N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

College Retirement Equities Fund

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Item 1. Reports to Stockholders.

December

31,

2023

College

Retirement

Equities

Fund

Account

Name

Class

R4

Class

R3

Class

R2

Class

R1

CREF

Stock

Account

QCSTFX

QCSTIX

QCSTPX

QCSTRX

CREF

Global

Equities

Account

QCGLFX

QCGLIX

QCGLPX

QCGLRX

CREF

Growth

Account

QCGRFX

QCGRIX

QCGRPX

QCGRRX

CREF

Equity

Index

Account

QCEQFX

QCEQIX

QCEQPX

QCEQRX

CREF

Core

Bond

Account

QCBMFX

QCBMIX

QCBMPX

QCBMRX

CREF

Inflation-Linked

Bond

Account

QCILFX

QCILIX

QCILPX

QCILRX

CREF

Social

Choice

Account

QSCCFX

QCSCIX

QCSCPX

QCSCRX

CREF

Money

Market

Account

QCMMFX

QCMMIX

QCMMPX

QCMMRX

Table

of

Contents

Letter

to

CREF

Participants

3

About

the

Accounts’

Benchmarks

5

Portfolio

Managers’

Comments

6

Account

Performance

11

Expense

Examples

26

Report

of

Independent

Registered

Public

Accounting

Firm

31

Summary

Portfolio

of

Investments

32

Statement

of

Assets

and

Liabilities

52

Statement

of

Operations

54

Statement

of

Changes

in

Net

Assets

56

Financial

Highlights

60

Notes

to

Financial

Statements

76

Additional

Account

Information

93

Trustees

and

Officers

94

Additional

Information

About

Index

Providers

96

Letter

to

CREF

Participants

3

Colbert

Narcisse

The

benefits

of

a

long-term

focus

The

stellar

gains

of

the

financial

markets

in

2023

put

to

rest

a

year

of

volatility

and

uncertainty

amid

the

pressure

of

global

inflation

and

rising

interest

rates.

The

year

began

with

concerns

surrounding

interest-rate

increases,

particularly

how

long

the

U.S.

Federal

Reserve

would

continue

raising

rates

in

order

to

push

down

inflation.

However,

as

the

period

progressed,

lower

inflation

data

set

expectations

for

the

end

of

the

Fed’s

tightening

cycle,

and

stocks

and

bonds

responded

positively.

Of

course,

no

one

can

predict

the

future

direction

of

the

markets.

But

short-term

challenges

should

not

distract

investors

from

their

long-term

investment

goals.

We

believe

a

well-balanced

and

diversified

portfolio

of

stocks,

bonds

and

other

asset

classes,

managed

by

professionals,

can

be

a

prudent

strategy

to

help

investors

navigate

through

the

inevitable

fluctuations

of

the

financial

markets.

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

stocks

posted

strong

gains

for

the

twelve-month

period

as

economies

generally

grew

and

the

rate

of

inflation

slowed.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2023

before

stalling

in

the

third

quarter.

China’s

economy

grew

moderately

despite

concerns

over

the

nation’s

real

estate

sector.

Major

central

banks

around

the

world

began

the

year

tightening

monetary

policy,

but

many

refrained

from

further

interest-rate

increases

later

in

the

year

as

the

pace

of

inflation

eased.

During

the

period,

the

Federal

Reserve

increased

the

federal

funds

target

rate

four

times

to

5.25%–5.50%

but

left

rates

unchanged

over

the

last

five

months

of

the

year.

The

European

Central

Bank

and

the

Bank

of

England

also

raised

their

benchmark

interest

rates

multiple

times

in

2023

but

paused

further

increases

toward

the

end

of

the

year.

Returns

for

the

five

CREF

Accounts

that

invest

primarily

in

stocks

ranged

from

46.1%

for

the

Growth

Account

to

14.8%

for

the

Social

Choice

Account.

The

Core

Bond

Account

gained

6.3%,

the

Inflation-Linked

Bond

Account

rose

4.6%,

and

the

Money

Market

Account

advanced

5.0%.

Most

accounts

outperformed

their

respective

benchmarks

for

the

twelve-month

period.

All

account

returns

are

for

Class

R3.

Stocks

and

bonds

posted

gains

For

the

twelve-month

period,

domestic

stocks,

as

represented

by

the

Russell

3000®

Index,

gained

26.0%.

Foreign

equities,

as

measured

by

the

MSCI

EAFE®

Index,

advanced

18.2%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

rose

5.5%.

Yields

on

U.S.

fixed-income

securities

rose

across

short-

and

long-term

maturities

but

declined

among

intermediate-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

Many

bonds

benefited

from

a

rally

late

in

the

year

as

investors

grew

more

confident

the

Fed

was

unlikely

to

raise

interest

rates

further.

CREF

performance

review

In

a

strong

year

for

financial

markets,

all

of

the

CREF

Accounts

posted

gains.

Overall,

stocks

surpassed

bonds,

and

domestic

equities

outperformed

foreign

stocks.

Letter

to

CREF

Participants

(continued)

4

The

Growth

Account

returned

46.1%

and

outperformed

the

Russell

1000®

Growth

Index.

The

Equity

Index

Account

gained

25.8%,

trailing

the

Russell

3000

Index.

The

Global

Equities

Account

rose

23.9%

and

surpassed

the

MSCI

All

Country

World

Index.

The

Stock

Account

gained

22.4%

and

outperformed

its

composite

benchmark.

The

Social

Choice

Account,

which

excludes

certain

stocks

and

bonds

due

to

environmental,

social

and

governance

criteria,

advanced

14.8%

but

lagged

its

composite

benchmark.

Among

fixed-income

accounts,

the

Core

Bond

Account

rose

6.3%,

surpassing

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Inflation-Linked

Bond

Account

advanced

4.6%

to

outpace

the

Bloomberg

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

1–10

Year

Index.

The

Money

Market

Account

gained

5.0%

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

pleased

to

assist

you.

Best

regards,

Colbert

G.

Narcisse

President

and

Chief

Executive

Officer

of

CREF

5

About

the

Accounts’

Benchmarks

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

2024.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

EAFE

stands

for

Europe,

Australasia,

Far

East.

Portfolio

Managers’

Comments

6

Stock

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Stock

Account returned 22.37%

for

the

year,

compared

with

the

22.29% return

of

the

CREF

Stock

Account

Composite

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

CREF

Stock

Account

Composite

Index

is

a

weighted

average

of

the

Russell

3000®

Index

and

the

MSCI

All

Country

World

(ACWI)

ex

USA

Investable

Market

Index

(IMI).

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

25.96%

for

the

period.

International

stocks

in

both

developed-

and

emerging-markets

countries

gained

ground

over

the

twelve-month

period,

while

economies

around

the

world

generally

expanded.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2023

before

stalling

in

the

third

quarter.

China’s

economy

grew

at

a

moderate

pace

despite

concerns

over

the

country’s

struggling

real

estate

sector.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasion

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Account

surpassed

its

composite

benchmark

The

Account’s

management

team

utilizes

a

combination

of

investment

disciplines—fundamental

active,

quantitative

(mathematical)

management

and

analyst-managed

research

portfolios—as

well

as

a

diversified

mix

of

underlying

sub-

strategies

across

investment

styles,

which,

in

turn,

invest

in

both

domestic

and

foreign

stocks.

For

the

twelve-month

period,

the

Account

surpassed

its

composite

benchmark,

primarily

due

to

strength

in

the

U.S.

portion

of

the

portfolio,

with

strong

contributions

from

the

emerging

markets

(EM)

sub-strategies

as

well.

Outperformance

in

the

U.S.

was

driven

by

the

analyst-managed

research

portfolio,

followed

by

strong

relative

performance

by

numerous

actively

managed

sub-strategies.

The

quantitative

sub-strategies

also

continue

to

generate

a

positive

rate

of

uncorrelated

excess

return

for

the

Account.

The

positive

contribution

in

EM

was

led

by

the

actively

managed

sub-strategy,

while

the

analyst-managed

research

portfolio

also

provided

a

modest

contribution.

The

international

portion

of

the

portfolio

was

flat

in

aggregate,

with

underperformance

in

the

research

portfolio

offsetting

outperformance

from

the

actively

managed

and

quantitative

sub-

strategies.

Finally,

the

global

research

portfolio

outperformed

by

enough

to

slightly

offset

underperformance

from

the

actively

managed

global

equity

strategy.

The

Account’s

returns

may

sometimes

diverge

from

the

returns

of

its

benchmark

more

than

would

be

expected.

This

divergence

may

be

the

result

of

the

Account’s

fair

value

pricing

adjustments

or

of

the

timing

of

foreign

currency

valuations.

Many

foreign

exchanges

close

for

trading

before

the

Account’s

accumulation

unit

value

(AUV)

is

calculated

(see

the

current

CREF

prospectus

for

more

details

on

AUV

calculations).

In

the

intervening

hours,

the

values

of

foreign

securities

can

change,

and

these

changes

are

not

reflected

immediately

in

the

returns

of

the

Account’s

benchmark.

These

changes

are,

however,

taken

into

account

to

value

the

Account’s

portfolio

holdings

at

the

time

the

Account’s

AUV

is

calculated;

these

are

known

as

fair

value

pricing

adjustments.

Global

Equities

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Global

Equities

Account returned 23.94%

for

the

year,

compared

with

the

22.20% return

of

its

benchmark,

the

MSCI

All

Country

World

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

7

Portfolio

Managers’

Comments

International

stocks

in

both

developed-

and

emerging-markets

countries

gained

ground

over

the

twelve-month

period,

while

economies

around

the

world

generally

expanded.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2023

before

stalling

in

the

third

quarter.

China’s

economy

grew

at

a

moderate

pace

despite

concerns

over

the

country’s

struggling

real

estate

sector.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasions

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Within

the

MSCI

ACWI

Index,

which

includes

23

developed

and

24

emerging-markets

nations,

most

country

components

posted

gains

in

U.S.-dollar

terms

for

the

twelve

months.

Account

surpassed

its

benchmark

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark

on

the

strength

of

numerous

allocation

decisions,

led

by

an

overweight

position

in

technology

firm

NVIDIA.

NVIDIA’s

stock

soared

as

a

wave

of

investment

in

artificial

intelligence

(AI)

tools

fueled

strong

demand

for

its

semiconductors.

The

next-largest

contributors

were

overweight

positions

in

Meta

Platforms

(Facebook),

which

benefited

from

AI-driven

improvements

to

its

ad-targeting

system,

and

Canadian

e-commerce

company

Shopify.

Conversely,

the

largest

detractor

was

an

out-of-benchmark

position

in

oil

and

gas

exploration

company

Antero

Resources,

followed

by

an

overweight

position

in

Exxon

Mobil.

Lower

oil

prices

were

a

headwind

for

both

energy

companies.

An

overweight

position

in

Dutch

digital-payments

processor

Adyen

also

hampered

relative

performance.

The

Account’s

returns

may

sometimes

diverge

from

the

returns

of

its

benchmark

more

than

would

be

expected.

This

divergence

may

be

the

result

of

the

Account’s

fair

value

pricing

adjustments

or

of

the

timing

of

foreign

currency

valuations.

Many

foreign

exchanges

close

for

trading

before

the

Account’s

accumulation

unit

value

(AUV)

is

calculated

(see

the

current

CREF

prospectus

for

more

details

on

AUV

calculations).

In

the

intervening

hours,

the

values

of

foreign

securities

can

change,

and

these

changes

are

not

reflected

immediately

in

the

returns

of

the

Account’s

benchmark.

These

changes

are,

however,

taken

into

account

to

value

the

Account’s

portfolio

holdings

at

the

time

the

Account’s

AUV

is

calculated;

these

are

known

as

fair

value

pricing

adjustments.

Growth

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Growth

Account returned 46.09%

for

the

year,

compared

with

the

42.68% return

of

its

benchmark,

the

Russell

1000®

Growth

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Account

surpassed

its

benchmark

All

eleven

industry

sectors

in

the

Russell

1000

Growth

Index

posted

gains

for

the

twelve

months.

Information

technology

(up

65.1%)—the

largest

sector,

representing

more

than

40.0%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2023—contributed

approximately

60.0%

of

the

index’s

return.

Communication

services

(up

64.6%)

and

consumer

discretionary

(up

52.6%)

were

the

next-largest

contributors.

Together,

these

three

sectors

represented

nearly

two-thirds

of

the

benchmark’s

total

market

capitalization

on

December

31,

2023.

Energy

(up

1.7%)

was

the

worst

performer,

followed

by

the

defensive

utilities

(up

4.2%)

and

consumer

staples

(up

4.9%)

sectors.

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark

on

the

strength

of

numerous

stock

selections.

The

top

contributor

was

an

overweight

position

in

Meta

Platforms

(Facebook),

which

reported

record

sales

as

spending

on

digital

advertising

rebounded.

The

next-largest

contributors

were

overweight

positions

in

NVIDIA,

a

technology

firm

that

benefited

from

strong

demand

for

its

semiconductors

used

in

artificial-intelligence

systems,

and

Palo

Alto

Networks,

a

cybersecurity

company.

Portfolio

Managers’

Comments

(continued)

8

Conversely,

the

largest

detractors

were

out-of-benchmark

positions

in

agriculture

firm

Corteva,

which

experienced

slowing

sales

of

its

crop

protection

products,

and

aerospace

company

RTX,

which

announced

a

costly

recall

of

jet

engines.

Next

in

line

was

an

overweight

position

in

EOG

Resources,

an

energy

producer

that

was

hurt

by

falling

natural

gas

prices.

Equity

Index

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Equity

Index

Account returned 25.77%

for

the

year,

compared

with

the

25.96% return

of

its

benchmark,

the

Russell

3000®

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

For

the

twelve-month

period,

the

Account’s

return

underperformed

that

of

its

benchmark

index

due

to

the

effect

of

expenses.

The

Account’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

The

Account

had

a

risk

profile

similar

to

that

of

its

benchmark.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

advanced

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

gains

for

the

twelve

months.

Information

technology

(up

59.3%)—the

benchmark’s

largest

sector—produced

the

strongest

increase

and

contributed

more

than

one-half

of

the

index’s

total

return.

The

next-best

performers

were

communication

services

(up

53.3%),

consumer

discretionary

(up

40.7%)

and

industrials

(up

21.7%).

Together,

these

four

sectors

accounted

for

almost

55.0%

of

the

index’s

total

market

capitalization

on

December

31,

2023.

The

worst

performer

was

utilities

(down

7.0%),

a

defensive

sector

that

tends

to

lag

when

the

economy

is

strong,

followed

by

energy

(down

0.2%).

For

the

twelve-month

period,

all

of

the

five

largest

stocks

in

the

Russell

3000

Index

generated

impressive

gains

that

exceeded

the

overall

return

of

the

benchmark.

Technology

company

NVIDIA

performed

especially

well,

surging

on

robust

demand

for

its

semiconductors

that

perform

artificial

intelligence

(AI)

tasks.

Next

in

line

was

Amazon.com,

followed

by

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

These

four

companies

benefited

from

optimism

that

investments

they

were

making

in

AI

technologies

would

drive

strong

profits

in

the

future.

Core

Bond

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Core

Bond

Account returned 6.31%

for

the

year,

compared

with

the

5.53% return

of

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

Yields

on

U.S.

Treasury

bonds

rose

across

most

maturities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasions

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

9

Portfolio

Managers’

Comments

Account

surpassed

its

benchmark

All

sectors

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

posted

gains

for

the

twelve-month

period.

U.S.

Treasuries,

the

largest

sector

accounting

for

41.1%

of

the

index’s

total

market

capitalization

at

year-end,

returned

4.1%.

Mortgage-backed

securities

(MBS),

the

second-largest

sector

with

a

weighting

of

26.7%,

advanced

5.1%.

Corporate

bonds—the

third-largest

sector

at

24.6%—performed

best,

gaining

8.5%.

Among

smaller

sectors

in

the

benchmark,

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS)

returned

5.5%

and

5.4%,

respectively.

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark,

primarily

due

to

asset

allocation—which

lifted

the

Account’s

relative

return.

In

particular,

overweight

positions

in

non-agency

MBS,

corporate

bonds

(including

small

positions

in

high

yield

and

emerging

markets)

and

a

corresponding

underweight

in

Treasuries

proved

beneficial.

Favorable

security

selection

and

an

overweight

position

in

the

ABS

sector

also

bolstered

the

Account’s

performance

relative

to

the

benchmark.

An

overweight

position

in

the

CMBS

sector

and

an

allocation

to

municipals

were

also

beneficial.

Conversely,

the

Account’s

shorter-than-benchmark

duration

was

a

small

detractor,

but

it

was

almost

fully

offset

by

yield

curve

positioning,

which

was

a

contributor.

Security

selection

within

CMBS

also

modestly

detracted

for

the

period.

Inflation-Linked

Bond

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Inflation-Linked

Bond

Account returned 4.62%

for

the

year,

compared

with

the

4.36% return

of

its

benchmark,

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

Yields

on

U.S.

Treasury

bonds

rose

across

most

maturities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasions

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Account

surpassed

its

benchmark

For

the

twelve-month

period,

the

TIPS

1-10

Year

Index

underperformed

the

5.53%

return

of

the

broad

domestic

investment-

grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Bond

yields

rose

sharply

in

the

first

three

quarters

of

2023

as

investors

wrestled

with

a

series

of

interest

rate

hikes

and

growing

uncertainty

surrounding

the

outlook

for

the

U.S.

economy.

However,

in

the

fourth

quarter

of

the

year

lower

inflation

data

put

the

Fed’s

tightening

cycle

on

pause

and

lifted

investor

spirits.

Against

this

backdrop,

the

major

segments

of

the

fixed-

income

market,

including

TIPS,

rallied

in

the

fourth

quarter

to

finish

2023

in

positive

territory.

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark.

The

Account’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

Favorable

yield

curve

positioning

and

out-of-benchmark

allocations

in

the

corporate

bond

and

mortgage-backed

securities

sectors

drove

relative

results.

By

contrast,

the

Account’s

large

position

in

U.S.

Treasuries,

which

constituted

the

majority

of

its

overall

holdings,

detracted

from

performance.

Social

Choice

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Social

Choice

Account returned 14.82%

for

the

year,

compared

with

the

16.14% return

of

the

CREF

Social

Choice

Account

Composite

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

CREF

Social

Choice

Account

Composite

Index

is

a

weighted

average

of

the

Russell

3000®

Index,

the

MSCI

EAFE+Canada

Index

and

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Account

utilizes

environmental,

social

and

governance

(ESG)

criteria,

while

the

benchmark

does

not.

Because

of

its

ESG

criteria,

the

Account

did

not

invest

in

a

number

of

stocks

that

were

included

in

the

Russell

3000

Index.

Avoiding

these

companies

produced

mixed

results,

but

the

net

effect

was

that

the

Account

underperformed

its

benchmark

for

the

twelve-

month

period.

Portfolio

Managers’

Comments

(continued)

10

Relative

to

the

Russell

3000

Index,

the

performance

of

the

Account’s

domestic

equity

component

was

hurt

most

by

the

exclusion

of

Apple,

Meta

Platforms

(Facebook)

and

Alphabet

(the

parent

company

of

Google).

Conversely,

avoiding

Pfizer,

Johnson

&

Johnson

and

Exxon

Mobil

helped

the

most.

Compared

to

the

MSCI

EAFE+Canada

Index,

the

Account’s

international

holdings

were

hurt

most

by

avoiding

Italian

bank

UniCredit,

British

aerospace

firm

Rolls-Royce

Holdings

and

Dutch

auto

manufacturer

Stellantis.

Alternatively,

omitting

Swiss

pharmaceutical

maker

Roche

Holding,

British

beverage

company

Diageo

and

British

American

Tobacco

was

most

beneficial.

Account

trailed

its

benchmark

To

compensate

for

the

Account’s

exclusion

of

some

stocks,

its

managers

use

quantitative

(mathematical)

modeling

and

other

techniques

in

an

attempt

to

match

the

overall

investment

characteristics

of

the

portfolio

with

those

of

its

composite

benchmark.

Relative

to

the

Russell

3000

Index,

the

Account’s

domestic

equity

holdings

were

most

negatively

impacted

by

an

underweight

position

in

Amazon.com

and

overweight

positions

in

financial

services

firm

Charles

Schwab

and

pharmaceutical

manufacturer

Bristol-Myers

Squibb.

In

contrast,

overweight

positions

in

technology

firms

NVIDIA

and

Intel,

as

well

as

an

overweight

position

in

Tesla,

made

the

largest

contributions

to

the

Account’s

performance

relative

to

its

benchmark.

Compared

with

the

MSCI

EAFE+Canada

Index,

an

underweight

position

in

Toyota

detracted

most,

followed

by

overweight

positions

in

Danish

biotechnology

company

Genmab

and

British

machinery

producer

CNH

Industrial.

On

the

plus

side,

the

top

contributors

to

relative

performance

were

an

overweight

position

in

British

investment

firm

3i

Group,

an

overweight

position

in

Canadian

e-commerce

company

Shopify

and

an

underweight

position

in

Japanese

electronics

supplier

Keyence.

The

Account’s

fixed-income

component

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index,

primarily

due

to

an

underweight

position

in

the

mortgage-backed

securities

sector,

which

lagged

the

return

of

the

benchmark.

Account

holdings

in

the

municipals

and

government

credit

sectors

also

benefited.

Money

Market

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Money

Market

Account returned 4.97%

for

the

year,

compared

with

the

4.76% return

of

its

benchmark,

the

iMoneyNet

Money

Fund

Averages™—All

Government.

(All

returns

for

the

Account

are

for

Class

R3.)

The

iMoneyNet

average

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

short-term

U.S.

government

securities.

The

iMoneyNet

average

is

not

an

index,

and

its

return

reflects

the

deduction

of

expenses

charged

by

the

funds

included

in

the

average.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasion

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Although

inflation

continues

to

present

an

economic

challenge

for

the

United

States,

the

increase

in

short-term

bond

yields

during

the

period

was

a

positive

sign

for

money

market

investments.

Moreover,

the

Fed’s

monetary

policy

of

keeping

rates

elevated

until

inflation

subsides

should

continue

to

bode

well

for

yields

on

the

short-term

government

securities

in

which

the

Account

invests.

Variable-rate

debt

securities,

which

made

up

approximately

20%

of

the

Account’s

portfolio

at

period-end,

stand

to

benefit,

should

short-term

interest

rates

increase.

The

“secured

overnight

financing

rate”

(SOFR)—which

represents

dealer

transactions

in

Treasury

collateralized

overnight

repurchase

agreements—increased

from

4.31%

on

January

3,

2023,

to

5.38%

on

December

29,

2023.

Account

surpassed

the

iMoneyNet

average

For

the

twelve-month

period,

the

Money

Market

Account

outperformed

the

iMoneyNet

average.

The

Account

continued

to

invest

in

variable-rate

government

agency

securities,

which

provide

a

yield

enhancement

over

short-term

fixed

rate

securities

and

contributed

to

the

Account’s

outperformance.

As

of

December

26,

2023,

the

Account’s

weighted

average

maturity

(WAM)

was

25

days,

versus

37

days

for

the

iMoneyNet

average.

iMoneyNet

releases

their

data

on

a

weekly

basis,

and

December

26

was

the

last

date

of

release

for

the

month.

CREF

Stock

Account

11

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

values

of

the

Account's

composite

benchmark

and

broad

market

index

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Stock

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

22

.56

%

12

.31

%

†

8

.66

%

†

0

.115

%

Class

R3

7/31/1952

22

.37

12

.26

8

.64

0

.255

Class

R2

4/24/2015

22

.28

12

.20

8

.58

†

0

.320

Class

R1

4/24/2015

22

.10

12

.02

8

.39

†

0

.490

Broad

market

index

Morningstar

Aggressive

Target

Risk

Index

–

18

.30

10

.72

7

.83

–

CREF

Stock

Account

Composite

Index

‡

–

22

.29

12

.64

9

.17

–

*

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

December

31,

2023,

the

CREF

Stock

Account

Composite

Index

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.

CREF

Stock

Account

(continued)

12

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

as

of

12/31/2023

Net

assets

$

118.42

billion

Portfolio

turnover

rate

36%

Number

of

holdings

8,461

Weighted

median

market

capitalization

$99.64

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

22.7

†

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

12/31/2023

Information

technology

22.3

Financials

16.0

Consumer

discretionary

11.5

Industrials

11.5

Health

care

11.4

Consumer

staples

6.3

Communication

services

6.3

Energy

4.7

Materials

4.5

Real

estate

2.6

Utilities

2.4

Government

bonds

0.0

Short-term

investments

0.4

Investments

purchased

with

collateral

from

securities

lending

0.5

Other

assets

&

liabilities,

net

-0.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

63.5

More

than

$15

billion-$50

billion

17.9

More

than

$2

billion-$15

billion

14.7

$2

billion

or

less

3.9

Total

100.0

%

of

portfolio

investments

as

of

12/31/2023

United

States

65.9

Japan

4.9

United

Kingdom

2.9

France

2.3

China

2.1

Germany

2.1

Canada

2.0

Netherlands

1.9

India

1.7

Taiwan

1.6

63

other

nations

11.7

Short-term

investments

0.9

Total

100.0

CREF

Global

Equities

Account

13

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Global

Equities

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

24.13%

13.01%

†

8.21%

†

0.110%

Class

R3

5/1/1992

23.94

12.97

8.18

0.250

Class

R2

4/24/2015

23.85

12.90

8.12

†

0.315

Class

R1

4/24/2015

23.66

12.72

7.93

†

0.485

MSCI

All

Country

World

Index

–

22.20

11.72

7.93

–

*

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.

CREF

Global

Equities

Account

(continued)

14

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

as

of

12/31/2023

Net

assets

$

25.94

billion

Portfolio

turnover

rate

32%

Number

of

holdings

2,145

Weighted

median

market

capitalization

$143.33

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

21.1

†

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

12/31/2023

Information

technology

23.0

Financials

15.4

Consumer

discretionary

11.4

Health

care

10.8

Industrials

9.9

Consumer

staples

7.5

Communication

services

6.8

Energy

5.6

Materials

5.5

Utilities

1.8

Real

estate

0.8

Short-term

investments

1.5

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

-0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

73.6

More

than

$15

billion-$50

billion

18.0

More

than

$2

billion-$15

billion

7.9

$2

billion

or

less

0.5

Total

100.0

%

of

portfolio

investments

as

of

12/31/2023

United

States

63.7

Japan

6.2

Canada

2.5

United

Kingdom

2.5

Germany

2.3

France

2.2

Netherlands

2.0

China

2.0

Taiwan

1.9

Australia

1.6

40

other

nations

11.5

Short-term

investments

1.6

Total

100.0

CREF

Growth

Account

15

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Growth

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

46

.31

%

17

.19

%

†

13

.47

%

†

0

.075

%

Class

R3

4/29/1994

46

.09

17

.15

13

.45

0

.215

Class

R2

4/24/2015

45

.98

17

.08

13

.39

†

0

.280

Class

R1

4/24/2015

45

.76

16

.89

13

.19

†

0

.450

Russell

1000®

Growth

Index

–

42

.68

19

.50

14

.86

–

*

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.

CREF

Growth

Account

(continued)

16

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

34.08

billion

Portfolio

turnover

rate

33%

Number

of

holdings

85

Weighted

median

market

capitalization

$465.49

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

42.1

†

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

12/31/2023

Information

technology

42.6

Consumer

discretionary

14.9

Health

care

11.2

Communication

services

10.3

Financials

7.8

Industrials

5.6

Consumer

staples

4.6

Materials

1.6

Energy

1.2

Short-term

investments

0.1

Other

assets

&

liabilities,

net

0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

91.3

More

than

$15

billion-$50

billion

7.8

More

than

$2

billion-$15

billion

0.8

$2

billion

or

less

0.1

Total

100.0

CREF

Equity

Index

Account

17

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Equity

Index

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

25

.97

%

15

.03

%

†

11

.29

%

†

0

.030

%

Class

R3

4/29/1994

25

.77

14

.99

11

.26

0

.170

Class

R2

4/24/2015

25

.68

14

.92

11

.20

†

0

.235

Class

R1

4/24/2015

25

.50

14

.73

11

.01

†

0

.405

Russell

3000®

Index

–

25

.96

15

.16

11

.48

–

*

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.

CREF

Equity

Index

Account

(continued)

18

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

22.65

billion

Portfolio

turnover

rate

2%

Number

of

holdings

2,765

Weighted

median

market

capitalization

$148.19

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.5

†

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

12/31/2023

Information

technology

27.1

Financials

13.6

Health

care

12.5

Consumer

discretionary

10.8

Industrials

10.0

Communication

services

7.8

Consumer

staples

5.7

Energy

4.0

Real

estate

2.9

Materials

2.7

Utilities

2.3

Short-term

investments

0.6

Investments

purchased

with

collateral

from

securities

lending

0.3

Other

assets

&

liabilities,

net

-0.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

70.1

More

than

$15

billion-$50

billion

16.7

More

than

$2

billion-$15

billion

11.3

$2

billion

or

less

1.9

Total

100.0

CREF

Core

Bond

Account

19

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Core

Bond

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

6

.48

%

1

.46

%

†

2

.06

%

†

0

.090

%

Class

R3

3/1/1990

6

.31

1

.42

2

.04

0

.230

Class

R2

4/24/2015

6

.23

1

.36

1

.98

†

0

.295

Class

R1

4/24/2015

6

.07

1

.20

1

.80

†

0

.465

Bloomberg

U.S.

Aggregate

Bond

Index

–

5

.53

1

.10

1

.81

–

*

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.

CREF

Core

Bond

Account

(continued)

20

Account

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

methodology,

which

uses

the

median

rating

of

those

compiled

by

the

Moody’s,

Standard

&

Poor’s

and

Fitch

ratings

agencies.

If

ratings

are

available

from

only

two

of

these

agencies,

the

lower

rating

is

used.

When

only

one

rating

is

available,

that

one

is

used.

These

ratings

are

subject

to

change

without

notice.

as

of

12/31/2023

Net

assets

$

10.77

billion

Portfolio

turnover

rate

80%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

78%

Number

of

issues

1,774

Option-adjusted

duration

‡

6.19

years

Average

maturity

§

9.32

years

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

12/31/2023

Government

bonds

49.3

Corporate

bonds

31.5

Structured

assets

16.0

Bank

loan

obligations

0.4

Preferred

stocks

0.0

Short-term

investments

1.2

Investments

purchased

with

collateral

from

securities

lending

0.3

Other

assets

&

liabilities,

net

1.3

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

Less

than

1

year

2.9

1-3

years

16.3

3-5

years

18.1

5-10

years

40.2

Over

10

years

22.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

U.S.

Treasury

&

U.S.

agency

securities*

40.3

Aaa/AAA

7.8

Aa/AA

8.8

A/A

16.4

Baa/BBB

22.5

Ba/BB

2.0

B/B

0.7

Below

B/B

0.1

Non-rated

1.4

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Inflation-Linked

Bond

Account

21

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Inflation-Linked

Bond

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

4

.78

%

3

.53

%

†

2

.47

%

†

0

.045

%

Class

R3

5/1/1997

4

.62

3

.49

2

.45

0

.185

Class

R2

4/24/2015

4

.54

3

.43

2

.39

†

0

.250

Class

R1

4/24/2015

4

.39

3

.26

2

.21

†

0

.420

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index

–

4

.36

3

.43

2

.31

–

*

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.

CREF

Inflation-Linked

Bond

Account

(continued)

22

Account

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

methodology,

which

uses

the

median

rating

of

those

compiled

by

the

Moody’s,

Standard

&

Poor’s

and

Fitch

ratings

agencies.

If

ratings

are

available

from

only

two

of

these

agencies,

the

lower

rating

is

used.

When

only

one

rating

is

available,

that

one

is

used.

These

ratings

are

subject

to

change

without

notice.

as

of

12/31/2023

Net

assets

$

6.99

billion

Portfolio

turnover

rate

27%

Number

of

issues

187

Option-adjusted

duration

‡

4.31

years

Average

maturity

§

4.73

years

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

an

account's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

12/31/2023

Government

bonds

93.1

Structured

assets

3.2

Corporate

bonds

2.6

Bank

loan

obligations

0.4

Common

stocks

0.2

Short-term

investments

0.1

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

0.3

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

Less

than

1

year

2.6

1-3

years

30.4

3-5

years

27.6

5-10

years

39.1

Over

10

years

0.3

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

U.S.

Treasury

&

U.S.

agency

securities*

92.6

Aaa/AAA

0.4

Aa/AA

0.7

A/A

1.2

Baa/BBB

2.7

Ba/BB

1.3

B/B

0.3

Non-rated

0.8

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

CREF

Social

Choice

Account

23

Performance

as

of

December

31,

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. 

$10,000

over

10

years

(Class

R3)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

values

of

the

Account's

composite

benchmark

and

broad

market

index

during

the

same

period.

The

performance

of

the

other

share

classes

varies

due

to

differences

in

expense

charges.

Total

return

Average

annual

total

return

Estimated

annual

Social

Choice

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

15

.00

%

8

.48

%

†

6

.45

%

†

0

.065

%

Class

R3

3/1/1990

14

.82

8

.44

6

.43

0

.205

Class

R2

4/24/2015

14

.73

8

.37

6

.37

†

0

.270

Class

R1

4/24/2015

14

.56

8

.20

6

.18

†

0

.440

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

13

.22

7

.38

5

.72

–

CREF

Social

Choice

Account

Composite

Index

‡

–

16

.14

8

.54

6

.60

–

*

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

December

31,

2023,

the

CREF

Social

Choice

Composite

Index

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.

CREF

Social

Choice

Account

(continued)

24

Account

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

maturity

as

of

12/31/2023

Net

assets

$

21.37

billion

Portfolio

turnover

rate

81%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

80%

Equity

segment

Number

of

holdings

873

Weighted

median

market

capitalization

89.2

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

23.9

Fixed-income

segment

Number

of

issues

1,028

Option-adjusted

duration

‡

6.23

years

Average

maturity

§

9.48

years

†

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

12/31/2023

Equity

Investments

59.7

Fixed-income

securities

39.8

Short-term

investments

0.0

Investments

purchased

with

collateral

from

securities

lending

0.6

Other

assets

&

liabilities,

net

-0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

62.1

More

than

$15

billion-$50

billion

26.0

More

than

$2

billion-$15

billion

10.9

$2

billion

or

less

1.0

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

Less

than

1

year

4.1

1-3

years

13.7

3-5

years

14.2

5-10

years

45.0

Over

10

years

23.0

Total

100.0

CREF

Money

Market

Account

25

Performance

as

of

December

31,

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

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

5.14%

1.74%

†

1.08%

†

0.040%

Class

R3

4/1/1988

4.97

1.71

1.06

0.180

Class

R2

4/24/2015

4.90

1.64

1.00

†

0.245

Class

R1

4/24/2015

4.50

1.43

0.84

†

0.415

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

4.76

1.62

1.01

–

*

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

12/31/2023

Net

assets

$

9.52

billion

Number

of

issues

76

%

of

net

assets

as

of

12/31/2023

U.S.

Treasury

securities*

39.7

Repurchase

agreements

29.8

Variable

rate

securities,

government

24.0

U.S.

government

agency

securities*

8.3

Other

assets

&

liabilities,

net

-1.8

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

December

26,

2023)

*

Current

yield

Effective

yield

Money

Market

Account

Class

R4

5.34%

5.48%

Class

R3

5.16

5.30

Class

R2

5.10

5.23

Class

R1

4.96

5.08

iMoneyNet

Money

Fund

Averages™—

All

Government

§

5.01

5.14

The

current

yield

more

closely

reflects

current

earnings

than

does

the

total

return.

*

Typically,

iMoneyNet

reports

its

7-day

yields

as

of

Tuesday

of

each

week.

§

The

iMoneyNet

Money

Fund

Averages—All

Government

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements

and

government-backed

variable-rate

notes.

You

cannot

invest

directly

in

it.

Expense

Examples

26

All

participants

in

the

CREF

Accounts

incur

ongoing

costs,

including

management

fees

and

other

account

expenses.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

variable

annuity

accounts

and

mutual

funds.

Participants

in

the

CREF

Accounts

do

not

incur

a

sales

charge

for

purchases

or

other

distributions.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

July

1,

2023

–

December

31,

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

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,075.58

$1,074.69

$1,074.33

$1,073.57

Expenses

incurred

during

the

period*

$0.60

$1.46

$1.80

$2.54

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

$1,024.63

$1,023.80

$1,023.47

$1,022.75

Expenses

incurred

during

the

period*

$0.58

$1.42

$1.76

$2.48

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.11%

for

Class

R4,

0.28%

for

Class

R3,

0.34%

for

Class

R2

and

0.49%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.12%

0.28%

0.35%

0.50%

27

20.2

Global

Equities

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,073.50

$1,072.61

$1,072.25

$1,071.49

Expenses

incurred

during

the

period*

$0.58

$1.43

$1.78

$2.52

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

$1,024.65

$1,023.82

$1,023.49

$1,022.77

Expenses

incurred

during

the

period*

$0.56

$1.40

$1.74

$2.46

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.11%

for

Class

R4,

0.27%

for

Class

R3,

0.34%

for

Class

R2

and

0.48%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.11%

0.27%

0.34%

0.49%

20.3

Growth

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,118.35

$1,117.43

$1,117.06

$1,116.25

Expenses

incurred

during

the

period*

$0.35

$1.22

$1.57

$2.34

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

$1,024.88

$1,024.05

$1,023.72

$1,023.00

Expenses

incurred

during

the

period*

$0.33

$1.17

$1.50

$2.23

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.07%

for

Class

R4,

0.23%

for

Class

R3,

0.29%

for

Class

R2

and

0.44%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.07%

0.23%

0.30%

0.45%

Expense

Examples

(continued)

28

20.4

Equity

Index

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,084.64

$1,083.75

$1,083.39

$1,082.61

Expenses

incurred

during

the

period*

$0.16

$1.02

$1.37

$2.11

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,025.05

$1,024.22

$1,023.89

$1,023.17

Expenses

incurred

during

the

period*

$0.16

$0.99

$1.33

$2.05

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.03%

for

Class

R4,

0.19%

for

Class

R3,

0.26%

for

Class

R2

and

0.40%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.03%

0.19%

0.26%

0.41%

20.5

Core

Bond

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,036.75

$1,035.89

$1,035.54

$1,034.80

Expenses

incurred

during

the

period*

$0.49

$1.33

$1.67

$2.39

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

$1,024.73

$1,023.90

$1,023.56

$1,022.85

Expenses

incurred

during

the

period*

$0.48

$1.32

$1.66

$2.38

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.09%

for

Class

R4,

0.26%

for

Class

R3,

0.33%

for

Class

R2

and

0.47%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.09%

0.25%

0.32%

0.47%

29

20.6

Inflation-Linked

Bond

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,029.78

$1,028.93

$1,028.59

$1,027.86

Expenses

incurred

during

the

period*

$0.24

$1.08

$1.41

$2.14

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.97

$1,024.14

$1,023.81

$1,023.10

Expenses

incurred

during

the

period*

$0.23

$1.07

$1.41

$2.13

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.05%

for

Class

R4,

0.21%

for

Class

R3,

0.28%

for

Class

R2

and

0.42%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.04%

0.20%

0.28%

0.42%

20.7

Social

Choice

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,060.69

$1,059.81

$1,059.46

$1,058.70

Expenses

incurred

during

the

period*

$0.35

$1.20

$1.54

$2.28

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

$1,024.86

$1,024.04

$1,023.71

$1,022.99

Expenses

incurred

during

the

period*

$0.35

$1.18

$1.52

$2.24

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.07%

for

Class

R4,

0.23%

for

Class

R3,

0.30%

for

Class

R2

and

0.44%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.07%

0.22%

0.30%

0.44%

Expense

Examples

(continued)

30

20.8

Money

Market

Account

Share

Class

Class

R4

Class

R3

Class

R2

Class

R1

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,026.90

$1,026.05

$1,025.71

$1,024.97

Expenses

incurred

during

the

period*

$0.21

$1.04

$1.38

$2.11

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,025.00

$1,024.18

$1,023.85

$1,023.12

Expenses

incurred

during

the

period*

$0.21

$1.04

$1.38

$2.11

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Account's

annualized

six-month

expense

ratios

for

that

period

were

0.04%

for

Class

R4,

0.20%

for

Class

R3,

0.27%

for

Class

R2

and

0.41%

for

Class

R1.

Actual

expenses

Class

R4

Class

R3

Class

R2

Class

R1

Net

expense

ratio

for

the

one-year

period

ended

12/31/2023

0.04%

0.20%

0.27%

0.63%

Report

of

Independent

Registered

Public

Accounting

Firm

31

To

the

Board

of

Trustees

of

College

Retirement

Equities

Fund

and

Participants

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

summary

portfolios

of

investments,

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

(constituting

College

Retirement

Equities

Fund,

hereafter

collectively

referred

to

as

the

"Accounts")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Accounts

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Accounts’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Accounts’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Accounts

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

February

28,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

CREF

Stock

Account

December

31,

2023

Summary

Portfolio

of

Investments

32

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

CORPORATE

BONDS

FOOD,

BEVERAGE

&

TOBACCO

$

55‌

0

.0‌

%

$

4,636,868

TOTAL

CORPORATE

BONDS

(Cost

$64)

55‌

0

.0‌

GOVERNMENT

BONDS

U.S.

TREASURY

SECURITIES

204‌

0

.0‌

200,000

TOTAL

GOVERNMENT

BONDS

(Cost

$209)

204‌

0

.0‌

Shares

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

3,215,393

(a)

Tesla,

Inc

798,961‌

0

.7‌

Other

1,565,756‌

1

.3‌

2,364,717‌

2

.0‌

BANKS

11,438,350

Bank

of

America

Corp

385,129‌

0

.3‌

4,926,733

JPMorgan

Chase

&

Co

838,037‌

0

.7‌

11,746,925

Wells

Fargo

&

Co

578,184‌

0

.5‌

Other

5,826,018‌

5

.0‌

7,627,368‌

6

.5‌

CAPITAL

GOODS

1,991,652

(a)

Boeing

Co

519,144‌

0

.5‌

1,847,422

Eaton

Corp

plc

444,896‌

0

.4‌

2,804,377

Honeywell

International,

Inc

588,106‌

0

.5‌

Other

8,366,754‌

7

.0‌

9,918,900‌

8

.4‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,592,637‌

1

.4‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

17,889,675

(a)

Amazon.com,

Inc

2,718,157‌

2

.3‌

1,318,229

Home

Depot,

Inc

456,832‌

0

.4‌

Other

2,221,850‌

1

.9‌

5,396,839‌

4

.6‌

CONSUMER

DURABLES

&

APPAREL

2,365,493‌

2

.0‌

CONSUMER

SERVICES

8,812,494

(b)

Arcos

Dorados

Holdings,

Inc

111,831‌

0

.1‌

112,177

(a)

Booking

Holdings,

Inc

397,916‌

0

.4‌

1,841,168

McDonald's

Corp

545,925‌

0

.5‌

Other

2,393,906‌

1

.9‌

3,449,578‌

2

.9‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

14,578,000

(a),(b)

Cia

Brasileira

de

Distribuicao

12,455‌

0

.0‌

880,960

Costco

Wholesale

Corp

581,504‌

0

.5‌

3,140,091

Walmart,

Inc

495,035‌

0

.4‌

Other

864,187‌

0

.8‌

1,953,181‌

1

.7‌

ENERGY

3,519,946

ConocoPhillips

408,560‌

0

.4‌

7,231,740

Exxon

Mobil

Corp

723,029‌

0

.6‌

12,236,080

Shell

plc

400,537‌

0

.4‌

Other

4,044,203‌

3

.3‌

5,576,329‌

4

.7‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,304,926

Prologis,

Inc

$

440,547‌

0

.4‌

%

Other

2,209,877‌

1

.8‌

2,650,424‌

2

.2‌

FINANCIAL

SERVICES

2,123,919

American

Express

Co

397,895‌

0

.4‌

1,717,874

(a)

Berkshire

Hathaway,

Inc

612,697‌

0

.5‌

5,659,645

Charles

Schwab

Corp

389,384‌

0

.3‌

2,277,741

Mastercard,

Inc

(Class

A)

971,479‌

0

.8‌

2,582,910

Visa,

Inc

(Class

A)

672,461‌

0

.6‌

Other

4,812,022‌

4

.0‌

7,855,938‌

6

.6‌

FOOD,

BEVERAGE

&

TOBACCO

4,683,954

Philip

Morris

International,

Inc

440,666‌

0

.4‌

Other

3,358,056‌

2

.8‌

3,798,722‌

3

.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,414,536

Abbott

Laboratories

485,908‌

0

.4‌

1,014,075

Elevance

Health,

Inc

478,197‌

0

.4‌

1,970,805

UnitedHealth

Group,

Inc

1,037,570‌

0

.9‌

Other

3,347,155‌

2

.8‌

5,348,830‌

4

.5‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

3,137,300

Procter

&

Gamble

Co

459,740‌

0

.4‌

Other

1,225,552‌

1

.0‌

1,685,292‌

1

.4‌

INSURANCE

3,414,799‌

2

.9‌

MATERIALS

1,909,994

Linde

plc

784,454‌

0

.7‌

Other

4,547,469‌

3

.8‌

5,331,923‌

4

.5‌

MEDIA

&

ENTERTAINMENT

8,430,222

(a)

Alphabet,

Inc

1,188,071‌

1

.0‌

8,445,436

(a)

Alphabet,

Inc

(Class

A)

1,179,743‌

1

.0‌

8,616,042

Comcast

Corp

(Class

A)

377,813‌

0

.3‌

5,907,101

(a),(b),(c)

HUYA,

Inc

(ADR)

21,620‌

0

.0‌

450,306

(a),(b)

iClick

Interactive

Asia

Group

Ltd

(ADR)

1,725‌

0

.0‌

4,044,630

(a)

Meta

Platforms,

Inc

1,431,637‌

1

.2‌

10,259,525

Tencent

Holdings

Ltd

387,347‌

0

.4‌

Other

1,777,882‌

1

.5‌

6,365,838‌

5

.4‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,983,243

AbbVie,

Inc

462,313‌

0

.4‌

1,286,518

Eli

Lilly

&

Co

749,937‌

0

.6‌

2,734,986

Johnson

&

Johnson

428,682‌

0

.4‌

5,075,336

Merck

&

Co,

Inc

553,313‌

0

.5‌

7,512,198

Novo

Nordisk

A.S.

778,498‌

0

.7‌

Other

5,232,946‌

4

.3‌

8,205,689‌

6

.9‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

511,065‌

0

.4‌

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.

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

815,967

ASML

Holding

NV

$

615,963‌

0

.5‌

%

1,117,846

Broadcom,

Inc

1,247,796‌

1

.1‌

10,239,302

Intel

Corp

514,525‌

0

.5‌

3,924,659

Nvidia

Corp

1,943,570‌

1

.7‌

43,051,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

825,357‌

0

.6‌

Other

3,499,347‌

2

.9‌

8,646,558‌

7

.3‌

SOFTWARE

&

SERVICES

583,400

(a),(b)

Kaonavi,

Inc

9,287‌

0

.0‌

13,531,577

Microsoft

Corp

5,088,414‌

4

.3‌

1,348,525

(a)

Palo

Alto

Networks,

Inc

397,653‌

0

.4‌

1,732,247

(a)

Salesforce,

Inc

455,823‌

0

.4‌

Other

5,041,790‌

4

.2‌

10,992,967‌

9

.3‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

20,860,555

(d)

Apple,

Inc

4,016,283‌

3

.4‌

8,516,850

Samsung

Electronics

Co

Ltd

516,945‌

0

.5‌

Other

2,175,633‌

1

.8‌

6,708,861‌

5

.7‌

TELECOMMUNICATION

SERVICES

1,094,158‌

0

.9‌

TRANSPORTATION

1,585,099

Union

Pacific

Corp

389,332‌

0

.4‌

Other

1,641,667‌

1

.3‌

2,030,999‌

1

.7‌

UTILITIES

7,518,033

NextEra

Energy,

Inc

456,645‌

0

.4‌

Other

2,428,579‌

2

.0‌

2,885,224‌

2

.4‌

TOTAL

COMMON

STOCKS

(Cost

$100,144,911)

117,772,329‌

99

.5‌

a

a

a

a

RIGHTS/WARRANTS

AUTOMOBILES

&

COMPONENTS

2,581‌

0

.0‌

CAPITAL

GOODS

30‌

0

.0‌

CONSUMER

SERVICES

1‌

0

.0‌

ENERGY

31‌

0

.0‌

FINANCIAL

SERVICES

0‌

^

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

69‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

82‌

0

.0‌

SOFTWARE

&

SERVICES

101‌

0

.0‌

TRANSPORTATION

81‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$2,394)

2,976‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$100,147,578)

117,775,564‌

99

.5‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

321,000‌

0

.3‌

REPURCHASE

AGREEMENT

112,172‌

0

.1‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

TREASURY

DEBT

$

24,975‌

0

.0‌

%

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$458,273)

458,147‌

0

.4‌

a

a

a

a

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

195,500‌

0

.2‌

COMMERCIAL

PAPER

43,509‌

0

.0‌

REPURCHASE

AGREEMENT

377,977‌

0

.3‌

VARIABLE

RATE

SECURITIES

15,000‌

0

.0‌

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$

631,986

)

631,986‌

0

.5‌

TOTAL

PORTFOLIO

(Cost

$101,237,837)

118,865,697‌

100

.4‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

447,028‌

)

(

0

.4‌

)

NET

ASSETS

$

118,418,669‌

100

.0‌

%

ADR

American

Depositary

Receipt

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

Affiliated

holding

(c)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,012,511,687.

(d)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

Summary

Portfolio

of

Investments

(continued)

CREF

Stock

Account

December

31,

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)

Russell

2000

E-Mini

Index

123‌

03/15/24

 $

11,699‌

$

12,593‌

$

894‌

S&P

500

E-Mini

Index

840‌

03/15/24

195,723‌

202,440‌

6,717‌

S&P

Mid-Cap

400

E-Mini

Index

71‌

03/15/24

18,894‌

19,948‌

1,054‌

Total

1,034‌

  $

226,316‌

 $

234,981‌

 $

8,665‌

35

See

Notes

to

Financial

Statements

CREF

Global

Equities

Account

December

31,

2023

Summary

Portfolio

of

Investments

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

23,960,852

Glencore

plc

144,030‌

0

.6‌

166,332,488

(a),(b)

Tamboran

Resources

Ltd

25,503‌

0

.1‌

Other

243,527‌

0

.9‌

413,060‌

1

.6‌

AUSTRIA

13,428‌

0

.1‌

BELGIUM

32,745‌

0

.1‌

BERMUDA

13,533‌

0

.1‌

BRAZIL

344,988‌

1

.3‌

CANADA

2,097,054

(b)

Shopify,

Inc

(Class

A)

163,263‌

0

.6‌

Other

496,373‌

1

.9‌

659,636‌

2

.5‌

CHILE

6,356‌

0

.0‌

CHINA

505,950‌

2

.0‌

COLOMBIA

883‌

0

.0‌

CZECH

REPUBLIC

1,847‌

0

.0‌

DENMARK

2,358,672

Novo

Nordisk

A.S.

244,432‌

0

.9‌

Other

59,690‌

0

.3‌

304,122‌

1

.2‌

EGYPT

874‌

0

.0‌

FINLAND

60,171‌

0

.2‌

FRANCE

891,871

Airbus

SE

137,784‌

0

.5‌

Other

445,881‌

1

.7‌

583,665‌

2

.2‌

GERMANY

622,110

Siemens

AG.

