S.p.A.

2,659

19,094

Piolax

Inc

288

251,860

*,g

Pirelli

&

C

S.p.A

1,245

229,973

*

Porsche

AG.

13,860

CREF

Stock

Account

June

30,

2023

4

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

69,772

PWR

Holdings

Ltd

$

404

67,691

*,e

QuantumScape

Corp

541

508,191

Renault

S.A.

21,442

406,153

*,e

Rivian

Automotive,

Inc

6,767

5,914

S&T

Daewoo

Co

Ltd

238

36,708

SAF-Holland

SE

513

424,623

SAIC

Motor

Corp

Ltd

830

161,700

Sailun

Group

Co

Ltd

254

24,460

g

Sansera

Engineering

Ltd

260

428,000

Sanyang

Industry

Co

Ltd

1,234

107,732

Schaeffler

AG.

665

37,993

e

Seiren

Co

Ltd

652

64,600

*

Seres

Group

Co

Ltd

328

47,805

Shandong

Linglong

Tyre

Co

Ltd

146

11,400

Shenzhen

Kedali

Industry

Co

Ltd

208

211,000

Shoei

Co

Ltd

3,914

8,448

SL

Corp

237

909

*,e

Solid

Power,

Inc

2

337,626

g

Sona

Blw

Precision

Forgings

Ltd

2,129

3,474,400

Sri

Trang

Agro-Industry

PCL

(Foreign)

1,668

700

Standard

Motor

Products,

Inc

26

107,200

Stanley

Electric

Co

Ltd

2,173

908,170

Stellantis

NV

15,966

142,734

*

Stoneridge,

Inc

2,691

592,400

Sumitomo

Electric

Industries

Ltd

7,258

19,517

Sumitomo

Riko

Co

Ltd

116

134,600

Sumitomo

Rubber

Industries,

Inc

1,308

4,973

Sundaram-Clayton

Ltd

283

5,768,680

*

Sundaram-Clayton

Ltd

707

89,899

Sundram

Fasteners

Ltd

1,336

38,861

Sungwoo

Hitech

Co

Ltd

294

67,753

Suprajit

Engineering

Ltd

338

303,700

Suzuki

Motor

Corp

11,013

1,433,819

*

Tata

Motors

Ltd

10,450

3,432,458

*

Tesla,

Inc

898,515

54,435

e

Thor

Industries,

Inc

5,634

227,287

g

TI

Fluid

Systems

plc

394

548,000

e

Tianneng

Power

International

Ltd

568

114,666

Tofas

Turk

Otomobil

Fabrik

1,116

40,147

Tokai

Rika

Co

Ltd

596

332,000

Tong

Yang

Industry

Co

Ltd

563

26,068

Topre

Corp

289

835,625

e

Toyo

Tire

&

Rubber

Co

Ltd

11,097

52,300

Toyoda

Gosei

Co

Ltd

994

60,095

Toyota

Boshoku

Corp

1,076

16,415,498

*

Toyota

Motor

Corp

263,831

7,239

Trigano

S.A.

1,038

70,400

TS

Tech

Co

Ltd

890

90,735

Tube

Investments

of

India

Ltd

3,520

53,000

Tung

Thih

Electronic

Co

Ltd

249

568,412

TVS

Motor

Co

Ltd

9,210

285,000

UMW

Holdings

BHD

229

1,278,901

Valeo

S.A.

27,483

44,391

*,g

Varroc

Engineering

Ltd

183

31,655

*

Visteon

Corp

4,546

280,926

*

Vitesco

Technologies

Group

AG.

23,168

27,285

Volkswagen

AG.

(Preference)

3,669

627,881

*,e

Volvo

Car

AB

2,498

4,144

WABCO

India

Ltd

614

641

Winnebago

Industries,

Inc

43

11,707

*,e

Workhorse

Group,

Inc

10

1,380,000

e

Wuling

Motors

Holdings

Ltd

127

5

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

452

*

XPEL,

Inc

$

38

877,300

*,e

XPeng,

Inc

5,828

1,089,031

g

Yadea

Group

Holdings

Ltd

2,484

245,700

e

Yamaha

Motor

Co

Ltd

7,063

99,200

e

Yokohama

Rubber

Co

Ltd

2,179

480,480

Yulon

Motor

Co

Ltd

1,277

TOTAL

AUTOMOBILES

&

COMPONENTS

2,408,935

BANKS

-

6.0%

7,070

e

1st

Source

Corp

296

42,003

77

Bank

Ltd

748

614,999

g

ABN

AMRO

Group

NV

9,559

342,928

Absa

Group

Ltd

3,061

1,178,355

Abu

Dhabi

Commercial

Bank

PJSC

2,602

602,769

Abu

Dhabi

Islamic

Bank

PJSC

1,746

286

e

ACNB

Corp

9

642,600

*

Affin

Holdings

BHD

259

44,610,383

Agricultural

Bank

of

China

Ltd

17,569

2,367,562

Agricultural

Bank

of

China

Ltd

(Class

A)

1,151

17,624,924

AIB

Group

plc

74,176

31,600

Aichi

Financial

Group,

Inc

511

866,629

*

Ajman

Bank

PJSC

529

4,547,655

Akbank

TAS

3,534

48,537

Aktia

Bank

Oyj

493

654,750

Al

Ahli

Bank

of

Kuwait

KSCP

501

3,912,055

Al

Rajhi

Bank

76,567

2,071,758

Alinma

Bank

18,621

76,171

*

Alior

Bank

S.A.

907

830,300

Alliance

Financial

Group

BHD

593

2,711,230

*

Alpha

Bank

AE

4,441

315,270

*,†

Amagerbanken

AS

0

28,796

Amalgamated

Financial

Corp

463

14,766

Amerant

Bancorp

Inc

254

354

e

American

National

Bankshares,

Inc

10

332,984

Ameris

Bancorp

11,391

591,934

AMMB

Holdings

BHD

460

116,000

e

Aozora

Bank

Ltd

2,157

271,615

Arab

National

Bank

1,915

11,102

Arrow

Financial

Corp

224

2,700

Associated

Banc-Corp

44

952

Atlantic

Union

Bankshares

Corp

25

146,552

g

AU

Small

Finance

Bank

Ltd

1,350

4,435,126

Australia

&

New

Zealand

Banking

Group

Ltd

70,207

27,044

Awa

Bank

Ltd

374

7,190,841

Axis

Bank

Ltd

86,767

314,787

*

Axos

Financial,

Inc

12,415

155,541

Banc

of

California,

Inc

1,801

425,812

*

Banca

Monte

dei

Paschi

di

Siena

S.p.A

1,071

1,142,391

Banca

Popolare

di

Sondrio

SCARL

4,761

45,201

Bancfirst

Corp

4,158

66,700

Banco

ABC

Brasil

S.A.

266

16,935,209

Banco

Bilbao

Vizcaya

Argentaria

S.A.

130,108

1,139,189

Banco

BPM

S.p.A.

5,291

6,477,886

Banco

Bradesco

S.A.

19,806

18,024,259

Banco

Bradesco

S.A.

(Preference)

61,923

38,254,028

*

Banco

Comercial

Portugues

S.A.

9,172

50,797,672

Banco

de

Chile

5,302

22,361

Banco

de

Credito

e

Inversiones

683

12,377,349

Banco

de

Sabadell

S.A.

14,270

2,335,900

e,g

Banco

del

Bajio

S.A.

7,099

351,501

Banco

do

Brasil

S.A.

3,626

196,300

Banco

do

Estado

do

Rio

Grande

do

Sul

615

CREF

Stock

Account

June

30,

2023

6

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

64,081

Banco

Itau

Chile

S.A.

$

687

265,100

Banco

Pan

S.A.

507

130,410

Banco

Santander

Brasil

S.A.

834

26,770,189

Banco

Santander

Chile

S.A.

1,267

331,851

Banco

Santander

S.A.

1,229

106,901

BanColombia

S.A.

794

185,322

BanColombia

S.A.

(Preference)

1,243

292,194

*,g

Bandhan

Bank

Ltd

865

5,584,900

*

Bank

Aladin

Syariah

Tbk

PT

456

198,641

Bank

AlBilad

2,061

148,834

Bank

Al-Jazira

729

1,959,600

Bank

BTPN

Syariah

Tbk

PT

270

48,105,470

Bank

Central

Asia

Tbk

PT

29,503

71

e

Bank

First

Corp

6

105,420

Bank

Hapoalim

Ltd

869

131,993

Bank

Leumi

Le-Israel

989

460,828

*

Bank

Millennium

S.A.

653

5,940,288

*

Bank

Neo

Commerce

Tbk

PT

195

12,186,811

Bank

of

America

Corp

349,640

945,856

Bank

of

Baroda

2,203

633,262

Bank

of

Beijing

Co

Ltd

404

286,100

Bank

of

Changsha

Co

Ltd

306

90,620

*

Bank

of

Chengdu

Co

Ltd

153

1,074,844

Bank

of

China

Ltd

-

A

579

68,834,912

Bank

of

China

Ltd

-

H

27,637

1,096,812

Bank

of

Communications

Co

Ltd

-

A

877

4,080,319

Bank

of

Communications

Co

Ltd

-

H

2,707

971,600

Bank

of

East

Asia

Ltd

1,344

29,897

Bank

of

Georgia

Group

plc

1,111

112,795

Bank

of

Hangzhou

Co

Ltd

183

233

e

Bank

of

Hawaii

Corp

10

7,593,022

Bank

of

Ireland

Group

plc

72,494

324,218

*

Bank

of

Jiangsu

Co

Ltd

329

430,400

Bank

of

Kaohsiung

172

49,600

Bank

of

Kyoto

Ltd

2,482

532

Bank

of

Marin

Bancorp

9

1,127,600

Bank

of

Montreal

101,835

214,914

Bank

of

Nanjing

Co

Ltd

237

156,174

Bank

of

Ningbo

Co

Ltd

545

1,201,921

e

Bank

of

Nova

Scotia

60,135

614,339

Bank

of

NT

Butterfield

&

Son

Ltd

16,808

559,028

Bank

of

Queensland

Ltd

(ASE)

2,049

403,299

Bank

of

Shanghai

Co

Ltd

320

262,100

Bank

of

Suzhou

Co

Ltd

237

776,478

Bank

of

the

Philippine

Islands

1,533

133,515

e

Bank

OZK

5,362

180,731

Bank

Pekao

S.A.

4,930

2,724,511

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

214

7,304,400

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

PT

314

228,543,368

Bank

Rakyat

Indonesia

83,439

4,944,462

Bank

Tabungan

Negara

Persero

Tbk

PT

437

14,602

*

Bank

Zachodni

WBK

S.A.

1,398

566,183

e

Bankinter

S.A.

3,485

79,030

BankUnited

1,703

190

Bankwell

Financial

Group,

Inc

5

285,354

Banner

Corp

12,461

30,981

e

Banque

Cantonale

Vaudoise

3,272

238,662

Banque

Saudi

Fransi

2,666

8,993

e

Bar

Harbor

Bankshares

222

24,232,396

Barclays

plc

47,340

1,077,425

g

BAWAG

Group

AG.

49,672

403

Baycom

Corp

7

7

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

489

BCB

Bancorp,

Inc

$

6

10,543,239

BDO

Unibank,

Inc

26,401

473,913

Bendigo

Bank

Ltd

2,715

128,502

Berkshire

Hills

Bancorp,

Inc

2,664

561,100

BIMB

Holdings

BHD

235

898

*

Blue

Foundry

Bancorp

9

580

Blue

Ridge

Bankshares,

Inc

5

1,445,125

BNP

Paribas

S.A.

91,196

3,293,125

BOC

Hong

Kong

Holdings

Ltd

10,088

475

BOK

Financial

Corp

38

558,337

Boubyan

Bank

KSCP

1,167

1,392,602

e

BPER

Banca

4,234

5,673

*

BRE

Bank

S.A.

567

22,674

*

Bridgewater

Bancshares,

Inc

223

585,283

Brookline

Bancorp,

Inc

5,115

215,950

BS

Financial

Group,

Inc

1,140

2,549,199

Bumiputra-Commerce

Holdings

BHD

2,767

2,809,667

Burgan

Bank

SAK

1,929

161

e

Burke

&

Herbert

Financial

Services

Corp

10

14,271

Business

First

Bancshares,

Inc

215

154,794

Byline

Bancorp,

Inc

2,800

3,283

Cadence

BanCorp

64

10,130,514

CaixaBank

S.A.

41,964

233

e

Cambridge

Bancorp

13

490

Camden

National

Corp

15

911,698

e

Canadian

Imperial

Bank

of

Commerce

38,925

77,985

e

Canadian

Western

Bank

1,455

258

e

Capital

Bancorp,

Inc

5

456

Capital

City

Bank

Group,

Inc

14

178,339

Capitec

Bank

Holdings

Ltd

14,856

674,020

e

Capitol

Federal

Financial

4,159

17,275

Capstar

Financial

Holdings,

Inc

212

830

*

Carter

Bankshares,

Inc

12

90,638

Cathay

General

Bancorp

2,918

125,644

Central

Pacific

Financial

Corp

1,974

1,952,011

Chang

Hwa

Commercial

Bank

1,170

1,772,700

Chiba

Bank

Ltd

10,750

21,816,490

China

Citic

Bank

10,257

455,407

China

Construction

Bank

Corp

-

A

393

82,958,546

*

China

Construction

Bank

Corp

-

H

53,709

1,339,504

*

China

Everbright

Bank

Co

Ltd

-

A

566

2,124,845

China

Everbright

Bank

Co

Ltd

-

H

611

4,736,481

China

Merchants

Bank

Co

Ltd

21,604

2,053,770

China

Merchants

Bank

Co

Ltd

(Class

A)

9,285

992,848

China

Minsheng

Banking

Corp

Ltd

-

A

513

8,602,991

e

China

Minsheng

Banking

Corp

Ltd

-

H

3,185

357,537

China

Zheshang

Bank

Co

Ltd

130

29,171,388

Chinatrust

Financial

Holding

Co

23,327

1,002,200

Chongqing

Rural

Commercial

Bank

Co

Ltd

496

116,600

Chugin

Financial

Group,

Inc

702

1,393,182

Citigroup,

Inc

64,142

480

Citizens

&

Northern

Corp

9

1,213,514

Citizens

Financial

Group,

Inc

31,648

165

City

Holding

Co

15

315,466

City

Union

Bank

Ltd

490

498

Civista

Bancshares,

Inc

9

122,947

Close

Brothers

Group

plc

1,379

557

CNB

Financial

Corp

10

11,831

*,e

Coastal

Financial

Corp

445

67,468

*

Collector

Bank

AB

183

554

Colony

Bankcorp

Inc

5

213,366

Columbia

Banking

System,

Inc

4,327

CREF

Stock

Account

June

30,

2023

8

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

150

*,e

Columbia

Financial,

Inc

$

3

41,821

Comerica,

Inc

1,772

46,787

e

Commerce

Bancshares,

Inc

2,279

1,305,350

Commercial

Bank

of

Qatar

QSC

2,095

1,056,964

Commercial

International

Bank

1,753

5,706,775

Commerzbank

AG.

63,264

2,171,992

Commonwealth

Bank

of

Australia

145,408

204,253

Community

Bank

System,

Inc

9,575

58,052

e

Community

Trust

Bancorp,

Inc

2,065

948,700

Concordia

Financial

Group

Ltd

3,709

1,267

ConnectOne

Bancorp,

Inc

21

314,900

e

Credicorp

Ltd

46,492

27,393

Credit

Agricole

S.A.

325

175,587

Credito

Emiliano

S.p.A.

1,367

22,073

*,e

CrossFirst

Bankshares,

Inc

221

1,425

Cullen/Frost

Bankers,

Inc

153

281

*,e

Customers

Bancorp,

Inc

9

117,423

CVB

Financial

Corp

1,559

5,646,074

*,†

Cyprus

Popular

Bank

Public

Co

Ltd

62

299,627

Dah

Sing

Banking

Group

Ltd

224

135,508

Dah

Sing

Financial

Holdings

Ltd

339

28,586

Daishi

Hokuetsu

Financial

Group,

Inc

617

14,323

Danske

Bank

AS

349

1,611,165

DBS

Group

Holdings

Ltd

37,625

80,886

DCB

Bank

Ltd

121

125,006

DGB

Financial

Group

Co

Ltd

692

162

Dime

Community

Bancshares,

Inc

3

19,157

DNB

Bank

ASA

358

1,870,201

Doha

Bank

QSC

794

1,193,887

Dubai

Islamic

Bank

PJSC

1,785

1,726,243

Dukhan

Bank

1,872

11,590,726

E.Sun

Financial

Holding

Co

Ltd

9,711

39,984

Eagle

Bancorp,

Inc

846

172,672

East

West

Bancorp,

Inc

9,115

2,370

Eastern

Bankshares,

Inc

29

777,797

Emirates

NBD

Bank

PJSC

3,166

319

Enterprise

Bancorp,

Inc

9

61,984

Enterprise

Financial

Services

Corp

2,424

21,327

*,e

Equitable

Group,

Inc

1,127

439,174

*,g

Equitas

Small

Finance

Bank

Ltd

484

505

Equity

Bancshares,

Inc

12

7,596

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

266

525

Esquire

Financial

Holdings,

Inc

24

1,034,549

*

Eurobank

Ergasias

S.A.

1,705

1,903,578

Far

Eastern

International

Bank

729

284

e

Farmers

&

Merchants

Bancorp,

Inc

6

80,511

Farmers

National

Banc

Corp

996

118

FB

Financial

Corp

3

1,276,946

Federal

Bank

Ltd

1,970

13,451

FIBI

Holdings

Ltd

544

2,481,352

Fifth

Third

Bancorp

65,036

515

Financial

Institutions,

Inc

8

920,146

FinecoBank

Banca

Fineco

S.p.A

12,386

14,247

First

Bancorp

424

170,568

First

Bancorp

2,084

307

First

Bancorp,

Inc

7

674

First

Bancshares,

Inc

17

447

e

First

Bank

5

112,684

First

Busey

Corp

2,265

271

First

Business

Financial

Services,

Inc

8

50,099

e

First

Citizens

Bancshares,

Inc

(Class

A)

64,300

550,085

First

Commonwealth

Financial

Corp

6,959

9

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

559

First

Community

Bancshares,

Inc

$

17

1,532

First

Financial

Bancorp

31

576,465

First

Financial

Bankshares,

Inc

16,423

57,626

e

First

Financial

Corp

1,871

4,291,584

First

Financial

Holding

Co

Ltd

3,817

141,718

First

Foundation,

Inc

563

160,189

First

Hawaiian,

Inc

2,885

419,184

First

Horizon

National

Corp

4,724

189,481

First

International

Bank

Of

Israel

Ltd

7,409

120,130

First

Interstate

Bancsystem,

Inc

2,864

10,855

First

Merchants

Corp

306

9,370

First

Mid-Illinois

Bancshares,

Inc

226

762

First

of

Long

Island

Corp

9

269

*,e

First

Western

Financial,

Inc

5

279

Five

Star

Bancorp

6

980

Flushing

Financial

Corp

12

6,659

FNB

Corp

76

5,200

*,†

FS

Finans

A.S.

0

145,900

Fukuoka

Financial

Group,

Inc

3,016

2,504

Fulton

Financial

Corp

30

477

*

FVCBankcorp,

Inc

5

906

e

German

American

Bancorp,

Inc

25

59,253

Glacier

Bancorp,

Inc

1,847

15,566

e

Great

Southern

Bancorp,

Inc

790

688

Greene

County

Bancorp,

Inc

21

9,711,285

e

Grupo

Financiero

Banorte

S.A.

de

C.V.

80,115

855,577

*,e

Grupo

Financiero

Inbursa

S.A.

2,032

1,205,431

Grupo

Security

S.A.

305

293

Guaranty

Bancshares,

Inc

8

652,470

Gulf

Bank

KSCP

565

277,800

Gunma

Bank

Ltd

1,019

299,100

Hachijuni

Bank

Ltd

1,299

441,127

Haci

Omer

Sabanci

Holding

AS

781

123,255

Hana

Financial

Group,

Inc

3,679

1,247

Hancock

Whitney

Corp

48

680,935

Hang

Seng

Bank

Ltd

9,707

1,840

Hanmi

Financial

Corp

27

26,053

HarborOne

Northeast

Bancorp,

Inc

226

353

HBT

Financial,

Inc

7

615,934

HDFC

Bank

Ltd

(ADR)

42,931

92,470

Heartland

Financial

USA,

Inc

2,577

456

Heritage

Commerce

Corp

4

1,183

e

Heritage

Financial

Corp

19

1,703

Hilltop

Holdings,

Inc

54

47

e

Hingham

Institution

for

Savings

10

204,302

Hirogin

Holdings,

Inc

1,159

17,600

Hokkoku

Financial

Holdings,

Inc

508

95,760

Hokuhoku

Financial

Group,

Inc

767

225

Home

Bancorp,

Inc

7

1,036,105

Home

Bancshares,

Inc

23,623

617

HomeStreet,

Inc

4

406

HomeTrust

Bancshares,

Inc

8

244,912

Hong

Leong

Bank

BHD

996

12,570

Hong

Leong

Credit

BHD

48

271

Hope

Bancorp,

Inc

2

1,379

e

Horizon

Bancorp

14

11,756,388

HSBC

Holdings

plc

93,085

3,447,510

Hua

Nan

Financial

Holdings

Co

Ltd

2,461

407,286

Huaxia

Bank

Co

Ltd

304

766,032

Huntington

Bancshares,

Inc

8,258

147,374

Hyakugo

Bank

Ltd

428

4,608,689

ICICI

Bank

Ltd

52,765

CREF

Stock

Account

June

30,

2023

10

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,727,004

*

IDFC

Bank

Ltd

$

2,650

749

Independent

Bank

Corp

33

25,491

Independent

Bank

Corp

432

767

Independent

Bank

Group,

Inc

26

235,603

Indian

Bank

843

1,734,739

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,152

48,779,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

26,069

514,105

Industrial

Bank

Co

Ltd

1,110

105,817

Industrial

Bank

of

Korea

832

26,798,604

ING

Groep

NV

361,288

28,790

Intercorp

Financial

Services,

Inc

715

109,483

International

Bancshares

Corp

4,839

6,653,068

Intesa

Sanpaolo

S.p.A.

17,443

2,023,613

Investimentos

Itau

S.A.

-

PR

4,074

3,796,561

iShares

Core

MSCI

EAFE

ETF

256,268

2,170,255

iShares

Core

MSCI

Emerging

Markets

ETF

106,972

1,669,836

Israel

Discount

Bank

Ltd

8,342

12,041,102

Itau

Unibanco

Holding

S.A.

71,469

219,054

Iyogin

Holdings,

Inc

1,231

254,750

*

Jammu

&

Kashmir

Bank

Ltd

189

1,242,900

Japan

Post

Bank

Co

Ltd

9,692

322,667

JB

Financial

Group

Co

Ltd

2,077

383

e

John

Marshall

Bancorp,

Inc

8

5,027,664

JPMorgan

Chase

&

Co

731,223

506,854

*

Judo

Capital

Holdings

Ltd

401

25,740

Juroku

Financial

Group,

Inc

556

89,028

*

Jyske

Bank

6,773

66,087

KakaoBank

Corp

1,201

96,536

Karnataka

Bank

Ltd

224

394,051

Karur

Vysya

Bank

Ltd

601

239,000

Kasikornbank

PCL

(Foreign)

879

1,289,204

KB

Financial

Group,

Inc

46,791

29,591

KBC

Ancora

1,353

762,509

KBC

Groep

NV

53,224

166,431

Kearny

Financial

Corp

1,173

65,248

Keiyo

Bank

Ltd

242

18,321

Keycorp

169

181,000

Kiatnakin

Bank

PCL

(Foreign)

306

647,000

King's

Town

Bank

740

43,819

Kiyo

Bank

Ltd

451

28,989

Komercni

Banka

AS

884

955,126

Kotak

Mahindra

Bank

Ltd

21,541

3,203,996

Krung

Thai

Bank

PCL

1,756

3,391,349

Kuwait

Finance

House

8,267

773,031

Kuwait

International

Bank

KSCP

429

1,832,555

Kuwait

Projects

Co

Holding

KSCP

806

284,500

Kyushu

Financial

Group,

Inc

1,202

1,586

Lakeland

Bancorp,

Inc

21

13,118

Lakeland

Financial

Corp

636

34,846

e

Laurentian

Bank

of

Canada

870

377,482

Live

Oak

Bancshares,

Inc

9,932

5,908,139

Lloyds

TSB

Group

plc

3,275

428

Luther

Burbank

Corp

4

446,781

M&T

Bank

Corp

55,294

848

Macatawa

Bank

Corp

8

2,220,630

Malayan

Banking

BHD

4,108

1,784,600

Malaysia

Building

Society

249

2,327,109

Masraf

Al

Rayan

1,649

893,400

Mebuki

Financial

Group

Inc

2,120

550,884

Mediobanca

S.p.A.

6,595

10,092,402

Mega

Financial

Holding

Co

Ltd

12,386

474

Mercantile

Bank

Corp

13

11

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

578

Meta

Financial

Group,

Inc

$

27

403

Metrocity

Bankshares,

Inc

7

734,914

Metropolitan

Bank

&

Trust

744

311

*,e

Metropolitan

Bank

Holding

Corp

11

486

Mid

Penn

Bancorp,

Inc

11

722

Midland

States

Bancorp,

Inc

14

447

MidWestOne

Financial

Group,

Inc

10

14,578,926

Mitsubishi

UFJ

Financial

Group,

Inc

107,462

13,268

Mizrahi

Tefahot

Bank

Ltd

444

2,149,524

Mizuho

Financial

Group,

Inc

32,856

108,835

g

Moneta

Money

Bank

AS

399

25,668

e

Musashino

Bank

Ltd

389

349

MVB

Financial

Corp

7

21,849

Nanto

Bank

Ltd

370

2,794,639

National

Australia

Bank

Ltd

49,152

101,272

National

Bank

Holdings

Corp

2,941

3,529,709

National

Bank

of

Abu

Dhabi

PJSC

13,155

340,489

National

Bank

of

Canada

25,368

220,587

*

National

Bank

of

Greece

S.A.

1,434

3,107,489

National

Bank

of

Kuwait

SAKP

9,477

2,128,629

National

Commercial

Bank

20,994

14,662,808

NatWest

Group

plc

44,817

23,532

NBT

Bancorp,

Inc

749

426,803

Nedbank

Group

Ltd

5,183

13,813

New

York

Community

Bancorp,

Inc

155

371

Nicolet

Bankshares,

Inc

25

133,564

Nishi-Nippon

Financial

Holdings,

Inc

1,186

9,183,330

e

Nordea

Bank

Abp

100,033

3,172,376

Nordea

Bank

Abp

34,556

212,597

North

Pacific

Bank

Ltd

420

5,389

Northeast

Bank

225

1,495

Northfield

Bancorp,

Inc

16

5,430

Northrim

BanCorp,

Inc

214

252,240

e

Northwest

Bancshares,

Inc

2,674

4,771,613

*

NU

Holdings

Ltd

37,648

1,135,000

O-Bank

Co

Ltd

373

283,152

OceanFirst

Financial

Corp

4,423

511,356

OFG

Bancorp

13,336

23,107

Ogaki

Kyoritsu

Bank

Ltd

296

18,000

Okinawa

Financial

Group,

Inc

260

240,104

Old

National

Bancorp

3,347

104,666

e

Old

Second

Bancorp,

Inc

1,367

56,415

Origin

Bancorp,

Inc

1,653

327

e

Orrstown

Financial

Services,

Inc

6

86,880

OTP

Bank

3,089

3,271,646

Oversea-Chinese

Banking

Corp

29,762

893

Pacific

Premier

Bancorp,

Inc

18

2,973

e

PacWest

Bancorp

24

61

Park

National

Corp

6

343

e

Parke

Bancorp,

Inc

6

398

e

PCB

Bancorp

6

15,139

Peapack

Gladstone

Financial

Corp

410

38,461

Peoples

Bancorp,

Inc

1,021

238

Peoples

Financial

Services

Corp

10

1,732,155

*

Permanent

TSB

Group

Holdings

plc

4,196

1,160,384

Ping

An

Bank

Co

Ltd

1,799

1,203

Pinnacle

Financial

Partners,

Inc

68

285

*

Pioneer

Bancorp,

Inc

3

2,966,799

*

Piraeus

Financial

Holdings

S.A.

9,740

690,938

PNC

Financial

Services

Group,

Inc

87,024

30,489

Popular,

Inc

1,845

725,837

Postal

Savings

Bank

of

China

Co

Ltd

-

A

489

CREF

Stock

Account

June

30,

2023

12

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,768,972

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

$

4,791

833,242

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

7,416

161,348

e

Preferred

Bank

8,873

1,209

Premier

Financial

Corp

19

30,016

Primis

Financial

Corp

253

88,527

Prosperity

Bancshares,

Inc

5,000

249,194

Provident

Financial

Services,

Inc

4,072

64,560,486

*

PT

Bank

Bukopin

Tbk

439

127,354,570

PT

Bank

Mandiri

Persero

Tbk

44,320

23,798,053

PT

Bank

Negara

Indonesia

14,601

5,969,880

Public

Bank

BHD

4,929

365,183

Qatar

International

Islamic

Bank

QSC

1,011

657,072

Qatar

Islamic

Bank

SAQ

3,215

3,846,217

Qatar

National

Bank

16,360

50,009

QCR

Holdings,

Inc

2,052

175,297

*

Raiffeisen

International

Bank

Holding

AG.

2,782

480

RBB

Bancorp

6

373,523

*,g

RBL

Bank

Ltd

831

152

e

Red

River

Bancshares

Inc

7

383,591

e

Regional

SAB

de

C.V.

2,779

17,287

Regions

Financial

Corp

308

231,953

Renasant

Corp

6,061

295

Republic

Bancorp,

Inc

(Class

A)

13

2,826,100

Resona

Holdings,

Inc

13,531

566,369

RHB

Capital

BHD

660

23,446

Ringkjoebing

Landbobank

A.S.

3,361

1,173,433

Riyad

Bank

10,596

1,403,324

Royal

Bank

of

Canada

134,024

871

e

S&T

Bancorp,

Inc

24

154

Sandy

Spring

Bancorp,

Inc

3

115,164

San-In

Godo

Bank

Ltd

646

406,574

Saudi

British

Bank

4,140

386,626

Saudi

Investment

Bank

1,764

740,761

SCB

X

PCL

2,230

1,630

Seacoast

Banking

Corp

of

Florida

36

346,690

Security

Bank

Corp

526

716

ServisFirst

Bancshares,

Inc

29

512,700

Seven

Bank

Ltd

1,007

1,518,331

Shanghai

Commercial

&

Savings

Bank

Ltd

2,215

690,034

Shanghai

Pudong

Development

Bank

Co

Ltd

689

442,600

Shanghai

Rural

Commercial

Bank

Co

Ltd

332

1,062,496

Sharjah

Islamic

Bank

604

30,600

Shiga

Bank

Ltd

575

384,764

Shinhan

Financial

Group

Co

Ltd

9,947

54,200

*,e

Shinsei

Bank

Ltd

1,059

396,300

Shizuoka

Financial

Group,

Inc

2,863

601

Shore

Bancshares,

Inc

7

486

Sierra

Bancorp

8

173,062

Simmons

First

National

Corp

(Class

A)

2,985

9,525,527

SinoPac

Financial

Holdings

Co

Ltd

5,315

5,512,641

Skandinaviska

Enskilda

Banken

AB

(Class

A)

60,971

524

SmartFinancial,

Inc

11

8,639

Societe

Generale

225

855,824

*

South

Indian

Bank

Ltd

202

16,195

South

Plains

Financial

Inc

365

178,032

South

State

Corp

11,715

258

*

Southern

First

Bancshares,

Inc

6

5,561

Southern

Missouri

Bancorp,

Inc

214

95,566

e

Southside

Bancshares,

Inc

2,500

59,593

Spar

Nord

Bank

AS

933

29,425

Sparebank

Oestlandet

356

147,336

SpareBank

SR-Bank

ASA

1,786

13

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

109,343

Sparebanken

Midt-Norge

$

1,438

203,928

Sparebanken

Nord-Norge

1,845

2,681

St

Galler

Kantonalbank

1,453

2,454,913

Standard

Bank

Group

Ltd

23,178

6,206,534

Standard

Chartered

plc

53,997

744,794

State

Bank

of

India

5,216

107,712

e

Stellar

Bancorp,

Inc

2,466

576

*

Sterling

Bancorp,

Inc

3

592

Stock

Yards

Bancorp,

Inc

27

2,442,797

Sumitomo

Mitsui

Financial

Group,

Inc

104,697

394,071

Sumitomo

Mitsui

Trust

Holdings,

Inc

13,980

340

e

Summit

Financial

Group,

Inc

7

215,064

Suruga

Bank

Ltd

863

36,009

Svenska

Handelsbanken

AB

301

11,937

Swedbank

AB

(A

Shares)

201

170,811

Sydbank

AS

7,898

2,802

Synovus

Financial

Corp

85

2,557,680

Taichung

Commercial

Bank

1,249

4,320,496

Taishin

Financial

Holdings

Co

Ltd

2,630

2,388,000

Taiwan

Business

Bank

1,095

3,950,659

Taiwan

Cooperative

Financial

Holding

3,565

45,742

TBC

Bank

Group

plc

1,435

586

*

Texas

Capital

Bancshares,

Inc

30

273,100

Thanachart

Capital

PCL

384

270,053

*

The

Bancorp,

Inc

8,817

411

*

Third

Coast

Bancshares,

Inc

7

116,343

Toho

Bank

Ltd

183

18,900

Tokyo

TY

Financial

Group,

Inc

411

107,364

Tomony

Holdings,

Inc

273

480

Tompkins

Financial

Corp

27

1,839,551

e

Toronto-Dominion

Bank

114,018

25,938

Towne

Bank

603

589

Trico

Bancshares

20

517

Triumph

Bancorp,

Inc

31

1,547,849

Truist

Financial

Corp

46,977

49,549

e

TrustCo

Bank

Corp

NY

1,418

207,990

Trustmark

Corp

4,393

5,382,499

Turkiye

Is

Bankasi

(Series

C)

2,899

487,047

*,g

Ujjivan

Small

Finance

Bank

Ltd

226

585

UMB

Financial

Corp

36

3,498,926

g

Unicaja

Banco

S.A.

3,682

500,358

UniCredit

S.p.A.

11,635

1,720,337

Union

Bank

Of

Taiwan

910

3,063

United

Bankshares,

Inc

91

1,468

United

Community

Banks,

Inc

37

1,119,617

United

Overseas

Bank

Ltd

23,233

237

Unity

Bancorp,

Inc

6

94,373

Univest

Financial

Corp

1,706

30,235

US

Bancorp

999

369

*,e

USCB

Financial

Holdings,

Inc

4

13,289

Valiant

Holding

1,386

7,685

Valley

National

Bancorp

60

261,536

Van

Lanschot

Kempen

NV

8,771

141,590

Veritex

Holdings,

Inc

2,539

3,958,050

Virgin

Money

UK

plc

7,537

635,093

*,†

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

7

904,530

Warba

Bank

KSCP

630

993

Washington

Federal,

Inc

26

34,401

Washington

Trust

Bancorp,

Inc

922

3,292

Webster

Financial

Corp

124

11,498,832

Wells

Fargo

&

Co

490,770

CREF

Stock

Account

June

30,

2023

14

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

161,625

WesBanco,

Inc

$

4,139

453

West

Bancorporation,

Inc

8

40,457

Westamerica

Bancorporation

1,550

1,789

Western

Alliance

Bancorp

65

3,133,117

Westpac

Banking

Corp

44,611

221,868

Wintrust

Financial

Corp

16,112

227,929

Woori

Financial

Group,

Inc

2,047

135,172

WSFS

Financial

Corp

5,099

160,399

Yamaguchi

Financial

Group,

Inc

1,077

1,202,243

Yapi

ve

Kredi

Bankasi

601

5,355,780

*

Yes

Bank

Ltd

1,063

2,795

e

Zions

Bancorporation

75

TOTAL

BANKS

6,934,542

CAPITAL

GOODS

-

8.1%

1,205

*

3D

Systems

Corp

12

218,301

3M

Co

21,850

2,279

3M

India

Ltd

751

100,588

A.O.

Smith

Corp

7,321

81,716

Aalberts

Industries

NV

3,441

34,021

Aaon,

Inc

3,226

48,085

*

AAR

Corp

2,777

8,700

*,e

Abalance

Corp

648

754,573

ABB

Ltd

29,686

47,735

ABB

Ltd

India

2,578

8,699

ABB

Power

Products

&

Systems

India

Ltd

442

1,451,649

Aboitiz

Equity

Ventures,

Inc

1,432

286,000

AcBel

Polytech,

Inc

428

114,429

Accelleron

Industries

AG.

2,749

19,015

Ackermans

&

Van

Haaren

3,131

5,133

ACS

Actividades

de

Construccion

y

Servicios

S.A.

181

28,149

Action

Construction

Equipment

Ltd

169

7,597

Acuity

Brands,

Inc

1,239

147,530

Adani

Enterprises

Ltd

4,310

214,284

AddTech

AB

4,673

14,985

e

ADENTRA,

Inc

368

52,026

Advanced

Drainage

Systems,

Inc

5,920

25,000

Advanced

Energy

Solution

Holding

Co

Ltd

657

42,827

AECC

Aero-Engine

Control

Co

Ltd

144

106,852

AECC

Aviation

Power

Co

Ltd

623

128,748

Aecom

Technology

Corp

10,904

56,439

e

Aecon

Group,

Inc

527

175,128

*

AerCap

Holdings

NV

11,124

29,332

*

Aerojet

Rocketdyne

Holdings,

Inc

1,609

517

*

Aerovironment,

Inc

53

536

*,e

AerSale

Corp

8

39,954

AFG

Arbonia-Forster

Hldg

452

15,108

AG

Growth

International

Inc

578

44,079

AGCO

Corp

5,793

34,797

AIA

Engineering

Ltd

1,360

58,700

Aichi

Corp

356

119,841

Aida

Engineering

Ltd

785

82,055

Air

Lease

Corp

3,434

1,266,901

Airbus

SE

183,171

157,226

Airtac

International

Group

5,196

17,469

Aker

ASA

(A

Shares)

990

13,393

Alamo

Group,

Inc

2,463

111,390

Alarko

Holding

AS

324

641

Albany

International

Corp

(Class

A)

60

7,716

Alfa

Laval

AB

281

2,399,300

e

Alfa

S.A.

de

C.V.

(Class

A)

1,493

18,163

*,e,g

Alfen

Beheer

BV

1,221

15

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

64,853

g

Alimak

Group

AB

$

506

273,751

Allegion

plc

32,856

2,357,300

Alliance

Global

Group,

Inc

573

6,258

Allied

Motion

Technologies,

Inc

250

178,986

Allison

Transmission

Holdings,

Inc

10,106

85,031

Alstom

RGPT

2,538

342,434

Alta

Equipment

Group,

Inc

5,934

1,987,800

Amada

Co

Ltd

19,611

486,420

Amara

Raja

Batteries

Ltd

4,047

378

*,e

Ameresco,

Inc

18

402

*

American

Woodmark

Corp

31

835,743

Ametek,

Inc

135,290

121,348

Andritz

AG.

6,768

29,823

*

Antares

Vision

S.p.A

224

12,665

Apar

Industries

Ltd

537

796,863

*

API

Group

Corp

21,722

40,867

Apogee

Enterprises,

Inc

1,940

205,859

Applied

Industrial

Technologies,

Inc

29,815

24,580

*

Aprogen

KIC,

Inc

24

2,896

Arad

Investment

&

Industrial

Development

Ltd

315

4,507

*,e

Archer

Aviation,

Inc

19

247,392

Arcosa,

Inc

18,745

478

Argan,

Inc

19

64,000

Armac

Locacao

Logistica

E

Servicos

S.A.

200

36,857

Armstrong

World

Industries,

Inc

2,708

574,875

*

Array

Technologies,

Inc

12,992

168,600

e

Asahi

Glass

Co

Ltd

6,066

587,255

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

1,231

1,208,865

Ashok

Leyland

Ltd

2,473

2,274,618

Ashtead

Group

plc

157,701

30,670

Ashtrom

Group

Ltd

426

943,658

Assa

Abloy

AB

22,683

36,388

Astec

Industries,

Inc

1,653

29,633

Astra

Industrial

Group

687

337,738

Astral

Polytechnik

Ltd

8,183

864

*

Astronics

Corp

17

173,565

*

Atkore

International

Group,

Inc

27,066

36,961

Atlas

Copco

AB

461

2,040,540

Atlas

Copco

AB

29,459

116,829

*

ATS

Corp

5,375

277,939

Austal

Ltd

440

726,037

e

AviChina

Industry

&

Technology

Co

353

22,959

AVICOPTER

plc

126

25,239

Avon

Rubber

plc

273

54,990

*

Axon

Enterprise,

Inc

10,730

118,511

Ayala

Corp

1,348

2,215

*,†

Ayala

Corp

Preferred

0

^

91,941

*

AZEK

Co,

Inc

2,785

57,154

AZZ,

Inc

2,484

193,036

*

Babcock

International

Group

693

82,198

Badger

Infrastructure

Solution

1,669

2,903,144

BAE

Systems

plc

34,232

488,467

Balfour

Beatty

plc

2,114

193,892

*,e

Ballard

Power

Systems,

Inc

849

118,897

e

Barloworld

Ltd

540

1,030

Barnes

Group,

Inc

43

20,521

Bawan

Co

200

9,895

BayWa

AG.

408

36,331

*

Beacon

Roofing

Supply,

Inc

3,015

87,522

Beijer

Alma

AB

1,829

406,851

e

Beijer

Ref

AB

5,197

18,400

Beijing

Easpring

Material

Technology

Co

Ltd

128

83,712

Beijing

New

Building

Materials

plc

283

29,870

Beijing

United

Information

Technology

Co

Ltd

152

CREF

Stock

Account

June

30,

2023

16

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

19,546

Belimo

Holding

AG.

$

9,769

25,021

*

BEML

Land

Assets

Ltd

49

17,973

BEML

Ltd

356

1,252,000

BES

Engineering

Corp

447

423,841

Bharat

Dynamics

Ltd

5,800

3,308,644

Bharat

Electronics

Ltd

5,081

860,702

Bharat

Heavy

Electricals

922

248,115

Bidvest

Group

Ltd

3,449

7,105

Biesse

S.p.A.

94

105,912

Bizlink

Holdings

Inc

1,098

3,565

*,e

Blink

Charging

Co

21

2,849

*,e

Bloom

Energy

Corp

47

315

*

Blue

Bird

Corp

7

94,596

Blue

Star

Ltd

886

173

*

BlueLinx

Holdings,

Inc

16

1,485,306

g

BOC

Aviation

Ltd

12,039

164,485

Bodycote

plc

1,339

1,665,755

*

Boeing

Co

351,741

73,275

Boise

Cascade

Co

6,620

71,595

*

Bombardier,

Inc

3,530

19,230

Bonheur

ASA

466

4,715

Bossard

Holding

AG.

1,048

219,116

Bouygues

S.A.

7,361

554,772

Brenntag

AG.

43,282

335,000

Brighton-Best

International

Taiwan,

Inc

384

74

e

Brookfield

Business

Corp

1

16,941

Bucher

Industries

AG.

7,497

10,049

Budimex

S.A.

888

23,827

Bufab

AB

816

177,815

*

Builders

FirstSource,

Inc

24,183

60,600

Bunka

Shutter

Co

Ltd

467

396,670

Bunzl

plc

15,116

13,611

Burckhardt

Compression

Holding

AG.

7,993

8,271

Burkhalter

Holding

AG.

851

22,568

BWX

Technologies,

Inc

1,615

90,746

*

Cadeler

A.S.

380

980

e

Cadre

Holdings,

Inc

21

386,996

*

CAE,

Inc

8,662

19,965

e

Carbone

Lorraine

905

31,515

g

Carel

Industries

S.p.A

950

32,151

Cargotec

Corp

(B

Shares)

1,769

12,090

Carlisle

Cos,

Inc

3,101

5,245,117

Carrier

Global

Corp

260,735

630,906

Caterpillar,

Inc

155,234

15,400

Central

Glass

Co

Ltd

330

5,180

Cera

Sanitaryware

Ltd

484

112,817

*,e

Ceres

Power

Holdings

plc

435

1,049,700

CH

Karnchang

PCL

572

201,776

*,e

ChargePoint

Holdings,

Inc

1,774

13,143

e

Chargeurs

S.A.

159

842

*,e

Chart

Industries,

Inc

135

1,066,001

Chemring

Group

plc

3,831

823,000

Chicony

Power

Technology

Co

Ltd

2,404

534,300

*

Chin

Hin

Group

Bhd

500

290,000

China

Aircraft

Leasing

Group

Holdings

Ltd

150

132,222

China

Baoan

Group

Co

Ltd

220

1,210,000

China

Communications

Services

Corp

Ltd

597

593,074

China

Conch

Venture

Holdings

Ltd

775

275,000

China

CSSC

Holdings

Ltd

1,249

2,048,200

China

Energy

Engineering

Corp

Ltd

660

2,072,000

*

China

High

Speed

Transmission

Equipment

Group

Co

Ltd

647

504,036

China

Lesso

Group

Holdings

Ltd

332

144,700

China

National

Chemical

Engineering

Co

Ltd

165

594,018

China

Railway

Group

Ltd

-

A

621

17

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

3,813,000

China

Railway

Group

Ltd

-

H

$

2,523

754,000

e

China

State

Construction

Development

Holdings

Ltd

261

1,067,300

China

State

Construction

Engineering

Corp

Ltd

844

1,674,000

e

China

State

Construction

International

Holdings

Ltd

1,913

138,545

*,e

Chiyoda

Corp

342

74,200

Chudenko

Corp

1,186

300,000

Chung

Hsin

Electric

&

Machinery

Manufacturing

Corp

1,325

612,000

CIMC

Enric

Holdings

Ltd

548

69,494

*

CIRCOR

International,

Inc

3,923

2,501,517

Citic

Pacific

Ltd

2,995

11,812,000

Citic

Resources

Holdings

Ltd

596

13,415

CJ

Corp

696

2,205,086

CK

Hutchison

Holdings

Ltd

13,458

41,593

CKD

Corp

682

22,233

CNH

Industrial

NV

321

1,020,169

CNH

Industrial

NV

14,690

164,467

g

Cochin

Shipyard

Ltd

1,136

6,123

Colt

CZ

Group

SE

156

23,855

Columbus

McKinnon

Corp

970

264,003

Comfort

Systems

USA,

Inc

43,349

43,060

*,e

Commercial

Vehicle

Group,

Inc

478

3,023,791

Compagnie

de

Saint-Gobain

184,108

94,717

COMSYS

Holdings

Corp

1,876

966

*

Concrete

Pumping

Holdings

Inc

8

14,300

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

480

26,480

*

Construction

Partners

Inc

831

2,132,368

Contemporary

Amperex

Technology

Co

Ltd

67,375

239,000

Continental

Engineering

Corp

221

1,170

e

Conzzeta

AG.

778

165,071

*

Core

&

Main,

Inc

5,173

583,900

COSCO

SHIPPING

Development

Co

Ltd

199

4,762

Craftsman

Automation

Ltd

234

27,275

Crane

Co

2,431

27,257

Crane

Holdings

Co

1,538

38,617

*

Creative

&

Innovative

System

406

249,537

Crompton

Greaves

Ltd

1,154

2,134,000

CRRC

Corp

Ltd

1,170

21,361

CS

Wind

Corp

1,407

472,000

*

CSBC

Corp

Taiwan

376

179

CSW

Industrials,

Inc

30

426,000

CTCI

Corp

576

117,403

Cummins

India

Ltd

2,787

70,731

Cummins,

Inc

17,340

120,703

Curtiss-Wright

Corp

22,168

30,719

*,e

Custom

Truck

One

Source,

Inc

207

11,539

Daelim

Industrial

Co

363

6,047

Daetwyler

Holding

AG.

1,290

162,077

*

Daewoo

Engineering

&

Construction

Co

Ltd

503

175,806

e

Daewoo

International

Corp

5,351

128,500

Daifuku

Co

Ltd

2,647

16,548

Daihen

Corp

640

2,589

Daiho

Corp

70

424,577

Daikin

Industries

Ltd

86,998

1,025,275

Daimler

Truck

Holding

AG.

36,953

23,900

e

Daiwa

Industries

Ltd

230

30,100

Dajin

Heavy

Industry

Co

Ltd

128

9,046

e

Danieli

&

Co

S.p.A.

217

105,371

Danieli

&

Co

S.p.A.

(RSP)

1,936

26,099

Dassault

Aviation

S.A.

5,229

14,928

Data

Patterns

India

Ltd

341

22,330

Dawonsys

Co

Ltd

236

103,818

DCC

plc

5,808

640,445

Deere

&

Co

259,502

192

*,e

Desktop

Metal,

Inc

0

^

CREF

Stock

Account

June

30,

2023

18

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

107,960

Deutz

AG.

$

635

309,349

Diploma

plc

11,742

83,309

DiscoverIE

Group

plc

889

26,394

DL

E&C

Co

Ltd

700

2,507,100

DMCI

Holdings,

Inc

412

116,919

Donaldson

Co,

Inc

7,309

150,529

Dongfang

Electric

Corp

Ltd

387

42,754

Doosan

Bobcat,

Inc

1,911

5,591

Doosan

Corp

386

38,176

*

Doosan

Fuel

Cell

Co

Ltd

837

382,097

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

5,280

313,813

Doosan

Infracore

Co

Ltd

2,861

63,501

Douglas

Dynamics,

Inc

1,897

1,087,486

Dover

Corp

160,567

392,953

*,†

Drake

&

Scull

International

PJSC

1

5,776

*,e

Dredging

Environmental

&

Marine

Engineering

NV

789

1,556,435

Dubai

Investments

PJSC

989

383

*,e

Ducommun,

Inc

17

44,455

Duerr

AG.

1,440

521

*

DXP

Enterprises,

Inc

19

30,413

*

Dycom

Industries,

Inc

3,456

4,087,800

Dynasty

Ceramic

PCL

231

2,029,360

e

Eaton

Corp

408,104

77,000

e

Ebara

Corp

3,694

5,947

*,e

Ebusco

Holding

NV

50

1,120,000

E-Commodities

Holdings

Ltd

150

42,176

e

Ecopro

BM

Co

Ltd

8,023

2,175

Eiffage

S.A.

227

27,932

Elbit

Systems

Ltd

5,847

8,947

Elco

Holdings

Ltd

308

39,412

Elecon

Engineering

Co

Ltd

281

1,737

Electra

Israel

Ltd

718

4,152,820

Electrocomponents

plc

40,182

192,233

Electrolux

Professional

AB

1,043

157,618

Elgi

Equipments

Ltd

1,043

513,503

ElSewedy

Electric

Co

343

10,648,800

*

Embraer

S.A.

41,232

30,731

EMCOR

Group,

Inc

5,678

11,220

Emerson

Electric

Co

1,014

53,674

Encore

Wire

Corp

9,980

5,558

Energiekontor

AG.

426

1,130

*

Energy

Recovery,

Inc

32

10,912

*,e

Energy

Vault

Holdings,

Inc

30

478,697

Enerpac

Tool

Group

Corp

12,925

32,288

EnerSys

3,504

27,352

e

Engcon

AB

244

228,293

Engineers

India

Ltd

321

1,558

*,e

Enovix

Corp

28

156,312

EnPro

Industries,

Inc

20,872

8,291

Epiroc

AB

134

15,662

Epiroc

AB

297

100,334

Esab

Corp

6,676

5,279

ESAB

India

Ltd

256

146,956

ESCO

Technologies,

Inc

15,229

26,341

Escorts

Ltd

723

7,635

*,e

ESS

Tech,

Inc

11

607,332

*

Estithmar

Holding

QPSC

367

59,468

*

Eurogroup

Laminations

S.p.A

426

101,707

Eve

Energy

Co

Ltd

850

209,800

Fangda

Carbon

New

Material

Co

Ltd

179

184,280

Fanuc

Ltd

6,469

2,627,631

Far

Eastern

Textile

Co

Ltd

2,825

463,959

Fastenal

Co

27,369

56,704

Federal

Signal

Corp

3,631

19

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

6,837

Ferguson

plc

$

1,076

194,515

Ferguson

plc

30,724

537,715

*

Ferrovial

SE

16,998

443,723

*,e

Fincantieri

S.p.A

247

447,054

Finning

International,

Inc

13,752

561,435

Finolex

Cables

Ltd

5,888

420,000

First

Tractor

Co

199

1,762,703

Fletcher

Building

Ltd

5,875

994,751

Flowserve

Corp

36,955

405,647

FLSmidth

&

Co

AS

19,651

162,639

*,e

Fluence

Energy,

Inc

4,333

82,925

e

Fluidra

S.A.

1,617

587,361

*

Fluor

Corp

17,386

811

Forbo

Holding

AG.

1,165

577,281

Fortive

Corp

43,163

102,297

Fortune

Brands

Home

&

Security,

Inc

7,360

98,000

Fortune

Electric

Co

Ltd

466

2,279,008

e

Fosun

International

1,570

914

Franklin

Electric

Co,

Inc

94

348,200

e

Frencken

Group

Ltd

233

81,048

FTAI

Aviation

Ltd

2,566

184,056

*,e

FTC

Solar,

Inc

593

1,681

*,e

FuelCell

Energy,

Inc

4

350,584

*

Fugro

NV

5,462

107,400

*

Fuji

Electric

Holdings

Co

Ltd

4,728

359,345

Fuji

Machine

Manufacturing

Co

Ltd

6,373

1,166,978

Fujikura

Ltd

9,798

51,339

e

Fujitec

Co

Ltd

1,314

11,139

Fukushima

Industries

Corp

415

20,256

Furukawa

Co

Ltd

221

58,444

Furukawa

Electric

Co

Ltd

1,034

17,934

*

G

R

Infraprojects

Ltd

281

1,664,332

Gamuda

BHD

1,571

11,779

Garden

Reach

Shipbuilders

&

Engineers

Ltd

83

35,082

GARO

AB

205

85,879

*

Gates

Industrial

Corp

plc

1,158

568

GATX

Corp

73

3,795

GEA

Group

AG.

159

645

Geberit

AG.

338

43,618

GEK

Group

of

Cos

S.A.

682

86,813

*

Generac

Holdings,

Inc

12,946

107,215

General

Dynamics

Corp

23,067

21,447

General

Electric

Co

2,356

23,032

*

Geolit

Energy

Co

Ltd

196

137,053

Georg

Fischer

AG.

10,308

44,650

*

Gibraltar

Industries,

Inc

2,809

13,501

Giken

Seisakusho

Co,

Inc

191

14,300

*

Ginlong

Technologies

Co

Ltd

206

95,436

*

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS.

217

16,938

Global

Industrial

Co

470

33,556

Glory

Ltd

673

111,509

GMM

Pfaudler

Ltd

2,015

58,140

*

GMS,

Inc

4,023

51,213

*

Godrej

Industries

Ltd

324

6,318

GoodWe

Technologies

Co

Ltd

146

639

Gorman-Rupp

Co

18

82,127

Gotion

High-tech

Co

Ltd

313

41,435

Graco,

Inc

3,578

953

GrafTech

International

Ltd

5

254,880

Grafton

Group

plc

2,530

273

Granite

Construction,

Inc

11

49,541

Graphite

India

Ltd

242

1,680

*

Great

Lakes

Dredge

&

Dock

Corp

14

1,175,036

Greaves

Cotton

Ltd

1,934

CREF

Stock

Account

June

30,

2023

20

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

529

Greenbrier

Cos,

Inc

$

23

3,028,000

*,g

Greentown

Management

Holdings

Co

Ltd

2,413

334,290

Griffon

Corp

13,472

36,423

Grindwell

Norton

Ltd

1,014

520,793

e

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

3,783

130,199

e

Grupo

Rotoplas

SAB

de

C.V.

194

56,409

GS

Engineering

&

Construction

Corp

803

40,396

GS

Holdings

Corp

1,126

52,854

GS

Yuasa

Corp

1,037

79,980

GT

Capital

Holdings,

Inc

747

13,815

Guangdong

Kinlong

Hardware

Products

Co

Ltd

123

16,100

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

107

88,232

Gulf

Cable

&

Electrical

Industries

Co

KSCP

329

48,989

*,e,g

GVS

S.p.A

296

244,903

GWA

International

Ltd

286

31,804

H&E

Equipment

Services,

Inc

1,455

538,497

Haitian

International

Holdings

Ltd

1,263

325,668

Hangzhou

Steam

Turbine

Co

379

48,079

Hanwa

Co

Ltd

1,519

151,172

Hanwha

Corp

3,451

13,757

Hanwha

Corp

(3P)

156

426,114

Hanwha

Systems

Co

Ltd

4,742

1,208,000

Harbin

Power

Equipment

488

44,400

Harmonic

Drive

Systems,

Inc

1,431

209,960

Havells

India

Ltd

3,290

56,418

*

Hayward

Holdings,

Inc

725

123,436

Hazama

Ando

Corp

923

28,827

HDC

Hyundai

Development

Co-Engineering

&

Construction

250

5,286

HEG

Ltd

105

58,199

HEICO

Corp

10,298

64,427

HEICO

Corp

(Class

A)

9,058

222,410

*

Heidelberger

Druckmaschinen

348

677

Helios

Technologies,

Inc

45

71,750

*

Hellenic

Technodomiki

Tev

S.A.

185

245,807

Hensoldt

AG.

8,073

449

Herc

Holdings,

Inc

61

104,697

*

Hexagon

Composites

ASA

266

51,889

*,e

Hexagon

Purus

Holding

AS.

98

135,269

e

Hexatronic

Group

AB

1,009

67,229

Hexcel

Corp

5,111

10,368

HG

Infra

Engineering

Ltd

108

1,593

Hillenbrand,

Inc

82

4,586

*

Hillman

Solutions

Corp

41

78,638

Hindustan

Aeronautics

Ltd

3,642

243,900

Hino

Motors

Ltd

1,037

8,200

Hirata

Corp

489

198,300

*

Hitachi

Construction

Machinery

Co

Ltd

5,576

1,863,091

*

Hitachi

Ltd

115,840

1,133,220

Hitachi

Zosen

Corp

7,499

233,643

Hiwin

Technologies

Corp

1,789

19,574

Hochtief

AG.

1,694

2,060,441

Honeywell

International,

Inc

427,542

17,385

Hongfa

Technology

Co

Ltd

76

86,700

Hoshizaki

Electric

Co

Ltd

3,113

35,030

Hosken

Consolidated

Investments

Ltd

418

2,235,673

Howden

Joinery

Group

plc

18,266

845,453

Howmet

Aerospace,

Inc

41,901

3,394

Hoymiles

Power

Electronics,

Inc

166

2,285,000

*,†

Hsin

Chong

Group

Holdings

Ltd

3

282,316

Hubbell,

Inc

93,605

18,380

Huber

&

Suhner

AG.

1,518

3,041

*

Hudson

Technologies,

Inc

29

56,175

Huntington

Ingalls

12,785

444,525

e

Husqvarna

AB

(B

Shares)

4,033

21

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

12,073

*

Hydro

Lithium,

Inc

$

277

1,650

*,e

Hyliion

Holdings

Corp

3

5,369

Hyosung

Corp

258

3,398

*

Hyosung

Heavy

Industries

Corp

298

353

Hyster-Yale

Materials

Handling,

Inc

20

9,754

Hyundai

Construction

Equipment

Co

Ltd

637

17,951

Hyundai

Electric

&

Energy

System

Co

Ltd

890

19,287

Hyundai

Elevator

Co

Ltd

591

68,659

Hyundai

Engineering

&

Construction

Co

Ltd

1,996

37,894

*

Hyundai

Heavy

Industries

3,369

18,534

*

Hyundai

Heavy

Industries

Co

Ltd

1,863

8,934

*

Hyundai

Mipo

Dockyard

572

73,223

*

Hyundai

Rotem

Co

Ltd

2,039

26,477

Idec

Corp

610

18,173

IDEX

Corp

3,912

12,426

*

IES

Holdings,

Inc

707

1,502,300

IJM

Corp

BHD

480

239,520

Illinois

Tool

Works,

Inc

59,918

76,959

*

Imas

Makina

Sanayi

AS.

45

58,396

IMCD

Group

NV

8,404

636,667

IMI

plc

13,281

9,952

Implenia

AG.

483

118,236

Inaba

Denki

Sangyo

Co

Ltd

2,698

35,398

Inabata

&

Co

Ltd

796

24,348

g

IndiaMart

InterMesh

Ltd

837

17,231

Indus

Holding

AG.

485

25,964

e

Industrie

De

Nora

S.p.A

546

1,269,410

Industries

Qatar

QSC

3,950

288,530

Indutrade

AB

6,512

217,360

INFRONEER

Holdings,

Inc

2,050

881,085

Ingersoll

Rand,

Inc

57,588

16,849

Ingersoll-Rand

India

Ltd

588

2,803,600

*,†

Inovisi

Infracom

Tbk

PT

0

^

239,789

*

InPost

S.A.

2,602

176,144

e

Instalco

AB

880

59

Insteel

Industries,

Inc

2

78,543

Interpump

Group

S.p.A.

4,368

572

Interroll

Holding

AG.

1,770

156,893

e

Investment

AB

Latour

3,115

60,438

INVISIO

AB

1,291

157,899

Inwido

AB

1,437

113,000

Iochpe-Maxion

S.A.

295

1,255,664

IRB

Infrastructure

Developers

Ltd

412

208,430

g

IRCON

International

Ltd

213

13,337

IS

Dongseo

Co

Ltd

339

24,857

ISGEC

Heavy

Engineering

Ltd

211

118,000

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

3,200

368,011

*,e

Itm

Power

plc

339

977,149

e

Itochu

Corp

38,814

235,309

ITT,

Inc

21,933

144,227

*

Iveco

Group

NV

1,301

162,918

Jamna

Auto

Industries

Ltd

203

954,598

*

Janus

International

Group,

Inc

10,176

9,132

Japan

Pulp

&

Paper

Co

Ltd

309

49,161

Japan

Steel

Works

Ltd

1,055

81,700

Jardine

Cycle

&

Carriage

Ltd

2,107

130,336

Jardine

Matheson

Holdings

Ltd

6,609

23,600

JDC

Corp

94

7,782

*

Jeio

Co

Ltd

191

789,177

*

JELD-WEN

Holding,

Inc

13,842

2,150,556

JG

Summit

Holdings

(Series

B)

1,737

322,400

JGC

Corp

4,192

70,704

Jiangsu

Hengli

Hydraulic

Co

Ltd

627

194,918

Jiangsu

Zhongtian

Technology

Co

Ltd

428

CREF

Stock

Account

June

30,

2023

22

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

81,400

*

Jiangxi

Special

Electric

Motor

Co

Ltd

$

134

35,487

John

Bean

Technologies

Corp

4,305

154,357

Johns

Lyng

Group

Ltd

550

1,103,729

Johnson

Controls

International

plc

75,208

12,070

g

JOST

Werke

AG.

654

4,812

Judges

Scientific

plc

559

39,955

Jungheinrich

AG.

1,465

2,673

Kaba

Holding

AG.

1,203

287

Kadant,

Inc

64

65,457

Kajaria

Ceramics

Ltd

1,005

349,050

Kajima

Corp

5,270

66,804

Kalpataru

Power

Transmission

Ltd

437

956

Kaman

Corp

23

79,400

Kanamoto

Co

Ltd

1,211

263,401

Kandenko

Co

Ltd

2,117

72,500

Kanematsu

Corp

1,013

12,045

*

Kangwon

Energy

Co

Ltd

212

65,000

Kaori

Heat

Treatment

Co

Ltd

710

2,404,554

KAP

Industrial

Holdings

Ltd

345

51,485

Kardex

AG.

11,579

14,400

Katakura

Industries

Co

Ltd

163

294,600

Kawasaki

Heavy

Industries

Ltd

7,543

7,294

KCC

Glass

Corp

246

106,168

*

KEC

International

Ltd

714

44,100

Keda

Industrial

Group

Co

Ltd

69

48,229

KEI

Industries

Ltd

1,365

80,100

Keihan

Electric

Railway

Co

Ltd

2,112

128,645

Keller

Group

plc

1,144

13,622

*,e

Kempower

Oyj

505

6,320

Kennametal

India

Ltd

204

1,686

Kennametal,

Inc

48

10,425

KEPCO

Engineering

&

Construction

Co,

Inc

552

1,200,627

Keppel

Corp

Ltd

5,975

425,820

*

Kier

Group

plc

406

267,835

*

Kiler

Holding

AS.

142

263,371

Kinden

Corp

3,563

2,890

Kingspan

Group

plc

192

83,000

Kinik

Co

329

60,476

KION

Group

AG.

2,438

281,800

e

Kitz

Corp

2,133

241,836

Kloeckner

&

Co

AG.

2,356

680,312

Knorr-Bremse

AG.

52,006

134,623

KNR

Constructions

Ltd

398

639,260

KOC

Holding

AS

2,560

863,159

Komatsu

Ltd

23,347

3,231

Komax

Holding

AG.

840

299,876

Kone

Oyj

(Class

B)

15,667

238,194

Konecranes

Oyj

9,593

281,781

Kongsberg

Gruppen

ASA

12,808

355,345

Koninklijke

BAM

Groep

NV

685

74,538

Kontrolmatik

Enerji

Ve

Muhendislik

AS.

426

65,262

Korea

Aerospace

Industries

Ltd

2,651

4,002

Korea

Electric

Terminal

Co

Ltd

185

490,410

*

Kornit

Digital

Ltd

14,403

1,144,372

*

Kratos

Defense

&

Security

Solutions,

Inc

16,410

11,349

Krones

AG.

1,378

9,687

KSB

Ltd

255

129,176

Kuang-Chi

Technologies

Co

Ltd

272

824,109

Kubota

Corp

12,064

26,204

Kumagai

Gumi

Co

Ltd

561

145,000

Kung

Long

Batteries

Industrial

Co

Ltd

664

85,800

Kurita

Water

Industries

Ltd

3,294

24,454

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

295

77,255

Kyowa

Exeo

Corp

1,552

23

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

34,122

Kyudenko

Corp

$

916

3,812

Kyung

Dong

Navien

Co

Ltd

148

65,189

L3Harris

Technologies,

Inc

12,762

3,506

Lakshmi

Machine

Works

Ltd

543

598,171

Larsen

&

Toubro

Ltd

18,087

3,668

Legrand

S.A.

364

36,777

Lennox

International,

Inc

11,992

1,212

*,e

Leonardo

DRS,

Inc

21

341,965

Leonardo

S.p.A.

3,883

83,579

LG

Corp

5,605

29,856

*

LG

Energy

Solution

12,587

20,292

LG

International

Corp

558

246,084

Lifco

AB

5,359

47,435

LIG

Nex1

Co

Ltd

2,924

14,558

Lincoln

Electric

Holdings,

Inc

2,892

62,857

Lindab

International

AB

895

232

Lindsay

Corp

28

68,951

*,e

Lion

Electric

Co

128

16,460

e

LISI

473

235,914

LIXIL

Group

Corp

3,003

427,500

e

LK

Technology

Holdings

Ltd

389

196,158

Lockheed

Martin

Corp

90,307

6,221,000

Lonking

Holdings

Ltd

1,026

95,383

LS

Cable

Ltd

6,760

11,703

LS

Industrial

Systems

Co

Ltd

708

1,539,800

LT

Group,

Inc

266

184,000

*,e

Luoyang

Glass

Co

Ltd

146

8,582

LU-VE

S.p.A

288

123,233

e

Luxfer

Holdings

plc

1,754

34,405

LX

Holdings

Corp

207

45,593

e

Maas

Group

Holdings

Ltd

81

122,932

e

Mabuchi

Motor

Co

Ltd

3,430

133,353

Maire

Tecnimont

S.p.A

516

18,239

Makino

Milling

Machine

Co

Ltd

709

183,947

Makita

Corp

5,200

2,025,200

Malaysian

Resources

Corp

BHD

133

11,755

e

Manitou

BF

S.A.

314

11

*

Manitowoc

Co,

Inc

0

^

45,646

Mannai

Corp

QSC

65

461,000

Marcopolo

S.A.

502

1,256,716

Marubeni

Corp

21,419

17,000

MARUKA

FURUSATO

Corp

271

745,528

Masco

Corp

42,778

187,171

*

Masonite

International

Corp

19,174

48,123

*

Mastec,

Inc

5,677

397

*

Masterbrand,

Inc

5

20,900

Max

Co

Ltd

385

1,326

MBB

SE

115

15,588

McGrath

RentCorp

1,442

15,440

*,e

McPhy

Energy

S.A.

141

292,486

*

MDA

Ltd

1,804

159,890

MDU

Resources

Group,

Inc

3,348

1,733,250

e

MECOM

Power

and

Construction

Ltd

219

125,071

Meidensha

Corp

1,742

1,639,543

Melrose

Industries

plc

10,564

452

*

Mercury

Systems,

Inc

16

467,003

Metallurgical

Corp

of

China

Ltd

256

77,300

METAWATER

Co

Ltd

989

700,282

e

Metso

Outotec

Oyj

8,450

283,901

*,e

Microvast

Holdings,

Inc

454

12,660

*

Middleby

Corp

1,872

38,094

Mie

Kotsu

Group

Holdings,

Inc

152

370

Miller

Industries,

Inc

13

62,200

Mills

Estruturas

e

Servicos

de

146

CREF

Stock

Account

June

30,

2023

24

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

298,300

Minebea

Co

Ltd

$

5,658

115,600

Ming

Yang

Smart

Energy

Group

Ltd

269

367,862

Miraito

Holdings

Corp

4,631

231,600

MISUMI

Group,

Inc

4,663

1,068,303

Mitsubishi

Corp

51,649

2,206,900

Mitsubishi

Electric

Corp

31,199

259,462

Mitsubishi

Heavy

Industries

Ltd

12,118

29,800

Mitsubishi

Nichiyu

Forklift

Co

Ltd

276

22,050

Mitsuboshi

Belting

Co

Ltd

676

1,376,226

Mitsui

&

Co

Ltd

52,087

72,800

Miura

Co

Ltd

1,903

71,357

Monadelphous

Group

Ltd

558

5,204,020

MonotaRO

Co

Ltd

66,457

39,621

*,g

Montana

Aerospace

AG.

640

665

Moog,

Inc

(Class

A)

72

364,737

Morgan

Crucible

Co

plc

1,271

36,552

Morgan

Sindall

plc

852

96,944

e

Mori

Seiki

Co

Ltd

1,685

89,100

Morita

Holdings

Corp

964

75,771

Mota

Engil

SGPS

S.A.

186

1,285,772

*

MRC

Global,

Inc

12,948

35,422

MSC

Industrial

Direct

Co

(Class

A)

3,375

13,325

*

MTAR

Technologies

Ltd

312

73,468

MTU

Aero

Engines

Holding

AG.

19,055

220,670

Mueller

Industries,

Inc

19,260

3,305

Mueller

Water

Products,

Inc

(Class

A)

54

3,274,771

*

Multiply

Group

2,838

486,617

g

Munters

Group

AB

5,526

101,016

*

MYR

Group,

Inc

13,975

88,900

Mytilineos

Holdings

S.A.

3,139

401,700

e

Nabtesco

Corp

8,878

11,933

Nachi-Fujikoshi

Corp

339

4,141,117

Nagarjuna

Construction

Co

6,178

78,400

Nagase

&

Co

Ltd

1,306

48,146

*

Nanomedics

Co

Ltd

332

456,619

NARI

Technology

Co

Ltd

1,454

1,587,456

National

Industries

Group

Holding

SAK

1,054

180

National

Presto

Industries,

Inc

13

3,297,228

NBCC

India

Ltd

1,596

64,556

e

NCC

AB

(B

Shares)

564

1,380,436

*,e

NEL

ASA

1,622

75,571

Nexans

S.A.

6,554

167,049

*

NEXTracker,

Inc

6,650

59,117

e

NFI

Group,

Inc

510

39,900

NGK

Insulators

Ltd

477

1,597,705

Nibe

Industrier

AB

15,192

42,940

Nichias

Corp

895

10,300

Nichiden

Corp

172

22,145

Nichiha

Corp

475

80,400

Nidec

Corp

4,430

39,267

Nikkiso

Co

Ltd

248

21,991

*,e

Nikola

Corp

30

7,711

*

Nilfisk

Holding

A.S.

142

19,780

Ningbo

Deye

Technology

Co

Ltd

408

31,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

216

15,213

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

114

13,500

Nippon

Carbon

Co

Ltd

408

29,959

Nippon

Densetsu

Kogyo

Co

Ltd

412

3,100

Nippon

Road

Co

Ltd

201

26,165

Nishimatsu

Construction

Co

Ltd

636

18,900

Nishio

Rent

All

Co

Ltd

446

100,531

e

Nisshinbo

Industries,

Inc

834

36,600

Nitta

Corp

777

21,200

Nitto

Boseki

Co

Ltd

339

25

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

19,835

Nitto

Kogyo

Corp

$

490

8,830

*

NKT

A.S.

536

35,320

*

NKT

Holding

AS

2,143

149,360

Nolato

AB

703

96,566

*,e

Nordex

AG.

1,174

53,384

Nordson

Corp

13,249

5,183

Noritake

Co

Ltd

197

20,251

e

Noritsu

Koki

Co

Ltd

328

21,631

Noritz

Corp

267

24,405

NORMA

Group

452

95,300

North

Industries

Group

Red

Arrow

Co

Ltd

238

271,238

Northrop

Grumman

Corp

123,630

266

*

Northwest

Pipe

Co

8

1,243,014

*

NOW,

Inc

12,878

341,248

NRW

Holdings

Ltd

577

325,500

NSK

Ltd

2,083

357,961

NTN

Corp

758

1,094

*,e

NuScale

Power

Corp

7

1,466,003

nVent

Electric

plc

75,748

1,246,000

NWS

Holdings

Ltd

1,416

7,046

e

Obara

Corp

204

532,400

Obayashi

Corp

4,604

176,576

e

OC

Oerlikon

Corp

AG.

881

5,961

OHB

AG.

208

53,421

Oiles

Corp

740

138,467

Okuma

Holdings,

Inc

7,434

21,500

Okumura

Corp

609

33,784

Olectra

Greentech

Ltd

401

4,190

Omega

Flex,

Inc

435

23,648

Organo

Corp

699

70,506

OSG

Corp

1,012

53,734

Oshkosh

Corp

4,653

9

OSRAM

Licht

AG.

0

^

243,933

Otis

Worldwide

Corp

21,712

34,450

*

Otokar

Otobus

Karoseri

Sanayi

AS

260

211,057

Owens

Corning,

Inc

27,543

90,138

*

OX2

AB

610

517,905

PACCAR,

Inc

43,323

11,801

Palfinger

AG.

359

686

e

Park

Aerospace

Corp

9

615,294

Parker-Hannifin

Corp

239,989

178,530

*

Parsons

Corp

8,594

161,877

Peab

AB

(Series

B)

644

155,254

Pentair

plc

10,029

1,411,800

Pentamaster

Corp

BHD

1,494

223,546

Penta-Ocean

Construction

Co

Ltd

1,202

16,734

People

&

Technology,

Inc

691

40,043

PER

Aarsleff

A.S.

1,969

3,051

Pfeiffer

Vacuum

Technology

AG.

496

182,210

*

PGT

Innovations,

Inc

5,311

232,000

*

Phihong

Technology

Co

Ltd

584

409,818

*,e

Plug

Power,

Inc

4,258

93,136

PNC

Infratech

Ltd

373

24,133

PNE

AG.

373

531,293

Polypipe

Group

plc

1,980

19,901

Porr

AG.

281

19,523

Powell

Industries,

Inc

1,183

439,569

Power

Construction

Corp

of

China

Ltd

348

4,286

Power

Mech

Projects

Ltd

176

29,902

*,e

PowerCell

Sweden

AB

233

3,397,000

*

PP

Persero

Tbk

PT

138

81,990

Praj

Industries

Ltd

378

85

Preformed

Line

Products

Co

13

18,632

Primoris

Services

Corp

568

CREF

Stock

Account

June

30,

2023

26

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

40,560

Prince

Pipes

&

Fittings

Ltd

$

333

788

*

Proto

Labs,

Inc

28

4,256

Prysmian

S.p.A.

178

5,884

Pylon

Technologies

Co

Ltd

161

1,908,564

QinetiQ

plc

8,602

28,470

*

Qua

Granite

Hayal

93

105

Quanex

Building

Products

Corp

3

127,582

Quanta

Services,

Inc

25,063

265,435

Rail

Vikas

Nigam

Ltd

396

5,955

*

Rainbow

Robotics

416

141,900

Raito

Kogyo

Co

Ltd

1,956

146,500

Randon

Participacoes

S.A.

372

440,401

Ras

Al

Khaimah

Ceramics

321

5,376

Rational

AG.

3,893

4,692,782

Raytheon

Technologies

Corp

459,705

693

*

RBC

Bearings,

Inc

151

372,000

*,e

Realord

Group

Holdings

Ltd

295

524

*,e

Redwire

Corp

1

184,096

Reece

Ltd

2,293

51,453

Regal-Beloit

Corp

7,919

632,710

Reliance

Worldwide

Corp

Ltd

1,740

3,699

*

Resideo

Technologies,

Inc

65

114,303

Reunert

Ltd

357

1,182

REV

Group,

Inc

16

1,221,526

Rexel

S.A.

30,189

85,378

Rheinmetall

AG.

23,390

43,443

e

Richelieu

Hardware

Ltd

1,374

1,682

e

Rieter

Holding

AG.

175

31,051

Riyadh

Cables

Group

Co

541

45,200

Riyue

Heavy

Industry

Co

Ltd

118

4,670

*,e

Rocket

Lab

USA,

Inc

28

82,998

Rockwell

Automation,

Inc

27,344

177

Rockwool

International

AS

(B

Shares)

46

8,419

*

Rolex

Rings

Ltd

229

8,832,513

*

Rolls-Royce

Group

plc

16,985

2,190,874

Rotork

plc

8,489

35,000

Ruentex

Engineering

&

Construction

Co

130

168,950

Run

Long

Construction

Co

Ltd

418

252,181

Rush

Enterprises,

Inc

(Class

A)

15,317

37

e

Rush

Enterprises,

Inc

(Class

B)

3

53,124

Russel

Metals,

Inc

1,472

84,657

Saab

AB

(Class

B)

4,583

342,619

e

Sacyr

Vallehermoso

S.A.

1,172

554,779

Safran

S.A.

86,939

13,478

Salcef

S.p.A

339

181,700

Sam

Engineering

&

Equipment

M

Bhd

179

21,677

*

SAM

KANG

M&T

Co

Ltd

333

69,656

Samsung

C&T

Corp

5,606

140,685

*

Samsung

Engineering

Co

Ltd

3,034

533,113

*

Samsung

Heavy

Industries

Co

Ltd

2,713

15,242

Samsung

Techwin

Co

Ltd

1,476

2,391,898

Sandvik

AB

46,700

259,200

Sanki

Engineering

Co

Ltd

2,727

150,041

Sanwa

Shutter

Corp

1,953

1,049,000

Sany

Heavy

Equipment

International

1,378

440,157

Sany

Heavy

Industry

Co

Ltd

1,009

8,100

Sanyo

Denki

Co

Ltd

438

280,528

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS.

295

30,905

Saudi

Ceramic

Co

277

37,141

e

Savaria

Corp

474

149,714

Schindler

Holding

AG.

35,154

143,132

Schindler

Holding

AG.

(Registered)

32,220

614,065

Schneider

Electric

S.A.

111,561

828

e

Schweiter

Technologies

AG.

598

27

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

15,977

*

Scope

Metals

Group

Ltd

$

580

24,995

Sekisui

Jushi

Corp

397

33,947,804

*

SembCorp

Marine

Ltd

3,149

7,304

Semperit

AG.

Holding

167

63,439

Sensata

Technologies

Holding

plc

2,854

131,987

Seven

Group

Holdings

Ltd

2,177

12,236

SFA

Engineering

Corp

336

14,689

SFS

Group

AG.

1,935

50,102

*,e

SGL

Carbon

AG.

462

264,727

Shanghai

Construction

Group

Co

Ltd

98

456,300

Shanghai

Diesel

Engine

Co

Ltd

124

830,803

Shanghai

Electric

Group

Co

Ltd

523

387,800

Shanghai

Highly

Group

Co

Ltd

150

321,000

Shanghai

Industrial

Holdings

Ltd

466

129,300

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

143

224,100

*

Shanghai

Waigaoqiao

Free

Trade

Zone

Development

Co

Ltd

188

141,900

Shanxi

Coal

International

Energy

Group

Co

Ltd

283

110,843

Shapir

Engineering

and

Industry

Ltd

765

62,940

Shenzhen

Inovance

Technology

Co

Ltd

558

32,200

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

178

148,136

Shibaura

Machine

Co

Ltd

5,022

28,400

Shibuya

Kogyo

Co

Ltd

521

193,000

*

Shihlin

Electric

&

Engineering

Corp

930

195,468

*

Shikun

&

Binui

Ltd

419

16,200

Shima

Seiki

Manufacturing

Ltd

209

442,200

Shimizu

Corp

2,800

548,000

Shin

Zu

Shing

Co

Ltd

1,594

79,884

Shinko

Plantech

Co

Ltd

822

43,500

Shinmaywa

Industries

Ltd

408

3,583

*

Shoals

Technologies

Group,

Inc

92

31,808

e

SHO-BOND

Holdings

Co

Ltd

1,265

94,400

Shuangliang

Eco-Energy

Systems

Co

Ltd

182

88,754

Shyft

Group,

Inc

1,958

51,900

*

Sichuan

New

Energy

Power

Co

Ltd

103

395,360

Sichuan

Road

&

Bridge

Co

Ltd

534

1,427,123

Siemens

AG.

237,903

1,055,681

Siemens

Energy

AG.

18,666

80,039

Siemens

India

Ltd

3,681

32,700

Sieyuan

Electric

Co

Ltd

211

651,195

*

SIG

plc

287

412,524

g

Signify

NV

11,565

2,219,259

Sime

Darby

BHD

976

1,049

Simpson

Manufacturing

Co,

Inc

145

1,655,604

Singapore

Technologies

Engineering

Ltd

4,518

1,096,500

Sino

Thai

Engineering

&

Construction

PCL

273

220,700

Sinoma

International

Engineering

Co

388

1,782,000

Sinopec

Engineering

Group

Co

Ltd

795

35,874

*

SiteOne

Landscape

Supply,

Inc

6,004

36,303

SK

Holdings

Co

Ltd

4,118

96,366

SK

Networks

Co

Ltd

373

9,675

Skanska

AB

(B

Shares)

136

4,481

SKF

AB

(B

Shares)

78

22,570

SKF

India

Ltd

1,371

100,978

SM

Investments

Corp

1,697

17,928

SMC

Corp

9,964

2,238,948

Smiths

Group

plc

46,843

55,867

Snap-On,

Inc

16,100

145,930

e

SNC-Lavalin

Group,

Inc

3,828

193,402

Sojitz

Holdings

Corp

4,280

13,550

Solar

Holdings

AS

(B

Shares)

1,003

21,523

*,e

Soltec

Power

Holdings

S.A.

99

11,012

SPG

Co

Ltd

251

77,814

Spirax-Sarco

Engineering

plc

10,256

80,828

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

2,359

CREF

Stock

Account

June

30,

2023

28

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

403,490

*

SPX

Technologies,

Inc

$

34,285

20,462

Stabilus

SE

1,230

49,993

e

Stadler

Rail

AG.

1,953

68

Standex

International

Corp

10

122,703

Stanley

Black

&

Decker,

Inc

11,499

90,814

Stantec,

Inc

5,929

62,366

Star

Micronics

Co

Ltd

780

5,480,900

*

STARK

Corp

PCL

3

4,088

Steico

SE

135

573

*,e

Stem,

Inc

3

55,655

*

Sterling

&

Wilson

Solar

Ltd

197

156

*

Sterling

Construction

Co,

Inc

9

1,155,761

Storskogen

Group

AB

1,056

15,747

Sulzer

AG.

1,356

927,377

Sumitomo

Corp

19,674

38,997

Sumitomo

Densetsu

Co

Ltd

841

229,900

e

Sumitomo

Heavy

Industries

Ltd

5,506

106,237

Sumitomo

Mitsui

Construction

Co

Ltd

273

1,188,000

*

Sun

King

Power

Electronics

Group

Ltd

256

79,170

Sungrow

Power

Supply

Co

Ltd

1,275

2,754

*,e

SunPower

Corp

27

159,652

*,e

Sunrun,

Inc

2,851

34,663

Sunwoda

Electronic

Co

Ltd

78

2,444,500

*,†,e

Superb

Summit

International

Group

Ltd

3

7,940

Suzhou

Maxwell

Technologies

Co

Ltd

185

5,979,704

*

Suzlon

Energy

Ltd

1,118

178,393

Sweco

AB

1,966

556,280

Ta

Ya

Electric

Wire

&

Cable

692

77,022

Tadano

Ltd

615

43,266

*

Taihan

Electric

Wire

Co

Ltd

469

7,343

Taihei

Dengyo

Kaisha

Ltd

217

18,353

Taikisha

Ltd

524

140,341

Taisei

Corp

4,903

1,478,000

Taiwan

Glass

Industrial

Corp

917

11,439

Takamatsu

Corp

206

36,364

Takara

Standard

Co

Ltd

465

91,641

Takasago

Thermal

Engineering

Co

Ltd

1,538

225,700

Takeuchi

Manufacturing

Co

Ltd

6,973

56,700

Takuma

Co

Ltd

584

47,316

*,e,g

Talgo

S.A.

173

1,277,000

*

Tatung

Co

Ltd

2,230

75,000

Taurus

Armas

S.A.

236

213,366

*

TBEA

Co

Ltd

656

40,882

Techno

Electric

&

Engineering

Co

Ltd

182

1,131,969

Techtronic

Industries

Co

12,379

969,000

Teco

Electric

and

Machinery

Co

Ltd

1,663

109,417

Tekfen

Holding

AS

162

32,381

Tennant

Co

2,626

227,023

Terex

Corp

13,583

807

*,e

Terran

Orbital

Corp

1

830

Textainer

Group

Holdings

Ltd

33

63,044

Textron,

Inc

4,264

71,335

Thales

S.A.

10,688

4,210,000

*,e

Theme

International

Holdings

Ltd

474

34,237

Thermax

Ltd

954

244,659

*

Thermon

Group

Holdings

6,508

98,200

*,e

THK

Co

Ltd

2,021

7,716,800

Thoresen

Thai

Agencies

PCL

1,427

15,423

Timken

Co

1,412

18,601

Timken

India

Ltd

777

141

*

Titan

International,

Inc

2

263,398

*

Titan

Machinery,

Inc

7,770

74,646

Titan

Wind

Energy

Suzhou

Co

Ltd

157

33,122

TKH

Group

NV

1,644

29

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,000

Toa

Corp/Tokyo

$

216

50,911

Tocalo

Co

Ltd

534

183,756

Toda

Corp

1,033

4,615

Toenec

Corp

115

90,400

Tokai

Corp

566

66,902

Tokyu

Construction

Co

Ltd

346

33,340

Toro

Co

3,389

192,606

Toromont

Industries

Ltd

15,823

427,400

Toshiba

Corp

13,412

15,877

Totetsu

Kogyo

Co

Ltd

295

109,550

Toto

Ltd

3,312

73,103

Toyo

Construction

Co

Ltd

553

11,100

Toyo

Tanso

Co

Ltd

397

120,800

Toyota

Industries

Corp

8,655

173,400

Toyota

Tsusho

Corp

8,666

2,171

*,e

TPI

Composites,

Inc

23

1,144,097

e

Trane

Technologies

plc

218,820

176

*

Transcat

Inc

15

49,370

TransDigm

Group,

Inc

44,145

179,528

Travis

Perkins

plc

1,859

505,744

Trelleborg

AB

(B

Shares)

12,274

89,930

*

Trex

Co,

Inc

5,896

932

Trinity

Industries,

Inc

24

1,025

Triton

International

Ltd

85

657,085

*

Triumph

Group,

Inc

8,128

1,092,453

Triveni

Turbine

Ltd

5,432

31,567

e

Troax

Group

AB

624

35,910

Trusco

Nakayama

Corp

569

87,090

Tsubakimoto

Chain

Co

2,223

32,500

Tsugami

Corp

313

67,800

Tupy

S.A.

371

16,072

Turk

Traktor

ve

Ziraat

Makineleri

AS

251

1,150,748

Turkiye

Sise

ve

Cam

Fabrikalari

AS

1,970

131

*

Tutor

Perini

Corp

1

12,012

TY

Holdings

Co

Ltd

75

185,533

Tyman

plc

604

161,115

UFP

Industries,

Inc

15,636

10,000

e

Union

Tool

Co

225

133,000

*

United

Integrated

Services

Co

Ltd

933

76,166

e

United

Rentals,

Inc

33,922

232,345

*

Univar

Solutions

Inc

8,327

45,603

Uponor

Oyj

1,427

75,700

Ushio,

Inc

1,023

328,800

UWC

BHD

211

129,505

e

Valmet

Corp

3,605

5,408

Valmont

Industries,

Inc

1,574

15,861

*,e

Varta

AG.

325

28,430

g

VAT

Group

AG.

11,776

60,582

*

Vectrus,

Inc

3,002

155,123

Veidekke

ASA

1,662

13,054

*,e

Velo3D,

Inc

28

499,593

Ventia

Services

Group

Pty

Ltd

1,012

29,338

Veritiv

Corp

3,685

575,472

Vertiv

Holdings

Co

14,254

424,698

Vestas

Wind

Systems

A.S.

11,292

95,999

*,e

Vestum

AB

93

204,603

Vesuvius

plc

1,037

139,495

V-Guard

Industries

Ltd

481

462

*

Vicor

Corp

25

872,222

Vinci

S.A.

101,348

2,122

*,e

Virgin

Galactic

Holdings,

Inc

8

25,575

Volati

AB

267

CREF

Stock

Account

June

30,

2023

30

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

395,997

Volex

plc

$

1,426

166,293

Voltas

Ltd

1,543

57,000

Voltronic

Power

Technology

Corp

3,605

166,503

Volution

Group

plc

800

6,890

Volvo

AB

(A

Shares)

147

269,422

Volvo

AB

(B

Shares)

5,576

7,879

Vossloh

AG.

353

206,622

W.W.

Grainger,

Inc

162,940

588,041

Wabash

National

Corp

15,077

117,815

Wacker

Construction

Equipment

AG.

2,858

103,000

Waffer

Technology

Corp

516

66,500

Wakita

&

Co

Ltd

599

2,248,848

Walsin

Lihwa

Corp

2,972

4,492

Walter

Meier

AG.

265

460,294

Wartsila

Oyj

(B

Shares)

5,190

9,448,700

*,†

Waskita

Karya

Persero

Tbk

PT

95

26,421

e

Watsco,

Inc

10,079

458

Watts

Water

Technologies,

Inc

(Class

A)

84

336,749

e

Webuild

SpA

635

1,429,050

Weg

S.A.

11,267

1,755,709

Weichai

Power

Co

Ltd

2,583

218,186

Weichai

Power

Co

Ltd

(Class

A)

375

1,070,220

Weir

Group

plc

23,893

375,930

WESCO

International,

Inc

67,314

888,214

Westinghouse

Air

Brake

Technologies

Corp

97,410

3,505,300

*

Wijaya

Karya

Persero

Tbk

PT

119

161,525

*

WillScot

Mobile

Mini

Holdings

Corp

7,719

59,750

Wilson

Bayly

Holmes-Ovcon

Ltd

332

46,165

Woodward

Inc

5,489

8,118

*

W-Scope

Chungju

Plant

Co

Ltd

453

116,946

WSP

Global,

Inc

15,450

15,480

*

Wuxi

Shangji

Automation

Co

Ltd

159

17,660

*

XANO

Industri

AB

185

677,038

XCMG

Construction

Machinery

Co

Ltd

632

153,611

Xiamen

C

&

D,

Inc

231

184,267

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

270

1,356,578

Xinyi

Glass

Holdings

Co

Ltd

2,121

709

*,e

Xometry,

Inc

15

13,988

e

XP

Power

Ltd

351

102,300

Xxentria

Technology

Materials

Corp

229

107,245

Xylem,

Inc

12,078

25,780

YAMABIKO

Corp

280

66,670

Yamazen

Corp

513

2,162,600

Yangzijiang

Shipbuilding

2,406

28,000

*

Yankey

Engineering

Co

Ltd

306

46,800

Yaskawa

Electric

Corp

2,158

165,274

*,g

Yellow

Cake

plc

860

62,979

Yokogawa

Bridge

Holdings

Corp

1,106

13,552

Yuasa

Trading

Co

Ltd

414

2,369

Yunsung

F&C

Co

Ltd

315

55,500

Yurtec

Corp

333

28,415

Zehnder

Group

AG.

2,301

24,900

Zhefu

Holding

Group

Co

Ltd

14

119,663

Zhejiang

Chint

Electrics

Co

Ltd

456

13,092

*

Zhejiang

Dingli

Machinery

Co

Ltd

101

46,500

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

194

79,151

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

224

38,825

Zhuzhou

CRRC

Times

Electric

Co

Ltd

224

480,800

Zhuzhou

CSR

Times

Electric

Co

Ltd

1,796

117,700

*

Zhuzhou

Kibing

Group

Co

Ltd

140

465,039

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

433

31

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,942

Zurn

Water

Solutions

Corp

$

79

TOTAL

CAPITAL

GOODS

9,307,593

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

29,309

ABM

Industries,

Inc

1,250

240,673

ACCO

Brands

Corp

1,254

1,969

*

ACV

Auctions,

Inc

34

247,539

Adecco

S.A.

8,107

15,020

Aeon

Delight

Co

Ltd

321

230,951

AF

AB

3,414

2,195,188

*

Aker

Carbon

Capture

AS.

2,881

185,783

*,e

Aker

Horizons

Holding

ASA

118

1,746,422

*

Alight,

Inc

16,137

95,785

Alpha

Financial

Markets

Consulting

plc

477

380,518

ALS

Ltd

2,843

6,771

Amadeus

Fire

AG

826

26,600

Ambipar

Participacoes

e

Empreendimentos

S

121

231,665

APM

Human

Services

International

ltd

327

284,983

Applus

Services

S.A.

3,063

270,509

Arcadis

NV

11,314

432

e

Aris

Water

Solution,

Inc

4

144,044

*

ASGN

Inc

10,894

7,411

*,e

Aurora

Innovation,

Inc

22

362,288

Automatic

Data

Processing,

Inc

79,627

27,885

Barrett

Business

Services,

Inc

2,432

768,200

BayCurrent

Consulting,

Inc

28,886

33,462

g

Befesa

S.A.

1,279

20,300

Bell

System24

Holdings,

Inc

192

66,800

Benefit

One,

Inc

686

48,847

e

BeNEXT

Group

Inc

717

4,149

Bertrandt

AG.

222

25,189

Bilfinger

Berger

AG.

980

61,500

Binjiang

Service

Group

Co

Ltd

163

54,042

BLS

International

Services

Ltd

137

167,800

Boa

Vista

Servicos

S.A.

278

199,850

Booz

Allen

Hamilton

Holding

Co

22,303

80,102

Boyd

Group

Services,

Inc

15,283

1,183,646

Brambles

Ltd

11,381

166,187

g

Bravida

Holding

AB

1,599

99,938

*

BrightView

Holdings,

Inc

718

43,374

Brink's

Co

2,942

4,641

Broadridge

Financial

Solutions,

Inc

769

15,719

Brunel

International

NV

205

309,699

e

Bureau

Veritas

S.A.

8,497

439

*

CACI

International,

Inc

(Class

A)

150

10,973

Calian

Group

Ltd

510

1,553,645

*

Capita

Group

plc

541

836

*

Casella

Waste

Systems,

Inc

(Class

A)

76

81,358

Caverion

Corp

757

80,606

*

CBIZ,

Inc

4,295

50,700

*,e

Ceco

Environmental

Corp

677

4,558

Cewe

Color

Holding

AG.

454

1,069,000

*,e

China

Conch

Environment

Protection

Holdings

Ltd

314

1,680,085

China

Everbright

International

Ltd

664

9,838

*

Cimpress

plc

585

67,582

Cintas

Corp

33,594

378,969

*

Clarivate

Analytics

plc

3,612

1,030

*

Clean

Harbors,

Inc

169

71,000

*

Cleanaway

Co

Ltd

484

1,819,492

Cleanaway

Waste

Management

Ltd

3,148

50,986

CMS

Info

Systems

Ltd

229

25,590

Computer

Age

Management

Services

Ltd

687

CREF

Stock

Account

June

30,

2023

32

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

593,860

Computershare

Ltd

$

9,268

23,772

Concentrix

Corp

1,920

203,618

*

Conduent,

Inc

692

70,806

g

Coor

Service

Management

Holding

AB

347

346,212

*

Copart,

Inc

31,578

764

*

CoreCivic,

Inc

7

281,460

*

CoStar

Group,

Inc

25,050

156

CRA

International,

Inc

16

306

CSG

Systems

International,

Inc

16

1,320,000

*,†,e

CT

Environmental

Group

Ltd

2

1,417,700

CTOS

Digital

Bhd

423

182,100

Dai

Nippon

Printing

Co

Ltd

5,173

32,700

*

Daiei

Kankyo

Co

Ltd

577

34,965

Daiseki

Co

Ltd

989

4,454

Danel

Adir

Yeoshua

Ltd

316

1,477

Deluxe

Corp

26

319,556

Derichebourg

1,778

28,564

Dip

Corp

713

87,820

DKSH

Holding

AG.

6,537

5,455

*

DO

&

CO

AG.

745

544,284

Downer

EDI

Ltd

1,494

49,051

*

Driven

Brands

Holdings,

Inc

1,327

200,066

Dun

&

Bradstreet

Holdings,

Inc

2,315

33,398

Duskin

Co

Ltd

747

451,000

e

Dynagreen

Environmental

Protection

Group

Co

Ltd

145

18,137

eClerx

Services

Ltd

360

8,914

Ecopro

HN

Co

Ltd

421

30,000

ECOVE

Environment

Corp

307

331,338

Elis

S.A.

6,446

22,920

en-japan,

Inc

396

198,351

Ennis,

Inc

4,042

4,414

Equifax,

Inc

1,039

116,180

*

ExlService

Holdings,

Inc

17,550

1,109,254

Experian

Group

Ltd

42,574

894

Exponent,

Inc

83

29,016

e

Fila

S.p.A

249

108,403

*,†,g

Finablr

plc

1

1,219

*,e

First

Advantage

Corp

19

311,087

Firstsource

Solutions

Ltd

484

97,630

*,e

FiscalNote

Holdings,

Inc

355

26,799

*

Fiverr

International

Ltd

697

227

*

Forrester

Research,

Inc

7

252

*

Franklin

Covey

Co

11

853,200

Frontken

Corp

BHD

579

27,031

*

FTI

Consulting,

Inc

5,141

14,265

e

Fullcast

Co

Ltd

218

28,454

e

Funai

Soken

Holdings,

Inc

504

11,303

*

GDI

Integrated

Facility

Services,

Inc

356

187,006

Genpact

Ltd

7,026

705

*,e

Geo

Group,

Inc

5

218,045

GFL

Environmental,

Inc

8,467

5,914

*

GL

Events

127

274,200

g

GPS

Participacoes

e

Empreendimentos

S.A.

967

19,473

Grupa

Pracuj

S.A.

269

216,410

*

Harsco

Corp

2,136

1,318,722

Hays

plc

1,713

634,884

Healthcare

Services

Group

9,479

664

Heidrick

&

Struggles

International,

Inc

18

7,451

*

Heritage-Crystal

Clean,

Inc

282

40,211

Herman

Miller,

Inc

594

1,037

HNI

Corp

29

31,466

*

Huron

Consulting

Group,

Inc

2,672

33

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

147,907

ICF

International,

Inc

$

18,398

193,564

Indian

Railway

Catering

&

Tourism

Corp

Ltd

1,502

3,927,600

Infomart

Corp

9,034

42,012

Insource

Co

Ltd

347

41,995

Insperity,

Inc

4,996

14,062

*

Insun

ENT

Co

Ltd

93

1,206

Interface,

Inc

11

169,607

Intertek

Group

plc

9,194

123,742

e

Intrum

Justitia

AB

803

70,870

*

ION

Exchange

India

Ltd

358

170,476

IPH

Ltd

894

147,244

ISS

AS

3,115

11,600

JAC

Recruitment

Co

Ltd

210

100,170

Jacobs

Solutions,

Inc

11,909

795,600

Japan

Elevator

Service

Holdings

Co

Ltd

10,467

2,509,633

Johnson

Service

Group

plc

3,289

1,368

*

KAR

Auction

Services,

Inc

21

166,444

KBR,

Inc

10,829

1,195

Kelly

Services,

Inc

(Class

A)

21

17,075

KEPCO

Plant

Service

&

Engineering

Co

Ltd

434

68,751

Kforce,

Inc

4,308

66,508

Kokuyo

Co

Ltd

914

1,043

Korn/Ferry

International

52

10,800

*

Kosaido

Holdings

Co

Ltd

158

41,370

*

Latent

View

Analytics

Ltd

178

2,543

*

Legalzoom.com,

Inc

31

179,622

Leidos

Holdings,

Inc

15,893

2,782

*,e

Li-Cycle

Holdings

Corp

15

423,056

Link

Administration

Holdings

Ltd

472

24,689

e

Link

And

Motivation,

Inc

74

1,391

*

Liquidity

Services,

Inc

23

62,381

Loomis

AB

1,822

15,067

Maharah

Human

Resources

Co

227

7,600

e

Management

Solutions

Co

Ltd

217

51,699

Manpower,

Inc

4,105

53,622

*,e

Marlowe

plc

381

11,962

Matsuda

Sangyo

Co

Ltd

189

111

Matthews

International

Corp

(Class

A)

5

191,478

MAXIMUS,

Inc

16,182

47,042

McMillan

Shakespeare

Ltd

567

59,784

Meitec

Corp

1,032

97,136

*

Meltwater

Holding

BV

162

263,651

Michael

Page

International

plc

1,344

2,200

Midac

Holdings

Co

Ltd

23

28,520

*

Mistras

Group,

Inc

220

1,121,247

Mitie

Group

1,374

27,844

e

Mitsubishi

Pencil

Co

Ltd

325

106,388

*

Montrose

Environmental

Group,

Inc

4,481

29,604

MSA

Safety,

Inc

5,150

4,761,538

My

EG

Services

BHD

767

23,660

NICE

Information

Service

Co

Ltd

184

438,270

Nihon

M&A

Center,

Inc

3,372

12,700

Nippon

Kanzai

Holdings

Co

Ltd

229

153,211

e

Nippon

Parking

Development

Co

Ltd

239

278

NL

Industries,

Inc

2

378,748

Nomura

Co

Ltd

2,603

309

*

NV5

Global

Inc

34

39,028

Okamura

Corp

518

40,700

*

Orizon

Valorizacao

de

Residuos

S.A.

317

100,009

Outsourcing,

Inc

954

107,600

Park24

Co

Ltd

1,463

14,600

Pasona

Group,

Inc

170

CREF

Stock

Account

June

30,

2023

34

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

158,786

Paychex,

Inc

$

17,763

143,634

Persol

Holdings

Co

Ltd

2,599

23,042

e

Pilot

Corp

731

3,501

e

Pitney

Bowes,

Inc

12

676

*,e

Planet

Labs

PBC

2

65,627

Prestige

International,

Inc

278

333,167

e,g

Prosegur

Cash

S.A.

217

501,823

Prosegur

Cia

de

Seguridad

S.A.

891

204

*

Quad

Graphics,

Inc

1

51,175

g

Quess

Corp

Ltd

281

511,006

*,e

Raksul,

Inc

4,819

116,547

Randstad

Holdings

NV

6,147

62,622

e

RB

Global,

Inc

3,757

170,412

e

RB

Global,

Inc

10,227

3,641,671

Recruit

Holdings

Co

Ltd

116,225

2,151,216

RELX

plc

71,766

58,186

*

Renewi

plc

381

2,656,007

Rentokil

Initial

plc

20,767

154,191

Republic

Services,

Inc

23,617

27,971

Resources

Connection,

Inc

439

113,104

Restore

plc

336

38,711

RITES

Ltd

176

43,324

Robert

Half

International,

Inc

3,259

189,754

Rollins,

Inc

8,127

252,755

RWS

Holdings

plc

756

13,937

S1

Corp

(Korea)

566

25,152

Sato

Corp

342

233,737

Saudi

Airlines

Catering

Co

6,178

1,033

Science

Applications

International

Corp

116

94,143

*

Sdiptech

AB

2,334

1,845

e

Seche

Environnement

S.A.

228

168,982

Secom

Co

Ltd

11,436

520,404

Securitas

AB

(B

Shares)

4,274

966,993

Serco

Group

plc

1,912

158,161

SGS

S.A.

14,962

48,935

Shanghai

M&G

Stationery,

Inc

301

100,500

*,†

Shanghai

Youngsun

Investment

Co

Ltd

1

34,894

*

SIS

Ltd

180

221,979

Smart

Metering

Systems

plc

1,944

448,743

SmartGroup

Corp

Ltd

2,377

546,687

SMS

Co

Ltd

10,995

19,651

Societe

BIC

S.A.

1,126

316,500

Sohgo

Security

Services

Co

Ltd

1,792

6,274

*

SP

Plus

Corp

245

824,030

SPIE

S.A.

26,648

51,332

e

S-Pool,

Inc

189

60,000

*

Sporton

International,

Inc

491

4,134

SS&C

Technologies

Holdings,

Inc

251

2,939

Steelcase,

Inc

(Class

A)

23

67,652

*

Stericycle,

Inc

3,142

112,112

Sthree

plc

486

2,211

*

Sungeel

Hitech

Co

Ltd

228

48,350

Sunny

Friend

Environmental

Technology

Co

Ltd

226

502,000

Taiwan

Secom

Co

Ltd

1,847

216,000

Taiwan-Sogo

Shinkong

Security

Corp

287

18,773

Takkt

AG.

285

31,955

e

Talenom

Oyj

254

13,600

*

TDCX,

Inc

(ADR)

108

10,648

*

TeamLease

Services

Ltd

324

979,354

TechnoPro

Holdings,

Inc

21,305

231,814

Teleperformance

38,888

76,741

Tetra

Tech,

Inc

12,566

35

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

163,771

Thomson

Reuters

Corp

$

22,111

19,443

Tinexta

S.p.A

357

63,840

TKC

1,727

197,724

TOMRA

Systems

ASA

3,181

202,400

Toppan

Printing

Co

Ltd

4,374

18,261

*

Trans

Cosmos,

Inc/Japan

454

3,786

TransUnion

297

38,800

TRE

Holdings

Corp

335

106,961

*

TriNet

Group,

Inc

10,158

25,649

*

TrueBlue,

Inc

454

677

TTEC

Holdings,

Inc

23

238

Unifirst

Corp

37

2,511

*

Upwork,

Inc

23

26,099

UT

Group

Co

Ltd

552

361,452

Verisk

Analytics,

Inc

81,699

2,700

*

Verra

Mobility

Corp

53

117,493

*

Viad

Corp

3,158

36,700

*,e

Visional,

Inc

2,039

369

VSE

Corp

20

288,384

Waste

Connections,

Inc

41,219

508,339

Waste

Management,

Inc

88,156

9,900

WDB

Holdings

Co

Ltd

146

5,300

Weathernews,

Inc

245

359

*

Willdan

Group,

Inc

7

294,410

Wolters

Kluwer

NV

37,382

231,000

*,†,e

Youyuan

International

Holdings

Ltd

0

^

74,060

Zhejiang

Weiming

Environment

Protection

Co

Ltd

179

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,418,991

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4.3%

914

*

1-800-FLOWERS.COM,

Inc

(Class

A)

7

145

Aaron's

Co,

Inc

2

27,200

ABC-Mart,

Inc

1,478

317,198

*

Abercrombie

&

Fitch

Co

(Class

A)

11,952

22,145

*,e

About

You

Holding

SE

116

2,800,779

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

2,974

255,580

Academy

Sports

&

Outdoors,

Inc

13,814

286,095

Accent

Group

Ltd

320

7,414,600

*

Ace

Hardware

Indonesia

Tbk

PT

334

20,230

Adastria

Holdings

Co

Ltd

432

48,106

Advance

Auto

Parts,

Inc

3,382

94,574

Ali

Alghanim

Sons

Automotive

Co

KSCC

306

30,950,241

*

Alibaba

Group

Holding

Ltd

322,187

436,913

*,e

Alibaba

Group

Holding

Ltd

(ADR)

36,417

404,744

*,g

Allegro.eu

S.A.

3,189

11,190

e

Alpen

Co

Ltd

154

8,551

AlSaif

Stores

For

Development

&

Investment

Co

213

17,732,018

*

Amazon.com,

Inc

2,311,546

141,036

American

Eagle

Outfitters,

Inc

1,664

205

*

America's

Car-Mart,

Inc

20

399,863

*,e

AO

World

plc

403

124,700

e

AOKI

Holdings,

Inc

762

126,922

AP

Eagers

Ltd

1,148

23,222

Arata

Corp

759

20,676

Arc

Land

Sakamoto

Co

Ltd

226

73,686

*,e

Aritzia,

Inc

2,046

259,348

Arko

Corp

2,062

57,317

*

Arvind

Fashions

Ltd

250

522

*

Asbury

Automotive

Group,

Inc

125

806,128

ASKUL

Corp

11,219

50,075

*,e

ASOS

plc

244

450,000

Aurora

Design

PCL

194

CREF

Stock

Account

June

30,

2023

36

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

82,297

*,g

Auto1

Group

SE

$

764

50,488

Autobacs

Seven

Co

Ltd

537

13,446

*,e

AutoCanada,

Inc

195

14,190

Autohellas

Tourist

and

Trading

S.A.

217

49,774

*

Autonation,

Inc

8,193

15,753

*

AutoZone,

Inc

39,278

1,570,042

B&M

European

Value

Retail

S.A.

11,120

33,132

e,g

B&S

Group

Sarl

142

2,012,474

*,e

Baozun,

Inc

(ADR)

8,030

278,809

Bapcor

Ltd

1,108

4,011

*,e

BARK,

Inc

5

30,960

Bath

&

Body

Works,

Inc

1,161

30,005

Belluna

Co

Ltd

148

2,123,000

Berjaya

Auto

BHD

1,015

161,010

Best

Buy

Co,

Inc

13,195

75,000

e

BIC

CAMERA,

Inc

557

134

e

Big

5

Sporting

Goods

Corp

1

654,570

e

Big

Lots,

Inc

5,780

53,507

Bilia

AB

558

936,644

*

boohoo.com

plc

403

532

*

Boot

Barn

Holdings,

Inc

45

41,443

*,e,g

Boozt

AB

463

537,000

*,†,e

Boshiwa

International

Holding

Ltd

1

168,832

Buckle,

Inc

5,842

110,927

Build-A-Bear

Workshop,

Inc

2,376

50,923,700

*

Bukalapak.com

PT

Tbk

728

319,519

*

Burlington

Stores,

Inc

50,289

1,117

Caleres,

Inc

27

131,301

Camping

World

Holdings,

Inc

3,952

50,683

e

Canadian

Tire

Corp

Ltd

6,929

100,318

Carasso

Motors

Ltd

449

125,887

*

CarMax,

Inc

10,537

950,023

*

CarParts.com,

Inc

4,038

1,105

*

Carvana

Co

29

120,527

Cato

Corp

(Class

A)

968

105,919

*

Ceconomy

AG

266

1,569,265

Central

Retail

Corp

PCL

1,731

3,784

*

Chico's

FAS,

Inc

20

98,941

China

International

Travel

Service

Corp

Ltd

1,510

568,629

China

Meidong

Auto

Holdings

Ltd

659

161,000

e

China

Tobacco

International

HK

Co

Ltd

223

78,000

*,e,g

China

Tourism

Group

Duty

Free

Corp

Ltd

1,058

1,840,000

Chow

Tai

Fook

Jewellery

Group

Ltd

3,318

42,243

Clas

Ohlson

AB

(B

Shares)

317

649

*,e

ContextLogic,

Inc

4

505,166

*

Coupang,

Inc

8,790

8,505

Cuckoo

Homesys

Co

Ltd

152

83,846

DCM

Holdings

Co

Ltd

711

44,565

Delek

Automotive

Systems

Ltd

342

222,277

e

Designer

Brands,

Inc

2,245

5,531

*

Destination

XL

Group,

Inc

27

1,301

Dick's

Sporting

Goods,

Inc

172

22,849

Dieteren

S.A.

4,044

61

e

Dillard's,

Inc

(Class

A)

20

930,189

Dixons

Carphone

plc

618

995,077

Dogan

Sirketler

Grubu

Holdings

378

45,901

Dogus

Otomotiv

Servis

ve

Ticaret

AS

301

768,632

Dohome

PCL

267

1,025,708

Dollarama,

Inc

69,467

326,648

Don

Quijote

Co

Ltd

5,850

15,500

Doshisha

Co

Ltd

250

242,875

*

Dufry

Group

11,078

37

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

228

*

Duluth

Holdings,

Inc

$

1

102,268

Dunelm

Group

plc

1,456

215,771

eBay,

Inc

9,643

59,278

e

EDION

Corp

599

7,146,100

Erajaya

Swasembada

Tbk

PT

227

117,363

*

Etsy,

Inc

9,930

128,467

g

Europris

ASA

857

2,048

*,e

EVgo,

Inc

8

553,000

Far

Eastern

Department

Stores

Co

Ltd

426

25,305

*,e

Farfetch

Ltd

153

135,565

Fast

Retailing

Co

Ltd

34,769

5,899

*,e

Fastned

BV

175

19,375

*

Fawaz

Abdulaziz

Al

Hokair

&

Co

83

19,918

Fielmann

AG.

1,061

26,297

*

Five

Below,

Inc

5,168

84,240

*

Floor

&

Decor

Holdings,

Inc

8,758

9,035

e

Fnac

Darty

SA

338

730

e

Foot

Locker,

Inc

20

259,477

Foschini

Ltd

1,298

6,386

Fox

Wizel

Ltd

525

69

e

Franchise

Group,

Inc

2

117,263

*

Frasers

Group

plc

1,047

607

*,e

Funko,

Inc

7

211,949

*,e

GameStop

Corp

(Class

A)

5,140

548,821

e

Gap,

Inc

4,901

294

*

Genesco,

Inc

7

33,468

Genuine

Parts

Co

5,664

45,100

Geo

Holdings

Corp

574

21,560

*

Go

Fashion

India

Ltd

300

31,161,000

*,†,e

GOME

Electrical

Appliances

Holdings

Ltd

313

3,436,405,000

*

GoTo

Gojek

Tokopedia

Tbk

PT

25,360

376

Group

1

Automotive,

Inc

97

122

*

GrowGeneration

Corp

0

^

50,300

Grupo

SBF

S.A.

140

124

e

Guess?,

Inc

2

51,100

Gulliver

International

Co

Ltd

312

192,252

Halfords

Group

plc

526

116,725

*

Hanwha

Galleria

Co

Ltd

134

451,956

e

Harvey

Norman

Holdings

Ltd

1,051

522

Haverty

Furniture

Cos,

Inc

16

15,500

Hennes

&

Mauritz

AB

(B

Shares)

267

106

e

Hibbett

Sports,

Inc

4

17,100

Hikari

Tsushin,

Inc

2,454

1,132,212

Home

Depot,

Inc

351,710

4,688,267

Home

Product

Center

PCL

1,855

11,140

Hornbach

Holding

AG.

&

Co

KGaA

879

255,482

Hotai

Motor

Co

Ltd

6,686

26,471

Hotel

Shilla

Co

Ltd

1,481

196,200

Hour

Glass

Ltd

291

10,147

Hyundai

Department

Store

Co

Ltd

380

3,902

Hyundai

Home

Shopping

Network

Corp

136

1,927,240

Inchcape

plc

19,073

390,088

*

Indiabulls

Infrastructure

and

Power

Ltd

199

484,102

Industria

De

Diseno

Textil

S.A.

18,777

282,000

Isetan

Mitsukoshi

Holdings

Ltd

2,867

24,200

Izumi

Co

Ltd

577

205,800

J

Front

Retailing

Co

Ltd

1,974

517,665

Jarir

Marketing

Co

2,288

91,540

JB

Hi-Fi

Ltd

2,679

50,349

JD

Sports

Fashion

plc

94

5,311,930

JD.com,

Inc

90,593

7,942

JINS

Holdings,

Inc

165

CREF

Stock

Account

June

30,

2023

38

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,720

Joshin

Denki

Co

Ltd

$

119

37,374

e

Joyful

Honda

Co

Ltd

441

103,560

JUMBO

S.A.

2,848

5,025

K

Car

Co

Ltd

57

21,287

Keiyo

Co

Ltd

119

39,694

Kingfisher

plc

117

5,500

*

Kintetsu

Department

Store

Co

Ltd

97

1,962

Kohl's

Corp

45

18,405

Kohnan

Shoji

Co

Ltd

448

26,452

Komeri

Co

Ltd

539

114,828

K's

Holdings

Corp

1,001

483

*

Lands'

End,

Inc

4

19,418

Leon's

Furniture

Ltd

322

5,013

*

Leslie's,

Inc

47

21,283

Lithia

Motors,

Inc

(Class

A)

6,472

63,566

LKQ

Corp

3,704

797,180

Lojas

Renner

S.A.

3,330

10,077

Lotte

Shopping

Co

Ltd

526

49,465

Lovisa

Holdings

Ltd

640

1,222,311

Lowe's

Companies,

Inc

275,876

283,561

Luk

Fook

Holdings

International

Ltd

728

4,992

Macy's,

Inc

80

73,583,025

*

Magazine

Luiza

S.A.

51,789

21,770

*,e,g

Maisons

du

Monde

S.A.

219

863,300

*

Map

Aktif

Adiperkasa

PT

392

406

*

MarineMax,

Inc

14

3,852,900

Matahari

Department

Store

Tbk

PT

869

83,697

Matas

A.S.

1,234

107,093

Mekonomen

AB

1,107

15,937

*

MercadoLibre,

Inc

18,879

387,500

*

Mercari,

Inc

9,120

86,200

MINISO

Group

Holding

Ltd

(ADR)

1,465

6,657,100

*

Mitra

Adiperkasa

Tbk

PT

751

38,214

Mobilezone

Holding

AG.

586

63,800

momo.com,

Inc

1,414

692

Monro

Muffler,

Inc

28

161,363

*

Moonpig

Group

plc

296

147,038

Motus

Holdings

Ltd

783

1,678,200

g

MR

DIY

Group

M

Bhd

573

194,460

e

Mr

Price

Group

Ltd

1,483

18,943

Murphy

USA,

Inc

5,893

24,045

Musti

Group

Oyj

469

8,300

Nafco

Co

Ltd

109

167,250

Naspers

Ltd

(N

Shares)

30,216

1,257

*

National

Vision

Holdings,

Inc

31

12,309

Next

plc

1,079

37,720

e

Nextage

Co

Ltd

733

60,965

Nick

Scali

Ltd

372

27,435

Nishimatsuya

Chain

Co

Ltd

325

64,843

Nitori

Co

Ltd

7,281

46,224

Nojima

Corp

440

1,221

e

Nordstrom,

Inc

25

250,355

*

ODP

Corp

11,722

271,342

*

Ollie's

Bargain

Outlet

Holdings,

Inc

15,719

81

*,e

OneWater

Marine,

Inc

3

51,798

*

O'Reilly

Automotive,

Inc

49,483

41,182

*

Overstock.com,

Inc

1,341

59,677

*,†,e

Ozon

Holdings

plc

(ADR)

1

478,200

Padini

Holdings

BHD

398

19,128

Pal

Co

Ltd

518

728,615

Paltac

Corp

24,225

15,000

Pan

German

Universal

Motors

Ltd

163

39

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

20,417

Penske

Auto

Group,

Inc

$

3,402

136,202

*,g

Pepco

Group

NV

1,234

1,553,044

g

Pepkor

Holdings

Ltd

1,361

282,600

Pet

Center

Comercio

e

Participacoes

S.A.

388

33,477

Pet

Valu

Holdings

Ltd

768

62,009

*

Petco

Health

&

Wellness

Co,

Inc

552

107

e

PetMed

Express,

Inc

1

405,971

Pets

at

Home

Group

plc

1,942

965,491

*

Pinduoduo,

Inc

(ADR)

66,754

30,913

Pool

Corp

11,581

409,800

e,g

Pop

Mart

International

Group

Ltd

914

42,650

Poya

Co

Ltd

813

380,530

Premier

Investments

Ltd

5,163

844,774

Prosus

NV

61,866

720,600

PTG

Energy

PCL

(Foreign)

248

2,371,700

PTT

Oil

&

Retail

Business

PCL

1,419

33,436

Puuilo

Oyj

264

518,900

*

Rakuten,

Inc

1,808

38,676

*,e

RealReal,

Inc

86

49

*,e

Rent

the

Runway,

Inc

0

^

318

Rent-A-Center,

Inc

10

15,735

Retailors

Ltd

305

999

*,e

Revolve

Group,

Inc

16

14,519

*

RH

4,785

208,727

Ross

Stores,

Inc

23,405

43,914

Rvrc

Holding

AB

135

858,200

Ryohin

Keikaku

Co

Ltd

8,508

1,273,831

*

SA

SA

International

Holdings

Ltd

230

672,947

SACI

Falabella

1,616

108,712

*

Sally

Beauty

Holdings,

Inc

1,343

44,600

Sanrio

Co

Ltd

1,914

23,904

Saudi

Automotive

Services

Co

374

20,302

Saudi

Co

For

Hardware

CJSC

194

260,481

Seria

Co

Ltd

4,161

130,304

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

123

32,400

Shimamura

Co

Ltd

3,064

6,141

Shinsegae

Co

Ltd

833

8,588

Shinsegae

International

Co

Ltd

111

37

Shoe

Carnival,

Inc

1

31,534

*

Shopper's

Stop

Ltd

315

1,007

Signet

Jewelers

Ltd

66

368,300

Singer

Thailand

PCL

94

28,122

g

Sleep

Country

Canada

Holdings,

Inc

609

415

*

Sleep

Number

Corp

11

39,646

*,g

SMCP

S.A.

346

340

Sonic

Automotive,

Inc

(Class

A)

16

124,671

*,e

Sportsman's

Warehouse

Holdings,

Inc

711

919,396

*,e

Stitch

Fix

Inc

3,540

304,002

Super

Group

Ltd

519

735,553

Super

Retail

Group

Ltd

5,628

51,535

e

Synsam

AB

213

2,579

Tadiran

Holdings

Ltd

197

120,851

Takashimaya

Co

Ltd

1,689

12,869

Telepark

Corp

155

63,550

*,e

Temple

&

Webster

Group

Ltd

251

1,715,586

*,e

THG

Holdings

Ltd

1,775

1,447

*,e

ThredUp,

Inc

4

1,199

*,e

Tile

Shop

Holdings,

Inc

7

33,051

*

Tilly's,

Inc

232

3,469,335

TJX

Companies,

Inc

294,165

38,927

e

Tokmanni

Group

Corp

509

15,046,489

g

Topsports

International

Holdings

Ltd

13,091

CREF

Stock

Account

June

30,

2023

40

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,094

*,e

Torrid

Holdings,

Inc

$

17

216,384

Tractor

Supply

Co

47,842

151,388

Trent

Ltd

3,261

299,436

Truworths

International

Ltd

900

68,734

*

Ulta

Beauty,

Inc

32,346

32,740

*

Uni-Select,

Inc

1,163

466,999

e

United

Arrows

Ltd

8,080

29,456

United

Electronics

Co

576

192,275

*

Urban

Outfitters,

Inc

6,370

176,700

USS

Co

Ltd

2,925

1,218,100

*

Via

S

547

965,172

Vibra

Energia

S.A.

3,638

1,576

*

Victoria's

Secret

&

Co

27

608,646

*

Vipshop

Holdings

Ltd

(ADR)

10,043

9,315

V-Mart

Retail

Ltd

251

49,488

VT

Holdings

Co

Ltd

188

1,594

*,e

Warby

Parker,

Inc

19

68,492

Warehouse

Group

Ltd

74

200,078

*,g

Watches

of

Switzerland

Group

plc

1,551

61,656

*,e

Wayfair,

Inc

4,008

932,571

Wesfarmers

Ltd

30,746

201

Weyco

Group,

Inc

5

544,119

WH

Smith

plc

10,728

187,602

Wickes

Group

plc

292

1,180,800

Wilcon

Depot,

Inc

517

52,432

e

Williams-Sonoma,

Inc

6,561

4

Winmark

Corp

1

835,839

Woolworths

Holdings

Ltd

3,169

227,700

e

Workman

Co

Ltd

8,247

430,983

Wuchan

Zhongda

Group

Co

Ltd

294

342,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

250

914,800

Yamada

Denki

Co

Ltd

2,693

111,233

Yellow

Hat

Ltd

1,432

665,286

*,g

Zalando

SE

19,186

630,572

Zhongsheng

Group

Holdings

Ltd

2,421

91,600

ZOZO

Inc

1,900

535

*

Zumiez,

Inc

9

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,936,580

CONSUMER

DURABLES

&

APPAREL

-

2.0%

756,000

*,e

361

Degrees

International

Ltd

360

685

Acushnet

Holdings

Corp

37

222,768

Adidas-Salomon

AG.

43,246

273,352

*

Aditya

Birla

Fashion

and

Retail

Ltd

711

107,255

Aksa

Akrilik

Kimya

Sanayii

298

18,000

Alexander

Marine

Co

Ltd

340

15,040

*

Allbirds,

Inc

19

1,277,040

*

Alok

Industries

Ltd

255

189,800

*

Alpargatas

S.A.

369

13,762

*

Amber

Enterprises

India

Ltd

379

103,307

*,e

AMMO,

Inc

220

1,050,555

Anta

Sports

Products

Ltd

10,795

60,800

Arezzo

Industria

e

Comercio

S.A.

1,004

53,161

Ariston

Holding

NV

562

134,573

Asics

Corp

4,165

86,990

*

Azorim-Investment

Development

&

Construction

Co

Ltd

265

134,699

Bajaj

Electricals

Ltd

2,089

123,100

Bandai

Namco

Holdings

Inc

2,851

20,150

Barratt

Developments

plc

106

52,226

Bata

India

Ltd

1,068

32,486

*

Beazer

Homes

USA,

Inc

919

102,946

Bellway

plc

2,603

41

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

34,096

e

Beneteau

S.A.

$

577

2,308

Berkeley

Group

Holdings

plc

115

29,001

*

Borosil

Ltd

150

3,260,472

Bosideng

International

Holdings

Ltd

1,377

877,390

Bovis

Homes

Group

plc

7,360

81,473

e

Breville

Group

Ltd

1,089

34,214

e

BRP,

Inc

(Toronto)

2,892

28,122

Brunello

Cucinelli

S.p.A

2,476

58,554

Brunswick

Corp

5,073

7,907

Burberry

Group

plc

213

7,820,630

Cairn

Homes

plc

9,899

7,199,671

Cairn

Homes

plc

(London)

9,116

806,319

*

Callaway

Golf

Co

16,005

58,262

*

Campus

Activewear

Ltd

221

49,461

*,e

Canada

Goose

Holdings,

Inc

880

545,579

*

Capri

Holdings

Ltd

19,581

798

Carter's,

Inc

58

157,900

*

Casio

Computer

Co

Ltd

1,301

4,562

*

Cavco

Industries,

Inc

1,346

40,205

*

CCC

S.A.

417

149

Century

Communities,

Inc

11

106,300

Chervon

Holdings

Ltd

423

481,000

China

Lilang

Ltd

258

14,000

e

Chofu

Seisakusho

Co

Ltd

243

249,357

Chow

Sang

Sang

Holding

279

736,910

Cie

Financiere

Richemont

S.A.

125,177

956,000

*

Citychamp

Watch

&

Jewellery

Group

Ltd

134

140

e

Clarus

Corp

1

1,327,535

Coats

Group

plc

1,173

843

Columbia

Sportswear

Co

65

38,798

Coway

Co

Ltd

1,297

189,907

Crest

Nicholson

Holdings

plc

456

1,161

Cricut,

Inc

14

64,940

*

Crocs,

Inc

7,302

2,124,414

Crompton

Greaves

Consumer

Electricals

Ltd

7,510

94,900

Cury

Construtora

e

Incorporadora

S.A.

318

230,500

Cyrela

Brazil

Realty

S.A.

969

18,200

Daiwa

Seiko,

Inc

287

26,539

Danya

Cebus

Ltd

644

21,383

*

Deckers

Outdoor

Corp

11,283

60,139

De'Longhi

S.p.A.

1,315

9,867

Delta-Galil

Industries

Ltd

387

28,602

Descente

Ltd

818

12,925

DI

Dong

Il

Corp

209

92,700

Direcional

Engenharia

S.A.

380

24,585

Dixon

Technologies

India

Ltd

1,318

248,859

DR

Horton,

Inc

30,284

539,323

Dr.

Martens

PLC

840

82,614

*,e

Dream

Finders

Homes,

Inc

2,032

1,085,869

Eclat

Textile

Co

Ltd

17,461

21,600

Ecovacs

Robotics

Co

Ltd

232

1,830

Einhell

Germany

AG.

307

8,296

Electra

Consumer

Products

1970

Ltd

207

183,372

Electrolux

AB

2,506

250,000

Ermenegildo

Zegna

Holditalia

S.p.A

3,170

37,257

ES-Con

Japan

Ltd

213

790

Ethan

Allen

Interiors,

Inc

22

78,200

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

301

14,235

F&F

Co

Ltd

1,298

1,414,689

Feng

TAY

Enterprise

Co

Ltd

8,950

24,654

*,†

FF

Group

0

^

405,200

Fields

Corp

8,452

CREF

Stock

Account

June

30,

2023

42

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

40,154

Fila

Korea

Ltd

$

1,223

697,000

Formosa

Taffeta

Co

Ltd

627

339,999

*,†,e

Fuguiniao

Co

Ltd

0

^

50,021

Fujitsu

General

Ltd

1,093

110,000

Fulgent

Sun

International

Holding

Co

Ltd

489

66,000

Fusheng

Precision

Co

Ltd

469

27,173

Games

Workshop

Group

plc

3,771

64,651

*

Garmin

Ltd

6,742

8,937

Garware

Technical

Fibres

Ltd

339

248,139

Giant

Manufacturing

Co

Ltd

1,841

87,005

*

G-III

Apparel

Group

Ltd

1,677

169,103

Gildan

Activewear,

Inc

5,452

2,893,255

*,g

Glenveagh

Properties

plc

3,536

3,460,973

*,g

Glenveagh

Properties

plc

(London)

4,230

736,000

*,e

Golden

Solar

New

Energy

Technology

Holdings

Ltd

640

19,647

Goldwin,

Inc

1,673

3,002

Golfzon

co

Ltd

265

4,472

*

GoPro,

Inc

19

176,400

Gree

Electric

Appliances,

Inc

of

Zhuhai

888

252

*

Green

Brick

Partners,

Inc

14

241,300

Grendene

S.A.

377

413,800

GRUPO

DE

MODA

SOMA

S.A.

1,037

10,718

Gunze

Ltd

331

2,147,601

Haier

Smart

Home

Co

Ltd

6,773

338,207

Haier

Smart

Home

Co

Ltd

1,095

7,881

Handsome

Co

Ltd

140

37

e

Hanesbrands,

Inc

0

^

36,505

Hangzhou

Robam

Appliances

Co

Ltd

127

12,552

Hansae

Co

Ltd

205

5,846

*

Hanssem

Co

Ltd

193

102,716

Hasbro,

Inc

6,653

201,072

Haseko

Corp

2,478

620

*

Helen

of

Troy

Ltd

67

20,366

Hermes

International

44,270

466,000

*,†

HOSA

International

Ltd

1

2

*

Hovnanian

Enterprises,

Inc

0

^

173,321

Hugo

Boss

AG.

13,547

2,284

Hwaseung

Enterprise

Co

Ltd

16

130,000

Iida

Group

Holdings

Co

Ltd

2,197

75,375

Indo

Count

Industries

Ltd

191

59,168

Installed

Building

Products,

Inc

8,293

560

*

iRobot

Corp

25

35,010

Japan

Wool

Textile

Co

Ltd

253

28,984

*

Jason

Furniture

Hangzhou

Co

Ltd

152

54,189

JM

AB

723

578,000

JNBY

Design

Ltd

628

70,000

Johnson

Health

Tech

Co

Ltd

162

182

Johnson

Outdoors,

Inc

11

1,155,500

*,g

JS

Global

Lifestyle

Co

Ltd

202

12,383

e

Kaufman

&

Broad

S.A.

366

9,739

KB

Home

504

393,804

Kering

217,458

991,000

Kinpo

Electronics

471

6,700

Ki-Star

Real

Estate

Co

Ltd

231

38,000

KMC

Kuei

Meng

International

In

185

785,700

Konka

Group

Co

Ltd

147

59,673

Kontoor

Brands,

Inc

2,512

73,551

KPR

Mill

Ltd

597

45,018

LA

Opala

RG

Ltd

238

368

*

Landsea

Homes

Corp

3

8,180

*

Latham

Group,

Inc

30

390

La-Z-Boy,

Inc

11

43

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

254

*

Legacy

Housing

Corp

$

6

107,018

Leggett

&

Platt,

Inc

3,170

198,840

Lennar

Corp

(Class

A)

24,917

12,684

Lennar

Corp

(Class

B)

1,433

180,358

e

Levi

Strauss

&

Co

2,603

17,373

LF

Corp

225

47,919

LG

Electronics,

Inc

4,638

263

*

LGI

Homes,

Inc

35

2,028,121

Li

Ning

Co

Ltd

10,952

115,190

*,e

Lovesac

Co

3,104

933

*

LPP

S.A.

3,216

186,609

*

Lululemon

Athletica,

Inc

70,632

9,119

*

LUX

Industries

Ltd

168

390,647

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

368,346

379

*

M/I

Homes,

Inc

33

183,000

Makalot

Industrial

Co

Ltd

1,780

78

*

Malibu

Boats,

Inc

5

1,290,984

Man

Wah

Holdings

Ltd

864

6,442

*,†

Mariella

Burani

S.p.A.

0

52,035

e

Marimekko

Oyj

516

217

Marine

Products

Corp

4

84,934

*

MasterCraft

Boat

Holdings,

Inc

2,603

279,953

*

Mattel,

Inc

5,470

119,284

g

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

357

34,785

Maytronics

Ltd

477

971

MDC

Holdings,

Inc

45

355,000

Merida

Industry

Co

Ltd

2,538

722

Meritage

Homes

Corp

103

147,881

Merry

Electronics

Co

Ltd

453

48,783

e

MIPS

AB

2,418

94,400

Mizuno

Corp

2,442

41,488

*

Mohawk

Industries,

Inc

4,280

1,566,282

Moncler

S.p.A

108,368

541

Movado

Group,

Inc

15

223,800

MRV

Engenharia

e

Participacoes

S.A.

541

5,800

Nagawa

Co

Ltd

278

19,486

g

Neinor

Homes

S.A.

196

71,678

*

New

Wave

Group

AB

631

4,292,522

Newell

Brands

Inc

37,345

142,448

Nien

Made

Enterprise

Co

Ltd

1,570

1,567,002

Nike,

Inc

(Class

B)

172,950

1,888,900

Nikon

Corp

24,523

141,221

e

Nobia

AB

179

12,685

*

NVR,

Inc

80,558

633,162

*

On

Holding

AG.

20,894

64,100

Open

House

Co

Ltd

2,314

20,832

Oppein

Home

Group,

Inc

275

126,391

Orient

Electric

Ltd

369

751,576

g

OVS

S.p.A

2,086

14,753

Oxford

Industries,

Inc

1,452

772,778

Pacific

Textile

Holdings

Ltd

181

4,982

Page

Industries

Ltd

2,291

1,932,989

Panasonic

Corp

23,702

1,890

Pandora

AS

169

402,000

*,†

Peace

Mark

Holdings

Ltd

0

284,175

*,e

Peloton

Interactive,

Inc

2,185

6,440

Persimmon

PLC

84

20,656

*,†

PIK

Group

(GDR)

0

^

43,432

e

Polaris

Inc

5,252

1,844,006

Pou

Chen

Corp

1,869

7,220,540

Prada

S.p.A

48,582

22,485

Pressance

Corp

317

CREF

Stock

Account

June

30,

2023

44

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

234,123

Pulte

Homes,

Inc

$

18,187

2,334

Puma

AG.

Rudolf

Dassler

Sport

141

165,363

e

Purple

Innovation,

Inc

460

1,516

PVH

Corp

129

579,000

e

Q

Technology

Group

Co

Ltd

229

44,000

Quang

Viet

Enterprise

Co

Ltd

176

50,297

Rajesh

Exports

Ltd

336

984

Ralph

Lauren

Corp

121

25,195

Raymond

Ltd

522

1,054,332

Redrow

plc

5,919

43,517

Relaxo

Footwears

Ltd

483

85,900

Rinnai

Corp

1,874

177

Rocky

Brands,

Inc

4

9,500

Roland

Corp

274

559,027

Ruentex

Industries

Ltd

1,083

6,814

Safari

Industries

India

Ltd

247

208,136

*

Safilo

Group

S.p.A.

282

50,013

e

Salvatore

Ferragamo

Italia

S.p.A

824

38,424

Sangetsu

Co

Ltd

664

233,100

Sankyo

Co

Ltd

9,428

9,954

Sanlorenzo

S.p.A

428

26,319

SEB

S.A.

2,722

238,900

Sega

Sammy

Holdings,

Inc

5,118

24,800

Seiko

Holdings

Corp

449

283,800

Sekisui

Chemical

Co

Ltd

4,100

631,700

Sekisui

House

Ltd

12,760

183,200

e

Sharp

Corp

1,027

30,636

*

Sheela

Foam

Ltd

453

705,438

Shenzhou

International

Group

Holdings

Ltd

6,775

61,599

Shimano,

Inc

10,312

53,162

*

Skechers

U.S.A.,

Inc

(Class

A)

2,800

1,203

*

Skyline

Champion

Corp

79

1,251,504

Skyworth

Digital

Holdings

Ltd

554

1,444

Smith

&

Wesson

Brands,

Inc

19

623

*,e

Snap

One

Holdings

Corp

7

23,400

e

Snow

Peak,

Inc

305

113,100

*,e

Solo

Brands,

Inc

640

2,014

*

Sonos,

Inc

33

3,101,422

Sony

Corp

279,966

74,384

e,g

Spin

Master

Corp

1,968

1,030,000

Stella

International

Holdings

Ltd

973

518,878

Steven

Madden

Ltd

16,962

43

Sturm

Ruger

&

Co,

Inc

2

124,097

Sumitomo

Forestry

Co

Ltd

3,014

802

*

Swatch

Group

AG.

235

14,878

Symphony

Ltd

163

1,003,000

Tainan

Spinning

Co

Ltd

532

175,000

Taiwan

Paiho

Ltd

306

13,700

Tama

Home

Co

Ltd

315

57,628

e

Tamron

Co

Ltd

1,614

72,077

Tapestry,

Inc

3,085

65,133

*

Taylor

Morrison

Home

Corp

3,177

5,531,364

Taylor

Wimpey

plc

7,226

821,000

TCL

Multimedia

Technology

Holdings

Ltd

428

1,078,629

TCL

Technology

Group

Corp

586

105,233

g

Technogym

S.p.A

974

133,118

Tempur

Sealy

International,

Inc

5,334

319,500

Texhong

Textile

Group

Ltd

211

87,219

e,g

Thule

Group

AB

2,566

303,574

Titan

Industries

Ltd

11,303

7,920

*

Tod's

S.p.A.

332

5,490

Token

Corp

284

45

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

87,226

Toll

Brothers,

Inc

$

6,897

73,101

Tomy

Co

Ltd

921

54,193

*

TopBuild

Corp

14,416

41,000

Topkey

Corp

255

521,165

*,e

Traeger,

Inc

2,215

1,412

*

TRI

Pointe

Homes,

Inc

46

1,051,807

Trident

Ltd

427

44,648

TTK

Prestige

Ltd

409

358,356

*

Under

Armour,

Inc

(Class

A)

2,587

727,343

*

Under

Armour,

Inc

(Class

C)

4,880

303,543

*

Universal

Entertainment

Corp

5,171

47,259

Vaibhav

Global

Ltd

178

82,419

*

Vardhman

Textiles

Ltd

369

323,152

*

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

153

75,616

*

Vestel

Elektronik

Sanayi

166

287,000

*

Vesync

Co

Ltd

111

150,296

VF

Corp

2,869

52,526

*,e

Victoria

plc

393

52,655

VIP

Industries

Ltd

395

223

*

Vista

Outdoor,

Inc

6

3,168,000

*

Viva

China

Holdings

Ltd

580

100,900

Vivara

Participacoes

S.A.

600

2,598

*,e

Vizio

Holding

Corp

18

77,900

Vulcabras

Azaleia

S.A.

281

279

*,e

Vuzix

Corp

1

2,428

*,e

V-ZUG

Holding

AG.

194

37,213

Wacoal

Holdings

Corp

749

170,540

Welspun

India

Ltd

192

282,558

Whirlpool

Corp

42,042

28,916

*

Whirlpool

of

India

Ltd

520

198

Wolverine

World

Wide,

Inc

3

1,209,000

e

XTEP

International

Holdings

1,238

116,100

Yamaha

Corp

4,472

332,290

*

YETI

Holdings,

Inc

12,906

107,409

e

YIT

Oyj

250

257,900

Yonex

Co

Ltd

2,496

17,645

Youngone

Corp

866

4,197

Youngone

Holdings

Co

Ltd

247

651,500

Yue

Yuen

Industrial

Holdings

853

22,113

Zhejiang

Supor

Co

Ltd

152

8,743

Zinus,

Inc

182

29,400

Zojirushi

Corp

363

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,339,839

CONSUMER

SERVICES

-

2.8%

349,058

*

888

Holdings

plc

436

59,162

g

AcadeMedia

AB

276

1,187

*

Accel

Entertainment,

Inc

13

370,583

Accor

S.A.

13,790

162,904

ADT,

Inc

982

664

*

Adtalem

Global

Education,

Inc

23

1,700

Adventure,

Inc

117

311,346

*

Airbnb,

Inc

39,902

143,000

*

Airtrip

Corp

2,783

9,590

Alamar

Foods

335

425,200

*

Alsea

SAB

de

C.V.

1,379

927,627

*

Amadeus

IT

Holding

S.A.

70,639

2,130,918

Americana

Restaurants

International

plc

2,454

79,143

*

AmRest

Holdings

SE

448

4,600

ARAMARK

Holdings

Corp

198

12,460

e

ARCLAND

SERVICE

Co

Ltd

253

8,812,494

a,e

Arcos

Dorados

Holdings,

Inc

90,328

CREF

Stock

Account

June

30,

2023

46

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

477,755

Aristocrat

Leisure

Ltd

$

12,361

5,388,568

Asset

World

Corp

PCL

752

16,650

Ataa

Educational

Co

344

106,400

*,e

Atom

Corp

630

235,184

*

Auction

Technology

Group

plc

2,234

15,000

Bafang

Yunji

International

Co

Ltd

86

66

*

Bally's

Corp

1

22,855

*

Barbeque

Nation

Hospitality

Ltd

184

45,953

*,e,g

Basic-Fit

NV

1,757

58,600

Benesse

Holdings,

Inc

749

772,472

Berjaya

Sports

Toto

BHD

220

417,597

*

Betsson

AB

4,447

27

*,e

Biglari

Holdings,

Inc

(B

Shares)

5

774

*

BJ's

Restaurants,

Inc

25

2,924,900

*

Bloomberry

Resorts

Corp

589

249,030

Bloomin'

Brands,

Inc

6,696

109

e

Bluegreen

Vacations

Holding

Corp

4

132,259

*

Booking

Holdings,

Inc

357,143

405,884

*,e

Bowlero

Corp

4,724

132,136

Boyd

Gaming

Corp

9,166

46,367

*

Bright

Horizons

Family

Solutions

4,287

122,989

*

Brinker

International,

Inc

4,501

28,600

BTG

Hotels

Group

Co

Ltd

75

276,062

*

Burger

King

India

Ltd

363

164,788

*

Caesars

Entertainment,

Inc

8,399

238,000

Cafe

de

Coral

Holdings

Ltd

305

329,435

Cairo

Investment

&

Real

Estate

Development

Co

SAE

112

1,827,785

*

Carnival

Corp

34,417

379,031

*

Carnival

plc

6,333

153

Carriage

Services,

Inc

5

254,029

*,e

Cava

Group,

Inc

10,402

377,500

*

Central

Plaza

Hotel

PCL

528

3,579

*

Century

Casinos,

Inc

25

65,027

*

Chalet

Hotels

Ltd

341

1,227

Cheesecake

Factory

42

688

*

Chegg,

Inc

6

491,000

e,g

China

East

Education

Holdings

Ltd

190

849,000

e

China

Education

Group

Holdings

Ltd

664

2,128,000

*,†

China

Maple

Leaf

Educational

Systems

Ltd

3

4,070,000

g

China

New

Higher

Education

Group

Ltd

1,217

1,836,000

*,e

China

Travel

International

Inv

HK

359

37,917

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

81,104

26,045

e

Choice

Hotels

International,

Inc

3,061

58,528

Churchill

Downs,

Inc

8,145

17,731

*,e

Chuy's

Holdings,

Inc

724

32,464

Cie

des

Alpes

490

3,752,000

*

Cogna

Educacao

2,554

1,356,226

Collins

Foods

Ltd

8,920

57,700

e

Colowide

Co

Ltd

817

2,659,074

Compass

Group

plc

74,462

100,886

Corporate

Travel

Management

Ltd

1,211

2,403

*

Coursera,

Inc

31

604

e

Cracker

Barrel

Old

Country

Store,

Inc

56

95,600

Create

Restaurants

Holdings,

Inc

648

30,200

Curves

Holdings

Co

Ltd

158

195,429

Dadi

Early-Childhood

Education

Group

Ltd

628

181,300

*

Dalata

Hotel

Group

plc

919

48,169

Darden

Restaurants,

Inc

8,048

192

*

Dave

&

Buster's

Entertainment,

Inc

9

799,101

*,g

Deliveroo

plc

1,162

181,006

*,g

Delivery

Hero

AG.

7,986

52,117

Delta

Corp

Ltd

162

47

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

46,700

*,e

Demae-Can

Co

Ltd

$

132

260,636

*

Denny's

Corp

3,211

248,061

*

Devyani

International

Ltd

571

56

Dine

Brands

Global

Inc.

3

55,985

Domino's

Pizza

Enterprises

Ltd

1,740

330,155

Domino's

Pizza

Group

plc

1,157

138,970

Domino's

Pizza,

Inc

46,831

121,712

*

DoorDash,

Inc

9,301

7,100

DoubleUGames

Co

Ltd

228

72,718

Doutor

Nichires

Holdings

Co

Ltd

1,065

291,671

*

DraftKings,

Inc

7,750

107,915

*

Duolingo,

Inc

15,425

32,591

*

Dur

Hospitality

Co

242

229,289

*

Easy

Trip

Planners

Ltd

114

416,000

e

EC

Healthcare

222

73,055

*

eDreams

ODIGEO

S.A.