116,714‌

0

.5‌

Other

468,545‌

1

.8‌

585,259‌

2

.3‌

GREECE

5,184‌

0

.0‌

HONG

KONG

58,015‌

0

.2‌

HUNGARY

2,667‌

0

.0‌

INDIA

328,371‌

1

.3‌

INDONESIA

53,985‌

0

.2‌

IRELAND

145,354‌

0

.6‌

ISRAEL

7,278‌

0

.0‌

ITALY

197,884‌

0

.8‌

JAPAN

3,041,500

Nintendo

Co

Ltd

158,261‌

0

.6‌

1,587,265

Sony

Corp

150,207‌

0

.6‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

JAPAN—continued

6,958,910

(b)

Toyota

Motor

Corp

$

127,513‌

0

.5‌

%

Other

1,184,328‌

4

.5‌

1,620,309‌

6

.2‌

KOREA,

REPUBLIC

OF

3,045,647

Samsung

Electronics

Co

Ltd

184,861‌

0

.7‌

Other

128,298‌

0

.5‌

313,159‌

1

.2‌

KUWAIT

5,590‌

0

.0‌

LUXEMBOURG

35,082‌

0

.1‌

MALAYSIA

13,335‌

0

.1‌

MEXICO

96,785‌

0

.4‌

NETHERLANDS

197,166

ASML

Holding

NV

148,838‌

0

.6‌

5,218,864

Shell

plc

170,835‌

0

.7‌

Other

196,197‌

0

.7‌

515,870‌

2

.0‌

NORWAY

134,029‌

0

.5‌

PERU

1,941‌

0

.0‌

PHILIPPINES

10,967‌

0

.0‌

POLAND

11,743‌

0

.0‌

PORTUGAL

19,092‌

0

.1‌

QATAR

8,172‌

0

.0‌

ROMANIA

750‌

0

.0‌

RUSSIA

2‌

0

.0‌

SAUDI

ARABIA

70,198‌

0

.3‌

SINGAPORE

29,581‌

0

.1‌

SOUTH

AFRICA

52,499‌

0

.2‌

SPAIN

139,892‌

0

.5‌

SWEDEN

94,975‌

0

.4‌

SWITZERLAND

298,296‌

1

.2‌

TAIWAN

17,174,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

329,254‌

1

.3‌

Other

169,900‌

0

.6‌

499,154‌

1

.9‌

THAILAND

22,402‌

0

.1‌

TURKEY

13,060‌

0

.1‌

UNITED

ARAB

EMIRATES

13,688‌

0

.1‌

UNITED

KINGDOM

1,235,588

AstraZeneca

plc

166,668‌

0

.6‌

Other

492,683‌

1

.9‌

659,351‌

2

.5‌

UNITED

STATES

269,013

(b)

Adobe,

Inc

160,493‌

0

.6‌

1,124,940

(b)

Advanced

Micro

Devices,

Inc

165,827‌

0

.6‌

1,961,559

(b)

Alphabet,

Inc

276,443‌

1

.1‌

1,876,985

(b)

Alphabet,

Inc

(Class

A)

262,196‌

1

.0‌

4,699,660

(b)

Amazon.com,

Inc

714,066‌

2

.8‌

4,872,329

(c)

Apple,

Inc

938,070‌

3

.6‌

392,294

(b)

Berkshire

Hathaway,

Inc

139,916‌

0

.5‌

Summary

Portfolio

of

Investments

(continued)

CREF

Global

Equities

Account

December

31,

2023

36

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

12/31/23,

the

aggregate

value

of

securities

on

loan

is

$64,705,544. 

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

510,970

(b)

Boeing

Co

$

133,189‌

0

.5‌

%

2,016,266

(b)

Boston

Scientific

Corp

116,560‌

0

.5‌

252,850

Broadcom,

Inc

282,244‌

1

.1‌

494,572

Caterpillar,

Inc

146,230‌

0

.6‌

2,616,223

Coca-Cola

Co

154,174‌

0

.6‌

385,729

Costco

Wholesale

Corp

254,612‌

1

.0‌

426,505

Eli

Lilly

&

Co

248,618‌

1

.0‌

2,958,246

Exxon

Mobil

Corp

295,765‌

1

.1‌

3,331,464

Freeport-McMoRan,

Inc

(Class

B)

141,820‌

0

.6‌

554,385

Home

Depot,

Inc

192,122‌

0

.7‌

910,620

Honeywell

International,

Inc

190,966‌

0

.7‌

2,755,027

Intel

Corp

138,440‌

0

.5‌

1,499,193

JPMorgan

Chase

&

Co

255,013‌

1

.0‌

564,964

Linde

plc

232,036‌

0

.9‌

518,409

Mastercard,

Inc

(Class

A)

221,107‌

0

.9‌

657,013

McDonald's

Corp

194,811‌

0

.8‌

1,334,833

Merck

&

Co,

Inc

145,523‌

0

.6‌

1,107,413

(b)

Meta

Platforms,

Inc

391,980‌

1

.5‌

3,249,634

Microsoft

Corp

1,221,992‌

4

.7‌

1,355,980

Morgan

Stanley

126,445‌

0

.5‌

241,150

(b)

NetFlix,

Inc

117,411‌

0

.5‌

1,201,035

Nvidia

Corp

594,777‌

2

.3‌

1,395,882

Procter

&

Gamble

Co

204,553‌

0

.8‌

416,907

Stryker

Corp

124,847‌

0

.5‌

1,145,031

(b)

Tesla,

Inc

284,517‌

1

.1‌

594,650

Union

Pacific

Corp

146,058‌

0

.6‌

457,285

UnitedHealth

Group,

Inc

240,747‌

0

.9‌

858,215

Visa,

Inc

(Class

A)

223,436‌

0

.8‌

1,096,650

Walmart,

Inc

172,887‌

0

.6‌

3,977,911

Wells

Fargo

&

Co

195,793‌

0

.7‌

Other

6,506,517‌

25

.0‌

16,552,201‌

63

.8‌

TOTAL

COMMON

STOCKS

(Cost

$20,388,963)

25,557,378‌

98

.5‌

a

a

a

a

RIGHTS/WARRANTS

AUSTRALIA

105‌

0

.0‌

BRAZIL

22‌

0

.0‌

INDIA

659‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$612)

786‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$20,389,591)

25,558,178‌

98

.5‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

202,861‌

0

.8‌

REPURCHASE

AGREEMENT

68,020‌

0

.3‌

TREASURY

DEBT

115,794‌

0

.4‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$386,743)

386,675‌

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

$

9,000‌

0

.0‌

%

COMMERCIAL

PAPER

2,000‌

0

.0‌

REPURCHASE

AGREEMENT

10,000‌

0

.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$21,000)

21,000‌

0

.1‌

TOTAL

PORTFOLIO

(Cost

$20,797,334)

25,965,853‌

100

.1‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

22,713‌

)

(

0

.1‌

)

NET

ASSETS

$

25,943,140‌

100

.0‌

%

(a)

Affiliated

holding

(b)

Non-income

producing

(c)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

37

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

731‌

03/15/24

 $

79,409‌

$

82,325‌

$

2,916‌

S&P

500

E-Mini

Index

894‌

03/15/24

208,748‌

215,454‌

6,706‌

Total

1,625‌

  $

288,157‌

 $

297,779‌

 $

9,622‌

CREF

Growth

Account

December

31,

2023

Summary

Portfolio

of

Investments

38

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

2,244,141

(a)

Tesla,

Inc

$

557,624‌

1

.6‌

%

557,624‌

1

.6‌

CAPITAL

GOODS

2,545,575

(a)

Boeing

Co

663,530‌

1

.9‌

2,890,161

Carrier

Global

Corp

166,040‌

0

.5‌

667,786

Honeywell

International,

Inc

140,041‌

0

.4‌

Other

120,790‌

0

.4‌

1,090,401‌

3

.2‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

621,270

Verisk

Analytics,

Inc

148,396‌

0

.4‌

929,153

Waste

Connections,

Inc

138,695‌

0

.4‌

Other

93,666‌

0

.3‌

380,757‌

1

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

15,564,426

(a)

Amazon.com,

Inc

2,364,859‌

6

.9‌

2,030,932

TJX

Cos,

Inc

190,522‌

0

.6‌

2,555,381‌

7

.5‌

CONSUMER

DURABLES

&

APPAREL

1,841,115

Nike,

Inc

(Class

B)

199,890‌

0

.6‌

Other

134,430‌

0

.4‌

334,320‌

1

.0‌

CONSUMER

SERVICES

213,099

(a)

Booking

Holdings,

Inc

755,909‌

2

.2‌

82,874

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

189,529‌

0

.6‌

3,896,130

Las

Vegas

Sands

Corp

191,729‌

0

.6‌

2,523,719

Starbucks

Corp

242,302‌

0

.7‌

Other

259,083‌

0

.7‌

1,638,552‌

4

.8‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,258,122

Costco

Wholesale

Corp

830,461‌

2

.4‌

830,461‌

2

.4‌

ENERGY

1,677,809

EOG

Resources,

Inc

202,931‌

0

.6‌

Other

211,088‌

0

.6‌

414,019‌

1

.2‌

FINANCIAL

SERVICES

1,587,471

iShares

Russell

1000

Growth

Index

Fund

481,273‌

1

.4‌

2,113,677

Mastercard,

Inc

(Class

A)

901,504‌

2

.6‌

3,317,001

(a)

PayPal

Holdings,

Inc

203,697‌

0

.6‌

2,349,075

Visa,

Inc

(Class

A)

611,582‌

1

.8‌

Other

450,014‌

1

.4‌

2,648,070‌

7

.8‌

FOOD,

BEVERAGE

&

TOBACCO

7,480,013

(a)

Monster

Beverage

Corp

430,924‌

1

.3‌

Other

73,828‌

0

.2‌

504,752‌

1

.5‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,531,834

(a)

DexCom,

Inc

$

438,265‌

1

.3‌

%

312,690

Elevance

Health,

Inc

147,452‌

0

.4‌

1,284,007

(a)

Intuitive

Surgical,

Inc

433,173‌

1

.3‌

1,071,375

UnitedHealth

Group,

Inc

564,047‌

1

.6‌

Other

270,553‌

0

.8‌

1,853,490‌

5

.4‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

245,208‌

0

.7‌

MATERIALS

4,108,112

Corteva,

Inc

196,861‌

0

.6‌

811,770

Linde

plc

333,402‌

1

.0‌

530,263‌

1

.6‌

MEDIA

&

ENTERTAINMENT

5,955,380

(a)

Alphabet,

Inc

839,292‌

2

.5‌

5,432,383

(a)

Alphabet,

Inc

(Class

A)

758,849‌

2

.2‌

4,903,145

(a)

Meta

Platforms,

Inc

1,735,517‌

5

.1‌

Other

167,412‌

0

.5‌

3,501,070‌

10

.3‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

668,754

Amgen,

Inc

192,615‌

0

.6‌

1,105,310

Eli

Lilly

&

Co

644,307‌

1

.9‌

2,987,604

Novo

Nordisk

A.S.

309,609‌

0

.9‌

2,201,237

Novo

Nordisk

A.S.

(ADR)

227,718‌

0

.7‌

1,802,353

Zoetis,

Inc

355,731‌

1

.0‌

Other

248,330‌

0

.7‌

1,978,310‌

5

.8‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2,035,051

Applied

Materials,

Inc

329,821‌

1

.0‌

994,810

Broadcom,

Inc

1,110,457‌

3

.3‌

7,789,123

Intel

Corp

391,403‌

1

.1‌

209,465

Lam

Research

Corp

164,065‌

0

.5‌

4,146,609

Nvidia

Corp

2,053,484‌

6

.0‌

Other

48,812‌

0

.1‌

4,098,042‌

12

.0‌

SOFTWARE

&

SERVICES

725,797

(a)

Atlassian

Corp

Ltd

172,638‌

0

.5‌

942,947

Intuit,

Inc

589,370‌

1

.7‌

10,548,017

Microsoft

Corp

3,966,476‌

11

.6‌

1,908,018

(a)

Palo

Alto

Networks,

Inc

562,636‌

1

.7‌

302,158

Roper

Industries,

Inc

164,728‌

0

.5‌

2,690,980

(a)

Salesforce,

Inc

708,105‌

2

.1‌

672,313

(a)

ServiceNow,

Inc

474,982‌

1

.4‌

878,045

(a)

Synopsys,

Inc

452,114‌

1

.3‌

1,267,772

(a)

Workday,

Inc

349,981‌

1

.0‌

Other

458,092‌

1

.4‌

7,899,122‌

23

.2‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

12,399,911

Apple,

Inc

2,387,355‌

7

.0‌

Other

115,081‌

0

.4‌

2,502,436‌

7

.4‌

TRANSPORTATION

6,872,131

(a)

Uber

Technologies,

Inc

423,117‌

1

.2‌

Other

27,132‌

0

.1‌

450,249‌

1

.3‌

TOTAL

COMMON

STOCKS

(Cost

$25,722,894)

34,012,527‌

99

.8‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$25,722,894)

34,012,527‌

99

.8‌

a

a

a

a

39

See

Notes

to

Financial

Statements

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

$

11,849‌

0

.0‌

%

REPURCHASE

AGREEMENT

26,190‌

0

.1‌

TREASURY

DEBT

1,984‌

0

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$40,028)

40,023‌

0

.1‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$25,762,922)

34,052,550‌

99

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

26,364‌

0

.1‌

NET

ASSETS

$

34,078,914‌

100

.0‌

%

ADR

American

Depositary

Receipt

(a)

Non-income

producing

CREF

Equity

Index

Account

December

31,

2023

Summary

Portfolio

of

Investments

40

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

1,339,405

(a)

Tesla,

Inc

$

332,815‌

1.5‌

%

Other

104,762‌

0.4‌

437,577‌

1.9‌

BANKS

3,360,122

Bank

of

America

Corp

113,135‌

0.5‌

1,397,879

JPMorgan

Chase

&

Co

237,779‌

1.1‌

1,775,910

Wells

Fargo

&

Co

87,410‌

0.4‌

Other

381,599‌

1.6‌

819,923‌

3.6‌

CAPITAL

GOODS

1,475,924‌

6.5‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

378,273‌

1.7‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,372,462

(a)

Amazon.com,

Inc

664,352‌

3.0‌

484,155

Home

Depot,

Inc

167,784‌

0.8‌

Other

370,588‌

1.5‌

1,202,724‌

5

.3‌

CONSUMER

DURABLES

&

APPAREL

278,267‌

1.2‌

CONSUMER

SERVICES

353,349

McDonald's

Corp

104,772‌

0.5‌

Other

433,742‌

1.9‌

538,514‌

2.4‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

215,067

Costco

Wholesale

Corp

141,961‌

0.6‌

692,375

Walmart,

Inc

109,153‌

0.5‌

Other

134,313‌

0.6‌

385,427‌

1.7‌

ENERGY

834,385

Chevron

Corp

124,457‌

0.6‌

1,964,406

Exxon

Mobil

Corp

196,401‌

0.9‌

Other

581,876‌

2.5‌

902,734‌

4.0‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

630,294‌

2.8‌

FINANCIAL

SERVICES

887,212

(a)

Berkshire

Hathaway,

Inc

316,433‌

1.4‌

401,790

Mastercard,

Inc

(Class

A)

171,367‌

0.8‌

772,433

Visa,

Inc

(Class

A)

201,103‌

0.9‌

Other

1,085,044‌

4.7‌

1,773,947‌

7.8‌

FOOD,

BEVERAGE

&

TOBACCO

1,884,867

Coca-Cola

Co

111,075‌

0.5‌

668,436

PepsiCo,

Inc

113,527‌

0.5‌

Other

384,333‌

1.7‌

608,935‌

2.7‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

844,370

Abbott

Laboratories

92,940‌

0.4‌

451,059

UnitedHealth

Group,

Inc

237,469‌

1.1‌

Other

856,935‌

3.7‌

1,187,344‌

5.2‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,139,564

Procter

&

Gamble

Co

$

166,992‌

0.7‌

%

Other

125,271‌

0.6‌

292,263‌

1.3‌

INSURANCE

487,650‌

2.2‌

MATERIALS

234,686

Linde

plc

96,388‌

0.4‌

Other

514,976‌

2.3‌

611,364‌

2.7‌

MEDIA

&

ENTERTAINMENT

2,434,693

(a)

Alphabet,

Inc

343,121‌

1.5‌

2,882,461

(a)

Alphabet,

Inc

(Class

A)

402,651‌

1.8‌

1,931,821

Comcast

Corp

(Class

A)

84,710‌

0.4‌

1,073,033

(a)

Meta

Platforms,

Inc

379,811‌

1.7‌

209,132

(a)

NetFlix,

Inc

101,822‌

0.5‌

892,993

Walt

Disney

Co

80,628‌

0.3‌

Other

202,274‌

0.8‌

1,595,017‌

7.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

854,510

AbbVie,

Inc

132,423‌

0.6‌

260,083

Amgen,

Inc

74,909‌

0.4‌

319,176

Danaher

Corp

73,838‌

0.3‌

410,677

Eli

Lilly

&

Co

239,392‌

1.1‌

1,169,979

Johnson

&

Johnson

183,383‌

0.8‌

1,235,268

Merck

&

Co,

Inc

134,669‌

0.6‌

2,778,747

Pfizer,

Inc

80,000‌

0.4‌

187,118

Thermo

Fisher

Scientific,

Inc

99,320‌

0.4‌

Other

634,084‌

2.7‌

1,652,018‌

7.3‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

33,876‌

0.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

775,455

(a)

Advanced

Micro

Devices,

Inc

114,310‌

0.5‌

209,692

Broadcom,

Inc

234,069‌

1.0‌

2,043,076

Intel

Corp

102,665‌

0.5‌

1,152,698

Nvidia

Corp

570,839‌

2.5‌

540,958

QUALCOMM,

Inc

78,239‌

0.4‌

439,071

Texas

Instruments,

Inc

74,844‌

0.3‌

Other

434,102‌

1.9‌

1,609,068‌

7.1‌

SOFTWARE

&

SERVICES

306,399

Accenture

plc

107,518‌

0.5‌

222,761

(a)

Adobe,

Inc

132,899‌

0.6‌

132,443

Intuit,

Inc

82,781‌

0.4‌

3,610,786

Microsoft

Corp

1,357,800‌

6.0‌

745,930

Oracle

Corp

78,643‌

0.4‌

460,027

(a)

Salesforce,

Inc

121,051‌

0.5‌

Other

873,496‌

3.8‌

2,754,188‌

12.2‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

7,153,900

Apple,

Inc

1,377,340‌

6.1‌

1,963,992

Cisco

Systems,

Inc

99,221‌

0.5‌

Other

288,470‌

1.2‌

1,765,031‌

7.8‌

TELECOMMUNICATION

SERVICES

2,052,315

Verizon

Communications,

Inc

77,372‌

0.3‌

Other

110,963‌

0.5‌

188,335‌

0.8‌

41

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

12/31/23,

the

aggregate

value

of

securities

on

loan

is

$111,668,834. 

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

$

400,731‌

1.8‌

%

UTILITIES

512,325‌

2.3‌

TOTAL

COMMON

STOCKS

(Cost

$7,520,458)

22,521,749‌

99.4‌

a

a

a

a

RIGHTS/WARRANTS

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

57‌

0.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

57‌

0.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,520,458)

22,521,806‌

99.4‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

30,194‌

0.1‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

$

89,300,000

(b)

5.320%,

01/02/24

89,300‌

0.4‌

89,300‌

0.4‌

TREASURY

DEBT

14,381‌

0.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$133,887)

133,875‌

0.6‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

64,603,387

(c)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%

64,603‌

0.3‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$64,603)

64,603‌

0.3‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,718,948)

22,720,284‌

100.3‌

OTHER

ASSETS

&

LIABILITIES,

NET

(67,094‌)

(0.3‌)

NET

ASSETS

$

22,653,190‌

100.0‌%

(a)

Non-income

producing

(b)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$89,352,786

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

6/15/26,

valued

at

$91,086,094.

(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

456‌

03/15/24

 $

109,415‌

$

109,896‌

$

481‌

CREF

Core

Bond

Account

December

31,

2023

Summary

Portfolio

of

Investments

42

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

AUTOMOBILES

&

COMPONENTS

$

382‌

0

.0‌

%

CAPITAL

GOODS

6,175‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,170‌

0

.0‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

533‌

0

.0‌

CONSUMER

DURABLES

&

APPAREL

539‌

0

.0‌

CONSUMER

SERVICES

5,073‌

0

.1‌

ENERGY

1,051‌

0

.0‌

FINANCIAL

SERVICES

3,791‌

0

.0‌

FOOD,

BEVERAGE

&

TOBACCO

657‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,086‌

0

.1‌

MATERIALS

3,011‌

0

.0‌

MEDIA

&

ENTERTAINMENT

3,578‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

563‌

0

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

566‌

0

.0‌

SOFTWARE

&

SERVICES

5,516‌

0

.1‌

TELECOMMUNICATION

SERVICES

1,940‌

0

.0‌

TRANSPORTATION

888‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$41,691)

40,519‌

0

.4‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

89,664‌

0

.8‌

BANKS

Bank

of

America

Corp

$

55,925,000

2.592%,

04/29/31

48,196‌

0

.4‌

39,000,000

5.288%,

04/25/34

39,090‌

0

.4‌

39,150,000

5.872%,

09/15/34

40,981‌

0

.4‌

Citigroup,

Inc

36,375,000

3.200%,

10/21/26

34,685‌

0

.3‌

39,225,000

(a)

6.270%,

11/17/33

41,971‌

0

.4‌

JPMorgan

Chase

&

Co

31,125,000

2.301%,

10/15/25

30,329‌

0

.3‌

119,200,000

1.953%-6.254%,

06/15/26-N/A(b)

114,029‌

1

.0‌

EUR

600,000

1.638%,

05/18/28

625‌

0

.0‌

Other

366,434‌

3

.4‌

716,340‌

6

.6‌

CAPITAL

GOODS

118,609‌

1

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

11,341‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

48,914‌

0

.4‌

CONSUMER

DURABLES

&

APPAREL

635‌

0

.0‌

CONSUMER

SERVICES

49,943‌

0

.5‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

25,983‌

0

.2‌

ENERGY

270,424‌

2

.5‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

SBA

Tower

Trust

42,100,000

(c)

1.840%,

04/15/27

37,261‌

0

.4‌

Other

210,036‌

1

.9‌

247,297‌

2

.3‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

FINANCIAL

SERVICES

Morgan

Stanley

$

31,425,000

3.125%,

07/27/26

$

30,091‌

0

.3‌

%

Other

220,235‌

2

.0‌

250,326‌

2

.3‌

FOOD,

BEVERAGE

&

TOBACCO

128,219‌

1

.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

151,369‌

1

.4‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

11,701‌

0

.1‌

INSURANCE

149,349‌

1

.4‌

MATERIALS

85,805‌

0

.8‌

MEDIA

&

ENTERTAINMENT

128,258‌

1

.2‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

Pfizer

Investment

Enterprises

Pte

Ltd

31,850,000

5.300%,

05/19/53

32,515‌

0

.3‌

Other

91,957‌

0

.9‌

124,472‌

1

.2‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

182‌

0

.0‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

59,735‌

0

.6‌

SOFTWARE

&

SERVICES

83,972‌

0

.8‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

41,634‌

0

.4‌

TELECOMMUNICATION

SERVICES

AT&T,

Inc

42,943,000

2.550%,

12/01/33

34,999‌

0

.3‌

Verizon

Communications,

Inc

38,051,000

2.355%,

03/15/32

31,650‌

0

.3‌

Other

157,133‌

1

.5‌

223,782‌

2

.1‌

TRANSPORTATION

45,191‌

0

.4‌

UTILITIES

333,993‌

3

.1‌

5,742,095,337

TOTAL

CORPORATE

BONDS

(Cost

$3,705,538)

3,397,138‌

31

.5‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

23,819‌

0

.2‌

FOREIGN

GOVERNMENT

BONDS

393,533‌

3

.7‌

MORTGAGE

BACKED

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

30,635,509

6.000%,

11/01/52

31,176‌

0

.3‌

352,147,580

(d)

0.467%-5.500%,

03/15/44-

08/01/53,

30

D

AVG

SOFR

+

5.806%-30

D

AVG

SOFR

+

9.737%

283,405‌

2

.6‌

Federal

National

Mortgage

Association

(FNMA)

64,867,378

2.000%,

04/01/51

53,257‌

0

.5‌

44,800,904

3.000%,

04/01/52

39,947‌

0

.4‌

41,878,546

4.000%,

05/01/52

39,614‌

0

.4‌

47,694,896

3.500%,

06/01/52

43,900‌

0

.4‌

37,333,747

3.500%,

06/01/52

34,254‌

0

.3‌

53,942,271

4.000%,

07/01/52

51,056‌

0

.5‌

50,540,046

5.000%,

08/01/52

50,065‌

0

.5‌

90,424,991

4.000%,

09/01/52

85,530‌

0

.8‌

107,955,423

4.500%,

09/01/52

104,680‌

1

.0‌

60,499,152

4.000%,

10/01/52

57,222‌

0

.5‌

60,310,442

4.500%,

10/01/52

58,480‌

0

.5‌

77,332,794

4.500%,

11/01/52

74,986‌

0

.7‌

43

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

$

66,637,758

5.000%,

02/01/53

$

65,925‌

0

.6‌

%

58,219,823

5.500%,

02/01/53

58,475‌

0

.5‌

35,053,861

5.500%,

06/01/53

35,196‌

0

.3‌

697,825,440

0.498%-9.000%,

07/01/24-08/01/53

585,218‌

5

.5‌

Government

National

Mortgage

Association

(GNMA)

44,525,022

3.000%,

05/20/52

40,298‌

0

.4‌

265,429,271

0.628%-6.500%,

10/15/33-08/20/53

198,164‌

1

.8‌

JP

Morgan

Mortgage

Trust

342,505,787

(c),(d)

0.111%-5.500%,

05/25/47-06/25/53

108,158‌

1

.0‌

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

31,100,000

(c),(d)

9.837%,

06/25/42,

30

D

AVG

SOFR

+

4.500%

33,551‌

0

.3‌

105,055,073

(c),(d)

3.787%-10.137%,

10/25/41-

10/25/50,

30

D

AVG

SOFR

+

1.500%-30

D

AVG

SOFR

+

5.650%

109,500‌

1

.0‌

Other

194,056‌

1

.8‌

2,436,113‌

22

.6‌

MUNICIPAL

BONDS

308,472‌

2

.9‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Bond

41,710,000

2.875%,

08/15/45

33,632‌

0

.3‌

52,140,000

2.500%,

05/15/46

39,038‌

0

.4‌

51,995,000

3.000%,

08/15/48

42,323‌

0

.4‌

159,975,000

2.750%-4.750%,

02/15/37-11/15/48

141,522‌

1

.3‌

United

States

Treasury

Note

78,890,000

3.875%,

03/31/25

78,197‌

0

.7‌

177,485,000

4.000%,

02/15/26

176,674‌

1

.6‌

34,165,000

4.500%,

07/15/26

34,483‌

0

.3‌

255,364,000

3.500%,

04/30/28

251,304‌

2

.3‌

351,163,000

4.375%,

11/30/28

359,339‌

3

.3‌

116,445,000

3.500%,

04/30/30

113,811‌

1

.1‌

184,286,000

4.500%,

11/15/33

193,471‌

1

.8‌

85,325,800

2.375%,

02/15/42

65,468‌

0

.6‌

91,758,000

3.375%,

08/15/42

81,819‌

0

.8‌

54,100,000

3.875%,

02/15/43

51,581‌

0

.5‌

49,620,000

3.875%,

05/15/43

47,302‌

0

.4‌

256,002,000

2.250%,

02/15/52

177,460‌

1

.7‌

44,786,000

3.625%,

02/15/53

41,357‌

0

.4‌

91,958,000

4.125%,

08/15/53

92,949‌

0

.9‌

130,538,500

0.250%-5.000%,

09/30/25-11/15/43

121,046‌

1

.1‌

2,142,776‌

19

.9‌

80,036,099,362

TOTAL

GOVERNMENT

BONDS

(Cost

$5,592,025)

5,304,713‌

49

.3‌

STRUCTURED

ASSETS

ASSET

BACKED

DB

Master

Finance

LLC

Series

-

2021

1A

(Class

A2I)

36,750,000

(c)

2.045%,

11/20/51

33,397‌

0

.3‌

Santander

Drive

Auto

Receivables

Trust

Series

-

2021

4

(Class

D)

34,000,000

1.670%,

10/15/27

32,146‌

0

.3‌

Other

555,584‌

5

.2‌

621,127‌

5

.8‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

OTHER

MORTGAGE

BACKED

Connecticut

Avenue

Securities

Trust

Series

-

2022

R06

(Class

1M2)

$

30,200,000

(c),(d)

9.187%,

05/25/42,

30

D

AVG

SOFR

+

3.850%

$

31,805‌

0

.3‌

%

GS

Mortgage-Backed

Securities

Trust

110,667,227

(c),(d)

2.500%-3.630%,

05/25/50-02/25/53

90,515‌

0

.8‌

Other

978,778‌

9

.1‌

1,101,098‌

10

.2‌

2,123,449,163

TOTAL

STRUCTURED

ASSETS

(Cost

$1,896,558)

1,722,225‌

16

.0‌

Shares

PREFERRED

STOCKS

FINANCIAL

SERVICES

4,552‌

0

.0‌

TOTAL

PREFERRED

STOCKS

(Cost

$4,348)

4,552‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$11,240,160)

10,469,147‌

97

.2‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

COMMERCIAL

PAPER

5,471‌

0

.1‌

GOVERNMENT

AGENCY

DEBT

20,468‌

0

.2‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corp

(FICC)

91,140,000

(e)

5.320%,

01/02/24

91,140‌

0

.8‌

91,140‌

0

.8‌

TREASURY

DEBT

14,381‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$131,486)

131,460‌

1

.2‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

29,377,392

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%

29,377‌

0

.3‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$29,377)

29,377‌

0

.3‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$11,401,023)

10,629,984‌

98

.7‌

OTHER

ASSETS

&

LIABILITIES,

NET

138,670‌

1

.3‌

NET

ASSETS

$

10,768,654‌

100

.0‌

%

AVG

Average

D

Day

EUR

Euro

SOFR

Secure

Overnight

Financing

Rate

Summary

Portfolio

of

Investments

(continued)

CREF

Core

Bond

Account

December

31,

2023

44

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.

(a)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$87,583,692.

(b)

Perpetual

security

(c)

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.

(d)

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.

(e)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$91,193,874

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.500%

and

maturity

dates

7/15/26–10/15/28,

valued

at

$92,962,840.

(f)

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)

U.S.

Treasury

5-Year

Note

2,410‌

03/28/24

 $

258,379‌

$

262,144‌

$

3,765‌

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

2,430

JPY

345,252

Australia

and

New

Zealand

Banking

Group

Limited

01/16/24

  $

(

24‌

)

$

2,121

NZD

3,512

Australia

and

New

Zealand

Banking

Group

Limited

01/16/24

(

100‌

)

Total

  $

(

124‌

)

$

199

EUR

186

Bank

of

America

01/16/24

  $

(

6‌

)

$

328

EUR

299

Bank

of

America

01/16/24

(

2‌

)

$

1,418

EUR

1,293

Bank

of

America

01/16/24

(

10‌

)

$

668

RON

3,108

Bank

of

America

01/16/24

(

22‌

)

Total

  $

(

40‌

)

$

365

COP

1,460,664

Citibank

N.A.

01/17/24

  $

(

11‌

)

$

954

CZK

21,995

Citibank

N.A.

01/16/24

(

29‌

)

$

469

GBP

386

Citibank

N.A.

01/16/24

(

23‌

)

$

828

JPY

117,081

Citibank

N.A.

01/16/24

(

5‌

)

$

788

THB

28,312

Citibank

N.A.

01/17/24

(

43‌

)

Total

  $

(

111‌

)

$

974

JPY

143,152

Goldman

Sachs

01/16/24

  $

(

44‌

)

$

970

JPY

141,822

Goldman

Sachs

01/16/24

(

38‌

)

$

182

MXN

3,206

Goldman

Sachs

01/16/24

(

7‌

)

Total

  $

(

89‌

)

$

3,016

EUR

2,834

JPMorgan

Chase

Bank

01/16/24

  $

(

115‌

)

$

9,476

CAD

12,867

Morgan

Stanley

01/16/24

  $

(

238‌

)

$

1,527

EUR

1,447

Morgan

Stanley

01/16/24

(

72‌

)

$

591

EUR

552

Morgan

Stanley

01/16/24

(

18‌

)

$

542

EUR

498

Morgan

Stanley

01/16/24

(

8‌

)

$

2,326

EUR

2,130

Morgan

Stanley

01/16/24

(

28‌

)

$

98

EUR

90

Morgan

Stanley

01/16/24

(

1‌

)

$

2,494

EUR

2,253

Morgan

Stanley

01/16/24

6‌

$

17,103

GBP

13,935

Morgan

Stanley

01/16/24

(

660‌

)

$

1,235

GBP

968

Morgan

Stanley

01/16/24

1‌

$

960

HUF

341,245

Morgan

Stanley

01/16/24

(

21‌

)

$

1,560

IDR

24,528,795

Morgan

Stanley

01/17/24

(

34‌

)

$

705

MXN

12,555

Morgan

Stanley

01/17/24

(

32‌

)

$

245

PLN

980

Morgan

Stanley

01/16/24

(

4‌

)

EUR

2,077

$

2,309

Morgan

Stanley

01/16/24

(

15‌

)

$

359

ZAR

6,758

Morgan

Stanley

01/16/24

(

10‌

)

Total

  $

(

1,134‌

)

$

5,001

AUD

7,755

Standard

Chartered

Bank

01/16/24

  $

(

286‌

)

$

1,229

JPY

183,549

Standard

Chartered

Bank

01/16/24

(

77‌

)

$

589

JPY

87,840

Standard

Chartered

Bank

01/16/24

(

36‌

)

$

203

PEN

778

Standard

Chartered

Bank

01/17/24

(

7‌

)

EUR

193

$

206

Standard

Chartered

Bank

01/16/24

7‌

Total

  $

(

399‌

)

45

See

Notes

to

Financial

Statements

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

24,220

CNY

174,863

Toronto

Dominion

Bank

03/15/24

  $

(

532‌

)

$

4,779

EUR

4,315

Toronto

Dominion

Bank

01/16/24

12‌

$

76,686

EUR

72,014

Toronto

Dominion

Bank

01/16/24

(

2,867‌

)

$

2,126

EUR

1,969

Toronto

Dominion

Bank

01/16/24

(

49‌

)

$

22,874

JPY

3,347,637

Toronto

Dominion

Bank

01/16/24

(

929‌

)

$

7,428

KRW

9,812,004

Toronto

Dominion

Bank

01/17/24

(

149‌

)

$

425

MXN

7,487

Toronto

Dominion

Bank

01/16/24

(

15‌

)

$

2,081

NOK

22,428

Toronto

Dominion

Bank

01/16/24

(

128‌

)

EUR

82

$

90

Toronto

Dominion

Bank

01/16/24

1‌

Total

  $

(

4,656‌

)

Total

  $

(

6,668‌

)

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

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

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-NAIGS41V1-5Y

Credit

event

as

specified

in

contract

1.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

$

450,000‌

$

(

8,879‌

)

$

(

6,208‌

)

$

(

2,671‌

)

CDX-NAHYS41V2-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

148,500‌

(

8,910‌

)

(

1,161‌

)

(

7,749‌

)

Total

$

(

17,789‌

)

$

(

7,369‌

)

$

(

10,420‌

)

*  

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

December

31,

2023

Summary

Portfolio

of

Investments

46

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

7,070‌

0

.1‌

%

CONSUMER

DURABLES

&

APPAREL

1,367‌

0

.0‌

CONSUMER

SERVICES

5,411‌

0

.1‌

FINANCIAL

SERVICES

1,779‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,991‌

0

.0‌

MEDIA

&

ENTERTAINMENT

1,303‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,783‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0‌

^

0

.0‌

SOFTWARE

&

SERVICES

4,777‌

0

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

334‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$30,602)

30,815‌

0

.4‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

3,223‌

0

.0‌

BANKS

7,683‌

0

.1‌

CAPITAL

GOODS

8,678‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

5,027‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,326‌

0

.0‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,547‌

0

.1‌

ENERGY

Occidental

Petroleum

Corp

$

10,000,000

8.875%,

07/15/30

11,702‌

0

.2‌

Other

43,312‌

0

.6‌

55,014‌

0

.8‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,075‌

0

.0‌

FINANCIAL

SERVICES

4,007‌

0

.1‌

FOOD,

BEVERAGE

&

TOBACCO

4,661‌

0

.1‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

Montefiore

Medical

Center

13,510,000

2.895%,

04/20/32

11,503‌

0

.2‌

11,503‌

0

.2‌

MATERIALS

25,490‌

0

.4‌

MEDIA

&

ENTERTAINMENT

7,599‌

0

.1‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,044‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,232‌

0

.1‌

SOFTWARE

&

SERVICES

473‌

0

.0‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,850‌

0

.0‌

TELECOMMUNICATION

SERVICES

10,374‌

0

.1‌

TRANSPORTATION

9,959‌

0

.1‌

UTILITIES

6,621‌

0

.1‌

191,349,737

TOTAL

CORPORATE

BONDS

(Cost

$189,640)

183,386‌

2

.6‌

GOVERNMENT

BONDS

FOREIGN

GOVERNMENT

BONDS

6,555‌

0

.1‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED

Government

National

Mortgage

Association

(GNMA)

$

16,530,382

3.600%,

09/15/31

$

16,365‌

0

.2‌

%

33,769,771

1.730%,

07/15/37

28,355‌

0

.4‌

22,291,802

1.650%,

07/15/42

18,030‌

0

.3‌

24,603,659

2.750%,

01/15/45

21,269‌

0

.3‌

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

9,465,000

(a),(b)

6.837%,

10/25/41,

30

D

AVG

SOFR

+

1.500%

9,394‌

0

.1‌

20,000,000

(a),(b)

8.687%,

05/25/42,

30

D

AVG

SOFR

+

3.350%

20,838‌

0

.3‌

Other

57,823‌

0

.9‌

172,074‌

2

.5‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Inflation

Indexed

Bonds

52,761,540

(c)

0.500%,

04/15/24

52,096‌

0

.7‌

45,416,739

(c),(d)

0.125%,

07/15/24

44,638‌

0

.6‌

62,358,920

(c)

0.125%,

10/15/24

61,000‌

0

.9‌

224,728,730

(c)

0.250%,

01/15/25

218,129‌

3

.1‌

125,701,975

(c)

2.375%,

01/15/25

124,715‌

1

.8‌

192,966,300

(c)

0.125%,

04/15/25

186,072‌

2

.7‌

201,100,100

(c)

0.375%,

07/15/25

194,831‌

2

.8‌

304,152,570

(c)

0.125%,

10/15/25

292,454‌

4

.2‌

225,341,047

(c)

0.625%,

01/15/26

217,412‌

3

.1‌

71,812,089

(c)

2.000%,

01/15/26

71,247‌

1

.0‌

204,842,466

(c)

0.125%,

04/15/26

194,969‌

2

.8‌

179,701,200

(c)

0.125%,

07/15/26

171,218‌

2

.4‌

314,437,301

(c)

0.125%,

10/15/26

298,572‌

4

.3‌

240,092,450

(c)

0.375%,

01/15/27

228,145‌

3

.3‌

126,570,413

(c)

2.375%,

01/15/27

127,688‌

1

.8‌

135,777,866

(c)

0.125%,

04/15/27

127,577‌

1

.8‌

170,427,835

(c)

0.375%,

07/15/27

161,932‌

2

.3‌

151,641,440

(c)

1.625%,

10/15/27

150,481‌

2

.2‌

240,112,950

(c)

0.500%,

01/15/28

227,191‌

3

.3‌

253,193,536

(c)

1.750%,

01/15/28

251,613‌

3

.6‌

142,478,064

(c)

1.250%,

04/15/28

138,756‌

2

.0‌

135,109,437

(c)

3.625%,

04/15/28

144,724‌

2

.1‌

130,048,892

(c)

0.750%,

07/15/28

124,447‌

1

.8‌

31,742,516

(c)

2.375%,

10/15/28

32,690‌

0

.5‌

261,977,500

(c)

0.875%,

01/15/29

250,689‌

3

.6‌

168,956,595

(c)

2.500%,

01/15/29

174,641‌

2

.5‌

28,242,142

(c)

3.875%,

04/15/29

31,128‌

0

.4‌

224,927,340

(c)

0.250%,

07/15/29

207,849‌

3

.0‌

271,221,048

(c)

0.125%,

01/15/30

245,797‌

3

.5‌

147,002,450

(c)

0.125%,

07/15/30

132,787‌

1

.9‌

187,926,870

(c)

0.125%,

01/15/31

167,719‌

2

.4‌

270,297,455

(c)

0.125%,

07/15/31

240,264‌

3

.4‌

104,536,315

(c)

0.125%,

01/15/32

91,798‌

1

.3‌

72,108,608

(c)

3.375%,

04/15/32

80,660‌

1

.2‌

254,624,528

(c)

0.625%,

07/15/32

232,580‌

3

.3‌

391,391,633

(c)

1.125%,

01/15/33

370,216‌

5

.3‌

218,719,654

(c)

1.375%,

07/15/33

212,031‌

3

.0‌

United

States

Treasury

Note

23,200,000

3.875%,

08/15/33

23,171‌

0

.3‌

20,000,000

4.500%,

11/15/33

20,997‌

0

.3‌

6,324,924‌

90

.5‌

6,800,781,505

TOTAL

GOVERNMENT

BONDS

(Cost

$6,845,376)

6,503,553‌

93

.1‌

STRUCTURED

ASSETS

ASSET

BACKED

35,127‌

0

.5‌

47

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.

At

12/31/23,

the

aggregate

value

of

securities

on

loan

is

$5,545,405. 

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

OTHER

MORTGAGE

BACKED

BX

Commercial

Mortgage

Trust

Series

-

2021

XL2

(Class

C)

$

22,089,527

(a),(b)

6.674%,

10/15/38,

SOFR

1

M

+

1.312%

$

21,593‌

0

.3‌

%

Connecticut

Avenue

Securities

Trust

Series

-

2023

R01

(Class

1M2)

10,855,000

(a),(b)

9.087%,

12/25/42,

30

D

AVG

SOFR

+

3.750%

11,490‌

0

.2‌

Other

152,433‌

2

.2‌

185,516‌

2

.7‌

235,651,696

TOTAL

STRUCTURED

ASSETS

(Cost

$232,698)

220,643‌

3

.2‌

Shares

COMMON

STOCKS

FINANCIAL

SERVICES

475,737

Invesco

Senior

Loan

ETF

10,076‌

0

.2‌

10,076‌

0

.2‌

TOTAL

COMMON

STOCKS

(Cost

$10,002)

10,076‌

0

.2‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,308,318)

6,948,473‌

99

.5‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

REPURCHASE

AGREEMENT

7,110‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$7,110)

7,110‌

0

.1‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

5,771,582

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%

5,772‌

0

.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$5,772)

5,772‌

0

.1‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,321,200)

6,961,355‌

99

.7‌

OTHER

ASSETS

&

LIABILITIES,

NET

24,031‌

0

.3‌

NET

ASSETS

$

6,985,386‌

100

.0‌

%

AVG

Average

D

Day

ETF

Exchange

Traded

Fund

M

Month

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

(a)

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.

(b)

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.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(e)

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)

U.S.

Treasury

10-Year

Note

1,174‌

03/19/24

 $

128,271‌

$

132,533‌

$

4,262‌

U.S.

Treasury

2-Year

Note

267‌

03/28/24

54,437‌

54,979‌

542‌

U.S.

Treasury

5-Year

Note

982‌

03/28/24

104,470‌

106,816‌

2,346‌

Total

2,423‌

  $

287,178‌

 $

294,328‌

 $

7,150‌

CREF

Social

Choice

Account

December

31,

2023

Summary

Portfolio

of

Investments

48

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

99‌

0

.0‌

%

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,527‌

0

.1‌

UTILITIES

15,358‌

0

.1‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$31,119)

29,984‌

0

.2‌

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

33,724‌

0

.2‌

BANKS

368,398‌

1

.7‌

CAPITAL

GOODS

33,880‌

0

.2‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

42,705‌

0

.2‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

26,611‌

0

.1‌

CONSUMER

SERVICES

73,010‌

0

.3‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

43,128‌

0

.2‌

ENERGY

173,578‌

0

.8‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

51,320‌

0

.2‌

FINANCIAL

SERVICES

293,936‌

1

.4‌

FOOD,

BEVERAGE

&

TOBACCO

59,212‌

0

.3‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

23,340‌

0

.1‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

67,334‌

0

.3‌

INSURANCE

46,140‌

0

.2‌

MATERIALS

135,720‌

0

.6‌

MEDIA

&

ENTERTAINMENT

11,318‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

107,419‌

0

.5‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

16,434‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

36,260‌

0

.2‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,698‌

0

.1‌

TELECOMMUNICATION

SERVICES

16,928‌

0

.1‌

TRANSPORTATION

13,796‌

0

.1‌

UTILITIES

687,130‌

3

.2‌

$

2,599,045,582

TOTAL

CORPORATE

BONDS

(Cost

$2,558,993)

2,375,019‌

11

.1‌

GOVERNMENT

BONDS

AGENCY

SECURITIES

157,864‌

0

.7‌

FOREIGN

GOVERNMENT

BONDS

739,391‌

3

.5‌

MORTGAGE

BACKED

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

256,233,222

0.467%-6.000%,

12/01/31-08/01/53

220,478‌

1

.0‌

Federal

National

Mortgage

Association

(FNMA)

199,125,966

4.500%,

09/01/52

193,084‌

0

.9‌

95,973,349

4.000%,

10/01/52

90,775‌

0

.4‌

75,041,586

5.000%,

10/01/52

74,336‌

0

.4‌

975,955,592

0.498%-8.000%,

07/01/24-10/01/53

895,907‌

4

.3‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED—continued

Government

National

Mortgage

Association

(GNMA)

$

470,981,693

0.628%-6.500%,

08/15/25-08/20/53

$

405,738‌

1

.8‌

%

Other

225,427‌

1

.1‌

2,105,745‌

9

.9‌

MUNICIPAL

BONDS

364,884‌

1

.7‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Note

181,716,000

4.875%,

11/30/25

183,597‌

0

.9‌

153,371,000

4.375%,

12/15/26

154,869‌

0

.7‌

147,412,000

4.375%,

11/30/28

150,844‌

0

.7‌

272,946,000

4.375%,

11/30/30

280,665‌

1

.3‌

328,659,000

4.500%,

11/15/33

345,041‌

1

.6‌

232,705,800

(a)

2.375%,

02/15/42

178,547‌

0

.8‌

171,215,000

4.750%,

11/15/43

183,655‌

0

.9‌

269,378,000

4.125%,

08/15/53

272,282‌

1

.3‌

Other

157,934‌

0

.7‌

1,907,434‌

8

.9‌

5,814,230,560

TOTAL

GOVERNMENT

BONDS

(Cost

$5,399,440)

5,275,318‌

24

.7‌

STRUCTURED

ASSETS

ASSET

BACKED

277,927‌

1

.3‌

OTHER

MORTGAGE

BACKED

540,968‌

2

.5‌

1,286,641,153

TOTAL

STRUCTURED

ASSETS

(Cost

$916,970)

818,895‌

3

.8‌

Shares

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

701,322

(b)

Tesla,

Inc

174,264‌

0

.8‌

Other

163,721‌

0

.8‌

337,985‌

1

.6‌

BANKS

533,054

JPMorgan

Chase

&

Co

90,672‌

0

.4‌

Other

563,473‌

2

.7‌

654,145‌

3

.1‌

CAPITAL

GOODS

248,980

Caterpillar,

Inc

73,616‌

0

.4‌

Other

878,976‌

4

.1‌

952,592‌

4

.5‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

297,986‌

1

.4‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

318,599

Home

Depot,

Inc

110,410‌

0

.5‌

Other

270,090‌

1

.3‌

380,500‌

1

.8‌

CONSUMER

DURABLES

&

APPAREL

236,095‌

1

.1‌

CONSUMER

SERVICES

19,555

(b)

Booking

Holdings,

Inc

69,366‌

0

.3‌

254,952

McDonald's

Corp

75,596‌

0

.4‌

Other

235,348‌

1

.1‌

380,310‌

1

.8‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

180,082‌

0

.8‌

49

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

ENERGY

519,057

Chevron

Corp

$

77,423‌

0

.4‌

%

586,582

ConocoPhillips

68,085‌

0

.3‌

Other

467,954‌

2

.2‌

613,462‌

2

.9‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

297,743‌

1

.4‌

FINANCIAL

SERVICES

176,090

Goldman

Sachs

Group,

Inc

67,930‌

0

.3‌

263,482

Mastercard,

Inc

(Class

A)

112,378‌

0

.5‌

162,770

S&P

Global,

Inc

71,703‌

0

.3‌

466,191

Visa,

Inc

(Class

A)

121,373‌

0

.6‌

Other

612,365‌

2

.9‌

985,749‌

4

.6‌

FOOD,

BEVERAGE

&

TOBACCO

1,431,481

Coca-Cola

Co

84,357‌

0

.4‌

662,981

Nestle

S.A.

76,853‌

0

.4‌

502,278

PepsiCo,

Inc

85,307‌

0

.4‌

Other

197,289‌

0

.9‌

443,806‌

2

.1‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

203,423

UnitedHealth

Group,

Inc

107,096‌

0

.5‌

Other

432,450‌

2

.0‌

539,546‌

2

.5‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

721,397

Procter

&

Gamble

Co

105,713‌

0

.5‌

Other

111,739‌

0

.5‌

217,452‌

1

.0‌

INSURANCE

431,802‌

2

.0‌

MATERIALS

198,373

Linde

plc

81,474‌

0

.4‌

Other

496,191‌

2

.3‌

577,665‌

2

.7‌

MEDIA

&

ENTERTAINMENT

1,628,593

Comcast

Corp

(Class

A)

71,414‌

0

.3‌

173,601

(b)

NetFlix,

Inc

84,523‌

0

.4‌

767,265

Walt

Disney

Co

69,276‌

0

.3‌

Other

206,152‌

1

.0‌

431,365‌

2

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

247,644

Amgen,

Inc

71,326‌

0

.3‌

293,230

Danaher

Corp

67,836‌

0

.3‌

232,585

Eli

Lilly

&

Co

135,579‌

0

.6‌

878,157

Merck

&

Co,

Inc

95,737‌

0

.5‌

806,268

Novo

Nordisk

A.S.

83,555‌

0

.4‌

Other

588,120‌

2

.8‌

1,042,153‌

4

.9‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

55,764‌

0

.3‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

435,008

Applied

Materials,

Inc

70,502‌

0

.3‌

100,192

ASML

Holding

NV

75,634‌

0

.4‌

1,699,605

Intel

Corp

85,405‌

0

.4‌

546,718

Nvidia

Corp

270,746‌

1

.3‌

424,461

Texas

Instruments,

Inc

72,353‌

0

.3‌

Other

257,346‌

1

.2‌

831,986‌

3

.9‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

SOFTWARE

&

SERVICES

158,918

(b)

Adobe,

Inc

$

94,811‌

0

.4‌

%

441,289

International

Business

Machines

Corp

72,173‌

0

.3‌

123,684

Intuit,

Inc

77,306‌

0

.4‌

1,543,010

Microsoft

Corp

580,234‌

2

.7‌

350,058

(b)

Salesforce,

Inc

92,114‌

0

.4‌

100,712

(b)

ServiceNow,

Inc

71,152‌

0

.3‌

Other

593,345‌

2

.9‌

1,581,135‌

7

.4‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

344,479‌

1

.6‌

TELECOMMUNICATION

SERVICES

1,911,154

Verizon

Communications,

Inc

72,050‌

0

.3‌

Other

113,413‌

0

.6‌

185,463‌

0

.9‌

TRANSPORTATION

396,646‌

1

.8‌

UTILITIES

329,450‌

1

.5‌

TOTAL

COMMON

STOCKS

(Cost

$10,041,991)

12,725,361‌

59

.6‌

a

a

a

a

PREFERRED

STOCKS

INSURANCE

3,568‌

0

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

12,866‌

0

.0‌

UTILITIES

13,356‌

0

.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$51,220)

29,790‌

0

.1‌

a

a

a

a

RIGHTS/WARRANTS

HEALTH

CARE

EQUIPMENT

&

SERVICES

1‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

134‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$1)

135‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$18,999,734)

21,254,502‌

99

.5‌

a

a

a

a

Principal

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

3,196‌

0

.0‌

TREASURY

DEBT

1,984‌

0

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$5,181)

5,180‌

0

.0‌

a

a

a

a

Shares

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

128,409,260

(c)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%

128,409‌

0

.6‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$128,409)

128,409‌

0

.6‌

a

a

a

a

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$19,133,324)

21,388,091‌

100

.1‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

16,087‌

)

(

0

.1‌

)

NET

ASSETS

$

21,372,004‌

100

.0‌

%

Summary

Portfolio

of

Investments

(continued)

CREF

Social

Choice

Account

December

31,

2023

50

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.

At

12/31/23,

the

aggregate

value

of

securities

on

loan

is

$175,284,126. 

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.

(a)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

collateral

requirements

on

mortgage

dollar

rolls.

(b)

Non-income

producing

(c)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

6,018

EUR

5,653

JPMorgan

Chase

Bank

01/16/24

  $

(

227‌

)

EUR

Euro

51

See

Notes

to

Financial

Statements

CREF

Money

Market

Account

December

31,

2023

Summary

Portfolio

of

Investments

“Other”

securities

represent

the

aggregate

value,

by

category,

of

securities

that

are

not

among

the

50

largest

holdings

and,

in

total

for

any

issuer,

represent

1%

or

less

of

net

assets.

Cost

amounts

are

in

thousands.

For

ease

of

presentation,

a

number

of

classification

categories

have

been

grouped

together

in

the

Summary

Portfolio

of

Investments.

Note

that

the

Account

uses

more

specific

categories

in

following

its

investment

limitations

on

investment

concentrations.