524

157,036

*

EIH

Ltd

407

680

El

Pollo

Loco

Holdings,

Inc

6

113,436

*,e,g

Elior

Participations

S.C.A

325

47,786

*

Emerson

Pacific,

Inc

256

672,149

Entain

PLC

10,868

2,018,200

*

Erawan

Group

PCL

275

818

*,e

European

Wax

Center,

Inc

15

1,279,362

*

Everi

Holdings,

Inc

18,500

380,221

g

Evolution

Gaming

Group

AB

48,183

227,383

*

Expedia

Group,

Inc

24,873

5,796

*

Fattal

Holdings

1998

Ltd

564

92,781

*

First

Watch

Restaurant

Group,

Inc

1,568

144,252

*,e

Flight

Centre

Travel

Group

Ltd

1,839

375,911

*

Flutter

Entertainment

plc

75,553

214,174

*

Flutter

Entertainment

plc

43,105

52,000

Formosa

International

Hotels

Corp

434

177,400

*,g

Fosun

Tourism

Group

168

60,010

*

frontdoor,

Inc

1,914

2,595,000

Fu

Shou

Yuan

International

Group

Ltd

1,790

18,499

Fuji

Kyuko

Co

Ltd

711

5,400

*,e

Fujio

Food

System

Co

Ltd

55

4,279

*

Full

House

Resorts,

Inc

29

701,323

G8

Education

Ltd

488

1,886,608

*

Galaxy

Entertainment

Group

Ltd

12,019

1,802,897

Genting

BHD

1,571

2,409,881

Genting

Malaysia

BHD

1,272

5,018,412

Genting

Singapore

Ltd

3,499

134

*

Golden

Entertainment,

Inc

6

978,000

Gourmet

Master

Co

Ltd

4,517

24

Graham

Holdings

Co

14

24,858

*

Grand

Canyon

Education,

Inc

2,566

28,765

*

Grand

Korea

Leisure

Co

Ltd

358

543,591

Greggs

plc

17,659

272,639

H&R

Block,

Inc

8,689

2,837,000

*,e,g

Haichang

Ocean

Park

Holdings

Ltd

432

1,439,776

e,g

Haidilao

International

Holding

Ltd

3,184

10,172

*

Hana

Tour

Service,

Inc

396

206,989

Heiwa

Corp

3,600

370,500

*,e

Helens

International

Holdings

Co

ltd

363

11,338

Herfy

Food

Services

Co

113

19,537

Hiday

Hidaka

Corp

319

42,775

*

Hilton

Grand

Vacations,

Inc

1,944

758,100

Hilton

Worldwide

Holdings,

Inc

110,341

48,828

*

HIS

Co

Ltd

692

3,494,000

e,g

Hope

Education

Group

Co

Ltd

233

233,000

Huangshan

Tourism

Development

Co

Ltd

175

CREF

Stock

Account

June

30,

2023

48

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

168,355

*

Huazhu

Group

Ltd

(ADR)

$

6,529

196,283

Humansoft

Holding

Co

KSC

2,370

37,499

Hyatt

Hotels

Corp

4,297

13,379

*

Hyundai

Green

Food

130

11,900

Ichibanya

Co

Ltd

451

270,575

IDP

Education

Ltd

4,007

750,122

Indian

Hotels

Co

Ltd

3,597

113,968

*

Inspired

Entertainment,

Inc

1,676

181,786

InterContinental

Hotels

Group

plc

12,566

686,191

International

Game

Technology

plc

21,883

107,184

Invocare

Ltd

902

496

Jack

in

the

Box,

Inc

48

815,000

e,g

Jiumaojiu

International

Holdings

Ltd

1,340

354,513

Jollibee

Foods

Corp

1,538

317,830

Jubilant

Foodworks

Ltd

1,947

416,108

Jumbo

Interactive

Ltd

3,971

220,543

*,g

Just

Eat

Takeaway.com

NV

3,381

68,824

*

Kambi

Group

plc

1,266

64,823

Kangwon

Land,

Inc

858

14,970

*

Kappa

Create

Co

Ltd

159

34,700

Kentucky

Fried

Chicken

Japan

Ltd

684

287,758

Kindred

Group

plc

3,062

18,500

Kisoji

Co

Ltd

312

38,000

KOMEDA

Holdings

Co

Ltd

716

350,000

*,e,g

Koolearn

Technology

Holding

Ltd

1,144

41,094

Koshidaka

Holdings

Co

Ltd

344

1,800

e

Krispy

Kreme,

Inc

26

17,804

e

Kura

Corp

377

34

*,e

Kura

Sushi

USA,

Inc

3

25,883

e

Kyoritsu

Maintenance

Co

Ltd

984

110,900

g

La

Francaise

des

Jeux

SAEM

4,365

3,027,259

*

Las

Vegas

Sands

Corp

175,581

756,753

Laureate

Education,

Inc

9,149

20,066

Leejam

Sports

Co

JSC

693

279,607

*,g

Lemon

Tree

Hotels

Ltd

320

120,370

*

Life

Time

Group

Holdings,

Inc

2,368

853

*

Lindblad

Expeditions

Holdings,

Inc

9

15,500

LITALICO,

Inc

251

30,756

*

Lotte

Tour

Development

Co

Ltd

246

1,835,784

Lottery

Corp

Ltd

6,294

632,000

Lung

Yen

Life

Service

Corp

746

837,100

Magnum

BHD

178

68,987

*

Mahindra

Holidays

&

Resorts

India

Ltd

253

249,467

Marriott

International,

Inc

(Class

A)

45,825

21,708

Marriott

Vacations

Worldwide

Corp

2,664

4,600

e

Matsuya

Foods

Co

Ltd

132

1,810,236

McDonald's

Corp

540,192

61,000

e

McDonald's

Holdings

Co

Japan

Ltd

2,372

5,998

MegaStudyEdu

Co

Ltd

237

5,148,340

*,g

Meituan

Dianping

(Class

B)

80,731

3,603,940

*

Melco

Crown

Entertainment

Ltd

(ADR)

44,004

537,817

*

Melco

International

Development

501

87,043

*

Melia

Hotels

International

S.A.

605

526,154

MGM

Resorts

International

23,109

2,627,100

Minor

International

PCL

2,544

60,792

*,e

Mister

Car

Wash,

Inc

587

225,890

*

Mitchells

&

Butlers

plc

587

411,500

MK

Restaurants

Group

PCL

537

11,365

Monarch

Casino

&

Resort,

Inc

801

25,002

Monogatari

Corp

607

97,300

e

MOS

Food

Services,

Inc

2,183

15,686

e

MTY

Food

Group,

Inc

717

49

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,030

National

Co

for

Learning

&

Education

$

345

430,500

*,e

Nayuki

Holdings

Ltd

299

8,690

*

NEOGAMES

S.A.

227

512,855

*,e

Nerdy,

Inc

2,139

1,320,540

*

New

Oriental

Education

&

Technology

Group,

Inc

5,205

61,234

*,†

NIIT

Learning

Systems

Ltd

229

100,019

*

Noodles

&

Co

338

328,653

*,e

Norwegian

Cruise

Line

Holdings

Ltd

7,155

296,200

*

Offcn

Education

Technology

Co

Ltd

192

40,900

Ohsho

Food

Service

Corp

1,904

537

*

ONE

Group

Hospitality,

Inc

4

144,981

*

OneSpaWorld

Holdings

Ltd

1,754

155,274

OPAP

S.A.

2,708

4,884

*,e

Open

Door,

Inc

44

1,627,545

Oriental

Land

Co

Ltd

63,451

168,926

Papa

John's

International,

Inc

12,472

41,856

*

Paradise

Co

Ltd

451

26,171

Park

Lawn

Corp

481

38,470

*,†

Patisserie

Holdings

plc

0

^

83,744

*

Penn

National

Gaming,

Inc

2,012

2,315

*

Perdoceo

Education

Corp

28

404,000

Perfect

Shape

Medical

Ltd

201

72,674

*

Pierre

&

Vacances

128

67,248

*

Planet

Fitness,

Inc

4,535

158,440

*

PlayAGS,

Inc

895

182,868

*

Playtech

Ltd

1,370

11,836

e

Pollard

Banknote

Ltd

230

459,993

*,e

Portillo's,

Inc

10,364

233,124

*

Rank

Group

plc

262

199

RCI

Hospitality

Holdings,

Inc

15

50,510

*

Red

Robin

Gourmet

Burgers,

Inc

699

52,249

Red

Rock

Resorts,

Inc

2,444

540,100

Resorttrust,

Inc

8,016

194,052

e

Restaurant

Brands

International,

Inc

15,043

275,212

Restaurant

Brands

International,

Inc

(Toronto)

21,338

14,000

Ringer

Hut

Co

Ltd

244

799,600

Riso

Kyoiku

Co

Ltd

1,464

186,183

Round

One

Corp

737

44,680

*

Rover

Group,

Inc

219

210,608

*

Royal

Caribbean

Cruises

Ltd

21,848

25,700

*,e

Royal

Holdings

Co

Ltd

471

79,532

*

Rush

Street

Interactive,

Inc

248

8,853

*,e

Sabre

Corp

28

23,000

Saizeriya

Co

Ltd

585

2,911,567

*

Sands

China

Ltd

9,971

24,963

*

Sapphire

Foods

India

Ltd

419

132,857

*,e,g

Scandic

Hotels

Group

AB

539

1,803

*

Scientific

Games

Corp

(Class

A)

124

967

*

SeaWorld

Entertainment,

Inc

54

121,591

*

Seera

Group

Holding

862

29,684

Seobu

Truck

Terminal

Co

Ltd

169

119,195

Service

Corp

International

7,699

781

*

Shake

Shack,

Inc

61

40,639

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

237

1,034,000

*

Shangri-La

Asia

Ltd

793

486,072

Shenzhen

Overseas

Chinese

Town

Co

Ltd

295

192,900

SISB

PCL

206

1,079

*

Six

Flags

Entertainment

Corp

28

2,107,000

*,e

SJM

Holdings

Ltd

901

38,325

e

SkiStar

AB

410

188,182

e

Skylark

Co

Ltd

2,353

186,900

*

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

839

CREF

Stock

Account

June

30,

2023

50

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

92,654

Sodexho

Alliance

S.A.

$

10,203

134,614

Songcheng

Performance

Development

Co

Ltd

231

655,587

*

SSP

Group

plc

2,088

1,265,768

*

Star

Entertainment

Grp

Ltd

978

2,064,632

Starbucks

Corp

204,522

85

Strategic

Education,

Inc

6

245,330

*

Stride,

Inc

9,134

58,857

*

Super

Group

SGHC

Ltd

171

131,000

*

Super

Hi

International

Holding

Ltd

255

92,593

Sushiro

Global

Holdings

Ltd

1,810

699

*,e

Sweetgreen,

Inc

9

248,745

*

Taaleem

Holdings

PSC

274

1,792,516

Tabcorp

Holdings

Ltd

1,330

389,083

*,e

TAL

Education

Group

(ADR)

2,319

2,226

*,e

Target

Hospitality

Corp

30

76,994

Texas

Roadhouse,

Inc

(Class

A)

8,645

27,722

*,e

TH

International

Ltd

80

1,085,000

Tianli

Education

International

Holdings

Ltd

289

374,285

e

Tokyotokeiba

Co

Ltd

10,224

492,820

*

Tongcheng-Elong

Holdings

Ltd

1,035

37,959

Toridoll.corp

827

384,118

*,g

Trainline

plc

1,273

63,334

Travel

&

Leisure

Co

2,555

460,219

Travelsky

Technology

Ltd

784

471,050

*

Trip.com

Group

Ltd

16,444

248,738

*

Trip.com

Group

Ltd

(ADR)

8,706

380,005

*

TUI

AG.

2,696

1,516

*,e

Udemy,

Inc

16

4,446

*

Universal

Technical

Institute,

Inc

31

31,966

Vail

Resorts,

Inc

8,048

317,936

*

Webjet

Ltd

1,470

161,227

e

Wendy's

3,507

51,621

*

Westlife

Development

Ltd

539

74,090

*

Wetherspoon

(J.D.)

plc

633

211,806

Whitbread

plc

9,117

1,283

Wingstop,

Inc

257

51,000

Wowprime

Corp

523

4,181

*,e

WW

International

Inc

28

573,307

Wyndham

Hotels

&

Resorts,

Inc

39,312

36,771,000

*,e

Wynn

Macau

Ltd

33,583

303,380

Wynn

Resorts

Ltd

32,040

538,500

g

Xiabuxiabu

Catering

Management

China

Holdings

Co

Ltd

254

31,993

*

Xponential

Fitness,

Inc

552

198,900

*

YDUQS

Part

823

53,419

e

Yoshinoya

D&C

Co

Ltd

947

22,600

*

Youdao,

Inc

(ADR)

109

16,727

Young

&

Co's

Brewery

plc

255

455,046

Yum

China

Holdings,

Inc

25,710

430,770

Yum!

Brands,

Inc

59,683

76,022

Zensho

Co

Ltd

3,380

3,607,015

*

Zomato

Ltd

3,309

TOTAL

CONSUMER

SERVICES

3,154,528

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

1,587,390

Abdullah

Al

Othaim

Markets

Co

5,933

524,800

Aeon

Co

Ltd

10,746

27,600

e

Aeon

Hokkaido

Corp

167

20,283

Ain

Pharmaciez

Inc

716

76,556

Al

Meera

Consumer

Goods

Co

295

286,263

Albertsons

Cos,

Inc

6,246

27,877

Al-Dawaa

Medical

Services

Co

736

1,983,829

*,e

Alibaba

Health

Information

Technology

Ltd

1,201

51

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,930,705

Alimentation

Couche-Tard,

Inc

$

99,002

14,871

Almunajem

Foods

Co

261

34,769

Andersons,

Inc

1,605

33,079

Arcs

Co

Ltd

566

5,899,395

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

13,799

135,518

*,g

Avenue

Supermarts

Ltd

6,440

90,216

Axfood

AB

1,909

14,655

Axial

Retailing,

Inc

369

8,300

Belc

Co

Ltd

370

828,812

Berli

Jucker

PCL

814

6,915

BGF

retail

Co

Ltd

919

294,493

Bid

Corp

Ltd

6,467

396,965

BIM

Birlesik

Magazalar

AS

2,601

18,476

BinDawood

Holding

Co

366

470,415

*

BJ's

Wholesale

Club

Holdings,

Inc

29,641

12,974

Carrefour

S.A.

246

29,743

Casey's

General

Stores,

Inc

7,254

6,151

Cawachi

Ltd

94

1,099,746

Cencosud

S.A.

2,131

343,501

*

Chefs'

Warehouse

Holdings,

Inc

12,284

13,379,900

*

Cia

Brasileira

de

Distribuicao

52,282

195,546

Clicks

Group

Ltd

2,715

1,066,314

Coles

Group

Ltd

13,093

49,751

e

Colruyt

S.A.

1,855

17,100

Cosmos

Pharmaceutical

Corp

1,734

903,418

Costco

Wholesale

Corp

486,382

5,020,416

CP

ALL

plc

8,862

1,807,600

CP

Axtra

PCL

1,800

24,600

Create

SD

Holdings

Co

Ltd

607

38,800

*

Dada

Nexus

Ltd

(ADR)

206

2,618

Daikokutenbussaan

Co

Ltd

97

70,141

DaShenLin

Pharmaceutical

Group

Co

Ltd

271

72,900

*,e

DingDong

Cayman

Ltd

(ADR)

225

41,592

*,g

Dino

Polska

S.A.

4,859

312,561

g

Dis-Chem

Pharmacies

Ltd

392

16,397,216

*

Distribuidora

Internacional

de

Alimentacion

S.A.

256

747,594

Dollar

General

Corp

126,927

237,008

*

Dollar

Tree,

Inc

34,011

30,720

Dongsuh

Co,

Inc

444

14,775

E-Mart

Co

Ltd

865

146,474

Empire

Co

Ltd

4,161

1,086,464

Endeavour

Group

Ltd

4,573

53,148

Eurocash

S.A.

224

19,900

Fuji

Co

Ltd

252

24,400

G-7

Holdings,

Inc

223

8,600

Genky

DrugStores

Co

Ltd

264

59,060

George

Weston

Ltd

6,982

183,060

GrainCorp

Ltd-A

958

45,308

*

Great

Tree

Pharmacy

Co

Ltd

552

69,962

*

Grocery

Outlet

Holding

Corp

2,142

425,200

*

Grupo

Mateus

S.A.

703

34,485

GS

Retail

Co

Ltd

601

6,100

Halows

Co

Ltd

165

71,125

Hankyu

Department

Stores,

Inc

727

21,858

Heiwado

Co

Ltd

327

910,620

*

HelloFresh

SE

22,522

1,217

*

HF

Foods

Group

Inc

6

503,000

e

Hong

Kong

Television

Network

Ltd

287

13,800

e

Inageya

Co

Ltd

143

102

Ingles

Markets,

Inc

(Class

A)

8

2,770

Itochu-Shokuhin

Co

Ltd

100

31,071

J

Sainsbury

plc

106

CREF

Stock

Account

June

30,

2023

52

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

466,050

*,e,g

JD

Health

International,

Inc

$

2,960

1,444,263

Jeronimo

Martins

SGPS

S.A.

39,787

19,923

Kato

Sangyo

Co

Ltd

547

214,735

Kesko

Oyj

(B

Shares)

4,044

28,700

Kobe

Bussan

Co

Ltd

745

356,355

Koninklijke

Ahold

Delhaize

NV

12,149

113,703

Kroger

Co

5,344

13,834

Kusuri

no

Aoki

Holdings

Co

Ltd

780

391,900

e

La

Comer

SAB

de

C.V.

862

39,600

Lawson,

Inc

1,756

16,796

Life

Corp

357

150,652

Loblaw

Cos

Ltd

13,792

5,635

M

Yochananof

&

Sons

Ltd

251

1,647,167

*

Marks

&

Spencer

Group

plc

4,038

23,973

MARR

S.p.A.

368

93,800

Matsumotokiyoshi

Holdings

Co

Ltd

5,269

25,100

Maxvalu

Tokai

Co

Ltd

479

40,870

*

Medplus

Health

Services

Ltd

386

742,821

Metcash

Ltd

1,865

118,903

*

Metro

Wholesale

&

Food

Specialist

AG.

966

219,038

Metro,

Inc

12,371

580,952

Migros

Ticaret

AS

4,747

35,434

Nahdi

Medical

Co

1,613

1,529

Natural

Grocers

by

Vitamin

C

19

20,979

e

Neighbourly

Pharmacy,

Inc

253

39,143

e

North

West

Co,

Inc

928

18,225

*,e

Ocado

Ltd

132

23,300

*,e

Oisix

ra

daichi,

Inc

401

782,344

e

Olam

Group

Ltd

807

398,422

*

Performance

Food

Group

Co

24,001

1,660,871

e

Pick'n

Pay

Stores

Ltd

3,431

203,159

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

492

515,195

President

Chain

Store

Corp

4,678

272

Pricesmart,

Inc

20

14,846,600

PT

Sumber

Alfaria

Trijaya

Tbk

2,558

740,700

Puregold

Price

Club,

Inc

395

1,090,624

Raia

Drogasil

S.A.

6,742

23,158

Rami

Levi

Chain

Stores

Hashikma

Marketing

Ltd

1,374

17,112

e

Retail

Partners

Co

Ltd

189

726,550

Robinsons

Retail

Holdings,

Inc

720

34,241

Ryoshoku

Ltd

883

15,900

San-A

Co

Ltd

503

15,771,579

Sendas

Distribuidora

S.A.

45,290

835,669

Seven

&

I

Holdings

Co

Ltd

36,103

2,271,610

Sheng

Siong

Group

Ltd

2,756

9,911

Shoei

Foods

Corp

295

12,715

*,g

Shop

Apotheke

Europe

NV

1,317

423,482

Shoprite

Holdings

Ltd

5,079

724,007

*

Shufersal

Ltd

3,796

18,254

Sligro

Food

Group

NV

314

2,683,021

SMU

S.A.

472

1,695,906

Sok

Marketler

Ticaret

AS.

2,171

696,771

Sonae

SPGS

S.A.

685

160,804

e

Spar

Group

Ltd

897

20,178

SpartanNash

Co

454

2,825

*

Sprouts

Farmers

Market,

Inc

104

25,896

Sugi

Pharmacy

Co

Ltd

1,157

317,400

Sundrug

Co

Ltd

9,415

199,809

SYSCO

Corp

14,826

330,695

Target

Corp

43,619

18,546,324

Tesco

plc

58,505

31,200

Tsuruha

Holdings,

Inc

2,324

53

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

95,425

*

United

Natural

Foods,

Inc

$

1,866

41,650

United

Super

Markets

Holdings,

Inc

322

196,701

*

US

Foods

Holding

Corp

8,655

30,894

Valor

Co

Ltd

429

288

Village

Super

Market

(Class

A)

7

375,624

Walgreens

Boots

Alliance,

Inc

10,702

4,473,336

e

Wal-Mart

de

Mexico

SAB

de

C.V.

17,698

3,165,476

Walmart,

Inc

497,550

559

e

Weis

Markets,

Inc

36

76,900

Welcia

Holdings

Co

Ltd

1,602

1,044,562

Woolworths

Ltd

27,677

14,900

e

Yaoko

Co

Ltd

747

55,942

Yifeng

Pharmacy

Chain

Co

Ltd

285

32,200

Yokohama

Reito

Co

Ltd

262

237,400

Yonghui

Superstores

Co

Ltd

102

8,547

*,e

Zur

Rose

Group

AG.

373

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,958,981

ENERGY

-

5.0%

198,743

*

3R

PETROLEUM

OLEO

E

GAS

S.A.

1,239

878,000

†,g

AAG

Energy

Holdings

Ltd

207

14,542,761

Adaro

Energy

Tbk

2,164

148,270

*

Advantage

Energy

Ltd

968

136,963

Aegis

Logistics

Ltd

537

325,622

e

Africa

Oil

Corp

693

992,367

Aker

BP

ASA

23,282

223,104

Aker

Solutions

ASA

808

29,896

Aldrees

Petroleum

and

Transport

Services

Co

997

512

e

Altus

Midstream

Co

18

4,232

*

Amplify

Energy

Corp

29

195,592

Ampol

Ltd

3,907

261,033

Antero

Midstream

Corp

3,028

1,279,229

*,e

Antero

Resources

Corp

29,461

47,061

APA

Corp

1,608

598,032

e

ARC

Resources

Ltd

7,977

404

Arch

Resources,

Inc

46

187,728

Archrock,

Inc

1,924

176,542

Ardmore

Shipping

Corp

2,180

488,066

*,e

Athabasca

Oil

Corp

1,057

88,940

Atlas

Energy

Solutions,

Inc

1,544

990,825

Baker

Hughes

Co

31,320

848,200

Bangchak

Corp

PCL

875

7,366,800

Banpu

PCL

(Foreign)

1,842

569,523

*,e

Baytex

Energy

Trust

1,857

6,412,663

Beach

Petroleum

Ltd

5,782

58,928

Berry

Petroleum

Co

LLC

405

706,606

Bharat

Petroleum

Corp

Ltd

3,144

224,840

e

Birchcliff

Energy

Ltd

1,331

1,351

Bonanza

Creek

Energy,

Inc

94

162,145

*,e

Borr

Drilling

Ltd

1,189

2,665

*,e

Borr

Drilling

Ltd

20

222,794

*

Boss

Energy

Ltd

464

29,821,928

BP

plc

173,634

4,650,000

*,†

Brightoil

Petroleum

Holdings

Ltd

668

801

*

Bristow

Group,

Inc

23

2,542,000

*

Bumi

Armada

BHD

257

101,761

*,h

BW

Energy

Ltd

244

353,423

g

BW

LPG

Ltd

3,527

347,754

BW

Offshore

Ltd

847

98,951

Cabot

Oil

&

Gas

Corp

2,503

814

Cactus,

Inc

34

112,059

California

Resources

Corp

5,075

CREF

Stock

Account

June

30,

2023

54

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

589

*

Callon

Petroleum

Co

$

21

1,431,707

Cameco

Corp

44,840

1,145,167

e

Canadian

Natural

Resources

Ltd

64,383

123,907

e

Capricorn

Energy

plc

294

124,203

e

Cardinal

Energy

Ltd

617

1,457,417

Cenovus

Energy,

Inc

(Toronto)

24,753

337

*

Centrus

Energy

Corp

11

228,810

e

CES

Energy

Solutions

Corp

453

674,918

*,e

CGG

S.A.

512

2,145,000

*,e

CGN

Mining

Co

Ltd

223

236,172

ChampionX

Corp

7,331

286,028

Cheniere

Energy,

Inc

43,579

88,879

e

Chesapeake

Energy

Corp

7,437

3,241,113

Chevron

Corp

509,989

2,253,000

China

Coal

Energy

Co

1,678

700,900

China

Merchants

Energy

Shipping

Co

Ltd

559

2,153,122

China

Oilfield

Services

Ltd

2,230

451,276

China

Shenhua

Energy

Co

Ltd

-

A

1,912

3,097,455

China

Shenhua

Energy

Co

Ltd

-

H

9,492

634,000

*

China

Shipping

Development

Co

Ltd

638

5,784

*

Clean

Energy

Fuels

Corp

29

3,971

*,e

CNX

Resources

Corp

70

1,536,560

Coal

India

Ltd

4,335

118

*,†,b

Cobalt

International

Energy,

Inc

0

^

362,826

Computer

Modelling

Group

Ltd

1,824

840

e

Comstock

Resources

Inc

10

4,057,531

ConocoPhillips

420,401

471

CONSOL

Energy,

Inc

32

19,649

Cool

Co

Ltd

265

1,157

e

Core

Laboratories,

Inc

27

1,020,704

Cosan

SA

Industria

e

Comercio

3,807

292,193

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

508

50,858

Cosmo

Energy

Holdings

Co

Ltd

1,390

84,257

e

Crescent

Energy,

Inc

878

665,278

e

Crescent

Point

Energy

Corp

4,480

98,671

*,e

Crew

Energy,

Inc

405

20,106

CropEnergies

AG.

220

45,709

CVR

Energy,

Inc

1,369

392,223

d'Amico

International

Shipping

S.A.

1,518

3,150,011

Dana

Gas

PJSC

739

7,846

Delek

Group

Ltd

900

513,914

Delek

US

Holdings,

Inc

12,308

66,904

*

Denbury,

Inc

5,771

2,038,468

*,e

Denison

Mines

Corp

2,554

83,627

Devon

Energy

Corp

4,043

616

DHT

Holdings,

Inc

5

3,703,112

Dialog

Group

BHD

1,638

736,583

*

Diamond

Offshore

Drilling,

Inc

10,489

1,400,868

Diamondback

Energy,

Inc

184,018

839,051

Diversified

Gas

&

Oil

plc

942

49,493

*

DMC

Global,

Inc

879

391,964

DNO

International

ASA

345

1,040

Dorian

LPG

Ltd

27

1,162

*

Dril-Quip,

Inc

27

13,123

DT

Midstream,

Inc

650

40,986

*

Earthstone

Energy,

Inc

586

27,093

*,e

Empire

Petroleum

Corp

247

333,858

Empresas

COPEC

S.A.

2,478

1,547,500

Enauta

Participacoes

S.A.

4,441

1,825,071

Enbridge,

Inc

67,837

2,548,401

ENEOS

Holdings,

Inc

8,759

888,837

Enerflex

Ltd

6,052

55

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

112,289

Energean

plc

$

1,460

1,168,600

*,†

Energy

Earth

PCL

0

^

130,671

*,e

Energy

Fuels,

Inc

812

893

*,e

Energy

Fuels,

Inc

6

1

Energy

Transfer

LP

0

^

186,695

Enerplus

Corp

2,706

47,370

ENI

S.p.A.

682

1,398,107

*

Enquest

plc

(London)

265

84,243

*

Ensign

Energy

Services,

Inc

120

3,385,233

EOG

Resources,

Inc

387,406

409,520

EQT

Corp

16,844

3,585,412

Equinor

ASA

104,403

19,295

*

Equital

Ltd

543

10,600

Equitrans

Midstream

Corp

101

1,080,900

Esso

Thailand

PCL

(Foreign)

269

38,147

Etablissements

Maurel

et

Prom

163

90,987

Euronav

NV

1,380

55,880

Evolution

Petroleum

Corp

451

633

e

Excelerate

Energy,

Inc

13

25,703

Exmar

NV

299

252,547

Exxaro

Resources

Ltd

2,204

5,952,631

Exxon

Mobil

Corp

638,420

24,805

e

FLEX

LNG

Ltd

758

431

FLEX

LNG

Ltd

13

1,046,878

Formosa

Petrochemical

Corp

2,838

8,660

*,e

Forum

Energy

Technologies,

Inc

222

284

*

Frank's

International

NV

5

106,780

e

Freehold

Royalty

Trust

1,083

46,177

*,e

Frontera

Energy

Corp

384

112,412

e

Frontline

plc

1,619

11,791

Galp

Energia

SGPS

S.A.

138

27,855

Gaztransport

Et

Technigaz

S.A.

2,836

163,179

Genel

Energy

PLC

214

6,135

*,e

Gevo,

Inc

9

119,814

e

Gibson

Energy,

Inc

1,884

295,091

Golar

LNG

Ltd

5,952

86,207

Great

Eastern

Shipping

Co

Ltd

782

800

*

Green

Plains

Inc

26

730,786

Guanghui

Energy

Co

Ltd

692

885,630

Gujarat

Mineral

Development

Corp

Ltd

1,791

843,123

Gulf

International

Services

QSC

426

192,674

Gulf

Keystone

Petroleum

Ltd

294

56,174

*

Gulfport

Energy

Operating

Corp

5,902

169,959

Hafnia

Ltd

831

704,091

Halliburton

Co

23,228

521,385

Harbour

Energy

plc

1,516

172,136

e

Headwater

Exploration,

Inc

825

656

*

Helix

Energy

Solutions

Group,

Inc

5

144,149

Hellenic

Petroleum

S.A.

1,232

24,582

Helmerich

&

Payne,

Inc

871

410,457

Hess

Corp

55,802

19,043

HF

Sinclair

Corp

849

1,378,900

Hibiscus

Petroleum

BHD

256

541,113

Hindustan

Petroleum

Corp

Ltd

1,809

179,353

Hunting

plc

454

20,185

Hyundai

Robotics

Co

Ltd

921

183,094

Idemitsu

Kosan

Co

Ltd

3,674

250,829

e

Imperial

Oil

Ltd

12,833

2,810,261

Indian

Oil

Corp

Ltd

3,132

327,400

Indo

Tambangraya

Megah

Tbk

PT

527

194,000

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

354

1,209,200

Inner

Mongolia

Yitai

Coal

Co

1,656

CREF

Stock

Account

June

30,

2023

56

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

851,228

Inpex

Holdings,

Inc

$

9,352

76,094

*

International

Petroleum

Corp

623

66

International

Seaways,

Inc

3

8,460,186

IRPC

PCL

(Foreign)

545

115,550

Itochu

Enex

Co

Ltd

1,018

35,022

Iwatani

International

Corp

1,855

73,577

Japan

Petroleum

Exploration

Co

2,203

399,800

Jizhong

Energy

Resources

Co

Ltd

351

578,686

*

John

Wood

Group

plc

997

456,699

*

Karoon

Gas

Australia

Ltd

602

2,314,062

*

Kelt

Exploration

Ltd

9,765

209,905

e

Keyera

Corp

4,841

255,339

Kinder

Morgan,

Inc

4,397

4,794,000

Kinetic

Development

Group

Ltd

306

57,973

Koninklijke

Vopak

NV

2,069

5,692

*

Kosmos

Energy

Ltd

34

71

*,e

Laredo

Petroleum,

Inc

3

631,926

Liberty

Oilfield

Services,

Inc

8,449

189,860

Magnolia

Oil

&

Gas

Corp

3,968

843,810

Marathon

Oil

Corp

19,424

677,238

Marathon

Petroleum

Corp

78,966

385,070

Matador

Resources

Co

20,147

278,094

*

MEG

Energy

Corp

4,408

28,000

Mitsuuroko

Co

Ltd

270

12,330

e

Modec,

Inc

120

443,609

e

MOL

Hungarian

Oil

&

Gas

plc

3,884

62,471

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,581

491,908

Murphy

Oil

Corp

18,840

198

*

Nabors

Industries

Ltd

18

137

Nacco

Industries,

Inc

(Class

A)

5

33,969

Naphtha

Israel

Petroleum

Corp

Ltd

141

9,433

Neste

Oil

Oyj

363

44,355

New

Fortress

Energy,

Inc

1,188

478,818

New

Hope

Corp

Ltd

1,551

873,621

*

Newpark

Resources,

Inc

4,569

340,004

*,e

NexGen

Energy

Ltd

1,604

1,117

*

NexTier

Oilfield

Solutions,

Inc

10

2,594

*

Noble

Corp

plc

107

1,802,374

Nordic

American

Tankers

Ltd

6,615

19,889

North

American

Construction

Group

Ltd

381

678,234

Northern

Oil

and

Gas,

Inc

23,277

18,743

*,e

Norwegian

Energy

Co

AS

714

9,512

NOV,

Inc

153

150,209

*,e

NuVista

Energy

Ltd

1,204

82,496

Oasis

Petroleum,

Inc

12,688

57,401

*

Obsidian

Energy

Ltd

336

792,852

Occidental

Petroleum

Corp

46,620

221,959

*

Oceaneering

International,

Inc

4,151

66,464

*

Odfjell

Drilling

Ltd

160

696,427

Offshore

Oil

Engineering

Co

Ltd

562

203,707

Oil

India

Ltd

610

1,990,240

Oil

Refineries

Ltd

571

122,309

*

Oil

States

International,

Inc

914

3,528

OMV

AG.

150

61,554

ONEOK,

Inc

3,799

34,254

Ovintiv,

Inc

1,304

2,278,471

*

Paladin

Resources

Ltd

1,121

541,274

*

Par

Pacific

Holdings,

Inc

14,403

67,410

e

Paramount

Resources

Ltd

(Class

A)

1,465

91,978

Parex

Resources,

Inc

1,844

436,119

e

Parkland

Corp

10,864

66,493

Pason

Systems,

Inc

577

57

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,210

Patterson-UTI

Energy,

Inc

$

38

8,080

*

Paz

Oil

Co

Ltd

869

224,442

PBF

Energy,

Inc

9,189

59,271

PDC

Energy,

Inc

4,217

436,946

Peabody

Energy

Corp

9,464

451,080

e

Pembina

Pipeline

Income

Fund

14,182

9,272,206

Permian

Resources

Corp

101,623

3,766,300

*

Petro

Rio

S.A.

29,166

402,240

*,e

Petrofac

Ltd

404

3,227,595

Petroleo

Brasileiro

S.A.

22,312

4,239,827

Petroleo

Brasileiro

S.A.

(Preference)

26,148

739,713

*,e

Petroleum

Geo-Services

ASA

409

319,180

Petronas

Dagangan

BHD

1,518

794,753

Petronet

LNG

Ltd

2,162

1,128,928

Petroreconcavo

S.A.

4,520

145,256

e

Peyto

Exploration

&

Development

Corp

1,202

687,644

Phillips

66

65,587

248,419

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

258

882,733

Pioneer

Natural

Resources

Co

182,885

79,824

e

Pipestone

Energy

Corp

137

550,180

Polski

Koncern

Naftowy

Orlen

S.A.

8,720

100,100

*,†

Poseidon

Concepts

Corp

1

176,322

e

PrairieSky

Royalty

Ltd

3,083

11,813

*

Precision

Drilling

Corp

577

961,500

Prima

Marine

PCL

166

2,850,000

*,e

Productive

Technologies

Co

Ltd

247

249

*,e

ProFrac

Holding

Corp

3

57

*

ProPetro

Holding

Corp

0

^

6,406,200

PT

AKR

Corporindo

Tbk

608

38,003,600

*

PT

Bumi

Resources

Minerals

Tbk

345

77,419,200

*

PT

Bumi

Resources

Tbk

594

9,691,100

*

PT

Energi

Mega

Persada

Tbk

137

23,450,200

PT

Harum

Energy

Indonesia

Tbk

2,231

17,079,300

PT

Indika

Energy

Tbk

2,180

6,899,200

PT

Medco

Energi

Internasional

Tbk

414

3,252,100

PT

Tambang

Batubara

Bukit

Asam

Tbk

580

1,363,106

PT

United

Tractors

Tbk

2,114

1,485,948

PTT

Exploration

&

Production

PCL

6,296

4,504,500

PTT

Exploration

&

Production

PCL

(ADR)

19,086

9,968,409

PTT

PCL

9,451

605,277

Qatar

Fuel

QSC

2,843

2,347,969

Qatar

Gas

Transport

Co

Ltd

2,627

376,329

*

Rabigh

Refining

&

Petrochemical

Co

1,163

33,352,025

Raizen

S.A.

30,648

41,554

Range

Resources

Corp

1,222

7,397,599

Reliance

Industries

Ltd

230,591

1,167,961

e

Repsol

YPF

S.A.

16,987

20,269

*

Rex

American

Resources

Corp

706

216

e

Riley

Exploration

Permian,

Inc

8

14,205

*,e

Ring

Energy,

Inc

24

152,328

RPC,

Inc

1,089

995,643

*

Saipem

S.p.A

1,386

46,252

San-Ai

Oil

Co

Ltd

490

2,714,732

Santos

Ltd

13,583

457,746

e

Saras

S.p.A.

568

3,043

*

Saudi

Arabia

Refineries

Co

72

6,035,929

g

Saudi

Arabian

Oil

Co

52,283

118,938

SBM

Offshore

NV

1,630

1,840,846

Schlumberger

Ltd

90,422

9,087

Schoeller-Bleckmann

Oilfield

Equipment

AG.

526

30,234

Scorpio

Tankers,

Inc

1,428

62,342

*,e

Seadrill

Ltd

2,573

CREF

Stock

Account

June

30,

2023

58

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

262,072

e

Secure

Energy

Services,

Inc

$

1,254

227,969

Select

Energy

Services,

Inc

1,847

4,231,000

Semirara

Mining

&

Power

Corp

2,150

205,512

Serica

Energy

plc

549

50

*,†

Serval

Integrated

Energy

Services

0

511

SFL

Corp

Ltd

5

669,838

Shaanxi

Coal

Industry

Co

Ltd

1,679

299,850

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

327

265,686

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

598

442,399

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

555

55,262

*

ShawCor

Ltd

799

14,844,783

Shell

plc

442,845

687,350

Shell

plc

(ADR)

41,502

181,000

Siamgas

&

Petrochemicals

PCL

43

822

*,e

SilverBow

Resources,

Inc

24

5,098,000

Sinopec

Kantons

Holdings

Ltd

1,916

206,903

Sitio

Royalties

Corp

5,435

7,350

SK

Discovery

Co

Ltd

201

1,932

SK

Gas

Co

Ltd

188

236,920

*

SK

Innovation

Co

Ltd

28,723

259,747

SM

Energy

Co

8,216

42,822

S-Oil

Corp

2,176

3,642

Solaris

Oilfield

Infrastructure,

Inc

30

739,061

*

Southwestern

Energy

Co

4,442

102,951

*

Spartan

Delta

Corp

369

102,951

*,†

Spartan

Delta

Corp

0

220,688

*

Stanmore

Resources

Ltd

381

1,735,500

Star

Petroleum

Refining

PCL

394

1,629,143

*

Strike

Energy

Ltd

479

184,504

Subsea

7

S.A.

2,298

1,940,893

Suncor

Energy,

Inc

56,934

80,637

e

Surge

Energy,

Inc

428

465

*

Talos

Energy,

Inc

6

429,217

e

Tamarack

Valley

Energy

Ltd

1,040

29,134,583

*

Tamboran

Resources

Ltd

3,494

34,532

Targa

Resources

Investments,

Inc

2,628

912,518

e

TC

Energy

Corp

36,880

317,194

Technip

Energies

NV

7,307

161,061

*

TechnipFMC

plc

2,677

39,579

*,e

Tecnicas

Reunidas

S.A.

361

989,193

*

Teekay

Corp

5,975

538

Teekay

Tankers

Ltd

21

5,355

*,e

Tellurian,

Inc

8

10,517

Tenaris

S.A.

157

620,240

e

Terracom

Ltd

174

824,253

*

Tetra

Technologies,

Inc

2,786

4,629

Texas

Pacific

Land

Corp

6,094

496,713

TGS

Nopec

Geophysical

Co

ASA

7,401

1,464,332

Thai

Oil

PCL

1,832

107,682

Thungela

Resources

Ltd

845

837

*

Tidewater,

Inc

46

432,722

e

Topaz

Energy

Corp

6,739

230,077

TORM

plc

5,544

3,552,226

e

Total

S.A.

203,914

307,068

Tourmaline

Oil

Corp

14,469

2,445,874

*

Transocean

Ltd

17,146

192,630

Trican

Well

Service

Ltd

513

1,049,123

*,e

Tullow

Oil

plc

376

902,685

Turkiye

Petrol

Rafinerileri

AS

2,776

8,447,261

Ultrapar

Participacoes

S.A.

33,325

6,476,000

*

United

Energy

Group

Ltd

629

1,075,991

*,e

Uranium

Energy

Corp

3,658

59

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

159

*

US

Silica

Holdings,

Inc

$

2

1,480

*

Valaris

Ltd

93

2,187,244

Valero

Energy

Corp

256,564

116,023

*,e

Vallourec

S.A.

1,373

17,638

Verbio

AG.

710

137,546

e

Vermilion

Energy,

Inc

1,715

3,793

*,e

Vertex

Energy,

Inc

24

209,009

Vitesse

Energy,

Inc

4,682

688,064

g

Viva

Energy

Group

Ltd

1,383

4,666

*

W&T

Offshore,

Inc

18

5,553

*,e

Waga

Energy

S.A.

175

192,577

Washington

H

Soul

Pattinson

&

Co

Ltd

4,088

98,852

*

Weatherford

International

Ltd

6,566

496,637

e

Whitecap

Resources,

Inc

3,475

737,377

Whitehaven

Coal

Ltd

3,306

158,813

Williams

Cos,

Inc

5,182

2,410,366

Woodside

Energy

Group

Ltd

55,756

108,955

World

Fuel

Services

Corp

2,253

306,767

Worley

Ltd

3,239

220,825

e

Yancoal

Australia

Ltd

675

163,733

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

567

1,387,540

e

Yanzhou

Coal

Mining

Co

Ltd

3,984

160,569

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

662

1,118,820

Yinson

Holdings

BHD

614

TOTAL

ENERGY

5,756,020

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.0%

1,556,783

Abacus

Property

Group

2,795

89,615

*,†,h

Abacus

Storage

King

84

265,662

Acadia

Realty

Trust

3,823

687

Activia

Properties

Inc

1,921

1,089

Advance

Residence

Investment

Corp

2,601

90,153

e

Aedifica

S.A.

5,781

1,370

AEON

REIT

Investment

Corp

1,478

5,061

Agree

Realty

Corp

331

396,922

AIMS

AMP

Capital

Industrial

REIT

365

109,131

Alexander

&

Baldwin,

Inc

2,028

137

e

Alexander's,

Inc

25

153,617

Alexandria

Real

Estate

Equities,

Inc

17,434

50,980

Allied

Properties

Real

Estate

Investment

Trust

836

3,578

e

Altarea

SCA

397

633,221

American

Assets

Trust,

Inc

12,158

4,536

American

Finance

Trust,

Inc

31

2,353,395

American

Homes

4

Rent

83,428

458,418

American

Tower

Corp

88,906

391,514

Americold

Realty

Trust

12,646

138,583

Apartment

Income

REIT

Corp

5,001

3,275

Apartment

Investment

and

Management

Co

28

951,302

Apple

Hospitality

REIT,

Inc

14,374

583,200

AREIT,

Inc

367

291,888

Arena

REIT

734

141,025

Armada

Hoffler

Properties,

Inc

1,647

55,044

Artis

Real

Estate

Investment

Trust

300

2,983,378

Ascendas

REIT

6,022

1,733,761

Ascott

Trust

1,389

2,501,330

Assura

Group

Ltd

1,442

313,733

AvalonBay

Communities,

Inc

59,380

1,291,161

Axis

Real

Estate

Investment

Trust

506

186,244

Big

Yellow

Group

plc

2,541

565,957

BMO

Commercial

Property

Trust

Ltd

476

19,528

Boardwalk

REIT

917

114,769

Boston

Properties,

Inc

6,610

CREF

Stock

Account

June

30,

2023

60

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

496,871

e

BraeMar

Hotels

&

Resorts,

Inc

$

1,997

5,787

Brandywine

Realty

Trust

27

94,300

British

Land

Co

plc

364

159,951

Brixmor

Property

Group,

Inc

3,519

705,549

Broadstone

Net

Lease,

Inc

10,894

124,376

g

Brookfield

India

Real

Estate

Trust

405

340

Brt

Realty

Trust

7

29,199

BSR

Real

Estate

Investment

Trust

376

405,187

Bunnings

Warehouse

Property

Trust

981

5,348,962

Cambridge

Industrial

Trust

1,330

20,126

Camden

Property

Trust

2,191

272,350

Canadian

Apartment

Properties

REIT

10,456

1,199,033

Capital

&

Counties

Properties

1,753

4,434,073

CapitaMall

Trust

6,284

1,047,787

CapitaRetail

China

Trust

792

2,501

CareTrust

REIT,

Inc

50

46,944

Carmila

S.A.

730

763

e

CBL

&

Associates

Properties,

Inc

17

802,868

CDL

Hospitality

Trusts

728

7

Centerspace

0

^

567,037

Centuria

Capital

Group

628

458,480

Centuria

Industrial

REIT

950

325,189

Centuria

Office

REIT

297

1,719,806

Champion

Real

Estate

Investment

Trust

625

265,342

Charter

Hall

Education

Trust

521

396,445

Charter

Hall

Group

2,842

2,433,247

Charter

Hall

Long

Wale

REIT

6,510

381,054

e

Chatham

Lodging

Trust

3,567

136,546

Choice

Properties

REIT

1,399

1,451

City

Office

REIT,

Inc

8

515,189

Civitas

Social

Housing

plc

523

4,756

Clipper

Realty,

Inc

27

130,049

CLS

Holdings

plc

223

27,236

e

Cofinimmo

2,047

540

Comforia

Residential

REIT,

Inc

1,293

44,470

Community

Healthcare

Trust,

Inc

1,468

316,400

Concentradora

Fibra

Danhos

S.A.

de

C.V.

398

1,880

Corporate

Office

Properties

Trust

45

117,138

Cousins

Properties,

Inc

2,671

496

e

CRE

Logistics

REIT,

Inc

614

48,384

Crombie

Real

Estate

Investment

Trust

500

300,500

Cromwell

European

Real

Estate

Investment

Trust

511

1,316,575

Cromwell

Group

470

877,711

Crown

Castle

International

Corp

100,006

46,944

CT

Real

Estate

Investment

Trust

535

25,626

e

CTO

Realty

Growth,

Inc

439

64,608

CubeSmart

2,885

338,366

Custodian

Reit

plc

364

1,854

Daiwa

House

REIT

Investment

Corp

3,555

246

Daiwa

Office

Investment

Corp

1,070

1,581

Daiwa

Securities

Living

Investments

Corp

1,255

274,592

Derwent

London

plc

7,148

199,459

Dexus

Industria

REIT

344

212,860

Dexus

Property

Group

1,109

147,669

DiamondRock

Hospitality

Co

1,183

726,800

e

Digital

Core

REIT

Management

Pte

Ltd

346

178,651

Digital

Realty

Trust,

Inc

20,343

306,633

e

Diversified

Healthcare

Trust

690

1,611

e

Douglas

Emmett,

Inc

20

102,741

Dream

Industrial

Real

Estate

Investment

Trust

1,094

14,516

Dream

Office

Real

Estate

Investment

Trust

142

437,000

*,†

Eagle

Hospitality

Trust

4

61

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

248

e

Easterly

Government

Properties,

Inc

$

4

290,399

EastGroup

Properties,

Inc

50,413

447,229

Embassy

Office

Parks

REIT

1,590

1,745,119

Emlak

Konut

Gayrimenkul

Yatiri

497

541

e

Empire

State

Realty

Trust,

Inc

4

540,120

Empiric

Student

Property

plc

578

173,821

EPR

Properties

8,135

90,373

Equinix,

Inc

70,847

664,877

Equites

Property

Fund

Ltd

408

1,517

Equity

Commonwealth

31

1,134,994

Equity

Lifestyle

Properties,

Inc

75,920

419,694

Equity

Residential

27,687

115,908

ESR

Kendall

Square

REIT

Co

Ltd

354

703,880

Essential

Properties

Realty

Trust,

Inc

16,569

47,973

Essex

Property

Trust,

Inc

11,240

32,300

Eurocommercial

Properties

NV

750

372,941

Extra

Space

Storage,

Inc

55,512

933,805

Far

East

Hospitality

Trust

436

1,561

e

Farmland

Partners,

Inc

19

97,761

Federal

Realty

Investment

Trust

9,460

2,487,697

Fibra

Uno

Administracion

S.A.

de

C.V.

3,633

91,967

First

Capital

Real

Estate

Investment

Trust

1,015

178,848

First

Industrial

Realty

Trust,

Inc

9,415

2,739

Fonciere

Des

Regions

129

1,147,000

Fortune

Real

Estate

Investment

Trust

826

198,138

Four

Corners

Property

Trust,

Inc

5,033

876,877

Frasers

Centrepoint

Trust

1,424

853,000

Frasers

Hospitality

Trust

297

2,488,945

Frasers

Logistics

&

Industrial

Trust

2,305

405

e

Frontier

Real

Estate

Investment

Corp

1,316

497

e

Fukuoka

REIT

Corp

572

302,453

Gaming

and

Leisure

Properties,

Inc

14,657

4,533

e

Gecina

S.A.

484

120

Getty

Realty

Corp

4

117

e

Gladstone

Commercial

Corp

1

25,915

e

Gladstone

Land

Corp

422

2,065

Global

Medical

REIT,

Inc

19

494

Global

Net

Lease,

Inc

5

900

Global

One

Real

Estate

Investment

Corp

712

3,560

GLP

J-Reit

3,511

1,359,048

Goodman

Group

18,269

903,411

Goodman

Property

Trust

1,231

1,581,198

GPT

Group

4,375

25,439

Granite

REIT

1,505

3,037,977

Great

Portland

Estates

plc

16,012

418,630

Growthpoint

Properties

Australia

Ltd

781

2,990,124

Growthpoint

Properties

Ltd

1,852

126,602

H&R

Real

Estate

Investment

Trust

980

49,040

Hamborner

REIT

AG.

342

3,487,634

e

Hammerson

plc

1,103

437

Hankyu

Reit,

Inc

439

208,111

Healthcare

Realty

Trust,

Inc

3,925

632,517

Healthpeak

Properties

Inc

12,714

760

Heiwa

Real

Estate

REIT,

Inc

771

390,373

Hersha

Hospitality

Trust

2,377

1,800

Highwoods

Properties,

Inc

43

151,882

Home

Consortium

517

896,843

†

Home

Reit

plc

1

2,125,380

HomeCo

Daily

Needs

REIT

1,670

205

Hoshino

Resorts

REIT,

Inc

880

860,652

Host

Hotels

and

Resorts,

Inc

14,485

105,364

Hudson

Pacific

Properties

445

CREF

Stock

Account

June

30,

2023

62

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,272

Hulic

Reit,

Inc

$

1,422

259,138

Hyprop

Investments

Ltd

423

32,194

e

Icade

1,344

1,139

Ichigo

Real

Estate

Investment

Corp

707

252,563

Impact

Healthcare

Reit

plc

289

23,123

Independence

Realty

Trust,

Inc

421

1,651

Industrial

&

Infrastructure

Fund

Investment

Corp

1,738

1,648,286

Ingenia

Communities

Group

4,389

261,894

e

Inmobiliaria

Colonial

S.A.

1,588

4,833

e

Innovative

Industrial

Properties,

Inc

353

52,779

InterRent

Real

Estate

Investment

Trust

511

20,195

e

Intervest

Offices

305

255

e

InvenTrust

Properties

Corp

6

670,785

Investec

Property

Fund

Ltd

265

4,782

Invincible

Investment

Corp

1,901

509,642

Invitation

Homes,

Inc

17,532

306,705

Irish

Residential

Properties

REIT

plc

320

9,126

Iron

Mountain,

Inc

519

475,275

*

Is

Gayrimenkul

Yatirim

Ortakligi

AS

195

18

e

iStar,

Inc

0

^

481

ITOCHU

Advance

Logistics

Investment

Corp

448

163,994

Jadwa

REIT

Saudi

Fund

586

942

e

Japan

Excellent,

Inc

820

3,773

Japan

Hotel

REIT

Investment

Corp

1,925

701

Japan

Logistics

Fund

Inc

1,521

696

e

Japan

Prime

Realty

Investment

Corp

1,684

1,028

Japan

Real

Estate

Investment

Corp

3,912

5,601

Japan

Retail

Fund

Investment

Corp

3,748

511

e

JBG

SMITH

Properties

8

148,633

JR

Reit

XXVII

484

777

Kenedix

Realty

Investment

Corp

1,870

817

e

Kenedix

Residential

Investment

Corp

1,329

548

Kenedix

Retail

REIT

Corp

1,104

3,750,917

Keppel

DC

REIT

6,007

1,577,191

Keppel

REIT

1,053

998,214

Keppel-KBS

US

REIT

314

232,840

Killam

Apartment

Real

Estate

Investment

Trust

3,104

112,167

Kilroy

Realty

Corp

3,375

247,926

Kimco

Realty

Corp

4,889

201,875

Kite

Realty

Group

Trust

4,510

1,422,825

Kiwi

Property

Group

Ltd

797

386,715

Klepierre

9,608

70,744

Lamar

Advertising

Co

7,021

88,433

Land

Securities

Group

plc

647

38,180

Lar

Espana

Real

Estate

Socimi

S.A.

228

1,493

LaSalle

Logiport

REIT

1,566

1,710,844

Lendlease

Global

Commercial

REIT

837

1,055,924

Lexington

Realty

Trust

10,295

23,868

Life

Storage,

Inc

3,173

2,175,227

Link

REIT

12,110

3,515,800

LondonMetric

Property

plc

7,421

94,286

LOTTE

Reit

Co

Ltd

262

160

LTC

Properties,

Inc

5

1,374,964

LXI

REIT

plc

1,506

3,342

Macerich

Co

38

734

*

Mack-Cali

Realty

Corp

12

1,952,986

Macquarie

CountryWide

Trust

4,711

1,432,400

g

Macquarie

Mexico

Real

Estate

Management

SA

de

CV

2,521

1,897,250

Manulife

US

Real

Estate

Investment

Trust

329

1,888,722

Mapletree

Commercial

Trust

2,272

1,730,947

Mapletree

Industrial

Trust

2,832

2,768,655

Mapletree

Logistics

Trust

3,330

63

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

132,072

e

Medical

Properties

Trust,

Inc

$

1,223

70,226

Mercialys

S.A

635

298,250

Merlin

Properties

Socimi

S.A.

2,555

9,796

Mid-America

Apartment

Communities,

Inc

1,488

211,493

g

Mindspace

Business

Parks

REIT

797

52,342

g

Minto

Apartment

Real

Estate

REIT

NPV

593

1,614

Mirai

Corp

518

3,250,488

Mirvac

Group

4,909

400

e

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

1,147

838

Mitsui

Fudosan

Logistics

Park,

Inc

2,910

10,124

Montea

C.V.A

782

15,438

Morguard

North

American

Resid

196

1,357

Mori

Hills

REIT

Investment

Corp

1,388

2,084

Mori

Trust

Sogo

Reit,

Inc

1,041

1,153,400

MREIT,

Inc

304

759

National

Health

Investors,

Inc

40

87,869

National

Retail

Properties,

Inc

3,760

295,645

National

Storage

Affiliates

Trust

10,297

6,298,813

National

Storage

REIT

9,887

343,081

NETSTREIT

Corp

6,131

57,590

e

NexPoint

Diversified

Real

Estate

Trust

721

476

NexPoint

Residential

Trust,

Inc

22

32,398

Nexus

Real

Estate

Investment

Trust

207

417

Nippon

Accommodations

Fund,

Inc

1,879

1,226

e

Nippon

Building

Fund,

Inc

4,821

1,768

Nippon

ProLogis

REIT,

Inc

3,553

361

e

NIPPON

REIT

Investment

Corp

856

3,795

Nomura

Real

Estate

Master

Fund,

Inc

4,377

114,201

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

541

14,296

NSI

NV

319

1,630

e

Office

Properties

Income

Trust

13

70,186

Omega

Healthcare

Investors,

Inc

2,154

566

One

Liberty

Properties,

Inc

11

209

One

REIT,

Inc

361

1,944

e

Orion

Office

REIT,

Inc

13

2,345

Orix

JREIT,

Inc

2,887

1,780,774

OUE

Commercial

Real

Estate

Investment

Trust

434

1,648

Outfront

Media,

Inc

26

6,356

Paramount

Group,

Inc

28

94,905

Park

Hotels

&

Resorts,

Inc

1,217

301,624

Parkway

Life

Real

Estate

Investment

Trust

871

734

e

Peakstone

Realty

Trust

20

76,447

e

Pebblebrook

Hotel

Trust

1,066

211,138

e

Phillips

Edison

&

Co,

Inc

7,196

5,304

Physicians

Realty

Trust

74

520,697

Picton

Property

Income

Ltd

464

837,630

Piedmont

Office

Realty

Trust,

Inc

6,090

645,200

PLA

Administradora

Industrial

S

de

RL

de

C.V.

1,238

792

Plymouth

Industrial

REIT,

Inc

18

265

e

Postal

Realty

Trust,

Inc

4

2,023

PotlatchDeltic

Corp

107

1,122

Premier

Investment

Co

1,050

33,341

Primaris

REIT

339

1,156,353

Primary

Health

Properties

plc

1,402

569,749

ProLogis

Property

Mexico

S.A.

de

C.V.

2,117

3,099,741

Prologis,

Inc

380,121

1,432,000

Prosperity

REIT

322

361,390

PRS

REIT

PLC

369

147,310

Public

Storage,

Inc

42,997

114,141

Rayonier,

Inc

3,584

137,065

Realty

Income

Corp

8,195

5,727,752

Redefine

Properties

Ltd

999

CREF

Stock

Account

June

30,

2023

64

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

481,908

Regency

Centers

Corp

$

29,767

945,646

Region

RE

Ltd

1,434

457,467

g

Regional

REIT

Ltd

271

177,103

Reit

Ltd

778

262,024

Resilient

REIT

Ltd

589

8,018

Retail

Estates

NV

519

301,543

Retail

Opportunities

Investment

Corp

4,074

1,035,921

Rexford

Industrial

Realty,

Inc

54,096

173,777

RioCan

Real

Estate

Investment

Trust

2,529

91,372

Riyad

REIT

Fund

218

3,100,000

RL

Commercial

REIT,

Inc

326

1,034,953

RLJ

Lodging

Trust

10,629

2,831

RPT

Realty

30

274,642

Rural

Funds

Group

323

207,664

Ryman

Hospitality

Properties

19,296

297,338

Sabra

Healthcare

REIT,

Inc

3,500

726,956

Safestore

Holdings

plc

7,869

209

e

Samty

Residential

Investment

Corp

173

493,300

Sasseur

Real

Estate

Investment

Trust

258

777

Saul

Centers,

Inc

29

143,342

SBA

Communications

Corp

33,221

4,293,012

Scentre

Group

7,592

106,294

Segro

plc

969

3,454

Sekisui

House

Reit,

Inc

2,012

176,095

Sella

Capital

Real

Estate

Ltd

352

1,293,223

Service

Properties

Trust

11,238

1,016,035

Simon

Property

Group,

Inc

117,332

389,084

SITE

Centers

Corp

5,144

73,826

SK

REITs

Co

Ltd

287

61,013

e

SL

Green

Realty

Corp

1,833

167,245

Slate

Grocery

REIT

1,645

59,290

SmartCentres

Real

Estate

Investment

Trust

1,087

609

SOSiLA

Logistics

REIT,

Inc

553

811,458

SPH

REIT

574

195,657

Spirit

Realty

Capital,

Inc

7,705

562,722

STAG

Industrial,

Inc

20,190

2,395

Star

Asia

Investment

Corp

986

1,275,029

Starhill

Global

REIT

486

166

Starts

Proceed

Investment

Corp

269

471,869

Stockland

Trust

Group

1,268

2,140,366

Summit

Hotel

Properties,

Inc

13,934

217,435

Sun

Communities,

Inc

28,367

820,000

Sunlight

Real

Estate

Investment

Trust

302

4,125

Sunstone

Hotel

Investors,

Inc

42

1,718,100

Suntec

Real

Estate

Investment

Trust

1,642

1,218,800

Sunway

Real

Estate

Investment

408

6,366,582

Supermarket

Income

Reit

plc

5,916

640

Takara

Leben

Real

Estate

Investment

Corp

429

1,619

Tanger

Factory

Outlet

Centers,

Inc

36

578,784

Target

Healthcare

REIT

plc

528

17,788

Terreno

Realty

Corp

1,069

722

Tokyu

REIT,

Inc

965

12,110,667

Tritax

Big

Box

REIT

plc

19,274

8,662,453

g

Tritax

EuroBox

plc

5,622

6,851

UDR,

Inc

294

754,711

UK

Commercial

Property

REIT

Ltd

464

594,532

UMH

Properties,

Inc

9,501

1,934

*,e

Unibail-Rodamco-Westfield

102

278,974

Unite

Group

plc

3,090

2,604

United

Urban

Investment

Corp

2,628

1,424

Uniti

Group,

Inc

7

9,582

Universal

Health

Realty

Income

Trust

456

65

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,224

Urban

Edge

Properties

$

19

429,085

Urban

Logistics

REIT

plc

610

28,489

Urstadt

Biddle

Properties,

Inc

(Class

A)

606

9,197

Vastned

Retail

NV

196

512,364

Ventas,

Inc

24,219

1,047,477

VICI

Properties,

Inc

32,922

3,119,302

Vicinity

Centres

3,841

3,352

e

Vornado

Realty

Trust

61

705,481

e

Vukile

Property

Fund

Ltd

470

377,759

Warehouse

REIT

plc

381

523,876

Warehouses

De

Pauw

CVA

14,387

75,039

Washington

REIT

1,234

579,135

Waypoint

REIT

1,002

375,863

Welltower,

Inc

30,404

29,828

Wereldhave

NV

456

621,914

Weyerhaeuser

Co

20,840

270,222

Whitestone

REIT

2,621

123,394

Workspace

Group

plc

741

4,127

WP

Carey,

Inc

279

113

Xenia

Hotels

&

Resorts,

Inc

1

23,434

e

Xior

Student

Housing

NV

697

2,093,960

e

Yuexiu

Real

Estate

Investment

Trust

447

1,013,240

*

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS.

172

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,278,580

FINANCIAL

SERVICES

-

6.5%

101,400

360

Finance,

Inc

(ADR)

1,752

135,064

360

ONE

WAM

Ltd

750

19,424

3i

Group

plc

481

45,345

*

Aavas

Financiers

Ltd

851

24,572

ABC

Arbitrage

160

48,620

*,e

Acacia

Research

(Acacia

Technologies)

202

27,200

Acom

Co

Ltd

66

346,059

*

Aditya

Birla

Capital

Ltd

830

62,076

*,g

Adyen

NV

107,495

98,100

Aeon

Credit

Service

M

BHD

237

82,200

AEON

Financial

Service

Co

Ltd

734

65,800

Aeon

Thana

Sinsap

Thailand

PCL

348

348,364

*,†

AET&D

Holdings

No

1

Ptd

Ltd

0

539

e

AFC

Gamma,

Inc

7

39,090

Affiliated

Managers

Group,

Inc

5,859

171,389

*,e

Affirm

Holdings,

Inc

2,627

451,103

e

AGNC

Investment

Corp

4,570

263,100

Aiful

Corp

613

248,151

AJ

Bell

plc

1,012

843,932

Al

Waha

Capital

PJSC

273

535

Alerus

Financial

Corp

10

471,097

Allfunds

Group

PLC

2,877

383,580

Ally

Financial,

Inc

10,360

28,624

Alpha

FX

Group

plc

772

33,090

Altshuler

Shaham

Financial

Ltd

59

581,699

Amanat

Holdings

PJSC

160

624

A-Mark

Precious

Metals,

Inc

23

2,082,004

American

Express

Co

362,685

508,676

Ameriprise

Financial,

Inc

168,962

29,181

Amlak

International

for

Real

Estate

Finance

Co

122

2,698,167

AMP

Ltd

2,039

1,491

g

Amundi

S.A.

88

553

e

Angel

Oak

Mortgage,

Inc

5

27,658

Angel

One

Ltd

581

139,298

g

Anima

Holding

S.p.A

519

160,122

Annaly

Capital

Management,

Inc

3,204

CREF

Stock

Account

June

30,

2023

66

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

26,492

Antin

Infrastructure

Partners

S.A.

$

430

694

e

Apollo

Commercial

Real

Estate

Finance,

Inc

8

379,168

Apollo

Global

Management,

Inc

29,124

113,230

Aptus

Value

Housing

Finance

India

Ltd

343

721,725

e

Arbor

Realty

Trust,

Inc

10,696

1,520

e

Ares

Commercial

Real

Estate

Corp

15

397,430

Ares

Management

Corp

38,292

3,508

e

ARMOUR

Residential

REIT,

Inc

19

398,401

Artisan

Partners

Asset

Management,

Inc

15,661

363,608

Ashmore

Group

plc

962

280,100

Asia

Sermkij

Leasing

PCL

198

639

*

Assetmark

Financial

Holdings,

Inc

19

53

*,e

Atlanticus

Holdings

Corp

2

25,009

*,e

Aurelius

AG.

487

178,756

Australian

Stock

Exchange

Ltd

7,523

411,000

e

Avanza

Bank

Holding

AB

8,375

84,514

Avic

Capital

Co

Ltd

45

1,359,128

*

AvidXchange

Holdings,

Inc

14,108

90,919

Azimut

Holding

S.p.A.

1,962

58,054

B.

Riley

Financial,

Inc

2,669

4,936,429

B3

SA-Brasil

Bolsa

Balcao

15,062

215,500

*,e,g

Bairong,

Inc

257

22,925

Bajaj

Auto

Ltd

1,960

233,577

Bajaj

Finance

Ltd

20,458

152,629

Bajaj

Finserv

Ltd

2,851

1,572

*,e

Bakkt

Holdings,

Inc

2

155,039

g

Banca

Farmafactoring

S.p.A

1,699

48,146

e

Banca

Generali

S.p.A

1,656

21,333

Banca

IFIS

S.p.A.

342

181,526

Banca

Mediolanum

S.p.A

1,642

3,064,154

Banco

BTG

Pactual

S.A.

-

Unit

20,126

113,174

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

2,497

1,691,100

Bangkok

Commercial

Asset

Management

PCL

511

2,339,951

Bank

of

New

York

Mellon

Corp

104,175

1,845,215

*

Berkshire

Hathaway,

Inc

(Class

B)

629,218

1,154,800

*

Beyond

Securities

PCL

201

5,541,800

BFI

Finance

Indonesia

Tbk

PT

529

3,693

BGC

Partners,

Inc

(Class

A)

16

222,179

BlackRock,

Inc

153,557

3,869

e

Blackstone

Mortgage

Trust,

Inc

81

534,400

Blackstone,

Inc

49,683

474,232

*

Block,

Inc

31,570

49,154

*

Block,

Inc

3,223

206

*

Blucora,

Inc

5

332,286

Blue

Owl

Capital,

Inc

3,871

63,400

BOC

International

China

Co

Ltd

93

355,400

Bolsa

Mexicana

de

Valores

S.A.

de

C.V.

737

71,749

Boursa

Kuwait

Securities

Co

KPSC

435

185

Bread

Financial

Holdings,

Inc

6

953,694

Bridgepoint

Group

Ltd

2,454

222,985

Brightsphere

Investment

Group,

Inc

4,672

3,235

BrightSpire

Capital,

Inc

22

333,524

Brookfield

Asset

Management

Ltd

10,886

1,341,562

*

Brookfield

Corp

45,166

55,317

*

BSE

Ltd

411

162,958

e

Bure

Equity

AB

3,789

154,805

Burford

Capital

Ltd

1,891

533,500

Bursa

Malaysia

BHD

737

203,252

Caitong

Securities

Co

Ltd

203

65,294

Can

Fin

Homes

Ltd

620

85,493

e

Canaccord

Financial,

Inc

539

401,435

*

Cannae

Holdings,

Inc

8,113

67

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

271,029

*

Cantaloupe,

Inc

$

2,157

7,631

Capital

One

Financial

Corp

835

1,479,000

Capital

Securities

Corp

678

100,060

Carlyle

Group,

Inc

3,197

382

Cass

Information

Systems,

Inc

15

118,270

CBOE

Global

Markets,

Inc

16,322

25,176

Cembra

Money

Bank

AG.

2,092

42,362

Central

Depository

Services

India

Ltd

575

1,274,828

*

Chailease

Holding

Co

Ltd

8,382

396,552

Challenger

Financial

Services

Group

Ltd

1,717

77,264

Changjiang

Securities

Co

Ltd

62

5,884,511

Charles

Schwab

Corp

333,534

218

Chicago

Atlantic

Real

Estate

Finance,

Inc

3

4,591

e

Chimera

Investment

Corp

26

2,009,000

China

Bills

Finance

Corp

994

4,269,574

China

Cinda

Asset

Management

Co

Ltd

427

896,000

China

Everbright

Ltd

538

3,151,959

China

Galaxy

Securities

Co

Ltd

1,687

114,250

China

Galaxy

Securities

Co

Ltd

(Class

A)

183

53,100

*

China

Great

Wall

Securities

Co

Ltd

60

29,500

China

International

Capital

Corp

Ltd

144

1,429,337

*,g

China

International

Capital

Corp

Ltd

2,520

118,536

China

Merchants

Securities

Co

Ltd

222

100,900

†,e,g

China

Renaissance

Holdings

Ltd

47

76,922

Cholamandalam

Financial

Holdings

Ltd

844

167,454

Cholamandalam

Investment

and

Finance

Co

Ltd

2,336

157,922

e

CI

Financial

Corp

1,793

1,011,500

Cielo

S.A.

970

1,786,465

*

CITIC

Securities

Co

Ltd

3,248

338,516

CITIC

Securities

Co

Ltd

(Class

A)

924

353

e

Claros

Mortgage

Trust,

Inc

4

101,934

g

CMC

Markets

plc

199

326,341

CME

Group,

Inc

60,468

91,299

e

Coface

S.A.

1,259

73,391

Cohen

&

Steers,

Inc

4,256

126,334

*,e

Coinbase

Global,

Inc

9,039

205,997

e

Compass

Diversified

Trust

4,468

488

*

Consumer

Portfolio

Services,

Inc

6

650,936

e

Corebridge

Financial,

Inc

11,496

1,103,507

Coronation

Fund

Managers

Ltd

1,917

97,126

Creades

AB

689

5,483

*,e

Credit

Acceptance

Corp

2,785

55,545

e

Credit

Corp

Group

Ltd

738

249,100

Credit

Saison

Co

Ltd

3,831

38,411

*

CreditAccess

Grameen

Ltd

585

14,441

CRISIL

Ltd

688

120,625

CSC

Financial

Co

Ltd

403

2,636,000

CSSC

Hong

Kong

Shipping

Co

Ltd

438

128,833

Daishin

Securities

Co

Ltd

1,322

28,638

Daishin

Securities

Co

Ltd

PF

287

1,197,100

*

Daiwa

Securities

Group,

Inc

6,169

31,962

*

Danal

Co

Ltd

98

11,520

Daou

Data

Corp

118

17,593

Daou

Technology,

Inc

235

40,380

Deutsche

Bank

AG.

(Registered)

425

12,155

Deutsche

Beteiligungs

AG.

384

186,402

Deutsche

Boerse

AG.

34,412

115,689

e,g

Deutsche

Pfandbriefbank

AG.

847

65

Diamond

Hill

Investment

Group,

Inc

11

492,708

Discover

Financial

Services

57,573

41,449

e,g

doBank

S.p.A

192

69,025

Dongxing

Securities

Co

Ltd

76

CREF

Stock

Account

June

30,

2023

68

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

168

*

Donnelley

Financial

Solutions,

Inc

$

8

99,654

*

Draper

Esprit

plc

338

1,429,907

Dubai

Financial

Market

588

1,236

Dynex

Capital,

Inc

16

1,186,206

East

Money

Information

Co

Ltd

2,327

172,210

e

ECN

Capital

Corp

347

17,097,080

Edelweiss

Capital

Ltd

10,409

263,725

Edenred

17,665

74,818

EFG

International

761

399,265

E-Finance

for

Digital

&

Financial

Investments

220

25,886

eGuarantee,

Inc

345

785,039

*

Egyptian

Financial

Group-Hermes

Holding

481

883,468

Element

Financial

Corp

13,458

1,933

e

Ellington

Financial

Inc

27

148,846

Enact

Holdings,

Inc

3,740

818

*

Encore

Capital

Group,

Inc

40

23,250

*

Enova

International,

Inc

1,235

478,989

EQT

AB

9,221

1,474,396

Equitable

Holdings,

Inc

40,045

281,224

Essent

Group

Ltd

13,161

1,284

Eurazeo

90

22,679

*

Euronet

Worldwide,

Inc

2,662

1,099,134

g

Euronext

NV

74,757

105,806

Everbright

Securities

Co

Ltd

232

166,903

Evercore

Inc

20,628

41,617

EVERTEC,

Inc

1,533

34,278

*

EXOR

NV

3,060

80,289

EXOR

NV

7,168

40,508

Factset

Research

Systems,

Inc

16,230

531,401

e

Far

East

Horizon

Ltd

422

1,118,533

*

Fawry

for

Banking

&

Payment

Technology

Services

SAE

206

210

Federal

Agricultural

Mortgage

Corp

(FAMC)

30

69,700

Federated

Investors,

Inc

(Class

B)

2,499

2,917,528

Fidelity

National

Information

Services,

Inc

159,589

55,663

Fiera

Capital

Corp

271

1,349

*,e

Finance

Of

America

Cos,

Inc

3

56,600

Financial

Products

Group

Co

Ltd

500

94,600

FinVolution

Group

(ADR)

435

155,891

*

First

Capital

Securities

Co

Ltd

123

14,351

First

National

Financial

Corp

411

259,386

FirstCash

Holdings,

Inc

24,208

3,039,996

FirstRand

Ltd

11,077

2,231,224

*

Fiserv,

Inc

281,469

121,989

*

flatexDEGIRO

AG.

1,210

112,629

*

FleetCor

Technologies,

Inc

28,279

207,014

*

FleetPartners

Group

Ltd

357

27,392

Flow

Traders

604

538,990

*

Flywire

Corp

16,730

1,220

*

Focus

Financial

Partners,

Inc

64

2,052

e

Franklin

BSP

Realty

Trust,

Inc

29

222,845

Franklin

Resources,

Inc

5,952

8,964,618

Fuhwa

Financial

Holdings

Co

Ltd

6,667

22,453

*

Fusion

Micro

Finance

Ltd

151

45,100

*,e

Futu

Holdings

Ltd

(ADR)

1,792

14,484

Fuyo

General

Lease

Co

Ltd

1,113

852

GCM

Grosvenor,

Inc

6

831,500

g

Genertec

Universal

Medical

Group

Company

Limited

458

909,500

e

Gentera

SAB

de

C.V.

975

512,836

*

GF

Securities

Co

Ltd

709

168,708

GF

Securities

Co

Ltd

(Class

A)

343

353,177

Global

Payments,

Inc

34,795

2,500

GMO

Financial

Gate,

Inc

203

15,901

GMO

Financial

Holdings,

Inc

77

279,577

GMO

Payment

Gateway,

Inc

21,930

69

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

106,816

e

goeasy

Ltd

$

8,916

515,662

Goldman

Sachs

Group,

Inc

166,322

1,771,100

*

Grab

Holdings

Ltd.

6,075

1,822

Granite

Point

Mortgage

Trust,

Inc

10

957

*

Green

Dot

Corp

18

21,587

GRENKE

AG.

630

31,672

Groupe

Bruxelles

Lambert

S.A.

2,497

21,747

*

Gruppo

MutuiOnline

S.p.A

732

10,312

Guangzhou

Yuexiu

Financial

Holdings

Group

Co

Ltd

9

28,904

Guolian

Securities

Co

Ltd

36

166,149

Guosen

Securities

Co

Ltd

200

2,407,800

e

Guotai

Junan

International

Hol

182

194,816

Guotai

Junan

Securities

Co

Ltd

376

113,154

Guoyuan

Securities

Co

Ltd

102

2,662,810

e

Haitong

International

Securities

Group

Ltd

228

1,422,773

Haitong

Securities

Co

Ltd

874

250,312

Haitong

Securities

Co

Ltd

(Class

A)

318

2,298,000

e,g

Haitong

UniTrust

International

Leasing

Co

Ltd

267

60,671

Hamilton

Lane,

Inc

4,852

1,235

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

31

1,078,103

*

Hanwha

Securities

Co

2,189

6,994

Hargreaves

Lansdown

plc

72

415,711

Helia

Group

Ltd

959

14,886

Hithink

RoyalFlush

Information

Network

Co

Ltd

360

30,121

Home

Capital

Group,

Inc

980

26,101

g

Home

First

Finance

Co

India

Ltd

250

1,512,311

Hong

Kong

Exchanges

and

Clearing

Ltd

57,300

130,000

Hotai

Finance

Co

Ltd

624

890

Houlihan

Lokey,

Inc

87

2,230,687

Housing

Development

Finance

Corp

76,959

645,740

g

Huatai

Securities

Co

Ltd

800

106,634

Huatai

Securities

Co

Ltd

(Class

A)

203

29,800

Huaxi

Securities

Co

Ltd

34

62,369

HUB24

Ltd

1,066

3,582

*

Hypoport

AG.

655

107,853

*

I3

Verticals,

Inc

2,466

68,982

g

ICICI

Securities

Ltd

513

914,517

IDFC

Ltd

1,148

103,100

e

iFAST

Corp

Ltd

352

2,771,804

IG

Group

Holdings

plc

23,848

81,932

e

IGM

Financial,

Inc

2,494

141,375

IIFL

Finance

Ltd

873

47,551

e

Illimity

Bank

S.p.A

330

82,749

Impax

Asset

Management

Group

plc

598

196,782

*

Indiabulls

Housing

Finance

Ltd

297

2,590,256

g

Indian

Energy

Exchange

Ltd

4,023

223,554

Industrial

Securities

Co

Ltd

189

138,888

Industrivarden

AB

3,852

5,886

Industrivarden

AB

162

2,934,978

*

Infibeam

Incorporation

Ltd

566

236,392

IntegraFin

Holdings

plc

712

73,326

Interactive

Brokers

Group,

Inc

(Class

A)

6,091

961,644

Intercontinental

Exchange

Group,

Inc

108,743

242,801

Intermediate

Capital

Group

plc

4,256

729,000

*,e,g

International

Alliance

Financial

Leasing

Co

Ltd

447

35,615

*

International

Money

Express

Inc

874

292,307

Invesco

Ltd

4,914

1,136

e

Invesco

Mortgage

Capital,

Inc

13

373,029

Investec

Ltd

2,101

549,539

Investec

plc

3,076

51,104

Investment

AB

Oresund

487

460,769

Investor

AB

9,222

39,124

Investor

AB

783

503,905

IOOF

Holdings

Ltd

951

CREF

Stock

Account

June

30,

2023

70

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

976,103

IP

Group

plc

$

700

85,124

Is

Yatirim

Menkul

Degerler

AS

204

2,800

iShares

Core

S&P

500

ETF

1,248

1,863,000

iShares

MSCI

ACWI

ETF

178,736

728,853

iShares

MSCI

Canada

Index

Fund

25,503

27,500

e

iShares

MSCI

EAFE

Index

Fund

1,994

6,580

e

iShares

Russell

2000

Index

Fund

1,232

163,529

Isracard

Ltd

684

37,200

e

J

Trust

Co

Ltd

112

19,325

Jaccs

Co

Ltd

676

34,638

Jack

Henry

&

Associates,

Inc

5,796

936

Jackson

Financial,

Inc

29

450,854

Jafco

Co

Ltd

5,787

107,264

Janus

Henderson

Group

plc

2,923

72,100

Japan

Securities

Finance

Co

Ltd

560

306,532

Jefferies

Financial

Group,

Inc

10,168

430,325

JM

Financial

Ltd

386

549,200

JMT

Network

Services

PCL

583

55,914

JSE

Ltd

270

110,214

g

JTC

plc

992

4,217

Julius

Baer

Group

Ltd

266

404,358

Jupiter

Investment

Management

Group

Ltd

554

21,315

*,e

Kakaopay

Corp

766

43,358

*

Kfin

Technologies

Ltd

196

2,710,000

*,e

Kingkey

Financial

International

Holdings

Ltd

605

13,026

KIWOOM

Securities

Co

Ltd

880

742,244

KKR

&

Co,

Inc

41,566

1,756

e

KKR

Real

Estate

Finance

Trust,

Inc

21

14,850

Korea

Investment

Holdings

Co

Ltd

586

14,303

*

KRUK

S.A.

1,436

668,728

Krungthai

Card

PCL

936

371,552

Kumho

Investment

Bank

207

533,338

L&T

Finance

Holdings

Ltd

833

1,083,179

e

Ladder

Capital

Corp

11,752

66,411

Lazard

Ltd

(Class

A)

2,125

880

*

LendingClub

Corp

9

45,661

*

LendingTree,

Inc

1,010

8,920

Leonteq

A.G.

409

69,600

*

LexinFintech

Holdings

Ltd

(ADR)

159

250,092

LIC

Housing

Finance

Ltd

1,198

60,006

Liontrust

Asset

Management

plc

547

809,031

London

Stock

Exchange

Group

plc

86,108

377,107

LPL

Financial

Holdings,

Inc

81,994

225,600

Lufax

Holding

Ltd

(ADR)

323

12,300

*

M&A

Capital

Partners

Co

Ltd

287

4,400

*,e

M&A

Research

Institute,

Inc

348

1,816,266

M&G

plc

4,420

66,988

e

MA

Financial

Group

Ltd

228

325,441

Macquarie

Group

Ltd

38,724

139,328

Magellan

Financial

Group

Ltd

888

188,830

Magma

Fincorp

Ltd

787

385,365

Mahindra

&

Mahindra

Financial

Services

Ltd

1,584

13,020,950

Man

Group

plc

36,160

467,444

Manappuram

General

Finance

&

Leasing

Ltd

756

18,243

MarketAxess

Holdings,

Inc

4,769

1,273,426

*

Marqeta,

Inc

6,202

147,800

Marui

Co

Ltd

2,583

11,381

g

MAS

Financial

Services

Ltd

108

2,377,100

Mastercard,

Inc

(Class

A)

934,913

110,300

e

Matsui

Securities

Co

Ltd

609

151

Merchants

Bancorp

4

88,449

Meritz

finance

Holdings

Co

Ltd

2,804

8,592,000

Metro

Pacific

Investments

Corp

743

2,500

MFA

Financial,

Inc

28

71

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

82,021

MGIC

Investment

Corp

$

1,295

84,422

Mirae

Asset

Daewoo

Co

Ltd

466

758,400

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,503

24,500

Mizuho

Leasing

Co

Ltd

800

1,588

e

Moelis

&

Co

72

158,952

Monex

Group,

Inc

615

121,024

Moody's

Corp

42,082

2,207,033

Morgan

Stanley

188,481

20,185

Morningstar,

Inc

3,958

39,542

Motilal

Oswal

Financial

Services

Ltd

351

1,291

*

Mr

Cooper

Group,

Inc

65

62,644

MSCI,

Inc

(Class

A)

29,398

478,382

Muangthai

Capital

PCL

532

21,600

Multi

Commodity

Exchange

of

India

Ltd

396

42,138

Muthoot

Finance

Ltd

638

99,600

Nanjing

Securities

Co

Ltd

113

341,081

Nasdaq

Inc

17,003

367,093

National

Investments

Co

KSCP

246

2,339

Navient

Corp

43

48,490

*

Nayifat

Finance

Co

219

109

Nelnet,

Inc

(Class

A)

11

161,220

*

NerdWallet,

Inc

1,517

98,567

Netwealth

Group

Ltd

915

413,849

*,g

Network

International

Holdings

plc

2,016

288,330

New

Residential

Investment

Corp

2,696

72

New

York

Mortgage

Trust,

Inc

1

11,733

*,g

Nexi

S.p.A

92

20,235

e

Nexpoint

Real

Estate

Finance,

Inc

315

1,044,400

Ngern

Tid

Lor

PCL

680

22,894

NHN

KCP

Corp

175

18,149

NICE

Holdings

Co

Ltd

162

124,653

Ninety

One

Ltd

270

224,311

Ninety

One

plc

479

140,336

g

Nippon

Life

India

Asset

Management

Ltd

494

323,832

*

NMI

Holdings,

Inc

8,361

35,400

e

Noah

Holdings

Ltd

(ADR)

498

2,607,800

*

Nomura

Holdings,

Inc

9,942

131,778

Nordnet

AB

publ

1,766

4,004

Northern

Trust

Corp

297

189,967

*,†

Nuvama

Wealth

Management

Ltd

5,648

106,725

*,g

Nuvei

Corp

3,155

327,593

*,e

Nuvei

Corp

9,674

119,593

Okasan

Holdings,

Inc

398

2,331,574

*

Omni

Bridgeway

Ltd

4,072

90,428

OneMain

Holdings,

Inc

3,951

68,897

Onex

Corp

3,805

1,105

*

Open

Lending

Corp

12

1,215

e

Orchid

Island

Capital,

Inc

13

41,250

Orient

Corp

324

196,051

Orient

Securities

Co

Ltd

263

2,415,240

ORIX

Corp

44,045

448,477

Osaka

Securities

Exchange

Co

Ltd

7,848

1,182,698

OSB

Group

plc

7,239

58,954

*

Oyak

Yatirim

Menkul

Degerler

AS.

110

58,984

e

P10,

Inc

667

6,068,800

*

Pacific

Strategic

Financial

Tbk

PT

443

2,368,748

*

Pagseguro

Digital

Ltd

22,361

245,390

Paisalo

Digital

Ltd

152

190,238

Paragon

Group

of

Cos

plc

1,283

429

Partners

Group

404

1,215

e

Patria

Investments

Ltd

17

682,300

*

Payoneer

Global,

Inc

3,282

2,225,090

*

PayPal

Holdings,

Inc

148,480

179

*

Paysafe

Ltd

2

CREF

Stock

Account

June

30,

2023

72

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

784

PennyMac

Financial

Services,

Inc

$

55

201

e

PennyMac

Mortgage

Investment

Trust

3

1,578,934

*,e

Pensionbee

Group

plc

1,444

202,171

Pepper

Money

Ltd

191

93,930

Perpetual

Trustees

Australia

Ltd

1,624

118,234

e

Pinnacle

Investment

Management

Group

Ltd

795

106,906

Piper

Jaffray

Cos

13,819

4,807,569

Piramal

Healthcare

Ltd

55,322

683

PJT

Partners,

Inc

48

378,181

Platinum

Asset

Mangement

Ltd

440

405,953

Plus500

Ltd

7,553

69,303

*,g

PNB

Housing

Finance

Ltd

480

239,539

Polar

Capital

Holdings

plc

1,570

1,353

*

PRA

Group,

Inc

31

669,000

President

Securities

Corp

375

1,007

*

PROG

Holdings,

Inc

32

177,730

Provident

Financial

plc

429

911,717

PSG

Konsult

Ltd

639

1,075,784

g

Quilter

plc

1,082

3,727

Radian

Group,

Inc

94

1,793,800

Ratchthani

Leasing

PCL

163

46,752

Rathbone

Brothers

1,106

187,173

Ratos

AB

(B

Shares)

525

153,984

Raymond

James

Financial,

Inc

15,979

4,648

e

Ready

Capital

Corp

52

2,302,284

REC

Ltd

4,631

3,969

e

Redwood

Trust,

Inc

25

7,582

Regional

Management

Corp

231

54,149

Reinet

Investments

S.C.A

1,200

412,092

Remgro

Ltd

3,220

603,429

*

Remitly

Global,

Inc

11,357

337,802

*

Repay

Holdings

Corp

2,645

94,644

e,g

Resurs

Holding

AB

176

11,261

Ricoh

Leasing

Co

Ltd

329

456,351

*

Robinhood

Markets,

Inc

4,554

92,234

*

Rocket

Cos,

Inc

826

908,511

S&P

Global,

Inc

364,213

485,700

Sabuy

Technology

PCL

123

22,865

Samsung

Securities

Co

Ltd

628

36,465

Saudi

Home

Loans

Co

190

39,486

Saudi

Tadawul

Group

Holding

Co

1,988

110,107

SBI

Cards

&

Payment

Services

Ltd

1,139

1,251,350

SBI

Holdings,

Inc

24,133

13,859

Schroders

plc

77

471

Sculptor

Capital

Management,

Inc

4

153,200

SDIC

Capital

Co

Ltd

150

81,529

SEI

Investments

Co

4,861

151,000

Shanxi

Securities

Co

Ltd

116

9,187

Share

India

Securities

Ltd

147

355,000

e

Sheng

Ye

Capital

Ltd

232

665,244

Shenwan

Hongyuan

Group

Co

Ltd

424

41,304

*

Shift4

Payments,

Inc

2,805

2,804

Shinyoung

Securities

Co

Ltd

119

90,320

Shriram

Transport

Finance

Co

Ltd

1,915

772,874

Singapore

Exchange

Ltd

5,504

198,437

SLM

Corp

3,238

27,107,620

Sociedad

de

Inversiones

Oro

Blanco

S.A.

239

3,695

Societe

Fonciere

Financiere

et

de

Participations

FFP

412

625,971

*,e

SoFi

Technologies,

Inc

5,221

16,152

e

Sofina

S.A.

3,349

120,135

SooChow

Securities

Co

Ltd

115

292,973

Southwest

Securities

Co

Ltd

147

20,048

*

Spandana

Sphoorty

Financial

Ltd

176

18,871

Sparx

Group

Co

Ltd

201

73

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,500

SPDR

S&P

500

ETF

Trust

$

1,995

183,043

e

SPDR

S&P

Biotech

ETF

15,229

16,984

e

Sprott,

Inc

550

768,475

*,†,e

SRH

NV

8

546,110

Srisawad

Corp

PCL

731

11,334

St.

James's

Place

plc

157

38,505

Standard

Life

Aberdeen

plc

107

1,130

*

Star

Holdings

17

444,326

e

Starwood

Property

Trust,

Inc

8,620

105,854

State

Street

Corp

7,746

157,443

StepStone

Group,

Inc

3,906

81,854

Stifel

Financial

Corp

4,884

1,334,617

*

StoneCo

Ltd

17,003

73,784

*

StoneX

Group,

Inc

6,130

8,624

Strike

Co

Ltd

209

588,735

Sun

Hung

Kai

&

Co

Ltd

229

81,795

Svolder

AB

466

9,841

Swissquote

Group

Holding

S.A.

2,048

112

*,e

SWK

Holdings

Corp

2

8,342

Synchrony

Financial

283

173,487

T

Rowe

Price

Group,

Inc

19,434

181,027

Taiwan

Acceptance

Corp

1,157

97,381

e

Tamburi

Investment

Partners

S.p.A.

982

10,866

Tata

Investment

Corp

Ltd

311

1,147,027

*

Tel

Aviv

Stock

Exchange

Ltd

5,928

1,440

TFS

Financial

Corp

18

69,715

e

Timbercreek

Financial

Corp

392

274,920

TMX

Group

Ltd

6,186

466,785

*,e

Toast,

Inc

10,535

173,480

Tokai

Tokyo

Securities

Co

Ltd

461

34,900

Tokyo

Century

Corp

1,260

84,132

Tong

Yang

Investment

Bank

172

662,090

TP

Icap

Group

plc

1,271

2,335

e

TPG

RE

Finance

Trust,

Inc

17

2,030

e

TPG,

Inc

59

89,888

Tradeweb

Markets,

Inc

6,156

554,789

Transaction

Capital

Ltd

172

1,397,077

Turkiye

Sinai

Kalkinma

Bankasi

AS

242

122

e

Two

Harbors

Investment

Corp

2

234,971

*

Tyro

Payments

Ltd

180

4,587,279

UBS

Group

AG

92,978

223,394

UBS

Group

AG

4,528

53,300

*,e

Up

Fintech

Holding

Ltd

(ADR)

151

937

*,e

Upstart

Holdings,

Inc

34

43,062

UTI

Asset

Management

Co

Ltd

413

73,789

e

UWM

Holdings

Corp

413

848,011

e

Value

Partners

Group

Ltd

268

301

*

Velocity

Financial,

Inc

3

220,334

Victory

Capital

Holdings,

Inc

6,949

250,471

Virtu

Financial,

Inc

4,281

216

Virtus

Investment

Partners,

Inc

43

2,842,053

Visa,

Inc

(Class

A)

674,931

23,678

e

Vontobel

Holding

AG.

1,502

246,792

e

Voya

Financial,

Inc

17,697

759

Walker

&

Dunlop,

Inc

60

23,175

Warsaw

Stock

Exchange

217

2,122,395

Waterland

Financial

Holdings

822

688

Waterstone

Financial,

Inc

10

31,400

*,e

WealthNavi,

Inc

295

27,405

e

Wendel

2,815

112,603

Western

Securities

Co

Ltd

99

546,641

Western

Union

Co

6,412

CREF

Stock

Account

June

30,

2023

74

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

20,478

*

WEX,

Inc

$

3,728

3,185

WisdomTree

Investments,

Inc

22

647,707

*

Wise

plc

5,414

59,384

Woori

Investment

&

Securities

Co

Ltd

432

89

*,e

World

Acceptance

Corp

12

3,055

*,g

Worldline

S.A.

112

591,456

*

XP,

Inc

13,876

198,687

*,g

X-Trade

Brokers

Dom

Maklerski

S.A.

2,030

2,176,600

e

Yangzijiang

Financial

Holding

Pte

Ltd

549

185,200

*,e

Yeahka

Ltd

415

1,698,000

e,g

Yixin

Group

Ltd

172

43,165

Zenkoku

Hosho

Co

Ltd

1,501

49,091

Zheshang

Securities

Co

Ltd

67

265,700

Zhongtai

Securities

Co

Ltd

253

TOTAL

FINANCIAL

SERVICES

7,517,555

FOOD,

BEVERAGE

&

TOBACCO

-

3.6%

1,063,347

*,e

a2

Milk

Co

Ltd

3,491

150,157

AAK

AB

2,825

138,193

AG.

Barr

plc

825

6,963

Agrana

Beteiligungs

AG.

132

241,807

Agthia

Group

PJSC

327

371,237

Ajinomoto

Co,

Inc

14,789

9,838

Al

Jouf

Agricultural

Development

Co

141

213

e

Alico,

Inc

5

215,362

Almarai

Co

JSC

3,489

374,975

Altria

Group,

Inc

16,986

4,010,009

AMBEV

S.A.

12,906

165,160

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

420

39,511

Angel

Yeast

Co

Ltd

197

1,337,929

e

Anheuser-Busch

InBev

S.A.

75,830

112,828

*

Anhui

Gujing

Distillery

Co

Ltd

1,946

21,514

*

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

733

29,417

Anhui

Kouzi

Distillery

Co

Ltd

200

41,100

Anhui

Yingjia

Distillery

Co

Ltd

362

26,523

Anora

Group

Oyj

142

70,790

Archer-Daniels-Midland

Co

5,349

14,072

Ariake

Japan

Co

Ltd

519

4,576,620

*

Aryzta

AG.

7,595

240,135

Asahi

Breweries

Ltd

9,317

32,130

*

Aseer

Trading

Tourism

&

Manufacturing

Co

111

690,148

Associated

British

Foods

plc

17,477

32,112

Astral

Foods

Ltd

261

405,000

e

Ausnutria

Dairy

Corp

Ltd

178

94,348

*,h

AustAsia

Group

Ltd

37

76,223

Austevoll

Seafood

ASA

526

141,351

*

Australian

Agricultural

Co

Ltd

138

54,581

Avanti

Feeds

Ltd

261

275,836

AVI

Ltd

996

28

e

B&G

Foods,

Inc

(Class

A)

0

^

41,845

Bakkafrost

P

2,503

642,706

Baladna

253

99,297

Balrampur

Chini

Mills

Ltd

467

105

Barry

Callebaut

AG.

203

227,536

Bega

Cheese

Ltd

434

235,601

Beijing

Dabeinong

Technology

Group

Co

Ltd

214

216,100

Beijing

Yanjing

Brewery

Co

Ltd

371

1,855

Bell

AG.

528

2,989

*,e

Benson

Hill,

Inc

4

650,100

Betagro

PCL

532

228

*,e

Beyond

Meat,

Inc

3

40,315

Bikaji

Foods

International

Ltd

205

75

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

17,447

Bombay

Burmah

Trading

Co

$

216

6,948

e

Bonduelle

S.C.A.

84

7,760

*

Boston

Beer

Co,

Inc

(Class

A)

2,393

32,300

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

165

540,200

*

BRF

S.A.

1,005

95,429

Britannia

Industries

Ltd

5,851

117,800

British

American

Tobacco

Malaysia

BHD

257

1,344,688

British

American

Tobacco

plc

44,678

1,669,864

Britvic

plc

18,175

7,162

Brown-Forman

Corp

(Class

A)

488

28,141

Brown-Forman

Corp

(Class

B)

1,879

1,424,080

g

Budweiser

Brewing

Co

APAC

Ltd

3,685

2,028,000

e

Bumitama

Agri

Ltd

826

63,102

Bunge

Ltd

5,954

311,591

C&C

Group

plc

496

435

Calavo

Growers,

Inc

13

69,200

Calbee,

Inc

1,309

1,343

Cal-Maine

Foods,

Inc

60

73,000

Camil

Alimentos

S.A.

108

25,512

Campbell

Soup

Co

1,166

180,600

Carabao

Group

PCL

334

177,062

Carlsberg

AS

(Class

B)

28,353

201,200

Carlsberg

Brewery-Malay

BHD

878

59,493

CCL

Products

India

Ltd

483

19,375

*

Celsius

Holdings,

Inc

2,891

947,800

Century

Pacific

Food,

Inc

440

124,800

Charoen

Pokphand

Enterprise

377

2,790,831

Charoen

Pokphand

Foods

PCL

1,552

3,215,021

g

China

Feihe

Ltd

1,795

4,375,889

*,†

China

Huishan

Dairy

Holdings

Co

Ltd

6

370,000

*,†

China

Huiyuan

Juice

Group

Ltd

0

^

2,747,227

China

Mengniu

Dairy

Co

Ltd

10,383

3,105,000

e

China

Modern

Dairy

Holdings

326

1,427,392

China

Resources

Beer

Holdings

Company

Ltd

9,433

937,000

e,g

China

Youran

Dairy

Group

Ltd

207

22,427

Chongqing

Brewery

Co

Ltd

285

19,994

Chongqing

Fuling

Zhacai

Group

Co

Ltd

51

103,409

Cia

Cervecerias

Unidas

S.A.

834

1,303,800

Cisarua

Mountain

Dairy

PT

TBK

364

6,314

CJ

CheilJedang

Corp

1,294

150,732

Cloetta

AB

274

4,517,614

Coca-Cola

Co

272,051

73

Coca-Cola

Consolidated

Inc

46

1,152,098

*

Coca-Cola

European

Partners

plc

(Class

A)

74,230

469,518

e

Coca-Cola

Femsa

SAB

de

C.V.

3,925

3,745

Coca-Cola

HBC

AG.

112

592,300

e

Coca-Cola

West

Japan

Co

Ltd

6,283

2,408,000

Cofco

International

Ltd

853

2,280,000

*,e

COFCO

Meat

Holdings

Ltd

549

63,459

ConAgra

Brands,

Inc

2,140

89,436

Constellation

Brands,

Inc

(Class

A)

22,013

7,766

Corby

Spirit

and

Wine

Ltd

83

378,394

Costa

Group

Holdings

Ltd

689

43,371

Cranswick

plc

1,789

15,133

Daesang

Corp

198

2,081,820

g

Dali

Foods

Group

Co

Ltd

931

301,606

Danone

18,483

125,462

*

Darling

International,

Inc

8,003

5,882,939

Davide

Campari-Milano

NV

81,533

2,403,172

Diageo

plc

103,315

1,678

Dole

plc

23

2,585

Dongwon

F&B

Co

Ltd

55

CREF

Stock

Account

June

30,

2023

76

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,826

*

Duckhorn

Portfolio,

Inc

$

24

8,500

Dydo

Drinco,

Inc

298

1,069,228

Eastern

Tobacco

738

57,943

e

Ebro

Puleva

S.A.

1,022

317,283

Embotelladora

Andina

S.A.

831

464,726

e

Embotelladoras

Arca

SAB

de

C.V.

4,777

1,856

e

Emmi

AG.

1,790

39,215

e

Ezaki

Glico

Co

Ltd

1,026

591,100

Farm

Fresh

Bhd

160

1,223,237

Fevertree

Drinks

plc

18,937

5,116,000

First

Pacific

Co

1,774

401,600

First

Resources

Ltd

414

26,075

Flowers

Foods,

Inc

649

1,671,483

e

Fomento

Economico

Mexicano

S.A.

de

C.V.

18,508

1,460,770

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

161,912

231,161

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,494

96,600

Fraser

&

Neave

Holdings

BHD

523

120,231

Fresh

Del

Monte

Produce,

Inc

3,091

36,077

*

Freshpet,

Inc

2,374

15,345

Fu

Jian

Anjoy

Foods

Co

Ltd

311

34,727

Fuji

Oil

Co

Ltd

480

69,816

Fujian

Sunner

Development

Co

Ltd

184

14,232

Fujicco

Co

Ltd

186

4,382

Fujiya

Co

Ltd

75

115,418

Futuris

Corp

Ltd

507

184,975

General

Mills,

Inc

14,188

214,500

Genting

Plantations

BHD

271

517,600

GFPT

PCL

(Foreign)

187

167,446

Glanbia

plc

2,503

150,192

Godfrey

Phillips

India

Ltd

3,090

27,112,025

Golden

Agri-Resources

Ltd

4,919

474,500

*

Great

Wall

Enterprise

Co

814

400,724

*

Greencore

Group

plc

372

30,904

e

Grieg

Seafood

ASA

193

153,761

e

Gruma

SAB

de

C.V.

2,468

1,148,241

e

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

6,148

140,500

e

Grupo

Herdez

SAB

de

C.V.

365

311,100

Guan

Chong

Bhd

154

61,445

Guangdong

Haid

Group

Co

Ltd

397

332,700

Guinness

Anchor

BHD

1,860

56,232

Gujarat

Ambuja

Exports

Ltd

164

2,564

*

Hain

Celestial

Group,

Inc

32

7,885

*

Halwani

Brothers

Co

132

42,064

Harim

Holdings

Co

Ltd

249

172,314

e

Health

&

Happiness

H&H

International

Holdings

Ltd

222

63,000

Hebei

Hengshui

Laobaigan

Liquor

Co

Ltd

213

115,700

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

394

123,832

Heilongjiang

Agriculture

Co

Ltd

228

113,701

Heineken

Holding

NV

9,894

2,287,393

Heineken

NV

235,228

188,023

Henan

Shuanghui

Investment

&

Development

Co

Ltd

635

22,474

Hershey

Co

5,612

33,088

*

Hindustan

Foods

Ltd

209

22,675

Hite

Jinro

Co

Ltd

373

14,500

Hokuto

Corp

185

38,786

Hormel

Foods

Corp

1,560

119,211

*

Hostess

Brands,

Inc

3,018

49,962

House

Foods

Corp

1,113

17,590

Hyundai

Feed,

Inc

316

530,600

Ichitan

Group

PCL

207

12,260

Imperial

Tobacco

Group

plc

271

2,029,109

Indofood

CBP

Sukses

Makmur

Tbk

1,533

77

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

291,423

Inghams

Group

Ltd

$

510

8,969

Ingredion,

Inc

950

354,353

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,383

9,135,000

*,†

Inti

Agri

Resources

Tbk

PT

0

^

1,874,806

IOI

Corp

BHD

1,501

2,632,877

ITC

Ltd

14,518

38,300

Ito

En

Ltd

1,059

111,700

Itoham

Yonekyu

Holdings,

Inc

562

5,233

J&J

Snack

Foods

Corp

829

13,859

J.M.

Smucker

Co

2,047

117,000

Jalles

Machado

S.A.

184

488,400

e

Japan

Tobacco,

Inc

10,699

4,685,000

Japfa

Comfeed

Indonesia

Tbk

PT

419

598,682

JBS

S.A.

2,183

4,337

JDE

Peet's

BV

129

65,626

Jiangsu

King's

Luck

Brewery

JSC

Ltd

478

78,681

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

1,424

8,862

JiuGui

Liquor

Co

Ltd

110

50,277

John

B.

Sanfilippo

&

Son,

Inc

5,896

13,046

J-Oil

Mills,

Inc

145

47,964

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

243

17,901

Juewei

Food

Co

Ltd

92

62,446

Kagome

Co

Ltd

1,365

10,900

Kameda

Seika

Co

Ltd

327

158,334

Kaveri

Seed

Co

Ltd

985

34,965

Kellogg

Co

2,357

8,600

Kerry

Group

plc

(Class

A)

839

203,948

Keurig

Dr

Pepper,

Inc

6,377

84,797

e

Kewpie

Corp

1,386

1,984,200

Khon

Kaen

Sugar

Industry

PCL

174

116,000

Kikkoman

Corp

6,625

509,579

Kirin

Brewery

Co

Ltd

7,441

15,780

Kotobuki

Spirits

Co

Ltd

1,157

3,250,870

Kraft

Heinz

Co

115,406

42,521

KRBL

Ltd

177

90,496

KT&G

Corp

5,685

403,135

Kuala

Lumpur

Kepong

BHD

1,901

64,385

Kweichow

Moutai

Co

Ltd

15,008

209,775

Lamb

Weston

Holdings,

Inc

24,114

300

Lancaster

Colony

Corp

60

3,482

Lassonde

Industries,

Inc

275

225,195

Leroy

Seafood

Group

ASA

855

62,010

Lian

HWA

Food

Corp

188

671,400

*

Lien

Hwa

Industrial

Corp

1,464

23

Lindt

&

Spruengli

AG.

289

6

Lindt

&

Spruengli

AG.

(Registered)

745

3,020

Lotte

Chilsung

Beverage

Co

Ltd

291

1,838

Lotte

Confectionery

Co

Ltd

142

589

Lotus

Bakeries

NV

4,677

113,162

LT

Foods

Ltd

182

77,723

Luzhou

Laojiao

Co

Ltd

2,246

57,700

M

Dias

Branco

S.A.

513

67,148

e

Maple

Leaf

Foods,

Inc

1,312

251,200

Marfrig

Global

Foods

S.A.

381

439,596

Marico

Ltd

2,849

33,900

Maruha

Nichiro

Corp

570

33,718

McCormick

&

Co,

Inc

2,941

36,387

Megmilk

Snow

Brand

Co

Ltd

494

196,300

Meihua

Holdings

Group

Co

Ltd

242

177,398

MEIJI

Holdings

Co

Ltd

3,961

58,371

Mezzan

Holding

Co

KSCC

101

178,780

e

MGP

Ingredients,

Inc

19,001

CREF

Stock

Account

June

30,

2023

78

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

255,300

Minerva

S.A.

$

567

1,155

*

Mission

Produce,

Inc

14

45,200

Mitsui

Sugar

Co

Ltd

865

23,504

Molson

Coors

Brewing

Co

(Class

B)

1,548

4,918,580

Mondelez

International,

Inc

358,761

4,611,022

*

Monster

Beverage

Corp

264,857

28,779

Morinaga

&

Co

Ltd

901

280,913

Morinaga

Milk

Industry

Co

Ltd

9,197

12,980

Mowi

ASA

206

269,438

*

Muyuan

Foodstuff

Co

Ltd

1,564

108,000

Namchow

Chemical

Industrial

Ltd

166

39,157

*

National

Agriculture

Development

Co

432

169

*

National

Beverage

Corp

8

29,564

Nestle

India

Ltd

8,262

48,114

Nestle

Malaysia

BHD

1,350

3,278,645

Nestle

S.A.

394,393

12,488

*

Neto

Malinda

Trading

Ltd

228

219,305

*

New

Hope

Liuhe

Co

Ltd

353

498,092

Nichirei

Corp

10,651

43,797

Nippon

Flour

Mills

Co

Ltd

561

67,500

Nippon

Meat

Packers,

Inc

1,827

233,759

Nippon

Suisan

Kaisha

Ltd

1,050

19,122

Nisshin

Oillio

Group

Ltd

455

154,300

Nisshin

Seifun

Group,

Inc

1,907

51,900

Nissin

Food

Products

Co

Ltd

4,291

690,568

e

Nissin

Foods

Co

Ltd

592

19,396

Nong

Shim

Co

Ltd

5,857

1,528,400

e,g

Nongfu

Spring

Co

Ltd

8,459

63,745

Oceana

Group

Ltd

239

270,696

Origin

Enterprises

plc

985

69,664

Orion

Corp

778

20,768

Orion

Corp/Republic

of

Korea

1,894

14,234

Orior

AG.

1,217

29,460

Orkla

ASA

212

1,097,917

Osotspa

PCL

922

1,568

Ottogi

Corp

467

2,786,426

PepsiCo,

Inc

516,102

487,378

Pernod-Ricard

S.A.

107,698

600

Philip

Morris

CR

460

4,577,070

Philip

Morris

International,

Inc

446,814

6,530

*

Pilgrim's

Pride

Corp

140

7,419

*

Post

Holdings,

Inc

643

473,541

PPB

Group

BHD

1,597

536,787

Premier

Foods

plc

869

37,224

e

Premium

Brands

Holdings

Corp

2,937

18,138

Prima

Meat

Packers

Ltd

274

2,049,949

Primo

Water

Corp

25,706

133,158

Primo

Water

Corp

(Toronto)

1,669

409,800

PT

Astra

Agro

Lestari

Tbk

204

6,181,218

*

PT

Charoen

Pokphand

Indonesia

Tbk

2,173

3,732,709

PT

Indofood

Sukses

Makmur

Tbk

1,830

12,535,800

PT

Perusahaan

Perkebunan

London

Sumatra

Indonesia

Tbk

836

16,807,200

PT

Sawit

Sumbermas

Sarana

Tbk

1,356

811,600

QL

Resources

BHD

932

463,300

R&B

Food

Supply

PCL

141

60,269

Radico

Khaitan

Ltd

889

46,254

Remy

Cointreau

S.A.

7,425

12,500

Riken

Vitamin

Co

Ltd

186

472,400

*,e

RLX

Technology,

Inc

(ADR)

836

60,708

e

Rogers

Sugar,

Inc

264

42,052

Royal

Unibrew

A.S.

3,764

14,294

S

Foods,

Inc

312

79

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

23,555

Sakata

Seed

Corp

$

683

76,790

Salmar

ASA

3,094

258

Samlip

General

Foods

Co

Ltd

13

2,819

Samyang

Foods

Co

Ltd

230

2,268

Samyang

Holdings

Corp

125

136,600

Sao

Martinho

S.A.

974

89,100

Sappe

PCL

205

53,186

Sapporo

Holdings

Ltd

1,370

237,798

Saputo,

Inc

5,328

7,527

*

Saudi

Fisheries

Co

62

13,263

Saudia

Dairy

&

Foodstuff

Co

1,128

226,114

Savola

Group

2,515

43,131

g

Scandinavian

Tobacco

Group

A.S.

718

10,671

Schouw

&

Co

843

196

Seaboard

Corp

698

94,666

e

Select

Harvests

Ltd

262

199

*

Seneca

Foods

Corp

7

56,039

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

281

62,242

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

1,588

16,700

Shede

Spirits

Co

Ltd

286

14,987

e

Showa

Sangyo

Co

Ltd

279

529,285

*

Shree

Renuka

Sugars

Ltd

280

17,201

Sichuan

Swellfun

Co

Ltd

140

1,718,378

Sime

Darby

Plantation

BHD

1,530

2,207

*

Simply

Good

Foods

Co

81

86,377

SLC

Agricola

S.A.

689

1,565,171

e,g

Smoore

International

Holdings

Ltd

1,597

300

*

Sovos

Brands,

Inc

6

329,700

Srinanaporn

Marketing

PCL

223

340,000

Standard

Foods

Corp

454

42,008

*

Strauss

Group

Ltd

948

51,361

Suedzucker

AG.

915

230

*

SunOpta,

Inc

2

60,641

*,e

SunOpta,

Inc

406

28,000

e

Suntory

Beverage

&

Food

Ltd

1,015

313,300

Ta

Ann

Holdings

BHD

224

467,000

*

Taiwan

TEA

Corp

343

112,003

Takara

Holdings,

Inc

912

4,889

Tanmiah

Food

Co

165

67,645

Tata

Coffee

Ltd

205

467,188

Tata

Tea

Ltd

4,912

334,297

Tate

&

Lyle

plc

3,082

2,271,800

Thai

Union

Group

PCL

827

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

285

770,800

Thaifoods

Group

PCL

87

130,743

e

Tiger

Brands

Ltd

1,157

1,849,301

Tingyi

Cayman

Islands

Holding

Corp

2,880

45,826

Toly

Bread

Co

Ltd

64

293,700

Toyo

Suisan

Kaisha

Ltd

13,249

579,519

Treasury

Wine

Estates

Ltd

4,346

847

*

TreeHouse

Foods,

Inc

43

91,700

Tres

Tentos

Agroindustrial

S.A.

246

52,366

Triveni

Engineering

&

Industries

Ltd

181

1,179,700

TSH

Resources

BHD

233

555,471

Tsingtao

Brewery

Co

Ltd

5,071

40,993

Tsingtao

Brewery

Co

Ltd

(Class

A)

586

39,000

Ttet

Union

Corp

183

96,369

Turning

Point

Brands,

Inc

2,314

37,583

Tyson

Foods,

Inc

(Class

A)

1,918

103,053

Ulker

Biskuvi

Sanayi

AS

137

1,279,616

Uni-President

China

Holdings

Ltd

1,079

4,236,934

Uni-President

Enterprises

Corp

10,388

CREF

Stock

Account

June

30,

2023

80

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

204,038

United

Malt

Grp

Ltd

$

600

138,800

United

Plantations

BHD

460

239,826

*

United

Spirits

Ltd

2,673

80,992

Universal

Corp

4,045

771,100

Universal

Robina

1,925

1,384

Utz

Brands,

Inc

23

402,710

Varun

Beverages

Ltd

3,949

1,132

Vector

Group

Ltd

15

4,340

Vilmorin

&

Cie

296

411,847

Vina

Concha

y

Toro

S.A.

479

32,627

Viscofan

S.A.

2,255

170,812

*,e

Vita

Coco

Co,

Inc

4,590

600

*

Vital

Farms,

Inc

7

712,000

Vitasoy

International

Holdings

Ltd

887

9,033

VST

Industries

Ltd

381

4,257,694

Want

Want

China

Holdings

Ltd

2,832

297,000

Wei

Chuan

Food

Corp

194

366,070

Wens

Foodstuffs

Group

Co

Ltd

926

6,903,696

g

WH

Group

Ltd

3,677

1,597,019

Wilmar

International

Ltd

4,499

199,042

Wuliangye

Yibin

Co

Ltd

4,493

98,500

Yakult

Honsha

Co

Ltd

6,230

94,800

Yamazaki

Baking

Co

Ltd

1,283

458,407

Yihai

International

Holding

Ltd

987

60,000

Yihai

Kerry

Arawana

Holdings

Co

Ltd

331

99,717

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

211

903,000

e,g

Zhou

Hei

Ya

International

Holdings

Co

Ltd

355

49,932

Zydus

Wellness

Ltd

904

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,078,858

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.0%

4,361,381

Abbott

Laboratories

475,478

107,478

*

Acadia

Healthcare

Co,

Inc

8,560

188,003

*

Accolade,

Inc

2,532

2,460

*,e

AdaptHealth

Corp

30

149

*

Addus

HomeCare

Corp

14

192,061

Advanced

Medical

Solutions

Group

plc

551

123,734

*

AGFA-Gevaert

NV

304

1,278

*,e

Agiliti,

Inc

21

212,284

*,e

agilon

health,

Inc

3,681

492,458

Aier

Eye

Hospital

Group

Co

Ltd

1,260

449

e

AirSculpt

Technologies,

Inc

4

444,000

g

AK

Medical

Holdings

Ltd

387

60,362

Al

Hammadi

Co

for

Development

and

Investment

985

541,407

Alcon,

Inc

44,916

522,500

Alfresa

Holdings

Corp

7,816

269,582

*

Align

Technology,

Inc

95,335

1,775

*

Alignment

Healthcare,

Inc

10

23,000

*

Alliar

Medicos

A

Frente

S.A.

114

227,961

*

Allscripts

Healthcare

Solutions,

Inc

2,872

609,038

*

Alphatec

Holdings

Inc

10,950

79,733

g

Ambea

AB

259

156,089

Ambu

A.S.

2,559

16,927

*

Amedisys,

Inc

1,548

7,824

*

American

Well

Corp

16

140,502

AmerisourceBergen

Corp

27,037

986

*

AMN

Healthcare

Services,

Inc

108

729,472

e

Amplifon

S.p.A.

26,757

112,700

Amvis

Holdings,

Inc

2,565

16,293

e

Andlauer

Healthcare

Group,

Inc

547

35,200

*,g

Angelalign

Technology,

Inc

330

1,267

*

Angiodynamics,

Inc

13

81

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

106,017

Ansell

Ltd

$

1,895

89,375

Apollo

Hospitals

Enterprise

Ltd

5,563

740

*,e

Apollo

Medical

Holdings,

Inc

23

742,903

Arjo

AB

2,693

109,500

*,e,g

Arrail

Group

Ltd

105

24,244

As

One

Corp

962

654,700

Asahi

Intecc

Co

Ltd

12,890

119,031

*,g

Aster

DM

Healthcare

Ltd

407

496,386

*

AtriCure,

Inc

24,502

17

Atrion

Corp

10

82,871

*,g

Attendo

AB

243

77,866

e

Australian

Clinical

Labs

Ltd

179

16,100

Autobio

Diagnostics

Co

Ltd

115

1,145

*

Avanos

Medical,

Inc

29

1,515

*,e

Aveanna

Healthcare

Holdings,

Inc

3

326,233

*

Axonics

Modulation

Technologies,

Inc

16,465

1,076,200

Bangkok

Chain

Hospital

PCL

538

4,419,500

Bangkok

Dusit

Medical

Services

PCL

3,466

4,634,471

Bangkok

Dusit

Medical

Services

PCL

3,601

1,930,956

Baxter

International,

Inc

87,974

257,745

Becton

Dickinson

&

Co

68,047

57,250

Beijing

Chunlizhengda

Medical

Instruments

Co

Ltd

111

35,660

*,e

Beyond

Air,

Inc

152

43,841

BioMerieux

4,603

19,845

BML,

Inc

400

3,231,963

*

Boston

Scientific

Corp

174,817

6,346

*,e

Brookdale

Senior

Living,

Inc

27

248,938

Bumrungrad

Hospital

PCL

1,589

3,518

*,e

Butterfly

Network,

Inc

8

428,889

Cardinal

Health,

Inc

40,560

1,145,900

e

Carenet,

Inc

7,525

877

Carl

Zeiss

Meditec

AG.

95

815

*

Castle

Biosciences,

Inc

11

11,828

e

Cellavision

AB

201

43,718

Celltrion

Healthcare

Co

Ltd

2,189

888,552

*

Centene

Corp

59,933

91,889

*

Certara,

Inc

1,673

37,366

*

Chabiotech

Co

Ltd

406

234,500

Chaoju

Eye

Care

Holdings

Ltd

139

7,944

Chemed

Corp

4,303

92,100

China

Meheco

Co

Ltd

165

30,700

China

National

Medicines

Corp

Ltd

164

723,500

China

Resources

Phoenix

Healthcare

Holdings

Co

Ltd

557

4,203,000

Chularat

Hospital

PCL

356

974,949

Cigna

Corp

273,571

14,752

Classys,

Inc

363

814,984

*

Cleopatra

Hospital

118

85,300

CM

Hospitalar

S.A.

354

500,000

C-Mer

Eye

Care

Holdings

Ltd

242

22,838

Cochlear

Ltd

3,499

124,199

Coloplast

AS

15,542

2,230

Coltene

Holding

AG.

177

201,140

CompuGroup

Medical

SE

&

Co

KgaA

9,910

495

*

Computer

Programs

&

Systems,

Inc

12

745

Conmed

Corp

101

1,353,310

g

ConvaTec

Group

plc

3,529

26,491

Cooper

Cos,

Inc

10,157

116

*

Corvel

Corp

22

25,050

Craneware

plc

434

131,502

*

Cross

Country

Healthcare,

Inc

3,693

179

*,e

CryoLife,

Inc

3

1,505

*,e

Cutera,

Inc

23

CREF

Stock

Account

June

30,

2023

82

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

14,930

*

CVRx,

Inc

$

230

419,716

CVS

Group

plc

10,544

899,331

CVS

Health

Corp

62,171

75,531

*,e

CYBERDYNE,

Inc

169

30,265

Dallah

Healthcare

Co

1,360

29,863

*

DaVita,

Inc

3,000

312

*,e

Definitive

Healthcare

Corp

3

96,264

*

Demant

A.S.

4,075

386,159

*,e

dentalcorp

Holdings

Ltd

2,140

5,873

Dentium

Co

Ltd

649

267,466

Dentsply

Sirona,

Inc

10,704

1,520,863

*

Dexcom,

Inc

195,446

25,767

e

DiaSorin

S.p.A.

2,684

442

*

DocGo,

Inc

4

86,284

*,e

Doximity,

Inc

2,935

30,870

g

Dr

Lal

PathLabs

Ltd

851

75,359

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

5,766

7,885

Draegerwerk

AG.

375

3,463

Draegerwerk

AG.

&

Co

KGaA

142

125,069

Ebos

Group

Ltd

2,826

24,881

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

989

1,018,241

*

Edwards

Lifesciences

Corp

96,051

44,600

Eiken

Chemical

Co

Ltd

478

40,017

e

El.En.

S.p.A

480

34,138

e

Elan

Corp

208

290,976

e

Elekta

AB

(B

Shares)

2,251

1,105,439

Elevance

Health,

Inc

491,135

37,900

e

EM

Systems

Co

Ltd

210

17

Embecta

Corp

0

^

50,744

EMIS

Group

plc

883

268,062

Encompass

Health

Corp

18,150

116,375

*

Enhabit,

Inc

1,338

65,945

*

Enovis

Corp

4,228

1,095

Ensign

Group,

Inc

104

201,612

*

Envista

Holdings

Corp

6,823

20,767

*

Eoflow

Co

Ltd

449

1,248,381

Essilor

International

S.A.

235,407

147,780

*,e

Establishment

Labs

Holdings,

Inc

10,139

342,397

*

Evolent

Health,

Inc

10,375

65,100

e

Extendicare,

Inc

350

122,377

Fagron

NV

2,061

3,732

*

Figs,

Inc

31

415,060

Fisher

&

Paykel

Healthcare

Corp

6,250

200,983

Fleury

S.A.

674

371,872

*

Fortis

Healthcare

Ltd

1,431

276,087

Fresenius

Medical

Care

AG.

13,194

9,333

Fresenius

SE

259

734

*,e

Fulgent

Genetics,

Inc

27

41,357

g

Galenica

AG.

3,343

417,672

GE

HealthCare

Technologies,

Inc

33,932

3

*,e

GeneDx

Holdings

Corp

0

^

5,569

Getinge

AB

(B

Shares)

98

164,569

*

Glaukos

Corp

11,719

49,711

*

Global

Health

Ltd

400

61,848

*

Globus

Medical,

Inc

3,682

97,027

GN

Store

Nord

2,426

39,412

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

173

6,938

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

72

143,098

*

Guardant

Health,

Inc

5,123

119,400

*

Gushengtang

Holdings

Ltd

757

774

*

Haemonetics

Corp

66

2,199,138

*,g

Hapvida

Participacoes

e

Investimentos

S.A.

2,012

1,558,900

Hartalega

Holdings

BHD

633

463,424

HCA

Healthcare,

Inc

140,640

83

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

477,844

Healius

Ltd

$

1,018

1,406

*

Health

Catalyst,

Inc

18

259,491

*

HealthEquity,

Inc

16,384

3

HealthStream,

Inc

0

^

68,327

*

Henry

Schein,

Inc

5,541

1,535,797

*

Hims

&

Hers

Health,

Inc

14,436

66,081

*

HLB

Life

Science

CO

Ltd

513

91,429

*

HLB,

Inc

2,270

20,200

Hogy

Medical

Co

Ltd

446

190,669

*

Hologic,

Inc

15,438

94,000

Hospital

Mater

Dei

S.A.

209

193,869

*

Hoya

Corp

23,200

42,278

Huadong

Medicine

Co

Ltd

253

269,522

Humana,

Inc

120,511

103,924

*

Humasis

Co

Ltd

203

313,200

e,g

Hygeia

Healthcare

Holdings

Co

Ltd

1,701

15,858

*

ICU

Medical,

Inc

2,826

61,099

*

IDEXX

Laboratories,

Inc

30,686

837,989

IHH

Healthcare

BHD

1,058

155,623

*,e

Inari

Medical,

Inc

9,048

335,236

*

Inmode

Ltd

12,521

503

*,e

Innovage

Holding

Corp

4

740

*

Inogen,

Inc

9

21,834

*

Inspire

Medical

Systems,

Inc

7,088

55,999

*

Insulet

Corp

16,147

539

*

Integer

Holding

Corp

48

56,219

*

Integra

LifeSciences

Holdings

Corp

2,312

159,013

Integral

Diagnostics

Ltd

347

743,510

*

Intuitive

Surgical,

Inc

254,236

17,084

Ion

Beam

Applications

285

615

iRadimed

Corp

29

2,615

iRay

Technology

Co

Ltd

102

533

*

iRhythm

Technologies,

Inc

56

19,744

Jafron

Biomedical

Co

Ltd

63

46,600

Japan

Lifeline

Co

Ltd

334

35,532

*

Jeisys

Medical,

Inc

280

39,788

Jeol

Ltd

1,420

29,450

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

146

1,497,500

*,e,g

Jinxin

Fertility

Group

Ltd

794

104,400

JMDC,

Inc

4,170

275

*

Joint

Corp

4

66,704

Jointown

Pharmaceutical

Group

Co

Ltd

95

244,000

Kangji

Medical

Holdings

Ltd

260

970,773

Koninklijke

Philips

Electronics

NV

21,034

58,793

e

Korian-Medica

428

1,189,600

Kossan

Rubber

Industries

329

902,400

KPJ

Healthcare

BHD

217

35,786

*,g

Krishna

Institute

of

Medical

Sciences

Ltd

780

176,539

Laboratory

Corp

of

America

Holdings

42,604

301,658

*

Lantheus

Holdings,

Inc

25,315

360

LeMaitre

Vascular,

Inc

24

16,113

Lepu

Medical

Technology

Beijing

Co

Ltd

50

1,149,112

Life

Healthcare

Group

Holdings

Pte

Ltd

1,255

2,591

*,e

LifeStance

Health

Group,

Inc

24

3,064,000

*

Lifetech

Scientific

Corp

1,048

95,714

*

LivaNova

plc

4,923

5,200

*

Lunit,

Inc

582

19,575

Lutronic

Corp

543

84,700

M3,

Inc

1,847

67,563

Mani,

Inc

800

38,396

*

Masimo

Corp

6,318

663,587

*

Max

Healthcare

Institute

Ltd

4,856

131,831

McKesson

Corp

56,333

5,388

g

Medacta

Group

S.A.

734

CREF

Stock

Account

June

30,

2023

84

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

4,379

*,g

Medartis

Holding

AG.

$

376

223,567

Medicare

Group

393

152,100

Mediceo

Paltac

Holdings

Co

Ltd

2,487

53,493

Medicover

AB

812

5,694,200

Medikaloka

Hermina

Tbk

PT

513

36,808

*

Medios

AG.

627

20,100

*

Medley,

Inc

752

120,500

e,g

Medlive

Technology

Co

Ltd

108

32,078

g

Medmix

AG.

849

239

*

MEDNAX,

Inc

3

333,100

*,e

MedPeer,

Inc

2,352

1,974,614

Medtronic

plc

173,963

1,174,993

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

1,152

51,684

Menicon

Co

Ltd

907

80,988

*

Merit

Medical

Systems,

Inc

6,774

122

Mesa

Laboratories,

Inc

16

156

Metall

Zug

AG.(B

Shares)

286

13,123,400

*

Metro

Healthcare

Indonesia

TBK

PT

410

24,367

g

Metropolis

Healthcare

Ltd

444

897,000

*,e,g

Microport

Cardioflow

Medtech

Corp

204

1,584,195

Microport

Scientific

Corp

2,882

39,971

*

Middle

East

Healthcare

Co

755

47,300

Miraca

Holdings,

Inc

904

57,072

*,g

MLP

Saglik

Hizmetleri

AS.

167

264

*

ModivCare,

Inc

12

31,048

*

Molina

Healthcare,

Inc

9,353

141,646

Mouwasat

Medical

Services

Co

9,183

16,936

Nagaileben

Co

Ltd

257

59,022

Nakanishi,

Inc

1,307

216,889

*

Nanosonics

Ltd

690

198,925

*,e

Nano-X

Imaging

Ltd

3,081

57,118

Narayana

Hrudayalaya

Ltd

693

423

National

Healthcare

Corp

26

18,636

National

Medical

Care

Co

639

13

National

Research

Corp

1

5,251

*

Neogen

Corp

114

691

*

NeoGenomics,

Inc

11

1,120,328

Network

Healthcare

Holdings

Ltd

858

729

*

Nevro

Corp

19

190,500

*,e,g

New

Horizon

Health

Ltd

670

268

*

NextGen

Healthcare,

Inc

4

65,577

Nihon

Kohden

Corp

1,753

459,552

Nipro

Corp

3,259

159,379

*,†

NMC

Health

plc

0

^

84,736

*

Novocure

Ltd

3,517

1,030

*

NuVasive,

Inc

43

813,825

Oceania

Healthcare

Ltd

385

211,350

Odontoprev

S.A.

554

1,894,900

Olympus

Corp

29,987

1,054

*

Omnicell,

Inc

78

142,900

*

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

301

13,761

*,e

Opko

Health,

Inc

30

1,024,613

*

Option

Care

Health,

Inc

33,290

73,933

*

OraSure

Technologies,

Inc

370

130,251

e

Oriola-KD

Oyj

(B

Shares)

183

1,163

*

Orthofix

Medical

Inc

21

401

*

OrthoPediatrics

Corp

18

950

*

Outset

Medical,

Inc

21

16,966

Ovctek

China,

Inc

71

506,947

*

Owens

&

Minor,

Inc

9,652

34

*

Paragon

28,

Inc

1

30,644

Paramount

Bed

Holdings

Co

Ltd

511

533,780

Patterson

Cos,

Inc

17,753

22,000

Pegavision

Corp

244

85

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

313,000

*,g

Peijia

Medical

Ltd

$

247

160,070

*

Pennant

Group,

Inc

1,966

44,582

*

Penumbra,

Inc

15,339

184,152

*

PetIQ,

Inc

2,794

5,186

*

Pharmagest

Inter@ctive

480

288,200

PHC

Holdings

Corp

3,098

71,095

*

Phreesia,

Inc

2,205

79,000

*,†

Pihsiang

Machinery

Manufacturing

Co

Ltd

0

^

23,620

Poly

Medicure

Ltd

331

462,181

*

PolyNovo

Ltd

478

62,059

Premier,

Inc

1,717

360,224

*

Privia

Health

Group,

Inc

9,405

43,781

e

Pro

Medicus

Ltd

1,927

870

*

PROCEPT

BioRobotics

Corp

31

754,252

*

Progyny,

Inc

29,672

3,183

*

Project

Roadrunner

Parent,

Inc

59

277

*

Pulmonx

Corp

4

58,714

Quest

Diagnostics,

Inc

8,253

41,803

*

QuidelOrtho

Corp

3,464

337

*

RadNet,

Inc

11

688,099

Raffles

Medical

Group

Ltd

693

41,762

Rainbow

Children's

Medicare

Ltd

491

340,100

Ramkhamhaeng

Hospital

PCL

403

35,422

Ramsay

Health

Care

Ltd

1,331

227,476

g

Rede

D'Or

Sao

Luiz

S.A.

1,564

137,438

Resmed,

Inc

30,030

20,069

Revenio

Group

Oyj

695

491,300

e

Riverstone

Holdings

Ltd

226

47,925

*

RxSight,

Inc

1,380

485,634

Ryman

Healthcare

Ltd

1,966

309,190

Saudi

Chemical

Co

313

1,067

*,e

Schrodinger,

Inc

53

30,741

SD

Biosensor,

Inc

286

112,343

Sectra

AB

1,885

58,703

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

AS

85

402,775

Select

Medical

Holdings

Corp

12,832

1,071,882

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

1,406

68,232

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

211

362,427

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

719

10,035

*,e

Sharecare,

Inc

18

131,432

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

5,439

17,600

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

143

436,203

Ship

Healthcare

Holdings,

Inc

7,216

40,076

*

Shockwave

Medical

Inc

11,438

37,864

*

SI-BONE,

Inc

1,022

325,085

g

Siemens

Healthineers

AG.

18,424

67,253

e

Sienna

Senior

Living,

Inc

585

42,168

*,e

Sight

Sciences,

Inc

349

680,985

Sigma

Healthcare

Ltd

382

99,601

*

Silk

Road

Medical

Inc

3,236

370

Simulations

Plus,

Inc

16

1,776,587

Sinopharm

Group

Co

5,562

94,000

g

Sisram

Medical

Ltd

113

939,680

Smith

&

Nephew

plc

15,160

35,500

Solasto

Corp

164

432,508

Sonic

Healthcare

Ltd

10,286

54,258

Sonova

Holdings

AG

14,478

232,105

g

Spire

Healthcare

Group

plc

626

1,145,900

Sri

Trang

Gloves

Thailand

PCL

241

40,000

St.

Shine

Optical

Co

Ltd

298

918

*

Staar

Surgical

Co

48

77,887

e

STERIS

plc

17,523

6,821

STRATEC

Biomedical

AG.

472

134,896

e

Straumann

Holding

AG.

21,935

CREF

Stock

Account

June

30,

2023

86

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

452,583

Stryker

Corp

$

138,079

191,089

Summerset

Group

Holdings

Ltd

1,126

9,200

*

SUNWELS

Co

Ltd

224

1,524,701

Supermax

Corp

BHD

262

1,724

*

Surgery

Partners,

Inc

78

29,166

*

Surgical

Science

Sweden

AB

654

14,870

*

SurModics,

Inc

466

261,500

Suzuken

Co

Ltd

7,112

48,338

Synlab

AG.

477

145,644

Sysmex

Corp

9,976

154,634

*

Tactile

Systems

Technology,

Inc

3,855

44,000

TaiDoc

Technology

Corp

263

50,279

*

Tandem

Diabetes

Care,

Inc

1,234

175,919

*

Teladoc,

Inc

4,454

36,883

Teleflex,

Inc

8,927

359,503

*

Tenet

Healthcare

Corp

29,256

641,700

Terumo

Corp

20,438

277,500

Thonburi

Healthcare

Group

PCL

536

42,330

Toho

Pharmaceutical

Co

Ltd

779

35,809

Tokai

Corp

(GIFU)

470

2,099,486

Top

Glove

Corp

BHD

365

8,580

*

Topchoice

Medical

Corp

115

514

*

Transmedics

Group,

Inc

43

263,034

*

Treace

Medical

Concepts,

Inc

6,728

5,650

*

UFP

Technologies,

Inc

1,095

212,083

Uniphar

plc

690

2,000,093

UnitedHealth

Group,

Inc

961,325

36,854

Universal

Health

Services,

Inc

(Class

B)

5,814

36,250

*

Universal

Vision

Biotechnology

Co

Ltd

495

64

US

Physical

Therapy,

Inc

8

7,813

Value

Added

Technologies

Co

Ltd

196

1,313

*

Varex

Imaging

Corp

31

656,802

*

Veeva

Systems,

Inc

129,869

156,500

*,e,g

Venus

MedTech

Hangzhou,

Inc

123

5,082

*,e

VG

Acquisition

Corp

9

4,499,700

Vibhavadi

Medical

Center

PCL

(Foreign)

315

1,800

*,e

Vicarious

Surgical,

Inc

3

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

268

139,488

*,e

Vimian

Group

AB

331

27,000

Visco

Vision,

Inc

189

174,279

*,e

Well

Health

Technologies

Corp

625

152,410

*

Xvivo

Perfusion

AB

4,293

429,900

*,e,g

Yidu

Tech,

Inc

317

4,087

Ypsomed

Holding

AG.

1,234

447,863

Zimmer

Biomet

Holdings,

Inc

65,209

108,400

*

Zimvie,

Inc

1,217

162,500

*,g

Zylox-Tonbridge

Medical

Technology

Co

Ltd

261

2,164

*,e

Zynex

Inc

21

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,710,856

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.6%

24,073

Amorepacific

Corp

1,792

2,675

*,e

Beauty

Health

Co

22

731,454

Beiersdorf

AG.

96,862

1,196,612

*

BellRing

Brands,

Inc

43,796

68,200

*,e

Best

World

International

Ltd

92

13,055

Blackmores

Ltd

823

97,383

By-health

Co

Ltd

322

213

*

Central

Garden

&

Pet

Co

8

875

*

Central

Garden

and

Pet

Co

(Class

A)

32

29,000

Chlitina

Holding

Ltd

186

355,210

Church

&

Dwight

Co,

Inc

35,603

27,172

Clorox

Co

4,321

1,201,292

Colgate-Palmolive

Co

92,548

87

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

99,607

Colgate-Palmolive

India

Ltd

$

2,052

6,686

Cosmax,

Inc

473

331,579

*

Coty,

Inc

4,075

517,101

Dabur

India

Ltd

3,617

10,730

Earth

Chemical

Co

Ltd

378

1,225

Edgewell

Personal

Care

Co

51

67,383

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

98

315,597

*

elf

Beauty,

Inc

36,051

184,508

Emami

Ltd

956

1,426

Energizer

Holdings,

Inc

48

4,065

Essity

AB

108

714,763

Estee

Lauder

Cos

(Class

A)

140,365

77,300

*,e

Euglena

Co

Ltd

479

62,984

Fancl

Corp

1,052

352,066

*

Godrej

Consumer

Products

Ltd

4,645

124,000

Grape

King

Industrial

Co

670

22,175,075

Haleon

plc

91,017

600,636

Hengan

International

Group

Co

Ltd

2,533

32,066

Henkel

KGaA

2,257

4,744

Henkel

KGaA

(Preference)

379

46

*

Herbalife

Nutrition

Ltd

1

704,098

Hindustan

Lever

Ltd

23,020

26,930

*

Hyundai

Bioscience

Co

Ltd

546

30,604,000

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,490

20,494

Inter

Parfums

S.A.

1,461

416

Inter

Parfums,

Inc

56

94,484

g

Jamieson

Wellness,

Inc

2,140

143,997

Jyothy

Laboratories

Ltd

379

415,988

e

Kao

Corp

15,096

3,380,257

*

Kenvue,

Inc

89,306

93,217

Kimberly-Clark

Corp

12,870

1,314,718

e

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,924

8,500

Kobayashi

Pharmaceutical

Co

Ltd

462

8,859

Kolmar

BNH

Co

Ltd

129

9,799

Kolmar

Korea

Co

Ltd

328

27,500

Kose

Corp

2,644

7,754

LG

Household

&

Health

Care

Ltd

2,710

195,100

e

Lion

Corp

1,819

321,139

L'Oreal

S.A.

149,804

64,872

Mandom

Corp

653

28,399

Medifast,

Inc

2,617

318,934

Microbio

Co

Ltd

593

21,298

Milbon

Co

Ltd

729

747,964

*

Natura

&

Co

Holding

S.A.

2,615

351

*

Nature's

Sunshine

Products,

Inc

5

21,800

Noevir

Holdings

Co

Ltd

830

967

Nu

Skin

Enterprises,

Inc

(Class

A)

32

7,610

*

Oil-Dri

Corp

of

America

449

100,854

*

Olaplex

Holdings,

Inc

375

54,477

*,e

Ontex

Group

NV

410

23,585

Pacific

Corp

473

3,381

Pharmanutra

S.p.A

224

101,100

e

Pigeon

Corp

1,396

1,009,500

e

Pola

Orbis

Holdings,

Inc

14,720

3,418,249

Procter

&

Gamble

Co

518,685

6,744,610

PT

Unilever

Indonesia

Tbk

1,920

181,745

PZ

Cussons

plc

374

807,661

Reckitt

Benckiser

Group

plc

60,696

6,393

e

Reynolds

Consumer

Products,

Inc

181

157,290

Rohto

Pharmaceutical

Co

Ltd

3,546

71,162

Sarantis

S.A.

581

909,990

Shiseido

Co

Ltd

41,250

CREF

Stock

Account

June

30,

2023

88

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

447,186

Spectrum

Brands

Holdings,

Inc

$

34,903

69,000

TCI

Co

Ltd

394

332,541

Uni-Charm

Corp

12,365

8,185

Unilever

plc

427

4,434,926

Unilever

plc

230,945

273

*

USANA

Health

Sciences,

Inc

17

347,536

Vinda

International

Holdings

Ltd

866

326

WD-40

Co

62

18,300

e

YA-MAN

Ltd

128

10,500

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

129

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,808,486

INSURANCE

-

2.8%

4,550

Admiral

Group

plc

120

1,832,713

Aegon

NV

9,304

250,650

Aflac,

Inc

17,495

160,676

Ageas

6,514

10,375,359

AIA

Group

Ltd

105,377

13,477

*

Al

Rajhi

Co

for

Co-operative

Insurance

492

433,657

Allianz

AG.

101,009

76,189

Allstate

Corp

8,308

959,630

Alm

Brand

AS

1,503

421,243

*

AMBAC

Financial

Group,

Inc

5,998

1,570

American

Equity

Investment

Life

Holding

Co

82

45,236

American

Financial

Group,

Inc

5,372

5,002,175

American

International

Group,

Inc

287,825

26,317

Amerisafe,

Inc

1,403

56,100

Anicom

Holdings,

Inc

245

194,001

Aon

plc

66,969

1,317,860

*

Arch

Capital

Group

Ltd

98,642

19

Argo

Group

International

Holdings

Ltd

1

171,971

Arthur

J.

Gallagher

&

Co

37,760

392,473

ASR

Nederland

NV

17,702

1,104,505

Assicurazioni

Generali

S.p.A.

22,461

43,092

Assurant,

Inc

5,418

46,015

Assured

Guaranty

Ltd

2,568

392,221

AUB

Group

Ltd

7,714

2,793,884

*

Aviva

plc

14,057

1,865,718

AXA

S.A.

55,134

160,343

Axis

Capital

Holdings

Ltd

8,631

46,029

Baloise

Holding

AG.

6,770

449,200

Bangkok

Life

Assurance

PCL

312

2,332,800

Bangkok

Life

Assurance

PCL

1,619

610,546

BB

Seguridade

Participacoes

S.A.

3,923

4,657,037

Beazley

plc

34,915

19,866

*

Brighthouse

Financial,

Inc

941

14,887

Brookfield

Reinsurance

Ltd

504

291,044

Brown

&

Brown,

Inc

20,035

263,185

*

BRP

Group,

Inc

6,522

64,325

Bupa

Arabia

for

Cooperative

Insurance

Co

3,183

8,219,768

Cathay

Financial

Holding

Co

Ltd

11,411

6,498,435

China

Development

Financial

Holding

Corp

2,590

1,462,932

China

Insurance

International

Holdings

Co

Ltd

1,524

6,754,790

China

Life

Insurance

Co

Ltd

11,307

174,075

China

Life

Insurance

Co

Ltd

(Class

A)

839

415,900

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,490

2,439,209

China

Pacific

Insurance

Group

Co

Ltd

-

H

6,333

1,201,229

Chubb

Ltd

231,309

44,590

Cincinnati

Financial

Corp

4,339

51,184

*

Clal

Insurance

798

7,473

CNA

Financial

Corp

289

50,958

Co

for

Cooperative

Insurance

1,902

89

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

123,179

Conseco,

Inc

$

2,916

3,630,000

*,†,e

Convoy

Global

Holdings

Ltd

5

53,882

e

Crawford

&

Co

598

847,400

Dai-ichi

Mutual

Life

Insurance

Co

16,117

248,407

Definity

Financial

Corp

6,591

390,800

Dhipaya

Group

Holdings

PCL

469

1,064,761

Direct

Line

Insurance

Group

plc

1,841

429,696

*

Discovery

Holdings

Ltd

3,330

519

Donegal

Group,

Inc

(Class

A)

7

41,490

Dongbu

Insurance

Co

Ltd

2,357

149,522

*

eHealth,

Inc

1,202

171,826

Employers

Holdings,

Inc

6,428

2,921

*

Enstar

Group

Ltd

713

347,118

Everest

Re

Group

Ltd

118,666

41,700

e

F&G

Annuities

&

Life,

Inc

1,033

22,862

Fairfax

Financial

Holdings

Ltd

17,125

875,000

*

Fidelis

Insurance

Holdings

Ltd

11,944

75,224

Fidelity

National

Financial

Inc

2,708

29,547

First

American

Financial

Corp

1,685

6,461,668

Fubon

Financial

Holding

Co

Ltd

12,648

11,679

*

Genworth

Financial,

Inc

(Class

A)

58

63,660

Gjensidige

Forsikring

BA

1,020

309,073

Globe

Life,

Inc

33,881

122,352

*

Goosehead

Insurance,

Inc

7,695

283,494

e

Great-West

Lifeco,

Inc

8,232

890

*

Greenlight

Capital

Re

Ltd

(Class

A)

9

18,556

Grupo

Catalana

Occidente

S.A.

571

59,998

Hannover

Rueckversicherung

AG.

12,737

10,425

Hanover

Insurance

Group,

Inc

1,178

2,431,237

Hanwha

Life

Insurance

Co

Ltd

4,776

140,234

*

Hanwha

Non-Life

Insurance

Co

Ltd

431

313,801

Harel

Insurance

Investments

&

Finances

Ltd

2,454

88,300

Hartford

Financial

Services

Group,

Inc

6,359

823,939

g

HDFC

Life

Insurance

Co

Ltd

6,545

43,162

Helvetia

Holding

AG.

5,850

545

*,e

Hippo

Holdings,

Inc

9

286,760

Hiscox

Ltd

3,976

1,063

Horace

Mann

Educators

Corp

32

247,845

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

5,848

104,862

iA

Financial

Corp,

Inc

7,144

199,822

g

ICICI

Lombard

General

Insurance

Co

Ltd

3,278

282,462

*,g

ICICI

Prudential

Life

Insurance

Co

Ltd

1,975

15,272

IDI

Insurance

Co

Ltd

346

2,173,106

Insurance

Australia

Group

Ltd

8,264

174,617

Intact

Financial

Corp

26,961

31

Investors

Title

Co

4

55,153

*

IRB

Brasil

Resseguros

S

502

118,616

James

River

Group

Holdings

Ltd

2,166

1,916,500

Japan

Post

Holdings

Co

Ltd

13,774

181,900

Japan

Post

Insurance

Co

Ltd

2,734

2,551,711

Just

Retirement

Group

plc

2,521

17,993

Kemper

Corp

868

960

Kinsale

Capital

Group,

Inc

359

175,566

Korean

Reinsurance

Co

935

199,273

Lancashire

Holdings

Ltd

1,465

5,962,661

Legal

&

General

Group

plc

17,264

1,523

*,e

Lemonade,

Inc

26

36,100

*

Lifenet

Insurance

Co

271

203,171

Lincoln

National

Corp

5,234

485,270

e

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

437

54,726

Loews

Corp

3,250

1,871,622

Manulife

Financial

Corp

35,377

CREF

Stock

Account

June

30,

2023

90

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

754,912

e

Mapfre

S.A.

$

1,501

3,814

*

Markel

Corp

5,275

1,517,448

Marsh

&

McLennan

Cos,

Inc

285,402

199,885

*

Max

Financial

Services

Ltd

1,979

1,641

*

MBIA,

Inc

14

2,450,229

Medibank

Pvt

Ltd

5,756

17,084

Menorah

Mivtachim

Holdings

Ltd

363

328,890

Mercuries

&

Associates

Holding

Ltd

161

2,094,944

*

Mercuries

Life

Insurance

Co

Lt

367

258,027

Mercury

General

Corp

7,810

2,701,197

Metlife,

Inc

152,699

271,915

Migdal

Insurance

Holdings

Ltd

331

977,791

Momentum

Metropolitan

Holdings

938

381,249

MS&AD

Insurance

Group

Holdings

Inc

13,501

139,987

Muenchener

Rueckver

AG.

52,553

77

National

Western

Life

Group,

Inc

32

147,565

New

China

Life

Insurance

Co

Ltd

-

A

748

882,465

New

China

Life

insurance

Co

Ltd

-

H

2,332

301

*

NI

Holdings,

Inc

4

399,807

nib

holdings

Ltd

2,255

324,137

NN

Group

NV

11,999

4,375,804

Old

Mutual

Ltd

2,818

78,557

Old

Republic

International

Corp

1,977

1,168,114

*

Oscar

Health,

Inc

9,415

696,902

OUTsurance

Group

Ltd

1,259

505

*

Palomar

Holdings,

Inc

29

168,075

*

PB

Fintech

Ltd

1,431

9,228,388

People's

Insurance

Co

Group

of

China

Ltd

3,352

804,715

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

648

792,047

Phoenix

Group

Holdings

plc

5,359

143,737

Phoenix

Holdings

Ltd

1,447

6,105,556

PICC

Property

&

Casualty

Co

Ltd

6,798

5,634,976

Ping

An

Insurance

Group

Co

of

China

Ltd

35,990

5,544,233

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

35,449

12,725

g

Poste

Italiane

S.p.A

138

584,454

e

Power

Corp

Of

Canada

15,732

521,557

Powszechny

Zaklad

Ubezpieczen

S.A.

5,059

97,805

Primerica,

Inc

19,342

70,416

Principal

Financial

Group

5,340

1,836

ProAssurance

Corp

28

767,587

Progressive

Corp

101,605

50,445

Protector

Forsikring

ASA

778

106,440

Prudential

Financial,

Inc

9,390

2,938,200

Prudential

plc

41,497

9,718,600

PT

Panin

Life

Tbk

184

1,349,960

Qatar

Insurance

Co

SAQ

819

1,323,441

QBE

Insurance

Group

Ltd

13,818

163,400

e

Qualitas

Controladora

SAB

de

C.V.

1,213

32,624

Reinsurance

Group

of

America,

Inc

(Class

A)

4,525

81,993

*

Religare

Enterprises

Ltd

179

90,131

RenaissanceRe

Holdings

Ltd

16,811

1,043

RLI

Corp

142

74,174

*

Ryan

Specialty

Group

Holdings,

Inc

3,330

9,284

Safety

Insurance

Group,

Inc

666

600,260

Sampo

Oyj

(A

Shares)

26,959

26,952

Samsung

Fire

&

Marine

Insurance

Co

Ltd

4,703

67,753

Samsung

Life

Insurance

Co

Ltd

3,465

1,525,609

Sanlam

Ltd

4,730

33,547

Santam

Ltd

516

381,457

g

SBI

Life

Insurance

Co

Ltd

6,086

119,551

SCOR

SE

3,514

1,194

Selective

Insurance

Group,

Inc

115

91

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

876,251

*,e

Selectquote,

Inc

$

1,709

10,736,866

Shin

Kong

Financial

Holding

Co

Ltd

3,075

521,000

Shinkong

Insurance

Co

Ltd

871

2,890

*

SiriusPoint

Ltd

26

372,654

Sompo

Holdings,

Inc

16,721

717,480

Steadfast

Group

Ltd

2,876

914

Stewart

Information

Services

Corp

38

1,383,839

Storebrand

ASA

10,793

592,456

Sun

Life

Financial,

Inc

30,885

1,128,961

Suncorp-Metway

Ltd

10,144

30,675

Swiss

Life

Holding

17,966

297,558

Swiss

Re

Ltd

29,983

248,500

Syarikat

Takaful

Malaysia

BHD

177

449,100

T&D

Holdings,

Inc

6,586

65,595

Talanx

AG.