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

Federal

Agricultural

Mortgage

Corp

(FAMC)

$

40,000,000

0.000%,

01/24/24

$

39,865‌

0

.4‌

%

Federal

Home

Loan

Bank

(FHLB)

109,000,000

0.000%,

01/31/24

108,520‌

1

.2‌

41,975,000

0.000%,

02/08/24

41,762‌

0

.4‌

171,000,000

0.001%,

02/15/24

169,884‌

1

.8‌

56,000,000

5.160%,

02/16/24

55,972‌

0

.6‌

40,500,000

0.000%,

02/23/24

40,185‌

0

.4‌

42,000,000

0.000%,

03/06/24

41,616‌

0

.4‌

80,225,000

0.000%,

03/27/24

79,218‌

0

.8‌

80,000,000

5.450%,

06/11/24

80,000‌

0

.9‌

125,365,000

0.000%-5.320%,

01/05/24-04/25/24

124,705‌

1

.3‌

Other

6,368‌

0

.1‌

788,095‌

8

.3‌

REPURCHASE

AGREEMENT

Bank

of

New

York

Mellon

1,000,000,000

(a)

5.320%,

01/02/24

1,000,000‌

10

.5‌

Fixed

Income

Clearing

Corp

(FICC)

1,841,038,000

(b)

5.320%,

01/02/24

1,841,038‌

19

.3‌

2,841,038‌

29

.8‌

TREASURY

DEBT

United

States

Treasury

Bill

400,725,000

0.000%,

01/02/24

400,666‌

4

.2‌

163,000,000

0.000%,

01/16/24

162,639‌

1

.7‌

176,160,000

0.000%,

01/18/24

175,717‌

1

.8‌

160,000,000

0.000%,

01/23/24

159,482‌

1

.7‌

300,000,000

0.000%,

01/25/24

298,943‌

3

.1‌

204,400,000

0.000%,

01/30/24

203,535‌

2

.1‌

202,500,000

0.000%,

02/06/24

201,432‌

2

.1‌

121,200,000

0.000%,

02/08/24

120,525‌

1

.3‌

378,500,000

0.000%,

02/13/24

376,111‌

3

.9‌

121,200,000

0.000%,

02/15/24

120,650‌

1

.3‌

283,400,000

0.000%,

02/20/24

281,326‌

3

.0‌

161,600,000

0.000%,

02/27/24

160,272‌

1

.7‌

294,500,000

0.000%,

02/29/24

291,953‌

3

.1‌

101,500,000

0.000%,

03/14/24

100,413‌

1

.1‌

100,200,000

0.000%,

03/19/24

99,059‌

1

.0‌

318,650,000

0.000%,

03/21/24

314,921‌

3

.3‌

200,000,000

0.000%,

04/16/24

196,908‌

2

.1‌

40,175,000

0.000%,

10/03/24

38,570‌

0

.4‌

Other

76,984‌

0

.8‌

3,780,106‌

39

.7‌

VARIABLE

RATE

SECURITIES

Federal

Home

Loan

Bank

(FHLB)

80,000,000

(c)

5.430%,

01/03/24,

SOFR

+

0.030%

80,000‌

0

.8‌

160,500,000

(c)

5.430%,

01/05/24,

SOFR

+

0.030%

160,500‌

1

.7‌

83,000,000

(c)

5.430%,

01/08/24,

SOFR

+

0.030%

83,000‌

0

.9‌

160,000,000

(c)

5.430%,

01/12/24,

SOFR

+

0.030%

160,000‌

1

.7‌

120,000,000

(c)

5.430%,

01/16/24,

SOFR

+

0.030%

120,000‌

1

.3‌

121,500,000

(c)

5.430%,

01/17/24,

SOFR

+

0.030%

121,500‌

1

.3‌

141,000,000

(c)

5.435%,

01/19/24,

SOFR

+

0.035%

141,000‌

1

.5‌

81,000,000

(c)

5.435%,

01/25/24,

SOFR

+

0.035%

81,000‌

0

.9‌

120,000,000

(c)

5.435%,

01/25/24,

SOFR

+

0.035%

120,000‌

1

.3‌

41,000,000

(c)

5.440%,

01/26/24,

SOFR

+

0.040%

41,000‌

0

.4‌

157,000,000

(c)

5.440%,

01/29/24,

SOFR

+

0.040%

157,000‌

1

.6‌

61,000,000

(c)

5.440%,

02/16/24,

SOFR

+

0.040%

61,000‌

0

.6‌

173,000,000

(c)

5.455%,

02/16/24,

SOFR

+

0.055%

173,006‌

1

.8‌

141,000,000

(c)

5.440%,

02/20/24,

SOFR

+

0.040%

141,000‌

1

.5‌

41,000,000

(c)

5.445%,

02/23/24,

SOFR

+

0.045%

41,000‌

0

.4‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

VARIABLE

RATE

SECURITIES—continued

$

101,600,000

(c)

5.445%,

02/28/24,

SOFR

+

0.045%

$

101,600‌

1

.1‌

%

60,700,000

(c)

5.450%,

03/04/24,

SOFR

+

0.050%

60,700‌

0

.6‌

41,000,000

(c)

5.450%,

03/25/24,

SOFR

+

0.050%

41,000‌

0

.4‌

101,750,000

(c)

5.450%,

03/28/24,

SOFR

+

0.050%

101,750‌

1

.1‌

United

States

Treasury

Floating

Rate

Note

120,000,000

(c)

5.256%,

04/30/24,

US

Treasury

Bill

3

M

-

0.075%

119,947‌

1

.3‌

79,000,000

(c)

5.368%,

07/31/24,

US

Treasury

Bill

3

M

+

0.037%

78,981‌

0

.8‌

Other

97,376‌

1

.0‌

2,282,360‌

24

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,691,599)

9,691,599‌

101

.8‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$9,691,599)

9,691,599‌

101

.8‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

168,499‌

)

(

1

.8‌

)

NET

ASSETS

$

9,523,100‌

100

.0‌

%

M

Month

SOFR

Secure

Overnight

Financing

Rate

(a)

Agreement

with

Bank

of

New

York

Mellon,

5.320%

dated

12/29/23

to

be

repurchased

at

$1,000,591,111

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–1.250%

and

maturity

dates

6/30/28–1/15/31,

valued

at

$1,014,722,645.

(b)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$1,842,126,258

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–4.500%

and

maturity

dates

6/15/26–7/15/26,

valued

at

$1,877,858,843.

(c)

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.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

52

December

31,

2023

(amounts

in

thousands,

except

accumulation

unit

value)

20.1

Stock

Account

20.2

Global

Equities

Account

ASSETS

Long-term

investments,

at

value*†

$

117,618,646‌

$

25,532,675‌

Affiliated

investments,

at

value‡

156,918‌

25,503‌

Short-term

investments,

at

value#

458,147‌

386,675‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

631,986‌

21,000‌

Cash

1‌

–‌

Cash

denominated

in

foreign

currencies^

11,211‌

8,694‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

47‌

–‌

Cash

collateral

at

brokers

for

investments

in

mortgage

dollar

rolls

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

swaps

contracts

–‌

–‌

Cash

collateral

for

securities

loaned

–‌

2,050‌

Due

from

affiliates

–‌

6,429‌

Receivables:

Dividends

103,833‌

25,459‌

Interest

1,533‌

99‌

Investments

sold

268,588‌

21,483‌

Reclaims

50,618‌

8,350‌

Variation

margin

on

futures

contracts

–‌

–‌

Variation

margin

on

swaps

contracts

–‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

25,473‌

3,149‌

Total

assets

119,327,001‌

26,041,566‌

LIABILITIES

Due

to

affiliates

115,672‌

–‌

Cash

overdraft

–‌

47‌

Cash

collateral

due

to

broker

–‌

–‌

Payables:

Investment

management

fees

2,699‌

542‌

Capital

gain

taxes

51,231‌

7,868‌

Collateral

from

securities

lending

631,020‌

22,669‌

Investments

purchased

-

regular

settlement

78,731‌

62,986‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

735‌

134‌

Service

agreement

fees

4,920‌

601‌

Trustee

compensation

21,981‌

3,053‌

Variation

margin

on

futures

contracts

895‌

504‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

448‌

22‌

Total

liabilities

908,332‌

98,426‌

Net

assets

$

118,418,669‌

$

25,943,140‌

CLASS

R4

(Accumulation):

Net

assets

$

1,557,234‌

$

679,805‌

Units

outstanding

1,976‌

2,318‌

Unit

value

$

788.247‌

$

293.227‌

CLASS

R3

(Accumulation):

Net

assets

$

60,281,491‌

$

13,019,034‌

Units

outstanding

76,630‌

44,489‌

Unit

value

$

786.654‌

$

292.633‌

CLASS

R2

(Accumulation):

Net

assets

$

32,969,060‌

$

7,870,546‌

Units

outstanding

42,153‌

27,051‌

Unit

value

$

782.127‌

$

290.949‌

CLASS

R1

(Accumulation):

Net

assets

$

13,539,829‌

$

3,901,694‌

Units

outstanding

17,615‌

13,645‌

Unit

value

$

768.647‌

$

285.941‌

ANNUITY:

Net

assets

$

10,071,055‌

$

472,061‌

*

Includes

securities

loaned

of

$

1,012,512‌

$

64,706‌

†

Long-term

investments,

cost

$

99,932,603‌

$

20,370,490‌

‡

Affiliated

investments,

cost

$

214,975‌

$

19,101‌

#

Short-term

investments,

cost

$

458,273‌

$

386,743‌

^

Cash

denominated

in

foreign

currencies,

cost

$

11,200‌

$

8,652‌

See

Notes

to

Financial

Statements

53

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

$

34,012,527‌

$

22,521,806‌

$

10,469,147‌

$

6,948,473‌

$

21,254,502‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

40,023‌

133,875‌

131,460‌

7,110‌

5,180‌

9,691,599‌

–‌

64,603‌

29,377‌

5,772‌

128,409‌

–‌

–‌

6‌

458‌

–‌

6,657‌

–‌

–‌

–‌

750‌

–‌

618‌

–‌

–‌

–‌

3,374‌

–‌

–‌

–‌

–‌

–‌

99,000‌

–‌

31,501‌

–‌

–‌

–‌

109‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

840‌

–‌

–‌

9,333‌

20,101‌

21,294‌

71‌

–‌

10,702‌

–‌

38‌

40‌

78,504‌

26,916‌

60,029‌

22,922‌

23,854‌

19‌

5,027‌

6,267‌

1,128‌

–‌

529‌

–‌

38‌

–‌

6,805‌

–‌

–‌

–‌

207‌

118‌

–‌

–‌

–‌

–‌

87‌

–‌

–‌

–‌

–‌

–‌

27‌

–‌

–‌

–‌

3,292‌

2,727‌

3,099‌

1,283‌

11,441‌

1,966‌

34,100,364‌

22,744,370‌

10,821,575‌

6,995,939‌

21,516,972‌

9,725,820‌

8,871‌

8,157‌

–‌

869‌

4,559‌

–‌

23‌

–‌

–‌

2,398‌

–‌

–‌

–‌

19‌

–‌

–‌

–‌

–‌

430‌

240‌

262‌

126‌

1,342‌

183‌

–‌

–‌

9‌

–‌

–‌

–‌

–‌

64,603‌

29,377‌

5,772‌

128,409‌

–‌

7,257‌

14,381‌

14,381‌

–‌

8,295‌

200,506‌

–‌

–‌

124‌

–‌

–‌

–‌

1,597‌

983‌

–‌

107‌

–‌

61‌

3,258‌

2,506‌

2,069‌

1,278‌

2,125‌

1,966‌

–‌

279‌

–‌

–‌

–‌

–‌

–‌

–‌

6,695‌

–‌

227‌

–‌

14‌

12‌

4‌

3‌

11‌

4‌

21,450‌

91,180‌

52,921‌

10,553‌

144,968‌

202,720‌

$

34,078,914‌

$

22,653,190‌

$

10,768,654‌

$

6,985,386‌

$

21,372,004‌

$

9,523,100‌

$

265,046‌

$

139,308‌

$

148,297‌

$

131,473‌

$

1,075,214‌

$

69,509‌

661‌

332‌

1,125‌

1,600‌

3,162‌

2,446‌

$

400.738‌

$

419.628‌

$

131.868‌

$

82.190‌

$

340.029‌

$

28.422‌

$

16,457,252‌

$

10,431,972‌

$

5,195,805‌

$

3,509,666‌

$

10,289,076‌

$

4,755,196‌

41,151‌

24,910‌

39,482‌

42,789‌

30,320‌

167,601‌

$

399.928‌

$

418.784‌

$

131.599‌

$

82.023‌

$

339.345‌

$

28.372‌

$

10,613,942‌

$

7,206,089‌

$

3,403,504‌

$

1,890,413‌

$

6,693,600‌

$

2,695,021‌

26,693‌

17,307‌

26,012‌

23,180‌

19,839‌

95,541‌

$

397.623‌

$

416.375‌

$

130.844‌

$

81.552‌

$

337.394‌

$

28.208‌

$

6,054,756‌

$

4,334,048‌

$

1,769,399‌

$

1,290,528‌

$

2,858,091‌

$

1,883,877‌

15,494‌

10,591‌

13,760‌

16,102‌

8,620‌

67,838‌

$

390.770‌

$

409.204‌

$

128.591‌

$

80.148‌

$

331.584‌

$

27.770‌

$

687,918‌

$

541,773‌

$

251,649‌

$

163,306‌

$

456,023‌

$

119,497‌

$

–‌

$

111,669‌

$

87,584‌

$

5,545‌

$

175,284‌

$

–‌

$

25,722,894‌

$

7,520,458‌

$

11,240,160‌

$

7,308,318‌

$

18,999,734‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

40,028‌

$

133,887‌

$

131,486‌

$

7,110‌

$

5,181‌

$

9,691,599‌

$

–‌

$

–‌

$

960‌

$

–‌

$

616‌

$

–‌

Statement

of

Operations

See

Notes

to

Financial

Statements

54

Year

Ended

December

31,

2023

(amounts

in

thousands)

20.1

Stock

Account

20.2

Global

Equities

Account

INVESTMENT

INCOME

Dividends

$

2,331,158‌

$

488,418‌

Dividends

from

affiliated

investments

1,674‌

–‌

Interest

36,666‌

15,777‌

Securities

lending

income,

net

26,918‌

2,364‌

Tax

withheld

(121,059‌)

(27,327‌)

Total

investment

income

2,275,357‌

479,232‌

EXPENSES

Investment

management

fees

111,416‌

22,354‌

Administrative

-

Class

R4

122‌

58‌

Administrative

-

Class

R3

101,086‌

18,673‌

Administrative

-

Class

R2

66,069‌

15,431‌

Administrative

-

Class

R1

42,903‌

11,971‌

Distribution

fees

-

Class

R4

23‌

10‌

Distribution

fees

-

Class

R3

12,507‌

2,323‌

Distribution

fees

-

Class

R2

9,882‌

2,311‌

Distribution

fees

-

Class

R1

7,421‌

2,074‌

Mortality

and

expense

risk

charges

5,571‌

1,184‌

Total

expenses

357,000‌

76,389‌

Recovery

of

expenses

previously

withheld

by

TIAA

–‌

–‌

Net

expenses

357,000‌

76,389‌

Net

investment

income

(loss)

1,918,357‌

402,843‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments†

1,670,540‌

744,273‌

Affiliated

investments

(1,817‌)

(71‌)

Written

options

453‌

–‌

Futures

contracts

60,175‌

28,099‌

Forward

foreign

currency

contracts

–‌

–‌

Swaps

contracts

–‌

–‌

Foreign

currency

transactions

(12,539‌)

(3,716‌)

Net

realized

gain

(loss)

1,716,812‌

768,585‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

‡

18,749,772‌

3,883,996‌

Affiliated

investments

47,173‌

6,402‌

Written

options

579‌

–‌

Futures

contracts

26,835‌

16,289‌

Forward

foreign

currency

contracts

–‌

–‌

Swaps

contracts

–‌

–‌

Foreign

currency

translations

3,258‌

733‌

Net

change

in

unrealized

appreciation

(depreciation)

18,827,617‌

3,907,420‌

Net

realized

and

unrealized

gain

(loss)

20,544,429‌

4,676,005‌

Net

increase

(decrease)

in

net

assets

from

operations

$

22,462,786‌

$

5,078,848‌

†  

Net

of

foreign

capital

gain

taxes

$

11,698‌

$

1,284‌

‡  

Net

of

change

in

unrealized

foreign

capital

gains

taxes

$

(32,085‌)

$

(4,451‌)

See

Notes

to

Financial

Statements

55

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

$

235,847‌

$

342,191‌

$

283‌

$

1,161‌

$

258,534‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

4,822‌

3,611‌

440,173‌

258,339‌

331,351‌

461,410‌

1,238‌

3,990‌

1,052‌

270‌

17,952‌

–‌

(1,840‌)

(52‌)

(28‌)

–‌

(11,549‌)

–‌

240,067‌

349,740‌

441,480‌

259,770‌

596,288‌

461,410‌

14,706‌

2,400‌

7,574‌

1,820‌

9,362‌

1,880‌

21‌

9‌

13‌

11‌

72‌

6‌

22,781‌

15,469‌

8,265‌

5,754‌

15,220‌

7,195‌

19,758‌

14,193‌

7,271‌

4,084‌

13,183‌

5,444‌

17,716‌

13,381‌

5,664‌

4,203‌

8,888‌

5,968‌

4‌

2‌

2‌

2‌

15‌

1‌

2,886‌

1,917‌

1,011‌

701‌

1,900‌

895‌

2,969‌

2,119‌

1,085‌

608‌

1,979‌

815‌

3,096‌

2,319‌

979‌

727‌

1,543‌

1,036‌

1,492‌

1,046‌

532‌

352‌

977‌

456‌

85,429‌

52,855‌

32,396‌

18,262‌

53,139‌

23,696‌

–‌

–‌

–‌

–‌

–‌

3,849‌

85,429‌

52,855‌

32,396‌

18,262‌

53,139‌

27,545‌

154,638‌

296,885‌

409,084‌

241,508‌

543,149‌

433,865‌

(252,252‌)

990,946‌

(242,964‌)

(73,555‌)

166,105‌

129‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

16,087‌

(21,447‌)

(16,752‌)

–‌

–‌

–‌

–‌

(2,407‌)

–‌

1,025‌

–‌

–‌

–‌

(23,394‌)

–‌

–‌

–‌

(85‌)

152‌

(214‌)

4‌

(2,119‌)

9‌

(252,337‌)

1,007,185‌

(290,426‌)

(90,303‌)

165,011‌

138‌

11,206,319‌

3,489,485‌

521,403‌

153,576‌

1,995,016‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

655‌

1,536‌

6,854‌

–‌

–‌

–‌

–‌

2,996‌

–‌

(227‌)

–‌

–‌

–‌

(832‌)

–‌

–‌

–‌

24‌

–‌

12‌

–‌

417‌

–‌

11,206,343‌

3,490,140‌

525,115‌

160,430‌

1,995,206‌

–‌

10,954,006‌

4,497,325‌

234,689‌

70,127‌

2,160,217‌

138‌

$

11,108,644‌

$

4,794,210‌

$

643,773‌

$

311,635‌

$

2,703,366‌

$

434,003‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

(9‌)

$

–‌

$

–‌

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

56

20.1

Stock

Account

20.2

Global

Equities

Account

(amounts

in

thousands)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

1,918,357‌

$

2,020,464‌

$

402,843‌

$

406,670‌

Net

realized

gain

(loss)

1,716,812‌

2,660,611‌

768,585‌

(40,666‌)

Net

change

in

unrealized

appreciation

(depreciation)

18,827,617‌

(29,986,867‌)

3,907,420‌

(5,603,455‌)

Net

increase

(decrease)

in

net

assets

from

operations

22,462,786‌

(25,305,792‌)

5,078,848‌

(5,237,451‌)

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions

3,115,816‌

2,755,237‌

1,300,822‌

1,114,984‌

Net

transfers

between

CREF

Accounts

(693,786‌)

(549,930‌)

258,011‌

(105,378‌)

Withdrawals

and

death

benefits

(10,012,090‌)

(9,633,997‌)

(2,413,999‌)

(2,694,430‌)

Annuity

payments

(1,341,364‌)

(1,548,353‌)

(49,044‌)

(52,519‌)

Net

increase

(decrease)

from

participant

transactions

(8,931,424‌)

(8,977,043‌)

(904,210‌)

(1,737,343‌)

Net

increase

(decrease)

in

net

assets

13,531,362‌

(34,282,835‌)

4,174,638‌

(6,974,794‌)

Net

assets

at

the

beginning

of

period

104,887,307‌

139,170,142‌

21,768,502‌

28,743,296‌

Net

assets

at

the

end

of

period

$

118,418,669‌

$

104,887,307‌

$

25,943,140‌

$

21,768,502‌

See

Notes

to

Financial

Statements

57

20.3

Growth

Account

20.4

Equity

Index

Account

20.5

Core

Bond

Account

20.6

Inflation-Linked

Bond

Account

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

$

154,638‌

$

150,615‌

$

296,885‌

$

284,621‌

$

409,084‌

$

333,182‌

$

241,508‌

$

514,231‌

(252,337‌)

(230,403‌)

1,007,185‌

1,029,844‌

(290,426‌)

(513,754‌)

(90,303‌)

16,604‌

11,206,343‌

(12,539,810‌)

3,490,140‌

(6,175,890‌)

525,115‌

(1,565,782‌)

160,430‌

(1,031,242‌)

11,108,644‌

(12,619,598‌)

4,794,210‌

(4,861,425‌)

643,773‌

(1,746,354‌)

311,635‌

(500,407‌)

864,847‌

750,359‌

552,200‌

627,892‌

683,844‌

521,596‌

569,293‌

665,366‌

(205,078‌)

(355,114‌)

(159,447‌)

(111,586‌)

44,252‌

(145,088‌)

(13,606‌)

138,276‌

(2,595,634‌)

(2,575,936‌)

(1,864,621‌)

(1,884,454‌)

(1,306,464‌)

(1,492,055‌)

(969,421‌)

(1,001,178‌)

(65,116‌)

(72,324‌)

(57,433‌)

(62,130‌)

(27,271‌)

(29,976‌)

(18,736‌)

(20,101‌)

(2,000,981‌)

(2,253,015‌)

(1,529,301‌)

(1,430,278‌)

(605,639‌)

(1,145,523‌)

(432,470‌)

(217,637‌)

9,107,663‌

(14,872,613‌)

3,264,909‌

(6,291,703‌)

38,134‌

(2,891,877‌)

(120,835‌)

(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

$

34,078,914‌

$

24,971,251‌

$

22,653,190‌

$

19,388,281‌

$

10,768,654‌

$

10,730,520‌

$

6,985,386‌

$

7,106,221‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

58

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

20.7

Social

Choice

Account

20.8

Money

Market

Account

(amounts

in

thousands)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

543,149‌

$

395,780‌

$

433,865‌

$

94,605‌

Net

realized

gain

(loss)

165,011‌

138,061‌

138‌

6‌

Net

change

in

unrealized

appreciation

(depreciation)

1,995,206‌

(3,644,964‌)

–‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

2,703,366‌

(3,111,123‌)

434,003‌

94,611‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions

2,512,770‌

2,019,491‌

3,469,667‌

2,391,625‌

Net

transfers

between

CREF

Accounts

640,317‌

780,773‌

129,338‌

348,062‌

Withdrawals

and

death

benefits

(2,133,207‌)

(1,697,909‌)

(3,192,257‌)

(2,480,356‌)

Annuity

payments

(45,938‌)

(48,070‌)

(13,723‌)

(13,126‌)

Net

increase

(decrease)

from

participant

transactions

973,942‌

1,054,285‌

393,025‌

246,205‌

Net

increase

(decrease)

in

net

assets

3,677,308‌

(2,056,838‌)

827,028‌

340,816‌

Net

assets

at

the

beginning

of

period

17,694,696‌

19,751,534‌

8,696,072‌

8,355,256‌

Net

assets

at

the

end

of

period

$

21,372,004‌

$

17,694,696‌

$

9,523,100‌

$

8,696,072‌

Financial

Highlights

See

Notes

to

Financial

Statements

60

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

R4

:

12/31/23

$

14.362‌

$

0.845‌

$

13.517‌

$

131.587‌

$

145.104‌

$

643.143‌

$

788.247‌

12/31/22

§

3.271‌

0.203‌

3.068‌

9.589‌

12.657‌

630.486‌

643.143‌

Class

R3

:

12/31/23

14.470‌

1.961‌

12.509‌

131.291‌

143.800‌

642.854‌

786.654‌

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

Class

R2

:

12/31/23

14.392‌

2.463‌

11.929‌

130.577‌

142.506‌

639.621‌

782.127‌

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

Class

R1

:

12/31/23

14.159‌

3.447‌

10.712‌

128.410‌

139.122‌

629.525‌

768.647‌

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

§

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

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

22.56‌

%

0.12‌

%

1.89‌

%

36‌

%

2

 $

1,557‌

2.01‌

0.11‌

d

1.68‌

d

41‌

1

566‌

22.37‌

0.28‌

1.76‌

36‌

77

60,281‌

(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

22.28‌

0.35‌

1.69‌

36‌

42

32,969‌

(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

22.10‌

0.50‌

1.54‌

36‌

18

13,540‌

(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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

62

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

R4

:

12/31/23

$

5

.303‌

$

0

.296‌

$

5

.007‌

$

52

.031‌

$

57

.038‌

$

236

.189‌

$

293

.227‌

12/31/22

§

1

.069‌

0

.070‌

0

.999‌

4

.803‌

5

.802‌

230

.387‌

236

.189‌

Class

R3

:

12/31/23

5

.329‌

0

.712‌

4

.617‌

51

.933‌

56

.550‌

236

.083‌

292

.633‌

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

Class

R2

:

12/31/23

5

.303‌

0

.899‌

4

.404‌

51

.649‌

56

.053‌

234

.896‌

290

.949‌

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

Class

R1

:

12/31/23

5

.217‌

1

.265‌

3

.952‌

50

.794‌

54

.746‌

231

.195‌

285

.941‌

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

§

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

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Accumulation

Fund

Net

Assets

(in

Millions)

i

24

.13‌

%

0

.11‌

%

1

.89‌

%

32‌

%

2

  $

680‌

2

.52‌

0

.10‌

d

1

.48‌

d

36‌

2

400‌

23

.94‌

0

.27‌

1

.75‌

32‌

44

13,019‌

(

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

23

.85‌

0

.34‌

1

.68‌

32‌

27

7,871‌

(

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

23

.66‌

0

.49‌

1

.53‌

32‌

14

3,902‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

64

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

R4

:

12/31/23

$

2

.771‌

$

0

.229‌

$

2

.542‌

$

124

.305‌

$

126

.847‌

$

273

.891‌

$

400

.738‌

12/31/22

§

0

.786‌

0

.067‌

0

.719‌

(

12

.196‌

)

(

11

.477‌

)

285

.368‌

273

.891‌

Class

R3

:

12/31/23

2

.725‌

0

.764‌

1

.961‌

124

.201‌

126

.162‌

273

.766‌

399

.928‌

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

Class

R2

:

12/31/23

2

.709‌

1

.002‌

1

.707‌

123

.530‌

125

.237‌

272

.386‌

397

.623‌

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

Class

R1

:

12/31/23

2

.664‌

1

.477‌

1

.187‌

121

.494‌

122

.681‌

268

.089‌

390

.770‌

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

^

Amount

represents

less

than

1,000,000.

§

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

65

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

46

.31‌

%

0

.07‌

%

0

.74‌

%

33‌

%

1

  $

265‌

(

4

.02‌

)

0

.08‌

d

0

.89‌

d

41‌

0

^

90‌

46

.09‌

0

.23‌

0

.58‌

33‌

41

16,457‌

(

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

45

.98‌

0

.30‌

0

.51‌

33‌

27

10,614‌

(

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

45

.76‌

0

.45‌

0

.36‌

33‌

15

6,055‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

66

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

R4

:

12/31/23

$

6

.312‌

$

0

.115‌

$

6

.197‌

$

80

.314‌

$

86

.511‌

$

333

.117‌

$

419

.628‌

12/31/22

§

1

.690‌

0

.037‌

1

.653‌

(

4

.237‌

)

(

2

.584‌

)

335

.701‌

333

.117‌

Class

R3

:

12/31/23

6

.221‌

0

.699‌

5

.522‌

80

.296‌

85

.818‌

332

.966‌

418

.784‌

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

Class

R2

:

12/31/23

6

.187‌

0

.965‌

5

.222‌

79

.861‌

85

.083‌

331

.292‌

416

.375‌

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

Class

R1

:

12/31/23

6

.085‌

1

.486‌

4

.599‌

78

.537‌

83

.136‌

326

.068‌

409

.204‌

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

^

Amount

represents

less

than

1,000,000.

§

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

67

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

25

.97‌

%

0

.03‌

%

1

.64‌

%

2‌

%

0

^

 $

139‌

(

0

.77‌

)

0

.04‌

d

1

.71‌

d

2‌

0

^

10‌

25

.77‌

0

.19‌

1

.48‌

2‌

25

10,432‌

(

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

25

.68‌

0

.26‌

1

.41‌

2‌

17

7,206‌

(

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

25

.50‌

0

.41‌

1

.26‌

2‌

11

4,334‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

68

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

R4

:

12/31/23

$

5

.275‌

$

0

.113‌

$

5

.162‌

$

2

.858‌

$

8

.020‌

$

123

.848‌

$

131

.868‌

12/31/22

§

1

.339‌

0

.034‌

1

.305‌

(

2

.437‌

)

(

1

.132‌

)

124

.980‌

123

.848‌

Class

R3

:

12/31/23

5

.249‌

0

.313‌

4

.936‌

2

.871‌

7

.807‌

123

.792‌

131

.599‌

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

Class

R2

:

12/31/23

5

.220‌

0

.404‌

4

.816‌

2

.857‌

7

.673‌

123

.171‌

130

.844‌

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

Class

R1

:

12/31/23

5

.137‌

0

.579‌

4

.558‌

2

.804‌

7

.362‌

121

.229‌

128

.591‌

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

§

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

69

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

6

.48‌

%

0

.09‌

%

4

.09‌

%

80‌

%

78‌

%

1

  $

148‌

(

0

.91‌

)

0

.09‌

d

3

.68‌

d

176‌

105‌

1

69‌

6

.31‌

0

.25‌

3

.90‌

80‌

78‌

39

5,196‌

(

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

6

.23‌

0

.32‌

3

.83‌

80‌

78‌

26

3,404‌

(

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

6

.07‌

0

.47‌

3

.69‌

80‌

78‌

14

1,769‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

70

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

R4

:

12/31/23

$

3

.097‌

$

0

.036‌

$

3

.061‌

$

0

.690‌

$

3

.751‌

$

78

.439‌

$

82

.190‌

12/31/22

§

0

.578‌

0

.011‌

0

.567‌

(

1

.691‌

)

(

1

.124‌

)

79

.563‌

78

.439‌

Class

R3

:

12/31/23

2

.949‌

0

.161‌

2

.788‌

0

.831‌

3

.619‌

78

.404‌

82

.023‌

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

Class

R2

:

12/31/23

2

.928‌

0

.219‌

2

.709‌

0

.833‌

3

.542‌

78

.010‌

81

.552‌

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

Class

R1

:

12/31/23

2

.890‌

0

.331‌

2

.559‌

0

.809‌

3

.368‌

76

.780‌

80

.148‌

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

^

Amount

represents

less

than

1,000,000.

§

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

71

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

4

.78‌

%

0

.04‌

%

3

.84‌

%

27‌

%

2

  $

131‌

(

1

.41‌

)

0

.05‌

d

2

.51‌

d

16‌

0

^

37‌

4

.62‌

0

.20‌

3

.49‌

27‌

43

3,510‌

(

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

4

.54‌

0

.28‌

3

.41‌

27‌

23

1,890‌

(

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

4

.39‌

0

.42‌

3

.28‌

27‌

16

1,291‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

72

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

R4

:

12/31/23

$

9

.658‌

$

0

.211‌

$

9

.447‌

$

34

.898‌

$

44

.345‌

$

295

.684‌

$

340

.029‌

12/31/22

§

2

.190‌

0

.060‌

2

.130‌

2

.737‌

4

.867‌

290

.817‌

295

.684‌

Class

R3

:

12/31/23

9

.579‌

0

.703‌

8

.876‌

34

.917‌

43

.793‌

295

.552‌

339

.345‌

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

Class

R2

:

12/31/23

9

.528‌

0

.927‌

8

.601‌

34

.726‌

43

.327‌

294

.067‌

337

.394‌

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

Class

R1

:

12/31/23

9

.370‌

1

.365‌

8

.005‌

34

.148‌

42

.153‌

289

.431‌

331

.584‌

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

§

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

73

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

15

.00‌

%

0

.07‌

%

3

.00‌

%

81‌

%

80‌

%

3

  $

1,075‌

1

.67‌

0

.07‌

d

2

.53‌

d

88‌

61‌

1

212‌

14

.82‌

0

.22‌

2

.83‌

81‌

80‌

30

10,289‌

(

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

14

.73‌

0

.30‌

2

.75‌

81‌

80‌

20

6,694‌

(

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

14

.56‌

0

.44‌

2

.61‌

81‌

80‌

9

2,858‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

74

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

20.8

MONEY

MARKET

ACCOUNT

Class

R4

:

12/31/23

$

1.415‌

$

0.011‌

$

1.404‌

$

(0.015‌)

$

1.389‌

$

27.033‌

$

28.422‌

12/31/22

§

0.277‌

0.013‌

0.264‌

(0.024‌)

0.240‌

26.793‌

27.033‌

Class

R3

:

12/31/23

1.398‌

0.054‌

1.344‌

0.000‌

1.344‌

27.028‌

28.372‌

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

Class

R2

:

12/31/23

1.392‌

0.074‌

1.318‌

(0.001‌)

1.317‌

26.891‌

28.208‌

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

Class

R1

:

12/31/23

1.373‌

0.172‌

1.201‌

(0.004‌)

1.197‌

26.573‌

27.770‌

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

^

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

75

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

5.14‌

%

0.04‌

%

0.04‌

%

^

5.07‌

%

2

  $

70‌

0.90‌

0.06‌

d

0.16‌

^

d

3.43‌

d

1

40‌

4.97‌

0.20‌

0.20‌

4.86‌

168

4,755‌

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

4.90‌

0.27‌

0.27‌

4.79‌

96

2,695‌

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

4.50‌

0.42‌

0.63‌

^

4.43‌

68

1,884‌

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

76

Notes

to

Financial

Statements

1.

General

Information

Account

Information:

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:

CREF

Stock

Account

(“Stock”),

CREF

Global

Equities

Account

(“Global

Equities”),

CREF Growth

Account

(“Growth”),

CREF

Equity

Index

Account

(“Equity

Index”),

CREF

Core

Bond

Account

(“Core

Bond”),

CREF

Inflation-Linked

Bond

Account

(“Inflation-Linked

Bond”),

CREF

Social

Choice

Account

(“Social

Choice”)

and

CREF

Money

Market

Account

(“Money

Market”)

(individually

referred

to

as

the

“Account”

or

collectively

referred

to

as

the

“Accounts”).

Share

Classes:

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

December

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

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.

77

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)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Net

change

in

unrealized

appreciation

(depreciation)

of

foreign

currency

translations”

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.

During

the

current

fiscal

period,

the Accounts adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Accounts.

Notes

to

Financial

Statements

(continued)

78

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.).

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.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

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.

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

79

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):

Account

Level

1

Level

2

Level

3

Total

Stock

Long-Term

Investments

:

Corporate

bonds

$—

$55

$—

$55

Government

bonds

—

204

—

204

Common

stocks

82,497,589

35,272,483

2,257

117,772,329

Rights/Warrants

—

2,849

127

2,976

Short-Term

Investments

:

Government

agency

debt

—

321,000

—

321,000

Repurchase

agreement

—

112,172

—

112,172

Treasury

debt

—

24,975

—

24,975

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

195,500

—

195,500

Commercial

paper

—

43,509

—

43,509

Repurchase

agreement

—

377,977

—

377,977

Variable

rate

securities

—

15,000

—

15,000

Investments

in

Derivatives

:

Futures

contracts*

8,665

—

—

8,665

Total

$82,506,254

$36,365,724

$2,384

$118,874,362

Global

Equities

Long-Term

Investments

:

Corporate

bonds

$—

$14

$—

$14

Common

stocks

17,721,921

7,835,454

3

25,557,378

Rights/Warrants

—

786

—

786

Short-Term

Investments

:

Government

agency

debt

—

202,861

—

202,861

Repurchase

agreement

—

68,020

—

68,020

Treasury

debt

—

115,794

—

115,794

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

9,000

—

9,000

Commercial

paper

—

2,000

—

2,000

Repurchase

agreement

—

10,000

—

10,000

Investments

in

Derivatives

:

Futures

contracts*

9,622

—

—

9,622

Total

$17,731,543

$8,243,929

$3

$25,975,475

Growth

Long-Term

Investments

:

Common

stocks

$33,059,969

$952,558

$—

$34,012,527

Short-Term

Investments

:

Government

agency

debt

—

11,849

—

11,849

Repurchase

agreement

—

26,190

—

26,190

Treasury

debt

—

1,984

—

1,984

Total

$33,059,969

$992,581

$—

$34,052,550

Notes

to

Financial

Statements

(continued)

80

Account

Level

1

Level

2

Level

3

Total

Equity

Index

Long-Term

Investments

:

Common

stocks

$22,521,464

$—

$285

$22,521,749

Rights/Warrants

—

56

1

57

Short-Term

Investments

:

Government

agency

debt

—

30,194

—

30,194

Repurchase

agreement

—

89,300

—

89,300

Treasury

debt

—

14,381

—

14,381

Investments

purchased

with

collateral

from

securities

lending

64,603

—

—

64,603

Investments

in

Derivatives

:

Futures

contracts*

481

—

—

481

Total

$22,586,548

$133,931

$286

$22,720,765

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$40,519

$—

$40,519

Corporate

bonds

—

3,396,666

472

3,397,138

Government

bonds

—

5,304,713

—

5,304,713

Structured

assets

—

1,722,225

—

1,722,225

Preferred

stocks

4,552

—

—

4,552

Short-Term

Investments

:

Commercial

paper

—

5,471

—

5,471

Government

agency

debt

—

20,468

—

20,468

Repurchase

agreement

—

91,140

—

91,140

Treasury

debt

—

14,381

—

14,381

Investments

purchased

with

collateral

from

securities

lending

29,377

—

—

29,377

Investments

in

Derivatives

:

Futures

contracts*

3,765

—

—

3,765

Forward

foreign

currency

contracts*

—

(6,668)

—

(6,668)

Credit

default

swap

contracts*

—

(10,420)

—

(10,420)

Total

$37,694

$10,578,495

$472

$10,616,661

Inflation-Linked

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$30,815

$—

$30,815

Corporate

bonds

—

183,386

—

183,386

Government

bonds

—

6,503,553

—

6,503,553

Structured

assets

—

218,049

2,594

220,643

Common

stocks

10,076

—

—

10,076

Short-Term

Investments

:

Repurchase

agreement

—

7,110

—

7,110

Investments

purchased

with

collateral

from

securities

lending

5,772

—

—

5,772

Investments

in

Derivatives

:

Futures

contracts*

7,150

—

—

7,150

Total

$22,998

$6,942,913

$2,594

$6,968,505

Social

Choice

Long-Term

Investments

:

Bank

loan

obligations

$—

$29,885

$99

$29,984

Corporate

bonds

—

2,375,019

—

2,375,019

Government

bonds

—

5,275,317

1

5,275,318

Structured

assets

—

817,689

1,206

818,895

Common

stocks

9,329,801

3,395,560

—

12,725,361

Preferred

stocks

29,790

—

—

29,790

Rights/Warrants

—

134

1

135

Short-Term

Investments

:

Government

agency

debt

—

3,196

—

3,196

Treasury

debt

—

1,984

—

1,984

Investments

purchased

with

collateral

from

securities

lending

128,409

—

—

128,409

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

(227)

—

(227)

Total

$9,488,000

$11,898,557

$1,307

$21,387,864

81

4.

Investments

Mortgage

Dollar

Roll

Transactions:

Some

of

the Accounts may

enter

into

mortgage

dollar

rolls

in

which an

Account

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

an

Account forgoes

principal

and

interest

paid

on

the

securities.

The Account is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Account’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the Accounts

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements

(dollar

amounts

are

in

thousands).

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.

Account

Level

1

Level

2

Level

3

Total

Money

Market

Short-Term

Investments:

Government

agency

debt

$

—

$

788,095

$

—

$

788,095

Repurchase

agreement

—

2,841,038

—

2,841,038

Treasury

debt

—

3,780,106

—

3,780,106

Variable

rate

securities

—

2,282,360

—

2,282,360

Total

$—

$9,691,599

$—

$9,691,599

*

Represents

net

unrealized

appreciation

(depreciation).

Account

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Stock

Calyon

$25,000

$25,500

Citigroup

35,000

35,701

Deutsche

Bank

58,748

59,923

Fixed

Income

Clearing

Corp

(FICC)

112,172

114,416

HSBC

20,000

20,400

JP

Morgan

65,000

66,300

Merrill

Lynch

64,229

65,513

Nomura

35,000

35,733

Royal

Bank

of

Scotland

35,000

35,700

Societe

Generale

40,000

40,800

Total

$490,149

$499,986

Global

Equities

Fixed

Income

Clearing

Corp

(FICC)

$68,020

$69,380

JP

Morgan

5,000

5,100

Merrill

Lynch

5,000

5,100

Total

$78,020

$79,580

Growth

Fixed

Income

Clearing

Corp

(FICC)

$26,190

$26,714

Equity

Index

Fixed

Income

Clearing

Corp

(FICC)

$89,300

$91,086

Core

Bond

Fixed

Income

Clearing

Corp

(FICC)

$91,140

$92,963

Inflation-Linked

Bond

Fixed

Income

Clearing

Corp

(FICC)

$7,110

$7,252

Money

Market

Bank

of

New

York

Mellon

$1,000,000

$1,014,722

Fixed

Income

Clearing

Corp

(FICC)

1,841,038

1,877,859

Total

$2,841,038

$2,892,581

Notes

to

Financial

Statements

(continued)

82

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:

 Long-term

purchases

and

sales

during

the

current

fiscal

period were

as

follows

(dollar

amounts

are

in

thousands):

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.

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.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

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.

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

$

1,012,512

$

—

$

631,020

$

447,983

$

1,079,003

20.2

Global

Equities

64,706

—

22,669

46,152

68,821

20.4

Equity

Index

111,669

—

64,603

53,554

118,157

20.5

Core

Bond

—

87,584

29,377

60,577

89,954

20.6

Inflation-Linked

Bond

—

5,545

5,772

—

5,772

20.7

Social

Choice

106,750

68,534

128,409

55,073

183,482

*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

$

39,911,275

$

198,181

$

46,394,869

$

198,000

20.2

Global

Equities

7,455,993

—

7,919,592

—

20.3

Growth

9,908,247

—

11,718,266

—

20.4

Equity

Index

378,497

—

1,594,698

—

20.5

Core

Bond

931,831

7,472,063

1,401,998

6,953,307

20.6

Inflation-Linked

Bond

226,529

1,691,768

174,042

2,066,314

20.7

Social

Choice

5,590,806

11,881,307

4,902,376

10,789,674

83

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

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

options

contracts

purchased

and

options

contracts written

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.

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.

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.

Account

Average

Notional

Amount

of

Options

Contracts

Purchased

Outstanding*

20.1

Stock

$

412

Account

Average

Notional

Amount

of

Options

Contracts

Written

Outstanding*

20.1

Stock

$

(437)

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Account

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

20.1

Stock

$

548,408

20.2

Global

Equities

276,703

20.4

Equity

Index

81,432

20.5

Core

Bond

383,871

20.6

Inflation-Linked

Bond

246,773

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

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

(continued)

84

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.

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

was

as

follows

(dollar

amounts

are

in

thousands):

Account

Average

Notional

Amount

of

Forward

Contracts

Outstanding*

20.5

Core

Bond

$

192,086

20.7

Social

Choice

5,061

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Account

Average

Notional

Amount

of

Swap

Contracts

Outstanding*

20.5

Core

Bond

$

569,700

*

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.

85

As

of 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):

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Accounts'

Statement

of

Operations

was

as

follows

(dollar

amounts

are

in

thousands):

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Futures

contracts

Equity

-

$

–

Unrealized

appreciation

on

futures

contracts

*

$

8,665

1

1

1

1

1

1

1

1

Global

Equities

Futures

contracts

Equity

-

–

Unrealized

appreciation

on

futures

contracts

*

9,622

1

1

1

1

1

1

1

1

Equity

Index

Futures

contracts

Equity

-

–

Unrealized

appreciation

on

futures

contracts

*

481

1

1

1

1

1

1

1

1

Core

Bond

Futures

contracts

Interest

rate

-

–

Unrealized

appreciation

on

futures

contracts

*

3,765

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

27

Unrealized

depreciation

on

forward

contracts

(6,695)

Credit

default

swap

contracts

Credit

Unrealized

depreciation

on

swap

contracts

*

(10,420)

-

–

1

1

1

1

1

1

1

1

Inflation-Linked

Bond

Futures

contracts

Interest

rate

-

–

Unrealized

appreciation

on

futures

contracts

*

7,150

1

1

1

1

1

1

1

1

Social

Choice

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

-

–

Unrealized

depreciation

on

forward

contracts

(227)

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.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

20.1

Stock

Written

option

contracts

Equity

$

453

$

579

Futures

contracts

Equity

60,175

26,835

20.2

Global

Equities

Futures

contracts

Equity

28,099

16,289

20.4

Equity

Index

Futures

contracts

Equity

16,087

655

20.5

Core

Bond

Futures

contracts

Interest

rate

(21,447)

1,536

Forward

contracts

Foreign

currency

exchange

rate

(2,407)

2,996

Swap

contracts

Credit

(23,394)

(832)

20.6

Inflation-Linked

Bond

Futures

contracts

Interest

rate

(16,752)

6,854

20.7

Social

Choice

Forward

contracts

Foreign

currency

exchange

rate

1,025

(227)

Notes

to

Financial

Statements

(continued)

86

6.

Account

Units

Transactions

in

Account

units

during

the

current

and

prior

fiscal

period

were

as

follows

(amounts

are

in

thousands):

Year

Ended

12/31/23

Year

Ended

12/31/22

20.1

Stock

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

612

$

438,337

444

$

290,770

Class

R3

2,013

1,612,574

1,876

1,435,728

Class

R2

1,003

712,042

1,017

684,175

Class

R1

503

352,863

521

344,564

Total

premiums

and

contributions

4,131

3,115,816

3,858

2,755,237

Net

transfers

between

CREF

Accounts:

Class

R4§

765

534,284

(15)

(9,401)

Class

R3

(788)

(560,681)

2,102

1,411,167

Class

R2

(747)

(516,939)

(2,385)

(1,595,199)

Class

R1

(216)

(150,450)

(533)

(356,497)

Total

net

transfers

between

CREF

Accounts

(986)

(693,786)

(831)

(549,930)

Transfers

in

connection

with

new

class:

Class

R4§

–

–

515

320,849

Class

R3

–

–

(210)

(132,179)

Class

R2

–

–

(289)

(177,344)

Class

R1

–

–

(18)

(11,326)

Total

transfers

in

connection

with

new

class

–

–

(2)

–

Withdrawals

and

death

benefits:

Class

R4§

(281)

(201,176)

(64)

(41,226)

Class

R3

(7,498)

(5,352,725)

(7,709)

(5,207,768)

Class

R2

(4,309)

(3,051,116)

(4,578)

(3,077,022)

Class

R1

(2,019)

(1,407,073)

(1,977)

(1,307,981)

Total

withdrawals

and

death

benefits

(14,107)

(10,012,090)

(14,328)

(9,633,997)

Annuity

payments:

–

(1,341,364)

–

(1,548,353)

Net

increase

(decrease)

from

participant

transactions

(10,962)

(8,931,424)

(11,303)

(8,977,043)

87

Year

Ended

12/31/23

Year

Ended

12/31/22

20.2

Global

Equities

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

654

$

175,320

1,412

$

341,218

Class

R3

2,489

688,626

1,761

462,829

Class

R2

876

231,102

718

178,194

Class

R1

785

205,774

541

132,743

Total

premiums

and

contributions

4,804

1,300,822

4,432

1,114,984

Net

transfers

between

CREF

Accounts:

Class

R4§

445

114,626

(3)

(732)

Class

R3

419

114,173

1,080

266,606

Class

R2

130

37,531

(1,153)

(282,505)

Class

R1

(32)

(8,319)

(369)

(88,747)

Total

net

transfers

between

CREF

Accounts

962

258,011

(445)

(105,378)

Transfers

in

connection

with

new

class:

Class

R4§

–

–

399

91,894

Class

R3

–

–

(275)

(63,277)

Class

R2

–

–

(125)

(28,613)

Class

R1

–

–

–

(4)

Total

transfers

in

connection

with

new

class

–

–

(1)

–

Withdrawals

and

death

benefits:

Class

R4§

(476)

(126,184)

(113)

(27,055)

Class

R3

(4,515)

(1,189,803)

(6,283)

(1,564,053)

Class

R2

(2,686)

(705,159)

(2,930)

(720,807)

Class

R1

(1,525)

(392,853)

(1,571)

(382,515)

Total

withdrawals

and

death

benefits

(9,202)

(2,413,999)

(10,897)

(2,694,430)

Annuity

payments:

–

(49,044)

–

(52,519)

Net

increase

(decrease)

from

participant

transactions

(3,436)

(904,210)

(6,911)

(1,737,343)

Year

Ended

12/31/23

Year

Ended

12/31/22

20.3

Growth

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

254

$

87,820

85

$

24,286

Class

R3

1,040

387,264

1,094

369,019

Class

R2

540

185,286

608

182,621

Class

R1

606

204,477

575

174,433

Total

premiums

and

contributions

2,440

864,847

2,362

750,359

Net

transfers

between

CREF

Accounts:

Class

R4§

210

64,009

2

294

Class

R3

(299)

(94,839)

990

306,086

Class

R2

(417)

(129,743)

(1,638)

(511,264)

Class

R1

(134)

(44,505)

(485)

(150,230)

Total

net

transfers

between

CREF

Accounts

(640)

(205,078)

(1,131)

(355,114)

Transfers

in

connection

with

new

class:

Class

R4§

–

–

297

84,342

Class

R3

–

–

(159)

(45,435)

Class

R2

–

–

(135)

(37,916)

Class

R1

–

–

(4)

(991)

Total

transfers

in

connection

with

new

class

–

–

(1)

–

Withdrawals

and

death

benefits:

Class

R4§

(132)

(45,934)

(55)

(15,380)

Class

R3

(3,516)

(1,198,806)

(4,004)

(1,248,866)

Class

R2

(2,464)

(830,381)

(2,620)

(806,835)

Class

R1

(1,564)

(520,513)

(1,654)

(504,855)

Total

withdrawals

and

death

benefits

(7,676)

(2,595,634)

(8,333)

(2,575,936)

Annuity

payments:

–

(65,116)

–

(72,324)

Net

increase

(decrease)

from

participant

transactions

(5,876)

(2,000,981)

(7,103)

(2,253,015)

Notes

to

Financial

Statements

(continued)

88

Year

Ended

12/31/23

Year

Ended

12/31/22

20.4

Equity

Index

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

47

$

17,579

5

$

1,781

Class

R3

486

202,193

645

244,233

Class

R2

445

165,524

593

212,505

Class

R1

456

166,904

489

169,373

Total

premiums

and

contributions

1,434

552,200

1,732

627,892

Net

transfers

between

CREF

Accounts:

Class

R4§

277

100,038

3

862

Class

R3

(188)

(69,229)

762

275,683

Class

R2

(433)

(155,980)

(872)

(310,041)

Class

R1

(93)

(34,276)

(221)

(78,090)

Total

net

transfers

between

CREF

Accounts

(437)

(159,447)

(328)

(111,586)

Transfers

in

connection

with

new

class:

Class

R4§

–

–

31

10,478

Class

R3

–

–

(25)

(8,480)

Class

R2

–

–

(6)

(1,998)

Total

transfers

in

connection

with

new

class

–

–

–

–

Withdrawals

and

death

benefits:

Class

R4§

(23)

(8,706)

(8)

(2,604)

Class

R3

(2,229)

(833,691)

(2,395)

(855,126)

Class

R2

(1,645)

(609,758)

(1,787)

(633,960)

Class

R1

(1,129)

(412,466)

(1,128)

(392,764)

Total

withdrawals

and

death

benefits

(5,026)

(1,864,621)

(5,318)

(1,884,454)

Annuity

payments:

–

(57,433)

–

(62,130)

Net

increase

(decrease)

from

participant

transactions

(4,029)

(1,529,301)

(3,914)

(1,430,278)

Year

Ended

12/31/23

Year

Ended

12/31/22

20.5

Core

Bond

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

385

$

48,753

102

$

12,602

Class

R3

2,195

292,973

2,167

293,845

Class

R2

1,175

147,813

989

128,164

Class

R1

1,573

194,305

681

86,985

Total

premiums

and

contributions

5,328

683,844

3,939

521,596

Net

transfers

between

CREF

Accounts:

Class

R4§

376

47,702

4

420

Class

R3

(84)

(10,243)

867

112,443

Class

R2

(171)

(21,130)

(1,638)

(210,913)

Class

R1

225

27,923

(375)

(47,038)

Total

net

transfers

between

CREF

Accounts

346

44,252

(1,142)

(145,088)

Transfers

in

connection

with

new

class:

Class

R4§

–

–

508

62,966

Class

R3

–

–

(429)

(53,228)

Class

R2

–

–

(79)

(9,737)

Class

R1

–

–

–

(1)

Total

transfers

in

connection

with

new

class

–

–

–

–

Withdrawals

and

death

benefits:

Class

R4§

(195)

(24,819)

(55)

(6,608)

Class

R3

(5,010)

(634,401)

(5,920)

(768,246)

Class

R2

(3,378)

(424,130)

(3,652)

(471,254)

Class

R1

(1,806)

(223,114)

(1,938)

(245,947)

Total

withdrawals

and

death

benefits

(10,389)

(1,306,464)

(11,565)

(1,492,055)

Annuity

payments:

–

(27,271)

–

(29,976)

Net

increase

(decrease)

from

participant

transactions

(4,715)

(605,639)

(8,768)

(1,145,523)

89

Year

Ended

12/31/23

Year

Ended

12/31/22

20.6

Inflation-Linked

Bond

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

498

$

39,855

39

$

3,060

Class

R3

2,992

246,976

4,263

353,786

Class

R2

1,340

106,521

1,659

135,174

Class

R1

2,251

175,941

2,182

173,346

Total

premiums

and

contributions

7,081

569,293

8,143

665,366

Net

transfers

between

CREF

Accounts:

Class

R4§

854

67,958

(1)

(59)

Class

R3

(866)

(70,414)

2,516

205,362

Class

R2

(252)

(19,674)

(1,003)

(78,869)

Class

R1

109

8,524

142

11,842

Total

net

transfers

between

CREF

Accounts

(155)

(13,606)

1,654

138,276

Transfers

in

connection

with

new

class:

Class

R4§

–

–

464

36,647

Class

R3

–

–

(226)

(18,009)

Class

R2

–

–

(237)

(18,434)

Class

R1

–

–

(3)

(204)

Total

transfers

in

connection

with

new

class

–

–

(2)

–

Withdrawals

and

death

benefits:

Class

R4§

(221)

(17,643)

(33)

(2,612)

Class

R3

(6,606)

(528,513)

(6,711)

(542,532)

Class

R2

(3,084)

(244,857)

(3,520)

(284,996)

Class

R1

(2,284)

(178,408)

(2,157)

(171,038)

Total

withdrawals

and

death

benefits

(12,195)

(969,421)

(12,421)

(1,001,178)

Annuity

payments:

–

(18,736)

–

(20,101)

Net

increase

(decrease)

from

participant

transactions

(5,269)

(432,470)

(2,626)

(217,637)

Year

Ended

12/31/23

Year

Ended

12/31/22

20.7

Social

Choice

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

1,362

$

429,428

120

$

35,470

Class

R3

3,593

1,164,381

3,487

1,103,803

Class

R2

2,040

636,499

2,012

615,670

Class

R1

923

282,462

876

264,548

Total

premiums

and

contributions

7,918

2,512,770

6,495

2,019,491

Net

transfers

between

CREF

Accounts:

Class

R4§

1,387

435,397

26

7,375

Class

R3

132

39,441

2,345

722,716

Class

R2

367

114,679

8

2,477

Class

R1

168

50,800

163

48,205

Total

net

transfers

between

CREF

Accounts

2,054

640,317

2,542

780,773

Transfers

in

connection

with

new

class:

Class

R4§

–

–

600

173,692

Class

R3

–

–

(341)

(99,159)

Class

R2

–

–

(256)

(73,274)

Class

R1

–

–

(4)

(1,259)

Total

transfers

in

connection

with

new

class

–

–

(1)

–

Withdrawals

and

death

benefits:

Class

R4§

(304)

(96,139)

(29)

(8,919)

Class

R3

(3,368)

(1,063,483)

(2,817)

(863,848)

Class

R2

(2,130)

(667,162)

(1,936)

(588,169)

Class

R1

(996)

(306,423)

(792)

(236,973)

Total

withdrawals

and

death

benefits

(6,798)

(2,133,207)

(5,574)

(1,697,909)

Annuity

payments:

–

(45,938)

–

(48,070)

Net

increase

(decrease)

from

participant

transactions

3,174

973,942

3,462

1,054,285

Notes

to

Financial

Statements

(continued)

90

7.

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. 

Year

Ended

12/31/23

Year

Ended

12/31/22

20.8

Money

Market

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4§

3,299

$

91,419

873

$

23,512

Class

R3

62,513

1,743,922

44,056

1,194,591

Class

R2

29,906

823,873

21,533

574,619

Class

R1

29,834

810,453

22,673

598,903

Total

premiums

and

contributions

125,552

3,469,667

89,135

2,391,625

Net

transfers

between

CREF

Accounts:

Class

R4§

3

52

(34)

(895)

Class

R3

2,998

83,570

14,481

385,895

Class

R2

1,775

48,990

(1,781)

(45,940)

Class

R1

(117)

(3,274)

348

9,002

Total

net

transfers

between

CREF

Accounts

4,659

129,338

13,014

348,062

Transfers

in

connection

with

new

class:

Class

R4§

–

–

873

23,413

Class

R3

–

–

(1)

(32)

Class

R2

–

–

(866)

(23,130)

Class

R1

–

–

(10)

(251)

Total

transfers

in

connection

with

new

class

–

–

(4)

–

Withdrawals

and

death

benefits:

Class

R4§

(2,340)

(64,857)

(228)

(6,174)

Class

R3

(60,974)

(1,690,059)

(47,760)

(1,282,829)

Class

R2

(26,914)

(741,698)

(22,549)

(602,969)

Class

R1

(25,601)

(695,643)

(22,285)

(588,384)

Total

withdrawals

and

death

benefits

(115,829)

(3,192,257)

(92,822)

(2,480,356)

Annuity

payments:

–

(13,723)

–

(13,126)

Net

increase

(decrease)

from

participant

transactions

14,382

393,025

9,323

246,205

§

Class

R4

commenced

operations

on

September

16,

2022.

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

$

101,283,985

$

22,446,547

$

(4,856,170)

$

17,590,377

Global

Equities

20,806,956

6,147,528

(979,009)

5,168,519

Growth

25,762,922

9,127,613

(837,985)

8,289,628

Equity

Index

7,719,429

15,618,058

(616,722)

15,001,336

Core

Bond

11,398,226

100,693

(882,258)

(781,565)

Inflation-Linked

Bond

7,328,350

31,453

(391,298)

(359,845)

Social

Choice

19,133,097

3,229,642

(974,875)

2,254,767

Money

Market

9,691,599

—

—

—

91

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Investment

advisory

services

for

the

Accounts

are

provided

by the

Adviser in

accordance

with

an

Investment

Management

Services

Agreement.

The

Adviser

is

a

registered

investment

adviser

and

a

wholly

owned

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

a

companion

organization

of

CREF.

Investment

management

expenses

generally

include

investment

management,

portfolio

accounting

and

custodial

services

and

are

the

same

across

all

classes

of

an

Account.

Administrative

services

are

provided

to

the

Accounts

by

TIAA,

pursuant

to

an

Administrative

Services

Agreement

with

CREF.

Distribution

functions

are

provided

to

the

Accounts

by

TIAA-CREF

Individual

&

Institutional

Services,

LLC

(“Services”),

a

wholly

owned

subsidiary

of

TIAA,

pursuant

to

a

Principal

Underwriting

and

Distribution

Services

Agreement

with

CREF

and

the

Rule

12b-1

plan.

Participants

invested

in

a

particular

CREF

Account

will

be

subject

to

different

administrative

and

distribution

expenses

depending

upon

the

class

of

the

Account

they

own.

TIAA

charges

a

mortality

and

expense

charge

of

0.005%

to

guarantee

that

CREF

participants

transferring

Accounts

to

TIAA

for

the

immediate

purchase

of

lifetime

payout

annuities

will

not

be

charged

more

than

the

rate

stipulated

in

the

CREF

contract. This

charge

is

the

same

across

all

Accounts

and

classes.

The

services

provided

by

the

Adviser,

Services,

and

TIAA

are

provided

to

CREF

at

cost,

and

CREF

also

reimburses

the

Adviser,

Services, and

TIAA

for

certain

third

party

expenses

and

trustee

fees

paid

on

its

behalf.

Payments

from

the

CREF

Accounts

are

made

on

a

daily

basis

according

to

formulas

established

each

year

with

the

objective

of

keeping

the

estimated

expenses

as

close

as

possible

to

each

Account’s

actual

expenses.

Any

differences

between

actual

expenses

and

the

estimated

expenses

remitted

are

adjusted.

As

of

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

December

31,

2023.

As

of

the

end

of

the

current

fiscal

period,

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):

Investment

Management

Fee

Administrative

Fee

Distribution

Fee

Account

All

Classes

Class

R4

Class

R3

Class

R2

Class

R1

Class

R4

Class

R3

Class

R2

Class

R1

20.1

Stock

0.100

%

0.011

%

0.152

%

0.212

%

0.334

%

0.002

%

0.019

%

0.032

%

0.058

%

20.2

Global

Equities

0.094

0.011

0.152

0.212

0.334

0.002

0.019

0.032

0.058

20.3

Growth

0.049

0.011

0.152

0.212

0.333

0.002

0.019

0.032

0.058

20.4

Equity

Index

0.011

0.011

0.152

0.212

0.334

0.003

0.019

0.032

0.058

20.5

Core

Bond

0.071

0.011

0.153

0.213

0.334

0.002

0.019

0.032

0.058

20.6

Inflation-Linked

Bond

0.026

0.011

0.153

0.213

0.334

0.002

0.019

0.032

0.058

20.7

Social

Choice

0.048

0.011

0.152

0.212

0.334

0.002

0.019

0.032

0.058

20.8

Money

Market

0.021

0.011

0.152

0.212

0.334

0.002

0.019

0.032

0.058

Account

Purchases

Sales

Realized

Gain

(Loss)

Stock

$

425,415

$

660,600

$

133,174

Global

Equities

55,235

56,797

5,051

Growth

78,495

286,868

42,261

Equity

Index

5,062

121,385

99,140

Social

Choice

44,857

11,579

469

Notes

to

Financial

Statements

(continued)

92

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):

9.

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. 

10.

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)

Spin-off

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Shares

at

12/31/23

Value

at

12/31/23

Stock

Common

stocks

Consumer

Services

Arcos

Dorados

Holdings,

Inc(b)

$

73,672

$

–

$

–

$

–

–

$

38,159

$

1,674

8,812,494

$

111,831

Consumer

Staples

Distribution

&

Retail

Cia

Brasileira

de

Distribuicao(b)

19,773

‡

26,20

5

4,098

(54

5

)

(37,483)

8,603

–

14,578,000

12,455

Media

&

Entertainment

HUYA,

Inc

(ADR)(b),(c)

16,500

‡

5,666

–

–

–

(546)

–

5,907,101

21,620

iClick

Interactive

Asia

Group

Ltd

(ADR)(b)

1,722

26

9

(465)

–

451

–

450,306

1,725

Software

&

Services

Kaonavi,

Inc(b)

6,707

‡

3,568

687

(807)

–

506

–

583,400

9,287

Total

$118,374

$35,465

$4,794

$(1,817)

$(37,483)

$47,173

$  1,674

30,331,301

$156,918

Global

Equities

Common

stocks

Australia

Software

&

Services

Tamboran

Resources

Ltd(b)

$–‡

$7,796

$144

$(71)

$11,520

$6,402

$–

166,332,488

$25,503

Total

$–

$7,796

$144

$(71)

$11,520

$6,402

$–

166,332,488

$25,503

‡

At

December

31,

2022,

the

issuer

was

not

an

affiliated

company

of

the

Account.

(b)

Non-income

producing

(c)

Security

on

loan

Additional

Account

Information

(Unaudited)

©2024

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

93

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.

The

CREF

Accounts

also

file

complete

portfolio

listings

with

the

SEC,

and

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

CREF

Accounts’

holdings

(Portfolios

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.

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.

January

1,

2024

Trustees

and

Officers

(Unaudited)

94

Trustees

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

CREF

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Experience

and

Qualifications

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Trustee

Other

Directorship(s)

and

Positions

Held

by

Trustee

Forrest

Berkley

730

Third

Avenue

New

York,

NY

10017

1954

Trustee

Four-year

term.

Trustee

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

9

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Carrier

730

Third

Avenue

New

York,

NY

10017

1960

Trustee

Four-year

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).  Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.   (2008–2020).

9

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

730

Third

Avenue

New

York,

NY

10017

1962

Trustee

Four-year

term.

Trustee

since

2018.

Distinguished

Senior

Fellow,

MIT

Sloan

and

Golub

Center

for

Finance

and

Policy

(since

2023).

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(2020–2023)

and

Chair

of

the

Finance

Department

(2005–2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

9

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

730

Third

Avenue

New

York,

NY

10017

1962

Trustee

Four-year

term.

Trustee

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.,

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

9

Independent

Director

and

Audit

Committee

Chair,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.,

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Howell

E.

Jackson

730

Third

Avenue

New

York,

NY

10017

1954

Trustee

Four-year

term.

Trustee

since

2005.

Special

Adviser,

White

House

Council

of

Economic

Advisers.

(since

2023).

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

9

Nicole

Thorne

Jenkins

730

Third

Avenue

New

York,

NY

10017

1970

Trustee

Four-year

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(since

2020).  Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

9

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Foundation

;

Treasurer

and

Director,

The

Montpelier

Foundation.

James

M.

Poterba

730

Third

Avenue

New

York,

NY

10017  

1958

Chairman

of

the

Board

and

Trustee

Four-year

term.

Trustee

since

2006.

Chairman

for

term

ending

December

31,

2028.  Chairman

since

January

1,

2024.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

9

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

95

Officers

Please

note

that

the

Funds’

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

Funds’

trustees

and

is

available,

without

charge,

through

our

website,

tiaa.org,

or

by

calling

800

223-1200.

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

CREF

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Richard

S.

Biegen

730

Third

Avenue

New

York,

NY

10017

1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds,

and

TIAA-CREF

Life

Funds.

Derek

B.

Dorn

730

Third

Avenue

New

York,

NY

10017

1976

Senior

Managing

Director,

General

Counsel

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director,

General

Counsel

and

Corporate

Secretary

since

2020.

Senior

Managing

Director,

General

Counsel

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

CREF

and

Separate

Account

VA-1.

Formerly,

Senior

Managing

Director

and

Corporate

Secretary

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

730

Third

Avenue

New

York,

NY

10017

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Formerly,

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

730

Third

Avenue

New

York,

NY

10017

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

CREF

and

Separate

Account

VA-1.

Formerly,

Executive

Vice

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Jose

Minaya

730

Third

Avenue

New

York,

NY

10017

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

CREF

and

TIAA

Separate

Account

VA-1.

Formerly,

Executive

Vice

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Colbert

Narcisse

730

Third

Avenue

New

York,

NY

10017

1965

President

and

Chief

Executive

Officer

One-year

term.

President

and

Chief

Executive

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Formerly,

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

E.

Scott

Wickerham

730

Third

Avenue

New

York,

NY

10017

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer

since

2020,

Principal

Accounting

Officer

since

2020

and

Treasurer

since

2017.

Senior

Managing

Director,

Head

of

Finance

for

Equities

and

Fixed

Income,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

CREF

and

TIAA

Separate

Account

VA-1.

Vice

President

and

Controller

(Principal

Financial

Officer),

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Vice

President

and

Controller

of

the

Nuveen

Funds.

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen,

and

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

Additional

Information

About

Index

Providers

(Unaudited)

96

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2024.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Bloomberg

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively

“Bloomberg”). Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

neither approves

nor

endorses

this

material,

nor

guarantees

the

accuracy

or

completeness

of

any

information

herein,

nor

makes

any

warranty,

express

or

implied,

as

to

the

results

to

be

obtained

therefrom

and,

to

the

maximum

extent

allowed

by

law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

MSCI

Indexes

Source:

MSCI.

The

MSCI

information

may

only

be

used

for

your

internal

use,

may

not

be

reproduced

or

redisseminated

in

any

form

and

may

not

be

used

as

a

basis

for

or

a

component

of

any

financial

instruments

or

products

or

indices.

None

of

the

MSCI

information

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

The

MSCI

information

is

provided

on

an

“as

is”

basis

and

the

user

of

this

information

assumes

the

entire

risk

of

any

use

made

of

this

information.

MSCI,

each

of

its

affiliates

and

each

other

person

involved

in

or

related

to

compiling,

computing

or

creating

any

MSCI

information

(collectively,

the

“MSCI

Parties”)

expressly

disclaims

all

warranties

(including,

without

limitation,

any

warranties

of

originality,

accuracy,

completeness,

timeliness,

non-infringement,

merchantability

and

fitness

for

a

particular

purpose)

with

respect

to

this

information.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

any

MSCI

Party

have

any

liability

for

any

direct,

indirect,

special,

incidental,

punitive,

consequential

(including,

without

limitation,

lost

profits)

or

any

other

damages.

(www.msci.com)

Morningstar

Index

©2024

Morningstar.

All

Rights

Reserved.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete

or

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

3297275

We’re

fond

of

paper...in

its

original

form.

Switch

to

eDelivery

at

TIAA.org/eDelivery

or

check

with

your

financial

advisor

or

brokerage

account

for

eDelivery

options

A10922

(2/24)

Item 2. Code of Conduct.

2(a)  The Board of Trustees of the College Retirement Equities Fund (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b)  No response required.

2(c)  During the reporting period, there were no material amendments to the code of conduct.

2(d)  During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

2(e)  Not applicable.

2(f) The Registrant has posted the code of conduct on its website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Joseph A. Carrier is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2022 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2022 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2022 Form N-CSR.

4(a)  Audit Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $899,103 and $864,522, respectively.

4(b)  Audit Related Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c)  Tax Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for tax services billed to the Registrant were $189,671 and $0, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d)  All Other Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for all other services billed to the Registrant were $13,993 and $2,171, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f)  The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g)  Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2023 and December 31, 2022, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $210,180 and $2,352,275, respectively.

4(h)  The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Report

of

Independent

Registered

Public

Accounting

Firm

1

To

the

Board

of

Trustees

of

College

Retirement

Equities

Fund

and

Participants

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

summary

portfolios

of

investments,

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

(constituting

College

Retirement

Equities

Fund,

hereafter

collectively

referred

to

as

the

"Accounts")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(included

in

Item

1

of

this

Form

N-CSR)

and

the

portfolios

of

investments

(included

in

Item

6

of

this

Form

N-CSR)

as

of

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

positions

of

each

of

the

Accounts

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Accounts’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Accounts’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Accounts

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

February

28,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

Portfolio

of

Investments

CREF

Stock

Account

December

31,

2023

1

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

CORPORATE

BONDS

-

0.0%

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

INR

4,636,868

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

55

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

55

TOTAL

CORPORATE

BONDS

55

(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

$209)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

99.5%

AUTOMOBILES

&

COMPONENTS

-

2.0%

13,843

AB

Dynamics

plc

316

57,198

Actron

Technology

Corp

345

180,100

(a)

Adient

plc

6,548

37,000

AIMA

Technology

Group

Co

Ltd

131

221,211

Aisin

Seiki

Co

Ltd

7,712

123,400

(a)

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

281

245,601

Apollo

Tyres

Ltd

1,340

277,206

(a)

Aptiv

plc

24,871

62,982

(b)

ARB

Corp

Ltd

1,540

59,946

Asahi

India

Glass

Ltd

415

357,490

(a),(c)

Aston

Martin

Lagonda

Global

Holdings

plc

1,024

477,400

Astra

Otoparts

Tbk

PT

73

543,259

(a),(b)

Atmus

Filtration

Technologies,

Inc

12,761

83,108

Autoliv,

Inc

9,158

31,015

Autoliv,

Inc

3,411

2,830

(b)

Autoneum

Holding

AG.

459

235,400

(a)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

204

60,121

Bajaj

Auto

Ltd

4,909

64,946

Balkrishna

Industries

Ltd

2,004

382,660

Bayerische

Motoren

Werke

AG.

42,579

58,099

Bayerische

Motoren

Werke

AG.

(Preference)

5,781

353,000

(a)

Beiqi

Foton

Motor

Co

Ltd

136

16,200

Bethel

Automotive

Safety

Systems

Co

Ltd

158

218,841

Bharat

Forge

Ltd

3,255

479,678

BorgWarner,

Inc

17,196

389

Bosch

Fren

Sistemleri

Sanayi

ve

Ticaret

AS.

142

631,554

Brembo

S.p.A

7,753

465,900

Bridgestone

Corp

19,242

1,318,000

Brilliance

China

Automotive

Holdings

Ltd

734

1,370,568

BYD

Co

Ltd

38,267

898,362

BYD

Co

Ltd

(H

shares)

24,781

16,678

Ceat

Ltd

486

9,339

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

173

1,702,885

Cheng

Shin

Rubber

Industry

Co

Ltd

2,489

CREF

Stock

Account

December

31,

2023

2

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

206,000

China

Motor

Corp

$

757

91,208

Chongqing

Changan

Automobile

Co

Ltd

216

103,508

CIE

Automotive

India

Ltd

585

31,486

CIE

Automotive

S.A.

896

1,210,190

Cie

Generale

des

Etablissements

Michelin

S.C.A

43,478

169,477

Cie

Plastic

Omnium

SA

2,249

619,975

(a)

Cofide

S.p.A.

295

718,936

Continental

AG.

61,060

49,138

Cub

Elecparts,

Inc

215

596,095

Daimler

AG.

(Registered)

41,129

1,200,178

Dana

Inc

17,535

1,536,000

Denso

Corp

23,059

70,000

Depo

Auto

Parts

Ind

Co

Ltd

335

2,906

DN

Automotive

Corp

165

255,442

(c)

Dometic

Group

AB

2,288

2,682,517

Dongfeng

Motor

Group

Co

Ltd

1,337

11,689,503

Dowlais

Group

plc

15,887

267,279

Dr

ING

hc

F

Porsche

AG.

23,541

948,700

DRB-Hicom

Bhd

287

10,100

Eagle

Industry

Co

Ltd

114

1,054

EGE

Endustri

VE

Ticaret

AS.

372

117,690

Eicher

Motors

Ltd

5,857

20,895

ElringKlinger

AG.

127

26,260

(c)

Endurance

Technologies

Ltd

610

24,582

Exedy

Corp

451

339,086

Exide

Industries

Ltd

1,294

127,239

Faurecia

2,882

101,900

FCC

Co

Ltd

1,255

155,827

Ferrari

NV

52,608

2,190,250

Ford

Motor

Co

26,699

56,368

Ford

Otomotiv

Sanayi

AS

1,415

50,200

Fras-Le

S.A.

176

500,600

Fuji

Heavy

Industries

Ltd

9,131

85,863

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

453

557,362

(c)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

2,714

42,567

Gabriel

India

Ltd

201

5,285,302

Geely

Automobile

Holdings

Ltd

5,822

1,357,297

General

Motors

Co

48,754

89,013

Gentex

Corp

2,907

23,670

(a)

Gentherm,

Inc

1,239

510,051

(c)

Gestamp

Automocion

S.A.

1,974

36,000

Global

PMX

Co

Ltd

151

103,560

(a)

Goodyear

Tire

&

Rubber

Co

1,483

121,759

Great

Wall

Motor

Co

Ltd

433

2,058,246

(b)

Great

Wall

Motor

Co

Ltd

2,676

223,900

G-Tekt

Corp

2,717

237,400

Guangzhou

Automobile

Group

Co

Ltd

293

3,137,042

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,459

112,135

GUD

Holdings

Ltd

917

8,639

(a)

Hanil

E-Hwa

Co

Ltd

128

62,050

(a)

Hankook

Tire

&

Technology

Co

Ltd

2,181

20,592

(a)

Hankook

Tire

Worldwide

Co

Ltd

250

150,559

Hanon

Systems

848

98,091

Harley-Davidson,

Inc

3,614

96,619

Hero

Honda

Motors

Ltd

4,803

26,967

(a)

HL

Mando

Co

Ltd

820

3,768,850

Honda

Motor

Co

Ltd

38,876

3,344,000

Hota

Industrial

Manufacturing

Co

Ltd

6,498

56,000

Hu

Lane

Associate,

Inc

290

165,215

Huayu

Automotive

Systems

Co

Ltd

379

586,000

(b)

Huazhong

In-Vehicle

Holdings

Co

Ltd

176

25,176

Huizhou

Desay

Sv

Automotive

Co

Ltd

460

3

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

51,925

Hyundai

Mobis

$

9,513

118,570

Hyundai

Motor

Co

18,652

32,751

Hyundai

Motor

Co

Ltd

(2nd

Preference)

2,900

140,461

Hyundai

Motor

Co

Ltd

(Preference)

12,354

26,304

(a)

Hyundai

Wia

Corp

1,324

10,776

(a)

Iljin

Hysolus

Co

ltd

219

363,000

(b)

Intron

Technology

Holdings

Ltd

103

474,200

Isuzu

Motors

Ltd

6,079

19,420

JBM

Auto

Ltd

342

67,689

JK

Tyre

&

Industries

Ltd

324

368,842

Johnson

Electric

Holdings

Ltd

586

167,200

JTEKT

Corp

1,411

14,596

Kayaba

Industry

Co

Ltd

506

501,904

Kenda

Rubber

Industrial

Co

Ltd

505

225,141

(a)

Kia

Motors

Corp

17,411

3,454

Knaus

Tabbert

AG.

179

159,000

(a)

Koito

Manufacturing

Co

Ltd

2,471

34,840

Kordsa

Teknik

Tekstil

AS.

92

96,921

(a)

Kumho

Tire

Co,

Inc

404

39,781

Lear

Corp

5,617

985,200

(a)

Li

Auto,

Inc

18,459

34,466

Linamar

Corp

1,665

573,325

(a),(b)

Lucid

Group,

Inc

2,414

178,706

(b)

Magna

International,

Inc

10,559

4,646

Maharashtra

Scooters

Ltd

414

5,047,329

Mahindra

&

Mahindra

Ltd

104,826

32,100

Mahle

Metal

Leve

S.A.

234

415,181

Martinrea

International,

Inc

4,493

116,418

Maruti

Suzuki

India

Ltd

14,404

465,373

Mazda

Motor

Corp

4,974

81,462

Minda

Corp

Ltd

378

673,426

Minth

Group

Ltd

1,362

542,700

Mitsubishi

Motors

Corp

1,718

69,689

(a),(b)

Mobileye

Global,

Inc

3,019

253,715

(a)

Modine

Manufacturing

Co

15,147

1,506,024

Motherson

Sumi

Wiring

India

Ltd

1,117

1,653

MRF

Ltd

2,573

34,038

Musashi

Seimitsu

Industry

Co

Ltd

363

25,834

(a)

Myoung

Shin

Industrial

Co

Ltd

377

293,000

(a)

Nan

Kang

Rubber

Tire

Co

Ltd

401

5,037,410

(a),(b),(c)

Nemak

SAB

de

C.V.

1,228

18,798

(a)

Nexen

Tire

Corp

117

590,000

(b)

Nexteer

Automotive

Group

Ltd

373

124,100

NGK

Spark

Plug

Co

Ltd

2,939

150,115

NHK

Spring

Co

Ltd

1,270

66,112

Nifco,

Inc

1,703

55,511

Ningbo

Joyson

Electronic

Corp

141

49,778

Ningbo

Tuopu

Group

Co

Ltd

515

1,192,172

(a)

NIO,

Inc

(ADR)

10,813

82,353

Nippon

Seiki

Co

Ltd

669

1,892,100

Nissan

Motor

Co

Ltd

7,398

42,010

Nissan

Shatai

Co

Ltd

274

64,188

NOK

Corp

853

108,878

Nokian

Renkaat

Oyj

995

31,600

Pacific

Industrial

Co

Ltd

287

9,519

Phinia,

Inc

288

133,362

Piaggio

&

C

S.p.A.

439

65,494

Piolax,

Inc

1,079

232,374

(c)

Pirelli

&

C

S.p.A

1,268

626,446

Porsche

AG.

32,013

20,816

(a)

Pricol

Ltd

95

1,339,100

PT

Selamat

Sempurna

Tbk

174

CREF

Stock

Account

December

31,

2023

4

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

56,076

PWR

Holdings

Ltd

$

373

60,123

(a),(b)

QuantumScape

Corp

418

64,634

Renault

S.A.

2,644

499,618

(a),(b)

Rivian

Automotive,

Inc

11,721

36,708

SAF-Holland

SE

616

470,323

SAIC

Motor

Corp

Ltd

897

161,700

Sailun

Group

Co

Ltd

268

2,042,518

Samvardhana

Motherson

International

Ltd

2,501

24,460

(c)

Sansera

Engineering

Ltd

299

428,000

Sanyang

Motor

Co

Ltd

994

409,335

Schaeffler

AG.

2,530

4,049

(a)

Sebang

Global

Battery

Co

Ltd

182

33,593

Seiren

Co

Ltd

589

78,700

(a)

Seres

Group

Co

Ltd

845

47,805

Shandong

Linglong

Tyre

Co

Ltd

130

11,400

Shenzhen

Kedali

Industry

Co

Ltd

136

37,400

Shoei

Co

Ltd

487

12,221

(a)

SL

Corp

338

5,914

SNT

Motiv

Co

Ltd

198

344,257

(c)

Sona

Blw

Precision

Forgings

Ltd

2,664

7,547,400

Sri

Trang

Agro-Industry

PCL

3,557

37,999

(a)

Ssangyong

Motor

Co

255

12,830

Standard

Motor

Products,

Inc

511

103,000

Stanley

Electric

Co

Ltd

1,932

1,423,117

Stellantis

NV

33,345

95,403

(a)

Stoneridge,

Inc

1,867

581,100

Sumitomo

Electric

Industries

Ltd

7,373

134,600

Sumitomo

Rubber

Industries,

Inc

1,458

4,973

(a)

Sundaram-Clayton

DCD

Pvt

Ltd

90

4,973

Sundaram-Clayton

Ltd

462

89,899

Sundram

Fasteners

Ltd

1,349

38,861

(a)

Sungwoo

Hitech

Co

Ltd

283

67,753

Suprajit

Engineering

Ltd

331

300,200

Suzuki

Motor

Corp

12,793

1,443,914

Tata

Motors

Ltd

13,527

3,215,393

(a)

Tesla,

Inc

798,961

38,806

Thor

Industries,

Inc

4,589

227,287

(c)

TI

Fluid

Systems

plc

445

548,000

(b)

Tianneng

Power

International

Ltd

463

110,617

Tofas

Turk

Otomobil

Fabrik

787

40,147

Tokai

Rika

Co

Ltd

617

19,517

Tokai

Rubber

Industries,

Inc

146

332,000

Tong

Yang

Industry

Co

Ltd

822

26,068

Topre

Corp

346

91,725

Toyo

Tire

&

Rubber

Co

Ltd

1,530

52,300

Toyoda

Gosei

Co

Ltd

978

68,195

Toyota

Boshoku

Corp

1,078

17,091,098

(a)

Toyota

Motor

Corp

313,172

9,340

Trigano

S.A.

1,533

70,400

TS

Tech

Co

Ltd

850

89,480

Tube

Investments

of

India

Ltd

3,807

53,000

Tung

Thih

Electronic

Co

Ltd

251

199,037

TVS

Motor

Co

Ltd

4,843

285,000

UMW

Holdings

BHD

309

141,104

UNO

Minda

Ltd

1,165

1,120,343

Valeo

17,316

44,391

(a),(c)

Varroc

Engineering

Ltd

295

36,500

(a)

Visteon

Corp

4,559

6,436

(a)

Vitesco

Technologies

Group

AG.

557

229,458

(a)

Vitesco

Technologies

Group

AG.

23,804

29,260

Volkswagen

AG.

(Preference)

3,606

638,993

(a),(b)

Volvo

Car

AB

2,072

5

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

828,100

(a),(b)

XPeng,

Inc

$

6,032

1,071,031

(c)

Yadea

Group

Holdings

Ltd

1,886

726,600

(b)

Yamaha

Motor

Co

Ltd

6,466

95,900

(b)

Yokohama

Rubber

Co

Ltd

2,192

480,480

Yulon

Motor

Co

Ltd

1,169

4,144

ZF

Commercial

Vehicle

Control

Systems

India

Ltd

797

436,200

(a),(b),(c)

Zhejiang

Leapmotor

Technologies

Ltd

1,996

TOTAL

AUTOMOBILES

&

COMPONENTS

2,364,717

BANKS

-

6.5%

3,030

(b)

1st

Source

Corp

166

42,003

77

Bank

Ltd

1,034

569,605

(c)

ABN

AMRO

Bank

NV

8,566

354,171

Absa

Group

Ltd

3,161

1,222,092

Abu

Dhabi

Commercial

Bank

PJSC

3,055

602,769

Abu

Dhabi

Islamic

Bank

PJSC

1,661

671,461

(a)

AFFIN

Holdings

Bhd

304

42,417,383

Agricultural

Bank

of

China

Ltd

16,362

2,367,562

Agricultural

Bank

of

China

Ltd

(Class

A)

1,215

17,306,275

AIB

Group

plc

74,119

31,600

Aichi

Financial

Group,

Inc

515

1,085,917

(a)

Ajman

Bank

PJSC

615

8,685,477

Akbank

TAS

10,742

830,849

Al

Ahli

Bank

of

Kuwait

KSCP

630

5,124,160

Al

Rajhi

Bank

118,809

2,487,400

Alinma

Bank

25,685

66,829

(a)

Alior

Bank

S.A.

1,297

700,800

Alliance

Financial

Group

BHD

517

913,733

(a)

Alpha

Services

and

Holdings

S.A.

1,552

315,270

(a),(d)

Amagerbanken

AS

0

^

108,660

Amalgamated

Financial

Corp

2,927

412,770

Ameris

Bancorp

21,897

717,934

AMMB

Holdings

BHD

626

101,000

(b)

Aozora

Bank

Ltd

2,190

271,615

Arab

National

Bank

1,836

72,873

(c)

AU

Small

Finance

Bank

Ltd

689

4,420,897

Australia

&

New

Zealand

Banking

Group

Ltd

78,109

21,444

Awa

Bank

Ltd

358

10,076,014

Axis

Bank

Ltd

133,350

382,890

(a)

Axos

Financial,

Inc

20,906

641,501

(a)

Banca

Monte

dei

Paschi

di

Siena

S.p.A

2,166

295,853

Banca

Popolare

di

Sondrio

SPA

1,918

11,900

Bancfirst

Corp

1,158

66,700

Banco

ABC

Brasil

S.A.

343

16,130,562

Banco

Bilbao

Vizcaya

Argentaria

S.A.

147,018

1,237,764

Banco

BPM

S.p.A.

6,559

6,229,286

Banco

Bradesco

S.A.

19,612

11,859,359

Banco

Bradesco

S.A.

(Preference)

41,356

35,313,206

(a)

Banco

Comercial

Portugues

S.A.

10,726

18,352,151

Banco

de

Chile

2,157

28,807

Banco

de

Credito

e

Inversiones

780

4,542,334

Banco

de

Sabadell

S.A.

5,591

1,720,871

(b),(c)

Banco

del

Bajio

S.A.

5,756

354,101

Banco

do

Brasil

S.A.

4,037

156,600

Banco

do

Estado

do

Rio

Grande

do

Sul

430

54,048

Banco

Itau

Chile

S.A.

526

265,100

Banco

Pan

S.A.

471

139,210

Banco

Santander

Brasil

S.A.

921

26,770,189

Banco

Santander

Chile

S.A.

1,307

528,779

Banco

Santander

S.A.

2,212

106,901

BanColombia

S.A.

916

201,940

BanColombia

S.A.

(Preference)

1,555

CREF

Stock

Account

December

31,

2023

6

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

299,713

(a)

Bancorp,

Inc

$

11,557

320,348

(c)

Bandhan

Bank

Ltd

928

5,584,900

(a)

Bank

Aladin

Syariah

Tbk

PT

450

198,641

Bank

AlBilad

2,378

148,834

(a)

Bank

Al-Jazira

742

1,959,600

Bank

BTPN

Syariah

Tbk

PT

215

29,657,386

(a)

Bank

Bukopin

Tbk

PT

154

47,209,070

Bank

Central

Asia

Tbk

PT

28,831

118,652

Bank

Hapoalim

Ltd

1,066

561,100

Bank

Islam

Malaysia

Bhd

270

3,105,800

(a)

Bank

Jago

Tbk

PT

584

148,676

Bank

Leumi

Le-Israel

1,197

460,828

(a)

Bank

Millennium

S.A.

979

45,830,706

Bank

Negara

Indonesia

Persero

Tbk

PT

15,992

11,438,350

Bank

of

America

Corp

385,129

440,811

Bank

of

Baroda

1,223

633,262

Bank

of

Beijing

Co

Ltd

404

286,100

Bank

of

Changsha

Co

Ltd

275

90,620

Bank

of

Chengdu

Co

Ltd

144

1,074,844

Bank

of

China

Ltd

-

A

605

70,375,912

Bank

of

China

Ltd

-

H

26,742

1,096,812

Bank

of

Communications

Co

Ltd

-

A

888

4,071,319

Bank

of

Communications

Co

Ltd

-

H

2,541

898,000

Bank

of

East

Asia

Ltd

1,108

102,667

Bank

of

Georgia

Group

plc

5,202

112,795

Bank

of

Hangzhou

Co

Ltd

159

3,832,893

Bank

of

Ireland

Group

plc

34,797

477,518

Bank

of

Jiangsu

Co

Ltd

450

443,312

(a)

Bank

of

Kaohsiung

Co

Ltd

177

935,142

Bank

of

Montreal

92,530

5,100

(a)

Bank

of

Nagoya

Ltd

196

214,914

Bank

of

Nanjing

Co

Ltd

224

156,174

Bank

of

Ningbo

Co

Ltd

443

875,258

(b)

Bank

of

Nova

Scotia

42,605

808,313

Bank

of

NT

Butterfield

&

Son

Ltd

25,874

533,595

(b)

Bank

of

Queensland

Ltd

2,212

403,299

Bank

of

Shanghai

Co

Ltd

339

206,200

Bank

of

Suzhou

Co

Ltd

188

853,778

Bank

of

the

Philippine

Islands

1,600

130,800

Bank

OZK

6,518

73,975

Bank

Pekao

S.A.

2,860

2,724,511

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

203

7,304,400

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

PT

297

302,739,368

Bank

Rakyat

Indonesia

112,518

4,944,462

Bank

Tabungan

Negara

Persero

Tbk

PT

401

14,602

Bank

Zachodni

WBK

S.A.

1,818

543,700

Bankinter

S.A.

3,487

146,100

BankUnited,

Inc

4,738

308,958

Banner

Corp

16,548

31,563

(b)

Banque

Cantonale

Vaudoise

4,071

247,239

Banque

Saudi

Fransi

2,636

20,939,742

Barclays

plc

41,001

793,760

(c)

BAWAG

Group

AG.

42,007

9,162,349

BDO

Unibank,

Inc

21,586

458,149

Bendigo

Bank

Ltd

3,021

84,065

Berkshire

Hills

Bancorp,

Inc

2,087

215,950

BNK

Financial

Group,

Inc

1,194

1,362,278

BNP

Paribas

S.A.

94,604

3,266,125

BOC

Hong

Kong

Holdings

Ltd

8,873

552,835

Boubyan

Bank

KSCP

1,079

806,578

(b)

BPER

Banca

2,704

5,836

(a)

BRE

Bank

S.A.

794

7

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

676,031

Brookline

Bancorp,

Inc

$

7,375

2,611,299

Bumiputra-Commerce

Holdings

BHD

3,325

568,691

Burgan

Bank

SAK

318

186,555

Byline

Bancorp,

Inc

4,395

9,312,060

CaixaBank

S.A.

38,350

668,687

Canadian

Imperial

Bank

of

Commerce

32,197

77,985

(b)

Canadian

Western

Bank

1,817

173,686

Capitec

Bank

Holdings

Ltd

19,379

1,831,040

Capitol

Federal

Financial,

Inc

11,810

60,748

Cathay

General

Bancorp

2,708

98,471

Central

Pacific

Financial

Corp

1,938

2,000,811

Chang

Hwa

Commercial

Bank

1,166

1,865,400

Chiba

Bank

Ltd

13,439

21,074,490

China

Citic

Bank

9,939

455,407

China

Construction

Bank

Corp

-

A

418

83,768,546

China

Construction

Bank

Corp

-

H

49,830

1,339,504

China

Everbright

Bank

Co

Ltd

-

A

548

2,124,845

China

Everbright

Bank

Co

Ltd

-

H

631

1,663,481

China

Merchants

Bank

Co

Ltd

5,786

1,988,770

China

Merchants

Bank

Co

Ltd

(Class

A)

7,804

992,848

China

Minsheng

Banking

Corp

Ltd

-

A

524

3,195,491

(b)

China

Minsheng

Banking

Corp

Ltd

-

H

1,085

670,537

China

Zheshang

Bank

Co

Ltd

238

28,464,388

Chinatrust

Financial

Holding

Co

26,267

1,002,200

Chongqing

Rural

Commercial

Bank

Co

Ltd

577

116,600

Chugin

Financial

Group,

Inc

827

1,358,814

Citigroup,

Inc

69,897

1,344,740

Citizens

Financial

Group,

Inc

44,565

278,078

City

Union

Bank

Ltd

498

122,947

Close

Brothers

Group

plc

1,242

67,468

(a)

Collector

Bank

AB

291

157,217

Columbia

Banking

System,

Inc

4,195

38,791

Comerica,

Inc

2,165

45,667

(b)

Commerce

Bancshares,

Inc

2,439

1,355,557

Commercial

Bank

PSQC

2,215

1,065,874

Commercial

International

Bank

2,514

5,248,454

Commerzbank

AG.

62,382

2,152,994

Commonwealth

Bank

of

Australia

164,095

291,492

Community

Bank

System,

Inc

15,190

51,380

(b)

Community

Trust

Bancorp,

Inc

2,254

938,000

Concordia

Financial

Group

Ltd

4,276

21,950

ConnectOne

Bancorp,

Inc

503

224,440

Credicorp

Ltd

33,650

36,336

Credit

Agricole

S.A.

517

66,555

Credito

Emiliano

S.p.A.

592

41,360

(a)

CrossFirst

Bankshares,

Inc

562

44,360

(a)

Customers

Bancorp,

Inc

2,556

161,000

CVB

Financial

Corp

3,251

5,646,074

(a),(d)

Cyprus

Popular

Bank

PCL

62

299,627

Dah

Sing

Banking

Group

Ltd

193

135,508

Dah

Sing

Financial

Holdings

Ltd

278

28,586

Daishi

Hokuetsu

Financial

Group,

Inc

775

1,151,371

Danske

Bank

AS

30,778

1,600,765

DBS

Group

Holdings

Ltd

40,481

80,886

DCB

Bank

Ltd

129

125,006

(a)

DGB

Financial

Group,

Inc

822

30,135

DNB

Bank

ASA

641

1,870,201

Doha

Bank

QPSC

937

1,193,887

Dubai

Islamic

Bank

PJSC

1,859

1,618,867

Dukhan

Bank

1,776

11,965,748

E.Sun

Financial

Holding

Co

Ltd

10,053

377,970

Eagle

Bancorp,

Inc

11,392

CREF

Stock

Account

December

31,

2023

8

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

170,610

East

West

Bancorp,

Inc

$

12,275

794,637

Emirates

NBD

Bank

PJSC

3,743

84,565

Enterprise

Financial

Services

Corp

3,776

23,210

(a),(b)

Equitable

Group,

Inc

1,528

439,174

(c)

Equitas

Small

Finance

Bank

Ltd

557

11,724

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

475

1,034,549

(a)

Eurobank

Ergasias

Services

and

Holdings

S.A.

1,838

1,688,578

Far

Eastern

International

Bank

695

21,240

FB

Financial

Corp

846

1,358,568

Federal

Bank

Ltd

2,547

13,451

FIBI

Holdings

Ltd

586

3,509,757

Fifth

Third

Bancorp

121,052

12,170

Financial

Institutions,

Inc

259

847,722

FinecoBank

Banca

Fineco

S.p.A

12,753

1,842,883

First

Abu

Dhabi

Bank

PJSC

7,005

62,791

First

BanCorp

1,033

51,023

First

Citizens

Bancshares,

Inc

(Class

A)

72,400

130,000

First

Commonwealth

Financial

Corp

2,007

573,241

First

Financial

Bankshares,

Inc

17,369

62,690

(b)

First

Financial

Corp

2,698

4,420,331

First

Financial

Holding

Co

Ltd

3,944

195,470

First

Hawaiian,

Inc

4,468

395,506

First

Horizon

National

Corp

5,600

192,432

First

International

Bank

Of

Israel

Ltd

7,866

5,200

(a),(d)

FS

Finans

A.S.

0

^

145,900

Fukuoka

Financial

Group,

Inc

3,432

4,468,185

Grupo

Financiero

Banorte

S.A.

de

C.V.

44,932

750,877

(a),(b)

Grupo

Financiero

Inbursa

S.A.

2,065

1,205,431

Grupo

Security

S.A.

353

820,287

Gulf

Bank

KSCP

750

277,800

Gunma

Bank

Ltd

1,356

299,100

Hachijuni

Bank

Ltd

1,663

441,127

Haci

Omer

Sabanci

Holding

AS

903

122,054

Hana

Financial

Group,

Inc

4,094

677,135

Hang

Seng

Bank

Ltd

7,906

53,200

Hanmi

Financial

Corp

1,032

5,461,967

HDFC

Bank

Ltd

111,839

921,227

HDFC

Bank

Ltd

(ADR)

61,824

212,252

Heartland

Financial

USA,

Inc

7,983

166,370

Hilltop

Holdings,

Inc

5,858

204,302

Hirogin

Holdings,

Inc

1,304

14,700

Hokkoku

Financial

Holdings,

Inc

481

95,760

Hokuhoku

Financial

Group,

Inc

1,031

718,468

Home

Bancshares,

Inc

18,199

244,912

Hong

Leong

Bank

BHD

1,007

103,060

Hope

Bancorp,

Inc

1,245

10,114,294

HSBC

Holdings

plc

81,824

3,447,510

Hua

Nan

Financial

Holdings

Co

Ltd

2,509

407,286

Huaxia

Bank

Co

Ltd

323

597,399

Huntington

Bancshares,

Inc

7,599

147,374

Hyakugo

Bank

Ltd

557

3,443,993

ICICI

Bank

Ltd

41,155

2,905,280

(a)

IDFC

First

Bank

Ltd

3,100

110,200

Independent

Bank

Corp

2,867

250,205

IndusInd

Bank

Ltd

4,803

1,734,739

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,169

57,055,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

27,806

514,105

Industrial

Bank

Co

Ltd

1,175

116,443

(a)

Industrial

Bank

of

Korea

1,070

24,586,528

ING

Groep

NV

368,664

24,009

Intercorp

Financial

Services,

Inc

527

157,100

International

Bancshares

Corp

8,534

9

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,312,363

Intesa

Sanpaolo

S.p.A.

$

18,472

2,090,623

Investimentos

Itau

S.A.

-

PR

4,458

3,711,085

(b)

iShares

Core

MSCI

EAFE

ETF

261,075

2,114,175

iShares

Core

MSCI

Emerging

Markets

ETF

106,935

125,414

Israel

Discount

Bank

Ltd

628

12,992,402

Itau

Unibanco

Holding

S.A.

90,395

219,054

Iyogin

Holdings,

Inc

1,468

185,245

Jammu

&

Kashmir

Bank

Ltd

274

1,208,300

Japan

Post

Bank

Co

Ltd

12,297

119,493

JB

Financial

Group

Co

Ltd

1,053

4,926,733

JPMorgan

Chase

&

Co

838,037

506,854

(a)

Judo

Capital

Holdings

Ltd

346

25,740

Juroku

Financial

Group,

Inc

679

38,744

Jyske

Bank

2,778

70,391

(a)

KakaoBank

Corp

1,550

96,536

Karnataka

Bank

Ltd

271

394,051

Karur

Vysya

Bank

Ltd

799

5,708,000

Kasikornbank

PCL

-

NVDR

22,549

239,000

Kasikornbank

PCL

(Foreign)

944

1,342,904

KB

Financial

Group,

Inc

56,028

27,220

KBC

Ancora

1,249

615,100

KBC

Groep

NV

39,920

65,248

Keiyo

Bank

Ltd

314

181,000

Kiatnakin

Phatra

Bank

PCL

266

572,000

King's

Town

Bank

Co

Ltd

744

43,819

Kiyo

Bank

Ltd

490

28,989

Komercni

Banka

AS

939

459,201

Kotak

Mahindra

Bank

Ltd

10,521

3,052,896

Krung

Thai

Bank

PCL

1,644

3,391,349

Kuwait

Finance

House

KSCP

8,009

773,031

Kuwait

International

Bank

KSCP

377

1,653,792

Kuwait

Projects

Co

Holding

KSCP

565

193,200

Kyoto

Financial

Group,

Inc

3,002

269,100

Kyushu

Financial

Group,

Inc

1,551

63,780

Lakeland

Bancorp,

Inc

943

31,180

Lakeland

Financial

Corp

2,032

34,846

(b)

Laurentian

Bank

of

Canada

733

292,831

Live

Oak

Bancshares,

Inc

13,324

4,076,479

Lloyds

TSB

Group

plc

2,473

443,559

M&T

Bank

Corp

60,803

2,260,830

Malayan

Banking

BHD

4,373

1,784,600

Malaysia

Building

Society

Bhd

275

2,327,109

Masraf

Al

Rayan

QSC

1,657

861,000

Mebuki

Financial

Group,

Inc

2,612

1,005,122

Mediobanca

S.p.A.

12,455

10,061,723

Mega

Financial

Holding

Co

Ltd

12,839

734,914

Metropolitan

Bank

&

Trust

681

20,650

Mid

Penn

Bancorp,

Inc

501

17,561,326

Mitsubishi

UFJ

Financial

Group,

Inc

150,714

15,308

Mizrahi

Tefahot

Bank

Ltd

593

2,133,724

Mizuho

Financial

Group,

Inc

36,397

138,602

(c)

Moneta

Money

Bank

AS

580

25,668

Musashino

Bank

Ltd

484

21,849

Nanto

Bank

Ltd

377

2,771,117

National

Australia

Bank

Ltd

57,919

164,665

National

Bank

Holdings

Corp

6,124

245,327

(b)

National

Bank

of

Canada

18,700

1,362,053

(a)

National

Bank

of

Greece

S.A.

9,463

3,180,367

National

Bank

of

Kuwait

SAKP

9,252

6,846,642

NatWest

Group

plc

19,071

190,835

Nedbank

Group

Ltd

2,253

99,064

Nishi-Nippon

Financial

Holdings,

Inc

1,142

CREF

Stock

Account

December

31,

2023

10

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,420,448

Nordea

Bank

Abp

$

154,198

2,409,900

Nordea

Bank

Abp

29,917

212,597

North

Pacific

Bank

Ltd

534

490,210

Northwest

Bancshares,

Inc

6,118

4,523,032

(a)

NU

Holdings

Ltd

37,677

1,135,000

O-Bank

Co

Ltd

369

452,357

OceanFirst

Financial

Corp

7,853

480,784

OFG

Bancorp

18,020

23,107

Ogaki

Kyoritsu

Bank

Ltd

308

18,000

Okinawa

Financial

Group,

Inc

299

94,397

OTP

Bank

Rt

4,300

4,112,946

Oversea-Chinese

Banking

Corp

40,469

156,100

Pacific

Premier

Bancorp,

Inc

4,544

177,040

Pathward

Financial,

Inc

9,371

5,690

Peoples

Bancorp,

Inc

192

1,586,096

(a)

Permanent

TSB

Group

Holdings

plc

2,977

466,584

Ping

An

Bank

Co

Ltd

618

600,188

(a)

Piraeus

Financial

Holdings

S.A.

2,121

424,407

PNC

Financial

Services

Group,

Inc

65,719

28,461

Popular,

Inc

2,336

725,837

Postal

Savings

Bank

of

China

Co

Ltd

-

A

445

3,498,972

(c)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

1,673

822,817

(a)

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

10,527

201,417

Preferred

Bank

14,714

281,450

Premier

Financial

Corp

6,783

29,250

Primis

Financial

Corp

370

87,092

Prosperity

Bancshares,

Inc

5,899

415,100

Provident

Financial

Services,

Inc

7,484

74,597,970

PT

Bank

Mandiri

Persero

Tbk

29,305

5,969,880

Public

Bank

Bhd

5,572

374,340

Qatar

International

Islamic

Bank

QSC

1,084

681,662

Qatar

Islamic

Bank

SAQ

3,913

1,919,469

Qatar

National

Bank

QPSC

8,457

88,212

QCR

Holdings,

Inc

5,151

120,176

Raiffeisen

International

Bank

Holding

AG.