3,766

27,207

Tiptree

Inc

408

1,611,400

Tokio

Marine

Holdings,

Inc

37,148

28,505

Tongyang

Life

Insurance

Co

Ltd

78

37,145

Topdanmark

AS

1,826

258,200

TQM

Corp

PCL

195

186,946

Travelers

Cos,

Inc

32,465

37,010

*

Trisura

Group

Ltd

1,050

70,479

*,e

Trupanion,

Inc

1,387

360,963

Tryg

A.S.

7,817

1,476,625

Unipol

Gruppo

Finanziario

S.p.A

7,891

97,705

Uniqa

Versicherungen

AG.

784

727

United

Fire

Group

Inc

16

154,602

Universal

Insurance

Holdings,

Inc

2,385

159,314

Unum

Group

7,599

31,025

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

811

286,821

W.R.

Berkley

Corp

17,083

2,242

White

Mountains

Insurance

Group

Ltd

3,114

375,390

Willis

Towers

Watson

plc

88,404

23,213

Wuestenrot

&

Wuerttembergische

AG.

397

304,605

*,e,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

832

414,428

Zurich

Insurance

Group

AG

197,139

TOTAL

INSURANCE

3,173,279

MATERIALS

-

4.7%

250,381

e

29Metals

Ltd

142

50,400

*,e

5E

Advanced

Materials,

Inc

165

149,410

Aarti

Industries

919

59,842

*

Aarti

Pharmalabs

Ltd

271

1,481,617

Abou

Kir

Fertilizers

&

Chemical

Industries

2,149

152,335

Acerinox

S.A.

1,619

65,338

ADEKA

Corp

1,248

326,825

Adelaide

Brighton

Ltd

522

45,110

Advanced

Enzyme

Technologies

Ltd

154

6,423

e

Advanced

Nano

Products

Co

Ltd

607

102,999

Advanced

Petrochemical

Co

1,221

622

AdvanSix,

Inc

22

68,054

Aeci

Ltd

328

12,475

Aekyung

Petrochemical

Co

Ltd

204

92,973

African

Rainbow

Minerals

Ltd

981

66,625

Afrimat

Ltd

216

518,623

Agnico-Eagle

Mines

Ltd

25,897

49,769

Agnico-Eagle

Mines

Ltd

2,487

38,752

Aica

Kogyo

Co

Ltd

852

676,272

Air

Liquide

121,279

134,629

Air

Products

&

Chemicals,

Inc

40,325

148,800

Air

Water,

Inc

2,066

7,443

Akzo

Nobel

India

Ltd

221

CREF

Stock

Account

June

30,

2023

92

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

85,627

Akzo

Nobel

NV

$

7,000

18,805

Al

Masane

Al

Kobra

Mining

Co

391

345,341

Alamos

Gold,

Inc

4,114

113,072

Albemarle

Corp

25,225

553,048

Alcoa

Corp

18,765

645,584

Algoma

Steel

Group,

Inc

4,561

14,012

Alkyl

Amines

Chemicals

466

3,323

*

Allegheny

Technologies,

Inc

147

751,183

Alleima

AB

3,421

33,000

Allied

Supreme

Corp

339

502,971

*

Allkem

Ltd

5,409

458,332

*

Alpha

HPA

Ltd

353

198

e

Alpha

Metallurgical

Resources,

Inc

33

31,177

e

Altius

Minerals

Corp

515

57,606

e

Altri

SGPS

S.A.

262

28,369

Alujain

Corp

340

2,073,432

Alumina

Ltd

1,923

3,781,964

Aluminum

Corp

of

China

Ltd

1,637

825,687

Aluminum

Corp

of

China

Ltd

(Class

A)

626

515,991

*

Ambuja

Cements

Ltd

2,686

28,997

Amcor

plc

289

598

American

Vanguard

Corp

11

160,832

AMG

Advanced

Metallurgical

Group

NV

8,344

55,243

e

Anglo

American

Platinum

Ltd

2,497

1,051,324

Anglo

American

plc

29,935

356,381

AngloGold

Ashanti

Ltd

7,544

505,065

Anhui

Conch

Cement

Co

Ltd

1,344

91,645

Anhui

Conch

Cement

Co

Ltd

(Class

A)

300

22,820

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

91

209,660

Antofagasta

plc

3,899

18,784

Anupam

Rasayan

India

Ltd

236

41,068

e

APERAM

1,282

137,037

APL

Apollo

Tubes

Ltd

2,184

1,262

Aptargroup,

Inc

146

38,396

Arabian

Cement

Co

407

1,666,710

*

Arafura

Resources

Ltd

341

198,970

*

ArcelorMittal

5,429

29,351

*

Archean

Chemical

Industries

Ltd

192

200,776

*

Arconic

Corp

5,939

21,277

*,†,e

Ardagh

Group

S.A.

125

117,715

e

Ardagh

Metal

Packaging

S.A.

443

1,065,951

*

Argosy

Minerals

Ltd

279

210,999

Arkema

19,896

58,034

Asahi

Holdings,

Inc

784

1,073,208

Asahi

Kasei

Corp

7,267

38,154

Ashland

Global

Holdings,

Inc

3,316

348,000

*

Asia

Cement

China

Holdings

Corp

172

949,044

Asia

Cement

Corp

1,355

369,000

Asia

Polymer

315

328,385

Asian

Paints

Ltd

13,485

49,600

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

157

737,228

*

Aspen

Aerogels,

Inc

5,817

50,145

*

Associated

Cement

Co

Ltd

1,111

96,354

Atalaya

Mining

plc

392

12,057

Atul

Ltd

1,029

50,411

Aurubis

AG.

4,328

47,055

Avery

Dennison

Corp

8,084

379,889

Avient

Corp

15,537

3,056,195

*,†,e

AVZ

Minerals

Ltd

1,191

1,093,123

*

Axalta

Coating

Systems

Ltd

35,865

86,583

*

Aya

Gold

&

Silver,

Inc

555

1,550,274

B2Gold

Corp

5,524

93

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,265

*

Balaji

Amines

Ltd

$

319

641

Balchem

Corp

86

213,804

Ball

Corp

12,446

1,440,385

Baoshan

Iron

&

Steel

Co

Ltd

1,115

1,846,318

Barrick

Gold

Corp

31,233

10,963

BASF

India

Ltd

351

898,300

BASF

SE

43,642

12,753

Bayer

CropScience

Ltd

682

528,200

BBMG

Corp

159

28,281

Bekaert

S.A.

1,282

895,942

*

Bellevue

Gold

Ltd

766

191,250

Berger

Paints

India

Ltd

1,583

20,163,000

*

Berkah

Beton

Sadaya

Tbk

PT

67

94,650

Berry

Global

Group,

Inc

6,090

51,080

e

BEWi

ASA

192

6,471,130

BHP

Billiton

Ltd

194,535

277,272

BHP

Group

Ltd

8,275

186,059

Billerud

AB

1,416

4,000

*,†,e

Bio

On

S.p.A.

0

^

28,588

Birla

Corp

Ltd

433

378,611

BlueScope

Steel

Ltd

5,211

488,326

Boliden

AB

14,151

314,579

*,e

Boral

Ltd

847

75,802

Borregaard

ASA

1,123

23,447

*

Borusan

Mannesmann

Boru

Sanayi

243

294,305

Boubyan

Petrochemicals

Co

KSCP

714

496,500

Bradespar

S.A.

2,303

17,900

Bradespar

S.A.

78

251,188

Breedon

Group

plc

1,040

61,328

Brickworks

Ltd

1,092

78,140

e

Buzzi

Unicem

S.p.A.

1,958

7,400

C

Uyemura

&

Co

Ltd

423

1,244

Cabot

Corp

83

790,114

*

Calibre

Mining

Corp

829

105,291

*,e

Calix

Ltd

294

45,474

*

Canfor

Corp

816

45,797

CAP

S.A.

339

244,245

*

Capricorn

Metals

Ltd

663

347,117

*,e

Capstone

Copper

Corp

1,575

85,783

Carborundum

Universal

Ltd

1,255

84,214

Carpenter

Technology

Corp

4,727

58,955

e

Cascades,

Inc

520

1,522,584

Castrol

India

Ltd

2,245

140,430

CCL

Industries

6,903

701,894

Celanese

Corp

(Series

A)

81,279

33,837

Cementir

Holding

NV

274

399,404

Cementos

Argos

S.A.

326

12,993,030

*,e

Cemex

S.A.

de

C.V.

9,185

5,082,187

Centamin

plc

5,897

186,643

Centerra

Gold,

Inc

1,119

675,320

Central

Asia

Metals

plc

1,545

210,480

*

Century

Aluminum

Co

1,835

126,000

Century

Iron

&

Steel

Industrial

Co

Ltd

552

45,282

Century

Plyboards

India

Ltd

366

41,481

Century

Textile

&

Industries

Ltd

436

102,640

CF

Industries

Holdings,

Inc

7,125

276,414

*

Chalice

Gold

Mines

Ltd

1,164

138,584

Chambal

Fertilizers

&

Chemicals

Ltd

462

320,666

Champion

Iron

Ltd

1,305

194

Chase

Corp

24

2,974

Chemours

Co

110

59,219

*

Chemplast

Sanmar

Ltd

329

CREF

Stock

Account

June

30,

2023

94

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

632,000

Cheng

Loong

Corp

$

692

39,500

Chengxin

Lithium

Group

Co

Ltd

174

344,000

Chia

Hsin

Cement

Corp

238

6,328,000

China

BlueChemical

Ltd

1,425

406,000

China

General

Plastics

Corp

305

2,229,105

China

Hongqiao

Group

Ltd

1,821

101,429

China

Jushi

Co

Ltd

198

1,236,000

China

Manmade

Fibers

Corp

327

150,000

China

Metal

Products

176

58,000

China

Minmetals

Rare

Earth

Co

Ltd

237

3,436,614

China

Molybdenum

Co

Ltd

1,809

985,744

China

Molybdenum

Co

Ltd

(Class

A)

725

1,690,276

China

National

Building

Material

Co

Ltd

1,044

1,214,000

China

Nonferrous

Mining

Corp

Ltd

576

177,029

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

586

2,456,000

China

Oriental

Group

Co

Ltd

337

2,855,000

China

Petrochemical

Development

Corp

900

1,148,248

China

Resources

Cement

Holdings

Ltd

475

110,000

China

Steel

Chemical

Corp

412

10,133,181

China

Steel

Corp

9,582

3,269,251

China

XLX

Fertiliser

Ltd

1,403

4,462,240

*,†,e

China

Zhongwang

Holdings

Ltd

6

61,399

Chr

Hansen

Holding

A/S

4,268

23,078

Chugoku

Marine

Paints

Ltd

195

512,000

*

Chun

Yuan

Steel

300

4,030

Chunbo

Co

Ltd

594

801,000

Chung

Hung

Steel

Corp

629

328,000

Chung

Hwa

Pulp

Corp

297

113,000

Cia

Brasileira

de

Aluminio

119

177,522

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

1,305

32,800

Cia

Ferro

Ligas

da

Bahia

-

FERBASA

332

508,350

Cia

Siderurgica

Nacional

S.A.

1,288

19,823

Ciech

S.A.

261

31,552

Cimsa

Cimento

Sanayi

Ve

Tica

160

51,901

City

Cement

Co

355

150,367

Clariant

AG.

2,175

20,523

Clean

Science

&

Technology

Ltd

350

559

*

Clearwater

Paper

Corp

18

620,221

*

Cleveland-Cliffs,

Inc

10,395

16,400

CNGR

Advanced

Material

Co

Ltd

136

179,680

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

146

6,998

*

Coeur

Mining,

Inc

20

90,851

Commercial

Metals

Co

4,784

86,132

*

Companhia

Vale

do

Rio

Doce

6

107,368

Compass

Minerals

International,

Inc

3,651

1,131,060

*

Constellium

SE

19,454

48,247

Corbion

NV

1,152

1,374,790

*,e

Core

Lithium

Ltd

833

95,978

Coromandel

International

Ltd

1,111

4,927,908

g

Coronado

Global

Resources,

Inc

5,057

4,608,501

Corteva,

Inc

264,067

28,489

e

Corticeira

Amorim

SGPS

S.A.

301

20,254

*

Cosmochemical

Co

Ltd

727

215,843

g

Covestro

AG.

11,231

3,264,395

CRH

plc

180,088

35,993

Croda

International

plc

2,573

1,754,708

Crown

Holdings,

Inc

152,431

397,232

CSR

Ltd

1,378

1,389,200

D&L

Industries

Inc

184

211,200

Daicel

Chemical

Industries

Ltd

1,890

21,331

Daido

Steel

Co

Ltd

890

4,100

Daiken

Corp

65

95

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

26,300

Daiki

Aluminium

Industry

Co

Ltd

$

257

77,899

e

Daio

Paper

Corp

614

77,103

*,e

Dakota

Gold

Corp

225

61,699

Dalmia

Bharat

Ltd

1,633

4,425

*,e

Danimer

Scientific,

Inc

11

376,130

*

Danube

AG.

40,477

984,426

*

De

Grey

Mining

Ltd

892

48,522

Deepak

Fertilizers

&

Petrochemicals

Corp

Ltd

334

53,599

Deepak

Nitrite

Ltd

1,423

64,949

Denki

Kagaku

Kogyo

KK

1,227

357,132

Deterra

Royalties

Ltd

1,097

279,110

Dexco

S.A.

487

67,101

e

DIC

Corp

1,221

1,009

*,e

Diversey

Holdings

Ltd

8

69,300

Do-Fluoride

New

Materials

Co

Ltd

190

33,544

Dongbu

Steel

Co

Ltd

232

25,466

Dongjin

Semichem

Co

Ltd

821

15,213

*

Dongkuk

CM

Co

Ltd

127

8,103

Dongkuk

Steel

Mill

Co

Ltd

108

25,243

*

Dongkuk

Steel

Mill

Co

Ltd

207

3,201

*

Dongwha

Enterprise

Co

Ltd

98

3,372

Dongwon

Systems

Corp

95

1,384,000

Dongyue

Group

1,040

2,309

*,e

Dottikon

Es

Holding

AG.

634

586,584

Dow,

Inc

31,241

45,079

Dowa

Holdings

Co

Ltd

1,431

284,070

DRDGOLD

Ltd

300

1,130,128

DS

Smith

plc

3,911

160,269

Dundee

Precious

Metals,

Inc

1,059

3,198,120

DuPont

de

Nemours,

Inc

228,474

61,398

Eagle

Materials,

Inc

11,446

960,500

Eastern

Polymer

Group

PCL

187

40,083

Eastern

Province

Cement

Co

503

10,894

Eastman

Chemical

Co

912

55,314

Ecolab,

Inc

10,327

16,120

e

Ecopro

Co

Ltd

9,311

65,163

EID

Parry

India

Ltd

368

109,436

*

El

Ezz

Steel

Co

127

155,362

*

Eldorado

Gold

Corp

1,573

404,747

Element

Solutions,

Inc

7,771

464,438

*

Elementis

plc

602

241,189

g

Elkem

ASA

558

75,102

Elopak

ASA

163

925,764

Empresas

CMPC

S.A.

1,771

7,313

EMS-Chemie

Holding

AG.

5,542

423,340

e

Ence

Energia

y

Celulosa

S.A.

1,336

7,212

*

Enchem

Co

Ltd

392

195,706

Endeavour

Mining

plc

4,700

172,991

*

Endeavour

Silver

Corp

503

245,333

*

Equinox

Gold

Corp

1,124

7,897

Eramet

722

1,120,895

*

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,591

266,015

*

ERO

Copper

Corp

5,382

122,091

Essel

Propack

Ltd

320

239,748

Essentra

plc

494

668,850

Eternal

Chemical

Co

Ltd

695

85,000

EVERGREEN

Steel

Corp

183

446,000

Everlight

Chemical

Industrial

Corp

313

1,538,003

Evolution

Mining

Ltd

3,349

77,153

Evonik

Industries

AG.

1,470

769,000

Feng

Hsin

Iron

&

Steel

Co

1,761

258,319

*

Ferrexpo

plc

294

CREF

Stock

Account

June

30,

2023

96

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

72,091

*

Filo

Corp

$

1,405

7,567

Fine

Organic

Industries

Ltd

452

33,792

Fineotex

Chemical

Ltd

124

498,605

Finolex

Industries

Ltd

1,070

1,286,478

*,†,e

Firefinch

Ltd

129

228,002

e

First

Majestic

Silver

Corp

1,289

553,225

First

Quantum

Minerals

Ltd

13,088

11,274

FMC

Corp

1,176

42,872

Foosung

Co

Ltd

417

2,983,139

Formosa

Chemicals

&

Fibre

Corp

6,434

3,318,019

Formosa

Plastics

Corp

9,140

176,456

g

Forterra

plc

362

1,390,078

Fortescue

Metals

Group

Ltd

20,627

235,507

*

Fortuna

Silver

Mines,

Inc

766

37,020

FP

Corp

755

190,692

e

Franco-Nevada

Corp

27,178

2,509,734

Freeport-McMoRan,

Inc

(Class

B)

100,389

56,435

FUCHS

PETROLUB

SE

2,233

1,275,000

Fufeng

Group

Ltd

646

29,877

Fuji

Seal

International,

Inc

316

235,725

Fujimi,

Inc

5,826

10,730

Fujimori

Kogyo

Co

Ltd

267

11,026,676

Fushan

International

Energy

Group

Ltd

2,778

87,900

Fuso

Chemical

Co

Ltd

2,765

964

FutureFuel

Corp

9

11,151

Galaxy

Surfactants

Ltd

361

82,480

Ganfeng

Lithium

Co

Ltd

695

352,880

*,e,g

Ganfeng

Lithium

Co

Ltd

2,315

169,979

*

GEM

Co

Ltd

162

985,740

Gerdau

S.A.

(Preference)

5,161

62,969

GHCL

Ltd

396

709,310

*,e

Ginkgo

Bioworks

Holdings,

Inc

1,319

10,284

e

Givaudan

S.A.

34,111

647,633

Glatfelter

Corp

1,956

30,638,836

Glencore

Xstrata

plc

173,718

134,311

*

Global

Atomic

Corp

302

579,000

*

Global

New

Material

International

Holdings

Ltd

324

286,000

Gloria

Material

Technology

Corp

531

22,142

Godawari

Power

and

Ispat

Ltd

143

756,048

*

GoGold

Resources,

Inc

867

762,759

Gold

Fields

Ltd

10,604

870,112

Gold

Road

Resources

Ltd

872

666,000

Goldsun

Development

&

Construction

Co

Ltd

589

792,000

Grand

Pacific

Petrochemical

496

577,222

Grange

Resources

Ltd

207

88,061

Granges

AB

840

797,492

Graphic

Packaging

Holding

Co

19,164

218,029

Grasim

Industries

Ltd

4,619

605,755

*,†

Great

Basin

Gold

Ltd

5

4,118,082

*,e

Greatland

Gold

plc

377

47,969

Greenpanel

Industries

Ltd

195

509

Greif,

Inc

(Class

A)

35

157

Greif,

Inc

(Class

B)

12

29,721

*

Grupa

Azoty

S.A.

192

229,626

Grupo

Argos

S.A.

531

136,600

e

Grupo

Cementos

de

Chihuahua

SAB

de

C.V.

1,170

2,638,938

e

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

12,705

163,800

Guangdong

HEC

Technology

Holding

Co

Ltd

163

110,724

Guangzhou

Tinci

Materials

Technology

Co

Ltd

630

17,665

Gujarat

Alkalies

&

Chemicals

Ltd

146

21,772

Gujarat

Fluorochemicals

Ltd

780

518,867

Gujarat

Narmada

Valley

Fertilizers

Co

Ltd

3,798

97

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

149,044

Gujarat

State

Fertilisers

&

Chemicals

Ltd

$

298

2,267

e

Gurit

Holding

AG.

211

1,078

H.B.

Fuller

Co

77

53,400

Hangzhou

Oxygen

Plant

Group

Co

Ltd

253

11,998

Hanil

Cement

Co

Ltd

113

7,604

Hansol

Chemical

Co

Ltd

1,393

87,448

*

Hanwha

Chemical

Corp

2,820

32,600

*

Haohua

Chemical

Science

&

Technology

Co

Ltd

169

456,364

Harmony

Gold

Mining

Co

Ltd

1,922

250

Hawkins,

Inc

12

417

Haynes

International,

Inc

21

11,730

Hecla

Mining

Co

60

1,070,476

HeidelbergCement

AG.

88,034

67,346

HeidelbergCement

India

Ltd

141

936,562

*

Hektas

Ticaret

TAS

1,083

162,700

Henan

Shenhuo

Coal

&

Power

Co

Ltd

292

351,669

Hengli

Petrochemical

Co

Ltd

695

196,094

Hengyi

Petrochemical

Co

Ltd

183

873,316

Hesteel

Co

Ltd

272

389,052

Hexpol

AB

4,131

169,343

Hill

&

Smith

Holdings

plc

3,230

151,316

Himadri

Speciality

Chemical

Ltd

245

1,034,575

Hindalco

Industries

Ltd

5,335

191,678

Hindustan

Copper

Ltd

272

1,350,477

Hochschild

Mining

plc

1,217

97,229

e

Hokuetsu

Paper

Mills

Ltd

586

11,507

Holcim

Ltd

776

99,342

Holmen

AB

3,570

18,290

Honam

Petrochemical

Corp

2,153

33,400

Hoshine

Silicon

Industry

Co

Ltd

323

173,000

Hsin

Kuang

Steel

Co

Ltd

258

883,000

e

Huabao

International

Holdings

Ltd

324

184,600

Huafon

Chemical

Co

Ltd

175

211,000

Huaibei

Mining

Holdings

Co

Ltd

335

39,401

Huaxin

Cement

Co

Ltd

67

27,351

Hubei

Feilihua

Quartz

Glass

Co

Ltd

186

51,900

Hubei

Xingfa

Chemicals

Group

Co

Ltd

159

12,591

Huchems

Fine

Chemical

Corp

212

1,054,805

HudBay

Minerals,

Inc

5,056

80,022

e

Huhtamaki

Oyj

2,626

24,170

Hunan

Changyuan

Lico

Co

Ltd

38

509,411

Hunan

Valin

Steel

Co

Ltd

335

3,512

Huntsman

Corp

95

2,312

Hyosung

Advanced

Materials

Corp

812

2,114

Hyosung

TNC

Co

Ltd

614

68,104

Hyundai

Steel

Co

1,755

134,279

*

i-80

Gold

Corp

302

377,190

*

IAMGOLD

Corp

999

327,531

g

Ibstock

plc

582

356,724

Iluka

Resources

Ltd

2,656

410,660

Imdex

Ltd

519

27,795

Imerys

S.A.

1,083

721,773

Impala

Platinum

Holdings

Ltd

4,808

1,619,428

Incitec

Pivot

Ltd

2,963

556,448

Independence

Group

NL

5,680

76,930

India

Cements

Ltd

199

9,864

Indigo

Paints

Ltd

172

1,205,204

Indorama

Ventures

PCL

1,167

167,511

*,e

Industrias

Penoles

S.A.

de

C.V.

2,353

845

*

Ingevity

Corp

49

2,536,318

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

626

472,188

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

267

189,600

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

188

148,994

Innospec,

Inc

14,965

CREF

Stock

Account

June

30,

2023

98

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

41,032

*

Interfor

Corp

$

774

646,000

International

CSRC

Investment

Holdings

Co

447

818,376

International

Flavors

&

Fragrances,

Inc

65,135

6,790

International

Paper

Co

216

381

*

Intrepid

Potash,

Inc

9

9,082,364

*

ioneer

Ltd

2,074

232,180

Israel

Chemicals

Ltd

1,274

3,161

Israel

Corp

Ltd

836

11,776

ISU

Chemical

Co

Ltd

237

2,889

*

ISU

Specialty

Chemical

713

243

*,e

Ivanhoe

Electric,

Inc

3

749,918

*,e

Ivanhoe

Mines

Ltd

6,850

363,373

James

Hardie

Industries

NV

9,693

38,843

*

Jastrzebska

Spolka

Weglowa

S.A.

383

17,000

JCU

Corp

404

405,049

JFE

Holdings,

Inc

5,791

12,300

Jiangsu

Yangnong

Chemical

Co

Ltd

148

31,600

Jiangsu

Yoke

Technology

Co

Ltd

318

1,143,115

Jiangxi

Copper

Co

Ltd

1,767

114,409

Jiangxi

Copper

Co

Ltd

(Class

A)

300

25,000

Jinan

Acetate

Chemical

Co

Ltd

445

3,551,000

e

Jinchuan

Group

International

Resources

Co

Ltd

182

245,766

Jindal

Saw

Ltd

768

309,005

Jindal

Steel

&

Power

Ltd

2,196

226,900

*

Jinduicheng

Molybdenum

Co

Ltd

349

28,600

JK

Cement

Ltd

1,181

53,685

JK

Lakshmi

Cement

Ltd

472

60,349

JK

Paper

Ltd

236

189,359

Johnson

Matthey

plc

4,204

306,805

JSL

Ltd

1,239

155,728

JSR

Corp

4,475

516,447

JSW

Steel

Ltd

4,956

60,729

Jubilant

Ingrevia

Ltd

316

420,348

K&S

AG.

7,330

181,633

*

K92

Mining,

Inc

788

56

Kaiser

Aluminum

Corp

4

40,515

Kaneka

Corp

1,135

126,875

Kansai

Nerolac

Paints

Ltd

697

135,000

Kansai

Paint

Co

Ltd

1,991

192,700

Kanto

Denka

Kogyo

Co

Ltd

1,322

707,162

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

(Class

D)

602

158,140

*

Karora

Resources,

Inc

483

3,618

KCC

Corp

542

11,200

e

KeePer

Technical

Laboratory

Co

Ltd

382

167,397

Kemira

Oyj

2,670

6,539

KG

Chemical

Corp

217

110,122

KGHM

Polska

Miedz

S.A.

3,049

25,100

e

KH

Neochem

Co

Ltd

410

11,700

*

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS.

44

1,428,421

Kinross

Gold

Corp

6,815

48,552

Kirloskar

Ferrous

Industries

Ltd

279

61,202

Kirloskar

Oil

Engines

Ltd

293

623,538

Klabin

S.A.

2,835

1,398

*

Knife

River

Corp

61

905,400

Kobe

Steel

Ltd

8,340

16,044

Kolon

Industries,

Inc

611

25,558

e

Konishi

Co

Ltd

408

698

Koppers

Holdings,

Inc

24

13,442

Korea

Kumho

Petrochemical

1,359

2,299

Korea

Petrochemical

Ind

Co

Ltd

245

6,689

Korea

Zinc

Co

Ltd

2,485

801,369

Koza

Altin

Isletmeleri

AS

769

129,911

*

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

259

1,291

Kronos

Worldwide,

Inc

11

99

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

25,546

*,e

Kum

Yang

Co

Ltd

$

1,041

55,040

Kumba

Iron

Ore

Ltd

1,294

49,548

Kumiai

Chemical

Industry

Co

Ltd

387

231,600

e

Kuraray

Co

Ltd

2,255

12,900

Kureha

CORP

739

22,716

Kyoei

Steel

Ltd

321

200,858

e

Labrador

Iron

Ore

Royalty

Corp

4,712

33,409

*

Lake

Materials

Co

Ltd

495

1,146,505

*,e

Lake

Resources

NL

232

67,770

Lanxess

AG.

2,045

25,133

*

Largo,

Inc

107

63,295

Laxmi

Organic

Industries

Ltd

201

1,196,000

e

Lee

&

Man

Paper

Manufacturing

Ltd

398

10,709

Lenzing

AG.

525

816,893

*

Leo

Lithium

Ltd

588

79,981

LG

Chem

Ltd

40,715

6,985

LG

Chem

Ltd

(Preference)

1,876

24,766

*

Linde

India

Ltd

1,306

1,555,871

Linde

plc

592,911

448,873

Linde

plc

171,196

44,700

Lintec

Corp

707

1,280,264

*

Liontown

Resources

Ltd

2,438

561,957

*,e

Lithium

Americas

Corp

11,357

249,590

*,e

Lithium

Americas

Corp

5,051

4,278

*,e

Livent

Corp

117

144,754

Lomon

Billions

Group

Co

Ltd

329

684,477

Long

Chen

Paper

Co

Ltd

378

2,389,676

g

Lotte

Chemical

Titan

Holding

BHD

600

57,330

Louisiana-Pacific

Corp

4,299

128

*

LSB

Industries,

Inc

1

89,340

Lundin

Gold,

Inc

1,069

828,246

Lundin

Mining

Corp

6,490

143,800

Luxi

Chemical

Group

Co

Ltd

209

2,223,473

*

Lynas

Corp

Ltd

10,217

5,303

LyondellBasell

Industries

NV

487

87,191

Madras

Cements

Ltd

985

11,733

Maeda

Kosen

Co

Ltd

262

84,589

*

MAG.

Silver

Corp

942

26,429

Maharashtra

Seamless

Ltd

154

54,242

*

Major

Drilling

Group

International

374

173,713

Marshalls

plc

531

14,727

Martin

Marietta

Materials,

Inc

6,799

48,600

Maruichi

Steel

Tube

Ltd

1,116

352

Materion

Corp

40

12,421

Meghmani

Finechem

Ltd

168

9,355,576

*

Merdeka

Copper

Gold

Tbk

PT

1,915

3,564,988

Mesaieed

Petrochemical

Holding

Co

1,880

1,894,200

Metalurgica

Gerdau

S.A.

4,676

53,729

e

Methanex

Corp

2,220

27,128

*

Methanol

Chemicals

Co

185

19,427

Middle

East

Paper

Co

180

176,249

*,e

Mincor

Resources

NL

165

568,641

Mineral

Resources

Ltd

27,234

220,883

Minerals

Technologies,

Inc

12,743

16,864

Miquel

y

Costas

&

Miquel

S.A.

212

34,463

Misr

Fertilizers

Production

Co

SAE

258

7,500

Mitani

Sekisan

Co

Ltd

256

1,055,534

Mitsubishi

Chemical

Holdings

Corp

6,349

127,300

Mitsubishi

Gas

Chemical

Co,

Inc

1,854

103,000

Mitsubishi

Materials

Corp

1,854

141,400

Mitsui

Chemicals,

Inc

4,168

44,364

Mitsui

Mining

&

Smelting

Co

Ltd

1,024

910

Miwon

Commercial

Co

Ltd

122

2,560,000

*

MMG

Ltd

747

CREF

Stock

Account

June

30,

2023

100

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

18,734

MNTech

Co

Ltd

$

317

393,222

Mondi

plc

5,999

12,981

*,†

Mongolian

Metals

Corporation

0

6,583

Mosaic

Co

230

668,895

Mount

Gibson

Iron

Ltd

194

12,976

*

MP

Materials

Corp

297

144,202

e

M-real

Oyj

(B

Shares)

1,064

235,041

Myers

Industries,

Inc

4,567

81,719

Najran

Cement

Co

309

10,190

Namhae

Chemical

Corp

67

32,000

Nan

Pao

Resins

Chemical

Co

Ltd

169

4,146,887

Nan

Ya

Plastics

Corp

9,673

181,300

e

Nanofilm

Technologies

International

Ltd

182

137,093

*,e

NanoXplore,

Inc

335

200,000

Nantex

Industry

Co

Ltd

241

5,998,607

National

Aluminium

Co

Ltd

6,025

276,813

*

National

Industrialization

Co

1,108

26,332

Navin

Fluorine

International

Ltd

1,447

11,762

Neogen

Chemicals

Ltd

232

513,869

*

New

Gold,

Inc

559

57,284

*

New

Pacific

Metals

Corp

124

735,624

Newcrest

Mining

Ltd

13,122

4,716

NewMarket

Corp

1,896

965,510

Newmont

Goldcorp

Corp

41,189

1,533,766

Nickel

Mines

Ltd

913

80,681

Nihon

Parkerizing

Co

Ltd

602

1,687,151

Nine

Dragons

Paper

Holdings

Ltd

1,042

87,200

Ningbo

Shanshan

Co

Ltd

182

393,206

Ningxia

Baofeng

Energy

Group

Co

Ltd

684

104,566

Nippon

Kayaku

Co

Ltd

895

54,003

Nippon

Light

Metal

Holdings

Co

Ltd

545

822,800

Nippon

Paint

Co

Ltd

6,809

77,980

Nippon

Paper

Industries

Co

Ltd

642

155,200

Nippon

Pillar

Packing

Co

Ltd

5,041

22,728

Nippon

Shokubai

Co

Ltd

850

17,684

Nippon

Soda

Co

Ltd

637

664,727

Nippon

Steel

Corp

13,912

104,400

Nissan

Chemical

Industries

Ltd

4,502

48,714

Nittetsu

Mining

Co

Ltd

1,519

123,200

Nitto

Denko

Corp

9,145

623,733

*

NMDC

Steel

Ltd

331

102,670

NOCIL

Ltd

277

185,982

NOF

Corp

7,990

2,901,836

Norsk

Hydro

ASA

17,299

68,883

e,g

Norske

Skog

ASA

271

286,335

*

Northam

Platinum

Holdings

Ltd

1,909

55,538

Northern

Region

Cement

Co

178

948,603

Northern

Star

Resources

Ltd

7,728

368,445

*

Novagold

Resources

Inc

1,470

212,183

*,e

Novagold

Resources,

Inc

841

96,169

Novozymes

AS

4,487

200,561

Nucor

Corp

32,888

1,565,456

Nufarm

Ltd

5,330

42,692

Nuh

Cimento

Sanayi

AS.

221

858,115

e

Nutrien

Ltd

50,661

109,674

*

Nuvoco

Vistas

Corp

Ltd

471

2,637,988

OceanaGold

Corp

5,197

7,535

OCI

Co

Ltd

651

5,077

*

OCI

Co

Ltd

470

108,380

OCI

NV

2,603

642,158

*

O-I

Glass,

Inc

13,697

758,505

OJI

Paper

Co

Ltd

2,836

16,000

Okamoto

Industries,

Inc

434

102,986

Olin

Corp

5,292

101

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

321

Olympic

Steel,

Inc

$

16

119,157

Omnia

Holdings

Ltd

381

802,748

Orbia

Advance

Corp

SAB

de

C.V.

1,730

371,828

Orica

Ltd

3,684

474,000

Oriental

Union

Chemical

Corp

338

1,436

*,e

Origin

Materials,

Inc

6

444,329

Orion

Engineered

Carbons

SA

9,429

162,013

*

Orla

Mining

Ltd

680

4,907,756

Orora

Ltd

10,783

9,100

Osaka

Organic

Chemical

Industry

Ltd

184

12,000

Osaka

Soda

Co

Ltd

454

21,900

Osaka

Titanium

Technologies

450

143,058

e

Osisko

Gold

Royalties

Ltd

2,199

241,882

*

Osisko

Mining,

Inc

588

314,013

e

Outokumpu

Oyj

1,681

270,407

*

Oyak

Cimento

Fabrikalari

AS

433

109,400

Pacific

Metals

Co

Ltd

1,163

454,832

Packaging

Corp

of

America

60,111

1,502

Pactiv

Evergreen,

Inc

11

3,446,248

Pan

African

Resources

plc

550

2,008,915

e

Pan

American

Silver

Corp

29,290

432,893

Pan

American

Silver

Corp

(Toronto)

6,307

508,266

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

274

229,073

*,g

Paradeep

Phosphates

Ltd

177

133,015

PCBL

Ltd

264

2,407,155

e

Perenti

Global

Ltd

1,650

4,167

*,e

Perimeter

Solutions

S.A.

26

5,853,340

Perseus

Mining

Ltd

6,502

979,003

*

Petkim

Petrokimya

Holding

565

2,335,215

Petronas

Chemicals

Group

BHD

3,006

13,469

PI

Advanced

Materials

Co

Ltd

390

68,772

PI

Industries

Ltd

3,293

130,234

Pidilite

Industries

Ltd

4,131

429

*

Piedmont

Lithium,

Inc

25

2,216,124

Pilbara

Minerals

Ltd

7,284

162,900

*

PMB

Technology

Bhd

135

592

*

PolyMet

Mining

Corp

0

^

15,541

Polyplex

Corp

Ltd

249

220,300

Polyplex

PCL

(Foreign)

86

591

*,†,e

Polyus

PJSC

(GDR)

0

^

158,645

Poongsan

Corp

5,243

166,049

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

563

62,599

POSCO

18,526

17,535

POSCO

M-Tech

Co

Ltd

309

26,908

POSCO

Refractories

&

Environment

Co

Ltd

7,260

119,100

PPG

Industries,

Inc

17,663

1,075,402

*

PQ

Group

Holdings,

Inc

12,324

3,055,468

Press

Metal

BHD

3,084

126,676

*

Prism

Cement

Ltd

200

9,028

Privi

Speciality

Chemicals

Ltd

119

6,237,800

PT

Aneka

Tambang

Tbk

814

23,089,321

PT

Barito

Pacific

Tbk

1,151

1,996,697

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

1,135

984,500

PT

Indocement

Tunggal

Prakarsa

Tbk

653

1,064,800

PT

Pabrik

Kertas

Tjiwi

Kimia

Tbk

440

2,821,523

PT

Semen

Gresik

Persero

Tbk

1,149

2,862,200

PT

Timah

Tbk

169

2,004,800

PT

Vale

Indonesia

Tbk

846

1,919,509

PTT

Global

Chemical

PCL

2,022

1,449

*,e

PureCycle

Technologies,

Inc

15

33,966

Qassim

Cement

Co

663

2,262,375

Qatar

Aluminum

Manufacturing

Co

798

239,990

Qatar

National

Cement

Co

254

228,227

Qatari

Investors

Group

103

CREF

Stock

Account

June

30,

2023

102

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

289,200

*

Qinghai

Salt

Lake

Industry

Co

Ltd

$

765

1,424

Quaker

Chemical

Corp

278

117,923

Rain

Commodities

Ltd

235

15,226

*

Rajratan

Global

Wire

Ltd

156

69,861

Rallis

India

Ltd

168

685

*

Ramaco

Resources,

Inc

7

531

Ramaco

Resources,

Inc

4

792,699

Ramelius

Resources

Ltd

674

42,502

Ramkrishna

Forgings

Ltd

231

1,491

*

Ranpak

Holdings

Corp

7

42,885

Rashtriya

Chemicals

&

Fertilizers

Ltd

57

23,009

Ratnamani

Metals

&

Tubes

Ltd

638

159,864

*

Rayonier

Advanced

Materials,

Inc

684

32,234

e

Recticel

S.A.

384

613,912

Regis

Resources

Ltd

757

232,557

Reliance

Steel

&

Aluminum

Co

63,160

155,683

Rengo

Co

Ltd

959

1,769,986

*

Resolute

Mining

Ltd

465

50,762

Rhi

Magnesita

India

Ltd

400

19,991

Rhi

Magnesita

NV

673

304,977

Rio

Tinto

Ltd

23,355

1,051,209

Rio

Tinto

plc

66,804

568,824

Rongsheng

Petro

Chemical

Co

Ltd

913

12,742

Rossari

Biotech

Ltd

135

71,904

Royal

Bafokeng

Platinum

Ltd

477

50,050

Royal

Gold,

Inc

5,745

3,069

RPM

International,

Inc

275

347,435

Ryerson

Holding

Corp

15,072

142,112

e

Sa

des

Ciments

Vicat

4,517

201,575

SABIC

Agri-Nutrients

Co

7,001

306,475

Sahara

International

Petrochemical

Co

3,061

32,600

Sakata

INX

Corp

276

122,644

Salzgitter

AG.

4,444

4,273

Sam-A

Aluminum

Co

Ltd

309

13,421

Samsung

Fine

Chemicals

Co

Ltd

709

19,000

San

Fu

Chemical

Co

Ltd

86

395,199

Sandfire

Resources

NL

1,569

208,264

e

Sandstorm

Gold

Ltd

1,067

11,811

Sanyo

Chemical

Industries

Ltd

348

15,206

Sanyo

Special

Steel

Co

Ltd

301

440,193

e

Sappi

Ltd

912

10,250

*

Sarda

Energy

&

Minerals

Ltd

184

887,856

*

Sasa

Polyester

Sanayi

AS

1,944

487,508

Sasol

Ltd

6,040

1,093,086

*

Saudi

Arabian

Mining

Co

12,349

44,604

Saudi

Aramco

Base

Oil

Co

1,640

772,393

Saudi

Basic

Industries

Corp

18,284

60,271

Saudi

Cement

Co

955

325,171

Saudi

Industrial

Investment

Group

2,318

610,860

*

Saudi

Kayan

Petrochemical

Co

2,260

6,180,973

*

Sayona

Mining

Ltd

729

898,800

SCG

Packaging

PCL

946

109,184

Schnitzer

Steel

Industries,

Inc

(Class

A)

3,274

370

Schweitzer-Mauduit

International,

Inc

6

664,000

Scientex

BHD

491

32,784

e

Scotts

Miracle-Gro

Co

(Class

A)

2,055

52,214

*

Seabridge

Gold,

Inc

629

7,230

Seah

Besteel

Corp

142

1,348

SeAH

Steel

Corp

213

2,047,740

Sealed

Air

Corp

81,910

8,218,300

*,†

Sekawan

Intipratama

Tbk

PT

0

^

10,829

Semapa-Sociedade

de

Investimento

e

Gestao

154

440

Sensient

Technologies

Corp

31

751,594

Sesa

Sterlite

Ltd

2,560

103

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

115,000

Sesoda

Corp

$

144

584,600

Shandong

Chenming

Paper

Holdings

Ltd

(Class

B)

146

206,768

Shandong

Gold

Mining

Co

Ltd

-

A

671

757,755

g

Shandong

Gold

Mining

Co

Ltd

-

H

1,393

133,307

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

563

661,166

Shandong

Nanshan

Aluminum

Co

Ltd

276

111,811

Shandong

Sun

Paper

Industry

JSC

Ltd

165

241,200

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

130

93,677

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

494

414,100

*

Shanghai

Zhongyida

Co

Ltd

143

157,629

*

Shanxi

Meijin

Energy

Co

Ltd

164

266,363

Shanxi

Taigang

Stainless

Steel

Co

Ltd

142

35,775

Sharda

Cropchem

Ltd

242

41,700

*

Shenghe

Resources

Holding

Co

Ltd

74

41,748

Shenzhen

Capchem

Technology

Co

Ltd

299

8,800

Shenzhen

Dynanonic

Co

Ltd

134

54,960

Shenzhen

Senior

Technology

Material

Co

Ltd

130

33,000

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

111

231,646

Sherwin-Williams

Co

61,507

154,000

*

Shihlin

Paper

Corp

256

25,100

Shikoku

Chemicals

Corp

263

600,000

Shin-Etsu

Chemical

Co

Ltd

20,051

183,403

Shin-Etsu

Polymer

Co

Ltd

1,948

1,007,000

Shinkong

Synthetic

Fibers

Corp

557

78,000

*

Shiny

Chemical

Industrial

Co

Ltd

330

146,300

Showa

Denko

KK

2,377

7,645

Shree

Cement

Ltd

2,229

659,583

Siam

Cement

PCL

5,997

86,800

Siam

City

Cement

PCL

342

2,362,084

Sibanye

Stillwater

Ltd

3,643

530,000

Sichuan

Hebang

Biotechnology

Co

Ltd

178

35,900

Sichuan

Yahua

Industrial

Group

Co

Ltd

88

320,862

SIG

Combibloc

Group

AG.

8,864

53,534

e

Sika

AG.

15,332

502,578

Silgan

Holdings,

Inc

23,566

1,906,455

*

Silver

Lake

Resources

Ltd

1,243

162,896

Silvercorp

Metals,

Inc

464

127,678

*,e

SilverCrest

Metals,

Inc

748

137,767

Sims

Ltd

1,453

1,490,000

e

Sinofert

Holdings

Ltd

181

81,600

Sinoma

Science

&

Technology

Co

Ltd

231

39,388

Sinomine

Resource

Group

Co

Ltd

277

224,000

Sinon

Corp

257

765,467

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

328

8,138

SK

Chemicals

Co

Ltd

435

20,198

*,g

SK

IE

Technology

Co

Ltd

1,496

14,870

SKC

Co

Ltd

1,109

49,949

*

Skeena

Resources

Ltd

241

28,568

Skshu

Paint

Co

Ltd

258

856,500

Smurfit

Kappa

Group

plc

28,586

124,111

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

9,040

27,919

SOL

S.p.A.

806

434,000

Solar

Applied

Materials

Technology

Co

536

22,312

Solar

Industries

India

Ltd

1,019

31,921

*,e

Solaris

Resources,

Inc

143

1,285,132

*,e

SolGold

plc

260

52,059

Solvay

S.A.

5,821

76,090

Sonoco

Products

Co

4,491

2,946

Soulbrain

Co

Ltd

566

3,746,781

South32

Ltd

9,433

86,274

South32

Ltd

(W/I)

219

90,284

Southern

Copper

Corp

6,477

52,872

Southern

Province

Cement

Co

757

126,488

SRF

Ltd

3,539

CREF

Stock

Account

June

30,

2023

104

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

325,962

Ssab

Svenskt

Stal

AB

(Series

A)

$

2,319

1,995,484

Ssab

Svenskt

Stal

AB

(Series

B)

13,837

733,074

e

SSR

Mining,

Inc

10,398

371,028

e

SSR

Mining,

Inc

5,261

82,930

Steel

Dynamics,

Inc

9,034

29,879

Stelco

Holdings,

Inc

975

43,787

Stella-Jones,

Inc

2,255

552

Stepan

Co

53

2,054

STO

AG.

345

381,222

Stora

Enso

Oyj

(R

Shares)

4,423

103,300

Straits

Trading

Co

Ltd

158

28,112

Sumitomo

Bakelite

Co

Ltd

1,172

1,127,600

Sumitomo

Chemical

Co

Ltd

3,427

94,336

Sumitomo

Chemical

India

Ltd

502

203,800

Sumitomo

Metal

Mining

Co

Ltd

6,579

25,221

Sumitomo

Osaka

Cement

Co

Ltd

667

987,355

*

Summit

Materials,

Inc

37,371

1,042,126

SunCoke

Energy,

Inc

8,202

32,400

Sunresin

New

Materials

Co

Ltd

279

86,837

Supreme

Industries

Ltd

3,389

64,386

Supreme

Petrochem

Ltd

350

7,067,200

Surya

Esa

Perkasa

Tbk

PT

273

649,217

Suzano

SA

5,996

18,482

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

91

630,524

Svenska

Cellulosa

AB

(B

Shares)

8,049

383

Sylvamo

Corp

15

256,623

Symrise

AG.

26,908

512,291

*,e

Syrah

Resources

Ltd

311

24,900

T

Hasegawa

Co

Ltd

596

1,088,620

TA

Chen

Stainless

Pipe

1,659

269

Taekwang

Industrial

Co

Ltd

129

93,300

Taiheiyo

Cement

Corp

1,845

2,547,145

Taiwan

Cement

Corp

3,118

2,810,000

Taiwan

Fertilizer

Co

Ltd

5,467

232,000

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

787

29,000

Taiyo

Ink

Manufacturing

Co

Ltd

539

149,119

Taiyo

Nippon

Sanso

Corp

3,240

13,755

Takasago

International

Corp

259

63,314

Takiron

Co

Ltd

253

140,400

Tangshan

Jidong

Cement

Co

Ltd

143

248,216

*

Taseko

Mines

Ltd

356

125,523

Tata

Chemicals

Ltd

1,535

6,227,273

*

Tata

Steel

Ltd

8,532

6,430

Tatva

Chintan

Pharma

Chem

Ltd

145

12,869

TCC

Steel

345

517,197

Teck

Cominco

Ltd

21,762

42,748

Teck

Resources

Ltd

1,800

150,300

Teijin

Ltd

1,508

9,400

Tenma

Corp

171

19,203

e

Tessenderlo

Chemie

NV

629

4,433,504

ThyssenKrupp

AG.

34,725

1,306,000

Tiangong

International

Co

Ltd

318

79,700

Tianqi

Lithium

Corp

770

145,900

Tianshan

Aluminum

Group

Co

Ltd

121

38,900

*

Tibet

Summit

Resources

Co

Ltd

98

638,816

*,e

Tietto

Minerals

Ltd

199

132

*

TimkenSteel

Corp

3

507,100

Tipco

Asphalt

PCL

267

83,582

Titan

Cement

International

S.A.

1,581

582,400

TOA

Paint

Thailand

PCL

448

74,203

e

Toagosei

Co

Ltd

666

30,524

e

Toho

Titanium

Co

Ltd

372

169,529

e

Tokai

Carbon

Co

Ltd

1,561

4,100

Tokushu

Tokai

Holdings

Co

Ltd

92

105

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

48,541

Tokuyama

Corp

$

801

27,214

Tokyo

Ohka

Kogyo

Co

Ltd

1,669

277,904

Tokyo

Steel

Manufacturing

Co

Ltd

2,630

564,000

*

Ton

Yi

Industrial

Corp

359

71,878

Tongkun

Group

Co

Ltd

131

659,000

Tongling

Nonferrous

Metals

Group

Co

Ltd

263

1,219,281

Toray

Industries,

Inc

6,798

456,518

*

Torex

Gold

Resources,

Inc

6,486

992,200

Tosoh

Corp

11,736

5,400

e

Toyo

Gosei

Co

Ltd

390

33,600

Toyo

Ink

Manufacturing

Co

Ltd

508

108,500

Toyo

Seikan

Kaisha

Ltd

1,599

73,448

Toyobo

Co

Ltd

527

5,268,000

TPI

Polene

PCL

219

56,992

Transcontinental,

Inc

631

944

Tredegar

Corp

6

996

Trimas

Corp

27

123

Trinseo

plc

2

41,338

Triple

Flag

Precious

Metals

Corp

569

2,438

Tronox

Holdings

plc

31

506,000

TSRC

Corp

418

1,221,990

Tung

Ho

Steel

Enterprise

Corp

2,338

40,271

Turpaz

Industries

Ltd

120

501,643

UACJ

Corp

9,538

322,926

UBE

Industries

Ltd

5,552

99,917

Ultra

Tech

Cement

Ltd

10,117

5,298

Umicore

S.A.

148

38,260

Uniao

de

Industrias

Petroquimicas

S.A.

632

2,087

Unid

Co

Ltd

107

17

United

States

Lime

&

Minerals,

Inc

4

70,281

United

States

Steel

Corp

1,758

327,000

Universal

Cement

Corp

323

727,000

UPC

Technology

Corp

347

428,201

UPL

Ltd

3,596

313,213

UPM-Kymmene

Oyj

9,333

129,890

Usha

Martin

Ltd

429

661,000

USI

Corp

491

434,300

Usinas

Siderurgicas

de

Minas

Gerais

S.A.

(Preference)

641

3,220,710

Vale

S.A.

43,197

84

e

Valhi,

Inc

1

247,278

Valvoline,

Inc

9,275

61,323

g

Verallia

S.A.

2,303

25,945

Vetropack

Holding

AG.

1,203

32,102

*

Victoria

Gold

Corp

187

72,887

Victrex

plc

1,290

51,375

Vidrala

S.A.

4,857

20,806

Vinati

Organics

Ltd

463

183,472

Voestalpine

AG.

6,593

66,549

*

Vulcan

Energy

Resources

Ltd

187

32,315

Vulcan

Materials

Co

7,285

60,530

Vulcan

Steel

Ltd

331

19,266

Wacker

Chemie

AG.

2,647

172,696

Wanhua

Chemical

Group

Co

Ltd

2,090

432

Warrior

Met

Coal,

Inc

17

54,062

Weihai

Guangwei

Composites

Co

Ltd

230

63,753

Welspun-Gujarat

Stahl

Ltd

203

116,808

*

Wesdome

Gold

Mines

Ltd

608

862,225

*

West

African

Resources

Ltd

504

2,230,000

West

China

Cement

Ltd

225

30,238

West

Coast

Paper

Mills

Ltd

185

57,334

West

Fraser

Timber

Co

Ltd

4,926

31,291

Western

Superconducting

Technologies

Co

Ltd

240

260,878

Westlake

Chemical

Corp

31,167

15,605

WestRock

Co

454

CREF

Stock

Account

June

30,

2023

106

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

67,677

e

Wheaton

Precious

Metals

Corp

$

2,925

425,815

Wheaton

Precious

Metals

Corp

18,415

87,560

Wienerberger

AG.

2,680

27,465

Winpak

Ltd

854

59,245

Worthington

Industries,

Inc

4,116

240,700

*,e

W-Scope

Corp

2,190

68,915

Xiamen

Tungsten

Co

Ltd

181

168,700

Xinjiang

Zhongtai

Chemical

Co

Ltd

150

78,778

Yamama

Cement

Co

791

168,705

Yamato

Kogyo

Co

Ltd

7,209

64,234

Yanbu

Cement

Co

738

236,227

Yanbu

National

Petrochemical

Co

3,004

128,626

e

Yara

International

ASA

4,545

233,000

Yeun

Chyang

Industrial

Co

Ltd

220

838,150

Yieh

Phui

Enterprise

424

161,723

Yintai

Gold

Co

Ltd

262

14,955

Yodogawa

Steel

Works

Ltd

353

25,740

YongXing

Special

Materials

Technology

Co

Ltd

223

6,174

Youlchon

Chemical

Co

Ltd

142

148

Young

Poong

Corp

64

18,929

Young

Poong

Paper

Manufacturing

Co

Ltd

343

9,900

Youngy

Co

Ltd

91

904,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

1,083

282,956

Yule

Catto

&

Co

plc

262

159,300

Yunnan

Aluminium

Co

Ltd

280

41,684

Yunnan

Energy

New

Material

Co

Ltd

555

104,100

Yunnan

Tin

Co

Ltd

224

99,000

Yunnan

Yuntianhua

Co

Ltd

233

102,700

Zangge

Mining

Co

Ltd

320

102,016

Zeon

Corp

989

1,134,500

Zhaojin

Mining

Industry

Co

Ltd

1,432

78,878

Zhejiang

Huayou

Cobalt

Co

Ltd

500

174,836

*

Zhejiang

Juhua

Co

Ltd

332

225,300

*

Zhejiang

Longsheng

Group

Co

Ltd

290

168,420

Zhejiang

Satellite

Petrochemical

Co

Ltd

347

397,900

Zhongjin

Gold

Corp

Ltd

568

133,100

*

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

117

79,720

Zignago

Vetro

S.p.A.

1,360

4,833,232

Zijin

Mining

Group

Co

Ltd

7,157

1,132,916

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,781

TOTAL

MATERIALS

5,439,062

MEDIA

&

ENTERTAINMENT

-

5.5%

23,494

4imprint

Group

plc

1,431

615,024

Activision

Blizzard,

Inc

51,847

304,558

*

Adevinta

ASA

2,001

102,924

*,e

Advantage

Solutions,

Inc

241

47,589

*

Affle

India

Ltd

638

7,335

AfreecaTV

Co

Ltd

411

11,280,000

*,e

Alibaba

Pictures

Group

Ltd

592

8,609,441

*

Alphabet,

Inc

(Class

A)

1,030,550

8,340,658

*

Alphabet,

Inc

(Class

C)

1,008,969

399,570

*,e

AMC

Entertainment

Holdings,

Inc

1,758

73

*

AMC

Networks,

Inc

1

7,900

*,e

Anycolor,

Inc

428

10,802

Arabian

Contracting

Services

Co

513

212,000

*,e,g

Archosaur

Games,

Inc

110

117,488

Arnoldo

Mondadori

Editore

S.p.A.

257

373,324

*

Ascential

plc

1,050

782,200

Astro

Malaysia

Holdings

BHD

101

67,023

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

256

1,575,529

g

Auto

Trader

Group

plc

12,233

107

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

29,223

Autohome,

Inc

(ADR)

$

852

25,459

Avex

Group

Holdings,

Inc

267

7,649,298

*

Baidu,

Inc

130,465

15,194

*

Baidu,

Inc

(ADR)

2,080

667,700

BEC

World

PCL

(Foreign)

152

225,657

Beijing

Enlight

Media

Co

Ltd

252

36,400

Beijing

Kunlun

Tech

Co

Ltd

202

20,018

*,e

Believe

S.A.

249

138,300

*,e

Bengo4.com,

Inc

3,694

22,086

*

Better

Collective

A.S.

457

158,628

*,e

Bilibili,

Inc

2,387

930,883

Bollore

5,805

280,792

*

Borussia

Dortmund

GmbH

&

Co

KGaA

1,338

64,288

*

Boston

Omaha

Corp

1,210

1,021,373

Brightcom

Group

Ltd

388

76,292

*

Bumble,

Inc

1,280

26,200

e

Bushiroad,

Inc

141

832

Cable

One,

Inc

547

141,700

Capcom

Co

Ltd

5,617

83,211

*

Cargurus,

Inc

1,883

455

*

Cars.com,

Inc

9

1,105,851

carsales.com

Ltd

17,684

26,614

CD

Projekt

Red

S.A.

1,014

205,536

*

Charter

Communications,

Inc

75,508

56,488

Cheil

Communications,

Inc

780

161,865

*,†

Chennai

Super

Kings

Cricket

Ltd

14

378,558

*,e,g

China

Literature

Ltd

1,597

721

*

Cinemark

Holdings,

Inc

12

60,894

*,e

Cineplex

Galaxy

Income

Fund

408

16,755

*

CJ

CGV

Co

Ltd

119

8,813

CJ

O

Shopping

Co

Ltd

421

712,393

*,e

Clear

Channel

976

53,550

*,g

Cloud

Music,

Inc

568

1,070,000

*,e

CMGE

Technology

Group

Ltd

240

11,647

Cogeco

Communications,

Inc

621

3,307

Cogeco,

Inc

139

44,018

*

COLOPL,

Inc

199

7,186

Com2uSCorp

333

8,537,084

Comcast

Corp

(Class

A)

354,716

2,268,000

*

Converge

ICT

Solutions,

Inc

450

293,425

CTS

Eventim

AG.

18,558

335,400

e

CyberAgent,

Inc

2,452

150,003

Cyfrowy

Polsat

S.A.

609

64,762

Daiichikosho

Co

Ltd

1,143

41

*

Daily

Journal

Corp

12

8,606

*

Danawa

Co

Ltd

88

59,311

*

Dena

Co

Ltd

772

173,100

e

Dentsu,

Inc

5,693

3,734

*

Devsisters

Co

Ltd

124

837

*,e

DHI

Group,

Inc

3

974

e

Digital

Bros

S.p.A

19

11,200

Direct

Marketing

MiX,

Inc

67

238,598

*

DISH

Network

Corp

(Class

A)

1,572

174,994

e

Domain

Holdings

Australia

Ltd

446

99,224

*,e

DouYu

International

Holdings

Ltd

(ADR)

104

3,836

Echo

Marketing,

Inc

30

201,992

Electronic

Arts,

Inc

26,198

689,428

*,e

Embracer

Group

AB

1,724

567

Entravision

Communications

Corp

(Class

A)

2

113,339

e

Eutelsat

Communications

739

70,104

EVENT

Hospitality

and

Entertainment

Ltd

550

1,090,437

*,e

Eventbrite

Inc

10,414

CREF

Stock

Account

June

30,

2023

108

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

425

*

EW

Scripps

Co

(Class

A)

$

4

3,834,000

*,†,e

Fire

Rock

Holdings

Ltd

68

867,207

Focus

Media

Information

Technology

Co

Ltd

813

5,646

Fox

Corp

(Class

A)

192

2,321

Fox

Corp

(Class

B)

74

1,213,641

*,e

fuboTV,

Inc

2,524

37,300

Fuji

Television

Network,

Inc

391

268,765

Future

plc

2,302

97,549

*,e

Gannett

Co,

Inc

219

3,070

G-bits

Network

Technology

Xiamen

Co

Ltd

208

78,400

Giant

Network

Group

Co

Ltd

194

72,119

Gray

Television,

Inc

568

51,750

Gree,

Inc

230

1,941,129

e

Grupo

Televisa

S.A.

1,997

5,544,450

e

Grupo

Televisa

SAB

(ADR)

28,443

36,043

*

GungHo

Online

Entertainment

Inc

710

189,500

Hakuhodo

DY

Holdings,

Inc

2,000

148,900

Hello

Group,

Inc

(ADR)

1,431

67,853

Hemnet

Group

AB

1,188

4,776,000

*,e

HengTen

Networks

Group

Ltd

1,126

5,907,101

*,a

HUYA,

Inc

(ADR)

21,147

16,066

*

HYBE

Co

Ltd

3,465

61,741

*

IAC

3,877

453,706

*,a

iClick

Interactive

Asia

Group

Ltd

(ADR)

635

666,400

*,e,g

iDreamSky

Technology

Holdings

Ltd

295

718,000

IGG,

Inc

357

670

*

Imax

Corp

11

58,573

Info

Edge

India

Ltd

3,212

18,553

Infocom

Corp

293

1,561,531

Informa

plc

14,418

11,395

Innocean

Worldwide,

Inc

341

355,293

*

Integral

Ad

Science

Holding

Corp

6,388

360,000

International

Games

System

Co

Ltd

7,174

181,808

Interpublic

Group

of

Cos,

Inc

7,014

33,631

IPSOS

1,871

1,296,906

*

IQIYI,

Inc

(ADR)

6,925

3,018,097

ITV

plc

2,624

55,373

*

JC

Decaux

S.A.

1,104

904

John

Wiley

&

Sons,

Inc

(Class

A)

31

1,261,000

*,e

Joy

Spreader

Interactive

Technology

Ltd

147

19,316

JOYY,

Inc

(ADR)

593

23,699

*

Just

Dial

Ltd

214

919,433

*,e

Juventus

Football

Club

S.p.A.

344

24,052

JYP

Entertainment

Corp

2,401

77,324

Kadokawa

Dwango

Corp

1,855

2,206,149

*,e

Kahoot!

AS.

6,017

114,800

Kakaku.com,

Inc

1,654

126,931

Kakao

Corp

4,768

26,747

*

Kakao

Games

Corp

673

155,800

*

Kanzhun

Ltd

(ADR)

2,345

10,177

e

Kinepolis

Group

NV

458

852,310

Kingsoft

Corp

Ltd

3,369

93,440

Koei

Tecmo

Holdings

Co

Ltd

1,619

77,500

Konami

Corp

4,064

24,866

*,e,g

Krafton,

Inc

3,703

1,709,800

*,g

Kuaishou

Technology

11,752

38

*

Liberty

Braves

Group

(Class

C)

2

2,682

*

Liberty

Broadband

Corp

(Class

A)

214

16,270

*

Liberty

Broadband

Corp

(Class

C)

1,303

16,587

*

Liberty

Media

Group

(Class

A)

1,122

208,878

*

Liberty

Media

Group

(Class

C)

15,724

59,360

*

Liberty

SiriusXM

Group

(Class

A)

1,948

109

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

220,042

*

Liberty

SiriusXM

Group

(Class

C)

$

7,202

128,082

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

1,131

1,200

*

Lions

Gate

Entertainment

Corp

(Class

B)

10

54,744

*

Live

Nation,

Inc

4,988

19,785

M6-Metropole

Television

280

37,643

Madison

Square

Garden

Co

7,079

880

*,e

Madison

Square

Garden

Entertainment

Corp

24

880

*

Madison

Square

Garden

Entertainment

Corp

30

1,118,473

*

Magnite,

Inc

15,267

486,900

Major

Cineplex

Group

PCL

(Foreign)

201

93,922

Mango

Excellent

Media

Co

Ltd

444

273,400

*,e,g

Maoyan

Entertainment

251

813

e

Marcus

Corp

12

2,168,839

*

Match

Group,

Inc

90,766

7,194,900

*

Media

Nusantara

Citra

Tbk

PT

313

246,500

e

Megacable

Holdings

SAB

de

C.V.

569

2,131,500

e,g

Meitu,

Inc

809

4,757,632

*

Meta

Platforms,

Inc

1,365,345

869,952

MFE-MediaForEurope

NV

485

333,502

e

MFE-MediaForEurope

NV

256

34,590

Mixi

Inc

644

474,000

*,e,g

Mobvista,

Inc

209

70,656

*

Modern

Times

Group

MTG

AB

451

426,104

Moneysupermarket.com

Group

plc

1,465

238,834

MultiChoice

Group

Ltd

1,212

53,464

Naver

Corp

7,484

15,799

*

Nazara

Technologies

Ltd

140

5,791

NCsoft

1,304

10,837

*

Neowiz

326

165,500

NetDragon

Websoft,

Inc

312

1,729,530

NetEase,

Inc

33,499

303,645

e

NetEase,

Inc

(ADR)

29,359

537,675

*

Netflix,

Inc

236,840

7,341

g

Netmarble

Corp

276

206,936

*

Network

18

Media

&

Investments

Ltd

159

128,503

New

York

Times

Co

(Class

A)

5,060

299,220

News

Corp

(Class

A)

5,835

93,444

News

Corp

(Class

B)

1,843

1,111,400

Nexon

Co

Ltd

21,313

21,265

*

Nexon

Games

Co

Ltd

368

29,650

Nexstar

Media

Group

Inc

4,938

76,089

Next

Fifteen

Communications

Group

plc

656

136,600

*

Nextdoor

Holdings,

Inc

445

10,648

*

NHN

Corp

200

1,226,677

Nine

Entertainment

Co

Holdings

Ltd

1,614

2,741,390

Nintendo

Co

Ltd

124,975

42,300

Nippon

Television

Network

Corp

403

739,347

Omnicom

Group,

Inc

70,349

923,800

One

Enterprise

Public

Co

Ltd

137

429,950

oOh!media

Ltd

339

4,296

*,e

Outbrain,

Inc

21

31,026

Paradox

Interactive

AB

783

8,156

Paramount

Global

(Class

A)

151

311,669

Paramount

Global

(Class

B)

4,959

11,864

*

Pearl

Abyss

Corp

477

683,227

Pearson

PLC

7,163

73,434

Perfect

World

Co

Ltd

171

38,719

*

Perion

Network

Ltd

1,217

541,970

*

Pinterest,

Inc

14,817

1,584,400

Plan

B

Media

PCL

360

1,356

*,e

Playstudios,

Inc

7

70,930

*

Playtika

Holding

Corp

823

CREF

Stock

Account

June

30,

2023

110

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

94,300

*,e

PR

Times,

Inc

$

938

137,548

*

ProSiebenSat.

Media

AG.

1,283

297,085

Publicis

Groupe

S.A.

23,843

879

*

PubMatic,

Inc

16

58,139

*

PVR

Ltd

975

145,801

Quebecor,

Inc

3,593

1,657

*

QuinStreet,

Inc

15

2,706

*,e

Quotient

Technology,

Inc

10

41,990

REA

Group

Ltd

4,034

234,522

RELX

plc

7,823

689,159

Rightmove

plc

4,578

545,599

*

ROBLOX

Corp

21,988

113,811

*

Roku,

Inc

7,279

32,707

g

Rovio

Entertainment

Oyj

326

531,960

RS

PCL

224

320,278

*

S4

Capital

plc

513

64,820

Saregama

India

Ltd

323

27,546

*

Saudi

Research

&

Marketing

Group

1,390

61,671

Schibsted

ASA

1,083

81,526

Schibsted

ASA

(B

Shares)

1,353

118

Scholastic

Corp

5

155,136

g

Scout24

AG.

9,830

2,093,473

*

Sea

Ltd

(ADR)

121,505

267,439

Seek

Ltd

3,907

33,400

Septeni

Holdings

Co

Ltd

93

336,451

SES

S.A.

1,982

7,601

Shochiku

Co

Ltd

580

94,277

Shutterstock,

Inc

4,588

883

e

Sinclair,

Inc

12

16,090

e

Sirius

XM

Holdings,

Inc

73

783,600

Sky

Perfect

Jsat

Corp

3,113

8,952

SM

Entertainment

Co

729

617,600

*,†,e

SMI

Holdings

Group

Ltd

1

39,051

e

Societe

Television

Francaise

1

268

31,000

Soft-World

International

Corp

101

17,800

*

Sohu.com

Ltd

(ADR)

196

155,253

*

Spotify

Technology

S.A.

24,926

98,100

Square

Enix

Co

Ltd

4,564

2,415

*

Stagwell,

Inc

17

2,525,337

*

Stillfront

Group

AB

4,222

28,715

*

Stroer

Out-of-Home

Media

AG.

1,395

8,878

*

Studio

Dragon

Corp

364

75,084

Sun

TV

Network

Ltd

403

20,124,700

Surya

Citra

Media

Tbk

PT

217

102,615

*,e

Taboola.com

Ltd

319

180,659

*

Take-Two

Interactive

Software,

Inc

26,586

2,450

Tamedia

AG.

293

77,426

*

Team17

Group

plc

354

571

*

TechTarget,

Inc

18

5,716

TEGNA,

Inc

93

36,806

Telenet

Group

Holding

NV

829

10,603,725

Tencent

Holdings

Ltd

449,610

301,297

*

Tencent

Music

Entertainment

(ADR)

2,224

651

*

Thryv

Holdings,

Inc

16

7,000

e

Toei

Animation

Co

Ltd

647

4,384

Toei

Co

Ltd

560

90,600

Toho

Co

Ltd

3,451

27,300

Tokyo

Broadcasting

System,

Inc

498

242,800

*

Tongdao

Liepin

Group

282

358,193

*

Trade

Desk,

Inc

27,660

61,403

*,e

Tremor

International

Ltd

221

234,671

Trinity

Mirror

plc

198

111

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

168,928

*

TripAdvisor,

Inc

$

2,786

3,162

*

TrueCar,

Inc

7

155,070

*,g

Trustpilot

Group

plc

134

15,151

TV

Asahi

Corp

173

480,108

*

TV18

Broadcast

Ltd

219

340,441

*

Ubisoft

Entertainment

9,623

1,189,892

Universal

Music

Group

NV

26,433

292

*

Urban

One,

Inc

2

419

*

Urban

One,

Inc

3

10,958

ValueCommerce

Co

Ltd

103

32,335

Vector,

Inc

302

4,280,800

VGI

PCL

368

1,306,170

*

Vimeo,

Inc

5,381

1,695,345

Vivendi

Universal

S.A.

15,564

639

*

Vivid

Seats,

Inc

5

2,899,063

*

Walt

Disney

Co

258,828

156,500

*

Wanda

Film

Holding

Co

Ltd

271

2,688,502

*

Warner

Bros

Discovery,

Inc

33,714

9,693

Webzen,

Inc

102

822,567

Weibo

Corp

(ADR)

10,784

15,227

e

WeMade

Entertainment

Co

Ltd

456

1,061,741

*

West

Australian

Newspapers

Holdings

Ltd

267

86,624

*

WideOpenWest,

Inc

731

35,066

World

Wrestling

Entertainment,

Inc

(Class

A)

3,804

1,198,851

WPP

plc

12,566

130,923

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

630

70,884

*

Wysiwyg

Studios

Co

Ltd

169

240,000

*,e

XD,

Inc

607

222,519

*

Yelp,

Inc

8,102

12,035

YG

Entertainment,

Inc

708

88,634

YouGov

plc

1,126

2,139,400

Z

Holdings

Corp

5,156

725,575

ZEE

Telefilms

Ltd

1,573

19,150

Zenrin

Co

Ltd

123

537,213

*

Zhejiang

Century

Huatong

Group

Co

Ltd

562

114,200

*,e

Zhihu,

Inc

262

173,842

*

Ziff

Davis

Inc

12,179

1,665

*

ZipRecruiter,

Inc

30

363,869

*

ZoomInfo

Technologies,

Inc

9,239

TOTAL

MEDIA

&

ENTERTAINMENT

6,272,128

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.0%

74,524

*

10X

Genomics,

Inc

4,161

1,275

*

2seventy

bio,

Inc

13

782,651

g

3SBio,

Inc

788

62

*

4D

Molecular

Therapeutics,

Inc

1

110,602

*,e

89bio,

Inc

2,096

33,648

Aarti

Drugs

Ltd

191

15,220

*,e

AB

Science

S.A.

70

3,663,101

AbbVie,

Inc

493,530

15,952

*,e

Abivax

S.A.

272

28,409

*

ABLBio,

Inc

421

363,134

*

Acadia

Pharmaceuticals,

Inc

8,697

1,672

*

Aclaris

Therapeutics,

Inc

17

117,385

*

Adaptive

Biotechnologies

Corp

788

74,914

Adcock

Ingram

Holdings

Ltd

224

213,379

AddLife

AB

2,409

964

*,e

Adicet

Bio,

Inc

2

266,000

Adimmune

Corp

323

2,024,648

*

ADMA

Biologics,

Inc

7,471

258

*

Aerovate

Therapeutics,

Inc

4

596,151

*

Agenus,

Inc

954

CREF

Stock

Account

June

30,

2023

112

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

331,738

Agilent

Technologies,

Inc

$

39,892

1,358

*

Agios

Pharmaceuticals,

Inc

38

39,343

Ajanta

Pharma

Ltd

709

663

*

Akero

Therapeutics,

Inc

31

1,509,000

*,g

Akeso,

Inc

6,845

1,108

*,e

Aldeyra

Therapeutics,

Inc

9

1,334

*

Alector,

Inc

8

39,863

Alembic

Pharmaceuticals

Ltd

310

105,096

*

ALK-Abello

A.S.

1,148

540,857

*

Alkermes

plc

16,929

478,011

e

Alliance

Pharma

plc

303

2,713

*,e

Allogene

Therapeutics,

Inc

13

1,065

*

Allovir,

Inc

4

57,595

e

Almirall

S.A.

476

215,327

*

Alnylam

Pharmaceuticals,

Inc

40,899

328,000

*,e,g

Alphamab

Oncology

315

292

*

Alpine

Immune

Sciences,

Inc

3

29,797

*

Alteogen,

Inc

980

1,998,335

*,e

Altimmune,

Inc

7,054

736

*

ALX

Oncology

Holdings,

Inc

6

560,836

Amgen,

Inc

124,517

6,915

*

Amicus

Therapeutics,

Inc

87

692,027

*

Amneal

Pharmaceuticals,

Inc

2,145

56,264

*

Amphastar

Pharmaceuticals,

Inc

3,234

337,527

*,e

Amylyx

Pharmaceuticals,

Inc

7,280

689

*,e

AnaptysBio,

Inc

14

1,676

*,e

Anavex

Life

Sciences

Corp

14

429

*

ANI

Pharmaceuticals,

Inc

23

71,716

*

Anika

Therapeutics,

Inc

1,863

73,214

*

Apellis

Pharmaceuticals,

Inc

6,670

27,971

Apeloa

Pharmaceutical

Co

Ltd

68

1,701

*,e

Arbutus

Biopharma

Corp

4

172

*

Arcellx,

Inc

5

197

*

Arcturus

Therapeutics

Holdings,

Inc

6

151

*

Arcus

Biosciences,

Inc

3

1,255

*,e

Arcutis

Biotherapeutics,

Inc

12

5,124

*,e

Ardelyx,

Inc

17

53,148

*

Argenx

SE

20,727

52,986

*

Argenx

SE

20,549

1,871

*

Arrowhead

Pharmaceuticals

Inc

67

1,069

*

Arvinas,

Inc

27

179,900

*,e,g

Ascentage

Pharma

Group

International

488

336,315

Aspen

Pharmacare

Holdings

Ltd

3,281

1,183,920

Astellas

Pharma,

Inc

17,632

14,675

AstraZeneca

Pharma

India

Ltd

663

3,256,831

AstraZeneca

plc

466,880

1,781,818

AstraZeneca

plc

(ADR)

127,525

6,562

Asymchem

Laboratories

Tianjin

Co

Ltd

107

2,598

*

Atea

Pharmaceuticals,

Inc

10

1,101,984

*,e

Aurinia

Pharmaceuticals,

Inc

10,667

100,228

Aurobindo

Pharma

Ltd

890

960,283

*

Avantor,

Inc

19,724

2,155

*

Avid

Bioservices,

Inc

30

1,664

*

Avidity

Biosciences,

Inc

18

13,260

*

Avita

Medical,

Inc

226

586

*,e

Axsome

Therapeutics,

Inc

42

35,498

Bachem

Holding

AG.

3,100

9,123

*

Basilea

Pharmaceutica

431

227,016

*,e

Bausch

Health

Cos,

Inc

1,816

64,431

*

Bavarian

Nordic

AS

1,835

2,347,784

Bayer

AG.

129,962

675

*,e

Beam

Therapeutics,

Inc

22

113

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

281,600

*

BeiGene

Ltd

$

3,861

35,200

*,e

BeiGene

Ltd

(ADR)

6,276

519,000

e

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

952

34,400

Beijing

Tongrentang

Co

Ltd

273

13,958

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

129

64,388

*

BELLUS

Health,

Inc

950

11,061

Betta

Pharmaceuticals

Co

Ltd

73

10,420

BGI

Genomics

Co

Ltd

86

30,598

*,e,g

BioArctic

AB

800

57,480

*

BioAtla,

Inc

172

319,816

*

Biocon

Ltd

1,036

1,349

*

BioCryst

Pharmaceuticals,

Inc

10

160,189

BioGaia

AB

1,723

133,780

*

Biogen,

Inc

38,107

688

*

Biohaven

Ltd

16

708

*,e

BioLife

Solutions

Inc

16

225,712

*

BioMarin

Pharmaceutical,

Inc

19,565

479

*,e

Biomea

Fusion,

Inc

11

17,096

*

Bioneer

Corp

635

1

*

BioNTech

SE

(ADR)

0

^

31,758

*

Bio-Rad

Laboratories,

Inc

(Class

A)

12,040

58,821

Biotage

AB

734

125,606

Bio-Techne

Corp

10,253

353,600

Blau

Farmaceutica

S.A.

1,374

9,649

Bloomage

Biotechnology

Corp

Ltd

119

2,447

*,e

Bluebird

Bio,

Inc

8

1,464

*

Blueprint

Medicines

Corp

93

5,035

e

Boiron

S.A.

215

52,520

*,g

BoneSupport

Holding

AB

622

32,000

Bora

Pharmaceuticals

Co

Ltd

802

22,082

Boryung

Pharmaceutical

Co

Ltd

138

275,146

*

Bridgebio

Pharma,

Inc

4,733

369,500

*,e

Brii

Biosciences

Ltd

149

3,618,039

Bristol-Myers

Squibb

Co

231,374

54,441

*

Brooks

Automation,

Inc

2,541

126,592

Bruker

BioSciences

Corp

9,358

46,829

Bukwang

Pharmaceutical

Co

Ltd

256

25,713

*,e

Calliditas

Therapeutics

AB

207

22,697

*

Camurus

AB

587

220,468

*,e

Canopy

Growth

Corp

(Toronto)

85

66,914

Caplin

Point

Laboratories

Ltd

659

1,531

*

Cara

Therapeutics,

Inc

4

1,036

*,e

CareDx,

Inc

9

2,619

Caregen

Co

Ltd

519

1,842

*

Caribou

Biosciences,

Inc

8

263,000

*,e,g

CARsgen

Therapeutics

Holdings

Ltd

327

87

*,e

Cassava

Sciences,

Inc

2

360,053

*

Catalent,

Inc

15,612

2,484

*

Catalyst

Pharmaceuticals,

Inc

33

688

*

Celldex

Therapeutics,

Inc

23

38,384

*,e

CELLINK

AB

139

28,469

*,†

Cellivery

Therapeutics,

Inc

72

2,200

*,e

CellSource

Co

Ltd

43

6,645

*

Celltrion

Pharm

Inc

388

93,192

Celltrion,

Inc

10,877

427,947

Center

Laboratories,

Inc

763

682

*

Century

Therapeutics,

Inc

2

1,106

*,e

Cerevel

Therapeutics

Holdings,

Inc

35

10,014

Changchun

High

&

New

Technology

Industry

Group,

Inc

188

26,616

*

Charles

River

Laboratories

International,

Inc

5,596

13,057

*

Chemometec

A.S.

894

4,165,000

China

Grand

Pharmaceutical

and

Healthcare

Holdings

Ltd

2,357

CREF

Stock

Account

June

30,

2023

114

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

925,660

China

Medical

System

Holdings

Ltd

$

1,510

701,500

g

China

Resources

Pharmaceutical

Group

Ltd

612

243,320

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

2,032

880,000

China

Shineway

Pharmaceutical

Group

Ltd

994

116,499

*

Chinook

Therapeutics,

Inc

4,476

23,454

Chong

Kun

Dang

Pharmaceutical

Corp

1,464

56,970

Chongqing

Zhifei

Biological

Products

Co

Ltd

348

14,617

Choongwae

Pharma

Corp

259

474,100

e

Chugai

Pharmaceutical

Co

Ltd

13,502

214,316

Cipla

Ltd

2,655

2,592,000

e

CK

Life

Sciences

International

Holdings,

Inc

252

31,807

Clinuvel

Pharmaceuticals

Ltd

381

857,480

*

Codexis,

Inc

2,401

2,179

*

Cogent

Biosciences,

Inc

26

1,300

*

Collegium

Pharmaceutical,

Inc

28

288,000

Consun

Pharmaceutical

Group

Ltd

195

1,502

*

Corcept

Therapeutics,

Inc

33

40,210

*,e

CorMedix

Inc

159

8,187

COSMO

Pharmaceuticals

NV

414

178,656

*

Crinetics

Pharmaceuticals,

Inc

3,219

189,422

*,e

Cronos

Group,

Inc

373

1,317

*

CryoPort,

Inc

23

406,656

CSL

Ltd

75,304

37,500,054

CSPC

Pharmaceutical

Group

Ltd

32,635

516,500

*,e,g

CStone

Pharmaceuticals

164

1,015

*,e

Cullinan

Oncology,

Inc

11

83,219

*

CureVac

NV

881

2,343

*

Cymabay

Therapeutics,

Inc

26

64

*

Cytek

Biosciences,

Inc

1

80,875

*,e

Cytokinetics,

Inc

2,638

30,471

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

42

100,745

Daewoong

Co

Ltd

960

3,152

Daewoong

Pharmaceutical

Co

Ltd

231

4,482,900

Daiichi

Sankyo

Co

Ltd

142,441

774,552

Danaher

Corp

185,892

795

*

Day

One

Biopharmaceuticals,

Inc

10

615,631

Dechra

Pharmaceuticals

plc

28,829

653,297

*

Deciphera

Pharmaceuticals,

Inc

9,198

2,839

*

Denali

Therapeutics,

Inc

84

15,696

Dermapharm

Holding

SE

776

1,152

*,e

Design

Therapeutics,

Inc

7

744

*

DICE

Therapeutics,

Inc

35

12,500

*,e

Disc

Medicine,

Inc

555

48,448

Divi

S

Laboratories

Ltd

2,120

6,921

Dong-A

Pharmaceutical

Co

Ltd

447

11,429

Dong-A

ST

Co

Ltd

498

324,871

Dong-E-E-Jiao

Co

Ltd

2,393

13,689

DongKook

Pharmaceutical

Co

Ltd

149

171,325

Dr

Reddy's

Laboratories

Ltd

10,790

525,548

*,e

Dynavax

Technologies

Corp

6,790

1,097

*

Dyne

Therapeutics,

Inc

12

34,095

*

Eagle

Pharmaceuticals,

Inc

663

1,016

*,e

Edgewise

Therapeutics,

Inc

8

2,363

*,e

Editas

Medicine,

Inc

19

139,000

*

EirGenix,

Inc

501

313,300

Eisai

Co

Ltd

21,234

668,862

*

Elanco

Animal

Health,

Inc

6,729

1,163,594

Eli

Lilly

&

Co

545,702

595

*

Enanta

Pharmaceuticals,

Inc

13

570

*

Enliven

Therapeutics,

Inc

12

2,432

*,e

EQRx,

Inc

5

561,552

*,e

Erasca,

Inc

1,550

115

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

37,411

*

Ergomed

plc

$

463

34,908

g

Eris

Lifesciences

Ltd

298

40,550

*,e

Euroapi

S.A.

465

142,601

e

Eurofins

Scientific

SE

9,062

44,501

Ever

Supreme

Bio

Technology

Co

Ltd

280

88,500

*,e,g

Everest

Medicines

Ltd

270

133,381

*

Evolus,

Inc

970

409,309

*

Evotec

AG.

9,220

251,229

*

Exact

Sciences

Corp

23,590

913,671

*

Exelixis,

Inc

17,460

485

*,e

EyePoint

Pharmaceuticals,

Inc

4

771,001

Faes

Farma

S.A.

(Sigma)

2,679

1,771

*

Fate

Therapeutics,

Inc

8

49,876

*

FDC

Ltd

189

7,284

*

Formycon

AG.

495

1,962

*,e

Galapagos

NV

80

36,826

*

Galapagos

NV

1,502

44,256

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS.

70

56,770

*

GeneOne

Life

Science,

Inc

169

105,632

*,e

Generation

Bio

Co

581

27,627

*

Genexine

Co

Ltd

215

14,021

*

Genmab

AS

5,313

681,800

e

Genomma

Lab

Internacional

S.A.

de

C.V.

526

499,386

*

Genscript

Biotech

Corp

1,130

98,041

Genus

plc

2,702

7,147

*

Geron

Corp

23

289,097

Gerresheimer

AG.

32,545

2,922,670

Gilead

Sciences,

Inc

225,250

29,482

*,g

Gland

Pharma

Ltd

383

109,459

GlaxoSmithKline

Pharmaceuticals

Ltd

1,903

120,282

Glenmark

Pharmaceuticals

Ltd

993

40,701

*,e

GNI

Group

Ltd

398

105,799

Granules

India

Ltd

383

4,522

Green

Cross

Corp

396

15,822

Green

Cross

Holdings

Corp

172

7,624

Green

Cross

LabCell

Corp

228

569,044

e

Grifols

S.A.

7,300

2,932,200

GSK

plc

51,966

47,284

H

Lundbeck

A.S.

210

226,097

H

Lundbeck

A.S.

1,076

596,696

*

Halozyme

Therapeutics,

Inc

21,523

28,412

*

Hanall

Biopharma

Co

Ltd

450

7,521

*

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

67

51,553

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

295

3,021

Hanmi

Pharm

Co

Ltd

710

485,839

g

Hansoh

Pharmaceutical

Group

Co

Ltd

783

210,457

*

Harmony

Biosciences

Holdings,

Inc

7,406

621

*,e

Harrow

Health,

Inc

12

27,195

*

Helixmith

Co

Ltd

136

39,992

Hikal

Ltd

153

433,938

Hikma

Pharmaceuticals

plc

10,443

356

*,e

HilleVax,

Inc

6

41,800

Hisamitsu

Pharmaceutical

Co,

Inc

1,097

10,878

HK

inno

N

Corp

249

311,847

*

Horizon

Therapeutics

Plc

32,073

2,548,684

*,†,e

Hua

Han

Health

Industry

Holdings

Ltd

20

645,000

*,g

Hua

Medicine

136

667,820

Hualan

Biological

Engineering,

Inc

2,065

31,100

*

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

125

5,023

*

Hugel,

Inc

421

51,854

Humanwell

Healthcare

Group

Co

Ltd

193

2,078,000

*,e

HUTCHMED

China

Ltd

4,927

CREF

Stock

Account

June

30,

2023

116

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

483,844

Hypermarcas

S.A.

$

4,649

11,963

*

ICON

plc

2,993

757

*,e

Icosavax,

Inc

8

52,607

*

Ideaya

Biosciences,

Inc

1,236

95,041

*,e

Idorsia

Ltd

687

8,327

*

Il

Dong

Pharmaceutical

Co

Ltd

100

317,966

*

Illumina,

Inc

59,615

33,500

*,e

I-Mab

(ADR)

100

5,100

Imeik

Technology

Development

Co

Ltd

313

672

*

ImmunityBio,

Inc

2

1,145,978

*

Immunogen,

Inc

21,625

160,624

*

Immunovant,

Inc

3,047

4,869,385

*

Imugene

Ltd

299

99,926

*

Incyte

Corp

6,220

113,427

*

Indivior

plc

2,626

34,969

Indoco

Remedies

Ltd

140

599

*,e

Inhibrx,

Inc

16

1,175,073

*,g

Innovent

Biologics,

Inc

4,463

132,802

*

Innoviva,

Inc

1,691

3,209

*

Insmed,

Inc

68

1,022

*

Intellia

Therapeutics,

Inc

42

512

*,e

Intercept

Pharmaceuticals,

Inc

6

347,433

*

Intra-Cellular

Therapies,

Inc

21,999

22,292

*

Ionis

Pharmaceuticals,

Inc

915

763,570

*

Iovance

Biotherapeutics,

Inc

5,376

114,682

Ipca

Laboratories

Ltd

1,040

716

Ipsen

86

121,473

*

IQVIA

Holdings,

Inc

27,304

1,036,681

*

Ironwood

Pharmaceuticals,

Inc

11,030

15,811

*

iTeos

Therapeutics,

Inc

209

200,670

*

IVERIC

bio,

Inc

7,894

163,500

*,g

Jacobio

Pharmaceuticals

Group

Co

Ltd

123

581

*

Janux

Therapeutics,

Inc

7

78,483

*

Jazz

Pharmaceuticals

plc

9,730

28,191

JB

Chemicals

&

Pharmaceuticals

Ltd

814

51,844

JCR

Pharmaceuticals

Co

Ltd

460

164,411

Jiangsu

Hengrui

Medicine

Co

Ltd

1,085

68,500

*,g

Jiangsu

Recbio

Technology

Co

Ltd

107

3,421,455

Johnson

&

Johnson

566,319

971,852

*

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

1,703

612

Joinn

Laboratories

China

Co

Ltd

3

63,434

Jubilant

Organosys

Ltd

309

36,579

Kaken

Pharmaceutical

Co

Ltd

917

18,453,606

Kalbe

Farma

Tbk

PT

2,525

831

*

KalVista

Pharmaceuticals

Inc

7

4,044

*

Kangmei

Pharmaceutical

Co

Ltd

1

41,878

*

Karuna

Therapeutics,

Inc

9,081

11,128

*

Karyopharm

Therapeutics,

Inc

20

504

*

Keros

Therapeutics,

Inc

20

150,500

*,e,g

Keymed

Biosciences,

Inc

788

1,581

*,e

Kezar

Life

Sciences,

Inc

4

37,026

*

Kiniksa

Pharmaceuticals

Ltd

521

294,500

*,e,g

Kintor

Pharmaceutical

Ltd

135

21,500

Kissei

Pharmaceutical

Co

Ltd

431

81,441

*

Knight

Therapeutics,

Inc

304

63,434

*

Kodiak

Sciences,

Inc

438

25,095

*

Komipharm

International

Co

Ltd

131

54,616

*

Krystal

Biotech

Inc

6,412

106,558

*

Kura

Oncology,

Inc

1,127

1,006

*

Kymera

Therapeutics,

Inc

23

23,281

Kyorin

Co

Ltd

283

53,100

Kyowa

Hakko

Kogyo

Co

Ltd

984

12,661

L&C

Bio

Co

Ltd

334

16,078

e

Laboratorios

Farmaceuticos

Rovi

S.A

745

117

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

289,294

g

Laurus

Labs

Ltd

$

1,294

53,240

*

Legend

Biotech

Corp

(ADR)

3,675

19,495

*

LegoChem

Biosciences,

Inc

543

469,000

*,e,g

Lepu

Biopharma

Co

Ltd

327

104,795

*,e

Lexicon

Pharmaceuticals,

Inc

240

22,617

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

1,631

987

*

Liquidia

Corp

8

14,717

*

Livzon

Pharmaceutical

Group,

Inc

79

253,323

Lonza

Group

AG.

151,414

88,000

Lotus

Pharmaceutical

Co

Ltd

923

83,226

Lupin

Ltd

917

1,615,000

*,e,g

Luye

Pharma

Group

Ltd

684

5,890

*,e

Lyell

Immunopharma,

Inc

19

332,358

*

MacroGenics,

Inc

1,778

11,275

*

Madrigal

Pharmaceuticals,

Inc

2,605

1,553

*

MannKind

Corp

6

87,588

*

Maravai

LifeSciences

Holdings,

Inc

1,089

1,200

*

Marinus

Pharmaceuticals,

Inc

13

2,964

*

MaxCyte,

Inc

14

178,466

*

Medigen

Vaccine

Biologics

Corp

353

16,790

*

Medpace

Holdings,

Inc

4,032

10,925

*

MedPacto,

Inc

160

4,560

e

Medy-Tox,

Inc

818

944,500

Mega

Lifesciences

PCL

999

956

*

MeiraGTx

Holdings

plc

6

5,048,584

Merck

&

Co,

Inc

582,556

282,553

Merck

KGaA

46,771

15,958

Merck

Ltd

1,022

2,984

*

Mersana

Therapeutics,

Inc

10

612,644

*

Mesoblast

Ltd

468

19,665

*

Mettler-Toledo

International,

Inc

25,793

3,843

*

MiMedx

Group,

Inc

25

33,310

*,e

Mirati

Therapeutics,

Inc

1,204

657

*

Mirum

Pharmaceuticals,

Inc

17

16,175

Mochida

Pharmaceutical

Co

Ltd

371

228,061

*

Moderna,

Inc

27,709

979

*,e

Monte

Rosa

Therapeutics,

Inc

7

90,000

*,e

MoonLake

Immunotherapeutics

4,590

31,462

*

Morphic

Holding,

Inc

1,804

27,757

*

Morphosys

AG.

826

251,104

*

Myriad

Genetics,

Inc

5,821

33,133

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

62

101,485

*

NanoString

Technologies,

Inc

411

67,023

Natco

Pharma

Ltd

567

80,248

*

Natera,

Inc

3,905

34,327

*

Naturecell

Co

Ltd

216

1,609

*,e

Nautilus

Biotechnology,

Inc

6

87,260

*

Neuren

Pharmaceuticals

Ltd

713

99,598

*

Neurocrine

Biosciences,

Inc

9,392

219,922

*

NGM

Biopharmaceuticals

Inc

570

10,300

Nippon

Shinyaku

Co

Ltd

421

1,106

*,e

Nkarta,

Inc

2

27,759

*

NKMax

Co

Ltd

305

2,836,642

Novartis

AG.

285,989

622

*,e

Novavax,

Inc

5

3,534,665

Novo

Nordisk

AS

570,989

313,705

Novo

Nordisk

AS

(ADR)

50,767

1,510

*

Nurix

Therapeutics,

Inc

15

399

*,e

Nuvalent,

Inc

17

3,966

*

Nuvation

Bio,

Inc

7

134,452

*

OBI

Pharma,

Inc

421

94,740

*

Ocular

Therapeutix,

Inc

489

253,500

*,e,g

Ocumension

Therapeutics

247

59,018

*,e

OmniAb,

Inc

297

CREF

Stock

Account

June

30,

2023

118

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

3,120

*,†

OmniAb,

Inc

$

0

3,120

*,†

OmniAb,

Inc

0

241,202

h

Oneness

Biotech

Co

Ltd

1,680

73,100

Ono

Pharmaceutical

Co

Ltd

1,319

1,318

*,e

Organogenesis

Holdings

Inc

4

134,835

Organon

&

Co

2,806

34,010

*,e

ORIC

Pharmaceuticals,

Inc

264

3,167

Orion

Oyj

(Class

B)

131

25,864

*

Oscotec,

Inc

458

326,600

Otsuka

Holdings

KK

11,980

49,100

*

Oxford

Biomedica

plc

262

448,848

*

Oxford

Nanopore

Technologies

plc

1,215

4,281

*

Pacific

Biosciences

of

California,

Inc

57

944

*

Pacira

BioSciences

Inc

38

42,490

*

Paion

AG.

280

230

*,e

PepGen,

Inc

2

81,300

*,e

PeptiDream,

Inc

1,220

99,045

PerkinElmer,

Inc

11,766

17,820

Perrigo

Co

plc

605

4,882,403

Pfizer,

Inc

179,087

12,600

e

Pharma

Foods

International

Co

Ltd

183

57,099

Pharma

Mar

S.A.

1,900

5,216

PHARMA

RESEARCH

PRODUCTS

Co

Ltd

571

76,000

PharmaEngine

Inc

239

92,000

*

PharmaEssentia

Corp

1,004

69,951

*,†

Pharmally

International

Holding

Co

Ltd

0

^

16,150

*

Pharmaron

Beijing

Co

Ltd

-

A

85

80,623

g

Pharmaron

Beijing

Co

Ltd

-

H

250

39,591

*

Pharmicell

Co

Ltd

225

530,257

*,e

Pharming

Group

NV

622

49,865

Phibro

Animal

Health

Corp

683

18,783,044

*

Piramal

Pharma

Ltd

21,167

1,375

*

Pliant

Therapeutics,

Inc

25

40,073

*

PMV

Pharmaceuticals,

Inc

251

443,818

*,e

Point

Biopharma

Global,

Inc

4,021

206,000

*

Polaris

Group

541

12,923

*,e,g

PolyPeptide

Group

AG.

271

13,900

Porton

Pharma

Solutions

Ltd

57

92,360

*,e

Poseida

Therapeutics,

Inc

163

7,363

*,e

Precigen,

Inc

8

74,352

*

Prestige

Consumer

Healthcare,

Inc.

4,419

16,273

*,e

Prime

Medicine,

Inc

238

1,488

*,e

ProKidney

Corp

17

348,571

*

Protagonist

Therapeutics,

Inc

9,628

107,403

*

Prothena

Corp

plc

7,333

1,780

*

PTC

Therapeutics,

Inc

72

414,357

*

QIAGEN

NV

18,625

335,720

*

QIAGEN

NV

15,117

424

*

Quanterix

Corp

10

296

*,e

Quantum-Si,

Inc

1

742

*

Rallybio

Corp

4

8,787

*

RAPT

Therapeutics,

Inc

164

456

*

Reata

Pharmaceuticals,

Inc

47

2,426

Recordati

S.p.A.

116

2,881

*,e

Recursion

Pharmaceuticals,

Inc

22

116,630

*

Regeneron

Pharmaceuticals,

Inc

83,803

1,364

*

REGENXBIO,

Inc

27

1,612

*

Relay

Therapeutics,

Inc

20

44,551

*

Repligen

Corp

6,302

3

*

Replimune

Group,

Inc

0

^

1,203

*

Revance

Therapeutics,

Inc

30

2,445

*

REVOLUTION

Medicines,

Inc

65

1,250

*,e

Rhythm

Pharmaceuticals,

Inc

21

51,984

Richter

Gedeon

Rt

1,283

119

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

636

Roche

Holding

AG.

$

209

693,064

Roche

Holding

AG.

211,710

61

*

Rocket

Pharmaceuticals,

Inc

1

277,047

*,e

Roivant

Sciences

Ltd

2,793

293,191

Royalty

Pharma

plc

9,013

172,074

*

Sage

Therapeutics,

Inc

8,091

12,432

*

Sam

Chun

Dang

Pharm

Co

Ltd

520

18,649

*,g

Samsung

Biologics

Co

Ltd

10,559

3,707

*,e

Sana

Biotechnology,

Inc

22

38,624

*,e

SanBio

Co

Ltd

164

2,775

*

Sangamo

Therapeutics

Inc

4

7,152

Sanofi

India

Ltd

603

2,889,774

Sanofi-Aventis

311,101

1,267,870

Sanofi-Aventis

S.A.

(ADR)

68,338

292,600

Santen

Pharmaceutical

Co

Ltd

2,492

231,918

*

Sarepta

Therapeutics,

Inc

26,559

27,644

Sartorius

AG.

9,578

570

Sartorius

Stedim

Biotech

142

46,649

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

474

29,517

Sawai

Group

Holdings

Co

Ltd

744

25,060

*,e

Scholar

Rock

Holding

Corp

189

177,500

e,g

SciClone

Pharmaceuticals

Holdings

Ltd

240

209,000

Scinopharm

Taiwan

Ltd

203

112,146

*

Seagen,

Inc

21,584

28,787

Seegene,

Inc

451

1,453

*

Seer,

Inc

6

182,420

*,e

Selecta

Biosciences,

Inc

204

1,464

*,e

Seres

Therapeutics,

Inc

7

43,813

Shandong

Buchang

Pharmaceuticals

Co

Ltd

124

172,000

*,e

Shandong

Xinhua

Pharmaceutical

Co

Ltd

130

51,688

*

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

220

189,929

*,e

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

509

526,700

Shanghai

Haixin

Group

Co

139

16,100

g

Shanghai

Haohai

Biological

Technology

Co

Ltd

66

14,500

*,g

Shanghai

Henlius

Biotech,

Inc

21

13,039

*

Shanghai

Junshi

Biosciences

Co

Ltd

69

1,482,737

Shanghai

RAAS

Blood

Products

Co

Ltd

1,534

16,168

Shenzhen

Kangtai

Biological

Products

Co

Ltd

57

24,525

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

105

38,307

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

136

17,800

e

Shin

Nippon

Biomedical

Laboratories

Ltd

264

23,620

Shin

Poong

Pharmaceutical

Co

Ltd

287

50,500

Shionogi

&

Co

Ltd

2,130

959,998

Sichuan

Kelun

Pharmaceutical

Co

Ltd

3,927

3,338

Siegfried

Holding

AG.

2,760

19,725,000

Sihuan

Pharmaceutical

Holdings

1,973

54,297

*

SillaJen,

Inc

211

4,365,236

Sino

Biopharmaceutical

1,907

12,229

*

SK

Biopharmaceuticals

Co

Ltd

754

9,267

*,e

SK

Bioscience

Co

Ltd

562

8,455

SKAN

Group

AG.

730

4,446

*,e

SomaLogic,

Inc

10

65,629

*,†

Sorrento

Therapeutics,

Inc

341

423,508

*,e

Sosei

Group

4,418

80,895

*

Sotera

Health

Co

1,524

952

*,e

SpringWorks

Therapeutics,

Inc

25

1,112,000

SSY

Group

Ltd

712

8,214

ST

Pharm

Co

Ltd

482

20,200

*

StemRIM,

Inc

130

763

*

Stoke

Therapeutics,

Inc

8

44,598

*

Strides

Arcolab

Ltd

234

747,300

Sumitomo

Dainippon

Pharma

Co

Ltd

3,322

90,296

*

Sun

Pharma

Advanced

Research

Company

Ltd

230

917,968

Sun

Pharmaceutical

Industries

Ltd

11,778

CREF

Stock

Account

June

30,

2023

120

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

85,478

*

Supernus

Pharmaceuticals,

Inc

$

2,569

1,474

*

Sutro

Biopharma,

Inc

7

87,992

Suven

Pharmaceuticals

Ltd

522

53,563

e

SwedenCare

AB

189

1,345

*

Syndax

Pharmaceuticals,

Inc

28

122,402

*

Syneos

Health,

Inc

5,158

145,680

g

Syngene

International

Ltd

1,361

189,259

Synmosa

Biopharma

Corp

268

374,000

*

Taigen

Biopharmaceuticals

Holdings

Ltd

215

128,000

*

TaiMed

Biologics,

Inc

436

94,200

Taisho

Pharmaceutical

Holdings

Co

Ltd

3,543

316,733

Takara

Bio,

Inc

3,638

1,924,400

Takeda

Pharmaceutical

Co

Ltd

60,470

1,587

*

Tango

Therapeutics,

Inc

5

6,702

*,e

Taro

Pharmaceutical

Industries

Ltd

254

18,858

*

Tarsons

Products

Ltd

139

619

*,e

Tarsus

Pharmaceuticals,

Inc

11

10,595

Tecan

Group

AG.

4,071

916,528

*

Telix

Pharmaceuticals

Ltd

6,906

3,825

*,e

Tenaya

Therapeutics,

Inc

22

57,458

*

Terns

Pharmaceuticals,

Inc

503

23,700

*

Teva

Pharmaceutical

Industries

Ltd

(ADR)

178

2,030

*

TG

Therapeutics,

Inc

50

218

*,e

Theravance

Biopharma,

Inc

2

388,687

Thermo

Fisher

Scientific,

Inc

202,797

580

*,e

Theseus

Pharmaceuticals,

Inc

5

1,111,000

Tong

Ren

Tang

Technologies

Co

Ltd

1,108

52,265

Torii

Pharmaceutical

Co

Ltd

1,317

89,839

Torrent

Pharmaceuticals

Ltd

2,089

15,813

Towa

Pharmaceutical

Co

Ltd

195

408,242

*

Travere

Therapeutics,

Inc

6,271

48,300

Tsumura

&

Co

894

805,000

TTY

Biopharm

Co

Ltd

2,028

490

*,e

Twist

Bioscience

Corp

10

199

*

Tyra

Biosciences,

Inc

3

512,102

UCB

S.A.

45,402

54,028

*

Ultragenyx

Pharmaceutical,

Inc

2,492

1,103,562

United

Laboratories

Ltd

922

162,568

*

United

Therapeutics

Corp

35,887

70,851

*,e

Vaccibody

AS.

173

83,447

*,e

Valneva

SE

608

52,934

*

Vanda

Pharmaceuticals,

Inc

349

7,904

*

Vaxcell-Bio

Therapeutics

Co

Ltd

212

2,083

*

Vaxcyte,

Inc

104

153,059

*

Ventyx

Biosciences,

Inc

5,020

69,485

*

Vera

Therapeutics,

Inc

1,115

322,357

*

Veracyte,

Inc

8,210

170,587

*

Vericel

Corp

6,409

253,544

*

Vertex

Pharmaceuticals,

Inc

89,225

1,317

*,e

Verve

Therapeutics,

Inc

25

626,740

Viatris,

Inc

6,255

311

*,e

Viking

Therapeutics,

Inc

5

1,378

*

Vir

Biotechnology,

Inc

34

3,312

e

Virbac

S.A.

978

79,343

*

Viridian

Therapeutics,

Inc

1,888

228,426

e

Vitrolife

AB

4,440

855,500

*,e,g

Viva

Biotech

Holdings

165

32,728

Walvax

Biotechnology

Co

Ltd

119

47,421

*

Waters

Corp

12,640

59,965

West

Pharmaceutical

Services,

Inc

22,935

2,822,404

Winteam

Pharmaceutical

Group

Ltd

1,318

49,033

*

Wockhardt

Ltd

141

57,958

WuXi

AppTec

Co

Ltd

-

A

498

434,437

g

WuXi

AppTec

Co

Ltd

-

H

3,482

121

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,440,000

*,g

Wuxi

Biologics

Cayman,

Inc

$

16,533

702

*

Xencor,

Inc

18

247,800

*,g

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

214

274,332

*,e

Y-mAbs

Therapeutics,

Inc

1,863

22,130

Yuhan

Corp

1,016

55,137

*

Yungjin

Pharmaceutical

Co

Ltd

104

196,000

YungShin

Global

Holding

Corp

275

54,107

Yunnan

Baiyao

Group

Co

Ltd

391

792,900

*

Zai

Lab

Ltd

2,182

70,000

*,e

Zai

Lab

Ltd

(ADR)

1,941

250,752

*

Zealand

Pharma

AS

9,001

1,321

*

Zentalis

Pharmaceuticals,

Inc

37

19,600

Zeria

Pharmaceutical

Co

Ltd

333

15,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

612

30,058

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

76

9,200

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

35

89,099

Zhejiang

NHU

Co

Ltd

189

8,167

*

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

38

1,054,161

Zoetis,

Inc

181,537

17,250

*

Zura

Bio

Ltd

141

52,680

*,e

Zymeworks,

Inc

455

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,086,044

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.4%

86,600

Aeon

Mall

Co

Ltd

1,121

2,750

*

AFI

Properties

Ltd

103

7,116

Africa

Israel

Residences

Ltd

342

1,412,000

e

Agile

Property

Holdings

Ltd

224

52,422

*

Airport

City

Ltd

692

3,429,054

Aldar

Properties

PJSC

4,796

364,941

Aliansce

Sonae

Shopping

Centers

sa

1,879

695,250

*,g

A-Living

Services

Co

Ltd

449

13,035

Allreal

Holding

AG.

2,207

127,170

Alony

Hetz

Properties

&

Investments

Ltd

998

36,165

Altus

Group

Ltd

1,199

634,500

Amata

Corp

PCL

(Foreign)

398

193,353

Amot

Investments

Ltd

1,016

923,117

e

Aroundtown

S.A.

1,065

69,199

Arriyadh

Development

Co

373

842,000

Ascendas

India

Trust

711

1,982,000

Asian

Property

Development

PCL

(Foreign)

643

43,011

Atrium

Ljungberg

AB

746

5,794,508

Ayala

Land,

Inc

2,563

10,549,900

Bangkok

Land

PCL

244

1,899,601

Barwa

Real

Estate

Co

1,366

9,792

*

Big

Shopping

Centers

Ltd

885

5,522

Blue

Square

Real

Estate

Ltd

321

94,276

Brigade

Enterprises

Ltd

662

6,855,000

*

Bumi

Serpong

Damai

Tbk

PT

501

592,000

C&D

International

Investment

Group

Ltd

1,350

466,000

e

C&D

Property

Management

Group

Co

Ltd

231

34,114

CA

Immobilien

Anlagen

AG.

989

2,336,344

Capitaland

Investment

Ltd

5,740

392,303

e

Castellum

AB

3,755

26,400

Catena

AB

968

490,000

Cathay

Real

Estate

Development

Co

Ltd

257

291,987

*

CBRE

Group,

Inc

23,566

392,000

Central

China

New

Life

Ltd

132

1,733,982

Central

Pattana

PCL

3,210

1,221,000

*,†,e

China

Aoyuan

Group

Ltd

46

1,553,156

China

Jinmao

Holdings

Group

Ltd

229

445,227

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

799

CREF

Stock

Account

June

30,

2023

122

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

$

534

2,894,786

China

Overseas

Land

&

Investment

Ltd

6,333

365,119

China

Overseas

Property

Holdings

Ltd

369

2,882,602

China

Resources

Land

Ltd

12,267

628,200

g

China

Resources

Mixc

Lifestyle

Services

Ltd

3,129

1,761,000

e

China

SCE

Group

Holdings

Ltd

111

5,560,000

e

China

South

City

Holdings

Ltd

348

2,074,238

China

Vanke

Co

Ltd

2,794

509,719

China

Vanke

Co

Ltd

(Class

A)

984

547,000

Chinese

Estates

Holdings

Ltd

165

111,000

Chong

Hong

Construction

Co

284

41,625

e

Cibus

Nordic

Real

Estate

AB

405

764,507

City

Developments

Ltd

3,813

60,714

e

Citycon

Oyj

386

1,620,817

CK

Asset

Holdings

Ltd

9,006

30,930

e

Colliers

International

Group,

Inc

3,035

374,000

*,†,e

Colour

Life

Services

Group

7

1,385,515

Commercial

Real

Estate

Co

KSC

470

429

*

Compass,

Inc

2

516,627

e

Corem

Property

Group

AB

243

529,200

e

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

1,717

1,064,000

*

Cosmopolitan

International

Holdings

Ltd

197

11,042,898

e

Country

Garden

Holdings

Co

Ltd

2,253

1,845,400

Country

Garden

Services

Holdings

Co

Ltd

2,395

3,192

*

Cushman

&

Wakefield

plc

26

54,614

Daito

Trust

Construction

Co

Ltd

5,533

495,400

Daiwa

House

Industry

Co

Ltd

13,089

234,418

*

Dar

Al

Arkan

Real

Estate

Development

Co

968

310,000

Delpha

Construction

Co

Ltd

239

391,891

e

Deutsche

Annington

Immobilien

SE

7,654

14,583

Deutsche

Euroshop

AG.

333

922,284

*

Deyaar

Development

PJSC

170

35,771

DIC

Asset

AG.

199

480,810

e

DigitalBridge

Group,

Inc

7,073

64,204

e

Dios

Fastigheter

AB

410

568,763

DLF

Ltd

3,410

1,474

Douglas

Elliman,

Inc

3

19,424

e

DREAM

Unlimited

Corp

303

17,877

Electra

Real

Estate

Ltd

204

180,665

*

Emaar

Economic

City

453

5,857,956

Emaar

Properties

PJSC

10,297

65,255

g

Entra

ASA

593

6,985,700

g

ESR

Cayman

Ltd

12,031

916,000

†,e

Ever

Sunshine

Lifestyle

Services

Group

Ltd

178

443,000

e

Excellence

Commercial

Property

&

Facilities

Management

Group

Ltd

145

233,844

e

eXp

World

Holdings

Inc

4,742

223,234

e

Fabege

AB

1,608

1,397,995

Far

East

Consortium

333

222,000

Farglory

Land

Development

Co

Ltd

435

808,409

*

Fastighets

AB

Balder

2,960

37,774

FirstService

Corp

5,817

53,625

*

Forestar

Group,

Inc

1,209

654,229

*

Fortress

REIT

Ltd

176

1,069,747

Fortress

REIT

Ltd

(Class

A)

730

227

*

FRP

Holdings,

Inc

13

126,659

Gazit

Globe

Ltd

419

203,164

Gemdale

Corp

202

6,236,000

*

Gemdale

Properties

and

Investment

Corp

Ltd

363

104,444

*

Godrej

Properties

Ltd

2,002

7,880

e

Goldcrest

Co

Ltd

98

577,561

Grainger

plc

1,667

80,551

Grand

City

Properties

S.A.

633

123

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

230,500

*

Greenland

Holdings

Corp

Ltd

$

87

891,322

Greentown

China

Holdings

Ltd

897

1,434,379

e

Greentown

Service

Group

Co

Ltd

687

1,609,600

e

Guangzhou

R&F

Properties

Co

Ltd

258

694,400

*

Hainan

Airport

Infrastructure

Co

Ltd

389

637,442

Hang

Lung

Group

Ltd

968

2,750,318

Hang

Lung

Properties

Ltd

4,256

213,200

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

259

24,822

Heiwa

Real

Estate

Co

Ltd

656

368,201

Heliopolis

Housing

136

1,280,899

Henderson

Land

Development

Co

Ltd

3,815

982,065

Highwealth

Construction

Corp

1,346

280,100

Hong

Fok

Corp

Ltd

207

1,072,045

Hongkong

Land

Holdings

Ltd

4,192

923,161

e

Hopson

Development

Holdings

Ltd

658

29,254

*

Howard

Hughes

Corp

2,309

178,000

Huaku

Development

Co

Ltd

516

88,186

Hufvudstaden

AB

(Series

A)

1,048

925,100

e

Hulic

Co

Ltd

7,927

509,696

Hysan

Development

Co

Ltd

1,246

181,125

Ichigo

Holdings

Co

Ltd

347

204,800

Iguatemi

S.A.

959

5,630

e

Immobel

S.A.

214

23,975

*

IMMOFINANZ

AG.

444

411,512

*

Indiabulls

Real

Estate

Ltd

303

495,237

Industrial

Buildings

Corp

1,210

40,586

g

Instone

Real

Estate

Group

AG.

244

847

Intershop

Holding

AG.

565

1,332,500

IOI

Properties

Group

BHD

306

96,359

Israel

Canada

T.R

Ltd

223

1,424

Isras

Investment

Co

Ltd

263

608,839

*

IWG

plc

1,068

290,300

JHSF

Participacoes

S.A.

309

1,596,750

*,†

Jiangsu

Future

Land

Co

Ltd

16

437,625

*,e

Jinke

Smart

Services

Group

Co

Ltd

632

27,302

*

Jones

Lang

LaSalle,

Inc

4,254

1,057,329

K

Wah

International

Holdings

Ltd

339

2,718,000

e

Kaisa

Group

Holdings

Ltd

76

41,152

Katitas

Co

Ltd

713

874,244

*

KE

Holdings,

Inc

(ADR)

12,983

20,900

Keihanshin

Building

Co

Ltd

168

1,033

Kennedy-Wilson

Holdings,

Inc

17

453,000

Kerry

Properties

Ltd

942

66,116

*,e

K-fast

Holding

AB

118

321,800

Kindom

Construction

Co

311

104,055

Kojamo

Oyj

978

1,499,000

e

KWG

Group

Holdings

Ltd

193

45,169

*

Lamda

Development

S.A.

332

7,573,777

Land

and

Houses

PCL

Co

Reg

1,807

6,096

LEG

Immobilien

AG.

352

562,749

Lend

Lease

Corp

Ltd

2,920

135,443

*

Leopalace21

Corp

252

75,959

e

Lifestyle

Communities

Ltd

797

35,003,300

*

Lippo

Karawaci

Tbk

PT

217

41,100

LOG

Commercial

Properties

e

Participacoes

S.A.

201

1,651,593

g

Longfor

Properties

Co

Ltd

4,033

528,980

Mabanee

Co

KPSC

1,457

63,301

Mahindra

Lifespace

Developers

Ltd

360

35,779

*,†,e

Mapeley

Ltd

0

^

117

Marcus

&

Millichap,

Inc

4

790,500

Matrix

Concepts

Holdings

BHD

239

833,100

MBK

PCL

403

CREF

Stock

Account

June

30,

2023

124

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

17,336

Mega

Or

Holdings

Ltd

$

361

8,221,000

Megaworld

Corp

297

22,022

Melisron

Ltd

1,432

222,800

g

Midea

Real

Estate

Holding

Ltd

201

1,048,918

Mitsubishi

Estate

Co

Ltd

12,461

752,633

Mitsui

Fudosan

Co

Ltd

15,001

5,815

Mobimo

Holding

AG.

1,569

13,660

e

Morguard

Corp

1,052

241,300

Multiplan

Empreendimentos

Imobiliarios

S.A.

1,394

1,119,155

*

National

Real

Estate

Co

KPSC

331

451,507

NEPI

Rockcastle

NV

2,650

21,640

NESCO

Ltd

167

1,354,688

New

World

Development

Co

Ltd

3,348

4,658

Newmark

Group,

Inc

29

32,731

e

Nexity

662

87,900

Nomura

Real

Estate

Holdings,

Inc

2,090

18,947

NP3

Fastigheter

AB

286

216,983

e

Nyfosa

AB

1,201

104,086

Oberoi

Realty

Ltd

1,252

5,557

*,e

Opendoor

Technologies,

Inc

22

735,700

Origin

Property

PCL

220

12,089,800

Pakuwon

Jati

Tbk

PT

393

75,722

Pandox

AB

882

520,883

Parque

Arauco

S.A.

837

41,309

Patrizia

Immobilien

AG.

492

12,051

*,e

Peach

Property

Group

AG.

179

111,729

*

PEXA

Group

Ltd

1,017

80,558

Phoenix

Mills

Ltd

1,537

50,802

Platzer

Fastigheter

Holding

AB

377

346,146

Plaza

S.A.

535

1,773,000

Poly

Hong

Kong

Investment

Ltd

397

682,062

Poly

Real

Estate

Group

Co

Ltd

1,224

1,453,000

e

Powerlong

Real

Estate

Holdings

Ltd

173

4,327

Prashkovsky

Investments

and

Construction

Ltd

105

114,635

Prestige

Estates

Projects

Ltd

805

1,075,000

Prince

Housing

&

Development

Corp

415

1,316

*

Property

&

Building

Corp

57

459,100

Pruksa

Holding

PCL

163

41,583

PSP

Swiss

Property

AG.

4,646

8,098,100

PT

Ciputra

Development

Tbk

573

16,315,400

*,†

PT

Hanson

International

Tbk

0

^

5,805,300

Quality

House

PCL

361

733,000

e

Radiance

Holdings

Group

Co

Ltd

350

650

Re/Max

Holdings,

Inc

13

1,272

*

Realogy

Holdings

Corp

9

1,040,000

†,e,g

Redco

Properties

Group

Ltd

132

282,234

*,e

Redfin

Corp

3,505

86,228

Relo

Holdings,

Inc

1,177

101,370

Retal

Urban

Development

Co

309

55,356

RMR

Group,

Inc

1,283

1,523,900

Robinsons

Land

Corp

395

1,422,062

Ruentex

Development

Co

Ltd

1,646

200,578

Sagax

AB

3,966

190,000

Sakura

Development

Co

Ltd

253

325,291

Salhia

Real

Estate

Co

KSCP

544

22,030

SAMTY

Co

Ltd

343

11,623,600

Sansiri

PCL

630

122,851

*

Saudi

Real

Estate

Co

459

116,236

Savills

plc

1,256

1,272,000

SC

Asset

Corp

PCL

157

656,000

e

SCE

Intelligent

Commercial

Management

Holdings

Ltd

123

1,898,000

Seazen

Group

Ltd

372

125

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

61,723

Seazen

Holdings

Co

Ltd

$

123

293,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

285

52,137

Shanghai

Lingang

Holdings

Corp

Ltd

86

1,307,792

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

814

2,584,000

Shenzhen

Investment

Ltd

463

928,370

†

Shimao

Property

Holdings

Ltd

131

1,155,000

*,e,g

Shimao

Services

Holdings

Ltd

230

2,284,000

Shoucheng

Holdings

Ltd

532

3,562,500

Shui

On

Land

Ltd

405

917,469

*

Shun

TAK

Holdings

Ltd

145

22,584

Shurgard

Self

Storage

Ltd

1,031

2,618,600

Sime

Darby

Property

BHD

262

2,171,400

Singha

Estate

PCL

78

3,011,322

Sino

Land

Co

3,707

3,154,500

e

Sino-Ocean

Land

Holdings

Ltd

178

236,000

Sinyi

Realty

Co

217

1,009,885

Sirius

Real

Estate

Ltd

1,095

3,212

SK

D&D

Co

Ltd

54

8,741,488

SM

Prime

Holdings

5,217

31,999

Sobha

Ltd

210

2,009,500

*

Soho

China

Ltd

300

1,878,400

SP

Setia

BHD

220

6,900

*

SRE

Holdings

Corp

185

518

St.

Joe

Co

25

21,600

Starts

Corp,

Inc

443

755,682

e

StorageVault

Canada,

Inc

3,337

201

Stratus

Properties,

Inc

5

236,205

Sumitomo

Realty

&

Development

Co

Ltd

5,853

8,935,800

Summarecon

Agung

Tbk

PT

394

23,063

Summit

Real

Estate

Holdings

Ltd

298

15,739

Sumou

Real

Estate

Co

207

18,780

Sun

Frontier

Fudousan

Co

Ltd

186

1,285,908

Sun

Hung

Kai

Properties

Ltd

16,247

1,022,000

e,g

Sunac

Services

Holdings

Ltd

290

58,429

Sunteck

Realty

Ltd

201

1,044,600

Supalai

PCL

596

357,424

Swire

Pacific

Ltd

(Class

A)

2,746

950,926

Swire

Properties

Ltd

2,343

83,732

Swiss

Prime

Site

AG.

7,273

160,308

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

1,516

816,010

Talaat

Moustafa

Group

239

11,412

*

Tejon

Ranch

Co

196

14,271

*

TKP

Corp

273

33,880

TOC

Co

Ltd

149

243,193

Tokyo

Tatemono

Co

Ltd

3,132

516,600

Tokyu

Fudosan

Holdings

Corp

2,961

20,443

Tosei

Corp

248

43

*

Transcontinental

Realty

Investors,

Inc

2

220,914

e

Tricon

Capital

Group,

Inc

1,948

579,800

*

Tropicana

Corp

BHD

166

1,414,986

United

Development

Co

PSC

446

368,109

UOL

Group

Ltd

1,755

11,437

e

VGP

NV

1,119

3,254

VIB

Vermoegen

AG.

49

294,053

Wallenstam

AB

997

6,704,900

WHA

Corp

PCL

871

1,453,756

Wharf

Real

Estate

Investment

Co

Ltd

7,294

231,239

Wihlborgs

Fastigheter

AB

1,674

580,642

Yanlord

Land

Group

Ltd

329

4,581

YH

Dimri

Construction

&

Development

Ltd

285

1,798,652

Yuexiu

Property

Co

Ltd

2,096

455,000

Yuexiu

Services

Group

Ltd

167

CREF

Stock

Account

June

30,

2023

126

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

213,300

Zhejiang

China

Commodities

City

Group

Co

Ltd

$

251

2,440,000

*,e

Zhuguang

Holdings

Group

Co

Ltd

218

141,444

*

Zillow

Group,

Inc

(Class

A)

6,959

124,488

*

Zillow

Group,

Inc

(Class

C)

6,257

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

454,292

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.4%

4,866

3peak,

Inc

146

84,259

*

ACM

Research,

Inc

1,102

200,000

A-DATA

Technology

Co

Ltd

575

1,285,804

*

Advanced

Micro

Devices,

Inc

146,466

33,742

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

731

115,000

Advanced

Wireless

Semiconductor

Co

336

137,600

Advantest

Corp

18,533

625

*,e

Aehr

Test

Systems

26

204,100

e

AEM

Holdings

Ltd

563

413,753

Aixtron

AG.

14,050

84,000

Alchip

Technologies

Ltd

4,866

189,537

*

Allegro

MicroSystems,

Inc

8,556

455

*

Alpha

&

Omega

Semiconductor

Ltd

15

223,585

*,e

Alphawave

IP

Group

plc

407

69,613

Amazing

Microelectronic

Corp

253

32,881

*

Ambarella,

Inc

2,751

260,962

Amkor

Technology,

Inc

7,764

21,749

*

Amlogic

Shanghai

Co

Ltd

253

241,246

*

ams

AG.

1,739

680,817

Analog

Devices,

Inc

132,630

32,000

Andes

Technology

Corp

492

77,000

AP

Memory

Technology

Corp

756

2,581,441

Applied

Materials,

Inc

373,122

343,000

Ardentec

Corp

674

1,266,925

ASE

Technology

Holding

Co

Ltd

4,505

49,414

ASM

International

NV

20,981

897,300

ASM

Pacific

Technology

8,865

23,000

ASMedia

Technology,

Inc

783

810,673

ASML

Holding

NV

588,004

25,000

ASPEED

Technology,

Inc

2,303

20,318

*

ASR

Microelectronics

Co

Ltd

211

4,353

*

Axcelis

Technologies,

Inc

798

144,721

BE

Semiconductor

Industries

NV

15,696

45,231

*

Borosil

Renewables

Ltd

280

1,280,703

Broadcom,

Inc

1,110,920

25,130

*

Cambricon

Technologies

Corp

Ltd

653

21,878

*

Camtek

Ltd

763

595

*

Ceva,

Inc

15

359,500

Chang

Wah

Technology

Co

Ltd

504

11,538

*,†

China

Energy

Savings

Technology,

Inc

0

72,241

China

Resources

Microelectronics

Ltd

522

3,232,000

Chipbond

Technology

Corp

6,560

427,000

ChipMOS

Technologies,

Inc

502

43,572

*

Cirrus

Logic,

Inc

3,530

77,024

*

Cohu,

Inc

3,201

2,309

*

Credo

Technology

Group

Holding

Ltd

40

429,500

D&O

Green

Technologies

Bhd

340

51,500

*

Daqo

New

Energy

Corp

(ADR)

2,045

47,605

*

Diodes,

Inc

4,403

75,900

Disco

Corp

12,034

27,533

Dongbu

HiTek

Co

Ltd

1,327

10,272

*

Duk

San

Neolux

Co

Ltd

360

230,000

Elan

Microelectronics

Corp

752

223,000

Elite

Semiconductor

Memory

Technology,

Inc

591

29,913

Elmos

Semiconductor

AG.

2,457

127

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

56,000

eMemory

Technology,

Inc

$

4,008

514,000

*

ENNOSTAR,

Inc

862

106,476

*

Enphase

Energy,

Inc

17,833

117,869

Entegris,

Inc

13,062

7,981

Eo

Technics

Co

Ltd

684

194,595

Episil

Holdings,

Inc

527

85,860

Episil-Precision,

Inc

181

201,157

Etron

Technology,

Inc

276

12,098

Eugene

Technology

Co

Ltd

314

437,000

Everlight

Electronics

Co

Ltd

727

584,000

Faraday

Technology

Corp

3,984

39,333

Ferrotec

1,001

84,087

*

First

Solar,

Inc

15,984

147,000

Fitipower

Integrated

Technology,

Inc

679

83,700

Flat

Glass

Group

Co

Ltd

445

395,000

e

Flat

Glass

Group

Co

Ltd

1,354

57,829

*

Formfactor,

Inc

1,979

890,000

Formosa

Advanced

Technologies

Co

Ltd

1,253

62,200

Formosa

Sumco

Technology

Corp

336

50,000

*

Foxsemicon

Integrated

Technology,

Inc

325

35,260

*

GalaxyCore,

Inc

77

8,573,000

GCL

Poly

Energy

Holdings

Ltd

1,990

22,612

*

GemVax

&

Kael

Co

Ltd

243

39,506

Gigadevice

Semiconductor

Beijing,

Inc

580

46,000

*

Global

Mixed

Mode

Technology,

Inc

288

126,000

Global

Unichip

Corp

6,522

49,200

*,e

GLOBALFOUNDRIES,

Inc

3,177

138,988

Globalwafers

Co

Ltd

2,231

297,700

*

Greatech

Technology

Bhd

280

238,000

Greatek

Electronics,

Inc

438

42,000

Gudeng

Precision

Industrial

Co

Ltd

581

10,231

HAESUNG

DS

Co

Ltd

474

6,608

Hana

Materials,

Inc

266

33,346

Hana

Micron,

Inc

558

32,000

Hangzhou

Chang

Chuan

Technology

Co

Ltd

210

69,900

Hangzhou

First

Applied

Material

Co

Ltd

358

36,100

Hangzhou

Lion

Electronics

Co

Ltd

183

78,444

Hangzhou

Silan

Microelectronics

Co

Ltd

328

35,911

Hanmi

Semiconductor

Co

Ltd

829

127,000

Holtek

Semiconductor,

Inc

279

189,140

HPSP

Co

Ltd

4,124

255,531

*,g

Hua

Hong

Semiconductor

Ltd

841

1,563,237

Hynix

Semiconductor,

Inc

137,353

3,807

Hyundai

Energy

Solutions

Co

Ltd

112

368,604

*

Ichor

Holdings

Ltd

13,823

138,334

*,e

Impinj,

Inc

12,402

2,088,200

Inari

Amertron

BHD

1,232

146,414

*,e

indie

Semiconductor,

Inc

1,376

2,343,834

Infineon

Technologies

AG.

96,524

22,156

Ingenic

Semiconductor

Co

Ltd

270

12,942

Innox

Advanced

Materials

Co

Ltd

383

5,735,647

Intel

Corp

191,800

10,827

ISC

Co

Ltd

457

99,000

ITE

Technology,

Inc

358

8,221

ITM

Semiconductor

Co

Ltd

139

178,817

JA

Solar

Technology

Co

Ltd

1,027

55,113

Japan

Material

Co

Ltd

921

68,097

Jentech

Precision

Industrial

Co

Ltd

1,415

19,800

Jiangsu

Pacific

Quartz

Co

Ltd

311

322,289

*

Jinko

Solar

Co

Ltd

625

35,600

*,e

JinkoSolar

Holding

Co

Ltd

(ADR)

1,580

33,333

Jusung

Engineering

Co

Ltd

485

CREF

Stock

Account

June

30,

2023

128

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

899,000

King

Yuan

Electronics

Co

Ltd

$

1,650

244,000

Kinsus

Interconnect

Technology

Corp

918

80,034

KLA

Corp

38,818

150,670

Koh

Young

Technology,

Inc

1,775

7,087

KoMiCo

Ltd

333

26,350

Kulicke

&

Soffa

Industries,

Inc

1,567

321,253

Lam

Research

Corp

206,521

65,000

Land

Mark

Optoelectronics

Corp

214

40,200

Lasertec

Corp

6,075

222,710

*

Lattice

Semiconductor

Corp

21,396

7,866

LEENO

Industrial

Inc

884

395,268

LONGi

Green

Energy

Technology

Co

Ltd

1,564

17,000

*

M31

Technology

Corp

532

748

*

MACOM

Technology

Solutions

Holdings,

Inc

49

1,528,000

Macronix

International

1,611

67,800

Malaysian

Pacific

Industries

BHD

406

62,000

Marketech

International

Corp

282

861,053

Marvell

Technology,

Inc

51,474

126,569

*

Maxeon

Solar

Technologies

Ltd

3,564

51,246

*

MaxLinear,

Inc

1,617

5,336,520

MediaTek,

Inc

118,128

10,689

*,e

Megachips

Corp

278

35,243

Melexis

NV

3,461

2,711,353

*,e

Meyer

Burger

Technology

AG.

1,830

235,915

Microchip

Technology,

Inc

21,136

1,534,313

Micron

Technology,

Inc

96,831

30,700

Micronics

Japan

Co

Ltd

430

148,391

Mimasu

Semiconductor

Industry

Co

Ltd

3,229

16,606

e

Mitsui

High-Tec,

Inc

1,136

28,235

MKS

Instruments,

Inc

3,052

67,772

Monolithic

Power

Systems,

Inc

36,612

62,605

Montage

Technology

Co

Ltd

496

60,068

*

Nanometrics,

Inc

6,996

541,075

Nanya

Technology

Corp

1,234

28,114

NAURA

Technology

Group

Co

Ltd

1,234

309,686

*,e

Navitas

Semiconductor

Corp

3,264

19,949

*

NEPES

Corp

300

65,769

NEXTIN,

Inc

3,827

141,440

*

Nordic

Semiconductor

ASA

1,726

68,164

*

Nova

Measuring

Instruments

Ltd

7,794

242,758

Novatek

Microelectronics

Corp

Ltd

3,333

157,000

Nuvoton

Technology

Corp

651

4,325,345

NVIDIA

Corp

1,829,707

234,089

NXP

Semiconductors

NV

47,913

181,772

*

ON

Semiconductor

Corp

17,192

270,000

Opto

Technology

Corp

385

28,452

Optorun

Co

Ltd

482

159,000

Orise

Technology

Co

Ltd

402

289,000

Pan

Jit

International,

Inc

647

30,000

Parade

Technologies

Ltd

1,040

91,222

*

PDF

Solutions,

Inc

4,114

130,000

Phison

Electronics

Corp

1,724

396,903

*

Photronics,

Inc

10,236

101,000

Pixart

Imaging,

Inc

356

1,095

Power

Integrations,

Inc

104

2,413,000

Powerchip

Semiconductor

Manufacturing

Corp

2,409

584,000

Powertech

Technology,

Inc

1,973

16,595

PSK,

Inc

288

88,938

*

PVA

TePla

AG.

1,849

42,162

*

Qorvo,

Inc

4,302

1,370,122

QUALCOMM,

Inc

163,099

350,000

Radiant

Opto-Electronics

Corp

1,239

129

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

98,249

*

Rambus,

Inc

$

6,305

45,000

Raydium

Semiconductor

Corp

466

37,000

*

RDC

Semiconductor

Co

Ltd

193

186,261

Realtek

Semiconductor

Corp

2,322

229,382

*,e

REC

Silicon

ASA

343

2,347,400

*

Renesas

Electronics

Corp

44,301

16,345

RFHIC

Corp

274

61,311

RichWave

Technology

Corp

350

66,000

Risen

Energy

Co

Ltd

233

17,800

*

Rockchip

Electronics

Co

Ltd

179

112,900

Rohm

Co

Ltd

10,694

9,307

Rorze

Corp

759

14,400

RS

Technologies

Co

Ltd

322

13,825

S&S

Tech

Corp

585

268,500

*

Sanan

Optoelectronics

Co

Ltd

639

19,513

Sanken

Electric

Co

Ltd

1,841

33,969

e

SCREEN

Holdings

Co

Ltd

3,869

116,000

SDI

Corp

486

254,709

*

Semtech

Corp

6,485

32,687

Seoul

Semiconductor

Co

Ltd

319

14,344

SG

Micro

Corp

163

94,920

Shanghai

Aiko

Solar

Energy

Co

Ltd

403

29,410

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

203

254,000

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

627

18,721

Shenzhen

SC

New

Energy

Technology

Corp

290

2,800

*

Shibaura

Mechatronics

Corp

436

58,600

Shinko

Electric

Industries

2,410

332,000

Sigurd

Microelectronics

Corp

591

2,103,512

Silergy

Corp

26,204

147,917

*

Silex

Systems

Ltd

391

81,517

*

Silicon

Laboratories,

Inc

12,859

9,771

Silicon

Works

Co

Ltd

851

14,833

Siltronic

AG.

1,135

19,427

SIMMTECH

Co

Ltd

507

416,000

Sino-American

Silicon

Products,

Inc

2,170

341

*

SiTime

Corp

40

95,000

Sitronix

Technology

Corp

719

82,763

*

SK

Square

Co

Ltd

2,796

102,750

*

SkyWater

Technology,

Inc

968

66,875

Skyworks

Solutions,

Inc

7,402

13,010

*,e

SMA

Solar

Technology

AG.

1,591

422,282

*,e

SMART

Global

Holdings,

Inc

12,250

62,725

*

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS.

197

18,400

e

Socionext,

Inc

2,700

21,917

*

SOITEC

3,708

5,700

StarPower

Semiconductor

Ltd

169

720,487

STMicroelectronics

NV

35,933

59,406

*,e

STS

Semiconductor

&

Telecommunications

246

159,342

e

Sumco

Corp

2,261

402,000

Sunplus

Technology

Co

Ltd

372

14,753

Suss

Microtec

AG.

392

960

*

Synaptics,

Inc

82

179,000

Taiwan

Mask

Corp

480

204,000

Taiwan

Semiconductor

Co

Ltd

641

43,176,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

797,607

1,007,518

e

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

101,679

1,265,000

Taiwan

Surface

Mounting

Technology

Co

Ltd

4,097

208,744

*,e

Technoprobe

S.p.A

1,650

68,891

Teradyne,

Inc

7,670

1,497,796

Texas

Instruments,

Inc

269,633

211,781

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

969

248,161

Tianshui

Huatian

Technology

Co

Ltd

315

CREF

Stock

Account

June

30,

2023

130

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,738

Tokai

Carbon

Korea

Co

Ltd

$

1,999

459,100

Tokyo

Electron

Ltd

66,123

58,900

Tokyo

Seimitsu

Co

Ltd

3,261

109,948

TongFu

Microelectronics

Co

Ltd

343

241,339

Tongwei

Co

Ltd

1,142

464,000

Topco

Scientific

Co

Ltd

2,724

114,742

*

Tower

Semiconductor

Ltd

(Tel

Aviv)

4,238

106,700

Tri

Chemical

Laboratories,

Inc

2,091

113,597

Trina

Solar

Co

Ltd

668

1,746,000

*,†

Trony

Solar

Holdings

Co

Ltd.

2

3,586

TSE

Co

Ltd

152

413,881

TSEC

Corp

477

5,592

U-Blox

AG.

614

948

*

Ultra

Clean

Holdings

36

40,544

e

Ulvac,

Inc

1,729

538,700

e

UMS

Holdings

Ltd

424

46,068

Unigroup

Guoxin

Microelectronics

Co

Ltd

593

873,600

Unisem

M

BHD

562

4,598,071

United

Microelectronics

Corp

7,225

1,224,000

*

United

Renewable

Energy

Co

Ltd/Taiwan

772

20,214

Universal

Display

Corp

2,913

34,000

UPI

Semiconductor

Corp

322

10,804

*

Urban

Lithium,

Inc

172

355,744

Vanguard

International

Semiconductor

Corp

1,010

339,183

*,e

Veeco

Instruments,

Inc

8,710

32,276

*

Verisilicon

Microelectronics

Shanghai

Co

Ltd

320

177,000

Via

Technologies,

Inc

462

88,000

VisEra

Technologies

Co

Ltd

741

141,000

Visual

Photonics

Epitaxy

Co

Ltd

529

281,100

ViTrox

Corp

BHD

482

449,000

Wafer

Works

Corp

686

126,201

*,e

Weebit

Nano

Ltd

428

60,084

Will

Semiconductor

Ltd

814

131,000

Win

Semiconductors

Corp

694

1,223,389

*

Winbond

Electronics

Corp

1,082

17,000

*

WinWay

Technology

Co

Ltd

426

252,010

*,e

Wolfspeed,

Inc

14,009

22,175

WONIK

IPS

Co

Ltd

556

12,602

Wonik

QnC

Corp

300

7,279

*

Wuxi

Autowell

Technology

Co

Ltd

189

4,455

*,g

X-Fab

Silicon

Foundries

SE

48

50,385

*,g

X-Fab

Silicon

Foundries

SE

546

81,263

Xinjiang

Daqo

New

Energy

Co

Ltd

454

118,000

XinTec,

Inc

490

4,067,214

Xinyi

Solar

Holdings

Ltd

4,722

7,400

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

41

75,106

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

736

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

7,335,533

SOFTWARE

&

SERVICES

-

8.9%

56,000

*,e

21Vianet

Group,

Inc

(ADR)

162

184,587

360

Security

Technology,

Inc

319

287

*

8x8,

Inc

1

713

A10

Networks,

Inc

10

32,627

e

Absolute

Software

Corp

373

1,226,750

e

Accenture

plc

378,551

2,853

*

ACI

Worldwide,

Inc

66

663

Adeia,

Inc

7

2,913

Adesso

SE

394

499,620

*

Adobe,

Inc

244,309

206

*

Agilysys,

Inc

14

53,800

*,e

Agora,

Inc

(ADR)

168

131

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,400

Ahnlab,

Inc

$

214

120,479

*

Akamai

Technologies,

Inc

10,827

10,748

Al

Moammar

Information

Systems

Co

448

102,003

*

Alarm.com

Holdings,

Inc

5,272

39,580

*,e

Alkami

Technology,

Inc

649

3,900

e

Alpha

Systems,

Inc

95

1,017

*

Altair

Engineering,

Inc

77

24,381

*

Alten

3,845

123,415

*

Alteryx,

Inc

5,603

635,859

Altium

Ltd

15,746

160,950

Amdocs

Ltd

15,910

797

American

Software,

Inc

(Class

A)

8

1,631

*

Amplitude,

Inc

18

3,415

*

Ansys,

Inc

1,128

29,734

*

Appfolio,

Inc

5,118

839

*

Appian

Corp

40

51,500

*

Appier

Group,

Inc

632

120,591

*

Applied

Blockchain,

Inc

1,128

177,661

*

AppLovin

Corp

4,571

20,603

Arabian

Internet

&

Communications

Services

Co

1,777

12,400

Argo

Graphics,

Inc

337

1,583

*

Asana,

Inc

35

140,800

g

AsiaInfo

Technologies

Ltd

196

488

*

Aspen

Technology,

Inc

82

128,927

Asseco

Poland

S.A.

2,546

18,180

*

Asure

Software,

Inc

221

124,990

Atea

ASA

1,817

299,949

*

Atlassian

Corp

50,334

92,465

Atos

Origin

S.A.

1,323

3,257

Atoss

Software

AG.

738

5,789

Aubay

301

9,370

*

Autodesk,

Inc

1,917

3,651

*,e

AvePoint,

Inc

21

5,300

*

Base

Co

Ltd

211

1,628,700

*,e

BASE,

Inc

3,037

190,994

Bechtle

AG.

7,585

51,100

*

Beijing

E-Hualu

Information

Technology

Co

Ltd

234

25,197

*

Beijing

Kingsoft

Office

Software,

Inc

1,642

67,932

Beijing

Shiji

Information

Technology

Co

Ltd

131

219,223

Bentley

Systems,

Inc

11,888

694

*

BigCommerce

Holdings,

Inc

7

78,168

*

Bill.Com

Holdings,

Inc

9,134

148,460

Birlasoft

Ltd

652

80,885

*

Black

Knight,

Inc

4,831

22,315

*

Blackbaud,

Inc

1,588

465,116

*,e

Blackberry

Ltd

(New)

2,577

1,160

*

Blackline,

Inc

62

2,601

*

Box,

Inc

76

1,484,937

*,e

BrainChip

Holdings

Ltd

365

831

*

Braze,

Inc

36

75,200

*

Brightcove,

Inc

302

735,427

Bytes

Technology

Group

plc

4,927

1,913

*,e

C3.ai,

Inc

70

79,043

*

Cadence

Design

Systems,

Inc

18,537

94,054

Cancom

SE

2,850

601,815

Cap

Gemini

S.A.

113,949

12,116

cBrain

A.S.

276

132,223

*

CCC

Intelligent

Solutions

Holdings,

Inc

1,482

15,363

*

CE

Info

Systems

Ltd

226

40,664

*,e

Cellebrite

DI

Ltd

293

250

*

Cerence

Inc

7

57,732

*

Ceridian

HCM

Holding,

Inc

3,866

CREF

Stock

Account

June

30,

2023

132

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

198,775

*

CGI,

Inc

$

20,962

36,500

e

Change,

Inc

580

283,100

*,e

Chatwork

Co

Ltd

2,182

120,767

*

Check

Point

Software

Technologies

15,171

14,276,000

*

China

Youzan

Ltd

256

2,522,000

Chinasoft

International

Ltd

1,591

110,300

*

Chindata

Group

Holdings

Ltd

(ADR)

790

8,017

*,e

Cipher

Mining,

Inc

23

2,226

*,e

Cleanspark,

Inc

10

416,622

e

Clear

Secure,

Inc

9,653

229,708

*

Cloudflare,

Inc

15,016

32,865

Coforge

Ltd

1,895

355,363

Cognizant

Technology

Solutions

Corp

(Class

A)

23,198

325,225

*

Commvault

Systems,

Inc

23,618

65,121

Computacenter

plc

1,890

33,688

Comture

Corp

486

103,713

*

Confluent,

Inc

3,662

286

*

Consensus

Cloud

Solutions,

Inc

9

18,902

Constellation

Software,

Inc

39,163

1,524,155

e

Converge

Technology

Solutions

Corp

3,682

29,683

*,e

Couchbase,

Inc

470

65,642

*,e,g

Crayon

Group

Holding

ASA

642

370,799

*

Crowdstrike

Holdings,

Inc

54,459

120,491

*

CyberArk

Software

Ltd

18,836

23,700

Cybozu,

Inc

387

68,430

Cyient

Ltd

1,254

2,659,500

*

Dagang

NeXchange

Bhd

272

5,091,125

*

Darktrace

plc

19,922

703,640

Dassault

Systemes

SE

31,179

110,640

Data#3

Ltd

532

629,693

*

Datadog,

Inc

61,949

4,422

Datagroup

SE

282

7,949

*

Dear

U

Co

Ltd

237

153,992

*

Descartes

Systems

Group,

Inc

12,336

61,777

DHC

Software

Co

Ltd

60

105,800

Digital

Arts,

Inc

4,318

2,467,000

Digital

China

Holdings

Ltd

986

30,513

Digital

Garage,

Inc

818

2,699,800

*

Digital

Mediatama

Maxima

Tbk

PT

88

1,247

*

Digital

Turbine,

Inc

12

3,750

Digital

Value

S.p.A

244

1,466

*,e

DigitalOcean

Holdings,

Inc

59

13,905

*

Docebo,

Inc

550

143,428

*

DocuSign,

Inc

7,328

24,730

Dolby

Laboratories,

Inc

(Class

A)

2,069

297,672

*

Domo,

Inc

4,364

5,151

*

DoubleVerify

Holdings,

Inc

200

212,486

*

Dropbox,

Inc

5,667

31,000

DTS

Corp

732

13,434

DuzonBIzon

Co

Ltd

317

4,446

*

DXC

Technology

Co

119

173,155

e

Dye

&

Durham

Ltd

2,367

320,973

*

Dynatrace,

Inc

16,520

1,159

*,e

E2open

Parent

Holdings,

Inc

7

710

Ebix,

Inc

18

446

*

eGain

Corp

3

132,624

*

Elastic

NV

8,504

21,142

Elm

Co

3,292

689,783

*

EngageSmart,

Inc

13,168

36,496

Enghouse

Systems

Ltd

887

682

*

Envestnet,

Inc

40

97,591

*

EPAM

Systems,

Inc

21,934

133

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,709

Esker

S.A.

$

713

294,078

*

Everbridge,

Inc

7,911

706

*,e

EverCommerce,

Inc

8

18,765

*

Fair

Isaac

Corp

15,185

2,884

*,e

Fastly,

Inc

45

21,006

*

First

Derivatives

plc

512

368,731

*

Five9,

Inc

30,402

1,425

*,e

ForgeRock,

Inc

29

7,420

Formula

Systems

1985

Ltd

546

286,116

*

Fortinet,

Inc

21,628

874,825

Fortnox

AB

5,166

82,500

*,e

Freee

KK

1,880

3,892

*

Freshworks,

Inc

68

88,547

F-Secure

Corp

226

41,768

FUJI

SOFT,

Inc

1,346

205,200

Fujitsu

Ltd

26,570

7,127

Fukui

Computer

Holdings,

Inc

139

38,700

Future

Architect,

Inc

461

111,354

*

Gartner,

Inc

39,008

197,603

GB

Group

plc

576

1,756,624

*

GDS

Holdings

Ltd

2,409

522,852

*

GDS

Holdings

Ltd

(ADR)

5,746

4,200,096

Gen

Digital,

Inc

77,912

15,517

GFT

Technologies

AG.

438

7,479

*,e

Gitlab,

Inc

382

77,537

g

Global

Dominion

Access

S.A.

332

38,085

*

Globant

S.A.

6,845

5,500

e

GMO

GlobalSign

Holdings

KK

121

53,770

GMO

internet,

Inc

1,033

125,023

*

GoDaddy,

Inc

9,393

1,003

*

Grid

Dynamics

Holdings,

Inc

9

1,588

*

Guidewire

Software,

Inc

121

553

Hackett

Group,

Inc

12

111,903

Hansen

Technologies

Ltd

387

101,575

Happiest

Minds

Technologies

Ltd

1,215

3,776

*

HashiCorp,

Inc

99

392,372

HCL

Technologies

Ltd

5,704

11,065

Hilan

Ltd

549

23,819

Hinduja

Global

Solutions

Ltd

314

1,999

*

HubSpot,

Inc

1,064

54,052

Hundsun

Technologies,

Inc

330

316,422

*

Hut

8

Mining

Corp

1,051

5,162

Hyundai

Autoever

Corp

552

52,952

*

IBEX

Ltd

1,124

58,583

*

Iflytek

Co

Ltd

549

102,494

e

Indra

Sistemas

S.A.

1,297

281,000

Inesa

Intelligent

Tech,

Inc

-

B

160

26,709

*,e

Informatica,

Inc

494

658

Information

Services

Group,

Inc

4

22,548

e

Information

Services

International-Dentsu

Ltd

792

1,357,943

Infosys

Technologies

Ltd

22,118

187

*,e

Instructure

Holdings,

Inc

5

189,494

*

Intapp,

Inc

7,942

67,768

Intellect

Design

Arena

Ltd

521

651

e

InterDigital,

Inc

63

706,421

International

Business

Machines

Corp

94,526

520,058

Intuit,

Inc

238,285

16,207

*

Ionos

SE

230

866,415

Iress

Market

Technology

Ltd

5,948

56,550

Isoftstone

Information

Technology

Group

Co

Ltd

212

17,100

Itochu

Techno-Science

Corp

433

1,899

*

Jamf

Holding

Corp

37

CREF

Stock

Account

June

30,

2023

134

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

503,057

Justsystems

Corp

$

14,108

69,570

Kainos

Group

plc

1,092

365,100

*,e

Kaonavi,

Inc

5,254

818,779

Keywords

Studios

plc

18,821

121,690

*

Kinaxis,

Inc

17,389

1,087,495

*

Kingdee

International

Software

Group

Co

Ltd

1,460

83,200

*,e

Kingsoft

Cloud

Holdings

Ltd

(ADR)

508

24,382

KNOW

IT

AB

394

355,539

KPIT

Engineering

Ltd

4,740

327,977

*

Kyndryl

Holdings,

Inc

4,356

469,483

g

Larsen

&

Toubro

Infotech

Ltd

29,864

2,583,413

Learning

Technologies

Group

plc

2,712

1,232,116

*

Lightspeed

Commerce,

Inc

20,843

779,000

e,g

Linklogis,

Inc

278

15,137

LiveChat

Software

S.A.

480

210,729

*

LiveRamp

Holdings,

Inc

6,018

3,667,465

g

Locaweb

Servicos

de

Internet

S.A.

6,572

53,463

Magic

Software

Enterprises

Ltd

700

46,535

*

Manhattan

Associates,

Inc

9,301

1,808

*,e

Marathon

Digital

Holdings,

Inc

25

14,076

Mastek

Ltd

334

25,828

Matrix

IT

Ltd

527

1,424

*,e

Matterport,

Inc

4

190,720

*,e

Megaport

Ltd

929

652

*

MeridianLink,

Inc

14

14,075,527

Microsoft

Corp

4,793,280

222

*,e

MicroStrategy,

Inc

(Class

A)

76

671,000

e

Ming

Yuan

Cloud

Group

Holdings

Ltd

303

35,167

Mitsubishi

Research

Institute,

Inc

1,344

177,238

*

Model

N,

Inc

6,267

20,086

*,e

Monday.com

Ltd

3,439

36,488

*

Money

Forward,

Inc

1,455

27,552

*

MongoDB,

Inc

11,324

61,348

Mphasis

Ltd

1,423

346

*

N-Able,

Inc

5

7,477

*,e

Nagarro

SE

650

852,000

*,†,e

National

Agricultural

Holdings

Ltd

1

21,067

NavInfo

Co

Ltd

34

207,027

NCC

Group

plc

254

44,229

*,e

nCino

OpCo,

Inc

1,332

102,900

*

NCR

Corp

2,593

47,400

NEC

Corp

2,300

54,443

NEC

Networks

&

System

Integration

Corp

753

60,485

Nemetschek

AG.

4,516

67,006

NET

One

Systems

Co

Ltd

1,472

219,707

g

Netcompany

Group

A.S.

9,102

36,758

*

New

Relic,

Inc

2,405

2,671,646

*

NEXTDC

Ltd

22,529

66,926

*

Nice

Systems

Ltd

13,775

636,084

Nihon

Unisys

Ltd

15,649

61,234

*

NIIT

Ltd

63

201,800

Nippon

System

Development

Co

Ltd

4,057

74,100

Nomura

Research

Institute

Ltd

2,047

9,982

*

Northern

Data

AG.

244

25,292

NS

Solutions

Corp

707

121,400

NTT

Data

Corp

1,702

368,276

*

Nutanix,

Inc

10,330

25,700

OBIC

Business

Consultants

Ltd

942

13,400

Obic

Co

Ltd

2,151

25,295

Objective

Corp

Ltd

232

117,986

*

Okta,

Inc

8,182

116,237

*

Olo,

Inc

751

135

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,417

ON24,

Inc

$

12

26,582

One

Software

Technologies

Ltd

358

876

*

OneSpan,

Inc

13

254,335

Open

Text

Corp

(Toronto)

10,579

4,075,708

Oracle

Corp

485,376

7,600

*

Oracle

Corp

Japan

565

106,096

Oracle

Financial

Services

Software

Ltd

5,003

66,118

Ordina

NV

409

22,400

Otsuka

Corp

873

31,822

*,e

OVH

Groupe

SAS

329

36,936

*

Pagerduty,

Inc

830

1,495,226

*

Palantir

Technologies,

Inc

22,922

1,387,824

*

Palo

Alto

Networks,

Inc

354,603

21,345

Paycom

Software,

Inc

6,857

49,116

*,e

Paycor

HCM,

Inc

1,163

46,655

*

Paylocity

Holding

Corp

8,609

27,250

Pegasystems,

Inc

1,343

44,170

Perfect

Presentation

For

Commercial

Services

Co

249

14,474

*

Perficient,

Inc

1,206

41,285

Persistent

Systems

Ltd

2,532

94,400

*,e

PKSHA

Technology,

Inc

2,035

14,000

Plus

Alpha

Consulting

Co

Ltd

325

50,603

Posco

ICT

Co

Ltd

589

748,143

*

PowerSchool

Holdings,

Inc

14,319

48,168

*

Procore

Technologies,

Inc

3,134

536

Progress

Software

Corp

31

299

*

PROS

Holdings,

Inc

9

221,533

*

PTC,

Inc

31,524

215,974

*

Q2

Holdings,

Inc

6,674

32,011

*

Qi

An

Xin

Technology

Group,

Inc

229

15,874

*,e

QT

Group

Oyj

1,324

729

*

Qualys,

Inc

94

76,700

Rakus

Co

Ltd

1,308

1,460

*

Rapid7,

Inc

66

31,556

*

Rategain

Travel

Technologies

Ltd

161

20,500

Reply

S.p.A

2,331

64,356

*

RingCentral,

Inc

2,106

1,855

*,e

Riot

Blockchain,

Inc

22

59,563

*,e

Riskified

Ltd

289

367,090

Roper

Technologies,

Inc

176,497

50,580

Route

Mobile

Ltd

984

34,183

S&T

AG.

676

1,079,933

Sage

Group

plc

12,686

25,103

Saipens

International

Corp

NV

667

2,641,318

*

Salesforce,

Inc

558,005

14,749

Samsung

SDS

Co

Ltd

1,383

11,780

Sangfor

Technologies,

Inc

184

62,700

*

Sansan,

Inc

740

1,123,078

SAP

AG.

153,421

1,166

Sapiens

International

Corp

NV

31

1,315

Secunet

Security

Networks

AG.

313

73,660

*,e

SEMrush

Holdings,

Inc

705

255,690

*

SentinelOne,

Inc

3,861

452,553

*

ServiceNow,

Inc

254,321

583,332

Shanghai

Baosight

Software

Co

Ltd

1,542

49,602

Shanghai

Baosight

Software

Co

Ltd

348

220,372

*

SHIFT,

Inc

40,396

1,983,258

*

Shopify,

Inc

(Class

A)

128,180

929,741

Silverlake

Axis

Ltd

210

33,717

SimCorp

AS

3,572

21,500

Simplex

Holdings,

Inc

394

564,445

*,e,g

Sinch

AB

1,275

CREF

Stock

Account

June

30,

2023

136

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,804,287

*

SiteMinder

Ltd

$

5,466

100,279

*

Smartsheet,

Inc

3,837

261,955

*

Snowflake,

Inc

46,099

10,700

Softbank

Technology

Corp

195

474,104

Softcat

plc

8,542

43,686

Software

AG.

1,519

1,631

*

SolarWinds

Corp

17

98,792

Sonata

Software

Ltd

1,218

64,780

Sopra

Group

S.A.

12,933

3,450

*,e

SoundHound

AI,

Inc

16

130,278

*

Splunk,

Inc

13,821

417,475

*

Sprinklr,

Inc

5,774

464,626

*,e

Sprout

Social,

Inc

21,447

112,106

*

SPS

Commerce,

Inc

21,531

406,583

*

Squarespace,

Inc

12,824

466,400

Sumisho

Computer

Systems

Corp

7,340

637,224

SUNeVision

Holdings

Ltd

326

33,968

*,e

SUSE

S.A.

479

643,488

*

Synopsys,

Inc

280,181

4,379,512

Systena

Corp

8,932

122,000

Systex

Corp

432

57,195

Tanla

Platforms

Ltd

715

373,834

Tata

Consultancy

Services

Ltd

15,106

29,050

Tata

Elxsi

Ltd

2,698

117,159

*,g

TeamViewer

AG.

1,883

221,090

Tech

Mahindra

Ltd

3,061

43,100

TechMatrix

Corp

559

243,129

Technology

One

Ltd

2,550

66,792

Temenos

Group

AG.

5,318

2,040

*

Tenable

Holdings,

Inc

89

304,139

*

Teradata

Corp

16,244

23,661

Thunder

Software

Technology

Co

Ltd

315

87,780

Tietoenator

Oyj

2,424

516,100

TIS,

Inc

12,931

64,142

*,e

TomTom

NV

499

417,852

Totvus

S.A.

2,616

25,900

*

Trend

Micro,

Inc

1,254

11,507

e

Trifork

Holding

AG.

233

191,265

*,e

Truecaller

AB

524

489

*,e

Turing

Holding

Corp

4

121,700

*

Tuya,

Inc

(ADR)

230

345,345

*

Twilio,

Inc

21,971

1,567

*

Tyler

Technologies,

Inc

653

502,332

*,e

UiPath,

Inc

8,324

526

*

Unisys

Corp

2

191,040

*,e

Unity

Software,

Inc

8,295

596,908

*

Varonis

Systems,

Inc

15,908

472

*

Verint

Systems,

Inc

17

73,740

*

VeriSign,

Inc

16,663

5,850

*

Veritone,

Inc

23

25,739

Vitec

Software

Group

AB

1,293

172,651

*

VMware,

Inc

(Class

A)

24,808

1,344,000

*,e

Vobile

Group

Ltd

412

18,590

*,e

WalkMe

Ltd

178

7,613

Wavestone

416

159,380

*,e

Weave

Communications,

Inc

1,771

1,765,000

*,e,g

Weimob,

Inc

861

12,559

e

Wiit

S.p.A

278

13,700

WingArc1st,

Inc

227

552,695

Wipro

Ltd

2,631

122,059

Wisetech

Global

Ltd

6,547

56,915

*

Wix.com

Ltd

4,453

137

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

373,996

*

Workday,

Inc

$

84,482

174,541

*

Workiva,

Inc

17,744

117,916

*

Xero

Ltd

9,447

1,416

*

Xperi,

Inc

19

2,312

*

Yext,

Inc

26

89,487

Yonyou

Network

Technology

Co

Ltd

253

94,829

Zensar

Technologies

Ltd

449

357,656

*

Zeta

Global

Holdings

Corp

3,054

49,068

*

Zoom

Video

Communications,

Inc

3,331

86,766

*

Zscaler,

Inc

12,694

49,800

Zuken,

Inc

1,355

1,338,734

*

Zuora

Inc

14,686

TOTAL

SOFTWARE

&

SERVICES

10,223,288

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6.0%

754

*,e

908

Devices,

Inc

5

306,444

AAC

Technologies

Holdings,

Inc

724

433,831

Accton

Technology

Corp

4,880

1,160,532

Acer,

Inc

1,171

78,000

Adlink

Technology,

Inc

192

1,461

ADTRAN

Holdings,

Inc

15

30,000

Advanced

Ceramic

X

Corp

206

665

Advanced

Energy

Industries,

Inc

74

172,331

Advantech

Co

Ltd

2,269

178,881

*,e

Aeva

Technologies,

Inc

224

25,006

e

Ai

Holdings

Corp

403

2,871,000

Alpha

Networks,

Inc

3,784

154,100

Alps

Electric

Co

Ltd

1,353

5,288

ALSO

Holding

AG.

1,142

44,450

Amano

Corp

938

252,578

Amphenol

Corp

(Class

A)

21,457

121,793

Anritsu

Corp

1,040

1,287,120

*,†

Anxin-China

Holdings

Ltd

2

84,000

Apex

International

Co

Ltd

171

22,593,341

d

Apple,

Inc

4,382,430

128,000

Arcadyan

Technology

Corp

507

357,536

*

Arista

Networks,

Inc

57,942

1,248,109

*

Arlo

Technologies,

Inc

13,617

24,079

*

Arrow

Electronics,

Inc

3,449

175,000

Asia

Optical

Co,

Inc

362

1,297,385

Asia

Vital

Components

Co

Ltd

11,312

27,000

ASROCK,

Inc

194

292,026

Asustek

Computer,

Inc

2,956

2,809,827

AU

Optronics

Corp

1,686

622,000

*

AURAS

Technology

Co

Ltd

5,957

20,622

Austria

Technologie

&

Systemtechnik

AG.

741

91,500

Avary

Holding

Shenzhen

Co

Ltd

306

320

*

Aviat

Networks,

Inc

11

742

*

Avid

Technology,

Inc

19

113,422

Avnet,

Inc

5,722

95,700

Azbil

Corp

3,029

518

Badger

Meter,

Inc

76

56,212

Barco

NV

1,402

8,800

Basler

AG.

164

257

*

Bel

Fuse,

Inc

(Class

B)

15

52,156

Belden

CDT,

Inc

4,989

1,190

Benchmark

Electronics,

Inc

31

1,238,000

Benq

Corp

1,828

22,617

BH

Co

Ltd

467

1,119,337

BOE

Technology

Group

Co

Ltd

632

266,000

BOE

Varitronix

Ltd

384

47,300

Brother

Industries

Ltd

692

CREF

Stock

Account

June

30,

2023

138

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

324,439

BYD

Electronic

International

Co

Ltd

$

987

31,499

*

Calix,

Inc

1,572

101,900

*,e

Canaan,

Inc

(ADR)

217

47,200

*

Canon

Electronics,

Inc

663

36,290

e

Canon

Marketing

Japan,

Inc

904

192,300

Canon,

Inc

5,055

339,000

Career

Technology

Co

Ltd

292

269,947

Catcher

Technology

Co

Ltd

1,523

109,652

CDW

Corp

20,121

497,499

*

Celestica,

Inc

7,222

344,000

Chang

Wah

Electromaterials,

Inc

378

96,245

*

Chaozhou

Three-Circle

Group

Co

Ltd

389

296,000

Cheng

Uei

Precision

Industry

Co

Ltd

401

490,000

Chicony

Electronics

Co

Ltd

1,544

489,600

*,†

China

Fiber

Optic

Network

System

Group

Ltd

1

107,557

China

Greatwall

Technology

Group

Co

Ltd

205

682,159

China

Railway

Signal

&

Communication

Corp

Ltd

545

26,100

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

345

281,000

Chin-Poon

Industrial

Co

284

317,000

Chroma

ATE,

Inc

2,558

18,000

Chunghwa

Precision

Test

Tech

Co

Ltd

340

736,245

*

Ciena

Corp

31,283

4,132,772

Cisco

Systems,

Inc

213,830

182,400

Citizen

Watch

Co

Ltd

1,100

97

*,e

Clearfield,

Inc

5

264,000

Clevo

Co

282

80,962

Codan

Ltd

435

137,409

Cognex

Corp

7,698

94,238

*

Coherent

Corp

4,804

1,744,312

Comba

Telecom

Systems

Holdings

Ltd

322

34,001

Comet

Holding

AG.

8,691

9,442

*

CommScope

Holding

Co,

Inc

53

1,816,524

Compal

Electronics,

Inc

1,709

797,000

Compeq

Manufacturing

Co

1,140

31,400

*,e

CompoSecure,

Inc

215

45,414

Comtech

Telecommunications

Corp

415

208,000

Coretronic

Corp

491

320,705

Corning,

Inc

11,238

577

*,e

Corsair

Gaming,

Inc

10

20,284

*

CosmoAM&T

Co

Ltd

2,897

186,000

Co-Tech

Development

Corp

368

241,000

*

Cowell

e

Holdings,

Inc

447

662

CTS

Corp

28

31,406

Daeduck

Electronics

Co

Ltd

775

8,723

Daejoo

Electronic

Materials

Co

Ltd

643

68,070

Daiwabo

Co

Ltd

1,318

142,000

Darfon

Electronics

Corp

211

9,381

e

Datalogic

S.p.A.

71

161,818

DataTec

Ltd

335

1,290,070

Delta

Electronics

Thailand

PCL

3,348

6,960,673

Delta

Electronics,

Inc

77,140

46,501

Dexerials

Corp

1,022

49,811

Dicker

Data

Ltd

273

765

*

Digi

International,

Inc

30

2,576,960

Ditto

Thailand

PCL

2,242

31,912

Dreamtech

Co

Ltd

221

50,274

g

Dustin

Group

AB

139

435,000

Dynapack

International

Technology

Corp

1,108

233,300

Eastern

Communications

Co

Ltd

103

867

*

Eastman

Kodak

Co

4

10,724

Eizo

Nanao

Corp

353

33,996

Elecom

Co

Ltd

345

139

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

221,000

Elite

Material

Co

Ltd

$

1,736

308,000

Elitegroup

Computer

Systems

Co

Ltd

314

47,679

Ennoconn

Corp

419

26,759

*

ePlus,

Inc

1,507

3,059,159

Ericsson

(LM)

(B

Shares)

16,621

19,441

Esprinet

S.p.A.

118

28,228

*

EV

Advanced

Material

Co

Ltd

131

32,127

Evertz

Technologies

Ltd

333

266,192

*,e

Evolv

Technologies

Holdings,

Inc

1,597

811,557

*

Extreme

Networks,

Inc

21,141

25,416

*

F5

Networks,

Inc

3,717

84,570

*

Fabrinet

10,984

580

*

FARO

Technologies,

Inc

9

3,060,000

*

FIH

Mobile

Ltd

309

748,000

FLEXium

Interconnect,

Inc

2,229

294,100

Forth

Corp

PCL

222

20,973,135

Foxconn

Industrial

Internet

Co

Ltd

72,750

1,692,000

Foxconn

Technology

Co

Ltd

3,027

113,328

Fujifilm

Holdings

Corp

6,752

183,000

General

Interface

Solution

Holding

Ltd

429

68,000

Genius

Electronic

Optical

Co

Ltd

870

1,823,000

Getac

Technology

Corp

3,926

429,000

Gigabyte

Technology

Co

Ltd

3,364

230,000

Global

Brands

Manufacture

Ltd

340

71,822

GoerTek,

Inc

176

305,400

Gold

Circuit

Electronics

Ltd

1,437

224,236

GRG

Banking

Equipment

Co

Ltd

363

117,597

Guangzhou

Haige

Communications

Group,

Inc

Co

168

34,018

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

313

9,700

Hakuto

Co

Ltd

376

559,863

Halma

plc

16,205

27,100

Hamamatsu

Photonics

KK

1,330

480,000

Hana

Microelectronics

PCL

(Foreign)

643

368,000

Hannstar

Board

Corp

569

1,955,000

HannStar

Display

Corp

829

1,899

*,e

Harmonic,

Inc

31

96,300

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

242

155,500

Hengtong

Optic-electric

Co

Ltd

314

5,848,354

Hewlett

Packard

Enterprise

Co

98,252

2,354,853

Hexagon

AB

28,965

551,000

*

High

Tech

Computer

Corp

1,015

7,500

e

Hioki

EE

Corp

489

6,100

Hirose

Electric

Co

Ltd

812

23,855

HMS

Networks

AB

1,168

107,000

Holystone

Enterprise

Co

Ltd

370

5,114,640

Hon

Hai

Precision

Industry

Co,

Ltd

18,595

29,499

Horiba

Ltd

1,697

30,800

Hosiden

Corp

386

776,611

HP,

Inc

23,850

75,600

Huagong

Tech

Co

Ltd

397

91,300

Ibiden

Co

Ltd

5,195

18,087

Iljin

Materials

Co

Ltd

667

15,754

*,e

Incap

Oyj

173

1,906

Inficon

Holding

AG.

2,303

3,959

*,e

Infinera

Corp

19

56,718

Innodisk

Corp

592

3,864,690

InnoLux

Display

Corp

1,902

94,427

*,e

Innoviz

Technologies

Ltd

268

5,130

*

Insight

Enterprises,

Inc

751

44,200

Inspur

Electronic

Information

Industry

Co

Ltd

295

65,600

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

355

5,465

Intellian

Technologies,

Inc

306

CREF

Stock

Account

June

30,

2023

140

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,494

INTOPS

Co

Ltd

$

271

1,144,172

Inventec

Co

Ltd

1,591

1,412

*,e

IonQ,

Inc

19

12,527

*

IPG

Photonics

Corp

1,701

16,600

Iriso

Electronics

Co

Ltd

483

149,000

*

ITEQ

Corp

332

644

*

Itron,

Inc

46

23,992

Ituran

Location

and

Control

Ltd

560

92,118

Jabil

Inc

9,942

11,269

*

Jahwa

Electronics

Co

Ltd

286

37,642

Japan

Aviation

Electronics

Industry

Ltd

788

539,694

*,e

Japan

Display,

Inc

147

610,900

Jaymart

PCL

275

42,543

Jenoptik

AG.

1,462

1,558,999

Juniper

Networks,

Inc

48,843

15,000

Kaga

Electronics

Co

Ltd

668

11,993

*

Kaynes

Technology

India

Ltd

221

744,200

KCE

Electronics

PCL

822

252,770

Keyence

Corp

120,105

75,839

*

Keysight

Technologies,

Inc

12,699

16,371

*

Kimball

Electronics,

Inc

452

45,000

King

Slide

Works

Co

Ltd

959

266,205

Kingboard

Chemical

Holdings

Ltd

728

894,746

Kingboard

Laminates

Holdings

Ltd

844

136,087

Kitron

ASA

553

17,232

*

KMW

Co

Ltd

195

3,053

*

Knowles

Corp

55

30,000

Koa

Corp

377

384,700

Konica

Minolta

Holdings,

Inc

1,336

62,500

Kyocera

Corp

3,398

21,350

L&F

Co

Ltd

3,974

68,923

e

Landis&Gyr

Group

AG.

5,928

40,625

Largan

Precision

Co

Ltd

2,787

1,084

LEM

Holding

S.A.

2,713

3,098,399

Lenovo

Group

Ltd

3,247

254,023

Lens

Technology

Co

Ltd

412

95,393

LG

Display

Co

Ltd

1,147

5,804

LG

Innotek

Co

Ltd

1,375

3,500

*,e

Lightwave

Logic,

Inc

24

485,284

*

Lingyi

iTech

Guangdong

Co

462

842,277

Lite-On

Technology

Corp

2,805

5,770

Littelfuse,

Inc

1,681

173,530

Logitech

International

S.A.

10,357

67,999

Lotes

Co

Ltd

1,883

54,353

*,e

Lumentum

Holdings,

Inc

3,083

20,900

*,e

Luna

Innovations,

Inc

191

351,124

Luxshare

Precision

Industry

Co

Ltd

1,576

40,007

Macnica

Fuji

Electronics

Holdings,

Inc

1,663

7,100

Maruwa

Co

Ltd

1,103

31,100

Maxell

Holdings

Ltd

346

25,234

Maxscend

Microelectronics

Co

Ltd

337

45,791

Mcj

Co

Ltd

319

8,801

Mcnex

Co

Ltd

202

18,800

Meiko

Electronics

Co

355

17,365

Melco

Holdings,

Inc

384

289

Methode

Electronics,

Inc

10

5,681,900

Metrodata

Electronics

Tbk

PT

199

198,000

*,†,e

MH

Development

Ltd

0

^

60,932

e

Micronic

AB

1,509

267,200

Micro-Star

International

Co

Ltd

1,519

4,300

*,e

Microvision,

Inc

20

4,668

*

Mirion

Technologies,

Inc

39

141

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,478,000

Mitac

Holdings

Corp

$

2,787

714,686

Motorola

Solutions,

Inc

209,603

683,230

Murata

Manufacturing

Co

Ltd

39,245

87,000

Nan

Ya

Printed

Circuit

Board

Corp

742

195,400

*,e

Nano

Dimension

Ltd

(ADR)

565

215,355

e

Napco

Security

Technologies,

Inc

7,462

208,762

National

Instruments

Corp

11,983

518,400

Nationgate

Holdings

Bhd

156

9,166

*

Nayax

Ltd

174

30,583

Neopost

S.A.

630

173,347

NetApp,

Inc

13,244

965

*

Netgear,

Inc

14

73,261

*

Netscout

Systems,

Inc

2,267

408,800

*

Nex

Point

Parts

PCL

112

40,450

Nichicon

Corp

431

72,515

Ninestar

Corp

342

73,600

Nippon

Ceramic

Co

Ltd

1,402

68,676

e

Nippon

Electric

Glass

Co

Ltd

1,211

26,556

Nippon

Signal

Co

Ltd

198

35,660

e

Nissha

Printing

Co

Ltd

418

22,681

*

nLight,

Inc

350

14,572

Nohmi

Bosai

Ltd

183

1

Nokia

Corp

(ADR)

0

^

5,652,167

Nokia

Oyj

23,682

15,517

*

Note

AB

327

705

*

Novanta,

Inc

130

228,372

*,e

Novonix

Ltd

151

70,936

Oki

Electric

Industry

Co

Ltd

445

75,089

Omron

Corp

4,611

29,179

Optex

Co

Ltd

412

94

*

OSI

Systems,

Inc

11

47,163

Oxford

Instruments

plc

1,635

254,000

Pan-International

Industrial

328

566

*,e

PAR

Technology

Corp

19

4,331

Park

Systems

Corp

621

28,295

Partron

Co

Ltd

198

623,000

PAX

Global

Technology

Ltd

474

33,367

PC

Connection,

Inc

1,505

829,915

*

Pegatron

Technology

Corp

1,998

236

*

Plexus

Corp

23

334,000

*

Primax

Electronics

Ltd

707

4,975,385

Prime

View

International

Co

Ltd

36,193

231,155

*

Pure

Storage,

Inc

8,511

1,135,390

Quanta

Computer,

Inc

5,545

32,672

*

Radware

Ltd

634

21,636

Raytron

Technology

Co

Ltd

134

519,037

Redington

India

Ltd

1,181

29,143

Renishaw

plc

1,444

10,947

Restar

Holdings

Corp

186

227,630

*

Ribbon

Communications,

Inc

635

109,200

Ricoh

Co

Ltd

931

11,126

Riken

Keiki

Co

Ltd

447

14,898

Riso

Kagaku

Corp

252

337

*

Rogers

Corp

55

11,333

Ryosan

Co

Ltd

344

15,400

e

Ryoyo

Electro

Corp

385

22,521

Samsung

Electro-Mechanics

Co

Ltd

2,486

7,617,347

Samsung

Electronics

Co

Ltd

419,436

336,096

Samsung

Electronics

Co

Ltd

(Preference)

15,252

93,447

Samsung

SDI

Co

Ltd

47,717

10,879

Sang-A

Frontec

Co

Ltd

236

288,846

*

Sanmina

Corp

17,409

CREF

Stock

Account

June

30,

2023

142

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,282

*

Scansource,

Inc

$

1,427

18,778

*,e

Seco

S.p.A

105

58,500

Seiko

Epson

Corp

913

7,861

*,e,g

Sensirion

Holding

AG.

861

18,000

Sensortek

Technology

Corp

189

24,870

Seojin

System

Co

Ltd

372

399,000

Sercomm

Corp

1,350

3,579

*

Seronics

Co

Ltd

110

34,564

Sesa

S.p.A

4,317

5,236

*,e

SES-imagotag

S.A.

537

5,834

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

152

100,584

Shengyi

Technology

Co

Ltd

197

19,805

Shennan

Circuits

Co

Ltd

206

63,100

Shenzhen

SED

Industry

Co

Ltd

286

16,200

Shenzhen

Sunlord

Electronics

Co

Ltd

53

43,354

Shenzhen

Transsion

Holdings

Co

Ltd

879

281,600

Shimadzu

Corp

8,704

22,800

e

Siix

Corp

249

613,000

Simplo

Technology

Co

Ltd

6,484

292,000

Sinbon

Electronics

Co

Ltd

3,469

1,000,800

SKP

Resources

Bhd

234

4,454

*

SmartRent,

Inc

17

24,077

e

Softchoice

Corp

329

353,215

Softwareone

Holding

AG.

7,011

34,065

*

SOLUM

Co

Ltd

762

14,743

Solus

Advanced

Materials

Co

Ltd

417

403,442

Spectris

plc

18,434

62,000

Speed

Tech

Corp

105

5,149,665

Spirent

Communications

plc

10,700

36,569

*

STCUBE

442

164,392

Sterlite

Technologies

Ltd

294

289,549

Sunny

Optical

Technology

Group

Co

Ltd

2,903

195,365

*

Super

Micro

Computer,

Inc

48,695

287,000

Supreme

Electronics

Co

Ltd

447

105,641

*

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

378

80,076

SYNNEX

Corp

7,527

473,621

Synnex

Technology

International

Corp

883

35,247

*

Syrma

SGS

Technology

Ltd

193

225,000

Taiwan

Union

Technology

Corp

547

397,240

Taiyo

Yuden

Co

Ltd

11,371

413,400

TDK

Corp

16,125

839,018

TE

Connectivity

Ltd

117,597

45,850

*,g

Tejas

Networks

Ltd

406

908

*

Teledyne

Technologies,

Inc

373

108,000

Test

Research,

Inc

210

50,000

Thinking

Electronic

Industrial

Co

Ltd

266

20,004

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

83

73,730

Tianma

Microelectronics

Co

Ltd

93

6,100

Tokyo

Electron

Device

Ltd

449

112,800

Tong

Hsing

Electronic

Industries

Ltd

666

80,356

Topcon

Corp

1,184

19,585

Toshiba

TEC

Corp

563

280,000

TPK

Holding

Co

Ltd

400

284,000

Transcend

Information,

Inc

716

103,720

*

Trimble

Inc

5,491

356,000

Tripod

Technology

Corp

1,413

4,696,000

Truly

International

Holdings

554

1,139,397

*

TTM

Technologies,

Inc

15,838

19,215

*

Turtle

Beach

Corp

224

239,000

TXC

Corp

721

3,290

e

Ubiquiti,

Inc

578

559,011

Unimicron

Technology

Corp

3,179

143

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

178,411

Unisplendour

Corp

Ltd

$

784

60,300

Universal

Scientific

Industrial

Shanghai

Co

Ltd

125

199,000

Unizyx

Holding

Corp

298

560,170

Venture

Corp

Ltd

6,116

21,000

VIA

Labs,

Inc

146

139,103

*

Viasat,

Inc

5,739

4,634

*

Viavi

Solutions,

Inc

53

2,013

Vishay

Intertechnology,

Inc

59

12,356

*

Vishay

Precision

Group,

Inc

459

21,000

Vivotek,

Inc

143

781,080

Vontier

Corp

25,159

2,606,200

VS

Industry

BHD

509

585,042

VST

Holdings

Ltd

302

141,585

Vtech

Holdings

Ltd

930

126,900

Wacom

Co

Ltd

522

126,000

Wah

Lee

Industrial

Corp

336

275,000

Walsin

Technology

Corp

845

1,920,000

Wasion

Group

Holdings

Ltd

784

134,669

*

Western

Digital

Corp

5,108

68,184

Wingtech

Technology

Co

Ltd

461

190,500

*,†,b

Wintek

Corp

0

^

1,106,000

Wistron

Corp

3,227

245,000

Wistron

NeWeb

Corp

753

76,049

Wiwynn

Corp

3,476

598,519

WPG

Holdings

Co

Ltd

1,053

366,000

*

WT

Microelectronics

Co

Ltd

800

120,615

Wuhan

Guide

Infrared

Co

Ltd

129

135,152

WUS

Printed

Circuit

Kunshan

Co

Ltd

390

3,889

Xerox

Holdings

Corp

58

10,700

Xiamen

Faratronic

Co

Ltd

203

6,282,200

*,g

Xiaomi

Corp

8,638

15,750

*,†

Ya

Hsin

Industrial

Co

Ltd

0

126,801

Yageo

Corp

2,009

53,685

Yealink

Network

Technology

Corp

Ltd

259

45,400

Yokogawa

Electric

Corp

840

12,584

Yokowo

Co

Ltd

162

41,168

*

Zebra

Technologies

Corp

(Class

A)

12,179

224,718

Zhejiang

Dahua

Technology

Co

Ltd

613

38,361

Zhejiang

Supcon

Technology

Co

Ltd

333

258,558

Zhen

Ding

Technology

Holding

Ltd

874

50,323

Zhongji

Innolight

Co

Ltd

1,023

239,203

ZTE

Corp

1,502

335,399

e

ZTE

Corp

(Class

H)

1,348

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

6,878,763

TELECOMMUNICATION

SERVICES

-

1.0%

503,371

Advanced

Info

Service

PCL

3,041

511,300

Advanced

Info

Service

PCL

3,089

732,548

g

Airtel

Africa

plc

1,003

717,057

AL

Yah

Satellite

Communications

Co-Pjsc-Yah

Sat

498

27,072,132

e

America

Movil

SAB

de

C.V.

29,418

431

*

Anterix,

Inc

14

15,500

ARTERIA

Networks

Corp

212

1,794,000

*

Asia

Pacific

Telecom

Co

Ltd

386

9,984,497

AT&T,

Inc

159,253

372

ATN

International,

Inc

14

123,507

*,e

Aussie

Broadband

Ltd

246

1,258,806

Axiata

Group

Bhd

716

48,127

*

Bandwidth

Inc

658

69,584

BCE,

Inc

3,173

1,731,762

Bezeq

Israeli

Telecommunication

Corp

Ltd

2,116

1,923,833

Bharti

Airtel

Ltd

20,636

CREF

Stock

Account

June

30,

2023

144

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,328,347

BT

Group

plc

$

11,404

77,442

*

Cellcom

Israel

Ltd

269

595,501

Cellnex

Telecom

SAU

24,060

13,000

*

Chief

Telecom,

Inc

155

21,863,912

g

China

Tower

Corp

Ltd

2,435

3,163,653

Chunghwa

Telecom

Co

Ltd

11,849

1,230,641

Citic

Telecom

International

Holdings

Ltd

472

966

Cogent

Communications

Group,

Inc

65

2,293

*

Consolidated

Communications

Holdings,

Inc

9

3,633,710

Deutsche

Telekom

AG.

79,282

1,485,344

Digi.Com

BHD

1,309

28,868

Drillisch

AG.

318

1,200

*

EchoStar

Corp

(Class

A)

21

150,320

Elisa

Oyj

(Series

A)

8,025

2,956,009

Emirates

Telecommunications

Group

Co

PJSC

18,139

105,726

Empresa

Nacional

de

Telecomunicaciones

S.A.

425

336,863

Etihad

Etisalat

Co

4,321

1,388,282

Far

EasTone

Telecommunications

Co

Ltd

3,506

99,114

Freenet

AG.

2,489

32,382

*

Frontier

Communications

Parent,

Inc

604

77,578

Gamma

Communications

plc

1,124

186,984

*,†

GCI

Liberty,

Inc

0

209

*,e

Globalstar,

Inc

0

^

1,021

*

Gogo,

Inc

17

611,057

*

Helios

Towers

plc

725

155,751

Hellenic

Telecommunications

Organization

S.A.

2,670

565,175

Himachal

Futuristic

Communications

449

784,120

HKBN

Ltd

423

3,062,437

HKT

Trust

and

HKT

Ltd

3,566

1,271,607

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

202

134,200

*

IDT

Corp

(Class

B)

3,469

351,123

Infrastrutture

Wireless

Italiane

S.p.A

4,635

84,748

Internet

Initiative

Japan,

Inc

1,598

892,200

Intouch

Holdings

PCL

(Class

F)

1,864

5,273

Iridium

Communications,

Inc

328

4,399,900

Jasmine

International

PCL

171

361,800

*,e

JTOWER,

Inc

17,395

1,076,296

KDDI

Corp

33,239

12,794,799

Koninklijke

KPN

NV

45,677

58,545

KT

Corp

1,325

222,725

*,†,e

Let's

GOWEX

S.A.

2

89,241

LG

Telecom

Ltd

728

34,377

*

Liberty

Global

plc

(Class

A)

580

1,320

*

Liberty

Latin

America

Ltd

(Class

A)

12

629,672

*

Liberty

Latin

America

Ltd

(Class

C)

5,428

12,831

e

Lumen

Technologies,

Inc

29

352,205

Magyar

Telekom

417

975,083

Maxis

BHD

858

144,644

*,e

Millicom

International

Cellular

S.A.

2,213

1,910,638

Mobile

Telecommunications

Co

KSC

3,232

401,006

*

Mobile

Telecommunications

Co

Saudi

Arabia

1,514

1,437,794

MTN

Group

Ltd

10,564

9,461,466

NetLink

NBN

Trust

5,988

18,720,600

Nippon

Telegraph

&

Telephone

Corp

22,152

168,575

e

NOS

SGPS

S.A.

599

18,100

Okinawa

Cellular

Telephone

Co

377

162,869

*,e

Ooma,

Inc

2,438

775,093

Ooredoo

QSC

2,330

943,500

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

898

2,080,452

Orange

S.

A.

24,313

110,926

*

Partner

Communications

437

4,670,000

PCCW

Ltd

2,423

145

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,209

PLDT,

Inc

$

668

138,020

Proximus

plc

1,029

526,583

*

Radius

Global

Infrastructure,

Inc

7,846

75,764

g

RAI

Way

S.p.A

456

94,951

Railtel

Corp

of

India

Ltd

152

333,771

Rogers

Communications,

Inc

(Class

B)

15,228

15,664,533

Sarana

Menara

Nusantara

Tbk

PT

1,110

1,741,092

Saudi

Telecom

Co

20,301

40

Shenandoah

Telecom

Co

1

5,561,628

Singapore

Telecommunications

Ltd

10,301

87,977

*,†

Sistema

PJSFC

(GDR)

(London)

1

1,446,730

*,e

Sitios

Latinoamerica

SAB

de

C.V.

583

53,094

SK

Telecom

Co

Ltd

1,879

112,264,304

*

Smartfren

Telecom

Tbk

PT

452

342,641

SmarTone

Telecommunications

Holding

Ltd

212

1,378,700

Softbank

Corp

14,732

934,198

Softbank

Group

Corp

44,056

16,970

Spok

Holdings,

Inc

226

530,114

StarHub

Ltd

408

27,265

Swisscom

AG.

17,017

1,506,506

Taiwan

Mobile

Co

Ltd

4,627

81,902

Tata

Communications

Ltd

1,595

409,747

*

Tata

Teleservices

Maharashtra

Ltd

356

569,134

Tele2

AB

(B

Shares)

4,707

1,539,026

Telecom

Corp

of

New

Zealand

Ltd

4,816

276,074

Telecom

Egypt

231

10,444,021

*,e

Telecom

Italia

S.p.A.

2,944

355,785

Telefonica

Brasil

S.A.

3,215

941,814

Telefonica

Deutschland

Holding

AG.

2,651

5,814,318

Telefonica

S.A.

23,606

475,409

Telekom

Malaysia

BHD

501

534,506

*

Telekomunikacja

Polska

S.A.

919

734,833

Telenor

ASA

7,451

3,432

Telephone

&

Data

Systems,

Inc

28

2,603,736

TeliaSonera

AB

5,712

42,248,101

Telkom

Indonesia

Persero

Tbk

PT

11,302

219,328

*

Telkom

S.A.

Ltd

369

3,562,741

Telstra

Corp

Ltd

10,220

441,313

TELUS

Corp

8,588

589,800

Thaicom

PCL

183

743,249

TIM

S.A.

2,269

864,100

Time

dotCom

BHD

964

1,348,409

*

T-Mobile

US,

Inc

187,294

4,384,453

True

Corp

PCL

813

1,041,934

Turkcell

Iletisim

Hizmet

AS

1,454

71,640

United

Internet

AG.

1,009

16,700

Usen-Next

Holdings

Co

Ltd

393

3,041,103

Verizon

Communications,

Inc

113,099

34,742

*

Vision,

Inc

445

519,695

e

Vodacom

Group

Pty

Ltd

3,238

25,826,252

Vodafone

Group

plc

24,350

8,127,879

*

Vodafone

Idea

Ltd

740

1,323,826

Vodafone

Qatar

679

4,107,900

XL

Axiata

Tbk

PT

538

TOTAL

TELECOMMUNICATION

SERVICES

1,168,003

TRANSPORTATION

-

1.8%

457,923

Adani

Ports

&

Special

Economic

Zone

Ltd

4,137

151,307

*

Aegean

Airlines

S.A.

1,783

79,289

Aena

S.A.

12,833

31,411

Aeroports

de

Paris

4,514

1,363,207

Agility

Public

Warehousing

Co

KSC

2,785

CREF

Stock

Account

June

30,

2023

146

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,762,611

Air

Arabia

PJSC

$

1,161

166,364

*

Air

Canada

3,138

181,329

*

Air

China

Ltd

206

793,910

*

Air

China

Ltd

(H

shares)

567

4,080,705

*,e

Air

France-KLM

7,688

1,414,105

*

Air

New

Zealand

Ltd

679

431,951

*

Air

Transport

Services

Group,

Inc

8,151

3,741,588

Airports

of

Thailand

PCL

7,572

80,332

*

Alaska

Air

Group,

Inc

4,272

121,699

g

ALD

S.A.

1,303

108,495

*

All

Nippon

Airways

Co

Ltd

2,584

57,694

Allcargo

Logistics

Ltd

200

57,694

*,†

Allcargo

Terminals

Ltd

27

215

*

Allegiant

Travel

Co

27

65,752

AMERCO

3,332

7,553

e

Amerco,

Inc

418

394,025

*

American

Airlines

Group,

Inc

7,069

634,771

*,†,b,e

AMR

Corporation

6

385,500

*

ANE

Cayman,

Inc

278

370,000

Anhui

Expressway

Co

358

3,241

AP

Moller

-

Maersk

AS

(Class

A)

5,651

5,276

AP

Moller

-

Maersk

AS

(Class

B)

9,277

598,910

Aramex

PJSC

458

112,931

ArcBest

Corp

11,158

3,686,500

*

Asia

Aviation

PCL

277

24,385

*

Asiana

Airlines

228

1,200,331

Atlas

Arteria

Ltd

4,985

243,407

*

Auckland

International

Airport

Ltd

1,279

1,505,976

Aurizon

Holdings

Ltd

3,940

33,332

*

Avis

Budget

Group,

Inc

7,622

237,800

*

Azul

S.A.

1,086

641,900

*

Bangkok

Airways

Co

Ltd

279

140,900

*

Bangkok

Aviation

Fuel

Services

PCL

130

5,682,962

Bangkok

Expressway

&

Metro

PCL

1,372

2,006,810

*

Beijing

Capital

International

Airport

Co

Ltd

1,302

70,208

Belships

ASA

110

1,529

*,e

Blade

Air

Mobility,

Inc

6

9,106

Blue

Dart

Express

Ltd

805

89,994

e

bpost

S.A.

395

5,371,937

BTS

Group

Holdings

PCL

1,130

666,707

Canadian

National

Railway

Co

80,735

874,347

Canadian

Pacific

Railway

Ltd

70,621

6,654

e

Cargojet,

Inc

483

59,960

*,e

Cathay

Pacific

Airways

Ltd

61

218,200

*

Cebu

Air,

Inc

148

139,763

Central

Japan

Railway

Co

17,511

93,643

CH

Robinson

Worldwide,

Inc

8,835

2,555,000

China

Airlines

2,158

296,400

*

China

Eastern

Airlines

Corp

Ltd

194

614,667

China

Merchants

Holdings

International

Co

Ltd

870

830,447

*

China

Southern

Airlines

Co

Ltd

470

283,159

*

China

Southern

Airlines

Co

Ltd

(Class

A)

235

57,888

*,e

Chorus

Aviation,

Inc

132

790,772

Cia

de

Concessoes

Rodoviarias

2,320

50,126

Cia

de

Distribucion

Integral

Logista

Holdings

SAU

1,352

36,459

Clarkson

plc

1,371

1,812,300

ComfortDelgro

Corp

Ltd

1,557

14,080,670

Compania

SudAmericana

de

Vapores

S.A.

956

227,411

Container

Corp

Of

India

Ltd

1,838

630,600

*,e

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

883

34,900

Copa

Holdings

S.A.

(Class

A)

3,859

644,000

Cosco

International

Holdings

Ltd

210

147

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

685,536

COSCO

Pacific

Ltd

$

409

730,615

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

948

1,329,309

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

1,202

750

Costamare,

Inc

7

376

Covenant

Transportation

Group,

Inc

17

2,888,598

CSX

Corp

98,501

91,569

CTT-Correios

de

Portugal

S.A.

348

19,252

D/S

Norden

961

558,200

Dalian

Port

PDA

Co

Ltd

120

973,405

Daqin

Railway

Co

Ltd

997

64,688

*

Daseke,

Inc

461

318,752

*

Delhivery

Ltd

1,483

734,626

*

Delta

Air

Lines,

Inc

34,924

621,648

*

Deutsche

Lufthansa

AG.

6,374

1,734,419

Deutsche

Post

AG.

84,748

28,844

Dfds

A.S.

1,051

431,927

DSV

AS

90,723

457

e

Eagle

Bulk

Shipping,

Inc

22

289,079

East

Japan

Railway

Co

16,030

1,548,712

*

easyJet

plc

9,517

195,400

EcoRodovias

Infraestrutura

e

Logistica

S.A.

265

215,133

Enav

S.p.A

917

404,074

Eneti,

Inc

4,893

2,071,000

Eva

Airways

Corp

2,657

445,000

Evergreen

International

Storage

&

Transport

Corp

413

414,013

Evergreen

Marine

Corp

Taiwan

Ltd

1,248

15,726

e

Exchange

Income

Corp

622

125,389

Expeditors

International

of

Washington,

Inc

15,188

64,000

Farglory

F

T

Z

Investment

Holding

Co

Ltd

134

196,574

FedEx

Corp

48,731

579,558

*

Finnair

Oyj

358

651,821

Firstgroup

plc

1,208

16,581

e

Flughafen

Zuerich

AG.

3,449

40,217

Forward

Air

Corp

4,267

31,706

*

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,692

2,942

*

Frontier

Group

Holdings,

Inc

29

65,690

FTAI

Infrastructure,

Inc

242

15,660

Fukuyama

Transporting

Co

Ltd

437

1,248

e

Genco

Shipping

&

Trading

Ltd

18

375,014

Getlink

S.E.

6,382

1,716,327

*

GMR

Infrastructure

Ltd

916

174,800

*

Gol

Linhas

Aereas

Inteligentes

S.A.

481

110,000

Golden

Ocean

Group

Ltd

828

4,179

Golden

Ocean

Group

Ltd

32

3,229,684

*

Grab

Holdings

Ltd

11,078

653,200

Grindrod

Ltd

332

243,300

e

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

2,585

326,749

e

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,865

161,913

e

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

4,514

201,100

*,e,g

Grupo

Traxion

SAB

de

C.V.

383

87,900

*

Guangzhou

Baiyun

International

Airport

Co

Ltd

174

248,552

Gujarat

Pipavav

Port

Ltd

373

243,579

Gulf

Warehousing

Co

223

182,399

*

GXO

Logistics,

Inc

11,458

2,172,900

*

Hainan

Airlines

Holding

Co

Ltd

473

148,000

*

Hainan

Meilan

International

Airport

Co

Ltd

184

14,400

Hamakyorex

Co

Ltd

384

18,172

Hamburger

Hafen

und

Logistik

AG.

225

102,400

*,g

Hangzhou

SF

Intra-City

Industrial

Co

Ltd

123

183,298

Hankyu

Hanshin

Holdings,

Inc

6,061

218

*

Hawaiian

Holdings,

Inc

2

42,023

Heartland

Express,

Inc

690

CREF

Stock

Account

June

30,

2023

148

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

100,404

*

Hertz

Global

Holdings,

Inc

$

1,846

373,900

*

Hidrovias

do

Brasil

S.A.

248

35,188

Hoegh

Autoliners

ASA

200

167,968

*

Hub

Group,

Inc

(Class

A)

13,491

4,379,651

Hutchison

Port

Holdings

Trust

847

15,028

Hyundai

Glovis

Co

Ltd

2,263

93,679

Hyundai

Merchant

Marine

Co

Ltd

1,347

2,121

*

ID

Logistics

Group

625

648,438

Iino

Kaiun

Kaisha

Ltd

3,831

112,330

*,g

InterGlobe

Aviation

Ltd

3,602

885,255

International

Container

Term

Services,

Inc

3,270

239,842

Japan

Airlines

Co

Ltd

5,201

50,300

Japan

Airport

Terminal

Co

Ltd

2,275

1,833,700

Jasa

Marga

Tbk

PT

466

73,126

Jazeera

Airways

Co

KSCP

441

11,576

JB

Hunt

Transport

Services,

Inc

2,096

1,687,700

*,e,g

JD

Logistics,

Inc

2,643

25,019

*

Jeju

Air

Co

Ltd

283

142,228

JET2

plc

2,251

5,800

*

JetBlue

Airways

Corp

51

674,915

Jiangsu

Express

622

17,707

*

Jin

Air

Co

Ltd

226

414,443

*,e

Joby

Aviation,

Inc

4,252

96,200

Juneyao

Airlines

Co

Ltd

205

212,900

JWD

Infologistics

PCL

95

83,500

Kamigumi

Co

Ltd

1,893

113,800

e

Kawasaki

Kisen

Kaisha

Ltd

2,790

182,700

Keihin

Electric

Express

Railway

Co

Ltd

1,614

82,395

Keio

Corp

2,592

102,900

Keisei

Electric

Railway

Co

Ltd

4,265

143,345

Kelsian

Group

Ltd

697

601,700

*

Kerry

Express

Thailand

PCL

172

260,509

Kerry

Logistics

Network

Ltd

308

144,807

Kintetsu

Corp

5,015

307,202

*

Kirby

Corp

23,639

123,973

Knight-Swift

Transportation

Holdings,

Inc

6,888

16,468

Konoike

Transport

Co

Ltd

189

6,512

Korea

Express

Co

Ltd

379

110,380

*

Korea

Line

Corp

170

153,772

Korean

Air

Lines

Co

Ltd

2,853

57,257

Kuehne

&

Nagel

International

AG.

16,961

112,000

Kyushu

Railway

Co

2,408

1,379

Landstar

System,

Inc

266

4,591,111

Localiza

Rent

A

Car

65,680

10,445

Lotte

Rental

Co

Ltd

222

14,403

*

Lyft,

Inc

(Class

A)

138

35,500

g

Mahindra

Logistics

Ltd

166

604,935

Malaysia

Airports

Holdings

BHD

892

1,182

Marten

Transport

Ltd

25

27,850

Maruwa

Unyu

Kikan

Co

Ltd

375

33,530

Maruzen

Showa

Unyu

Co

Ltd

916

844

Matson,

Inc

66

1,547,840

MISC

BHD

2,377

44,628

Mitsubishi

Logistics

Corp

1,103

283,100

e

Mitsui

OSK

Lines

Ltd

6,811

17,714

Mitsui-Soko

Co

Ltd

431

92,600

Movida

Participacoes

S.A.

204

230,951

MPC

Container

Ships

AS.

395

1,279,293

MTR

Corp

5,889

69,963

Mullen

Group

Ltd

802

154,900

Nagoya

Railroad

Co

Ltd

2,489

84,127

Nankai

Electric

Railway

Co

Ltd

1,882

149

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,794,938

National

Express

Group

plc

$

2,221

59,900

e

Nippon

Express

Holdings,

Inc

3,379

41,649

Nippon

Konpo

Unyu

Soko

Co

Ltd

832

397,103

e

Nippon

Yusen

Kabushiki

Kaisha

8,819

48,000

Nishi-Nippon

Railroad

Co

Ltd

817

4,464

Norfolk

Southern

Corp

1,012

544,334

*

Norwegian

Air

Shuttle

AS

523

7,179

*

NTG

Nordic

Transport

Group

A.S.

454

233,699

Odakyu

Electric

Railway

Co

Ltd

3,132

27,261

Oesterreichische

Post

AG.

973

80,517

Old

Dominion

Freight

Line

29,771

126,000

Orient

Overseas

International

Ltd

1,693

26,808,290

Pacific

Basin

Shipping

Ltd

8,180

147

*

PAM

Transportation

Services,

Inc

4

104,144

Pan

Ocean

Co

Ltd

412

33,599

*

Pegasus

Hava

Tasimaciligi

AS.

798

625,500

Precious

Shipping

PCL

165

154,692

e

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,550

233,679,500

*

PT

Benakat

Petroleum

Energy

2,057

791,925

*

Qantas

Airways

Ltd

3,282

424,234

Qatar

Navigation

QSC

1,225

1,385,723

Qube

Logistics

Holdings

Ltd

2,641

318,681

*

Radiant

Logistics,

Inc

2,142

175,791

Redde

Northgate

plc

837

479,660

Regional

Container

Lines

PCL

322

595,188

Royal

Mail

plc

1,673

1,086,646

Rumo

S.A.

5,038

192,845

*

RXO,

Inc

4,372

39,496

Ryder

System,

Inc

3,349

2,490

e

Safe

Bulkers,

Inc

8

61,497

Sagami

Railway

Co

Ltd

1,084

600

*

Saia,

Inc

205

96

*,†

SAir

Group

0

6,470

Sakai

Moving

Service

Co

Ltd

225

370,750

Sankyu,

Inc

12,271

392,300

Santos

Brasil

Participacoes

S.A.

832

149

*,e

SAS

AB

0

^

65,719

*

Saudi

Ground

Services

Co

605

33,012

Saudi

Industrial

Services

Co

256

49,777

*

Saudi

Public

Transport

Co

255

16,304

SBS

Holdings,

Inc

362

176,271

Schneider

National,

Inc

5,063

10,301

Sebang

Co

Ltd

97

189,300

Seibu

Holdings,

Inc

1,950

103,706

Seino

Holdings

Corp

1,477

96,496

Senko

Co

Ltd

695

122,839

SF

Holding

Co

Ltd

764

264,750

SG

Holdings

Co

Ltd

3,777

76,196

*

Shanghai

International

Airport

Co

Ltd

477

249,960

Shanghai

International

Port

Group

Co

Ltd

181

724,402

Shenzhen

International

Holdings

Ltd

639

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

178,060

e

Shinwa

Kaiun

Kaisha

Ltd

4,245

99,784

*,†

Shipping

Corp

of

India

Land

And

Assets

Ltd

32

99,784

Shipping

Corp

of

India

Ltd

123

444,500

*

SIA

Engineering

Co

Ltd

820

558,000

Sichuan

Expressway

Co

Ltd

160

279,400

SIMPAR

S.A.

525

3,634,000

Sincere

Navigation

2,356

1,084,973

e

Singapore

Airlines

Ltd

5,748

871,924

*,e

Singapore

Airport

Terminal

Services

Ltd

1,668

1,316,619

Singapore

Post

Ltd

439

CREF

Stock

Account

June

30,

2023

150

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,090,000

SITC

International

Co

Ltd

$

1,996

11,591

Sixt

AG.

1,389

13,648

Sixt

AG.

(Preference)

1,067

146,563

*

Skywest,

Inc

5,968

405,223

Southwest

Airlines

Co

14,673

2,020

Spirit

Airlines,

Inc

35

23,700

*

Spring

Airlines

Co

Ltd

188

26,355

Stolt-Nielsen

S.A.

672

46,583

Sumitomo

Warehouse

Co

Ltd

767

901

*

Sun

Country

Airlines

Holdings,

Inc

20

1,886

Sun

Kwang

Co

Ltd

31

137,000

T.Join

Transportation

Co

173

64,000

T3EX

Global

Holdings

Corp

146

1,676,501

Taiwan

High

Speed

Rail

Corp

1,732

150,087

*

TAV

Havalimanlari

Holding

AS

540

7,889

TCI

Express

Ltd

151

11,006,000

Temas

Tbk

PT

209

72,447

TFI

International,

Inc

8,254

16,586

Theeb

Rent

A

Car

Co

339

3,044,000

Tianjin

Port

Development

Holdings

Ltd

210

308,525

e

TNT

NV

538

150,429

Tobu

Railway

Co

Ltd

4,034

425,511

Tokyu

Corp

5,132

5,648,600

*,†

Trada

Alam

Minera

Tbk

PT

0

^

5,907

Trancom

Co

Ltd

270

875,700

Transcoal

Pacific

Tbk

PT

409

57,694

*,†

TransIndia

Realty

and

Logistics

Parks

Ltd

27

26,549

Transport

Corp

of

India

Ltd

232

2,535,677

Transurban

Group

24,143

456,289

*

Turk

Hava

Yollari

3,399

5,052

*

TuSimple

Holdings,

Inc

8

64,570

*

Tway

Air

Co

Ltd

160

3,998,344

*

Uber

Technologies,

Inc

172,609

341,000

*

U-Ming

Marine

Transport

Corp

520

2,052,467

Union

Pacific

Corp

419,976

252,835

*

United

Airlines

Holdings

Inc

13,873

27,314

United

International

Transportation

Co

537

979,396

United

Parcel

Service,

Inc

(Class

B)

175,557

945

Universal

Logistics

Holdings

Inc

27

270,200

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

683

67,336

*,†

Virgin

Australia

Int

Holdings

0

^

30,917

*

VRL

Logistics

Ltd

269

87,769

Wallenius

Wilhelmsen

ASA

608

265,350

Wan

Hai

Lines

Ltd

505

1,423

Werner

Enterprises,

Inc

63

182,500

West

Japan

Railway

Co

7,591

35,294

e

Westshore

Terminals

Investment

Corp

832

154,300

Wilson

Sons

Holdings

Brasil

S.A.

435

109,354

Wincanton

plc

349

318,000

Wisdom

Marine

Lines

Co

Ltd

500

81,538

*

XPO

Logistics,

Inc

4,811

226,936

Yamato

Transport

Co

Ltd

4,113

964,455

*

Yang

Ming

Marine

Transport

1,959

75,759

YTO

Express

Group

Co

Ltd

152

922,000

Yuexiu

Transport

Infrastructure

Ltd

457

68,515

Yunda

Holding

Co

Ltd

90

666,968

Zhejiang

Expressway

Co

Ltd

508

78,185

e

ZIM

Integrated

Shipping

Services

Ltd

969

174,883

ZTO

Express

Cayman,

Inc

(ADR)

4,386

TOTAL

TRANSPORTATION

2,057,697

151

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

UTILITIES

-

2.4%

1,316,194

e

A2A

S.p.A.

$

2,408

1,589,000

*

Absolute

Clean

Energy

PCL

87

600,891

*

AC

Energy

Corp

59

25,842

e

Acciona

S.A.

4,388

139,175

e

ACEA

S.p.A.

1,820

68,721

ACWA

Power

Co

3,072

265,449

*

Adani

Green

Energy

Ltd

3,061

655,369

*

Adani

Power

Ltd

2,003

160,823

AES

Brasil

Energia

S.A.

411

99,675

AES

Corp

2,066

504,243

e

AGL

Energy

Ltd

3,642

2,600,991

Aguas

Andinas

S.A.

902

634,800

*

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS.

195

152,906

Aksa

Enerji

Uretim

AS

191

642,054

e

Algonquin

Power

&

Utilities

Corp

5,307

9,315

AlKhorayef

Water

&

Power

Technologies

Co

398

198,310

Allete,

Inc

11,496

3,197,623

Alliant

Energy

Corp

167,811

264,987

e

AltaGas

Ltd

4,761

962

*,e

Altus

Power,

Inc

5

119,392

Alupar

Investimento

S.A.

748

1,740,102

Ameren

Corp

142,114

2,241,779

American

Electric

Power

Co,

Inc

188,758

881

American

States

Water

Co

77

26,254

American

Water

Works

Co,

Inc

3,748

1,035,860

APA

Group

6,702

94

Artesian

Resources

Corp

4

66,898

Ascopiave

S.p.A.

172

192,735

Atco

Ltd

5,738

37,711

Athens

Water

Supply

&

Sewage

Co

S.A.

285

19,346

Atmos

Energy

Corp

2,251

331,118

Auren

Energia

S.A.

991

9,862

Avangrid,

Inc

372

1,597

Avista

Corp

63

42,370

Aygaz

AS

147

758,930

B

Grimm

Power

PCL

746

477,600

Banpu

Power

PCL

193

982,000

BCPG

PCL

254

254,679

Beijing

Enterprises

Holdings

Ltd

924

2,034,586

Beijing

Enterprises

Water

Group

Ltd

484

1,328,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

318

22,123

BKW

S.A.

3,911

483,400

Black

Hills

Corp

29,130

76,437

Boralex,

Inc

2,081

1,386

e

Brookfield

Infrastructure

Corp

63

82,016

e

Brookfield

Infrastructure

Corp

3,740

121,610

Brookfield

Renewable

Corp

3,836

103,128

e

Brookfield

Renewable

Corp

3,251

53,580

*,e

Cadiz,

Inc

217

1,446

California

Water

Service

Group

75

166,900

*

Can2

Termik

AS.

180

120,222

e

Canadian

Utilities

Ltd

3,114

544,000

e

Canvest

Environment

Protection

Group

Co

Ltd

273

319,327

e

Capital

Power

Corp

10,148

93,492

Capital

Stage

AG.

1,536

148,400

CECEP

Solar

Energy

Co

Ltd

139

419,310

CECEP

Wind-Power

Corp

212

188,257

Centerpoint

Energy,

Inc

5,488

1,033,051

Centrais

Eletricas

Brasileiras

S.A.

8,576

220,239

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

2,048

123,549

Centrica

plc

195

CREF

Stock

Account

June

30,

2023

152

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

566,175

CESC

Ltd

$

497

146,288

CEZ

AS

6,043

910,000

e

CGN

New

Energy

Holdings

Co

Ltd

254

6,318,000

g

CGN

Power

Co

Ltd

1,526

248

Chesapeake

Utilities

Corp

29

2,044,000

China

Datang

Corp

Renewable

Power

Co

Ltd

685

931,000

e,g

China

Everbright

Greentech

Ltd

157

1,168,165

China

Gas

Holdings

Ltd

1,340

1,363,044

China

Longyuan

Power

Group

Corp

1,408

540,300

China

National

Nuclear

Power

Co

Ltd

525

4,510,847

China

Power

International

Development

Ltd

1,664

918,912

China

Resources

Gas

Group

Ltd

3,151

1,736,373

China

Resources

Power

Holdings

Co

3,933

1,573,900

China

Three

Gorges

Renewables

Group

Co

Ltd

1,165

208,000

*

China

Tian

Lun

Gas

Holdings

Ltd

146

742,000

China

Water

Affairs

Group

Ltd

562

372,801

China

Yangtze

Power

Co

Ltd

1,132

579,691

Chubu

Electric

Power

Co,

Inc

7,072

227,700

Chugoku

Electric

Power

Co,

Inc

1,542

286,401

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

3,384

168,300

Cia

de

Saneamento

de

Minas

Gerais-COPASA

743

125,500

Cia

de

Saneamento

do

Parana

573

453,700

Cia

de

Saneamento

do

Parana

(Preference)

418

1,217,155

Cia

Energetica

de

Minas

Gerais

3,269

14,700

Cia

Energetica

do

Ceara

176

546,059

CK

Infrastructure

Holdings

Ltd

2,896

1,921,700

CK

Power

PCL

190

71,323

Clearway

Energy,

Inc

(Class

A)

1,926

49,283

Clearway

Energy,

Inc

(Class

C)

1,407

1,455,875

CLP

Holdings

Ltd

11,339

38,919

CMS

Energy

Corp

2,286

22,527,612

Colbun

S.A.

3,568

5,840,000

Concord

New

Energy

Group

Ltd

486

113,969

Consolidated

Edison,

Inc

10,303

18,460

e

Consolidated

Water

Co,

Inc

447

333,010

Constellation

Energy

Corp

30,487

998,076

Contact

Energy

Ltd

4,968

69,173

e

Corp

ACCIONA

Energias

Renovables

S.A.

2,314

192,300

CPFL

Energia

S.A.

1,381

2,652

Daesung

Holdings

Co

Ltd

30

638,600

Datang

International

Power

Generation

Co

Ltd

291

3,595,662

Dominion

Energy,

Inc

186,219

74,509

*

Doral

Group

Renewable

Energy

Resources

Ltd

150

1,154,063

Drax

Group

plc

8,501

27,718

DTE

Energy

Co

3,049

197,620

Duke

Energy

Corp

17,734

2,556,592

E.ON

AG.

32,659

38,600

*,e

Earth

Infinity

Co

Ltd

52

116,151

Edison

International

8,067

210,100

EDP

-

Energias

do

Brasil

S.A.

1,036

269,962

e

EDP

Renovaveis

S.A.

5,395

483,400

Electric

Power

Development

Co

7,115

161,617

Electricity

Generating

PCL

595

30,887

Elia

System

Operator

S.A.

3,924

256,224

Emera,

Inc

10,553

1,505,432

Emirates

Central

Cooling

Systems

Corp

738

7,073

Endesa

S.A.

152

189,861

*

Enea

S.A.

299

26,347,208

Enel

Chile

S.A.

1,712

15,475,891

Enel

S.p.A.

104,345

2,358,362

Energias

de

Portugal

S.A.

11,527

177,333

Energisa

S.A.

1,859

153

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

225,766

Energix-Renewable

Energies

Ltd

$

734

1,321,444

Energy

Absolute

PCL

2,128

193,515

g

Enerjisa

Enerji

AS.

262

19,101,393

*

Enersis

S.A.

2,549

719,700

*

Eneva

S.A.

1,844

154,148

Engie

Brasil

Energia

S.A.

1,471

444,198

*

Engie

Energia

Chile

S.A.

426

3,558,683

Engie

S.A.

59,262

97,105

*

Enlight

Renewable

Energy

Ltd

1,713

603,535

ENN

Energy

Holdings

Ltd

7,549

133,500

ENN

Natural

Gas

Co

Ltd

349

28,538

Entergy

Corp

2,779

11,992

*

Equatorial

Energia

S.A.

80

874,519

Equatorial

Energia

S.A.

5,872

26,243

eRex

Co

Ltd

207

49,640

ERG

S.p.A.

1,464

69,072

Essential

Utilities

Inc

2,757

29,870

Evergy,

Inc

1,745

119,391

Eversource

Energy

8,467

28,662

EVN

AG.

634

238,953

Exelon

Corp

9,735

46,349

e

Fersa

Energias

Renovables

S.A.

64

3,273,951

FirstEnergy

Corp

127,291

456,057

e

Fortis,

Inc

19,654

305,887

Fortum

Oyj

4,093

2,138,171

GAIL

India

Ltd

2,742

197,700

Gas

Malaysia

BHD

127

587,200

GD

Power

Development

Co

Ltd

310

414,629

Genesis

Energy

Ltd

696

524,557

Global

Power

Synergy

Co

Ltd

805

53,969

*,e

Greenvolt-Energias

Renovaveis

S.A.

360

11,381

*,e

Grenergy

Renovables

S.A.

351

1,333,210

Guangdong

Investments

Ltd

1,151

141,552

Gujarat

Gas

Ltd

804

229,921

Gujarat

State

Petronet

Ltd

799

2,419,327

Gulf

Energy

Development

PCL

3,196

3,863,300

Gunkul

Engineering

PCL

347

15,103

Hawaiian

Electric

Industries,

Inc

547

733,741

Hera

S.p.A.

2,184

154,293

Hokkaido

Electric

Power

Co,

Inc

636

134,577

Hokuriku

Electric

Power

Co

725

297,087

Holding

CO

ADMIE

IPTO

S.A.

743

9,884,739

Hong

Kong

&

China

Gas

Ltd

8,560

1,217,512

Hong

Kong

Electric

Holdings

Ltd

6,391

296,319

Huadian

Power

International

Corp

Ltd

(Class

A)

273

228,366

Huaneng

Power

International,

Inc

-

A

291

3,794,751

e

Huaneng

Power

International,

Inc

-

H

2,379

310,490

e

Hydro

One

Ltd

8,871

6,105,041

Iberdrola

S.A.

79,724

6,544

Idacorp,

Inc

671

279,279

Indraprastha

Gas

Ltd

1,614

667,877

Infratil

Ltd

4,167

127,858

e

Innergex

Renewable

Energy,

Inc

1,191

1,027,900

*,†

Inter

Far

East

Energy

Corp

0

^

407,481

Interconexion

Electrica

S.A.

1,650

1,023,087

Inversiones

Aguas

Metropolitanas

S.A.

836

2,224,189

Iride

S.p.A.

4,140

398,896

e

Italgas

S.p.A

2,365

2,886,272

*

Jaiprakash

Power

Ventures

Ltd

217

260,800

Jiangsu

Eastern

Shenghong

Co

Ltd

425

624,263

Kansai

Electric

Power

Co,

Inc

7,832

16,857

Kenon

Holdings

Ltd

394

CREF

Stock

Account

June

30,

2023

154

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,833,015

Keppel

Infrastructure

Trust

$

1,070

16,567

KG

Eco

Technology

Service

Co

Ltd

163

109,936

Korea

Electric

Power

Corp

1,721

328,300

Kyushu

Electric

Power

Co,

Inc

2,099

172,671

e

Lundin

Petroleum

AB

182

62,734

Mahanagar

Gas

Ltd

803

4,445,800

Malakoff

Corp

BHD

553

266,072

Manila

Electric

Co

1,617

765,300

Manila

Water

Co,

Inc

256

84,571

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS.

144

369,300

Mega

First

Corp

BHD

243

568,257

Mercury

NZ

Ltd

2,271

1,073,869

Meridian

Energy

Ltd

3,698

113,926

MGE

Energy,

Inc

9,013

32,929

Middlesex

Water

Co

2,656

1,330

*,e

Montauk

Renewables,

Inc

10

583,257

National

Central

Cooling

Co

PJSC

453

11,549

National

Fuel

Gas

Co

593

25,620

National

Gas

&

Industrialization

Co

444

5,929,072

National

Grid

plc

78,610

2,167

Naturgy

Energy

Group

S.A.

65

56,654

g

Neoen

S.A.

1,796

132,587

New

Jersey

Resources

Corp

6,258

6,534,767

NextEra

Energy,

Inc

484,880

88,487

Nippon

Gas

Co

Ltd

1,246

55,503

NiSource,

Inc

1,518

236,300

e

Northland

Power

Income

Fund

4,928

57,625

Northwest

Natural

Holding

Co

2,481

1,237

NorthWestern

Corp

70

319,271

NRG

Energy,

Inc

11,938

3,875,738

NTPC

Ltd

8,951

1,043,462

*

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS.

296

26,676

OGE

Energy

Corp

958

34,001

Okinawa

Electric

Power

Co,

Inc

271

156,600

*

Omega

Energia

S.A.

370

1,021

ONE

Gas,

Inc

78

92,244

*

OPC

Energy

Ltd

610

52,454

*,e

Opdenergy

Holdings

S.A.

327

1,395,752

Origin

Energy

Ltd

7,845

50,939

e

Ormat

Technologies,

Inc

4,099

199,645

Orsted

AS

18,927

309,880

Osaka

Gas

Co

Ltd

4,750

860

Otter

Tail

Corp

68

12,498

*

OY

Nofar

Energy

Ltd

278

217,958

Pennon

Group

plc

1,969

919,978

Petronas

Gas

BHD

3,292

1,479,823

*

PG&E

Corp

25,571

702,613

*

PGE

Polska

Grupa

Energetyczna

S.A.

1,255

43,972

Pinnacle

West

Capital

Corp

3,582

1,169

PNM

Resources,

Inc

53

328,227

Portland

General

Electric

Co

15,371

3,097,015

Power

Grid

Corp

of

India

Ltd

9,655

98,712

PPL

Corp

2,612

9,114,500

PT

Perusahaan

Gas

Negara

Persero

Tbk

798

174,326

*

Public

Power

Corp

1,988

66,933

Public

Service

Enterprise

Group,

Inc

4,191

34,076

*

Pure

Cycle

Corp

375

408,798

Qatar

Electricity

&

Water

Co

1,954

445,140

Ratch

Group

PCL

449

9,150

Red

Electrica

Corp

S.A.

154

325,452

Redes

Energeticas

Nacionais

S.A.

886

177,868

*

Reliance

Energy

Ltd

301

155

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,077,424

*

Reliance

Power

Ltd

$

357

32,300

*,e

RENOVA,

Inc

365

82,809

Rubis

S.C.A

2,012

2,116,278

RWE

AG.

92,220

19,600

Saibu

Gas

Co

Ltd

282

2,486

Sam

Kwang

Glass

Ind

Co

Ltd

49

1,372

Samchully

Co

Ltd

113

705,749

Saudi

Electricity

Co

4,270

92,869

e,g

Scatec

Solar

ASA

608

970,025

Scottish

&

Southern

Energy

plc

22,747

811,978

SembCorp

Industries

Ltd

3,460

303,200

Sempra

Energy

44,143

1,157

Seoul

City

Gas

Co

Ltd

58

5,663

Severn

Trent

plc

185

558,685

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

364

41,400

Shanghai

Electric

Power

Co

Ltd

61

225,300

Shenergy

Co

Ltd

217

128,088

Shenzhen

Energy

Group

Co

Ltd

116

370,942

Shikoku

Electric

Power

Co,

Inc

2,528

76,000

Shinfox

Energy

Co

Ltd

288

28,110

e

Shizuoka

Gas

Co

Ltd

229

135,800

Sichuan

Chuantou

Energy

Co

Ltd

282

453

SJW

Corp

32

41,965

Snam

Rete

Gas

S.p.A.

219

63,023

*

Solaria

Energia

y

Medio

Ambiente

S.A.

969

128,000

*,†

Sound

Global

Ltd

0

^

497,472

Southern

Co

34,947

1,488

Southwest

Gas

Holdings

Inc

95

638,300

SPCG

PCL

229

184,498

Spire,

Inc

11,705

20,514

*,e

Sunnova

Energy

International,

Inc

376

13,228,300

*

Super

Energy

Corp

PCL

(Foreign)

194

140,556

e

Superior

Plus

Corp

1,007

1,411,100

Synergy

Grid

&

Development

Phils,

Inc

231

420,076

Taiwan

Cogeneration

Corp

746

1,223,966

Tata

Power

Co

Ltd

3,319

967,115

*

Tauron

Polska

Energia

S.A.

655

59,170

Telecom

Plus

plc

1,270

2,338,004

Tenaga

Nasional

BHD

4,536

42,911

Terna

Energy

S.A.

945

1,337,882

Terna

Rete

Elettrica

Nazionale

S.p.A.

11,411

61,000

Toho

Gas

Co

Ltd

1,058

382,400

Tohoku

Electric

Power

Co,

Inc

2,365

1,343,551

*

Tokyo

Electric

Power

Co,

Inc

4,928

371,710

Tokyo

Gas

Co

Ltd

8,110

142,600

Torrent

Power

Ltd

1,072

907,000

Towngas

China

Co

Ltd

404

2,315,000

TPI

Polene

Power

PCL

217

187,670

TransAlta

Corp

1,757

81,638

e

TransAlta

Renewables,

Inc

701

170,700

Transmissora

Alianca

de

Energia

Eletrica

S.A.

1,342

1,147,700

TTW

PCL

280

28,917

UGI

Corp

780

14,838

United

Utilities

Group

plc

181

528

Unitil

Corp

27

754,592

Veolia

Environnement

23,887

75,230

Verbund

AG.

6,035

1

Via

Renewables,

Inc

0

^

547,652

Vistra

Energy

Corp

14,376

28,917

*,e

Voltalia

S.A.

460

1,273,205

WEC

Energy

Group,

Inc

112,348

21,530

West

Holdings

Corp

375

CREF

Stock

Account

June

30,

2023

156

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

934,000

WHA

Utilities

and

Power

PCL

$

93

1,733,500

*

Wintime

Energy

Group

Co

Ltd

339

625,990

Xcel

Energy,

Inc

38,918

9,052

York

Water

Co

374

8,212,000

YTL

Corp

BHD

1,832

1,789,900

YTL

Power

International

BHD

499

901,700

*

Zhejiang

Zheneng

Electric

Power

Co

Ltd

630

723,143

*

Zorlu

Enerji

Elektrik

Uretim

AS

96

TOTAL

UTILITIES

2,795,809

TOTAL

COMMON

STOCKS

113,494,242

(Cost

$102,074,959)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

CAPITAL

GOODS

-

0.0%

342,619

e

Sacyr

S.A.

31

26,206

†,e

Webuild

S.p.A

08/02/30

24

TOTAL

CAPITAL

GOODS

55

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,277,413

e

Cie

Financiere

Richemont

S.A.

11/27/23

1,763

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,763

CONSUMER

SERVICES

-

0.0%

90,578

PointsBet

Holdings

Ltd

07/08/24

0

TOTAL

CONSUMER

SERVICES

0

ENERGY

-

0.0%

102,951

†

Spartan

Delta

Corp

0

8,715

e

Weatherford

International

plc

12/13/23

4

TOTAL

ENERGY

4

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.0%

252,474

†

Abacus

Property

Group

0

100,198

Capitaland

India

Trust

6

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

6

FINANCIAL

SERVICES

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0

^

TOTAL

FINANCIAL

SERVICES

0

^

MATERIALS

-

0.0%

10,709

Lenzing

AG.

56

TOTAL

MATERIALS

56

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

12,599

†

Chinook

Therapeutics,

Inc

0

20,027

†,e

Tobira

Therapeutics,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1

157

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

(000)

UTILITIES

-

0.0%

723,143

†

Zorlu

Enerji

Elektrik

Uretim

AS.

$

68

TOTAL

UTILITIES

68

TOTAL

RIGHTS/WARRANTS

1,953

(Cost

$436)

TOTAL

LONG-TERM

INVESTMENTS

113,496,455‌

(Cost

$102,075,669)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.2%

GOVERNMENT

AGENCY

DEBT

-

0.4%

$

75,000,000

Federal

Agricultural

Mortgage

Corp

(FAMC)

0

.000

%

07/03/23

75,000

9,800,000

FAMC

0

.000

08/01/23

9,761

8,900,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

07/25/19

8,874

431,000

FHLB

0

.000

07/03/23

431

20,385,000

FHLB

0

.000

07/05/23

20,379

400,000

FHLB

0

.000

07/10/23

400

3,150,000

FHLB

0

.000

07/14/23

3,145

15,000,000

FHLB

0

.000

07/24/23

14,958

15,650,000

FHLB

0

.000

08/04/23

15,582

32,875,000

FHLB

0

.000

08/09/23

32,710

5,000,000

FHLB

0

.000

08/11/23

4,974

5,000,000

FHLB

0

.000

08/16/23

4,970

30,000,000

FHLB

0

.000

08/23/23

29,793

15,765,000

FHLB

0

.000

08/30/23

15,642

37,500,000

FHLB

0

.000

09/01/23

37,193

34,000,000

FHLB

0

.000

09/15/23

33,657

23,899,000

FHLB

0

.000

10/11/23

23,571

46,000,000

FHLB

0

.000

10/13/23

45,357

25,000,000

FHLB

0

.000

11/20/23

24,516

4,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.000

07/05/23

3,999

10,000,000

FHLMC

0

.000

07/17/23

9,981

20,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/05/23

19,995

TOTAL

GOVERNMENT

AGENCY

DEBT

434,888

REPURCHASE

AGREEMENT

-

0.8%

943,610,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

943,610

TOTAL

REPURCHASE

AGREEMENT

943,610

TREASURY

DEBT

-

0.0%

10,200,000

United

States

Treasury

Bill

0

.000

07/05/23

10,197

23,283,000

United

States

Treasury

Bill

0

.000

07/06/23

23,274

TOTAL

TREASURY

DEBT

33,471

TOTAL

SHORT-TERM

INVESTMENTS

1,411,969

(Cost

$1,411,818)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.9%

CERTIFICATE

OF

DEPOSIT

-

0.3%

9,000,000

Australia

and

New

Zealand

Banking

Group

5

.310

02/28/24

9,000

11,000,000

Credit

Agricole

5

.460

12/01/23

11,000

12,000,000

DNB

Bank

ASA

5

.410

11/17/23

12,000

10,000,000

ING

US

Funding

LLC

5

.520

09/29/23

10,000

5,000,000

Lloyds

Bank

PLC

5

.250

08/21/23

5,000

8,000,000

Lloyds

Bank

PLC

5

.420

09/20/23

8,000

11,000,000

Mizuho

Bank

Ltd

5

.240

08/24/23

11,000

7,000,000

MUFG

Bank

5

.200

07/11/23

7,000

10,000,000

MUFG

Bank

5

.310

07/18/23

10,000

10,000,000

MUFG

Bank

5

.360

08/08/23

10,000

9,000,000

MUFG

Bank

5

.230

09/08/23

9,000

CREF

Stock

Account

June

30,

2023

158

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

9,000,000

MUFG

Bank

5

.560

%

10/06/23

$

9,000

10,000,000

National

Australia

Bank

5

.410

11/28/23

10,000

10,000,000

National

Australia

Bank

5

.550

11/30/23

10,000

11,000,000

National

Australia

Bank

5

.260

12/01/23

11,000

9,000,000

National

Australia

Bank

5

.310

03/06/24

9,000

8,500,000

National

Bank

of

Canada

5

.310

07/10/23

8,500

9,000,000

NATixis

5

.560

11/06/23

9,000

12,000,000

NATixis

5

.480

12/08/23

12,000

7,000,000

Nordea

Bank

AB

publ

5

.300

09/07/23

7,000

11,000,000

Royal

Bank

of

Canada

5

.480

11/22/23

11,000

10,000,000

Royal

Bank

of

Canada

5

.590

02/21/24

10,000

9,000,000

Royal

Bank

of

Canada

5

.760

03/27/24

9,000

9,000,000

Skandinaviska

Enskilda

Banken

5

.520

10/03/23

9,000

14,500,000

Skandinaviska

Enskilda

Banken

AG

5

.490

09/25/23

14,500

40,000,000

Svenska

Handelsbanken

Ltd

5

.020

07/03/23

40,000

9,500,000

The

Canadian

Imperial

Bank

of

Commerce

5

.800

08/09/23

9,500

5,000,000

The

Canadian

Imperial

Bank

of

Commerce

5

.490

09/22/23

5,000

8,250,000

The

Canadian

Imperial

Bank

of

Commerce

5

.510

10/23/23

8,250

5,000,000

The

Canadian

Imperial

Bank

of

Commerce

5

.760

04/01/24

5,000

10,000,000

The

Canadian

Imperial

Bank

of

Commerce

5

.660

05/03/24

10,000

TOTAL

CERTIFICATE

OF

DEPOSIT

318,750

COMMERCIAL

PAPER

-

0.0%

10,000,000

ING

US

Funding

LLC

5

.650

04/24/24

9,999

10,000,000

Lloyds

Bank

PLC

0

.000

10/23/23

9,831

TOTAL

COMMERCIAL

PAPER

19,830

REPURCHASE

AGREEMENT

-

0.6%

45,000,000

s

Calyon

5

.060

07/03/23

45,000

95,000,000

t

Citigroup

5

.050

07/03/23

95,000

9,809,000

u

Citigroup

5

.000

07/03/23

9,809

50,000,000

v

Citigroup

5

.060

07/03/23

50,000

100,000,000

w

Deutsche

Bank

5

.060

07/03/23

100,000

60,000,000

x

HSBC

5

.060

07/03/23

60,000

40,000,000

y

HSBC

5

.050

07/03/23

40,000

90,000,000

z

JP

Morgan

5

.060

07/03/23

90,000

75,000,000

aa

Merrill

Lynch

5

.060

07/03/23

75,000

15,000,000

ab

Societe

Generale

5

.060

07/03/23

15,000

45,000,000

ac

Societe

Generale

5

.060

07/03/23

45,000

TOTAL

REPURCHASE

AGREEMENT

624,809

VARIABLE

RATE

SECURITIES

-

0.0%

9,000,000

i

Mizuho

Bank

Ltd

5

.360

07/05/23

9,000

8,000,000

i

Mizuho

Bank

Ltd

5

.570

10/11/23

8,000

10,000,000

i

Mizuho

Bank

Ltd

5

.520

10/26/23

10,000

TOTAL

VARIABLE

RATE

SECURITIES

27,000

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

990,389

(Cost

$990,389)

TOTAL

INVESTMENTS

-

100.9%

115,898,813

(Cost

$104,477,876)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.9)%

(

991,991

)

NET

ASSETS

-

100.0%

$114,906,822

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

159

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

$1,387,424,555.

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$943,610,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.625%–3.250%

and

maturity

dates

5/31/27–6/30/27,

valued

at

$962,482,216.

s

Agreement

with

Calyon,

5.060%

dated

6/30/23

to

be

repurchased

at

$45,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

1/31/28,

valued

at

$45,900,054.

t

Agreement

with

Citigroup,

5.050%

dated

6/30/23

to

be

repurchased

at

$95,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–1.250%

and

maturity

dates

7/27/23–9/30/28,

valued

at

$96,900,082.

u

Agreement

with

Citigroup,

5.000%

dated

6/30/23

to

be

repurchased

at

$9,809,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–1.625%

and

maturity

dates

2/15/31–11/15/31,

valued

at

$10,005,233.

v

Agreement

with

Citigroup,

5.060%

dated

6/30/23

to

be

repurchased

at

$50,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.250%–6.000%

and

maturity

dates

9/30/23–4/20/53,

valued

at

$51,000,030.

w

Agreement

with

Deutsche

Bank,

5.060%

dated

6/30/23

to

be

repurchased

at

$100,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–6.500%

and

maturity

dates

9/1/28–7/1/53,

valued

at

$102,000,000.

x

Agreement

with

HSBC,

5.060%

dated

6/30/23

to

be

repurchased

at

$60,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.722%–5.000%

and

maturity

dates

9/1/35–1/1/53,

valued

at

$61,200,000.

y

Agreement

with

HSBC,

5.050%

dated

6/30/23

to

be

repurchased

at

$40,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–5.284%

and

maturity

dates

10/31/23–8/15/45,

valued

at

$40,800,001.

z

Agreement

with

JP

Morgan,

5.060%

dated

6/30/23

to

be

repurchased

at

$90,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–6.500%

and

maturity

dates

7/1/33–6/1/53,

valued

at

$91,800,001.

aa

Agreement

with

Merrill

Lynch,

5.060%

dated

6/30/23

to

be

repurchased

at

$75,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

7/31/27,

valued

at

$76,500,024.

ab

Agreement

with

Societe

Generale,

5.060%

dated

6/26/23

to

be

repurchased

at

$15,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

12/28/23,

valued

at

$15,300,035.

ac

Agreement

with

Societe

Generale,

5.060%

dated

6/30/23

to

be

repurchased

at

$45,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

dates

10/3/23–6/13/24,

valued

at

$45,900,041.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E

Mini

Index

458‌

09/15/23

 $

43,205‌

$

43,595‌

$

390‌

S&P

500

E

Mini

Index

2,996‌

09/15/23

651,487‌

672,340‌

20,853‌

S&P

Mid-Cap

400

E

Mini

Index

249‌

09/15/23

63,926‌

65,838‌

1,912‌

Total

3,703‌

  $

758,618‌

 $

781,773‌

 $

23,155‌

CREF

Global

Equities

Account

June

30,

2023

Portfolio

of

Investments

160

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.4%

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)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

98.4%

AUSTRALIA

-

1.6%

224,388

AMP

Ltd

169

87,877

AngloGold

Ashanti

Ltd

1,860

206,366

APA

Group

1,335

1,950,500

Australia

&

New

Zealand

Banking

Group

Ltd

30,876

42,503

Australian

Stock

Exchange

Ltd

1,789

1,187,102

BHP

Billiton

Ltd

35,687

44,702

Cochlear

Ltd

6,849

358,112

Commonwealth

Bank

of

Australia

23,974

150,922

Endeavour

Group

Ltd

635

165,024

*

Flutter

Entertainment

plc

33,168

68,132

*

Flutter

Entertainment

plc

13,712

25,053,800

Glencore

Xstrata

plc

142,052

4,317,113

Ingenia

Communities

Group

11,495

507,415

Insurance

Australia

Group

Ltd

1,930

77,029

Macquarie

Group

Ltd

9,165

28,820

Magellan

Financial

Group

Ltd

184

604,671

Medibank

Pvt

Ltd

1,420

283,513

*,e

Megaport

Ltd

1,381

293,592

Mineral

Resources

Ltd

14,061

685,400

National

Australia

Bank

Ltd

12,055

205,075

*

Qantas

Airways

Ltd

850

322,581

QBE

Insurance

Group

Ltd

3,368

198,676

Sonic

Healthcare

Ltd

4,725

276,854

Suncorp-Metway

Ltd

2,488

95,671,967

*

Tamboran

Resources

Ltd

11,475

793,474

Telstra

Corp

Ltd

2,276

86,102

Wesfarmers

Ltd

2,839

756,710

Westpac

Banking

Corp

10,774

116,064

Woodside

Energy

Group

Ltd

2,685

150,922

Woolworths

Ltd

3,999

TOTAL

AUSTRALIA

389,276

AUSTRIA

-

0.1%

232,820

g

BAWAG

Group

AG.

10,733

11,949

Verbund

AG.

959

TOTAL

AUSTRIA

11,692

BELGIUM

-

0.1%

239,884

KBC

Groep

NV

16,744

108,279

UCB

S.A.

9,600

TOTAL

BELGIUM

26,344

BERMUDA

-

0.1%

125,000

*

Fidelis

Insurance

Holdings

Ltd

1,706

161

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

55,393

RenaissanceRe

Holdings

Ltd

$

10,332

TOTAL

BERMUDA

12,038

BRAZIL

-

1.2%

992,300

AMBEV

S.A.

3,194

116,900

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

274

1,295,700

B3

SA-Brasil

Bolsa

Balcao

3,954

1,891,218

Banco

Bradesco

S.A.

5,782

15,603,018

Banco

Bradesco

S.A.

(Preference)

53,605

818,200

Banco

BTG

Pactual

S.A.

-

Unit

5,374

66,732

Banco

do

Brasil

S.A.

689

26,000

Banco

Santander

Brasil

S.A.

166

150,700

BB

Seguridade

Participacoes

S.A.

968

255,573

Centrais

Eletricas

Brasileiras

S.A.

2,122

56,200

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

523

198,000

Cia

de

Concessoes

Rodoviarias

581

72,000

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

851

306,513

Cia

Energetica

de

Minas

Gerais

823

125,400

Cia

Siderurgica

Nacional

S.A.

318

2,296,738

Companhia

Vale

do

Rio

Doce

(ADR)

30,822

254,568

Cosan

SA

Industria

e

Comercio

950

50,400

CPFL

Energia

S.A.

362

45,300

Energisa

S.A.

475

176,700

*

Eneva

S.A.

453

39,650

Engie

Brasil

Energia

S.A.

378

2,890

*

Equatorial

Energia

S.A.

19

216,599

Equatorial

Energia

S.A.

1,454

243,590

Gerdau

S.A.

(Preference)

1,275

652,457

*,g

Hapvida

Participacoes

e

Investimentos

S.A.

597

139,600

Hypermarcas

S.A.

1,341

377,580

Investimentos

Itau

S.A.

-

PR

760

10,085,619

Itau

Unibanco

Holding

S.A.

59,862

156,600

Klabin

S.A.

712

1,327,344

Localiza

Rent

A

Car

18,989

197,792

Lojas

Renner

S.A.

826

19,999,400

*

Magazine

Luiza

S.A.

14,076

12,422

*

MercadoLibre,

Inc

14,715

187,395

*

Natura

&

Co

Holding

S.A.

655

2,262,960

*

NU

Holdings

Ltd

17,855

2,210,600

*

Petro

Rio

S.A.

17,119

823,300

Petroleo

Brasileiro

S.A.

5,691

1,046,738

Petroleo

Brasileiro

S.A.

(Preference)

6,456

273,044

Raia

Drogasil

S.A.

1,688

87,329

g

Rede

D'Or

Sao

Luiz

S.A.

600

267,000

Rumo

S.A.

1,238

285,959

Sendas

Distribuidora

S.A.

821

162,422

Suzano

SA

1,500

90,200

Telefonica

Brasil

S.A.

815

185,500

TIM

S.A.

566

101,000

Totvus

S.A.

632

171,000

Ultrapar

Participacoes

S.A.

675

717,964

Vale

S.A.

9,629

237,400

Vibra

Energia

S.A.

895

354,120

Weg

S.A.

2,792

134,000

*

XP,

Inc

3,144

TOTAL

BRAZIL

300,061

CANADA

-

2.0%

201,748

Agnico-Eagle

Mines

Ltd

10,074

1,142,699

Alimentation

Couche-Tard,

Inc

58,595

434,231

Bank

of

Montreal

39,216

266,360

e

Bank

of

Nova

Scotia

13,327

CREF

Global

Equities

Account

June

30,

2023

162

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

607,559

Barrick

Gold

Corp

$

10,278

15,424

Brookfield

Asset

Management

Ltd

503

61,268

*

Brookfield

Corp

2,063

423

Brookfield

Reinsurance

Ltd

14

731,199

Cameco

Corp

22,901

195,466

Canadian

Imperial

Bank

of

Commerce

8,345

408,329

Canadian

National

Railway

Co

49,446

206,012

Canadian

Natural

Resources

Ltd

11,582

45,888

e

CI

Financial

Corp

521

477,226

Dollarama,

Inc

32,321

5,872

Fairfax

Financial

Holdings

Ltd

4,398

14,632

First

Capital

Real

Estate

Investment

Trust

162

43,030

Franco-Nevada

Corp

6,133

61,101

Great-West

Lifeco,

Inc

1,774

23,480

iA

Financial

Corp,

Inc

1,600

18,204

e

IGM

Financial,

Inc

554

41,920

Imperial

Oil

Ltd

2,145

31,398

Intact

Financial

Corp

4,848

567,698

*,e

Ivanhoe

Mines

Ltd

5,185

749,919

Kinross

Gold

Corp

3,578

724,647

*

Lightspeed

Commerce,

Inc

12,258

425,828

Manulife

Financial

Corp

8,049

73,740

National

Bank

of

Canada

5,494

239,353

e

Nutrien

Ltd

14,131

18,277

Onex

Corp

1,010

287,330

e

Pan

American

Silver

Corp

(Toronto)

4,186

122,014

e

Power

Corp

Of

Canada

3,284

122,537

RioCan

Real

Estate

Investment

Trust

1,783

312,514

Royal

Bank

of

Canada

29,847

761,105

*

Shopify,

Inc

(Class

A)

49,191

128,359

Sun

Life

Financial,

Inc

6,691

459,862

e

Suncor

Energy,

Inc

13,490

285,320

Teck

Cominco

Ltd

12,005

38,094

Thomson

Reuters

Corp

5,143

61,860

TMX

Group

Ltd

1,392

389,235

Toronto-Dominion

Bank

24,125

12,235

West

Fraser

Timber

Co

Ltd

1,051

TOTAL

CANADA

482,693

CHILE

-

0.1%

13,492,422

Banco

de

Chile

1,408

3,931

Banco

de

Credito

e

Inversiones

120

4,981,735

Banco

Santander

Chile

S.A.

236

271,737

Cencosud

S.A.

527

26,084

Cia

Cervecerias

Unidas

S.A.

210

3,362,345

Compania

SudAmericana

de

Vapores

S.A.

228

232,808

Empresas

CMPC

S.A.

446

83,515

Empresas

COPEC

S.A.

620

6,561,872

Enel

Chile

S.A.

426

4,714,399

*

Enersis

S.A.

629

673,985

Lundin

Mining

Corp

5,281

177,846

SACI

Falabella

427

30,782

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

2,242

TOTAL

CHILE

12,800

CHINA

-

2.6%

25,000

360

Finance,

Inc

(ADR)

432

41,200

360

Security

Technology,

Inc

71

1,347

3peak,

Inc

40

156,000

g

3SBio,

Inc

157

62,500

e

AAC

Technologies

Holdings,

Inc

148

8,743

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

189

163

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,600

AECC

Aero-Engine

Control

Co

Ltd

$

42

24,700

AECC

Aviation

Power

Co

Ltd

144

11,990,000

Agricultural

Bank

of

China

Ltd

4,722

470,900

Agricultural

Bank

of

China

Ltd

(Class

A)

229

230,405

Aier

Eye

Hospital

Group

Co

Ltd

590

9,700

AIMA

Technology

Group

Co

Ltd

43

35,800

*

Air

China

Ltd

41

148,000

*

Air

China

Ltd

(H

shares)

106

29,207

Airtac

International

Group

965

142,000

*,g

Akeso,

Inc

644

3,851,172

*

Alibaba

Group

Holding

Ltd

40,090

743,035

*

Alibaba

Group

Holding

Ltd

(ADR)

61,932

380,000

*

Alibaba

Health

Information

Technology

Ltd

230

942,000

Aluminum

Corp

of

China

Ltd

408

194,200

Aluminum

Corp

of

China

Ltd

(Class

A)

147

5,636

*

Amlogic

Shanghai

Co

Ltd

66

8,300

Angel

Yeast

Co

Ltd

41

100,000

Anhui

Conch

Cement

Co

Ltd

266

20,000

Anhui

Conch

Cement

Co

Ltd

(Class

A)

65

28,600

*

Anhui

Gujing

Distillery

Co

Ltd

493

5,400

*

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

184

5,630

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

22

9,100

Anhui

Kouzi

Distillery

Co

Ltd

62

9,800

Anhui

Yingjia

Distillery

Co

Ltd

86

262,200

Anta

Sports

Products

Ltd

2,694

8,400

Apeloa

Pharmaceutical

Co

Ltd

21

14,800

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

47

5,263

*

ASR

Microelectronics

Co

Ltd

55

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

30

2,800

Autobio

Diagnostics

Co

Ltd

20

5,700

Autohome,

Inc

(ADR)

166

24,200

Avary

Holding

Shenzhen

Co

Ltd

81

6,200

Avic

Capital

Co

Ltd

3

88,000

AviChina

Industry

&

Technology

Co

43

5,600

AVICOPTER

plc

31

496,316

*

Baidu,

Inc

8,465

132,900

Bank

of

Beijing

Co

Ltd

85

93,100

Bank

of

Changsha

Co

Ltd

100

18,800

*

Bank

of

Chengdu

Co

Ltd

32

215,500

Bank

of

China

Ltd

-

A

116

16,920,000

Bank

of

China

Ltd

-

H

6,793

233,300

Bank

of

Communications

Co

Ltd

-

A

186

748,000

Bank

of

Communications

Co

Ltd

-

H

496

29,400

Bank

of

Hangzhou

Co

Ltd

48

69,380

*

Bank

of

Jiangsu

Co

Ltd

70

44,300

Bank

of

Nanjing

Co

Ltd

49

28,800

Bank

of

Ningbo

Co

Ltd

101

64,522

Bank

of

Shanghai

Co

Ltd

51

90,200

Bank

of

Suzhou

Co

Ltd

81

341,600

Baoshan

Iron

&

Steel

Co

Ltd

265

82,300

BBMG

Corp

25

53,000

*

BeiGene

Ltd

727

18,000

*

BeiGene

Ltd

(ADR)

3,209

518,000

*

Beijing

Capital

International

Airport

Co

Ltd

336

65,200

Beijing

Dabeinong

Technology

Group

Co

Ltd

59

3,900

Beijing

Easpring

Material

Technology

Co

Ltd

27

12,700

*

Beijing

E-Hualu

Information

Technology

Co

Ltd

58

52,800

Beijing

Enlight

Media

Co

Ltd

59

48,500

Beijing

Enterprises

Holdings

Ltd

176

342,000

Beijing

Enterprises

Water

Group

Ltd

81

6,302

*

Beijing

Kingsoft

Office

Software,

Inc

411

20,700

Beijing

New

Building

Materials

plc

70

CREF

Global

Equities

Account

June

30,

2023

164

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,851

Beijing

Shiji

Information

Technology

Co

Ltd

$

29

6,900

Beijing

Tongrentang

Co

Ltd

55

6,300

Beijing

United

Information

Technology

Co

Ltd

32

2,760

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

25

53,800

Beijing

Yanjing

Brewery

Co

Ltd

92

4,400

Bethel

Automotive

Safety

Systems

Co

Ltd

48

3,400

Betta

Pharmaceuticals

Co

Ltd

23

2,200

BGI

Genomics

Co

Ltd

18

40,080

*,e

Bilibili,

Inc

603

1,770

Bloomage

Biotechnology

Corp

Ltd

22

16,600

g

BOC

Aviation

Ltd

135

812,000

BOC

Hong

Kong

Holdings

Ltd

2,487

5,700

BOC

International

China

Co

Ltd

8

189,300

BOE

Technology

Group

Co

Ltd

107

868,000

Bosideng

International

Holdings

Ltd

367

11,800

BTG

Hotels

Group

Co

Ltd

31

23,100

BYD

Co

Ltd

824

211,000

BYD

Co

Ltd

(H

shares)

6,766

65,000

BYD

Electronic

International

Co

Ltd

198

22,060

By-health

Co

Ltd

73

147,000

C&D

International

Investment

Group

Ltd

335

30,030

Caitong

Securities

Co

Ltd

30

6,392

*

Cambricon

Technologies

Corp

Ltd

166

49,600

CECEP

Solar

Energy

Co

Ltd

46

93,770

CECEP

Wind-Power

Corp

47

1,524,000

g

CGN

Power

Co

Ltd

368

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

38

24,000

Changjiang

Securities

Co

Ltd

19

2,200

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

37

24,300

*

Chaozhou

Three-Circle

Group

Co

Ltd

98

9,800

Chengxin

Lithium

Group

Co

Ltd

43

30,500

China

Baoan

Group

Co

Ltd

51

854,000

China

Cinda

Asset

Management

Co

Ltd

85

6,156,000

China

Citic

Bank

2,894

553,000

China

Coal

Energy

Co

412

224,000

China

Communications

Services

Corp

Ltd

111

110,500

China

Conch

Venture

Holdings

Ltd

144

93,500

China

Construction

Bank

Corp

-

A

81

20,596,000

*

China

Construction

Bank

Corp

-

H

13,334

66,000

China

CSSC

Holdings

Ltd

300

36,600

*

China

Eastern

Airlines

Corp

Ltd

24

480,900

China

Energy

Engineering

Corp

Ltd

155

278,300

*

China

Everbright

Bank

Co

Ltd

-

A

118

407,000

China

Everbright

Bank

Co

Ltd

-

H

117

305,555

China

Everbright

International

Ltd

121

808,000

g

China

Feihe

Ltd

451

795,500

China

Galaxy

Securities

Co

Ltd

426

24,500

China

Galaxy

Securities

Co

Ltd

(Class

A)

39

228,400

China

Gas

Holdings

Ltd

262

9,700

*

China

Great

Wall

Securities

Co

Ltd

11

27,400

China

Greatwall

Technology

Group

Co

Ltd

52

568,000

China

Hongqiao

Group

Ltd

464

390,600

China

Insurance

International

Holdings

Co

Ltd

407

358,000

*,g

China

International

Capital

Corp

Ltd

631

9,100

China

International

Capital

Corp

Ltd

45

23,925

China

International

Travel

Service

Corp

Ltd

365

194,000

China

Jinmao

Holdings

Group

Ltd

29

19,429

China

Jushi

Co

Ltd

38

88,000

China

Lesso

Group

Holdings

Ltd

58

1,669,000

China

Life

Insurance

Co

Ltd

2,794

42,000

China

Life

Insurance

Co

Ltd

(Class

A)

203

98,200

*,g

China

Literature

Ltd

414

165

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

261,000

China

Longyuan

Power

Group

Corp

$

270

112,000

China

Medical

System

Holdings

Ltd

183

21,700

China

Meheco

Co

Ltd

39

140,000

e

China

Meidong

Auto

Holdings

Ltd

162

682,000

China

Mengniu

Dairy

Co

Ltd

2,577

1,255,000

China

Merchants

Bank

Co

Ltd

5,724

567,700

China

Merchants

Bank

Co

Ltd

(Class

A)

2,566

165,600

China

Merchants

Energy

Shipping

Co

Ltd

132

115,426

China

Merchants

Holdings

International

Co

Ltd

163

36,020

China

Merchants

Securities

Co

Ltd

67

116,600

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

209

13,800

China

Minmetals

Rare

Earth

Co

Ltd

56

192,400

China

Minsheng

Banking

Corp

Ltd

-

A

99

2,306,800

e

China

Minsheng

Banking

Corp

Ltd

-

H

854

885,000

China

Molybdenum

Co

Ltd

466

234,000

China

Molybdenum

Co

Ltd

(Class

A)

172

328,000

China

National

Building

Material

Co

Ltd

203

32,900

China

National

Chemical

Engineering

Co

Ltd

38

6,100

China

National

Medicines

Corp

Ltd

33

94,300

China

National

Nuclear

Power

Co

Ltd

92

42,300

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

140

552,000

China

Oilfield

Services

Ltd

572

612,435

China

Overseas

Land

&

Investment

Ltd

1,340

45,000

China

Overseas

Property

Holdings

Ltd

45

103,000

China

Pacific

Insurance

Group

Co

Ltd

-

A

369

606,200

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,574

1,159,000

e

China

Power

International

Development

Ltd

428

102,500

China

Railway

Group

Ltd

-

A

107

966,000

China

Railway

Group

Ltd

-

H

639

180,220

China

Railway

Signal

&

Communication

Corp

Ltd

144

354,000

China

Resources

Beer

Holdings

Company

Ltd

2,339

215,999

China

Resources

Cement

Holdings

Ltd

89

234,900

China

Resources

Gas

Group

Ltd

806

719,836

China

Resources

Land

Ltd

3,063

18,087

China

Resources

Microelectronics

Ltd

131

159,800

g

China

Resources

Mixc

Lifestyle

Services

Ltd

796

133,000

g

China

Resources

Pharmaceutical

Group

Ltd

116

438,000

China

Resources

Power

Holdings

Co

992

4,700

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

39

112,200

China

Shenhua

Energy

Co

Ltd

-

A

475

766,000

China

Shenhua

Energy

Co

Ltd

-

H

2,348

126,000

*,e

China

Shipping

Development

Co

Ltd

127

154,000

*,e

China

Southern

Airlines

Co

Ltd

87

46,700

*

China

Southern

Airlines

Co

Ltd

(Class

A)

39

224,800

China

State

Construction

Engineering

Corp

Ltd

178

414,000

China

State

Construction

International

Holdings

Ltd

473

381,700

China

Three

Gorges

Renewables

Group

Co

Ltd

283

19,800

*,e,g

China

Tourism

Group

Duty

Free

Corp

Ltd

269

4,658,000

g

China

Tower

Corp

Ltd

519

524,000

China

Vanke

Co

Ltd

706

139,400

China

Vanke

Co

Ltd

(Class

A)

269

44,900

China

Yangtze

Power

Co

Ltd

136

6,300

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

83

114,140

China

Zheshang

Bank

Co

Ltd

42

612,000

Chinasoft

International

Ltd

386

5,000

Chongqing

Brewery

Co

Ltd

64

17,154

*

Chongqing

Changan

Automobile

Co

Ltd

31

8,450

Chongqing

Fuling

Zhacai

Group

Co

Ltd

21

267,100

Chongqing

Rural

Commercial

Bank

Co

Ltd

132

70,950

Chongqing

Zhifei

Biological

Products

Co

Ltd

433

462,200

Chow

Tai

Fook

Jewellery

Group

Ltd

833

473,000

Citic

Pacific

Ltd

566

CREF

Global

Equities

Account

June

30,

2023

166

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

454,274

*

CITIC

Securities

Co

Ltd

$

826

64,870

CITIC

Securities

Co

Ltd

(Class

A)

177

3,100

CNGR

Advanced

Material

Co

Ltd

26

42,630

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

35

55,980

Contemporary

Amperex

Technology

Co

Ltd

1,769

140,445

COSCO

Pacific

Ltd

84

147,500

COSCO

SHIPPING

Development

Co

Ltd

50

69,900

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

122

179,660

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

233

258,150

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

233

2,781,000

e

Country

Garden

Holdings

Co

Ltd

567

475,000

Country

Garden

Services

Holdings

Co

Ltd

616

669,000

CRRC

Corp

Ltd

367

18,800

CSC

Financial

Co

Ltd

63

1,714,880

CSPC

Pharmaceutical

Group

Ltd

1,492

3,984

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

5

7,300

Dajin

Heavy

Industry

Co

Ltd

31

537,000

g

Dali

Foods

Group

Co

Ltd

240

114,600

Dalian

Port

PDA

Co

Ltd

25

249,895

Daqin

Railway

Co

Ltd

256

13,200

*

Daqo

New

Energy

Corp

(ADR)

524

14,049

DaShenLin

Pharmaceutical

Group

Co

Ltd

54

169,500

Datang

International

Power

Generation

Co

Ltd

77

10,400

DHC

Software

Co

Ltd

10

15,680

Do-Fluoride

New

Materials

Co

Ltd

43

6,200

Dong-E-E-Jiao

Co

Ltd

46

39,000

Dongfang

Electric

Corp

Ltd

100

706,000

Dongfeng

Motor

Group

Co

Ltd

324

11,300

Dongxing

Securities

Co

Ltd

13

359,000

Dongyue

Group

270

323,906

East

Money

Information

Co

Ltd

635

5,000

Ecovacs

Robotics

Co

Ltd

54

148,200

ENN

Energy

Holdings

Ltd

1,854

35,900

ENN

Natural

Gas

Co

Ltd

94

23,670

Eve

Energy

Co

Ltd

198

21,000

Everbright

Securities

Co

Ltd

46

57,543

Fangda

Carbon

New

Material

Co

Ltd

49

72,000

e

Far

East

Horizon

Ltd

57

36,600

FAW

Jiefang

Group

Co

Ltd

42

25,700

*

First

Capital

Securities

Co

Ltd

20

96,000

e

Flat

Glass

Group

Co

Ltd

329

22,500

Flat

Glass

Group

Co

Ltd

120

221,200

Focus

Media

Information

Technology

Co

Ltd

207

56,122

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

363

571,000

Fosun

International

393

1,700,081

Foxconn

Industrial

Internet

Co

Ltd

5,897

3,300

Fu

Jian

Anjoy

Foods

Co

Ltd

67

14,400

Fujian

Sunner

Development

Co

Ltd

38

19,500

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

96

137,000

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

568

9,279

*

GalaxyCore,

Inc

20

88,080

*,g

Ganfeng

Lithium

Co

Ltd

578

21,320

Ganfeng

Lithium

Co

Ltd

180

500

G-bits

Network

Technology

Xiamen

Co

Ltd

34

1,561,000

GCL

Poly

Energy

Holdings

Ltd

362

90,000

GD

Power

Development

Co

Ltd

47

197,884

*

GDS

Holdings

Ltd

271

188,900

*

GDS

Holdings

Ltd

(ADR)

2,076

1,291,000

Geely

Automobile

Holdings

Ltd

1,585

38,700

*

GEM

Co

Ltd

37

69,900

Gemdale

Corp

69

92,000

*

Genscript

Biotech

Corp

208

167

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

90,600

*

GF

Securities

Co

Ltd

$

125

31,000

GF

Securities

Co

Ltd

(Class

A)

63

14,700

Giant

Network

Group

Co

Ltd

36

8,872

Gigadevice

Semiconductor

Beijing,

Inc

130

3,900

*

Ginlong

Technologies

Co

Ltd

56

16,600

GoerTek,

Inc

41

1,960

GoodWe

Technologies

Co

Ltd

45

18,500

Gotion

High-tech

Co

Ltd

71

509,000

e

Great

Wall

Motor

Co

Ltd

586

30,700

*

Great

Wall

Motor

Co

Ltd

107

44,800

Gree

Electric

Appliances,

Inc

of

Zhuhai

226

62,000

*

Greenland

Holdings

Corp

Ltd

24

258,500

Greentown

China

Holdings

Ltd

260

362,000

e

Greentown

Service

Group

Co

Ltd

173

60,000

GRG

Banking

Equipment

Co

Ltd

97

16,400

Guangdong

Haid

Group

Co

Ltd

106

37,300

Guangdong

HEC

Technology

Holding

Co

Ltd

37

252,000

Guangdong

Investments

Ltd

218

2,800

Guangdong

Kinlong

Hardware

Products

Co

Ltd

25

202,200

Guanghui

Energy

Co

Ltd

191

59,400

Guangzhou

Automobile

Group

Co

Ltd

85

692,000

Guangzhou

Automobile

Group

Co

Ltd

-

H

414

16,000

*

Guangzhou

Baiyun

International

Airport

Co

Ltd

32

10,500

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

46

5,800

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

38

46,700

Guangzhou

Haige

Communications

Group,

Inc

Co

67

1,800

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

19

8,595

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

79

24,600

Guangzhou

Tinci

Materials

Technology

Co

Ltd

140

13,486

Guangzhou

Yuexiu

Financial

Holdings

Group

Co

Ltd

12

12,200

Guolian

Securities

Co

Ltd

15

28,300

Guosen

Securities

Co

Ltd

34

41,000

Guotai

Junan

Securities

Co

Ltd

79

25,790

Guoyuan

Securities

Co

Ltd

23

361,000

e,g

Haidilao

International

Holding

Ltd

798

82,300

Haier

Smart

Home

Co

Ltd

266

532,600

Haier

Smart

Home

Co

Ltd

1,680

539,600

*

Hainan

Airlines

Holding

Co

Ltd

118

180,300

*

Hainan

Airport

Infrastructure

Co

Ltd

101

136,000

Haitian

International

Holdings

Ltd

319

263,600

Haitong

Securities

Co

Ltd

162

53,100

Haitong

Securities

Co

Ltd

(Class

A)

68

56,000

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

68

7,800

Hangzhou

Chang

Chuan

Technology

Co

Ltd

51

19,510

Hangzhou

First

Applied

Material

Co

Ltd

100

8,400

Hangzhou

Lion

Electronics

Co

Ltd

43

12,900

Hangzhou

Oxygen

Plant

Group

Co

Ltd

61

10,630

Hangzhou

Robam

Appliances

Co

Ltd

37

18,600

Hangzhou

Silan

Microelectronics

Co

Ltd

78

1,800

*

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

16

10,600

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

61

90,000

g

Hansoh

Pharmaceutical

Group

Co

Ltd

145

8,800

*

Haohua

Chemical

Science

&

Technology

Co

Ltd

46

15,700

Hebei

Hengshui

Laobaigan

Liquor

Co

Ltd

53

29,200

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

99

25,300

Heilongjiang

Agriculture

Co

Ltd

46

41,800

Henan

Shenhuo

Coal

&

Power

Co

Ltd

75

45,700

Henan

Shuanghui

Investment

&

Development

Co

Ltd

154

149,500

Hengan

International

Group

Co

Ltd

630

22,100

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

55

86,480

Hengli

Petrochemical

Co

Ltd

171

1,228,000

*,e

HengTen

Networks

Group

Ltd

289

CREF

Global

Equities

Account

June

30,

2023

168

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

39,500

Hengtong

Optic-electric

Co

Ltd

$

80

49,430

Hengyi

Petrochemical

Co

Ltd

46

209,900

Hesteel

Co

Ltd

65

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

68

3,460

Hongfa

Technology

Co

Ltd

15

9,500

Hoshine

Silicon

Industry

Co

Ltd

92

850

Hoymiles

Power

Electronics,

Inc

42

47,000

*,g

Hua

Hong

Semiconductor

Ltd

155

41,700

Huadian

Power

International

Corp

Ltd

(Class

A)

38

9,740

Huadong

Medicine

Co

Ltd

58

34,000

Huafon

Chemical

Co

Ltd

32

19,300

Huagong

Tech

Co

Ltd

101

56,200

Huaibei

Mining

Holdings

Co

Ltd

89

329,360

Hualan

Biological

Engineering,

Inc

1,018

44,300

Huaneng

Power

International,

Inc

-

A

56

974,000

Huaneng

Power

International,

Inc

-

H

611

116,200

g

Huatai

Securities

Co

Ltd

144

15,500

Huatai

Securities

Co

Ltd

(Class

A)

29

14,200

Huaxi

Securities

Co

Ltd

16

80,200

Huaxia

Bank

Co

Ltd

60

3,500

Huaxin

Cement

Co

Ltd

6

42,200

Huayu

Automotive

Systems

Co

Ltd

107

41,674

*

Huazhu

Group

Ltd

(ADR)

1,616

5,900

Hubei

Feilihua

Quartz

Glass

Co

Ltd

40

4,700

*

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

19

16,400

Hubei

Xingfa

Chemicals

Group

Co

Ltd

50

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

125

9,500

Humanwell

Healthcare

Group

Co

Ltd

35

6,648

Hunan

Changyuan

Lico

Co

Ltd

10

115,000

Hunan

Valin

Steel

Co

Ltd

76

8,412

Hundsun

Technologies,

Inc

51

79,000

e,g

Hygeia

Healthcare

Holdings

Co

Ltd

429

25,131

*

iClick

Interactive

Asia

Group

Ltd

(ADR)

35

12,800

*

Iflytek

Co

Ltd

120

900

Imeik

Technology

Development

Co

Ltd

55

329,900

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

219

12,046,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

6,438

105,200

Industrial

Bank

Co

Ltd

227

40,790

Industrial

Securities

Co

Ltd

34

6,300

Ingenic

Semiconductor

Co

Ltd

77

620,800

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

153

49,300

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

90

112,600

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

64

85,300

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

333

312,100

Inner

Mongolia

Yitai

Coal

Co

427

56,900

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

56

365,000

*,g

Innovent

Biologics,

Inc

1,386

8,800

Inspur

Electronic

Information

Industry

Co

Ltd

59

382,512

*

IQIYI,

Inc

(ADR)

2,043

1,001

iRay

Technology

Co

Ltd

39

14,250

Isoftstone

Information

Technology

Group

Co

Ltd

54

42,300

JA

Solar

Technology

Co

Ltd

243

3,760

Jafron

Biomedical

Co

Ltd

12

6,510

*

Jason

Furniture

Hangzhou

Co

Ltd

34

87,350

*,g

JD

Health

International,

Inc

555

425,900

*,e,g

JD

Logistics,

Inc

667

1,256,205

JD.com,

Inc

21,424

73,400

Jiangsu

Eastern

Shenghong

Co

Ltd

120

116,000

Jiangsu

Express

107

16,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

149

32,882

Jiangsu

Hengrui

Medicine

Co

Ltd

217

16,400

Jiangsu

King's

Luck

Brewery

JSC

Ltd

119

169

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,800

Jiangsu

Pacific

Quartz

Co

Ltd

$

75

19,300

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

349

3,000

Jiangsu

Yangnong

Chemical

Co

Ltd

36

7,300

Jiangsu

Yoke

Technology

Co

Ltd

73

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

26

47,500

Jiangsu

Zhongtian

Technology

Co

Ltd

104

284,000

Jiangxi

Copper

Co

Ltd

439

28,958

Jiangxi

Copper

Co

Ltd

(Class

A)

76

20,000

*

Jiangxi

Special

Electric

Motor

Co

Ltd

33

57,600

*

Jinduicheng

Molybdenum

Co

Ltd

89

83,904

*

Jinko

Solar

Co

Ltd

163

2,900

JiuGui

Liquor

Co

Ltd

36

209,000

e,g

Jiumaojiu

International

Holdings

Ltd

344

102,100

Jizhong

Energy

Resources

Co

Ltd

90

283,877

*

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

497

2,156

Joinn

Laboratories

China

Co

Ltd

12

11,771

Jointown

Pharmaceutical

Group

Co

Ltd

17

12,200

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

62

3,700

JOYY,

Inc

(ADR)

114

4,500

Juewei

Food

Co

Ltd

23

24,000

Juneyao

Airlines

Co

Ltd

51

38,900

*

Kanzhun

Ltd

(ADR)

585

241,075

*

KE

Holdings,

Inc

(ADR)

3,580

18,700

Keda

Industrial

Group

Co

Ltd

29

52,500

Kingboard

Chemical

Holdings

Ltd

144

215,000

*

Kingdee

International

Software

Group

Co

Ltd

289

219,400

Kingsoft

Corp

Ltd

867

86,500

*,e,g

Koolearn

Technology

Holding

Ltd

283

414,900

*,g

Kuaishou

Technology

2,852

31,900

Kuang-Chi

Technologies

Co

Ltd

67

15,997

Kweichow

Moutai

Co

Ltd

3,729

564,000

Lenovo

Group

Ltd

591

61,100

Lens

Technology

Co

Ltd

99

1,300

Lepu

Medical

Technology

Beijing

Co

Ltd

4

239,500

*

Li

Auto,

Inc

4,147

504,000

Li

Ning

Co

Ltd

2,722

103,700

*

Lingyi

iTech

Guangdong

Co

99

2,100

*

Livzon

Pharmaceutical

Group,

Inc

11

33,300

Lomon

Billions

Group

Co

Ltd

76

424,000

g

Longfor

Properties

Co

Ltd

1,035

94,189

LONGi

Green

Energy

Technology

Co

Ltd

373

53,300

Lufax

Holding

Ltd

(ADR)

76

31,500

Luxi

Chemical

Group

Co

Ltd

46

89,609

Luxshare

Precision

Industry

Co

Ltd

402

19,300

Luzhou

Laojiao

Co

Ltd

558

25,790

Mango

Excellent

Media

Co

Ltd

122

5,308

Maxscend

Microelectronics

Co

Ltd

71

46,500

Meihua

Holdings

Group

Co

Ltd

57

383,795

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

376

1,814,700

*,g

Meituan

Dianping

(Class

B)

28,456

85,700

Metallurgical

Corp

of

China

Ltd

47

228,500

Microport

Scientific

Corp

416

27,400

Ming

Yang

Smart

Energy

Group

Ltd

64

21,400

MINISO

Group

Holding

Ltd

(ADR)

364

168,000

Minth

Group

Ltd

462

15,110

Montage

Technology

Co

Ltd

120

65,544

*

Muyuan

Foodstuff

Co

Ltd

381

7,265

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

14

18,200

Nanjing

Securities

Co

Ltd

21

103,752

NARI

Technology

Co

Ltd

330

7,000

NAURA

Technology

Group

Co

Ltd

307

3,500

NavInfo

Co

Ltd

6

CREF

Global

Equities

Account

June

30,

2023

170

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

445,095

NetEase,

Inc

$

8,621

33,300

New

China

Life

Insurance

Co

Ltd

-

A

169

220,600

New

China

Life

insurance

Co

Ltd

-

H

583

59,600

*

New

Hope

Liuhe

Co

Ltd

96

329,840

*

New

Oriental

Education

&

Technology

Group,

Inc

1,300

18,700

Ninestar

Corp

88

4,860

Ningbo

Deye

Technology

Co

Ltd

100

16,300

Ningbo

Joyson

Electronic

Corp

40

8,800

Ningbo

Orient

Wires

&

Cables

Co

Ltd

60

4,310

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

32

28,200

Ningbo

Shanshan

Co

Ltd

59

12,300

*

Ningbo

Tuopu

Group

Co

Ltd

137

97,700

Ningxia

Baofeng

Energy

Group

Co

Ltd

170

289,430

*

NIO,

Inc

(ADR)

2,805

383,600

e,g

Nongfu

Spring

Co

Ltd

2,123

21,200

North

Industries

Group

Red

Arrow

Co

Ltd

53

632

NXP

Semiconductors

NV

129

78,500

*

Offcn

Education

Technology

Co

Ltd

51

173,600

Offshore

Oil

Engineering

Co

Ltd

140

5,840

Oppein

Home

Group,

Inc

77

46,728

Orient

Securities

Co

Ltd

63

3,809

Ovctek

China,

Inc

16

119,700

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

65

2,277,000

People's

Insurance

Co

Group

of

China

Ltd

827

201,500

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

162

11,200

Perfect

World

Co

Ltd

26

4,950

*

Pharmaron

Beijing

Co

Ltd

-

A

26

16,450

g

Pharmaron

Beijing

Co

Ltd

-

H

51

1,552,000

PICC

Property

&

Casualty

Co

Ltd

1,728

207,260

*

Pinduoduo,

Inc

(ADR)

14,330

324,200

Ping

An

Bank

Co

Ltd

503

43,100

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

104

4,986,703

Ping

An

Insurance

Group

Co

of

China

Ltd

31,850

148,100

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

947

68,800

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

71

186,900

Poly

Real

Estate

Group

Co

Ltd

335

106,000

e,g

Pop

Mart

International

Group

Ltd

236

2,300

Porton

Pharma

Solutions

Ltd

9

161,100

Postal

Savings

Bank

of

China

Co

Ltd

-

A

109

1,949,000

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

1,202

73,900

Power

Construction

Corp

of

China

Ltd

58

1,642

Pylon

Technologies

Co

Ltd

45

8,261

*

Qi

An

Xin

Technology

Group,

Inc

59

69,100

*

Qinghai

Salt

Lake

Industry

Co

Ltd

183

5,546

Raytron

Technology

Co

Ltd

34

16,500

Risen

Energy

Co

Ltd

58

12,000

Riyue

Heavy

Industry

Co

Ltd

31

4,600

*

Rockchip

Electronics

Co

Ltd

46

126,850

Rongsheng

Petro

Chemical

Co

Ltd

204

112,600

SAIC

Motor

Corp

Ltd

220

31,700

Sailun

Group

Co

Ltd

50

67,500

*

Sanan

Optoelectronics

Co

Ltd

161

2,500

Sangfor

Technologies,

Inc

39

272,000

Sany

Heavy

Equipment

International

357

111,100

Sany

Heavy

Industry

Co

Ltd

255

28,600

SDIC

Capital

Co

Ltd

28

32,300

Seazen

Holdings

Co

Ltd

64

15,100

*

Seres

Group

Co

Ltd

77

23,400

SF

Holding

Co

Ltd

145

5,070

SG

Micro

Corp

57

167,800

Shaanxi

Coal

Industry

Co

Ltd

421

83,700

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

91

171

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,670

Shandong

Buchang

Pharmaceuticals

Co

Ltd

$

22

51,620

Shandong

Gold

Mining

Co

Ltd

-

A

168

184,250

g

Shandong

Gold

Mining

Co

Ltd

-

H

339

36,050

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

152

17,600

Shandong

Linglong

Tyre

Co

Ltd

54

162,400

Shandong

Nanshan

Aluminum

Co

Ltd

68

36,500

Shandong

Sun

Paper

Industry

JSC

Ltd

54

598,400

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

785

24,080

Shanghai

Aiko

Solar

Energy

Co

Ltd

102

12,432

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

62

148,944

Shanghai

Baosight

Software

Co

Ltd

394

6,915

Shanghai

Baosight

Software

Co

Ltd

48

51,300

Shanghai

Construction

Group

Co

Ltd

19

230,200

Shanghai

Electric

Group

Co

Ltd

145

15,300

Shanghai

Electric

Power

Co

Ltd

23

8,500

*

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

36

38,500

*

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

103

1,482

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

39

66,000

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

163

6,744

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

47

17,800

*

Shanghai

International

Airport

Co

Ltd

112

46,300

Shanghai

International

Port

Group

Co

Ltd

34

11,200

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

65

8,618

*

Shanghai

Junshi

Biosciences

Co

Ltd

46

19,960

Shanghai

Lingang

Holdings

Corp

Ltd

33

297,869

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

185

9,700

Shanghai

M&G

Stationery,

Inc

60

1,006

Shanghai

Medicilon,

Inc

12

16,300

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

50

69,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

138

139,700

Shanghai

Pudong

Development

Bank

Co

Ltd

139

25,036

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

132

271,200

Shanghai

RAAS

Blood

Products

Co

Ltd

281

136,200

Shanghai

Rural

Commercial

Bank

Co

Ltd

102

46,200

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

44

36,000

Shanxi

Coal

International

Energy

Group

Co

Ltd

72

67,479

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

152

46,600

*

Shanxi

Meijin

Energy

Co

Ltd

48

19,330

Shanxi

Securities

Co

Ltd

15

54,800

Shanxi

Taigang

Stainless

Steel

Co

Ltd

29

15,080

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

385

114,070

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

143

4,300

Shede

Spirits

Co

Ltd

74

46,300

Shenergy

Co

Ltd

45

16,800

*

Shenghe

Resources

Holding

Co

Ltd

30

23,300

Shengyi

Technology

Co

Ltd

46

4,680

Shennan

Circuits

Co

Ltd

49

116,200

Shenwan

Hongyuan

Group

Co

Ltd

74

10,980

Shenzhen

Capchem

Technology

Co

Ltd

79

2,560

Shenzhen

Dynanonic

Co

Ltd

39

28,300

Shenzhen

Energy

Group

Co

Ltd

26

15,800

Shenzhen

Inovance

Technology

Co

Ltd

140

119,985

Shenzhen

International

Holdings

Ltd

106

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

3

4,640

Shenzhen

Kangtai

Biological

Products

Co

Ltd

16

2,900

Shenzhen

Kedali

Industry

Co

Ltd

53

7,400

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

41

5,700

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

236

8,800

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

71

117,600

Shenzhen

Overseas

Chinese

Town

Co

Ltd

71

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

26

4,600

Shenzhen

SC

New

Energy

Technology

Corp

71

CREF

Global

Equities

Account

June

30,

2023

172

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,300

Shenzhen

SED

Industry

Co

Ltd

$

74

15,882

Shenzhen

Senior

Technology

Material

Co

Ltd

38

500

Shenzhen

Sunlord

Electronics

Co

Ltd

2

11,642

Shenzhen

Transsion

Holdings

Co

Ltd

236

6,900

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

23

174,900

Shenzhou

International

Group

Holdings

Ltd

1,680

8,380

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

30

144,500

†

Shimao

Property

Holdings

Ltd

20

24,300

Shuangliang

Eco-Energy

Systems

Co

Ltd

47

23,700

Sichuan

Chuantou

Energy

Co

Ltd

49

110,500

Sichuan

Hebang

Biotechnology

Co

Ltd

37

353,500

Sichuan

Kelun

Pharmaceutical

Co

Ltd

1,446

18,700

*

Sichuan

New

Energy

Power

Co

Ltd

37

107,100

Sichuan

Road

&

Bridge

Co

Ltd

145

4,800

Sichuan

Swellfun

Co

Ltd

39

7,600

Sichuan

Yahua

Industrial

Group

Co

Ltd

19

11,000

Sieyuan

Electric

Co

Ltd

71

612,600

Silergy

Corp

7,631

56,800

Sinoma

International

Engineering

Co

100

21,400

Sinoma

Science

&

Technology

Co

Ltd

61

9,668

Sinomine

Resource

Group

Co

Ltd

68

232,100

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

100

510,800

Sinopharm

Group

Co

1,599

6,860

Skshu

Paint

Co

Ltd

62

382,000

e,g

Smoore

International

Holdings

Ltd

390

31,400

Songcheng

Performance

Development

Co

Ltd

54

28,262

SooChow

Securities

Co

Ltd

27

29,700

Southwest

Securities

Co

Ltd

15

4,500

*

Spring

Airlines

Co

Ltd

36

1,900

StarPower

Semiconductor

Ltd

56

19,300

Sungrow

Power

Supply

Co

Ltd

311

54,900

Sunny

Optical

Technology

Group

Co

Ltd

550

8,250

Sunresin

New

Materials

Co

Ltd

71

14,500

Sunwoda

Electronic

Co

Ltd

33

26,300

*

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

94

2,624

Suzhou

Maxwell

Technologies

Co

Ltd

61

6,760

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

33

98,500

*,e

TAL

Education

Group

(ADR)

587

21,400

Tangshan

Jidong

Cement

Co

Ltd

22

58,200

*

TBEA

Co

Ltd

179

287,710

TCL

Technology

Group

Corp

156

2,792,000

Tencent

Holdings

Ltd

118,384

55,700

*

Tencent

Music

Entertainment

(ADR)

411

5,100

Thunder

Software

Technology

Co

Ltd

68

7,100

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

30

51,875

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

237

19,200

Tianma

Microelectronics

Co

Ltd

24

19,100

Tianqi

Lithium

Corp

185

40,400

Tianshan

Aluminum

Group

Co

Ltd

33

62,900

Tianshui

Huatian

Technology

Co

Ltd

80

10,400

*

Tibet

Summit

Resources

Co

Ltd

26

462,000

Tingyi

Cayman

Islands

Holding

Corp

719

26,000

Titan

Wind

Energy

Suzhou

Co

Ltd

55

13,027

Toly

Bread

Co

Ltd

18

95,200

*

Tongcheng-Elong

Holdings

Ltd

200

23,100

TongFu

Microelectronics

Co

Ltd

72

18,100

Tongkun

Group

Co

Ltd

33

163,800

Tongling

Nonferrous

Metals

Group

Co

Ltd

65

57,100

Tongwei

Co

Ltd

270

1,500

*

Topchoice

Medical

Corp

20

456,000

g

Topsports

International

Holdings

Ltd

397

88,000

Travelsky

Technology

Ltd

150

173

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,449

Trina

Solar

Co

Ltd

$

161

117,050

*

Trip.com

Group

Ltd

4,086

80,284

*

Trip.com

Group

Ltd

(ADR)

2,810

140,000

Tsingtao

Brewery

Co

Ltd

1,278

9,800

Tsingtao

Brewery

Co

Ltd

(Class

A)

140

10,399

Unigroup

Guoxin

Microelectronics

Co

Ltd

134

334,000

Uni-President

China

Holdings

Ltd

282

44,400

Unisplendour

Corp

Ltd

195

17,200

Universal

Scientific

Industrial

Shanghai

Co

Ltd

36

8,317

*

Verisilicon

Microelectronics

Shanghai

Co

Ltd

83

172,646

*

Vipshop

Holdings

Ltd

(ADR)

2,849

5,800

Walvax

Biotechnology

Co

Ltd

21

38,100

*

Wanda

Film

Holding

Co

Ltd

66

42,800

Wanhua

Chemical

Group

Co

Ltd

518

1,051,000

Want

Want

China

Holdings

Ltd

699

255,684

Weibo

Corp

(ADR)

3,352

448,000

Weichai

Power

Co

Ltd

659

33,600

Weichai

Power

Co

Ltd

(Class

A)

58

9,680

Weihai

Guangwei

Composites

Co

Ltd

41

88,375

Wens

Foodstuffs

Group

Co

Ltd

224

26,400

Western

Securities

Co

Ltd

23

7,014

Western

Superconducting

Technologies

Co

Ltd

54

15,090

Will

Semiconductor

Ltd

204

16,900

Wingtech

Technology

Co

Ltd

114

726,000

Winteam

Pharmaceutical

Group

Ltd

339

442,700

*

Wintime

Energy

Group

Co

Ltd

87

103,100

Wuchan

Zhongda

Group

Co

Ltd

70

29,118

Wuhan

Guide

Infrared

Co

Ltd

31

38,200

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

184

49,735

Wuliangye

Yibin

Co

Ltd

1,123

30,050

WUS

Printed

Circuit

Kunshan

Co

Ltd

87

156,336

WuXi

AppTec

Co

Ltd

-

A

1,344

28,185

g

WuXi

AppTec

Co

Ltd

-

H

226

1,703

*

Wuxi

Autowell

Technology

Co

Ltd

44

962,000

*,g

Wuxi

Biologics

Cayman,

Inc

4,623

4,320

*

Wuxi

Shangji

Automation

Co

Ltd

44

181,400

XCMG

Construction

Machinery

Co

Ltd

169

48,700

Xiamen

C

&

D,

Inc

73

2,400

Xiamen

Faratronic

Co

Ltd

45

17,300

Xiamen

Tungsten

Co

Ltd

45

1,178,000

*,g

Xiaomi

Corp

1,620

20,892

Xinjiang

Daqo

New

Energy

Co

Ltd

117

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

79

53,900

Xinjiang

Zhongtai

Chemical

Co

Ltd

48

1,016,863

Xinyi

Solar

Holdings

Ltd

1,181

218,600

*,e

XPeng,

Inc

1,452

307,000

e

XTEP

International

Holdings

314

270,000

g

Yadea

Group

Holdings

Ltd

616

6,300

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

35

50,000

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

173

352,000

e

Yanzhou

Coal

Mining

Co

Ltd

1,011

42,100

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

174

14,210

Yealink

Network

Technology

Corp

Ltd

69

12,574

Yifeng

Pharmacy

Chain

Co

Ltd

64

117,000

Yihai

International

Holding

Ltd

252

13,800

Yihai

Kerry

Arawana

Holdings

Co

Ltd

76

36,820

Yintai

Gold

Co

Ltd

60

50,600

Yonghui

Superstores

Co

Ltd

22

6,890

YongXing

Special

Materials

Technology

Co

Ltd

60

17,959

Yonyou

Network

Technology

Co

Ltd

51

2,200

Youngy

Co

Ltd

20

16,800

YTO

Express

Group

Co

Ltd

34

CREF

Global

Equities

Account

June

30,

2023

174

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

25,700

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

$

54

459,360

Yuexiu

Property

Co

Ltd

535

310,338

Yum

China

Holdings,

Inc

17,534

17,180

Yunda

Holding

Co

Ltd

23

48,400

Yunnan

Aluminium

Co

Ltd

85

8,900

Yunnan

Baiyao

Group

Co

Ltd

64

3,200

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

39

10,100

Yunnan

Energy

New

Material

Co

Ltd

134

23,500

Yunnan

Tin

Co

Ltd

50

28,800

Yunnan

Yuntianhua

Co

Ltd

68

201,500

*

Zai

Lab

Ltd

554

22,800

Zangge

Mining

Co

Ltd

71

2,800

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

111

301,000

Zhaojin

Mining

Industry

Co

Ltd

380

20,000

Zhefu

Holding

Group

Co

Ltd

11

113,120

*

Zhejiang

Century

Huatong

Group

Co

Ltd

118

44,100

Zhejiang

China

Commodities

City

Group

Co

Ltd

52

27,500

Zhejiang

Chint

Electrics

Co

Ltd

105

57,600

Zhejiang

Dahua

Technology

Co

Ltd

157

6,060

*

Zhejiang

Dingli

Machinery

Co

Ltd

47

126,000

e

Zhejiang

Expressway

Co

Ltd

96

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

24

18,203

Zhejiang

Huayou

Cobalt

Co

Ltd

115

17,700

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

173

5,000

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

19

39,200

*

Zhejiang

Juhua

Co

Ltd

74

58,400

*

Zhejiang

Longsheng

Group

Co

Ltd

75

16,304

Zhejiang

NHU

Co

Ltd

35

9,300

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

39

39,173

Zhejiang

Satellite

Petrochemical

Co

Ltd

81

9,414

Zhejiang

Supcon

Technology

Co

Ltd

82

7,900

Zhejiang

Supor

Co

Ltd

54

18,590

Zhejiang

Weiming

Environment

Protection

Co

Ltd

45

24,100

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

68

2,400

*

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

11

237,500

*

Zhejiang

Zheneng

Electric

Power

Co

Ltd

166

18,500

Zheshang

Securities

Co

Ltd

25

58,500

*,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

160

12,800

Zhongji

Innolight

Co

Ltd

260

97,600

Zhongjin

Gold

Corp

Ltd

139

158,500

Zhongsheng

Group

Holdings

Ltd

608

67,400

Zhongtai

Securities

Co

Ltd

64

9,447

Zhuzhou

CRRC

Times

Electric

Co

Ltd

55

127,100

Zhuzhou

CSR

Times

Electric

Co

Ltd

475

29,900

*

Zhuzhou

Kibing

Group

Co

Ltd

36

31,900

*

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

28

1,200,000

Zijin

Mining

Group

Co

Ltd

1,777

287,400

Zijin

Mining

Group

Co

Ltd

(Class

A)

452

91,600

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

85

61,100

ZTE

Corp

384

62,200

ZTE

Corp

(Class

H)

250

32,946

ZTO

Express

Cayman,

Inc

(ADR)

826

TOTAL

CHINA

622,306

COLOMBIA

-

0.0%

20,180

BanColombia

S.A.

150

37,411

BanColombia

S.A.

(Preference)

251

105,813

Interconexion

Electrica

S.A.

428

TOTAL

COLOMBIA

829

CZECH

REPUBLIC

-

0.0%

36,008

CEZ

AS

1,487

175

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,403

Komercni

Banka

AS

$

165

19,141

g

Moneta

Money

Bank

AS

70

TOTAL

CZECH

REPUBLIC

1,722

DENMARK

-

0.6%

109,774

Carlsberg

AS

(Class

B)

17,578

682,821

Novo

Nordisk

AS

110,303

10,000

Novo

Nordisk

AS

(ADR)

1,618

74,371

Orsted

AS

7,050

178,252

*

Zealand

Pharma

AS

6,399

TOTAL

DENMARK

142,948

EGYPT

-

0.0%

203,182

Commercial

International

Bank

337

262,967

Eastern

Tobacco

181

214,951

*

Egyptian

Financial

Group-Hermes

Holding

132

TOTAL

EGYPT

650

FINLAND

-

0.2%

783,456

Nordea

Bank

Abp

8,534

1,488,997

Nordea

Bank

Abp

16,219

391,497

Sampo

Oyj

(A

Shares)

17,583

TOTAL

FINLAND

42,336

FRANCE

-

2.8%

334,338

Accor

S.A.

12,441

137,978

Air

Liquide

24,744

949,926

Airbus

SE

137,342

677,999

BNP

Paribas

S.A.

42,786

252,251

Cap

Gemini

S.A.

47,762

436,441

Cie

Generale

des

Etablissements

Michelin

S.C.A

12,911

539,242

Compagnie

de

Saint-Gobain

32,833

280,569

Danone

17,194

1,127,337

Engie

S.A.

18,773

215,272

Essilor

International

S.A.

40,594

12,196

*,e

Euroapi

S.A.

140

8,166

e

Gecina

S.A.

871

10,988

e

Icade

459

122,002

Kering

67,369

165,451

L'Oreal

S.A.

77,179

88,067

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

83,039

347,842

Orange

S.

A.

4,065

9,092

Pernod-Ricard

S.A.

2,009

204,213

Teleperformance

34,258

268,923

Total

S.A.

15,437

116,614

Veolia

Environnement

3,692

1,610,146

Vivendi

Universal

S.A.

14,782

TOTAL

FRANCE

690,680

GERMANY

-

2.4%

47,872

Allianz

AG.

11,151

612,692

Aroundtown

S.A.

707

150,672

BASF

SE

7,320

1,675,456

Bayer

AG.

92,745

302,931

Beiersdorf

AG.

40,115

684,725

*

Borussia

Dortmund

GmbH

&

Co

KGaA

3,262

307,259

Brenntag

AG.

23,972

41,149

g

Covestro

AG.

2,141

145,107

Deutsche

Annington

Immobilien

SE

2,834

105,213

Deutsche

Boerse

AG.

19,424

668,799

Deutsche

Telekom

AG.

14,592

327,108

Dr

ING

hc

F

Porsche

AG.

40,636

CREF

Global

Equities

Account

June

30,

2023

176

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

963,210

E.ON

AG.

$

12,304

583,808

HeidelbergCement

AG.

48,012

382,531

*

HelloFresh

SE

9,461

37,979

Henkel

KGaA

2,673

1,664,590

Infineon

Technologies

AG.

68,551

14,292

LEG

Immobilien

AG.

825

1,014

OSRAM

Licht

AG.

53

72,133

*

Paion

AG.

475

1,795,101

RWE

AG.

78,224

678,839

Siemens

AG.

113,163

49,315

g

Siemens

Healthineers

AG.

2,795

TOTAL

GERMANY

595,435

GREECE

-

0.0%

739,416

*

Alpha

Bank

AE

1,211

195,334

*

Eurobank

Ergasias

S.A.

322

5,760

*,†

FF

Group

0

^

38,231

Hellenic

Telecommunications

Organization

S.A.

655

25,855

JUMBO

S.A.

711

16,198

Motor

Oil

Hellas

Corinth

Refineries

S.A.

410

22,624

Mytilineos

Holdings

S.A.

799

42,210

*

National

Bank

of

Greece

S.A.

274

37,850

OPAP

S.A.

660

730,000

*

Piraeus

Financial

Holdings

S.A.

2,397

42,658

*

Public

Power

Corp

486

10,568

Terna

Energy

S.A.