2,476

58,000

(a),(b)

Rakuten

Bank

Ltd

867

340,977

(c)

RBL

Bank

Ltd

1,143

195,600

(b)

Regional

SAB

de

C.V.

1,869

50,140

Renasant

Corp

1,689

3,034,300

Resona

Holdings,

Inc

15,382

566,369

RHB

Capital

BHD

672

22,026

Ringkjoebing

Landbobank

A.S.

3,235

609,528

Riyad

Bank

4,638

1,019,241

Royal

Bank

of

Canada

103,074

115,164

San-In

Godo

Bank

Ltd

810

416,928

Saudi

Awwal

Bank

4,178

204,962

Saudi

Investment

Bank

869

2,121,103

Saudi

National

Bank

21,875

43,900

(b)

SBI

Sumishin

Net

Bank

Ltd

481

758,661

SCB

X

PCL

2,321

346,690

Security

Bank

Corp

448

122,200

(a)

Senshu

Ikeda

Holdings,

Inc

279

512,700

Seven

Bank

Ltd

1,088

1,606,331

Shanghai

Commercial

&

Savings

Bank

Ltd

2,448

690,034

Shanghai

Pudong

Development

Bank

Co

Ltd

644

662,700

Shanghai

Rural

Commercial

Bank

Co

Ltd

536

1,062,496

Sharjah

Islamic

Bank

703

27,200

Shiga

Bank

Ltd

672

383,499

Shinhan

Financial

Group

Co

Ltd

11,890

411,100

Shizuoka

Financial

Group,

Inc

3,476

4,199,877

SinoPac

Financial

Holdings

Co

Ltd

2,694

5,003,367

Skandinaviska

Enskilda

Banken

AB

(Class

A)

69,050

11

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,275,180

Societe

Generale

$

33,927

855,824

South

Indian

Bank

Ltd

274

232,184

SouthState

Corp

19,608

59,593

Spar

Nord

Bank

A.S.

941

29,425

Sparebank

Oestlandet

384

147,336

SpareBank

SR-Bank

ASA

1,869

116,462

Sparebanken

Midt-Norge

1,625

203,928

Sparebanken

Nord-Norge

2,071

2,402

St

Galler

Kantonalbank

1,404

2,864,476

Standard

Bank

Group

Ltd

32,587

4,963,748

Standard

Chartered

plc

42,123

744,794

State

Bank

of

India

5,741

83,318

(b)

Stellar

Bancorp,

Inc

2,320

2,598,697

Sumitomo

Mitsui

Financial

Group,

Inc

126,452

1,415,542

Sumitomo

Mitsui

Trust

Holdings,

Inc

27,110

122,764

Suruga

Bank

Ltd

677

48,704

Svenska

Handelsbanken

AB

529

28,160

Swedbank

AB

(A

Shares)

569

109,591

Sydbank

AS

4,766

2,665,102

Taichung

Commercial

Bank

Co

Ltd

1,380

4,501,956

Taishin

Financial

Holdings

Co

Ltd

2,653

2,445,312

Taiwan

Business

Bank

1,090

4,249,192

Taiwan

Cooperative

Financial

Holding

Co

Ltd

3,696

31,123

Tamilnad

Mercantile

Bank

Ltd

189

97,629

TBC

Bank

Group

plc

3,522

2,250,200

Thanachart

Capital

PCL

3,262

22,893,900

TMB

Bank

PCL

(Foreign)

1,119

116,343

Toho

Bank

Ltd

236

18,900

Tokyo

Kiraboshi

Financial

Group,

Inc

531

107,364

TOMONY

Holdings,

Inc

297

1,325,467

Toronto-Dominion

Bank

85,647

29,620

Towne

Bank

881

461,439

Truist

Financial

Corp

17,036

41,060

(b)

TrustCo

Bank

Corp

NY

1,275

12,643,568

Turkiye

Is

Bankasi

(Series

C)

9,990

487,047

(c)

Ujjivan

Small

Finance

Bank

Ltd

333

3,109,267

(c)

Unicaja

Banco

S.A.

3,062

1,564,161

UniCredit

S.p.A

42,592

1,467,353

Union

Bank

Of

Taiwan

688

132,390

United

Bankshares,

Inc

4,971

1,112,517

United

Overseas

Bank

Ltd

24,012

129,720

(b)

Univest

Financial

Corp

2,858

12,711

Valiant

Holding

AG.

1,442

406,925

Veritex

Holdings,

Inc

9,469

3,162,232

Virgin

Money

UK

plc

6,607

635,093

(a),(d)

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

(a),(d)

VTB

Bank

PJSC

(GDR)

Tradegate

7

904,530

Warba

Bank

KSCP

547

81,900

Washington

Trust

Bancorp,

Inc

2,652

11,746,925

Wells

Fargo

&

Co

578,184

352,840

WesBanco,

Inc

11,069

39,790

Westamerica

Bancorporation

2,245

3,114,205

Westpac

Banking

Corp

48,589

269,719

Wintrust

Financial

Corp

25,016

258,299

Woori

Financial

Group,

Inc

2,600

238,960

WSFS

Financial

Corp

10,975

145,399

Yamaguchi

Financial

Group,

Inc

1,299

1,417,348

Yapi

ve

Kredi

Bankasi

937

5,355,780

(a)

Yes

Bank

Ltd

1,380

TOTAL

BANKS

7,627,368

CREF

Stock

Account

December

31,

2023

12

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

CAPITAL

GOODS

-

8.4%

655,246

3M

Co

$

71,632

2,279

3M

India

Ltd

1,022

172,409

A.O.

Smith

Corp

14,213

78,982

Aalberts

Industries

NV

3,433

47,800

(a)

AAR

Corp

2,983

8,700

(a),(b)

Abalance

Corp

202

757,708

ABB

Ltd

33,641

46,807

ABB

Ltd

India

2,629

1,380,349

Aboitiz

Equity

Ventures,

Inc

1,111

425,749

AcBel

Polytech,

Inc

569

292,352

Accelleron

Industries

AG.

9,143

19,015

(b)

Ackermans

&

Van

Haaren

3,336

7,024

ACS

Actividades

de

Construccion

y

Servicios

S.A.

312

86,000

Acter

Co

Ltd

497

28,149

Action

Construction

Equipment

Ltd

280

12,169

Acuity

Brands,

Inc

2,493

145,812

Adani

Enterprises

Ltd

4,986

209,013

AddTech

AB

4,599

14,985

ADENTRA,

Inc

362

32,317

Advanced

Drainage

Systems,

Inc

4,545

25,000

Advanced

Energy

Solution

Holding

Co

Ltd

612

42,827

AECC

Aero-Engine

Control

Co

Ltd

120

144,252

AECC

Aviation

Power

Co

Ltd

760

242,573

Aecom

Technology

Corp

22,421

222,128

(b)

Aecon

Group,

Inc

2,191

210,220

(a)

AerCap

Holdings

NV

15,624

149,130

(a)

Aerovironment,

Inc

18,796

189,240

(a),(b)

AerSale

Corp

2,402

39,954

(b)

AFG

Arbonia-Forster

Hldg

458

15,108

AG.

Growth

International,

Inc

576

12,903

AGCO

Corp

1,567

18,108

Ahluwalia

Contracts

India

Ltd

169

34,797

AIA

Engineering

Ltd

1,542

87,400

Aichi

Corp

674

119,841

Aida

Engineering

Ltd

700

78,729

Air

Lease

Corp

3,302

1,295,420

Airbus

SE

200,127

118,226

Airtac

International

Group

3,885

17,469

Aker

ASA

(A

Shares)

1,143

13,300

Alamo

Group,

Inc

2,796

141,918

Alarko

Holding

AS.

436

138,780

Albany

International

Corp

(Class

A)

13,631

9,701

Alfa

Laval

AB

388

2,539,800

(b)

Alfa

S.A.

de

C.V.

(Class

A)

2,040

18,163

(a),(b),(c)

Alfen

,NV

1,212

107,912

(c)

Alimak

Group

AB

881

247,303

Allegion

plc

31,331

2,357,300

Alliance

Global

Group,

Inc

480

173,403

Allison

Transmission

Holdings,

Inc

10,083

724,204

(b)

Alstom

RGPT

9,766

41,396

Alstom

T&D

India

Ltd

250

208,520

Alta

Equipment

Group,

Inc

2,579

2,074,000

Amada

Co

Ltd

21,559

68,548

Amara

Raja

Batteries

Ltd

672

779,682

Ametek,

Inc

128,562

54,169

Andritz

AG.

3,370

12,665

Apar

Industries

Ltd

921

204,560

(a)

API

Group

Corp

7,078

128,230

Apogee

Enterprises,

Inc

6,849

174,078

Applied

Industrial

Technologies,

Inc

30,062

162,579

(a)

Arabi

Group

Holding

KSC

271

13

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,896

(a)

Arad

Investment

&

Industrial

Development

Ltd

$

361

302,148

Arcosa,

Inc

24,970

91,400

Armac

Locacao

Logistica

E

Servicos

S.A.

321

92,417

Armstrong

World

Industries,

Inc

9,086

809,959

(a)

Array

Technologies,

Inc

13,607

157,000

(b)

Asahi

Glass

Co

Ltd

5,819

1,186,873

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

1,812

606,315

Ashok

Leyland

Ltd

1,322

72,069

(a)

Ashoka

Buildcon

Ltd

120

2,293,755

Ashtead

Group

plc

159,432

37,919

Ashtrom

Group

Ltd

588

2,375,104

Assa

Abloy

AB

68,449

29,633

Astra

Industrial

Group

1,045

113,532,807

Astra

International

Tbk

PT

41,635

345,777

Astral

Ltd

7,922

137,775

(a)

Atkore,

Inc

22,044

2,685,707

Atlas

Copco

AB

46,278

51,302

Atlas

Copco

AB

761

123,732

(a)

ATS

Corp

5,333

277,939

Austal

Ltd

384

726,037

AviChina

Industry

&

Technology

Co

Ltd

311

22,959

AVICOPTER

plc

125

52,828

(a)

Axon

Enterprise,

Inc

13,647

99,741

Ayala

Corp

1,226

2,215

(a),(d)

Ayala

Corp

Preferred

0

^

172,783

(a)

AZEK

Co,

Inc

6,609

495,410

(a),(b)

Babcock

&

Wilcox

Enterprises,

Inc

723

193,036

Babcock

International

Group

971

117,179

Badger

Infrastructure

Solutions

Ltd

3,600

2,648,243

BAE

Systems

plc

37,486

148,428

(a)

Bajel

Projects

Ltd

237

453,477

Balfour

Beatty

plc

1,910

193,892

(a),(b)

Ballard

Power

Systems,

Inc

718

146,624

Barloworld

Ltd

633

20,521

Bawan

Co

245

9,895

BayWa

AG.

342

73,560

(a)

Beacon

Roofing

Supply,

Inc

6,401

411,918

(b)

Beijer

Ref

AB

5,528

18,400

Beijing

Easpring

Material

Technology

Co

Ltd

99

83,712

Beijing

New

Building

Materials

plc

276

29,870

Beijing

United

Information

Technology

Co

Ltd

93

19,814

Belimo

Holding

AG.

10,936

15,502

BEML

Ltd

527

1,252,000

BES

Engineering

Corp

542

436,530

Bharat

Dynamics

Ltd

8,976

3,251,384

Bharat

Electronics

Ltd

7,193

242,905

Bidvest

Group

Ltd

3,350

72,820

(a)

Bien

Yapi

Urunleri

Sanayi

Turizm

ve

Ticaret

AS.

102

106,937

Bizlink

Holding,

Inc

929

348,180

(a)

Blue

Bird

Corp

9,387

94,596

Blue

Star

Ltd

1,076

1,584,606

(c)

BOC

Aviation

Ltd

12,129

153,721

Bodycote

plc

1,165

1,991,652

(a)

Boeing

Co

519,144

65,190

Boise

Cascade

Co

8,433

69,180

(a)

Bombardier,

Inc

2,778

4,715

(b)

Bossard

Holding

AG.

1,241

199,434

Bouygues

S.A.

7,525

494,045

Brenntag

SE

45,406

335,000

Brighton-Best

International

Taiwan,

Inc

386

16,490

Brookfield

Business

Corp

384

5,252

Bucher

Industries

AG.

2,208

CREF

Stock

Account

December

31,

2023

14

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,863

Budimex

S.A.

$

1,728

20,228

Bufab

AB

777

147,471

(a)

Builders

FirstSource,

Inc

24,619

36,700

Bunka

Shutter

Co

Ltd

364

394,474

Bunzl

plc

16,030

14,227

Burckhardt

Compression

Holding

AG.

8,582

14,476

Burkhalter

Holding

AG.

1,596

68,680

BWX

Technologies,

Inc

5,270

1,170

(b)

Bystronic

AG.

664

90,746

(a)

Cadeler

A.S.

419

299,045

(a)

CAE,

Inc

6,455

18,200

Carbone

Lorraine

708

35,453

(c)

Carel

Industries

S.p.A

971

32,151

Cargotec

Corp

(B

Shares)

1,875

36,984

Carlisle

Cos,

Inc

11,555

3,815,302

Carrier

Global

Corp

219,189

527,997

Caterpillar,

Inc

156,113

15,400

Central

Glass

Co

Ltd

290

5,180

Cera

Sanitaryware

Ltd

488

112,817

(a),(b)

Ceres

Power

Holdings

plc

263

249,537

CG

Power

&

Industrial

Solutions

Ltd

1,362

1,049,700

CH

Karnchang

PCL

639

244,978

(a),(b)

ChargePoint

Holdings,

Inc

573

1,018,575

Chemring

Group

plc

4,551

874,000

Chicony

Power

Technology

Co

Ltd

4,140

453,500

(a)

Chin

Hin

Group

Bhd

348

290,000

China

Aircraft

Leasing

Group

Holdings

Ltd

134

96,122

China

Baoan

Group

Co

Ltd

159

1,210,000

China

Communications

Services

Corp

Ltd

502

1,089,000

China

Conch

Venture

Holdings

Ltd

904

234,200

China

CSSC

Holdings

Ltd

972

1,739,000

China

Energy

Engineering

Corp

Ltd

515

517,000

(a),(b)

China

High

Speed

Transmission

Equipment

Group

Co

Ltd

108

830,000

China

Lesso

Group

Holdings

Ltd

434

144,700

China

National

Chemical

Engineering

Co

Ltd

130

594,018

China

Railway

Group

Ltd

-

A

476

3,730,000

China

Railway

Group

Ltd

-

H

1,663

754,000

China

State

Construction

Development

Holdings

Ltd

222

1,067,300

China

State

Construction

Engineering

Corp

Ltd

724

870,000

China

State

Construction

International

Holdings

Ltd

1,007

254,500

China

XD

Electric

Co

Ltd

177

138,545

(a),(b)

Chiyoda

Corp

334

101,700

Chudenko

Corp

1,858

300,000

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp

1,137

612,000

CIMC

Enric

Holdings

Ltd

554

2,710,517

Citic

Pacific

Ltd

2,710

12,952,000

Citic

Resources

Holdings

Ltd

581

10,544

(a)

CJ

Corp

770

2,180,586

CK

Hutchison

Holdings

Ltd

11,715

41,593

CKD

Corp

747

894,900

CNH

Industrial

NV

10,900

433,500

CNPC

Capital

Co

Ltd

330

32,095

(c)

Cochin

Shipyard

Ltd

522

6,123

Colt

CZ

Group

SE

145

147,094

Columbus

McKinnon

Corp

5,740

232,348

Comfort

Systems

USA,

Inc

47,787

70,420

(a),(b)

Commercial

Vehicle

Group,

Inc

494

817,884

Compagnie

de

Saint-Gobain

60,317

90,217

COMSYS

Holdings

Corp

1,987

38,364

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

1,382

35,820

(a)

Construction

Partners,

Inc

1,559

1,365,355

Contemporary

Amperex

Technology

Co

Ltd

31,431

15

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

239,000

Continental

Holdings

Corp

$

220

229,556

(a)

Core

&

Main,

Inc

9,276

583,900

COSCO

SHIPPING

Development

Co

Ltd

193

4,762

Craftsman

Automation

Ltd

309

144,828

Crane

Co

17,110

38,617

(a)

Creative

&

Innovative

System

328

21,361

CS

Wind

Corp

1,157

472,000

(a)

CSBC

Corp

Taiwan

312

85,200

CSSC

Science

&

Technology

Co

Ltd

223

431,000

CTCI

Corp

592

120,444

Cummins

India

Ltd

2,841

28,727

Cummins,

Inc

6,882

152,308

Curtiss-Wright

Corp

33,933

30,600

(a),(b)

Custom

Truck

One

Source,

Inc

189

25,393

(a)

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS.

234

35,000

CyberPower

Systems,

Inc

231

9,018

(a)

Daelim

Industrial

Co

358

6,047

(b)

Daetwyler

Holding

AG.

1,407

162,077

(a)

Daewoo

Engineering

&

Construction

Co

Ltd

520

47,971

(a)

Daewoo

International

Corp

2,306

25,273

(a)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

490

125,600

Daifuku

Co

Ltd

2,533

16,548

Daihen

Corp

755

2,589

Daiho

Corp

68

80,677

Daikin

Industries

Ltd

13,087

1,187,287

Daimler

Truck

Holding

AG.

44,599

59,200

Daiwa

Industries

Ltd

632

9,046

Danieli

&

Co

S.p.A.

293

116,079

Danieli

&

Co

S.p.A.

(RSP)

2,784

26,545

Dassault

Aviation

S.A.

5,259

14,928

Data

Patterns

India

Ltd

334

22,330

(a)

Dawonsys

Co

Ltd

241

103,583

DCC

plc

7,622

358,814

Deere

&

Co

143,479

107,960

Deutz

AG.

571

255,630

Diploma

plc

11,675

71,722

DiscoverIE

Group

plc

722

26,394

(a)

DL

E&C

Co

Ltd

736

2,507,100

DMCI

Holdings,

Inc

442

75,597

Donaldson

Co,

Inc

4,940

150,529

Dongfang

Electric

Corp

Ltd

310

47,613

Doosan

Bobcat,

Inc

1,855

63,468

(a)

Doosan

Corp

4,607

40,304

(a)

Doosan

Engine

Co

Ltd

306

38,176

(a)

Doosan

Fuel

Cell

Co

Ltd

685

182,903

(a)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

2,247

108,183

Doosan

Infracore

Co

Ltd

679

138,920

Douglas

Dynamics,

Inc

4,123

940,372

Dover

Corp

144,639

392,953

(a),(d)

Drake

&

Scull

International

PJSC

1

5,776

(b)

Dredging

Environmental

&

Marine

Engineering

NV

710

1,556,435

Dubai

Investments

PJSC

987

40,294

Duerr

AG.

950

99,040

(a)

DXP

Enterprises,

Inc

3,338

108,261

(a)

Dycom

Industries,

Inc

12,460

4,087,800

Dynasty

Ceramic

PCL

171

1,847,422

Eaton

Corp

plc

444,896

74,600

Ebara

Corp

4,398

1,120,000

E-Commodities

Holdings

Ltd

222

33,394

(a)

Ecopro

BM

Co

Ltd

7,406

14,535

Eczacibasi

Yatirim

Holding

123

1,482

Eiffage

S.A.

159

28,347

Elbit

Systems

Ltd

6,012

8,947

Elco

Ltd

282

CREF

Stock

Account

December

31,

2023

16

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

33,498

Elecon

Engineering

Co

Ltd

$

373

1,737

Electra

Israel

Ltd

737

504,360

Electrical

Industries

Co

377

4,208,655

Electrocomponents

plc

43,931

192,233

Electrolux

Professional

AB

1,049

227,212

Electrosteel

Castings

Ltd

302

157,618

Elgi

Equipments

Ltd

1,031

513,503

ElSewedy

Electric

Co

475

10,554,000

(a)

Embraer

S.A.

48,263

63,134

EMCOR

Group,

Inc

13,601

611,896

Emerson

Electric

Co

59,556

5,558

Energiekontor

AG.

507

107,200

Enerpac

Tool

Group

Corp

3,333

47,700

EnerSys

4,816

37,823

(b)

Engcon

AB

350

228,293

Engineers

India

Ltd

470

128,270

EnPro

Industries,

Inc

20,105

14,489

Epiroc

AB

254

21,769

Epiroc

AB

438

107,873

Esab

Corp

9,344

15,871

ESAB

India

Ltd

1,121

144,669

ESCO

Technologies,

Inc

16,931

607,332

(a)

Estithmar

Holding

QPSC

344

59,468

(a),(b)

Eurogroup

Laminations

S.p.A

255

54,893

(a)

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS.

302

52,807

Eve

Energy

Co

Ltd

314

78,000

Evergreen

Aviation

Technologies

Corp

275

97,300

Fangda

Carbon

New

Material

Co

Ltd

72

175,080

Fanuc

Ltd

5,138

2,627,631

Far

Eastern

Textile

Co

Ltd

2,670

26,798

(a)

Farasis

Energy

Gan

Zhou

Co

Ltd

62

427,652

Fastenal

Co

27,699

189,586

FAW

Jiefang

Group

Co

Ltd

227

55,352

Federal

Signal

Corp

4,248

194,515

Ferguson

plc

37,255

153,215

Ferguson

plc

29,581

537,512

Ferrovial

SE

19,620

443,723

(a),(b)

Fincantieri

S.p.A

273

388,633

Finning

International,

Inc

11,239

56,687

Finolex

Cables

Ltd

728

420,000

First

Tractor

Co

Ltd

267

1,782,590

Fletcher

Building

Ltd

5,386

830,434

Flowserve

Corp

34,231

180,026

FLSmidth

&

Co

AS

7,661

587,290

(a),(b)

Fluence

Energy,

Inc

14,007

78,387

Fluidra

S.A.

1,634

583,548

(a)

Fluor

Corp

22,858

811

(b)

Forbo

Holding

AG.

1,018

464,096

Fortive

Corp

34,171

98,000

Fortune

Electric

Co

Ltd

1,042

2,435,008

(b)

Fosun

International

1,431

349,033

(a)

Fugro

NV

6,692

107,300

(a)

Fuji

Electric

Holdings

Co

Ltd

4,599

369,745

Fuji

Machine

Manufacturing

Co

Ltd

6,344

192,278

Fujikura

Ltd

1,474

47,639

(b)

Fujitec

Co

Ltd

1,206

11,139

Fukushima

Galilei

Co

Ltd

385

20,256

Furukawa

Co

Ltd

273

54,144

Furukawa

Electric

Co

Ltd

849

17,934

(a)

G

R

Infraprojects

Ltd

246

1,514,885

Gamuda

BHD

1,513

23,773

Garden

Reach

Shipbuilders

&

Engineers

Ltd

249

85,426

(a)

Gates

Industrial

Corp

plc

1,146

313,071

GEA

Group

AG.

13,016

17

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

7,030

Geberit

AG.

$

4,513

43,618

GEK

Group

of

Cos

S.A.

634

45,703

(a)

Generac

Holdings,

Inc

5,907

131,871

General

Dynamics

Corp

34,243

667,535

Genuit

Group

plc

3,422

173,350

Georg

Fischer

AG.

12,615

44,413

(a)

Gibraltar

Industries,

Inc

3,508

13,501

Giken

Seisakusho

Co,

Inc

173

14,300

Ginlong

Technologies

Co

Ltd

141

116,629

(a)

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS.

264

33,556

Glory

Ltd

639

104,252

GMM

Pfaudler

Ltd

2,018

39,902

(a)

GMS,

Inc

3,289

51,213

(a)

Godrej

Industries

Ltd

458

25,600

Gongniu

Group

Co

Ltd

345

6,318

GoodWe

Technologies

Co

Ltd

116

7,410

Gorman-Rupp

Co

263

43,630

Gotion

High-tech

Co

Ltd

132

61,419

Graco,

Inc

5,329

158,907

Grafton

Group

plc

1,845

49,541

Graphite

India

Ltd

327

416,568

Greaves

Cotton

Ltd

760

2,788,000

(c)

Greentown

Management

Holdings

Co

Ltd

1,918

88,100

Griffon

Corp

5,370

67,872

Grindwell

Norton

Ltd

1,899

509,993

(b)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

5,694

134,538

(b)

Grupo

Rotoplas

SAB

de

C.V.

238

56,409

(a)

GS

Engineering

&

Construction

Corp

656

45,308

GS

Holdings

Corp

1,434

67,154

GS

Yuasa

Corp

942

70,630

GT

Capital

Holdings,

Inc

753

88,232

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

376

48,989

(a),(c)

GVS

S.p.A

303

616,497

Haitian

International

Holdings

Ltd

1,526

4,838

(a)

Hana

Technology

Co

Ltd

256

325,668

Hangzhou

Steam

Turbine

Power

Group

Co

Ltd

301

42,279

Hanwa

Co

Ltd

1,493

13,757

(a)

Hanwha

Corp

149

29,715

(a)

Hanwha

Corp

592

500,585

(a)

Hanwha

Systems

Co

Ltd

6,731

1,828,000

Harbin

Power

Equipment

485

44,400

(b)

Harmonic

Drive

Systems,

Inc

1,306

206,914

Havells

India

Ltd

3,400

100,908

(a)

Hayward

Holdings,

Inc

1,372

123,436

Hazama

Ando

Corp

975

84,247

HBL

Power

Systems

Ltd

441

9,754

HD

Hyundai

Construction

Equipment

Co

Ltd

390

17,951

HD

Hyundai

Electric

Co

Ltd

1,141

18,162

(a)

HD

Hyundai

Heavy

Industries

Co

Ltd

1,812

28,827

(a)

HDC

Hyundai

Development

Co-Engineering

&

Construction

326

9,493

HEG

Ltd

218

53,810

HEICO

Corp

9,625

60,679

HEICO

Corp

(Class

A)

8,643

222,410

(a)

Heidelberger

Druckmaschinen

304

71,750

(a)

Hellenic

Technodomiki

Tev

S.A.

202

240,235

(b)

Hensoldt

AG.

6,470

104,697

(a)

Hexagon

Composites

ASA

298

135,269

(b)

Hexatronic

Group

AB

367

63,991

Hexcel

Corp

4,719

10,368

HG

Infra

Engineering

Ltd

106

3,800

Hikari

Tsushin,

Inc

628

2,054,315

(a)

Hillman

Solutions

Corp

18,920

180,077

Hindustan

Aeronautics

Ltd

6,066

808,836

(a)

Hindustan

Construction

Co

278

CREF

Stock

Account

December

31,

2023

18

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

18,211

Hindware

Home

Innovation

Ltd

$

111

243,900

Hino

Motors

Ltd

799

8,200

Hirata

Corp

365

196,600

(a)

Hitachi

Construction

Machinery

Co

Ltd

5,175

8,699

Hitachi

Energy

India

Ltd

550

2,058,791

(a)

Hitachi

Ltd

148,088

692,520

Hitachi

Zosen

Corp

4,589

219,643

Hiwin

Technologies

Corp

1,679

34,103

Hochtief

AG.

3,777

2,804,377

Honeywell

International,

Inc

588,106

25,385

Hongfa

Technology

Co

Ltd

99

88,600

Hoshizaki

Corp

3,237

33,074

(a)

Hosken

Consolidated

Investments

Ltd

364

1,342,519

Howden

Joinery

Group

plc

13,899

786,997

Howmet

Aerospace,

Inc

42,592

3,394

Hoymiles

Power

Electronics,

Inc

129

2,285,000

(a),(d)

Hsin

Chong

Group

Holdings

Ltd

3

520,051

Hubbell,

Inc

171,060

13,135

Huber

&

Suhner

AG.

1,063

42,768

Huntington

Ingalls

Industries,

Inc

11,104

364,934

(b)

Husqvarna

AB

(B

Shares)

3,010

5,369

(a)

Hyosung

Corp

263

3,921

(a)

Hyosung

Heavy

Industries

Corp

492

9,610

Hyster-Yale

Materials

Handling,

Inc

598

19,287

(a)

Hyundai

Elevator

Co

Ltd

662

32,607

(a)

Hyundai

Engineering

&

Construction

Co

Ltd

880

17,911

(a)

Hyundai

Heavy

Industries

1,675

10,144

(a)

Hyundai

Mipo

Dockyard

666

60,024

(a)

Hyundai

Rotem

Co

Ltd

1,235

23,077

Idec

Corp

468

41,919

IDEX

Corp

9,101

4,658,400

IJM

Corp

BHD

1,905

252,529

Illinois

Tool

Works,

Inc

66,147

57,655

IMCD

NV

10,041

661,403

IMI

plc

14,172

17,042

(b)

Implenia

AG.

619

116,736

Inaba

Denki

Sangyo

Co

Ltd

2,809

31,698

Inabata

&

Co

Ltd

704

24,348

(c)

IndiaMart

InterMesh

Ltd

796

25,964

(b)

Industrie

De

Nora

S.p.A

451

1,353,146

Industries

Qatar

QSC

4,787

283,250

Indutrade

AB

7,382

670,266

Infratil

Ltd

4,249

279,525

INFRONEER

Holdings,

Inc

2,778

31,770

Ingersoll

Rand

India

Ltd

1,188

713,931

Ingersoll

Rand,

Inc

55,215

2,803,600

(a),(d)

Inovisi

Infracom

Tbk

PT

0

^

48,761

(a)

Inox

Wind

Ltd

293

161,802

(a)

InPost

S.A.

2,240

239,906

Instalco

AB

973

61,677

Interpump

Group

S.p.A.

3,200

537

(b)

Interroll

Holding

AG.

1,707

152,275

Investment

AB

Latour

3,972

44,573

INVISIO

AB

867

118,093

Inwido

AB

1,585

1,146,021

Iochpe-Maxion

S.A.

3,039

940,977

IRB

Infrastructure

Developers

Ltd

469

214,007

(c)

IRCON

International

Ltd

440

9,104

(a)

IS

Dongseo

Co

Ltd

204

24,857

ISGEC

Heavy

Engineering

Ltd

293

112,900

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

2,203

30,600

(a),(b)

Ispace,

Inc

198

368,011

(a),(b)

ITM

Power

plc

279

969,949

(b)

Itochu

Corp

39,516

19

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

445,216

ITT,

Inc

$

53,123

167,869

(a)

Iveco

Group

NV

1,514

173,573

(a)

Jain

Irrigation

Systems

Ltd

132

1,108,760

Jamna

Auto

Industries

Ltd

1,487

1,215,334

(a)

Janus

International

Group,

Inc

15,860

9,132

Japan

Pulp

&

Paper

Co

Ltd

322

88,661

Japan

Steel

Works

Ltd

1,535

81,600

Jardine

Cycle

&

Carriage

Ltd

1,839

130,436

Jardine

Matheson

Holdings

Ltd

5,369

23,600

JDC

Corp

98

7,782

(a)

Jeio

Co

Ltd

164

152,606

(a)

JELD-WEN

Holding,

Inc

2,881

2,101,056

JG

Summit

Holdings

(Series

B)

1,448

476,700

JGC

Corp

5,486

74,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

577

194,918

Jiangsu

Zhongtian

Technology

Co

Ltd

343

86,300

(a)

Jiangxi

Special

Electric

Motor

Co

Ltd

164

179,580

Johns

Lyng

Group

Ltd

749

15,401

(c)

JOST

Werke

SE

753

4,812

Judges

Scientific

plc

560

39,955

Jungheinrich

AG.

1,463

77,647

Jupiter

Wagons

Ltd

298

2,477

Kaba

Holding

AG.

1,338

65,457

Kajaria

Ceramics

Ltd

1,024

346,150

Kajima

Corp

5,772

103,072

(a)

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS.

225

66,804

Kalpataru

Projects

International

Ltd

569

43,170

Kaman

Corp

1,034

111,800

Kanamoto

Co

Ltd

2,315

428,201

Kandenko

Co

Ltd

4,177

63,300

Kanematsu

Corp

925

12,045

(a)

Kangwon

Energy

Co

Ltd

166

52,000

Kaori

Heat

Treatment

Co

Ltd

377

52,035

Kardex

Holding

AG.

13,501

14,400

Katakura

Industries

Co

Ltd

167

122,800

Kawasaki

Heavy

Industries

Ltd

2,706

7,294

KCC

Glass

Corp

233

106,168

KEC

International

Ltd

751

44,100

Keda

Industrial

Group

Co

Ltd

66

48,229

KEI

Industries

Ltd

1,882

82,000

Keihan

Electric

Railway

Co

Ltd

2,140

53,948

Keller

Group

plc

605

13,622

(a),(b)

Kempower

Oyj

479

143,000

Kenmec

Mechanical

Engineering

Co

Ltd

293

6,320

Kennametal

India

Ltd

189

9,735

(a)

KEPCO

Engineering

&

Construction

Co,

Inc

469

1,185,327

Keppel

Corp

Ltd

6,342

369,575

(a)

Kier

Group

plc

505

267,835

(a)

Kiler

Holding

AS.

311

297,471

Kinden

Corp

5,046

3,644

Kingspan

Group

plc

315

83,000

Kinik

Co

518

226,562

KION

Group

AG.

9,670

18,681

Kirloskar

Brothers

Ltd

199

22,735

Kirloskar

Pneumatic

Co

Ltd

165

213,000

Kitz

Corp

1,817

241,836

Kloeckner

&

Co

AG.

1,834

724,205

Knorr-Bremse

AG.

46,773

134,623

KNR

Constructions

Ltd

415

656,146

KOC

Holding

AS

3,151

1,188,359

Komatsu

Ltd

30,925

3,231

(b)

Komax

Holding

AG

771

637,275

Kone

Oyj

(Class

B)

31,877

248,518

Konecranes

Oyj

11,211

CREF

Stock

Account

December

31,

2023

20

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

297,017

Kongsberg

Gruppen

ASA

$

13,598

239,154

Koninklijke

BAM

Groep

NV

639

75,342

Kontrolmatik

Enerji

Ve

Muhendislik

AS.

555

63,957

(a)

Korea

Aerospace

Industries

Ltd

2,476

4,002

Korea

Electric

Terminal

Co

Ltd

233

493,268

(a),(b)

Kornit

Digital

Ltd

9,451

945,353

(a)

Kratos

Defense

&

Security

Solutions,

Inc

19,181

11,349

Krones

AG.

1,401

9,687

KSB

Ltd

404

113,176

(a)

Kuang-Chi

Technologies

Co

Ltd

236

819,409

Kubota

Corp

12,298

26,204

Kumagai

Gumi

Co

Ltd

669

63,000

Kung

Long

Batteries

Industrial

Co

Ltd

271

77,300

Kurita

Water

Industries

Ltd

3,015

18,310

Kvutzat

Acro

Ltd

198

24,454

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

340

77,255

Kyowa

Exeo

Corp

1,715

34,122

Kyudenko

Corp

1,228

3,812

(a)

Kyung

Dong

Navien

Co

Ltd

139

187,863

L3Harris

Technologies,

Inc

39,568

3,506

Lakshmi

Machine

Works

Ltd

579

582,698

Larsen

&

Toubro

Ltd

24,676

8,671

Legrand

S.A.

903

29,327

Lennox

International,

Inc

13,124

412,758

Leonardo

S.p.A.

6,820

80,769

(a)

LG

Corp

5,367

27,572

(a)

LG

Energy

Solution

Ltd

9,099

241,595

Lifco

AB

5,931

10,177

(a)

LIG

Nex1

Co

Ltd

1,030

130,990

(a)

Limbach

Holdings,

Inc

5,956

22,635

Lincoln

Electric

Holdings,

Inc

4,922

62,857

Lindab

International

AB

1,240

68,951

(a),(b)

Lion

Electric

Co

123

16,460

LISI

430

222,900

LIXIL

Group

Corp

2,778

427,500

LK

Technology

Holdings

Ltd

276

303,733

Lloyds

Steels

Industries

Ltd

151

131,708

Lockheed

Martin

Corp

59,695

6,221,000

Lonking

Holdings

Ltd

973

14,638

(a)

LS

Cable

Ltd

1,054

11,703

(a)

LS

Electric

Co

Ltd

662

2,673,700

LT

Group,

Inc

434

8,582

LU-VE

S.p.A

219

52,650

Luxfer

Holdings

plc

471

34,405

(a)

LX

Holdings

Corp

188

20,292

(a)

LX

INTERNATIONAL

CORP

462

85,763

(b)

Maas

Group

Holdings

Ltd

228

800,864

Mabuchi

Motor

Co

Ltd

13,266

114,795

Maire

Tecnimont

S.p.A

624

18,239

Makino

Milling

Machine

Co

Ltd

757

182,547

Makita

Corp

5,021

2,025,200

Malaysian

Resources

Corp

Bhd

196

78,974

Man

Infraconstruction

Ltd

205

11,755

Manitou

BF

S.A.

301

1,951,000

Marcopolo

S.A.

2,836

1,169,516

Marubeni

Corp

18,414

12,200

MARUKA

FURUSATO

Corp

227

649,008

Masco

Corp

43,471

47,586

(a)

Mastec,

Inc

3,603

20,900

Max

Co

Ltd

486

1,326

MBB

SE

138

7,840

McGrath

RentCorp

938

157,789

(a)

MDA

Ltd

1,372

153,015

MDU

Resources

Group,

Inc

3,030

21

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

79,471

Meidensha

Corp

$

1,368

11,117

(b)

Meier

Tobler

Group

AG.

488

3,630,650

Melrose

Industries

plc

26,244

467,003

Metallurgical

Corp

of

China

Ltd

201

18,900

METAWATER

Co

Ltd

293

699,073

Metso

Outotec

Oyj

7,097

20,314

(a)

Middleby

Corp

2,990

38,094

Mie

Kotsu

Group

Holdings,

Inc

163

92,000

Mills

Estruturas

e

Servicos

de

Engenharia

S.A.

257

296,000

Minebea

Co

Ltd

6,059

115,600

Ming

Yang

Smart

Energy

Group

Ltd

204

4,400

(a)

Mirai

Industry

Co

Ltd

102

381,262

MIRAIT

ONE

corp

5,020

231,600

MISUMI

Group,

Inc

3,910

2,964,309

Mitsubishi

Corp

47,219

2,736,200

Mitsubishi

Electric

Corp

38,701

261,262

Mitsubishi

Heavy

Industries

Ltd

15,212

29,800

Mitsubishi

Logisnext

Co

Ltd

291

19,250

Mitsuboshi

Belting

Co

Ltd

597

1,353,626

Mitsui

&

Co

Ltd

50,712

72,800

Miura

Co

Ltd

1,446

71,357

Monadelphous

Group

Ltd

722

6,740,670

MonotaRO

Co

Ltd

73,347

71,442

(a),(c)

Montana

Aerospace

AG.

1,501

49,380

Moog,

Inc

(Class

A)

7,149

216,778

Morgan

Crucible

Co

plc

782

32,719

Morgan

Sindall

plc

924

92,444

Mori

Seiki

Co

Ltd

1,764

89,100

Morita

Holdings

Corp

980

75,771

Mota

Engil

SGPS

S.A.

332

284,264

(a)

MRC

Global,

Inc

3,130

35,316

MSC

Industrial

Direct

Co

(Class

A)

3,576

13,325

(a)

MTAR

Technologies

Ltd

353

74,599

MTU

Aero

Engines

Holding

AG.

16,072

301,060

Mueller

Industries,

Inc

14,195

3,350,526

(a)

Multiply

Group

PJSC

2,898

304,907

(b),(c)

Munters

Group

AB

4,972

47,070

(a)

MYR

Group,

Inc

6,808

67,061

Mytilineos

Holdings

S.A.

2,717

557,300

(b)

Nabtesco

Corp

11,348

11,933

Nachi-Fujikoshi

Corp

310

279,300

Nagase

&

Co

Ltd

4,467

428,319

NARI

Technology

Co

Ltd

1,348

1,587,456

National

Industries

Group

Holding

SAK

1,053

48,835

Nava

Bharat

Ventures

Ltd

257

8,505,529

NBCC

India

Ltd

8,330

64,556

(b)

NCC

AB

(B

Shares)

805

3,919,827

NCC

Ltd

7,849

1,380,436

(a)

NEL

ASA

932

22,788

Nexans

S.A.

1,999

48,630

(a),(b)

NEXTracker,

Inc

2,278

71,189

(a),(b)

NFI

Group,

Inc

736

164,400

NGK

Insulators

Ltd

1,961

1,592,966

Nibe

Industrier

AB

11,186

375,140

Nichias

Corp

8,999

10,000

Nichiden

Corp

203

17,545

Nichiha

Corp

368

76,900

Nidec

Corp

3,100

142,967

Nikkiso

Co

Ltd

1,042

7,711

(a)

Nilfisk

Holding

A.S.

135

17,480

Ningbo

Deye

Technology

Co

Ltd

207

31,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

192

15,213

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

85

13,500

Nippon

Carbon

Co

Ltd

419

CREF

Stock

Account

December

31,

2023

22

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

29,959

Nippon

Densetsu

Kogyo

Co

Ltd

$

422

15,500

Nippon

Road

Co

Ltd

225

26,165

Nishimatsu

Construction

Co

Ltd

728

15,400

Nishio

Rent

All

Co

Ltd

447

100,531

Nisshinbo

Industries,

Inc

815

56,400

Nitta

Corp

1,467

17,700

Nitto

Boseki

Co

Ltd

575

19,835

Nitto

Kogyo

Corp

505

42,346

(a)

NKT

Holding

AS

2,911

149,360

Nolato

AB

785

96,566

(a)

Nordex

AG.

1,108

42,485

Nordson

Corp

11,223

5,183

Noritake

Co

Ltd

251

15,951

Noritsu

Koki

Co

Ltd

338

13,031

Noritz

Corp

139

24,405

Norma

Group

SE

431

81,200

North

Industries

Group

Red

Arrow

Co

Ltd

161

245,388

Northrop

Grumman

Corp

114,876

1,183,014

(a)

NOW,

Inc

13,392

341,248

NRW

Holdings

Ltd

693

311,900

NSK

Ltd

1,685

310,861

NTN

Corp

572

1,676,357

nVent

Electric

plc

99,056

864,000

NWS

Holdings

Ltd

815

52,246

Obara

Corp

1,396

531,500

Obayashi

Corp

4,591

155,366

(b)

OC

Oerlikon

Corp

AG.

702

53,421

Oiles

Corp

750

19,467

Okuma

Holdings,

Inc

836

21,500

Okumura

Corp

713

27,288

Olectra

Greentech

Ltd

441

3,740

Omega

Flex,

Inc

264

285,060

(a),(b)

Opus

Global

Rt

314

49,748

Organo

Corp

2,053

62,606

OSG

Corp

895

55,200

Oshkosh

Corp

5,984

9

OSRAM

Licht

AG.

1

34,450

(a)

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

498

208,687

Owens

Corning,

Inc

30,934

121,078

(a)

OX2

AB

659

345,869

PACCAR,

Inc

33,774

11,801

Palfinger

AG.

328

667,806

Parker-Hannifin

Corp

307,658

7,070

Park-Ohio

Holdings

Corp

191

252,040

(a)

Parsons

Corp

15,805

166,909

(a)

Patel

Engineering

Ltd

120

143,081

(b)

Peab

AB

(Series

B)

813

216,386

Pentair

plc

15,733

1,411,800

Pentamaster

Corp

Bhd

1,412

223,546

Penta-Ocean

Construction

Co

Ltd

1,253

15,169

(a)

People

&

Technology,

Inc

589

24,883

Per

Aarsleff

Holding

A.S.

1,188

2,656

Pfeiffer

Vacuum

Technology

AG.

452

324,770

(a)

PGT

Innovations,

Inc

13,218

257,969

(a)

Phihong

Technology

Co

Ltd

494

407,322

(a),(b)

Plug

Power,

Inc

1,833

93,136

PNC

Infratech

Ltd

393

24,133

PNE

AG.

369

39,908

Polycab

India

Ltd

2,629

45,526

Porr

AG.

638

29,106

(a)

POSCO

Future

M

Co

Ltd

8,038

439,569

Power

Construction

Corp

of

China

Ltd

303

4,286

Power

Mech

Projects

Ltd

221

81,990

Praj

Industries

Ltd

548

23

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

18,250

Primoris

Services

Corp

$

606

40,560

(a)

Prince

Pipes

&

Fittings

Ltd

362

8,816

Prysmian

S.p.A.

402

7,928,200

(a)

PSG

Corp

PCL

155

5,884

Pylon

Technologies

Co

Ltd

88

1,911,010

QinetiQ

plc

7,523

672,420

(a)

Qua

Granite

Hayal

131

94,436

Quanta

Services,

Inc

20,379

321,287

Rail

Vikas

Nigam

Ltd

700

6,949

(a)

Rainbow

Robotics

945

155,700

Raito

Kogyo

Co

Ltd

2,084

146,500

Randon

S.A.

Implementos

e

Participacoes

386

78,500

Range

Intelligent

Computing

Technology

Group

Co

Ltd

281

440,401

Ras

Al

Khaimah

Ceramics

320

5,530

Rational

AG.

4,267

21,487

(a)

RBC

Bearings,

Inc

6,121

372,000

(a),(b)

Realord

Group

Holdings

Ltd

261

96,312

(a)

Redox

Ltd

154

183,479

Reece

Ltd

2,799

49,761

Regal-Beloit

Corp

7,366

632,710

Reliance

Worldwide

Corp

Ltd

1,911

179,601

Renew

Holdings

plc

1,970

138,535

Reunert

Ltd

454

85,000

REV

Group,

Inc

1,544

447,254

Rexel

S.A.

12,275

58,401

Rheinmetall

AG.

18,521

43,443

Richelieu

Hardware

Ltd

1,573

1,682

(b)

Rieter

Holding

AG.

180

31,051

Riyadh

Cables

Group

Co

764

32,192

Rockwell

Automation,

Inc

9,995

318

Rockwool

International

AS

(B

Shares)

93

8,419

(a)

Rolex

Rings

Ltd

255

8,929,858

(a)

Rolls-Royce

Holdings

plc

34,062

2,280,796

Rotork

plc

9,387

3,100,565

(b)

RTX

Corp

260,882

35,000

Ruentex

Engineering

&

Construction

Co

131

138,950

Run

Long

Construction

Co

Ltd

453

384,999

Rush

Enterprises,

Inc

(Class

A)

19,365

49,998

Russel

Metals,

Inc

1,699

13,900

(b)

Ryobi

Ltd

261

85,577

Saab

AB

(Class

B)

5,157

321,763

Sacyr

Vallehermoso

S.A.

1,113

387,499

Safran

S.A.

68,320

13,478

Salcef

Group

S.p.A

367

181,700

Sam

Engineering

&

Equipment

M

Bhd

161

146,849

(a)

Sambu

Construction

Co

Ltd

261

69,656

(a)

Samsung

C&T

Corp

6,987

61,865

(a)

Samsung

Engineering

Co

Ltd

1,386

555,653

(a)

Samsung

Heavy

Industries

Co

Ltd

3,331

30,862

(a)

Samsung

Techwin

Co

Ltd

2,977

1,815,885

Sandvik

AB

39,451

228,600

Sanki

Engineering

Co

Ltd

2,834

150,041

Sanwa

Shutter

Corp

2,268

977,000

Sany

Heavy

Equipment

International

Holdings

Co

Ltd

946

454,257

Sany

Heavy

Industry

Co

Ltd

882

8,100

Sanyo

Denki

Co

Ltd

359

280,528

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS.

269

30,905

Saudi

Ceramic

Co

225

48,038

(b)

Savaria

Corp

550

120,475

Schindler

Holding

AG.

30,162

129,681

Schindler

Holding

AG.

(Registered)

30,797

24,395

(a)

Schneider

Electric

Infrastructure

Ltd

120

651,260

Schneider

Electric

S.A.

131,103

31,300

Schulz

S.A.

45

CREF

Stock

Account

December

31,

2023

24

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

668

Schweiter

Technologies

AG.

$

412

10,728

SDT

Uzay

VE

Savunma

Teknolojileri

AS.

99

19,395

Sekisui

Jushi

Corp

341

36,234,504

(a)

SembCorp

Marine

Ltd

3,235

7,304

Semperit

AG.

Holding

114

56,807

Sensata

Technologies

Holding

plc

2,134

131,987

Seven

Group

Holdings

Ltd

3,322

12,236

SFA

Engineering

Corp

288

13,902

SFS

Group

AG.

1,725

50,102

(a),(b)

SGL

Carbon

AG.

360

36,500

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

153

264,727

Shanghai

Construction

Group

Co

Ltd

87

830,803

Shanghai

Electric

Group

Co

Ltd

488

321,000

Shanghai

Industrial

Holdings

Ltd

398

129,300

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

118

24,100

Shanghai

Moons'

Electric

Co

Ltd

224

224,100

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co

Ltd

143

141,900

Shanxi

Coal

International

Energy

Group

Co

Ltd

350

107,311

Shapir

Engineering

and

Industry

Ltd

689

67,140

Shenzhen

Inovance

Technology

Co

Ltd

598

150,236

Shibaura

Machine

Co

Ltd

3,675

15,600

Shibuya

Corp

270

193,000

Shihlin

Electric

&

Engineering

Corp

744

272,024

(a)

Shikun

&

Binui

Ltd

770

16,200

Shima

Seiki

Manufacturing

Ltd

175

428,800

Shimizu

Corp

2,844

1,397,000

Shin

Zu

Shing

Co

Ltd

5,616

96,484

Shinko

Plantech

Co

Ltd

1,044

43,500

Shinmaywa

Industries

Ltd

362

13,083

(a)

Shinsung

Delta

Tech

Co

Ltd

418

31,508

SHO-BOND

Holdings

Co

Ltd

1,398

62,700

Shuangliang

Eco-Energy

Systems

Co

Ltd

75

210,890

Shyft

Group,

Inc

2,577

395,360

Sichuan

Road

and

Bridge

Group

Co

Ltd

418

1,514,724

Siemens

AG.

284,176

2,065,565

(b)

Siemens

Energy

AG.

27,299

77,952

Siemens

India

Ltd

3,768

28,700

Sieyuan

Electric

Co

Ltd

211

651,195

(a)

SIG

plc

276

430,495

(c)

Signify

NV

14,437

2,409,859

Sime

Darby

BHD

1,232

1,400

Simpson

Manufacturing

Co,

Inc

277

1,694,404

Singapore

Technologies

Engineering

Ltd

4,990

172,100

Sinoma

International

Engineering

Co

227

3,841,000

Sinopec

Engineering

Group

Co

Ltd

1,968

1,096,500

Sino-Thai

Engineering

&

Construction

PCL

269

679,500

Sinotruk

Hong

Kong

Ltd

1,334

33,832

(a)

SiteOne

Landscape

Supply,

Inc

5,498

96,366

(a)

SK

Networks

Co

Ltd

429

21,677

(a)

SK

oceanplant

Co

Ltd

332

32,498

SK,

Inc

4,473

12,654

Skanska

AB

(B

Shares)

229

12,707

SKF

AB

(B

Shares)

255

26,015

SKF

India

Ltd

1,438

100,978

SM

Investments

Corp

1,589

24,028

SMC

Corp

12,853

1,948,508

Smiths

Group

plc

43,735

46,338

Snap-On,

Inc

13,384

142,049

SNC-Lavalin

Group,

Inc

4,573

122,902

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

7,363

193,402

Sojitz

Holdings

Corp

4,357

4,792

Solar

Holdings

AS

(B

Shares)

330

25

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,012

SPG

Co

Ltd

$

307

77,518

Spirax-Sarco

Engineering

plc

10,372

77,720

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

2,470

402,319

(a)

SPX

Technologies,

Inc

40,638

19,067

Stabilus

SE

1,298

44,389

(b)

Stadler

Rail

AG.

1,600

115,097

Stanley

Black

&

Decker,

Inc

11,291

73,184

Stantec,

Inc

5,876

62,366

(b)

Star

Micronics

Co

Ltd

758

5,480,900

(a)

STARK

Corp

PCL

2

4,088

(b)

Steico

SE

152

55,655

(a)

Sterling

and

Wilson

Renewable

289

1,155,761

Storskogen

Group

AB

1,063

54,238

(b)

Sulzer

AG.