233

TOTAL

GREECE

8,158

HONG

KONG

-

0.3%

2,486,100

AIA

Group

Ltd

25,250

127,800

Bank

of

East

Asia

Ltd

177

217,000

*,e

Cathay

Pacific

Airways

Ltd

222

105,730

CK

Infrastructure

Holdings

Ltd

561

327,500

CLP

Holdings

Ltd

2,551

815,000

Hang

Lung

Properties

Ltd

1,261

167,900

Hang

Seng

Bank

Ltd

2,394

304,000

Henderson

Land

Development

Co

Ltd

905

2,078,806

Hong

Kong

&

China

Gas

Ltd

1,800

242,712

Hong

Kong

Electric

Holdings

Ltd

1,274

259,682

Hong

Kong

Exchanges

and

Clearing

Ltd

9,839

510,400

Hongkong

Land

Holdings

Ltd

1,996

219,500

Kingboard

Laminates

Holdings

Ltd

207

368,339

Link

REIT

2,051

596,652

*

Melco

Crown

Entertainment

Ltd

(ADR)

7,285

355,000

New

World

Development

Co

Ltd

877

410,000

Nine

Dragons

Paper

Holdings

Ltd

253

31,000

Orient

Overseas

International

Ltd

417

595,733

Prudential

plc

8,414

814,250

Sino

Biopharmaceutical

356

309,000

Sun

Hung

Kai

Properties

Ltd

3,904

88,000

Vinda

International

Holdings

Ltd

219

252,000

Wharf

Real

Estate

Investment

Co

Ltd

1,264

26,371

e

Yuexiu

Real

Estate

Investment

Trust

6

TOTAL

HONG

KONG

73,483

HUNGARY

-

0.0%

109,284

MOL

Hungarian

Oil

&

Gas

plc

957

16,878

OTP

Bank

600

34,470

Richter

Gedeon

Rt

851

TOTAL

HUNGARY

2,408

177

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

INDIA

-

0.9%

11,884

ABB

Ltd

India

$

642

36,883

Adani

Enterprises

Ltd

1,077

66,333

*

Adani

Green

Energy

Ltd

765

111,698

Adani

Ports

&

Special

Economic

Zone

Ltd

1,009

159,616

*

Adani

Power

Ltd

488

128,602

*

Ambuja

Cements

Ltd

670

23,431

Apollo

Hospitals

Enterprise

Ltd

1,458

81,735

Asian

Paints

Ltd

3,356

13,076

*

Associated

Cement

Co

Ltd

290

36,282

g

AU

Small

Finance

Bank

Ltd

334

21,109

Aurobindo

Pharma

Ltd

187

33,787

*,g

Avenue

Supermarts

Ltd

1,606

732,226

Axis

Bank

Ltd

8,835

5,765

Bajaj

Auto

Ltd

493

58,749

Bajaj

Finance

Ltd

5,146

28,703

Bajaj

Finserv

Ltd

536

15,334

Bajaj

Holdings

and

Investment

Ltd

879

15,888

Balkrishna

Industries

Ltd

460

54,636

*,g

Bandhan

Bank

Ltd

162

241,087

Bank

of

Baroda

561

48,440

Berger

Paints

India

Ltd

401

819,367

Bharat

Electronics

Ltd

1,258

51,626

Bharat

Forge

Ltd

528

175,873

Bharat

Petroleum

Corp

Ltd

783

478,081

Bharti

Airtel

Ltd

5,128

23,710

Britannia

Industries

Ltd

1,454

31,798

Cholamandalam

Investment

and

Finance

Co

Ltd

444

40,011

Cipla

Ltd

496

388,624

Coal

India

Ltd

1,096

25,489

Colgate-Palmolive

India

Ltd

525

56,947

Container

Corp

Of

India

Ltd

460

48,140

Crompton

Greaves

Ltd

223

130,348

Dabur

India

Ltd

912

9,086

Divi

S

Laboratories

Ltd

398

140,502

DLF

Ltd

842

35,250

Dr

Reddy's

Laboratories

Ltd

2,220

29,041

Eicher

Motors

Ltd

1,270

530,722

GAIL

India

Ltd

681

87,274

*

Godrej

Consumer

Products

Ltd

1,152

26,691

*

Godrej

Properties

Ltd

512

54,160

Grasim

Industries

Ltd

1,147

52,163

Havells

India

Ltd

817

73,258

HCL

Technologies

Ltd

1,065

203,651

g

HDFC

Life

Insurance

Co

Ltd

1,618

23,493

Hero

Honda

Motors

Ltd

835

257,016

Hindalco

Industries

Ltd

1,325

19,598

Hindustan

Aeronautics

Ltd

908

174,849

Hindustan

Lever

Ltd

5,717

134,883

Hindustan

Petroleum

Corp

Ltd

451

374,721

Housing

Development

Finance

Corp

12,928

1,159,261

ICICI

Bank

Ltd

13,272

49,058

g

ICICI

Lombard

General

Insurance

Co

Ltd

805

68,379

*,g

ICICI

Prudential

Life

Insurance

Co

Ltd

478

187,341

Indian

Hotels

Co

Ltd

898

712,359

Indian

Oil

Corp

Ltd

794

49,030

Indian

Railway

Catering

&

Tourism

Corp

Ltd

380

74,034

Indraprastha

Gas

Ltd

428

14,288

Info

Edge

India

Ltd

783

254,132

Infosys

Technologies

Ltd

4,139

27,995

*,g

InterGlobe

Aviation

Ltd

898

652,499

ITC

Ltd

3,598

CREF

Global

Equities

Account

June

30,

2023

178

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

75,819

Jindal

Steel

&

Power

Ltd

$

539

128,228

JSW

Steel

Ltd

1,230

78,892

Jubilant

Foodworks

Ltd

483

239,111

Kotak

Mahindra

Bank

Ltd

5,393

292,553

g

Larsen

&

Toubro

Infotech

Ltd

18,609

148,392

Larsen

&

Toubro

Ltd

4,487

16,213

Lupin

Ltd

179

198,710

Mahindra

&

Mahindra

Ltd

3,531

109,797

Marico

Ltd

712

28,930

Maruti

Suzuki

India

Ltd

3,460

165,624

*

Max

Healthcare

Institute

Ltd

1,212

500,598

Motherson

Sumi

Systems

Ltd

525

15,463

Mphasis

Ltd

359

406

MRF

Ltd

502

8,347

Muthoot

Finance

Ltd

126

7,363

Nestle

India

Ltd

2,058

963,205

NTPC

Ltd

2,225

1,254

Page

Industries

Ltd

577

202,160

Petronet

LNG

Ltd

550

16,697

PI

Industries

Ltd

799

32,351

Pidilite

Industries

Ltd

1,026

214,000

*

Piramal

Pharma

Ltd

241

769,915

Power

Grid

Corp

of

India

Ltd

2,400

646,447

Reliance

Industries

Ltd

20,150

22,113

SBI

Cards

&

Payment

Services

Ltd

229

94,755

g

SBI

Life

Insurance

Co

Ltd

1,512

185,897

Sesa

Sterlite

Ltd

633

1,894

Shree

Cement

Ltd

552

16,895

Shriram

Transport

Finance

Co

Ltd

358

20,049

Siemens

India

Ltd

922

85,461

g

Sona

Blw

Precision

Forgings

Ltd

539

30,914

SRF

Ltd

865

137,262

State

Bank

of

India

961

278,574

Sun

Pharmaceutical

Industries

Ltd

3,574

70,261

Tata

Consultancy

Services

Ltd

2,839

7,130

Tata

Elxsi

Ltd

662

354,302

*

Tata

Motors

Ltd

2,582

303,531

Tata

Power

Co

Ltd

823

1,541,474

*

Tata

Steel

Ltd

2,112

115,661

Tata

Tea

Ltd

1,216

41,192

Tech

Mahindra

Ltd

570

75,036

Titan

Industries

Ltd

2,794

22,397

Torrent

Pharmaceuticals

Ltd

521

37,766

Trent

Ltd

814

22,286

Tube

Investments

of

India

Ltd

864

51,696

TVS

Motor

Co

Ltd

838

24,761

Ultra

Tech

Cement

Ltd

2,507

60,215

*

United

Spirits

Ltd

671

104,480

UPL

Ltd

877

101,072

Varun

Beverages

Ltd

991

102,938

Wipro

Ltd

490

1,005,016

*

Yes

Bank

Ltd

199

890,493

*

Zomato

Ltd

817

TOTAL

INDIA

207,726

INDONESIA

-

0.2%

3,658,200

Adaro

Energy

Tbk

544

4,411,500

Astra

International

Tbk

PT

2,001

12,049,100

Bank

Central

Asia

Tbk

PT

7,390

77,801,093

Bank

Rakyat

Indonesia

28,404

174,512,500

*

GoTo

Gojek

Tokopedia

Tbk

PT

1,288

508,100

Indofood

CBP

Sukses

Makmur

Tbk

384

179

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,506,100

Kalbe

Farma

Tbk

PT

$

617

2,319,288

*

Merdeka

Copper

Gold

Tbk

PT

475

1,506,700

PT

Aneka

Tambang

Tbk

197

2,894,694

PT

Bank

Mandiri

Persero

Tbk

1,007

6,913,200

PT

Bank

Negara

Indonesia

4,242

5,738,597

PT

Barito

Pacific

Tbk

286

1,516,900

*

PT

Charoen

Pokphand

Indonesia

Tbk

533

506,200

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

288

937,800

PT

Indofood

Sukses

Makmur

Tbk

460

692,233

PT

Semen

Gresik

Persero

Tbk

282

3,661,800

PT

Sumber

Alfaria

Trijaya

Tbk

631

1,625,800

PT

Unilever

Indonesia

Tbk

463

351,100

PT

United

Tractors

Tbk

544

480,300

PT

Vale

Indonesia

Tbk

203

3,966,600

Sarana

Menara

Nusantara

Tbk

PT

281

10,621,200

Telkom

Indonesia

Persero

Tbk

PT

2,841

TOTAL

INDONESIA

53,361

IRELAND

-

0.6%

3,625,738

AIB

Group

plc

15,259

1,945,851

Bank

of

Ireland

Group

plc

18,578

1,404,677

CRH

plc

77,492

14,941

Kerry

Group

plc

(Class

A)

1,458

428,877

Keywords

Studios

plc

9,859

51,222

*

Prothena

Corp

plc

3,498

493,757

Smurfit

Kappa

Group

plc

16,479

TOTAL

IRELAND

142,623

ISRAEL

-

0.0%

249,295

Bank

Hapoalim

Ltd

2,056

318,977

Bank

Leumi

Le-Israel

2,390

255,553

Israel

Discount

Bank

Ltd

1,277

30,781

Mizrahi

Tefahot

Bank

Ltd

1,029

TOTAL

ISRAEL

6,752

ITALY

-

0.9%

421,320

e

Amplifon

S.p.A.

15,454

3,474,942

Davide

Campari-Milano

NV

48,160

9,004,841

Enel

S.p.A.

60,714

129,794

Ferrari

NV

42,436

635,341

Moncler

S.p.A

43,958

1,854,781

Prada

S.p.A

12,479

TOTAL

ITALY

223,201

JAPAN

-

5.8%

87,600

Acom

Co

Ltd

213

353

Activia

Properties

Inc

987

276,700

Advantest

Corp

37,267

300

Aeon

Mall

Co

Ltd

4

323,500

Aisin

Seiki

Co

Ltd

9,990

10,008

*

All

Nippon

Airways

Co

Ltd

238

26,000

e

Aozora

Bank

Ltd

483

198,000

Asahi

Intecc

Co

Ltd

3,898

214,079

Asahi

Kasei

Corp

1,450

357,300

Astellas

Pharma,

Inc

5,321

7,000

Bank

of

Kyoto

Ltd

350

460,000

BayCurrent

Consulting,

Inc

17,297

67,337

Central

Japan

Railway

Co

8,437

116,400

Chiba

Bank

Ltd

706

149,800

Chubu

Electric

Power

Co,

Inc

1,827

225,700

Concordia

Financial

Group

Ltd

882

216,000

Daifuku

Co

Ltd

4,449

CREF

Global

Equities

Account

June

30,

2023

180

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

236,800

Dai-ichi

Mutual

Life

Insurance

Co

$

4,504

2,584,891

Daiichi

Sankyo

Co

Ltd

82,133

95,531

Daikin

Industries

Ltd

19,575

7,600

Daito

Trust

Construction

Co

Ltd

770

348

Daiwa

House

REIT

Investment

Corp

667

317,200

*

Daiwa

Securities

Group,

Inc

1,635

140,686

East

Japan

Railway

Co

7,802

122,600

Eisai

Co

Ltd

8,309

515,200

ENEOS

Holdings,

Inc

1,771

20,000

Fast

Retailing

Co

Ltd

5,130

37,800

Fukuoka

Financial

Group,

Inc

781

178,499

GMO

Payment

Gateway,

Inc

14,001

258,500

*

Hitachi

Construction

Machinery

Co

Ltd

7,268

1,579,464

*

Hitachi

Ltd

98,206

167,900

e

Hulic

Co

Ltd

1,439

812

e

Hulic

Reit,

Inc

908

36,137

Idemitsu

Kosan

Co

Ltd

725

4,143,800

Infomart

Corp

9,531

158,674

Inpex

Holdings,

Inc

1,743

8

Invincible

Investment

Corp

3

371,700

Japan

Elevator

Service

Holdings

Co

Ltd

4,890

88,800

e

Japan

Post

Bank

Co

Ltd

692

345,900

Japan

Post

Holdings

Co

Ltd

2,486

49,400

Japan

Post

Insurance

Co

Ltd

742

4

Japan

Retail

Fund

Investment

Corp

3

203,040

e

Japan

Tobacco,

Inc

4,448

443,900

JGC

Corp

5,772

33,173

JSR

Corp

953

141,500

Kansai

Electric

Power

Co,

Inc

1,775

99,100

e

Kao

Corp

3,596

315,700

KDDI

Corp

9,750

142

Kenedix

Realty

Investment

Corp

342

203,700

Mebuki

Financial

Group

Inc

483

175,800

Mitsubishi

Corp

8,499

763,600

Mitsubishi

Electric

Corp

10,795

396,573

Mitsubishi

Estate

Co

Ltd

4,711

8,366,000

Mitsubishi

UFJ

Financial

Group,

Inc

61,666

88,400

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

525

1,041,700

Mitsui

&

Co

Ltd

39,426

8,350

Mitsui

Fudosan

Co

Ltd

166

1,306

Mitsui

Fudosan

Logistics

Park,

Inc

4,536

529,600

Mizuho

Financial

Group,

Inc

8,095

1,250,450

MonotaRO

Co

Ltd

15,969

308

Mori

Hills

REIT

Investment

Corp

315

97,700

MS&AD

Insurance

Group

Holdings

Inc

3,460

269,500

Murata

Manufacturing

Co

Ltd

15,480

1,120,900

Nikon

Corp

14,553

3,330,700

Nintendo

Co

Ltd

151,841

134,200

Nippon

Paint

Co

Ltd

1,111

6,162,500

Nippon

Telegraph

&

Telephone

Corp

7,292

690,400

*

Nomura

Holdings,

Inc

2,632

836

Nomura

Real

Estate

Master

Fund,

Inc

964

136,395

OJI

Paper

Co

Ltd

510

129,611

Omron

Corp

7,958

536,000

Oriental

Land

Co

Ltd

20,896

288,300

ORIX

Corp

5,258

565

Orix

JREIT,

Inc

696

111,900

Osaka

Securities

Exchange

Co

Ltd

1,958

198,700

Otsuka

Holdings

KK

7,289

167,200

Paltac

Corp

5,559

441,500

Panasonic

Corp

5,414

1,757,100

Recruit

Holdings

Co

Ltd

56,078

181

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,491,600

*

Renesas

Electronics

Corp

$

47,022

459,200

Resona

Holdings,

Inc

2,199

51,800

SBI

Holdings,

Inc

999

149,600

Sekisui

House

Ltd

3,022

100,500

Seven

&

I

Holdings

Co

Ltd

4,342

129,500

Seven

Bank

Ltd

254

263,698

*

SHIFT,

Inc

48,338

249,800

Shin-Etsu

Chemical

Co

Ltd

8,348

34,100

*,e

Shinsei

Bank

Ltd

666

21,500

Shiseido

Co

Ltd

975

91,500

Shizuoka

Financial

Group,

Inc

661

322,500

SMS

Co

Ltd

6,486

73,700

Sompo

Holdings,

Inc

3,307

1,972,565

Sony

Corp

178,064

3,568

Star

Asia

Investment

Corp

1,469

88,501

e

Sumitomo

Heavy

Industries

Ltd

2,120

1,698,501

Sumitomo

Mitsui

Financial

Group,

Inc

72,797

74,200

Sumitomo

Mitsui

Trust

Holdings,

Inc

2,632

20

Sumitomo

Realty

&

Development

Co

Ltd

1

118,000

T&D

Holdings,

Inc

1,731

20,082

Taiyo

Nippon

Sanso

Corp

436

426,400

Takeda

Pharmaceutical

Co

Ltd

13,399

644,897

TechnoPro

Holdings,

Inc

14,029

415,600

Tokio

Marine

Holdings,

Inc

9,581

9,400

Tokyo

Century

Corp

339

297,600

*

Tokyo

Electric

Power

Co,

Inc

1,092

126,900

Tokyo

Electron

Ltd

18,277

157,100

Tokyo

Gas

Co

Ltd

3,428

272,600

Tokyo

Tatemono

Co

Ltd

3,510

245,001

Toray

Industries,

Inc

1,366

6,982,710

*

Toyota

Motor

Corp

112,227

518

United

Urban

Investment

Corp

523

TOTAL

JAPAN

1,423,924

KOREA,

REPUBLIC

OF

-

1.5%

5,871

Amorepacific

Corp

437

1,677

BGF

retail

Co

Ltd

223

8,209

Celltrion

Healthcare

Co

Ltd

411

1,253

*

Celltrion

Pharm

Inc

73

23,129

Celltrion,

Inc

2,700

1,585

CJ

CheilJedang

Corp

325

3,427

CJ

Corp

178

5,052

*

CosmoAM&T

Co

Ltd

722

9,570

Coway

Co

Ltd

320

13,314

Daewoo

International

Corp

405

10,263

Dongbu

Insurance

Co

Ltd

583

10,697

Doosan

Bobcat,

Inc

478

96,380

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

1,332

10,479

e

Ecopro

BM

Co

Ltd

1,993

3,731

E-Mart

Co

Ltd

218

3,465

F&F

Co

Ltd

316

9,773

GS

Holdings

Corp

272

22,736

Hana

Financial

Group,

Inc

679

14,935

Hankook

Tire

Co

Ltd

392

534

Hanmi

Pharm

Co

Ltd

126

29,967

Hanon

Systems

209

22,152

*

Hanwha

Chemical

Corp

714

23,185

*

HLB,

Inc

576

4,557

Honam

Petrochemical

Corp

536

6,853

Hotel

Shilla

Co

Ltd

384

3,975

*

HYBE

Co

Ltd

857

182,160

Hynix

Semiconductor,

Inc

16,005

CREF

Global

Equities

Account

June

30,

2023

182

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

17,554

Hyundai

Engineering

&

Construction

Co

Ltd

$

510

3,709

Hyundai

Glovis

Co

Ltd

558

9,505

*

Hyundai

Heavy

Industries

845

4,699

*

Hyundai

Heavy

Industries

Co

Ltd

472

17,545

Hyundai

Merchant

Marine

Co

Ltd

252

1,844

*

Hyundai

Mipo

Dockyard

118

12,972

Hyundai

Mobis

2,297

29,296

Hyundai

Motor

Co

4,608

8,337

Hyundai

Motor

Co

Ltd

(2nd

Preference)

696

5,488

Hyundai

Motor

Co

Ltd

(Preference)

454

3,805

Hyundai

Robotics

Co

Ltd

174

17,046

Hyundai

Steel

Co

439

4,417

Iljin

Materials

Co

Ltd

163

19,499

Industrial

Bank

of

Korea

153

23,705

Kakao

Corp

890

6,401

*

Kakao

Games

Corp

161

12,558

KakaoBank

Corp

228

5,138

*

Kakaopay

Corp

185

14,644

Kangwon

Land,

Inc

194

165,755

KB

Financial

Group,

Inc

6,016

56,024

Kia

Motors

Corp

3,774

16,221

Korea

Aerospace

Industries

Ltd

659

20,528

Korea

Electric

Power

Corp

321

2,984

Korea

Investment

Holdings

Co

Ltd

118

3,509

Korea

Kumho

Petrochemical

355

1,655

Korea

Zinc

Co

Ltd

615

39,260

Korean

Air

Lines

Co

Ltd

728

6,087

*,g

Krafton,

Inc

907

14,362

KT

Corp

325

22,441

KT&G

Corp

1,410

5,295

L&F

Co

Ltd

986

104,958

LG

Chem

Ltd

53,430

1,719

LG

Chem

Ltd

(Preference)

462

20,485

LG

Corp

1,374

18,688

LG

Display

Co

Ltd

225

8,187

LG

Electronics,

Inc

792

7,409

*

LG

Energy

Solution

3,124

1,929

LG

Household

&

Health

Care

Ltd

674

1,064

LG

Innotek

Co

Ltd

252

16,545

LG

Telecom

Ltd

135

22,157

Meritz

finance

Holdings

Co

Ltd

703

17,668

Mirae

Asset

Daewoo

Co

Ltd

97

10,032

Naver

Corp

1,404

1,093

NCsoft

246

1,443

g

Netmarble

Corp

54

5,213

Orion

Corp/Republic

of

Korea

475

21,188

Pan

Ocean

Co

Ltd

84

2,148

*

Pearl

Abyss

Corp

86

15,479

POSCO

4,581

6,667

POSCO

Refractories

&

Environment

Co

Ltd

1,799

5,188

*,g

Samsung

Biologics

Co

Ltd

2,937

17,206

Samsung

C&T

Corp

1,385

4,211

Samsung

Electro-Mechanics

Co

Ltd

465

3,578,572

Samsung

Electronics

Co

Ltd

197,048

63,017

Samsung

Electronics

Co

Ltd

(Preference)

2,860

35,362

*

Samsung

Engineering

Co

Ltd

763

6,700

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,169

136,900

*

Samsung

Heavy

Industries

Co

Ltd

697

16,822

Samsung

Life

Insurance

Co

Ltd

860

24,971

Samsung

SDI

Co

Ltd

12,751

2,806

Samsung

SDS

Co

Ltd

263

4,443

Samsung

Securities

Co

Ltd

122

183

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,897

Samsung

Techwin

Co

Ltd

$

281

98,696

Shinhan

Financial

Group

Co

Ltd

2,552

4,172

*

SK

Biopharmaceuticals

Co

Ltd

257

1,817

*

SK

Bioscience

Co

Ltd

110

9,073

SK

Holdings

Co

Ltd

1,029

5,158

*,g

SK

IE

Technology

Co

Ltd

382

11,963

*

SK

Innovation

Co

Ltd

1,450

20,572

*

SK

Square

Co

Ltd

695

3,779

SKC

Co

Ltd

282

10,853

S-Oil

Corp

551

41,798

Woori

Financial

Group,

Inc

375

11,333

Woori

Investment

&

Securities

Co

Ltd

82

3,960

Yuhan

Corp

182

TOTAL

KOREA,

REPUBLIC

OF

360,620

KUWAIT

-

0.0%

346,992

Agility

Public

Warehousing

Co

KSC

709

99,552

Boubyan

Bank

KSCP

208

145,866

Gulf

Bank

KSCP

126

629,240

Kuwait

Finance

House

1,534

142,576

Mabanee

Co

KPSC

393

472,793

Mobile

Telecommunications

Co

KSC

800

584,606

National

Bank

of

Kuwait

SAKP

1,783

TOTAL

KUWAIT

5,553

LUXEMBOURG

-

0.0%

11,120

Reinet

Investments

S.C.A

246

TOTAL

LUXEMBOURG

246

MACAU

-

0.0%

280,000

*

Galaxy

Entertainment

Group

Ltd

1,784

TOTAL

MACAU

1,784

MALAYSIA

-

0.1%

115,500

AMMB

Holdings

BHD

90

197,043

Axiata

Group

Bhd

112

486,279

Bumiputra-Commerce

Holdings

BHD

528

911,900

Dialog

Group

BHD

403

290,600

Digi.Com

BHD

256

434,900

Gamuda

BHD

410

420,400

Genting

BHD

366

545,100

Genting

Malaysia

BHD

288

42,600

Hong

Leong

Bank

BHD

173

6,300

Hong

Leong

Credit

BHD

24

153,900

IHH

Healthcare

BHD

194

489,500

Inari

Amertron

BHD

289

472,800

IOI

Corp

BHD

378

102,030

Kuala

Lumpur

Kepong

BHD

481

426,229

Malayan

Banking

BHD

789

148,460

Malaysia

Airports

Holdings

BHD

219

196,800

Maxis

BHD

173

384,000

MISC

BHD

590

468,150

g

MR

DIY

Group

M

Bhd

160

12,500

Nestle

Malaysia

BHD

351

587,200

Petronas

Chemicals

Group

BHD

756

82,000

Petronas

Dagangan

BHD

390

226,600

Petronas

Gas

BHD

811

117,780

PPB

Group

BHD

397

745,200

Press

Metal

BHD

752

1,086,100

Public

Bank

BHD

897

184,450

QL

Resources

BHD

212

116,039

RHB

Capital

BHD

135

CREF

Global

Equities

Account

June

30,

2023

184

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

513,600

Sime

Darby

BHD

$

226

414,100

Sime

Darby

Plantation

BHD

369

87,641

Telekom

Malaysia

BHD

92

583,600

Tenaga

Nasional

BHD

1,132

368,400

Top

Glove

Corp

BHD

64

TOTAL

MALAYSIA

12,507

MEXICO

-

0.4%

585,400

Alfa

S.A.

de

C.V.

(Class

A)

364

6,711,900

America

Movil

SAB

de

C.V.

7,293

165,000

g

Banco

del

Bajio

S.A.

502

3,224,394

*

Cemex

S.A.

de

C.V.

2,279

119,345

Coca-Cola

Femsa

SAB

de

C.V.

998

115,900

Embotelladoras

Arca

SAB

de

C.V.

1,191

618,600

Fibra

Uno

Administracion

S.A.

de

C.V.

904

415,100

e

Fomento

Economico

Mexicano

S.A.

de

C.V.

4,596

372,372

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

41,274

38,580

e

Gruma

SAB

de

C.V.

619

80,800

e

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

1,450

40,070

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

1,117

282,600

e

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

1,513

131,500

e

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

955

1,009,300

Grupo

Financiero

Banorte

S.A.

de

C.V.

8,327

160,927

*,e

Grupo

Financiero

Inbursa

S.A.

382

655,000

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

3,154

464,000

e

Grupo

Televisa

S.A.

477

41,795

*,e

Industrias

Penoles

S.A.

de

C.V.

587

330,400

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

735

228,500

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

218

193,600

Orbia

Advance

Corp

SAB

de

C.V.

417

38,565

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

386

19,380

Southern

Copper

Corp

1,390

1,115,100

e

Wal-Mart

de

Mexico

SAB

de

C.V.

4,412

TOTAL

MEXICO

85,540

NETHERLANDS

-

2.4%

55,179

*,g

Adyen

NV

95,552

5,138

*

Argenx

SE

1,993

18,995

*

Argenx

SE

7,408

197,166

ASML

Holding

NV

143,010

122,379

g

Euronext

NV

8,324

252,451

Heineken

NV

25,961

8,647,562

ING

Groep

NV

116,583

250,360

Koninklijke

Ahold

Delhaize

NV

8,535

613,597

Koninklijke

KPN

NV

2,190

5,631,186

Shell

plc

167,988

721,644

Universal

Music

Group

NV

16,031

TOTAL

NETHERLANDS

593,575

NORWAY

-

0.5%

676,678

Aker

BP

ASA

15,876

3,357,849

Equinor

ASA

97,776

193,752

Gjensidige

Forsikring

BA

3,104

1,603,646

Norsk

Hydro

ASA

9,560

TOTAL

NORWAY

126,316

PERU

-

0.0%

43,400

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

319

15,500

Credicorp

Ltd

2,288

TOTAL

PERU

2,607

185

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

PHILIPPINES

-

0.1%

373,940

Aboitiz

Equity

Ventures,

Inc

$

369

651,550

*

AC

Energy

Corp

64

22,540

Ayala

Corp

256

1,433,270

Ayala

Land,

Inc

634

151,514

Bank

of

the

Philippine

Islands

299

606,070

BDO

Unibank,

Inc

1,518

217,930

International

Container

Term

Services,

Inc

805

532,355

JG

Summit

Holdings

(Series

B)

430

87,700

Jollibee

Foods

Corp

381

66,700

Manila

Electric

Co

405

133,823

Metropolitan

Bank

&

Trust

135

5,805

PLDT,

Inc

138

5,826,950

Robinsons

Retail

Holdings,

Inc

5,774

18,630

SM

Investments

Corp

313

2,182,700

SM

Prime

Holdings

1,303

197,870

Universal

Robina

494

TOTAL

PHILIPPINES

13,318

POLAND

-

0.0%

100,649

*,g

Allegro.eu

S.A.

793

46,913

Bank

Pekao

S.A.

1,280

2,599

*

Bank

Zachodni

WBK

S.A.

249

979

*

BRE

Bank

S.A.

98

4,895

CD

Projekt

Red

S.A.

186

36,861

Cyfrowy

Polsat

S.A.

150

10,301

*,g

Dino

Polska

S.A.

1,203

27,097

KGHM

Polska

Miedz

S.A.

750

232

*

LPP

S.A.

800

184,157

*

PGE

Polska

Grupa

Energetyczna

S.A.

329

136,096

Polski

Koncern

Naftowy

Orlen

S.A.

2,157

212,985

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

1,896

129,113

Powszechny

Zaklad

Ubezpieczen

S.A.

1,252

TOTAL

POLAND

11,143

PORTUGAL

-

0.1%

899,973

Jeronimo

Martins

SGPS

S.A.

24,793

TOTAL

PORTUGAL

24,793

QATAR

-

0.0%

471,443

Barwa

Real

Estate

Co

339

244,320

Commercial

Bank

of

Qatar

QSC

392

426,751

Dukhan

Bank

463

314,029

Industries

Qatar

QSC

977

415,056

Masraf

Al

Rayan

294

852,725

Mesaieed

Petrochemical

Holding

Co

450

200,736

Ooredoo

QSC

603

102,836

Qatar

Electricity

&

Water

Co

491

147,692

Qatar

Fuel

QSC

694

601,192

Qatar

Gas

Transport

Co

Ltd

673

72,345

Qatar

International

Islamic

Bank

QSC

200

123,551

Qatar

Islamic

Bank

SAQ

605

960,678

Qatar

National

Bank

4,086

TOTAL

QATAR

10,267

ROMANIA

-

0.0%

114,108

NEPI

Rockcastle

NV

670

TOTAL

ROMANIA

670

RUSSIA

-

0.0%

12,672

*,†,e

Ozon

Holdings

plc

(ADR)

0

^

CREF

Global

Equities

Account

June

30,

2023

186

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

211,169

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

$

2

TOTAL

RUSSIA

2

SAUDI

ARABIA

-

0.3%

17,189

ACWA

Power

Co

768

26,537

Advanced

Petrochemical

Co

315

497,790

Al

Rajhi

Bank

9,743

584,091

Alinma

Bank

5,250

53,204

Almarai

Co

JSC

862

51,486

Arab

National

Bank

363

5,254

Arabian

Internet

&

Communications

Services

Co

453

36,370

Bank

AlBilad

377

29,288

Bank

Al-Jazira

143

44,337

Banque

Saudi

Fransi

495

16,303

Bupa

Arabia

for

Cooperative

Insurance

Co

807

7,502

Dallah

Healthcare

Co

337

46,635

*

Dar

Al

Arkan

Real

Estate

Development

Co

193

47,280

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

3,617

5,216

Elm

Co

812

32,548

*

Emaar

Economic

City

82

82,973

Etihad

Etisalat

Co

1,064

127,514

Jarir

Marketing

Co

564

102,726

*

Mobile

Telecommunications

Co

Saudi

Arabia

388

43,416

Mouwasat

Medical

Services

Co

2,815

8,661

Nahdi

Medical

Co

394

505,492

National

Commercial

Bank

4,985

70,560

*

National

Industrialization

Co

282

93,691

*

Rabigh

Refining

&

Petrochemical

Co

290

287,947

Riyad

Bank

2,600

50,001

SABIC

Agri-Nutrients

Co

1,737

75,966

Sahara

International

Petrochemical

Co

759

271,667

*

Saudi

Arabian

Mining

Co

3,069

591,030

g

Saudi

Arabian

Oil

Co

5,120

11,393

Saudi

Aramco

Base

Oil

Co

419

191,167

Saudi

Basic

Industries

Corp

4,525

76,750

Saudi

British

Bank

781

177,804

Saudi

Electricity

Co

1,076

79,605

Saudi

Industrial

Investment

Group

568

96,590

Saudi

Investment

Bank

441

153,575

*

Saudi

Kayan

Petrochemical

Co

568

7,066

*

Saudi

Research

&

Marketing

Group

357

9,697

Saudi

Tadawul

Group

Holding

Co

488

432,103

Saudi

Telecom

Co

5,038

56,983

Savola

Group

634

58,080

Yanbu

National

Petrochemical

Co

738

TOTAL

SAUDI

ARABIA

64,317

SINGAPORE

-

0.1%

607,800

Ascendas

REIT

1,227

28,001

Ascott

Trust

22

491,142

e

Capitaland

Investment

Ltd

1,207

72,904

CapitaMall

Trust

103

394,000

e

DBS

Group

Holdings

Ltd

9,201

725,861

Oversea-Chinese

Banking

Corp

6,603

176,500

Singapore

Exchange

Ltd

1,257

1,541,800

Singapore

Telecommunications

Ltd

2,856

258,216

United

Overseas

Bank

Ltd

5,358

TOTAL

SINGAPORE

27,834

SOUTH

AFRICA

-

0.2%

64,888

Absa

Group

Ltd

579

22,590

African

Rainbow

Minerals

Ltd

238

187

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,724

e

Anglo

American

Platinum

Ltd

$

620

79,255

Aspen

Pharmacare

Holdings

Ltd

773

73,532

Bid

Corp

Ltd

1,615

62,340

Bidvest

Group

Ltd

867

50,433

Capitec

Bank

Holdings

Ltd

4,201

47,893

Clicks

Group

Ltd

665

109,600

*

Discovery

Holdings

Ltd

849

63,598

Exxaro

Resources

Ltd

555

697,737

FirstRand

Ltd

2,542

61,761

Foschini

Ltd

309

188,878

Gold

Fields

Ltd

2,626

690,375

Growthpoint

Properties

Ltd

428

116,384

Harmony

Gold

Mining

Co

Ltd

490

179,385

e

Impala

Platinum

Holdings

Ltd

1,195

13,990

Kumba

Iron

Ore

Ltd

329

49,010

e

Mr

Price

Group

Ltd

374

357,041

MTN

Group

Ltd

2,623

61,642

MultiChoice

Group

Ltd

313

41,550

Naspers

Ltd

(N

Shares)

7,507

116,087

Nedbank

Group

Ltd

1,410

71,656

*

Northam

Platinum

Holdings

Ltd

478

1,091,827

Old

Mutual

Ltd

703

173,339

OUTsurance

Group

Ltd

313

365,536

g

Pepkor

Holdings

Ltd

320

103,079

Remgro

Ltd

805

380,057

Sanlam

Ltd

1,178

121,600

Sasol

Ltd

1,507

105,572

Shoprite

Holdings

Ltd

1,266

584,143

Sibanye

Stillwater

Ltd

901

681,279

Standard

Bank

Group

Ltd

6,432

128,612

e

Vodacom

Group

Pty

Ltd

802

203,665

Woolworths

Holdings

Ltd

772

TOTAL

SOUTH

AFRICA

46,585

SPAIN

-

0.5%

287,054

*

Amadeus

IT

Holding

S.A.

21,859

8,768,349

Banco

Bilbao

Vizcaya

Argentaria

S.A.

67,365

3,721,171

CaixaBank

S.A.

15,414

775,243

Iberdrola

S.A.

10,124

273,969

Industria

De

Diseno

Textil

S.A.

10,627

108,528

*,†,e

Let's

GOWEX

S.A.

1

16,859

Merlin

Properties

Socimi

S.A.

145

1,033,594

Telefonica

S.A.

4,196

TOTAL

SPAIN

129,731

SWEDEN

-

0.4%

1,094,721

Assa

Abloy

AB

26,314

126,224

g

Evolution

Gaming

Group

AB

15,996

392,102

*

Fastighets

AB

Balder

1,436

1,954,210

Hexagon

AB

24,037

1,239,512

Sandvik

AB

24,200

26,421

*,e

SAS

AB

1

1,379,869

Skandinaviska

Enskilda

Banken

AB

(Class

A)

15,262

TOTAL

SWEDEN

107,246

SWITZERLAND

-

1.2%

107,040

Alcon,

Inc

8,880

103,408

Cie

Financiere

Richemont

S.A.

17,565

45,858

*

Danube

AG.

4,935

4,635

Givaudan

S.A.

15,374

181,781

Lonza

Group

AG.

108,653

410,508

Novartis

AG.

41,387

CREF

Global

Equities

Account

June

30,

2023

188

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

726,578

*

On

Holding

AG.

$

23,977

10,209

PSP

Swiss

Property

AG.

1,141

9,177

Sonova

Holdings

AG

2,449

52,795

Straumann

Holding

AG.

8,585

10,209

Swiss

Prime

Site

AG.

887

816,244

UBS

Group

AG

16,544

71,414

Zurich

Insurance

Group

AG

33,971

TOTAL

SWITZERLAND

284,348

TAIWAN

-

1.9%

107,571

Accton

Technology

Corp

1,210

236,000

Acer,

Inc

238

33,391

Advantech

Co

Ltd

440

237,000

ASE

Technology

Holding

Co

Ltd

843

179,000

Asia

Cement

Corp

256

55,000

Asustek

Computer,

Inc

557

515,800

AU

Optronics

Corp

310

51,189

Catcher

Technology

Co

Ltd

289

2,039,585

Cathay

Financial

Holding

Co

Ltd

2,831

315,975

*

Chailease

Holding

Co

Ltd

2,077

399,026

Chang

Hwa

Commercial

Bank

239

409,000

Cheng

Shin

Rubber

Industry

Co

Ltd

528

662,000

China

Airlines

559

1,211,844

China

Development

Financial

Holding

Corp

483

2,496,000

China

Steel

Corp

2,360

7,912,000

Chinatrust

Financial

Holding

Co

6,327

787,000

Chunghwa

Telecom

Co

Ltd

2,948

336,000

Compal

Electronics,

Inc

316

929,727

Dadi

Early-Childhood

Education

Group

Ltd

2,988

1,239,000

Delta

Electronics,

Inc

13,731

2,960,773

E.Sun

Financial

Holding

Co

Ltd

2,481

677,000

Eclat

Textile

Co

Ltd

10,886

14,000

eMemory

Technology,

Inc

1,002

526,000

Eva

Airways

Corp

675

76,292

Evergreen

Marine

Corp

Taiwan

Ltd

230

655,000

Far

Eastern

Textile

Co

Ltd

704

346,000

Far

EasTone

Telecommunications

Co

Ltd

874

85,040

Feng

TAY

Enterprise

Co

Ltd

538

816,228

First

Financial

Holding

Co

Ltd

726

740,000

Formosa

Chemicals

&

Fibre

Corp

1,596

264,391

Formosa

Petrochemical

Corp

717

821,000

Formosa

Plastics

Corp

2,262

1,620,979

Fubon

Financial

Holding

Co

Ltd

3,173

2,463,778

Fuhwa

Financial

Holdings

Co

Ltd

1,832

60,797

Giant

Manufacturing

Co

Ltd

451

19,000

Global

Unichip

Corp

983

16,000

Globalwafers

Co

Ltd

257

955,000

Hon

Hai

Precision

Industry

Co,

Ltd

3,472

1,934,278

*

Hota

Industrial

Manufacturing

Co

Ltd

4,481

64,000

Hotai

Motor

Co

Ltd

1,675

664,069

Hua

Nan

Financial

Holdings

Co

Ltd

474

711,145

InnoLux

Display

Corp

350

215,000

Inventec

Co

Ltd

299

7,604

Largan

Precision

Co

Ltd

522

158,000

Lite-On

Technology

Corp

526

651,242

MediaTek,

Inc

14,416

2,591,000

Mega

Financial

Holding

Co

Ltd

3,180

52,000

Micro-Star

International

Co

Ltd

296

16,400

momo.com,

Inc

363

1,022,000

Nan

Ya

Plastics

Corp

2,384

17,000

Nan

Ya

Printed

Circuit

Board

Corp

145

100,000

Nanya

Technology

Corp

228

189

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

35,000

Nien

Made

Enterprise

Co

Ltd

$

386

45,000

Novatek

Microelectronics

Corp

Ltd

618

150,000

*

Pegatron

Technology

Corp

361

18,000

*

PharmaEssentia

Corp

196

453,000

Pou

Chen

Corp

459

582,000

Powerchip

Semiconductor

Manufacturing

Corp

581

128,522

President

Chain

Store

Corp

1,167

1,428,000

Prime

View

International

Co

Ltd

10,388

212,000

Quanta

Computer,

Inc

1,035

35,000

Realtek

Semiconductor

Corp

436

356,310

Ruentex

Development

Co

Ltd

413

291,791

Shanghai

Commercial

&

Savings

Bank

Ltd

426

2,698,684

Shin

Kong

Financial

Holding

Co

Ltd

773

2,582,153

SinoPac

Financial

Holdings

Co

Ltd

1,441

89,000

Synnex

Technology

International

Corp

166

830,908

Taishin

Financial

Holdings

Co

Ltd

506

457,000

Taiwan

Business

Bank

209

472,579

Taiwan

Cement

Corp

578

751,545

Taiwan

Cooperative

Financial

Holding

678

426,000

Taiwan

High

Speed

Rail

Corp

440

384,000

Taiwan

Mobile

Co

Ltd

1,180

16,955,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

313,217

146,862

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

14,821

104,000

Unimicron

Technology

Corp

591

1,057,450

Uni-President

Enterprises

Corp

2,593

868,000

United

Microelectronics

Corp

1,364

70,000

Vanguard

International

Semiconductor

Corp

199

14,000

Voltronic

Power

Technology

Corp

885

552,650

Walsin

Lihwa

Corp

730

50,810

Wan

Hai

Lines

Ltd

97

25,000

Win

Semiconductors

Corp

132

221,000

*

Winbond

Electronics

Corp

195

208,000

Wistron

Corp

607

19,000

Wiwynn

Corp

868

119,640

WPG

Holdings

Co

Ltd

211

23,739

Yageo

Corp

376

126,000

*

Yang

Ming

Marine

Transport

256

49,000

Zhen

Ding

Technology

Holding

Ltd

166

TOTAL

TAIWAN

461,473

THAILAND

-

0.1%

98,300

Advanced

Info

Service

PCL

594

160,600

Advanced

Info

Service

PCL

970

941,600

Airports

of

Thailand

PCL

1,905

1,282,500

Asset

World

Corp

PCL

179

195,500

B

Grimm

Power

PCL

192

914,400

Bangkok

Dusit

Medical

Services

PCL

711

1,489,100

Bangkok

Expressway

&

Metro

PCL

360

1,891,000

Banpu

PCL

(Foreign)

473

222,700

Berli

Jucker

PCL

219

1,349,990

BTS

Group

Holdings

PCL

284

48,000

Bumrungrad

Hospital

PCL

306

51,800

Carabao

Group

PCL

96

455,800

Central

Pattana

PCL

844

388,475

Central

Retail

Corp

PCL

428

749,200

Charoen

Pokphand

Foods

PCL

417

1,267,600

CP

ALL

plc

2,238

460,000

CP

Axtra

PCL

458

240,000

Delta

Electronics

Thailand

PCL

623

43,900

Electricity

Generating

PCL

162

337,097

Energy

Absolute

PCL

543

135,000

Global

Power

Synergy

Co

Ltd

207

CREF

Global

Equities

Account

June

30,

2023

190

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

619,530

Gulf

Energy

Development

PCL

$

818

1,172,700

Home

Product

Center

PCL

464

322,300

Indorama

Ventures

PCL

312

225,200

Intouch

Holdings

PCL

(Class

F)

471

42,000

Kasikornbank

PCL

(Foreign)

154

831,300

Krung

Thai

Bank

PCL

456

170,800

Krungthai

Card

PCL

239

1,788,800

Land

and

Houses

PCL

Co

Reg

427

662,600

Minor

International

PCL

642

120,000

Muangthai

Capital

PCL

133

272,700

Osotspa

PCL

229

347,700

PTT

Exploration

&

Production

PCL

1,473

494,700

PTT

Global

Chemical

PCL

521

611,700

PTT

Oil

&

Retail

Business

PCL

366

2,421,100

PTT

PCL

2,295

90,850

Ratch

Group

PCL

92

167,600

SCB

X

PCL

505

223,600

SCG

Packaging

PCL

235

166,400

Siam

Cement

PCL

1,513

126,100

Srisawad

Corp

PCL

169

379,902

Thai

Oil

PCL

475

895,726

True

Corp

PCL

166

TOTAL

THAILAND

24,364

TURKEY

-

0.0%

1,227,401

Akbank

TAS

954

142,480

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

299

99,594

BIM

Birlesik

Magazalar

AS

653

271,445

*

Eregli

Demir

ve

Celik

Fabrikalari

TAS

385

14,876

Ford

Otomotiv

Sanayi

AS

435

81,798

Haci

Omer

Sabanci

Holding

AS

145

243,208

*

Hektas

Ticaret

TAS

281

161,811

KOC

Holding

AS

648

193,593

Koza

Altin

Isletmeleri

AS

186

8,169

*

Pegasus

Hava

Tasimaciligi

AS.

194

222,194

*

Sasa

Polyester

Sanayi

AS

486

28,993

Tofas

Turk

Otomobil

Fabrik

282

114,437

*

Turk

Hava

Yollari

852

268,740

Turkcell

Iletisim

Hizmet

AS

375

1,466,498

Turkiye

Is

Bankasi

(Series

C)

790

230,031

Turkiye

Petrol

Rafinerileri

AS

707

287,049

Turkiye

Sise

ve

Cam

Fabrikalari

AS

491

225,243

Yapi

ve

Kredi

Bankasi

113

TOTAL

TURKEY

8,276

UNITED

ARAB

EMIRATES

-

0.1%

221,504

Abu

Dhabi

Commercial

Bank

PJSC

489

117,357

Abu

Dhabi

Islamic

Bank

PJSC

340

706,063

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

750

842,608

Aldar

Properties

PJSC

1,178

537,570

Americana

Restaurants

International

plc

619

218,144

Dubai

Islamic

Bank

PJSC

326

1,445,978

Emaar

Properties

PJSC

2,542

144,741

Emirates

NBD

Bank

PJSC

589

733,465

Emirates

Telecommunications

Group

Co

PJSC

4,501

816,293

*

Multiply

Group

707

866,299

National

Bank

of

Abu

Dhabi

PJSC

3,229

5,358

*,†

NMC

Health

plc

0

^

TOTAL

UNITED

ARAB

EMIRATES

15,270

UNITED

KINGDOM

-

2.7%

579,471

Allfunds

Group

PLC

3,539

191

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,229,646

Ashtead

Group

plc

$

85,252

136,032

Associated

British

Foods

plc

3,445

1,232,830

AstraZeneca

plc

176,731

1,994,150

Beazley

plc

14,951

132,749

Big

Yellow

Group

plc

1,812

7,773,967

BP

plc

45,263

637,425

British

American

Tobacco

plc

21,179

306,346

British

Land

Co

plc

1,181

94,935

*

Coca-Cola

European

Partners

plc

(Class

A)

6,117

807,472

Compass

Group

plc

22,612

2,971,182

*,e

Darktrace

plc

11,626

308,987

Dechra

Pharmaceuticals

plc

14,469

40,844

Derwent

London

plc

1,063

706,437

Diageo

plc

30,370

1,927,917

Electrocomponents

plc

18,654

848,859

Fevertree

Drinks

plc

13,141

204,229

Great

Portland

Estates

plc

1,076

301,956

Informa

plc

2,788

224,652

Land

Securities

Group

plc

1,643

106,903

*

Liberty

Global

plc

(Class

A)

1,802

873

*

Liberty

Global

plc

(Class

C)

16

14,759,728

Lloyds

TSB

Group

plc

8,182

222,204

London

Stock

Exchange

Group

plc

23,650

6,167,621

Man

Group

plc

17,128

1,200,270

National

Grid

plc

15,914

1,980,655

NatWest

Group

plc

6,054

32,110

Next

plc

2,816

32,783

*,g

Pepco

Group

NV

297

141,059

Reckitt

Benckiser

Group

plc

10,601

242,310

RELX

plc

8,084

756,501

RELX

plc

25,236

163,382

Safestore

Holdings

plc

1,768

198,898

Scottish

&

Southern

Energy

plc

4,664

263,090

Segro

plc

2,399

1,894,292

Standard

Chartered

plc

16,481

5,371,958

Tritax

Big

Box

REIT

plc

8,550

408,499

Unilever

plc

21,272

5,146,672

Vodafone

Group

plc

4,852

253,136

WPP

plc

2,653

TOTAL

UNITED

KINGDOM

659,331

UNITED

STATES

-

63.3%

20,789

3M

Co

2,081

304

A.O.

Smith

Corp

22

1,055,231

Abbott

Laboratories

115,041

616,911

AbbVie,

Inc

83,116

15,085

Accenture

plc

4,655

1,812

Activision

Blizzard,

Inc

153

259,354

*

Adobe,

Inc

126,822

145

Advance

Auto

Parts,

Inc

10

3,913

*

Advanced

Micro

Devices,

Inc

446

321

Aecom

Technology

Corp

27

1,626

AES

Corp

34

32,164

Aflac,

Inc

2,245

114,487

Agilent

Technologies,

Inc

13,767

11,908

Agree

Realty

Corp

779

4,160

Air

Products

&

Chemicals,

Inc

1,246

1,005

*

Airbnb,

Inc

129

380

*

Akamai

Technologies,

Inc

34

26,831

Albemarle

Corp

5,986

698

Albertsons

Cos,

Inc

15

540,140

Alcoa

Corp

18,327

CREF

Global

Equities

Account

June

30,

2023

192

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

63,784

Alexandria

Real

Estate

Equities,

Inc

$

7,239

37,245

*

Align

Technology,

Inc

13,171

214

Allegion

plc

26

460,132

Alliant

Energy

Corp

24,148

640

Allstate

Corp

70

658

Ally

Financial,

Inc

18

59,710

*

Alnylam

Pharmaceuticals,

Inc

11,341

1,929,023

*

Alphabet,

Inc

(Class

A)

230,904

1,980,637

*

Alphabet,

Inc

(Class

C)

239,598

1,269,714

*

Altimmune,

Inc

4,482

320,856

Altria

Group,

Inc

14,535

4,580,969

*

Amazon.com,

Inc

597,175

3,613

Amcor

plc

36

277

AMERCO

14

275,415

Ameren

Corp

22,493

312,240

American

Electric

Power

Co,

Inc

26,291

246,828

American

Express

Co

42,997

176

American

Financial

Group,

Inc

21

291,198

American

Homes

4

Rent

10,323

608,362

American

International

Group,

Inc

35,005

86,452

American

Tower

Corp

16,767

473

American

Water

Works

Co,

Inc

68

92,508

Americold

Realty

Trust

2,988

73,701

Ameriprise

Financial,

Inc

24,481

65,965

AmerisourceBergen

Corp

12,694

171,810

Ametek,

Inc

27,813

135,663

Amgen,

Inc

30,120

1,447

Amphenol

Corp

(Class

A)

123

1,230

Analog

Devices,

Inc

240

1,201

Annaly

Capital

Management,

Inc

24

211

*

Ansys,

Inc

70

3,060,745

*

Antero

Resources

Corp

70,489

42,339

Aon

plc

14,615

756

APA

Corp

26

971

Apollo

Global

Management,

Inc

75

5,024,377

d

Apple,

Inc

974,578

671,501

Applied

Materials,

Inc

97,059

659

*

Aptiv

plc

67

570

ARAMARK

Holdings

Corp

25

305,704

*

Arch

Capital

Group

Ltd

22,882

1,329

Archer-Daniels-Midland

Co

100

87,475

Ares

Management

Corp

8,428

633

*

Arista

Networks,

Inc

103

140

*

Arrow

Electronics,

Inc

20

521

Arthur

J.

Gallagher

&

Co

114

71

*

Aspen

Technology,

Inc

12

129

Assurant,

Inc

16

1,919,610

AT&T,

Inc

30,618

365

*

Atlassian

Corp

61

351

Atmos

Energy

Corp

41

522

*

Autodesk,

Inc

107

1,008

Automatic

Data

Processing,

Inc

222

1,785

*

AutoZone,

Inc

4,451

47,467

AvalonBay

Communities,

Inc

8,984

1,641

*

Avantor,

Inc

34

197

Avery

Dennison

Corp

34

168

*

Axon

Enterprise,

Inc

33

8,970

Baker

Hughes

Co

284

764

Ball

Corp

44

1,425,597

Bank

of

America

Corp

40,900

595,624

Bank

of

New

York

Mellon

Corp

26,517

528

Bath

&

Body

Works,

Inc

20

193

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

62,614

Baxter

International,

Inc

$

2,853

53,462

Becton

Dickinson

&

Co

14,115

545

Bentley

Systems,

Inc

30

382,558

*

Berkshire

Hathaway,

Inc

(Class

B)

130,452

25,152

Best

Buy

Co,

Inc

2,061

233

*

Bill.Com

Holdings,

Inc

27

26,732

*

Biogen,

Inc

7,615

456

*

BioMarin

Pharmaceutical,

Inc

40

11,917

*

Bio-Rad

Laboratories,

Inc

(Class

A)

4,518

382

Bio-Techne

Corp

31

43,425

*

BJ's

Wholesale

Club

Holdings,

Inc

2,736

381

*

Black

Knight,

Inc

23

39,325

BlackRock,

Inc

27,179

15,411

Blackstone,

Inc

1,433

1,316

*

Block,

Inc

88

385,093

*

Boeing

Co

81,316

6,331

*

Booking

Holdings,

Inc

17,096

322

Booz

Allen

Hamilton

Holding

Co

36

568

BorgWarner,

Inc

28

23,847

Boston

Properties,

Inc

1,373

1,961,812

*

Boston

Scientific

Corp

106,114

1,539,395

Bristol-Myers

Squibb

Co

98,444

338,975

Broadcom,

Inc

294,037

286

Broadridge

Financial

Solutions,

Inc

47

588

Brown

&

Brown,

Inc

40

754

Brown-Forman

Corp

(Class

B)

50

336

*

Builders

FirstSource,

Inc

46

365

Bunge

Ltd

34

74,487

*

Burlington

Stores,

Inc

11,724

1,868

Cabot

Oil

&

Gas

Corp

47

664

*

Cadence

Design

Systems,

Inc

156

523

*

Caesars

Entertainment,

Inc

27

259

Camden

Property

Trust

28

473

Campbell

Soup

Co

22

1,639

Capital

One

Financial

Corp

179

626

Cardinal

Health,

Inc

59

124

Carlisle

Cos,

Inc

32

528

Carlyle

Group,

Inc

17

384

*

CarMax,

Inc

32

2,442

*

Carnival

Corp

46

1,475,002

Carrier

Global

Corp

73,322

99,342

*

Catalent,

Inc

4,307

502,658

Caterpillar,

Inc

123,679

257

CBOE

Global

Markets,

Inc

35

756

*

CBRE

Group,

Inc

61

329

CDW

Corp

60

213,756

Celanese

Corp

(Series

A)

24,753

108,132

*

Centene

Corp

7,294

316,468

Centerpoint

Energy,

Inc

9,225

356

*

Ceridian

HCM

Holding,

Inc

24

477

CF

Industries

Holdings,

Inc

33

283

CH

Robinson

Worldwide,

Inc

27

124

*

Charles

River

Laboratories

International,

Inc

26

590,401

Charles

Schwab

Corp

33,464

51,326

*

Charter

Communications,

Inc

18,856

207,794

Cheniere

Energy,

Inc

31,659

13,380

Chesapeake

Energy

Corp

1,120

368,078

Chevron

Corp

57,917

247

*

Chewy,

Inc

10

3,501

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

7,489

229,698

Chubb

Ltd

44,231

593

Church

&

Dwight

Co,

Inc

59

CREF

Global

Equities

Account

June

30,

2023

194

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

89,955

Cigna

Corp

$

25,241

382

Cincinnati

Financial

Corp

37

223

Cintas

Corp

111

9,959

Cisco

Systems,

Inc

515

67,384

Citigroup,

Inc

3,102

221,982

Citizens

Financial

Group,

Inc

5,789

820

*

Clarivate

Analytics

plc

8

17,349

*

Cleveland-Cliffs,

Inc

291

24,899

Clorox

Co

3,960

663

*

Cloudflare,

Inc

43

100,792

CME

Group,

Inc

18,676

709

CMS

Energy

Corp

42

2,611,757

Coca-Cola

Co

157,280

420

Cognex

Corp

24

1,238

Cognizant

Technology

Solutions

Corp

(Class

A)

81

444

*,e

Coinbase

Global,

Inc

32

197,680

Colgate-Palmolive

Co

15,229

998,696

Comcast

Corp

(Class

A)

41,496

1,160

ConAgra

Brands,

Inc

39

667,682

ConocoPhillips

69,179

842

Consolidated

Edison,

Inc

76

60,057

Constellation

Brands,

Inc

(Class

A)

14,782

85,492

Constellation

Energy

Corp

7,827

120

Cooper

Cos,

Inc

46

1,043

*

Copart,

Inc

95

498,967

Corebridge

Financial,

Inc

8,812

1,957

Corning,

Inc

69

1,541,559

Corteva,

Inc

88,331

989

*

CoStar

Group,

Inc

88

384,476

Costco

Wholesale

Corp

206,994

8,801

*

Coty,

Inc

108

542

*

Crowdstrike

Holdings,

Inc

80

180,303

Crown

Castle

International

Corp

20,544

917,185

Crown

Holdings,

Inc

79,676

92,654

CSL

Ltd

17,158

447,384

CSX

Corp

15,256

13,309

Cummins,

Inc

3,263

296,210

CVS

Health

Corp

20,477

154,507

Danaher

Corp

37,082

12,884

Darden

Restaurants,

Inc

2,153

389

*

Darling

International,

Inc

25

624,977

*

Datadog,

Inc

61,485

158

*

DaVita,

Inc

16

64

*

Deckers

Outdoor

Corp

34

161,607

Deere

&

Co

65,482

626

Dell

Technologies,

Inc

34

214,030

*

Delta

Air

Lines,

Inc

10,175

25,517

Dentsply

Sirona,

Inc

1,021

1,590

Devon

Energy

Corp

77

228,674

*

Dexcom,

Inc

29,387

638,579

Diamondback

Energy,

Inc

83,884

151

Dick's

Sporting

Goods,

Inc

20

42,333

Digital

Realty

Trust,

Inc

4,820

193,179

Discover

Financial

Services

22,573

54,858

*

DISH

Network

Corp

(Class

A)

362

491

*

DocuSign,

Inc

25

195,257

Dollar

General

Corp

33,151

538

*

Dollar

Tree,

Inc

77

727,800

Dominion

Energy,

Inc

37,693

86

Domino's

Pizza,

Inc

29

619

*

DoorDash,

Inc

47

340

Dover

Corp

50

195

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

122,715

Dow,

Inc

$

6,536

751

DR

Horton,

Inc

91

637

*

Dropbox,

Inc

17

501

DTE

Energy

Co

55

132,674

Duke

Energy

Corp

11,906

817,518

DuPont

de

Nemours,

Inc

58,403

527

*

Dynatrace,

Inc

27

290

Eastman

Chemical

Co

24

268,933

Eaton

Corp

54,082

179,116

eBay,

Inc

8,005

44,209

Ecolab,

Inc

8,253

91,587

Edison

International

6,361

297,189

*

Edwards

Lifesciences

Corp

28,034

667

Electronic

Arts,

Inc

87

70,368

Elevance

Health,

Inc

31,264

245,279

Eli

Lilly

&

Co

115,031

1,389

Emerson

Electric

Co

126

333

*

Enphase

Energy,

Inc

56

364

Entegris,

Inc

40

516

Entergy

Corp

50

245,904

EOG

Resources,

Inc

28,141

140

*

EPAM

Systems,

Inc

31

876

EQT

Corp

36

300

Equifax,

Inc

71

9,908

Equinix,

Inc

7,767

868,762

Equitable

Holdings,

Inc

23,596

153,294

Equity

Lifestyle

Properties,

Inc

10,254

97,548

Equity

Residential

6,435

76

Erie

Indemnity

Co

(Class

A)

16

611

Essential

Utilities

Inc

24

16,395

Essex

Property

Trust,

Inc

3,841

74,062

Estee

Lauder

Cos

(Class

A)

14,544

8,404

*

Etsy,

Inc

711

105,731

Everest

Re

Group

Ltd

36,145

558

Evergy,

Inc

33

848

Eversource

Energy

60

79,611

*

Exact

Sciences

Corp

7,475

114,684

Exelon

Corp

4,672

28,228

*

Expedia

Group,

Inc

3,088

376

Expeditors

International

of

Washington,

Inc

46

30,960

Extra

Space

Storage,

Inc

4,608

2,759,927

Exxon

Mobil

Corp

296,002

146

*

F5

Networks,

Inc

21

93

Factset

Research

Systems,

Inc

37

61

*

Fair

Isaac

Corp

49

1,389

Fastenal

Co

82

3,928

FedEx

Corp

974

499

Ferguson

plc

78

116,158

Ferguson

plc

18,347

629

Fidelity

National

Financial

Inc

23

1,441

Fidelity

National

Information

Services,

Inc

79

883,326

e

Fifth

Third

Bancorp

23,152

16,532

First

Citizens

Bancshares,

Inc

(Class

A)

21,218

1,368

First

Horizon

National

Corp

15

247

*

First

Solar,

Inc

47

862,804

FirstEnergy

Corp

33,546

818,299

*

Fiserv,

Inc

103,228

170

*

FleetCor

Technologies,

Inc

43

24,896

Flowserve

Corp

925

304

FMC

Corp

32

9,554

Ford

Motor

Co

145

1,621

*

Fortinet,

Inc

123

CREF

Global

Equities

Account

June

30,

2023

196

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

491,037

Fortive

Corp

$

36,715

309

Fortune

Brands

Home

&

Security,

Inc

22

722

Fox

Corp

(Class

A)

25

477

Fox

Corp

(Class

B)

15

730

Franklin

Resources,

Inc

19

3,346,477

Freeport-McMoRan,

Inc

(Class

B)

133,859

94,174

Gaming

and

Leisure

Properties,

Inc

4,564

372

*

Garmin

Ltd

39

192

*

Gartner,

Inc

67

149,665

GE

HealthCare

Technologies,

Inc

12,159

1,399

Gen

Digital,

Inc

26

150

*

Generac

Holdings,

Inc

22

568

General

Dynamics

Corp

122

2,651

General

Electric

Co

291

64,607

General

Mills,

Inc

4,955

3,391

General

Motors

Co

131

342

Genuine

Parts

Co

58

473,579

Gilead

Sciences,

Inc

36,499

87,711

Global

Payments,

Inc

8,641

135,906

Globe

Life,

Inc

14,898

355

*

GoDaddy,

Inc

27

33,235

Goldman

Sachs

Group,

Inc

10,720

409

Graco,

Inc

35

300,274

GSK

plc

5,322

1,106,448

Haleon

plc

4,541

122,197

Halliburton

Co

4,031

760

Hartford

Financial

Services

Group,

Inc

55

320

Hasbro,

Inc

21

108,082

HCA

Healthcare,

Inc

32,801

27,989

Healthcare

Realty

Trust,

Inc

528

160,145

Healthpeak

Properties

Inc

3,219

106

HEICO

Corp

19

180

HEICO

Corp

(Class

A)

25

319

*

Henry

Schein,

Inc

26

358

Hershey

Co

89

173,878

Hess

Corp

23,639

3,151

Hewlett

Packard

Enterprise

Co

53

477

HF

Sinclair

Corp

21

646

Hilton

Worldwide

Holdings,

Inc

94

38,866

*

Hologic,

Inc

3,147

552,774

Home

Depot,

Inc

171,714

709,058

Honeywell

International,

Inc

147,130

112,649

*

Horizon

Therapeutics

Plc

11,586

731

Hormel

Foods

Corp

29

165,117

Host

Hotels

and

Resorts,

Inc

2,779

63,836

Howmet

Aerospace,

Inc

3,164

2,156

HP,

Inc

66

157,987

Hubbell,

Inc

52,382

114

*

HubSpot,

Inc

61

9,304

Humana,

Inc

4,160

3,509

Huntington

Bancshares,

Inc

38

42,798

Huntington

Ingalls

9,741

115

Hyatt

Hotels

Corp

13

184

IDEX

Corp

40

31,687

*

IDEXX

Laboratories,

Inc

15,914

35,316

Illinois

Tool

Works,

Inc

8,835

86,514

*

Illumina,

Inc

16,221

461

*

Incyte

Corp

29

57,374

Independence

Realty

Trust,

Inc

1,045

768,677

Ingersoll

Rand,

Inc

50,241

13,394

Innovative

Industrial

Properties,

Inc

978

169

*

Insulet

Corp

49

197

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,142

Intel

Corp

$

339

256,829

Intercontinental

Exchange

Group,

Inc

29,042

2,206

International

Business

Machines

Corp

295

620

International

Flavors

&

Fragrances,

Inc

49

807

International

Paper

Co

26

195,360

Interpublic

Group

of

Cos,

Inc

7,537

682

Intuit,

Inc

312

132,178

*

Intuitive

Surgical,

Inc

45,197

1,158

Invesco

Ltd

19

55,615

Invitation

Homes,

Inc

1,913

5,635

*

IQVIA

Holdings,

Inc

1,267

709

Iron

Mountain,

Inc

40

284,363

iShares

MSCI

Canada

Index

Fund

9,950

68,322

e

iShares

MSCI

South

Korea

Index

Fund

4,330

259

J.M.

Smucker

Co

38

177

Jack

Henry

&

Associates,

Inc

30

308

Jacobs

Solutions,

Inc

37

154

*

Jazz

Pharmaceuticals

plc

19

4,567

JB

Hunt

Transport

Services,

Inc

827

151,500

JBS

S.A.

552

675,716

Johnson

&

Johnson

111,845

1,671

Johnson

Controls

International

plc

114

1,335,451

JPMorgan

Chase

&

Co

194,228

1,853,748

Juniper

Networks,

Inc

58,078

667

Kellogg

Co

45

619,436

*

Kenvue,

Inc

16,366

1,328,062

Keurig

Dr

Pepper,

Inc

41,529

2,249

Keycorp

21

433

*

Keysight

Technologies,

Inc

73

20,421

Kilroy

Realty

Corp

614

84,514

Kimberly-Clark

Corp

11,668

1,507

Kimco

Realty

Corp

30

28,984

Kinder

Morgan,

Inc

499

239,310

KKR

&

Co,

Inc

13,401

337

KLA

Corp

163

392

Knight-Swift

Transportation

Holdings,

Inc

22

281,102

Kraft

Heinz

Co

9,979

1,657

Kroger

Co

78

462

L3Harris

Technologies,

Inc

90

215

Laboratory

Corp

of

America

Holdings

52

328

Lam

Research

Corp

211

354

Lamb

Weston

Holdings,

Inc

41

155,169

*

Las

Vegas

Sands

Corp

9,000

335

*

Lattice

Semiconductor

Corp

32

144

Lear

Corp

21

13,071

*

Legend

Biotech

Corp

(ADR)

902

317

Leidos

Holdings,

Inc

28

617

Lennar

Corp

(Class

A)

77

78

Lennox

International,

Inc

25

291

*

Liberty

Broadband

Corp

(Class

C)

23

479

*

Liberty

Media

Group

(Class

C)

36

528

*

Liberty

SiriusXM

Group

(Class

C)

17

393,685

Linde

plc

150,147

173,796

Linde

plc

66,230

394

*

Live

Nation,

Inc

36

650

LKQ

Corp

38

554

Lockheed

Martin

Corp

255

477

Loews

Corp

28

96,706

Lowe's

Companies,

Inc

21,827

191

LPL

Financial

Holdings,

Inc

42

1,196

*,e

Lucid

Group,

Inc

8

119,287

*

Lululemon

Athletica,

Inc

45,150

CREF

Global

Equities

Account

June

30,

2023

198

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

633

LyondellBasell

Industries

NV

$

58

157,210

M&T

Bank

Corp

19,456

1,515

Marathon

Oil

Corp

35

240,501

Marathon

Petroleum

Corp

28,042

31

*

Markel

Corp

43

91

MarketAxess

Holdings,

Inc

24

16,840

Marriott

International,

Inc

(Class

A)

3,093

113,954

Marsh

&

McLennan

Cos,

Inc

21,432

151

Martin

Marietta

Materials,

Inc

70

2,084

Marvell

Technology,

Inc

125

548

Masco

Corp

31

109

*

Masimo

Corp

18

446,197

Mastercard,

Inc

(Class

A)

175,489

1,608,885

*

Match

Group,

Inc

67,332

610

McCormick

&

Co,

Inc

53

654,883

McDonald's

Corp

195,424

99,659

McKesson

Corp

42,585

225,886

Medtronic

plc

19,901

1,336,464

Merck

&

Co,

Inc

154,215

1,337,496

*

Meta

Platforms,

Inc

383,835

57,915

Metlife,

Inc

3,274

541

*

Mettler-Toledo

International,

Inc

710

725

MGM

Resorts

International

32

1,332

Microchip

Technology,

Inc

119

2,661

Micron

Technology,

Inc

168

3,120,750

Microsoft

Corp

1,062,740

24,787

Mid-America

Apartment

Communities,

Inc

3,764

36,739

*

Moderna,

Inc

4,464

172

*

Mohawk

Industries,

Inc

18

141

*

Molina

Healthcare,

Inc

42

462

Molson

Coors

Brewing

Co

(Class

B)

30

662,693

Mondelez

International,

Inc

48,337

170

*

MongoDB,

Inc

70

109

Monolithic

Power

Systems,

Inc

59

1,833,490

*

Monster

Beverage

Corp

105,316

401

Moody's

Corp

139

50,000

*,e

MoonLake

Immunotherapeutics

2,550

1,359,030

Morgan

Stanley

116,061

808

Mosaic

Co

28

407

Motorola

Solutions,

Inc

119

2,938

MSCI,

Inc

(Class

A)

1,379

832

Nasdaq

Inc

41

52,173

National

Storage

Affiliates

Trust

1,817

593,782

Nestle

S.A.

71,427

520

NetApp,

Inc

40

248,245

*

Netflix,

Inc

109,349

237

*

Neurocrine

Biosciences,

Inc

22

218,860

Newmont

Goldcorp

Corp

9,337

930

News

Corp

(Class

A)

18

782,144

NextEra

Energy,

Inc

58,035

968,921

Nike,

Inc

(Class

B)

106,940

1,004

NiSource,

Inc

27

125

Nordson

Corp

31

554

Norfolk

Southern

Corp

126

506

Northern

Trust

Corp

38

104,860

Northrop

Grumman

Corp

47,795

293

*

Novocure

Ltd

12

63,860

NRG

Energy,

Inc

2,388

32,261

Nucor

Corp

5,290

1,379,213

NVIDIA

Corp

583,435

8

*

NVR,

Inc

51

233,445

Occidental

Petroleum

Corp

13,727

199

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

374

*

Okta,

Inc

$

26

241

Old

Dominion

Freight

Line

89

490

Omnicom

Group,

Inc

47

1,049

*

ON

Semiconductor

Corp

99

7,853

ONEOK,

Inc

485

802,260

Oracle

Corp

95,541

4,756

*

O'Reilly

Automotive,

Inc

4,543

87,880

Otis

Worldwide

Corp

7,822

591

Ovintiv,

Inc

23

34,796

Owens

Corning,

Inc

4,541

1,271

PACCAR,

Inc

106

219

Packaging

Corp

of

America

29

4,372

*

Palantir

Technologies,

Inc

67

389,782

*

Palo

Alto

Networks,

Inc

99,593

6,000

Parade

Technologies

Ltd

208

95,875

Paramount

Global

(Class

B)

1,525

189,422

Parker-Hannifin

Corp

73,882

789

Paychex,

Inc

88

132

Paycom

Software,

Inc

42

102

*

Paylocity

Holding

Corp

19

145,228

*

PayPal

Holdings,

Inc

9,691

12,151

*

Peloton

Interactive,

Inc

93

401

Pentair

plc

26

5,000

*

Penumbra,

Inc

1,720

325,779

PepsiCo,

Inc

60,341

307

PerkinElmer,

Inc

36

770,039

Permian

Resources

Corp

8,440

899,558

Pfizer,

Inc

32,996

377,865

*

PG&E

Corp

6,530

280,653

Philip

Morris

International,

Inc

27,397

64,656

Phillips

66

6,167

29,800

*

Pinterest,

Inc

815

143,174

Pioneer

Natural

Resources

Co

29,663

2,935

PNC

Financial

Services

Group,

Inc

370

95

Pool

Corp

36

572

PPG

Industries,

Inc

85

1,792

PPL

Corp

47

591

Principal

Financial

Group

45

1,392,290

Procter

&

Gamble

Co

211,266

245,603

Progressive

Corp

32,510

289,905

Prologis,

Inc

35,551

892

Prudential

Financial,

Inc

79

273

*

PTC,

Inc

39

1,213

Public

Service

Enterprise

Group,

Inc

76

36,107

Public

Storage,

Inc

10,539

545

Pulte

Homes,

Inc

42

34,520

*

QIAGEN

NV

1,552

243

*

Qorvo,

Inc

25

2,711

QUALCOMM,

Inc

323

353

Quanta

Services,

Inc

69

272

Quest

Diagnostics,

Inc

38

497

Raymond

James

Financial,

Inc

52

708,588

Raytheon

Technologies

Corp

69,413

54,223

Realty

Income

Corp

3,242

134,608

Regency

Centers

Corp

8,315

35,865

*

Regeneron

Pharmaceuticals,

Inc

25,770

2,272

Regions

Financial

Corp

40

3,245

Reliance

Steel

&

Aluminum

Co

881

129

*

Repligen

Corp

18

538

Republic

Services,

Inc

82

10,357

Resmed,

Inc

2,263

376,309

Rexford

Industrial

Realty,

Inc

19,651

CREF

Global

Equities

Account

June

30,

2023

200

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,565

*,e

Rivian

Automotive,

Inc

$

26

262

Robert

Half

International,

Inc

20

1,022

*

ROBLOX

Corp

41

178,640

Roche

Holding

AG.

54,569

11,366

Rockwell

Automation,

Inc

3,745

8,399

*

Roku,

Inc

537

599

Rollins,

Inc

26

65,978

Roper

Technologies,

Inc

31,722

35,985

Ross

Stores,

Inc

4,035

36,632

*

Royal

Caribbean

Cruises

Ltd

3,800

916

Royalty

Pharma

plc

28

313

RPM

International,

Inc

28

67,023

S&P

Global,

Inc

26,869

110,849

Sabra

Healthcare

REIT,

Inc

1,305

897,200

*

Salesforce,

Inc

189,542

363,193

Sanofi-Aventis

39,100

59,669

*

Sarepta

Therapeutics,

Inc

6,833

60,335

SBA

Communications

Corp

13,983

359,754

Schlumberger

Ltd

17,671

344,783

Schneider

Electric

S.A.

62,639

452

Seagate

Technology

Holdings

plc

28

341

*

Seagen,

Inc

66

92,711

Sealed

Air

Corp

3,708

278

SEI

Investments

Co

17

71,759

Sempra

Energy

10,447

371

Sensata

Technologies

Holding

plc

17

191,150

*

ServiceNow,

Inc

107,421

45,048

Sherwin-Williams

Co

11,961

120,535

Simon

Property

Group,

Inc

13,919

2,742

e

Sirius

XM

Holdings,

Inc

12

387

Skyworks

Solutions,

Inc

43

4,002

e

SL

Green

Realty

Corp

120

2,420

*

Snap,

Inc

29

129

Snap-On,

Inc

37

632

*

Snowflake,

Inc

111

137

*

SolarEdge

Technologies,

Inc

37

123,864

Southern

Co

8,701

362

Southwest

Airlines

Co

13

382

*

Splunk,

Inc

41

546

SS&C

Technologies

Holdings,

Inc

33

15,957

Stanley

Black

&

Decker,

Inc

1,495

247,327

Starbucks

Corp

24,500

818

State

Street

Corp

60

396

Steel

Dynamics,

Inc

43

241

STERIS

plc

54

416,694

Stryker

Corp

127,129

75,672

Sun

Communities,

Inc

9,872

1,042

Synchrony

Financial

35

139,650

*

Synopsys,

Inc

60,805

1,234

SYSCO

Corp

92

546

T

Rowe

Price

Group,

Inc

61

410

*

Take-Two

Interactive

Software,

Inc

60

523

Targa

Resources

Investments,

Inc

40

78,810

Target

Corp

10,395

166,053

TE

Connectivity

Ltd

23,274

114

*

Teledyne

Technologies,

Inc

47

114

Teleflex,

Inc

28

379

Teradyne,

Inc

42

52,617

Terreno

Realty

Corp

3,162

1,283,080

*

Tesla,

Inc

335,872

2,206

Texas

Instruments,

Inc

397

15

Texas

Pacific

Land

Corp

20

201

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

499

Textron,

Inc

$

34

112,144

Thermo

Fisher

Scientific,

Inc

58,511

283,621

TJX

Companies,

Inc

24,048

272,471

*

T-Mobile

US,

Inc

37,846

799

*

Toast,

Inc

18

254

Toro

Co

26

112,923

Tractor

Supply

Co

24,967

1,080

*

Trade

Desk,

Inc

83

270

Tradeweb

Markets,

Inc

18

259,010

*

Traeger,

Inc

1,101

222,700

Trane

Technologies

plc

42,594

133

TransDigm

Group,

Inc

119

415,603

*

Transocean

Ltd

2,913

470

TransUnion

37

562

Travelers

Cos,

Inc

98

600

*

Trimble

Inc

32

3,230

Truist

Financial

Corp

98

432

*

Twilio,

Inc

27

102

*

Tyler

Technologies,

Inc

42

695

Tyson

Foods,

Inc

(Class

A)

35

4,407

*

Uber

Technologies,

Inc

190

760

UDR,

Inc

33

510

UGI

Corp

14

866

*

UiPath,

Inc

14

20,548

*

Ulta

Beauty,

Inc

9,670

759,962

Union

Pacific

Corp

155,503

107,658

United

Parcel

Service,

Inc

(Class

B)

19,298

124,077

United

Rentals,

Inc

55,260

113

*

United

Therapeutics

Corp

25

449,978

UnitedHealth

Group,

Inc

216,277

552

*,e

Unity

Software,

Inc

24

153

Universal

Health

Services,

Inc

(Class

B)

24

3,725

US

Bancorp

123

98

Vail

Resorts,

Inc

25

791,001

Valero

Energy

Corp

92,784

769,252

Vanguard

Emerging

Markets

ETF

31,293

50,000

e

Vanguard

FTSE

Developed

Markets

ETF

2,309

24,796

*

Veeva

Systems,

Inc

4,903

123,087

Ventas,

Inc

5,818

228

*

VeriSign,

Inc

52

351

Verisk

Analytics,

Inc

79

822,277

Verizon

Communications,

Inc

30,580

43,148

*

Vertex

Pharmaceuticals,

Inc

15,184

31,649

VF

Corp

604

2,910

Viatris,

Inc

29

194,142

VICI

Properties,

Inc

6,102

862,166

Visa,

Inc

(Class

A)

204,747

81,665

Vistra

Energy

Corp

2,144

573

*

VMware,

Inc

(Class

A)

82

167,584

Voya

Financial,

Inc

12,017

324

Vulcan

Materials

Co

73

155,196

W.R.

Berkley

Corp

9,243

85,970

W.W.

Grainger,

Inc

67,795

1,783

Walgreens

Boots

Alliance,

Inc

51

1,012,433

Walmart,

Inc

159,134

1,143,519

*

Walt

Disney

Co

102,093

433,621

*

Warner

Bros

Discovery,

Inc

5,438

42,220

Washington

REIT

694

626

Waste

Connections,

Inc

89

989

Waste

Management,

Inc

172

144

*

Waters

Corp

38

81

Watsco,

Inc

31

CREF

Global

Equities

Account

June

30,

2023

202

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

425

e

Webster

Financial

Corp

$

16

767

WEC

Energy

Group,

Inc

68

3,987,062

Wells

Fargo

&

Co

170,168

74,246

Welltower,

Inc

6,006

10,148

West

Pharmaceutical

Services,

Inc

3,881

776

*

Western

Digital

Corp

29

235,272

Westinghouse

Air

Brake

Technologies

Corp

25,802

103,353

Westlake

Chemical

Corp

12,348

34,943

WestRock

Co

1,016

128,144

Weyerhaeuser

Co

4,294

133

Whirlpool

Corp

20

2,963

Williams

Cos,

Inc

97

259

Willis

Towers

Watson

plc

61

303

*

Wolfspeed,

Inc

17

496

*

Workday,

Inc

112

520

WP

Carey,

Inc

35

11,995

Wynn

Resorts

Ltd

1,267

1,338

Xcel

Energy,

Inc

83

582

Xylem,

Inc

66

430,812

*

YETI

Holdings,

Inc

16,733

14,690

Yum!

Brands,

Inc

2,035

125

*

Zebra

Technologies

Corp

(Class

A)

37

373

*

Zillow

Group,

Inc

(Class

C)

19

150,497

Zimmer

Biomet

Holdings,

Inc

21,912

155,399

Zoetis,

Inc

26,761

571

*

Zoom

Video

Communications,

Inc

39

688

*

ZoomInfo

Technologies,

Inc

17

212

*

Zscaler,

Inc

31

TOTAL

UNITED

STATES

15,470,634

TOTAL

COMMON

STOCKS

24,021,796

(Cost

$20,174,849)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0.0%

3,698

Magellan

Financial

Group

Ltd

04/16/27

1

129,948

e

PointsBet

Holdings

Ltd

07/08/24

0

TOTAL

AUSTRALIA

1

TOTAL

RIGHTS/WARRANTS

1

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

24,021,811‌

(Cost

$20,174,865)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.5%

GOVERNMENT

AGENCY

DEBT

-

0.5%

$

17,100,000

Federal

Agricultural

Mortgage

Corp

(FAMC)

0

.000

%

07/03/23

17,100

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

07/24/23

9,972

2,825,000

FHLB

0

.000

08/09/23

2,811

5,000,000

FHLB

0

.000

08/11/23

4,974

5,000,000

FHLB

0

.000

08/16/23

4,970

10,000,000

FHLB

0

.000

08/23/23

9,931

203

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

FHLB

0

.000

%

08/30/23

$

9,922

25,000,000

FHLB

0

.000

09/01/23

24,795

20,000,000

FHLB

0

.000

09/15/23

19,798

6,250,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.000

07/17/23

6,238

10,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/05/23

9,997

TOTAL

GOVERNMENT

AGENCY

DEBT

120,508

REPURCHASE

AGREEMENT

-

1.0%

256,295,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

256,295

TOTAL

REPURCHASE

AGREEMENT

256,295

TOTAL

SHORT-TERM

INVESTMENTS

376,803

(Cost

$376,759)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

CERTIFICATE

OF

DEPOSIT

-

0.2%

1,000,000

Australia

and

New

Zealand

Banking

Group

5

.310

02/28/24

1,000

1,500,000

Canadian

Imperial

Bank

of

Commerce

5

.800

08/09/23

1,500

500,000

Canadian

Imperial

Bank

of

Commerce

5

.490

09/22/23

500

750,000

Canadian

Imperial

Bank

of

Commerce

5

.510

10/23/23

750

2,000,000

Canadian

Imperial

Bank

of

Commerce

5

.660

05/03/24

2,000

2,000,000

Credit

Agricole

5

.460

12/01/23

2,000

2,000,000

DNB

ASA

5

.410

11/17/23

2,000

1,000,000

ING

US

Funding

LLC

5

.520

09/29/23

1,000

2,000,000

Lloyds

Bank

PLC

5

.420

09/20/23

2,000

1,000,000

Mizuho

Bank

Ltd

5

.240

08/24/23

1,000

1,000,000

MUFG

Bank

Ltd

5

.310

07/18/23

1,000

2,000,000

MUFG

Bank

Ltd

5

.360

08/08/23

2,000

1,000,000

MUFG

Bank

Ltd

5

.230

09/08/23

1,000

1,000,000

MUFG

Bank

Ltd

5

.560

10/06/23

1,000

2,000,000

National

Australia

Bank

Ltd

5

.410

11/28/23

2,000

1,000,000

National

Australia

Bank

Ltd

5

.550

11/30/23

1,000

1,000,000

National

Australia

Bank

Ltd

5

.260

12/01/23

1,000

1,000,000

National

Australia

Bank

Ltd

5

.310

03/06/24

1,000

1,500,000

National

Bank

of

Canada

5

.310

07/10/23

1,500

1,000,000

Natixis

NY

5

.560

11/06/23

1,000

2,000,000

Natixis

NY

5

.480

12/08/23

2,000

2,000,000

Royal

Bank

of

Canada

5

.480

11/22/23

2,000

2,000,000

Royal

Bank

of

Canada

5

.590

02/21/24

2,000

1,000,000

Royal

Bank

of

Canada

5

.760

03/27/24

1,000

1,500,000

Skandinaviska

Enskilda

Banken

AB

5

.490

09/25/23

1,500

1,000,000

Skandinaviska

Enskilda

Banken

AB

5

.520

10/03/23

1,000

2,000,000

Svenska

Handelsbanken

Ltd

5

.020

07/03/23

2,000

TOTAL

CERTIFICATE

OF

DEPOSIT

37,750

COMMERCIAL

PAPER

-

0.0%

2,000,000

ING

US

Funding

LLC

5

.650

04/24/24

2,000

2,000,000

Lloyds

Bank

PLC

0

.000

10/23/23

1,966

TOTAL

COMMERCIAL

PAPER

3,966

REPURCHASE

AGREEMENT

-

0.1%

2,388,000

s

Citigroup

5

.000

07/03/23

2,388

5,000,000

t

Citigroup

5

.060

07/03/23

5,000

10,000,000

u

JP

Morgan

5

.060

07/03/23

10,000

5,000,000

v

Merrill

Lynch

5

.060

07/03/23

5,000

TOTAL

REPURCHASE

AGREEMENT

22,388

VARIABLE

RATE

SECURITIES

-

0.0%

1,000,000

i

Mizuho

Bank

Ltd

5

.360

07/05/23

1,000

2,000,000

i

Mizuho

Bank

Ltd

5

.570

10/11/23

2,000

CREF

Global

Equities

Account

June

30,

2023

204

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

2,000,000

i

Mizuho

Bank

Ltd

5

.520

%

10/26/23

$

2,000

TOTAL

VARIABLE

RATE

SECURITIES

5,000

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

69,104

(Cost

$69,104)

TOTAL

INVESTMENTS

-

100.2%

24,467,718

(Cost

$20,620,728)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

38,373

)

NET

ASSETS

-

100.0%

$24,429,345

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.

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

$93,580,478.

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$256,295,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

6/30/27,

valued

at

$261,420,969.

s

Agreement

with

Citigroup,

5.000%

dated

6/30/23

to

be

repurchased

at

$2,388,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–1.250%

and

maturity

dates

11/30/23–9/30/28,

valued

at

$2,435,817.

t

Agreement

with

Citigroup,

5.060%

dated

6/30/23

to

be

repurchased

at

$5,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.250%–6.500%

and

maturity

dates

9/30/28–4/20/53,

valued

at

$5,100,039.

u

Agreement

with

JP

Morgan,

5.060%

dated

6/30/23

to

be

repurchased

at

$10,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.873%–7.500%

and

maturity

dates

3/1/27–5/1/53,

valued

at

$10,200,001.

v

Agreement

with

Merrill

Lynch,

5.060%

dated

6/30/23

to

be

repurchased

at

$5,000,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.375%

and

maturity

date

3/31/29,

valued

at

$5,100,005.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

777‌

09/15/23

 $

83,239‌

$

83,741‌

$

502‌

S&P

500

E

Mini

Index

946‌

09/15/23

205,961‌

212,295‌

6,334‌

Total

1,723‌

  $

289,200‌

 $

296,036‌

 $

6,836‌

Portfolio

of

Investments

CREF

Growth

Account

June

30,

2023

205

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

AUTOMOBILES

&

COMPONENTS

-

1.9%

2,253,867

*

Tesla,

Inc

$

589,995

TOTAL

AUTOMOBILES

&

COMPONENTS

589,995

CAPITAL

GOODS

-

3.4%

2,046,215

*

Boeing

Co

432,079

3,925,419

Carrier

Global

Corp

195,132

313,945

Deere

&

Co

127,207

2,372,365

Raytheon

Technologies

Corp

232,397

473,633

Safran

S.A.

74,223

TOTAL

CAPITAL

GOODS

1,061,038

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.0%

2,104,693

Experian

Group

Ltd

80,780

401,457

Verisk

Analytics,

Inc

90,742

1,054,014

Waste

Connections,

Inc

150,650

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

322,172

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

7.4%

815,864

*

Alibaba

Group

Holding

Ltd

(ADR)

68,002

15,564,426

*

Amazon.com,

Inc

2,028,979

613,735

*

Burlington

Stores,

Inc

96,596

1,749,120

TJX

Companies,

Inc

148,308

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,341,885

CONSUMER

DURABLES

&

APPAREL

-

0.9%

274,201

Kering

151,413

525,139

Nike,

Inc

(Class

B)

57,960

9,936,900

Prada

S.p.A

66,858

TOTAL

CONSUMER

DURABLES

&

APPAREL

276,231

CONSUMER

SERVICES

-

4.4%

228,593

*

Booking

Holdings,

Inc

617,276

3,067,501

*

Carnival

Corp

57,761

50,569

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

108,167

536,690

*

Flutter

Entertainment

plc

107,868

6,393,533

*

Las

Vegas

Sands

Corp

370,825

1,359,045

Starbucks

Corp

134,627

TOTAL

CONSUMER

SERVICES

1,396,524

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.2%

1,269,895

Costco

Wholesale

Corp

683,686

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

683,686

ENERGY

-

1.9%

1,556,054

ConocoPhillips

161,223

2,594,278

EOG

Resources,

Inc

296,889

412,416

Pioneer

Natural

Resources

Co

85,444

400,432

Valero

Energy

Corp

46,971

TOTAL

ENERGY

590,527

FINANCIAL

SERVICES

-

8.6%

44,863

*,g

Adyen

NV

77,688

318,840

American

Express

Co

55,542

850,494

*

Fiserv,

Inc

107,290

8,050,962

*

Grab

Holdings

Ltd.

27,615

CREF

Growth

Account

June

30,

2023

206

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,098,719

e

iShares

Russell

1000

Growth

Index

Fund

$

577,525

671,844

London

Stock

Exchange

Group

plc

71,506

2,113,677

Mastercard,

Inc

(Class

A)

831,309

3,483,933

*

PayPal

Holdings,

Inc

232,483

272,277

S&P

Global,

Inc

109,153

2,590,954

Visa,

Inc

(Class

A)

615,300

TOTAL

FINANCIAL

SERVICES

2,705,411

FOOD,

BEVERAGE

&

TOBACCO

-

2.8%

5,133,712

Davide

Campari-Milano

NV

71,149

8,239,476

*

Monster

Beverage

Corp

473,275

1,830,238

PepsiCo,

Inc

338,997

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

883,421

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.7%

521,800

*

Align

Technology,

Inc

184,529

3,568,644

*

Dexcom,

Inc

458,606

490,361

Elevance

Health,

Inc

217,863

437,039

Essilor

International

S.A.

82,413

1,323,165

*

Intuitive

Surgical,

Inc

452,443

1,055,735

UnitedHealth

Group,

Inc

507,429

1,043,131

*

Veeva

Systems,

Inc

206,258

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,109,541

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.7%

816,892

Estee

Lauder

Cos

(Class

A)

160,421

2,456,830

*

Kenvue,

Inc

64,910

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

225,331

INSURANCE

-

0.2%

1,274,799

American

International

Group,

Inc

73,352

TOTAL

INSURANCE

73,352

MATERIALS

-

1.8%

4,471,895

Corteva,

Inc

256,240

844,860

Linde

plc

321,959

TOTAL

MATERIALS

578,199

MEDIA

&

ENTERTAINMENT

-

10.1%

5,684,013

*

Alphabet,

Inc

(Class

A)

680,376

5,955,380

*

Alphabet,

Inc

(Class

C)

720,422

2,327,036

*

Match

Group,

Inc

97,386

4,873,547

*

Meta

Platforms,

Inc

1,398,611

862,139

NetEase,

Inc

(ADR)

83,360

1,213,440

*

ROBLOX

Corp

48,902

2,780,500

Tencent

Holdings

Ltd

117,896

508,171

*

Walt

Disney

Co

45,370

TOTAL

MEDIA

&

ENTERTAINMENT

3,192,323

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5.8%

914,960

AbbVie,

Inc

123,273

427,568

Amgen,

Inc

94,929

3,475,748

AstraZeneca

plc

(ADR)

248,759

1,952,370

*

Avantor,

Inc

40,102

1,148,461

Eli

Lilly

&

Co

538,605

970,866

Gilead

Sciences,

Inc

74,825

251,992

*

Horizon

Therapeutics

Plc

25,917

478,443

*

Illumina,

Inc

89,703

707,059

Novo

Nordisk

AS

114,218

1,067,037

Novo

Nordisk

AS

(ADR)

172,679

207

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,769,352

Zoetis,

Inc

$

304,700

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,827,710

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

10.4%

1,288,620

*

Advanced

Micro

Devices,

Inc

146,787

2,085,503

Applied

Materials,

Inc

301,438

956,958

Broadcom,

Inc

830,094

160,921

Lam

Research

Corp

103,450

751,301

Marvell

Technology,

Inc

44,913

175,545

Monolithic

Power

Systems,

Inc

94,835

4,146,609

NVIDIA

Corp

1,754,098

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,275,615

SOFTWARE

&

SERVICES

-

20.3%

199,399

Accenture

plc

61,531

405,493

*

Atlassian

Corp

68,046

506,140

*

Crowdstrike

Holdings,

Inc

74,337

454,347

*

DocuSign,

Inc

23,213

192,634

*

EPAM

Systems,

Inc

43,294

973,265

Intuit,

Inc

445,940

10,548,017

Microsoft

Corp

3,592,022

1,142,644

Oracle

Corp

136,077

1,836,576

*

Palo

Alto

Networks,

Inc

469,264

245,086

Roper

Technologies,

Inc

117,837

2,370,696

*

Salesforce,

Inc

500,833

690,614

*

ServiceNow,

Inc

388,104

842,172

*

Synopsys,

Inc

366,690

484,573

*

Workday,

Inc

109,460

TOTAL

SOFTWARE

&

SERVICES

6,396,648

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8.0%

12,399,911

Apple,

Inc

2,405,211

665,222

*

Arista

Networks,

Inc

107,806

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,513,017

TRANSPORTATION

-

1.3%

7,018,107

*

Uber

Technologies,

Inc

302,972

537,300

Union

Pacific

Corp

109,942

TOTAL

TRANSPORTATION

412,914

TOTAL

COMMON

STOCKS

31,455,540

(Cost

$26,778,988)

TOTAL

LONG-TERM

INVESTMENTS

31,455,540‌

(Cost

$26,778,988)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0.0%

$

10,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

%

07/05/23

9,997

TOTAL

GOVERNMENT

AGENCY

DEBT

9,997

REPURCHASE

AGREEMENT

-

0.5%

152,020,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

152,020

TOTAL

REPURCHASE

AGREEMENT

152,020

TOTAL

SHORT-TERM

INVESTMENTS

162,017

(Cost

$162,014)

CREF

Growth

Account

June

30,

2023

208

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

SHARES

COMPANY

RATE

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

4,783

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

%

$

5

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

5

(Cost

$5)

TOTAL

INVESTMENTS

-

100.3%

31,617,562

(Cost

$26,941,007)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

84,840

)

NET

ASSETS

-

100.0%

$31,532,722

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

$5,641,190.

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$152,020,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

7/31/27,

valued

at

$155,060,416.

Portfolio

of

Investments

CREF

Equity

Index

Account

June

30,

2023

209

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

AUTOMOBILES

&

COMPONENTS

-

2.2%

49,971

*

Adient

plc

$

1,915

60,325

*

American

Axle

&

Manufacturing

Holdings,

Inc

499

137,792

*

Aptiv

plc

14,067

115,559

BorgWarner,

Inc

5,652

8,573

*

Cooper-Standard

Holding,

Inc

122

76,541

Dana

Inc

1,301

12,642

*

Dorman

Products,

Inc

997

86,619

*,e

Fisker,

Inc

489

1,955,974

Ford

Motor

Co

29,594

23,054

*

Fox

Factory

Holding

Corp

2,502

689,809

General

Motors

Co

26,599

104,978

Gentex

Corp

3,072

18,149

*

Gentherm,

Inc

1,026

139,195

*

Goodyear

Tire

&

Rubber

Co

1,904

67,182

Harley-Davidson,

Inc

2,365

26,694

*,e

Holley,

Inc

109

12,667

LCI

Industries,

Inc

1,601

27,234

Lear

Corp

3,909

372,353

*,e

Lucid

Group,

Inc

2,566

122,392

*,e

Luminar

Technologies,

Inc

842

25,388

*

Modine

Manufacturing

Co

838

10,528

Patrick

Industries,

Inc

842

111,576

*,e

QuantumScape

Corp

891

266,811

*,e

Rivian

Automotive,

Inc

4,445

29,093

*,e

Solid

Power,

Inc

74

11,405

Standard

Motor

Products,

Inc

428

20,247

*

Stoneridge,

Inc

382

1,375,707

*

Tesla,

Inc

360,119

29,413

Thor

Industries,

Inc

3,044

12,140

*

Visteon

Corp

1,743

17,654

Winnebago

Industries,

Inc

1,177

67,449

*,e

Workhorse

Group,

Inc

59

9,934

*

XPEL,

Inc

837

TOTAL

AUTOMOBILES

&

COMPONENTS

476,010

BANKS

-

3.3%

4,682

1st

Source

Corp

196

4,331

e

ACNB

Corp

144

7,212

Amalgamated

Financial

Corp

116

12,491

Amerant

Bancorp

Inc

215

5,882

e

American

National

Bankshares,

Inc

170

38,500

Ameris

Bancorp

1,317

9,208

Arrow

Financial

Corp

185

63,489

Associated

Banc-Corp

1,030

42,326

Atlantic

Union

Bankshares

Corp

1,098

31,941

*

Axos

Financial,

Inc

1,260

31,112

Banc

of

California,

Inc

360

10,077

Bancfirst

Corp

927

3,732

e

Bank

First

Corp

310

3,473,264

Bank

of

America

Corp

99,648

23,380

e

Bank

of

Hawaii

Corp

964

7,728

Bank

of

Marin

Bancorp

137

25,484

Bank

of

NT

Butterfield

&

Son

Ltd

697

58,249

e

Bank

OZK

2,339

27,509

BankUnited

593

CREF

Equity

Index

Account

June

30,

2023

210

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

18,925

Banner

Corp

$

826

11,016

e

Bar

Harbor

Bankshares

271

6,589

Baycom

Corp

110

7,362

BCB

Bancorp,

Inc

86

26,834

Berkshire

Hills

Bancorp,

Inc

556

13,432

*

Blue

Foundry

Bancorp

136

8,721

Blue

Ridge

Bankshares,

Inc

77

15,941

BOK

Financial

Corp

1,288

10,571

*

Bridgewater

Bancshares,

Inc

104

38,089

Brookline

Bancorp,

Inc

333

3,114

e

Burke

&

Herbert

Financial

Services

Corp

200

6,436

Business

First

Bancshares,

Inc

97

5,576

Byline

Bancorp,

Inc

101

107,871

Cadence

BanCorp

2,119

2,502

Cambridge

Bancorp

136

7,078

Camden

National

Corp

219

4,609

e

Capital

Bancorp,

Inc

83

9,158

Capital

City

Bank

Group,

Inc

281

33,828

e

Capitol

Federal

Financial

209

5,956

Capstar

Financial

Holdings,

Inc

73

14,623

*

Carter

Bankshares,

Inc

216

25,721

Cathay

General

Bancorp

828

21,511

Central

Pacific

Financial

Corp

338

969,422

Citigroup,

Inc

44,632

9,568

Citizens

&

Northern

Corp

185

251,872

Citizens

Financial

Group,

Inc

6,569

2,158

e

Citizens

Financial

Services,

Inc

161

4,775

City

Holding

Co

430

7,262

Civista

Bancshares,

Inc

126

9,772

CNB

Financial

Corp

172

5,328

*

Coastal

Financial

Corp

201

4,711

Codorus

Valley

Bancorp,

Inc

92

8,393

Colony

Bankcorp

Inc

79

109,266

Columbia

Banking

System,

Inc

2,216

17,061

*,e

Columbia

Financial,

Inc

295

69,667

e

Comerica,

Inc

2,951

55,801

e

Commerce

Bancshares,

Inc

2,718

29,222

Community

Bank

System,

Inc

1,370

16,516

Community

Trust

Bancorp,

Inc

587

21,722

ConnectOne

Bancorp,

Inc

360

2,974

*,e

CrossFirst

Bankshares,

Inc

30

31,366

Cullen/Frost

Bankers,

Inc

3,373

19,196

*,e

Customers

Bancorp,

Inc

581

45,531

CVB

Financial

Corp

605

19,153

Dime

Community

Bancshares,

Inc

338

17,266

Eagle

Bancorp,

Inc

365

71,752

e

East

West

Bancorp,

Inc

3,788

94,260

Eastern

Bankshares,

Inc

1,157

6,481

e

Enterprise

Bancorp,

Inc

188

16,077

Enterprise

Financial

Services

Corp

629

7,477

Equity

Bancshares,

Inc

170

3,546

Esquire

Financial

Holdings,

Inc

162

6,206

e

Farmers

&

Merchants

Bancorp,

Inc

140

18,150

Farmers

National

Banc

Corp

225

13,107

FB

Financial

Corp

368

2,294

e

Fidelity

D&D

Bancorp,

Inc

111

351,476

Fifth

Third

Bancorp

9,212

10,211

Financial

Institutions,

Inc

161

15,371

First

Bancorp

457

114,850

First

Bancorp

1,403

6,485

First

Bancorp,

Inc

158

6,018

First

Bancshares,

Inc

156

211

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,950

e

First

Bank

$

83

26,747

First

Busey

Corp

538

4,107

First

Business

Financial

Services,

Inc

121

5,110

First

Citizens

Bancshares,

Inc

(Class

A)

6,558

52,091

First

Commonwealth

Financial

Corp

659

12,139

First

Community

Bancshares,

Inc

361

47,775

First

Financial

Bancorp

977

70,877

First

Financial

Bankshares,

Inc

2,019

505

e

First

Financial

Corp

16

19,660

First

Foundation,

Inc

78

71,845

First

Hawaiian,

Inc

1,294

266,280

First

Horizon

National

Corp

3,001

43,798

First

Interstate

Bancsystem,

Inc

1,044

29,933

First

Merchants

Corp

845

7,120

First

Mid-Illinois

Bancshares,

Inc

172

15,462

First

of

Long

Island

Corp

186

4,047

*,e

First

Western

Financial,

Inc

75

6,452

Five

Star

Bancorp

144

4,145

Flushing

Financial

Corp

51

157,037

FNB

Corp

1,796

3,291

e

FS

Bancorp,

Inc

99

80,429

Fulton

Financial

Corp

959

7,652

*,e

FVCBankcorp,

Inc

82

5,087

e

German

American

Bancorp,

Inc

138

63,141

Glacier

Bancorp,

Inc

1,968

1,871

e

Great

Southern

Bancorp,

Inc

95

3,479

Greene

County

Bancorp,

Inc

104

1,346

Guaranty

Bancshares,

Inc

36

47,878

Hancock

Whitney

Corp

1,838

23,963

Hanmi

Financial

Corp

358

16,668

HarborOne

Northeast

Bancorp,

Inc

145

6,442

HBT

Financial,

Inc

119

13,408

Heartland

Financial

USA,

Inc

374

25,661

Heritage

Commerce

Corp

212

22,188

Heritage

Financial

Corp

359

35,248

Hilltop

Holdings,

Inc

1,109

997

e

Hingham

Institution

for

Savings

213

4,264

Home

Bancorp,

Inc

142

81,882

Home

Bancshares,

Inc

1,867

15,022

HomeStreet,

Inc

89

13,541

HomeTrust

Bancshares,

Inc

283

59,403

Hope

Bancorp,

Inc

500

2,709

e

Horizon

Bancorp

28

728,267

Huntington

Bancshares,

Inc

7,851

25,003

Independent

Bank

Corp

1,113

17,558

Independent

Bank

Corp

298

20,253

Independent

Bank

Group,

Inc

699

29,344

International

Bancshares

Corp

1,297

5,837

e

John

Marshall

Bancorp,

Inc

117

1,456,831

JPMorgan

Chase

&

Co

211,881

8,268

Kearny

Financial

Corp

58

490,546

Keycorp

4,533

9,106

e

Lakeland

Bancorp,

Inc

122

13,317

Lakeland

Financial

Corp

646

14,926

Live

Oak

Bancshares,

Inc

393

82,354

M&T

Bank

Corp

10,192

19,210

Macatawa

Bank

Corp

178

1,529

Mercantile

Bank

Corp

42

20,574

Meta

Financial

Group,

Inc

954

10,190

Metrocity

Bankshares,

Inc

182

4,420

*,e

Metropolitan

Bank

Holding

Corp

154

7,348

Mid

Penn

Bancorp,

Inc

162

CREF

Equity

Index

Account

June

30,

2023

212

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,829

e

Middlefield

Banc

Corp

$

103

10,800

Midland

States

Bancorp,

Inc

215

7,821

e

MidWestOne

Financial

Group,

Inc

167

5,369

MVB

Financial

Corp

113

19,324

National

Bank

Holdings

Corp

561

21,431

NBT

Bancorp,

Inc

683

354,947

e

New

York

Community

Bancorp,

Inc

3,990

6,480

Nicolet

Bankshares,

Inc

440

3,442

Northeast

Bank

143

5,388

Northfield

Bancorp,

Inc

59

2,656

Northrim

BanCorp,

Inc

104

62,432

Northwest

Bancshares,

Inc

662

3,544

*,e

Norwood

Financial

Corp

105

1,149,334

*

NU

Holdings

Ltd

9,068

12,012

OceanFirst

Financial

Corp

188

33,903

OFG

Bancorp

884

133,138

Old

National

Bancorp

1,856

21,667

Old

Second

Bancorp,

Inc

283

11,057

Origin

Bancorp,

Inc

324

5,318

Orrstown

Financial

Services,

Inc

102

51,153

Pacific

Premier

Bancorp,

Inc

1,058

60,165

e

PacWest

Bancorp

490

7,855

Park

National

Corp

804

5,178

e

Parke

Bancorp,

Inc

88

5,966

e

PCB

Bancorp

88

267

Peapack

Gladstone

Financial

Corp

7

4,697

e

Peoples

Bancorp,

Inc

125

5,712

Peoples

Financial

Services

Corp

250

41,191

Pinnacle

Financial

Partners,

Inc

2,333

2,662

e

Plumas

Bancorp

95

198,649

PNC

Financial

Services

Group,

Inc

25,020

11,515

*,e

Ponce

Financial

Group,

Inc

100

38,321

Popular,

Inc

2,319

8,859

Preferred

Bank

487

20,188

Premier

Financial

Corp

323

8,140

Primis

Financial

Corp

69

41,648

e

Prosperity

Bancshares,

Inc

2,352

35,868

Provident

Financial

Services,

Inc

586

8,729

QCR

Holdings,

Inc

358

9,265

RBB

Bancorp

111

2,235

e

Red

River

Bancshares

Inc

110

482,164

Regions

Financial

Corp

8,592

30,881

Renasant

Corp

807

6,104

e

Republic

Bancorp,

Inc

(Class

A)

259

13,081

e

S&T

Bancorp,

Inc

356

22,606

Sandy

Spring

Bancorp,

Inc

513

34,531

Seacoast

Banking

Corp

of

Florida

763

24,631

ServisFirst

Bancshares,

Inc

1,008

9,123

Shore

Bancshares,

Inc

105

8,919

Sierra

Bancorp

151

55,218

Simmons

First

National

Corp

(Class

A)

953

5,382

SmartFinancial,

Inc

116

5,202

South

Plains

Financial

Inc

117

38,442

South

State

Corp

2,529

4,079

*

Southern

First

Bancshares,

Inc

101

4,139

Southern

Missouri

Bancorp,

Inc

159

10,544

e

Southside

Bancshares,

Inc

276

23,920

Stellar

Bancorp,

Inc

548

11,262

Stock

Yards

Bancorp,

Inc

511

6,101

e

Summit

Financial

Group,

Inc

126

74,250

e

Synovus

Financial

Corp

2,246

27,678

*

Texas

Capital

Bancshares,

Inc

1,425

213

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

35,393

*

The

Bancorp,

Inc

$

1,156

6,549

*,e

Third

Coast

Bancshares,

Inc

104

7,201

Tompkins

Financial

Corp

401

34,516

Towne

Bank

802

19,212

Trico

Bancshares

638

10,668

Triumph

Bancorp,

Inc

648

661,346

Truist

Financial

Corp

20,072

2,656

TrustCo

Bank

Corp

NY

76

34,442

Trustmark

Corp

727

23,900

UMB

Financial

Corp

1,456

68,198

United

Bankshares,

Inc

2,023

48,352

United

Community

Banks,

Inc

1,208

3,873

Unity

Bancorp,

Inc

91

5,426

Univest

Financial

Corp

98

764,001

US

Bancorp

25,243

218,557

Valley

National

Bancorp

1,694

22,054

Veritex

Holdings,

Inc

395

25,531

Washington

Federal,

Inc

677

3,676

Washington

Trust

Bancorp,

Inc

99

85,391

e

Webster

Financial

Corp

3,224

1,884,455

Wells

Fargo

&

Co

80,429

21,097

WesBanco,

Inc

540

11,970

West

Bancorporation,

Inc

220

13,352

Westamerica

Bancorporation

511

53,770

e

Western

Alliance

Bancorp

1,961

31,127

Wintrust

Financial

Corp

2,260

37,346

WSFS

Financial

Corp

1,409

81,460

e

Zions

Bancorporation

2,188

TOTAL

BANKS

708,555

CAPITAL

GOODS

-

6.5%

29,422

*,e

374Water,

Inc

70

66,252

*

3D

Systems

Corp

658

276,626

3M

Co

27,688

57,428

A.O.

Smith

Corp

4,180

21,498

Aaon,

Inc

2,038

11,925

*

AAR

Corp

689

16,749

Acuity

Brands,

Inc

2,731

31,531

Advanced

Drainage

Systems,

Inc

3,588

65,914

Aecom

Technology

Corp

5,582

39,078

*

Aerojet

Rocketdyne

Holdings,

Inc

2,144

12,268

*

Aerovironment,

Inc

1,255

8,143

*,e

AerSale

Corp

120

29,823

AGCO

Corp

3,919

51,549

Air

Lease

Corp

2,157

5,157

Alamo

Group,

Inc

948

16,794

Albany

International

Corp

(Class

A)

1,567

41,449

Allegion

plc

4,975

6,739

Allied

Motion

Technologies,

Inc

269

45,250

Allison

Transmission

Holdings,

Inc

2,555

10,745

Alta

Equipment

Group,

Inc

186

13,776

*

Ameresco,

Inc

670

10,171

*

American

Woodmark

Corp

777

114,509

Ametek,

Inc

18,537

98,441

*

API

Group

Corp

2,684

4,551

Apogee

Enterprises,

Inc

216

21,181

Applied

Industrial

Technologies,

Inc

3,068

63,826

*,e

Archer

Aviation,

Inc

263

26,444

Arcosa,

Inc

2,004

10,471

Argan,

Inc

413

20,887

Armstrong

World

Industries,

Inc

1,534

69,116

*

Array

Technologies,

Inc

1,562

CREF

Equity

Index

Account

June

30,

2023

214

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,250

Astec

Industries,

Inc

$

693

15,755

*

Astronics

Corp

313

20,918

*

Atkore

International

Group,

Inc

3,262

35,579

*

Axon

Enterprise,

Inc

6,942

60,195

*

AZEK

Co,

Inc

1,823

13,571

AZZ,

Inc

590

30,289

*

Babcock

&

Wilcox

Enterprises,

Inc

179

25,595

Barnes

Group,

Inc

1,080

22,560

*

Beacon

Roofing

Supply,

Inc

1,872

19,926

*,e

Blink

Charging

Co

119

75,992

*,e

Bloom

Energy

Corp

1,242

3,946

*

Blue

Bird

Corp

89

4,896

*

BlueLinx

Holdings,

Inc

459

277,416

*

Boeing

Co

58,579

16,526

Boise

Cascade

Co

1,493

4,978

*

Bowman

Consulting

Group

Ltd

159

13,313

e

Brookfield

Business

Corp

251

63,428

*

Builders

FirstSource,

Inc

8,626

40,627

BWX

Technologies,

Inc

2,908

8,469

e

Cadre

Holdings,

Inc

185

25,553

Carlisle

Cos,

Inc

6,555

422,437

Carrier

Global

Corp

20,999

257,491

Caterpillar,

Inc

63,356

120,169

*,e

ChargePoint

Holdings,

Inc

1,056

20,872

*,e

Chart

Industries,

Inc

3,335

12,045

*

CIRCOR

International,

Inc

680

487,076

CNH

Industrial

NV

7,014

14,727

Columbus

McKinnon

Corp

599

17,475

Comfort

Systems

USA,

Inc

2,869

15,927

*,e

Commercial

Vehicle

Group,

Inc

177

13,197

*

Concrete

Pumping

Holdings

Inc

106

11,212

*

Construction

Partners

Inc

352

42,178

*

Core

&

Main,

Inc

1,322

21,581

Crane

Co

1,923

21,581

Crane

Holdings

Co

1,218

7,468

CSW

Industrials,

Inc

1,241

70,319

Cummins,

Inc

17,239

19,563

Curtiss-Wright

Corp

3,593

30,728

*,e

Custom

Truck

One

Source,

Inc

207

135,999

Deere

&

Co

55,105

62,846

*,e

Desktop

Metal,

Inc

111

63,211

Donaldson

Co,

Inc

3,951

16,771

Douglas

Dynamics,

Inc

501

69,542

Dover

Corp

10,268

8,048

*,e

Ducommun,

Inc

351

11,117

*

DXP

Enterprises,

Inc

405

16,954

*

Dycom

Industries,

Inc

1,927

198,484

Eaton

Corp

39,915

24,435

EMCOR

Group,

Inc

4,515

287,390

Emerson

Electric

Co

25,977

8,964

Encore

Wire

Corp

1,667

24,905

*

Energy

Recovery,

Inc

696

12,892

*,e

Energy

Vault

Holdings,

Inc

35

32,971

Enerpac

Tool

Group

Corp

890

18,213

EnerSys

1,977

55,762

*,e

Enovix

Corp

1,006

11,263

EnPro

Industries,

Inc

1,504

53,873

*,e

Eos

Energy

Enterprises,

Inc

234

28,088

Esab

Corp

1,869

13,003

ESCO

Technologies,

Inc

1,348

41,349

*,e

ESS

Tech,

Inc

61

9,017

*,e

Eve

Holding,

Inc

95

215

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

287,776

Fastenal

Co

$

16,976

32,884

Federal

Signal

Corp

2,106

102,782

Ferguson

plc

16,169

71,435

Flowserve

Corp

2,654

18,242

*,e

Fluence

Energy,

Inc

486

77,505

*

Fluor

Corp

2,294

173,487

Fortive

Corp

12,972

67,350

Fortune

Brands

Home

&

Security,

Inc

4,846

20,104

Franklin

Electric

Co,

Inc

2,069

49,125

FTAI

Aviation

Ltd

1,555

21,243

*,e

FTC

Solar,

Inc

68

176,294

*,e

FuelCell

Energy,

Inc

381

30,738

*

Gates

Industrial

Corp

plc

414

14,376

GATX

Corp

1,851

31,919

*

Generac

Holdings,

Inc

4,760

122,020

General

Dynamics

Corp

26,253

540,514

General

Electric

Co

59,375

17,907

*

Gibraltar

Industries,

Inc

1,127

9,938

Global

Industrial

Co

276

21,710

*

GMS,

Inc

1,502

12,385

Gorman-Rupp

Co

357

78,611

Graco,

Inc

6,788

95,580

GrafTech

International

Ltd

482

24,972

Granite

Construction,

Inc

993

44,924

*

Great

Lakes

Dredge

&

Dock

Corp

367

19,838

Greenbrier

Cos,

Inc

855

20,793

Griffon

Corp

838

17,554

H&E

Equipment

Services,

Inc

803

21,061

*

Hayward

Holdings,

Inc

271

21,280

HEICO

Corp

3,765

38,786

HEICO

Corp

(Class

A)

5,453

16,194

Helios

Technologies,

Inc

1,070

13,619

Herc

Holdings,

Inc

1,864

41,915

Hexcel

Corp

3,186

32,149

Hillenbrand,

Inc

1,649

69,001

*

Hillman

Solutions

Corp

622

331,956

Honeywell

International,

Inc

68,881

188,854

Howmet

Aerospace,

Inc

9,360

27,556

Hubbell,

Inc

9,136

22,109

*

Hudson

Technologies,

Inc

213

19,554

Huntington

Ingalls

4,451

63,978

*,e

Hyliion

Holdings

Corp

107

7,224

Hyster-Yale

Materials

Handling,

Inc

403

37,542

IDEX

Corp

8,081

5,334

*

IES

Holdings,

Inc

303

149,736

Illinois

Tool

Works,

Inc

37,458

201,833

Ingersoll

Rand,

Inc

13,192

3,056

Insteel

Industries,

Inc

95

39,987

ITT,

Inc

3,727

41,873

*

Janus

International

Group,

Inc

446

45,832

*

JELD-WEN

Holding,

Inc

804

16,888

John

Bean

Technologies

Corp

2,049

342,404

Johnson

Controls

International

plc

23,331

5,348

Kadant,

Inc

1,188

15,070

Kaman

Corp

367

45,625

Kennametal,

Inc

1,295

66,946

*

Kratos

Defense

&

Security

Solutions,

Inc

960

96,156

L3Harris

Technologies,

Inc

18,824

4,923

*

Lawson

Products,

Inc

256

16,699

Lennox

International,

Inc

5,445

24,937

*,e

Leonardo

DRS,

Inc

432

4,566

*

Limbach

Holdings,

Inc

113

CREF

Equity

Index

Account

June

30,

2023

216

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,514

Lincoln

Electric

Holdings,

Inc

$

5,664

5,950

Lindsay

Corp

710

112,726

Lockheed

Martin

Corp

51,897

12,965

LSI

Industries,

Inc

163

17,575

Luxfer

Holdings

plc

250

22,630

*

Manitowoc

Co,

Inc

426

107,444

Masco

Corp

6,165

7,698

*

Masonite

International

Corp

789

32,416

*

Mastec,

Inc

3,824

67,350

*

Masterbrand,

Inc

783

8,494

McGrath

RentCorp

786

96,446

MDU

Resources

Group,

Inc

2,020

30,340

*

Mercury

Systems,

Inc

1,049

87,434

*,e

Microvast

Holdings,

Inc

140

24,886

*

Middleby

Corp

3,679

7,280

Miller

Industries,

Inc

258

14,585

Moog,

Inc

(Class

A)

1,581

43,932

*

MRC

Global,

Inc

442

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,836

28,683

Mueller

Industries,

Inc

2,503

85,916

Mueller

Water

Products,

Inc

(Class

A)

1,394

6,055

*

MYR

Group,

Inc

838

3,534

National

Presto

Industries,

Inc

259

15,496

*

NEXTracker,

Inc

617

109,431

*,e

Nikola

Corp

151

28,439

Nordson

Corp

7,058

71,358

Northrop

Grumman

Corp

32,525

6,891

*

Northwest

Pipe

Co

208

78,206

*

NOW,

Inc

810

16,026

*,e

NuScale

Power

Corp

109

74,858

nVent

Electric

plc

3,868

2,354

Omega

Flex,

Inc

244

33,865

Oshkosh

Corp

2,932

206,243

Otis

Worldwide

Corp

18,358

42,635

Owens

Corning,

Inc

5,564

253,825

PACCAR,

Inc

21,232

14,228

e

Park

Aerospace

Corp

196

63,680

Parker-Hannifin

Corp

24,838

20,471

*

Parsons

Corp

985

81,606

Pentair

plc

5,272

36,380

*

PGT

Innovations,

Inc

1,061

274,975

*,e

Plug

Power,

Inc

2,857

7,077

Powell

Industries,

Inc

429

1,801

Preformed

Line

Products

Co

281

28,783

Primoris

Services

Corp

877

15,505

*

Proto

Labs,

Inc

542

16,969

Quanex

Building

Products

Corp

456

71,936

Quanta

Services,

Inc

14,132

728,658

Raytheon

Technologies

Corp

71,379

13,498

*

RBC

Bearings,

Inc

2,935

32,418

Regal-Beloit

Corp

4,989

82,950

*

Resideo

Technologies,

Inc

1,465

8,757

REV

Group,

Inc

116

109,316

*,e

Rocket

Lab

USA,

Inc

656

56,702

Rockwell

Automation,

Inc

18,680

15,224

Rush

Enterprises,

Inc

(Class

A)

925

6,895

e

Rush

Enterprises,

Inc

(Class

B)

469

80,042

Sensata

Technologies

Holding

plc

3,601

63,890

*,e

SES

AI

Corp

156

81,772

*

Shoals

Technologies

Group,

Inc

2,090

18,886

Shyft

Group,

Inc

417

19,894

Simpson

Manufacturing

Co,

Inc

2,755

217

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,415

*

SiteOne

Landscape

Supply,

Inc

$

4,086

25,706

Snap-On,

Inc

7,408

59,911

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,749

23,935

*

SPX

Technologies,

Inc

2,034

4,143

Standex

International

Corp

586

77,790

Stanley

Black

&

Decker,

Inc

7,290

73,460

*,e

Stem,

Inc

420

18,886

*

Sterling

Construction

Co,

Inc

1,054

42,585

*,e

SunPower

Corp

417

109,516

*

Sunrun,

Inc

1,956

10,075

Tennant

Co

817

35,787

Terex

Corp

2,141

13,596

Textainer

Group

Holdings

Ltd

535

95,205

Textron,

Inc

6,439

24,419

*

Thermon

Group

Holdings

650

35,263

Timken

Co

3,228

27,553

*

Titan

International,

Inc

316

11,613

*

Titan

Machinery,

Inc

343

51,928

Toro

Co

5,279

19,490

*,e

TPI

Composites,

Inc

202

115,072

Trane

Technologies

plc

22,009

3,856

*

Transcat

Inc

329

26,124

TransDigm

Group,

Inc

23,359

52,464

*

Trex

Co,

Inc

3,440

42,805

Trinity

Industries,

Inc

1,101

23,840

Triton

International

Ltd

1,985

32,779

*

Triumph

Group,

Inc

406

27,269

*,e

Tutor

Perini

Corp

195

26,618

UFP

Industries,

Inc

2,583

34,882

United

Rentals,

Inc

15,535

67,280

*

Univar

Solutions

Inc

2,411

10,628

Valmont

Industries,

Inc

3,093

7,860

*

Vectrus,

Inc

390

45,774

*,e

Velo3D,

Inc

99

7,828

Veritiv

Corp

983

154,466

Vertiv

Holdings

Co

3,826

12,845

*

Vicor

Corp

694

96,965

*,e

Virgin

Galactic

Holdings,

Inc

376

22,246

W.W.

Grainger,

Inc

17,543

23,411

Wabash

National

Corp

600

16,513

e

Watsco,

Inc

6,299

12,667

Watts

Water

Technologies,

Inc

(Class

A)

2,327

22,053

WESCO

International,

Inc

3,949

86,408

Westinghouse

Air

Brake

Technologies

Corp

9,476

105,633

*

WillScot

Mobile

Mini

Holdings

Corp

5,048

30,482

Woodward

Inc

3,625

17,318

*,e

Xometry,

Inc

367

119,342

Xylem,

Inc

13,440

65,462

Zurn

Water

Solutions

Corp

1,760

TOTAL

CAPITAL

GOODS

1,414,463

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.6%

27,128

ABM

Industries,

Inc

1,157

5,587

ACCO

Brands

Corp

29

57,811

*

ACV

Auctions,

Inc

998

174,070

*

Alight,

Inc

1,608

11,286

Aris

Water

Solution,

Inc

116

27,574

*

ASGN

Inc

2,085

152,445

*,e

Aurora

Innovation,

Inc

448

207,728

Automatic

Data

Processing,

Inc

45,657

5,145

Barrett

Business

Services,

Inc

449

60,886

*

BlackSky

Technology,

Inc

135

CREF

Equity

Index

Account

June

30,

2023

218

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

66,781

Booz

Allen

Hamilton

Holding

Co

$

7,453

16,522

*,e

BrightView

Holdings,

Inc

119

26,557

Brink's

Co

1,801

57,307

Broadridge

Financial

Solutions,

Inc

9,492

10,973

*

CACI

International,

Inc

(Class

A)

3,740

26,846

*

Casella

Waste

Systems,

Inc

(Class

A)

2,428

18,053

*

CBIZ,

Inc

962

14,787

*

Ceco

Environmental

Corp

198

8,021

*

Cimpress

plc

477

43,380

Cintas

Corp

21,563

226,376

*

Clarivate

Analytics

plc

2,157

27,814

*

Clean

Harbors,

Inc

4,573

21,043

Concentrix

Corp

1,699

91,431

*

Conduent,

Inc

311

213,693

*

Copart,

Inc

19,491

49,610

*

CoreCivic,

Inc

467

201,024

*

CoStar

Group,

Inc

17,891

3,881

CRA

International,

Inc

396

17,763

CSG

Systems

International,

Inc

937

22,984

Deluxe

Corp

402

20,676

*

Driven

Brands

Holdings,

Inc

559

129,661

Dun

&

Bradstreet

Holdings,

Inc

1,500

1,045

Ennis,

Inc

21

59,468

Equifax,

Inc

13,993

17,218

*

ExlService

Holdings,

Inc

2,601

28,338

Exponent,

Inc

2,644

15,944

*

First

Advantage

Corp

246

31,321

*,e

FiscalNote

Holdings,

Inc

114

7,582

*

Forrester

Research,

Inc

221

7,620

*

Franklin

Covey

Co

333

16,142

*

FTI

Consulting,

Inc

3,070

81,103

Genpact

Ltd

3,047

42,598

*,e

Geo

Group,

Inc

305

42,732

*

Harsco

Corp

422

40,910

Healthcare

Services

Group

611

14,300

Heidrick

&

Struggles

International,

Inc

379

8,893

*

Heritage-Crystal

Clean,

Inc

336

37,280

Herman

Miller,

Inc

551

10,874

*

HireRight

Holdings

Corp

123

27,032

HNI

Corp

762

9,371

*

Huron

Consulting

Group,

Inc

796

6,267

ICF

International,

Inc

780

12,531

*,e

Innodata

Isogen,

Inc

142

19,828

Insperity,

Inc

2,359

44,581

Interface,

Inc

392

64,684

Jacobs

Solutions,

Inc

7,690

67,918

*

KAR

Auction

Services,

Inc

1,034

66,111

KBR,

Inc

4,301

20,372

Kelly

Services,

Inc

(Class

A)

359

11,207

Kforce,

Inc

702

29,134

Korn/Ferry

International

1,443

23,268

*

Legalzoom.com,

Inc

281

69,072

Leidos

Holdings,

Inc

6,111

67,802

*,e

Li-Cycle

Holdings

Corp

376

19,090

*

Liquidity

Services,

Inc

315

25,524

Manpower,

Inc

2,027

16,885

Matthews

International

Corp

(Class

A)

720

31,583

MAXIMUS,

Inc

2,669

12,017

*

Montrose

Environmental

Group,

Inc

506

19,573

MSA

Safety,

Inc

3,405

4,961

NL

Industries,

Inc

27

5,211

*

NV5

Global

Inc

577

219

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

160,797

Paychex,

Inc

$

17,988

33,846

*,e

Performant

Financial

Corp

91

95,984

Pitney

Bowes,

Inc

340

79,689

*,e

Planet

Labs

PBC

257

90,452

RB

Global,

Inc

5,427

4,854

*,e

Red

Violet,

Inc

100

101,923

Republic

Services,

Inc

15,612

20,546

Resources

Connection,

Inc

323

52,374

Robert

Half

International,

Inc

3,940

119,495

Rollins,

Inc

5,118

28,414

Science

Applications

International

Corp

3,196

12,140

*

SP

Plus

Corp

475

111,085

SS&C

Technologies

Holdings,

Inc

6,732

61,807

Steelcase,

Inc

(Class

A)

477

49,051

*

Stericycle,

Inc

2,278

12,139

*

Sterling

Check

Corp

149

25,107

Tetra

Tech,

Inc

4,111

100,803

TransUnion

7,896

15,001

*

TriNet

Group,

Inc

1,425

19,072

*

TrueBlue,

Inc

338

10,054

TTEC

Holdings,

Inc

340

8,983

Unifirst

Corp

1,392

63,645

*

Upwork,

Inc

594

71,089

Verisk

Analytics,

Inc

16,068

63,620

*

Verra

Mobility

Corp

1,255

15,178

*

Viad

Corp

408

5,586

VSE

Corp

305

202,813

Waste

Management,

Inc

35,172

5,398

*

Willdan

Group,

Inc

103

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

349,999

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.1%

18,290

*

1-800-FLOWERS.COM,

Inc

(Class

A)

143

18,402

Aaron's

Co,

Inc

260

23,424

*

Abercrombie

&

Fitch

Co

(Class

A)

883

36,738

Academy

Sports

&

Outdoors,

Inc

1,986

31,209

Advance

Auto

Parts,

Inc

2,194

4,492,206

*

Amazon.com,

Inc

585,604

85,497

American

Eagle

Outfitters,

Inc

1,009

3,312

*

America's

Car-Mart,

Inc

331

65,041

Arko

Corp

517

10,565

*

Asbury

Automotive

Group,

Inc

2,540

17,038

*

Autonation,

Inc

2,805

9,247

*

AutoZone,

Inc

23,056

119,103

Bath

&

Body

Works,

Inc

4,466

97,064

Best

Buy

Co,

Inc

7,954

11,361

e

Big

5

Sporting

Goods

Corp

104

15,681

*

Boot

Barn

Holdings,

Inc

1,328

14,004

Buckle,

Inc

485

7,271

Build-A-Bear

Workshop,

Inc

156

33,332

*

Burlington

Stores,

Inc

5,246

20,111

Caleres,

Inc

481

22,123

e

Camping

World

Holdings,

Inc

666

78,807

*

CarMax,

Inc

6,596

19,398

*

CarParts.com,

Inc

82

47,579

*

Carvana

Co

1,233

12,003

Cato

Corp

(Class

A)

96

66,517

*

Chico's

FAS,

Inc

356

9,723

*,e

ContextLogic,

Inc

64

546,099

*

Coupang,

Inc

9,502

32,814

Designer

Brands,

Inc

331

30,615

*

Destination

XL

Group,

Inc

150

CREF

Equity

Index

Account

June

30,

2023

220

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,635

Dick's

Sporting

Goods,

Inc

$

3,785

1,003

e

Dillard's,

Inc

(Class

A)

327

7,236

*

Duluth

Holdings,

Inc

45

264,293

eBay,

Inc

11,811

61,188

*

Etsy,

Inc

5,177

34,837

*,e

EVgo,

Inc

139

27,604

*

Five

Below,

Inc

5,425

55,907

*

Floor

&

Decor

Holdings,

Inc

5,812

33,391

e

Foot

Locker,

Inc

905

11,421

e

Franchise

Group,

Inc

327

10,965

*,e

Funko,

Inc

119

138,452

*,e

GameStop

Corp

(Class

A)

3,357

81,317

e

Gap,

Inc

726

7,998

*

Genesco,

Inc

200

67,692

Genuine

Parts

Co

11,456

6,868

Group

1

Automotive,

Inc

1,773

29,518

*

GrowGeneration

Corp

100

21,962

e

Guess?,

Inc

427

9,098

Haverty

Furniture

Cos,

Inc

275

9,181

Hibbett

Sports,

Inc

333

505,000

Home

Depot,

Inc

156,873

65,995

Kohl's

Corp

1,521

9,431

*

Lands'

End,

Inc

73

59,869

*

Leslie's,

Inc

562

13,553

Lithia

Motors,

Inc

(Class

A)

4,122

125,433

LKQ

Corp

7,309

297,584

Lowe's

Companies,

Inc

67,165

109,170

Macy's,

Inc

1,752

11,739

*

MarineMax,

Inc

401

18,107

Monro

Muffler,

Inc

736

8,996

Murphy

USA,

Inc

2,799

47,869

*

National

Vision

Holdings,

Inc

1,163

57,180

e

Nordstrom,

Inc

1,171

18,624

*

ODP

Corp

872

35,834

*

Ollie's

Bargain

Outlet

Holdings,

Inc

2,076

5,690

*,e

OneWater

Marine,

Inc

206

30,424

*

O'Reilly

Automotive,

Inc

29,064

24,586

*

Overstock.com,

Inc

801

9,990

Penske

Auto

Group,

Inc

1,665

40,988

*

Petco

Health

&

Wellness

Co,

Inc

365

14,105

e

PetMed

Express,

Inc

195

18,519

Pool

Corp

6,938

27,217

Rent-A-Center,

Inc

847

19,596

*,e

Revolve

Group,

Inc

321

9,426

*

RH

3,107

166,152

Ross

Stores,

Inc

18,631

66,571

*

Sally

Beauty

Holdings,

Inc

822

4,712

Shoe

Carnival,

Inc

111

20,162

Signet

Jewelers

Ltd

1,316

13,058

*

Sleep

Number

Corp

356

11,945

Sonic

Automotive,

Inc

(Class

A)

569

19,952

*,e

Sportsman's

Warehouse

Holdings,

Inc

114

32,244

*,e

Stitch

Fix

Inc

124

30,109

*,e

ThredUp,

Inc

73

6,790

*,e

Tilly's,

Inc

48

574,452

TJX

Companies,

Inc

48,708

55,517

Tractor

Supply

Co

12,275

25,507

*

Ulta

Beauty,

Inc

12,004

31,536

*

Urban

Outfitters,

Inc

1,045

41,105

*

Victoria's

Secret

&

Co

716

42,783

*,e

Warby

Parker,

Inc

500

41,399

*

Wayfair,

Inc

2,691

221

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

32,140

Williams-Sonoma,

Inc

$

4,022

1,945

Winmark

Corp

647

11,661

*

Zumiez,

Inc

194

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,110,213

CONSUMER

DURABLES

&

APPAREL

-

1.2%

15,286

Acushnet

Holdings

Corp

836

48,382

*

Allbirds,

Inc

61

35,953

*,e

AMMO,

Inc

77

21,459

*

Beazer

Homes

USA,

Inc

607

35,190

Brunswick

Corp

3,049

63,158

*

Callaway

Golf

Co

1,254

56,416

*

Capri

Holdings

Ltd

2,025

19,479

Carter's,

Inc

1,414

5,040

*

Cavco

Industries,

Inc

1,487

13,611

Century

Communities,

Inc

1,043

14,289

e

Clarus

Corp

131

14,763

Columbia

Sportswear

Co

1,140

23,677

e

Cricut,

Inc

289

31,668

*

Crocs,

Inc

3,561

13,051

*

Deckers

Outdoor

Corp

6,886

155,068

DR

Horton,

Inc

18,870

10,739

*,e

Dream

Finders

Homes,

Inc

264

18,783

e

Ethan

Allen

Interiors,

Inc

531

74,771

*

Garmin

Ltd

7,798

24,084

*

G-III

Apparel

Group

Ltd

464

74,136

*

GoPro,

Inc

307

16,535

*

Green

Brick

Partners,

Inc

939

156,073

e

Hanesbrands,

Inc

709

67,084

Hasbro,

Inc

4,345

13,347

*

Helen

of

Troy

Ltd

1,442

5,483

Hooker

Furniture

Corp

102

2,792

*

Hovnanian

Enterprises,

Inc

277

13,822

Installed

Building

Products,

Inc

1,937

15,263

*

iRobot

Corp

691

3,583

Johnson

Outdoors,

Inc

220

36,885

KB

Home

1,907

30,075

Kontoor

Brands,

Inc

1,266

12,660

*

Latham

Group,

Inc

47

25,091

La-Z-Boy,

Inc

719

4,968

*

Legacy

Housing

Corp

115

73,033

Leggett

&

Platt,

Inc

2,163

127,166

Lennar

Corp

(Class

A)

15,935

6,837

Lennar

Corp

(Class

B)

772

12,635

*

LGI

Homes,

Inc

1,704

5,568

*

Lovesac

Co

150

55,390

*

Lululemon

Athletica,

Inc

20,965

13,163

*

M/I

Homes,

Inc

1,148

13,092

*

Malibu

Boats,

Inc

768

8,407

Marine

Products

Corp

142

13,690

*

MasterCraft

Boat

Holdings,

Inc

420

167,123

*

Mattel,

Inc

3,266

23,210

MDC

Holdings,

Inc

1,086

17,632

Meritage

Homes

Corp

2,509

28,443

*

Mohawk

Industries,

Inc

2,934

11,320

Movado

Group,

Inc

304

207,669

Newell

Brands

Inc

1,807

592,917

Nike,

Inc

(Class

B)

65,440

1,436

*

NVR,

Inc

9,119

8,770

Oxford

Industries,

Inc

863

145,284

*

Peloton

Interactive,

Inc

1,117

24,590

Polaris

Inc

2,974

CREF

Equity

Index

Account

June

30,

2023

222

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

107,132

Pulte

Homes,

Inc

$

8,322

27,406

e

Purple

Innovation,

Inc

76

34,330

PVH

Corp

2,917

19,684

Ralph

Lauren

Corp

2,427

3,738

Rocky

Brands,

Inc

79

72,360

*

Skechers

U.S.A.,

Inc

(Class

A)

3,810

28,672

*

Skyline

Champion

Corp

1,877

29,016

Smith

&

Wesson

Brands,

Inc

378

67,337

*

Sonos,

Inc

1,100

44,766

Steven

Madden

Ltd

1,463

3,716

Sturm

Ruger

&

Co,

Inc

197

115,012

Tapestry,

Inc

4,923

44,029

*

Taylor

Morrison

Home

Corp

2,147

87,531

Tempur

Sealy

International,

Inc

3,507

54,918

Toll

Brothers,

Inc

4,342

15,774

*

TopBuild

Corp

4,196

12,158

*

Traeger,

Inc

52

47,835

*

TRI

Pointe

Homes,

Inc

1,572

84,878

*

Under

Armour,

Inc

(Class

A)

613

110,542

*

Under

Armour,

Inc

(Class

C)

742

180,319

VF

Corp

3,442

27,806

*

Vista

Outdoor,

Inc

769

34,786

*,e

Vizio

Holding

Corp

235

32,024

*,e

Vuzix

Corp

163

26,040

Whirlpool

Corp

3,874

48,726

Wolverine

World

Wide,

Inc

716

46,993

*

YETI

Holdings,

Inc

1,825

TOTAL

CONSUMER

DURABLES

&

APPAREL

258,160

CONSUMER

SERVICES

-

2.4%

25,118

*

Accel

Entertainment,

Inc

265

86,801

ADT,

Inc

523

22,794

*

Adtalem

Global

Education,

Inc

783

202,077

*

Airbnb,

Inc

25,898

108,444

ARAMARK

Holdings

Corp

4,669

17,816

*

Bally's

Corp

277

769

*,e

Biglari

Holdings,

Inc

(B

Shares)

152

15,173

*

BJ's

Restaurants,

Inc

483

44,145

Bloomin'

Brands,

Inc

1,187

8,897

e

Bluegreen

Vacations

Holding

Corp

317

18,498

*

Booking

Holdings,

Inc

49,951

19,931

*,e

Bowlero

Corp

232

31,873

Boyd

Gaming

Corp

2,211

28,106

*

Bright

Horizons

Family

Solutions

2,598

25,489

*

Brinker

International,

Inc

933

109,557

*

Caesars

Entertainment,

Inc

5,584

495,919

*,e

Carnival

Corp

9,338

11,838

Carriage

Services,

Inc

384

18,666

*

Carrols

Restaurant

Group,

Inc

94

16,727

*

Century

Casinos,

Inc

119

23,639

e

Cheesecake

Factory

817

54,286

*

Chegg,

Inc

482

13,771

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

29,456

13,984

e

Choice

Hotels

International,

Inc

1,643

38,334

Churchill

Downs,

Inc

5,335

12,474

*

Chuy's

Holdings,

Inc

509

57,806

*

Coursera,

Inc

753

12,944

e

Cracker

Barrel

Old

Country

Store,

Inc

1,206

62,350

Darden

Restaurants,

Inc

10,417

23,587

*

Dave

&

Buster's

Entertainment,

Inc

1,051

41,277

*

Denny's

Corp

509

7,772

Dine

Brands

Global

Inc.

451

223

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

18,765

Domino's

Pizza,

Inc

$

6,324

150,388

*

DoorDash,

Inc

11,493

208,489

*

DraftKings,

Inc

5,540

12,069

*

Duolingo,

Inc

1,725

14,501

El

Pollo

Loco

Holdings,

Inc

127

10,835

*,e

European

Wax

Center,

Inc

202

45,885

*

Everi

Holdings,

Inc

663

71,540

*

Expedia

Group,

Inc

7,826

7,524

*

First

Watch

Restaurant

Group,

Inc

127

45,952

*

frontdoor,

Inc

1,466

16,841

*

Full

House

Resorts,

Inc

113

16,169

*

Global

Business

Travel

Group

I

117

7,389

*

Golden

Entertainment,

Inc

309

1,473

Graham

Holdings

Co

842

12,080

*

Grand

Canyon

Education,

Inc

1,247

70,456

H&R

Block,

Inc

2,245

34,161

*

Hilton

Grand

Vacations,

Inc

1,552

128,092

Hilton

Worldwide

Holdings,

Inc

18,644

24,452

Hyatt

Hotels

Corp

2,802

11,356

*

Inspired

Entertainment,

Inc

167

54,564

International

Game

Technology

plc

1,740

12,544

Jack

in

the

Box,

Inc

1,223

44,656

e

Krispy

Kreme,

Inc

658

2,885

*,e

Kura

Sushi

USA,

Inc

268

167,139

*

Las

Vegas

Sands

Corp

9,694

62,559

Laureate

Education,

Inc

756

20,784

*

Life

Time

Group

Holdings,

Inc

409

10,890

*

Lindblad

Expeditions

Holdings,

Inc

118

125,752

Marriott

International,

Inc

(Class

A)

23,099

18,319

Marriott

Vacations

Worldwide

Corp

2,248

363,563

McDonald's

Corp

108,491

149,684

MGM

Resorts

International

6,574

22,276

*,e

Mister

Car

Wash,

Inc

215

7,140

Monarch

Casino

&

Resort,

Inc

503

22,451

*

Mondee

Holdings,

Inc

200

1,387

Nathan's

Famous,

Inc

109

29,475

*,e

Nerdy,

Inc

123

8,091

*

Noodles

&

Co

27

204,209

*

Norwegian

Cruise

Line

Holdings

Ltd

4,446

29,338

*

OneSpaWorld

Holdings

Ltd

355

18,811

Papa

John's

International,

Inc

1,389

85,767

*

Penn

National

Gaming,

Inc

2,061

46,334

*

Perdoceo

Education

Corp

569

45,756

*

Planet

Fitness,

Inc

3,086

18,591

*

PlayAGS,

Inc

105

12,559

*

Portillo's,

Inc

283

13,091

*

Potbelly

Corp

115

6,547

RCI

Hospitality

Holdings,

Inc

498

8,020

*

Red

Robin

Gourmet

Burgers,

Inc

111

26,499

Red

Rock

Resorts,

Inc

1,240

47,538

*,e

Rover

Group,

Inc

233

116,622

*

Royal

Caribbean

Cruises

Ltd

12,098

28,549

*

Rush

Street

Interactive,

Inc

89

186,641

*,e

Sabre

Corp

595

45,102

*

Scientific

Games

Corp

(Class

A)

3,101

22,953

*

SeaWorld

Entertainment,

Inc

1,286

70,217

Service

Corp

International

4,535

20,425

*

Shake

Shack,

Inc

1,587

42,367

*

Six

Flags

Entertainment

Corp

1,101

562,500

Starbucks

Corp

55,721

11,328

Strategic

Education,

Inc

768

13,194

*

Stride,

Inc

491

CREF

Equity

Index

Account

June

30,

2023

224

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

67,428

*

Super

Group

SGHC

Ltd

$

196

44,740

*,e

Sweetgreen,

Inc

574

21,327

*,e

Target

Hospitality

Corp

286

35,053

Texas

Roadhouse,

Inc

(Class

A)

3,936

29,960

Travel

&

Leisure

Co

1,209

36,983

*,e

Udemy,

Inc

397

16,593

*

Universal

Technical

Institute,

Inc

115

20,017

Vail

Resorts,

Inc

5,039

75,359

Wendy's

1,639

16,288

Wingstop,

Inc

3,260

26,120

*,e

WW

International

Inc

176

45,815

Wyndham

Hotels

&

Resorts,

Inc

3,142

52,771

Wynn

Resorts

Ltd

5,573

8,699

*,e

Xponential

Fitness,

Inc

150

140,288

Yum!

Brands,

Inc

19,437

TOTAL

CONSUMER

SERVICES

519,605

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

207,327

Albertsons

Cos,

Inc

4,524

19,849

Andersons,

Inc

916

68,459

*

BJ's

Wholesale

Club

Holdings,

Inc

4,314

18,360

Casey's

General

Stores,

Inc

4,478

14,374

*

Chefs'

Warehouse

Holdings,

Inc

514

221,308

Costco

Wholesale

Corp

119,148

109,187

Dollar

General

Corp

18,538

102,577

*

Dollar

Tree,

Inc

14,720

47,990

*

Grocery

Outlet

Holding

Corp

1,469

21,180

*

HF

Foods

Group

Inc

99

7,244

Ingles

Markets,

Inc

(Class

A)

599

319,100

Kroger

Co

14,998

6,410

Natural

Grocers

by

Vitamin

C

78

71,529

*

Performance

Food

Group

Co

4,309

14,866

Pricesmart,

Inc

1,101

7,101

SpartanNash

Co

160

46,984

*

Sprouts

Farmers

Market,

Inc

1,726

255,327

SYSCO

Corp

18,945

229,289

Target

Corp

30,243

30,449

*

United

Natural

Foods,

Inc

595

108,028

*

US

Foods

Holding

Corp

4,753

4,843

Village

Super

Market

(Class

A)

110

352,175

Walgreens

Boots

Alliance,

Inc

10,033

709,467

Walmart,

Inc

111,514

8,426

Weis

Markets,

Inc

541

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

368,425

ENERGY

-

4.1%

8,490

e

Altus

Midstream

Co

298

18,289

*

Amplify

Energy

Corp

124

183,627

Antero

Midstream

Corp

2,130

142,450

*

Antero

Resources

Corp

3,281

164,451

APA

Corp

5,619

7,811

Arch

Resources,

Inc

881

30,298

Archrock,

Inc

310

17,877

Ardmore

Shipping

Corp

221

7,867

Atlas

Energy

Solutions,

Inc

137

504,749

Baker

Hughes

Co

15,955

36,376

Berry

Petroleum

Co

LLC

250

37,806

Bonanza

Creek

Energy,

Inc

2,623

88,444

*,e

Borr

Drilling

Ltd

666

4,788

*

Bristow

Group,

Inc

138

390,242

Cabot

Oil

&

Gas

Corp

9,873

29,784

Cactus,

Inc

1,260

225

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

30,263

California

Resources

Corp

$

1,371

21,769

*

Callon

Petroleum

Co

763

5,171

*

Centrus

Energy

Corp

168

110,556

ChampionX

Corp

3,432

120,835

Cheniere

Energy,

Inc

18,410

63,038

Chesapeake

Energy

Corp

5,275

862,277

Chevron

Corp

135,679

75,896

*

Clean

Energy

Fuels

Corp

376

87,769

*,e

CNX

Resources

Corp

1,555

7,387

e

Comstock

Resources

Inc

86

604,686

ConocoPhillips

62,651

16,946

CONSOL

Energy,

Inc

1,149

23,258

e

Core

Laboratories,

Inc

541

10,678

Crescent

Energy,

Inc

111

11,149

CVR

Energy,

Inc

334

27,497

Delek

US

Holdings,

Inc

658

20,324

*

Denbury,

Inc

1,753

319,329

Devon

Energy

Corp

15,436

55,111

DHT

Holdings,

Inc

470

51,211

*

Diamond

Offshore

Drilling,

Inc

729

88,232

Diamondback

Energy,

Inc

11,590

9,586

*

DMC

Global,

Inc

170

19,179

Dorian

LPG

Ltd

492

19,159

*

Dril-Quip,

Inc

446

48,260

DT

Midstream,

Inc

2,392

7,121

*,e

Earthstone

Energy,

Inc

102

70,957

*

Encore

Energy

Corp

171

56,201

*,e

Energy

Fuels,

Inc

351

16,485

e

Enviva,

Inc

179

295,926

EOG

Resources,

Inc

33,866

179,575

EQT

Corp

7,386

223,182

Equitrans

Midstream

Corp

2,134

15,511

Evolution

Petroleum

Corp

125

9,511

e

Excelerate

Energy,

Inc

193

2,025,314

Exxon

Mobil

Corp

217,215

14,619

FLEX

LNG

Ltd

446

5,005

*

Forum

Energy

Technologies,

Inc

128

39,745

*

Frank's

International

NV

704

106,507

*,e

Gevo,

Inc

162

42,501

Golar

LNG

Ltd

857

26,945

*

Green

Plains

Inc

869

6,101

*

Gulfport

Energy

Operating

Corp

641

11,237

*,e

Hallador

Energy

Co

96

447,624

Halliburton

Co

14,767

100,808

*

Helix

Energy

Solutions

Group,

Inc

744

52,744

Helmerich

&

Payne,

Inc

1,870

138,535

Hess

Corp

18,834

74,422

HF

Sinclair

Corp

3,320

16,438

International

Seaways,

Inc

629

988,383

Kinder

Morgan,

Inc

17,020

234,852

*

Kosmos

Energy

Ltd

1,407

6,863

*,e

Laredo

Petroleum,

Inc

310

83,825

Liberty

Oilfield

Services,

Inc

1,121

85,538

Magnolia

Oil

&

Gas

Corp

1,788

324,498

Marathon

Oil

Corp

7,470

219,968

Marathon

Petroleum

Corp

25,648

61,756

Matador

Resources

Co

3,231

75,569

Murphy

Oil

Corp

2,894

4,194

*

Nabors

Industries

Ltd

390

24,850

New

Fortress

Energy,

Inc

665

63,344

*

Newpark

Resources,

Inc

331

15,430

*,e

NextDecade

Corp

127

CREF

Equity

Index

Account

June

30,

2023

226

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

76,759

*

NexTier

Oilfield

Solutions,

Inc

$

686

42,961

*

Noble

Corp

plc

1,775

68,002

Nordic

American

Tankers

Ltd

250

26,098

Northern

Oil

and

Gas,

Inc

896

214,007

NOV,

Inc

3,433

18,920

Oasis

Petroleum,

Inc

2,910

347,704

Occidental

Petroleum

Corp

20,445

54,360

*

Oceaneering

International,

Inc

1,016

38,178

*

Oil

States

International,

Inc

285

219,998

ONEOK,

Inc

13,578

28,818

*

Overseas

Shipholding

Group,

Inc

120

128,970

Ovintiv,

Inc

4,910

23,180

*

Par

Pacific

Holdings,

Inc

617

101,807

Patterson-UTI

Energy,

Inc

1,219

59,487

PBF

Energy,

Inc

2,435

40,091

PDC

Energy,

Inc

2,852

60,358

Peabody

Energy

Corp

1,307

98,820

Permian

Resources

Corp

1,083

233,279

Phillips

66

22,250

116,018

Pioneer

Natural

Resources

Co

24,037

11,921

*,e

ProFrac

Holding

Corp

133

48,018

*

ProPetro

Holding

Corp

396

112,319

Range

Resources

Corp

3,302

12,558

*

Rex

American

Resources

Corp

437

4,815

e

Riley

Exploration

Permian,

Inc

172

44,313

*,e

Ring

Energy,

Inc

76

42,512

RPC,

Inc

304

16,291

SandRidge

Energy,

Inc

248

711,520

Schlumberger

Ltd

34,950

18,385

Scorpio

Tankers,

Inc

868

12,227

*

SEACOR

Marine

Holdings,

Inc

140

24,929

*

Seadrill

Ltd

1,029

6,869

Select

Energy

Services,

Inc

56

45,041

SFL

Corp

Ltd

420

6,017

*,e

SilverBow

Resources,

Inc

175

33,204

Sitio

Royalties

Corp

872

63,633

SM

Energy

Co

2,013

6,855

Solaris

Oilfield

Infrastructure,

Inc

57

541,965

*

Southwestern

Energy

Co

3,257

55,355

*

Talos

Energy,

Inc

768

114,858

Targa

Resources

Investments,

Inc

8,741

218,592

*

TechnipFMC

plc

3,633

35,750

*

Teekay

Corp

216

11,719

e

Teekay

Tankers

Ltd

448

255,722

*,e

Tellurian,

Inc

361

66,939

*

Tetra

Technologies,

Inc

226

2,915

Texas

Pacific

Land

Corp

3,838

16,234

*

Tidewater,

Inc

900

282,816

*,e

Uranium

Energy

Corp

962

37,988

*

US

Silica

Holdings,

Inc

461

29,976

e

Vaalco

Energy,

Inc

113

31,352

*

Valaris

Ltd

1,973

179,615

Valero

Energy

Corp

21,069

27,727

*,e

Vertex

Energy,

Inc

173

13,021

e

Vitesse

Energy,

Inc

292

14,396

*

W&T

Offshore,

Inc

56

36,238

*

Weatherford

International

Ltd

2,407

611,614

Williams

Cos,

Inc

19,957

29,960

World

Fuel

Services

Corp

620

TOTAL

ENERGY

900,217

227

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.8%

46,252

Acadia

Realty

Trust

$

666

44,065

Agree

Realty

Corp

2,881

47,563

Alexander

&

Baldwin,

Inc

884

1,329

e

Alexander's,

Inc

244

83,569

Alexandria

Real

Estate

Equities,

Inc

9,484

6,783

Alpine

Income

Property

Trust,

Inc

110

28,646

American

Assets

Trust,

Inc

550

68,514

American

Finance

Trust,

Inc

463

165,609

American

Homes

4

Rent

5,871

234,198

American

Tower

Corp

45,420

133,721

Americold

Realty

Trust

4,319

74,495

Apartment

Income

REIT

Corp

2,689

73,193

Apartment

Investment

and

Management

Co

624

106,401

Apple

Hospitality

REIT,

Inc

1,608

31,681

Armada

Hoffler

Properties,

Inc

370

69,587

AvalonBay

Communities,

Inc

13,171

81,787

Boston

Properties,

Inc

4,710

35,081

BraeMar

Hotels

&

Resorts,

Inc

141

92,621

Brandywine

Realty

Trust

431

132,744

Brixmor

Property

Group,

Inc

2,920

77,650

Broadstone

Net

Lease,

Inc

1,199

6,068

Brt

Realty

Trust

120

52,715

Camden

Property

Trust

5,739

50,740

CareTrust

REIT,

Inc

1,008

13,650

e

CBL

&

Associates

Properties,

Inc

301

9,060

Centerspace

556

28,285

Chatham

Lodging

Trust

265

21,833

City

Office

REIT,

Inc

122

10,462

Clipper

Realty,

Inc

59

9,586

Community

Healthcare

Trust,

Inc

317

61,652

Corporate

Office

Properties

Trust

1,464

84,914

Cousins

Properties,

Inc

1,936

218,330

Crown

Castle

International

Corp

24,877

11,994

e

CTO

Realty

Growth,

Inc

206

110,271

CubeSmart

4,925

114,160

DiamondRock

Hospitality

Co

914

146,213

Digital

Realty

Trust,

Inc

16,649

136,618

e

Diversified

Healthcare

Trust

307

91,371

e

Douglas

Emmett,

Inc

1,149

46,730

e

Easterly

Government

Properties,

Inc

678

21,698

EastGroup

Properties,

Inc

3,767

82,308

e

Empire

State

Realty

Trust,

Inc

616

36,844

EPR

Properties

1,724

46,203

Equinix,

Inc

36,220

43,426

Equity

Commonwealth

880

91,603

Equity

Lifestyle

Properties,

Inc

6,127

191,041

Equity

Residential

12,603

63,885

Essential

Properties

Realty

Trust,

Inc

1,504

31,793

Essex

Property

Trust,

Inc

7,449

66,345

Extra

Space

Storage,

Inc

9,875

19,962

e

Farmland

Partners,

Inc

244

39,750

Federal

Realty

Investment

Trust

3,847

67,202

First

Industrial

Realty

Trust,

Inc

3,538

41,086

Four

Corners

Property

Trust,

Inc

1,044

119,848

Gaming

and

Leisure

Properties,

Inc

5,808

18,198

Getty

Realty

Corp

615

17,811

e

Gladstone

Commercial

Corp

220

11,325

e

Gladstone

Land

Corp

184

30,930

Global

Medical

REIT,

Inc

282

44,961

Global

Net

Lease,

Inc

462

202,313

Healthcare

Realty

Trust,

Inc

3,816

CREF

Equity

Index

Account

June

30,

2023

228

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

279,927

Healthpeak

Properties

Inc

$

5,627

27,708

Hersha

Hospitality

Trust

169

46,362

Highwoods

Properties,

Inc

1,109

366,232

Host

Hotels

and

Resorts,

Inc

6,164

80,595

Hudson

Pacific

Properties

340

115,925

Independence

Realty

Trust,

Inc

2,112

12,344

Innovative

Industrial

Properties,

Inc

901

34,736

InvenTrust

Properties

Corp

804

307,088

Invitation

Homes,

Inc

10,564

146,394

Iron

Mountain,

Inc

8,318

16,656

e

iStar,

Inc

395

64,898

e

JBG

SMITH

Properties

976

63,758

Kilroy

Realty

Corp

1,918

300,353

Kimco

Realty

Corp

5,923

118,460

Kite

Realty

Group

Trust

2,646

44,100

Lamar

Advertising

Co

4,377

144,484

Lexington

Realty

Trust

1,409

42,193

Life

Storage,

Inc

5,610

19,960

LTC

Properties,

Inc

659

107,859

Macerich

Co

1,216

47,939

*

Mack-Cali

Realty

Corp

769

283,531

e

Medical

Properties

Trust,

Inc

2,626

56,954

Mid-America

Apartment

Communities,

Inc

8,649

22,628

National

Health

Investors,

Inc

1,186

82,721

National

Retail

Properties,

Inc

3,540

38,309

National

Storage

Affiliates

Trust

1,334

21,654

NETSTREIT

Corp

387

14,859

NexPoint

Diversified

Real

Estate

Trust

186

12,730

NexPoint

Residential

Trust,

Inc

579

23,677

Office

Properties

Income

Trust

182

108,572

Omega

Healthcare

Investors,

Inc

3,332

9,166

One

Liberty

Properties,

Inc

186

29,999

e

Orion

Office

REIT,

Inc

198

76,197

Outfront

Media,

Inc

1,198

101,864

Paramount

Group,

Inc

451

132,332

Park

Hotels

&

Resorts,

Inc

1,697

14,178

e

Peakstone

Realty

Trust

396

71,223

e

Pebblebrook

Hotel

Trust

993

59,852

e

Phillips

Edison

&

Co,

Inc

2,040

107,460

Physicians

Realty

Trust

1,503

36,714

Piedmont

Office

Realty

Trust,

Inc

267

13,733

Plymouth

Industrial

REIT,

Inc

316

9,072

e

Postal

Realty

Trust,

Inc

133

40,727

e

PotlatchDeltic

Corp

2,152

461,410

Prologis,

Inc

56,583

78,080

Public

Storage,

Inc

22,790

75,814

Rayonier,

Inc

2,381

329,347

Realty

Income

Corp

19,692

84,639

Regency

Centers

Corp

5,228

63,462

Retail

Opportunities

Investment

Corp

857

98,830

Rexford

Industrial

Realty,

Inc

5,161

92,471

RLJ

Lodging

Trust

950

57,913

RPT

Realty

605

28,461

Ryman

Hospitality

Properties

2,645

116,469

Sabra

Healthcare

REIT,

Inc

1,371

6,451

Saul

Centers,

Inc

238

52,759

SBA

Communications

Corp

12,227

93,168

Service

Properties

Trust

810

164,473

Simon

Property

Group,

Inc

18,993

103,764

SITE

Centers

Corp

1,372

38,202

e

SL

Green

Realty

Corp

1,148

62,949

Spirit

Realty

Capital,

Inc

2,479

229

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

84,224

STAG

Industrial,

Inc

$

3,022

73,018

Summit

Hotel

Properties,

Inc

475

60,721

Sun

Communities,

Inc

7,922

117,301

Sunstone

Hotel

Investors,

Inc

1,187

54,135

Tanger

Factory

Outlet

Centers,

Inc

1,195

35,329

Terreno

Realty

Corp

2,123

162,250

UDR,

Inc

6,970

20,169

UMH

Properties,

Inc

322

121,658

Uniti

Group,

Inc

562

2,401

Universal

Health

Realty

Income

Trust

114

70,770

Urban

Edge

Properties

1,092

20,808

Urstadt

Biddle

Properties,

Inc

(Class

A)

442

205,950

Ventas,

Inc

9,735

487,538

VICI

Properties,

Inc

15,323

96,380

Vornado

Realty

Trust

1,748

46,196

Washington

REIT

759

247,635

d

Welltower,

Inc

20,031

368,298

Weyerhaeuser

Co

12,342

25,132

Whitestone

REIT

244

105,506

WP

Carey,

Inc

7,128

62,184

Xenia

Hotels

&

Resorts,

Inc

765

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

605,740

FINANCIAL

SERVICES

-

7.5%

8,101

e

AFC

Gamma,

Inc

101

17,614

Affiliated

Managers

Group,

Inc

2,640

110,488

*,e

Affirm

Holdings,

Inc

1,694

247,438

e

AGNC

Investment

Corp

2,507

8,948

Alerus

Financial

Corp

161

148,401

Ally

Financial,

Inc

4,008

9,522

A-Mark

Precious

Metals,

Inc

356

295,700

American

Express

Co

51,511

52,363

Ameriprise

Financial,

Inc

17,393

239,553

Annaly

Capital

Management,

Inc

4,793

68,911

e

Apollo

Commercial

Real

Estate

Finance,

Inc

780

259,935

Apollo

Global

Management,

Inc

19,966

61,262

e

Arbor

Realty

Trust,

Inc

908

22,112

e

Ares

Commercial

Real

Estate

Corp

224

78,238

Ares

Management

Corp

7,538

26,163

e

ARMOUR

Residential

REIT,

Inc

139

32,135

Artisan

Partners

Asset

Management,

Inc

1,263

8,796

*

Assetmark

Financial

Holdings,

Inc

261

2,420

*,e

Atlanticus

Holdings

Corp

102

75,147

*

AvidXchange

Holdings,

Inc

780

10,240

B.

Riley

Financial,

Inc

471

2,262

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

50

393,753

Bank

of

New

York

Mellon

Corp

17,530

913,040

*

Berkshire

Hathaway,

Inc

(Class

B)

311,347

166,153

BGC

Partners,

Inc

(Class

A)

736

74,298

BlackRock,

Inc

51,350

87,301

e

Blackstone

Mortgage

Trust,

Inc

1,817

353,948

Blackstone,

Inc

32,907

267,045

*

Block,

Inc

17,777

30,473

*,e

Blucora,

Inc

682

207,831

Blue

Owl

Capital,

Inc

2,421

27,328

Bread

Financial

Holdings,

Inc

858

23,450

Brightsphere

Investment

Group,

Inc

491

46,061

BrightSpire

Capital,

Inc

310

48,331

*

Cannae

Holdings,

Inc

977

31,787

*

Cantaloupe,

Inc

253

188,945

Capital

One

Financial

Corp

20,665

106,775

Carlyle

Group,

Inc

3,411

CREF

Equity

Index

Account

June

30,

2023

230

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,596

Cass

Information

Systems,

Inc

$

411

49,547

CBOE

Global

Markets,

Inc

6,838

739,011

Charles

Schwab

Corp

41,887

7,850

e

Chicago

Atlantic

Real

Estate

Finance,

Inc

119

121,929

e

Chimera

Investment

Corp

704

47,158

e

Claros

Mortgage

Trust,

Inc

535

178,858

CME

Group,

Inc

33,141

15,440

Cohen

&

Steers,

Inc

895

79,947

*,e

Coinbase

Global,

Inc

5,720

31,056

e

Compass

Diversified

Trust

674

16,856

Corebridge

Financial,

Inc

298

3,577

*,e

Credit

Acceptance

Corp

1,817

2,179

Diamond

Hill

Investment

Group,

Inc

373

126,246

Discover

Financial

Services

14,752

19,156

*

Donnelley

Financial

Solutions,

Inc

872

11,107

e

Dynex

Capital,

Inc

140

17,423

e

Ellington

Financial

Inc

240

15,393

Enact

Holdings,

Inc

387

10,179

*

Encore

Capital

Group,

Inc

495

14,291

*

Enova

International,

Inc

759

175,999

Equitable

Holdings,

Inc

4,780

51,962

Essent

Group

Ltd

2,432

22,022

*

Euronet

Worldwide,

Inc

2,585

18,622

Evercore

Inc

2,302

31,074

EVERTEC,

Inc

1,144

19,752

Factset

Research

Systems,

Inc

7,914

4,507

Federal

Agricultural

Mortgage

Corp

(FAMC)

648

295,001

Fidelity

National

Information

Services,

Inc

16,137

17,545

FirstCash

Holdings,

Inc

1,637

306,551

*

Fiserv,

Inc

38,671

36,005

*

FleetCor

Technologies,

Inc

9,040

47,493

*

Flywire

Corp

1,474

32,102

*

Focus

Financial

Partners,

Inc

1,686

55,325

*,e

Forge

Global

Holdings,

Inc

134

23,368

e

Franklin

BSP

Realty

Trust,

Inc

331

145,793

Franklin

Resources,

Inc

3,894

23,172

e

GCM

Grosvenor,

Inc

175

130,424

Global

Payments,

Inc

12,849

161,010

Goldman

Sachs

Group,

Inc

51,932

31,227

Granite

Point

Mortgage

Trust,

Inc

166

33,057

*

Green

Dot

Corp

619

18,233

Hamilton

Lane,

Inc

1,458

41,845

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,046

25,893

Houlihan

Lokey,

Inc

2,546

9,245

*

I3

Verticals,

Inc

211

49,742

Interactive

Brokers

Group,

Inc

(Class

A)

4,132

275,961

Intercontinental

Exchange

Group,

Inc

31,206

13,645

*

International

Money

Express

Inc

335

183,237

Invesco

Ltd

3,080

10,073

e

Invesco

Mortgage

Capital,

Inc

116

37,546

Jack

Henry

&

Associates,

Inc

6,283

38,721

Jackson

Financial,

Inc

1,185

66,557

Janus

Henderson

Group

plc

1,814

110,637

Jefferies

Financial

Group,

Inc

3,670

321,978

KKR

&

Co,

Inc

18,031

17,625

e

KKR

Real

Estate

Finance

Trust,

Inc

215

49,932

Ladder

Capital

Corp

542

54,468

Lazard

Ltd

(Class

A)

1,743

42,896

*

LendingClub

Corp

418

6,343

*

LendingTree,

Inc

140

38,862

LPL

Financial

Holdings,

Inc

8,450

18,723

MarketAxess

Holdings,

Inc

4,895

231

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

222,577

*

Marqeta,

Inc

$

1,084

418,313

Mastercard,

Inc

(Class

A)

164,523

8,062

Merchants

Bancorp

206

46,018

MFA

Financial,

Inc

517

136,986

MGIC

Investment

Corp

2,163

33,380

Moelis

&

Co

1,513

79,628

Moody's

Corp

27,688

599,548

Morgan

Stanley

51,201

12,847

Morningstar,

Inc

2,519

37,224

*

Mr

Cooper

Group,

Inc

1,885

38,535

MSCI,

Inc

(Class

A)

18,084

173,507

Nasdaq

Inc

8,649

35,663

Navient

Corp

663

3,424

Nelnet,

Inc

(Class

A)

330

13,129

*,e

NerdWallet,

Inc

124

239,188

New

Residential

Investment

Corp

2,236

18,284

New

York

Mortgage

Trust,

Inc

181

11,601

*,e

NewtekOne,

Inc

184

38,864

*

NMI

Holdings,

Inc

1,003

102,028

Northern

Trust

Corp

7,564

3,281

*

Ocwen

Financial

Corp

98

52,599

OneMain

Holdings,

Inc

2,298

56,898

*

Open

Lending

Corp

598

4,738

e

Orchid

Island

Capital,

Inc

49

21,454

P10,

Inc

242

98,142

*

Pagseguro

Digital

Ltd

926

26,821

e

Patria

Investments

Ltd

384

110,964

*

Payoneer

Global,

Inc

534

559,796

*

PayPal

Holdings,

Inc

37,355

18,818

*

Paysafe

Ltd

190

9,684

PennyMac

Financial

Services,

Inc

681

47,765

PennyMac

Mortgage

Investment

Trust

644

23,862

e

Perella

Weinberg

Partners

199

10,272

Piper

Jaffray

Cos

1,328

13,025

PJT

Partners,

Inc

907

24,781

*

PRA

Group,

Inc

566

17,833

*

PROG

Holdings,

Inc

573

73,149

Radian

Group,

Inc

1,849

95,906

Raymond

James

Financial,

Inc

9,952

79,027

e

Ready

Capital

Corp

891

49,700

e

Redwood

Trust,

Inc

317

8,577

Regional

Management

Corp

262

43,126

*

Remitly

Global,

Inc

812

42,004

*

Repay

Holdings

Corp

329

330,896

*

Robinhood

Markets,

Inc

3,302

74,318

*

Rocket

Cos,

Inc

666

159,980

S&P

Global,

Inc

64,134

10,879

Sculptor

Capital

Management,

Inc

96

50,003

SEI

Investments

Co

2,981

23,585

*

Shift4

Payments,

Inc

1,602

4,705

e

Silvercrest

Asset

Management

Group,

Inc

95

126,744

SLM

Corp

2,068

457,564

*

SoFi

Technologies,

Inc

3,816

5,909

*

Star

Holdings

87

137,605

e

Starwood

Property

Trust,

Inc

2,670

166,237

State

Street

Corp

12,165

20,369

StepStone

Group,

Inc

505

56,036

Stifel

Financial

Corp

3,344

120,616

*

StoneCo

Ltd

1,537

11,369

*

StoneX

Group,

Inc

945

223,832

Synchrony

Financial

7,592

112,790

T

Rowe

Price

Group,

Inc

12,635

CREF

Equity

Index

Account

June

30,

2023

232

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

34,383

TFS

Financial

Corp

$

432

176,704

*

Toast,

Inc

3,988

32,761

e

TPG

RE

Finance

Trust,

Inc

243

31,933

e

TPG,

Inc

934

52,338

Tradeweb

Markets,

Inc

3,584

37,367

e

Two

Harbors

Investment

Corp

519

37,848

*,e

Upstart

Holdings,

Inc

1,355

23,393

e

UWM

Holdings

Corp

131

8,459

Victory

Capital

Holdings,

Inc

267

51,259

Virtu

Financial,

Inc

876

2,751

Virtus

Investment

Partners,

Inc

543

807,422

Visa,

Inc

(Class

A)

191,747

48,558

Voya

Financial,

Inc

3,482

12,277

Walker

&

Dunlop,

Inc

971

19,189

Waterstone

Financial,

Inc

278

198,450

Western

Union

Co

2,328

20,819

*

WEX,

Inc

3,791

84,317

e

WisdomTree

Investments,

Inc

578

2,399

*,e

World

Acceptance

Corp

322

165,480

*

XP,

Inc

3,882

TOTAL

FINANCIAL

SERVICES

1,639,093

FOOD,

BEVERAGE

&

TOBACCO

-

3.1%

3,213

e

Alico,

Inc

82

890,037

Altria

Group,

Inc

40,319

272,729

Archer-Daniels-Midland

Co

20,607

34,958

e

B&G

Foods,

Inc

(Class

A)

487

87,744

*,e

Benson

Hill,

Inc

114

31,483

*,e

Beyond

Meat,

Inc

409

5,121

*

Boston

Beer

Co,

Inc

(Class

A)

1,580

13,162

*,e

BRC,

Inc

68

25,010

Brown-Forman

Corp

(Class

A)

1,702

91,961

Brown-Forman

Corp

(Class

B)

6,141

70,268

Bunge

Ltd

6,630

11,455

Calavo

Growers,

Inc

332

22,629

Cal-Maine

Foods,

Inc

1,018

94,499

Campbell

Soup

Co

4,320

29,057

*,e

Celsius

Holdings,

Inc

4,335

1,941,639

Coca-Cola

Co

116,925

2,566

Coca-Cola

Consolidated

Inc

1,632

225,066

ConAgra

Brands,

Inc

7,589

77,123

Constellation

Brands,

Inc

(Class

A)

18,982

81,644

*

Darling

International,

Inc

5,208

35,454

Dole

plc

479

11,007

*

Duckhorn

Portfolio,

Inc

143

85,884

Flowers

Foods,

Inc

2,137

20,613

Fresh

Del

Monte

Produce,

Inc

530

23,047

*

Freshpet,

Inc

1,517

290,625

General

Mills,

Inc

22,291

46,022

*

Hain

Celestial

Group,

Inc

576

72,018

Hershey

Co

17,983

143,109

Hormel

Foods

Corp

5,756

71,472

*

Hostess

Brands,

Inc

1,810

32,682

Ingredion,

Inc

3,463

8,046

J&J

Snack

Foods

Corp

1,274

51,061

J.M.

Smucker

Co

7,540

5,780

John

B.

Sanfilippo

&

Son,

Inc

678

128,962

Kellogg

Co

8,692

474,896

Keurig

Dr

Pepper,

Inc

14,850

400,099

Kraft

Heinz

Co

14,203

72,659

Lamb

Weston

Holdings,

Inc

8,352

10,268

Lancaster

Colony

Corp

2,065

233

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,891

*,e

Limoneira

Co

$

138

123,083

McCormick

&

Co,

Inc

10,737

9,193

MGP

Ingredients,

Inc

977

20,226

*

Mission

Produce,

Inc

245

90,373

Molson

Coors

Brewing

Co

(Class

B)

5,950

677,723

Mondelez

International,

Inc

49,433

370,829

*

Monster

Beverage

Corp

21,300

12,819

*

National

Beverage

Corp

620

686,779

PepsiCo,

Inc

127,205

770,256

Philip

Morris

International,

Inc

75,192

24,393

*

Pilgrim's

Pride

Corp

524

27,833

*

Post

Holdings,

Inc

2,412

92,946

Primo

Water

Corp

1,166

127

Seaboard

Corp

452

5,451

*

Seneca

Foods

Corp

178

46,457

*

Simply

Good

Foods

Co

1,700

14,597

*

Sovos

Brands,

Inc

285

50,062

*

SunOpta,

Inc

335

29,630

*

TreeHouse

Foods,

Inc

1,493

4,760

Turning

Point

Brands,

Inc

114

140,077

Tyson

Foods,

Inc

(Class

A)

7,150

11,870

Universal

Corp

593

32,173

Utz

Brands,

Inc

526

78,380

Vector

Group

Ltd

1,004

14,289

*

Vita

Coco

Co,

Inc

384

13,394

*

Vital

Farms,

Inc

161

14,287

*,e

Westrock

Coffee

Co

155

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

663,248

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.7%

863,155

Abbott

Laboratories

94,101

48,576

*

Acadia

Healthcare

Co,

Inc

3,869

27,471

*

Accolade,

Inc

370

46,624

*

Accuray,

Inc

180

42,027

*

AdaptHealth

Corp

511

8,397

*

Addus

HomeCare

Corp

778

12,333

*,e

Agiliti,

Inc

203

137,773

*,e

agilon

health,

Inc

2,389

38,052

*

Align

Technology,

Inc

13,457

14,356

*

Alignment

Healthcare,

Inc

83

51,829

*

Allscripts

Healthcare

Solutions,

Inc

653

31,277

*

Alphatec

Holdings

Inc

562

17,538

*

Amedisys,

Inc

1,604

106,234

*

American

Well

Corp

223

79,426

AmerisourceBergen

Corp

15,284

20,081

*

AMN

Healthcare

Services,

Inc

2,191

26,107

*

Angiodynamics,

Inc

272

16,786

*,e

Apollo

Medical

Holdings,

Inc

530

22,609

*

AtriCure,

Inc

1,116

1,019

Atrion

Corp

576

26,266

*

Avanos

Medical,

Inc

671

21,058

*,e

Aveanna

Healthcare

Holdings,

Inc

36

18,090

*

AxoGen,

Inc

165

22,714

*

Axonics

Modulation

Technologies,

Inc

1,146

252,024

Baxter

International,

Inc

11,482

141,575

Becton

Dickinson

&

Co

37,377

715,898

*

Boston

Scientific

Corp

38,723

100,981

*

Brookdale

Senior

Living,

Inc

426

98,379

*,e

Butterfly

Network,

Inc

226

126,195

Cardinal

Health,

Inc

11,934

11,625

*

Castle

Biosciences,

Inc

159

277,027

*

Centene

Corp

18,685

CREF

Equity

Index

Account

June

30,

2023

234

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

50,223

*

Certara,

Inc

$

915

71,510

*

Cerus

Corp

176

6,630

Chemed

Corp

3,591

145,607

Cigna

Corp

40,857

8,700

*

Computer

Programs

&

Systems,

Inc

215

15,846

Conmed

Corp

2,153

24,480

Cooper

Cos,

Inc

9,386

4,814

*

Corvel

Corp

932

25,224

*

Cross

Country

Healthcare,

Inc

708

23,064

*

CryoLife,

Inc

396

10,004

*,e

Cutera,

Inc

151

638,783

CVS

Health

Corp

44,159

24,791

*

DaVita,

Inc

2,491

10,656

*,e

Definitive

Healthcare

Corp

117

106,534

Dentsply

Sirona,

Inc

4,263

191,265

*

Dexcom,

Inc

24,579

41,284

*

DocGo,

Inc

387

49,456

*

Doximity,

Inc

1,682

300,187

*

Edwards

Lifesciences

Corp

28,317

118,195

Elevance

Health,

Inc

52,513

30,207

Embecta

Corp

652

54,203

Encompass

Health

Corp

3,670

27,101

*

Enhabit,

Inc

312

21,428

*

Enovis

Corp

1,374

28,674

Ensign

Group,

Inc

2,737

79,184

*

Envista

Holdings

Corp

2,680

45,708

*,e

Evolent

Health,

Inc

1,385

65,385

*

Figs,

Inc

541

11,072

*,e

Fulgent

Genetics,

Inc

410

194,324

GE

HealthCare

Technologies,

Inc

15,787

24,523

*

Glaukos

Corp

1,746

36,060

*

Globus

Medical,

Inc

2,147

49,332

*

Guardant

Health,

Inc

1,766

24,773

*

Haemonetics

Corp

2,109

101,984

HCA

Healthcare,

Inc

30,950

24,393

*

Health

Catalyst,

Inc

305

42,554

*

HealthEquity,

Inc

2,687

18,780

HealthStream,

Inc

461

64,969

*

Henry

Schein,

Inc

5,269

62,220

*

Hims

&

Hers

Health,

Inc

585

119,793

*

Hologic,

Inc

9,700

62,959

Humana,

Inc

28,151

10,885

*

ICU

Medical,

Inc

1,940

40,842

*

IDEXX

Laboratories,

Inc

20,512

24,734

*

Inari

Medical,

Inc

1,438

9,354

*

InfuSystem

Holdings,

Inc

90

38,335

*

Inmode

Ltd

1,432

10,000

*,e

Innovage

Holding

Corp

75

12,244

*

Inogen,

Inc

141

13,280

*

Inspire

Medical

Systems,

Inc

4,311

34,390

*

Insulet

Corp

9,916

17,928

*

Integer

Holding

Corp

1,589

30,442

*

Integra

LifeSciences

Holdings

Corp

1,252

174,158

*

Intuitive

Surgical,

Inc

59,552

3,653

iRadimed

Corp

174

16,105

*

iRhythm

Technologies,

Inc

1,680

7,427

*

Joint

Corp

100

45,181

Laboratory

Corp

of

America

Holdings

10,904

34,223

*

Lantheus

Holdings,

Inc

2,872

9,523

LeMaitre

Vascular,

Inc

641

25,006

*,e

LifeStance

Health

Group,

Inc

228

26,810

*

LivaNova

plc

1,379

235

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,240

*

Masimo

Corp

$

3,989

67,936

McKesson

Corp

29,030

43,753

*

MEDNAX,

Inc

622

662,312

Medtronic

plc

58,350

28,011

*

Merit

Medical

Systems,

Inc

2,343

2,255

Mesa

Laboratories,

Inc

290

6,780

*

ModivCare,

Inc

307

30,182

*

Molina

Healthcare,

Inc

9,092

21,550

*,e

Nano-X

Imaging

Ltd

334

2,600

National

Healthcare

Corp

161

5,598

National

Research

Corp

244

110,527

*

Neogen

Corp

2,404

58,635

*

NeoGenomics,

Inc

942

19,942

*

Nevro

Corp

507

37,773

*

NextGen

Healthcare,

Inc

613

56,233

*

Novocure

Ltd

2,334

28,270

*

NuVasive,

Inc

1,176

23,061

*

Omnicell,

Inc

1,699

238,337

*,e

Opko

Health,

Inc

517

8,440

*

OptimizeRx

Corp

121

80,646

*

Option

Care

Health,

Inc

2,620

40,487

*

OraSure

Technologies,

Inc

203

18,671

*

Orthofix

Medical

Inc

337

5,177

*

OrthoPediatrics

Corp

227

24,964

*

Outset

Medical,

Inc

546

31,294

*

Owens

&

Minor,

Inc

596

23,637

*

Paragon

28,

Inc

419

44,685

Patterson

Cos,

Inc

1,486

17,723

*

Pennant

Group,

Inc

218

17,918

*

Penumbra,

Inc

6,165

14,406

*

PetIQ,

Inc

219

20,801

*

Phreesia,

Inc

645

56,653

Premier,

Inc

1,567

32,525

*

Privia

Health

Group,

Inc

849

13,124

*,e

PROCEPT

BioRobotics

Corp

464

34,423

*

Progyny,

Inc

1,354

72,154

*

Project

Roadrunner

Parent,

Inc

1,331

13,858

*

Pulmonx

Corp

182

54,552

Quest

Diagnostics,

Inc

7,668

26,154

*

QuidelOrtho

Corp

2,167

20,774

*

Quipt

Home

Medical

Corp

111

25,914

*

RadNet,

Inc

845

70,741

Resmed,

Inc

15,457

10,559

*,e

RxSight,

Inc

304

24,729

*,e

Schrodinger,

Inc

1,234

60,301

Select

Medical

Holdings

Corp

1,921

150,613

*,e

Sharecare,

Inc

264

18,412

*

Shockwave

Medical

Inc

5,255

17,531

*

SI-BONE,

Inc

473

18,916

*

Silk

Road

Medical

Inc

615

7,680

Simulations

Plus,

Inc

333

26,141

*

Staar

Surgical

Co

1,374

51,240

STERIS

plc

11,528

175,956

Stryker

Corp

53,682

33,599

*

Surgery

Partners,

Inc

1,512

10,275

*,e

SurModics,

Inc

322

10,460

*

Tactile

Systems

Technology,

Inc

261

35,006

*

Tandem

Diabetes

Care,

Inc

859

8,220

*

Tela

Bio,

Inc

83

80,556

*

Teladoc,

Inc

2,040

23,691

Teleflex,

Inc

5,734

53,386

*

Tenet

Healthcare

Corp

4,345

CREF

Equity

Index

Account

June

30,

2023

236

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,786

*

Transmedics

Group,

Inc

$

990

22,415

*

Treace

Medical

Concepts,

Inc

573

4,630

*

UFP

Technologies,

Inc

898

463,534

UnitedHealth

Group,

Inc

222,793

29,977

Universal

Health

Services,

Inc

(Class

B)

4,729

6,975

US

Physical

Therapy,

Inc

847

2,349

Utah

Medical

Products,

Inc

219

27,229

*

Varex

Imaging

Corp

642

71,525

*

Veeva

Systems,

Inc

14,143

88,085

*,e

VG

Acquisition

Corp

154

27,942

*,e

Vicarious

Surgical,

Inc

51

17,155

*

Viemed

Healthcare,

Inc

168

104,652

Zimmer

Biomet

Holdings,

Inc

15,237

12,899

*

Zimvie,

Inc

145

10,840

*,e

Zynex

Inc

104

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,228,203

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.4%

46,991

*,e

Beauty

Health

Co

393

66,090

*

BellRing

Brands,

Inc

2,419

7,431

*

Central

Garden

&

Pet

Co

288

22,079

*

Central

Garden

and

Pet

Co

(Class

A)

805

118,723

Church

&

Dwight

Co,

Inc

11,900

61,531

Clorox

Co

9,786

407,930

Colgate-Palmolive

Co

31,427

159,439

*

Coty,

Inc

1,960

29,639

Edgewell

Personal

Care

Co

1,224

24,917

*

elf

Beauty,

Inc

2,846

34,187

Energizer

Holdings,

Inc

1,148

116,171

Estee

Lauder

Cos

(Class

A)

22,814

58,982

*

Herbalife

Nutrition

Ltd

781

9,082

Inter

Parfums,

Inc

1,228

167,466

Kimberly-Clark

Corp

23,120

6,191

Medifast,

Inc

571

5,868

*

Nature's

Sunshine

Products,

Inc

80

27,121

Nu

Skin

Enterprises,

Inc

(Class

A)

901

2,434

*

Oil-Dri

Corp

of

America

144

43,357

*

Olaplex

Holdings,

Inc

161

1,173,974

Procter

&

Gamble

Co

178,139

28,002

Reynolds

Consumer

Products,

Inc

791

21,541

Spectrum

Brands

Holdings,

Inc

1,681

8,349

*

USANA

Health

Sciences,

Inc

526

10,102

*

Waldencast

plc

78

7,178

WD-40

Co

1,354

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

296,565

INSURANCE

-

2.1%

299,869

Aflac,

Inc

20,931

130,762

Allstate

Corp

14,258

32,424

*

AMBAC

Financial

Group,

Inc

462

30,850

American

Equity

Investment

Life

Holding

Co

1,608

34,605

American

Financial

Group,

Inc

4,109

365,839

American

International

Group,

Inc

21,050

13,468

Amerisafe,

Inc

718

100,802

Aon

plc

34,797

178,169

*

Arch

Capital

Group

Ltd

13,336

17,301

Argo

Group

International

Holdings

Ltd

512

105,529

Arthur

J.

Gallagher

&

Co

23,171

27,795

Assurant,

Inc

3,494

28,366

Assured

Guaranty

Ltd

1,583

40,126

Axis

Capital

Holdings

Ltd

2,160

25,977

*

Brighthouse

Financial,

Inc

1,230

237

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

117,798

Brown

&

Brown,

Inc

$

8,109

25,189

*

BRP

Group,

Inc

624

206,011

Chubb

Ltd

39,669

74,945

Cincinnati

Financial

Corp

7,294

2,717

CNA

Financial

Corp

105

66,761

Conseco,

Inc

1,580

7,812

Donegal

Group,

Inc

(Class

A)

113

15,165

*

eHealth,

Inc

122

6,714

Employers

Holdings,

Inc

251

4,741

*

Enstar

Group

Ltd

1,158

21,082

Everest

Re

Group

Ltd

7,207

9,274

e

F&G

Annuities

&

Life,

Inc

230

136,393

Fidelity

National

Financial

Inc

4,910

52,851

First

American

Financial

Corp

3,014

184,221

*

Genworth

Financial,

Inc

(Class

A)

921

41,690

Globe

Life,

Inc

4,570

9,663

*

Goosehead

Insurance,

Inc

608

20,683

*

Greenlight

Capital

Re

Ltd

(Class

A)

218

17,079

Hanover

Insurance

Group,

Inc

1,930

155,341

Hartford

Financial

Services

Group,

Inc

11,188

3,092

e

HCI

Group,

Inc

191

5,219

*,e

Hippo

Holdings,

Inc

86

22,775

Horace

Mann

Educators

Corp

675

1,119

Investors

Title

Co

163

19,526

James

River

Group

Holdings

Ltd

357

33,482

Kemper

Corp

1,616

10,502

Kinsale

Capital

Group,

Inc

3,930

20,988

*,e

Lemonade,

Inc

354

87,713

Lincoln

National

Corp

2,259

91,651

Loews

Corp

5,442

46,136

*,e

Maiden

Holdings

Ltd

97

6,672

*

Markel

Corp

9,229

245,377

Marsh

&

McLennan

Cos,

Inc

46,150

26,174

*

MBIA,

Inc

226

12,675

Mercury

General

Corp

384

322,462

Metlife,

Inc

18,229

1,551

National

Western

Life

Group,

Inc

645

7,308

*,e

NI

Holdings,

Inc

109

135,376

Old

Republic

International

Corp

3,407

60,575

*

Oscar

Health,

Inc

488

13,408

*

Palomar

Holdings,

Inc

778

18,445

Primerica,

Inc

3,648

120,318

Principal

Financial

Group

9,125

37,307

ProAssurance

Corp

563

292,172

Progressive

Corp

38,675

186,200

Prudential

Financial,

Inc

16,427

34,463

Reinsurance

Group

of

America,

Inc

(Class

A)

4,780

24,465

RenaissanceRe

Holdings

Ltd

4,563

20,019

RLI

Corp

2,732

42,415

*

Ryan

Specialty

Group

Holdings,

Inc

1,904

4,020

Safety

Insurance

Group,

Inc

288

32,431

Selective

Insurance

Group,

Inc

3,112

8,398

*

SiriusPoint

Ltd

76

5,293

*

Skyward

Specialty

Insurance

Group,

Inc

134

15,315

Stewart

Information

Services

Corp

630

22,143

Tiptree

Inc

332

114,898

Travelers

Cos,

Inc

19,953

20,838

*,e

Trupanion,

Inc

410

16,104

United

Fire

Group

Inc

365

22,402

Universal

Insurance

Holdings,

Inc

346

99,041

Unum

Group

4,724

101,609

W.R.

Berkley

Corp

6,052

CREF

Equity

Index

Account

June

30,

2023

238

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,280

White

Mountains

Insurance

Group

Ltd

$

1,778

53,031

Willis

Towers

Watson

plc

12,489

TOTAL

INSURANCE

465,161

MATERIALS

-

2.8%

16,560

*,e

5E

Advanced

Materials,

Inc

54

14,906

AdvanSix,

Inc

521

110,729

Air

Products

&

Chemicals,

Inc

33,167

59,463

Albemarle

Corp

13,266

99,055

Alcoa

Corp

3,361

58,071

*

Allegheny

Technologies,

Inc

2,568

5,106

e

Alpha

Metallurgical

Resources,

Inc

839

726,379

Amcor

plc

7,249

20,501

American

Vanguard

Corp

366

30,628

Aptargroup,

Inc

3,549

57,334

*

Arconic

Corp

1,696

13,288

*,†

Ardagh

Group

S.A.

78

74,922

e

Ardagh

Metal

Packaging

S.A.

282

26,123

Ashland

Global

Holdings,

Inc

2,270

11,564

*

Aspen

Aerogels,

Inc

91

41,051

Avery

Dennison

Corp

7,053

49,682

Avient

Corp

2,032

113,646

*

Axalta

Coating

Systems

Ltd

3,729

15,070

Balchem

Corp

2,032

153,554

Ball

Corp

8,938

56,523

Berry

Global

Group,

Inc

3,637

23,466

Cabot

Corp

1,570

8,054

e

Caledonia

Mining

Corp

plc

94

25,997

Carpenter

Technology

Corp

1,459

52,775

Celanese

Corp

(Series

A)

6,111

12,437

*

Century

Aluminum

Co

108

102,050

CF

Industries

Holdings,

Inc

7,084

5,158

Chase

Corp

625

78,774

Chemours

Co

2,906

11,678

*

Clearwater

Paper

Corp

366

267,350

*

Cleveland-Cliffs,

Inc

4,481

119,550

*

Coeur

Mining,

Inc

339

53,154

Commercial

Metals

Co

2,799

20,319

Compass

Minerals

International,

Inc

691

66,991

*

Constellium

SE

1,152

356,387

Corteva,

Inc

20,421

52,888

Crown

Holdings,

Inc

4,594

36,022

*,e

Danimer

Scientific,

Inc

86

28,159

*,e

Diversey

Holdings

Ltd

236

352,447

Dow,

Inc

18,771

231,914

DuPont

de

Nemours,

Inc

16,568

16,817

Eagle

Materials,

Inc

3,135

60,013

Eastman

Chemical

Co

5,024

122,433

Ecolab,

Inc

22,857

127,079

Element

Solutions,

Inc

2,440

64,363

FMC

Corp

6,716

703,520

Freeport-McMoRan,

Inc

(Class

B)

28,141

17,819

FutureFuel

Corp

158

768,616

*,e

Ginkgo

Bioworks

Holdings,

Inc

1,430

32,454

Glatfelter

Corp

98

145,764

Graphic

Packaging

Holding

Co

3,503

14,075

Greif,

Inc

(Class

A)

970

3,993

Greif,

Inc

(Class

B)

308

22,652

H.B.

Fuller

Co

1,620

15,846

Hawkins,

Inc

756

9,402

Haynes

International,

Inc

478

290,099

Hecla

Mining

Co

1,494

239

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

85,574

Huntsman

Corp

$

2,312

96,273

*,e

i-80

Gold

Corp

217

21,966

*

Ingevity

Corp

1,278

11,273

Innospec,

Inc

1,132

127,265

International

Flavors

&

Fragrances,

Inc

10,129

172,512

International

Paper

Co

5,488

6,735

*

Intrepid

Potash,

Inc

153

23,280

*,e

Ivanhoe

Electric,

Inc

304

8,625

Kaiser

Aluminum

Corp

618

24,111

*

Knife

River

Corp

1,049

15,231

Koppers

Holdings,

Inc

519

14,288

Kronos

Worldwide,

Inc

125

244,631

Linde

plc

93,224

80,227

*,e

Livent

Corp

2,201

34,555

Louisiana-Pacific

Corp

2,591

16,250

*

LSB

Industries,

Inc

160

129,559

LyondellBasell

Industries

NV

11,897

31,591

Martin

Marietta

Materials,

Inc

14,585

11,119

Materion

Corp

1,270

12,674

Minerals

Technologies,

Inc

731

166,909

Mosaic

Co

5,842

39,809

*

MP

Materials

Corp

911

18,118

Myers

Industries,

Inc

352

2,137

NewMarket

Corp

859

396,127

Newmont

Goldcorp

Corp

16,899

149,512

*

Novagold

Resources

Inc

597

125,425

Nucor

Corp

20,567

90,414

*

O-I

Glass,

Inc

1,929

62,167

Olin

Corp

3,195

6,559

Olympic

Steel,

Inc

321

54,529

*,e

Origin

Materials,

Inc

232

38,461

Orion

Engineered

Carbons

SA

816

45,269

Packaging

Corp

of

America

5,983

22,477

Pactiv

Evergreen,

Inc

170

62,456

*,e

Perimeter

Solutions

S.A.

384

8,901

*

Piedmont

Lithium,

Inc

514

115,690

PPG

Industries,

Inc

17,157

20,162

*

PQ

Group

Holdings,

Inc

231

28,487

*,e

PureCycle

Technologies,

Inc

304

7,360

Quaker

Chemical

Corp

1,434

2,299

*

Ramaco

Resources,

Inc

24

11,495

e

Ramaco

Resources,

Inc

97

16,208

*

Ranpak

Holdings

Corp

73

31,957

*

Rayonier

Advanced

Materials,

Inc

137

28,345

Reliance

Steel

&

Aluminum

Co

7,698

32,757

Royal

Gold,

Inc

3,760

63,937

RPM

International,

Inc

5,737

8,418

Ryerson

Holding

Corp

365

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

424

9,517

Schweitzer-Mauduit

International,

Inc

144

22,512

e

Scotts

Miracle-Gro

Co

(Class

A)

1,411

70,338

Sealed

Air

Corp

2,813

18,559

Sensient

Technologies

Corp

1,320

119,317

Sherwin-Williams

Co

31,681

41,605

Silgan

Holdings,

Inc

1,951

48,557

Sonoco

Products

Co

2,866

46,247

Southern

Copper

Corp

3,318

109,335

SSR

Mining,

Inc

1,550

83,444

Steel

Dynamics,

Inc

9,090

8,132

Stepan

Co

777

65,111

*

Summit

Materials,

Inc

2,464

48,451

SunCoke

Energy,

Inc

381

CREF

Equity

Index

Account

June

30,

2023

240

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

17,918

Sylvamo

Corp

$

725

29,755

*

TimkenSteel

Corp

642

19,671

Tredegar

Corp

131

23,586

Trimas

Corp

648

23,427

Trinseo

plc

297

62,538

Tronox

Holdings

plc

795

1,357

United

States

Lime

&

Minerals,

Inc

283

112,139

United

States

Steel

Corp

2,805

84,821

Valvoline,

Inc

3,182

66,639

Vulcan

Materials

Co

15,023

28,082

Warrior

Met

Coal,

Inc

1,094

14,533

Westlake

Chemical

Corp

1,736

113,717

WestRock

Co

3,306

18,895

Worthington

Industries,

Inc

1,313

TOTAL

MATERIALS

605,108

MEDIA

&

ENTERTAINMENT

-

6.9%

385,931

Activision

Blizzard,

Inc

32,534

41,683

*,e

Advantage

Solutions,

Inc

98

2,962,974

*

Alphabet,

Inc

(Class

A)

354,668

2,567,765

*

Alphabet,

Inc

(Class

C)

310,623

239,852

*,e

AMC

Entertainment

Holdings,

Inc

1,055

16,067

*

AMC

Networks,

Inc

192

7,354

*

Boston

Omaha

Corp

138

44,223

*

Bumble,

Inc

742

3,042

Cable

One,

Inc

1,999

51,402

*

Cargurus,

Inc

1,163

37,344

*

Cars.com,

Inc

740

52,183

*

Charter

Communications,

Inc

19,170

58,982

*

Cinemark

Holdings,

Inc

973

198,206

*

Clear

Channel

272

2,062,053

Comcast

Corp

(Class

A)

85,678

772

*,e

Daily

Journal

Corp

223

22,415

*,e

DHI

Group,

Inc

86

136,485

*

DISH

Network

Corp

(Class

A)

899

136,234

Electronic

Arts,

Inc

17,670

50,932

Entravision

Communications

Corp

(Class

A)

224

40,961

*

Eventbrite

Inc

391

8,345

*

EverQuote

Inc

54

31,270

*

EW

Scripps

Co

(Class

A)

286

155,691

Fox

Corp

(Class

A)

5,293

72,327

Fox

Corp

(Class

B)

2,307

74,491

*

Gannett

Co,

Inc

168

46,930

Gray

Television,

Inc

370

20,672

*,e

Grindr,

Inc

114

42,355

*

IAC

2,660

27,196

*

Imax

Corp

462

16,911

*

Integral

Ad

Science

Holding

Corp

304

183,140

Interpublic

Group

of

Cos,

Inc

7,066

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

801

7,655

*,e

Liberty

Braves

Group

(Class

A)

313

25,374

*

Liberty

Braves

Group

(Class

C)

1,005

12,929

*

Liberty

Broadband

Corp

(Class

A)

1,031

58,788

*

Liberty

Broadband

Corp

(Class

C)

4,710

6,884

*

Liberty

Media

Group

(Class

A)

465

100,858

*

Liberty

Media

Group

(Class

C)

7,593

34,936

*

Liberty

SiriusXM

Group

(Class

A)

1,146

72,983

*

Liberty

SiriusXM

Group

(Class

C)

2,389

37,150

*

Lions

Gate

Entertainment

Corp

(Class

A)

328

71,817

*

Lions

Gate

Entertainment

Corp

(Class

B)

600

79,453

*

Live

Nation,

Inc

7,239

10,365

Madison

Square

Garden

Co

1,949

241

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,156

*,e

Madison

Square

Garden

Entertainment

Corp

$

360

13,156

*

Madison

Square

Garden

Entertainment

Corp

442

61,168

*

Magnite,

Inc

835

14,211

e

Marcus

Corp

211

148,269

*

Match

Group,

Inc

6,205

11,302

*,e

MediaAlpha,

Inc

117

1,102,848

*

Meta

Platforms,

Inc

316,495

218,971

*

Netflix,

Inc

96,455

73,578

New

York

Times

Co

(Class

A)

2,898

189,629

News

Corp

(Class

A)

3,698

66,535

News

Corp

(Class

B)

1,312

18,525

Nexstar

Media

Group

Inc

3,085

73,273

*,e

Nextdoor

Holdings,

Inc

239

97,357

Omnicom

Group,

Inc

9,264

20,470

*

Outbrain,

Inc

101

4,594

Paramount

Global

(Class

A)

85

305,131

Paramount

Global

(Class

B)

4,855

300,393

*

Pinterest,

Inc

8,213

40,614

*,e

Playstudios,

Inc

199

42,908

*

Playtika

Holding

Corp

498

21,386

*

PubMatic,

Inc

391

20,643

*

QuinStreet,

Inc

182

53,361

*

Quotient

Technology,

Inc

205

227,072

*

ROBLOX

Corp

9,151

63,324

*

Roku,

Inc

4,050

19,984

Scholastic

Corp

777

13,499

Shutterstock,

Inc

657

11,690

e

Sinclair,

Inc

162

319,108

e

Sirius

XM

Holdings,

Inc

1,446

72,151

*

Spotify

Technology

S.A.

11,584

33,238

*

Stagwell,

Inc

240

81,955

*

Take-Two

Interactive

Software,

Inc

12,061

12,153

*

TechTarget,

Inc

378

101,609

TEGNA,

Inc

1,650

13,027

*

Thryv

Holdings,

Inc

320

217,474

*

Trade

Desk,

Inc

16,793

56,597

*

TripAdvisor,

Inc

933

44,667

*

TrueCar,

Inc

101

68,763

*

Vimeo,

Inc

283

12,686

*

Vivid

Seats,

Inc

100

914,896

*

Walt

Disney

Co

81,682

1,098,789

*

Warner

Bros

Discovery,

Inc

13,779

28,599

*

WideOpenWest,

Inc

241

18,467

World

Wrestling

Entertainment,

Inc

(Class

A)

2,003

41,665

*

Yelp,

Inc

1,517

23,417

*

Ziff

Davis

Inc

1,641

40,960

*

ZipRecruiter,

Inc

727

141,765

*

ZoomInfo

Technologies,

Inc

3,599

TOTAL

MEDIA

&

ENTERTAINMENT

1,500,411

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.7%

45,940

*

10X

Genomics,

Inc

2,565

11,229

*

2seventy

bio,

Inc

114

22,403

*

4D

Molecular

Therapeutics,

Inc

405

30,587

*,e

89bio,

Inc

580

879,743

AbbVie,

Inc

118,528

70,913

*

Acadia

Pharmaceuticals,

Inc

1,698

23,691

*

Aclaris

Therapeutics,

Inc

246

12,987

*,e

Actinium

Pharmaceuticals,

Inc

96

59,774

*

Adaptive

Biotechnologies

Corp

401

14,505

*,e

Adicet

Bio,

Inc

35

95,244

*

ADMA

Biologics,

Inc

351

CREF

Equity

Index

Account

June

30,

2023

242

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

107,560

*

Agenus,

Inc

$

172

147,034

Agilent

Technologies,

Inc

17,681

34,493

*

Agios

Pharmaceuticals,

Inc

977

22,177

*

Akero

Therapeutics,

Inc

1,035

23,019

*,e

Aldeyra

Therapeutics,

Inc

193

31,429

*

Alector,

Inc

189

87,531

*

Alkermes

plc

2,740

33,411

*

Allakos,

Inc

146

28,864

*,e

Allogene

Therapeutics,

Inc

143

10,335

*,e

Allovir,

Inc

35

61,672

*

Alnylam

Pharmaceuticals,

Inc

11,714

15,824

*

Alpine

Immune

Sciences,

Inc

163

24,706

*

Altimmune,

Inc

87

9,675

*

ALX

Oncology

Holdings,

Inc

73

266,256

Amgen,

Inc

59,114

151,298

*

Amicus

Therapeutics,

Inc

1,900

53,162

*

Amneal

Pharmaceuticals,

Inc

165

25,774

*

Amphastar

Pharmaceuticals,

Inc

1,481

25,689

*,e

Amylyx

Pharmaceuticals,

Inc

554

12,566

*,e

AnaptysBio,

Inc

256

30,524

*,e

Anavex

Life

Sciences

Corp

248

5,767

*

ANI

Pharmaceuticals,

Inc

310

10,943

*

Anika

Therapeutics,

Inc

284

46,610

*

Apellis

Pharmaceuticals,

Inc

4,246

55,373

*,e

Arbutus

Biopharma

Corp

127

15,098

*

Arcellx,

Inc

477

7,756

*

Arcturus

Therapeutics

Holdings,

Inc

222

20,717

*

Arcus

Biosciences,

Inc

421

15,151

*,e

Arcutis

Biotherapeutics,

Inc

144

105,254

*,e

Ardelyx,

Inc

357

55,310

*

Arrowhead

Pharmaceuticals

Inc

1,972

23,815

*

Arvinas,

Inc

591

27,175

*,e

Assertio

Holdings,

Inc

147

12,739

*,e

Astria

Therapeutics,

Inc

106

35,244

*

Atea

Pharmaceuticals,

Inc

132

9,389

*,e

Aura

Biosciences,

Inc

116

68,772

*,e

Aurinia

Pharmaceuticals,

Inc

666

318,550

*

Avantor,

Inc

6,543

33,858

*

Avid

Bioservices,

Inc

473

38,891

*

Avidity

Biosciences,

Inc

431

12,422

*,e

Avita

Medical,

Inc

211

15,727

*,e

Axsome

Therapeutics,

Inc

1,130

25,636

*,e

Beam

Therapeutics,

Inc

819

97,016

*

BioCryst

Pharmaceuticals,

Inc

683

71,702

*

Biogen,

Inc

20,424

23,650

*

Biohaven

Ltd

566

13,317

*

BioLife

Solutions

Inc

294

93,702

*

BioMarin

Pharmaceutical,

Inc

8,122

9,809

*,e

Biomea

Fusion,

Inc

215

10,456

*

Bio-Rad

Laboratories,

Inc

(Class

A)

3,964

78,368

Bio-Techne

Corp

6,397

33,689

*,e

Bluebird

Bio,

Inc

111

31,927

*

Blueprint

Medicines

Corp

2,018

58,721

*

Bridgebio

Pharma,

Inc

1,010

1,047,707

Bristol-Myers

Squibb

Co

67,001

39,365

*

Brooks

Automation,

Inc

1,838

56,206

Bruker

BioSciences

Corp

4,155

12,686

*

Cabaletta

Bio,

Inc

164

19,366

*

Cara

Therapeutics,

Inc

55

27,306

*,e

CareDx,

Inc

232

10,333

*,e

Caribou

Biosciences,

Inc

44

13,320

Carisma

Therapeutics,

Inc

117

243

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

20,876

*,e

Cassava

Sciences,

Inc

$

512

85,996

*

Catalent,

Inc

3,729

50,782

*

Catalyst

Pharmaceuticals,

Inc

683

8,603

*

Celcuity,

Inc

94

21,395

*

Celldex

Therapeutics,

Inc

726

19,234

*,e

Cerevel

Therapeutics

Holdings,

Inc

611

25,265

*

Charles

River

Laboratories

International,

Inc

5,312

28,644

*

Chinook

Therapeutics,

Inc

1,101

23,538

*

Codexis,

Inc

66

22,858

*

Cogent

Biosciences,

Inc

271

27,864

*,e

Coherus

Biosciences,

Inc

119

16,286

*

Collegium

Pharmaceutical,

Inc

350

45,293

*,e

Compass

Therapeutics,

Inc

144

52,750

*

Corcept

Therapeutics,

Inc

1,174

22,299

*,e

CorMedix

Inc

88

16,128

*

Crinetics

Pharmaceuticals,

Inc

291

22,130

*

CryoPort,

Inc

382

7,345

*

Cullinan

Oncology,

Inc

79

48,616

*

Cymabay

Therapeutics,

Inc

532

51,177

*

Cytek

Biosciences,

Inc

437

42,716

*

Cytokinetics,

Inc

1,393

328,137

Danaher

Corp

78,753

11,974

*

Day

One

Biopharmaceuticals,

Inc

143

22,263

*

Deciphera

Pharmaceuticals,

Inc

313

49,642

*

Denali

Therapeutics,

Inc

1,465

14,200

*,e

Design

Therapeutics,

Inc

89

14,558

*

DICE

Therapeutics,

Inc

676

3,831

*,e

Disc

Medicine,

Inc

170

58,823

*,e

Dynavax

Technologies

Corp

760

16,387

*

Dyne

Therapeutics,

Inc

184

6,368

*

Eagle

Pharmaceuticals,

Inc

124

20,664

*,e

Edgewise

Therapeutics,

Inc

160

35,681

*

Editas

Medicine,

Inc

294

242,401

*

Elanco

Animal

Health,

Inc

2,439

421,946

Eli

Lilly

&

Co

197,884

11,786

*

Enanta

Pharmaceuticals,

Inc

252

11,571

*

Enliven

Therapeutics,

Inc

236

10,600

*,e

Entrada

Therapeutics,

Inc

160

70,095

*,e

EQRx,

Inc

130

33,527

*

Erasca,

Inc

93

17,590

*

Evolus,

Inc

128

88,922

*

Exact

Sciences

Corp

8,350

170,031

*

Exelixis,

Inc

3,249

52,399

*,e

EyePoint

Pharmaceuticals,

Inc

456

42,216

*

Fate

Therapeutics,

Inc

201

10,305

*,e

Foghorn

Therapeutics,

Inc

73

23,909

*

Generation

Bio

Co

132

245,957

*

Geron

Corp

790

622,930

Gilead

Sciences,

Inc

48,009

44,572

*,e

Gritstone

Oncology,

Inc

87

68,124

*

Halozyme

Therapeutics,

Inc

2,457

12,195

*

Harmony

Biosciences

Holdings,

Inc

429

12,872

*,e

Harrow

Health,

Inc

245

19,354

*

Harvard

Bioscience,

Inc

106

10,524

*

HilleVax,

Inc

181

109,958

*

Horizon

Therapeutics

Plc

11,309

40,572

*

ICON

plc

10,151

7,208

*,e

Icosavax,

Inc

72

15,316

*

Ideaya

Biosciences,

Inc

360

2,211

*,e

IGM

Biosciences,

Inc

20

78,792

*

Illumina,

Inc

14,773

10,169

*,e

Immuneering

Corp

103

CREF

Equity

Index

Account

June

30,

2023

244

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

36,493

*,e

ImmunityBio,

Inc

$

101

106,612

*

Immunogen,

Inc

2,012

19,494

*

Immunovant,

Inc

370

87,640

*

Incyte

Corp

5,456

15,231

*,e

Inhibrx,

Inc

395

34,523

*

Innoviva,

Inc

439

16,918

*,e

Inozyme

Pharma,

Inc

94

60,247

*

Insmed,

Inc

1,271

34,856

*

Intellia

Therapeutics,

Inc

1,421

12,921

*,e

Intercept

Pharmaceuticals,

Inc

143

46,963

*

Intra-Cellular

Therapies,

Inc

2,974

79,163

*

Ionis

Pharmaceuticals,

Inc

3,248

74,052

*

Iovance

Biotherapeutics,

Inc

521

92,212

*

IQVIA

Holdings,

Inc

20,726

95,014

*

Ironwood

Pharmaceuticals,

Inc

1,011

11,046

*

iTeos

Therapeutics,

Inc

146

66,219

*

IVERIC

bio,

Inc

2,605

8,802

*,e

Janux

Therapeutics,

Inc

104

28,814

*

Jazz

Pharmaceuticals

plc

3,572

1,296,781

Johnson

&

Johnson

214,643

10,666

*

KalVista

Pharmaceuticals

Inc

96

17,697

*

Karuna

Therapeutics,

Inc

3,838

46,110

*

Karyopharm

Therapeutics,

Inc

83

17,404

*,e

KemPharm,

Inc

89

8,516

*

Keros

Therapeutics,

Inc

342

18,676

*,e

Kezar

Life

Sciences,

Inc

46

11,321

*

Kiniksa

Pharmaceuticals

Ltd

159

18,276

*

Kodiak

Sciences,

Inc

126

9,785

*

Krystal

Biotech

Inc

1,149

31,598

*

Kura

Oncology,

Inc

334

15,771

*

Kymera

Therapeutics,

Inc

363

30,110

*,e

Lexicon

Pharmaceuticals,

Inc

69

8,586

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

619

65,652

*,e

Lineage

Cell

Therapeutics,

Inc

93

24,455

*

Liquidia

Corp

192

77,816

*,e

Lyell

Immunopharma,

Inc

247

32,187

*

MacroGenics,

Inc

172

6,193

*

Madrigal

Pharmaceuticals,

Inc

1,431

94,899

*

MannKind

Corp

386

54,984

*

Maravai

LifeSciences

Holdings,

Inc

683

24,801

*

Marinus

Pharmaceuticals,

Inc

269

51,230

*,e

MaxCyte,

Inc

235

12,929

*

Medpace

Holdings,

Inc

3,105

10,086

*

MeiraGTx

Holdings

plc

68

1,265,638

Merck

&

Co,

Inc

146,042

27,294

*,e

Mersana

Therapeutics,

Inc

90

11,133

*

Mettler-Toledo

International,

Inc

14,602

60,615

*

MiMedx

Group,

Inc

401

7,068

*

Mineralys

Therapeutics,

Inc

121

21,876

*,e

Mirati

Therapeutics,

Inc

790

8,147

*

Mirum

Pharmaceuticals,

Inc

211

165,972

*

Moderna,

Inc

20,166

14,704

*,e

Monte

Rosa

Therapeutics,

Inc

101

15,005

*

Morphic

Holding,

Inc

860

46,607

*

Myriad

Genetics,

Inc

1,080

22,499

*

NanoString

Technologies,

Inc

91

51,554

*

Natera,

Inc

2,509

25,317

*

Nautilus

Biotechnology,

Inc

98

51,383

*

Neurocrine

Biosciences,

Inc

4,845

15,360

*

NGM

Biopharmaceuticals

Inc

40

9,374

*,e

Nkarta,

Inc

21

40,572

*,e

Novavax,

Inc

301

245

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

17,085

*

Nurix

Therapeutics,

Inc

$

171

10,256

*,e

Nuvalent,

Inc

433

35,946

*

Nuvation

Bio,

Inc

65

41,830

*

Ocular

Therapeutix,

Inc

216

13,370

*,e

Olema

Pharmaceuticals,

Inc

121

12,172

*

Omega

Therapeutics,

Inc

68

30,358

*,e

Omeros

Corp

165

3,255

*,†

OmniAb,

Inc

0

42,072

*,e

OmniAb,

Inc

212

3,255

*,†

OmniAb,

Inc

0

13,691

*,e

Organogenesis

Holdings

Inc

45

127,492

Organon

&

Co

2,653

19,543

*,e

ORIC

Pharmaceuticals,

Inc

152

77,299

*,e

Outlook

Therapeutics,

Inc

135

29,936

*,e

Ovid

therapeutics,

Inc

98

100,456

*

Pacific

Biosciences

of

California,

Inc

1,336

23,821

*

Pacira

BioSciences

Inc

955

65,063

PerkinElmer,

Inc

7,729

69,259

Perrigo

Co

plc

2,351

2,817,377

Pfizer,

Inc

103,341

6,396

*

Phathom

Pharmaceuticals,

Inc

92

12,927

Phibro

Animal

Health

Corp

177

27,964

*

Pliant

Therapeutics,

Inc

507

14,315

*

PMV

Pharmaceuticals,

Inc

90

37,958

*

Point

Biopharma

Global,

Inc

344

39,456

*,e

Precigen,

Inc

45

24,486

*

Prestige

Consumer

Healthcare,

Inc.

1,455

19,579

*,e

Prime

Medicine,

Inc

287

30,525

*

ProKidney

Corp

342

22,557

*

Protagonist

Therapeutics,

Inc

623

18,603

*

Prothena

Corp

plc

1,270

37,990

*

PTC

Therapeutics,

Inc

1,545

113,112

*

QIAGEN

NV

5,093

16,838

*

Quanterix

Corp

380

46,832

*,e

Quantum-Si,

Inc

84

15,258

*

Rallybio

Corp

86

6,533

*

RAPT

Therapeutics,

Inc

122

14,987

*

Reata

Pharmaceuticals,

Inc

1,528

61,485

*,e

Recursion

Pharmaceuticals,

Inc

459

51,645

*

Regeneron

Pharmaceuticals,

Inc

37,109

19,715

*

REGENXBIO,

Inc

394

31,945

*

Relay

Therapeutics,

Inc

401

30,248

*

Repligen

Corp

4,279

10,254

*

Replimune

Group,

Inc

238

33,815

*

Revance

Therapeutics,

Inc

856

50,065

*

REVOLUTION

Medicines,

Inc

1,339

25,414

*,e

Rhythm

Pharmaceuticals,

Inc

419

86,450

*

Rigel

Pharmaceuticals,

Inc

112

20,281

*

Rocket

Pharmaceuticals,

Inc

403

121,596

*,e

Roivant

Sciences

Ltd

1,226

189,332

Royalty

Pharma

plc

5,820

28,225

*

Sage

Therapeutics,

Inc

1,327

46,510

*,e

Sana

Biotechnology,

Inc

277

52,234

*

Sangamo

Therapeutics

Inc

68

41,917

*

Sarepta

Therapeutics,

Inc

4,800

38,005

*,e

Savara,

Inc

121

14,170

*,e

Scholar

Rock

Holding

Corp

107

14,352

*

scPharmaceuticals,

Inc

146

68,787

*

Seagen,

Inc

13,239

22,417

*,e

Seer,

Inc

96

37,976

*,e

Seres

Therapeutics,

Inc

182

35,191

SIGA

Technologies,

Inc

178

CREF

Equity

Index

Account

June

30,

2023

246

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

76,705

*,e

SomaLogic,

Inc

$

177

99,083

*,†,e

Sorrento

Therapeutics,

Inc

515

43,033

*

Sotera

Health

Co

811

15,930

*,e

SpringWorks

Therapeutics,

Inc

418

10,464

*

Stoke

Therapeutics,

Inc

111

57,751

*,e

Summit

Therapeutics,

Inc

145

26,807

*

Supernus

Pharmaceuticals,

Inc

806

15,843

*

Sutro

Biopharma,

Inc

74

24,529

*

Syndax

Pharmaceuticals,

Inc

513

55,220

*

Syneos

Health,

Inc

2,327

23,918

*

Tango

Therapeutics,

Inc

79

4,094

*,e

Taro

Pharmaceutical

Industries

Ltd

155

9,396

*

Tarsus

Pharmaceuticals,

Inc

170

22,763

*,e

Tenaya

Therapeutics,

Inc

134

21,241

*

Terns

Pharmaceuticals,

Inc

186

69,942

*

TG

Therapeutics,

Inc

1,737

29,259

*,e

Theravance

Biopharma,

Inc

303

192,349

Thermo

Fisher

Scientific,

Inc

100,358

10,124

*,e

Theseus

Pharmaceuticals,

Inc

94

25,726

*

Travere

Therapeutics,

Inc

395

26,284

*,e

Twist

Bioscience

Corp

538

6,957

*,e

Tyra

Biosciences,

Inc

118

33,751

*

Ultragenyx

Pharmaceutical,

Inc

1,557

22,243

*

United

Therapeutics

Corp

4,910

9,811

*,e

UroGen

Pharma

Ltd

102

31,395

*

Vanda

Pharmaceuticals,

Inc

207

45,372

*

Vaxcyte,

Inc

2,266

11,485

*

Ventyx

Biosciences,

Inc

377

29,297

*,e

Vera

Therapeutics,

Inc

470

36,815

*

Veracyte,

Inc

938

24,994

*

Vericel

Corp

939

127,733

*

Vertex

Pharmaceuticals,

Inc

44,951

23,209

*,e

Verve

Therapeutics,

Inc

435

596,044

Viatris,

Inc

5,949

47,438

*,e

Viking

Therapeutics,

Inc

769

32,800

*

Vir

Biotechnology,

Inc

805

16,873

*

Viridian

Therapeutics,

Inc

401

19,087

*,e

Vor

BioPharma,

Inc

59

15,628

*

Voyager

Therapeutics,

Inc

179

29,140

*

Waters

Corp

7,767

29,537

*,e

WaVe

Life

Sciences

Ltd

108

37,278

West

Pharmaceutical

Services,

Inc

14,258

61,355

*,e

X4

Pharmaceuticals,

Inc

119

27,098

*

Xencor,

Inc

677

67,913

*,e

Xeris

Biopharma

Holdings,

Inc

178

19,065

*

Y-mAbs

Therapeutics,

Inc

129

18,143

*

Zentalis

Pharmaceuticals,

Inc

512

230,733

Zoetis,

Inc

39,735

26,472

*

Zymeworks,

Inc

229

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,680,437

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

150,369

*

CBRE

Group,

Inc

12,136

133,621

*

Compass,

Inc

468

66,192

*

Cushman

&

Wakefield

plc

541

69,755

e

DigitalBridge

Group,

Inc

1,026

41,150

Douglas

Elliman,

Inc

91

28,436

e

eXp

World

Holdings

Inc

577

425

*

Forestar

Group,

Inc

10

4,942

*

FRP

Holdings,

Inc

285

16,878

*

Howard

Hughes

Corp

1,332

23,806

*

Jones

Lang

LaSalle,

Inc

3,709

247

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

44,610

Kennedy-Wilson

Holdings,

Inc

$

728

11,498

Marcus

&

Millichap,

Inc

362

81,428

Newmark

Group,

Inc

507

228,590

*,e

Opendoor

Technologies,

Inc

919

13,117

Re/Max

Holdings,

Inc

253

62,854

*

Realogy

Holdings

Corp

420

57,095

*,e

Redfin

Corp

709

5,123

RMR

Group,

Inc

119

18,561

St.

Joe

Co

897

3,112

Stratus

Properties,

Inc

82

12,164

*

Tejon

Ranch

Co

209

32,630

*

Zillow

Group,

Inc

(Class

A)

1,605

74,688

*

Zillow

Group,

Inc

(Class

C)

3,754

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

30,739

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.5%

24,578

*

ACM

Research,

Inc

321

799,225

*

Advanced

Micro

Devices,

Inc

91,040

12,826

*,e

Aehr

Test

Systems

529

26,133

*

Allegro

MicroSystems,

Inc

1,180

15,539

*

Alpha

&

Omega

Semiconductor

Ltd

510

19,074

*

Ambarella,

Inc

1,596

55,705

Amkor

Technology,

Inc

1,657

253,090

Analog

Devices,

Inc

49,304

421,325

Applied

Materials,

Inc

60,898

10,142

*,e

Atomera,

Inc

89

16,075

*

Axcelis

Technologies,

Inc

2,947

203,509

Broadcom,

Inc

176,530

15,710

*

Ceva,

Inc

401

26,804

*

Cirrus

Logic,

Inc

2,171

26,675

*

Cohu,

Inc

1,109

27,489

*

Credo

Technology

Group

Holding

Ltd

477

23,788

*

Diodes,

Inc

2,200

66,786

*

Enphase

Energy,

Inc

11,185

72,011

Entegris,

Inc

7,980

51,096

*

First

Solar,

Inc

9,713

42,439

*

Formfactor,

Inc

1,452

39,047

*,e

GLOBALFOUNDRIES,

Inc

2,522

15,133

*

Ichor

Holdings

Ltd

567

13,074

*

Impinj,

Inc

1,172

51,148

*,e

indie

Semiconductor,

Inc

481

2,074,355

Intel

Corp

69,366

5,319

*

inTEST

Corp

140

68,381

KLA

Corp

33,166

26,815

Kulicke

&

Soffa

Industries,

Inc

1,594

67,436

Lam

Research

Corp

43,352

68,594

*

Lattice

Semiconductor

Corp

6,590

26,755

*

MACOM

Technology

Solutions

Holdings,

Inc

1,753

426,190

Marvell

Technology,

Inc

25,478

12,490

*

Maxeon

Solar

Technologies

Ltd

352

38,172

*

MaxLinear,

Inc

1,205

267,926

Microchip

Technology,

Inc

24,003

542,476

Micron

Technology,

Inc

34,236

33,135

MKS

Instruments,

Inc

3,582

23,066

Monolithic

Power

Systems,

Inc

12,461

26,573

*

Nanometrics,

Inc

3,095

50,806

*

Navitas

Semiconductor

Corp

535

2,338

NVE

Corp

228

1,184,757

NVIDIA

Corp

501,176

214,873

*

ON

Semiconductor

Corp

20,323

20,605

*

PDF

Solutions,

Inc

929

29,998

*

Photronics,

Inc

774

CREF

Equity

Index

Account

June

30,

2023

248

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

25,919

Power

Integrations,

Inc

$

2,454

52,571

*

Qorvo,

Inc

5,364

557,333

QUALCOMM,

Inc

66,345

53,820

*

Rambus,

Inc

3,454

35,296

*

Semtech

Corp

899

15,676

*

Silicon

Laboratories,

Inc

2,473

7,023

*

SiTime

Corp

828

76,111

Skyworks

Solutions,

Inc

8,425

15,494

*

SMART

Global

Holdings,

Inc

449

19,257

*

Synaptics,

Inc

1,644

75,708

Teradyne,

Inc

8,428

451,915

Texas

Instruments,

Inc

81,354

23,500

*

Ultra

Clean

Holdings

904

24,314

Universal

Display

Corp

3,504

34,384

*

Veeco

Instruments,

Inc

883

62,345

*

Wolfspeed,

Inc

3,466

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,403,243

SOFTWARE

&

SERVICES

-

11.5%

65,506

*

8x8,

Inc

277

32,215

A10

Networks,

Inc

470

315,034

Accenture

plc

97,213

68,208

*

ACI

Worldwide,

Inc

1,580

57,275

Adeia,

Inc

631

228,369

*

Adobe,

Inc

111,670

11,056

*

Agilysys,

Inc

759

75,911

*

Akamai

Technologies,

Inc

6,822

26,945

*

Alarm.com

Holdings,

Inc

1,393

15,192

*

Alkami

Technology,

Inc

249

24,769

*

Altair

Engineering,

Inc

1,878

32,290

*

Alteryx,

Inc

1,466

59,006

Amdocs

Ltd

5,833

15,720

American

Software,

Inc

(Class

A)

165

28,669

*

Amplitude,

Inc

315

43,227

*

Ansys,

Inc

14,277

9,509

*

Appfolio,

Inc

1,637

20,140

*,e

Appian

Corp

959

33,758

*

Applied

Blockchain,

Inc

316

116,026

*

AppLovin

Corp

2,985

40,356

*

Asana,

Inc

889

14,242

*

Aspen

Technology,

Inc

2,387

9,467

*

Asure

Software,

Inc

115

70,590

*

Atlassian

Corp

11,846

108,663

*

Autodesk,

Inc

22,234

66,029

*,e

AvePoint,

Inc

380

95,656

Bentley

Systems,

Inc

5,187

24,476

*

BigCommerce

Holdings,

Inc

244

49,304

*

Bill.Com

Holdings,

Inc

5,761

36,478

*,e

Bit

Digital,

Inc

148

82,754

*

Black

Knight,

Inc

4,943

26,411

*,e

Blackbaud,

Inc

1,880

29,853

*

Blackline,

Inc

1,607

66,925

*

Box,

Inc

1,966

17,121

*,e

Braze,

Inc

750

20,694

*

Brightcove,

Inc

83

29,086

*,e

C3.ai,

Inc

1,060

134,715

*

Cadence

Design

Systems,

Inc

31,593

87,215

*

CCC

Intelligent

Solutions

Holdings,

Inc

978

22,039

*

Cerence

Inc

644

73,546

*

Ceridian

HCM

Holding,

Inc

4,925

17,869

*,e

Cleanspark,

Inc

77

31,897

e

Clear

Secure,

Inc

739

249

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

144,134

*

Cloudflare,

Inc

$

9,422

252,727

Cognizant

Technology

Solutions

Corp

(Class

A)

16,498

20,876

*

Commvault

Systems,

Inc

1,516

92,360

*

Confluent,

Inc

3,261

7,805

*

Consensus

Cloud

Solutions,

Inc

242

13,583

*,e

Couchbase,

Inc

215

104,906

*

Crowdstrike

Holdings,

Inc

15,408

6,968

*,e

CS

Disco,

Inc

57

133,433

*

Datadog,

Inc

13,127

7,264

*,e

Digimarc

Corp

214

46,104

*

Digital

Turbine,

Inc

428

39,126

*,e

DigitalOcean

Holdings,

Inc

1,571

103,146

*

DocuSign,

Inc

5,270

29,210

Dolby

Laboratories,

Inc

(Class

A)

2,444

15,039

*

Domo,

Inc

220

55,975

*

DoubleVerify

Holdings,

Inc

2,179

118,133

*

Dropbox,

Inc

3,151

113,169

*

DXC

Technology

Co

3,024

106,722

*

Dynatrace,

Inc

5,493

87,429

*,e

E2open

Parent

Holdings,

Inc

490

17,480

Ebix,

Inc

440

10,699

*,e

eGain

Corp

80

37,517

*

Elastic

NV

2,406

13,046

*,e

Enfusion,

Inc

146

17,890

*

EngageSmart,

Inc

342

30,234

*

Envestnet,

Inc

1,794

27,283

*

EPAM

Systems,

Inc

6,132

21,053

*

Everbridge,

Inc

566

12,378

*,e

EverCommerce,

Inc

147

27,561

*

Expensify,

Inc

220

11,993

*

Fair

Isaac

Corp

9,705

58,075

*,e

Fastly,

Inc

916

37,675

*

Five9,

Inc

3,106

15,452

*,e

ForgeRock,

Inc

317

321,842

*

Fortinet,

Inc

24,328

80,143

*,e

Freshworks,

Inc

1,409

37,831

*

Gartner,

Inc

13,253

283,454

Gen

Digital,

Inc

5,258

24,429

*,e

Gitlab,

Inc

1,249

21,651

*

Globant

S.A.

3,891

74,890

*

GoDaddy,

Inc

5,626

15,258

*

Grid

Dynamics

Holdings,

Inc

141

46,084

*

Guidewire

Software,

Inc

3,506

17,956

Hackett

Group,

Inc

401

46,373

*

HashiCorp,

Inc

1,214

22,755

*

HubSpot,

Inc

12,108

5,474

*

IBEX

Ltd

116

17,943

*

Informatica,

Inc

332

18,219

Information

Services

Group,

Inc

98

8,870

*,e

Instructure

Holdings,

Inc

223

7,324

*

Intapp,

Inc

307

3,649

*,e

Intelligent

Systems

Corp

93

13,365

InterDigital,

Inc

1,290

451,229

International

Business

Machines

Corp

60,379

136,205

Intuit,

Inc

62,408

29,050

*

Jamf

Holding

Corp

567

95,867

*

Kyndryl

Holdings,

Inc

1,273

35,615

*

LiveRamp

Holdings,

Inc

1,017

29,686

*

Manhattan

Associates,

Inc

5,934

52,095

*,e

Marathon

Digital

Holdings,

Inc

722

112,247

*,e

Matterport,

Inc

354

11,893

*,e

MeridianLink,

Inc

247

CREF

Equity

Index

Account

June

30,

2023

250

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,710,694

Microsoft

Corp

$

1,263,640

5,471

*,e

MicroStrategy,

Inc

(Class

A)

1,873

22,456

*,e

Mitek

Systems,

Inc

243

14,483

*

Model

N,

Inc

512

33,619

*

MongoDB,

Inc

13,817

19,169

*

N-Able,

Inc

276

25,933

*,e

nCino

OpCo,

Inc

781

68,992

*

NCR

Corp

1,739

30,028

*

New

Relic,

Inc

1,965

105,783

*

Nutanix,

Inc

2,967

76,550

*

Okta,

Inc

5,309

46,103

*

Olo,

Inc

298

4,837

ON24,

Inc

39

21,489

*

OneSpan,

Inc

319

758,133

Oracle

Corp

90,286

41,005

*

Pagerduty,

Inc

922

933,059

*

Palantir

Technologies,

Inc

14,304

149,946

*

Palo

Alto

Networks,

Inc

38,313

26,407

Paycom

Software,

Inc

8,483

36,294

*

Paycor

HCM,

Inc

859

20,584

*

Paylocity

Holding

Corp

3,798

22,404

Pegasystems,

Inc

1,104

17,663

*

Perficient,

Inc

1,472

23,203

*

PowerSchool

Holdings,

Inc

444

39,107

*

Procore

Technologies,

Inc

2,545

23,997

Progress

Software

Corp

1,394

19,034

*

PROS

Holdings,

Inc

586

52,897

*

PTC,

Inc

7,527

29,530

*

Q2

Holdings,

Inc

912

18,605

*

Qualys,

Inc

2,403

31,056

*

Rapid7,

Inc

1,406

24,959

*

Rimini

Street,

Inc

120

44,149

*

RingCentral,

Inc

1,445

73,047

*,e

Riot

Blockchain,

Inc

863

52,557

Roper

Technologies,

Inc

25,269

471,927

*

Salesforce,

Inc

99,699

15,268

Sapiens

International

Corp

NV

406

15,611

*

SEMrush

Holdings,

Inc

149

88,419

*

SentinelOne,

Inc

1,335

101,714

*

ServiceNow,

Inc

57,160

4,906

*

ShotSpotter,

Inc

107

66,115

*

Smartsheet,

Inc

2,530

154,483

*

Snowflake,

Inc

27,186

19,169

*

SolarWinds

Corp

197

69,720

*,e

SoundHound

AI,

Inc

317

80,215

*

Splunk,

Inc

8,510

42,968

*

Sprinklr,

Inc

594

24,107

*

Sprout

Social,

Inc

1,113

19,690

*

SPS

Commerce,

Inc

3,782

16,060

*

Squarespace,

Inc

507

75,687

*

Synopsys,

Inc

32,955

49,510

*

Tenable

Holdings,

Inc

2,156

51,680

*

Teradata

Corp

2,760

6,516

*,e

Tucows,

Inc

181

22,872

*

Turing

Holding

Corp

173

85,658

*

Twilio,

Inc

5,450

21,091

*

Tyler

Technologies,

Inc

8,784

192,445

*

UiPath,

Inc

3,189

38,674

*

Unisys

Corp

154

143,370

*,e

Unity

Software,

Inc

6,225

56,469

*

Varonis

Systems,

Inc

1,505

35,164

*

Verint

Systems,

Inc

1,233

251

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

46,419

*

VeriSign,

Inc

$

10,489

13,662

*

Veritone,

Inc

54

6,012

*

Viant

Technology,

Inc

28

107,272

*

VMware,

Inc

(Class

A)

15,414

16,330

*

Weave

Communications,

Inc

181

100,015

*

Workday,

Inc

22,592

22,930

*

Workiva,

Inc

2,331

22,910

*

Xperi,

Inc

301

55,032

*

Yext,

Inc

622

55,743

*

Zeta

Global

Holdings

Corp

476

121,590

*

Zoom

Video

Communications,

Inc

8,254

41,021

*

Zscaler,

Inc

6,001

55,037

*

Zuora

Inc

604

TOTAL

SOFTWARE

&

SERVICES

2,503,559

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8.4%

6,963

*,e

908

Devices,

Inc

48

35,649

ADTRAN

Holdings,

Inc

375

20,999

Advanced

Energy

Industries,

Inc

2,340

41,314

*,e

Aeva

Technologies,

Inc

52

18,515

*,e

Akoustis

Technologies,

Inc

59

285,985

Amphenol

Corp

(Class

A)

24,294

7,440,928

Apple,

Inc

1,443,317

123,543

*

Arista

Networks,

Inc

20,021

47,303

*

Arlo

Technologies,

Inc

516

25,833

*

Arrow

Electronics,

Inc

3,700

5,662

*

Aviat

Networks,

Inc

189

24,161

*

Avid

Technology,

Inc

616

46,118

Avnet,

Inc

2,327

15,939

Badger

Meter,

Inc

2,352

5,150

*

Bel

Fuse,

Inc

(Class

B)

296

24,142

Belden

CDT,

Inc

2,309

19,531

Benchmark

Electronics,

Inc

505

28,887

*

Calix,

Inc

1,442

4,889

*,e

Cambium

Networks

Corp

74

66,275

CDW

Corp

12,162

79,273

*

Ciena

Corp

3,368

2,049,087

Cisco

Systems,

Inc

106,020

8,964

*,e

Clearfield,

Inc

424

2,062

Climb

Global

Solutions,

Inc

99

83,398

Cognex

Corp

4,672

59,436

*

Coherent

Corp

3,030

115,638

*

CommScope

Holding

Co,

Inc

651

16,237

Comtech

Telecommunications

Corp

148

378,993

Corning,

Inc

13,280

8,680

*

Corsair

Gaming,

Inc

154

17,421

CTS

Corp

743

19,434

*

Daktronics,

Inc

124

18,652

*

Digi

International,

Inc

735

9,167

*,e

DZS,

Inc

36

24,605

*

Eastman

Kodak

Co

114

18,556

*

ePlus,

Inc

1,045

43,075

*,e

Evolv

Technologies

Holdings,

Inc

258

62,313

*

Extreme

Networks,

Inc

1,623

30,006

*

F5

Networks,

Inc

4,389

20,485

*

Fabrinet

2,661

9,925

*

FARO

Technologies,

Inc

161

58,321

*,e

Harmonic,

Inc

943

639,437

Hewlett

Packard

Enterprise

Co

10,743

430,397

HP,

Inc

13,218

15,475

*

Immersion

Corp

110

103,799

*,e

Infinera

Corp

501

CREF

Equity

Index

Account

June

30,

2023

252

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,981

*

Insight

Enterprises,

Inc

$

2,192

60,908

*,e

IonQ,

Inc

824

14,955

*

IPG

Photonics

Corp

2,031

21,652

*,e

Iteris,

Inc

86

24,355

*

Itron,

Inc

1,756

64,357

Jabil

Inc

6,946

163,210

Juniper

Networks,

Inc

5,113

89,572

*

Keysight

Technologies,

Inc

14,999

21,162

*

Kimball

Electronics,

Inc

585

28,141

*

Knowles

Corp

508

9,450

*,e

KVH

Industries,

Inc

86

57,291

*,e

Lightwave

Logic,

Inc

399

13,151

Littelfuse,

Inc

3,831

36,595

*,e

Lumentum

Holdings,

Inc

2,076

16,008

*,e

Luna

Innovations,

Inc

146

20,833

Methode

Electronics,

Inc

698

86,400

*,e

Microvision,

Inc

396

70,213

*

Mirion

Technologies,

Inc

593

82,239

Motorola

Solutions,

Inc

24,119

15,874

Napco

Security

Technologies,

Inc

550

60,249

National

Instruments

Corp

3,458

106,573

NetApp,

Inc

8,142

16,454

*

Netgear,

Inc

233

43,446

*

Netscout

Systems,

Inc

1,345

20,535

*

nLight,

Inc

317

18,332

*

Novanta,

Inc

3,375

9,244

*

OSI

Systems,

Inc

1,089

12,941

*,e

PAR

Technology

Corp

426

8,216

PC

Connection,

Inc

371

17,083

*

Plexus

Corp

1,678

145,102

*

Pure

Storage,

Inc

5,343

37,508

*

Ribbon

Communications,

Inc

105

5,943

e

Richardson

Electronics

Ltd

98

8,376

*

Rogers

Corp

1,356

28,498

*

Sanmina

Corp

1,718

17,777

*

Scansource,

Inc

526

61,017

*,e

SmartRent,

Inc

234

22,759

*

Super

Micro

Computer,

Inc

5,673

19,067

SYNNEX

Corp

1,792

22,686

*

Teledyne

Technologies,

Inc

9,326

129,908

*

Trimble

Inc

6,877

51,948

*

TTM

Technologies,

Inc

722

8,166

*

Turtle

Beach

Corp

95

1,436

e

Ubiquiti,

Inc

252

34,027

*

Viasat,

Inc

1,404

89,946

*

Viavi

Solutions,

Inc

1,019

52,971

Vishay

Intertechnology,

Inc

1,557

9,508

*

Vishay

Precision

Group,

Inc

353

71,903

Vontier

Corp

2,316

155,579

*

Western

Digital

Corp

5,901

58,625

Xerox

Holdings

Corp

873

26,184

*

Zebra

Technologies

Corp

(Class

A)

7,746

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,829,898

TELECOMMUNICATION

SERVICES

-

0.9%

7,472

*

Anterix,

Inc

237

30,214

*

AST

SpaceMobile,

Inc

142

3,568,990

AT&T,

Inc

56,925

7,918

ATN

International,

Inc

290

12,460

*

Bandwidth

Inc

170

55,430

*,e

Charge

Enterprises,

Inc

54

25,280

Cogent

Communications

Group,

Inc

1,701

253

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,355

*

Consolidated

Communications

Holdings,

Inc

$

185

22,558

*

EchoStar

Corp

(Class

A)

391

126,319

*

Frontier

Communications

Parent,

Inc

2,355

52,848

*,†

GCI

Liberty,

Inc

0

331,269

*,e

Globalstar,

Inc

358

13,459

*

Gogo,

Inc

229

11,096

*

IDT

Corp

(Class

B)

287

60,764

Iridium

Communications,

Inc

3,775

29,453

*

Liberty

Latin

America

Ltd

(Class

A)

258

84,348

*

Liberty

Latin

America

Ltd

(Class

C)

727

529,866

e

Lumen

Technologies,

Inc

1,198

13,047

*

Ooma,

Inc

195

23,995

*

Radius

Global

Infrastructure,

Inc

358

26,373

Shenandoah

Telecom

Co

512

8,527

e

Spok

Holdings,

Inc

113

55,138

Telephone

&

Data

Systems,

Inc

454

270,856

*

T-Mobile

US,

Inc

37,622

2,108,537

Verizon

Communications,

Inc

78,416

TOTAL

TELECOMMUNICATION

SERVICES

186,952

TRANSPORTATION

-

1.8%

37,928

*

Air

Transport

Services

Group,

Inc

716

60,779

*

Alaska

Air

Group,

Inc

3,232

8,270

*

Allegiant

Travel

Co

1,044

38,763

AMERCO

1,964

4,307

e

Amerco,

Inc

238

308,882

*

American

Airlines

Group,

Inc

5,541

13,812

ArcBest

Corp

1,365

11,589

*

Avis

Budget

Group,

Inc

2,650

28,768

*,e

Blade

Air

Mobility,

Inc

113

56,673

CH

Robinson

Worldwide,

Inc

5,347

23,634

Costamare,

Inc

229

8,672

Covenant

Transportation

Group,

Inc

380

1,011,979

CSX

Corp

34,509

14,173

*

Daseke,

Inc

101

316,616

*

Delta

Air

Lines,

Inc

15,052

4,116

e

Eagle

Bulk

Shipping,

Inc

198

12,349

Eneti,

Inc

150

79,798

Expeditors

International

of

Washington,

Inc

9,666

115,592

FedEx

Corp

28,655

14,836

Forward

Air

Corp

1,574

18,987

*

Frontier

Group

Holdings,

Inc

184

49,956

FTAI

Infrastructure,

Inc

184

17,525

Genco

Shipping

&

Trading

Ltd

246

62,934

Golden

Ocean

Group

Ltd

475

58,331

*

GXO

Logistics,

Inc

3,664

27,588

*

Hawaiian

Holdings,

Inc

297

26,012

Heartland

Express,

Inc

427

47,325

*

Hertz

Global

Holdings,

Inc

870

18,067

*

Hub

Group,

Inc

(Class

A)

1,451

40,450

JB

Hunt

Transport

Services,

Inc

7,323

124,072

*

JetBlue

Airways

Corp

1,099

128,773

*,e

Joby

Aviation,

Inc

1,321

25,265

*

Kirby

Corp

1,944

79,606

Knight-Swift

Transportation

Holdings,

Inc

4,423

17,753

Landstar

System,

Inc

3,418

154,071

*

Lyft,

Inc

(Class

A)

1,478

34,852

Marten

Transport

Ltd

749

17,593

Matson,

Inc

1,368

113,184

Norfolk

Southern

Corp

25,666

49,144

Old

Dominion

Freight

Line

18,171

18,024

e

Pangaea

Logistics

Solutions

Ltd

122

CREF

Equity

Index

Account

June

30,

2023

254

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

29,335

*

Radiant

Logistics,

Inc

$

197

52,508

*

RXO,

Inc

1,190

22,841

Ryder

System,

Inc

1,937

33,371

e

Safe

Bulkers,

Inc

109

13,620

*

Saia,

Inc

4,664

22,723

Schneider

National,

Inc

653

28,022

*

Skywest,

Inc

1,141

299,691

Southwest

Airlines

Co

10,852

50,261

Spirit

Airlines,

Inc

862

9,455

*

Sun

Country

Airlines

Holdings,

Inc

213

71,175

*

TuSimple

Holdings,

Inc

118

960,039

*

Uber

Technologies,

Inc

41,445

303,951

Union

Pacific

Corp

62,194

162,681

*

United

Airlines

Holdings

Inc

8,926

361,035

United

Parcel

Service,

Inc

(Class

B)

64,716

6,297

Universal

Logistics

Holdings

Inc

181

15,816

*,e

US

Xpress

Enterprises,

Inc

97

36,247

Werner

Enterprises,

Inc

1,601

52,508

*

XPO

Logistics,

Inc

3,098

TOTAL

TRANSPORTATION

391,798

UTILITIES

-

2.5%

344,146

AES

Corp

7,134

29,387

Allete,

Inc

1,704

129,301

Alliant

Energy

Corp

6,786

21,469

*,e

Altus

Power,

Inc

116

128,677

Ameren

Corp

10,509

257,385

American

Electric

Power

Co,

Inc

21,672

20,132

American

States

Water

Co

1,751

97,164

American

Water

Works

Co,

Inc

13,870

4,909

Artesian

Resources

Corp

232

69,836

Atmos

Energy

Corp

8,125

36,552

Avangrid,

Inc

1,377

33,562

Avista

Corp

1,318

34,402

Black

Hills

Corp

2,073

46,153

e

Brookfield

Infrastructure

Corp

2,104

72,027

e

Brookfield

Renewable

Corp

2,270

27,522

California

Water

Service

Group

1,421

307,461

Centerpoint

Energy,

Inc

8,963

9,405

Chesapeake

Utilities

Corp

1,119

10,556

Clearway

Energy,

Inc

(Class

A)

285

47,061

Clearway

Energy,

Inc

(Class

C)

1,344

148,205

CMS

Energy

Corp

8,707

172,623

Consolidated

Edison,

Inc

15,605

7,347

e

Consolidated

Water

Co,

Inc

178

164,317

Constellation

Energy

Corp

15,043

416,805

Dominion

Energy,

Inc

21,586

102,627

DTE

Energy

Co

11,291

384,399

Duke

Energy

Corp

34,496

186,837

Edison

International

12,976

106,399

Entergy

Corp

10,360

120,927

Essential

Utilities

Inc

4,826

112,667

Evergy,

Inc

6,582

177,794

Eversource

Energy

12,609

495,525

Exelon

Corp

20,188

263,997

FirstEnergy

Corp

10,264

9,688

e

Genie

Energy

Ltd

137

6,410

Global

Water

Resources,

Inc

81

56,097

Hawaiian

Electric

Industries,

Inc

2,031

23,041

Idacorp,

Inc

2,364

22,843

MGE

Energy,

Inc

1,807

11,759

Middlesex

Water

Co

948

255

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

33,009

*,e

Montauk

Renewables,

Inc

$

246

44,165

National

Fuel

Gas

Co

2,268

52,723

New

Jersey

Resources

Corp

2,489

1,009,411

NextEra

Energy,

Inc

74,898

209,437

NiSource,

Inc

5,728

14,483

Northwest

Natural

Holding

Co

624

27,636

NorthWestern

Corp

1,569

115,066

NRG

Energy,

Inc

4,302

96,380

OGE

Energy

Corp

3,461

27,567

ONE

Gas,

Inc

2,117

24,734

Ormat

Technologies,

Inc

1,990

16,819

Otter

Tail

Corp

1,328

897,777

*

PG&E

Corp

15,514

55,268

Pinnacle

West

Capital

Corp

4,502

42,095

PNM

Resources,

Inc

1,898

40,332

Portland

General

Electric

Co

1,889

359,446

PPL

Corp

9,511

246,452

Public

Service

Enterprise

Group,

Inc

15,430

11,616

*

Pure

Cycle

Corp

128

154,675

Sempra

Energy

22,519

12,005

SJW

Corp

842

539,529

Southern

Co

37,902

31,668

Southwest

Gas

Holdings

Inc

2,016

21,354

Spire,

Inc

1,355

46,961

*,e

Sunnova

Energy

International,

Inc

860

105,006

UGI

Corp

2,832

10,272

Unitil

Corp

521

1

Via

Renewables,

Inc

0

^

194,785

Vistra

Energy

Corp

5,113

159,399

WEC

Energy

Group,

Inc

14,065

273,699

Xcel

Energy,

Inc

17,016

9,006

York

Water

Co

372

TOTAL

UTILITIES

541,557

TOTAL

COMMON

STOCKS

21,677,359

(Cost

$7,694,083)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

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)

TOTAL

LONG-TERM

INVESTMENTS

21,677,359‌

(Cost

$7,694,083)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.1%

GOVERNMENT

AGENCY

DEBT

-

0.0%

$

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

08/30/23

4,961

5,000,000

FHLB

0

.000

09/01/23

4,959

TOTAL

GOVERNMENT

AGENCY

DEBT

9,920

CREF

Equity

Index

Account

June

30,

2023

256

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

REPURCHASE

AGREEMENT

-

0.1%

$

28,040,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

$

28,040

TOTAL

REPURCHASE

AGREEMENT

28,040

TOTAL

SHORT-TERM

INVESTMENTS

37,960

(Cost

$37,953)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.6%

127,193,567

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

127,194

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

127,194

(Cost

$127,194)

TOTAL

INVESTMENTS

-

100.5%

21,842,513

(Cost

$7,859,230)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

118,415

)

NET

ASSETS

-

100.0%

$21,724,098

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.

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

$163,327,046.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$28,040,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.500%

and

maturity

date

11/30/28,

valued

at

$28,600,837.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

S&P

500

E

Mini

Index

131‌

09/15/23

 $

28,530‌

$

29,399‌

$

869‌

Portfolio

of

Investments

CREF

Core

Bond

Account

June

30,

2023

257

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

97.6%

BANK

LOAN

OBLIGATIONS

-

0.4%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

377,990

i

Adient

US

LLC

SOFR

12

M

+

3.250%

8.467

%

04/10/28

$

379

1,443,533

i

Gates

Global

LLC

SOFR

12

M

+

2.500%

7.702

03/31/27

1,438

TOTAL

AUTOMOBILES

&

COMPONENTS

1,817

CAPITAL

GOODS

-

0.0%

1,178,705

i

Alliance

Laundry

Systems

LLC

SOFR

4

M

+

3.500%

8.559

10/08/27

1,177

174,057

i

Avolon

TLB

Borrower  US

LLC

SOFR

1

M

+

2.500%

7.589

06/22/28

174

217,688

i

Avolon

TLB

Borrower

US

LLC

LIBOR

12

M

+

1.500%

6.646

02/12/27

215

582,099

i

Beacon

Roofing

Supply,

Inc

LIBOR

12

M

+

2.250%

7.443

05/19/28

581

347,735

i

Cornerstone

Building

Brands,

Inc

SOFR

12

M

+

3.250%

8.497

04/12/28

334

978,906

i

TransDigm,

Inc

LIBOR

3

M

+

2.250%

5.924

08/22/24

981

908,245

i

TransDigm,

Inc

LIBOR

3

M

+

2.250%

6.980

05/30/25

909

TOTAL

CAPITAL

GOODS

4,371

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

464,758

i

AECOM

SOFR

12

M

+

1.750%

6.967

04/13/28

466

654,435

i

GFL

Environmental,

Inc

LIBOR

3

M

+

3.000%

3.000

05/31/25

656

1,805,866

i

Prime

Security

Services

Borrower

LLC

LIBOR

3

M

+

2.750%

7.608

09/23/26

1,808

549,751

i

Spin

Holdco,

Inc

LIBOR

4

M

+

4.000%

9.230

03/04/28

474

2,589,306

i

Trans

Union

LLC

SOFR

12

M

+

2.250%

7.467

12/01/28

2,586

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

5,990

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

535,029

h,i

LS

Group

OpCo

Acquisition

LLC

LIBOR

12

M

+

3.250%

8.443

11/02/27

533

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

533

CONSUMER

DURABLES

&

APPAREL

-

0.0%

423,170

i

Weber-Stephen

Products

LLC

SOFR

12

M

+

3.250%

8.467

10/30/27

374

TOTAL

CONSUMER

DURABLES

&

APPAREL

374

CONSUMER

SERVICES

-

0.1%

431,361

i

1011778

BC

ULC

LIBOR

12

M

+

1.750%

6.943

11/19/26

429

859,301

i

Carnival

Corp

SOFR

12

M

+

3.250%

8.467

10/18/28

853

357,684

i

IRB

Holding

Corp

SOFR

12

M

+

3.000%

8.202

12/15/27

356

939,655

i

KFC

Holding

Co

LIBOR

12

M

+

1.750%

6.896

03/15/28

933

1,543,648

i

Sophia

LP

LIBOR

1

M

+

3.750%

8.230

10/07/27

1,530

1,434,401

i

Stars

Group

Holdings

BV

SOFR

4

M

+

2.250%

7.753

07/21/26

1,436

TOTAL

CONSUMER

SERVICES

5,537

ENERGY

-

0.0%

1,412,735

i

Buckeye

Partners

LP

LIBOR

12

M

+

2.250%

7.452

11/01/26

1,405

128,567

i

DT

Midstream,

Inc

SOFR

4

M

+

2.000%

7.356

06/26/28

129

TOTAL

ENERGY

1,534

FINANCIAL

SERVICES

-

0.0%

615,738

i

Lions

Gate

Capital

Holdings

LLC

SOFR

12

M

+

2.250%

7.452

03/24/25

615

TOTAL

FINANCIAL

SERVICES

615

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

242,265

i

Arterra

Wines

Canada,

Inc

SOFR

4

M

+

3.500%

9.003

11/24/27

236

426,118

i

Chobani

LLC

SOFR

12

M

+

3.500%

8.717

10/25/27

425

579,825

i

Hostess

Brands

LLC

LIBOR

4

M

+

2.250%

7.523

08/03/25

581

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,242

CREF

Core

Bond

Account

June

30,

2023

258

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

$

693,665

i

DaVita,

Inc

SOFR

12

M

+

1.750%

6.967

%

08/12/26

$

685

300,449

i

Grifols

Worldwide

Operations

USA,

Inc

SOFR

4

M

+

2.000%

7.364

11/15/27

296

2,131,100

i

Select

Medical

Corp

SOFR

12

M

+

2.500%

7.702

03/06/25

2,129

2,617

i

Team

Health

Holdings,

Inc

SOFR

12

M

+

5.250%

10.352

03/02/27

2

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,112

INSURANCE

-

0.0%

1,412,402

i

NFP

Corp

SOFR

12

M

+

3.250%

8.467

02/15/27

1,387

TOTAL

INSURANCE

1,387

MATERIALS

-

0.0%

1,242,598

i

Asplundh

Tree

Expert

LLC

SOFR

12

M

+

1.750%

6.952

09/07/27

1,241

899,569

i

Berry

Global,

Inc

LIBOR

12

M

+

1.750%

6.972

07/01/26

900

261,299

i

Messer

Industries

USA,

Inc

SOFR

4

M

+

2.500%

8.003

03/02/26

261

437,596

i

PolyOne

Corp

SOFR

4

M

+

3.060%

8.105

01/30/26

439

297,076

i

Reynolds

Consumer

Products

LLC

SOFR

12

M

+

1.750%

6.952

02/04/27

297

970,059

i

Reynolds

Group

Holdings,

Inc

SOFR

12

M

+

3.250%

8.467

02/05/26

971

TOTAL

MATERIALS

4,109

MEDIA

&

ENTERTAINMENT

-

0.1%

302,238

i

Cablevision

Lightpath

LLC

LIBOR

12

M

+

3.250%

8.443

11/30/27

292

1,405,398

i

Charter

Communications

Operating

LLC

SOFR

4

M

+

1.750%

6.795

02/01/27

1,399

695,695

i

CNT

Holdings

I

Corp

SOFR

4

M

+

3.500%

8.459

11/08/27

694

511,145

i

CSC

Holdings

LLC

LIBOR

12

M

+

2.500%

7.693

04/15/27

448

967,725

i,q

Diamond

Sports

Group

LLC

SOFR

12

M

+

5.250%

10.496

08/24/26

35

860,570

i

DIRECTV

Financing

LLC

SOFR

12

M

+

5.000%

10.217

08/02/27

843

576,165

i

Mozart

Borrower

LP

SOFR

12

M

+

3.250%

8.352

10/23/28

570

488,744

i

Rackspace

Technology

Global,

Inc

SOFR

12

M

+

2.750%

7.996

02/15/28

227

8,900

i

Radiate

Holdco

LLC

SOFR

12

M

+

3.250%

8.477

09/25/26

7

1,270,297

i

TK

Elevator

US

Newco,

Inc

LIBOR

2

M

+

3.500%

8.602

07/30/27

1,262

1,642,000

i

Virgin

Media

Bristol

LLC

LIBOR

12

M

+

2.500%

7.693

01/31/28

1,630

TOTAL

MEDIA

&

ENTERTAINMENT

7,407

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

362,666

i

Avantor,

Inc

SOFR

12

M

+

2.250%

7.452

11/08/27

363

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

363

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

412,556

i

Cushman

&

Wakefield

plc

SOFR

12

M

+

2.750%

7.967

08/21/25

410

520,380

i

Cushman

&

Wakefield

US

Borrower

LLC

SOFR

1

M

+

3.250%

8.332

01/31/30

505

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

915

SOFTWARE

&

SERVICES

-

0.1%

265,223

i

Camelot

Finance

S.A.

SOFR

12

M

+

3.000%

8.217

10/30/26

265

601,798

i

Camelot

US

Acquisition

SOFR

12

M

+

3.000%

8.217

10/30/26

602

1,708,476

i

NortonLifeLock,

Inc

SOFR

12

M

+

2.000%

7.202

09/12/29

1,702

706,293

i

Rocket

Software,

Inc

SOFR

12

M

+

4.250%

9.467

11/28/25

700

1,156,991

i

UKG,

Inc

SOFR

4

M

+

3.250%

8.271

05/04/26

1,137

TOTAL

SOFTWARE

&

SERVICES

4,406

TELECOMMUNICATION

SERVICES

-

0.0%

455,553

i

Zayo

Group

Holdings,

Inc

SOFR

12

M

+

3.000%

8.217

03/09/27

359

TOTAL

TELECOMMUNICATION

SERVICES

359

TRANSPORTATION

-

0.0%

401,963

i

Air

Canada

LIBOR

4

M

+

3.500%

8.839

08/11/28

402

534,600

i

SkyMiles

IP

Ltd

SOFR

4

M

+

3.750%

8.798

10/20/27

556

TOTAL

TRANSPORTATION

958

UTILITIES

-

0.0%

703,455

i

Gopher

Resource

LLC

LIBOR

4

M

+

3.250%

8.981

03/06/25

582

259

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

168,593

i

Samsonite

IP

Holdings

Sarl

SOFR

1

M

+

2.750%

7.826

%

06/21/30

$

169

TOTAL

UTILITIES

751

TOTAL

BANK

LOAN

OBLIGATIONS

45,780

(Cost

$47,473)

CORPORATE

BONDS

-

33.7%

AUTOMOBILES

&

COMPONENTS

-

1.0%

EUR

300,000

Aptiv

plc

1.500

03/10/25

312

EUR

500,000

g

Dana

Financing

Luxembourg

Sarl

3.000

07/15/29

442

225,000

Dana,

Inc

5.375

11/15/27

213

350,000

e

Dana,

Inc

5.625

06/15/28

329

8,080,000

Ford

Motor

Credit

Co

LLC

6

.950

03/06/26

8,123

4,525,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

4,621

8,250,000

General

Motors

Co

6.125

10/01/25

8,306

3,800,000

General

Motors

Co

5.400

10/15/29

3,705

5,500,000

General

Motors

Co

5.200

04/01/45

4,692

GBP

200,000

General

Motors

Financial

Co,

Inc

2.250

09/06/24

241

20,000,000

General

Motors

Financial

Co,

Inc

2.750

06/20/25

18,841

2,750,000

General

Motors

Financial

Co,

Inc

6.050

10/10/25

2,755

19,850,000

General

Motors

Financial

Co,

Inc

5.000

04/09/27

19,316

EUR

500,000

General

Motors

Financial

Co,

Inc

0.600

05/20/27

470

6,250,000

General

Motors

Financial

Co,

Inc

5.850

04/06/30

6,195

12,000,000

General

Motors

Financial

Co,

Inc

2.700

06/10/31

9,571

5,450,000

General

Motors

Financial

Co,

Inc

5.700

N/A‡

4,784

EUR

205,000

g

Goodyear

Europe

BV

2.750

08/15/28

188

3,575,000

g

Hyundai

Capital

Services,

Inc

2.125

04/24/25

3,348

EUR

400,000

g,o

IHO

Verwaltungs

GmbH

3.750

09/15/26

406

4,450,000

Magna

International,

Inc

3.625

06/15/24

4,361

EUR

300,000

Volkswagen

Bank

GmbH

2.500

07/31/26

310

150,000

g

ZF

North

America

Capital,

Inc

6.875

04/14/28

152

TOTAL

AUTOMOBILES

&

COMPONENTS

101,681

BANKS

-

7.0%

2,000,000

g

Akbank

T.A.S.

6.800

06/22/31

1,815

1,775,000

g

Banco

de

Credito

del

Peru

3.125

07/01/30

1,629

2,500,000

g

Banco

de

Credito

e

Inversiones

S.A.

2.875

10/14/31

2,071

3,000,000

g

Banco

del

Estado

de

Chile

2.704

01/09/25

2,865

7,400,000

Banco

Santander

S.A.

5.294

08/18/27

7,255

EUR

400,000

Banco

Santander

S.A.

0.200

02/11/28

365

2,600,000

Banco

Santander

S.A.

3.800

02/23/28

2,389

400,000

Banco

Santander

S.A.

7.500

N/A‡

381

350,000

Bancolombia

S.A.

3.000

01/29/25

332

2,650,000

Bancolombia

S.A.

4.625

12/18/29

2,256

2,750,000

g

Banistmo

S.A.

4.250

07/31/27

2,545

8,100,000

g

Bank

Hapoalim

BM

3.255

01/21/32

6,931

6,300,000

g

Bank

Leumi

Le-Israel

BM

3.275

01/29/31

5,629

EUR

400,000

Bank

of

America

Corp

1.375

03/26/25

418

EUR

300,000

Bank

of

America

Corp

1.776

05/04/27

303

11,500,000

Bank

of

America

Corp

5.202

04/25/29

11,374

34,450,000

Bank

of

America

Corp

2.496

02/13/31

28,843

55,925,000

Bank

of

America

Corp

2.592

04/29/31

46,951

13,450,000

Bank

of

America

Corp

2.299

07/21/32

10,757

8,200,000

Bank

of

America

Corp

5.015

07/22/33

8,022

39,000,000

Bank

of

America

Corp

5.288

04/25/34

38,638

26,750,000

Bank

of

America

Corp

2.676

06/19/41

18,782

3,000,000

Bank

of

America

Corp

6.100

N/A‡

2,974

5,000,000

Bank

of

America

Corp

6.250

N/A‡

4,937

2,975,000

Bank

of

Montreal

3.803

12/15/32

2,622

CREF

Core

Bond

Account

June

30,

2023

260

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

GBP

300,000

Banque

Federative

du

Credit

Mutuel

S.A.

4.875

%

09/25/25

$

365

$

9,475,000

Barclays

plc

3.932

05/07/25

9,260

6,075,000

Barclays

plc

3.330

11/24/42

4,265

5,600,000

g

BNP

Paribas

S.A.

1.904

09/30/28

4,770

5,000,000

g

BNP

Paribas

S.A.

2.159

09/15/29

4,164

2,775,000

g

BNP

Paribas

S.A.

2.588

08/12/35

2,127

449,000

g

BPCE

S.A.

4.625

07/11/24

439

EUR

300,000

BPCE

S.A.

0.500

09/15/27

287

36,375,000

Citigroup,

Inc

3.200

10/21/26

34,049

13,835,000

Citigroup,

Inc

4.450

09/29/27

13,210

7,125,000

Citigroup,

Inc

2.572

06/03/31

5,945

15,100,000

Citigroup,

Inc

4.910

05/24/33

14,612

39,225,000

Citigroup,

Inc

6.270

11/17/33

41,634

1,725,000

Citigroup,

Inc

6.174

05/25/34

1,740

4,000,000

Citigroup,

Inc

6.300

N/A‡

3,890

5,000,000

Citigroup,

Inc

5.000

N/A‡

4,667

8,425,000

Cooperatieve

Rabobank

UA

3.750

07/21/26

7,866

6,100,000

g

Credit

Agricole

S.A.

4.125

01/10/27

5,793

GBP

600,000

Danske

Bank

A.S.

2.250

01/14/28

637

2,450,000

g

DBS

Group

Holdings

Ltd

4.520

12/11/28

2,432

2,975,000

g

Development

Bank

of

Kazakhstan

JSC

2.950

05/06/31

2,350

7,525,000

Discover

Bank

2.450

09/12/24

7,126

7,305,000

Discover

Bank

3.450

07/27/26

6,724

3,750,000

Discover

Bank

2.700

02/06/30

3,025

3,325,000

g

Grupo

Aval

Ltd

4.375

02/04/30

2,609

2,880,000

g

Hana

Bank

3.500

N/A‡

2,569

9,925,000

HSBC

Holdings

plc

4.292

09/12/26

9,545

6,200,000

HSBC

Holdings

plc

2.013

09/22/28

5,313

12,400,000

HSBC

Holdings

plc

7.390

11/03/28

13,087

11,925,000

HSBC

Holdings

plc

2.206

08/17/29

9,976

3,750,000

HSBC

Holdings

plc

3.973

05/22/30

3,367

7,000,000

Huntington

Bancshares,

Inc

5.625

N/A‡

6,255

EUR

500,000

ING

Groep

NV

1.250

02/16/27

499

2,125,000

g

Intercorp

Financial

Services,

Inc

4.125

10/19/27

1,909

200,000

g

Intesa

Sanpaolo

S.p.A

4.198

06/01/32

149

31,125,000

JPMorgan

Chase

&

Co

2.301

10/15/25

29,659

14,600,000

JPMorgan

Chase

&

Co

3.200

06/15/26

13,912

8,325,000

JPMorgan

Chase

&

Co

4.323

04/26/28

8,036

EUR

600,000

JPMorgan

Chase

&

Co

1.638

05/18/28

592

10,500,000

JPMorgan

Chase

&

Co

3.702

05/06/30

9,623

12,675,000

JPMorgan

Chase

&

Co

1.953

02/04/32

10,099

19,775,000

JPMorgan

Chase

&

Co

4.912

07/25/33

19,324

14,000,000

JPMorgan

Chase

&

Co

5.350

06/01/34

14,112

2,625,000

JPMorgan

Chase

&

Co

2.525

11/19/41

1,806

20,750,000

JPMorgan

Chase

&

Co

3.157

04/22/42

15,664

6,250,000

JPMorgan

Chase

&

Co

3.650

N/A‡

5,501

5,500,000

JPMorgan

Chase

&

Co

5.000

N/A‡

5,373

11,100,000

JPMorgan

Chase

&

Co

6.100

N/A‡

11,074

GBP

500,000

Lloyds

Banking

Group

plc

1.985

12/15/31

525

5,950,000

M&T

Bank

Corp

3.500

N/A‡

3,969

3,675,000

g

Mizrahi

Tefahot

Bank

Ltd

3.077

04/07/31

3,204

5,700,000

NatWest

Group

plc

5.516

09/30/28

5,587

9,225,000

g

NBK

SPC

Ltd

1.625

09/15/27

8,212

2,100,000

g

Oversea-Chinese

Banking

Corp

Ltd

1.832

09/10/30

1,913

6,000,000

PNC

Financial

Services

Group,

Inc

3.900

04/29/24

5,890

7,465,000

PNC

Financial

Services

Group,

Inc

3.400

N/A‡

5,505

CNY

8,000,000

QNB

Finance

Ltd

3.150

02/04/26

1,083

4,125,000

g

Societe

Generale

S.A.

4.027

01/21/43

2,752

7,800,000

Sumitomo

Mitsui

Financial

Group,

Inc

1.474

07/08/25

7,163

11,700,000

Toronto-Dominion

Bank

4.285

09/13/24

11,491

2,350,000

Toronto-Dominion

Bank

3.625

09/15/31

2,168

2,400,000

Truist

Financial

Corp

4.000

05/01/25

2,317

261

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

Truist

Financial

Corp

4.950

%

N/A‡

$

4,625

9,000,000

Truist

Financial

Corp

4.800

N/A‡

7,672

3,050,000

g

Turkiye

Vakiflar

Bankasi

TAO

5.500

10/01/26

2,685

3,000,000

g

United

Overseas

Bank

Ltd

1.250

04/14/26

2,695

2,350,000

g

United

Overseas

Bank

Ltd

3.750

04/15/29

2,302

3,500,000

g

United

Overseas

Bank

Ltd

2.000

10/14/31

3,073

4,500,000

US

Bancorp

4.839

02/01/34

4,203

3,700,000

Wells

Fargo

&

Co

3.750

01/24/24

3,657

5,300,000

Wells

Fargo

&

Co

3.550

09/29/25

5,080

14,075,000

Wells

Fargo

&

Co

3.526

03/24/28

13,137

16,375,000

Wells

Fargo

&

Co

2.393

06/02/28

14,592

6,000,000

Wells

Fargo

&

Co

5.900

N/A‡

5,917

10,000,000

Wells

Fargo

&

Co

3.900

N/A‡

8,804

8,500,000

Wells

Fargo

&

Co

5.875

N/A‡

8,329

4,521,000

Westpac

Banking

Corp

2.668

11/15/35

3,469

TOTAL

BANKS

744,533

CAPITAL

GOODS

-

0.9%

3,250,000

Air

Lease

Corp

3.125

12/01/30

2,707

25,400,000

Boeing

Co

2.196

02/04/26

23,312

5,350,000

Boeing

Co

3.250

02/01/28

4,912

7,600,000

Boeing

Co

2.950

02/01/30

6,606

3,352,000

Boeing

Co

3.250

02/01/35

2,718

3,350,000

Boeing

Co

5.705

05/01/40

3,342

8,425,000

Boeing

Co

5.805

05/01/50

8,394

3,075,000

g

H&E

Equipment

Services,

Inc

3.875

12/15/28

2,662

EUR

500,000

Honeywell

International,

Inc

0.000

03/10/24

531

5,425,000

Ingersoll-Rand

Luxembourg

Finance

S.A.

3.800

03/21/29

5,111

7,275,000

Northrop

Grumman

Corp

3.250

01/15/28

6,785

15,300,000

Raytheon

Technologies

Corp

4.125

11/16/28

14,736

EUR

500,000

Raytheon

Technologies

Corp

2.150

05/18/30

484

5,575,000

Raytheon

Technologies

Corp

2.250

07/01/30

4,702

4,850,000

Raytheon

Technologies

Corp

5.150

02/27/33

4,916

5,390,000

Raytheon

Technologies

Corp

4.500

06/01/42

4,961

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0.800

10/18/30

715

4,000,000

g

TSMC

Global

Ltd

1.000

09/28/27

3,391

300,000

g

WESCO

Distribution,

Inc

7.250

06/15/28

306

TOTAL

CAPITAL

GOODS

101,291

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

EUR

1,000,000

g

Albion

Financing

1

SARL

5.250

10/15/26

1,026

EUR

250,000

g

Allied

Universal

Holdco

LLC

3.625

06/01/28

218

325,000

g

ASGN,

Inc

4.625

05/15/28

294

925,000

g

Booz

Allen

Hamilton,

Inc

3.875

09/01/28

837

250,000

g

GFL

Environmental,

Inc

4.250

06/01/25

241

1,000,000

g

GFL

Environmental,

Inc

3.750

08/01/25

951

3,845,000

g

Iron

Mountain,

Inc

7.000

02/15/29

3,851

1,880,000

g

Prime

Security

Services

Borrower

LLC

5.250

04/15/24

1,865

2,000,000

g

Prime

Security

Services

Borrower

LLC

5.750

04/15/26

1,963

1,325,000

g

Prime

Security

Services

Borrower

LLC

3.375

08/31/27

1,169

725,000

g

Prime

Security

Services

Borrower

LLC

6.250

01/15/28

679

3,771,000

Republic

Services,

Inc

2.900

07/01/26

3,534

2,525,000

Waste

Management,

Inc

2.500

11/15/50

1,613

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,241

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.4%

5,575,000

AutoZone,

Inc

1.650

01/15/31

4,350

550,000

g

Group

1

Automotive,

Inc

4.000

08/15/28

484

200,000

g

Kia

Corp

2.750

02/14/27

183

925,000

g

L

Brands,

Inc

6.625

10/01/30

893

875,000

g

Lithia

Motors,

Inc

4.625

12/15/27

817

5,100,000

O'Reilly

Automotive,

Inc

3.550

03/15/26

4,884

CREF

Core

Bond

Account

June

30,

2023

262

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,875,000

O'Reilly

Automotive,

Inc

3.600

%

09/01/27

$

6,506

4,075,000

O'Reilly

Automotive,

Inc

4.200

04/01/30

3,847

12,400,000

O'Reilly

Automotive,

Inc

1.750

03/15/31

9,758

5,050,000

g

Prosus

NV

4.987

01/19/52

3,642

3,000,000

g

Staples,

Inc

7.500

04/15/26

2,478

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

37,842

CONSUMER

DURABLES

&

APPAREL

-

0.0%

149,000

Newell

Brands,

Inc

4.875

06/01/25

144

TOTAL

CONSUMER

DURABLES

&

APPAREL

144

CONSUMER

SERVICES

-

0.5%

9,820,000

Amherst

College

4.100

11/01/45

8,352

3,800,000

g

ENA

Master

Trust

4.000

05/19/48

2,842

125,000

g

Hilton

Domestic

Operating

Co,

Inc

5.750

05/01/28

123

1,151,000

g

International

Game

Technology

plc

6.500

02/15/25

1,151

6,400,000

e

McDonald's

Corp

4.600

09/09/32

6,339

8,000,000

President

and

Fellows

of

Harvard

College

3.529

10/01/31

7,565

14,250,000

President

and

Fellows

of

Harvard

College

3.619

10/01/37

12,447

1,000,000

Sands

China

Ltd

2.800

03/08/27

868

2,100,000

Sands

China

Ltd

5.900

08/08/28

2,002

15,000,000

Smith

College

4.620

07/01/45

13,759

TOTAL

CONSUMER

SERVICES

55,448

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.3%

4,000,000

Costco

Wholesale

Corp

1.600

04/20/30

3,330

5,450,000

SYSCO

Corp

3.150

12/14/51

3,776

6,625,000

e

Target

Corp

4.400

01/15/33

6,441

GBP

500,000

Tesco

Corporate

Treasury

Services

plc

2.750

04/27/30

511

8,500,000

Walmart,

Inc

1.800

09/22/31

7,057

4,000,000

Walmart,

Inc

2.500

09/22/41

2,977

7,400,000

Walmart,

Inc

4.500

04/15/53

7,217

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

31,309

ENERGY

-

2.6%

EUR

500,000

BP

Capital

Markets

plc

1.231

05/08/31

444

5,000,000

Cenovus

Energy,

Inc

5.400

06/15/47

4,526

6,850,000

Cheniere

Energy

Partners

LP

3.250

01/31/32

5,635

900,000

Chevron

USA,

Inc

3.900

11/15/24

885

4,550,000

Diamondback

Energy,

Inc

3.125

03/24/31

3,897

4,250,000

Diamondback

Energy,

Inc

4.250

03/15/52

3,260

700,000

Ecopetrol

S.A.

5.375

06/26/26

670

2,000,000

Ecopetrol

S.A.

6.875

04/29/30

1,825

2,125,000

Ecopetrol

S.A.

4.625

11/02/31

1,640

3,000,000

g

Empresa

Nacional

del

Petroleo

5.250

11/06/29

2,895

12,968,000

Enbridge,

Inc

3.125

11/15/29

11,450

3,925,000

Enbridge,

Inc

5.700

03/08/33

3,979

2,950,000

Enbridge,

Inc

3.400

08/01/51

2,057

2,624,000

g

Energean

Israel

Finance

Ltd

4.500

03/30/24

2,592

2,900,000

Energy

Transfer

LP

5.750

02/15/33

2,919

2,500,000

Energy

Transfer

Operating

LP

4.200

09/15/23

2,491

4,575,000

Energy

Transfer

Operating

LP

2

.900

05/15/25

4,335

4,725,000

Energy

Transfer

Operating

LP

4.750

01/15/26

4,619

2,950,000

Energy

Transfer

Operating

LP

5.500

06/01/27

2,934

6,350,000

Energy

Transfer

Operating

LP

4.950

06/15/28

6,159

4,225,000

Energy

Transfer

Operating

LP

5.250

04/15/29

4,125

8,700,000

Energy

Transfer

Operating

LP

6.250

04/15/49

8,497

9,125,000

Energy

Transfer

Operating

LP

5.000

05/15/50

7,707

5,125,000

Enterprise

Products

Operating

LLC

3.700

02/15/26

4,941

5,425,000

Enterprise

Products

Operating

LLC

3.125

07/31/29

4,861

2,650,000

Enterprise

Products

Operating

LLC

4.250

02/15/48

2,245

6,200,000

Enterprise

Products

Operating

LLC

4.200

01/31/50

5,182

263

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,600,000

Enterprise

Products

Operating

LLC

3.700

%

01/31/51

$

8,109

4,500,000

Enterprise

Products

Operating

LLC

3.200

02/15/52

3,161

6,500,000

Enterprise

Products

Operating

LLC

3.300

02/15/53

4,638

450,000

g

EQM

Midstream

Partners

LP

6

.000

07/01/25

445

2,661,300

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2.160

03/31/34

2,259

3,300,000

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2.625

03/31/36

2,663

3,200,000

g

KazTransGas

JSC

4.375

09/26/27

2,975

2,900,000

Kinder

Morgan

Energy

Partners

LP

5.400

09/01/44

2,571

5,325,000

Magellan

Midstream

Partners

LP

3.250

06/01/30

4,688

9,075,000

Marathon

Petroleum

Corp

3.800

04/01/28

8,447

5,060,000

Marathon

Petroleum

Corp

4.750

09/15/44

4,232

5,500,000

Marathon

Petroleum

Corp

5.000

09/15/54

4,535

725,000

g

MEG

Energy

Corp

5.875

02/01/29

682

8,950,000

MPLX

LP

1.750

03/01/26

8,124

20,000,000

MPLX

LP

2.650

08/15/30

16,733

5,825,000

MPLX

LP

4.700

04/15/48

4,781

275,000

Murphy

Oil

Corp

5.875

12/01/27

267

1,000,000

q

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

7.375

07/19/24

565

2,200,000

Occidental

Petroleum

Corp

5.550

03/15/26

2,172

1,350,000

g

Oleoducto

Central

S.A.

4.000

07/14/27

1,183

5,400,000

ONEOK,

Inc

4.350

03/15/29

5,021

5,000,000

ONEOK,

Inc

4.500

03/15/50

3,817

315,000

g

Parkland

Corp

4.625

05/01/30

273

500,000

g

Parkland

Fuel

Corp

5.875

07/15/27

482

1,425,000

g

Pertamina

Persero

PT

3.650

07/30/29

1,315

1,200,000

e

Petrobras

Global

Finance

BV

5.999

01/27/28

1,198

560,000

e

Petrobras

Global

Finance

BV

7.250

03/17/44

553

5,300,000

Petroleos

Mexicanos

5.950

01/28/31

3,872

3,000,000

Petroleos

Mexicanos

6.700

02/16/32

2,281

13,575,000

Phillips

66

2.150

12/15/30

11,077

3,225,000

Phillips

66

3.300

03/15/52

2,211

2,375,000

Phillips

66

Co

4.680

02/15/45

2,025

475,000

Plains

All

American

Pipeline

LP

3.800

09/15/30

421

2,138,020

g

Rio

Oil

Finance

Trust

8.200

04/06/28

2,146

6,200,000

Sabine

Pass

Liquefaction

LLC

5.875

06/30/26

6,251

4,800,000

Sabine

Pass

Liquefaction

LLC

4.500

05/15/30

4,563

1,700,000

g

Santos

Finance

Ltd

3.649

04/29/31

1,411

2,000,000

g

Saudi

Arabian

Oil

Co

2.250

11/24/30

1,664

3,000,000

g

Saudi

Arabian

Oil

Co

3.250

11/24/50

2,082

5,325,000

Shell

International

Finance

BV

3.125

11/07/49

3,871

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4.000

10/01/27

6,087

775,000

Sunoco

Logistics

Partners

Operations

LP

5.400

10/01/47

683

3,350,000

Targa

Resources

Corp

4.200

02/01/33

2,965

425,000

Targa

Resources

Partners

LP

6.500

07/15/27

422

4,300,000

g

Thaioil

Treasury

Center

Co

Ltd

2.500

06/18/30

3,503

11,000,000

Total

Capital

International

S.A.

3.127

05/29/50

7,988

4,675,000

Williams

Cos,

Inc

2.600

03/15/31

3,874

9,250,000

Williams

Cos,

Inc

5.650

03/15/33

9,373

TOTAL

ENERGY

281,429

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.4%

5,100,000

Agree

LP

2.000

06/15/28

4,244

1,675,000

Alexandria

Real

Estate

Equities,

Inc

3.950

01/15/28

1,561

5,500,000

Alexandria

Real

Estate

Equities,

Inc

4.900

12/15/30

5,323

2,418,000

American

Tower

Corp

3.375

10/15/26

2,256

EUR

450,000

American

Tower

Corp

0.450

01/15/27

426

1,600,000

American

Tower

Corp

3.600

01/15/28

1,473

4,350,000

American

Tower

Corp

3.800

08/15/29

3,968

13,700,000

American

Tower

Corp

2.900

01/15/30

11,816

2,750,000

American

Tower

Corp

2.100

06/15/30

2,221

3,825,000

American

Tower

Corp

1.875

10/15/30

3,018

4,125,000

Brandywine

Operating

Partnership

LP

4.100

10/01/24

3,958

CREF

Core

Bond

Account

June

30,

2023

264

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,825,000

Brixmor

Operating

Partnership

LP

3.850

%

02/01/25

$

5,571

1,075,000

Brixmor

Operating

Partnership

LP

2.250

04/01/28

903

14,275,000

Crown

Castle

International

Corp

2.250

01/15/31

11,635

1,800,000

Crown

Castle

International

Corp

2.100

04/01/31

1,440

3,200,000

CubeSmart

LP

2.250

12/15/28

2,696

GBP

400,000

Digital

Stout

Holding

LLC

3.750

10/17/30

414

2,275,000

Equinix,

Inc

2.150

07/15/30

1,839

6,700,000

Essex

Portfolio

LP

3.000

01/15/30

5,727

6,600,000

Healthcare

Realty

Holdings

LP

3.875

05/01/25

6,261

3,000,000

Healthcare

Realty

Holdings

LP

3.625

01/15/28

2,654

1,750,000

Healthcare

Realty

Holdings

LP

2.400

03/15/30

1,385

1,050,000

Healthcare

Realty

Holdings

LP

2.050

03/15/31

787

6,250,000

Healthcare

Trust

of

America

Holdings

LP

3

.500

08/01/26

5,750

8,975,000

Healthcare

Trust

of

America

Holdings

LP

3.100

02/15/30

7,688

7,950,000

Highwoods

Realty

LP

3.875

03/01/27

7,141

2,900,000

Highwoods

Realty

LP

4.125

03/15/28

2,536

2,875,000

Highwoods

Realty

LP

4.200

04/15/29

2,420

4,000,000

Highwoods

Realty

LP

3.050

02/15/30

3,105

3,875,000

Life

Storage

LP

2.400

10/15/31

3,070

5,224,000

Mid-America

Apartments

LP

4.300

10/15/23

5,195

4,475,000

Mid-America

Apartments

LP

3.750

06/15/24

4,387

4,300,000

Mid-America

Apartments

LP

4.000

11/15/25

4,160

11,100,000

Mid-America

Apartments

LP

2.750

03/15/30

9,616

3,025,000

Mid-America

Apartments

LP

1.700

02/15/31

2,388

2,575,000

Mid-America

Apartments

LP

2.875

09/15/51

1,656

600,000

National

Retail

Properties,

Inc

4.000

11/15/25

570

3,000,000

National

Retail

Properties,

Inc

3.600

12/15/26

2,789

1,600,000

ProLogis

LP

3.250

06/30/26

1,515

1,275,000

ProLogis

LP

2.875

11/15/29

1,116

3,125,000

ProLogis

LP

1.750

07/01/30

2,511

6,350,000

Regency

Centers

LP

3.900

11/01/25

5,986

1,025,000

Regency

Centers

LP

3.600

02/01/27

963

5,500,000

Regency

Centers

LP

2.950

09/15/29

4,714

5,300,000

Retail

Properties

of

America,

Inc

4.750

09/15/30

4,764

9,150,000

g

SBA

Tower

Trust

2.836

01/15/25

8,688

11,046,000

g

SBA

Tower

Trust

1.884

01/15/26

9,922

25,000,000

g

SBA

Tower

Trust

1.631

11/15/26

21,564

42,100,000

g

SBA

Tower

Trust

1.840

04/15/27

36,211

2,968,000

SITE

Centers

Corp

3.625

02/01/25

2,793

3,850,000

SITE

Centers

Corp

4.700

06/01/27

3,521

3,025,000

Weingarten

Realty

Investors

4.450

01/15/24

3,002

1,175,000

Weyerhaeuser

Co

4.000

03/09/52

938

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

252,255

FINANCIAL

SERVICES

-

2.3%

8,975,000

AerCap

Ireland

Capital

DAC

1.750

01/30/26

8,056

18,194,000

AerCap

Ireland

Capital

DAC

3.000

10/29/28

15,731

2,650,000

AerCap

Ireland

Capital

DAC

3.300

01/30/32

2,168

2,250,000

AerCap

Ireland

Capital

DAC

3.850

10/29/41

1,709

4,000,000

American

Express

Co

3.700

08/03/23

4,000

1,375,000

American

Express

Co

2.550

03/04/27

1,252

7,500,000

American

Express

Co

3.550

N/A‡

6,225

EUR

425,000

American

Honda

Finance

Corp

1.950

10/18/24

452

3,010,000

g

Bangkok

Bank

PCL

3.466

09/23/36

2,450

10,000,000

Bank

of

New

York

Mellon

Corp

4.700

N/A‡

9,713

300,000

g

BBVA

Bancomer

S.A.

5.350

11/12/29

288

1,500,000

g

BBVA

Bancomer

S.A.

5.125

01/18/33

1,302

1,400,000

g

BBVA

Bancomer

S.A.

8.450

06/29/38

1,401

EUR

500,000

Capital

One

Financial

Corp

0.800

06/12/24

521

6,635,000

e

Capital

One

Financial

Corp

3.950

N/A‡

4,926

EUR

100,000

Celanese

US

Holdings

LLC

0.625

09/10/28

85

7,000,000

Charles

Schwab

Corp

5.375

N/A‡

6,690

265

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,250,000

Community

Preservation

Corp

2.867

%

02/01/30

$

5,238

2,950,000

g

Credit

Suisse

Group

AG.

2.193

06/05/26

2,705

9,100,000

g

Credit

Suisse

Group

AG.

1.305

02/02/27

7,952

6,200,000

g

Credit

Suisse

Group

AG.

6.442

08/11/28

6,223

7,350,000

Deutsche

Bank

AG.

5.371

09/09/27

7,227

5,575,000

Deutsche

Bank

AG.

2.311

11/16/27

4,791

600,000

Deutsche

Bank

AG.

3.742

01/07/33

440

3,543,000

Equitable

Holdings,

Inc

4.950

N/A‡

3,290

EUR

375,000

Fidelity

National

Information

Services,

Inc

1.100

07/15/24

395

12,825,000

Goldman

Sachs

Group,

Inc

3.500

04/01/25

12,320

10,750,000

Goldman

Sachs

Group,

Inc

4.482

08/23/28

10,393

6,000,000

Goldman

Sachs

Group,

Inc

1.992

01/27/32

4,723

12,080,000

Goldman

Sachs

Group,

Inc

2.615

04/22/32

9,907

3,500,000

Goldman

Sachs

Group,

Inc

4.411

04/23/39

3,054

6,825,000

Goldman

Sachs

Group,

Inc

3.436

02/24/43

5,192

3,000,000

Goldman

Sachs

Group,

Inc

3.800

N/A‡

2,401

200,000

g

Indian

Railway

Finance

Corp

Ltd

3.249

02/13/30

175

3,600,000

g

Indian

Railway

Finance

Corp

Ltd

2.800

02/10/31

2,978

1,700,000

g

Indian

Railway

Finance

Corp

Ltd

3.570

01/21/32

1,481

3,000,000

g

Minejesa

Capital

BV

4.625

08/10/30

2,686

10,000,000

Morgan

Stanley

2.188

04/28/26

9,387

31,425,000

Morgan

Stanley

3.125

07/27/26

29,428

EUR

700,000

Morgan

Stanley

1.342

10/23/26

710

6,200,000

Morgan

Stanley

1.512

07/20/27

5,493

EUR

500,000

Morgan

Stanley

2.950

05/07/32

492

14,250,000

Morgan

Stanley

5.250

04/21/34

14,071

4,440,000

Northern

Trust

Corp

4.600

N/A‡

3,913

3,350,000

g

Power

Finance

Corp

Ltd

3.950

04/23/30

2,983

1,000,000

REC

Ltd

4.625

03/22/28

943

550,000

Springleaf

Finance

Corp

5.375

11/15/29

468

8,825,000

UBS

Group

AG.

3.750

03/26/25

8,445

3,065,000

g

UBS

Group

AG.

3.179

02/11/43

2,127

4,225,000

Visa,

Inc

2.700

04/15/40

3,246

TOTAL

FINANCIAL

SERVICES

242,246

FOOD,

BEVERAGE

&

TOBACCO

-

1.4%

2,600,000

g

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3.375

06/29/28

2,094

29,085,000

Anheuser-Busch

Cos

LLC

3.650

02/01/26

28,171

6,975,000

Anheuser-Busch

Cos

LLC

4.700

02/01/36

6,784

12,875,000

Anheuser-Busch

Cos

LLC

4.900

02/01/46

12,306

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4.750

01/23/29

16,777

11,500,000

BAT

Capital

Corp

2.259

03/25/28

9,856

10,225,000

BAT

Capital

Corp

4.906

04/02/30

9,665

4,400,000

BAT

Capital

Corp

2.726

03/25/31

3,504

10,000,000

BAT

International

Finance

plc

4.448

03/16/28

9,439

3,875,000

g

Cia

Cervecerias

Unidas

S.A.

3.350

01/19/32

3,303

3,000,000

g

Coca-Cola

Icecek

AS.

4.500

01/20/29

2,667

1,700,000

Constellation

Brands,

Inc

4.400

11/15/25

1,665

2,675,000

Constellation

Brands,

Inc

3.700

12/06/26

2,545

1,050,000

Constellation

Brands,

Inc

3.150

08/01/29

946

6,900,000

Constellation

Brands,

Inc

2.875

05/01/30

5,986

20,175,000

Constellation

Brands,

Inc

2.250

08/01/31

16,487

4,500,000

Diageo

Capital

plc

1.375

09/29/25

4,139

8,050,000

Diageo

Capital

plc

2.375

10/24/29

6,977

2,850,000

Diageo

Capital

plc

2.000

04/29/30

2,402

2,500,000

g

Grupo

Bimbo

SAB

de

C.V.

4.700

11/10/47

2,252

250,000

g

Sigma

Alimentos

S.A.

de

C.V.

4.125

05/02/26

238

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

148,203

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.6%

1,500,000

Abbott

Laboratories

5.300

05/27/40

1,570

10,775,000

Anthem,

Inc

2.250

05/15/30

9,026

CREF

Core

Bond

Account

June

30,

2023

266

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,925,000

Boston

Scientific

Corp

2.650

%

06/01/30

$

1,677

3,285,000

Centene

Corp

2.450

07/15/28

2,808

2,910,000

Centene

Corp

3.000

10/15/30

2,425

19,230,000

Children's

Hospital

Medic

4

.268

05/15/44

16,937

1,766,000

CVS

Health

Corp

3.750

04/01/30

1,620

30,950,000

CVS

Health

Corp

1.750

08/21/30

24,696

9,750,000

CVS

Health

Corp

4.780

03/25/38

8,998

4,050,000

CVS

Health

Corp

2.700

08/21/40

2,827

18,350,000

CVS

Health

Corp

5.050

03/25/48

16,914

1,950,000

CVS

Health

Corp

4.250

04/01/50

1,615

4,105,000

Dartmouth-Hitchcock

Health

4.178

08/01/48

3,279

4,750,000

Elevance

Health,

Inc

5.125

02/15/53

4,606

4,225,000

HCA,

Inc

5.625

09/01/28

4,228

6,200,000

g

HCA,

Inc

3.625

03/15/32

5,382

4,300,000

HCA,

Inc

5.500

06/15/47

4,050

5,350,000

g

HCA,

Inc

4.625

03/15/52

4,396

3,500,000

g

Hologic,

Inc

3.250

02/15/29

3,062

6,250,000

Humana,

Inc

3.950

03/15/27

5,973

6,125,000

Humana,

Inc

2.150

02/03/32

4,825

GBP

500,000

McKesson

Corp

3.125

02/17/29

539

2,925,000

McKesson

Corp

5.100

07/15/33

2,935

12,500,000

Mercy

Health

3.382

11/01/25

11,765

5,000,000

New

York

and

Presbyterian

Hospital

3.563

08/01/36

4,181

EUR

450,000

Stryker

Corp

2.625

11/30/30

450

375,000

Tenet

Healthcare

Corp

4.625

06/15/28

350

5,775,000

UnitedHealth

Group,

Inc

2.950

10/15/27

5,359

10,700,000

UnitedHealth

Group,

Inc

2.300

05/15/31

9,048

3,250,000

UnitedHealth

Group,

Inc

3.750

10/15/47

2,675

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

168,216

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

1,275,000

Church

&

Dwight

Co,

Inc

2.300

12/15/31

1,051

EUR

750,000

g

Coty,

Inc

3.875

04/15/26

792

EUR

300,000

Procter

&

Gamble

Co

3.250

08/02/31

324

EUR

600,000

The

Procter

&

Gamble

Company

0.625

10/30/24

627

EUR

400,000

The

Procter

&

Gamble

Company

1.875

10/30/38

358

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,152

INSURANCE

-

1.4%

825,000

g

Alliant

Holdings

Intermediate

LLC

4.250

10/15/27

740

4,925,000

Aon

Corp

2.800

05/15/30

4,263

3,900,000

Aon

Corp

5.350

02/28/33

3,928

8,306,000

Aon

plc

3.500

06/14/24

8,125

5,250,000

AXIS

Specialty

Finance

LLC

4.900

01/15/40

4,185

16,000,000

Berkshire

Hathaway

Finance

Corp

2.850

10/15/50

11,134

1,400,000

Berkshire

Hathaway

Finance

Corp

3.850

03/15/52

1,157

EUR

500,000

Chubb

INA

Holdings,

Inc

1.550

03/15/28

487

EUR

450,000

Chubb

INA

Holdings,

Inc

1.400

06/15/31

397

1,500,000

CNA

Financial

Corp

3.950

05/15/24

1,475

1,825,000

g

Equitable

Financial

Life

Global

Funding

1.400

07/07/25

1,660

EUR

250,000

g

Fairfax

Financial

Holdings

Ltd

2.750

03/29/28

245

5,575,000

g

Five

Corners

Funding

Trust

4.419

11/15/23

5,514

7,325,000

g

Five

Corners

Funding

Trust

II

2.850

05/15/30

6,222

3,000,000

g

Hanwha

Life

Insurance

Co

Ltd

3.379

02/04/32

2,685

22,408,000

Hartford

Financial

Services

Group,

Inc

2.800

08/19/29

19,290

1,100,000

Hartford

Financial

Services

Group,

Inc

4.300

04/15/43

896

2,500,000

Hartford

Financial

Services

Group,

Inc

2.900

09/15/51

1,623

EUR

750,000

Liberty

Mutual

Group,

Inc

2.750

05/04/26

782

EUR

400,000

g

Liberty

Mutual

Group,

Inc

4

.625

12/02/30

423

4,100,000

g

Liberty

Mutual

Group,

Inc

3.951

10/15/50

2,999

4,825,000

g

Liberty

Mutual

Group,

Inc

5.500

06/15/52

4,544

440,000

Marsh

&

McLennan

Cos,

Inc

3.500

03/10/25

427

267

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,000,000

MetLife,

Inc

3.600

%

04/10/24

$

6,895

1,250,000

MetLife,

Inc

3.600

11/13/25

1,201

1,750,000

MetLife,

Inc

5.000

07/15/52

1,643

11,820,000

MetLife,

Inc

3.850

N/A‡

10,921

GBP

200,000

Metropolitan

Life

Global

Funding

I

4.125

09/02/25

241

8,200,000

g

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5.875

05/23/42

8,202

11,875,000

PartnerRe

Finance

B

LLC

4.500

10/01/50

9,916

5,250,000

Principal

Financial

Group,

Inc

2.125

06/15/30

4,258

1,450,000

Prudential

Financial,

Inc

3.905

12/07/47

1,157

6,960,000

Prudential

Financial,

Inc

3.700

10/01/50

5,870

3,875,000

Prudential

Financial,

Inc

5.125

03/01/52

3,499

3,000,000

g

Prudential

Funding

LLC

6.750

09/15/23

2,991

3,275,000

Reinsurance

Group

of

America,

Inc

3.900

05/15/29

2,971

5,600,000

g

Swiss

Re

Finance

Luxembourg

SA

5.000

04/02/49

5,348

TOTAL

INSURANCE

148,314

MATERIALS

-

1.1%

7,975,000

Albemarle

Corp

4.650

06/01/27

7,766

1,925,000

g

Alpek

SAB

de

C.V.

4.250

09/18/29

1,720

2,600,000

g

Alpek

SAB

de

C.V.

3.250

02/25/31

2,101

9,400,000

Amcor

Flexibles

North

America,

Inc

2.690

05/25/31

7,700

2,600,000

g

Anglo

American

Capital

plc

3.875

03/16/29

2,363

4,550,000

e,g

Anglo

American

Capital

plc

2.625

09/10/30

3,753

11,325,000

AngloGold

Ashanti

Holdings

plc

3.750

10/01/30

9,721

2,000,000

g

Antofagasta

plc

5.625

05/13/32

1,988

EUR

500,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

2.000

09/01/28

453

EUR

250,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

3.000

09/01/29

203

1,875,000

Ball

Corp

2.875

08/15/30

1,557

852,000

Bemis

Co,

Inc

3.100

09/15/26

782

4,879,000

Bemis

Co,

Inc

2.630

06/19/30

4,058

14,250,000

Berry

Global,

Inc

1.570

01/15/26

12,850

200,000

Celulosa

Arauco

y

Constitucion

S.A.

3.875

11/02/27

184

3,000,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4.250

04/30/29

2,714

1,650,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4.200

01/29/30

1,473

2,500,000

g

Cemex

SAB

de

C.V.

5.450

11/19/29

2,411

1,600,000

g

Cemex

SAB

de

C.V.

5.125

N/A‡

1,424

4,200,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.625

08/01/27

3,963

EUR

500,000

Dow

Chemical

Co

0.500

03/15/27

474

2,800,000

g

Equate

Petrochemical

BV

2.625

04/28/28

2,437

1,800,000

g

Freeport

Indonesia

PT

4.763

04/14/27

1,737

2,400,000

g

Fresnillo

plc

4.250

10/02/50

1,796

1,850,000

g

Gold

Fields

Orogen

Holdings

BVI

Ltd

6.125

05/15/29

1,871

1,519,000

International

Paper

Co

4.350

08/15/48

1,283

3,600,000

g

Inversiones

CMPC

S.A.

3.000

04/06/31

2,976

3,525,000

g

Midwest

Connector

Capital

Co

LLC

4.625

04/01/29

3,221

4,000,000

Newmont

Corp

2.250

10/01/30

3,277

3,400,000

Newmont

Corp

2.600

07/15/32

2,778

6,675,000

Nutrien

Ltd

2.950

05/13/30

5,794

1,920,000

g

OCI

NV

4.625

10/15/25

1,831

875,000

g

OCP

S.A.

3.750

06/23/31

723

EUR

250,000

g

Olympus

Water

US

Holding

Corp

3.875

10/01/28

214

1,175,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1.875

05/11/26

1,053

375,000

g

PolyOne

Corp

5.750

05/15/25

370

250,000

g

SABIC

Capital

II

BV

4.000

10/10/23

248

2,075,000

Sasol

Financing

USA

LLC

4.375

09/18/26

1,831

3,000,000

g

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3.500

09/10/51

2,118

4,300,000

Suzano

Austria

GmbH

3.125

01/15/32

3,442

200,000

g

UltraTech

Cement

Ltd

2.800

02/16/31

164

3,600,000

WRKCo,

Inc

4.900

03/15/29

3,482

4,450,000

e

WRKCo,

Inc

3.000

06/15/33

3,619

TOTAL

MATERIALS

115,923

CREF

Core

Bond

Account

June

30,

2023

268

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

MEDIA

&

ENTERTAINMENT

-

1.9%

$

2,200,000

Activision

Blizzard,

Inc

3.400

%

09/15/26

$

2,093

1,950,000

g

Adani

Electricity

Mumbai

Ltd

3.867

07/22/31

1,373

3,980,280

g

Alfa

Desarrollo

S.p.A

4.550

09/27/51

2,921

1,550,000

Baidu,

Inc

1.625

02/23/27

1,362

3,000,000

g

Banco

Nacional

de

Panama

2.500

08/11/30

2,354

EUR

400,000

g

Blackstone

Private

Credit

Fund

1.750

11/30/26

368

3,000,000

g

BOC

Aviation

USA

Corp

1.625

04/29/24

2,895

EUR

750,000

g

BOI

Finance

BV

7.500

02/16/27

698

1,775,000

g

Cable

Onda

S.A.