5,544

849,177

Sumitomo

Corp

18,480

63,697

Sumitomo

Densetsu

Co

Ltd

1,236

227,000

Sumitomo

Heavy

Industries

Ltd

5,706

106,237

Sumitomo

Mitsui

Construction

Co

Ltd

299

1,188,000

(a),(b)

Sun

King

Technology

Group

Ltd

198

76,270

Sungrow

Power

Supply

Co

Ltd

942

157,000

Sunonwealth

Electric

Machine

Industry

Co

Ltd

549

161,984

(a),(b)

Sunrun,

Inc

3,180

93,063

Sunwoda

Electronic

Co

Ltd

194

2,444,500

(a),(b),(d)

Superb

Summit

International

Group

Ltd

3

9,940

Suzhou

Maxwell

Technologies

Co

Ltd

182

7,605,840

(a)

Suzlon

Energy

Ltd

3,489

169,586

Sweco

AB

2,276

473,625

Ta

Ya

Electric

Wire

&

Cable

531

77,022

Tadano

Ltd

642

43,266

(a)

Taihan

Electric

Wire

Co

Ltd

338

7,343

Taihei

Dengyo

Kaisha

Ltd

232

18,353

Taikisha

Ltd

531

139,041

Taisei

Corp

4,748

937,000

Taiwan

Glass

Industrial

Corp

578

11,439

Takamatsu

Corp

224

28,364

Takara

Standard

Co

Ltd

328

91,641

Takasago

Thermal

Engineering

Co

Ltd

2,089

227,400

Takeuchi

Manufacturing

Co

Ltd

6,885

47,400

Takuma

Co

Ltd

600

48,667

(c)

Talgo

S.A.

236

1,197,000

(a)

Tatung

Co

Ltd

1,636

46,100

Taurus

Armas

S.A.

144

306,375

TBEA

Co

Ltd

596

38,565

TD

Power

Systems

Ltd

120

144,324

Techno

Electric

&

Engineering

Co

Ltd

1,386

3,247,969

Techtronic

Industries

Co

38,700

969,000

Teco

Electric

and

Machinery

Co

Ltd

1,475

9,186

Tega

Industries

Ltd

127

109,417

Tekfen

Holding

AS

137

119,020

Tennant

Co

11,032

84,492

Texmaco

Rail

&

Engineering

Ltd

174

59,250

Textron,

Inc

4,765

125,828

Thales

S.A.

18,632

4,210,000

(a),(b)

Theme

International

Holdings

Ltd

259

264,979

(a)

Thermon

Group

Holdings,

Inc

8,630

94,300

(a)

THK

Co

Ltd

1,843

17,597

(a)

Thyssenkrupp

Nucera

AG.

&

Co

KGaa

359

22,895

Timken

Co

1,835

24,981

Timken

India

Ltd

976

44,957

Titagarh

Rail

System

Ltd

563

162,824

(a)

Titan

Machinery,

Inc

4,702

74,646

Titan

Wind

Energy

Suzhou

Co

Ltd

122

CREF

Stock

Account

December

31,

2023

26

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

86,427

TK

Corp

$

986

33,122

TKH

Group

NV

1,447

10,000

Toa

Corp/Tokyo

252

184,811

Tocalo

Co

Ltd

1,954

183,756

Toda

Corp

1,214

4,615

Toenec

Corp

149

76,400

TOKAI

Holdings

Corp

521

66,902

Tokyu

Construction

Co

Ltd

378

197,724

TOMRA

Systems

ASA

2,397

2,370

(a)

Top

Material

Co

Ltd

110

77,776

Toro

Co

7,466

151,017

Toromont

Industries

Ltd

13,232

15,877

Totetsu

Kogyo

Co

Ltd

356

108,650

Toto

Ltd

2,854

224,003

Toyo

Construction

Co

Ltd

1,893

11,100

Toyo

Tanso

Co

Ltd

375

119,300

Toyota

Industries

Corp

9,698

173,100

Toyota

Tsusho

Corp

10,158

1,149,737

Trane

Technologies

plc

280,421

43,118

TransDigm

Group,

Inc

43,618

172,046

Travis

Perkins

plc

1,813

457,073

Trelleborg

AB

(B

Shares)

15,341

81,893

(a)

Trex

Co,

Inc

6,780

798,140

(a)

Triumph

Group,

Inc

13,233

184,000

(a),(b)

Triumph

New

Energy

Co

Ltd

100

1,147,201

(a)

Triveni

Turbine

Ltd

5,845

31,567

(b)

Troax

Group

AB

776

35,910

Trusco

Nakayama

Corp

621

94,290

Tsubakimoto

Chain

Co

2,699

32,500

Tsugami

Corp

279

6,100

(a)

Tsurumi

Manufacturing

Co

Ltd

160

50,100

Tupy

S.A.

300

1,116,129

Turkiye

Sise

ve

Cam

Fabrikalari

AS

1,732

156,758

Tyman

plc

628

45,910

UFP

Industries,

Inc

5,764

6,200

Union

Tool

Co

147

133,000

United

Integrated

Services

Co

Ltd

1,145

191,043

United

Rentals,

Inc

109,548

75,700

Ushio,

Inc

1,085

328,800

(a)

UWC

BHD

252

27,167

(a)

V2X,

Inc

1,262

126,415

(b)

Valmet

Oyj

3,656

15,861

(a),(b)

Varta

AG.

363

28,421

(c)

VAT

Group

AG.

14,275

177,837

Veidekke

ASA

1,789

606,700

Ventia

Services

Group

Pty

Ltd

1,299

557,493

Vertiv

Holdings

Co

26,776

716,972

Vestas

Wind

Systems

A.S.

22,686

5,614

Vesuvius

India

Ltd

242

204,603

Vesuvius

plc

1,255

450,616

V-Guard

Industries

Ltd

1,583

844,524

Vinci

S.A.

106,279

263,603

Volex

plc

1,072

3,617

Voltamp

Transformers

Ltd

283

166,293

Voltas

Ltd

1,954

56,000

Voltronic

Power

Technology

Corp

3,114

166,503

Volution

Group

plc

919

6,679

Volvo

AB

(A

Shares)

177

428,116

Volvo

AB

(B

Shares)

11,140

7,879

Vossloh

AG.

365

195,133

W.W.

Grainger,

Inc

161,705

300,350

Wabash

National

Corp

7,695

27

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

82,172

Wacker

Construction

Equipment

AG.

$

1,657

127,000

Waffer

Technology

Corp

472

66,500

Wakita

&

Co

Ltd

753

2,429,848

Walsin

Lihwa

Corp

3,054

452,272

Wartsila

Oyj

(B

Shares)

6,573

9,448,700

(a),(d)

Waskita

Karya

Persero

Tbk

PT

62

24,868

Watsco,

Inc

10,655

287,329

Webuild

SpA

581

1,424,250

WEG

S.A.

10,820

834,709

Weichai

Power

Co

Ltd

1,395

218,186

Weichai

Power

Co

Ltd

(Class

A)

420

940,741

Weir

Group

plc

22,605

333,854

WESCO

International,

Inc

58,051

963,001

Westinghouse

Air

Brake

Technologies

Corp

122,205

145,822

(a)

WillScot

Mobile

Mini

Holdings

Corp

6,489

59,750

Wilson

Bayly

Holmes-Ovcon

Ltd

425

108,045

Woodward

Inc

14,708

653,714

Worley

Ltd

7,792

8,118

(a)

W-Scope

Chungju

Plant

Co

Ltd

278

82,005

(b)

WSP

Global,

Inc

11,495

677,038

XCMG

Construction

Machinery

Co

Ltd

521

204,711

Xiamen

C

&

D,

Inc

278

159,367

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

180

1,391,578

Xinyi

Glass

Holdings

Co

Ltd

1,563

102,300

Xxentria

Technology

Materials

Corp

241

187,076

Xylem,

Inc

21,394

25,780

YAMABIKO

Corp

273

41,270

Yamazen

Corp

348

7,206,700

Yangzijiang

Shipbuilding

Holdings

Ltd

8,131

36,511

Yankey

Engineering

Co

Ltd

376

44,000

Yaskawa

Electric

Corp

1,831

165,274

(a),(c)

Yellow

Cake

plc

1,303

30,113

(a)

YEO

Teknoloji

Enerji

VE

Endustri

AS.

168

82,179

Yokogawa

Bridge

Holdings

Corp

1,475

13,552

Yuasa

Trading

Co

Ltd

455

2,369

(a)

Yunsung

F&C

Co

Ltd

206

118,100

Yurtec

Corp

939

7,895

Zehnder

Group

AG.

503

24,900

Zhefu

Holding

Group

Co

Ltd

12

119,663

Zhejiang

Chint

Electrics

Co

Ltd

363

19,792

Zhejiang

Dingli

Machinery

Co

Ltd

143

46,500

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

193

79,151

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

162

117,200

Zhengzhou

Yutong

Bus

Co

Ltd

219

38,825

Zhuzhou

CRRC

Times

Electric

Co

Ltd

199

205,100

Zhuzhou

CSR

Times

Electric

Co

Ltd

586

117,700

Zhuzhou

Kibing

Group

Co

Ltd

114

493,539

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

454

TOTAL

CAPITAL

GOODS

9,918,900

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.4%

154,100

(a)

ACV

Auctions,

Inc

2,335

508,034

Adecco

S.A.

24,951

15,020

Aeon

Delight

Co

Ltd

379

68,531

AFRY

AB

950

1,190,837

(a)

Aker

Carbon

Capture

ASA

1,588

1,320,122

(a)

Alight,

Inc

11,261

82,890

Alpha

Financial

Markets

Consulting

plc

412

369,351

ALS

Ltd

3,235

5,010

Amadeus

Fire

AG

680

26,600

Ambipar

Participacoes

e

Empreendimentos

S

89

167,999

(b)

APM

Human

Services

International

ltd

140

CREF

Stock

Account

December

31,

2023

28

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

103,350

Applus

Services

S.A.

$

1,141

243,700

(a)

ARAMARK

Uniform

Services

5,152

331,180

Arcadis

NV

17,891

163,260

(a)

ASGN,

Inc

15,701

337,477

Automatic

Data

Processing,

Inc

78,622

20,130

Barrett

Business

Services,

Inc

2,331

767,900

BayCurrent

Consulting,

Inc

26,881

33,462

(c)

Befesa

S.A.

1,298

27,600

Bell

System24

Holdings,

Inc

342

54,900

(b)

Benefit

One,

Inc

824

4,149

Bertrandt

AG.

235

23,033

Bilfinger

Berger

AG.

886

61,500

Binjiang

Service

Group

Co

Ltd

130

85,236

BLS

International

Services

Ltd

327

52,113

Booz

Allen

Hamilton

Holding

Corp

6,666

48,567

Boyd

Group

Services,

Inc

10,207

2,134,567

Brambles

Ltd

19,785

166,187

(c)

Bravida

Holding

AB

1,336

318,780

(a)

BrightView

Holdings,

Inc

2,684

26,750

Brink's

Co

2,353

7,030

Broadridge

Financial

Solutions,

Inc

1,446

15,719

(b)

Brunel

International

NV

194

440,143

Bureau

Veritas

S.A.

11,136

12,877

Calian

Group

Ltd

557

1,553,645

(a)

Capita

Group

plc

436

14,730

(a)

CBIZ,

Inc

922

441,720

(a)

CECO

Environmental

Corp

8,958

4,558

Cewe

Stiftung

&

Co

KGAA

509

1,069,000

(a),(b)

China

Conch

Environment

Protection

Holdings

Ltd

214

1,680,085

China

Everbright

Environment

Group

Ltd

547

25,180

(a)

Cimpress

plc

2,016

61,363

Cintas

Corp

36,981

19,617

(a)

Clean

Harbors,

Inc

3,423

54,000

Cleanaway

Co

Ltd

317

1,697,124

Cleanaway

Waste

Management

Ltd

3,111

50,986

CMS

Info

Systems

Ltd

234

25,590

Computer

Age

Management

Services

Ltd

815

587,772

Computershare

Ltd

9,790

226,468

(c)

Coor

Service

Management

Holding

AB

977

646,424

(a)

Copart,

Inc

31,675

258,873

(a)

CoStar

Group,

Inc

22,623

1,320,000

(a),(b),(d)

CT

Environmental

Group

Ltd

2

1,417,700

CTOS

Digital

Bhd

435

167,100

Dai

Nippon

Printing

Co

Ltd

4,935

32,700

(a)

Daiei

Kankyo

Co

Ltd

577

31,665

Daiseki

Co

Ltd

877

4,454

Danel

Adir

Yeoshua

Ltd

368

294,733

Derichebourg

1,659

28,564

dip

Corp

649

28,297

DKSH

Holding

AG.

1,965

5,455

DO

&

CO

AG.

809

506,493

Downer

EDI

Ltd

1,519

49,827

(a)

Driven

Brands

Holdings,

Inc

711

206,362

Dun

&

Bradstreet

Holdings,

Inc

2,414

29,098

Duskin

Co

Ltd

691

451,000

Dynagreen

Environmental

Protection

Group

Co

Ltd

136

18,137

eClerx

Services

Ltd

565

8,914

(a)

Ecopro

HN

Co

Ltd

473

30,000

ECOVE

Environment

Corp

301

643,947

Elis

S.A.

13,459

22,920

en-japan,

Inc

442

155,018

Ennis,

Inc

3,396

29

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

41,305

Equifax,

Inc

$

10,214

494,095

(a)

ExlService

Holdings,

Inc

15,243

1,147,113

Experian

Group

Ltd

46,797

29,016

Fila

S.p.A

281

108,403

(a),(c),(d)

Finablr

plc

1

311,087

Firstsource

Solutions

Ltd

690

108,985

(a),(b)

Fiverr

International

Ltd

2,967

853,200

Frontken

Corp

Bhd

601

25,425

(a)

FTI

Consulting,

Inc

5,063

14,265

Fullcast

Co

Ltd

185

28,454

(b)

Funai

Soken

Holdings,

Inc

516

11,303

(a)

GDI

Integrated

Facility

Services,

Inc

312

152,697

GFL

Environmental,

Inc

5,268

5,914

GL

Events

128

274,200

(c)

GPS

Participacoes

e

Empreendimentos

S.A.

1,063

1,244,095

Hays

plc

1,731

836,380

Healthcare

Services

Group

8,673

425,710

Herman

Miller,

Inc

11,358

12,385

Hilan

Ltd

652

98,650

HNI

Corp

4,127

19,682

(a),(e)

Horizon

Construction

Development

Ltd

12

101,220

(a)

Huron

Consulting

Group,

Inc

10,405

84,086

ICF

International,

Inc

11,275

185,745

Indian

Railway

Catering

&

Tourism

Corp

Ltd

1,980

3,210,900

Infomart

Corp

11,259

42,012

Insource

Co

Ltd

263

41,260

Insperity,

Inc

4,837

97,280

Intertek

Group

plc

5,266

60,317

(b)

Intrum

Justitia

AB

417

70,870

ION

Exchange

India

Ltd

478

174,441

IPH

Ltd

763

245,056

ISS

A.S.

4,680

132,000

JAC

Recruitment

Co

Ltd

607

94,170

Jacobs

Solutions,

Inc

12,223

156,300

Japan

Elevator

Service

Holdings

Co

Ltd

2,585

1,092,972

Johnson

Service

Group

plc

1,973

102,205

KBR,

Inc

5,663

70,027

(a)

KEPCO

Plant

Service

&

Engineering

Co

Ltd

1,848

68,328

Kforce,

Inc

4,616

66,508

Kokuyo

Co

Ltd

1,080

73,500

Kosaido

Holdings

Co

Ltd

395

143,000

L&K

Engineering

Co

Ltd

790

41,370

(a)

Latent

View

Analytics

Ltd

226

1,768,754

Learning

Technologies

Group

plc

1,826

423,056

Link

Administration

Holdings

Ltd

629

40,789

(b)

Link

And

Motivation,

Inc

161

57,890

Loomis

AB

1,541

32,564

(b)

Mader

Group

Ltd

152

19,869

Maharah

Human

Resources

Co

414

7,600

Management

Solutions

Co

Ltd

185

38,322

Manpower,

Inc

3,045

65,438

(a)

Marlowe

plc

359

5,762

Matsuda

Sangyo

Co

Ltd

98

190,336

MAXIMUS,

Inc

15,962

47,042

McMillan

Shakespeare

Ltd

511

59,784

Meitec

Corp

1,196

263,651

Michael

Page

International

plc

1,637

28,520

(a)

Mistras

Group,

Inc

209

1,034,623

Mitie

Group

1,310

20,344

Mitsubishi

Pencil

Co

Ltd

301

175,090

(a)

Montrose

Environmental

Group,

Inc

5,626

27,968

MSA

Safety,

Inc

4,722

CREF

Stock

Account

December

31,

2023

30

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,343,054

My

EG

Services

Bhd

$

770

23,660

(a)

NICE

Information

Service

Co

Ltd

174

254,100

Nihon

M&A

Center

Holdings,

Inc

1,398

12,700

Nippon

Kanzai

Holdings

Co

Ltd

231

153,211

Nippon

Parking

Development

Co

Ltd

208

217,548

Nomura

Co

Ltd

1,354

46,128

Okamura

Corp

711

44,147

Open

Up

Group,

Inc

734

40,700

(a)

Orizon

Valorizacao

de

Residuos

S.A.

324

88,509

Outsourcing,

Inc

1,087

696,800

(a)

Park24

Co

Ltd

8,906

14,600

Pasona

Group,

Inc

273

138,981

Paychex,

Inc

16,554

17,825

Paycom

Software,

Inc

3,685

1,420,700

Persol

Holdings

Co

Ltd

2,431

23,042

Pilot

Corp

685

65,627

Prestige

International,

Inc

279

333,167

(c)

Prosegur

Cash

S.A.

198

145,397

Prosegur

Cia

de

Seguridad

S.A.

282

51,175

(a),(c)

Quess

Corp

Ltd

321

721,406

(a),(b)

Raksul,

Inc

6,467

116,096

Randstad

Holdings

NV

7,286

119,727

(b)

RB

Global,

Inc

8,012

137,104

RB

Global,

Inc

9,171

3,693,371

Recruit

Holdings

Co

Ltd

154,424

2,241,224

RELX

plc

88,918

58,186

(a)

Renewi

plc

474

3,815,639

Rentokil

Initial

plc

21,506

113,102

Republic

Services,

Inc

18,652

170,672

RITES

Ltd

1,030

79,712

Robert

Half

International,

Inc

7,008

193,747

Rollins,

Inc

8,461

218,362

RWS

Holdings

plc

698

13,937

(a)

S1

Corp

(Korea)

647

18,552

Sato

Corp

278

32,578

Saudi

Airlines

Catering

Co

1,098

90,866

(a)

Sdiptech

AB

2,437

1,845

(b)

Seche

Environnement

S.A.

224

103,182

Secom

Co

Ltd

7,423

516,453

Securitas

AB

(B

Shares)

5,063

884,810

Serco

Group

plc

1,823

86,651

SGS

S.A.

7,481

48,935

Shanghai

M&G

Stationery,

Inc

259

100,500

(a),(d)

Shanghai

Youngsun

Investment

Co

Ltd

1

34,894

(a)

SIS

Ltd

190

102,415

Smart

Metering

Systems

plc

1,227

104,963

SmartGroup

Corp

Ltd

623

58,287

SMS

Co

Ltd

1,195

19,651

Societe

BIC

S.A.

1,365

300,500

Sohgo

Security

Services

Co

Ltd

1,727

11,510

(a)

SP

Plus

Corp

590

826,705

SPIE

S.A.

25,877

63,000

Sporton

International,

Inc

494

112,112

Sthree

plc

594

4,560

(a)

Sungeel

Hitech

Co

Ltd

384

48,350

Sunny

Friend

Environmental

Technology

Co

Ltd

181

196,000

Taiwan

Secom

Co

Ltd

747

216,000

Taiwan-Sogo

Shinkong

Security

Corp

284

18,773

Takkt

AG.

280

10,648

(a)

TeamLease

Services

Ltd

409

976,354

TechnoPro

Holdings,

Inc

25,631

86,038

Teleperformance

12,597

31

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

56,568

(a)

TELUS

International

CDA,

Inc

$

486

69,859

Tetra

Tech,

Inc

11,662

116,484

Thomson

Reuters

Corp

17,031

19,443

(b)

Tinexta

Spa

435

69,240

TKC

1,843

202,100

Toppan

Printing

Co

Ltd

5,628

18,261

(a)

Trans

Cosmos,

Inc/Japan

390

145,122

TransUnion

9,971

38,800

TRE

Holdings

Corp

302

95,457

(a)

TriNet

Group,

Inc

11,353

1,023,260

(a)

Upwork,

Inc

15,216

26,099

UT

Group

Co

Ltd

451

1,060,238

(a)

Veralto

Corp

87,215

490,064

Verisk

Analytics,

Inc

117,057

126,690

(a)

Viad

Corp

4,586

38,600

(a),(b)

Visional,

Inc

2,452

322,618

Waste

Connections,

Inc

48,157

479,410

Waste

Management,

Inc

85,862

9,900

WDB

Holdings

Co

Ltd

155

19,700

(b)

Weathernews,

Inc

755

308,517

Wolters

Kluwer

NV

43,893

231,000

(a),(b),(d)

Youyuan

International

Holdings

Ltd

0

^

74,060

Zhejiang

Weiming

Environment

Protection

Co

Ltd

167

82,000

(a),(b)

Zonqing

Environmental

Ltd

258

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,592,637

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4.6%

232,930

Aaron's

Co,

Inc

2,534

81,600

ABC-Mart,

Inc

1,424

234,320

(a)

Abercrombie

&

Fitch

Co

(Class

A)

20,672

22,145

(a),(b)

About

You

Holding

SE

106

2,758,342

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

2,779

318,488

Academy

Sports

&

Outdoors,

Inc

21,020

286,095

Accent

Group

Ltd

378

6,071,700

ACE

Hardware

Indonesia

Tbk

PT

284

20,230

Adastria

Holdings

Co

Ltd

498

45,653

Advance

Auto

Parts,

Inc

2,786

94,574

Ali

Alghanim

Sons

Automotive

Co

KSCC

325

27,776,941

Alibaba

Group

Holding

Ltd

267,562

441,027

(a),(c)

Allegro.eu

S.A.

3,733

11,190

(b)

Alpen

Co

Ltd

154

85,510

AlSaif

Stores

For

Development

&

Investment

Co

203

17,889,675

(a)

Amazon.com,

Inc

2,718,157

320,748

(a)

AO

World

plc

402

124,700

AOKI

Holdings,

Inc

1,007

22,644

Arata

Corp

498

43,976

Arc

Land

Sakamoto

Co

Ltd

523

73,686

(a),(b)

Aritzia,

Inc

1,529

61,756

Arko

Corp

510

57,317

Arvind

Fashions

Ltd

282

628,628

ASKUL

Corp

9,561

65,419

(a),(b)

ASOS

plc

355

450,000

Aurora

Design

PCL

203

82,297

(a),(b),(c)

Auto1

Group

SE

588

113,388

Autobacs

Seven

Co

Ltd

1,253

17,740

(a)

AutoCanada,

Inc

307

14,190

Autohellas

Tourist

and

Trading

S.A.

200

21,396

(a)

Autonation,

Inc

3,213

13,751

(a)

Autozone,

Inc

35,555

1,761,219

B&M

European

Value

Retail

S.A.

12,558

1,566,385

(a),(b)

Baozun,

Inc

(ADR)

4,292

962,221

Bapcor

Ltd

3,633

CREF

Stock

Account

December

31,

2023

32

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

51,600

Bath

&

Body

Works,

Inc

$

2,227

30,005

Belluna

Co

Ltd

132

1,523,000

Bermaz

Auto

Bhd

782

146,041

Best

Buy

Co,

Inc

11,432

75,000

BIC

CAMERA,

Inc

714

129,160

(b)

Big

Lots,

Inc

1,006

44,099

Bilia

AB

589

750,974

(a),(b)

boohoo

Group

plc

393

41,443

(a),(c)

Boozt

AB

556

537,000

(a),(b),(d)

Boshiwa

International

Holding

Ltd

1

162,730

Buckle,

Inc

7,733

50,923,700

(a)

Bukalapak.com

PT

Tbk

714

112,555

(a)

Burlington

Stores,

Inc

21,890

34,810

(b)

Canadian

Tire

Corp

Ltd

3,697

118,835

(a)

Carmax,

Inc

9,119

1,147,893

(a)

CarParts.com,

Inc

3,627

119,900

Cato

Corp

(Class

A)

856

105,919

(a)

Ceconomy

AG

289

1,497,665

Central

Retail

Corp

PCL

1,799

206,498

(a)

Cettire

Ltd

408

500,000

China

Meidong

Auto

Holdings

Ltd

305

161,000

(b)

China

Tobacco

International

HK

Co

Ltd

204

100,400

(b),(c)

China

Tourism

Group

Duty

Free

Corp

Ltd

987

98,941

China

Tourism

Group

Duty

Free

Corp

Ltd

1,168

1,838,000

Chow

Tai

Fook

Jewellery

Group

Ltd

2,738

34,267

Clas

Ohlson

AB

(B

Shares)

538

712,200

Com7

PCL

(Foreign)

496

821,754

(a)

Coupang,

Inc

13,304

8,505

(a)

Cuckoo

Homesys

Co

Ltd

141

812,702

Currys

plc

523

83,846

DCM

Holdings

Co

Ltd

768

44,565

Delek

Automotive

Systems

Ltd

286

22,552

Dieteren

S.A.

4,411

995,077

Dogan

Sirketler

Grubu

Holdings

373

45,901

Dogus

Otomotiv

Servis

ve

Ticaret

AS

400

768,632

Dohome

PCL

286

891,833

Dollarama,

Inc

64,270

824,448

Don

Quijote

Co

Ltd

19,626

15,500

Doshisha

Co

Ltd

229

242,492

(a)

Dufry

Group

9,547

102,268

Dunelm

Group

plc

1,427

116,483

Eagers

Automotive

Ltd

1,149

96,025

eBay,

Inc

4,189

50,378

EDION

Corp

561

61,382

(a)

Electronics

Mart

India

Ltd

151

7,146,100

Erajaya

Swasembada

Tbk

PT

198

109,170

(a)

Etsy,

Inc

8,848

128,467

(c)

Europris

ASA

970

553,000

Far

Eastern

Department

Stores

Co

Ltd

446

132,465

Fast

Retailing

Co

Ltd

32,756

5,899

(a)

Fastned

BV

177

38,123

(a)

Fawaz

Abdulaziz

Al

Hokair

&

Co

179

19,918

Fielmann

AG.

1,068

7,522

(a)

Five

Below,

Inc

1,603

13,910

(a)

Floor

&

Decor

Holdings,

Inc

1,552

9,035

(b)

Fnac

Darty

SA

275

261,039

(b)

Foschini

Ltd

1,595

6,386

Fox

Wizel

Ltd

434

92,111

(a)

Frasers

Group

plc

1,068

339,793

(a),(b)

GameStop

Corp

(Class

A)

5,957

776,774

Gap,

Inc

16,242

27,926

Genuine

Parts

Co

3,868

33

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,700

Geo

Holdings

Corp

$

251

832,000

Giordano

International

Ltd

281

97,542

(a),(b)

Global-e

Online

Ltd

3,866

21,560

(a)

Go

Fashion

India

Ltd

324

703,783,800

(a)

GoTo

Gojek

Tokopedia

Tbk

PT

3,923

18,620

Group

1

Automotive,

Inc

5,674

50,300

Grupo

SBF

S.A.

122

51,100

Gulliver

International

Co

Ltd

351

158,458

Halfords

Group

plc

402

451,956

(b)

Harvey

Norman

Holdings

Ltd

1,294

21,239

Hennes

&

Mauritz

AB

(B

Shares)

373

149,200

HLA

Corp

Ltd

156

1,318,229

Home

Depot,

Inc

456,832

4,588,667

Home

Product

Center

PCL

1,571

6,685

Hornbach

Holding

AG.

&

Co

KGaA

487

255,591

Hotai

Motor

Co

Ltd

5,897

26,212

(a)

Hotel

Shilla

Co

Ltd

1,326

10,147

(a)

Hyundai

Department

Store

Co

Ltd

407

3,902

(a)

Hyundai

Home

Shopping

Network

Corp

130

1,388,496

Inchcape

plc

12,642

444,239

Industria

de

Diseno

Textil

S.A.

19,384

274,000

Isetan

Mitsukoshi

Holdings

Ltd

2,975

24,200

Izumi

Co

Ltd

620

199,300

J

Front

Retailing

Co

Ltd

1,810

505,393

Jarir

Marketing

Co

2,107

88,573

JB

Hi-Fi

Ltd

3,201

85,071

JD

Sports

Fashion

plc

180

9,479,980

JD.com,

Inc

136,920

1,619,942

JD.com,

Inc

(ADR)

46,800

11,142

JINS

Holdings,

Inc

371

8,720

Joshin

Denki

Co

Ltd

150

37,374

Joyful

Honda

Co

Ltd

489

98,886

JUMBO

S.A.

2,742

13,450

K

Car

Co

Ltd

122

70,649

Kingfisher

plc

219

5,500

(a)

Kintetsu

Department

Store

Co

Ltd

103

18,405

Kohnan

Shoji

Co

Ltd

512

22,152

Komeri

Co

Ltd

485

114,828

K's

Holdings

Corp

1,075

19,418

(b)

Leon's

Furniture

Ltd

266

20,378

Lithia

Motors,

Inc

(Class

A)

6,710

53,106

LKQ

Corp

2,538

6,061,580

Lojas

Renner

S.A.

21,750

8,510

(a)

Lotte

Shopping

Co

Ltd

494

49,465

(b)

Lovisa

Holdings

Ltd

824

918,112

Lowe's

Cos,

Inc

204,326

694,561

Luk

Fook

Holdings

International

Ltd

1,865

3,313,965

(a)

Magazine

Luiza

S.A.

1,473

6,895,000

Map

Aktif

Adiperkasa

PT

367

27,660

Matas

A.S.

473

101,370

Mekonomen

AB

1,100

29,352

(a)

Mercadolibre,

Inc

46,128

381,300

(a)

Mercari,

Inc

7,042

336,800

(e)

MINISO

Group

Holding

Ltd

1,721

43,700

MINISO

Group

Holding

Ltd

(ADR)

892

6,657,100

Mitra

Adiperkasa

Tbk

PT

774

38,214

Mobilezone

Holding

AG.

624

68,180

momo.com,

Inc

1,129

200,068

(a)

Moonpig

Group

plc

400

147,038

Motus

Holdings

Ltd

816

2,087,600

(c)

MR

DIY

Group

M

Bhd

659

212,878

Mr

Price

Group

Ltd

1,825

CREF

Stock

Account

December

31,

2023

34

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

32,824

Murphy

USA,

Inc

$

11,704

24,045

Musti

Group

Oyj

695

8,300

Nafco

Co

Ltd

110

163,143

(a)

Naspers

Ltd

27,925

3,970

Next

plc

410

37,720

(b)

Nextage

Co

Ltd

691

60,965

Nick

Scali

Ltd

512

27,435

Nishimatsuya

Chain

Co

Ltd

403

63,043

Nitori

Co

Ltd

8,465

46,224

Nojima

Corp

574

101,000

North-Star

International

Co

Ltd

172

51,290

(a)

ODP

Corp

2,888

212,654

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

16,138

44,391

(a)

O'Reilly

Automotive,

Inc

42,175

59,677

(a),(b),(d)

Ozon

Holdings

plc

(ADR)

1

468,100

Padini

Holdings

Bhd

358

38,256

Pal

Co

Ltd

667

854,715

PALTAC

Corp

26,997

15,000

Pan

German

Universal

Motors

Ltd

146

1,177,918

(a)

PDD

Holdings,

Inc

(ADR)

172,341

14,575

Penske

Auto

Group,

Inc

2,339

140,235

(a),(c)

Pepco

Group

NV

928

1,620,829

(c)

Pepkor

Holdings

Ltd

1,739

282,600

Pet

Center

Comercio

e

Participacoes

S.A.

230

28,816

(b)

Pet

Valu

Holdings

Ltd

626

72,523

(a)

Petco

Health

&

Wellness

Co,

Inc

229

380,918

Pets

at

Home

Group

PLC

1,545

28,373

Pool

Corp

11,313

435,200

(c)

Pop

Mart

International

Group

Ltd

1,129

37,076

Poya

International

Co

Ltd

666

415,288

Premier

Investments

Ltd

7,808

2,206,269

Prosus

NV

65,725

720,600

PTG

Energy

PCL

(Foreign)

184

2,371,700

PTT

Oil

&

Retail

Business

PCL

1,325

33,436

Puuilo

Oyj

330

278,900

(a),(b)

Rakuten,

Inc

1,243

301,230

(a)

RattanIndia

Enterprises

Ltd

276

19,535

(a)

Redtape

Ltd

110

15,735

Retailors

Ltd

311

58,470

(a)

RH

17,043

141,491

Ross

Stores,

Inc

19,581

43,914

Rvrc

Holding

AB

263

205,300

Ryohin

Keikaku

Co

Ltd

3,429

1,273,831

(a)

SA

SA

International

Holdings

Ltd

165

728,768

(a)

SACI

Falabella

1,820

42,700

Sanrio

Co

Ltd

1,777

12,964

(a),(d)

Saregama

India

Ltd

14

23,904

Saudi

Automotive

Services

Co

473

20,302

Saudi

Co

For

Hardware

CJSC

208

380,880

(a)

Savers

Value

Village,

Inc

6,620

34,781

Seria

Co

Ltd

649

198,804

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

174

17,600

Shimamura

Co

Ltd

1,965

6,141

Shinsegae

Co

Ltd

833

8,588

Shinsegae

International,

Inc

122

31,534

(a)

Shoppers

Stop

Ltd

262

28,122

(b),(c)

Sleep

Country

Canada

Holdings,

Inc

544

67,600

Sonic

Automotive,

Inc

(Class

A)

3,800

830,500

(a)

Stitch

Fix,

Inc

2,965

253,438

Super

Group

Ltd

412

129,936

Super

Retail

Group

Ltd

1,396

51,535

Synsam

AB

234

35

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,579

Tadiran

Group

Ltd

$

191

120,851

Takashimaya

Co

Ltd

1,645

12,869

Telepark

Corp

176

63,550

(a),(b)

Temple

&

Webster

Group

Ltd

377

5,988

Thanga

Mayil

Jewellery

Ltd

107

1,475,734

(a),(b)

THG

plc

1,599

67,270

(a),(b)

ThredUp,

Inc

151

3,206,492

TJX

Cos,

Inc

300,801

38,927

(b)

Tokmanni

Group

Corp

629

22,743,489

(c)

Topsports

International

Holdings

Ltd

17,736

84,647

Tractor

Supply

Co

18,202

156,282

Trent

Ltd

5,734

299,436

Truworths

International

Ltd

1,217

37,000

(a)

Ulta

Beauty,

Inc

18,130

499,199

United

Arrows

Ltd

6,673

29,296

United

Electronics

Co

688

462,240

(a)

Urban

Outfitters,

Inc

16,497

38,700

USS

Co

Ltd

777

203,368

Valvoline,

Inc

7,643

992,772

Vibra

Energia

S.A.

4,650

301,302

(a)

Vipshop

Holdings

Ltd

(ADR)

5,351

9,315

V-Mart

Retail

Ltd

224

49,488

VT

Holdings

Co

Ltd

181

179,600

(a)

Warby

Parker,

Inc

2,532

68,492

Warehouse

Group

Ltd

70

200,078

(a),(c)

Watches

of

Switzerland

Group

plc

1,804

110,844

(a),(b)

Wayfair,

Inc

6,839

882,945

Wesfarmers

Ltd

34,337

630,442

WH

Smith

plc

10,706

187,602

Wickes

Group

plc

339

1,180,800

Wilcon

Depot,

Inc

446

8,421

(b)

Williams-Sonoma,

Inc

1,699

802,236

Woolworths

Holdings

Ltd

3,166

305,400

(b)

Workman

Co

Ltd

9,010

296,883

Wuchan

Zhongda

Group

Co

Ltd

185

600,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

534

474,000

Yamada

Denki

Co

Ltd

1,473

22,733

Yellow

Hat

Ltd

284

935,721

(a),(c)

Zalando

SE

22,153

134,200

Zhejiang

China

Commodities

City

Group

Co

Ltd

139

768,072

Zhongsheng

Group

Holdings

Ltd

1,840

26,400

ZOZO,

Inc

596

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

5,396,839

CONSUMER

DURABLES

&

APPAREL

-

2.0%

756,000

361

Degrees

International

Ltd

336

251,174

Adidas-Salomon

AG.

51,040

273,352

(a)

Aditya

Birla

Fashion

and

Retail

Ltd

734

77,720

Aksa

Akrilik

Kimya

Sanayii

AS.

272

139,809

Alaseel

Co

174

18,000

Alexander

Marine

Co

Ltd

223

974,579

(a)

Alok

Industries

Ltd

250

189,800

(a)

Alpargatas

S.A.

395

13,762

(a)

Amber

Enterprises

India

Ltd

518

1,089,955

Anta

Sports

Products

Ltd

10,594

55,900

Arezzo

Industria

e

Comercio

S.A.

742

53,161

Ariston

Holding

NV

369

80,077

Arvind

Ltd

251

130,473

Asics

Corp

4,073

64,379

(a)

Azorim-Investment

Development

&

Construction

Co

Ltd

261

148,428

Bajaj

Electricals

Ltd

1,762

36,184

Barratt

Developments

plc

259

CREF

Stock

Account

December

31,

2023

36

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

52,226

Bata

India

Ltd

$

1,036

3,225

Beijing

Roborock

Technology

Co

Ltd

129

97,195

Bellway

plc

3,175

26,884

Beneteau

S.A.

371

3,967

Berkeley

Group

Holdings

plc

237

637,134

(a),(b)

BK

LC

Lux

Finco

2

Sarl

31,048

29,001

(a)

Borosil

Ltd

117

3,260,472

Bosideng

International

Holdings

Ltd

1,467

329,897

Bovis

Homes

Group

plc

3,855

75,010

Breville

Group

Ltd

1,392

22,870

(b)

BRP,

Inc

1,637

28,122

Brunello

Cucinelli

S.p.A

2,752

52,630

Brunswick

Corp

5,092

11,989

Burberry

Group

plc

216

7,089,132

Cairn

Homes

plc

10,362

6,592,582

Cairn

Homes

plc

9,728

1,013,661

(a)

Callaway

Golf

Co

14,536

58,262

(a)

Campus

Activewear

Ltd

196

40,714

(a),(b)

Canada

Goose

Holdings,

Inc

484

127,199

(a)

Capri

Holdings

Ltd

6,390

157,900

(a)

Casio

Computer

Co

Ltd

1,367

30,932

(a)

CCC

S.A.

481

105,500

Chervon

Holdings

Ltd

322

481,000

China

Lilang

Ltd

261

14,900

(b)

Chofu

Seisakusho

Co

Ltd

214

249,357

Chow

Sang

Sang

Hldg

287

793,850

Cie

Financiere

Richemont

S.A.

109,650

956,000

(a)

Citychamp

Watch

&

Jewellery

Group

Ltd

141

1,327,535

Coats

Group

plc

1,310

46,163

(a)

Coway

Co

Ltd

2,042

189,907

Crest

Nicholson

Holdings

plc

526

105,786

(a)

Crocs,

Inc

9,881

2,184,546

Crompton

Greaves

Consumer

Electricals

Ltd

8,158

94,900

Cury

Construtora

e

Incorporadora

S.A.

352

230,500

Cyrela

Brazil

Realty

S.A.

1,137

11,200

Daiwa

Seiko,

Inc

159

8,575

Danya

Cebus

Ltd

236

19,625

(a)

Deckers

Outdoor

Corp

13,118

60,139

De'Longhi

S.p.A.

2,029

9,867

Delta

Galil

Ltd

440

28,602

Descente

Ltd

752

13,248

(a)

DI

Dong

Il

Corp

299

92,700

Direcional

Engenharia

S.A.

427

50,858

Dixon

Technologies

India

Ltd

4,011

234,245

DR

Horton,

Inc

35,601

539,323

Dr.

Martens

PLC

608

266,590

(a),(b)

Dream

Finders

Homes,

Inc

9,472

1,394,869

Eclat

Textile

Co

Ltd

25,491

21,600

Ecovacs

Robotics

Co

Ltd

126

1,830

Einhell

Germany

AG.

333

8,296

Electra

Consumer

Products

1970

Ltd

165

173,384

Electrolux

AB

1,863

547,266

Ermenegildo

Zegna

NV

6,332

37,257

ES-Con

Japan

Ltd

245

93,600

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

359

11,419

(a)

F&F

Co

Ltd

788

2,376,451

Feng

TAY

Enterprise

Co

Ltd

13,538

58,442

(a)

Ferretti

S.p.A

186

24,654

(a),(d)

FF

Group

0

^

385,225

(b)

Fields

Corp

3,463

35,729

Fila

Holdings

Corp

1,069

548,000

Formosa

Taffeta

Co

Ltd

450

37

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

339,999

(a),(b),(d)

Fuguiniao

Co

Ltd

$

0

^

50,021

Fujitsu

General

Ltd

821

110,000

Fulgent

Sun

International

Holding

Co

Ltd

478

66,000

Fusheng

Precision

Co

Ltd

444

26,603

Games

Workshop

Group

plc

3,343

56,385

(a)

Garmin

Ltd

7,248

8,937

Garware

Technical

Fibres

Ltd

361

233,000

Giant

Manufacturing

Co

Ltd

1,395

117,570

(a)

G-III

Apparel

Group

Ltd

3,995

116,377

Gildan

Activewear,

Inc

3,849

2,188,641

(a),(c)

Glenveagh

Properties

plc

2,948

3,460,973

(a),(c)

Glenveagh

Properties

plc

(London)

4,623

481,617

GN

Store

Nord

12,255

35,591

Gokaldas

Exports

Ltd

353

736,000

(a),(b)

Golden

Solar

New

Energy

Technology

Holdings

Ltd

362

17,247

Goldwin,

Inc

1,237

8,759

(a)

GOLFZON

Co

Ltd

625

75,700

Gree

Electric

Appliances,

Inc

of

Zhuhai

344

241,300

Grendene

S.A.

351

413,800

GRUPO

DE

MODA

SOMA

S.A.

634

10,718

Gunze

Ltd

380

1,022,201

Haier

Smart

Home

Co

Ltd

2,887

166,607

Haier

Smart

Home

Co

Ltd

494

7,881

(a)

Handsome

Co

Ltd

117

55,500

Hang

Zhou

Great

Star

Industrial

Co

Ltd

176

46,205

Hangzhou

Robam

Appliances

Co

Ltd

142

12,552

Hansae

Co

Ltd

205

5,846

Hanssem

Co

Ltd

242

99,006

Hasbro,

Inc

5,055

195,272

Haseko

Corp

2,532

19,574

Hermes

International

41,605

88,100

Hisense

Visual

Technology

Co

Ltd

260

466,000

(a),(d)

HOSA

International

Ltd

1

156,451

Hugo

Boss

AG.

11,656

126,400

Iida

Group

Holdings

Co

Ltd

1,888

75,375

Indo

Count

Industries

Ltd

279

124,000

Installed

Building

Products,

Inc

22,670

35,010

(b)

Japan

Wool

Textile

Co

Ltd

333

34,984

Jason

Furniture

Hangzhou

Co

Ltd

173

54,189

(b)

JM

AB

955

617,000

JNBY

Design

Ltd

829

70,000

Johnson

Health

Tech

Co

Ltd

157

1,155,500

(b),(c)

JS

Global

Lifestyle

Co

Ltd

229

118,400

(a)

JVC

KENWOOD

Holdings,

Inc

620

184,012

Kalyan

Jewellers

India

Ltd

782

12,383

(b)

Kaufman

&

Broad

S.A.

412

386,432

Kering

171,150

828,000

Kinpo

Electronics

438

6,700

Ki-Star

Real

Estate

Co

Ltd

149

38,000

KMC

Kuei

Meng

International,

Inc

163

58,200

Kontoor

Brands,

Inc

3,633

73,551

KPR

Mill

Ltd

729

45,018

LA

Opala

RG

Ltd

201

43,300

(a)

Landsea

Homes

Corp

569

129,197

Leggett

&

Platt,

Inc

3,381

184,515

Lennar

Corp

(Class

A)

27,500

9,541

Lennar

Corp

(Class

B)

1,279

169,687

(b)

Levi

Strauss

&

Co

2,807

91,720

LG

Electronics,

Inc

7,213

993,121

Li

Ning

Co

Ltd

2,665

924

LPP

S.A.

3,802

169,787

(a)

Lululemon

Athletica,

Inc

86,810

CREF

Stock

Account

December

31,

2023

38

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

403,155

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

$

327,578

33,180

(a)

M/I

Homes,

Inc

4,570

178,000

Makalot

Industrial

Co

Ltd

2,053

1,290,984

Man

Wah

Holdings

Ltd

885

6,442

(a),(d)

Mariella

Burani

S.p.A.

0

^

28,747

Marimekko

Oyj

422

264,657

(a)

Mattel,

Inc

4,997

119,284

(c)

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

472

41,648

Maytronics

Ltd

472

355,000

Merida

Industry

Co

Ltd

2,109

147,881

Merry

Electronics

Co

Ltd

527

55,979

MIPS

AB

2,026

14,100

Mizuno

Corp

392

40,234

(a)

Mohawk

Industries,

Inc

4,164

1,582,933

Moncler

S.p.A

97,460

325,700

(a)

MRV

Engenharia

e

Participacoes

S.A.

752

5,800

(b)

Nagawa

Co

Ltd

293

109,700

Namco

Bandai

Holdings,

Inc

2,194

19,486

(c)

Neinor

Homes

S.A.

227

71,678

(b)

New

Wave

Group

AB

726

269,115

Newell

Rubbermaid,

Inc

2,336

136,448

Nien

Made

Enterprise

Co

Ltd

1,568

1,895,124

Nike,

Inc

(Class

B)

205,754

2,057,700

Nikon

Corp

20,310

11,296

(a)

NVR,

Inc

79,077

1,741,233

(a)

On

Holding

AG.

46,961

85,300

(a)

Onward

Kashiyama

Co

Ltd

290

63,700

Open

House

Group

Co

Ltd

1,884

20,832

Oppein

Home

Group,

Inc

204

126,391

Orient

Electric

Ltd

345

631,681

(b),(c)

OVS

S.p.A

1,587

4,665

Page

Industries

Ltd

2,158

1,803,400

Panasonic

Corp

17,759

2,789

Pandora

A.S.

386

17,691

PDS

Ltd

117

402,000

(a),(d)

Peace

Mark

Holdings

Ltd

0

^

283,564

(a)

Peloton

Interactive,

Inc

1,727

10,486

Persimmon

plc

185

20,656

(a),(d)

PIK

Group

(GDR)

0

^

40,834

Polaris

Industries,

Inc

3,870

1,844,006

Pou

Chen

Corp

1,856

7,837,040

PRADA

S.p.A

44,812

22,485

Pressance

Corp

254

263,147

Pulte

Homes,

Inc

27,162

3,932

Puma

AG.

Rudolf

Dassler

Sport

219

428,000

(b)

Q

Technology

Group

Co

Ltd

243

44,000

Quang

Viet

Enterprise

Co

Ltd

161

50,297

Rajesh

Exports

Ltd

221

25,195

Raymond

Ltd

521

1,085,737

Redrow

plc

8,504

96,357

Relaxo

Footwears

Ltd

1,046

85,900

Rinnai

Corp

1,988

9,500

Roland

Corp

296

559,027

Ruentex

Industries

Ltd

1,170

13,628

Safari

Industries

India

Ltd

320

208,136

(a),(b)

Safilo

Group

S.p.A.

210

50,013

(b)

Salvatore

Ferragamo

S.p.A

675

119,624

Sangetsu

Co

Ltd

2,626

182,600

Sankyo

Co

Ltd

10,633

9,954

Sanlorenzo

S.p.A

466

26,538

SEB

S.A.

3,323

746,300

Sega

Sammy

Holdings,

Inc

10,419

39

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,800

Seiko

Holdings

Corp

$

473

289,100

Sekisui

Chemical

Co

Ltd

4,158

866,300

Sekisui

House

Ltd

19,203

211,500

(b)

Sharp

Corp

1,505

30,636

(a)

Sheela

Foam

Ltd

456

717,238

Shenzhou

International

Group

Holdings

Ltd

7,358

59,899

Shimano,

Inc

9,227

300,600

Sichuan

Changhong

Electric

Co

Ltd

224

1,037,504

Skyworth

Group

Ltd

396

9,800

(b)

Snow

Peak,

Inc

64

238,900

(a)

Sonos,

Inc

4,095

2,889,822

Sony

Corp

273,472

77,768

(c)

Spin

Master

Corp

2,046

1,030,000

Stella

International

Holdings

Ltd

1,215

516,821

Steven

Madden

Ltd

21,706

124,097

(b)

Sumitomo

Forestry

Co

Ltd

3,687

1,276

Swatch

Group

AG.

347

14,878

Symphony

Ltd

157

1,003,000

Tainan

Spinning

Co

Ltd

516

175,000

Taiwan

Paiho

Ltd

328

13,700

(b)

Tama

Home

Co

Ltd

381

17,900

Tamron

Co

Ltd

673

187,280

Tapestry,

Inc

6,894

125,650

(a)

Taylor

Morrison

Home

Corp

6,703

11,484,718

Taylor

Wimpey

plc

21,498

821,000

TCL

Electronics

Holdings

Ltd

268

105,233

(c)

Technogym

S.p.A

1,054

125,653

Tempur

Sealy

International,

Inc

6,404

2,747,000

Texhong

International

Group

Ltd

1,541

87,219

(c)

Thule

Group

AB

2,378

295,995

Titan

Co

Ltd

13,064

7,920

(a),(b)

Tod's

S.p.A.

299

5,490

Token

Corp

358

81,332

Toll

Brothers,

Inc

8,360

66,101

Tomy

Co

Ltd

1,045

52,602

(a)

TopBuild

Corp

19,687

41,000

Topkey

Corp

239

521,050

(a),(b)

Traeger,

Inc

1,422

1,051,807

Trident

Ltd

458

44,648

TTK

Prestige

Ltd

397

526,560

(a)

Under

Armour,

Inc

(Class

A)

4,628

1,087,288

(a)

Under

Armour,

Inc

(Class

C)

9,079

310,443

(b)

Universal

Entertainment

Corp

5,052

47,259

Vaibhav

Global

Ltd

225

82,419

Vardhman

Textiles

Ltd

382

323,152

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

175

125,384

(a)

Vestel

Elektronik

Sanayi

ve

Ticaret

AS.

197

33,430

(a),(b)

Victoria

plc

129

52,655

VIP

Industries

Ltd

378

3,168,000

(a),(b)

Viva

Goods

Company

Ltd

365

100,900

Vivara

Participacoes

S.A.

711

65,240

(a)

Vizio

Holding

Corp

502

74,700

Vulcabras

Azaleia

S.A.

310

2,428

(a),(b)

V-ZUG

Holding

AG.

187

33,213

Wacoal

Holdings

Corp

788

170,540

Welspun

India

Ltd

296

281,396

Whirlpool

Corp

34,266

28,916

Whirlpool

of

India

Ltd

475

1,209,000

Xtep

International

Holdings

Ltd

683

416,800

Yamaha

Corp

9,601

329,252

(a)

YETI

Holdings,

Inc

17,049

107,409

(b)

YIT

Oyj

235

CREF

Stock

Account

December

31,

2023

40

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

45,300

Yonex

Co

Ltd

$

429

17,645

(a)

Youngone

Corp

623

4,197

Youngone

Holdings

Co

Ltd

254

651,500

Yue

Yuen

Industrial

Holdings

722

43,913

Zhejiang

Supor

Co

Ltd

328

29,400

Zojirushi

Corp

310

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,365,493

CONSUMER

SERVICES

-

2.9%

283,912

(a)

888

Holdings

plc

346

205,347

(c)

AcadeMedia

AB

1,053

518,306

Accor

S.A.

19,839

158,882

ADT,

Inc

1,084

283,633

(a)

Airbnb,

Inc

38,614

143,000

(a),(b)

Airtrip

Corp

1,873

6,789

Alamar

Foods

172

1,911,238

(a),(b)

Alsea

SAB

de

C.V.

7,221

925,832

Amadeus

IT

Holding

S.A.