4.500

01/30/30

1,509

5,000,000

g

CCO

Holdings

LLC

4.250

02/01/31

4,045

10,200,000

Charter

Communications

Operating

LLC

4.400

04/01/33

8,953

14,100,000

Charter

Communications

Operating

LLC

3.500

03/01/42

9,431

6,150,000

Charter

Communications

Operating

LLC

5.125

07/01/49

4,838

20,345,000

Charter

Communications

Operating

LLC

4.800

03/01/50

15,350

3,000,000

Charter

Communications

Operating

LLC

3.700

04/01/51

1,896

EUR

450,000

Comcast

Corp

0.250

05/20/27

428

18,750,000

Comcast

Corp

4.150

10/15/28

18,166

27,075,000

e

Comcast

Corp

1.500

02/15/31

21,537

4,100,000

Comcast

Corp

4.400

08/15/35

3,854

17,000,000

Comcast

Corp

3.200

07/15/36

13,946

1,925,000

Comcast

Corp

3.900

03/01/38

1,673

28,050,000

Comcast

Corp

2.887

11/01/51

18,806

5,000,000

g

CSC

Holdings

LLC

3.375

02/15/31

3,384

GBP

300,000

Discovery

Communications

LLC

2.500

09/20/24

362

3,000,000

g

EIG

Pearl

Holdings

Sarl

3.545

08/31/36

2,554

EUR

500,000

g

Emerald

Debt

Merger

Sub

LLC

6.375

12/15/30

544

200,000

g

ENN

Clean

Energy

International

Investment

Ltd

3.375

05/12/26

185

4,000,000

g

Genm

Capital

Labuan

Ltd

3.882

04/19/31

3,234

5,975,000

GSK

Consumer

Healthcare

Capital

US

LLC

3.375

03/24/27

5,591

3,500,000

GSK

Consumer

Healthcare

Capital

US

LLC

3.625

03/24/32

3,138

650,000

Lamar

Media

Corp

3.750

02/15/28

592

1,000,000

Lamar

Media

Corp

4.000

02/15/30

875

3,097,000

g

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4

.875

01/15/28

2,783

2,675,000

g

Sirius

XM

Radio,

Inc

4.125

07/01/30

2,184

GBP

200,000

Time

Warner

Cable

LLC

5.750

06/02/31

232

4,400,000

Time

Warner

Cable

LLC

5.875

11/15/40

3,881

3,450,000

Time

Warner

Cable

LLC

4.500

09/15/42

2,581

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

2,358

9,800,000

Warnermedia

Holdings,

Inc

3.755

03/15/27

9,141

18,225,000

Warnermedia

Holdings,

Inc

5.050

03/15/42

15,361

2,375,000

Warnermedia

Holdings,

Inc

5.141

03/15/52

1,934

2,700,000

Weibo

Corp

3.375

07/08/30

2,150

EUR

500,000

Whirlpool

EMEA

Finance

Sarl

0.500

02/20/28

467

TOTAL

MEDIA

&

ENTERTAINMENT

202,614

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.2%

EUR

550,000

AbbVie,

Inc

1.250

06/01/24

584

17,150,000

AbbVie,

Inc

4.050

11/21/39

14,932

16,075,000

Amgen,

Inc

5.250

03/02/33

16,096

12,925,000

Amgen,

Inc

5.650

03/02/53

13,089

7,350,000

AstraZeneca

Finance

LLC

1.200

05/28/26

6,632

3,795,000

AstraZeneca

Finance

LLC

2.250

05/28/31

3,202

13,060,000

AstraZeneca

plc

1.375

08/06/30

10,508

EUR

500,000

g

Avantor

Funding,

Inc

3

.875

07/15/28

499

1,500,000

g

Avantor

Funding,

Inc

4.625

07/15/28

1,390

5,275,000

Bristol-Myers

Squibb

Co

2.350

11/13/40

3,707

2,000,000

Bristol-Myers

Squibb

Co

3.550

03/15/42

1,658

3,125,000

Danaher

Corp

2.800

12/10/51

2,156

4,025,000

Merck

&

Co,

Inc

2.750

12/10/51

2,776

EUR

600,000

g

Organon

Finance   LLC

2.875

04/30/28

568

269

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

250,000

g

Organon

Finance   LLC

5.125

%

04/30/31

$

206

4,150,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.750

05/19/33

4,134

15,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

15,595

15,825,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.340

05/19/63

16,014

20,175,000

Takeda

Pharmaceutical

Co

Ltd

2.050

03/31/30

16,766

EUR

400,000

Takeda

Pharmaceutical

Co

Ltd

1.375

07/09/32

351

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2.000

07/09/40

404

1,045,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.750

05/09/27

967

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

132,234

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

EUR

200,000

Vonovia

SE

0.625

12/14/29

164

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

164

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.6%

5,094,000

g

Broadcom,

Inc

3.187

11/15/36

3,850

25,131,000

g

Broadcom,

Inc

4.926

05/15/37

22,744

1,675,000

Intel

Corp

3.734

12/08/47

1,302

8,375,000

NVIDIA

Corp

2.000

06/15/31

7,014

1,100,000

g

NXP

BV

2.700

05/01/25

1,043

5,450,000

NXP

BV

3.875

06/18/26

5,235

3,475,000

NXP

BV

4.400

06/01/27

3,359

4,100,000

NXP

BV

3.125

02/15/42

2,868

4,800,000

e,g

SK

Hynix,

Inc

1.500

01/19/26

4,253

2,200,000

Texas

Instruments,

Inc

4.150

05/15/48

1,998

4,000,000

Texas

Instruments,

Inc

5.000

03/14/53

4,052

1,575,000

TSMC

Arizona

Corp

1.750

10/25/26

1,413

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

59,131

SOFTWARE

&

SERVICES

-

0.6%

7,350,000

Adobe,

Inc

2.300

02/01/30

6,448

200,000

g

CA

Magnum

Holdings

5.375

10/31/26

179

900,000

g

Gartner,

Inc

3.750

10/01/30

784

EUR

400,000

International

Business

Machines

Corp

0.650

02/11/32

336

EUR

250,000

g

IQVIA,

Inc

1.750

03/15/26

252

1,413,000

g

j2

Global,

Inc

4.625

10/15/30

1,224

26,300,000

Microsoft

Corp

2.400

08/08/26

24,682

4,120,000

Microsoft

Corp

2.525

06/01/50

2,850

550,000

g

Open

Text

Holdings,

Inc

4.125

02/15/30

466

8,025,000

Oracle

Corp

4.900

02/06/33

7,790

6,650,000

Oracle

Corp

5.550

02/06/53

6,439

3,000,000

Roper

Technologies,

Inc

1.400

09/15/27

2,586

10,050,000

Roper

Technologies,

Inc

2.000

06/30/30

8,214

9,650,000

salesforce.com,

Inc

2.700

07/15/41

7,090

TOTAL

SOFTWARE

&

SERVICES

69,340

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2.800

02/15/30

3,787

4,825,000

Apple,

Inc

2.450

08/04/26

4,517

26,100,000

Apple,

Inc

2.050

09/11/26

24,051

3,225,000

Apple,

Inc

4.650

02/23/46

3,181

4,675,000

Apple,

Inc

2.650

02/08/51

3,229

1,275,000

Corning,

Inc

4.375

11/15/57

1,033

5,375,000

Dell

International

LLC

5.300

10/01/29

5,336

2,175,000

Tyco

Electronics

Group

S.A.

3.700

02/15/26

2,098

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

47,232

TELECOMMUNICATION

SERVICES

-

2.2%

2,300,000

g

America

Movil

SAB

de

C.V.

5.375

04/04/32

2,083

200,000

America

Movil

SAB

de

C.V.

4.700

07/21/32

193

EUR

500,000

AT&T,

Inc

2.350

09/05/29

496

42,943,000

AT&T,

Inc

2.550

12/01/33

33,731

CREF

Core

Bond

Account

June

30,

2023

270

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,325,000

AT&T,

Inc

4.500

%

05/15/35

$

7,653

7,375,000

AT&T,

Inc

3.500

06/01/41

5,662

38,320,000

AT&T,

Inc

3.550

09/15/55

26,826

6,553,000

AT&T,

Inc

3.800

12/01/57

4,744

4,225,000

g

Bharti

Airtel

Ltd

3.250

06/03/31

3,649

3,000,000

g

C&W

Senior

Financing

Designated

Activity

Co

6.875

09/15/27

2,617

850,000

Deutsche

Telekom

International

Finance

BV

8.750

06/15/30

1,018

EUR

665,000

g

Iliad

Holding

SAS

5.125

10/15/26

692

1,175,000

g

Millicom

International

Cellular

S.A.

4.500

04/27/31

903

4,000,000

g

MTN

Mauritius

Investment

Ltd

6.500

10/13/26

3,937

2,425,000

Orange

S.A.

5.375

01/13/42

2,407

22,975,000

T-Mobile

USA,

Inc

2.625

02/15/29

19,954

30,200,000

T-Mobile

USA,

Inc

3.875

04/15/30

27,822

5,800,000

T-Mobile

USA,

Inc

5.050

07/15/33

5,695

2,225,000

T-Mobile

USA,

Inc

3.000

02/15/41

1,627

7,800,000

T-Mobile

USA,

Inc

3.300

02/15/51

5,472

EUR

400,000

Verizon

Communications,

Inc

1.875

10/26/29

385

EUR

200,000

Verizon

Communications,

Inc

4.250

10/31/30

221

10,300,000

Verizon

Communications,

Inc

1.750

01/20/31

8,126

39,625,000

Verizon

Communications,

Inc

2.550

03/21/31

33,084

35,551,000

Verizon

Communications,

Inc

2.355

03/15/32

28,593

EUR

300,000

Verizon

Communications,

Inc

2.875

01/15/38

279

GBP

1,000,000

g

Vmed

O2

UK

Financing

I

plc

4.500

07/15/31

960

6,550,000

Vodafone

Group

plc

4.375

02/19/43

5,501

5,125,000

Vodafone

Group

plc

4.250

09/17/50

4,109

TOTAL

TELECOMMUNICATION

SERVICES

238,439

TRANSPORTATION

-

0.4%

1,850,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.000

07/30/27

1,567

2,000,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4.200

08/04/27

1,707

2,700,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

3.100

02/02/31

1,889

1,450,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

4.000

08/11/41

1,161

4,075,000

Burlington

Northern

Santa

Fe

LLC

3.050

02/15/51

2,887

1,300,000

Canadian

Pacific

Railway

Co

2.050

03/05/30

1,090

5,600,000

Canadian

Pacific

Railway

Co

3.100

12/02/51

3,969

2,040,000

CSX

Corp

2

.600

11/01/26

1,886

4,000,000

CSX

Corp

3.250

06/01/27

3,764

1,525,000

CSX

Corp

3.800

03/01/28

1,451

14,175,000

CSX

Corp

4.250

03/15/29

13,722

1,550,000

g

Empresa

de

los

Ferrocarriles

del

Estado

3.068

08/18/50

942

3,175,000

g

Misc

Capital

Two

Labuan

Ltd

3.625

04/06/25

3,052

3,260,000

g

Misc

Capital

Two

Labuan

Ltd

3.750

04/06/27

3,051

5,100,000

Union

Pacific

Corp

2.891

04/06/36

4,066

2,275,000

Union

Pacific

Corp

3.839

03/20/60

1,810

TOTAL

TRANSPORTATION

48,014

UTILITIES

-

3.3%

1,650,000

AEP

Transmission

Co

LLC

3.100

12/01/26

1,546

1,650,000

AEP

Transmission

Co

LLC

4.000

12/01/46

1,383

4,750,000

AEP

Transmission

Co

LLC

2.750

08/15/51

3,062

1,175,000

AEP

Transmission

Co

LLC

5.400

03/15/53

1,208

3,475,000

Alabama

Power

Co

4.150

08/15/44

2,896

6,025,000

Alabama

Power

Co

3.450

10/01/49

4,406

16,000,000

Ameren

Illinois

Co

4.950

06/01/33

15,873

3,225,000

Ameren

Illinois

Co

5.900

12/01/52

3,512

2,750,000

American

Water

Capital

Corp

3.000

12/01/26

2,548

4,000,000

American

Water

Capital

Corp

2.800

05/01/30

3,496

8,500,000

American

Water

Capital

Corp

2.300

06/01/31

7,056

2,375,000

American

Water

Capital

Corp

4.000

12/01/46

1,916

4,500,000

American

Water

Capital

Corp

3.750

09/01/47

3,561

5,788,000

Appalachian

Power

Co

4.450

06/01/45

4,763

8,475,000

Atmos

Energy

Corp

1

.500

01/15/31

6,659

271

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,175,000

Atmos

Energy

Corp

4.125

%

10/15/44

$

988

6,500,000

Baltimore

Gas

&

Electric

Co

3.750

08/15/47

5,075

3,700,000

g

Becle

SAB

de

C.V.

2.500

10/14/31

2,985

5,925,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

5,453

6,225,000

Black

Hills

Corp

4.250

11/30/23

6,182

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3.000

03/01/32

930

3,550,000

CenterPoint

Energy

Resources

Corp

6.250

02/01/37

3,650

EUR

350,000

CEZ

AS.

0.875

12/02/26

339

2,975,000

CMS

Energy

Corp

3.600

11/15/25

2,813

3,500,000

Commonwealth

Edison

Co

5.900

03/15/36

3,648

8,250,000

Commonwealth

Edison

Co

3.000

03/01/50

5,688

5,100,000

Commonwealth

Edison

Co

2.750

09/01/51

3,296

2,178,000

Consumers

Energy

Co

2.650

08/15/52

1,396

1,542,000

Consumers

Energy

Co

2.500

05/01/60

885

EUR

300,000

Credit

Agricole

Assurances

S.A.

1.500

10/06/31

248

2,350,000

Dominion

Energy,

Inc

2

.250

08/15/31

1,893

4,000,000

Dominion

Energy,

Inc

3.300

04/15/41

2,970

2,500,000

DTE

Electric

Co

3.650

03/01/52

1,947

2,125,000

DTE

Electric

Co

5.400

04/01/53

2,193

4,600,000

Duke

Energy

Florida

LLC

3.400

10/01/46

3,436

8,850,000

Duke

Energy

Indiana

LLC

2.750

04/01/50

5,652

6,100,000

Duke

Energy

Progress

LLC

2.500

08/15/50

3,785

EUR

300,000

Electricite

de

France

S.A.

2.000

10/02/30

283

3,445,000

g

Empresas

Publicas

de

Medellin

ESP

4.250

07/18/29

2,712

2,000,000

g

EnfraGen

Energia

Sur

S.A.

5.375

12/30/30

1,300

4,000,000

g

ENN

Energy

Holdings

Ltd

2.625

09/17/30

3,343

6,900,000

Entergy

Corp

0.900

09/15/25

6,197

5,375,000

Eversource

Energy

1.650

08/15/30

4,262

6,350,000

Eversource

Energy

3.450

01/15/50

4,652

8,200,000

Florida

Power

&

Light

Co

4.800

05/15/33

8,141

5,775,000

Florida

Power

&

Light

Co

3.990

03/01/49

4,868

UGX

2,000,000,000

†,g

ICBC

Standard

Bank

plc

14.250

06/26/34

492

2,900,000

Indiana

Michigan

Power

Co

3.750

07/01/47

2,265

4,525,000

g

Israel

Electric

Corp

Ltd

4.250

08/14/28

4,215

2,000,000

g

Kallpa

Generacion

SA

4.125

08/16/27

1,868

3,000,000

g

Korea

East-West

Power

Co

Ltd

1.750

05/06/25

2,795

1,875,000

g

Korea

East-West

Power

Co

Ltd

3.600

05/06/25

1,803

3,200,000

g

Korea

Southern

Power

Co

Ltd

0.750

01/27/26

2,830

7,625,000

Medtronic

Global

Holdings

S.C.A

4.250

03/30/28

7,442

6,975,000

MidAmerican

Energy

Co

3.650

04/15/29

6,477

5,400,000

MidAmerican

Energy

Co

3.650

08/01/48

4,157

EUR

300,000

g

Mondelez

International

Holdings

Netherlands

BV

1.250

09/09/41

213

7,350,000

Nevada

Power

Co

2.400

05/01/30

6,194

3,335,000

Nevada

Power

Co

5.450

05/15/41

3,205

12,700,000

NextEra

Energy

Capital

Holdings,

Inc

2.250

06/01/30

10,563

20,060,000

NiSource,

Inc

1.700

02/15/31

15,684

6,000,000

g

NRG

Energy,

Inc

2.450

12/02/27

5,056

2,750,000

Ohio

Power

Co

2.600

04/01/30

2,349

6,150,000

Ohio

Power

Co

4.150

04/01/48

5,028

4,925,000

Ohio

Power

Co

4.000

06/01/49

3,987

EUR

250,000

g

OI

European

Group

BV

6.250

05/15/28

279

1,280,000

Oncor

Electric

Delivery

Co

LLC

5.250

09/30/40

1,281

425,000

ONE

Gas,

Inc

3.610

02/01/24

419

600,000

g

Pattern

Energy

Operations

LP

4.500

08/15/28

548

2,775,000

PECO

Energy

Co

3.000

09/15/49

1,929

3,700,000

PECO

Energy

Co

2.800

06/15/50

2,439

650,000

g

Perusahaan

Listrik

Negara

PT

3.875

07/17/29

597

3,000,000

g

Perusahaan

Listrik

Negara

PT

3.375

02/05/30

2,624

200,000

g

Perusahaan

Listrik

Negara

PT

4.875

07/17/49

163

5,000,000

g

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.000

06/30/50

3,572

750,000

Potomac

Electric

Power

Co

7.900

12/15/38

915

3,300,000

g

Promigas

S.A.

ESP

3.750

10/16/29

2,799

CREF

Core

Bond

Account

June

30,

2023

272

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,800,000

Public

Service

Co

of

Colorado

1.875

%

06/15/31

$

5,422

2,100,000

Public

Service

Co

of

Colorado

4.050

09/15/49

1,703

4,450,000

Public

Service

Co

of

Colorado

3.200

03/01/50

3,141

6,970,000

Public

Service

Electric

&

Gas

Co

3.150

01/01/50

5,068

5,150,000

Public

Service

Electric

and

Gas

Co

4.900

12/15/32

5,143

3,500,000

g

Saka

Energi

Indonesia

PT

4.450

05/05/24

3,412

20,000,000

Southern

Co

4.000

01/15/51

18,496

EUR

300,000

Southern

Co

1.875

09/15/81

256

8,475,000

Southern

Co

Gas

Capital

Corp

3.875

11/15/25

8,126

EUR

500,000

Southern

Power

Co

1.850

06/20/26

510

2,440,000

Southwestern

Public

Service

Co

3.400

08/15/46

1,761

4,089,036

g

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

3,289

350,000

g

Tengizchevroil

Finance

Co

International

Ltd

2.625

08/15/25

318

3,300,000

Union

Electric

Co

5.450

03/15/53

3,363

3,250,000

Virginia

Electric

&

Power

Co

2.950

11/15/26

3,011

3,250,000

Virginia

Electric

&

Power

Co

3.500

03/15/27

3,076

8,879,000

Virginia

Electric

&

Power

Co

3.800

04/01/28

8,412

4,125,000

Wisconsin

Power

&

Light

Co

4.100

10/15/44

3,294

3,000,000

Wisconsin

Power

and

Light

Co

4.950

04/01/33

2,967

2,240,000

Xcel

Energy,

Inc

4.800

09/15/41

1,976

TOTAL

UTILITIES

352,027

TOTAL

CORPORATE

BONDS

3,599,422

(Cost

$4,071,137)

GOVERNMENT

BONDS

-

43.6%

AGENCY

SECURITIES

-

0.3%

2,790,000

Canal

Barge

Co,

Inc

4.500

11/12/34

2,703

181

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

17,795

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1.625

08/24/35

6,432

8,225,000

Private

Export

Funding

Corp

(PEFCO)

1.750

11/15/24

7,837

TOTAL

AGENCY

SECURITIES

34,767

FOREIGN

GOVERNMENT

BONDS

-

3.8%

2,000,000

g

Abu

Dhabi

Government

International

Bond

2.500

09/30/29

1,792

750,000

g

Africa

Finance

Corp

2.875

04/28/28

617

1,225,000

g

African

Export-Import

Bank

2.634

05/17/26

1,102

3,925,000

g

Angolan

Government

International

Bond

8.750

04/14/32

3,294

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6.000

12/08/31

476

AUD

1,250,000

Australia

Government

Bond

1.000

12/21/30

674

AUD

1,775,000

Australia

Government

Bond

1.250

05/21/32

939

AUD

1,960,000

Australia

Government

Bond

1.750

06/21/51

759

2,215,000

g

Bank

Gospodarstwa

Krajowego

5.375

05/22/33

2,199

8,500,000

g

Banque

Ouest

Africaine

de

Developpement

4.700

10/22/31

6,889

EUR

3,650,000

g

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

2,898

EUR

850,000

g

Benin

Government

International

Bond

4.950

01/22/35

652

12,400,000

g

BNG

Bank

NV

3.000

09/20/23

12,340

5,000,000

g

BNG

Bank

NV

3.500

08/26/24

4,886

8,000,000

g

BNG

Bank

NV

0.875

05/18/26

7,171

1,950,000

g

Brazil

Minas

SPE

via

State

of

Minas

Gerais

5.333

02/15/28

1,906

BRL

3,000,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000

01/01/27

623

750,000

Brazilian

Government

International

Bond

3.875

06/12/30

664

3,410,000

Brazilian

Government

International

Bond

6.000

10/20/33

3,371

EUR

6,800,000

Bundesrepublik

Deutschland

0.000

08/15/31

6,142

EUR

380,000

Bundesrepublik

Deutschland

0.000

02/15/32

339

EUR

3,700,000

Bundesrepublik

Deutschland

1.000

05/15/38

3,293

EUR

135,000

Bundesrepublik

Deutschland

1.250

08/15/48

117

EUR

2,465,000

Bundesrepublik

Deutschland

0.000

08/15/52

1,376

7,000,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

1.125

11/29/24

6,597

CAD

1,400,000

g

Canada

Housing

Trust

No

1.100

12/15/26

953

273

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CAD

1,525,000

g

Canada

Housing

Trust

No

3.550

%

09/15/32

$

1,137

CAD

1,650,000

Canadian

Government

Bond

3.000

11/01/24

1,216

CAD

875,000

Canadian

Government

International

Bond

2.000

09/01/23

657

CAD

1,475,000

Canadian

Government

International

Bond

2.000

06/01/28

1,038

CAD

850,000

Canadian

Government

International

Bond

2.000

06/01/32

577

CAD

1,000,000

Canadian

Government

International

Bond

5.000

06/01/37

901

$

1,250,000

e

Chile

Government

International

Bond

2.550

01/27/32

1,067

CNY

24,000,000

China

Government

Bond

2.880

11/05/23

3,316

CNY

14,550,000

China

Government

Bond

2.940

10/17/24

2,026

CNY

21,000,000

China

Government

Bond

1.990

04/09/25

2,880

CNY

47,400,000

China

Government

Bond

3.120

12/05/26

6,690

CNY

20,200,000

China

Government

Bond

2.500

07/25/27

2,787

CNY

16,100,000

China

Government

Bond

3.270

11/19/30

2,321

CNY

18,900,000

China

Government

Bond

3.860

07/22/49

2,947

CNY

10,000,000

China

Government

Bond

3.390

03/16/50

1,443

CNY

4,700,000

China

Government

Bond

3.810

09/14/50

730

CNY

4,700,000

China

Government

Bond

3.720

04/12/51

719

NOK

7,000,000

City

of

Oslo

Norway

2.050

10/31/24

627

3,425,000

Colombia

Government

International

Bond

3.250

04/22/32

2,531

1,700,000

Colombia

Government

International

Bond

5.000

06/15/45

1,180

COP

3,300,000,000

Colombian

TES

7.750

09/18/30

703

275,000

g

Costa

Rica

Government

International

Bond

6.550

04/03/34

276

2,200,000

e,g

Costa

Rica

Government

International

Bond

5.625

04/30/43

1,886

CZK

26,950,000

Czech

Republic

Government

Bond

1.750

06/23/32

1,002

5,000,000

g

Development

Bank

of

Japan,

Inc

0.500

03/04/24

4,831

DOP

8,000,000

g

Dominican

Republic

Government

International

Bond

9.750

06/05/26

147

3,500,000

g

Dominican

Republic

Government

International

Bond

4.875

09/23/32

2,975

2,950,000

g

Dominican

Republic

Government

International

Bond

6.500

02/15/48

2,542

24,960

g

Ecuador

Government

International

Bond

0.000

07/31/30

7

141,600

g

Ecuador

Government

International

Bond

(Step

Bond)

5.000

07/31/30

68

99,120

g

Ecuador

Government

International

Bond

(Step

Bond)

1.000

07/31/35

34

425,000

g

Egypt

Government

International

Bond

5.750

05/29/24

384

EGP

19,025,000

Egypt

Government

International

Bond

15.900

07/02/24

573

1,500,000

g

Egypt

Government

International

Bond

5.800

09/30/27

994

725,000

g

Egypt

Government

International

Bond

7.600

03/01/29

468

EUR

1,100,000

g

Egypt

Government

International

Bond

5.625

04/16/30

663

EUR

700,000

g

Egypt

Government

International

Bond

6.375

04/11/31

422

325,000

g

Egypt

Government

International

Bond

7.053

01/15/32

184

2,700,000

g

Egypt

Government

International

Bond

8.500

01/31/47

1,428

1,425,000

Emirate

of

Dubai

Government

International

Bonds

3.900

09/09/50

1,029

3,500,000

European

Investment

Bank

4.875

02/15/36

3,754

2,000,000

g

Export-Import

Bank

of

India

3.875

02/01/28

1,880

2,000,000

g

Export-Import

Bank

of

India

2.250

01/13/31

1,615

2,800,000

Export-Import

Bank

of

Korea

0.750

09/21/25

2,528

3,350,000

Export-Import

Bank

of

Korea

1.250

09/21/30

2,668

EUR

1,325,000

French

Republic

Government

Bond

OAT

0.750

11/25/28

1,295

EUR

1,525,000

French

Republic

Government

Bond

OAT

1.250

05/25/36

1,343

EUR

2,775,000

g

French

Republic

Government

Bond

OAT

0.500

05/25/40

1,977

EUR

860,000

French

Republic

Government

Bond

OAT

0.750

05/25/52

512

EUR

960,000

g

French

Republic

Government

Bond

OAT

0.750

05/25/53

558

2,325,000

g

Ghana

Government

International

Bond

8.125

03/26/32

988

1,000,000

g

Ghana

Government

International

Bond

8.627

06/16/49

408

450,000

g

Guatemala

Government

International

Bond

4.375

06/05/27

424

EUR

1,250,000

g

Hellenic

Republic

Government

International

Bond

1.500

06/18/30

1,184

EUR

725,000

g

Hellenic

Republic

Government

International

Bond

0.750

06/18/31

633

4,305,000

g

Hong

Kong

Government

International

Bond

4.625

01/11/33

4,443

HUF

345,000,000

Hungary

Government

International

Bond

5.500

06/24/25

935

1,565,000

g

Hungary

Government

International

Bond

6.125

05/22/28

1,587

1,725,000

g

Hungary

Government

International

Bond

5.250

06/16/29

1,675

HUF

421,500,000

Hungary

Government

International

Bond

3.000

08/21/30

951

1,150,000

g

Hungary

Government

International

Bond

2.125

09/22/31

887

CAD

1,475,000

Hydro-Quebec

5.000

02/15/45

1,247

CREF

Core

Bond

Account

June

30,

2023

274

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,550,000

g

Indonesia

Government

International

Bond

4

.625

%

04/15/43

$

8,986

IDR

7,750,000,000

Indonesia

Treasury

Bond

8.125

05/15/24

527

IDR

10,000,000,000

Indonesia

Treasury

Bond

6.375

04/15/32

669

AUD

500,000

Inter-American

Development

Bank

4.750

08/27/24

333

AUD

900,000

Inter-American

Development

Bank

2.750

10/30/25

575

INR

17,000,000

Inter-American

Development

Bank

7.000

04/17/33

210

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1.900

01/16/25

936

IDR

20,900,000,000

International

Bank

for

Reconstruction

&

Development

6.250

01/12/28

1,413

GBP

500,000

International

Finance

Corp

0.250

12/15/25

554

1,281,250

g

Iraq

Government

International

Bond

5.800

01/15/28

1,176

ILS

3,100,000

Israel

Government

International

Bond

5.500

01/31/42

1,000

ILS

3,200,000

Israel

Government

International

Bond

3.750

03/31/47

823

EUR

4,315,000

Italy

Buoni

Poliennali

Del

Tesoro

0.450

02/15/29

3,929

EUR

1,875,000

Italy

Buoni

Poliennali

Del

Tesoro

0.950

08/01/30

1,686

EUR

1,060,000

g

Italy

Buoni

Poliennali

Del

Tesoro

0.950

03/01/37

779

EUR

425,000

g

Italy

Buoni

Poliennali

Del

Tesoro

1.700

09/01/51

278

EUR

1,000,000

g

Ivory

Coast

Government

International

Bond

5.875

10/17/31

911

EUR

100,000

g

Ivory

Coast

Government

International

Bond

4.875

01/30/32

85

1,303,973

g

Ivory

Coast

Government

International

Bond

(Step

Bond)

5.750

12/31/32

1,213

2,850,000

e

Jamaica

Government

International

Bond

7.875

07/28/45

3,282

6,650,000

g

Japan

Finance

Organization

for

Municipalities

3.375

09/27/23

6,615

2,500,000

g

Japan

Finance

Organization

for

Municipalities

1.000

05/21/25

2,300

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0.020

03/13/26

970

JPY

498,000,000

Japan

Government

Five

Year

Bond

0.005

09/20/26

3,458

JPY

327,000,000

Japan

Government

Ten

Year

Bond

0.100

09/20/26

2,277

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0.100

12/20/29

1,119

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0.500

09/20/46

1,373

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0.600

09/20/50

622

JPY

132,000,000

Japan

Government

Thirty

Year

Bond

0.700

09/20/51

797

JPY

118,500,000

Japan

Government

Thirty

Year

Bond

1.300

06/20/52

830

JPY

119,300,000

Japan

Government

Thirty

Year

Bond

1.600

12/20/52

897

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1.400

09/20/34

1,535

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0.600

12/20/36

640

JPY

219,000,000

Japan

Government

Twenty

Year

Bond

0.500

12/20/38

1,456

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0.300

06/20/39

979

JPY

385,000,000

Japan

Government

Twenty

Year

Bond

1.100

09/20/42

2,728

JPY

320,000,000

Japan

Government

Two

Year

Bond

0.005

11/01/24

2,222

925,000

g

Jordan

Government

International

Bond

4.950

07/07/25

895

500,000

g

Jordan

Government

International

Bond

7.750

01/15/28

509

1,000,000

g

Jordan

Government

International

Bond

7.500

01/13/29

998

1,025,000

g

Jordan

Government

International

Bond

5.850

07/07/30

938

975,000

g

Kenya

Government

International

Bond

7.000

05/22/27

875

EUR

1,875,000

g

Kingdom

of

Belgium

Government

Bond

0.000

10/22/27

1,805

EUR

2,900,000

g

Kingdom

of

Belgium

Government

Bond

0.350

06/22/32

2,513

EUR

3,950,000

g

Kingdom

of

Belgium

Government

Bond

1.450

06/22/37

3,472

2,600,000

g

Kommunalbanken

AS.

2.750

02/05/24

2,557

3,000,000

g

Kommunalbanken

AS.

1.125

06/14/30

2,431

6,975,000

g

Korea

Electric

Power

Corp

1.125

06/15/25

6,418

KRW

1,050,000,000

Korea

Treasury

Bond

2.875

06/10/24

792

KRW

1,270,000,000

Korea

Treasury

Bond

1.500

03/10/25

929

KRW

1,800,000,000

Korea

Treasury

Bond

1.500

12/10/26

1,272

KRW

2,400,000,000

Korea

Treasury

Bond

2.000

06/10/31

1,612

KRW

1,225,000,000

Korea

Treasury

Bond

2.375

12/10/31

839

KRW

2,380,000,000

Korea

Treasury

Bond

2.375

09/10/38

1,533

KRW

400,000,000

Korea

Treasury

Bond

1.875

09/10/41

231

KRW

365,000,000

Korea

Treasury

Bond

2.500

03/10/52

218

MXN

7,800,000

Kreditanstalt

fuer

Wiederaufbau

4.400

07/25/25

406

1,750,000

q

Lebanon

Government

International

Bond

6.750

11/29/27

113

645,000

g

Magyar

Export-Import

Bank

Zrt

6.125

12/04/27

639

MYR

3,960,000

Malaysia

Government

Bond

3.757

05/22/40

807

MYR

2,610,000

Malaysia

Government

Bond

4.457

03/31/53

585

MXN

23,500,000

Mexican

Bonos

5.750

03/05/26

1,255

275

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

MXN

13,700,000

Mexican

Bonos

8.500

%

11/18/38

$

780

$

1,675,000

Mexico

Government

International

Bond

5.400

02/09/28

1,703

3,375,000

e

Mexico

Government

International

Bond

3.250

04/16/30

3,003

3,001,000

Mexico

Government

International

Bond

6.050

01/11/40

3,034

6,650,000

Mexico

Government

International

Bond

4.280

08/14/41

5,471

3,500,000

Mexico

Government

International

Bond

4.600

02/10/48

2,870

5,075,000

Mexico

Government

International

Bond

4.400

02/12/52

3,995

1,975,000

g

Morocco

Government

International

Bond

5.950

03/08/28

1,990

EUR

900,000

g

Morocco

Government

International

Bond

1.500

11/27/31

728

4,050,000

g

Morocco

Government

International

Bond

5.500

12/11/42

3,483

1,675,000

g

Namibia

Government

International

Bond

5.250

10/29/25

1,589

EUR

400,000

g

Netherlands

Government

International

Bond

2.750

01/15/47

444

EUR

380,000

g

Netherlands

Government

International

Bond

0.000

01/15/52

201

AUD

500,000

New

South

Wales

Treasury

Corp

4.000

05/20/26

330

AUD

2,690,000

New

South

Wales

Treasury

Corp

3.000

04/20/29

1,672

NZD

2,485,000

New

Zealand

Government

International

Bond

0.500

05/15/24

1,462

NZD

1,175,000

New

Zealand

Government

International

Bond

2.750

04/15/25

691

925,000

g

Nigeria

Government

International

Bond

8.375

03/24/29

831

NOK

17,250,000

g

Norway

Government

International

Bond

2.000

04/26/28

1,479

1,100,000

g

Oman

Government

International

Bond

6.000

08/01/29

1,099

2,400,000

g

Oman

Government

International

Bond

6.250

01/25/31

2,433

3,575,000

g

OPEC

Fund

for

International

Development

4.500

01/26/26

3,509

500,000

g

Pakistan

Government

International

Bond

6.000

04/08/26

240

5,400,000

Panama

Bonos

del

Tesoro

3.362

06/30/31

4,614

2,025,000

Panama

Government

International

Bond

4.300

04/29/53

1,503

3,150,000

Panama

Notas

del

Tesoro

3.750

04/17/26

3,086

925,000

g

Paraguay

Government

International

Bond

5.400

03/30/50

789

1,100,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

4.700

06/06/32

1,090

3,000,000

Peruvian

Government

International

Bond

1.862

12/01/32

2,309

1,970,000

Peruvian

Government

International

Bond

3.000

01/15/34

1,635

PEN

3,515,000

g

Peruvian

Government

International

Bond

5.400

08/12/34

857

2,645,000

Philippine

Government

International

Bond

4.200

03/29/47

2,273

1,425,000

Poland

Government

International

Bond

5.750

11/16/32

1,493

2,935,000

Poland

Government

International

Bond

5.500

04/04/53

2,951

CAD

875,000

Province

of

Ontario

Canada

2.150

06/02/31

579

CAD

875,000

Province

of

Ontario

Canada

1.900

12/02/51

426

CAD

650,000

Province

of

Quebec

Canada

2.750

09/01/27

466

6,000,000

Province

of

Quebec

Canada

7.500

09/15/29

6,981

2,050,000

g

Qatar

Government

International

Bond

3.750

04/16/30

1,971

EUR

425,000

g

Republic

of

Cameroon

International

Bond

5.950

07/07/32

331

500,000

g

Republic

of

Guatemala

4.650

10/07/41

399

7,000,000

Republic

of

Italy

Government

International

Bond

4.000

10/17/49

5,394

1,000,000

g

Republic

of

Paraguay

6.100

08/11/44

944

200,000

Republic

of

South

Africa

Government

International

Bond

5.875

04/20/32

177

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8.875

02/28/35

814

ZAR

15,100,000

Republic

of

South

Africa

Government

International

Bond

8

.750

01/31/44

587

2,800,000

Republic

of

South

Africa

Government

International

Bond

5.375

07/24/44

1,988

350,000

Republic

of

South

Africa

Government

International

Bond

7.300

04/20/52

294

2,150,000

g

Republic

of

Uzbekistan

International

Bond

4.750

02/20/24

2,126

UZS

5,708,925,000

g

Republic

of

Uzbekistan

International

Bond

14.000

07/19/24

484

RON

6,075,000

Romanian

Government

International

Bond

4.000

10/25/23

1,327

1,850,000

g

Romanian

Government

International

Bond

3.000

02/14/31

1,532

EUR

600,000

g

Romanian

Government

International

Bond

2.000

01/28/32

479

EUR

500,000

g

Romanian

Government

International

Bond

2.000

04/14/33

384

3,300,000

g

Romanian

Government

International

Bond

4.000

02/14/51

2,351

3,550,000

g

Rwanda

International

Government

Bond

5.500

08/09/31

2,666

3,000,000

g

Saudi

Government

International

Bond

3.250

10/26/26

2,842

5,100,000

g

Saudi

Government

International

Bond

4.500

04/17/30

5,006

CREF

Core

Bond

Account

June

30,

2023

276

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,150,000

g

Saudi

Government

International

Bond

3.750

%

01/21/55

$

4,641

EUR

1,000,000

g

Senegal

Government

International

Bond

4.750

03/13/28

937

EUR

425,000

g

Senegal

Government

International

Bond

5.375

06/08/37

310

1,000,000

g

Senegal

Government

International

Bond

6.750

03/13/48

714

EUR

1,250,000

g

Serbia

Government

International

Bond

1.500

06/26/29

1,051

760,000

g

Serbia

Government

International

Bond

6.500

09/26/33

745

EUR

575,000

g

Serbia

Government

International

Bond

2.050

09/23/36

383

3,450,000

g

Serbia

International

Bond

2.125

12/01/30

2,647

RSD

96,000,000

Serbia

Treasury

Bonds

5.875

02/08/28

913

RSD

31,700,000

Serbia

Treasury

Bonds

4.500

08/20/32

259

2,000,000

South

Africa

Government

International

Bond

5.875

09/16/25

1,974

EUR

2,550,000

g

Spain

Government

International

Bond

2.750

10/31/24

2,757

EUR

845,000

g

Spain

Government

International

Bond

1.400

07/30/28

844

EUR

1,475,000

g

Spain

Government

International

Bond

0.600

10/31/29

1,372

EUR

625,000

g

Spain

Government

International

Bond

0.100

04/30/31

535

EUR

2,350,000

g

Spain

Government

International

Bond

1.200

10/31/40

1,748

3,100,000

State

of

Israel

3.375

01/15/50

2,323

6,590,000

Svensk

Exportkredit

AB

1.750

12/12/23

6,483

THB

24,600,000

Thailand

Government

International

Bond

2.875

12/17/28

711

THB

24,400,000

Thailand

Government

International

Bond

3.300

06/17/38

723

EUR

1,000,000

g

Ukraine

Government

International

Bond

6.750

06/20/28

229

EUR

1,125,000

g

Ukraine

Government

International

Bond

4.375

01/27/32

261

GBP

485,000

United

Kingdom

Gilt

0.125

01/31/28

499

GBP

1,220,000

United

Kingdom

Gilt

1.625

10/22/28

1,330

GBP

425,000

United

Kingdom

Gilt

0.500

01/31/29

429

GBP

2,665,000

United

Kingdom

Gilt

1.750

09/07/37

2,421

GBP

275,000

United

Kingdom

Gilt

1.250

10/22/41

210

GBP

575,000

United

Kingdom

Gilt

1.500

07/22/47

413

GBP

1,875,000

United

Kingdom

Gilt

0.625

10/22/50

966

GBP

1,475,000

United

Kingdom

Gilt

1.500

07/31/53

977

5,280,000

Uruguay

Government

International

Bond

4.375

01/23/31

5,201

UYU

20,300,000

Uruguay

Government

International

Bond

8.250

05/21/31

497

1,400,000

Uruguay

Government

International

Bond

5.100

06/18/50

1,392

TOTAL

FOREIGN

GOVERNMENT

BONDS

410,872

MORTGAGE

BACKED

-

18.4%

80,255,430

g,i

Citigroup

Mortgage

Loan

Trust

0.156

02/25/52

627

8,998,104

g,i

Citigroup

Mortgage

Loan

Trust

0.250

02/25/52

111

11,770,003

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4.500

11/01/37

11,544

3,860,813

i

FHLMC

LIBOR

1

M

+

5.920%

0.727

03/15/44

322

8,386,785

FHLMC

3.500

01/15/47

7,410

8,134,909

i

FHLMC

LIBOR

1

M

+

9.920%

1.611

06/15/48

7,614

6,108,152

i

FHLMC

LIBOR

1

M

+

9.840%

1.531

10/15/48

5,565

13,271,166

FHLMC

3.000

11/01/49

11,837

16,897,475

FHLMC

2.000

09/25/50

2,028

6,688,663

FHLMC

3.000

10/25/50

4,742

36,297,195

FHLMC

2.500

02/25/51

5,538

8,324,044

FHLMC

2.500

05/25/51

5,272

33,449,426

FHLMC

3.000

11/01/51

29,835

4,825,896

FHLMC

3.000

11/01/51

4,291

2,998,037

FHLMC

3.000

11/01/51

2,686

4,268,533

FHLMC

3.000

11/01/51

3,807

28,104,409

FHLMC

2.000

02/01/52

23,065

34,005,256

FHLMC

2.500

02/01/52

29,070

26,387,136

FHLMC

2.500

03/01/52

22,553

6,952,020

FHLMC

4.000

04/01/52

6,529

8,777,388

FHLMC

3.500

05/01/52

8,005

1,064,693

FHLMC

3.500

06/01/52

972

17,902,974

FHLMC

4.500

06/01/52

17,215

16,906,776

FHLMC

4.500

07/01/52

16,258

3,277,817

FHLMC

4.000

08/25/52

2,780

6,071,110

FHLMC

4.500

10/25/52

5,506

277

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

32,082,308

FHLMC

6.000

%

11/01/52

$

32,426

7,281,567

FHLMC

5

.500

11/25/52

7,383

3,463,099

FHLMC

5.500

02/25/53

3,473

5,915

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8.000

01/01/31

6

4,036

FGLMC

7.000

01/01/32

4

218,486

FGLMC

4.500

07/01/33

215

1,576,260

FGLMC

7.000

12/01/33

1,635

472,853

FGLMC

4.500

10/01/34

465

291,987

FGLMC

4.500

04/01/35

288

437,656

FGLMC

7.000

05/01/35

447

1,237,371

FGLMC

5.000

06/01/36

1,248

432,426

FGLMC

5.000

07/01/39

436

57,801

FGLMC

4.500

12/01/43

57

33,133

FGLMC

4.500

02/01/44

33

1,242,254

FGLMC

4.500

10/01/44

1,219

604,086

FGLMC

4.500

11/01/44

593

948,828

FGLMC

4.500

11/01/44

931

577,285

FGLMC

4.500

12/01/44

567

791,188

FGLMC

4.500

12/01/44

776

3,283,731

FGLMC

3.500

04/01/45

3,060

680,763

FGLMC

4.500

05/01/45

655

14,324,965

FGLMC

3.500

08/01/45

13,365

1,445,511

FGLMC

4.500

06/01/47

1,431

2,463,955

FGLMC

4.000

09/01/47

2,359

2,485,879

FGLMC

3.500

12/01/47

2,303

9,002,793

FGLMC

4.500

08/01/48

8,847

4,137,059

FGLMC

4.500

10/01/48

4,066

6,696,312

FGLMC

3.500

11/01/48

6,197

3,261

Federal

National

Mortgage

Association

(FNMA)

8.000

07/01/24

3

1,349

FNMA

9.000

11/01/25

1

2,012,258

FNMA

3.500

05/01/32

1,928

12,416,728

FNMA

3.000

10/01/32

11,687

214,077

FNMA

4.500

10/01/33

211

384,986

FNMA

4.500

05/01/35

378

2,415,029

FNMA

5.000

05/01/35

2,432

1,131,489

FNMA

5.000

10/01/35

1,140

947,313

FNMA

5.000

02/01/36

954

24,371,512

FNMA

4.000

11/01/37

23,523

2,733,314

FNMA

5.500

11/01/38

2,805

985,590

FNMA

3.000

10/01/39

900

11,963,852

FNMA

3.000

05/01/40

10,888

1,615,829

FNMA

5.000

09/01/40

1,627

3,425,584

FNMA

5.000

05/01/41

3,450

28,650,615

FNMA

2.000

03/01/42

24,247

9,175,868

FNMA

4.000

09/01/42

8,796

7,120,642

FNMA

3.500

04/01/43

6,652

6,182,415

FNMA

3

.500

09/01/43

5,794

5,063,292

i

FNMA

LIBOR

1

M

+

5.950%

0.800

09/25/43

501

6,388,696

FNMA

4.500

03/01/44

6,309

30,483,262

FNMA

4.000

05/01/44

29,185

2,883,946

FNMA

4.500

06/01/44

2,827

2,824,232

FNMA

4.500

10/01/44

2,769

4,794,488

FNMA

4.500

11/01/44

4,700

1,486,006

FNMA

5.000

11/01/44

1,497

1,630,793

FNMA

4.500

12/01/44

1,599

1,887,062

FNMA

4.000

01/01/45

1,809

504,465

FNMA

4.500

03/01/45

495

280,724

FNMA

4.500

04/01/45

275

6,551,897

FNMA

3.500

05/01/45

6,106

8,324,627

FNMA

3.500

01/01/46

7,742

963,576

FNMA

4.000

04/01/46

921

6,813,117

FNMA

3.500

06/01/46

6,336

CREF

Core

Bond

Account

June

30,

2023

278

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,631,839

FNMA

3.500

%

07/01/46

$

8,028

15,101,147

FNMA

3.500

07/01/46

14,121

1,436,507

FNMA

3.000

10/01/46

1,270

8,583,816

FNMA

3.500

10/01/46

7,968

3,433,807

FNMA

4.500

05/01/47

3,391

357,387

FNMA

3.000

11/01/47

316

6,418,285

FNMA

3.500

11/01/47

5,985

13,726,218

FNMA

3.500

01/01/48

12,689

5,625,511

FNMA

4.500

01/01/48

5,522

5,034,593

FNMA

4.500

02/01/48

4,942

3,770,828

FNMA

4.500

05/01/48

3,700

2,785,282

FNMA

4.500

05/01/48

2,732

7,810,187

FNMA

5.000

08/01/48

7,777

450,728

FNMA

3.000

06/01/49

388

18,142,863

FNMA

3.000

07/01/50

16,183

11,860,836

FNMA

2.000

08/25/50

1,630

8,955,088

FNMA

2.000

10/25/50

6,045

31,730,168

FNMA

2.500

11/25/50

4,515

10,470,293

FNMA

3.000

12/25/50

1,717

3,909,849

FNMA

3.000

02/25/51

704

75,898,545

FNMA

2.000

04/01/51

62,144

11,661,213

FNMA

3.000

09/01/51

10,373

11,878,503

FNMA

2.500

11/25/51

1,485

31,507,091

FNMA

2.000

12/01/51

25,833

10,806,479

FNMA

2.000

01/01/52

8,912

23,665,627

FNMA

2.000

02/01/52

19,419

29,127,186

FNMA

2.500

02/01/52

24,895

26,798,941

FNMA

2.500

02/01/52

22,910

9,539,423

FNMA

2.500

02/01/52

8,143

12,577,003

FNMA

3.500

02/01/52

11,558

35,639,175

FNMA

2.000

03/01/52

29,207

52,032,915

FNMA

3.000

04/01/52

46,070

20,873,665

FNMA

3.000

04/01/52

18,459

3,948,544

FNMA

3.500

04/01/52

3,599

43,472,637

FNMA

4.000

05/01/52

40,820

3,484,526

FNMA

4.000

05/25/52

2,796

49,269,120

FNMA

3.500

06/01/52

44,998

30,162,174

FNMA

4.000

06/01/52

28,322

8,684,156

FNMA

4.500

06/01/52

8,351

55,390,394

FNMA

4.000

07/01/52

52,011

17,066,638

FNMA

4.000

07/01/52

16,020

7,964,386

FNMA

4.500

07/01/52

7,659

8,637,443

FNMA

4.500

07/01/52

8,305

5,293,697

FNMA

4.500

07/01/52

5,090

9,254,406

FNMA

4.500

07/25/52

8,507

52,605,012

FNMA

5.000

08/01/52

51,599

5,418,567

FNMA

4.500

08/25/52

4,733

69,199,513

FNMA

4.000

09/01/52

64,948

111,351,531

FNMA

4.500

09/01/52

107,074

23,496,080

FNMA

5.000

09/01/52

23,040

4,109,505

FNMA

4.000

09/25/52

3,451

4,688,454

FNMA

4.000

09/25/52

4,207

101,044,354

FNMA

4.000

10/01/52

94,847

62,215,532

FNMA

4.500

10/01/52

59,822

17,320,656

FNMA

5.000

10/01/52

16,980

3,930,191

FNMA

4.500

10/25/52

3,764

4,488,691

FNMA

4.500

10/25/52

4,317

50,886,339

FNMA

4.500

11/01/52

48,929

7,302,312

FNMA

5.500

11/25/52

7,335

26,832,419

FNMA

5.500

02/01/53

26,704

970,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

3.650%

8.210

11/25/41

967

22,630,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

2.400%

7.467

02/25/42

22,385

279

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

31,100,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.500%

9.567

%

06/25/42

$

32,693

15,075,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.000%

9.067

07/25/42

15,547

10,574,776

Government

National

Mortgage

Association

(GNMA)

3.700

10/15/33

10,087

174,043

GNMA

5.000

04/15/38

175

218,659

GNMA

6.500

11/20/38

230

786,968

GNMA

5.000

06/15/39

788

435,447

GNMA

5.000

06/15/39

434

7,502,893

GNMA

5.000

01/20/40

1,479

9,671,931

GNMA

3.700

08/15/40

9,195

10,006,032

GNMA

2.500

12/20/43

8,851

4,481,483

GNMA

3.000

03/20/45

3,931

4,382,087

GNMA

4.500

12/20/45

4,284

3,795,073

GNMA

4.000

06/20/46

486

7,384,278

i

GNMA

LIBOR

1

M

+

6.100%

0.943

03/20/50

832

16,096,923

GNMA

3.000

11/20/51

11,828

16,250,445

GNMA

3.000

01/20/52

12,136

5,669,741

GNMA

2.500

02/20/52

4,712

102,869,040

GNMA

3.000

05/20/52

91,990

4,793,891

GNMA

3.500

07/20/52

4,424

5,282,153

GNMA

4.000

07/20/52

4,378

12,577,992

GNMA

4.000

08/20/52

11,901

7,810,863

GNMA

4.000

09/20/52

7,390

9,397,218

GNMA

4.500

09/20/52

8,635

7,979,755

GNMA

4.500

09/20/52

7,549

6,651,331

GNMA

4.500

09/20/52

6,214

4,530,062

GNMA

4.500

09/20/52

4,117

10,221,625

GNMA

5

.000

11/20/52

10,053

5,187,332

GNMA

4.500

02/20/53

4,725

4,403,774

GNMA

5.500

02/20/53

4,379

13,884,355

GNMA

1.884

05/20/53

886

2,795,000

Morgan

Stanley

Capital

I

Trust

3.779

05/15/48

2,653

5,738,307

g,i

OBX

3

.000

01/25/52

4,656

TOTAL

MORTGAGE

BACKED

1,972,403

MUNICIPAL

BONDS

-

3.0%

2,975,000

Chicago

Housing

Authority

3.682

01/01/25

2,889

245,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.264

09/01/25

234

1,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.038

09/01/34

921

845,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.750

09/01/37

741

2,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.000

09/01/48

1,634

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4.029

06/01/39

3,607

4,940,000

City

of

New

York

NY

3.200

12/01/26

4,669

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4.353

07/01/25

1,533

4,055,000

Commonwealth

Financing

Authority

3.864

06/01/38

3,638

19,355,000

Commonwealth

Financing

Authority

3.807

06/01/41

16,570

1,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.368

10/01/23

1,488

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.285

10/01/23

2,485

3,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.504

10/01/24

3,365

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

2,279

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.704

10/01/26

2,319

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.049

10/01/26

3,695

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

4,015

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.732

10/01/37

3,214

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.982

10/01/41

3,283

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4.280

10/01/41

8,205

2,000,000

Duke

University

3.199

10/01/38

1,646

CREF

Core

Bond

Account

June

30,

2023

280

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,080,000

Illinois

Finance

Authority

3.944

%

08/15/47

$

4,033

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3.375

09/01/35

4,121

1,815,000

New

York

City

Housing

Development

Corp

3.573

11/01/23

1,802

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

5,158

10,605,000

New

York

State

Dormitory

Authority

4.294

07/01/44

9,888

6,000,000

New

York

State

Dormitory

Authority

3.879

07/01/46

5,102

5,000,000

New

York

State

Thruway

Authority

2.256

01/01/25

4,769

6,460,000

New

York

State

Thruway

Authority

2.406

01/01/26

6,044

4,750,000

New

York

State

Thruway

Authority

2.500

01/01/27

4,384

3,400,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.287

12/01/23

3,364

1,500,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.387

12/01/24

1,453

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.487

12/01/25

958

1,910,000

Public

Finance

Authority

4.269

07/01/40

1,679

6,360,000

San

Jose

Redevelopment

Agency

3.375

08/01/34

5,668

13,060,000

State

of

California

4.600

04/01/38

12,544

10,500,000

State

of

Illinois

3.150

06/15/26

9,858

12,500,000

State

of

Illinois

3.250

06/15/27

11,566

27,150,000

State

of

Illinois

5.100

06/01/33

26,709

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4.103

05/01/39

8,638

9,900,000

State

of

Wisconsin

3.154

05/01/27

9,330

25,860,000

University

of

California

3.063

07/01/25

24,900

17,045,000

University

of

California

3.931

05/15/45

15,477

21,000,000

University

of

Chicago

4.151

10/01/45

18,182

7,620,000

University

of

Massachusetts

Building

Authority

3.097

11/01/35

6,391

13,000,000

University

of

Massachusetts

Building

Authority

3.434

11/01/40

10,648

20,000,000

University

of

New

Mexico

3.532

06/20/32

18,846

1,500,000

Utah

Municipal

Power

Agency

2.512

07/01/23

1,500

2,160,000

Virginia

Port

Authority

4

.228

07/01/36

1,993

390,000

Washington

Convention

&

Sports

Authority

3.969

10/01/30

366

TOTAL

MUNICIPAL

BONDS

316,469

U.S.

TREASURY

SECURITIES

-

18.1%

4,500,000

United

States

Treasury

Bond

4.750

02/15/37

4,978

22,750,000

United

States

Treasury

Bond

3.500

02/15/39

21,794

12,050,000

United

States

Treasury

Bond

3.875

08/15/40

11,956

20,935,000

United

States

Treasury

Bond

4.375

05/15/41

22,032

6,000,000

United

States

Treasury

Bond

2.750

11/15/42

4,935

35,680,000

United

States

Treasury

Bond

3.000

05/15/45

30,134

41,710,000

United

States

Treasury

Bond

2.875

08/15/45

34,419

52,140,000

United

States

Treasury

Bond

2.500

05/15/46

40,093

1,075,000

United

States

Treasury

Bond

3.000

05/15/47

905

30,710,000

United

States

Treasury

Bond

2.750

11/15/47

24,701

6,155,000

United

States

Treasury

Bond

3.125

05/15/48

5,309

51,995,000

United

States

Treasury

Bond

3.000

08/15/48

43,867

20,120,000

United

States

Treasury

Bond

3.375

11/15/48

18,183

36,800,172

k

United

States

Treasury

Inflation

Indexed

Bonds

0.500

04/15/24

35,910

8,770,000

United

States

Treasury

Note

0.125

08/31/23

8,698

143,890,000

United

States

Treasury

Note

3.875

03/31/25

141,063

2,205,000

United

States

Treasury

Note

0.250

10/31/25

1,990

177,485,000

United

States

Treasury

Note

4.000

02/15/26

174,760

2,765,000

United

States

Treasury

Note

4.625

03/15/26

2,768

30,850,000

United

States

Treasury

Note

0.500

10/31/27

26,331

255,364,000

United

States

Treasury

Note

3.500

04/30/28

248,142

117,115,000

United

States

Treasury

Note

3.625

05/31/28

114,553

131,595,000

United

States

Treasury

Note

4.000

06/30/28

130,875

1,250,000

United

States

Treasury

Note

1.250

09/30/28

1,082

109,835,000

United

States

Treasury

Note

3.500

04/30/30

106,643

139,476,000

United

States

Treasury

Note

3.375

05/15/33

134,507

10,000,000

United

States

Treasury

Note

1.125

08/15/40

6,430

85,325,800

United

States

Treasury

Note

2.375

02/15/42

66,431

26,721,000

United

States

Treasury

Note

3.250

05/15/42

23,844

281

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

91,758,000

United

States

Treasury

Note

3.375

%

08/15/42

$

83,288

54,100,000

United

States

Treasury

Note

3.875

02/15/43

52,748

37,000,000

e

United

States

Treasury

Note

3.875

05/15/43

36,104

256,002,000

United

States

Treasury

Note

2.250

02/15/52

185,001

89,786,000

United

States

Treasury

Note

3.625

02/15/53

86,167

TOTAL

U.S.

TREASURY

SECURITIES

1,930,641

TOTAL

GOVERNMENT

BONDS

4,665,152

(Cost

$5,011,584)

STRUCTURED

ASSETS

-

19.8%

ASSET

BACKED

-

6.2%

5,000,000

g,i

AGL

CLO

19

Ltd

SOFR

3

M

+

2.750%

7.806

07/21/35

5,013

Series

-

2022

19A

(Class

B1)

7,100,000

g,i

AIMCO

CLO

16

Ltd

LIBOR

3

M

+

1.650%

6.910

01/17/35

6,952

Series

-

2021

16A

(Class

B)

7,500,000

g,i

AIMCO

CLO

Series

LIBOR

3

M

+

1.500%

6.750

04/20/34

7,246

Series

-

2017

AA

(Class

BR)

4,120,000

AmeriCredit

Automobile

Receivables

Trust

2.130

03/18/26

3,902

Series

-

2020

2

(Class

D)

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1.490

09/18/26

5,726

Series

-

2020

3

(Class

D)

3,499,000

g

AMSR

Trust

3.148

01/19/39

3,172

Series

-

2019

SFR1

(Class

C)

3,347,000

g

AMSR

Trust

3.247

01/19/39

3,016

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)

9,500,000

g

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1.380

08/20/27

8,345

Series

-

2021

1A

(Class

A)

4,400,000

g

BHG

Securitization

Trust

1.670

10/17/34

3,883

Series

-

2021

B

(Class

B)

1,809,344

g

BRE

Grand

Islander

Timeshare

Issuer

LLC

3.280

09/26/33

1,700

Series

-

2019

A

(Class

A)

EUR

731,317

g,i

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

5.853

05/22/31

705

Series

-

2021

1A

(Class

D)

12,203,578

g

Capital

Automotive

REIT

2.690

02/15/50

11,452

Series

-

2020

1A

(Class

A1)

5,720,949

g

Capital

Automotive

REIT

1.440

08/15/51

4,941

Series

-

2021

1A

(Class

A1)

4,218,544

g

Capital

Automotive

REIT

1.920

08/15/51

3,611

Series

-

2021

1A

(Class

A3)

9,775,000

g

Cars

Net

Lease

Mortgage

Notes

Series

2.010

12/15/50

8,250

Series

-

2020

1A

(Class

A1)

5,000,000

Carvana

Auto

Receivables

Trust

0.970

03/10/28

4,653

Series

-

2021

N2

(Class

A2)

612,468

Carvana

Auto

Receivables

Trust

1.270

03/10/28

585

Series

-

2021

N2

(Class

D)

EUR

595,590

g,i

Cassia

SRL

EURIBOR

3

M

+

3.500%

6.883

05/22/34

601

Series

-

2022

1A

(Class

B)

4,150,000

g,i

Cayuga

Park

CLO

Ltd

LIBOR

3

M

+

1.650%

1.000

07/17/34

4,036

Series

-

2020

1A

(Class

B1R)

596,055

i

C-BASS

Trust

LIBOR

1

M

+

0.160%

3.075

07/25/36

565

Series

-

2006

CB6

(Class

A1)

17,179,533

g

CF

Hippolyta

LLC

1.690

07/15/60

15,417

Series

-

2020

1

(Class

A1)

5,045,811

g

CF

Hippolyta

LLC

1.990

07/15/60

4,214

Series

-

2020

1

(Class

A2)

2,941,208

g

CF

Hippolyta

LLC

2.280

07/15/60

2,627

Series

-

2020

1

(Class

B1)

CREF

Core

Bond

Account

June

30,

2023

282

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

18,848,951

g

CF

Hippolyta

LLC

1.530

%

03/15/61

$

16,330

Series

-

2021

1A

(Class

A1)

4,476,626

g

CF

Hippolyta

LLC

1.980

03/15/61

3,788

Series

-

2021

1A

(Class

B1)

428,194

i

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5.700

02/26/35

408

Series

-

2004

2

(Class

1M2)

1,393,220

g,i

CIFC

Funding

Ltd

LIBOR

3

M

+

1.220%

6.470

07/20/30

1,386

Series

-

2017

3A

(Class

A1)

2,000,000

g,i

CIFC

Funding

Ltd

LIBOR

3

M

+

1.600%

6.860

11/16/30

1,965

Series

-

2017

5A

(Class

A2)

5,500,000

g,i

CIFC

Funding

Ltd

SOFR

3

M

+

3.000%

8.071

10/22/35

5,548

Series

-

2022

7A

(Class

B1)

41,242

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6.200

02/25/30

41

Series

-

2002

1

(Class

AF6)

6,520,000

i

Citibank

Credit

Card

Issuance

Trust

LIBOR

1

M

+

0.770%

5.988

05/14/29

6,513

Series

-

2017

A6

(Class

A6)

7,921,375

g

DB

Master

Finance

LLC

4.021

05/20/49

7,384

Series

-

2019

1A

(Class

A2II)

36,937,500

g

DB

Master

Finance

LLC

2.045

11/20/51

32,145

Series

-

2021

1A

(Class

A2I)

29,156,000

g

DB

Master

Finance

LLC

2.493

11/20/51

24,649

Series

-

2021

1A

(Class

A2II)

2,250,295

g

Diamond

Resorts

Owner

Trust

2.890

02/20/32

2,131

Series

-

2019

1A

(Class

A)

336,148

g

Diamond

Resorts

Owner

Trust

2.700

11/21/33

304

Series

-

2021

1A

(Class

C)

28,003,500

g

Domino's

Pizza

Master

Issuer

LLC

2.662

04/25/51

23,739

Series

-

2021

1A

(Class

A2I)

3,800,000

g,i

Dryden

49

Senior

Loan

Fund

LIBOR

3

M

+

1.600%

6.862

07/18/30

3,722

Series

-

2017

49A

(Class

BR)

3,611,207

g

DT

Auto

Owner

Trust

0.840

10/15/26

3,515

Series

-

2021

1A

(Class

C)

750,275

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

6.250

05/25/37

741

Series

-

2007

2

(Class

A2C)

2,328,593

g

FCI

Funding

LLC

1.130

04/15/33

2,224

Series

-

2021

1A

(Class

A)

5,271,100

g

FNA

VI

LLC

1.350

01/10/32

4,763

Series

-

2021

1A

(Class

A)

1,281,507

g,i

GoldenTree

Loan

Opportunities

IX

Ltd

LIBOR

3

M

+

1.110%

6.409

10/29/29

1,278

Series

-

2014

9A

(Class

AR2)

43,700,000

g,i

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

2.750%

7.791

07/01/24

43,729

Series

-

2022

2A

(Class

A)

6,925,000

g,i

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

3.350%

8.415

07/01/24

6,930

Series

-

2022

2A

(Class

B)

4,000,000

g

GSCG

Trust

2.936

09/06/34

3,439

Series

-

2019

600C

(Class

A)

241,933

g

HERO

Funding

Trust

3.280

09/20/48

208

Series

-

2017

2A

(Class

A1)

483,865

g

HERO

Funding

Trust

4.070

09/20/48

426

Series

-

2017

2A

(Class

A2)

24,000,000

g

Hertz

Vehicle

Financing

LLC

1.210

12/26/25

22,484

Series

-

2021

1A

(Class

A)

1,084,079

g

Hilton

Grand

Vacations

Trust

2.660

12/26/28

1,070

Series

-

2017

AA

(Class

A)

935,018

g

Hilton

Grand

Vacations

Trust

2.960

12/26/28

920

Series

-

2017

AA

(Class

B)

2,814,976

g

Hilton

Grand

Vacations

Trust

2.340

07/25/33

2,624

Series

-

2019

AA

(Class

A)

347,154

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3.986

06/25/33

338

Series

-

2003

1

(Class

M1)

1,499,931

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

6.396

01/17/38

1,492

Series

-

2018

SFR4

(Class

B)

283

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,949,549

g

JG

Wentworth

XXII

LLC

3.820

%

12/15/48

$

2,896

Series

-

2010

3A

(Class

A)

5,000,000

g,i

KKR

Clo

32

Ltd

LIBOR

3

M

+

1.750%

7.010

01/15/32

4,918

Series

-

2020

32A

(Class

B)

3,500,000

g,i

Madison

Park

Funding

LV

Ltd

SOFR

3

M

+

2.900%

7.882

07/18/35

3,514

Series

-

2022

55A

(Class

B1)

5,500,000

g,i

Madison

Park

Funding

XXI

Ltd

LIBOR

3

M

+

1.650%

6.910

10/15/32

5,393

Series

-

2016

21A

(Class

A2RR)

530,000

g,i

Magnetite

XVIII

Ltd

LIBOR

3

M

+

1.500%

6.821

11/15/28

523

Series

-

2016

18A

(Class

BR)

3,500,000

g,i

Massachusetts

St

LIBOR

3

M

+

1.650%

6.910

01/15/35

3,415

Series

-

2021

3A

(Class

B)

3,414,177

g

MVW

LLC

1.140

01/22/41

3,068

Series

-

2021

1WA

(Class

A)

1,066,184

g

MVW

Owner

Trust

2.420

12/20/34

1,060

Series

-

2017

1A

(Class

A)

1,239,561

g

MVW

Owner

Trust

3.450

01/21/36

1,206

Series

-

2018

1A

(Class

A)

1,343,958

g

MVW

Owner

Trust

2.890

11/20/36

1,277

Series

-

2019

1A

(Class

A)

4,510,475

g

MVW

Owner

Trust

2.220

10/20/38

4,186

Series

-

2019

2A

(Class

A)

2,690,870

g

Navient

Private

Education

Refi

Loan

Trust

1.310

01/15/69

2,431

Series

-

2020

HA

(Class

A)

4,987,517

g

Navient

Private

Education

Refi

Loan

Trust

0.840

05/15/69

4,326

Series

-

2021

A

(Class

A)

2,334,530

g

Navient

Student

Loan

Trust

3.390

12/15/59

2,205

Series

-

2019

BA

(Class

A2A)

1,114,208

g,i

Navient

Student

Loan

Trust

LIBOR

1

M

+

0.980%

6.173

12/15/59

1,098

Series

-

2019

BA

(Class

A2B)

500,000

g,i

NCMF

Trust

SOFR

1

M

+

3.335%

8.482

03/15/39

487

Series

-

2022

MFP

(Class

D)

10,000,000

g,i

Neuberger

Berman

CLO

Ltd

SOFR

3

M

+

1.800%

6.868

04/25/36

9,628

Series

-

2022

48A

(Class

B)

8,600,000

g,i

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd

LIBOR

3

M

+

1.550%

6.800

04/20/31

8,405

Series

-

2019

31A

(Class

BR)

1,000,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd

LIBOR

3

M

+

1.600%

6.860

07/17/35

980

Series

-

2021

43A

(Class

B)

6,650,000

g,i

OHA

Credit

Funding

10

Ltd

LIBOR

3

M

+

1.650%

6.912

01/18/36

6,528

Series

-

2021

10A

(Class

B)

2,250,000

g,i

OHA

Credit

Funding

6

Ltd

LIBOR

3

M

+

1.650%

6.900

07/20/34

2,213

Series

-

2020

6A

(Class

BR)

2,806,530

g

OneMain

Financial

Issuance

Trust

3.840

05/14/32

2,796

Series

-

2020

1A

(Class

A)

9,000,000

g

OneMain

Financial

Issuance

Trust

4.890

10/14/34

8,799

Series

-

2022

2A

(Class

A)

17,350,000

g

OneMain

Financial

Issuance

Trust

1.750

09/14/35

15,481

Series

-

2020

2A

(Class

A)

21,646,000

g,i

OneMain

Financial

Issuance

Trust

30

D

AVG

SOFR

+

0.760%

5.827

06/16/36

21,078

Series

-

2021

1A

(Class

A2)

4,076,069

g

Oportun

Funding

XIV

LLC

1.210

03/08/28

3,884

Series

-

2021

A

(Class

A)

356,518

g

Orange

Lake

Timeshare

Trust

3.100

11/08/30

352

Series

-

2018

A

(Class

A)

8,000,000

g,i

Palmer

Square

CLO

Ltd

SOFR

3

M

+

1.800%

6.848

04/20/35

7,825

Series

-

2022

1A

(Class

B)

9,000,000

g

PFS

Financing

Corp

1.000

10/15/25

8,881

Series

-

2020

E

(Class

A)

9,861,000

g

PFS

Financing

Corp

0.970

02/15/26

9,541

Series

-

2020

G

(Class

A)

1,450,000

g

Progress

Residential

Trust

2.711

11/17/40

1,188

Series

-

2021

SFR9

(Class

D)

CREF

Core

Bond

Account

June

30,

2023

284

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,000,000

g

Purchasing

Power

Funding

LLC

4.370

%

10/15/25

$

940

Series

-

2021

A

(Class

D)

11,887,867

Santander

Drive

Auto

Receivables

Trust

2.220

09/15/26

11,675

Series

-

2020

2

(Class

D)

3,690,000

Santander

Drive

Auto

Receivables

Trust

1.480

01/15/27

3,564

Series

-

2020

4

(Class

D)

34,000,000

Santander

Drive

Auto

Receivables

Trust

1.670

10/15/27

31,380

Series

-

2021

4

(Class

D)

20,237,000

g

SERVPRO

Master

Issuer

LLC

2.394

04/25/51

16,615

Series

-

2021

1A

(Class

A2)

1,031,890

g

Sierra

Timeshare

Receivables

Funding

LLC

3.500

06/20/35

1,027

Series

-

2018

2A

(Class

A)

1,125,278

g

Sierra

Timeshare

Receivables

Funding

LLC

3.200

01/20/36

1,079

Series

-

2019

1A

(Class

A)

1,750,993

g

Sierra

Timeshare

Receivables

Funding

LLC

2.590

05/20/36

1,687

Series

-

2019

2A

(Class

A)

1,020,124

g

Sierra

Timeshare

Receivables

Funding

LLC

2.340

08/20/36

959

Series

-

2019

3A

(Class

A)

1,323,622

g

Sierra

Timeshare

Receivables

Funding

LLC

0.990

11/20/37

1,226

Series

-

2021

1A

(Class

A)

1,435,163

g

Sierra

Timeshare

Receivables

Funding

LLC

1.340

11/20/37

1,321

Series

-

2021

1A

(Class

B)

795,660

g

Sierra

Timeshare

Receivables

Funding

LLC

1.790

11/20/37

729

Series

-

2021

1A

(Class

C)

2,069,781

g

SMB

Private

Education

Loan

Trust

2.430

02/17/32

1,989

Series

-

2016

B

(Class

A2A)

3,656,584

g

SMB

Private

Education

Loan

Trust

2.880

09/15/34

3,502

Series

-

2017

A

(Class

A2A)

4,599,010

g

SMB

Private

Education

Loan

Trust

2.820

10/15/35

4,375

Series

-

2017

B

(Class

A2A)

2,110,829

g

SMB

Private

Education

Loan

Trust

3.500

02/15/36

2,017

Series

-

2018

A

(Class

A2A)

179,324

g

SoFi

Professional

Loan

Program

LLC

2.630

07/25/40

177

Series

-

2017

C

(Class

A2B)

2,270,637

g

SoFi

Professional

Loan

Program

LLC

2.840

01/25/41

2,177

Series

-

2017

F

(Class

A2FX)

4,048,838

g

SoFi

Professional

Loan

Program

LLC

2.950

02/25/42

3,897

Series

-

2018

A

(Class

A2B)

1,697,158

g

SoFi

Professional

Loan

Program

LLC

3.690

06/15/48

1,620

Series

-

2019

A

(Class

A2FX)

3,801,016

g

SpringCastle

America

Funding

LLC

1.970

09/25/37

3,398

Series

-

2020

AA

(Class

A)

9,021,000

g

SpringCastle

America

Funding

LLC

2.660

09/25/37

7,810

Series

-

2020

AA

(Class

B)

6,475,000

g

Stack

Infrastructure

Issuer

LLC

1.893

08/25/45

5,834

Series

-

2020

1A

(Class

A2)

5,875,000

g

Stack

Infrastructure

Issuer

LLC

1.877

03/26/46

5,141

Series

-

2021

1A

(Class

A2)

127,593

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

6.050

09/25/34

125

Series

-

2004

8

(Class

M1)

1,786,000

g

Taco

Bell

Funding

LLC

4.970

05/25/46

1,716

Series

-

2016

1A

(Class

A23)

26,466,950

g

Taco

Bell

Funding

LLC

1.946

08/25/51

22,754

Series

-

2021

1A

(Class

A2I)

16,163,850

g

Taco

Bell

Funding

LLC

2.294

08/25/51

13,271

Series

-

2021

1A

(Class

A2II)

7,000,000

g,i

TICP

CLO

VIII

Ltd

LIBOR

3

M

+

1.700%

6.950

10/20/34

6,826

Series

-

2017

8A

(Class

A2R)

1,275,000

g

Tricon

American

Homes

Trust

2.049

07/17/38

1,138

Series

-

2020

SFR1

(Class

B)

440,000

Verizon

Owner

Trust

0.770

04/21/25

428

Series

-

2020

C

(Class

C)

285

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

19,335,400

g

Wendy's

Funding

LLC

2.370

%

06/15/51

$

15,989

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

662,814

OTHER

MORTGAGE

BACKED

-

13.6%

3,000,000

g,i

20

Times

Square

Trust

3.203

05/15/35

2,523

Series

-

2018

20TS

(Class

B)

12,000,000

g,i

20

TSQ

GROUNDCO

LLC

3.203

05/15/35

9,070

Series

-

2018

20TS

(Class

E)

1,379,850

g,i

ACRE

Commercial

Mortgage

Ltd

SOFR

1

M

+

0.944%

6.035

12/18/37

1,363

Series

-

2021

FL4

(Class

A)

1,103,561

g,i

Agate

Bay

Mortgage

Trust

3.500

09/25/45

985

Series

-

2015

6

(Class

A9)

5,000,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

7.443

04/15/34

3,838

Series

-

2021

ACEN

(Class

C)

5,176,000

g,i

Angel

Oak

Mortgage

Trust

2.837

11/25/66

3,482

Series

-

2021

8

(Class

A3)

GBP

420,888

g,i

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

6.424

07/22/31

447

Series

-

2021

1A

(Class

D)

1,067,340

i

BANK

4.088

11/15/50

903

Series

-

2017

BNK8

(Class

B)

2,500,000

i

BANK

4.232

11/15/50

1,978

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3.093

10/17/52

832

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3.203

12/15/52

3,230

Series

-

2019

BN23

(Class

AS)

1,000,000

i

BANK

3.851

07/15/60

817

Series

-

2017

BNK6

(Class

C)

1,673,448

BANK

2.758

09/15/62

1,432

Series

-

2019

BN20

(Class

A2)

8,000,000

i

BANK

3.283

11/15/62

6,785

Series

-

2019

BN24

(Class

AS)

1,183,000

i

BANK

3.635

11/15/62

862

Series

-

2019

BN24

(Class

C)

6,707,530

g,i

Bayview

MSR

Opportunity

Master

Fund

Trust

3.000

10/25/51

5,429

Series

-

2021

6

(Class

A19)

1,250,000

g,i

BBCMS

Mortgage

Trust

4.409

08/05/38

843

Series

-

2018

CHRS

(Class

E)

3,733,891

BBCMS

Mortgage

Trust

3.488

02/15/50

3,548

Series

-

2017

C1

(Class

ASB)

4,700,000

h,i

BBCMS

Mortgage

Trust

6.383

07/15/56

4,784

Series

-

2023

C20

(Class

A2)

4,600,000

g,i

Benchmark

Mortgage

Trust

2.791

09/15/48

3,692

Series

-

2020

IG2

(Class

AM)

2,740,000

g,i

Benchmark

Mortgage

Trust

3.233

09/15/48

2,257

Series

-

2020

IG3

(Class

AS)

2,500,000

g,i

Benchmark

Mortgage

Trust

3.654

09/15/48

2,143

Series

-

2020

IG3

(Class

BXA)

3,452,143

Benchmark

Mortgage

Trust

4.016

03/15/52

3,138

Series

-

2019

B9

(Class

A5)

3,000,000

Benchmark

Mortgage

Trust

3.784

05/15/52

2,588

Series

-

2019

B11

(Class

AS)

1,500,000

Benchmark

Mortgage

Trust

3.419

08/15/52

1,296

Series

-

2019

B12

(Class

AS)

830,000

Benchmark

Mortgage

Trust

4.241

05/15/53

771

Series

-

2018

B7

(Class

A3)

5,921,744

i

Benchmark

Mortgage

Trust

4.510

05/15/53

5,578

Series

-

2018

B7

(Class

A4)

1,000,000

Benchmark

Mortgage

Trust

2.355

07/15/54

715

Series

-

2021

B27

(Class

B)

CREF

Core

Bond

Account

June

30,

2023

286

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

i

Benchmark

Mortgage

Trust

2.244

%

08/15/54

$

7,086

Series

-

2021

B28

(Class

B)

10,000,000

Benchmark

Mortgage

Trust

2.429

08/15/54

7,729

Series

-

2021

B28

(Class

AS)

3,000,000

i

BENCHMARK

Mortgage

Trust

4.435

02/15/51

2,387

Series

-

2018

B2

(Class

C)

9,500,000

BMARK

AS

2.612

09/15/54

7,451

Series

-

2021

B29

(Class

AS)

2,360,000

g

BWAY

Mortgage

Trust

3.402

02/10/44

1,796

Series

-

2022

26BW

(Class

A)

5,000,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

0.921%

6.114

12/15/38

4,881

Series

-

2021

CIP

(Class

A)

7,500,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.271%

6.464

12/15/38

7,296

Series

-

2021

CIP

(Class

B)

1,115,772

g,i

BX

TRUST

SOFR

1

M

+

2.949%

8.096

08/15/39

1,111

Series

-

2022

PSB

(Class

B)

1,325,000

g

BXP

Trust

3.459

08/13/37

1,153

Series

-

2017

CC

(Class

A)

5,000,000

g

BXP

Trust

2.618

01/15/44

3,824

Series

-

2021

601L

(Class

A)

10,000,000

g,i

BXP

Trust

2.868

01/15/44

6,606

Series

-

2021

601L

(Class

C)

5,500,000

g,i

BXP

Trust

2.868

01/15/44

3,337

Series

-

2021

601L

(Class

D)

3,361,600

CD

Mortgage

Trust

2.622

08/10/49

3,171

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2.926

08/10/49

7,956

Series

-

2016

CD1

(Class

AM)

5,750,000

i

CD

Mortgage

Trust

3.879

11/10/49

4,650

Series

-

2016

CD2

(Class

B)

1,000,000

i

CD

Mortgage

Trust

4.112

11/10/49

777

Series

-

2016

CD2

(Class

C)

703,956

CD

Mortgage

Trust

3.453

02/10/50

669

Series

-

2017

CD3

(Class

AAB)

500,000

i

CD

Mortgage

Trust

4.697

02/10/50

304

Series

-

2017

CD3

(Class

C)

4,092,476

CD

Mortgage

Trust

3.220

08/15/50

3,880

Series

-

2017

CD5

(Class

AAB)

3,457,000

CD

Mortgage

Trust

2.812

08/15/57

3,115

Series

-

2019

CD8

(Class

ASB)

884,565

CFCRE

Commercial

Mortgage

Trust

3.121

05/10/58

828

Series

-

2016

C4

(Class

AHR)

343,886

i

CHL

Mortgage

Pass-Through

Trust

3.864

02/20/35

343

Series

-

2004

HYB9

(Class

1A1)

2,500,000

g,i

Citigroup

Commercial

Mortgage

Trust

3.635

05/10/35

2,276

Series

-

2013

375P

(Class

B)

4,500,000

g

Citigroup

Commercial

Mortgage

Trust

3.341

05/10/36

4,442

Series

-

2019

PRM

(Class

A)

2,400,000

Citigroup

Commercial

Mortgage

Trust

4.023

03/11/47

2,374

Series

-

2014

GC19

(Class

A4)

1,700,000

i

Citigroup

Commercial

Mortgage

Trust

3.758

04/10/48

1,574

Series

-

2015

GC29

(Class

B)

3,000,000

i

Citigroup

Commercial

Mortgage

Trust

4.277

04/10/48

2,715

Series

-

2015

GC29

(Class

C)

4,537,015

Citigroup

Commercial

Mortgage

Trust

3.243

08/15/50

4,307

Series

-

2017

B1

(Class

AAB)

6,765,000

Citigroup

Commercial

Mortgage

Trust

3.764

10/12/50

5,942

Series

-

2017

C4

(Class

AS)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3.778

09/10/58

1,888

Series

-

2015

GC33

(Class

A4)

5,000,000

g

COMM

Mortgage

Trust

3.244

10/10/29

4,686

Series

-

2017

PANW

(Class

A)

287

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

g

COMM

Mortgage

Trust

3.376

%

01/10/39

$

2,369

Series

-

2022

HC

(Class

C)

123,617

COMM

Mortgage

Trust

2.853

10/15/45

115

Series

-

2012

CR4

(Class

A3)

4,180,840

g,i

COMM

Mortgage

Trust

3.842

06/10/46

3,919

Series

-

2013

CR8

(Class

B)

1,960,563

g,i

COMM

Mortgage

Trust

5.021

08/10/46

1,929

Series

-

2013

CR10

(Class

B)

5,000,000

g,i

COMM

Mortgage

Trust

5.021

08/10/46

4,851

Series

-

2013

CR10

(Class

C)

3,000,000

COMM

Mortgage

Trust

4.199

03/10/47

2,943

Series

-

2014

UBS2

(Class

AM)

750,000

COMM

Mortgage

Trust

4.174

05/10/47

717

Series

-

2014

CR17

(Class

AM)

2,500,000

g,i

COMM

Mortgage

Trust

4.767

06/10/47

1,710

Series

-

2014

UBS3

(Class

D)

5,240,000

COMM

Mortgage

Trust

3.917

10/10/47

5,072

Series

-

2014

LC17

(Class

A5)

5,205,000

i

COMM

Mortgage

Trust

4.188

10/10/47

5,003

Series

-

2014

LC17

(Class

AM)

2,288,546

i

COMM

Mortgage

Trust

4.490

10/10/47

2,182

Series

-

2014

LC17

(Class

B)

2,825,979

i

COMM

Mortgage

Trust

3.829

02/10/48

2,546

Series

-

2015

LC19

(Class

B)

1,000,000

g

COMM

Mortgage

Trust

3.000

03/10/48

736

Series

-

2015

CR22

(Class

E)

1,445,000

COMM

Mortgage

Trust

3.309

03/10/48

1,375

Series

-

2015

CR22

(Class

A5)

3,382,775

i

COMM

Mortgage

Trust

3.603

03/10/48

3,181

Series

-

2015

CR22

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

3.926

03/10/48

1,811

Series

-

2015

CR22

(Class

B)

2,696,000

i

COMM

Mortgage

Trust

4.204

03/10/48

2,414

Series

-

2015

CR22

(Class

C)

7,405,000

COMM

Mortgage

Trust

3.801

05/10/48

6,920

Series

-

2015

CR23

(Class

AM)

4,500,000

i

COMM

Mortgage

Trust

4.183

05/10/48

4,177

Series

-

2015

CR23

(Class

B)

2,549,000

i

COMM

Mortgage

Trust

4.443

05/10/48

2,210

Series

-

2015

CR23

(Class

C)

1,798,820

COMM

Mortgage

Trust

3.421

07/10/48

1,750

Series

-

2015

LC21

(Class

ASB)

4,000,000

i

COMM

Mortgage

Trust

3.463

08/10/48

3,182

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3.696

08/10/48

2,420

Series

-

2015

CR24

(Class

A5)

5,000,000

i

COMM

Mortgage

Trust

4.028

08/10/48

4,695

Series

-

2015

CR24

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

4.490

08/10/48

1,829

Series

-

2015

CR24

(Class

B)

1,467,000

i

COMM

Mortgage

Trust

4.490

08/10/48

1,290

Series

-

2015

CR24

(Class

C)

1,352,000

COMM

Mortgage

Trust

3.612

10/10/48

1,275

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3.630

10/10/48

3,034

Series

-

2015

CR26

(Class

A4)

2,075,000

COMM

Mortgage

Trust

3.774

10/10/48

1,966

Series

-

2015

LC23

(Class

A4)

1,875,000

i

COMM

Mortgage

Trust

4.615

10/10/48

1,727

Series

-

2015

CR26

(Class

B)

4,855,000

i

COMM

Mortgage

Trust

4.698

10/10/48

4,349

Series

-

2015

LC23

(Class

C)

CREF

Core

Bond

Account

June

30,

2023

288

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

990,713

COMM

Mortgage

Trust

3.651

%

02/10/49

$

938

Series

-

2016

CR28

(Class

AHR)

4,650,000

i

COMM

Mortgage

Trust

4.758

02/10/49

4,207

Series

-

2016

CR28

(Class

B)

1,550,000

COMM

Mortgage

Trust

3.263

08/15/57

1,305

Series

-

2019

GC44

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

3.641

08/15/57

1,469

Series

-

2019

GC44

(Class

C)

2,600,000

i

COMM

MORTGAGE

TRUST

4.493

05/10/51

2,392

Series

-

2018

COR3

(Class

AM)

6,956,056

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.900%

6.967

12/25/41

6,785

Series

-

2022

R01

(Class

1M2)

6,000,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.500%

9.567

01/25/42

6,036

Series

-

2022

R02

(Class

2B1)

3,006,400

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.250%

6.349

03/25/42

3,234

Series

-

2022

R03

(Class

1B1)

19,340,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.167

03/25/42

19,553

Series

-

2022

R04

(Class

1M2)

18,955,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8.567

03/25/42

19,367

Series

-

2022

R03

(Class

1M2)

5,970,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8.067

04/25/42

5,954

Series

-

2022

R05

(Class

2M2)

30,200,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

8.917

05/25/42

31,143

Series

-

2022

R06

(Class

1M2)

23,635,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9.717

06/25/42

25,021

Series

-

2022

R07

(Class

1M2)

9,405,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8.667

07/25/42

9,617

Series

-

2022

R08

(Class

1M2)

12,890,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

9.817

09/25/42

13,598

Series

-

2022

R09

(Class

2M2)

12,945,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

8.817

12/25/42

13,287

Series

-

2023

R01

(Class

1M2)

7,400,000

g,i

Credit

Suisse

Commercial

Mortgage

Trust

3.854

11/10/32

5,828

Series

-

2017

CALI

(Class

B)

1,905,260

g,i

Credit

Suisse

Mortgage

Capital

Certificates

LIBOR

1

M

+

1.600%

6.793

05/15/36

1,883

Series

-

2019

ICE4

(Class

D)

8,183,985

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

6,618

Series

-

2021

NQM8

(Class

A3)

4,270,400

g,i

CSMC

Series

3.388

10/25/59

3,683

Series

-

2019

NQM1

(Class

M1)

9,250,000

DBGS

Mortgage

Trust

4.466

10/15/51

8,669

Series

-

2018

C1

(Class

A4)

6,611,284

DBJPM

Mortgage

Trust

2.756

08/10/49

6,252

Series

-

2016

C3

(Class

ASB)

7,895,841

DBJPM

Mortgage

Trust

3.121

06/10/50

7,486

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2.340

08/15/53

4,081

Series

-

2020

C9

(Class

AM)

17,410,000

g

DBUBS

Mortgage

Trust

3.452

10/10/34

15,744

Series

-

2017

BRBK

(Class

A)

15,500,000

g,i

DBUBS

Mortgage

Trust

3.648

10/10/34

13,351

Series

-

2017

BRBK

(Class

B)

5,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.120%

6.314

11/15/38

4,851

Series

-

2021

ELP

(Class

B)

7,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

6.514

11/15/38

6,775

Series

-

2021

ELP

(Class

C)

6,870,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

7.312

11/15/38

6,606

Series

-

2021

ELP

(Class

E)

4,999,900

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

0.755%

5.948

10/15/38

4,862

Series

-

2021

EQAZ

(Class

A)

2,375,162

g,i

Flagstar

Mortgage

Trust

4.013

10/25/47

2,090

Series

-

2017

2

(Class

B3)

289

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

126,756

g,i

Flagstar

Mortgage

Trust

4

.000

%

09/25/48

$

117

Series

-

2018

5

(Class

A11)

3,206,841

g,i

Flagstar

Mortgage

Trust

2.500

04/25/51

2,490

Series

-

2021

2

(Class

A4)

9,164,041

g,i

Flagstar

Mortgage

Trust

2.500

06/01/51

7,103

Series

-

2021

4

(Class

A21)

1,000,000

Ford

Credit

Auto

Owner

Trust

5.140

03/15/26

995

Series

-

2023

A

(Class

A2A)

1,000,000

i

Ford

Credit

Auto

Owner

Trust

30

D

AVG

SOFR

+

0.720%

5.787

03/15/26

1,003

Series

-

2023

A

(Class

A2B)

13,204,944

Freddie

Mac

REMICS

3.000

09/25/50

9,355

Series

-

2021

5160

(Class

ZG)

1,284,796

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

1.500%

6.567

10/25/41

1,254

Series

-

2021

DNA6

(Class

M2)

4,040,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.500%

7.567

01/25/42

3,915

Series

-

2022

DNA1

(Class

M2)

16,690,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.900%

7.967

04/25/42

16,683

Series

-

2022

DNA3

(Class

M1B)

4,165,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

5.650%

8.647

04/25/42

4,281

Series

-

2022

DNA3

(Class

B1)

1,410,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

4.350%

9.417

04/25/42

1,454

Series

-

2022

DNA3

(Class

M2)

25,280,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.350%

8.417

05/25/42

25,594

Series

-

2022

DNA4

(Class

M1B)

3,100,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.550%

8.617

08/25/42

3,147

Series

-

2022

HQA3

(Class

M1B)

15,170,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.700%

8.767

09/25/42

15,661

Series

-

2022

DNA6

(Class

M1B)

3,480,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.750%

9.817

02/25/42

3,472

Series

-

2022

DNA2

(Class

B1)

GBP

895,609

g,i

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

7.647

11/20/33

1,022

Series

-

2021

1A

(Class

GBD)

5,000,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

1.250%

6.443

11/15/36

4,860

Series

-

2021

ARDN

(Class

A)

3,600,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

3.350%

8.543

11/15/36

3,411

Series

-

2021

ARDN

(Class

E)

1,130,000

g,i

GS

Mortgage

Securities

Corp

II

3.591

09/10/37

989

Series

-

2017

375H

(Class

A)

2,500,000

g,i

GS

Mortgage

Securities

Corp

II

3.599

09/10/37

2,124

Series

-

2017

375H

(Class

B)

1,350,000

i

GS

Mortgage

Securities

Corp

II

3.777

05/10/50

1,266

Series

-

2015

GC30

(Class

AS)

5,235,000

g,i

GS

Mortgage

Securities

Corp

Trust

LIBOR

1

M

+

1.850%

7.043

07/15/31

3,637

Series

-

2018

TWR

(Class

D)

3,000,000

g,i

GS

Mortgage

Securities

Corp

Trust

LIBOR

1

M

+

2.750%

7.943

11/15/36

2,857

Series

-

2021

ARDN

(Class

D)

2,000,000

g,i

GS

Mortgage

Securities

Trust

LIBOR

1

M

+

1.700%

6.893

07/15/31

1,582

Series

-

2018

TWR

(Class

C)

461,612

GS

Mortgage

Securities

Trust

3.206

02/10/48

450

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

6,931

Series

-

2015

GC32

(Class

AS)

1,541,040

GS

Mortgage

Securities

Trust

3.278

10/10/48

1,482

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3.143

10/10/49

1,790

Series

-

2016

GS3

(Class

AS)

1,500,000

i

GS

Mortgage

Securities

Trust

4.078

11/10/49

1,215

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3.674

03/10/50

1,820

Series

-

2017

GS5

(Class

A4)

CREF

Core

Bond

Account

June

30,

2023

290

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,150,000

i

GS

Mortgage

Securities

Trust

3.826

%

03/10/50

$

3,712

Series

-

2017

GS5

(Class

AS)

9,160,963

GS

Mortgage

Securities

Trust

3.230

05/10/50

8,706

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3.433

05/10/50

5,491

Series

-

2017

GS6

(Class

A3)

2,540,000

i

GS

Mortgage

Securities

Trust

4.160

05/10/50

2,285

Series

-

2015

GC30

(Class

B)

5,000,000

i

GS

Mortgage

Securities

Trust

4.204

05/10/50

4,409

Series

-

2015

GC30

(Class

C)

3,000,000

GS

Mortgage

Securities

Trust

3.837

11/10/50

2,768

Series

-

2017

GS8

(Class

ABP)

4,844,000

i

GS

Mortgage

Securities

Trust

4.468

11/10/50

4,023

Series

-

2017

GS8

(Class

C)

3,050,000

i

GS

Mortgage

Securities

Trust

4.158

02/10/52

2,727

Series

-

2019

GC38

(Class

AS)

2,500,000

i

GS

Mortgage

Securities

Trust

3.173

02/13/53

2,090

Series

-

2020

GC45

(Class

AS)

173,066

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

161

Series

-

2019

PJ2

(Class

A1)

452,083

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

420

Series

-

2019

PJ2

(Class

A4)

921,668

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

775

Series

-

2020

PJ4

(Class

A4)

1,291,843

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

1,076

Series

-

2020

PJ5

(Class

A4)

1,951,955

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

05/25/51

1,513

Series

-

2020

PJ6

(Class

A4)

94,325,955

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

0.150

08/25/51

660

Series

-

2021

PJ3

(Class

AX1)

12,534,817

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

9,732

Series

-

2021

PJ5

(Class

A4)

12,159,702

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

9,813

Series

-

2022

PJ2

(Class

A36)

4,382,645

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

09/25/52

3,537

Series

-

2022

PJ4

(Class

A36)

1,025,570

g,i

GS

Mortgage-Backed

Securities

Trust

3.632

05/25/50

848

Series

-

2020

PJ1

(Class

B2)

2,436,315

g,i

GS

Mortgage-Backed

Securities

Trust

2.500

07/25/51

1,888

Series

-

2021

PJ2

(Class

A4)

17,945,517

g,i

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

14,022

Series

-

2021

PJ6

(Class

A4)

21,792,227

g,i

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

16,892

Series

-

2021

PJ7

(Class

A4)

10,187,453

g,i

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

7,897

Series

-

2021

PJ8

(Class

A4)

3,422,282

g,i

GS

Mortgage-Backed

Securities

Trust

2.713

01/25/52

2,523

Series

-

2021

PJ7

(Class

B2)

10,742,311

g,i

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

8,327

Series

-

2021

PJ10

(Class

A4)

4,791,446

g,i

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

4,087

Series

-

2022

PJ1

(Class

A8)

3,052,913

g,i

GS

Mortgage-Backed

Securities

Trust

2.823

05/28/52

2,332

Series

-

2022

PJ1

(Class

B2)

7,375,141

g,i

GS

Mortgage-Backed

Securities

Trust

3.000

07/25/52

5,970

Series

-

2022

INV1

(Class

A4)

11,137,147

g,i

GS

Mortgage-Backed

Securities

Trust

3.000

08/26/52

9,015

Series

-

2022

GR2

(Class

A4)

9,551,038

g,i

GS

Mortgage-Backed

Securities

Trust

3.000

09/25/52

7,731

Series

-

2022

HP1

(Class

A4)

7,075,906

g,i

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

5,710

Series

-

2022

PJ5

(Class

A36)

291

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,775,361

g,i

GS

Mortgage-Backed

Securities

Trust

3.000

%

01/25/53

$

4,675

Series

-

2022

PJ6

(Class

A24)

8,435,760

g,i

GS

Mortgage-Backed

Securities

Trust

3.500

02/25/53

7,144

Series

-

2023

PJ1

(Class

A24)

1,624,861

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

5.777

08/19/45

1,491

Series

-

2005

11

(Class

2A1A)

6,000,000

g

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

5,396

Series

-

2016

10HY

(Class

A)

2,500,000

g,i

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

2,211

Series

-

2016

10HY

(Class

B)

7,250,000

g,i

Hudson

Yards

Mortgage

Trust

3.076

08/10/38

6,315

Series

-

2016

10HY

(Class

C)

5,500,000

g,i

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

3,986

Series

-

2019

55HY

(Class

D)

2,750,000

g,i

Hudson

Yards

Mortgage

Trust

3.041

12/10/41

1,894

Series

-

2019

55HY

(Class

E)

254,869

i

Impac

CMB

Trust

LIBOR

1

M

+

0.660%

5.810

03/25/35

238

Series

-

2004

11

(Class

2A1)

2,734,675

g,i

Imperial

Fund

Mortgage

Trust

2.051

10/25/55

2,421

Series

-

2020

NQM1

(Class

A3)

1,043,500

g,i

Imperial

Fund

Mortgage

Trust

3.531

10/25/55

865

Series

-

2020

NQM1

(Class

M1)

1,000,000

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4.767

07/05/31

685

Series

-

2018

AON

(Class

D)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.914

01/15/49

1,682

Series

-

2015

JP1

(Class

A5)

3,874,867

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2.713

08/15/49

3,670

Series

-

2016

JP2

(Class

ASB)

4,500,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.379

09/15/50

4,337

Series

-

2017

JP7

(Class

A3)

3,155,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3.065

01/16/37

2,808

Series

-

2020

NNN

(Class

BFX)

3,317,978

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6.191

12/25/44

3,152

Series

-

2015

1

(Class

B1)

210,078

g,i

JP

Morgan

Mortgage

Trust

3.500

05/25/45

187

Series

-

2015

3

(Class

A19)

2,157,686

g,i

JP

Morgan

Mortgage

Trust

3.500

10/25/45

1,936

Series

-

2015

6

(Class

A13)

405,771

g,i

JP

Morgan

Mortgage

Trust

3.500

05/25/46

359

Series

-

2016

1

(Class

A13)

1,121,442

g,i

JP

Morgan

Mortgage

Trust

3.500

05/25/47

990

Series

-

2017

2

(Class

A13)

2,246,496

g,i

JP

Morgan

Mortgage

Trust

3.500

09/25/48

1,944

Series

-

2018

3

(Class

A13)

1,073,253

g,i

JP

Morgan

Mortgage

Trust

3.500

10/25/48

936

Series

-

2018

4

(Class

A13)

3,168,404

g,i

JP

Morgan

Mortgage

Trust

3.500

10/25/48

2,724

Series

-

2018

5

(Class

A13)

1,982,572

g,i

JP

Morgan

Mortgage

Trust

3.356

10/26/48

1,899

Series

-

2017

5

(Class

A2)

230,459

g,i

JP

Morgan

Mortgage

Trust

4.000

01/25/49

212

Series

-

2018

8

(Class

A13)

697,874

g,i

JP

Morgan

Mortgage

Trust

4.000

02/25/49

639

Series

-

2018

9

(Class

A13)

314,824

g,i

JP

Morgan

Mortgage

Trust

4.000

05/25/49

291

Series

-

2019

1

(Class

A3)

572,340

g,i

JP

Morgan

Mortgage

Trust

4.000

05/25/49

527

Series

-

2019

1

(Class

A15)

CREF

Core

Bond

Account

June

30,

2023

292

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,210,476

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

6.088

%

10/25/49

$

1,171

Series

-

2019

INV1

(Class

A11)

6,634,791

g,i

JP

Morgan

Mortgage

Trust

3.833

06/25/50

5,607

Series

-

2020

1

(Class

B2)

29,274,470

g,i

JP

Morgan

Mortgage

Trust

0.143

07/25/51

199

Series

-

2021

3

(Class

AX1)

20,848,526

g,i

JP

Morgan

Mortgage

Trust

0.132

08/25/51

131

Series

-

2021

4

(Class

AX1)

2,410,737

g,i

JP

Morgan

Mortgage

Trust

2.882

08/25/51

1,840

Series

-

2021

4

(Class

B2)

39,650,351

g,i

JP

Morgan

Mortgage

Trust

0.137

10/25/51

257

Series

-

2021

6

(Class

AX1)

7,410,897

g,i

JP

Morgan

Mortgage

Trust

2.500

10/25/51

5,754

Series

-

2021

6

(Class

A15)

5,289,977

g,i

JP

Morgan

Mortgage

Trust

2.500

11/25/51

4,107

Series

-

2021

7

(Class

A15)

10,522,355

g,i

JP

Morgan

Mortgage

Trust

0.400

12/25/51

228

Series

-

2021

INV2

(Class

AX4)

6,498,785

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

5,046

Series

-

2021

8

(Class

A15)

2,502,010

g,i

JP

Morgan

Mortgage

Trust

2.500

12/25/51

1,939

Series

-

2021

10

(Class

A15)

8,702,410

g,i

JP

Morgan

Mortgage

Trust

2.500

01/25/52

6,746

Series

-

2021

11

(Class

A15)

2,551,171

g,i

JP

Morgan

Mortgage

Trust

2.500

02/25/52

1,978

Series

-

2021

12

(Class

A15)

10,462,410

g,i

JP

Morgan

Mortgage

Trust

0.500

04/25/52

281

Series

-

2021

INV6

(Class

A5X)

8,911,162

g,i

JP

Morgan

Mortgage

Trust

3.347

04/25/52

7,135

Series

-

2021

INV6

(Class

B1)

5,702,183

g,i

JP

Morgan

Mortgage

Trust

3.347

04/25/52

4,454

Series

-

2021

INV6

(Class

B2)

3,925,713

g,i

JP

Morgan

Mortgage

Trust

2.500

05/25/52

3,043

Series

-

2021

14

(Class

A15)

2,660,884

g,i

JP

Morgan

Mortgage

Trust

2.927

05/25/52

2,021

Series

-

2021

LTV2

(Class

A3)

11,226,679

g,i

JP

Morgan

Mortgage

Trust

2.500

06/25/52

8,702

Series

-

2021

15

(Class

A15)

14,248,001

g,i

JP

Morgan

Mortgage

Trust

2.500

07/25/52

11,044

Series

-

2022

1

(Class

A15)

24,452,412

g,i

JP

Morgan

Mortgage

Trust

3.250

07/25/52

20,474

Series

-

2022

LTV1

(Class

A1)

19,261,871

g,i

JP

Morgan

Mortgage

Trust

3.000

08/25/52

15,544

Series

-

2022

3

(Class

A25)

17,174,655

g,i

JP

Morgan

Mortgage

Trust

3.000

08/25/52

13,902

Series

-

2022

2

(Class

A25)

7,552,186

g,i

JP

Morgan

Mortgage

Trust

3.000

09/25/52

6,138

Series

-

2022

INV3

(Class

A6)

12,244,584

g,i

JP

Morgan

Mortgage

Trust

3.500

09/25/52

10,321

Series

-

2022

LTV2

(Class

A6)

10,343,207

g,i

JP

Morgan

Mortgage

Trust

3.000

10/25/52

8,372

Series

-

2022

4

(Class

A17A)

6,171,657

g,i

JP

Morgan

Mortgage

Trust

3.000

11/25/52

4,996

Series

-

2022

6

(Class

A17A)

6,895,061

g,i

JP

Morgan

Mortgage

Trust

3.000

12/25/52

5,581

Series

-

2022

7

(Class

1A17)

4,233,711

g,i

JP

Morgan

Mortgage

Trust

5.000

06/25/53

3,950

Series

-

2023

1

(Class

A15A)

4,238,473

g,i

JP

Morgan

Mortgage

Trust

5.500

06/25/53

4,042

Series

-

2023

1

(Class

A15B)

5,172,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.997

08/15/47

4,956

Series

-

2014

C21

(Class

AS)

293

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,686,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4.629

%

09/15/47

$

2,530

Series

-

2014

C23

(Class

B)

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.898

02/15/48

2,754

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.611

05/15/48

2,419

Series

-

2015

C29

(Class

A4)

2,500,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

3.917

05/15/48

2,349

Series

-

2015

C29

(Class

AS)

2,350,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4.118

05/15/48

2,145

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4.106

08/15/48

3,262

Series

-

2015

C31

(Class

AS)

9,952,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4.776

08/15/48

8,197

Series

-

2015

C31

(Class

B)

3,000,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4.776

08/15/48

2,341

Series

-

2015

C31

(Class

C)

1,820,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4.859

03/17/49

1,621

Series

-

2016

C1

(Class

C)

2,410,915

JPMCC

Commercial

Mortgage

Securities

Trust

3.457

03/15/50

2,285

Series

-

2017

JP5

(Class

A4)

904,576

JPMCC

Commercial

Mortgage

Securities

Trust

3.549

03/15/50

856

Series

-

2017

JP5

(Class

ASB)

1,000,000

i

JPMCC

Commercial

Mortgage

Securities

Trust

3.905

03/15/50

752

Series

-

2017

JP5

(Class

C)

1,000,000

i

JPMDB

Commercial

Mortgage

Securities

Trust

3.194

12/15/49

791

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3.694

03/15/50

2,769

Series

-

2017

C5

(Class

A5)

9,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

2.536

05/13/53

7,114

Series

-

2020

COR7

(Class

AS)

2,489,846

g

Ladder

Capital

Commercial

Mortgage

Securities

3.575

02/15/36

2,282

Series

-

2013

GCP

(Class

A1)

4,055,555

g

Ladder

Capital

Commercial

Mortgage

Securities

3.357

07/12/50

3,839

Series

-

2017

LC26

(Class

ASB)

EUR

589,114

g,i

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1.000

08/17/33

576

Series

-

2021

1A

(Class

E)

EUR

599,877

g,i

Last

Mile

Securities

PE

2021

DAC

EURIBOR

3

M

+

2.350%

5.708

08/17/31

593

Series

-

2021

1A

(Class

D)

7,250,000

g

Liberty

Street

Trust

3.597

02/10/36

6,502

Series

-

2016

225L

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3.294

08/15/34

3,681

Series

-

2017

330M

(Class

A)

1,500,000

g,i

Manhattan

West

2.413

09/10/39

1,269

Series

-

2020

1MW

(Class

B)

523,129

i

Merrill

Lynch

Mortgage

Investors

Trust

LIBOR

1

M

+

0.520%

2

.278

01/25/37

487

Series

-

2006

WMC1

(Class

A1B)

2,722,215

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.989

12/15/46

2,472

Series

-

2014

C19

(Class

LNC1)

896,941

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.384

12/15/46

799

Series

-

2014

C19

(Class

LNC2)

4,650,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.832

12/15/47

4,420

Series

-

2014

C19

(Class

AS)

1,600,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.605

02/15/48

1,510

Series

-

2015

C20

(Class

AS)

1,250,000

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.603

02/15/48

1,142

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.338

03/15/48

2,370

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.652

03/15/48

6,083

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.561

04/15/48

2,804

Series

-

2015

C22

(Class

AS)

CREF

Core

Bond

Account

June

30,

2023

294

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,380,820

g,i

Morgan

Stanley

Capital

I

Inc

LIBOR

1

M

+

1.377%

6.571

%

11/15/23

$

3,264

Series

-

2021

ILP

(Class

C)

388,737

i

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

165

Series

-

2007

IQ16

(Class

AJ)

265,169

i

Morgan

Stanley

Capital

I

Trust

6.282

12/12/49

112

Series

-

2007

IQ16

(Class

AJFX)

4,542,320

Morgan

Stanley

Capital

I

Trust

3.304

06/15/50

4,354

Series

-

2017

H1

(Class

ASB)

1,458,000

Morgan

Stanley

Capital

I

Trust

3.587

12/15/50

1,333

Series

-

2017

HR2

(Class

A4)

2,840,000

i

Morgan

Stanley

Capital

I

Trust

4

.429

07/15/51

2,610

Series

-

2018

H3

(Class

AS)

655,184

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

07/25/51

562

Series

-

2021

4

(Class

A4)

8,168,161

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

6,331

Series

-

2021

5

(Class

A9)

2,017,471

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

1,731

Series

-

2021

6

(Class

A4)

5,498,886

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

4,262

Series

-

2021

6

(Class

A9)

3,000,000

g,i

MSDB

Trust

3.427

07/11/39

2,558

Series

-

2017

712F

(Class

A)

1,200,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

3.917

11/15/32

1,115

Series

-

2018

285M

(Class

A)

15,010,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5.915

07/15/36

14,137

Series

-

2019

MILE

(Class

A)

5,000,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.879%

7.026

07/15/36

4,587

Series

-

2019

MILE

(Class

B)

2,900,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7.426

07/15/36

2,612

Series

-

2019

MILE

(Class

C)

5,000,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.829%

7.976

07/15/36

4,352

Series

-

2019

MILE

(Class

D)

703,488

g

Natixis

Commercial

Mortgage

Securities

Trust

2.966

12/15/38

653

Series

-

2020

2PAC

(Class

A)

1,080,171

g,i

New

Residential

Mortgage

Loan

Trust

2.797

09/25/59

978

Series

-

2019

NQM4

(Class

A3)

980,000

g,i

New

Residential

Mortgage

Loan

Trust

2.986

09/25/59

777

Series

-

2019

NQM4

(Class

M1)

277,158

i

New

York

Mortgage

Trust

LIBOR

1

M

+

0.480%

5.630

02/25/36

271

Series

-

2005

3

(Class

A1)

1,825,000

g,i

NLT

Trust

2.569

08/25/56

1,189

Series

-

2021

INV2

(Class

M1)

11,182,204

g,i

OBX

Trust

2.500

07/25/51

8,668

Series

-

2021

J2

(Class

A19)

9,770,649

g,i

OBX

Trust

4.000

10/25/52

8,478

Series

-

2022

INV5

(Class

A13)

855,780

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

5.800

06/25/57

812

Series

-

2018

1

(Class

A2)

3,461,472

g,i

Oceanview

Mortgage

Trust

2.500

05/25/51

2,687

Series

-

2021

1

(Class

A19)

2,557,007

g,i

Oceanview

Mortgage

Trust

4.500

11/25/52

2,354

Series

-

2022

1

(Class

A1)

5,434,000

g

Olympic

Tower

Mortgage

Trust

3.566

05/10/39

4,741

Series

-

2017

OT

(Class

A)

5,120,000

g

One

Bryant

Park

Trust

2.516

09/15/54

4,169

Series

-

2019

OBP

(Class

A)

2,000,000

g

RBS

Commercial

Funding,

Inc

Trust

3.511

03/11/31

1,696

Series

-

2013

SMV

(Class

B)

14,905,461

g,i

RCKT

Mortgage

Trust

2.500

02/25/52

11,605

Series

-

2022

2

(Class

A22)

3,299,780

g,i

RCKT

Mortgage

Trust

3.500

06/25/52

2,774

Series

-

2022

4

(Class

A22)

295

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

632,490

g,i

Sequoia

Mortgage

Trust

3.500

%

05/25/45

$

567

Series

-

2015

2

(Class

A1)

567,398

g,i

Sequoia

Mortgage

Trust

3.500

06/25/46

504

Series

-

2016

1

(Class

A19)

141,877

g,i

Sequoia

Mortgage

Trust

3.500

02/25/47

126

Series

-

2017

2

(Class

A19)

2,077,921

g,i

Sequoia

Mortgage

Trust

3.726

09/25/47

1,879

Series

-

2017

6

(Class

B1)

916,492

g,i

Sequoia

Mortgage

Trust

3.500

03/25/48

812

Series

-

2018

3

(Class

A1)

87,597

g,i

Sequoia

Mortgage

Trust

4.000

09/25/48

81

Series

-

2018

7

(Class

A19)

303,629

g,i

Sequoia

Mortgage

Trust

4.000

06/25/49

278

Series

-

2019

2

(Class

A19)

1,389,342

g,i

Sequoia

Mortgage

Trust

3.500

12/25/49

1,231

Series

-

2019

5

(Class

A19)

5,947,048

g,i

Sequoia

Mortgage

Trust

3.000

04/25/50

4,942

Series

-

2020

3

(Class

A19)

6,048,182

g,i

Sequoia

Mortgage

Trust

2.500

06/25/51

4,696

Series

-

2021

4

(Class

A19)

440,825

g,i

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

389

Series

-

2017

1

(Class

A19)

7,750,000

g

SLG

Office

Trust

2.585

07/15/41

6,231

Series

-

2021

OVA

(Class

A)

26,865,000

g

SLG

Office

Trust

2.851

07/15/41

20,019

Series

-

2021

OVA

(Class

D)

9,741,110

g,i

SMR

Mortgage

Trust

SOFR

1

M

+

1.650%

6.797

02/15/39

9,202

Series

-

2022

IND

(Class

A)

9,277,248

g,i

SMR

Mortgage

Trust

SOFR

1

M

+

2.950%

8.097

02/15/39

8,783

Series

-

2022

IND

(Class

C)

5,000,000

g,i

SREIT

Trust

LIBOR

1

M

+

0.822%

6.015

11/15/36

4,878

Series

-

2021

MFP2

(Class

A)

6,930,000

g,i

SREIT

Trust

LIBOR

1

M

+

1.171%

6.364

11/15/36

6,741

Series

-

2021

MFP2

(Class

B)

140,861

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

3.783

02/25/48

131

Series

-

2018

SPI1

(Class

M2)

29,416

g,i

STACR

3.833

05/25/48

28

Series

-

2018

SPI2

(Class

M2)

GBP

347,448

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

6.019

05/17/31

420

Series

-

2021

UK1A

(Class

B)

GBP

506,281

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

6.369

05/17/31

605

Series

-

2021

UK1A

(Class

C)

GBP

422,876

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.500%

6.219

08/17/31

512

Series

-

2021

UK4A

(Class

B)

9,417,760

UBS

Commercial

Mortgage

Trust

3.256

06/15/50

8,952

Series

-

2017

C1

(Class

ASB)

1,689,580

UBS

Commercial

Mortgage

Trust

3.366

10/15/50

1,607

Series

-

2017

C4

(Class

ASB)

1,450,000

UBS

Commercial

Mortgage

Trust

3.563

10/15/50

1,329

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4.334

10/15/51

1,637

Series

-

2018

C13

(Class

A4)

2,070,000

g,i

Verus

Securitization

Trust

3.207

11/25/59

1,807

Series

-

2019

4

(Class

M1)

1,137,746

g

Verus

Securitization

Trust

1.733

05/25/65

1,030

Series

-

2020

5

(Class

A3)

1,837,793

g,i

Verus

Securitization

Trust

2.240

10/25/66

1,500

Series

-

2021

7

(Class

A3)

1,227,430

g

VSE

VOI

Mortgage

LLC

2.330

03/20/35

1,194

Series

-

2017

A

(Class

A)

CREF

Core

Bond

Account

June

30,

2023

296

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,740,030

Wells

Fargo

Commercial

Mortgage

Trust

3.405

%

12/15/47

$

1,664

Series

-

2014

LC18

(Class

A5)

4,500,000

Wells

Fargo

Commercial

Mortgage

Trust

3.808

12/15/47

4,228

Series

-

2014

LC18

(Class

AS)

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

1,847

Series

-

2015

NXS1

(Class

B)

2,279,000

i

Wells

Fargo

Commercial

Mortgage

Trust

4.286

05/15/48

1,881

Series

-

2015

NXS1

(Class

D)

5,573,947

Wells

Fargo

Commercial

Mortgage

Trust

2.788

07/15/48

5,342

Series

-

2016

C35

(Class

ASB)

8,731,021

Wells

Fargo

Commercial

Mortgage

Trust

2.514

08/15/49

8,313

Series

-

2016

BNK1

(Class

ASB)

8,781,620

Wells

Fargo

Commercial

Mortgage

Trust

2.825

10/15/49

8,370

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3.635

03/15/50

800

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.757

03/15/50

1,794

Series

-

2017

RB1

(Class

AS)

11,477,252

Wells

Fargo

Commercial

Mortgage

Trust

3.261

07/15/50

10,979

Series

-

2017

C38

(Class

ASB)

2,197,255

i

Wells

Fargo

Commercial

Mortgage

Trust

3.903

07/15/50

1,808

Series

-

2017

C38

(Class

C)

8,069,483

Wells

Fargo

Commercial

Mortgage

Trust

3.212

09/15/50

7,657

Series

-

2017

C39

(Class

ASB)

4,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

3.767

07/15/58

3,789

Series

-

2015

NXS2

(Class

A5)

1,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

4.420

07/15/58

927

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.749

03/15/59

5,524

Series

-

2016

C33

(Class

AS)

201,332

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

04/25/49

188

Series

-

2019

2

(Class

A17)

2,442,987

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

09/25/49

2,143

Series

-

2019

4

(Class

A1)

896,768

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

749

Series

-

2020

4

(Class

A17)

11,356,841

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

8,803

Series

-

2021

2

(Class

A17)

4,736,474

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

08/25/51

3,834

Series

-

2021

INV1

(Class

A17)

5,396,324

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.316

08/25/51

4,417

Series

-

2021

INV1

(Class

B1)

4,638,308

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

12/25/51

3,595

Series

-

2022

2

(Class

A18)

4,065,069

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

03/25/52

3,291

Series

-

2022

INV1

(Class

A18)

6,983,604

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

03/25/52

5,870

Series

-

2022

INV1

(Class

A17)

3,511,892

i

WFRBS

Commercial

Mortgage

Trust

4.079

03/15/46

3,497

Series

-

2013

UBS1

(Class

A4)

1,050,000

i

WFRBS

Commercial

Mortgage

Trust

4.162

12/15/46

1,035

Series

-

2013

C18

(Class

A5)

2,185,281

WFRBS

Commercial

Mortgage

Trust

3.995

05/15/47

2,128

Series

-

2014

C20

(Class

A5)

3,865,000

WFRBS

Commercial

Mortgage

Trust

3.607

11/15/47

3,704

Series

-

2014

C24

(Class

A5)

247,062

g,i

WinWater

Mortgage

Loan

Trust

3.919

06/20/44

205

Series

-

2014

1

(Class

B4)

297

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,467,884

g,i

Woodward

Capital

Management

3.000

%

05/25/52

$

5,236

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

1,449,779

TOTAL

STRUCTURED

ASSETS

2,112,593

(Cost

$2,363,655)

SHARES

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.1%

FINANCIAL

SERVICES

-

0.1%

173,925

e

Morgan

Stanley

4,515

TOTAL

FINANCIAL

SERVICES

4,515

TOTAL

PREFERRED

STOCKS

4,515

(Cost

$4,348)

TOTAL

LONG-TERM

INVESTMENTS

10,427,462‌

(Cost

$11,498,197)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.7%

COMMERCIAL

PAPER

-

0.0%

5,500,000

g

HSBC

USA,

Inc

0.000

02/02/24

5,304

TOTAL

COMMERCIAL

PAPER

5,304

GOVERNMENT

AGENCY

DEBT

-

0.3%

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0.000

08/11/23

4,974

10,000,000

FHLB

0.000

08/23/23

9,931

12,500,000

FHLB

0.000

09/01/23

12,397

KZT

245,300,000

Kazakhstan

Treasury

Bill

0.000

03/13/24

490

TOTAL

GOVERNMENT

AGENCY

DEBT

27,792

REPURCHASE

AGREEMENT

-

0.4%

39,160,000

r

Fixed

Income

Clearing

Corp

(FICC)

5.050

07/03/23

39,160

TOTAL

REPURCHASE

AGREEMENT

39,160

TOTAL

SHORT-TERM

INVESTMENTS

72,256

(Cost

$72,278)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.4%

46,574,601

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110

46,575

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

46,575

(Cost

$46,575)

TOTAL

INVESTMENTS

-

98.7%

10,546,293

(Cost

$11,617,050)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.3%

141,483

NET

ASSETS

-

100.0%

$10,687,776

CREF

Core

Bond

Account

June

30,

2023

298

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

AUD

Australian

Dollar

AVG

Average

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

D

Day

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

KZT

Kazakhstani

Tenge

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

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

^

Amount

represents

less

than

$1,000.

†

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

$45,432,543.

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$39,160,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.250%–2.625%

and

maturity

dates

5/31/27–9/30/28,

valued

at

$39,943,337.

299

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

U.S.

Treasury

2-Year

Note

1,410‌

09/29/23

 $

290,682‌

$

286,715‌

$

(3,967‌)

U.S.

Treasury

5-Year

Note

2,350‌

09/29/23

256,433‌

251,670‌

(4,763‌)

U.S.

Treasury

Ultra

Bond

500‌

09/20/23

67,563‌

68,109‌

546‌

Total

4,260‌

  $

614,678‌

 $

606,494‌

 $

(8,184‌)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

542

EUR

490

Australia

and

New

Zealand

Banking

Group

Limited

07/14/23

  $

7‌

$

268

EUR

246

Australia

and

New

Zealand

Banking

Group

Limited

07/14/23

(1‌)

$

2,918

NZD

4,766

Australia

and

New

Zealand

Banking

Group

Limited

07/17/23

(6‌)

Total

  $

0‌

NOK

288

$

27

Bank

of

America

07/14/23

  $

0‌^

$

3,181

EUR

2,888

Citibank

N.A.

07/14/23

  $

28‌

$

81,343

EUR

73,296

Citibank

N.A.

07/14/23

1,304‌

$

6

EUR

5

Citibank

N.A.

07/14/23

(0‌)^

$

107

EUR

98

Citibank

N.A.

07/14/23

0‌^

$

16,200

GBP

12,970

Citibank

N.A.

07/14/23

(273‌)

$

934

IDR

13,897,123

Citibank

N.A.

07/18/23

10‌

$

22,126

JPY

2,920,875

Citibank

N.A.

07/14/23

1,839‌

$

7,674

KRW

9,727,557

Citibank

N.A.

07/18/23

286‌

$

2,195

NOK

23,259

Citibank

N.A.

07/14/23

26‌

$

736

THB

25,359

Citibank

N.A.

07/14/23

19‌

EUR

484

$

534

Citibank

N.A.

07/14/23

(5‌)

EUR

101

$

110

Citibank

N.A.

07/14/23

0‌^

NZD

609

$

378

Citibank

N.A.

07/17/23

(4‌)

Total

  $

3,230‌

$

25,970

CNY

185,945

Morgan

Stanley

07/17/23

  $

256‌

$

490

CZK

10,812

Morgan

Stanley

07/14/23

(6‌)

$

327

EUR

295

Morgan

Stanley

07/14/23

5‌

$

22

EUR

20

Morgan

Stanley

07/14/23

(0‌)^

$

973

HUF

335,918

Morgan

Stanley

07/14/23

(7‌)

$

939

ILS

3,338

Morgan

Stanley

07/14/23

38‌

$

730

MXN

12,684

Morgan

Stanley

07/14/23

(9‌)

$

672

RON

3,088

Morgan

Stanley

07/14/23

(8‌)

EUR

1,727

$

1,908

Morgan

Stanley

07/14/23

(22‌)

EUR

250

$

273

Morgan

Stanley

07/14/23

(0‌)^

EUR

169

$

181

Morgan

Stanley

07/14/23

4‌

NZD

630

$

391

Morgan

Stanley

07/17/23

(4‌)

$

367

ZAR

6,822

Morgan

Stanley

07/14/23

5‌

Total

  $

252‌

$

5,472

AUD

8,253

Standard

Chartered

Bank

07/14/23

  $

(28‌)

$

213

PEN

778

Standard

Chartered

Bank

07/18/23

(1‌)

Total

  $

(29‌)

$

10,093

CAD

13,733

Toronto

Dominion

Bank

07/14/23

  $

(276‌)

$

734

COP

3,109,183

Toronto

Dominion

Bank

07/18/23

(6‌)

Total

  $

(282‌)

Total

  $

3,171‌

^

Amount

represents

less

than

$1,000.

CREF

Core

Bond

Account

June

30,

2023

300

Portfolio

of

Investments

(continued)

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesia

Rupiah

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

Credit

Default

Swaps

-

Centrally

Cleared

SOLD

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)

*

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

CDX-NAHYS40V1-5Y

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

$150,000‌

$(4,419‌)

$(214‌)

$(4,205‌)

CDX-NAIGS40V1-5Y

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

450,000‌

(6,869‌)

(3,310‌)

(3,559‌)

Total

$(11,288‌)

$(3,524‌)

$(7,764‌)

*  

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

June

30,

2023

301

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

BANK

LOAN

OBLIGATIONS

-

0.5%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

$

2,132,870

i

Trans

Union

LLC

SOFR

12

M

+

2.250%

7

.467

%

12/01/28

$

2,130

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,130

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

2,962,500

i

Rexnord

LLC

LIBOR

12

M

+

2.000%

7

.193

10/04/28

2,964

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,964

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,604,800

i

Crocs,

Inc

SOFR

12

M

+

3.500%

8

.892

02/20/29

1,610

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,610

CONSUMER

SERVICES

-

0.1%

2,954,198

i

1011778

BC

ULC

LIBOR

12

M

+

1.750%

6

.943

11/19/26

2,938

2,462,484

i

Stars

Group

Holdings

BV

SOFR

4

M

+

2.250%

7

.753

07/21/26

2,466

TOTAL

CONSUMER

SERVICES

5,404

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

3,000,000

i

Select

Medical

Corp

SOFR

12

M

+

2.500%

7

.702

03/06/25

2,998

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,998

MEDIA

&

ENTERTAINMENT

-

0.1%

1,975,000

i

Fluidra

Finco

SL

SOFR

12

M

+

2.000%

7

.203

01/29/29

1,967

2,059,989

i

Nascar

Holdings,

Inc

SOFR

12

M

+

2.500%

7

.717

10/19/26

2,065

TOTAL

MEDIA

&

ENTERTAINMENT

4,032

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

1,976,636

i

Avantor,

Inc

SOFR

12

M

+

2.250%

7

.452

11/08/27

1,978

2,213,599

i

Jazz

Financing

Lux

Sarl

SOFR

12

M

+

3.500%

8

.864

05/05/28

2,213

2,124,060

i

Organon

&

Co

LIBOR

12

M

+

3.000%

8

.250

06/02/28

2,127

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,318

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1

i

MKS

Instruments,

Inc

LIBOR

1

M

+

2.250%

7

.171

10/22/28

0

^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0

^

SOFTWARE

&

SERVICES

-

0.1%

2,347,221

i

NortonLifeLock,

Inc

SOFR

12

M

+

2.000%

7

.202

09/12/29

2,338

1,454,619

i

SS&C

Technologies,

Inc

SOFR

12

M

+

1.750%

6

.967

04/16/25

1,455

1,289,931

i

SS&C

Technologies,

Inc

SOFR

12

M

+

1.750%

6

.967

04/16/25

1,291

TOTAL

SOFTWARE

&

SERVICES

5,084

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

358,393

i

Coherent

Corp

SOFR

12

M

+

2.750%

7

.967

07/02/29

358

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

358

UTILITIES

-

0.0%

2,480,957

i

Core

&

Main

LP

SOFR

2M

+

2.500%

7

.691

07/27/28

2,474

TOTAL

UTILITIES

2,474

TOTAL

BANK

LOAN

OBLIGATIONS

33,372

(Cost

$33,269)

CREF

Inflation-Linked

Bond

Account

June

30,

2023

302

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CORPORATE

BONDS

-

3.5%

AUTOMOBILES

&

COMPONENTS

-

0.3%

$

2,500,000

Ford

Motor

Credit

Co

LLC

7

.350

%

11/04/27

$

2,553

20,000,000

Ford

Motor

Credit

Co

LLC

7

.350

03/06/30

20,425

TOTAL

AUTOMOBILES

&

COMPONENTS

22,978

BANKS

-

0.1%

3,000,000

Bank

of

America

Corp

2

.572

10/20/32

2,443

3,000,000

JPMorgan

Chase

&

Co

2

.545

11/08/32

2,458

TOTAL

BANKS

4,901

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

3,485,000

g

Albion

Financing

1

SARL

6

.125

10/15/26

3,276

5,000,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

4,908

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

8,184

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.1%

4,340,000

g

Asbury

Automotive

Group,

Inc

4

.625

11/15/29

3,852

645,000

e,g

Hanesbrands,

Inc

9

.000

02/15/31

650

3,600,000

g

Prosus

NV

3

.257

01/19/27

3,254

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

7,756

CONSUMER

DURABLES

&

APPAREL

-

0.1%

5,200,000

e

Newell

Brands,

Inc

6

.375

09/15/27

4,980

TOTAL

CONSUMER

DURABLES

&

APPAREL

4,980

CONSUMER

SERVICES

-

0.0%

3,900,000

g

Transnet

SOC

Ltd

8

.250

02/06/28

3,788

TOTAL

CONSUMER

SERVICES

3,788

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.0%

3,505,000

g

Albertsons

Cos,

Inc

6

.500

02/15/28

3,511

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,511

ENERGY

-

0.9%

2,275,000

Ecopetrol

S.A.

4

.625

11/02/31

1,756

1,025,000

g

Empresa

Nacional

del

Petroleo

6

.150

05/10/33

1,024

680,000

g

EQM

Midstream

Partners

LP

7

.500

06/01/27

686

6,000,000

g

EQM

Midstream

Partners

LP

6

.500

07/01/27

5,918

2,500,000

Genesis

Energy

LP

8

.000

01/15/27

2,438

2,305,000

g

Hess

Midstream

Operations

LP

5

.625

02/15/26

2,268

5,000,000

g

Hilcorp

Energy

I

LP

6

.000

04/15/30

4,553

2,000,000

g

Hilcorp

Energy

I

LP

6

.250

04/15/32

1,783

5,000,000

g

Kinetik

Holdings

LP

5

.875

06/15/30

4,752

5,000,000

Murphy

Oil

Corp

5

.875

12/01/27

4,857

5,000,000

Occidental

Petroleum

Corp

3

.500

08/15/29

4,295

10,000,000

Occidental

Petroleum

Corp

8

.875

07/15/30

11,494

3,150,000

g

Parkland

Corp

4

.625

05/01/30

2,731

2,375,000

Petroleos

Mexicanos

6

.700

02/16/32

1,806

1,110,000

g

Transocean,

Inc

8

.750

02/15/30

1,127

10,000,000

Western

Midstream

Operating

LP

4

.300

02/01/30

8,978

TOTAL

ENERGY

60,466

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.1%

5,000,000

g

RLJ

Lodging

Trust

LP

3

.750

07/01/26

4,588

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,588

FINANCIAL

SERVICES

-

0.2%

3,125,000

g

Banco

de

Chile

2

.990

12/09/31

2,668

1,000,000

g

Blackstone

Mortgage

Trust,

Inc

3

.750

01/15/27

838

2,000,000

Ford

Motor

Credit

Co

LLC

4

.950

05/28/27

1,887

303

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,700,000

g

Indian

Railway

Finance

Corp

Ltd

3

.570

%

01/21/32

$

1,481

3,000,000

Morgan

Stanley

2

.511

10/20/32

2,423

5,000,000

OneMain

Finance

Corp

3

.500

01/15/27

4,290

TOTAL

FINANCIAL

SERVICES

13,587

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

6,000,000

Tenet

Healthcare

Corp

4

.375

01/15/30

5,414

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,414

INSURANCE

-

0.1%

4,360,000

g

Alliant

Holdings

Intermediate

LLC

6

.750

04/15/28

4,324

TOTAL

INSURANCE

4,324

MATERIALS

-

0.5%

3,300,000

g

Alpek

SAB

de

C.V.

3

.250

02/25/31

2,667

600,000

g

Antofagasta

plc

5

.625

05/13/32

596

8,700,000

g

Corp

Nacional

del

Cobre

de

Chile

5

.125

02/02/33

8,566

5,000,000

g

FMG

Resources

August

2006

Pty

Ltd

5

.875

04/15/30

4,761

2,950,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

2,782

1,785,000

g

Mauser

Packaging

Solutions

Holding

Co

7

.875

08/15/26

1,773

6,000,000

e

Olin

Corp

5

.000

02/01/30

5,545

7,000,000

g

POSCO

4

.375

08/04/25

6,796

5,000,000

g

SunCoke

Energy,

Inc

4

.875

06/30/29

4,199

TOTAL

MATERIALS

37,685

MEDIA

&

ENTERTAINMENT

-

0.2%

5,000,000

g

CCO

Holdings

LLC

5

.125

05/01/27

4,656

5,000,000

g

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

4,257

5,000,000

g

Sirius

XM

Radio,

Inc

3

.125

09/01/26

4,476

TOTAL

MEDIA

&

ENTERTAINMENT

13,389

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

3,400,000

g

Avantor

Funding,

Inc

3

.875

11/01/29

2,977

5,830,000

e

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7

.875

09/15/29

6,008

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,985

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

1,715,000

g

SK

Hynix,

Inc

6

.500

01/17/33

1,731

1,575,000

TSMC

Arizona

Corp

1

.750

10/25/26

1,413

2,000,000

TSMC

Arizona

Corp

4

.250

04/22/32

1,938

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,082

SOFTWARE

&

SERVICES

-

0.1%

2,435,000

g

CA

Magnum

Holdings

5

.375

10/31/26

2,180

2,315,000

g

NortonLifeLock,

Inc

6

.750

09/30/27

2,308

455,000

g

Open

Text

Corp

6

.900

12/01/27

463

2,830,000

g

Open

Text

Corp

3

.875

12/01/29

2,366

TOTAL

SOFTWARE

&

SERVICES

7,317

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

3,000,000

g

Imola

Merger

Corp

4

.750

05/15/29

2,609

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,609

TELECOMMUNICATION

SERVICES

-

0.2%

2,900,000

AT&T,

Inc

2

.250

02/01/32

2,304

4,925,000

g

Iliad

Holding

SASU

6

.500

10/15/26

4,648

3,000,000

g

Telefonica

Moviles

Chile

S.A.

3

.537

11/18/31

2,385

3,100,000

Verizon

Communications,

Inc

2

.355

03/15/32

2,493

TOTAL

TELECOMMUNICATION

SERVICES

11,830

TRANSPORTATION

-

0.1%

4,000,000

g

Grupo

Aeromexico

SAB

de

C.V.

8

.500

03/17/27

3,580

CREF

Inflation-Linked

Bond

Account

June

30,

2023

304

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,260,000

g

Misc

Capital

Two

Labuan

Ltd

3

.750

%

04/06/27

$

3,051

TOTAL

TRANSPORTATION

6,631

UTILITIES

-

0.1%

2,500,000

g

Ferrellgas

Escrow

LLC

5

.875

04/01/29

2,094

1,450,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

1,237

1,000,000

g

Sasol

Financing

USA

LLC

8

.750

05/03/29

974

TOTAL

UTILITIES

4,305

TOTAL

CORPORATE

BONDS

242,310

(Cost

$258,866)

GOVERNMENT

BONDS

-

91.2%

AGENCY

SECURITIES

-

0.3%

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1

.625

08/24/35

6,431

14,200,000

Montefiore

Medical

Center

2

.895

04/20/32

12,758

1,973,684

Reliance

Industries

Ltd

2

.444

01/15/26

1,888

TOTAL

AGENCY

SECURITIES

21,077

FOREIGN

GOVERNMENT

BONDS

-

0.1%

6,250,000

g

Central

American

Bank

for

Economic

Integration

5

.000

02/09/26

6,179

300,000

g

Magyar

Export-Import

Bank

Zrt

6

.125

12/04/27

297

TOTAL

FOREIGN

GOVERNMENT

BONDS

6,476

MORTGAGE

BACKED

-

2.1%

5,749,022

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.250%

7

.317

08/25/33

5,754

8,817,192

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

0.950%

6

.017

12/25/41

8,559

17,437,141

Government

National

Mortgage

Association

(GNMA)

3

.600

09/15/31

17,051

8,753,593

GNMA

3

.650

02/15/32

8,369

2,046,066

GNMA

3

.380

07/15/35

1,946

2,700,257

GNMA

3

.870

10/15/36

2,587

34,847,939

GNMA

1

.730

07/15/37

29,442

32,726,868

GNMA

4

.250

09/15/38

32,441

22,789,621

GNMA

1

.650

07/15/42

18,723

25,019,004

GNMA

2

.750

01/15/45

22,216

5,095,401

GNMA

4

.930

10/15/45

5,076

TOTAL

MORTGAGE

BACKED

152,164

U.S.

TREASURY

SECURITIES

-

88.7%

108,175,900

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/23

108,100

56,221,540

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

55,268

244,733,170

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

238,811

114,709,622

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/24

111,271

206,293,900

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/24

198,979

234,347,970

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

01/15/25

224,647

123,919,170

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/25

122,621

190,230,120

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

180,960

253,245,960

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/25

242,337

329,649,540

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

312,510

271,291,564

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

258,668

81,490,732

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

80,400

167,702,650

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

157,243

187,276,240

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/26

175,903

314,420,207

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

293,915

249,244,540

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

233,844

124,775,158

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/27

125,394

134,282,500

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

124,280

168,011,870

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/27

157,480

149,490,860

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/27

147,279

252,693,075

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

236,332

249,602,444

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

246,680

305

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

87,520,226

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.250

%

04/15/28

$

84,676

133,193,893

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

142,946

154,666,240

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

146,543

227,030,580

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

214,863

166,560,867

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.500

01/15/29

171,506

9,391,254

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

10,374

221,738,990

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

202,436

182,729,500

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

163,878

144,917,500

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

129,930

177,105,840

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

157,360

266,464,150

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

236,224

99,333,632

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/32

87,421

71,086,080

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

80,816

156,067,535

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

07/15/32

143,405

209,708,588

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.125

01/15/33

200,872

40,815,200

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.500

02/15/53

39,665

TOTAL

U.S.

TREASURY

SECURITIES

6,245,837

TOTAL

GOVERNMENT

BONDS

6,425,554

(Cost

$6,877,221)

STRUCTURED

ASSETS

-

4.0%

ASSET

BACKED

-

0.6%

4,214,000

i

Bayview

Financial

Mortgage

Pass-Through

Trust

LIBOR

1

M

+

1.125%

6

.303

02/28/41

4,181

Series

-

2006

A

(Class

M4)

9,250,000

CarMax

Auto

Owner

Trust

5

.230

01/15/26

9,216

Series

-

2023

1

(Class

A2A)

2,955,000

g

DB

Master

Finance

LLC

2

.045

11/20/51

2,572

Series

-

2021

1A

(Class

A2I)

5,811,500

g

DB

Master

Finance

LLC

2

.493

11/20/51

4,913

Series

-

2021

1A

(Class

A2II)

4,334,000

g

DB

Master

Finance

LLC

2

.791

11/20/51

3,433

Series

-

2021

1A

(Class

A23)

3,000,000

†,g

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

2,547

Series

-

2022

1A

(Class

1)

4,880,160

g

MVW

LLC

1

.830

05/20/39

4,304

Series

-

2021

2A

(Class

B)

6,810,150

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

5,914

Series

-

2021

2A

(Class

A1)

4,372,664

g

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,723

Series

-

2022

A

(Class

A)

TOTAL

ASSET

BACKED

40,803

OTHER

MORTGAGE

BACKED

-

3.4%

5,000,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.150%

6

.297

01/15/39

4,868

Series

-

2022

DKLX

(Class

A)

7,500,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.150%

7

.297

01/15/39

7,219

Series

-

2022

DKLX

(Class

C)

2,500,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

3.000%

8

.147

01/15/39

2,410

Series

-

2022

DKLX

(Class

D)

2,000,000

i

BENCHMARK

Mortgage

Trust

4

.435

02/15/51

1,591

Series

-

2018

B2

(Class

C)

4,675,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.114%

2

.110

10/15/36

4,603

Series

-

2019

XL

(Class

F)

26,179,700

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.197%

6

.390

10/15/38

25,256

Series

-

2021

XL2

(Class

C)

4,476,960

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.846%

7

.039

10/15/38

4,293

Series

-

2021

XL2

(Class

E)

6,000,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.271%

6

.464

12/15/38

5,837

Series

-

2021

CIP

(Class

B)

CREF

Inflation-Linked

Bond

Account

June

30,

2023

306

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,000,000

g,i

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.840%

6

.987

%

01/17/39

$

1,960

Series

-

2022

AHP

(Class

B)

5,650,000

g,i

Citigroup

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.900%

7

.094

10/15/38

5,394

Series

-

2021

PRM2

(Class

D)

7,500,000

g,i

Citigroup

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.400%

7

.594

10/15/38

7,160

Series

-

2021

PRM2

(Class

E)

7,144,000

i

Citigroup

Commercial

Mortgage

Trust

4

.175

07/10/47

6,583

Series

-

2014

GC23

(Class

B)

937,574

g

COMM

Mortgage

Trust

3

.397

03/10/46

833

Series

-

2013

CR6

(Class

B)

5,550,000

i

COMM

Mortgage

Trust

4

.526

02/10/47

5,392

Series

-

2014

CR14

(Class

AM)

5,180,000

i

COMM

Mortgage

Trust

4

.729

02/10/47

4,923

Series

-

2014

CR14

(Class

B)

6,821,700

COMM

Mortgage

Trust

4

.377

05/10/47

6,157

Series

-

2014

CR17

(Class

B)

1,000,000

i

COMM

Mortgage

Trust

4

.694

10/10/47

935

Series

-

2014

LC17

(Class

C)

2,500,000

i

COMM

Mortgage

Trust

4

.615

10/10/48

2,303

Series

-

2015

CR26

(Class

B)

8,511,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.550%

6

.617

10/25/41

8,346

Series

-

2021

R01

(Class

1M2)

3,121,904

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

0.900%

5

.967

11/25/41

3,099

Series

-

2021

R02

(Class

2M1)

9,000,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.650%

6

.717

12/25/41

8,717

Series

-

2021

R03

(Class

1M2)

6,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

6

.514

11/15/38

5,807

Series

-

2021

ELP

(Class

C)

4,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

7

.312

11/15/38

4,327

Series

-

2021

ELP

(Class

E)

9,465,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

1.500%

6

.567

10/25/41

9,236

Series

-

2021

DNA6

(Class

M2)

15,000,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.500%

7

.567

01/25/42

14,536

Series

-

2022

DNA1

(Class

M2)

20,000,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.350%

8

.417

05/25/42

20,249

Series

-

2022

DNA4

(Class

M1B)

5,000,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

3.350%

8

.543

11/15/36

4,737

Series

-

2021

ARDN

(Class

E)

3,000,000

g,i

GS

Mortgage

Securities

Corp

Trust

LIBOR

1

M

+

2.750%

7

.943

11/15/36

2,857

Series

-

2021

ARDN

(Class

D)

2,000,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.620

01/16/37

1,690

Series

-

2020

NNN

(Class

DFX)

2,200,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.629

09/15/47

2,072

Series

-

2014

C23

(Class

B)

3,479,675

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

5

.037

02/15/47

3,411

Series

-

2014

C14

(Class

B)

5,000,000

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.000

12/15/47

4,637

Series

-

2014

C19

(Class

B)

3,986,816

g,i

Morgan

Stanley

Capital

I

Inc

LIBOR

1

M

+

1.377%

6

.571

11/15/23

3,849

Series

-

2021

ILP

(Class

C)

2,500,000

g

MRCD

Mortgage

Trust

2

.718

12/15/36

2,204

Series

-

2019

PARK

(Class

D)

2,500,000

g

MRCD

Mortgage

Trust

2

.718

12/15/36

2,151

Series

-

2019

PARK

(Class

E)

9,565,000

g,i

MTN

Commercial

Mortgage

Trust

SOFR

1

M

+

1.397%

6

.544

03/15/39

9,401

Series

-

2022

LPFL

(Class

A)

6,555,000

g,i

MTN

Commercial

Mortgage

Trust

SOFR

1

M

+

2.943%

7

.773

03/15/39

6,348

Series

-

2022

LPFL

(Class

D)

2,500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7

.426

07/15/36

2,251

Series

-

2019

MILE

(Class

C)

7,421,798

g,i

SMR

Mortgage

Trust

SOFR

1

M

+

2.400%

7

.547

02/15/39

7,086

Series

-

2022

IND

(Class

B)

307

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,000,000

g,i

SREIT

Trust

LIBOR

1

M

+

1.171%

6

.364

%

11/15/36

$

1,945

Series

-

2021

MFP2

(Class

B)

7,165,000

UBS

Commercial

Mortgage

Trust

4

.036

06/15/50

6,137

Series

-

2017

C1

(Class

B)

1,445,147

g

Verus

Securitization

Trust

3

.000

11/25/59

1,384

Series

-

2019

4

(Class

A3)

7,754,399

g,i

Verus

Securitization

Trust

2

.240

10/25/66

6,330

Series

-

2021

7

(Class

A3)

1,951,000

i

WFRBS

Commercial

Mortgage

Trust

4

.141

03/15/45

1,585

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

242,109

TOTAL

STRUCTURED

ASSETS

282,912

(Cost

$295,808)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

0.3%

FINANCIAL

SERVICES

-

0.3%

475,737

e

Invesco

Senior

Loan

ETF

10,010

64,943

e

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

4,875

52,966

e

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

4,874

TOTAL

FINANCIAL

SERVICES

19,759

TOTAL

COMMON

STOCKS

19,759

(Cost

$20,002)

TOTAL

LONG-TERM

INVESTMENTS

7,003,907‌

(Cost

$7,485,166)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.0%

REPURCHASE

AGREEMENT

-

0.0%

4,130,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

4,130

TOTAL

REPURCHASE

AGREEMENT

4,130

TOTAL

SHORT-TERM

INVESTMENTS

4,130

(Cost

$4,130)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

8,850,267

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

8,850

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

8,850

(Cost

$8,850)

TOTAL

INVESTMENTS

-

99.6%

7,016,887

(Cost

$7,498,146)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.4%

26,942

NET

ASSETS

-

100.0%

$7,043,829

AVG

Average

D

Day

ETF

Exchange

Traded

Fund

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

SPDR

Standard

&

Poor's

Depositary

Receipts

CREF

Inflation-Linked

Bond

Account

June

30,

2023

308

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

^

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.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$16,756,937.

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$4,130,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.250%

and

maturity

date

5/15/41,

valued

at

$4,212,629.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

U.S.

Treasury

10-Year

Note

1,302‌

09/20/23

 $

148,840‌

$

146,170‌

$

(

2,670‌

)

U.S.

Treasury

2-Year

Note

894‌

09/29/23

184,305‌

181,789‌

(

2,516‌

)

U.S.