66,495

109,000

Ambassador

Hotel

176

2,199,096

Americana

Restaurants

International

plc

1,874

160,207

(a)

AmRest

Holdings

SE

1,083

47,786

(a)

Ananti,

Inc

241

177,702

Aramark

4,993

8,812,494

(f)

Arcos

Dorados

Holdings,

Inc

111,831

464,542

Aristocrat

Leisure

Ltd

12,907

4,818,268

Asset

World

Corp

PCL

501

16,650

Ataa

Educational

Co

320

93,700

(a),(b)

Atom

Corp

609

244,781

(a)

Auction

Technology

Group

plc

1,629

29,000

Bafang

Yunji

International

Co

Ltd

161

54,450

(a),(b)

BALLY'S

CORP

759

22,855

(a)

Barbeque

Nation

Hospitality

Ltd

183

42,995

(a),(b),(c)

Basic-Fit

NV

1,339

50,900

Benesse

Holdings,

Inc

940

787,921

Berjaya

Sports

Toto

BHD

254

96,232

Betsson

AB

1,037

2,924,900

(a)

Bloomberry

Resorts

Corp

520

112,177

(a)

Booking

Holdings,

Inc

397,916

192,399

Boyd

Gaming

Corp

12,046

43,520

(a)

Bright

Horizons

Family

Solutions,

Inc

4,101

303,009

(a)

Brinker

International,

Inc

13,084

28,600

BTG

Hotels

Group

Co

Ltd

63

974,000

Cafe

de

Coral

Holdings

Ltd

1,124

329,435

Cairo

Investment

&

Real

Estate

Development

Co

SAE

142

1,969,531

(a)

Carnival

Corp

36,515

541,642

(a)

Carnival

plc

8,988

12,533

(a),(b)

Cava

Group,

Inc

539

377,500

(a)

Central

Plaza

Hotel

PCL

483

65,027

(a)

Chalet

Hotels

Ltd

544

144,000

China

Chunlai

Education

Group

Co

Ltd

115

491,000

(c)

China

East

Education

Holdings

Ltd

169

5,893,200

China

Education

Group

Holdings

Ltd

3,698

3,886,000

(c)

China

New

Higher

Education

Group

Ltd

1,061

1,836,000

(b)

China

Travel

International

Inv

HK

315

56,688

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

129,643

32,464

Cie

des

Alpes

507

1,569,900

(a)

Cogna

Educacao

S.A.

1,126

1,447,064

Collins

Foods

Ltd

11,670

57,700

Colowide

Co

Ltd

908

2,620,683

Compass

Group

plc

71,711

164,099

Corporate

Travel

Management

Ltd

2,185

95,600

Create

Restaurants

Holdings,

Inc

741

41

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

30,200

Curves

Holdings

Co

Ltd

$

139

195,429

Dadi

Early-Childhood

Education

Group

Ltd

322

526,334

Dalata

Hotel

Group

plc

2,684

41,369

Darden

Restaurants,

Inc

6,797

746,115

(a),(c)

Deliveroo

plc

1,213

186,154

(a),(c)

Delivery

Hero

SE

5,123

46,700

(a),(b)

Demae-Can

Co

Ltd

166

218,220

(a)

Denny's

Corp

2,374

248,061

(a)

Devyani

International

Ltd

577

54,169

Domino's

Pizza

Enterprises

Ltd

2,175

304,619

Domino's

Pizza

Group

plc

1,461

129,977

Domino's

Pizza,

Inc

53,580

106,814

(a)

DoorDash,

Inc

10,563

31,012

(a)

DoubleUGames

Co

Ltd

1,142

80,218

Doutor

Nichires

Holdings

Co

Ltd

1,238

23,200

(a)

DPC

Dash

Ltd

184

1,080,750

(a)

DraftKings,

Inc

38,096

105,430

(a)

Duolingo,

Inc

23,917

387,500

(a),(b),(c)

East

Buy

Holding

Ltd

1,381

229,289

Easy

Trip

Planners

Ltd

111

416,000

(b)

EC

Healthcare

93

173,976

(a)

eDreams

ODIGEO

S.A.

1,473

157,036

EIH

Ltd

471

65,083

(a),(b),(c)

Elior

Group

S.A.

211

5,197

(a),(b),(d)

Empire

Resorts,

Inc

0

^

672,323

Entain

plc

8,479

2,018,200

(a)

Erawan

Group

PCL

310

1,261,659

(a)

Everi

Holdings,

Inc

14,219

379,628

(c)

Evolution

AB

45,218

525,108

(a)

Expedia

Group,

Inc

79,706

5,796

(a)

Fattal

Holdings

1998

Ltd

640

340,500

(a),(b)

Fenbi

Ltd

200

91,170

(a)

First

Watch

Restaurant

Group,

Inc

1,832

144,252

(b)

Flight

Centre

Travel

Group

Ltd

2,000

420,654

(a)

Flutter

Entertainment

plc

74,667

215,938

(a)

Flutter

Entertainment

plc

38,111

92,593

Food

&

Life

Cos

Ltd

1,897

52,000

Formosa

International

Hotels

Corp

375

177,400

(a),(c)

Fosun

Tourism

Group

131

482,160

(a)

Frontdoor,

Inc

16,982

1,149,000

Fu

Shou

Yuan

International

Group

Ltd

780

18,499

Fuji

Kyuko

Co

Ltd

552

5,400

(a),(b)

Fujio

Food

Group,

Inc

54

701,323

G8

Education

Ltd

564

5,767,608

Galaxy

Entertainment

Group

Ltd

32,304

1,867,997

Genting

BHD

1,877

2,537,381

Genting

Malaysia

BHD

1,485

4,926,512

Genting

Singapore

Ltd

3,732

46,000

Gourmet

Master

Co

Ltd

152

22,621

(a)

Grand

Canyon

Education,

Inc

2,987

28,765

(a)

Grand

Korea

Leisure

Co

Ltd

300

398,400

Greggs

plc

13,207

260,783

H&R

Block,

Inc

12,614

2,837,000

(a),(b),(c)

Haichang

Ocean

Park

Holdings

Ltd

345

1,489,776

(b),(c)

Haidilao

International

Holding

Ltd

2,779

10,172

(a)

Hana

Tour

Service,

Inc

410

42,789

Heiwa

Corp

636

370,500

(b)

Helens

International

Holdings

Co

ltd

181

21,523

Herfy

Food

Services

Co

184

19,537

Hiday

Hidaka

Corp

394

579,066

Hilton

Worldwide

Holdings,

Inc

105,442

42,628

(a),(b)

HIS

Co

Ltd

550

CREF

Stock

Account

December

31,

2023

42

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,494,000

(c)

Hope

Education

Group

Co

Ltd

$

161

233,000

Huangshan

Tourism

Development

Co

Ltd

168

86,937

Huazhu

Group

Ltd

(ADR)

2,907

210,971

Humansoft

Holding

Co

KSC

2,334

44,300

Ichibanya

Co

Ltd

1,657

280,877

IDP

Education

Ltd

3,831

731,319

Indian

Hotels

Co

Ltd

3,850

173,427

InterContinental

Hotels

Group

plc

15,639

684,244

International

Game

Technology

plc

18,755

79,540

(a)

Jahez

International

Co

538

724,000

(b),(c)

Jiumaojiu

International

Holdings

Ltd

566

380,513

Jollibee

Foods

Corp

1,727

342,427

Jubilant

Foodworks

Ltd

2,324

205,135

Jumbo

Interactive

Ltd

1,943

149,493

(a),(c)

Just

Eat

Takeaway.com

NV

2,279

91,175

(a)

Kambi

Group

plc

1,516

68,092

(a)

Kangwon

Land,

Inc

844

13,270

(a)

Kappa

Create

Co

Ltd

160

33,000

Kentucky

Fried

Chicken

Japan

Ltd

718

287,758

Kindred

Group

plc

2,663

18,500

Kisoji

Co

Ltd

336

38,000

KOMEDA

Holdings

Co

Ltd

739

41,094

Koshidaka

Holdings

Co

Ltd

316

17,804

Kura

Sushi,

Inc

430

25,883

(b)

Kyoritsu

Maintenance

Co

Ltd

1,098

109,381

(c)

La

Francaise

des

Jeux

SAEM

3,973

2,978,039

Las

Vegas

Sands

Corp

146,549

1,079,753

Laureate

Education,

Inc

14,803

20,066

Leejam

Sports

Co

JSC

1,082

279,607

(a),(c)

Lemon

Tree

Hotels

Ltd

402

77,300

(a)

Lincoln

Educational

Services

Corp

776

15,500

LITALICO,

Inc

226

39,682

(a)

Lotte

Tour

Development

Co

Ltd

287

1,811,475

Lottery

Corp

Ltd

5,977

48,811

(a)

Lottomatica

Group

Spa

528

279,000

Lung

Yen

Life

Service

Corp

365

1,139,600

Magnum

Bhd

270

68,987

(a)

Mahindra

Holidays

&

Resorts

India

Ltd

314

191,738

Marriott

International,

Inc

(Class

A)

43,239

7,200

Matsuyafoods

Holdings

Co

Ltd

281

1,841,168

McDonald's

Corp

545,925

16,300

(b)

McDonald's

Holdings

Co

Japan

Ltd

706

49,181

MegaStudyEdu

Co

Ltd

2,310

5,133,740

(a),(c)

Meituan

53,898

3,741,435

(a)

Melco

Crown

Entertainment

Ltd

(ADR)

33,187

537,817

(a),(b)

Melco

International

Development

377

563,795

MGM

Resorts

International

25,190

2,694,300

Minor

International

PCL

2,325

59,892

(a),(b)

Mister

Car

Wash,

Inc

517

192,553

(a)

Mitchells

&

Butlers

plc

633

1,068,300

MK

Restaurants

Group

PCL

1,243

223,422

Monogatari

Corp

6,940

16,000

MOS

Food

Services,

Inc

373

15,686

MTY

Food

Group,

Inc

669

14,121

National

Co

for

Learning

&

Education

451

430,500

(a),(b)

Nayuki

Holdings

Ltd

175

11,497

(a)

NEOGAMES

S.A.

329

1,264,420

(a)

Nerdy,

Inc

4,337

1,277,940

(a)

New

Oriental

Education

&

Technology

Group,

Inc

9,316

61,234

NIIT

Learning

Systems

Ltd

322

142,800

(a),(b)

Noodles

&

Co

450

296,200

(a)

Offcn

Education

Technology

Co

Ltd

170

43

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,400

Ohsho

Food

Service

Corp

$

2,768

153,874

OPAP

S.A.

2,611

3,028,245

Oriental

Land

Co

Ltd

112,555

199,981

Papa

John's

International,

Inc

15,245

41,856

(a)

Paradise

Co

Ltd

431

26,171

Park

Lawn

Corp

390

38,470

(a),(d)

Patisserie

Holdings

plc

0

^

427,064

Pearson

plc

5,246

267,277

(a)

Penn

National

Gaming,

Inc

6,955

404,000

Perfect

Medical

Health

Management

Ltd

171

151,586

Photo-Me

International

plc

241

125,019

(a),(b)

Pierre

&

Vacances

215

65,088

(a)

Planet

Fitness,

Inc

4,751

402,650

(a)

PlayAGS,

Inc

3,394

269,424

(a)

Playtech

PLC

1,541

11,836

(b)

Pollard

Banknote

Ltd

286

116,780

(a)

Potbelly

Corp

1,217

233,124

(a)

Rank

Group

plc

222

574,100

Resorttrust,

Inc

9,940

276,062

(a)

Restaurant

Brands

Asia

Ltd

371

188,987

Restaurant

Brands

International,

Inc

14,766

545,233

(b)

Restaurant

Brands

International,

Inc

42,599

18,600

Ringer

Hut

Co

Ltd

310

799,600

Riso

Kyoiku

Co

Ltd

1,286

164,683

Round

One

Corp

650

675,147

(a)

Royal

Caribbean

Cruises

Ltd

87,425

25,700

(b)

Royal

Holdings

Co

Ltd

470

824,080

(a)

Rush

Street

Interactive,

Inc

3,700

23,000

Saizeriya

Co

Ltd

820

5,862,367

(a)

Sands

China

Ltd

17,159

24,963

(a)

Sapphire

Foods

India

Ltd

426

106,382

(a),(b),(c)

Scandic

Hotels

Group

AB

490

121,591

(a)

Seera

Group

Holding

862

32,652

Seobu

T&D

182

111,790

Service

Corp

International

7,652

34,739

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

146

1,034,000

(a)

Shangri-La

Asia

Ltd

710

192,900

SISB

PCL

200

2,107,000

(a),(b)

SJM

Holdings

Ltd

666

29,143

SkiStar

AB

346

188,182

(b)

Skylark

Holdings

Co

Ltd

2,753

220,500

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

1,179

92,738

(b)

Sodexho

Alliance

S.A.

10,209

87,043

(a)

Sol

Melia

S.A.

574

109,714

Songcheng

Performance

Development

Co

Ltd

153

655,587

(a)

SSP

Group

PLC

1,962

2,032,901

(a)

Star

Entertainment

Grp

Ltd

713

2,554,754

Starbucks

Corp

245,282

48,800

Strategic

Education,

Inc

4,508

109,510

(a)

Stride,

Inc

6,502

149,000

(a),(b)

Super

Hi

International

Holding

Ltd

199

163,253

Taaleem

Holdings

PJSC

173

5,774,612

TABCORP

Holdings

Ltd

3,288

382,183

(a)

TAL

Education

Group

(ADR)

4,827

111,275

Texas

Roadhouse,

Inc

(Class

A)

13,601

50,367

Thomas

Cook

India

Ltd

82

1,085,000

Tianli

Education

International

Holdings

Ltd

449

399,985

(b)

Tokyotokeiba

Co

Ltd

12,560

526,820

(a)

Tongcheng

Travel

Holdings

Ltd

976

37,959

Toridoll

Holdings

Corp

1,089

358,166

(a),(c)

Trainline

plc

1,469

799,219

Travelsky

Technology

Ltd

1,382

CREF

Stock

Account

December

31,

2023

44

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

464,550

(a)

Trip.com

Group

Ltd

$

16,676

622,896

(a)

TUI

AG.

4,853

302,370

(a)

Udemy,

Inc

4,454

28,578

Vail

Resorts,

Inc

6,101

1,640,295

(a),(b)

Webjet

Ltd

8,205

226,417

Wendy's

Co

4,411

51,621

Westlife

Foodworld

Ltd

506

74,090

(a)

Wetherspoon

(J.D.)

plc

765

202,349

Whitbread

plc

9,421

22,674

Wingstop,

Inc

5,818

7,954

Wonderla

Holidays

Ltd

81

56,075

Wowprime

Corp

456

780,774

Wyndham

Hotels

&

Resorts,

Inc

62,782

40,537,800

(a),(b)

Wynn

Macau

Ltd

33,389

132,545

Wynn

Resorts

Ltd

12,076

538,500

(c)

Xiabuxiabu

Catering

Management

China

Holdings

Co

Ltd

170

217,700

YDUQS

Participacoes

S.A.

1,004

53,419

Yoshinoya

D&C

Co

Ltd

1,213

22,600

(a),(b)

Youdao,

Inc

(ADR)

89

16,727

(b)

Young

&

Co's

Brewery

plc

232

444,029

Yum

China

Holdings,

Inc

18,840

64,862

Yum!

Brands,

Inc

8,475

76,000

Zensho

Co

Ltd

3,977

4,439,845

(a)

Zomato

Ltd

6,590

TOTAL

CONSUMER

SERVICES

3,449,578

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

1,701,406

Abdullah

Al

Othaim

Markets

Co

5,940

509,300

Aeon

Co

Ltd

11,365

27,600

Aeon

Hokkaido

Corp

181

22,483

Ain

Holdings,

Inc

712

76,556

Al

Meera

Consumer

Goods

Co

QSC

278

123,557

Albertsons

Cos,

Inc

2,842

27,877

Al-Dawaa

Medical

Services

Co

785

2,255,829

(a),(b)

Alibaba

Health

Information

Technology

Ltd

1,227

1,647,335

Alimentation

Couche-Tard,

Inc

97,009

13,862,583

(a)

Almacenes

Exito

S.A.

48,886

13,472

Almunajem

Foods

Co

260

72,700

Andersons,

Inc

4,183

33,079

Arcs

Co

Ltd

652

6,638,598

Atacadao

S.A.

17,012

139,822

(a),(c)

Avenue

Supermarts

Ltd

6,858

296,753

Axfood

AB

8,032

11,055

Axial

Retailing,

Inc

325

8,300

Belc

Co

Ltd

367

766,412

Berli

Jucker

PCL

561

6,604

(a)

BGF

retail

Co

Ltd

671

286,430

Bid

Corp

Ltd

6,681

392,687

BIM

Birlesik

Magazalar

AS

4,005

184,760

BinDawood

Holding

Co

299

123,026

(a)

BJ's

Wholesale

Club

Holdings,

Inc

8,201

17,493

Carrefour

S.A.

320

27,965

Casey's

General

Stores,

Inc

7,683

6,151

Cawachi

Ltd

116

1,082,968

Cencosud

S.A.

2,034

272,207

(a)

Chefs'

Warehouse,

Inc

8,011

333,400

(a),(b)

Chongqing

Hongjiu

Fruit

Co

Ltd

224

14,578,000

(a),(f)

Cia

Brasileira

de

Distribuicao

12,455

198,792

Clicks

Group

Ltd

3,540

1,038,280

Coles

Group

Ltd

11,406

72,491

(b)

Colruyt

S.A.

3,270

16,200

Cosmos

Pharmaceutical

Corp

1,870

45

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

880,960

Costco

Wholesale

Corp

$

581,504

2,421,916

CP

ALL

plc

3,967

1,737,600

CP

Axtra

PCL

1,373

20,900

Create

SD

Holdings

Co

Ltd

454

18,803

(a)

Curexo,

Inc

270

38,800

(a)

Dada

Nexus

Ltd

(ADR)

129

4,418

Daikokutenbussan

Co

Ltd

235

70,141

DaShenLin

Pharmaceutical

Group

Co

Ltd

246

72,900

(a),(b)

DingDong

Cayman

Ltd

(ADR)

109

20,075

(a),(c)

Dino

Polska

S.A.

2,351

309,644

(b),(c)

Dis-Chem

Pharmacies

Ltd

520

16,397,216

(a)

Distribuidora

Internacional

de

Alimentacion

S.A.

214

9,669

(a),(b)

DocMorris

AG.

851

160,163

Dollar

General

Corp

21,774

228,138

(a)

Dollar

Tree,

Inc

32,407

30,720

(a)

Dongsuh

Cos,

Inc

433

14,636

(a)

E-MART,

Inc

868

95,254

Empire

Co

Ltd

2,520

262,498

Endeavour

Group

Ltd

932

53,148

Eurocash

S.A.

225

19,900

Fuji

Co

Ltd

271

12,400

G-7

Holdings,

Inc

105

6,700

Genky

DrugStores

Co

Ltd

259

40,835

George

Weston

Ltd

5,070

183,060

GrainCorp

Ltd-A

910

47,642

Great

Tree

Pharmacy

Co

Ltd

542

73,334

(a)

Grocery

Outlet

Holding

Corp

1,977

480,100

(a)

Grupo

Mateus

S.A.

710

34,485

(a)

GS

Retail

Co

Ltd

615

6,100

Halows

Co

Ltd

185

71,125

Hankyu

Department

Stores,

Inc

769

21,858

Heiwado

Co

Ltd

330

885,075

(a)

HelloFresh

SE

13,955

13,800

(b)

Inageya

Co

Ltd

124

2,770

Itochu-Shokuhin

Co

Ltd

155

50,415

J

Sainsbury

plc

194

466,050

(a),(c)

JD

Health

International,

Inc

2,339

1,062,530

Jeronimo

Martins

SGPS

S.A.

27,042

16,723

Kato

Sangyo

Co

Ltd

544

138,071

Kesko

Oyj

(B

Shares)

2,737

28,300

Kobe

Bussan

Co

Ltd

836

31,491

Koninklijke

Ahold

Delhaize

NV

906

85,025

Kroger

Co

3,887

41,502

Kusuri

no

Aoki

Holdings

Co

Ltd

942

391,900

(b)

La

Comer

SAB

de

C.V.

1,009

37,100

Lawson,

Inc

1,916

21,796

Life

Corp

510

103,317

Loblaw

Cos

Ltd

10,002

12,180

M

Yochananof

&

Sons

Ltd

534

17,205

(a)

Maplebear,

Inc

404

3,984,530

Marks

&

Spencer

Group

plc

13,809

23,973

MARR

S.p.A.

304

279,600

Matsumotokiyoshi

Holdings

Co

Ltd

4,942

36,200

Maxvalu

Tokai

Co

Ltd

765

40,870

(a)

Medplus

Health

Services

Ltd

369

737,928

Metcash

Ltd

1,756

95,825

(a)

METRO

AG.

668

151,298

Metro,

Inc

7,832

562,402

Migros

Ticaret

AS

6,393

35,434

Nahdi

Medical

Co

1,294

20,979

(b)

Neighbourly

Pharmacy,

Inc

266

39,143

(b)

North

West

Co,

Inc

1,160

CREF

Stock

Account

December

31,

2023

46

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

21,475

(a)

Ocado

Group

plc

$

207

23,300

(a),(b)

Oisix

ra

daichi,

Inc

225

782,344

Olam

Group

Ltd

615

201,978

(a)

Performance

Food

Group

Co

13,967

656,594

(b)

Pick'n

Pay

Stores

Ltd

835

239,759

(a),(b),(c)

Ping

An

Healthcare

and

Technology

Co

Ltd

546

511,195

President

Chain

Store

Corp

4,487

740,700

Puregold

Price

Club,

Inc

360

1,068,024

Raia

Drogasil

S.A.

6,465

24,286

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006

Ltd

1,353

12,715

(a),(c)

Redcare

Pharmacy

NV

1,845

17,112

(b)

Retail

Partners

Co

Ltd

202

726,550

Robinsons

Retail

Holdings,

Inc

520

43,341

Ryoshoku

Ltd

1,475

18,200

San-A

Co

Ltd

587

19,584,956

Sendas

Distribuidora

S.A.

54,260

1,428,169

Seven

&

I

Holdings

Co

Ltd

56,483

2,259,410

Sheng

Siong

Group

Ltd

2,738

9,911

Shoei

Foods

Corp

339

209,057

Shoprite

Holdings

Ltd

3,143

739,274

(a)

Shufersal

Ltd

3,524

18,254

Sligro

Food

Group

NV

320

2,263,019

SMU

S.A.

416

1,747,082

Sok

Marketler

Ticaret

AS.

3,186

696,771

Sonae

SPGS

S.A.

696

160,804

(b)

SPAR

Group

Ltd

1,036

39,320

SpartanNash

Co

902

27,796

Sugi

Pharmacy

Co

Ltd

1,276

16,107,400

Sumber

Alfaria

Trijaya

Tbk

PT

3,065

332,500

Sundrug

Co

Ltd

10,672

65,712

Sysco

Corp

4,806

537,953

Target

Corp

76,615

22,249,282

Tesco

plc

82,427

31,200

Tsuruha

Holdings,

Inc

2,856

114,356

(a)

United

Natural

Foods,

Inc

1,856

41,650

United

Super

Markets

Holdings,

Inc

300

169,180

(a)

US

Foods

Holding

Corp

7,682

30,894

Valor

Co

Ltd

534

339,689

Walgreens

Boots

Alliance,

Inc

8,869

4,425,136

(b)

Wal-Mart

de

Mexico

SAB

de

C.V.

18,651

3,140,091

Walmart,

Inc

495,035

23,770

Weis

Markets,

Inc

1,520

69,300

Welcia

Holdings

Co

Ltd

1,211

973,416

Woolworths

Ltd

24,696

13,100

(b)

Yaoko

Co

Ltd

749

55,942

Yifeng

Pharmacy

Chain

Co

Ltd

316

32,200

Yokohama

Reito

Co

Ltd

239

237,400

Yonghui

Superstores

Co

Ltd

94

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,953,181

ENERGY

-

4.7%

198,743

(a)

3R

PETROLEUM

OLEO

E

GAS

S.A.

1,073

14,625,661

Adaro

Energy

Indonesia

Tbk

PT

2,259

136,710

(a),(b)

Advantage

Energy

Ltd

880

136,963

Aegis

Logistics

Ltd

579

277,800

Africa

Oil

Corp

522

997,226

Aker

BP

ASA

28,967

203,605

Aker

Solutions

ASA

841

6,406,200

AKR

Corporindo

Tbk

PT

614

29,896

Aldrees

Petroleum

and

Transport

Services

Co

1,407

194,408

Ampol

Ltd

4,791

255,779

Antero

Midstream

Corp

3,205

47

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,145

APA

Corp

$

436

430,091

(b)

ARC

Resources

Ltd

6,385

307,460

Archrock,

Inc

4,735

151,530

Ardmore

Shipping

Corp

2,135

456,940

(a)

Athabasca

Oil

Corp

1,438

368,451

(a),(b)

Atlas

Energy

Solutions,

Inc

6,345

14,134

(c)

Avance

Gas

Holding

Ltd

208

1,631,697

Baker

Hughes

Co

55,771

768,900

Bangchak

Corp

PCL

978

9,366,500

Banpu

PCL

(Foreign)

1,862

618,969

(b)

Baytex

Energy

Corp

2,046

4,754,804

Beach

Petroleum

Ltd

5,191

716,663

Bharat

Petroleum

Corp

Ltd

3,881

224,840

(b)

Birchcliff

Energy

Ltd

981

18,743

(a)

BLUENORD

ASA

918

162,145

(a)

Borr

Drilling

Ltd

1,209

268,529

(a)

Boss

Energy

Ltd

736

44,645,765

BP

plc

264,663

4,650,000

(a),(d)

Brightoil

Petroleum

Holdings

Ltd

6

30,630

(a)

Bristow

Group,

Inc

866

2,542,000

(a)

Bumi

Armada

Bhd

273

44,109,300

(a)

Bumi

Resources

Minerals

Tbk

PT

487

79,089

(a)

BW

Energy

Ltd

210

123,654

(c)

BW

LPG

Ltd

1,841

69,135

BW

Offshore

Ltd

152

26,880

Cabot

Oil

&

Gas

Corp

686

82,500

California

Resources

Corp

4,511

133,229

Cameco

Corp

5,742

1,223,114

Cameco

Corp

52,735

804,145

Canadian

Natural

Resources

Ltd

52,683

151,374

(b)

Cardinal

Energy

Ltd

717

962,896

Cenovus

Energy,

Inc

(Toronto)

16,045

193,250

CES

Energy

Solutions

Corp

503

674,918

(a)

CGG

S.A.

446

2,145,000

(a),(b)

CGN

Mining

Co

Ltd

472

195,232

ChampionX

Corp

5,703

534,022

Cheniere

Energy,

Inc

91,163

114,604

Chennai

Petroleum

Corp

Ltd

958

679,097

Chesapeake

Energy

Corp

52,250

2,493,687

Chevron

Corp

371,958

2,253,000

China

Coal

Energy

Co

2,051

739,900

China

Merchants

Energy

Shipping

Co

Ltd

613

2,121,122

China

Oilfield

Services

Ltd

2,168

451,276

China

Shenhua

Energy

Co

Ltd

-

A

1,996

3,062,455

China

Shenhua

Energy

Co

Ltd

-

H

10,502

634,000

(b)

China

Shipping

Development

Co

Ltd

598

67,346

Chord

Energy

Corp

11,195

1,442,357

Coal

India

Ltd

6,513

118

(a),(d),(g)

Cobalt

International

Energy,

Inc

0

^

425,207

Computer

Modelling

Group

Ltd

3,251

3,519,946

ConocoPhillips

408,560

19,649

Cool

Co

Ltd

247

1,042,504

Cosan

SA

Industria

e

Comercio

4,106

292,193

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

504

50,858

Cosmo

Energy

Holdings

Co

Ltd

2,038

220,696

(b)

Crescent

Energy

Co

2,915

440,754

(b)

Crescent

Point

Energy

Corp

3,057

98,671

(a)

Crew

Energy,

Inc

338

20,106

CropEnergies

AG.

256

266,000

Dalipal

Holdings

Ltd

152

41,843

d'Amico

International

Shipping

S.A.

261

4,524,778

Dana

Gas

PJSC

976

CREF

Stock

Account

December

31,

2023

48

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

580,601

(a)

Deep

Yellow

Ltd

$

431

7,057

Delek

Group

Ltd

909

528,830

Delek

US

Holdings,

Inc

13,644

2,038,468

(a),(b)

Denison

Mines

Corp

3,569

22,664

Devon

Energy

Corp

1,027

3,911,812

Dialog

Group

Bhd

1,762

1,740,181

(a)

Diamond

Offshore

Drilling,

Inc

22,622

1,463,986

Diamondback

Energy,

Inc

227,035

41,952

(a)

Diversified

Energy

Co

plc

595

156,663

(a)

DMC

Global,

Inc

2,948

391,964

DNO

International

ASA

388

103,582

(a)

DOF

Group

ASA

577

4,812

DT

Midstream,

Inc

264

27,093

(a),(b)

Empire

Petroleum

Corp

298

354,751

Empresas

COPEC

S.A.

2,581

121,500

Enauta

Participacoes

S.A.

503

1,428,108

Enbridge,

Inc

51,410

2,505,901

ENEOS

Holdings,

Inc

9,939

626,761

Enerflex

Ltd

2,900

116,988

(b)

Energean

plc

1,556

30,154,540

(a)

Energi

Mega

Persada

Tbk

PT

431

1,168,600

(a),(d)

Energy

Earth

PCL

0

^

130,671

(a),(b)

Energy

Fuels,

Inc

937

1

Energy

Transfer

LP

0

^

700,926

Enerplus

Corp

10,744

77,271

ENI

S.p.A.

1,311

1,398,107

(a)

Enquest

plc

(London)

269

2,153,002

EOG

Resources,

Inc

260,406

13,314

EQT

Corp

515

3,550,682

Equinor

ASA

112,528

19,295

(a)

Equital

Ltd

592

188,300

Esso

Thailand

PCL

(Foreign)

47

38,147

Etablissements

Maurel

et

Prom

256

311,151

(b)

Euronav

NV

5,486

132,970

Excelerate

Energy,

Inc

2,056

6,656

Exmar

NV

56

131,590

(a)

Expro

Group

Holdings

NV

2,095

143,580

Exxaro

Resources

Ltd

1,612

7,231,740

Exxon

Mobil

Corp

723,029

24,805

FLEX

LNG

Ltd

729

1,061,878

Formosa

Petrochemical

Corp

2,791

106,780

(b)

Freehold

Royalties

Ltd

1,103

122,827

(a)

Frontera

Energy

Corp

739

108,927

Frontline

plc

2,174

15,496

Galp

Energia

SGPS

S.A.

228

27,058

Gaztransport

Et

Technigaz

S.A.

3,584

128,511

(b)

Gibson

Energy,

Inc

1,952

320,160

Golar

LNG

Ltd

7,360

644,280

(b)

Granite

Ridge

Resources,

Inc

3,879

86,207

Great

Eastern

Shipping

Co

Ltd

1,011

36,950

(a)

Green

Plains,

Inc

932

817,786

Guanghui

Energy

Co

Ltd

823

42,506

Gujarat

Mineral

Development

Corp

Ltd

208

843,123

Gulf

International

Services

QSC

632

192,674

(b)

Gulf

Keystone

Petroleum

Ltd

317

76,650

(a)

Gulfport

Energy

Operating

Corp

10,210

210,321

Hafnia

Ltd

1,452

36,827

Halliburton

Co

1,331

495,091

Harbour

Energy

plc

1,945

1,609,500

(a)

Harum

Energy

Tbk

PT

139

20,185

HD

Hyundai

Co

Ltd

989

172,136

(b)

Headwater

Exploration,

Inc

812

49

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

624,790

(a)

Helix

Energy

Solutions

Group,

Inc

$

6,423

108,546

Hellenic

Petroleum

S.A.

873

92,969

Hess

Corp

13,402

5,962

HF

Sinclair

Corp

331

2,693,240

Hibiscus

Petroleum

Bhd

1,487

532,702

(a)

Hindustan

Petroleum

Corp

Ltd

2,554

618,875

Hunting

plc

2,331

848,970

Idemitsu

Kosan

Co

Ltd

4,610

152,320

(b)

Imperial

Oil

Ltd

8,677

2,706,697

Indian

Oil

Corp

Ltd

4,221

10,154,800

Indika

Energy

Tbk

PT

946

271,400

Indo

Tambangraya

Megah

Tbk

PT

452

232,400

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

468

1,065,400

Inner

Mongolia

Yitai

Coal

Co

1,641

843,028

Inpex

Holdings,

Inc

11,281

67,146

(a)

International

Petroleum

Corp

799

6,302,686

IRPC

PCL

(Foreign)

372

115,550

Itochu

Enex

Co

Ltd

1,258

35,022

Iwatani

International

Corp

1,595

116,277

Japan

Petroleum

Exploration

Co

4,310

519,000

Jizhong

Energy

Resources

Co

Ltd

522

2,826,739

(a)

John

Wood

Group

plc

6,178

578,486

(a)

Karoon

Energy

Ltd

802

2,470,300

(a)

Kelt

Exploration

Ltd

10,664

151,502

(b)

Keyera

Corp

3,662

70,229

Kinder

Morgan,

Inc

1,239

4,794,000

Kinetic

Development

Group

Ltd

338

214,130

(b)

Kodiak

Gas

Services,

Inc

4,300

55,241

Koninklijke

Vopak

NV

1,859

102,840

Liberty

Energy,

Inc

1,866

63,886

(a)

Mach

Natural

Resources

LP

1,053

114,720

Magnolia

Oil

&

Gas

Corp

2,442

1,280,629

Marathon

Oil

Corp

30,940

487,719

Marathon

Petroleum

Corp

72,358

382,324

Matador

Resources

Co

21,739

5,448,300

Medco

Energi

Internasional

Tbk

PT

409

163,488

(a)

MEG

Energy

Corp

2,920

28,000

Mitsuuroko

Co

Ltd

314

12,330

Modec,

Inc

202

451,480

MOL

Hungarian

Oil

&

Gas

plc

3,678

61,213

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,606

488,380

Murphy

Oil

Corp

20,834

33,969

Naphtha

Israel

Petroleum

Corp

Ltd

174

179,154

Neste

Oil

Oyj

6,369

49,059

(b)

New

Fortress

Energy,

Inc

1,851

451,845

New

Hope

Corp

Ltd

1,590

782,020

(a),(b)

Newpark

Resources,

Inc

5,193

2,695,523

(a),(b)

NexGen

Energy

Ltd

18,858

165,210

Noble

Corp

plc

7,956

248,610

Nordic

American

Tankers

Ltd

1,044

19,889

North

American

Construction

Group

Ltd

415

623,354

Northern

Oil

and

Gas,

Inc

23,108

1,182,858

(b)

NOV,

Inc

23,988

140,017

(a)

NuVista

Energy

Ltd

1,167

57,401

(a),(b)

Obsidian

Energy

Ltd

389

64,343

Occidental

Petroleum

Corp

3,842

436,129

Odfjell

Drilling

Ltd

1,688

637,127

Offshore

Oil

Engineering

Co

Ltd

533

1,990,240

Oil

Refineries

Ltd

672

4,790

OMV

AG.

210

24,340

ONEOK,

Inc

1,709

134,630

Overseas

Shipholding

Group,

Inc

709

CREF

Stock

Account

December

31,

2023

50

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

90,382

Ovintiv,

Inc

$

3,970

2,278,471

(a)

Paladin

Resources

Ltd

1,527

213,930

(a)

Par

Pacific

Holdings,

Inc

7,781

63,930

(b)

Paramount

Resources

Ltd

(Class

A)

1,251

1,162,423

Parex

Resources,

Inc

21,888

358,495

Parkland

Corp

11,555

66,493

Pason

Systems,

Inc

811

8,080

Paz

Oil

Co

Ltd

676

137,920

PBF

Energy,

Inc

6,063

15,850

Peabody

Energy

Corp

385

356,248

Pembina

Pipeline

Corp

12,265

10,392,993

Permian

Resources

Corp

141,345

1,311,500

(a),(d)

Petrindo

Jaya

Kreasi

Tbk

PT

1,144

3,774,600

Petro

Rio

S.A.

35,706

402,240

(a),(b)

Petrofac

Ltd

191

3,307,195

Petroleo

Brasileiro

S.A.

26,409

4,201,227

Petroleo

Brasileiro

S.A.

(Preference)

32,055

739,713

(a)

Petroleum

Geo-Services

ASA

622

352,080

Petronas

Dagangan

BHD

1,673

765,353

Petronet

LNG

Ltd

2,047

124,500

Petroreconcavo

S.A.

556

515,500

PetroTal

Corp

307

145,256

(b)

Peyto

Exploration

&

Development

Corp

1,320

127,753

Phillips

66

17,009

712,832

Pioneer

Natural

Resources

Co

160,302

542,932

Polski

Koncern

Naftowy

Orlen

S.A.

9,040

100,100

(a),(d)

Poseidon

Concepts

Corp

1

171,212

(b)

PrairieSky

Royalty

Ltd

2,998

11,813

(a)

Precision

Drilling

Corp

642

961,500

Prima

Marine

PCL

151

184,140

(a)

ProPetro

Holding

Corp

1,543

3,252,100

PT

Tambang

Batubara

Bukit

Asam

Tbk

515

694,306

PT

United

Tractors

Tbk

1,020

1,461,248

PTT

Exploration

&

Production

PCL

6,365

4,965,900

PTT

Exploration

&

Production

PCL

(ADR)

21,631

9,467,709

PTT

PCL

9,916

603,792

Qatar

Fuel

QSC

2,709

2,303,911

Qatar

Gas

Transport

Co

Ltd

2,189

394,021

(a)

Rabigh

Refining

&

Petrochemical

Co

1,094

59,174,325

Raizen

S.A.

49,078

45,410

Ranger

Energy

Services,

Inc

465

8,723,389

Reliance

Industries

Ltd

270,756

42,192

Repsol

YPF

S.A.

626

96,200

(a)

Rex

American

Resources

Corp

4,550

152,270

RPC,

Inc

1,109

936,461

(a)

Saipem

S.p.A

1,522

37,452

San-Ai

Oil

Co

Ltd

425

2,651,270

Santos

Ltd

13,785

399,760

Saras

S.p.A.

714

6,568

Saudi

Arabia

Refineries

Co

157

8,042,706

(c)

Saudi

Arabian

Oil

Co

70,809

118,938

SBM

Offshore

NV

1,634

966,349

Schlumberger

Ltd

50,289

9,087

Schoeller-Bleckmann

Oilfield

Equipment

AG.

443

8,330

Scorpio

Tankers,

Inc

506

223,470

(a)

Seadrill

Ltd

10,566

26,294

(a)

Seadrill

Ltd

1,238

206,642

Secure

Energy

Services,

Inc

1,471

2,794,600

Semirara

Mining

&

Power

Corp

1,527

205,512

Serica

Energy

plc

601

50

(a),(d)

Serval

Integrated

Energy

Services

0

^

669,838

Shaanxi

Coal

Industry

Co

Ltd

1,974

51

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

344,350

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

$

474

279,986

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

865

478,499

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

667

55,262

(a)

Shawcor

Ltd

632

12,236,080

Shell

plc

400,537

1,148,065

Shell

plc

(ADR)

75,543

181,000

Siamgas

&

Petrochemicals

PCL

42

3,552,000

Sinopec

Kantons

Holdings

Ltd

1,528

7,350

SK

Discovery

Co

Ltd

223

1,232

SK

Gas

Ltd

141

29,834

(a)

SK

Innovation

Co

Ltd

3,229

258,180

SM

Energy

Co

9,997

44,365

S-Oil

Corp

2,389

715,850

(a)

Southwestern

Energy

Co

4,689

102,951

Spartan

Delta

Corp

232

220,688

Stanmore

Resources

Ltd

603

1,735,500

Star

Petroleum

Refining

PCL

418

1,629,143

(a),(b)

Strike

Energy

Ltd

533

184,504

Subsea

7

S.A.

2,688

1,511,340

Suncor

Energy,

Inc

48,418

80,637

(b)

Surge

Energy,

Inc

394

429,217

(b)

Tamarack

Valley

Energy

Ltd

994

51,151,618

(a)

Tamboran

Resources

Ltd

7,843

8,127

Targa

Resources

Corp

706

653,521

(b)

TC

Energy

Corp

25,528

965,612

Technip

Energies

NV

22,540

330,042

TechnipFMC

plc

6,647

39,579

(a)

Tecnicas

Reunidas

S.A.

365

986,778

(a)

Teekay

Corp

7,055

101,200

Teekay

Tankers

Ltd

5,057

17,550

Tenaris

S.A.

305

219,030

(a)

Tetra

Technologies,

Inc

990

4,655

Texas

Pacific

Land

Corp

7,320

507,745

TGS

Nopec

Geophysical

Co

ASA

6,594

1,374,032

Thai

Oil

PCL

2,154

107,682

Thungela

Resources

Ltd

905

109,546

(b)

Topaz

Energy

Corp

1,602

175,410

TORM

plc

5,304

3,297,393

Total

S.A.

224,219

218,704

Tourmaline

Oil

Corp

9,836

192,630

Trican

Well

Service

Ltd

599

1,049,123

(a),(b)

Tullow

Oil

plc

520

877,465

Turkiye

Petrol

Rafinerileri

AS

4,249

684,261

Ultrapar

Participacoes

S.A.

3,712

6,476,000

(b)

United

Energy

Group

Ltd

705

1,227,400

Valero

Energy

Corp

159,562

123,716

(a)

Vallourec

S.A.

1,922

15,626

VERBIO

Vereinigte

BioEnergie

AG.

516

131,707

(b)

Vermilion

Energy,

Inc

1,587

247,530

Vitesse

Energy,

Inc

5,418

852,185

(c)

Viva

Energy

Group

Ltd

2,028

5,553

(a),(b)

Waga

Energy

S.A.

156

28,352

(a)

Weatherford

International

plc

2,774

496,637

(b)

Whitecap

Resources,

Inc

3,325

659,542

Whitehaven

Coal

Ltd

3,347

43,946

Williams

Cos,

Inc

1,531

2,399,395

Woodside

Energy

Group

Ltd

50,667

167,800

World

Fuel

Services

Corp

3,822

255,764

(b)

Yancoal

Australia

Ltd

863

175,133

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

693

2,065,310

(b)

Yanzhou

Coal

Mining

Co

Ltd

3,928

294,853

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

824

CREF

Stock

Account

December

31,

2023

52

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,118,820

Yinson

Holdings

BHD

$

609

TOTAL

ENERGY

5,576,329

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.2%

1,746,927

(b)

Abacus

Property

Group

1,364

1,731,028

Abacus

Storage

King

1,333

617,570

Acadia

Realty

Trust

10,493

653

Activia

Properties,

Inc

1,798

481

Advance

Logistics

Investment

Corp

432

1,089

Advance

Residence

Investment

Corp

2,439

172,976

(b)

Aedifica

S.A.

12,157

1,370

AEON

REIT

Investment

Corp

1,373

157,287

Agree

Realty

Corp

9,901

396,922

AIMS

AMP

Capital

Industrial

REIT

391

132,094

Al

Rajhi

REIT

313

247,504

Alexander

&

Baldwin,

Inc

4,708

533,057

Alexandria

Real

Estate

Equities,

Inc

67,576

161,159

Allied

Properties

Real

Estate

Investment

Trust

2,454

3,578

(b)

Altarea

SCA

317

596,730

American

Assets

Trust,

Inc

13,432

2,432,763

American

Homes

4

Rent

87,482

1,091,137

American

Tower

Corp

235,555

383,426

Americold

Realty

Trust,

Inc

11,606

159,890

Apartment

Income

REIT

Corp

5,553

831,091

Apple

Hospitality

REIT,

Inc

13,804

583,200

AREIT,

Inc

352

299,216

Arena

REIT

756

179,344

Armada

Hoffler

Properties,

Inc

2,218

35,930

Artis

Real

Estate

Investment

Trust

180

3,216,778

Ascendas

REIT

7,375

2,501,330

Assura

plc

1,534

301,790

AvalonBay

Communities,

Inc

56,501

1,297,996

Axis

Real

Estate

Investment

Trust

506

565,957

Balanced

Commercial

Property

Trust

Ltd

523

186,244

Big

Yellow

Group

plc

2,899

18,210

Boardwalk

REIT

980

108,583

Boston

Properties,

Inc

7,619

623,589

Braemar

Hotels

&

Resorts,

Inc

1,559

810,224

British

Land

Co

plc

4,119

152,800

Brixmor

Property

Group,

Inc

3,556

330,578

Broadstone

Net

Lease,

Inc

5,693

124,376

(c)

Brookfield

India

Real

Estate

Trust

352

29,199

BSR

Real

Estate

Investment

Trust

347

363,739

Bunnings

Warehouse

Property

Trust

874

5,348,962

(b)

Cambridge

Industrial

Trust

1,297

264,459

Canadian

Apartment

Properties

REIT

9,740

1,733,761

CapitaLand

Ascott

Trust

1,300

4,379,273

CapitaMall

Trust

6,826

1,047,787

(b)

CapitaRetail

China

Trust

738

698,200

CareTrust

REIT,

Inc

15,626

46,944

Carmila

S.A.

808

802,868

CDL

Hospitality

Trusts

675

587,201

Centuria

Capital

Group

703

411,051

Centuria

Industrial

REIT

910

325,189

Centuria

Office

REIT

296

1,719,806

Champion

Real

Estate

Investment

Trust

540

381,996

Charter

Hall

Group

3,130

1,713,044

Charter

Hall

Long

Wale

REIT

4,388

384,114

Charter

Hall

Social

Infrastructure

REIT

782

324,968

Chatham

Lodging

Trust

3,484

127,021

Choice

Properties

Real

Estate

Investment

Trust

1,337

46,600

City

Office

REIT,

Inc

285

53

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

130,049

CLS

Holdings

plc

$

169

27,236

(b)

Cofinimmo

2,146

540

Comforia

Residential

REIT,

Inc

1,213

32,700

Community

Healthcare

Trust,

Inc

871

768,514

Concentradora

Fibra

Danhos

S.A.

de

C.V.

949

116,202

Cousins

Properties,

Inc

2,830

496

(b)

CRE

Logistics

REIT,

Inc

546

42,203

Crombie

Real

Estate

Investment

Trust

440

300,500

Cromwell

European

Real

Estate

Investment

Trust

471

1,316,575

Cromwell

Group

376

845,736

Crown

Castle,

Inc

97,420

40,919

CT

Real

Estate

Investment

Trust

452

60,198

CubeSmart

2,790

338,366

Custodian

Property

Income

Reit

plc

377

2,008

Daiwa

House

REIT

Investment

Corp

3,581

225

Daiwa

Office

Investment

Corp

1,060

1,581

Daiwa

Securities

Living

Investments

Corp

1,168

254,042

Derwent

London

plc

7,641

199,459

Dexus

Industria

REIT

378

202,505

Dexus

Property

Group

1,058

726,800

Digital

Core

REIT

Management

Pte

Ltd

469

167,882

Digital

Realty

Trust,

Inc

22,594

103,779

Dream

Industrial

Real

Estate

Investment

Trust

1,093

437,000

(a),(d)

Eagle

Hospitality

Trust

4

343,028

EastGroup

Properties,

Inc

62,959

447,229

Embassy

Office

Parks

REIT

1,745

1,745,119

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS.

407

457,377

Empiric

Student

Property

plc

553

167,821

EPR

Properties

8,131

86,224

Equinix,

Inc

69,444

664,877

(b)

Equites

Property

Fund

Ltd

505

1,015,372

Equity

Lifestyle

Properties,

Inc

71,624

387,482

Equity

Residential

23,698

115,908

ESR

Kendall

Square

REIT

Co

Ltd

328

241,424

Essential

Properties

Realty

Trust,

Inc

6,171

44,144

Essex

Property

Trust,

Inc

10,945

32,300

Eurocommercial

Properties

NV

792

140,483

Extra

Space

Storage,

Inc

22,524

933,805

Far

East

Hospitality

Trust

471

130,358

Federal

Realty

Investment

Trust

13,433

570,500

(c)

FIBRA

Macquarie

Mexico

1,117

2,456,897

Fibra

Uno

Administracion

S.A.

de

C.V.

4,423

91,967

First

Capital

Real

Estate

Investment

Trust

1,065

218,123

First

Industrial

Realty

Trust,

Inc

11,489

1,147,000

Fortune

Real

Estate

Investment

Trust

728

837,577

Frasers

Centrepoint

Trust

1,433

690,600

Frasers

Hospitality

Trust

259

2,488,945

Frasers

Logistics

&

Commercial

Trust

2,167

405

Frontier

Real

Estate

Investment

Corp

1,243

480

Fukuoka

REIT

Corp

583

348,701

(b)

Gaming

and

Leisure

Properties,

Inc

17,208

4,286

Gecina

S.A.

522

904

Global

One

Real

Estate

Investment

Corp

702

886

GLP

J-Reit

882

1,252,414

Goodman

Group

21,563

903,411

Goodman

Property

Trust

1,302

1,562,847

GPT

Group

4,932

25,439

Granite

REIT

1,464

4,367,933

Great

Portland

Estates

plc

23,384

422,269

Growthpoint

Properties

Australia

Ltd

670

2,546,084

Growthpoint

Properties

Ltd

1,626

97,862

H&R

Real

Estate

Investment

Trust

731

CREF

Stock

Account

December

31,

2023

54

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

49,040

Hamborner

REIT

AG.

$

369

3,273,175

Hammerson

plc

1,183

522

Hankyu

Reit,

Inc

514

198,955

Healthcare

Realty

Trust,

Inc

3,428

321,040

(b)

HealthCo

REIT

322

621,753

Healthpeak

Properties,

Inc

12,311

741

Heiwa

Real

Estate

REIT,

Inc

707

175,633

HMC

Capital

Ltd

736

896,843

(a),(d)

Home

Reit

plc

1

1,669,416

HomeCo

Daily

Needs

REIT

1,387

205

Hoshino

Resorts

REIT,

Inc

822

846,848

Host

Marriott

Corp

16,488

103,942

Hudson

Pacific

Properties,

Inc

968

1,249

Hulic

Reit,

Inc

1,321

259,138

Hyprop

Investments

Ltd

441

32,194

ICADE

1,264

840

Ichigo

Office

REIT

Investment

Corp

491

252,563

Impact

Healthcare

Reit

plc

290

17,745

Independence

Realty

Trust,

Inc

271

1,651

Industrial

&

Infrastructure

Fund

Investment

Corp

1,633

1,648,286

Ingenia

Communities

Group

4,993

224,327

Inmobiliaria

Colonial

Socimi

S.A.

1,623

4,153

Innovative

Industrial

Properties,

Inc

419

52,779

InterRent

Real

Estate

Investment

Trust

527

20,195

Intervest

Offices

461

670,785

Investec

Property

Fund

Ltd

293

5,560

Invincible

Investment

Corp

2,403

467,017

Invitation

Homes,

Inc

15,930

306,705

Irish

Residential

Properties

REIT

plc

375

277,657

(a)

Is

Gayrimenkul

Yatirim

Ortakligi

AS

146

163,994

Jadwa

REIT

Saudi

Fund

577

942

(b)

Japan

Excellent,

Inc

837

3,628

Japan

Hotel

REIT

Investment

Corp

1,779

691

Japan

Logistics

Fund

Inc

1,400

657

(b)

Japan

Prime

Realty

Investment

Corp

1,629

1,048

Japan

Real

Estate

Investment

Corp

4,336

5,766

Japan

Retail

Fund

Investment

Corp

4,162

148,633

JR

Global

Reit

471

3,340

Kenedix

Realty

Investment

Corp

3,804

8,058,917

Keppel

DC

REIT

11,898

1,577,191

Keppel

REIT

1,110

40,864

Killam

Apartment

Real

Estate

Investment

Trust

554

110,230

Kilroy

Realty

Corp

4,392

217,200

Kite

Realty

Group

Trust

4,965

1,448,954

Kiwi

Property

Group

Ltd

801

350,500

Klepierre

9,569

65,543

Lamar

Advertising

Co

6,966

91,766

Land

Securities

Group

plc

824

38,180

Lar

Espana

Real

Estate

Socimi

S.A.

259

1,510

LaSalle

Logiport

REIT

1,626

1,522,844

Lendlease

Global

Commercial

REIT

744

501,520

Lexington

Realty

Trust

4,975

2,205,027

Link

REIT

12,381

4,463,399

LondonMetric

Property

plc

10,871

94,286

LOTTE

Reit

Co

Ltd

231

1,374,964

LXI

REIT

PLC

1,837

153,900

Mack-Cali

Realty

Corp

2,421

2,013,407

Macquarie

CountryWide

Trust

4,950

1,722,747

Mapletree

Industrial

Trust

3,273

2,833,455

Mapletree

Logistics

Trust

3,731

1,921,722

Mapletree

Pan

Asia

Commercial

Trust

2,283

120,391

(b)

Medical

Properties

Trust,

Inc

591

55

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

70,226

Mercialys

S.A

$

772

289,484

Merlin

Properties

Socimi

S.A.