Treasury

5-Year

Note

1,045‌

09/29/23

113,217‌

111,913‌

(

1,304‌

)

Total

3,241‌

  $

446,362‌

 $

439,872‌

 $

(

6,490‌

)

Portfolio

of

Investments

CREF

Social

Choice

Account

June

30,

2023

309

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.9%

BANK

LOAN

OBLIGATIONS

-

0.2%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

$

15,720,000

i

LTR

Intermediate

Holdings,

Inc

LIBOR

4

M

+

4.500%

9

.654

%

05/05/28

$

14,043

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,043

CONSUMER

DURABLES

&

APPAREL

-

0.0%

300,000

†

KDC

Agribusiness

Fairless

Hills

LLC

0

.000

09/17/23

300

TOTAL

CONSUMER

DURABLES

&

APPAREL

300

UTILITIES

-

0.1%

4,987,437

i

TerraForm

Power

Operating

LLC

SOFR

4

M

+

2.500%

7

.842

05/21/29

4,944

16,850,450

h,i

TerraForm

Power

Operating

LLC

SOFR

3

M

+

2.750%

7

.430

05/30/29

16,703

TOTAL

UTILITIES

21,647

TOTAL

BANK

LOAN

OBLIGATIONS

35,990

(Cost

$37,549)

CORPORATE

BONDS

-

11.4%

AUTOMOBILES

&

COMPONENTS

-

0.1%

6,760,000

Ford

Motor

Co

3

.250

02/12/32

5,318

12,866,000

Magna

International,

Inc

3

.625

06/15/24

12,609

2,260,000

g

ZF

North

America

Capital,

Inc

6

.875

04/14/28

2,289

4,980,000

g

ZF

North

America

Capital,

Inc

7

.125

04/14/30

5,065

TOTAL

AUTOMOBILES

&

COMPONENTS

25,281

BANKS

-

1.4%

13,950,000

g

ABN

AMRO

Bank

NV

2

.470

12/13/29

11,677

6,925,000

g

Banco

Nacional

de

Comercio

Exterior

SNC

2

.720

08/11/31

5,808

5,000,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

4,278

11,181,000

Bank

of

America

Corp

0

.981

09/25/25

10,505

11,750,000

Bank

of

America

Corp

2

.687

04/22/32

9,738

1,000,000

i

Bank

of

Montreal

SOFR

Compounded

Index

+

0.265%

5

.356

09/15/23

1,000

10,000,000

Bank

of

Montreal

3

.803

12/15/32

8,815

5,000,000

e

Bank

of

Nova

Scotia

0

.650

07/31/24

4,737

4,350,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

3,705

11,250,000

Citigroup,

Inc

0

.776

10/30/24

11,051

14,091,000

Citigroup,

Inc

1

.281

11/03/25

13,200

4,841,000

Citigroup,

Inc

2

.014

01/25/26

4,548

6,375,000

i

Citigroup,

Inc

SOFR

+

0.694%

5

.330

01/25/26

6,348

10,000,000

HSBC

Holdings

plc

5

.210

08/11/28

9,778

9,925,000

HSBC

Holdings

plc

6

.161

03/09/29

10,009

6,575,000

HSBC

Holdings

plc

5

.402

08/11/33

6,428

10,000,000

g

ING

Groep

NV

1

.400

07/01/26

9,105

8,300,000

ING

Groep

NV

4

.017

03/28/28

7,787

10,000,000

ING

Groep

NV

2

.727

04/01/32

8,249

1,825,000

g

Intesa

Sanpaolo

S.p.A

5

.017

06/26/24

1,768

9,750,000

g

Intesa

Sanpaolo

S.p.A

3

.250

09/23/24

9,353

3,650,000

g

Intesa

Sanpaolo

S.p.A

6

.625

06/20/33

3,637

6,000,000

g

Intesa

Sanpaolo

S.p.A

4

.950

06/01/42

3,951

12,500,000

g

Intesa

Sanpaolo

S.p.A

7

.778

06/20/54

12,453

5,000,000

JPMorgan

Chase

&

Co

1

.040

02/04/27

4,453

5,990,000

e

JPMorgan

Chase

&

Co

3

.650

N/A‡

5,272

4,000,000

Lloyds

Banking

Group

plc

4

.500

11/04/24

3,883

CREF

Social

Choice

Account

June

30,

2023

310

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,100,000

Lloyds

Banking

Group

plc

5

.871

%

03/06/29

$

10,015

3,900,000

Mitsubishi

UFJ

Financial

Group,

Inc

2

.527

09/13/23

3,873

9,000,000

Mizuho

Financial

Group,

Inc

5

.778

07/06/29

9,022

8,125,000

Morgan

Stanley

Bank

NA

4

.754

04/21/26

8,005

11,125,000

g

National

Australia

Bank

Ltd

2

.332

08/21/30

8,670

12,638,000

National

Bank

of

Canada

0

.550

11/15/24

12,374

10,457,000

Santander

Holdings

USA,

Inc

5

.807

09/09/26

10,270

15,000,000

g

UniCredit

S.p.A

2

.569

09/22/26

13,539

3,600,000

g

UniCredit

S.p.A

5

.459

06/30/35

3,055

10,000,000

g

United

Overseas

Bank

Ltd

2

.000

10/14/31

8,780

10,450,000

Wells

Fargo

&

Co

4

.540

08/15/26

10,211

TOTAL

BANKS

289,350

CAPITAL

GOODS

-

0.1%

5,000,000

Otis

Worldwide

Corp

3

.112

02/15/40

3,861

10,500,000

g

Triton

Container

International

Ltd

1

.150

06/07/24

9,957

TOTAL

CAPITAL

GOODS

13,818

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

9,500,000

Automatic

Data

Processing,

Inc

1

.700

05/15/28

8,339

10,000,000

Automatic

Data

Processing,

Inc

1

.250

09/01/30

8,107

10,000,000

Mather

Foundation

2

.675

10/01/31

8,301

4,600,000

Republic

Services,

Inc

5

.000

04/01/34

4,590

15,810,000

Rockefeller

Foundation

2

.492

10/01/50

10,271

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

39,608

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.2%

4,100,000

Advance

Auto

Parts,

Inc

1

.750

10/01/27

3,412

6,200,000

Genuine

Parts

Co

1

.750

02/01/25

5,807

11,000,000

Lowe's

Cos,

Inc

4

.800

04/01/26

10,892

5,575,000

e

Lowe's

Cos,

Inc

5

.150

07/01/33

5,573

5,525,000

Lowe's

Cos,

Inc

2

.800

09/15/41

3,907

5,300,000

Lowe's

Cos,

Inc

5

.750

07/01/53

5,400

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

34,991

CONSUMER

SERVICES

-

0.6%

5,000,000

BB

Blue

Financing

DAC

4

.395

09/20/29

4,910

2,900,000

Bush

Foundation

2

.754

10/01/50

1,942

4,390,000

Conservation

Fund

3

.474

12/15/29

3,799

10,000,000

Henry

J

Kaiser

Family

Foundation

3

.356

12/01/25

9,351

7,100,000

h

Hyatt

Hotels

Corp

5

.750

01/30/27

7,082

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2

.673

07/01/31

6,089

3,440,000

i

Nature

Conservancy

LIBOR

3

M

+

1.080%

6

.379

02/01/24

3,447

1,720,000

Nature

Conservancy

2

.668

03/01/26

1,574

3,000,000

Nature

Conservancy

3

.001

03/01/29

2,601

10,437,000

Nature

Conservancy

3

.957

03/01/52

8,867

17,500,000

New

York

Public

Library

Astor

Lenox

&

Tilden

Foundations

4

.305

07/01/45

14,976

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4

.479

12/01/32

9,310

2,855,000

Salvation

Army

5

.637

09/01/26

2,835

20,000,000

Salvation

Army

4

.528

09/01/48

17,913

8,400,000

Starbucks

Corp

2

.450

06/15/26

7,827

5,000,000

Starbucks

Corp

4

.450

08/15/49

4,415

11,440,000

Wisconsin

Alumni

Research

Foundation

3

.564

10/01/49

8,134

11,065,000

YMCA

of

Greater

New

York

5

.151

08/01/48

9,600

TOTAL

CONSUMER

SERVICES

124,672

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

13,598,000

SYSCO

Corp

2

.400

02/15/30

11,582

18,954,000

Walmart,

Inc

1

.800

09/22/31

15,737

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

27,319

311

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

ENERGY

-

0.7%

$

10,000,000

g

Aker

BP

ASA

4

.000

%

01/15/31

$

8,893

9,275,000

g

Aker

BP

ASA

6

.000

06/13/33

9,278

9,265,000

BP

Capital

Markets

America,

Inc

4

.812

02/13/33

9,130

6,050,000

BP

Capital

Markets

America,

Inc

4

.893

09/11/33

5,988

9,875,000

BP

Capital

Markets

America,

Inc

2

.772

11/10/50

6,532

2,650,000

Cenovus

Energy,

Inc

2

.650

01/15/32

2,139

8,000,000

e

Cheniere

Energy

Partners

LP

4

.000

03/01/31

7,044

4,850,000

g

Cheniere

Energy

Partners

LP

5

.950

06/30/33

4,864

8,875,000

ConocoPhillips

Co

5

.300

05/15/53

9,027

1,627,000

Enbridge,

Inc

4

.000

10/01/23

1,621

9,625,000

Enbridge,

Inc

2

.500

01/15/25

9,153

2,423,000

Enbridge,

Inc

5

.750

07/15/80

2,188

8,125,000

Equinor

ASA

2

.375

05/22/30

7,053

5,932,000

Equinor

ASA

3

.950

05/15/43

5,084

12,450,000

Equinor

ASA

3

.250

11/18/49

9,345

3,875,000

ONEOK,

Inc

4

.000

07/13/27

3,627

6,200,000

ONEOK,

Inc

4

.950

07/13/47

5,109

6,800,000

Pioneer

Natural

Resources

Co

5

.100

03/29/26

6,759

11,700,000

g

Santos

Finance

Ltd

3

.649

04/29/31

9,713

4,540,000

e,g

Sunnova

Energy

Corp

5

.875

09/01/26

4,150

12,850,000

Total

Capital

International

S.A.

2

.986

06/29/41

9,782

11,316,000

Total

Capital

International

S.A.

3

.127

05/29/50

8,218

TOTAL

ENERGY

144,697

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.3%

8,595,000

Brixmor

Operating

Partnership

LP

3

.900

03/15/27

7,902

6,600,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

5,544

1,500,000

ERP

Operating

LP

4

.150

12/01/28

1,425

8,800,000

Federal

Realty

Investment

Trust

1

.250

02/15/26

7,857

4,470,000

e,g

HAT

Holdings

I

LLC

3

.375

06/15/26

4,006

9,585,000

e,g

HAT

Holdings

I

LLC

3

.750

09/15/30

7,520

3,900,000

Host

Hotels

&

Resorts

LP

2

.900

12/15/31

3,066

16,822,000

Regency

Centers

LP

3

.750

06/15/24

16,333

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

53,653

FINANCIAL

SERVICES

-

1.4%

9,400,000

i

AerCap

Ireland

Capital

DAC

SOFR

+

0.680%

5

.772

09/29/23

9,387

20,525,000

g

BPCE

S.A.

2

.045

10/19/27

17,897

10,750,000

g

BPCE

S.A.

3

.116

10/19/32

8,297

11,645,000

Community

Preservation

Corp

2

.867

02/01/30

9,760

2,150,000

g

Cooperatieve

Rabobank

UA

1

.004

09/24/26

1,920

4,750,000

Enterprise

Community

Loan

Fund,

Inc

4

.152

11/01/28

4,286

5,250,000

g

Federation

des

Caisses

Desjardins

du

Quebec

0

.450

10/07/23

5,176

5,625,000

g

Federation

des

Caisses

Desjardins

du

Quebec

5

.700

03/14/28

5,618

10,000,000

Ford

Foundation

2

.815

06/01/70

6,183

10,000,000

e

Goldman

Sachs

Group,

Inc

0

.855

02/12/26

9,215

5,145,000

Low

Income

Investment

Fund

3

.711

07/01/29

4,615

7,725,000

Mastercard,

Inc

1

.900

03/15/31

6,421

10,000,000

Morgan

Stanley

0

.791

01/22/25

9,691

11,950,000

Morgan

Stanley

0

.985

12/10/26

10,655

11,400,000

g,i

NatWest

Markets

plc

SOFR

+

0.530%

5

.619

08/12/24

11,331

10,000,000

g

NongHyup

Bank

1

.250

07/20/25

9,153

6,775,000

g

NongHyup

Bank

4

.875

07/03/28

6,686

1,211,000

Reinvestment

Fund,

Inc

3

.166

11/01/23

1,199

3,000,000

Reinvestment

Fund,

Inc

3

.600

02/15/24

2,958

10,250,000

Reinvestment

Fund,

Inc

3

.366

11/01/24

9,921

2,570,000

Reinvestment

Fund,

Inc

3

.513

11/01/25

2,412

15,240,000

Reinvestment

Fund,

Inc

3

.880

02/15/27

14,260

7,435,000

Reinvestment

Fund,

Inc

3

.930

02/15/28

6,845

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

3,815

CREF

Social

Choice

Account

June

30,

2023

312

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

22,500,000

State

Street

Corp

5

.159

%

05/18/34

$

22,365

8,727,000

Toyota

Motor

Credit

Corp

2

.150

02/13/30

7,466

11,675,000

g

UBS

Group

AG.

1

.494

08/10/27

10,027

10,000,000

g

UBS

Group

AG.

2

.746

02/11/33

7,789

7,150,000

g

UBS

Group

AG.

3

.179

02/11/43

4,963

7,500,000

Visa,

Inc

1

.900

04/15/27

6,838

17,000,000

Visa,

Inc

1

.100

02/15/31

13,391

3,450,000

g

WLB

Asset

II

B

Pte

Ltd

3

.950

12/10/24

3,256

5,500,000

g

WLB

Asset

II

C

Pte

Ltd

3

.900

12/23/25

4,997

15,750,000

g

WLB

Asset

II

D

Pte

Ltd

6

.500

12/21/26

14,920

1,925,000

g

WLB

Asset

II

Pte

Ltd

4

.000

01/14/24

1,888

TOTAL

FINANCIAL

SERVICES

276,915

FOOD,

BEVERAGE

&

TOBACCO

-

0.4%

3,400,000

General

Mills,

Inc

4

.950

03/29/33

3,369

10,125,000

g

Mars,

Inc

4

.650

04/20/31

10,054

10,000,000

g

NBM

US

Holdings,

Inc

6

.625

08/06/29

9,157

6,600,000

g

Nestle

Holdings,

Inc

4

.950

03/14/30

6,690

11,125,000

g

Nestle

Holdings,

Inc

4

.850

03/14/33

11,354

10,000,000

PepsiCo,

Inc

3

.900

07/18/32

9,614

16,674,000

e

PepsiCo,

Inc

2

.875

10/15/49

12,522

11,075,000

Unilever

Capital

Corp

2

.000

07/28/26

10,220

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

72,980

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.2%

9,825,000

CVS

Health

Corp

5

.300

06/01/33

9,810

15,000,000

CVS

Health

Corp

5

.050

03/25/48

13,826

4,188,000

Kaiser

Foundation

Hospitals

2

.810

06/01/41

3,076

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3

.786

04/01/51

1,653

7,075,000

McKesson

Corp

5

.250

02/15/26

7,048

10,385,000

Stanford

Health

Care

3

.027

08/15/51

7,216

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

42,629

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.2%

5,300,000

Procter

&

Gamble

Co

3

.000

03/25/30

4,904

12,975,000

Procter

&

Gamble

Co

1

.200

10/29/30

10,462

5,523,000

Unilever

Capital

Corp

2

.125

09/06/29

4,765

6,125,000

Unilever

Capital

Corp

1

.375

09/14/30

4,908

8,475,000

Unilever

Capital

Corp

1

.750

08/12/31

6,841

9,425,000

e

Unilever

Capital

Corp

2

.625

08/12/51

6,442

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

38,322

INSURANCE

-

0.2%

3,975,000

g

Five

Corners

Funding

Trust

4

.419

11/15/23

3,931

14,425,000

g

Five

Corners

Funding

Trust

II

2

.850

05/15/30

12,253

5,200,000

g

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

5,201

10,000,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

8,111

2,152,000

Prudential

Financial,

Inc

3

.700

10/01/50

1,815

7,885,000

g

USAA

Capital

Corp

2

.125

05/01/30

6,559

TOTAL

INSURANCE

37,870

MATERIALS

-

0.6%

10,500,000

Air

Products

&

Chemicals,

Inc

4

.800

03/03/33

10,594

6,550,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

5,848

9,145,000

g

Celulosa

Arauco

y

Constitucion

S.A.

5

.150

01/29/50

7,391

7,250,000

e,g

Cemex

SAB

de

C.V.

9

.125

N/A‡

7,342

7,500,000

Fibria

Overseas

Finance

Ltd

5

.500

01/17/27

7,509

11,000,000

g

FMG

Resources

August

2006

Pty

Ltd

6

.125

04/15/32

10,483

3,409,000

International

Paper

Co

4

.800

06/15/44

3,006

12,000,000

g

Inversiones

CMPC

S.A.

4

.375

04/04/27

11,528

2,350,000

e,g

Inversiones

CMPC

S.A.

6

.125

06/23/33

2,365

8,000,000

g

Klabin

Austria

GmbH

7

.000

04/03/49

7,666

313

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,855,000

g

LG

Chem

Ltd

4

.375

%

07/14/25

$

6,649

3,250,000

g

LG

Chem

Ltd

3

.625

04/15/29

3,032

5,000,000

Newmont

Corp

2

.250

10/01/30

4,097

4,015,000

e,g

Owens-Brockway

Glass

Container,

Inc

7

.250

05/15/31

4,065

9,875,000

PPG

Industries,

Inc

1

.200

03/15/26

8,846

11,500,000

Sonoco

Products

Co

1

.800

02/01/25

10,735

5,525,000

Sonoco

Products

Co

2

.250

02/01/27

4,937

12,736,000

e

Teck

Resources

Ltd

3

.900

07/15/30

11,586

TOTAL

MATERIALS

127,679

MEDIA

&

ENTERTAINMENT

-

0.1%

2,357,285

g

Air

Canada

2017-, Cl A

Pass

Through

Trust

3

.550

01/15/30

2,015

10,000,000

Alphabet,

Inc

1

.100

08/15/30

8,090

11,250,000

e

Comcast

Corp

4

.650

02/15/33

11,168

TOTAL

MEDIA

&

ENTERTAINMENT

21,273

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.8%

13,450,000

Amgen,

Inc

5

.250

03/02/33

13,467

13,200,000

Amgen,

Inc

5

.600

03/02/43

13,240

16,175,000

Amgen,

Inc

5

.650

03/02/53

16,380

14,984,000

AstraZeneca

plc

0

.700

04/08/26

13,387

4,800,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

3,373

12,550,000

Merck

&

Co,

Inc

2

.150

12/10/31

10,398

8,800,000

Merck

&

Co,

Inc

2

.750

12/10/51

6,070

7,000,000

PerkinElmer,

Inc

2

.250

09/15/31

5,617

6,925,000

e

Pfizer

Investment

Enterprises

Pte

Ltd

4

.650

05/19/25

6,863

9,025,000

Pfizer

Investment

Enterprises

Pte

Ltd

4

.750

05/19/33

8,991

11,475,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.110

05/19/43

11,501

15,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

15,595

10,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.340

05/19/63

10,119

1,600,000

Pfizer,

Inc

2

.625

04/01/30

1,422

5,400,000

Pfizer,

Inc

1

.750

08/18/31

4,395

9,994,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

8,306

8,500,000

Takeda

Pharmaceutical

Co

Ltd

3

.175

07/09/50

5,987

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

155,111

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

8,550,000

National

Community

Renaissance

of

California

3

.270

12/01/32

7,104

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

7,104

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.2%

11,550,000

e

Intel

Corp

4

.150

08/05/32

10,975

7,208,000

NXP

BV

3

.400

05/01/30

6,377

10,000,000

g

SK

Hynix,

Inc

2

.375

01/19/31

7,714

13,350,000

Texas

Instruments,

Inc

5

.050

05/18/63

13,377

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

38,443

SOFTWARE

&

SERVICES

-

0.0%

3,250,000

Autodesk,

Inc

2

.400

12/15/31

2,659

TOTAL

SOFTWARE

&

SERVICES

2,659

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

Apple,

Inc

3

.000

06/20/27

13,494

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,494

TELECOMMUNICATION

SERVICES

-

0.1%

9,000,000

i

Verizon

Communications,

Inc

SOFR

Compounded

Index

+

0.790%

5

.882

03/20/26

9,011

14,225,000

Verizon

Communications,

Inc

2

.550

03/21/31

11,877

1,800,000

Vodafone

Group

plc

3

.250

06/04/81

1,581

8,200,000

Vodafone

Group

plc

4

.125

06/04/81

6,507

TOTAL

TELECOMMUNICATION

SERVICES

28,976

CREF

Social

Choice

Account

June

30,

2023

314

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

TRANSPORTATION

-

0.1%

$

6,000,000

e

Norfolk

Southern

Corp

2

.300

%

05/15/31

$

4,984

8,447,000

Vessel

Management

Services,

Inc

5

.125

04/16/35

8,407

TOTAL

TRANSPORTATION

13,391

UTILITIES

-

3.3%

7,500,000

AES

Corp

5

.450

06/01/28

7,365

7,000,000

Algonquin

Power

&

Utilities

Corp

4

.750

01/18/82

5,565

12,325,000

Ameren

Illinois

Co

2

.900

06/15/51

8,291

4,500,000

Atlantic

City

Electric

Co

2

.300

03/15/31

3,715

3,345,000

Avangrid,

Inc

3

.150

12/01/24

3,208

9,950,000

Avangrid,

Inc

3

.200

04/15/25

9,460

13,200,000

Avangrid,

Inc

3

.800

06/01/29

12,029

10,275,000

Avista

Corp

4

.350

06/01/48

8,870

5,900,000

e,g

Azure

Power

Solar

Energy

Pvt

Ltd

5

.650

12/24/24

4,956

7,050,000

g

Brooklyn

Union

Gas

Co

4

.632

08/05/27

6,759

10,000,000

g

Brooklyn

Union

Gas

Co

4

.866

08/05/32

9,365

9,875,000

CenterPoint

Energy

Houston

Electric

LLC

2

.350

04/01/31

8,281

12,350,000

CenterPoint

Energy

Houston

Electric

LLC

3

.350

04/01/51

9,214

3,550,000

CMS

Energy

Corp

4

.750

06/01/50

3,052

3,100,000

CMS

Energy

Corp

3

.750

12/01/50

2,393

11,300,000

g

Colbun

S.A.

3

.150

01/19/32

9,549

17,500,000

Commonwealth

Edison

Co

2

.750

09/01/51

11,308

7,525,000

g

Consorcio

Transmantaro

SA

4

.700

04/16/34

6,968

5,453,000

Consumers

Energy

Co

2

.500

05/01/60

3,130

5,127,646

g

Continental

Wind

LLC

6

.000

02/28/33

5,179

7,110,000

Dominion

Energy,

Inc

3

.600

03/15/27

6,701

8,325,000

e

Dominion

Energy,

Inc

4

.350

N/A‡

6,994

4,000,000

Dominion

Energy,

Inc

(Step

Bond)

3

.071

08/15/24

3,863

22,625,000

DTE

Electric

Co

1

.900

04/01/28

19,794

9,025,000

DTE

Electric

Co

3

.250

04/01/51

6,528

3,688,000

Duke

Energy

Carolinas

LLC

2

.850

03/15/32

3,135

10,000,000

Duke

Energy

Florida

LLC

2

.500

12/01/29

8,633

8,875,000

Duke

Energy

Florida

LLC

3

.000

12/15/51

6,080

4,000,000

Duke

Energy

Progress

LLC

3

.450

03/15/29

3,667

20,250,000

g

Electricite

de

France

S.A.

3

.625

10/13/25

19,451

2,800,000

Eversource

Energy

0

.800

08/15/25

2,521

6,375,000

Florida

Power

&

Light

Co

4

.625

05/15/30

6,274

4,275,000

Florida

Power

&

Light

Co

4

.800

05/15/33

4,244

9,885,000

Georgia

Power

Co

3

.250

04/01/26

9,372

8,700,000

Georgia

Power

Co

5

.125

05/15/52

8,448

7,827,525

g

India

Cleantech

Energy

4

.700

08/10/26

6,833

9,700,000

Interstate

Power

&

Light

Co

3

.500

09/30/49

7,054

1,685,000

g

Korea

East-West

Power

Co

Ltd

3

.600

05/06/25

1,621

25,025,000

g

Korea

Hydro

&

Nuclear

Power

Co

Ltd

3

.750

07/25/23

24,993

12,441,000

g

Liberty

Utilities

Finance

GP

2

.050

09/15/30

9,666

1,000,000

MidAmerican

Energy

Co

3

.950

08/01/47

813

3,596,000

MidAmerican

Energy

Co

3

.150

04/15/50

2,517

12,350,000

National

Fuel

Gas

Co

5

.500

01/15/26

12,174

5,600,000

National

Fuel

Gas

Co

5

.500

10/01/26

5,460

3,400,000

National

Fuel

Gas

Co

4

.750

09/01/28

3,222

11,250,000

National

Fuel

Gas

Co

2

.950

03/01/31

9,000

11,610,000

g

New

York

State

Electric

&

Gas

Corp

2

.150

10/01/31

9,065

13,164,000

g

Niagara

Mohawk

Power

Corp

1

.960

06/27/30

10,518

9,750,000

g

Niagara

Mohawk

Power

Corp

4

.119

11/28/42

7,869

5,250,000

Northwest

Natural

Gas

Co

3

.078

12/01/51

3,496

6,675,000

Pacific

Gas

and

Electric

Co

6

.700

04/01/53

6,553

16,250,000

PacifiCorp

2

.900

06/15/52

10,126

9,050,000

PacifiCorp

5

.350

12/01/53

8,267

7,025,000

PacifiCorp

5

.500

05/15/54

6,591

7,113,000

e

Piedmont

Natural

Gas

Co,

Inc

3

.350

06/01/50

4,872

630,000

Public

Service

Co

of

Colorado

4

.750

08/15/41

553

315

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

Public

Service

Co

of

Colorado

3

.200

%

03/01/50

$

3,529

1,379,000

Public

Service

Co

of

Oklahoma

2

.200

08/15/31

1,114

6,134,000

Public

Service

Electric

&

Gas

Co

3

.200

08/01/49

4,532

4,875,000

Public

Service

Electric

and

Gas

Co

4

.650

03/15/33

4,783

7,675,000

Public

Service

Electric

and

Gas

Co

5

.125

03/15/53

7,734

17,875,000

Public

Service

Enterprise

Group,

Inc

0

.800

08/15/25

16,164

14,000,000

e

San

Diego

Gas

&

Electric

Co

2

.950

08/15/51

9,473

2,882,136

SCE

Recovery

Funding

LLC

1

.977

11/15/28

2,616

7,100,000

SCE

Recovery

Funding

LLC

2

.943

11/15/42

5,757

2,640,000

SCE

Recovery

Funding

LLC

3

.240

11/15/46

1,933

4,900,000

Sempra

Energy

4

.875

N/A‡

4,557

6,900,000

g

Sociedad

de

Transmision

Austral

S.A.

4

.000

01/27/32

5,904

19,959,434

g

Solar

Star

Funding

LLC

3

.950

06/30/35

17,652

19,031,053

g

Solar

Star

Funding

LLC

5

.375

06/30/35

18,737

750,000

Southern

California

Edison

Co

2

.750

02/01/32

627

5,000,000

Southern

California

Edison

Co

3

.450

02/01/52

3,576

10,348,000

Southern

Power

Co

4

.150

12/01/25

10,095

14,825,000

Southwestern

Electric

Power

Co

3

.250

11/01/51

9,943

5,613,000

Southwestern

Public

Service

Co

3

.750

06/15/49

4,301

18,650,000

e

Southwestern

Public

Service

Co

3

.150

05/01/50

12,979

13,945,760

g

Star

Energy

Geothermal

Wayang

Windu

Ltd

6

.750

04/24/33

13,653

16,550,860

g

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

13,314

8,612,000

g

TerraForm

Power

Operating

LLC

5

.000

01/31/28

7,929

17,021,216

g

Topaz

Solar

Farms

LLC

4

.875

09/30/39

15,574

9,607,560

g

Topaz

Solar

Farms

LLC

5

.750

09/30/39

9,421

7,945,676

g

UEP

Penonome

II

S.A.

6

.500

10/01/38

5,956

15,000,000

Union

Electric

Co

2

.150

03/15/32

12,005

19,626,000

Union

Electric

Co

2

.625

03/15/51

12,562

9,952,000

Union

Electric

Co

3

.900

04/01/52

8,116

3,775,000

g

Vistra

Corp

7

.000

N/A‡

3,294

10,049,000

Wisconsin

Power

and

Light

Co

3

.950

09/01/32

9,274

TOTAL

UTILITIES

662,729

TOTAL

CORPORATE

BONDS

2,292,964

(Cost

$2,581,245)

GOVERNMENT

BONDS

-

22.9%

AGENCY

SECURITIES

-

1.3%

3,484,000

Canal

Barge

Co,

Inc

4

.500

11/12/34

3,375

12,858,013

Crowley

Conro

LLC

4

.181

08/15/43

12,447

4,128,458

Ethiopian

Leasing

LLC

2

.566

08/14/26

3,938

628,526

Export-Import

Bank

of

the

United

States

2

.578

12/10/25

601

18,700,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.250

08/24/23

18,569

13,650,000

FHLMC

0

.250

09/08/23

13,526

23,636,000

FHLMC

0

.250

12/04/23

23,126

25,000,000

FHLMC

1

.540

08/17/35

17,795

20,000,000

Federal

National

Mortgage

Association

(FNMA)

0

.250

07/10/23

19,982

8,000,000

FNMA

0

.625

04/22/25

7,399

18,880,000

FNMA

0

.875

08/05/30

15,176

9,000,000

FNMA

1

.625

08/24/35

6,431

14,242,000

g

GPS

Blue

Financing

DAC

5

.645

11/09/41

14,737

5,950,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3

.000

06/30/25

5,663

3,000,000

i

India

Government

AID

Bond

LIBOR

3

M

+

0.100%

5

.399

02/01/27

2,973

13,920,000

Montefiore

Medical

Center

2

.895

04/20/32

12,506

4,496,817

Overseas

Private

Investment

Corp

(OPIC)

1

.790

10/15/29

4,016

14,052,552

OPIC

2

.360

10/15/29

12,793

2,322,750

OPIC

2

.930

05/15/30

2,160

3,838,650

OPIC

3

.040

05/15/30

3,584

10,452,444

OPIC

3

.430

06/01/33

9,677

5,045,031

OPIC

2

.450

07/15/38

4,259

3,065,000

Private

Export

Funding

Corp

(PEFCO)

3

.550

01/15/24

3,033

CREF

Social

Choice

Account

June

30,

2023

316

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,000,000

PEFCO

3

.250

%

06/15/25

$

7,703

7,765,000

PEFCO

3

.900

10/15/27

7,607

14,282,613

Thirax  LLC

0

.968

01/14/33

12,025

3,633,092

Thirax

2

LLC

2

.320

01/22/34

3,222

1,775,000

United

States

International

Development

Finance

Corp

1

.440

04/15/28

1,549

1,000,000

United

States

International

Development

Finance

Corp

1

.650

04/15/28

880

8,174,819

United

States

International

Development

Finance

Corp

1

.630

07/15/38

6,493

2,266,000

US

Department

of

Housing

and

Urban

Development

(HUD)

2

.910

08/01/23

2,261

5,000,000

HUD

3

.535

08/01/36

4,468

TOTAL

AGENCY

SECURITIES

263,974

FOREIGN

GOVERNMENT

BONDS

-

3.4%

11,850,000

g

Arab

Petroleum

Investments

Corp

1

.483

10/06/26

10,637

9,500,000

Asian

Development

Bank

2

.125

03/19/25

9,037

9,670,000

e

Asian

Development

Bank

4

.625

06/13/25

9,603

6,500,000

Asian

Development

Bank

1

.750

08/14/26

5,976

19,194,000

Asian

Development

Bank

3

.125

09/26/28

18,148

12,500,000

Asian

Development

Bank

1

.500

03/04/31

10,386

14,500,000

Asian

Development

Bank

3

.875

06/14/33

14,330

EUR

7,925,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

6,291

10,839,600

BB

Blue

Financing

DAC

4

.395

09/20/37

10,819

12,400,000

g

BNG

Bank

NV

2

.625

02/27/24

12,156

17,250,000

g

BNG

Bank

NV

3

.500

05/19/28

16,590

CLP

8,475,000,000

g

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos

2

.300

10/01/28

9,179

1,900,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.625

02/18/26

1,707

4,750,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.375

01/20/31

3,861

5,000,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

2

.125

01/26/32

4,274

21,980,000

Canada

Government

International

Bond

2

.875

04/28/25

21,164

16,020,000

Canada

Government

International

Bond

3

.750

04/26/28

15,678

12,500,000

g

CDP

Financial,

Inc

1

.000

05/26/26

11,211

5,625,000

g

Central

American

Bank

for

Economic

Integration

5

.000

02/09/26

5,561

10,075,000

Chile

Government

International

Bond

3

.100

05/07/41

7,551

8,125,000

Council

Of

Europe

Development

Bank

3

.000

06/16/25

7,817

15,000,000

g

Development

Bank

of

Japan,

Inc

0

.500

03/04/24

14,492

19,500,000

European

Bank

for

Reconstruction

&

Development

1

.625

09/27/24

18,622

6,540,000

e,g

European

Investment

Bank

2

.876

06/13/25

6,287

3,750,000

European

Investment

Bank

2

.375

05/24/27

3,475

11,961,000

European

Investment

Bank

0

.625

10/21/27

10,251

3,750,000

European

Investment

Bank

3

.250

11/15/27

3,600

11,600,000

e

European

Investment

Bank

1

.625

10/09/29

10,037

19,749,000

European

Investment

Bank

0

.750

09/23/30

15,738

5,285,000

European

Investment

Bank

3

.750

02/14/33

5,204

2,000,000

European

Investment

Bank

4

.875

02/15/36

2,145

10,875,000

Export

Development

Canada

3

.375

08/26/25

10,549

13,050,000

Export

Development

Canada

3

.875

02/14/28

12,814

5,000,000

Inter-American

Development

Bank

1

.125

01/13/31

4,044

15,800,000

Inter-American

Development

Bank

3

.500

04/12/33

15,163

10,625,000

Inter-American

Investment

Corp

2

.625

04/22/25

10,145

17,500,000

Inter-American

Investment

Corp

4

.125

02/15/28

17,216

3,215,000

i

International

Bank

for

Reconstruction

&

Development

SOFR

Compounded

Index

+

0.390%

5

.480

06/17/24

3,223

12,850,000

International

Bank

for

Reconstruction

&

Development

0

.625

04/22/25

11,878

14,750,000

International

Bank

for

Reconstruction

&

Development

3

.125

11/20/25

14,215

28,030,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/27

25,154

5,250,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/28

5,139

10,000,000

International

Bank

for

Reconstruction

&

Development

1

.625

11/03/31

8,342

1,690,000

International

Finance

Corp

2

.875

07/31/23

1,687

14,750,000

International

Finance

Corp

4

.750

03/16/26

14,769

8,750,000

Japan

International

Cooperation

Agency

1

.750

04/28/31

7,115

12,500,000

g

Kommunalbanken

AS.

2

.125

02/11/25

11,897

10,100,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

9,294

317

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,200,000

i

Kreditanstalt

fuer

Wiederaufbau

SOFR

Compounded

Index

+

1.000%

6

.090

%

02/12/24

$

9,249

11,250,000

Kreditanstalt

fuer

Wiederaufbau

0

.250

03/08/24

10,859

9,537,000

Kreditanstalt

fuer

Wiederaufbau

1

.000

10/01/26

8,530

6,500,000

Kreditanstalt

fuer

Wiederaufbau

1

.750

09/14/29

5,672

13,000,000

Landwirtschaftliche

Rentenbank

0

.875

09/03/30

10,388

18,250,000

e,g

Nederlandse

Waterschapsbank

NV

1

.750

01/15/25

17,296

19,000,000

g

Nederlandse

Waterschapsbank

NV

2

.375

03/24/26

17,836

12,375,000

g

Nederlandse

Waterschapsbank

NV

4

.000

06/01/28

12,175

4,430,000

g

Nederlandse

Waterschapsbank

NV

1

.000

05/28/30

3,567

11,250,000

g

OMERS

Finance

Trust

3

.500

04/19/32

10,310

9,000,000

g

OMERS

Finance

Trust

4

.000

04/19/52

7,474

16,375,000

g

OPEC

Fund

for

International

Development

4

.500

01/26/26

16,072

10,500,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

3

.900

08/20/24

10,356

8,225,000

Peruvian

Government

International

Bond

3

.000

01/15/34

6,827

12,175,000

h

Province

of

British

Columbia

Canada

4

.200

07/06/33

12,122

10,000,000

Province

of

Quebec

Canada

2

.750

04/12/27

9,342

5,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

5,818

15,250,000

Province

of

Quebec

Canada

1

.900

04/21/31

12,855

10,000,000

Republic

of

Italy

Government

International

Bond

2

.875

10/17/29

8,683

7,750,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

5,972

TOTAL

FOREIGN

GOVERNMENT

BONDS

685,874

MORTGAGE

BACKED

-

7.9%

59,526,971

g,i

Citigroup

Mortgage

Loan

Trust

0

.156

02/25/52

465

6,673,366

g,i

Citigroup

Mortgage

Loan

Trust

0

.250

02/25/52

82

5,392,775

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

2

.310

12/01/31

4,570

6,875,000

FHLMC

3

.740

06/01/37

6,194

5,646,500

FHLMC

4

.300

12/01/37

5,351

1,864,480

FHLMC

3

.500

03/01/38

1,636

87,855

FHLMC

4

.000

06/01/42

84

916,091

i

FHLMC

LIBOR

1

M

+

5.920%

0

.727

03/15/44

76

5,867,071

FHLMC

3

.500

01/15/47

5,184

3,099,412

i

FHLMC

LIBOR

1

M

+

9.920%

1

.611

06/15/48

2,901

2,123,310

i

FHLMC

LIBOR

1

M

+

9.840%

1

.531

10/15/48

1,935

4,880,150

FHLMC

3

.000

11/01/49

4,353

9,072,470

FHLMC

2

.000

09/25/50

1,089

4,667,090

FHLMC

3

.000

10/25/50

3,309

16,946,619

FHLMC

2

.500

02/25/51

2,586

5,821,640

FHLMC

2

.500

05/25/51

3,687

11,708,237

FHLMC

3

.000

11/01/51

10,443

1,382,026

FHLMC

3

.000

11/01/51

1,229

1,229,703

FHLMC

3

.000

11/01/51

1,102

1,671,245

FHLMC

3

.000

11/01/51

1,491

12,611,447

FHLMC

2

.500

02/01/52

10,781

12,317,691

FHLMC

2

.500

03/01/52

10,528

16,305,973

FHLMC

4

.000

04/01/52

15,314

13,772,229

FHLMC

3

.500

05/01/52

12,560

469,028

FHLMC

3

.500

06/01/52

428

9,667,213

FHLMC

4

.500

06/01/52

9,296

9,144,604

FHLMC

4

.500

07/01/52

8,793

1,571,485

FHLMC

4

.000

08/25/52

1,333

2,663,221

FHLMC

4

.500

10/25/52

2,415

10,687,088

FHLMC

6

.000

11/01/52

10,802

3,225,879

FHLMC

5

.500

11/25/52

3,271

2,566,519

FHLMC

5

.500

02/25/53

2,574

3,516

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8

.000

01/01/31

4

95,889

FGLMC

4

.500

07/01/33

95

692,608

FGLMC

7

.000

12/01/33

718

192,225

FGLMC

7

.000

05/01/35

196

458,438

FGLMC

5

.000

06/01/36

462

135,029

FGLMC

5

.000

07/01/39

136

207,042

FGLMC

4

.500

10/01/44

203

CREF

Social

Choice

Account

June

30,

2023

318

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

268,483

FGLMC

4

.500

%

11/01/44

$

263

421,701

FGLMC

4

.500

11/01/44

414

256,571

FGLMC

4

.500

12/01/44

252

351,639

FGLMC

4

.500

12/01/44

345

1,086,292

FGLMC

3

.500

04/01/45

1,012

4,141,755

FGLMC

3

.500

10/01/45

3,858

520,883

FGLMC

4

.500

06/01/47

516

1,053,522

FGLMC

4

.000

09/01/47

1,009

780,566

FGLMC

3

.500

12/01/47

723

3,227,363

FGLMC

4

.500

08/01/48

3,172

902

Federal

National

Mortgage

Association

(FNMA)

8

.000

07/01/24

1

11,959,100

i

FNMA

2

.899

02/25/27

11,229

3,175,607

i

FNMA

3

.412

06/25/28

3,003

8,250,000

i

FNMA

1

.517

11/25/30

6,674

15,500,000

i

FNMA

1

.287

01/25/31

12,323

975,729

FNMA

3

.500

05/01/32

935

1,133,149

FNMA

3

.000

10/01/32

1,067

1,127,013

FNMA

5

.000

05/01/35

1,135

754,326

FNMA

5

.000

10/01/35

760

566,268

FNMA

5

.000

02/01/36

570

1,093,326

FNMA

5

.500

11/01/38

1,122

147,823

FNMA

3

.000

05/01/40

135

450,337

FNMA

5

.000

09/01/40

454

1,081,763

FNMA

5

.000

05/01/41

1,090

14,128,254

FNMA

2

.000

03/01/42

11,957

732,654

FNMA

4

.000

09/01/42

702

1,474,573

i

FNMA

LIBOR

1

M

+

5.950%

0

.800

09/25/43

146

1,210,172

FNMA

4

.500

03/01/44

1,195

58,091,006

FNMA

4

.000

05/01/44

55,618

318,880

FNMA

4

.500

06/01/44

313

3,659,817

FNMA

4

.500

06/01/44

3,588

781,047

FNMA

4

.500

08/01/44

766

1,976,419

FNMA

4

.500

10/01/44

1,938

3,595,298

FNMA

4

.500

11/01/44

3,524

652,622

FNMA

5

.000

11/01/44

657

908,864

FNMA

4

.500

12/01/44

891

398,428

FNMA

4

.000

01/01/45

382

168,155

FNMA

4

.500

03/01/45

165

280,724

FNMA

4

.500

04/01/45

275

2,086,591

FNMA

3

.500

05/01/45

1,944

2,973,081

FNMA

3

.500

01/01/46

2,765

581,766

FNMA

4

.000

04/01/46

556

3,406,558

FNMA

3

.500

06/01/46

3,168

2,246,235

FNMA

3

.500

07/01/46

2,089

3,657,642

FNMA

3

.500

07/01/46

3,420

1,011,280

FNMA

3

.500

08/01/46

940

299,272

FNMA

3

.000

10/01/46

265

2,787,182

FNMA

3

.500

10/01/46

2,587

1,162,538

FNMA

4

.500

05/01/47

1,148

1,531,783

FNMA

4

.000

10/01/47

1,461

235,651

FNMA

3

.500

11/01/47

220

286,081

FNMA

4

.500

11/01/47

281

3,036,766

FNMA

3

.500

01/01/48

2,808

2,015,515

FNMA

4

.500

01/01/48

1,978

1,669,093

FNMA

4

.500

02/01/48

1,638

1,356,809

FNMA

4

.500

05/01/48

1,331

994,109

FNMA

4

.500

05/01/48

975

2,562,418

FNMA

5

.000

08/01/48

2,551

12,233,292

FNMA

3

.000

07/01/50

10,912

5,486,902

FNMA

2

.000

08/25/50

754

6,260,417

FNMA

2

.000

10/25/50

4,226

14,051,932

FNMA

2

.500

11/25/50

1,999

319

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,817,444

FNMA

3

.000

%

12/25/50

$

790

3,980,938

FNMA

3

.000

02/25/51

717

34,852,538

FNMA

2

.000

04/01/51

28,536

4,475,172

FNMA

3

.000

09/01/51

3,981

5,095,356

FNMA

2

.500

11/25/51

637

7,826,513

FNMA

2

.000

12/01/51

6,417

6,276,434

FNMA

2

.000

01/01/52

5,176

1,095,862

FNMA

2

.000

02/01/52

899

13,662,677

FNMA

2

.500

02/01/52

11,677

7,137,261

FNMA

2

.500

02/01/52

6,101

4,774,848

FNMA

3

.500

02/01/52

4,388

1,658,511

FNMA

2

.000

03/01/52

1,359

1,929,634

FNMA

2

.500

04/01/52

1,649

26,976,734

FNMA

3

.000

04/01/52

23,885

9,666,293

FNMA

3

.000

04/01/52

8,548

1,363,625

FNMA

3

.500

04/01/52

1,243

13,357,425

FNMA

3

.500

05/01/52

12,175

38,238,348

FNMA

3

.500

05/01/52

34,852

22,915,952

FNMA

4

.000

05/01/52

21,518

2,510,620

FNMA

4

.000

05/25/52

2,015

16,302,353

FNMA

3

.500

06/01/52

14,889

19,075,883

FNMA

4

.000

06/01/52

17,912

4,696,854

FNMA

4

.500

06/01/52

4,516

42,566,146

FNMA

4

.000

07/01/52

39,969

4,082,711

FNMA

4

.000

07/01/52

3,832

4,096,362

FNMA

4

.500

07/01/52

3,939

34,301,392

FNMA

4

.500

07/01/52

32,985

6,471,430

FNMA

4

.500

07/25/52

5,949

29,643,833

FNMA

5

.000

08/01/52

29,077

2,375,833

FNMA

4

.500

08/25/52

2,075

27,633,122

FNMA

3

.500

09/01/52

25,190

34,185,216

FNMA

4

.000

09/01/52

32,085

205,390,156

FNMA

4

.500

09/01/52

197,500

5,662,555

FNMA

5

.000

09/01/52

5,553

1,809,216

FNMA

4

.000

09/25/52

1,519

2,253,766

FNMA

4

.000

09/25/52

2,023

112,322,055

FNMA

4

.000

10/01/52

105,433

14,357,430

FNMA

4

.500

10/01/52

13,805

81,574,704

FNMA

5

.000

10/01/52

79,969

1,727,215

FNMA

4

.500

10/25/52

1,654

1,982,331

FNMA

4

.500

10/25/52

1,907

8,661,812

FNMA

4

.500

11/01/52

8,329

3,485,195

FNMA

5

.500

11/25/52

3,501

52,823,165

FNMA

5

.500

12/01/52

52,724

11,583,295

Freddie

Mac

Multifamily

Variable

Rate

Certificate

2

.875

07/25/36

10,158

10,020,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

2.400%

7

.467

02/25/42

9,912

14,900,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.500%

9

.567

06/25/42

15,663

6,295,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.000%

9

.067

07/25/42

6,492

1,686,261

Government

National

Mortgage

Association

(GNMA)

2

.580

08/15/25

1,682

7,876,754

GNMA

2

.690

06/15/33

7,068

6,574,260

GNMA

3

.700

10/15/33

6,271

52,960

GNMA

5

.000

04/15/38

53

109,329

GNMA

6

.500

11/20/38

115

5,413,247

GNMA

5

.000

01/20/40

1,067

6,965,205

GNMA

3

.700

08/15/40

6,622

7,829,943

GNMA

2

.500

12/20/43

6,926

11,290,647

GNMA

2

.750

01/15/45

10,026

2,285,557

GNMA

3

.000

03/20/45

2,005

1,615,303

GNMA

4

.500

12/20/45

1,579

1,272,203

GNMA

4

.000

06/20/46

163

4,279,281

GNMA

3

.500

12/20/46

4,008

2,905,071

GNMA

3

.500

01/20/47

2,724

CREF

Social

Choice

Account

June

30,

2023

320

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,239,791

i

GNMA

LIBOR

1

M

+

6.100%

0

.943

%

03/20/50

$

365

1,641,455

GNMA

3

.500

10/20/50

1,525

5,557,725

GNMA

3

.000

07/20/51

4,990

10,725,900

GNMA

3

.000

11/20/51

7,881

22,188,874

GNMA

2

.500

12/20/51

19,220

8,795,139

GNMA

3

.000

01/20/52

6,568

4,442,078

GNMA

2

.500

02/20/52

3,692

26,544,563

GNMA

2

.500

05/20/52

22,988

89,138,719

GNMA

3

.000

05/20/52

79,711

20,781,516

GNMA

3

.500

07/20/52

19,178

2,427,244

GNMA

4

.000

07/20/52

2,012

7,422,127

GNMA

4

.000

08/20/52

7,022

46,801,915

GNMA

4

.000

09/20/52

44,282

4,301,906

GNMA

4

.500

09/20/52

3,953

3,511,315

GNMA

4

.500

09/20/52

3,322

2,952,814

GNMA

4

.500

09/20/52

2,758

3,175,180

GNMA

4

.500

09/20/52

2,886

9,663,012

GNMA

5

.000

11/20/52

9,504

24,540,894

GNMA

3

.500

12/20/52

22,647

32,542,615

GNMA

4

.500

12/20/52

31,410

3,745,662

GNMA

4

.500

02/20/53

3,412

3,253,979

GNMA

5

.500

02/20/53

3,235

9,722,043

GNMA

1

.884

05/20/53

620

1,258,279

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

08/25/51

977

TOTAL

MORTGAGE

BACKED

1,591,461

MUNICIPAL

BONDS

-

2.7%

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3

.060

04/01/25

1,127

3,000,000

California

Earthquake

Authority

1

.477

07/01/23

3,000

1,990,000

California

Health

Facilities

Financing

Authority

2

.984

06/01/33

1,686

915,000

California

Health

Facilities

Financing

Authority

4

.353

06/01/41

844

145,000

g

California

Municipal

Finance

Authority

4

.250

11/01/23

144

455,000

California

Municipal

Finance

Authority

2

.138

08/15/27

403

350,000

California

Municipal

Finance

Authority

2

.288

08/15/28

304

500,000

California

Municipal

Finance

Authority

3

.694

08/15/56

342

16,250,000

Chicago

Housing

Authority

4

.361

01/01/38

15,025

11,645,000

Chicago

Metropolitan

Water

Reclamation

District-

Greater

Chicago

5

.720

12/01/38

12,482

3,035,000

City

&

County

of

Honolulu

HI

2

.668

10/01/27

2,812

5,645,000

City

&

County

of

Honolulu

HI

3

.974

09/01/35

5,247

1,615,000

City

&

County

of

Honolulu

HI

4

.004

09/01/36

1,492

7,085,000

City

&

County

of

San

Francisco

CA

4

.000

04/01/47

5,741

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.000

09/01/48

4,493

7,790,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.482

09/01/50

5,685

1,240,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014

6

.332

09/01/51

1,284

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.091

09/01/36

291

5,395,000

City

of

Chicago

IL

7

.750

01/01/42

5,542

1,250,000

City

of

Florence

SC

4

.250

12/01/34

1,180

1,000,000

City

of

Houston

TX

Combined

Utility

System

Revenue

3

.375

11/15/24

972

1,275,000

City

of

Houston

TX

Combined

Utility

System

Revenue

4

.172

11/15/38

1,170

7,500,000

City

of

Los

Angeles

CA

3

.880

09/01/38

6,714

7,190,000

City

of

Los

Angeles

CA

5

.000

09/01/42

7,010

1,530,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

3

.158

05/15/29

1,386

5,850,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

4

.242

05/15/48

5,144

1,780,000

g

City

of

Miami

FL

4

.808

01/01/39

1,624

3,665,000

City

of

Norfolk

VA

3

.050

10/01/36

3,057

4,835,000

City

of

Oakland

CA

2

.070

01/15/29

4,159

321

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,025,000

City

of

Port

Lions

AK

7

.500

%

10/01/52

$

3,177

3,345,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.000

11/01/26

3,152

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.950

11/01/36

3,388

8,615,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.303

11/01/39

7,109

15,510,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

2

.825

11/01/41

12,161

18,500,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

4

.185

11/01/46

15,868

1,000,000

City

of

San

Juan

Capistrano

CA

3

.700

08/01/31

938

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2

.999

11/01/43

4,422

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3

.079

11/01/43

4,364

7,650,000

County

of

Alameda

CA

3

.820

08/01/38

6,868

4,430,000

g

County

of

Fond

Du

Lac

WI

5

.569

11/01/51

4,213

3,500,000

g

County

of

Gallatin

MT

11

.500

09/01/27

3,650

12,015,000

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

3

.490

10/01/42

9,734

3,500,000

District

of

Columbia

3

.432

04/01/42

2,786

15,000,000

District

of

Columbia

Water

&

Sewer

Authority

4

.814

10/01/14

13,967

6,500,000

g

Florida

Development

Finance

Corp

7

.250

07/01/57

6,612

3,125,000

Florida

Development

Finance

Corp

7

.500

07/01/57

3,076

1,000,000

Grant

County

Public

Utility

District

No

2

5

.470

01/01/34

1,000

22,445,000

Grant

County

Public

Utility

District

No

2

2

.918

01/01/40

17,632

9,255,000

Grant

County

Public

Utility

District

No

2

3

.210

01/01/40

7,501

3,230,000

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

3

.056

07/01/39

2,614

16,915,000

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

3

.473

07/01/41

14,025

1,100,000

Guadalupe

Valley

Electric

Coop,

Inc

5

.671

10/01/32

1,118

640,000

Henry

County

Water

Authority

3

.000

01/01/43

460

850,000

Henry

County

Water

Authority

3

.200

01/01/49

585

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2

.327

07/01/32

824

2,000,000

Kern

County

Water

Agency

Improvement

District

No

4

4

.276

05/01/36

1,918

6,430,000

Lavaca-Navidad

River

Authority

4

.430

08/01/35

6,301

8,655,000

Los

Angeles

Community

College

District

2

.106

08/01/32

7,073

1,025,000

Maine

State

Housing

Authority

2

.331

11/15/30

854

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3

.797

03/01/39

2,208

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.020

07/01/28

2,654

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.485

07/01/32

2,496

3,455,000

Massachusetts

Housing

Finance

Agency

5

.562

12/01/52

3,445

4,190,000

Massachusetts

St.

Water

Pollution

Abatement

5

.192

08/01/40

4,203

11,620,000

Metropolitan

Transportation

Authority

5

.175

11/15/49

10,627

2,000,000

Michigan

Finance

Authority

5

.000

07/01/31

2,027

7,400,000

New

Jersey

Economic

Development

Authority

5

.706

06/15/30

7,669

3,000,000

New

Jersey

Economic

Development

Authority

5

.756

06/15/31

3,131

720,000

New

Jersey

Economic

Development

Authority

5

.298

03/01/32

720

3,375,000

New

Mexico

Finance

Authority

4

.090

06/15/38

3,122

4,065,000

New

York

City

Housing

Development

Corp

3

.119

08/01/38

3,158

2,500,000

New

York

City

Housing

Development

Corp

3

.720

11/01/39

2,108

1,225,000

New

York

State

Environmental

Facilities

Corp

3

.195

06/15/25

1,176

2,120,000

New

York

State

Environmental

Facilities

Corp

3

.520

07/15/27

2,014

17,500,000

New

York

Transportation

Development

Corp

5

.000

01/01/26

17,890

13,250,000

g,q

Oregon

State

Business

Development

Commission

6

.500

04/01/31

66

3,470,000

g

Oregon

State

Business

Development

Commission

9

.000

04/01/37

17

2,500,000

Palm

Beach

County

Solid

Waste

Authority

2

.636

10/01/24

2,414

4,020,000

Papio-Missouri

River

Natural

Resource

District

2

.088

12/15/24

3,895

4,500,000

Pend

Oreille

County

Public

Utility

District

No

Box

Canyon

5

.000

01/01/30

4,449

6,925,000

g

Pennsylvania

Economic

Development

Financing

Authority

10

.000

12/01/29

6,473

1,170,000

Pharr

Economic

Development

Corp

3

.513

08/15/30

1,075

CREF

Social

Choice

Account

June

30,

2023

322

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,140,000

Pharr

Economic

Development

Corp

3

.893

%

08/15/33

$

1,047

405,000

†,q

Public

Finance

Authority

15

.000

08/31/23

62

1,735,000

g

Public

Finance

Authority

7

.500

06/01/29

1,705

300,000

Redevelopment

Authority

of

the

City

of

Philadelphia

4

.782

09/01/26

295

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1

.927

09/01/27

1,100

1,710,000

Redevelopment

Authority

of

the

City

of

Philadelphia

3

.172

09/01/41

1,279

1,000,000

Redevelopment

Authority

of

the

City

of

Philadelphia

5

.590

09/01/41

1,003

1,005,000

Sales

Tax

Securitization

Corp

5

.293

01/01/41

1,000

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4

.375

08/01/44

1,739

3,870,000

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

3

.293

12/01/35

3,206

1,590,000

South

Dakota

Housing

Development

Authority

5

.460

05/01/53

1,582

36,330,000

State

of

California

3

.750

10/01/37

36,353

11,565,000

State

of

California

4

.600

04/01/38

11,108

10,050,000

State

of

California

4

.988

04/01/39

9,924

9,000,000

State

of

Illinois

5

.520

04/01/38

8,812

4,405,000

State

of

Michigan

3

.590

12/01/26

4,230

2,500,000

State

of

Ohio

5

.412

09/01/28

2,592

5,250,000

State

of

Oregon

4

.112

05/01/27

5,145

3,150,000

State

of

Oregon

4

.250

05/01/29

3,095

3,370,000

State

of

Texas

3

.726

08/01/43

3,365

3,000

State

of

Wisconsin

5

.700

05/01/26

3

1,650,000

g

Syracuse

Industrial

Development

Agency

5

.000

01/01/36

1,232

2,280,000

Tampa

Bay

Water

2

.612

10/01/25

2,161

3,225,000

Tampa

Bay

Water

2

.782

10/01/26

3,031

3,000,000

Tampa

Bay

Water

2

.952

10/01/27

2,806

1,255,000

Texas

Water

Development

Board

4

.248

10/15/35

1,216

5,880,000

Texas

Water

Development

Board

4

.340

10/15/48

5,233

4,170,000

Texas

Water

Development

Board

4

.648

04/15/50

3,907

5,000,000

Tuolumne

Wind

Project

Authority

6

.918

01/01/34

5,504

3,035,000

University

of

California

3

.809

05/15/28

2,902

11,400,000

University

of

California

4

.009

05/15/30

10,860

1,000,000

University

of

Cincinnati

3

.250

06/01/29

1,000

1,560,000

University

of

Cincinnati

3

.650

06/01/34

1,563

1,615,000

University

of

Cincinnati

3

.700

06/01/35

1,617

18,000,000

University

of

New

Mexico

3

.532

06/20/32

16,962

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.550

09/01/39

417

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.800

09/01/49

1,181

5,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4

.000

12/01/42

4,660

3,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4

.000

12/01/46

2,740

750,000

Village

of

Bellwood

IL

5

.375

12/01/32

694

4,500,000

Village

of

Bellwood

IL

6

.000

12/01/50

3,725

1,000,000

Washington

County

Clean

Water

Services

5

.078

10/01/24

996

TOTAL

MUNICIPAL

BONDS

527,839

U.S.

TREASURY

SECURITIES

-

7.6%

35,830,000

United

States

Treasury

Bond

2

.875

11/15/46

29,530

2,500,000

United

States

Treasury

Bond

3

.000

02/15/49

2,114

16,086,510

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

15,814

3,780,000

United

States

Treasury

Note

0

.250

09/30/23

3,734

31,765,000

United

States

Treasury

Note

2

.875

09/30/23

31,576

6,100,000

United

States

Treasury

Note

2

.625

12/31/23

6,021

1,525,000

United

States

Treasury

Note

2

.250

10/31/24

1,466

58,251,000

United

States

Treasury

Note

4

.250

05/31/25

57,518

68,394,000

United

States

Treasury

Note

4

.625

06/30/25

68,081

1,500,000

United

States

Treasury

Note

0

.375

12/31/25

1,352

68,947,000

United

States

Treasury

Note

4

.125

06/15/26

68,252

15,031,000

United

States

Treasury

Note

0

.500

10/31/27

12,829

35,275,000

United

States

Treasury

Note

0

.625

11/30/27

30,211

82,025,000

United

States

Treasury

Note

3

.625

05/31/28

80,231

97,840,000

United

States

Treasury

Note

4

.000

06/30/28

97,305

323

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

28,250,000

United

States

Treasury

Note

1

.125

%

08/31/28

$

24,340

148,099,000

United

States

Treasury

Note

3

.750

06/30/30

146,132

284,851,000

United

States

Treasury

Note

3

.375

05/15/33

274,703

14,508,000

United

States

Treasury

Note

1

.875

02/15/41

10,536

4,700,000

United

States

Treasury

Note

2

.250

05/15/41

3,620

232,705,800

j

United

States

Treasury

Note

2

.375

02/15/42

181,174

29,796,000

United

States

Treasury

Note

3

.250

05/15/42

26,588

2,070,000

United

States

Treasury

Note

4

.000

11/15/42

2,057

120,095,000

United

States

Treasury

Note

3

.875

05/15/43

117,187

65,008,000

United

States

Treasury

Note

2

.250

02/15/52

46,979

198,253,000

United

States

Treasury

Note

3

.625

02/15/53

190,261

TOTAL

U.S.

TREASURY

SECURITIES

1,529,611

TOTAL

GOVERNMENT

BONDS

4,598,759

(Cost

$4,870,941)

STRUCTURED

ASSETS

-

4.5%

ASSET

BACKED

-

1.1%

900,000

g

AMSR

Trust

3

.148

01/19/39

816

Series

-

2019

SFR1

(Class

C)

800,000

g

AMSR

Trust

3

.247

01/19/39

721

Series

-

2019

SFR1

(Class

D)

2,000,000

g,i

BFLD

Trust

LIBOR

1

M

+

2.100%

7

.293

10/15/35

1,110

Series

-

2020

EYP

(Class

C)

213,839

i

C-BASS

Trust

LIBOR

1

M

+

0.160%

3

.075

07/25/36

203

Series

-

2006

CB6

(Class

A1)

1,743,559

Delta

Air

Lines

Pass

Through

Trust

4

.250

07/30/23

1,738

Series

-

2015

1

(Class

B)

19,886,000

Delta

Air

Lines

Pass

Through

Trust

3

.204

04/25/24

19,486

Series

-

2019

1

(Class

AA)

4,103,091

Delta

Air

Lines

Pass

Through

Trust

2

.000

06/10/28

3,612

Series

-

2020

1

(Class

AA)

16,617,264

Delta

Air

Lines

Pass

Through

Trust

2

.500

06/10/28

14,323

Series

-

2020

1

(Class

A)

77,931

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

6

.250

05/25/37

77

Series

-

2007

2

(Class

A2C)

3,279,261

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.100

05/20/48

2,516

Series

-

2021

3CS

(Class

A)

3,538,608

g

GoodLeap

Sustainable

Home

Solutions

Trust

1

.930

07/20/48

2,689

Series

-

2021

4GS

(Class

A)

12,956,343

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.310

10/20/48

9,925

Series

-

2021

5CS

(Class

A)

4,549,706

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.700

01/20/49

3,639

Series

-

2022

1GS

(Class

A)

3,153,851

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.940

01/20/49

2,380

Series

-

2022

1GS

(Class

B)

14,621,397

g

GoodLeap

Sustainable

Home

Solutions

Trust

4

.950

07/20/49

13,408

Series

-

2022

3CS

(Class

A)

8,297,000

g

Grace

Trust

2

.347

12/10/40

6,469

Series

-

2020

GRCE

(Class

A)

2,374,422

g

HERO

Funding

Trust

3

.840

09/21/40

2,138

Series

-

2015

1A

(Class

A)

650,116

g

HERO

Funding

Trust

3

.990

09/21/40

606

Series

-

2014

2A

(Class

A)

1,170,558

g

HERO

Funding

Trust

3

.750

09/20/41

1,049

Series

-

2016

2A

(Class

A)

1,079,045

g

HERO

Funding

Trust

4

.050

09/20/41

979

Series

-

2016

1A

(Class

A)

408,077

g

HERO

Funding

Trust

3

.080

09/20/42

356

Series

-

2016

3A

(Class

A1)

CREF

Social

Choice

Account

June

30,

2023

324

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,106,773

g

HERO

Funding

Trust

3

.710

%

09/20/47

$

2,715

Series

-

2017

1A

(Class

A1)

3,107,504

g

HERO

Funding

Trust

3

.190

09/20/48

2,660

Series

-

2017

3A

(Class

A1)

725,798

g

HERO

Funding

Trust

3

.280

09/20/48

624

Series

-

2017

2A

(Class

A1)

3,350,960

g

HERO

Funding

Trust

4

.670

09/20/48

3,045

Series

-

2018

1A

(Class

A2)

2,528,255

g

HERO

Funding

Trust

2

.240

09/20/51

2,167

Series

-

2021

1A

(Class

A)

7,375,000

g

Hertz

Vehicle

Financing

III

LLC

5

.570

09/25/29

7,255

Series

-

2023

2A

(Class

A)

13,314

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

13

Series

-

2003

1

(Class

M1)

599,972

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

6

.396

01/17/38

597

Series

-

2018

SFR4

(Class

B)

3,279,080

g

Loanpal

Solar

Loan

Ltd

2

.290

01/20/48

2,444

Series

-

2021

1GS

(Class

A)

5,588,624

g

Loanpal

Solar

Loan

Ltd

2

.220

03/20/48

4,049

Series

-

2021

2GS

(Class

A)

2,102,617

†,g

Mosaic

Solar

Loan

Trust

0

.000

04/20/46

1,482

Series

-

2020

1A

(Class

R)

1,331,095

g

Mosaic

Solar

Loan

Trust

2

.100

04/20/46

1,140

Series

-

2020

1A

(Class

A)

1,842,141

g

Mosaic

Solar

Loan

Trust

3

.100

04/20/46

1,529

Series

-

2020

1A

(Class

B)

2,138,910

g

Mosaic

Solar

Loan

Trust

2

.050

12/20/46

1,670

Series

-

2021

1A

(Class

B)

3,171,702

g

Mosaic

Solar

Loan

Trust

1

.440

06/20/52

2,511

Series

-

2021

3A

(Class

A)

2,908,243

g

Mosaic

Solar

Loans

LLC

3

.820

06/22/43

2,636

Series

-

2017

2A

(Class

A)

3,365,929

g

Mosaic

Solar

Loans

LLC

1

.640

04/22/47

2,708

Series

-

2021

2A

(Class

A)

750,000

g

Progress

Residential

Trust

2

.711

11/17/40

614

Series

-

2021

SFR9

(Class

D)

2,052,234

g

Renew

3

.670

09/20/52

1,781

Series

-

2017

1A

(Class

A)

4,329,237

g

Renew

3

.950

09/20/53

3,787

Series

-

2018

1

(Class

A)

3,895,347

g

Renew

2

.060

11/20/56

3,069

Series

-

2021

1

(Class

A)

5,265,996

SCE

Recovery

Funding

LLC

0

.861

11/15/31

4,359

Series

-

2021

A-1

(Class

A)

9,797

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

6

.050

09/25/34

10

Series

-

2004

8

(Class

M1)

6,560,339

g

Sunnova

Helios

VII

Issuer

LLC

2

.030

10/20/48

5,429

Series

-

2021

C

(Class

A)

3,712,209

g

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,161

Series

-

2022

A

(Class

A)

2,684,508

g

Sunrun

Athena

Issuer

LLC

5

.310

04/30/49

2,513

Series

-

2018

1

(Class

A)

8,759,237

g

Sunrun

Atlas

Issuer

LLC

3

.610

02/01/55

7,669

Series

-

2019

2

(Class

A)

5,632,197

g

Sunrun

Callisto

Issuer

LLC

2

.270

01/30/57

4,496

Series

-

2021

2A

(Class

A)

6,793,110

g

Sunrun

Jupiter

Issuer

LLC

4

.750

07/30/57

6,037

Series

-

2022

1A

(Class

A)

3,727,047

g

Tesla

Auto

Lease

Trust

0

.560

03/20/25

3,697

Series

-

2021

A

(Class

A3)

6,650,000

g

Tesla

Auto

Lease

Trust

0

.660

03/20/25

6,520

Series

-

2021

A

(Class

A4)

325

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,400,000

g

Tesla

Auto

Lease

Trust

1

.020

%

03/20/25

$

1,372

Series

-

2021

A

(Class

B)

6,250,000

g

Tesla

Auto

Lease

Trust

1

.180

03/20/25

6,083

Series

-

2021

A

(Class

C)

4,500,000

g

Tesla

Auto

Lease

Trust

0

.600

09/22/25

4,339

Series

-

2021

B

(Class

A3)

5,000,000

g

Tesla

Auto

Lease

Trust

0

.630

09/22/25

4,767

Series

-

2021

B

(Class

A4)

6,565,482

Toyota

Auto

Receivables

Owner

Trust

0

.260

11/17/25

6,354

Series

-

2021

B

(Class

A3)

9,900,000

Toyota

Auto

Receivables

Owner

Trust

0

.530

10/15/26

9,147

Series

-

2021

B

(Class

A4)

475,000

g

Tricon

American

Homes

Trust

2

.049

07/17/38

424

Series

-

2020

SFR1

(Class

B)

13,452,474

g

Vivint

Colar

Financing

V

LLC

4

.730

04/30/48

11,934

Series

-

2018

1A

(Class

A)

4,682,601

g

Vivint

Solar

Financing

VII

LLC

2

.210

07/31/51

3,614

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

228,661

OTHER

MORTGAGE

BACKED

-

3.4%

78,826

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

70

Series

-

2015

6

(Class

A9)

4,075,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

7

.443

04/15/34

3,128

Series

-

2021

ACEN

(Class

C)

2,115,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

1,423

Series

-

2021

8

(Class

A3)

5,000,000

g

BANK

2

.500

10/17/52

2,829

Series

-

2019

BN21

(Class

D)

6,500,000

i

BANK

3

.517

10/17/52

4,326

Series

-

2019

BN21

(Class

C)

8,000,000

i

BANK

3

.576

11/15/62

5,862

Series

-

2019

BN22

(Class

C)

4,940,000

g,i

BBCMS

Mortgage

Trust

4

.409

08/05/38

3,330

Series

-

2018

CHRS

(Class

E)

2,750,000

g

BBCMS

Trust

4

.798

08/10/35

2,394

Series

-

2015

SRCH

(Class

C)

8,870,000

g,i

Benchmark

Mortgage

Trust

4

.029

03/15/62

6,172

Series

-

2019

B10

(Class

3CCA)

5,200,000

g

BMO

360A

3

.776

02/17/55

4,228

Series

-

2022

C1

(Class

360A)

6,208,991

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.197%

6

.390

10/15/38

5,990

Series

-

2021

XL2

(Class

C)

6,000,000

g,i

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.840%

6

.987

01/17/39

5,879

Series

-

2022

AHP

(Class

B)

6,000,000

g,i

BX

TRUST

SOFR

1

M

+

1.490%

6

.637

01/17/39

5,877

Series

-

2022

AHP

(Class

AS)

2,901,500

g,i

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5

.683

06/25/34

2,624

Series

-

2017

Q005

(Class

B)

2,000,000

i

CD

Mortgage

Trust

3

.879

11/10/49

1,617

Series

-

2016

CD2

(Class

B)

1,000,000

g,i

Century

Plaza

Towers

3

.097

11/13/39

751

Series

-

2019

CPT

(Class

B)

2,000,000

i

Citigroup

Commercial

Mortgage

Trust

4

.277

04/10/48

1,810

Series

-

2015

GC29

(Class

C)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3

.018

08/10/56

1,344

Series

-

2019

GC41

(Class

AS)

3,000,000

g,i

Cityline

Commercial

Mortgage

Trust

2

.871

11/10/31

2,798

Series

-

2016

CLNE

(Class

A)

3,740,000

g,i

COMM

Mortgage

Trust

3

.527

10/10/29

3,470

Series

-

2017

PANW

(Class

B)

CREF

Social

Choice

Account

June

30,

2023

326

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

g,i

COMM

Mortgage

Trust

3

.712

%

10/10/29

$

2,772

Series

-

2017

PANW

(Class

C)

5,120,000

g

COMM

Mortgage

Trust

4

.353

08/10/30

4,696

Series

-

2013

300P

(Class

A1)

4,375,000

g

COMM

Mortgage

Trust

3

.376

01/10/39

3,455

Series

-

2022

HC

(Class

C)

3,500,000

g,i

COMM

Mortgage

Trust

4

.204

03/10/48

2,788

Series

-

2015

CR22

(Class

D)

1,100,000

i

COMM

Mortgage

Trust

4

.443

05/10/48

954

Series

-

2015

CR23

(Class

C)

1,000,000

i

COMM

Mortgage

Trust

4

.443

05/10/48

776

Series

-

2015

CR23

(Class

D)

2,500,000

i

COMM

Mortgage

Trust

3

.463

08/10/48

1,989

Series

-

2015

CR24

(Class

D)

1,000,000

COMM

Mortgage

Trust

3

.263

08/15/57

842

Series

-

2019

GC44

(Class

AM)

6,000,000

g,i

Commercial

Mortgage

Pass

Through

Certificates

4

.084

01/10/39

4,513

Series

-

2022

HC

(Class

D)

2,805,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.900%

6

.967

12/25/41

2,736

Series

-

2022

R01

(Class

1M2)

3,000,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.500%

9

.567

01/25/42

3,018

Series

-

2022

R02

(Class

2B1)

10,555,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8

.167

03/25/42

10,671

Series

-

2022

R04

(Class

1M2)

21,985,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8

.567

03/25/42

22,463

Series

-

2022

R03

(Class

1M2)

4,845,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8

.067

04/25/42

4,832

Series

-

2022

R05

(Class

2M2)

15,710,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

8

.917

05/25/42

16,200

Series

-

2022

R06

(Class

1M2)

18,627,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9

.717

06/25/42

19,719

Series

-

2022

R07

(Class

1M2)

4,298,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8

.667

07/25/42

4,395

Series

-

2022

R08

(Class

1M2)

9,020,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

9

.817

09/25/42

9,515

Series

-

2022

R09

(Class

2M2)

23,000,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

8

.817

12/25/42

23,607

Series

-

2023

R01

(Class

1M2)

15,000,000

g

CPT

Mortgage

Trust

2

.865

11/13/39

12,106

Series

-

2019

CPT

(Class

A)

2,000,000

g,i

CPT

Mortgage

Trust

3

.097

11/13/39

1,244

Series

-

2019

CPT

(Class

E)

5,000,000

g,i

Credit

Suisse

Commercial

Mortgage

Trust

3

.854

11/10/32

3,938

Series

-

2017

CALI

(Class

B)

3,209,759

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

2,596

Series

-

2021

NQM8

(Class

A3)

6,650,000

g,i

CSAIL

Commercial

Mortgage

Trust

3

.800

06/15/37

5,872

Series

-

2017

C8

(Class

85BA)

6,100,000

g,i

CSAIL

Commercial

Mortgage

Trust

3

.800

06/15/37

5,055

Series

-

2017

C8

(Class

85BB)

2,000,000

g,i

CSMC

Series

3

.388

10/25/59

1,725

Series

-

2019

NQM1

(Class

M1)

102,725,000

g,i

DOLP

Trust

0

.665

05/10/41

3,904

Series

-

2021

NYC

(Class

X)

7,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

6

.514

11/15/38

7,259

Series

-

2021

ELP

(Class

C)

5,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

7

.312

11/15/38

4,808

Series

-

2021

ELP

(Class

E)

519,919

g,i

Flagstar

Mortgage

Trust

4

.013

10/25/47

457

Series

-

2017

2

(Class

B3)

44,372

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

41

Series

-

2018

5

(Class

A11)

327

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,405,623

g,i

Flagstar

Mortgage

Trust

2

.500

%

04/25/51

$

1,091

Series

-

2021

2

(Class

A4)

4,330,118

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

3,356

Series

-

2021

4

(Class

A21)

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1

.878

01/25/31

8,516

Series

-

2021

P009

(Class

A2)

7,324,000

i

Freddie

Mac

Multiclass

Certificates

Series

2

.852

02/25/32

6,272

Series

-

2022

P013

(Class

A2)

6,657,830

Freddie

Mac

Multifamily

ML

Certificates

1

.877

07/25/37

5,057

Series

-

2021

ML08

(Class

ML08)

39,472,205

i

Freddie

Mac

Multifamily

ML

Certificates

1

.780

11/25/37

4,855

Series

-

2021

ML08

(Class

XCA)

3,151,445

Freddie

Mac

Multifamily

ML

Certificates

1

.896

11/25/37

2,411

Series

-

2021

ML08

(Class

ML08)

9,975,797

i

Freddie

Mac

Multifamily

ML

Certificates

3

.650

11/25/38

8,933

Series

-

2022

ML14

(Class

A)

16,514,795

Freddie

Mac

Multifamily

ML

Certificates

2

.340

07/25/41

12,759

Series

-

2021

ML12

(Class

AUS)

3,500,000

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3

.871

07/25/33

3,302

Series

-

2015

Q002

(Class

A2)

1,024,998

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.518

09/25/35

772

Series

-

2020

Q012

(Class

A3)

4,578,245

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.555

01/25/36

3,675

Series

-

2020

Q014

(Class

A1)

16,520,930

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3

.150

10/15/36

14,224

Series

-

2022

M068

(Class

A)

1,735,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4

.013

04/15/37

1,634

Series

-

2022

M069

(Class

A)

6,030,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1

.761

09/15/38

4,851

Series

-

2020

M061

(Class

A)

6,115,575

Freddie

Mac

REMICS

3

.000

09/25/50

4,333

Series

-

2021

5160

(Class

ZG)

365,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

1.500%

6

.567

10/25/41

356

Series

-

2021

DNA6

(Class

M2)

4,600,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.500%

7

.567

01/25/42

4,458

Series

-

2022

DNA1

(Class

M2)

8,080,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.900%

7

.967

04/25/42

8,077

Series

-

2022

DNA3

(Class

M1B)

17,140,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.350%

8

.417

05/25/42

17,353

Series

-

2022

DNA4

(Class

M1B)

10,390,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.550%

8

.617

08/25/42

10,547

Series

-

2022

HQA3

(Class

M1B)

6,670,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.700%

8

.767

09/25/42

6,886

Series

-

2022

DNA6

(Class

M1B)

2,785,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.750%

9

.817

02/25/42

2,779

Series

-

2022

DNA2

(Class

B1)

1,325,000

g,i

GCT

Commercial

Mortgage

Trust

LIBOR

1

M

+

0.800%

5

.993

02/15/38

1,136

Series

-

2021

GCT

(Class

A)

2,972,000

g,i

GS

Mortgage

Securities

Corp

II

5

.067

03/10/33

2,526

Series

-

2018

GS10

(Class

WLSC)

1,873,090

g,i

GS

Mortgage

Securities

Trust

LIBOR

1

M

+

1.090%

6

.290

10/15/31

1,806

Series

-

2018

HART

(Class

A)

3,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

2,685

Series

-

2016

GS3

(Class

AS)

830,000

i

GS

Mortgage

Securities

Trust

4

.078

11/10/49

672

Series

-

2016

GS4

(Class

C)

365,489

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

307

Series

-

2020

PJ4

(Class

A4)

724,349

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

603

Series

-

2020

PJ5

(Class

A4)

CREF

Social

Choice

Account

June

30,

2023

328

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,011,644

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

%

05/25/51

$

784

Series

-

2020

PJ6

(Class

A4)

66,022,858

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

0

.150

08/25/51

462

Series

-

2021

PJ3

(Class

AX1)

5,552,335

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

4,311

Series

-

2021

PJ5

(Class

A4)

4,908,917

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

3,961

Series

-

2022

PJ2

(Class

A36)

2,343,759

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

1,891

Series

-

2022

PJ4

(Class

A36)

410,228

g,i

GS

Mortgage-Backed

Securities

Trust

3

.632

05/25/50

339

Series

-

2020

PJ1

(Class

B2)

1,125,664

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

873

Series

-

2021

PJ2

(Class

A4)

8,198,805

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

6,406

Series

-

2021

PJ6

(Class

A4)

10,446,568

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

8,098

Series

-

2021

PJ7

(Class

A4)

4,737,383

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

3,672

Series

-

2021

PJ8

(Class

A4)

2,540,497

g,i

GS

Mortgage-Backed

Securities

Trust

2

.713

01/25/52

1,873

Series

-

2021

PJ7

(Class

B2)

4,620,254

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

3,581

Series

-

2021

PJ10

(Class

A4)

2,883,741

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

2,460

Series

-

2022

PJ1

(Class

A8)

2,129,270

g,i

GS

Mortgage-Backed

Securities

Trust

2

.823

05/28/52

1,626

Series

-

2022

PJ1

(Class

B2)

5,360,535

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

4,326

Series

-

2022

PJ5

(Class

A36)

3,032,064

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

01/25/53

2,454

Series

-

2022

PJ6

(Class

A24)

5,931,700

g,i

GS

Mortgage-Backed

Securities

Trust

3

.500

02/25/53

5,023

Series

-

2023

PJ1

(Class

A24)

583,534

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

5

.777

08/19/45

536

Series

-

2005

11

(Class

2A1A)

6,000,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

5,396

Series

-

2016

10HY

(Class

A)

5,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.076

08/10/38

4,423

Series

-

2016

10HY

(Class

B)

5,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.076

08/10/38

4,355

Series

-

2016

10HY

(Class

C)

7,000,000

g

Hudson

Yards

Mortgage

Trust

3

.228

07/10/39

6,025

Series

-

2019

30HY

(Class

A)

4,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.041

12/10/41

2,899

Series

-

2019

55HY

(Class

D)

7,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.041

12/10/41

4,822

Series

-

2019

55HY

(Class

E)

122,685

i

Impac

CMB

Trust

LIBOR

1

M

+

0.660%

5

.810

03/25/35

115

Series

-

2004

11

(Class

2A1)

480,000

g,i

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

398

Series

-

2020

NQM1

(Class

M1)

1,700,000

g,i

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.770%

6

.964

10/15/33

1,493

Series

-

2020

609M

(Class

B)

2,000,000

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.170%

7

.364

10/15/33

1,694

Series

-

2020

609M

(Class

C)

1,491,897

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6

.191

12/25/44

1,417

Series

-

2015

1

(Class

B1)

80,303

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

72

Series

-

2015

3

(Class

A19)

329

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

433,430

g,i

JP

Morgan

Mortgage

Trust

3

.500

%

10/25/45

$

389

Series

-

2015

6

(Class

A13)

200,243

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

177

Series

-

2016

1

(Class

A13)

221,904

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

196

Series

-

2017

2

(Class

A13)

301,957

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

261

Series

-

2018

3

(Class

A13)

244,587

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

213

Series

-

2018

4

(Class

A13)

849,459

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

730

Series

-

2018

5

(Class

A13)

829,810

g,i

JP

Morgan

Mortgage

Trust

3

.356

10/26/48

795

Series

-

2017

5

(Class

A2)

90,000

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

83

Series

-

2018

8

(Class

A13)

197,987

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

181

Series

-

2018

9

(Class

A13)

28,093

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

26

Series

-

2019

1

(Class

A3)

182,265

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

168

Series

-

2019

1

(Class

A15)

420,888

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

6

.088

10/25/49

407

Series

-

2019

INV1

(Class

A11)

1,563,365

g,i

JP

Morgan

Mortgage

Trust

3

.833

06/25/50

1,321

Series

-

2020

1

(Class

B2)

21,144,698

g,i

JP

Morgan

Mortgage

Trust

0

.143

07/25/51

144

Series

-

2021

3

(Class

AX1)

15,044,726

g,i

JP

Morgan

Mortgage

Trust

0

.132

08/25/51

95

Series

-

2021

4

(Class

AX1)

1,667,805

g,i

JP

Morgan

Mortgage

Trust

2

.882

08/25/51

1,273

Series

-

2021

4

(Class

B2)

28,777,903

g,i

JP

Morgan

Mortgage

Trust

0

.137

10/25/51

187

Series

-

2021

6

(Class

AX1)

3,215,973

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

2,497

Series

-

2021

6

(Class

A15)

2,240,461

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

1,739

Series

-

2021

7

(Class

A15)

2,846,850

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

2,210

Series

-

2021

8

(Class

A15)

1,207,867

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

936

Series

-

2021

10

(Class

A15)

4,004,619

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

3,104

Series

-

2021

11

(Class

A15)

1,110,994

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

861

Series

-

2021

12

(Class

A15)

1,836,642

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

1,424

Series

-

2021

14

(Class

A15)

1,202,103

g,i

JP

Morgan

Mortgage

Trust

2

.927

05/25/52

913

Series

-

2021

LTV2

(Class

A3)

5,832,614

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

4,521

Series

-

2021

15

(Class

A15)

6,500,366

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

5,039

Series

-

2022

1

(Class

A15)

9,999,000

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

8,372

Series

-

2022

LTV1

(Class

A1)

9,999,604

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

8,069

Series

-

2022

3

(Class

A25)

6,988,623

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

5,657

Series

-

2022

2

(Class

A25)

6,388,152

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

5,385

Series

-

2022

LTV2

(Class

A6)

CREF

Social

Choice

Account

June

30,

2023

330

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,220,443

g,i

JP

Morgan

Mortgage

Trust

3

.000

%

10/25/52

$

4,226

Series

-

2022

4

(Class

A17A)

4,686,747

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

3,794

Series

-

2022

6

(Class

A17A)

3,330,481

g,i

JP

Morgan

Mortgage

Trust

3

.000

12/25/52

2,696

Series

-

2022

7

(Class

1A17)

428,610

g,i

JP

Morgan

Mortgage

Trust

5

.000

06/25/53

400

Series

-

2023

1

(Class

A15A)

2,933,595

g,i

JP

Morgan

Mortgage

Trust

5

.500

06/25/53

2,797

Series

-

2023

1

(Class

A15B)

5,000,000

g

Liberty

Street

Trust

3

.597

02/10/36

4,484

Series

-

2016

225L

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.294

08/15/34

3,681

Series

-

2017

330M

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.478

08/15/34

3,407

Series

-

2017

330M

(Class

B)

2,000,000

g,i

Manhattan

West

2

.413

09/10/39

1,654

Series

-

2020

1MW

(Class

C)

2,000,000

g

Manhattan

West

Mortgage

Trust

2

.130

09/10/39

1,709

Series

-

2020

1MW

(Class

A)

2,169,000

g,i

Menora

Mivtachim

Holdings

Ltd

4

.070

02/17/55

1,170

Series

-

2022

C1

(Class

360D)

132,584

i

Morgan

Stanley

Capital

I

Trust

6

.282

12/12/49

56

Series

-

2007

IQ16

(Class

AJFX)

923,769

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

793

Series

-

2021

4

(Class

A4)

3,804,578

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

2,949

Series

-

2021

5

(Class

A9)

2,840,439

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

2,438

Series

-

2021

6

(Class

A4)

2,467,917

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,913

Series

-

2021

6

(Class

A9)

3,000,000

g,i

MSDB

Trust

3

.427

07/11/39

2,558

Series

-

2017

712F

(Class

A)

5,750,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5

.915

07/15/36

5,416

Series

-

2019

MILE

(Class

A)

6,750,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.879%

7

.026

07/15/36

6,192

Series

-

2019

MILE

(Class

B)

4,250,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7

.426

07/15/36

3,827

Series

-

2019

MILE

(Class

C)

9,800,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

3.579%

8

.726

07/15/36

8,095

Series

-

2019

MILE

(Class

E)

1,500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

4.329%

9

.476

07/15/36

1,103

Series

-

2019

MILE

(Class

F)

460,073

g,i

New

Residential

Mortgage

Loan

Trust

2

.797

09/25/59

416

Series

-

2019

NQM4

(Class

A3)

470,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

373

Series

-

2019

NQM4

(Class

M1)

40,269

i

New

York

Mortgage

Trust

LIBOR

1

M

+

0.480%

5

.630

02/25/36

39

Series

-

2005

3

(Class

A1)

5,137,307

g,i

OBX

Trust

2

.500

07/25/51

3,982

Series

-

2021

J2

(Class

A19)

322,101

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

5

.800

06/25/57

306

Series

-

2018

1

(Class

A2)

1,568,158

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

1,217

Series

-

2021

1

(Class

A19)

1,829,100

g,i

Oceanview

Mortgage

Trust

4

.500

11/25/52

1,684

Series

-

2022

1

(Class

A1)

11,800,000

g

One

Bryant

Park

Trust

2

.516

09/15/54

9,609

Series

-

2019

OBP

(Class

A)

4,699,000

g

One

Market

Plaza

Trust

3

.614

02/10/32

4,350

Series

-

2017

1MKT

(Class

A)

331

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,000,000

g

One

Market

Plaza

Trust

3

.845

%

02/10/32

$

896

Series

-

2017

1MKT

(Class

B)

2,000,000

g

One

Market

Plaza

Trust

4

.146

02/10/32

1,665

Series

-

2017

1MKT

(Class

D)

5,002,915

g,i

RCKT

Mortgage

Trust

2

.500

09/25/51

3,878

Series

-

2021

4

(Class

A21)

6,952,852

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

5,414

Series

-

2022

2

(Class

A22)

5,306,931

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

4,461

Series

-

2022

4

(Class

A22)

429,621

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

385

Series

-

2015

2

(Class

A1)

189,131

g,i

Sequoia

Mortgage

Trust

3

.500

06/25/46

168

Series

-

2016

1

(Class

A19)

651,026

g,i

Sequoia

Mortgage

Trust

3

.726

09/25/47

589

Series

-

2017

6

(Class

B1)

11,680

g,i

Sequoia

Mortgage

Trust

4

.000

09/25/48

11

Series

-

2018

7

(Class

A19)

73,225

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

67

Series

-

2019

2

(Class

A19)

182,429

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

162

Series

-

2019

5

(Class

A19)

1,428,909

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

1,187

Series

-

2020

3

(Class

A19)

2,936,941

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

2,280

Series

-

2021

4

(Class

A19)

275,856

g,i

Shellpoint

Co-Originator

Trust

3

.500

10/25/47

243

Series

-

2017

2

(Class

A1)

78,068,000

g,i

SLG

Office

Trust

0

.258

07/15/41

1,193

Series

-

2021

OVA

(Class

X)

58,931

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

3

.783

02/25/48

55

Series

-

2018

SPI1

(Class

M2)

74,055

g,i

STACR

3

.833

05/25/48

70

Series

-

2018

SPI2

(Class

M2)

1,125,000

g,i

STWD

Mortgage

Trust

LIBOR

1

M

+

1.257%

6

.450

11/15/36

1,101

Series

-

2021

LIH

(Class

AS)

4,000,000

g

SUMIT

Mortgage

Trust

2

.789

02/12/41

3,102

Series

-

2022

BVUE

(Class

A)

982,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

857

Series

-

2019

4

(Class

M1)

437,595

g

Verus

Securitization

Trust

1

.733

05/25/65

396

Series

-

2020

5

(Class

A3)

2,578,338

g,i

Verus

Securitization

Trust

2

.240

10/25/66

2,105

Series

-

2021

7

(Class

A3)

53,206

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

50

Series

-

2019

2

(Class

A17)

443,466

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

370

Series

-

2020

4

(Class

A17)

6,900,305

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

5,349

Series

-

2021

2

(Class

A17)

2,401,561

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

1,862

Series

-

2022

2

(Class

A18)

145,780

g,i

WinWater

Mortgage

Loan

Trust

3

.919

06/20/44

121

Series

-

2014

1

(Class

B4)

3,411,131

g,i

Woodward

Capital

Management

3

.000

05/25/52

2,761

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

672,390

TOTAL

STRUCTURED

ASSETS

901,051

(Cost

$1,026,570)

CREF

Social

Choice

Account

June

30,

2023

332

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

59.7%

AUTOMOBILES

&

COMPONENTS

-

1.6%

261,171

*

American

Axle

&

Manufacturing

Holdings,

Inc

$

2,160

153,429

*

Aptiv

plc

15,663

160,399

Bayerische

Motoren

Werke

AG.

19,730

71,908

Bayerische

Motoren

Werke

AG.

(Preference)

8,194

290,800

e

Bridgestone

Corp

11,946

482,149

Cie

Generale

des

Etablissements

Michelin

S.C.A

14,263

305,758

Daimler

AG.

(Registered)

24,611

101,818

Dr

ING

hc

F

Porsche

AG.

12,649

649,900

Honda

Motor

Co

Ltd

19,688

246,308

Magna

International,

Inc

13,905

9,447

*

Modine

Manufacturing

Co

312

879

*

Rivian

Automotive,

Inc

15

636,872

*

Tesla,

Inc

166,714

251,176

Valeo

S.A.

5,398

823

e

Yamaha

Motor

Co

Ltd

24

TOTAL

AUTOMOBILES

&

COMPONENTS

315,272

BANKS

-

2.7%

2,364

Ameris

Bancorp

81

1,284,259

Australia

&

New

Zealand

Banking

Group

Ltd

20,329

2,672,416

Banco

Bilbao

Vizcaya

Argentaria

S.A.

20,531

1,485,611

Bank

Hapoalim

Ltd

12,251

264,477

Bank

of

Montreal

23,885

449,871

e

Bank

of

Nova

Scotia

22,508

65,681

e

Bank

OZK

2,638

2,405

Banner

Corp

105

56,868

Berkshire

Hills

Bancorp,

Inc

1,179

3,985,500

BOC

Hong

Kong

Holdings

Ltd

12,209

1,840

Cadence

BanCorp

36

6,038

e

Camden

National

Corp

187

422,283

e

Canadian

Imperial

Bank

of

Commerce

18,029

1,156,422

Citigroup,

Inc

53,242

1,366

Citizens

Financial

Group,

Inc

36

2,120

Columbia

Banking

System,

Inc

43

823

e

Commerce

Bancshares,

Inc

40

889

Community

Trust

Bancorp,

Inc

32

124,729

DNB

Bank

ASA

2,332

242,638

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

8,511

7,030

First

Busey

Corp

141

1,019

Glacier

Bancorp,

Inc

32

1,984

Hancock

Whitney

Corp

76

808,000

Hang

Seng

Bank

Ltd

11,519

4,964

e

Heritage

Financial

Corp

80

19,873

HomeStreet,

Inc

118

5,415,590

HSBC

Holdings

plc

42,880

381,375

e

Huntington

Bancshares,

Inc

4,111

7,462,698

Intesa

Sanpaolo

S.p.A.

19,565

341,451

JPMorgan

Chase

&

Co

49,661

203,580

KBC

Groep

NV

14,210

2,557

Keycorp

24

1,148,400

Mizuho

Financial

Group,

Inc

17,554

30,945

National

Bank

Holdings

Corp

899

138,079

National

Bank

of

Canada

10,287

9,051

Old

National

Bancorp

126

1,766,267

Oversea-Chinese

Banking

Corp

16,068

287,428

PNC

Financial

Services

Group,

Inc

36,202

333

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

949,057

e

Regions

Financial

Corp

$

16,912

1,643,600

Resona

Holdings,

Inc

7,869

569,386

Societe

Generale

14,808

1,818,618

Standard

Chartered

plc

15,822

313,100

Sumitomo

Mitsui

Trust

Holdings,

Inc

11,107

1,397,582

Svenska

Handelsbanken

AB

11,701

2,226

*

Texas

Capital

Bancshares,

Inc

115

20,196

*

The

Bancorp,

Inc

659

544,559

Toronto-Dominion

Bank

33,753

4,787

e

Trico

Bancshares

159

527,068

Truist

Financial

Corp

15,996

2,114

UMB

Financial

Corp

129

18,027

e

Univest

Financial

Corp

326

2,021

Westamerica

Bancorporation

77

1,110

Wintrust

Financial

Corp

81

TOTAL

BANKS

551,271

CAPITAL

GOODS

-

4.3%

477,680

3M

Co

47,811

362

A.O.

Smith

Corp

26

588,895

ABB

Ltd

23,168

790

Acuity

Brands,

Inc

129

247

Allegion

plc

30

181,708

Ashtead

Group

plc

12,598

510,377

Assa

Abloy

AB

12,268

1,169,208

Atlas

Copco

AB

16,880

1,130,260

Atlas

Copco

AB

14,093

68,467

*

Axon

Enterprise,

Inc

13,359

688

*

Beacon

Roofing

Supply,

Inc

57

11,104

*,e

Bloom

Energy

Corp

182

272,149

Bouygues

S.A.

9,142

39,132

Brenntag

AG.

3,053

393,057

*

CAE,

Inc

8,797

343,473

Carrier

Global

Corp

17,074

266,952

Caterpillar,

Inc

65,684

837,871

CNH

Industrial

NV

12,084

50,104

Cummins,

Inc

12,284

82,171

Curtiss-Wright

Corp

15,092

900

Daifuku

Co

Ltd

19

81,100

Daikin

Industries

Ltd

16,618

92,545

DCC

plc

5,177

149,708

Deere

&

Co

60,660

396

Dover

Corp

58

251,414

Eaton

Corp

50,559

98,775

Eiffage

S.A.

10,313

1,733

EMCOR

Group,

Inc

320

68,952

Emerson

Electric

Co

6,233

1,823

Epiroc

AB

35

46,955

Fanuc

Ltd

1,648

166,626

Fastenal

Co

9,829

576

Ferguson

plc

91

136,688

Fortive

Corp

10,220

1,653

Fortune

Brands

Home

&

Security,

Inc

119

4,591

Geberit

AG.

2,406

48,629

*

Generac

Holdings,

Inc

7,252

151,824

*

Great

Lakes

Dredge

&

Dock

Corp

1,239

180,585

Hexcel

Corp

13,728

1,155

e

Husqvarna

AB

(B

Shares)

10

2,459

IDEX

Corp

529

221,971

Illinois

Tool

Works,

Inc

55,528

1,115

Ingersoll

Rand,

Inc

73

399,019

Johnson

Controls

International

plc

27,189

CREF

Social

Choice

Account

June

30,

2023

334

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,076,270

Keppel

Corp

Ltd

$

5,356

346,500

Komatsu

Ltd

9,372

282,335

*

Kratos

Defense

&

Security

Solutions,

Inc

4,049

383,900

Kubota

Corp

5,620

289

Kurita

Water

Industries

Ltd

11

157,677

Legrand

S.A.

15,642

86

Lennox

International,

Inc

28

794

LIXIL

Group

Corp

10

14,172

Luxfer

Holdings

plc

202

50,237

*

Manitowoc

Co,

Inc

946

874,400

Marubeni

Corp

14,903

240,083

Masco

Corp

13,776

109,661

*

Mercury

Systems,

Inc

3,793

352,300

Mitsui

&

Co

Ltd

13,334

9,935

Moog,

Inc

(Class

A)

1,077

13,816

*

MYR

Group,

Inc

1,911

658

NGK

Insulators

Ltd

8

129,447

Nibe

Industrier

AB

1,231

333,800

Obayashi

Corp

2,887

9,277

Owens

Corning,

Inc

1,211

129,844

PACCAR,

Inc

10,861

455

Pentair

plc

29

60,083

*

Proto

Labs,

Inc

2,101

30,911

Quanta

Services,

Inc

6,072

54,457

Rockwell

Automation,

Inc

17,941

4,744

Rush

Enterprises,

Inc

(Class

A)

288

127,111

Sandvik

AB

2,482

170,258

Schneider

Electric

S.A.

30,932

47,938,119

*

SembCorp

Marine

Ltd

4,446

355,600

Shimizu

Corp

2,251

215,072

Siemens

AG.

35,853

18,061

SKF

AB

(B

Shares)

315

13,039

Snap-On,

Inc

3,758

227

Toromont

Industries

Ltd

19

392

Toto

Ltd

12

97,637

Trane

Technologies

plc

18,674

146,892

*

Triumph

Group,

Inc

1,817

42,687

United

Rentals,

Inc

19,012

24,341

*

Vectrus,

Inc

1,206

229,354

Vestas

Wind

Systems

A.S.

6,098

697,434

Volvo

AB

(B

Shares)

14,433

18,507

W.W.

Grainger,

Inc

14,594

1,964

Wabash

National

Corp

50

295,210

Wartsila

Oyj

(B

Shares)

3,329

50,826

Woodward

Inc

6,044

40,621

e

WSP

Global,

Inc

5,367

49,681

Xylem,

Inc

5,595

700

Yaskawa

Electric

Corp

32

TOTAL

CAPITAL

GOODS

872,642

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.4%

834

ABM

Industries,

Inc

36

33,977

ACCO

Brands

Corp

177

1,000

*

ASGN

Inc

76

258,308

Automatic

Data

Processing,

Inc

56,774

372

Booz

Allen

Hamilton

Holding

Co

41

3,969

Brambles

Ltd

38

349,061

Bureau

Veritas

S.A.

9,576

274,481

Computershare

Ltd

4,284

526,086

*

Copart,

Inc

47,984

36,582

CSG

Systems

International,

Inc

1,929

614

Dai

Nippon

Printing

Co

Ltd

17

335

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

37,415

*

ExlService

Holdings,

Inc

$

5,652

50,199

*

FTI

Consulting,

Inc

9,548

5,059

Heidrick

&

Struggles

International,

Inc

134

44,488

Intertek

Group

plc

2,412

188,119

*

KAR

Auction

Services,

Inc

2,863

45,168

Kelly

Services,

Inc

(Class

A)

795

50,425

*

Liquidity

Services,

Inc

832

37,996

Randstad

Holdings

NV

2,004

29,564

RB

Global,

Inc

1,774

288,600

Recruit

Holdings

Co

Ltd

9,211

695,611

RELX

plc

23,206

62,095

Robert

Half

International,

Inc

4,671

97,700

SGS

S.A.

9,242

42,233

Teleperformance

7,085

106,907

e

Thomson

Reuters

Corp

14,434

166,652

TransUnion

13,054

2,948

*

TriNet

Group,

Inc

280

19,721

Verisk

Analytics,

Inc

4,458

202,378

Waste

Management,

Inc

35,096

30,531

Wolters

Kluwer

NV

3,877

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

271,560

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.8%

45,506

*

1-800-FLOWERS.COM,

Inc

(Class

A)

355

355

Advance

Auto

Parts,

Inc

25

1,750,367

*

Amazon.com,

Inc

228,178

568

*

AutoZone,

Inc

1,416

621

Best

Buy

Co,

Inc

51

184

*

Burlington

Stores,

Inc

29

158

Canadian

Tire

Corp

Ltd

22

2,874

*

CarMax,

Inc

241

28,621

Dieteren

S.A.

5,065

34,769

Dollarama,

Inc

2,355

555,373

eBay,

Inc

24,820

41,100

Fast

Retailing

Co

Ltd

10,541

8,815

*

Five

Below,

Inc

1,732

29,570

*

Genesco,

Inc

740

679

Genuine

Parts

Co

115

289,675

e

Hennes

&

Mauritz

AB

(B

Shares)

4,982

331,159

Home

Depot,

Inc

102,871

502,909

Industria

De

Diseno

Textil

S.A.

19,507

5,813

Kingfisher

plc

17

109,818

LKQ

Corp

6,399

302,482

Lowe's

Companies,

Inc

68,270

44,620

*

MarineMax,

Inc

1,524

370

*

MercadoLibre,

Inc

438

366

Next

plc

32

4,853

Pool

Corp

1,818

300,443

Prosus

NV

22,003

1,746

*

Sally

Beauty

Holdings,

Inc

22

34,896

Shoe

Carnival,

Inc

819

650,767

TJX

Companies,

Inc

55,179

21,945

Tractor

Supply

Co

4,852

186,836

Wesfarmers

Ltd

6,160

1,197

Winmark

Corp

398

19,020

*,g

Zalando

SE

548

20,869

*

Zumiez,

Inc

348

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

571,872

CONSUMER

DURABLES

&

APPAREL

-

0.9%

74,165

Adidas-Salomon

AG.

14,398

385,655

Barratt

Developments

plc

2,027

CREF

Social

Choice

Account

June

30,

2023

336

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

68,119

Berkeley

Group

Holdings

plc

$

3,396

308,453

Burberry

Group

plc

8,323

33,385

*

Crocs,

Inc

3,754

9,091

*

Deckers

Outdoor

Corp

4,797

524

Gildan

Activewear,

Inc

17

58,468

*

GoPro,

Inc

242

55,526

*

Green

Brick

Partners,

Inc

3,154

804

Hasbro,

Inc

52

11,571

Hermes

International

25,152

32,983

*

iRobot

Corp

1,492

33,819

Kering

18,675

18,915

*

Lovesac

Co

510

37,921

*

Lululemon

Athletica,

Inc

14,353

156,205

Moncler

S.p.A

10,807

2,173

*

NVR,

Inc

13,800

1,300,600

Panasonic

Corp

15,948

262

Pandora

AS

23

880

Persimmon

PLC

11

714

Pulte

Homes,

Inc

55

18,601

Puma

AG.

Rudolf

Dassler

Sport

1,121

2,388

PVH

Corp

203

1,026

Sekisui

Chemical

Co

Ltd

15

237,400

Sekisui

House

Ltd

4,795

178,782

*

Sonos,

Inc

2,920

364,500

Sony

Corp

32,903

1,076,998

Taylor

Wimpey

plc

1,407

77,585

*,e

Traeger,

Inc

330

2,785

VF

Corp

53

389

Yamaha

Corp

15

TOTAL

CONSUMER

DURABLES

&

APPAREL

184,748

CONSUMER

SERVICES

-

1.4%

223,772

Accor

S.A.

8,327

38,630

ADT,

Inc

233

205,465

*

Amadeus

IT

Holding

S.A.

15,646

21,578

*

Booking

Holdings,

Inc

58,268

46,693

*

Bright

Horizons

Family

Solutions

4,317

33,285

Carriage

Services,

Inc

1,081

711,559

Compass

Group

plc

19,926

93,670

*

Dave

&

Buster's

Entertainment,

Inc

4,174

318,195

Hilton

Worldwide

Holdings,

Inc

46,313

575

IDP

Education

Ltd

9

109,464

InterContinental

Hotels

Group

plc

7,567

253,459

*,g

Just

Eat

Takeaway.com

NV

3,885

489,500

Oriental

Land

Co

Ltd

19,084

36,334

*

Planet

Fitness,

Inc

2,450

3,541

*

Shake

Shack,

Inc

275

97,286

*

Six

Flags

Entertainment

Corp

2,527

572,836

Starbucks

Corp

56,745

26,591

Vail

Resorts,

Inc

6,695

129,335

Whitbread

plc

5,567

25,481

Wingstop,

Inc

5,100

78,946

Yum!

Brands,

Inc

10,938

TOTAL

CONSUMER

SERVICES

279,127

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.8%

232,500

Aeon

Co

Ltd

4,761

361,939

Alimentation

Couche-Tard,

Inc

18,559

238,369

*

BJ's

Wholesale

Club

Holdings,

Inc

15,020

818,506

Coles

Group

Ltd

10,050

1,743,514

J

Sainsbury

plc

5,960

752

Kesko

Oyj

(B

Shares)

14

337

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,063

Kroger

Co

$

238

119,364

Metro,

Inc

6,741

109,854

*

Performance

Food

Group

Co

6,618

51,446

Pricesmart,

Inc

3,810

81,987

SpartanNash

Co

1,846

225,859

*

Sprouts

Farmers

Market,

Inc

8,296

306,151

Target

Corp

40,381

123,985

*

United

Natural

Foods,

Inc

2,424

346,315

*

US

Foods

Holding

Corp

15,238

649,626

Woolworths

Ltd

17,213

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

157,169

ENERGY

-

2.9%

361,423

Antero

Midstream

Corp

4,193

184,095

APA

Corp

6,291

245,584

e

ARC

Resources

Ltd

3,276

357,321

Baker

Hughes

Co

11,295

731,836

Cenovus

Energy,

Inc

(Toronto)

12,430

3,725

ChampionX

Corp

116

172,441

Cheniere

Energy,

Inc

26,273

287,340

Chevron

Corp

45,213

235,164

*

Clean

Energy

Fuels

Corp

1,166

584,663

ConocoPhillips

60,577

2,773

Delek

US

Holdings,

Inc

66

207,712

Devon

Energy

Corp

10,041

26,007

*

DMC

Global,

Inc

462

52,213

*

Dril-Quip,

Inc

1,215

691,684

Enbridge,

Inc

25,709

251,980

EOG

Resources,

Inc

28,837

288,575

EQT

Corp

11,869

416,218

Equinor

ASA

12,120

584,895

Galp

Energia

SGPS

S.A.

6,835

1,424

Halliburton

Co

47

134,424

Hess

Corp

18,275

212,089

e

Imperial

Oil

Ltd

10,851

202,500

Inpex

Holdings,

Inc

2,225

6,419

Keyera

Corp

148

1,332,221

Kinder

Morgan,

Inc

22,941

945,307

*

Kosmos

Energy

Ltd

5,662

1,874

Marathon

Oil

Corp

43

146,797

Marathon

Petroleum

Corp

17,117

335,595

Neste

Oil

Oyj

12,921

432,982

NOV,

Inc

6,945

5,830

*

Oceaneering

International,

Inc

109

114,033

OMV

AG.

4,842

26,543

ONEOK,

Inc

1,638

21,024

Ovintiv,

Inc

800

170,132

e

Parkland

Corp

4,238

182,711

Pembina

Pipeline

Income

Fund

5,744

1,331

Phillips

66

127

113,059

Pioneer

Natural

Resources

Co

23,424

637,441

Schlumberger

Ltd

31,311

1,290,892

Shell

plc

38,509

636,487

*

Southwestern

Energy

Co

3,825

522,200

Suncor

Energy,

Inc

15,318

660,791

Total

S.A.

37,932

219,246

Valero

Energy

Corp

25,718

80,303

*

Weatherford

International

Ltd

5,334

742,877

Woodside

Energy

Group

Ltd

17,184

TOTAL

ENERGY

581,212

CREF

Social

Choice

Account

June

30,

2023

338

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.3%

265,991

American

Tower

Corp

$

51,586

817

Boston

Properties,

Inc

47

545,111

British

Land

Co

plc

2,102

63,675

Brixmor

Property

Group,

Inc

1,401

2,405,177

CapitaMall

Trust

3,408

71,293

Crown

Castle

International

Corp

8,123

2,975

Dexus

Property

Group

15

401,487

DiamondRock

Hospitality

Co

3,216

784

Digital

Realty

Trust,

Inc

89

11,518

e

Douglas

Emmett,

Inc

145

50,715

Equinix,

Inc

39,758

46,383

First

Industrial

Realty

Trust,

Inc

2,442

57,512

Fonciere

Des

Regions

2,717

49,237

Gecina

S.A.

5,253

952,831

Goodman

Group

12,809

688,636

GPT

Group

1,905

284,985

Healthpeak

Properties

Inc

5,728

945

Iron

Mountain,

Inc

54

7,120

e

iStar,

Inc

169

4,380

Kilroy

Realty

Corp

132

260,991

Klepierre

6,484

204,332

Macerich

Co

2,303

1,050,750

Mirvac

Group

1,587

354,372

Park

Hotels

&

Resorts,

Inc

4,543

7,536

PotlatchDeltic

Corp

398

448,865

Prologis,

Inc

55,044

298

SBA

Communications

Corp

69

150,858

Scentre

Group

267

151,016

Segro

plc

1,377

6,604

Stockland

Trust

Group

18

143,502

*,e

Unibail-Rodamco-Westfield

7,569

190,252

Vicinity

Centres

234

248,605

Welltower,

Inc

20,110

328,524

Weyerhaeuser

Co

11,009

63,158

Xenia

Hotels

&

Resorts,

Inc

777

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

252,888

FINANCIAL

SERVICES

-

4.5%

622,432

3i

Group

plc

15,428

3,076

Ally

Financial,

Inc

83

351,995

American

Express

Co

61,317

85,577

Ameriprise

Financial,

Inc

28,425

6,128

Annaly

Capital

Management,

Inc

123

536

Australian

Stock

Exchange

Ltd

23

703,028

Bank

of

New

York

Mellon

Corp

31,299

85,968

BlackRock,

Inc

59,416

84,822

Deutsche

Boerse

AG.

15,659

249,734

Discover

Financial

Services

29,181

51,668

Eurazeo

3,638

11,976

Factset

Research

Systems,

Inc

4,798

411,237

Fidelity

National

Information

Services,

Inc

22,495

3,347

Franklin

Resources,

Inc

89

180,647

Goldman

Sachs

Group,

Inc

58,266

10,629

*

Green

Dot

Corp

199

334,646

Hong

Kong

Exchanges

and

Clearing

Ltd

12,679

467,031

Intercontinental

Exchange

Group,

Inc

52,812

1,416

Invesco

Ltd

24

190,978

*

Kinnevik

AB

2,649

166,684

London

Stock

Exchange

Group

plc

17,741

221

LPL

Financial

Holdings,

Inc

48

147,247

Macquarie

Group

Ltd

17,521

339

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

260

MarketAxess

Holdings,

Inc

$

68

271,663

Mastercard,

Inc

(Class

A)

106,845

109,117

Moody's

Corp

37,942

683,832

Morgan

Stanley

58,399

17,431

*

Mr

Cooper

Group,

Inc

883

96,535

Nasdaq

Inc

4,812

2,220,800

*

Nomura

Holdings,

Inc

8,467

64,759

Northern

Trust

Corp

4,801

654,090

ORIX

Corp

11,928

531,078

*

PayPal

Holdings,

Inc

35,439

5,978

*

PRA

Group,

Inc

137

2,150

*

PROG

Holdings,

Inc

69

170,630

S&P

Global,

Inc

68,404

656,988

Schroders

plc

3,655

2,200

Singapore

Exchange

Ltd

16

96,869

St.

James's

Place

plc

1,340

2,388,396

Standard

Life

Aberdeen

plc

6,632

171,253

State

Street

Corp

12,532

1,437

Synchrony

Financial

49

91,231

T

Rowe

Price

Group,

Inc

10,220

6,965

TFS

Financial

Corp

88

770

TMX

Group

Ltd

17

1,165,291

UBS

Group

AG

23,619

233,017

Visa,

Inc

(Class

A)

55,337

35,477

Voya

Financial,

Inc

2,544

32,327

Wendel

3,320

68,702

*

WEX,

Inc

12,509

TOTAL

FINANCIAL

SERVICES

903,985

FOOD,

BEVERAGE

&

TOBACCO

-

2.3%

358,263

Ajinomoto

Co,

Inc

14,272

99,513

Archer-Daniels-Midland

Co

7,519

1,758

Bunge

Ltd

166

70,181

Campbell

Soup

Co

3,208

1,365,683

Coca-Cola

Co

82,241

197,958

*

Coca-Cola

European

Partners

plc

(Class

A)

12,754

241,442

Coca-Cola

HBC

AG.

7,202

1,330

ConAgra

Brands,

Inc

45

299,991

Danone

18,385

15,327

*

Darling

International,

Inc

978

52,370

Fresh

Del

Monte

Produce,

Inc

1,346

566,776

General

Mills,

Inc

43,472

2,360

*

Hain

Celestial

Group,

Inc

30

291,526

Hormel

Foods

Corp

11,725

185,284

Kellogg

Co

12,488

132,763

Kerry

Group

plc

(Class

A)

12,958

2,155

Keurig

Dr

Pepper,

Inc

67

173,000

Kikkoman

Corp

9,880

264,822

Lamb

Weston

Holdings,

Inc

30,441

100,963

McCormick

&

Co,

Inc

8,807

116,254

Mowi

ASA

1,845

648,894

Nestle

S.A.

78,057

74,000

Nissin

Food

Products

Co

Ltd

6,119

304,982

Orkla

ASA

2,193

477,402

PepsiCo,

Inc

88,424

170,400

e

Suntory

Beverage

&

Food

Ltd

6,177

12,328

*

TreeHouse

Foods,

Inc

621

16,271

*

Vital

Farms,

Inc

195

2,330,714

Wilmar

International

Ltd

6,566

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

468,181

CREF

Social

Choice

Account

June

30,

2023

340

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.7%

138,102

*

Accolade,

Inc

$

1,860

71,383

*

Allscripts

Healthcare

Solutions,

Inc

899

149,137

Amplifon

S.p.A.

5,470

70,373

*

Angiodynamics,

Inc

734

8,730

*

AtriCure,

Inc

431

1,376

Baxter

International,

Inc

63

50,260

BioMerieux

5,277

381,856

*,e

Brookdale

Senior

Living,

Inc

1,611

48,831

Carl

Zeiss

Meditec

AG.

5,281

46,122

*

Castle

Biosciences,

Inc

633

354,493

*

Cerus

Corp

872

117,968

Cigna

Corp

33,102

23,683

Cochlear

Ltd

3,628

72,282

Coloplast

AS

9,045

72,482

*,e

CryoLife,

Inc

1,246

188

*

DaVita,

Inc

19

22,351

*

Demant

A.S.

946

254,738

*

Dexcom,

Inc

32,736

45,242

Ebos

Group

Ltd

1,022

519,344

*

Edwards

Lifesciences

Corp

48,990

127,969

Elevance

Health,

Inc

56,855

119,837

*

Enhabit,

Inc

1,378

195,620

*

Envista

Holdings

Corp

6,620

44,000

*,e

Fulgent

Genetics,

Inc

1,629

13,596

*

Globus

Medical,

Inc

810

141,024

HCA

Healthcare,

Inc

42,798

113,131

*

Health

Catalyst,

Inc

1,414

25,660

*

Henry

Schein,

Inc

2,081

130,193

*

Hologic,

Inc

10,542

104,900

*

Hoya

Corp

12,553

69,703

*

IDEXX

Laboratories,

Inc

35,007

527

*

Insulet

Corp

152

53,833

Laboratory

Corp

of

America

Holdings

12,992

34,725

LeMaitre

Vascular,

Inc

2,336

8,932

*

LivaNova

plc

459

49,253

*

Merit

Medical

Systems,

Inc

4,120

161

*

Molina

Healthcare,

Inc

49

179,941

*

NeoGenomics,

Inc

2,892

76,842

*

Nevro

Corp

1,953

125,684

*

NextGen

Healthcare,

Inc

2,039

257

*

Novocure

Ltd

11

96,761

*

Omnicell,

Inc

7,128

832,141

*,e

Opko

Health,

Inc

1,806

112,552

*

OraSure

Technologies,

Inc

564

69,413

*

Orthofix

Medical

Inc

1,254

111,047

*

Outset

Medical,

Inc

2,429

16,134

*

Pennant

Group,

Inc

198

17,940

*

Penumbra,

Inc

6,172

2,830

Premier,

Inc

78

72,016

*

Pulmonx

Corp

944

31,912

Quest

Diagnostics,

Inc

4,486

166,198

Ramsay

Health

Care

Ltd

6,244

96,714

Resmed,

Inc

21,132

1,485

*

Shockwave

Medical

Inc

424

53,146

*

SI-BONE,

Inc

1,434

212,936

Sonic

Healthcare

Ltd

5,064

47,094

Sonova

Holdings

AG

12,566

24,596

*

Staar

Surgical

Co

1,293

38,565

e

STERIS

plc

8,676

62,900

Sysmex

Corp

4,308

53,992

*

Teladoc,

Inc

1,367

341

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

215,686

Terumo

Corp

$

6,870

14,134

*

UFP

Technologies,

Inc

2,740

177,457

UnitedHealth

Group,

Inc

85,293

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

535,025

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.3%

672

Church

&

Dwight

Co,

Inc

67

589

Clorox

Co

94

364,975

Colgate-Palmolive

Co

28,118

340,276

Essity

AB

9,062

32,460

Henkel

KGaA

2,285

42,864

Henkel

KGaA

(Preference)

3,428

172,700

e

Kao

Corp

6,267

77,188

Kimberly-Clark

Corp

10,657

72,501

L'Oreal

S.A.

33,820

727,158

Procter

&

Gamble

Co

110,339

193,300

Shiseido

Co

Ltd

8,762

138,700

Uni-Charm

Corp

5,158

688,144

Unilever

plc

35,834

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

253,891

INSURANCE

-

1.9%

1,969,389

Aegon

NV

9,997

2,579,000

AIA

Group

Ltd

26,194

129,038

Allianz

AG.

30,056

728,290

Assicurazioni

Generali

S.p.A.

14,811

147

Assurant,

Inc

18

732,190

AXA

S.A.

21,637

1,011,836

*

Genworth

Financial,

Inc

(Class

A)

5,059

914

Hartford

Financial

Services

Group,

Inc

66

1,068

Insurance

Australia

Group

Ltd

4

4,265,379

Legal

&

General

Group

plc

12,350

313,672

Marsh

&

McLennan

Cos,

Inc

58,995

82,300

MS&AD

Insurance

Group

Holdings

Inc

2,914

37,587

Muenchener

Rueckver

AG.

14,111

225,357

NN

Group

NV

8,342

720

Principal

Financial

Group

55

345,252

Progressive

Corp

45,701

375,640

Prudential

Financial,

Inc

33,139

305,354

QBE

Insurance

Group

Ltd

3,188

149,200

Sompo

Holdings,

Inc

6,695

77,096

Sun

Life

Financial,

Inc

4,019

20,793

Swiss

Life

Holding

12,178

121,443

Swiss

Re

Ltd

12,237

99,600

Tokio

Marine

Holdings,

Inc

2,296

180,162

Travelers

Cos,

Inc

31,287

49,200

Zurich

Insurance

Group

AG

23,404

TOTAL

INSURANCE

378,753

MATERIALS

-

2.7%

148,430

Agnico-Eagle

Mines

Ltd

7,412

502

Akzo

Nobel

NV

41

30,175

*

Allegheny

Technologies,

Inc

1,335

19,088

Amcor

plc

191

357,199

Anglo

American

plc

10,171

478,842

Antofagasta

plc

8,905

12,214

Aptargroup,

Inc

1,415

480,800

Asahi

Kasei

Corp

3,256

487,866

Ball

Corp

28,399

220,460

BlueScope

Steel

Ltd

3,034

274,151

Boliden

AB

7,944

290

Chr

Hansen

Holding

A/S

20

CREF

Social

Choice

Account

June

30,

2023

342

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

103,486

Clariant

AG.

$

1,497

19,088

*

Coeur

Mining,

Inc

54

1,679

Compass

Minerals

International,

Inc

57

72,576

g

Covestro

AG.

3,776

349,511

CRH

plc

19,282

41,736

Croda

International

plc

2,984

45,775

*

Danube

AG.

4,926

38,143

*,e

Diversey

Holdings

Ltd

320

137,890

Dow,

Inc

7,344

272,893

Ecolab,

Inc

50,946

116,733

Endeavour

Mining

plc

2,803

176,670

Evonik

Industries

AG.

3,366

1,040,316

Fortescue

Metals

Group

Ltd

15,437

56,667

Franco-Nevada

Corp

8,077

3,439

Givaudan

S.A.

11,407

114,550

HeidelbergCement

AG.

9,420

111,533

Holcim

Ltd

7,518

37,584

Holmen

AB

1,351

190,067

Independence

Group

NL

1,940

79,860

International

Flavors

&

Fragrances,

Inc

6,356

1,576

International

Paper

Co

50

1,233

James

Hardie

Industries

NV

33

309,800

JFE

Holdings,

Inc

4,429

11,455

Johnson

Matthey

plc

254

214,890

JSR

Corp

6,175

50,247

Koppers

Holdings,

Inc

1,713

204,097

Linde

plc

77,777

21,361

Martin

Marietta

Materials,

Inc

9,862

181,711

Mineral

Resources

Ltd

8,703

306,342

Mitsubishi

Chemical

Holdings

Corp

1,843

602

Mitsui

Chemicals,

Inc

18

158,819

Mondi

plc

2,423

605,266

Newcrest

Mining

Ltd

10,797

535,566

Newmont

Goldcorp

Corp

22,847

735,500

Nippon

Paint

Co

Ltd

6,087

89,700

Nitto

Denko

Corp

6,658

1,499,635

Norsk

Hydro

ASA

8,940

375,868

Northern

Star

Resources

Ltd

3,062

566

Novozymes

AS

26

225,554

Nucor

Corp

36,986

220,547

e

Nutrien

Ltd

13,021

1,122

Orica

Ltd

11

905,449

Pilbara

Minerals

Ltd

2,976

27,126

PPG

Industries,

Inc

4,023

11,927

Royal

Gold,

Inc

1,369

5,386

Schnitzer

Steel

Industries,

Inc

(Class

A)

162

584,000

Shin-Etsu

Chemical

Co

Ltd

19,516

62,483

SIG

Combibloc

Group

AG.

1,726

58,204

Sika

AG.

16,670

678

Smurfit

Kappa

Group

plc

23

527

Steel

Dynamics,

Inc

57

152,065

Stora

Enso

Oyj

(R

Shares)

1,764

1,346,023

Sumitomo

Chemical

Co

Ltd

4,091

290,200

Sumitomo

Metal

Mining

Co

Ltd

9,368

204,476

*

Summit

Materials,

Inc

7,739

312,241

Svenska

Cellulosa

AB

(B

Shares)

3,986

3,836

Symrise

AG.

402

9,000

Toray

Industries,

Inc

50

209,511

Umicore

S.A.

5,858

25,842

UPM-Kymmene

Oyj

770

703

WestRock

Co

20

343

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

148,679

Wheaton

Precious

Metals

Corp

$

6,430

TOTAL

MATERIALS

539,699

MEDIA

&

ENTERTAINMENT

-

2.1%

27,309

g

Auto

Trader

Group

plc

212

311

*

Charter

Communications,

Inc

114

229,880

*

Cinemark

Holdings,

Inc

3,793

843,216

*,e

Clear

Channel

1,155

1,489,751

Comcast

Corp

(Class

A)

61,899

177,752

Electronic

Arts,

Inc

23,054

870

Fox

Corp

(Class

A)

30

409

Fox

Corp

(Class

B)

13

111,679

Gray

Television,

Inc

880

9,348

*

Imax

Corp

159

742,910

Informa

plc

6,859

140,024

Interpublic

Group

of

Cos,

Inc

5,402

14,063

John

Wiley

&

Sons,

Inc

(Class

A)

479

107,601

*

Liberty

Broadband

Corp

(Class

C)

8,620

40,259

*,e

MediaAlpha,

Inc

415

178,846

*

Netflix,

Inc

78,780

15,892

New

York

Times

Co

(Class

A)

626

7,471

News

Corp

(Class

A)

146

370,300

Nintendo

Co

Ltd

16,881

268,958

Omnicom

Group,

Inc

25,591

1,668

Paramount

Global

(Class

B)

27

225,228

Pearson

PLC

2,361

730,218

*

Pinterest,

Inc

19,964

1,571

REA

Group

Ltd

151

63,263

*

ROBLOX

Corp

2,550

5,556

*

Roku,

Inc

355

13,853

Scholastic

Corp

539

10,426

Seek

Ltd

152

1,560,108

e

Sirius

XM

Holdings,

Inc

7,067

29,591

*

Snap,

Inc

350

196,157

*

Take-Two

Interactive

Software,

Inc

28,867

9,574

TEGNA,

Inc

156

114,046

*

Trade

Desk,

Inc

8,807

262,895

Universal

Music

Group

NV

5,840

332,691

*

Vimeo,

Inc

1,371

869,900

Vivendi

Universal

S.A.

7,986

732,165

*

Walt

Disney

Co

65,368

403,581

*

Warner

Bros

Discovery,

Inc

5,061

670,825

WPP

plc

7,032

141,261

*

Yelp,

Inc

5,143

2,388,025

Z

Holdings

Corp

5,755

151,484

*

ZipRecruiter,

Inc

2,690

591,692

*

ZoomInfo

Technologies,

Inc

15,023

TOTAL

MEDIA

&

ENTERTAINMENT

427,723

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4.9%

179,570

*

Adaptive

Biotechnologies

Corp

1,205

314,801

Agilent

Technologies,

Inc

37,855

119,809

*

Alector,

Inc

720

63,186

*,e

Allogene

Therapeutics,

Inc

314

246,141

Amgen,

Inc

54,648

54,128

*,e

Arcellx,

Inc

1,712

48,085

*

Arcturus

Therapeutics

Holdings,

Inc

1,379

789,014

Astellas

Pharma,

Inc

11,750

379,968

AstraZeneca

plc

54,470

8,612

AstraZeneca

plc

(ADR)

616

2,859

*,e

Axsome

Therapeutics,

Inc

205

9,779

*

Biogen,

Inc

2,786

CREF

Social

Choice

Account

June

30,

2023

344

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

979,039

Bristol-Myers

Squibb

Co

$

62,610

41,279

*,e

Cassava

Sciences,

Inc

1,012

656,147

Daiichi

Sankyo

Co

Ltd

20,849

282,721

Danaher

Corp

67,853

56,108

*

DICE

Therapeutics,

Inc

2,607

199,100

Eisai

Co

Ltd

13,494

255,061

Eli

Lilly

&

Co

119,618

144,509

*,e

Erasca,

Inc

399

38,420

*

Genmab

AS

14,560

463,854

Gilead

Sciences,

Inc

35,749

1,426,502

GSK

plc

25,281

16,584

*,e

IGM

Biosciences,

Inc

153

74,671

*

Illumina,

Inc

14,000

93,164

*

Immunovant,

Inc

1,767

122,165

*

Intellia

Therapeutics,

Inc

4,982

22,895

*

Intra-Cellular

Therapies,

Inc

1,450

91,553

*

IQVIA

Holdings,

Inc

20,578

49,200

*

IVERIC

bio,

Inc

1,936

38,791

*

Jazz

Pharmaceuticals

plc

4,809

276,847

Kyowa

Hakko

Kogyo

Co

Ltd

5,131

31,433

Lonza

Group

AG.

18,788

841,898

Merck

&

Co,

Inc

97,147

84,018

Merck

KGaA

13,907

8,214

*

Mettler-Toledo

International,

Inc

10,774

62,191

*,e

Mirati

Therapeutics,

Inc

2,247

54,572

*

NGM

Biopharmaceuticals

Inc

141

521,501

Novartis

AG.

52,577

402,947

Novo

Nordisk

AS

65,092

94,187

*

Nurix

Therapeutics,

Inc

941

98,272

*,e

Nuvation

Bio,

Inc

177

275,800

Ono

Pharmaceutical

Co

Ltd

4,976

31,224

*,e

Phathom

Pharmaceuticals,

Inc

447

31,371

Phibro

Animal

Health

Corp

430

170,494

*,e

Point

Biopharma

Global,

Inc

1,545

83,677

*

Prothena

Corp

plc

5,713

34,503

*

Regeneron

Pharmaceuticals,

Inc

24,792

47,847

*

Revance

Therapeutics,

Inc

1,211

240,956

*,e

Sana

Biotechnology,

Inc

1,436

101,433

Shionogi

&

Co

Ltd

4,278

137,745

UCB

S.A.

12,212

131,076

*

Ultragenyx

Pharmaceutical,

Inc

6,047

25,520

*

Waters

Corp

6,802

52,236

West

Pharmaceutical

Services,

Inc

19,979

302,292

Zoetis,

Inc

52,058

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

990,215

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.3%

2,280,173

Capitaland

Investment

Ltd

5,602

117,187

*

CBRE

Group,

Inc

9,458

1,100

City

Developments

Ltd

5

301,100

Daiwa

House

Industry

Co

Ltd

7,956

107,194

Deutsche

Annington

Immobilien

SE

2,093

5,328

FirstService

Corp

821

1,608

*

Howard

Hughes

Corp

127

1,600

e

Hulic

Co

Ltd

14

8,252

*

Jones

Lang

LaSalle,

Inc

1,286

22,997

LEG

Immobilien

AG.

1,327

505,854

Lend

Lease

Corp

Ltd

2,625

469,872

Mitsubishi

Estate

Co

Ltd

5,582

359,317

Mitsui

Fudosan

Co

Ltd

7,162

237,484

*

Realogy

Holdings

Corp

1,586

2,740

RMR

Group,

Inc

63

345

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

604,000

Swire

Pacific

Ltd

(Class

A)

$

4,640

1,367,000

Swire

Properties

Ltd

3,368

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

53,715

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3.4%

14,700

Advantest

Corp

1,980

449,175

Applied

Materials,

Inc

64,924

96,641

ASML

Holding

NV

70,097

28,520

*

Cirrus

Logic,

Inc

2,310

92,866

*

First

Solar,

Inc

17,653

1,972,997

Intel

Corp

65,977

87,927

Lam

Research

Corp

56,525

548,868

Marvell

Technology,

Inc

32,811

33,669

*

Nanometrics,

Inc

3,921

562,075

NVIDIA

Corp

237,769

2,199

NXP

Semiconductors

NV

450

222,684

*

Rambus,

Inc

14,290

855,444

*

Renesas

Electronics

Corp

16,144

25,157

*

Silicon

Laboratories,

Inc

3,968

393,016

Texas

Instruments,

Inc

70,751

166,400

Tokyo

Electron

Ltd

23,966

165,669

*,e

Wolfspeed,

Inc

9,210

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

692,746

SOFTWARE

&

SERVICES

-

7.1%

248,178

e

Accenture

plc

76,583

173,946

*

Adobe,

Inc

85,058

77,777

*

Akamai

Technologies,

Inc

6,990

12,317

*

Ansys,

Inc

4,068

229,298

*

Autodesk,

Inc

46,917

428

*

Black

Knight,

Inc

26

35,621

*

Blackline,

Inc

1,917

188,659

*

Cadence

Design

Systems,

Inc

44,244

381

*

Ceridian

HCM

Holding,

Inc

26

358,410

Dassault

Systemes

SE

15,881

129,926

Dolby

Laboratories,

Inc

(Class

A)

10,872

488,143

*

DXC

Technology

Co

13,043

8,163

*

Fair

Isaac

Corp

6,606

97,800

Fujitsu

Ltd

12,663

1,601

Gen

Digital,

Inc

30

4,308

*

HubSpot,

Inc

2,292

30,289

*

Intapp,

Inc

1,269

21,959

InterDigital,

Inc

2,120

469,889

International

Business

Machines

Corp

62,876

142,253

Intuit,

Inc

65,179

1,574,026

Microsoft

Corp

536,019

265,881

NEC

Corp

12,899

88,304

*

New

Relic,

Inc

5,779

196,400

Nomura

Research

Institute

Ltd

5,426

169,763

*

Nutanix,

Inc

4,762

6,151

*

OneSpan,

Inc

91

165,017

Open

Text

Corp

(Toronto)

6,864

309

*

PTC,

Inc

44

37,798

*

Rapid7,

Inc

1,711

366,095

*

Salesforce,

Inc

77,341

291,413

SAP

AG.

39,809

112,484

*

ServiceNow,

Inc

63,213

387,727

*

Shopify,

Inc

(Class

A)

25,059

451

*

Splunk,

Inc

48

76,510

*

SPS

Commerce,

Inc

14,694

40,900

Sumisho

Computer

Systems

Corp

644

113,078

*

Synopsys,

Inc

49,235

CREF

Social

Choice

Account

June

30,

2023

346

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

79,848

*

Teradata

Corp

$

4,265

293,537

*

VMware,

Inc

(Class

A)

42,178

178,295

Wisetech

Global

Ltd

9,563

224,996

*

Workday,

Inc

50,824

107,299

*

Xero

Ltd

8,597

34,711

*

Xperi,

Inc

456

TOTAL

SOFTWARE

&

SERVICES

1,418,181

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2.0%

198,043

Avnet,

Inc

9,991

3,200

Azbil

Corp

101

61,095

Badger

Meter,

Inc

9,015

79,361

Benchmark

Electronics,

Inc

2,050

179,426

*

Ciena

Corp

7,624

1,592,267

Cisco

Systems,

Inc

82,384

70,274

CTS

Corp

2,996

58,624

*

ePlus,

Inc

3,301

80,063

*

Fabrinet

10,399

36,066

*

FARO

Technologies,

Inc

584

232,200

Fujifilm

Holdings

Corp

13,835

190,894

*,e

Harmonic,

Inc

3,087

2,347,624

Hewlett

Packard

Enterprise

Co

39,440

1,477,774

HP,

Inc

45,382

29,100

Ibiden

Co

Ltd

1,656

68,511

*

Insight

Enterprises,

Inc

10,026

36,539

*

Itron,

Inc

2,634

263,557

*

Keysight

Technologies,

Inc

44,133

39,615

*

Kimball

Electronics,

Inc

1,095

199,997

*

Knowles

Corp

3,612

17,609

*,e

Lumentum

Holdings,

Inc

999

8,736

Methode

Electronics,

Inc

293

400,541

*,e

Microvision,

Inc

1,835

310,088

*

Mirion

Technologies,

Inc

2,620

295,335

Murata

Manufacturing

Co

Ltd

16,964

276,262

National

Instruments

Corp

15,857

36,422

*

Netgear,

Inc

516

19,857

*

Novanta,

Inc

3,656

46,700

Omron

Corp

2,867

33,253

*

OSI

Systems,

Inc

3,918

58,247

*,e

PAR

Technology

Corp

1,918

55,735

*

Plexus

Corp

5,475

64,222

*

Ribbon

Communications,

Inc

179

40,576

*

Rogers

Corp

6,571

151,655

Shimadzu

Corp

4,687

140,100

TDK

Corp

5,465

528,603

*

Trimble

Inc

27,984

22,191

*

Vishay

Precision

Group,

Inc

824

344,264

Vontier

Corp

11,089

247,981

Xerox

Holdings

Corp

3,692

632

Yokogawa

Electric

Corp

12

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

410,766

TELECOMMUNICATION

SERVICES

-

0.9%

47,068

*

Bandwidth

Inc

644

6,028,660

BT

Group

plc

9,381

393

Elisa

Oyj

(Series

A)

21

10,000

HKT

Trust

and

HKT

Ltd

12

214,328

Iridium

Communications,

Inc

13,314

610,632

KDDI

Corp

18,858

555,864

Koninklijke

KPN

NV

1,984

2,960

*

Liberty

Global

plc

(Class

A)

50

7,192

*

Liberty

Global

plc

(Class

C)

128

347

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,209,705

Orange

S.

A.

$

14,137

192,748

Rogers

Communications,

Inc

(Class

B)

8,794

1,298,600

Softbank

Corp

13,876

15,375

Swisscom

AG.

9,596

8,252

Tele2

AB

(B

Shares)

68

5,177

Telecom

Corp

of

New

Zealand

Ltd

16

588,810

Telefonica

Deutschland

Holding

AG.

1,657

131,695

Telenor

ASA

1,335

1,677,759

TeliaSonera

AB

3,681

1,675,158

Telstra

Corp

Ltd

4,806

139,183

e

TELUS

Corp

2,709

1,821,347

Verizon

Communications,

Inc

67,736

13,012,801

Vodafone

Group

plc

12,269

TOTAL

TELECOMMUNICATION

SERVICES

185,072

TRANSPORTATION

-

1.9%

195,400

*

All

Nippon

Airways

Co

Ltd

4,655

243

AMERCO

12

54,722

ArcBest

Corp

5,407

826,370

*

Auckland

International

Airport

Ltd

4,343

620,413

Aurizon

Holdings

Ltd

1,623

204,596

Canadian

National

Railway

Co

24,776

74,639

CH

Robinson

Worldwide,

Inc

7,042

1,642,486

CSX

Corp

56,009

1,018,639

*

Delta

Air

Lines,

Inc

48,426

236,800

East

Japan

Railway

Co

13,131

141,546

Expeditors

International

of

Washington,

Inc

17,146

270,700

Hankyu

Hanshin

Holdings,

Inc

8,950

284

Keio

Corp

9

24,300

Kintetsu

Corp

842

46,172

Kuehne

&

Nagel

International

AG.

13,677

459

Landstar

System,

Inc

88

1,923,364

MTR

Corp

8,854

87,913

Nippon

Express

Holdings,

Inc

4,959

279,975

e

Nippon

Yusen

Kabushiki

Kaisha

6,218

147,464

Norfolk

Southern

Corp

33,439

71,599

Old

Dominion

Freight

Line

26,474

101,200

SG

Holdings

Co

Ltd

1,444

1,469

Tokyu

Corp

18

1,653,344

Transurban

Group

15,742

344,990

United

Parcel

Service,

Inc

(Class

B)

61,839

172,207

West

Japan

Railway

Co

7,162

TOTAL

TRANSPORTATION

372,285

UTILITIES

-

1.6%

1,850

e

Algonquin

Power

&

Utilities

Corp

15

689

Alliant

Energy

Corp

36

387,612

American

Electric

Power

Co,

Inc

32,637

500,415

APA

Group

3,238

1,375,000

CLP

Holdings

Ltd

10,709

797

CMS

Energy

Corp

47

196,898

Consolidated

Edison,

Inc

17,800

28,672

DTE

Energy

Co

3,154

3,224,158

Enel

S.p.A.

21,739

911,108

Energias

de

Portugal

S.A.

4,453

689

Essential

Utilities

Inc

27

104,307

Eversource

Energy

7,397

118,617

e

Fortis,

Inc

5,112

911

Hydro

One

Ltd

26

2,009,802

Iberdrola

S.A.

26,246

149,054

Mercury

NZ

Ltd

596

502,825

Meridian

Energy

Ltd

1,732

CREF

Social

Choice

Account

June

30,

2023

348

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,254,956

National

Grid

plc

$

16,639

172,595

e

Naturgy

Energy

Group

S.A.

5,145

881,879

NextEra

Energy,

Inc

65,435

1,123

NiSource,

Inc

31

746,374

Origin

Energy

Ltd

4,195

71,839

Orsted

AS

6,810

145,500

Osaka

Gas

Co

Ltd

2,230

1,123

e

Red

Electrica

Corp

S.A.

19

492,137

Scottish

&

Southern

Energy

plc

11,541

701,879

Southern

Co

49,307

181,100

Tokyo

Gas

Co

Ltd

3,951

38,924

UGI

Corp

1,050

157,942

WEC

Energy

Group,

Inc

13,937

254,529

Xcel

Energy,

Inc

15,824

TOTAL

UTILITIES

331,078

TOTAL

COMMON

STOCKS

11,999,076

(Cost

$9,898,439)

PREFERRED

STOCKS

-

0.2%

INSURANCE

-

0.0%

178,941

e

Assurant,

Inc

3,375

TOTAL

INSURANCE

3,375

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

390,000

Brookfield

Property

Partners

LP

5,308

681,850

Brookfield

Property

Partners

LP

9,375

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

14,683

UTILITIES

-

0.1%

490,000

e

Brookfield

Infrastructure

Partners

LP

9,320

308,000

Brookfield

Renewable

Partners

LP

6,151

TOTAL

UTILITIES

15,471

TOTAL

PREFERRED

STOCKS

33,529

(Cost

$51,220)

EXPIRATION

DATE

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)

TOTAL

LONG-TERM

INVESTMENTS

19,861,370‌

(Cost

$18,465,965)

349

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.9%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

08/16/23

$

4,970

10,000,000

FHLB

0

.000

08/23/23

9,931

5,000,000

FHLB

0

.000

08/30/23

4,961

5,000,000

FHLB

0

.000

09/01/23

4,959

10,000,000

FHLB

0

.000

09/15/23

9,899

10,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/05/23

9,998

TOTAL

GOVERNMENT

AGENCY

DEBT

44,718

REPURCHASE

AGREEMENT

-

0.7%

148,995,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

148,995

TOTAL

REPURCHASE

AGREEMENT

148,995

TOTAL

SHORT-TERM

INVESTMENTS

193,713

(Cost

$193,695)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.8%

156,230,001

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

156,230

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

156,230

(Cost

$156,230)

TOTAL

INVESTMENTS

-

100.6%

20,211,313

(Cost

$18,815,890)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.6)%

(

124,163

)

NET

ASSETS

-

100.0%

$20,087,150

ADR

American

Depositary

Receipt

AVG

Average

CLP

Chilean

Peso

CCRC

Congregate

Care

Retirement

Center

D

Day

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

*

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

$178,442,691.

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.

j

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

collateral

requirements

on

mortgage

dollar

rolls.

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$148,995,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.250%–4.500%

and

maturity

dates

8/15/39–5/15/41,

valued

at

$151,974,906.

CREF

Social

Choice

Account

June

30,

2023

350

Portfolio

of

Investments

(continued)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

6,518

EUR

5,919

Citibank

N.A.

07/14/23

  $

54‌

EUR

Euro

Portfolio

of

Investments

CREF

Money

Market

Account

June

30,

2023

351

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

-

35.6%

$

8,164,000

Federal

Agricultural

Mortgage

Corp

(FAMC)

2

.060

%

07/12/23

$

8,157

42,000,000

Federal

Farm

Credit

Discount

Note

0

.000

10/16/23

41,388

205,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

07/07/23

204,836

6,965,000

FHLB

0

.000

07/14/23

6,952

40,975,000

FHLB

0

.000

07/21/23

40,859

4,000,000

FHLB

0

.000

07/26/23

3,986

3,000,000

FHLB

0

.000

08/15/23

2,981

82,000,000

FHLB

0

.000

08/16/23

81,499

81,750,000

FHLB

0

.000

08/18/23

81,205

20,375,000

FHLB

0

.000

08/30/23

20,206

226,500,000

FHLB

0

.000

09/01/23

224,555

150,500,000

FHLB

0

.000

09/08/23

149,058

264,500,000

FHLB

0

.000

09/13/23

261,733

34,715,000

FHLB

0

.000

09/15/23

34,337

61,500,000

FHLB

0

.000

09/20/23

60,781

600,000

FHLB

0

.000

09/21/23

593

165,000,000

FHLB

0

.000

09/28/23

162,952

232,850,000

FHLB

0

.000

10/11/23

229,580

266,450,000

FHLB

0

.000

10/13/23

262,723

350,800,000

FHLB

0

.000

10/18/23

345,592

441,150,000

FHLB

0

.001

10/20/23

434,487

141,000,000

FHLB

0

.000

10/25/23

138,762

162,125,000

FHLB

0

.000

10/27/23

159,500

9,850,000

FHLB

0

.530

11/24/23

9,676

39,725,000

FHLB

0

.000

02/08/24

38,554

38,375,000

FHLB

0

.000

02/09/24

37,239

50,000,000

FHLB

0

.001

02/15/24

48,399

42,000,000

FHLB

0

.000

03/06/24

40,527

1,000,000

Federal

National

Mortgage

Association

(FNMA)

0

.250

07/10/23

999

108,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/12/23

107,833

TOTAL

GOVERNMENT

AGENCY

DEBT

3,239,949

REPURCHASE

AGREEMENT

-

33.1%

3,015,021,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

3,015,021

TOTAL

REPURCHASE

AGREEMENT

3,015,021

TREASURY

DEBT

-

9.8%

163,675,000

United

States

Treasury

Bill

0

.000

07/06/23

163,560

81,750,000

United

States

Treasury

Bill

0

.000

07/20/23

81,528

163,000,000

United

States

Treasury

Bill

0

.000

08/03/23

162,243

161,375,000

United

States

Treasury

Bill

0

.000

08/08/23

160,502

81,950,000

United

States

Treasury

Bill

0

.000

08/22/23

81,343

162,750,000

United

States

Treasury

Bill

0

.000

08/29/23

161,460

80,475,000

United

States

Treasury

Bill

0

.000

09/28/23

79,443

TOTAL

TREASURY

DEBT

890,079

VARIABLE

RATE

SECURITIES

-

23.1%

20,410,000

i

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.060%

5

.120

09/15/23

20,410

16,775,000

i

FAMC

SOFR

+

0.100%

5

.160

02/12/24

16,777

21,250,000

i

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.035%

5

.095

07/12/23

21,250

127,600,000

i

FFCB

SOFR

+

0.018%

5

.078

07/13/23

127,599

63,100,000

i

FFCB

SOFR

+

0.040%

5

.100

08/17/23

63,100

39,150,000

i

FFCB

SOFR

+

0.030%

5

.090

08/28/23

39,150

25,450,000

i

FFCB

SOFR

+

0.050%

5

.110

09/15/23

25,450

10,400,000

i

FFCB

SOFR

+

0.040%

5

.100

09/20/23

10,400

12,850,000

i

FFCB

SOFR

+

0.025%

5

.085

09/27/23

12,850

14,800,000

i

FFCB

SOFR

+

0.045%

5

.105

10/16/23

14,800

13,700,000

i

FFCB

SOFR

+

0.025%

5

.085

10/27/23

13,700

1,700,000

i

FFCB

SOFR

+

0.135%

5

.195

11/06/23

1,701

CREF

Money

Market

Account

June

30,

2023

352

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,250,000

i

FFCB

SOFR

+

0.025%

5

.085

%

11/30/23

$

4,249

13,525,000

i

FFCB

SOFR

+

0.120%

5

.180

01/22/24

13,530

41,950,000

i

FFCB

SOFR

+

0.040%

5

.100

02/09/24

41,949

12,625,000

i

FFCB

SOFR

+

0.045%

5

.105

02/20/24

12,625

4,200,000

i

FFCB

SOFR

+

0.040%

5

.100

03/04/24

4,200

14,250,000

i

FFCB

SOFR

+

0.050%

5

.110

04/12/24

14,250

42,000,000

i

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.060%

5

.120

07/03/23

42,000

81,500,000

i

FHLB

SOFR

+

0.085%

5

.145

07/03/23

81,500

81,500,000

i

FHLB

SOFR

+

0.050%

5

.110

08/01/23

81,500

78,500,000

i

FHLB

SOFR

+

0.060%

5

.120

08/01/23

78,500

42,500,000

i

FHLB

SOFR

+

0.030%

5

.090

08/11/23

42,500

41,000,000

i

FHLB

SOFR

+

0.090%

5

.150

08/15/23

41,000

122,450,000

i

FHLB

SOFR

+

0.050%

5

.110

08/29/23

122,450

121,800,000

i

FHLB

SOFR

+

0.060%

5

.120

09/05/23

121,800

81,500,000

i

FHLB

SOFR

+

0.025%

5

.085

09/11/23

81,500

60,000,000

i

FHLB

SOFR

+

0.030%

5

.090

09/20/23

60,000

82,000,000

i

FHLB

SOFR

+

0.030%

5

.090

09/25/23

82,000

41,500,000

i

FHLB

SOFR

+

0.030%

5

.090

09/25/23

41,500

61,000,000

i

FHLB

SOFR

+

0.040%

5

.100

09/26/23

61,000

204,750,000

i

FHLB

SOFR

+

0.020%

5

.080

10/03/23

204,750

81,750,000

i

FHLB

SOFR

+

0.025%

5

.085

10/03/23

81,750

81,250,000

i

FHLB

SOFR

+

0.025%

5

.085

10/27/23

81,250

41,000,000

i

FHLB

SOFR

+

0.025%

5

.085

11/01/23

41,000

80,500,000

i

FHLB

SOFR

+

0.040%

5

.100

11/17/23

80,500

40,965,000

i

FHLB

SOFR

+

0.080%

5

.140

11/29/23

40,965

65,500,000

i

FHLB

SOFR

+

0.090%

5

.150

12/05/23

65,500

30,625,000

i

FHLB

SOFR

+

0.070%

5

.130

12/14/23

30,620

81,900,000

i

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

+

0.035%

5

.284

10/31/23

81,892

TOTAL

VARIABLE

RATE

SECURITIES

2,103,467

TOTAL

SHORT-TERM

INVESTMENTS

9,248,516

(Cost

$9,248,516)

TOTAL

INVESTMENTS

-

101.6%

9,248,516

(Cost

$9,248,516)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.6)%

(

144,147

)

NET

ASSETS

-

100.0%

$9,104,369

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),

5.050%

dated

6/30/23

to

be

repurchased

at

$3,015,021,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.375%–4.500%

and

maturity

dates

7/31/27–8/15/39,

valued

at

$3,075,321,462.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

Dated: August 17, 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: August 17, 2023	By:	/s/ Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and President and Chief Executive Officer
		(principal executive officer)
Dated: August 17, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)