3,214

7,548

Mid-America

Apartment

Communities,

Inc

1,015

211,493

(c)

Mindspace

Business

Parks

REIT

822

12,830

(c)

Minto

Apartment

Real

Estate

Investment

Trust

157

1,629

Mirai

Corp

502

3,238,301

Mirvac

Group

4,607

400

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

1,062

838

Mitsui

Fudosan

Logistics

Park,

Inc

2,716

11,269

Montea

NV

1,071

15,438

Morguard

North

American

Residential

Real

Estate

Investment

Trust

172

1,260

Mori

Hills

REIT

Investment

Corp

1,252

1,899

Mori

Trust

Sogo

Reit,

Inc

976

1,153,400

MREIT,

Inc

256

69,250

National

Retail

Properties,

Inc

2,985

290,846

(b)

National

Storage

Affiliates

Trust

12,061

6,702,319

National

Storage

REIT

10,483

56

(b)

NexPoint

Diversified

Real

Estate

Trust

0

^

32,398

Nexus

Industrial

REIT

198

129,265

Nexus

Select

Trust

211

417

Nippon

Accommodations

Fund,

Inc

1,785

1,248

(b)

Nippon

Building

Fund,

Inc

5,402

1,858

Nippon

ProLogis

REIT,

Inc

3,573

361

(b)

NIPPON

REIT

Investment

Corp

860

3,753

Nomura

Real

Estate

Master

Fund,

Inc

4,389

86,648

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

337

14,296

NSI

NV

296

65,526

Omega

Healthcare

Investors,

Inc

2,009

209

One

REIT,

Inc

393

2,287

Orix

JREIT,

Inc

2,699

264,890

Outfront

Media,

Inc

3,698

811,458

PARAGON

REIT

544

90,297

Park

Hotels

&

Resorts,

Inc

1,382

301,624

Parkway

Life

Real

Estate

Investment

Trust

838

344,724

(a)

Peker

Gayrimenkul

Yatirim

Ortakligi

AS.

383

189,949

Physicians

Realty

Trust

2,528

520,697

Picton

Property

Income

Ltd

459

624,182

Piedmont

Office

Realty

Trust,

Inc

4,438

120,120

Plymouth

Industrial

REIT,

Inc

2,891

1,098

Premier

Investment

Co

970

33,341

Primaris

REIT

347

1,100,598

Primary

Health

Properties

plc

1,456

572,900

ProLogis

Property

Mexico

S.A.

de

C.V.

2,724

3,304,926

Prologis,

Inc

440,547

361,390

PRS

REIT

PLC

397

142,033

Public

Storage,

Inc

43,320

111,295

Rayonier,

Inc

3,718

119,391

Realty

Income

Corp

6,855

5,727,752

Redefine

Properties

Ltd

1,207

451,522

Regency

Centers

Corp

30,252

910,096

Region

RE

Ltd

1,400

160,513

Reit  Ltd

744

262,024

Resilient

REIT

Ltd

634

8,018

Retail

Estates

NV

572

999,787

Rexford

Industrial

Realty,

Inc

56,088

137,391

RioCan

Real

Estate

Investment

Trust

1,931

91,372

Riyad

REIT

Fund

214

1,031,557

RLJ

Lodging

Trust

12,090

283,524

Rural

Funds

Group

409

213,113

Ryman

Hospitality

Properties,

Inc

23,455

909,630

Sabra

Health

Care

REIT,

Inc

12,980

1,081,041

Safestore

Holdings

plc

12,175

CREF

Stock

Account

December

31,

2023

56

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

350

Samty

Residential

Investment

Corp

$

272

493,300

Sasseur

Real

Estate

Investment

Trust

256

4,960

Saul

Centers,

Inc

195

117,621

SBA

Communications

Corp

29,839

4,232,843

Scentre

Group

8,620

117,344

Segro

plc

1,323

3,280

Sekisui

House

Reit,

Inc

1,792

176,095

Sella

Capital

Real

Estate

Ltd

412

324,341

Service

Properties

Trust

2,770

1,199,033

Shaftesbury

Capital

plc

2,110

1,055,770

Simon

Property

Group,

Inc

150,595

370,736

SITE

Centers

Corp

5,053

101,462

SK

REITs

Co

Ltd

313

59,866

(b)

SL

Green

Realty

Corp

2,704

238,173

Slate

Grocery

REIT

2,170

59,290

SmartCentres

Real

Estate

Investment

Trust

1,114

495

SOSiLA

Logistics

REIT,

Inc

421

184,231

Spirit

Realty

Capital,

Inc

8,049

822,367

STAG

Industrial,

Inc

32,286

2,869

Star

Asia

Investment

Corp

1,171

1,275,029

Starhill

Global

REIT

507

166

Starts

Proceed

Investment

Corp

237

449,864

Stockland

Trust

Group

1,364

2,236,187

Summit

Hotel

Properties,

Inc

15,027

204,043

Sun

Communities,

Inc

27,270

341,350

Sunstone

Hotel

Investors,

Inc

3,663

1,718,100

(b)

Suntec

Real

Estate

Investment

Trust

1,600

1,202,600

Sunway

Real

Estate

Investment

Trust

403

10,164,919

Supermarket

Income

Reit

plc

11,259

640

Takara

Leben

Real

Estate

Investment

Corp

457

308,790

Tanger

Factory

Outlet

Centers,

Inc

8,560

578,784

Target

Healthcare

REIT

plc

637

15,718

Terreno

Realty

Corp

985

594,200

TF

Administradora

Industrial

S

de

RL

de

C.V.

1,264

722

Tokyu

REIT,

Inc

872

131,205

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

141

11,957,771

Tritax

Big

Box

REIT

plc

25,660

7,943,528

(c)

Tritax

EuroBox

plc

6,055

754,711

UK

Commercial

Property

REIT

Ltd

596

669,790

UMH

Properties,

Inc

10,261

3,779

(a)

Unibail-Rodamco-Westfield

279

278,974

Unite

Group

plc

3,706

2,422

United

Urban

Investment

Corp

2,473

429,085

Urban

Logistics

REIT

plc

697

9,197

Vastned

Retail

NV

204

504,424

Ventas,

Inc

25,140

2,273,948

VICI

Properties,

Inc

72,493

3,036,525

Vicinity

Ltd

4,218

705,481

(b)

Vukile

Property

Fund

Ltd

545

377,759

Warehouse

REIT

plc

443

506,747

Warehouses

De

Pauw

CVA

15,951

12,936

Washington

REIT

189

516,871

Waypoint

REIT

Ltd

859

366,012

Welltower,

Inc

33,003

29,828

Wereldhave

NV

476

586,551

Weyerhaeuser

Co

20,394

123,394

Workspace

Group

plc

892

23,434

Xior

Student

Housing

NV

770

1,991,000

Yuexiu

Real

Estate

Investment

Trust

321

1,013,240

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS.

195

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,650,424

57

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

FINANCIAL

SERVICES

-

6.6%

101,400

360

Finance,

Inc

(ADR)

$

1,604

95,343

360

ONE

WAM

Ltd

813

31,933

3i

Group

plc

983

45,345

(a)

Aavas

Financiers

Ltd

834

24,572

(b)

ABC

arbitrage

130

72,291

Abrdn

plc

164

27,200

Acom

Co

Ltd

68

70,406

(a),(c)

Adyen

NV

90,890

82,200

AEON

Financial

Service

Co

Ltd

736

65,800

Aeon

Thana

Sinsap

Thailand

PCL

308

25,913

Affiliated

Managers

Group,

Inc

3,924

169,517

(a),(b)

Affirm

Holdings,

Inc

8,330

484,713

(b)

AGNC

Investment

Corp

4,755

263,100

Aiful

Corp

708

248,151

AJ

Bell

plc

990

843,932

Al

Waha

Capital

PJSC

409

460,138

Allfunds

Group

PLC

3,272

262,183

Ally

Financial,

Inc

9,155

28,624

Alpha

Group

International

plc

638

871,018

Amanat

Holdings

PJSC

285

2,123,919

American

Express

Co

397,895

413,710

Ameriprise

Financial,

Inc

157,139

29,181

Amlak

International

Finance

Co

107

2,541,222

AMP

Ltd

1,611

403

(c)

Amundi

S.A.

27

10,121

Anand

Rathi

Wealth

Ltd

315

402,159

Angel

One

Ltd

16,848

139,298

(c)

Anima

Holding

S.p.A

617

150,488

Annaly

Capital

Management,

Inc

2,915

26,492

(b)

Antin

Infrastructure

Partners

S.A.

403

344,609

Apollo

Global

Management,

Inc

32,114

113,230

Aptus

Value

Housing

Finance

India

Ltd

435

350,258

Ares

Management

Corp

41,653

363,608

Ashmore

Group

plc

1,033

84,840

(a)

AssetMark

Financial

Holdings,

Inc

2,541

325,933

Australian

Stock

Exchange

Ltd

14,003

422,144

(b)

Avanza

Bank

Holding

AB

9,806

84,514

AVIC

Industry-Finance

Holdings

Co

Ltd

37

87,276

Azimut

Holding

S.p.A.

2,281

4,851,229

B3

SA-Brasil

Bolsa

Balcao

14,515

153,000

(a),(c)

Bairong,

Inc

265

230,989

Bajaj

Finance

Ltd

20,325

159,271

Bajaj

Finserv

Ltd

3,224

22,207

Bajaj

Holdings

&

Investment

Ltd

2,047

48,146

(b)

Banca

Generali

SpA

1,791

21,333

Banca

IFIS

S.p.A.

370

181,526

Banca

Mediolanum

S.p.A

1,714

9,619,154

Banco

BTG

Pactual

S.A.

-

Unit

74,400

1,691,100

Bangkok

Commercial

Asset

Management

PCL

403

2,462,323

Bank

of

New

York

Mellon

Corp

128,164

348,364

(a),(d)

BBI

EPS

Ltd

2

1,717,874

(a)

Berkshire

Hathaway,

Inc

612,697

1,154,800

(a)

Beyond

Securities

PCL

153

827,520

(c)

BFF

Bank

S.p.A

9,441

5,541,800

BFI

Finance

Indonesia

Tbk

PT

434

159,400

BGC

Group,

Inc

1,151

208,353

BlackRock,

Inc

169,141

490,051

Blackstone,

Inc

64,157

1,112,336

(a)

Block,

Inc

86,039

345,294

(b)

Blue

Owl

Capital,

Inc

5,145

63,400

BOC

International

China

Co

Ltd

92

CREF

Stock

Account

December

31,

2023

58

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

355,400

(b)

Bolsa

Mexicana

de

Valores

SAB

de

C.V.

$

735

71,749

Boursa

Kuwait

Securities

Co

KPSC

402

868,225

Bridgepoint

Group

Holdings

Ltd

3,090

222,355

Brightsphere

Investment

Group,

Inc

4,260

235,556

Brookfield

Asset

Management

Ltd

9,461

934,662

(a)

Brookfield

Corp

37,491

51,567

BSE

Ltd

1,375

145,929

Bure

Equity

AB

4,141

179,639

Burford

Capital

Ltd

2,777

470,500

Bursa

Malaysia

BHD

707

64,303

(a),(b)

Cab

Payments

Holdings

PLC

68

128,452

Caitong

Securities

Co

Ltd

141

65,294

Can

Fin

Homes

Ltd

610

68,348

Canaccord

Financial,

Inc

392

335,967

(a)

Cannae

Holdings,

Inc

6,555

517,690

(a)

Cantaloupe,

Inc

3,836

178

Capital

One

Financial

Corp

23

1,257,000

Capital

Securities

Corp

669

89,645

Carlyle

Group,

Inc

3,648

90,095

Cboe

Global

Markets,

Inc

16,087

23,880

(b)

Cembra

Money

Bank

AG.

1,864

37,582

Central

Depository

Services

India

Ltd

823

131,600

Century

Leasing

System,

Inc

1,421

639,854

Chailease

Holding

Co

Ltd

4,021

372,596

Challenger

Financial

Services

Group

Ltd

1,649

77,264

Changjiang

Securities

Co

Ltd

59

5,659,645

Charles

Schwab

Corp

389,384

647,000

China

Bills

Finance

Corp

318

4,269,574

China

Cinda

Asset

Management

Co

Ltd

427

896,000

China

Everbright

Ltd

530

1,647,959

China

Galaxy

Securities

Co

Ltd

872

114,250

China

Galaxy

Securities

Co

Ltd

(Class

A)

194

142,400

China

Great

Wall

Securities

Co

Ltd

161

55,000

China

International

Capital

Corp

Ltd

295

635,337

(c)

China

International

Capital

Corp

Ltd

933

167,636

China

Merchants

Securities

Co

Ltd

322

100,900

(a),(b),(c),(d)

China

Renaissance

Holdings

Ltd

0

^

76,922

Cholamandalam

Financial

Holdings

Ltd

961

1,015,515

Cholamandalam

Investment

and

Finance

Co

Ltd

15,360

143,310

(b)

CI

Financial

Corp

1,607

1,011,500

Cielo

S.A.

975

1,746,465

CITIC

Securities

Co

Ltd

3,568

338,516

CITIC

Securities

Co

Ltd

(Class

A)

973

302,774

CME

Group,

Inc

63,764

127,318

(a),(b)

Coinbase

Global,

Inc

22,143

239,420

Compass

Diversified

Trust

5,375

665,687

Corebridge

Financial,

Inc

14,419

980,012

(b)

Coronation

Fund

Managers

Ltd

1,667

97,126

Creades

AB

693

4,756

(a)

Credit

Acceptance

Corp

2,534

55,545

Credit

Corp

Group

Ltd

613

249,100

Credit

Saison

Co

Ltd

4,577

44,826

(a)

CreditAccess

Grameen

Ltd

860

14,441

CRISIL

Ltd

752

120,625

CSC

Financial

Co

Ltd

402

2,962,000

CSSC

Hong

Kong

Shipping

Co

Ltd

561

122,786

(a)

Daishin

Securities

Co

Ltd

1,362

28,638

(a)

Daishin

Securities

Co

Ltd

PF

303

1,187,700

(a)

Daiwa

Securities

Group,

Inc

7,972

11,520

Daou

Data

Corp

123

17,593

(a)

Daou

Technology,

Inc

244

63,470

Deutsche

Bank

AG.

(Registered)

866

185,207

Deutsche

Boerse

AG.

38,141

102,748

(b),(c)

Deutsche

Pfandbriefbank

AG.

702

59

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

543,824

Discover

Financial

Services

$

61,126

69,025

Dongxing

Securities

Co

Ltd

80

1,429,907

Dubai

Financial

Market

PJSC

541

419,266

East

Money

Information

Co

Ltd

831

172,210

(b)

ECN

Capital

Corp

390

17,097,080

Edelweiss

Financial

Services

Ltd

15,975

262,067

Edenred

15,683

74,818

(b)

EFG

International

961

399,265

E-Finance

for

Digital

&

Financial

Investments

226

25,886

eGuarantee,

Inc

375

918,084

(a)

Egyptian

Financial

Group-Hermes

Holding

495

808,422

Element

Fleet

Management

Corp

13,154

358,482

Enact

Holdings,

Inc

10,357

12,530

(a)

Enova

International,

Inc

694

471,393

(b)

EQT

AB

13,347

1,400,373

Equitable

Holdings,

Inc

46,632

208,811

Essent

Group

Ltd

11,013

1,895

Eurazeo

151

20,446

(a)

Euronet

Worldwide,

Inc

2,075

996,939

(c)

Euronext

NV

86,641

105,806

Everbright

Securities

Co

Ltd

230

164,640

Evercore

Partners,

Inc

(Class

A)

28,162

21,745

EVERTEC,

Inc

890

62,939

EXOR

NV

6,300

34,278

(a)

EXOR

NV

3,425

18,291

Factset

Research

Systems,

Inc

8,726

531,401

(b)

Far

East

Horizon

Ltd

418

1,118,533

(a)

Fawry

for

Banking

&

Payment

Technology

Services

SAE

199

2,665,612

Fidelity

National

Information

Services,

Inc

160,123

55,663

(b)

Fiera

Capital

Corp

256

56,600

Financial

Partners

Group

Co

Ltd

673

94,600

FinVolution

Group

(ADR)

464

155,891

First

Capital

Securities

Co

Ltd

128

14,351

First

National

Financial

Corp

416

300,789

FirstCash

Holdings,

Inc

32,602

4,239,610

FirstRand

Ltd

17,009

2,000,671

(a)

Fiserv,

Inc

265,769

55,566

(a)

Five-Star

Business

Finance

Ltd

491

121,989

(a)

flatexDEGIRO

AG.

1,501

92,431

(a)

FleetCor

Technologies,

Inc

26,122

207,014

(a)

FleetPartners

Group

Ltd

431

27,392

Flow

Traders

543

365,625

(a)

Flywire

Corp

8,464

183,100

Founder

Securities

Co

Ltd

208

213,596

Franklin

Resources,

Inc

6,363

4,109,347

Fuhwa

Financial

Holdings

Co

Ltd

3,692

22,453

(a)

Fusion

Micro

Finance

Ltd

155

45,100

(a)

Futu

Holdings

Ltd

(ADR)

2,464

14,484

Fuyo

General

Lease

Co

Ltd

1,255

635,000

(c)

Genertec

Universal

Medical

Group

Co

Ltd

365

909,500

(b)

Gentera

SAB

de

C.V.

1,263

424,636

GF

Securities

Co

Ltd

508

168,708

GF

Securities

Co

Ltd

(Class

A)

340

384,063

Global

Payments,

Inc

48,776

2,500

GMO

Financial

Gate,

Inc

185

15,901

GMO

Financial

Holdings,

Inc

85

303,677

GMO

Payment

Gateway,

Inc

21,046

99,013

(b)

goeasy

Ltd

11,811

448,403

Goldman

Sachs

Group,

Inc

172,980

207,210

Granite

Point

Mortgage

Trust,

Inc

1,231

21,587

GRENKE

AG.

597

128,010

Groupe

Bruxelles

Lambert

S.A.

10,081

10,312

Guangzhou

Yuexiu

Capital

Holdings

Group

Co

Ltd

9

28,904

Guolian

Securities

Co

Ltd

44

CREF

Stock

Account

December

31,

2023

60

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

100,849

Guosen

Securities

Co

Ltd

$

121

2,407,800

(b)

Guotai

Junan

International

Holdings

Ltd

185

194,816

Guotai

Junan

Securities

Co

Ltd

409

113,154

Guoyuan

Securities

Co

Ltd

109

2,206,810

Haitong

International

Securities

Group

Ltd

427

1,422,773

Haitong

Securities

Co

Ltd

760

250,312

Haitong

Securities

Co

Ltd

(Class

A)

331

1,330,000

(b),(c)

Haitong

UniTrust

International

Leasing

Co

Ltd

140

34,000

Hamilton

Lane,

Inc

3,857

824,907

(a)

Hanwha

Investment

&

Securities

Co

Ltd

2,227

7,089

Hargreaves

Lansdown

plc

66

37,394

(c)

HDFC

Asset

Management

Co

Ltd

1,440

264,920

Helia

Group

Ltd

786

14,886

Hithink

RoyalFlush

Information

Network

Co

Ltd

330

26,101

(c)

Home

First

Finance

Co

India

Ltd

292

303,589

Hong

Kong

Exchanges

and

Clearing

Ltd

10,413

155,000

Hotai

Finance

Co

Ltd

646

38,390

Houlihan

Lokey,

Inc

4,603

536,940

(c)

Huatai

Securities

Co

Ltd

678

106,634

Huatai

Securities

Co

Ltd

(Class

A)

210

29,800

Huaxi

Securities

Co

Ltd

33

62,369

HUB24

Ltd

1,530

3,582

(a)

Hypoport

SE

699

66,879

(a)

I3

Verticals,

Inc

1,416

68,982

(c)

ICICI

Securities

Ltd

595

1,116

ICRA

Ltd

77

914,517

IDFC

Ltd

1,390

103,100

iFAST

Corp

Ltd

641

401,778

(a)

IFCI

Ltd

141

3,032,205

IG

Group

Holdings

plc

29,553

60,883

(b)

IGM

Financial,

Inc

1,609

158,497

IIFL

Finance

Ltd

1,139

47,551

Illimity

Bank

S.p.A

287

82,749

Impax

Asset

Management

Group

plc

578

280,316

Indiabulls

Housing

Finance

Ltd

729

2,400,066

(c)

Indian

Energy

Exchange

Ltd

4,841

223,554

Industrial

Securities

Co

Ltd

185

138,880

Industrivarden

AB

4,540

5,511

(b)

Industrivarden

AB

180

860,724

Infibeam

Avenues

Ltd

222

236,392

IntegraFin

Holdings

plc

913

78,341

Interactive

Brokers

Group,

Inc

(Class

A)

6,494

1,688,063

Intercontinental

Exchange,

Inc

216,798

234,725

Intermediate

Capital

Group

plc

5,015

430,550

(a)

International

Money

Express,

Inc

9,511

276,602

Invesco

Ltd

4,935

206,486

Investec

Ltd

1,418

521,698

Investec

plc

3,528

51,104

Investment

AB

Oresund

542

57,004

Investor

AB

1,322

504,667

(b)

IOOF

Holdings

Ltd

805

860,464

IP

Group

plc

637

448,014

Is

Yatirim

Menkul

Degerler

AS

486

2,800

iShares

Core

S&P

500

ETF

1,337

1,155,562

(b)

iShares

MSCI

ACWI

ETF

117,602

712,069

(b)

iShares

MSCI

Canada

Index

Fund

26,119

27,500

(b)

iShares

MSCI

EAFE

Index

Fund

2,072

6,580

iShares

Russell

2000

Index

Fund

1,321

163,529

Isracard

Ltd

579

61,800

(b)

J

Trust

Co

Ltd

201

16,725

Jaccs

Co

Ltd

614

43,028

Jack

Henry

&

Associates,

Inc

7,031

120,100

Jackson

Financial,

Inc

6,149

474,154

Jafco

Co

Ltd

5,538

61

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

100,763

Janus

Henderson

Group

plc

$

3,038

72,100

Japan

Securities

Finance

Co

Ltd

790

284,754

Jefferies

Financial

Group,

Inc

11,507

430,325

JM

Financial

Ltd

508

549,200

JMT

Network

Services

PCL

409

55,914

JSE

Ltd

283

110,214

(c)

JTC

plc

1,145

260,503

Julius

Baer

Group

Ltd

14,614

404,358

Jupiter

Fund

Management

plc

481

21,315

(a)

Kakaopay

Corp

810

43,358

(a)

Kfin

Technologies

Ltd

251

2,710,000

(a),(b)

Kingkey

Financial

International

Holdings

Ltd

173

195,445

(a)

Kinnevik

AB

2,101

12,174

(a)

KIWOOM

Securities

Co

Ltd

937

789,449

KKR

&

Co,

Inc

65,406

17,429

(a)

Korea

Investment

Holdings

Co

Ltd

825

14,303

KRUK

S.A.

1,734

689,828

Krungthai

Card

PCL

878

533,338

L&T

Finance

Holdings

Ltd

1,057

1,079,311

Ladder

Capital

Corp

12,423

197,348

Lazard

Ltd

(Class

A)

6,868

6,911

(b)

Leonteq

AG.

283

69,600

LexinFintech

Holdings

Ltd

(ADR)

128

236,556

LIC

Housing

Finance

Ltd

1,523

60,006

Liontrust

Asset

Management

plc

482

932,695

London

Stock

Exchange

Group

plc

110,255

248,979

LPL

Financial

Holdings,

Inc

56,673

73,200

(b)

Lufax

Holding

Ltd

(ADR)

225

12,300

M&A

Capital

Partners

Co

Ltd

212

99,700

(a)

M&A

Research

Institute

Holdings,

Inc

3,153

2,350,044

M&G

plc

6,651

66,988

(b)

MA

Financial

Group

Ltd

252

323,635

Macquarie

Group

Ltd

40,513

139,328

Magellan

Financial

Group

Ltd

881

385,365

Mahindra

&

Mahindra

Financial

Services

Ltd

1,280

19,027,762

Man

Group

plc

56,414

413,588

Manappuram

Finance

Ltd

854

29,956

MarketAxess

Holdings,

Inc

8,773

2,252,570

(a)

Marqeta,

Inc

15,723

143,900

Marui

Co

Ltd

2,407

11,381

(c)

MAS

Financial

Services

Ltd

119

2,277,741

Mastercard,

Inc

(Class

A)

971,479

92,000

Matsui

Securities

Co

Ltd

477

89,521

(a)

Meritz

Financial

Group,

Inc

4,096

66,919

MGIC

Investment

Corp

1,291

87,923

(a)

Mirae

Asset

Daewoo

Co

Ltd

519

686,900

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,602

24,500

Mizuho

Leasing

Co

Ltd

839

99,654

(a)

Molten

Ventures

plc

353

158,952

Monex

Group,

Inc

808

83,503

Moody's

Corp

32,613

2,163,726

Morgan

Stanley

201,767

19,319

Morningstar,

Inc

5,530

39,542

Motilal

Oswal

Financial

Services

Ltd

589

199,590

(a)

Mr

Cooper

Group,

Inc

12,997

66,069

MSCI,

Inc

(Class

A)

37,372

478,382

Muangthai

Capital

PCL

629

18,722

Multi

Commodity

Exchange

of

India

Ltd

719

5,469

Mutares

SE

&

Co

KGaA

214

50,216

Muthoot

Finance

Ltd

890

99,600

Nanjing

Securities

Co

Ltd

112

257,898

Nasdaq

Stock

Market,

Inc

14,994

367,093

National

Investments

Co

KSCP

286

48,490

(a)

Nayifat

Finance

Co

190

CREF

Stock

Account

December

31,

2023

62

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

50,933

(a)

NCR

Corp

ATM

$

1,237

98,567

Netwealth

Group

Ltd

1,035

387,981

(a),(c)

Network

International

Holdings

plc

1,928

21,863

(a),(c)

Nexi

S.p.A

179

1,044,400

Ngern

Tid

Lor

PCL

687

18,149

(a)

NICE

Holdings

Co

Ltd

186

164,299

Ninety

One

Ltd

386

224,311

Ninety

One

plc

525

120,074

(c)

Nippon

Life

India

Asset

Management

Ltd

646

531,884

(a)

NMI

Holdings,

Inc

15,786

28,100

Noah

Holdings

Ltd

(ADR)

388

2,665,700

(a)

Nomura

Holdings,

Inc

12,005

114,158

Nordnet

AB

publ

1,944

4,977

(a)

Nuvama

Wealth

Management

Ltd

214

432,476

(b)

Nuvei

Corp

11,361

106,725

(b),(c)

Nuvei

Corp

2,803

119,593

Okasan

Holdings,

Inc

580

3,358,416

(a)

Omni

Bridgeway

Ltd

3,102

195,142

(a)

One

97

Communications

Ltd

1,488

208,962

OneMain

Holdings,

Inc

10,281

50,200

Onex

Corp

3,506

41,250

Orient

Corp

313

196,051

Orient

Securities

Co

Ltd

241

2,404,340

ORIX

Corp

45,156

444,577

Osaka

Securities

Exchange

Co

Ltd

9,383

2,027,794

OSB

Group

plc

11,974

88,688

(a)

Oyak

Yatirim

Menkul

Degerler

AS.

122

6,068,800

(a)

Pacific

Strategic

Financial

Tbk

PT

451

653,340

(a)

Pagseguro

Digital

Ltd

8,147

158,226

Paragon

Group

of

Cos

plc

1,407

741

Partners

Group

1,071

147,030

Patria

Investments

Ltd

2,280

710,200

(a)

Payoneer

Global,

Inc

3,700

1,869,205

(a)

PayPal

Holdings,

Inc

114,788

153,850

(a)

Paysafe

Ltd

1,968

184,360

PennyMac

Mortgage

Investment

Trust

2,756

1,822,665

(a),(b)

Pensionbee

Group

plc

2,277

202,171

Pepper

Money

Ltd

170

87,072

(b)

Perpetual

Trustees

Australia

Ltd

1,513

118,234

Pinnacle

Investment

Management

Group

Ltd

812

106,554

Piper

Jaffray

Cos

18,633

2,706,865

Piramal

Enterprises

Ltd

30,280

378,181

Platinum

Asset

Mangement

Ltd

343

370,054

Plus500

Ltd

7,859

86,280

(a),(c)

PNB

Housing

Finance

Ltd

809

64,698

Polar

Capital

Holdings

plc

384

188,830

Poonawalla

Fincorp

Ltd

987

1,298,146

Power

Finance

Corp

Ltd

5,965

185,520

(a)

PRA

Group,

Inc

4,861

669,000

President

Securities

Corp

428

177,730

Provident

Financial

plc

293

3,727

Prudent

Corporate

Advisory

Services

Ltd

54

911,717

PSG

Konsult

Ltd

762

1,075,784

(c)

Quilter

plc

1,407

1,793,800

Ratchthani

Leasing

PCL

136

46,752

Rathbone

Brothers

1,038

156,156

Ratos

AB

(B

Shares)

559

141,382

Raymond

James

Financial,

Inc

15,764

1,746,564

REC

Ltd

8,659

54,149

Reinet

Investments

S.C.A

1,380

12,544,689

(a)

Reliance

Strategic

Investments

Ltd

35,072

402,213

Remgro

Ltd

3,573

94,644

(c)

Resurs

Holding

AB

225

11,261

Ricoh

Leasing

Co

Ltd

387

63

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

364,465

Rithm

Capital

Corp

$

3,892

783,729

(a)

Robinhood

Markets,

Inc

9,985

89,858

(a)

Rocket

Cos,

Inc

1,301

650,626

S&P

Global,

Inc

286,614

22,865

Samsung

Securities

Co

Ltd

681

19,589

Saudi

Tadawul

Group

Holding

Co

959

110,107

SBI

Cards

&

Payment

Services

Ltd

1,005

1,250,550

SBI

Holdings,

Inc

28,066

29,807

Schroders

plc

163

153,200

SDIC

Capital

Co

Ltd

146

74,413

SEI

Investments

Co

4,729

151,000

Shanxi

Securities

Co

Ltd

115

9,187

Share

India

Securities

Ltd

205

665,244

Shenwan

Hongyuan

Group

Co

Ltd

417

72,225

(a),(b)

Shift4

Payments,

Inc

5,369

6,831

Shinyoung

Securities

Co

Ltd

316

36,465

SHL

Finance

Co

176

115,117

Shriram

Finance

Ltd

2,840

402,574

Singapore

Exchange

Ltd

2,995

105,000

Sinolink

Securities

Co

Ltd

134

170,279

SLM

Corp

3,256

27,107,620

Sociedad

de

Inversiones

Oro

Blanco

S.A.

218

3,695

Societe

Fonciere

Financiere

et

de

Participations

FFP

414

702,266

(a),(b)

SoFi

Technologies,

Inc

6,988

16,674

(b)

Sofina

S.A.

4,157

125,135

SooChow

Securities

Co

Ltd

129

135,973

Southwest

Securities

Co

Ltd

78

20,048

(a)

Spandana

Sphoorty

Financial

Ltd

272

18,871

Sparx

Group

Co

Ltd

215

4,500

SPDR

S&P

500

ETF

Trust

2,139

183,043

(b)

SPDR

S&P

Biotech

ETF

16,344

16,984

Sprott,

Inc

575

462,200

Srisawad

Corp

PCL

547

19,058

St.

James's

Place

plc

166

436,075

(b)

Starwood

Property

Trust,

Inc

9,166

86,666

State

Street

Corp

6,713

105,070

StepStone

Group,

Inc

3,344

74,763

Stifel

Financial

Corp

5,170

315,043

(a)

StoneCo

Ltd

5,680

94,538

(a)

StoneX

Group,

Inc

6,980

8,624

Strike

Co

Ltd

294

63,277

Svolder

AB

381

9,295

Swissquote

Group

Holding

S.A.

2,267

355,000

SY

Holdings

Group

Ltd

221

165,039

T

Rowe

Price

Group,

Inc

17,773

82,553

(b)

Tamburi

Investment

Partners

S.p.A.

849

10,866

Tata

Investment

Corp

Ltd

559

867,715

Tel

Aviv

Stock

Exchange

Ltd

4,629

241,500

Tianfeng

Securities

Co

Ltd

105

69,715

(b)

Timbercreek

Financial

Corp

351

204,000

TMX

Group

Ltd

4,934

257,203

(a)

Toast,

Inc

4,697

173,480

Tokai

Tokyo

Securities

Co

Ltd

646

84,132

(a)

Tong

Yang

Investment

Bank

166

618,131

TP

ICAP

Group

plc

1,537

48,651

TPG,

Inc

2,100

83,628

Tradeweb

Markets,

Inc

7,600

1,058,597

Turkiye

Sinai

Kalkinma

Bankasi

AS

235

379,671

(a)

Tyro

Payments

Ltd

285

3,604,033

UBS

Group

AG

111,947

954,046

(b)

UBS

Group

AG

29,480

18,467

Ujjivan

Financial

Services

Ltd

125

CREF

Stock

Account

December

31,

2023

64

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

85,600

(a),(b)

Up

Fintech

Holding

Ltd

(ADR)

$

378

43,062

UTI

Asset

Management

Co

Ltd

448

71,716

(b)

UWM

Holdings

Corp

513

848,011

Value

Partners

Group

Ltd

232

138,077

Van

Lanschot

Kempen

NV

4,299

18,722

Verusa

Holding

AS.

125

42,000

Victory

Capital

Holdings,

Inc

1,446

246,983

Virtu

Financial,

Inc

5,004

2,582,910

Visa,

Inc

(Class

A)

672,461

22,109

Vontobel

Holding

AG.

1,434

205,047

Voya

Financial,

Inc

14,960

23,175

Warsaw

Stock

Exchange

250

191,986

Washington

H

Soul

Pattinson

&

Co

Ltd

4,289

1,850,395

Waterland

Financial

Holdings

738

31,400

(a)

WealthNavi,

Inc

433

18,674

Wendel

1,666

112,603

Western

Securities

Co

Ltd

101

527,523

Western

Union

Co

6,288

18,607

(a)

WEX,

Inc

3,620

658,276

(a)

Wise

plc

7,321

43,564

(a)

Woori

Investment

&

Securities

Co

Ltd

348

8,888

(a),(c)

Worldline

S.A.

155

1,304,320

XP,

Inc

34,004

33,975

(c)

XTB

S.A.

327

9,566,200

(b)

Yangzijiang

Financial

Holding

Ltd

2,353

148,400

(a),(b)

Yeahka

Ltd

280

1,698,000

(b),(c)

Yixin

Group

Ltd

133

199,129

Yulon

Finance

Corp

1,206

193,365

Zenkoku

Hosho

Co

Ltd

7,280

49,091

Zheshang

Securities

Co

Ltd

72

250,300

Zhongtai

Securities

Co

Ltd

242

TOTAL

FINANCIAL

SERVICES

7,855,938

FOOD,

BEVERAGE

&

TOBACCO

-

3.2%

146,649

AAK

AB

3,271

69,716

AG.

Barr

plc

456

241,807

Agthia

Group

PJSC

321

359,937

Ajinomoto

Co,

Inc

13,855

15,719

Al

Jouf

Agricultural

Development

Co

207

220,028

Almarai

Co

JSC

3,298

285,202

Altria

Group,

Inc

11,505

1,980,539

Ambev

S.A.

5,566

165,160

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

771

16,111

Angel

Yeast

Co

Ltd

80

1,269,873

Anheuser-Busch

InBev

S.A.

81,968

102,628

Anhui

Gujing

Distillery

Co

Ltd

1,563

21,514

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

707

25,117

Anhui

Kouzi

Distillery

Co

Ltd

160

29,000

Anhui

Yingjia

Distillery

Co

Ltd

271

436,026

(b)

Arca

Continental

SAB

de

C.V.

4,761

95,734

Archer-Daniels-Midland

Co

6,914

13,272

Ariake

Japan

Co

Ltd

437

3,944,035

(a)

Aryzta

AG.

7,284

241,035

Asahi

Breweries

Ltd

8,975

692,842

Associated

British

Foods

plc

20,882

32,112

Astral

Foods

Ltd

257

405,000

(b)

Ausnutria

Dairy

Corp

Ltd

135

76,223

Austevoll

Seafood

ASA

556

141,351

(a),(b)

Australian

Agricultural

Co

Ltd

135

54,581

Avanti

Feeds

Ltd

275

279,256

AVI

Ltd

1,249

39,816

Bakkafrost

P

2,082

65

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

642,706

Baladna

$

212

99,297

Balrampur

Chini

Mills

Ltd

489

130

(b)

Barry

Callebaut

AG.

219

227,536

Bega

Cheese

Ltd

549

235,601

Beijing

Dabeinong

Technology

Group

Co

Ltd

198

96,000

Beijing

Yanjing

Brewery

Co

Ltd

117

1,855

Bell

Food

Group

AG.

560

650,100

Betagro

PCL

457

53,080

Bikaji

Foods

International

Ltd

348

17,447

Bombay

Burmah

Trading

Co

330

6,948

(b)

Bonduelle

S.C.A.

84

7,134

(a)

Boston

Beer

Co,

Inc

(Class

A)

2,465

32,300

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

173

484,600

(a)

BRF

S.A.

1,354

94,458

Britannia

Industries

Ltd

6,058

117,800

British

American

Tobacco

Malaysia

BHD

238

1,309,561

British

American

Tobacco

plc

38,317

1,384,270

Britvic

plc

14,818

4,207

Brown-Forman

Corp

(Class

A)

251

14,663

Brown-Forman

Corp

(Class

B)

837

1,409,380

(c)

Budweiser

Brewing

Co

APAC

Ltd

2,642

654,479

(a)

Bunge

Global

S.A.

66,070

311,591

C&C

Group

plc

606

65,400

Calbee,

Inc

1,315

73,000

Camil

Alimentos

S.A.

127

15,895

Campbell

Soup

Co

687

58,614

(a)

CANARIABIO,

Inc

234

208,100

Carabao

Group

PCL

502

178,915

Carlsberg

AS

(Class

B)

22,451

201,200

Carlsberg

Brewery

Malaysia

Bhd

844

59,493

CCL

Products

India

Ltd

460

410,806

(a)

Celsius

Holdings,

Inc

22,397

947,800

Century

Pacific

Food,

Inc

530

132,800

Charoen

Pokphand

Enterprise

415

3,075,531

Charoen

Pokphand

Foods

PCL

1,763

6,181,218

Charoen

Pokphand

Indonesia

Tbk

PT

2,017

3,393,021

(c)

China

Feihe

Ltd

1,856

2,408,000

China

Foods

Ltd

907

4,375,889

(a),(d)

China

Huishan

Dairy

Holdings

Co

Ltd

6

370,000

(a),(d)

China

Huiyuan

Juice

Group

Ltd

0

^

1,343,227

China

Mengniu

Dairy

Co

Ltd

3,619

3,105,000

(b)

China

Modern

Dairy

Holdings

Ltd

294

684,357

China

Resources

Beer

Holdings

Company

Ltd

3,003

937,000

(b),(c)

China

Youran

Dairy

Group

Ltd

177

5

(b)

Chocoladefabriken

Lindt

&

Spruengli

AG.

607

22,427

Chongqing

Brewery

Co

Ltd

210

88,277

Cia

Cervecerias

Unidas

S.A.

562

6,973

CJ

CheilJedang

Corp

1,750

150,732

Cloetta

AB

274

3,198,029

Coca-Cola

Co

188,460

9,060

Coca-Cola

Consolidated

Inc

8,411

1,634,560

(a)

Coca-Cola

Europacific

Partners

plc

109,091

453,983

(b)

Coca-Cola

Femsa

SAB

de

C.V.

4,304

6,130

Coca-Cola

HBC

AG.

180

277,600

Coca-Cola

West

Japan

Co

Ltd

3,984

2,280,000

(a),(b)

COFCO

Joycome

Foods

Ltd

549

353,695

ConAgra

Brands,

Inc

10,137

81,837

Constellation

Brands,

Inc

(Class

A)

19,784

327,733

Costa

Group

Holdings

Ltd

696

43,371

Cranswick

plc

2,101

15,133

(a)

Daesang

Corp

243

307,202

Danone

19,931

CREF

Stock

Account

December

31,

2023

66

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

119,826

(a)

Darling

International,

Inc

$

5,972

7,668,790

Davide

Campari-Milano

NV

86,601

2,062,150

Diageo

plc

74,846

4,879

(a)

Dodla

Dairy

Ltd

52

58,900

Dole

plc

724

2,585

(a)

Dongwon

F&B

Co

Ltd

66

8,500

Dydo

Drinco,

Inc

352

1,069,228

Eastern

Tobacco

971

14,100

Eastroc

Beverage

Group

Co

Ltd

363

317,283

Embotelladora

Andina

S.A.

789

1,710

(b)

Emmi

AG.

1,853

39,215

Ezaki

Glico

Co

Ltd

1,161

591,100

Farm

Fresh

Bhd

170

1,386,548

Fevertree

Drinks

plc

18,540

13,194

First

Milling

Co

261

5,548,000

First

Pacific

Co

2,211

387,000

First

Resources

Ltd

419

19,910

Flowers

Foods,

Inc

448

1,651,083

(b)

Fomento

Economico

Mexicano

S.A.

de

C.V.

21,488

1,374,966

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

179,227

231,161

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,237

96,600

Fraser

&

Neave

Holdings

Bhd

592

119,195

Fresh

Del

Monte

Produce,

Inc

3,129

33,056

(a),(b)

Freshpet,

Inc

2,868

11,445

Fu

Jian

Anjoy

Foods

Co

Ltd

169

34,727

Fuji

Oil

Co

Ltd

597

69,816

Fujian

Sunner

Development

Co

Ltd

169

29,632

Fujicco

Co

Ltd

408

3,382

(b)

Fujiya

Co

Ltd

58

119,105

Futuris

Corp

Ltd

612

132,404

General

Mills,

Inc

8,625

517,600

GFPT

PCL

(Foreign)

174

161,363

Glanbia

plc

2,660

10,475

Godfrey

Phillips

India

Ltd

265

11,654,105

Golden

Agri-Resources

Ltd

2,294

467,500

Great

Wall

Enterprise

Co

Ltd

890

400,724

(a)

Greencore

Group

plc

493

41,836

Grieg

Seafood

ASA

281

155,566

(b)

Gruma

SAB

de

C.V.

2,850

1,133,041

(b)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

5,735

311,100

Guan

Chong

Bhd

124

67,845

Guangdong

Haid

Group

Co

Ltd

430

56,232

Gujarat

Ambuja

Exports

Ltd

248

7,885

(a)

Halwani

Brothers

Co

106

42,064

(a)

Harim

Holdings

Co

Ltd

253

172,314

Health

&

Happiness

H&H

International

Holdings

Ltd

267

49,500

Hebei

Hengshui

Laobaigan

Liquor

Co

Ltd

157

65,700

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

197

103,332

Heilongjiang

Agriculture

Co

Ltd

174

107,943

Heineken

Holding

NV

9,140

314,000

Heineken

Malaysia

Bhd

1,650

2,373,952

Heineken

NV

241,192

182,823

Henan

Shuanghui

Investment

&

Development

Co

Ltd

689

11,974

Hershey

Co

2,232

58,007

Hilton

Food

Group

plc

592

33,088

(a)

Hindustan

Foods

Ltd

223

22,675

(a)

Hite

Jinro

Co

Ltd

395

14,500

Hokuto

Corp

178

23,749

Hormel

Foods

Corp

763

49,962

House

Foods

Corp

1,103

530,600

Ichitan

Group

PCL

244

27,878

Imperial

Tobacco

Group

plc

642

67

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,821,709

Indofood

CBP

Sukses

Makmur

Tbk

PT

$

1,250

291,423

Inghams

Group

Ltd

787

60,380

Ingredion,

Inc

6,553

346,853

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,309

9,135,000

(a),(d)

Inti

Agri

Resources

Tbk

PT

0

^

1,927,106

IOI

Corp

BHD

1,648

424,500

I-TAIL

Corp

PCL

262

2,569,926

ITC

Ltd

14,265

43,000

Ito

En

Ltd

1,305

18,940

Itoham

Yonekyu

Holdings,

Inc

518

8,367

J.M.

Smucker

Co

1,057

513,500

Jalles

Machado

S.A.

830

408,500

(b)

Japan

Tobacco,

Inc

10,550

4,685,000

Japfa

Comfeed

Indonesia

Tbk

PT

359

657,782

JBS

S.A.

3,340

3,168

JDE

Peet's

NV

85

65,626

Jiangsu

King's

Luck

Brewery

JSC

Ltd

451

78,681

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

1,221

5,962

JiuGui

Liquor

Co

Ltd

62

13,046

J-Oil

Mills,

Inc

179

38,964

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

154

23,701

Juewei

Food

Co

Ltd

90

60,646

(b)

Kagome

Co

Ltd

1,349

10,900

Kameda

Seika

Co

Ltd

317

23,394

Kaveri

Seed

Co

Ltd

172

103,945

Kayseri

Seker

Fabrikasi

AS.

119

20,838

Kellogg

Co

1,165

2,608

Kerry

Group

plc

(Class

A)

226

789,305

Keurig

Dr

Pepper,

Inc

26,300

80,397

Kewpie

Corp

1,417

1,984,200

Khon

Kaen

Sugar

Industry

PCL

153

112,400

Kikkoman

Corp

6,868

491,079

(b)

Kirin

Brewery

Co

Ltd

7,189

78,900

Kotobuki

Spirits

Co

Ltd

1,206

3,414,157

Kraft

Heinz

Co

126,256

42,521

KRBL

Ltd

192

89,591

KT&G

Corp

6,036

392,635

Kuala

Lumpur

Kepong

BHD

1,863

63,685

Kweichow

Moutai

Co

Ltd

15,502

164,325

Lamb

Weston

Holdings,

Inc

17,762

12,590

Lancaster

Colony

Corp

2,095

3,482

Lassonde

Industries,

Inc

369

225,195

Leroy

Seafood

Group

ASA

926

96,211

Lian

HWA

Food

Corp

274

671,398

Lien

Hwa

Industrial

Corp

1,458

31

Lindt

&

Spruengli

AG.

372

3,020

(a)

Lotte

Chilsung

Beverage

Co

Ltd

343

1,838

(a)

Lotte

Wellfood

Co

Ltd

176

952

(b)

Lotus

Bakeries

NV

8,649

113,162

LT

Foods

Ltd

276

77,723

Luzhou

Laojiao

Co

Ltd

1,970

57,700

M

Dias

Branco

S.A.

458

62,285

(b)

Maple

Leaf

Foods,

Inc

1,186

360,978

(a)

Marfrig

Global

Foods

S.A.

714

432,841

Marico

Ltd

2,852

28,800

Maruha

Nichiro

Corp

567

20,546

McCormick

&

Co,

Inc

1,406

36,387

Megmilk

Snow

Brand

Co

Ltd

545

129,300

Meihua

Holdings

Group

Co

Ltd

174

182,198

MEIJI

Holdings

Co

Ltd

4,328

58,371

Mezzan

Holding

Co

KSCC

109

89,073

MGP

Ingredients,

Inc

8,775

CREF

Stock

Account

December

31,

2023

68

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

255,300

Minerva

S.A.

$

392

45,200

Mitsui

Sugar

Co

Ltd

951

14,506

Molson

Coors

Brewing

Co

(Class

B)

888

4,804,864

Mondelez

International,

Inc

348,016

4,722,317

(a)

Monster

Beverage

Corp

272,053

57,558

Morinaga

&

Co

Ltd

1,044

660,826

Morinaga

Milk

Industry

Co

Ltd

12,792

18,851

Mowi

ASA

338

19,551

Mrs

Bectors

Food

Specialities

Ltd

263

281,338

Muyuan

Foods

Co

Ltd

1,635

108,000

Namchow

Holdings

Co

Ltd

179

116,207

(a)

National

Agriculture

Development

Co

864

29,394

Nestle

India

Ltd

9,385

39,514

Nestle

Malaysia

Bhd

1,011

3,176,621

Nestle

S.A.

368,233

219,305

(a)

New

Hope

Liuhe

Co

Ltd

288

423,092

Nichirei

Corp

10,430

37,897

Nippon

Flour

Mills

Co

Ltd

597

67,500

Nippon

Meat

Packers,

Inc

2,289

233,759

Nippon

Suisan

Kaisha

Ltd

1,257

19,122

Nisshin

Oillio

Group

Ltd

581

161,300

Nisshin

Seifun

Group,

Inc

2,172

37,200

Nissin

Food

Products

Co

Ltd

1,299

88,568

Nissin

Foods

Co

Ltd

71

1,761,600

(b),(c)

Nongfu

Spring

Co

Ltd

10,194

2,445

(a)

NongShim

Co

Ltd

771

63,745

Oceana

Group

Ltd

246

226,321

Origin

Enterprises

plc

859

19,998

(a)

Orion

Corp/Republic

of

Korea

1,795

80,772

(a)

Orion

Holdings

Corp

914

4,959

(b)

Orior

AG.

425

30,255

Orkla

ASA

235

1,037,017

Osotspa

PCL

667

1,254

(a)

Ottogi

Corp

389

1,886,608

PepsiCo,

Inc

320,422

408,373

Pernod-Ricard

S.A.

72,168

12,535,800

Perusahaan

Perkebunan

London

Sumatra

Indonesia

Tbk

PT

725

600

Philip

Morris

CR

AS.

419

4,683,954

Philip

Morris

International,

Inc

440,666

105,349

(a)

Pilgrim's

Pride

Corp

2,914

5,610

(a)

Post

Holdings,

Inc

494

473,541

PPB

Group

BHD

1,492

476,389

Premier

Foods

plc

823

35,854

(b)

Premium

Brands

Holdings

Corp

2,544

18,138

Prima

Meat

Packers

Ltd

302

2,134,069

Primo

Water

Corp

32,118

128,194

(b)

Primo

Water

Corp

(Toronto)

1,931

409,800

PT

Astra

Agro

Lestari

Tbk

187

3,631,609

PT

Indofood

Sukses

Makmur

Tbk

1,521

690,800

QL

Resources

Bhd

858

463,300

R&B

Food

Supply

PCL

198

60,269

Radico

Khaitan

Ltd

1,201

43,696

Remy

Cointreau

S.A.

5,574

12,500

Riken

Vitamin

Co

Ltd

198

459,500

(b)

RLX

Technology,

Inc

(ADR)

919

60,708

(b)

Rogers

Sugar,

Inc

247

40,519

Royal

Unibrew

A.S.

2,707

14,294

S

Foods,

Inc

333

23,555

Sakata

Seed

Corp

653

77,698

Salmar

ASA

4,351

3,626

Samyang

Foods

Co

Ltd

608

2,268

(a)

Samyang

Holdings

Corp

121

69

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

124,300

Sao

Martinho

S.A.

$

750

89,100

Sappe

PCL

226

53,186

(b)

Sapporo

Holdings

Ltd

2,343

167,686

Saputo,

Inc

3,395

11,653

(a)

Saudi

Fisheries

Co

75

12,081

Saudia

Dairy

&

Foodstuff

Co

1,073

234,326

Savola

Group

2,334

8,462,600

Sawit

Sumbermas

Sarana

Tbk

PT

574

100,109

(c)

Scandinavian

Tobacco

Group

A.S.

1,739

9,280

Schouw

&

Co

760

158

Seaboard

Corp

564

94,666

(a),(b)

Select

Harvests

Ltd

187

43,439

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

151

63,342

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

2,062

14,300

Shede

Spirits

Co

Ltd

195

14,987

Showa

Sangyo

Co

Ltd

336

529,285

(a)

Shree

Renuka

Sugars

Ltd

300

22,301

Sichuan

Swellfun

Co

Ltd

185

1,718,378

Sime

Darby

Plantation

Bhd

1,666

24,410

(a)

Sinad

Holding

Co

85

172,754

SLC

Agricola

S.A.

669

1,565,171

(b),(c)

Smoore

International

Holdings

Ltd

1,305

329,700

Srinanaporn

Marketing

PCL

170

263,000

Standard

Foods

Corp

333

42,847

(a)

Strauss

Group

Ltd

806

51,361

Suedzucker

AG.

805

17,446

Sula

Vineyards

Ltd

105

60,641

(a),(b)

SunOpta,

Inc

331

25,400

Suntory

Beverage

&

Food

Ltd

835

380,500

Ta

Ann

Holdings

Bhd

303

467,000

(a)

Taiwan

TEA

Corp

330

112,003

Takara

Holdings,

Inc

982

3,692

Tanmiah

Food

Co

100

67,645

Tata

Coffee

Ltd

261

474,624

Tata

Consumer

Products

Ltd

6,196

323,928

Tate

&

Lyle

plc

2,721

2,271,800

Thai

Union

Group

PCL

997

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

250

132,911

(b)

Tiger

Brands

Ltd

1,460

61,907

Tilaknagar

Industries

Ltd

179

1,821,301

Tingyi

Cayman

Islands

Holding

Corp

2,221

71,700

Toyo

Suisan

Kaisha

Ltd

3,699

161,949

Treasury

Wine

Estates

Ltd

1,192

118,700

Tres

Tentos

Agroindustrial

S.A.

294

52,366

Triveni

Engineering

&

Industries

Ltd

217

639,100

TSH

Resources

Bhd

136

555,471

Tsingtao

Brewery

Co

Ltd

3,732

40,993

Tsingtao

Brewery

Co

Ltd

(Class

A)

432

39,000

Ttet

Union

Corp

181

7,990

Turning

Point

Brands,

Inc

210

22,810

Tyson

Foods,

Inc

(Class

A)

1,226

159,020

Ulker

Biskuvi

Sanayi

AS

442

1,279,616

Uni-President

China

Holdings

Ltd

911

4,292,934

Uni-President

Enterprises

Corp

10,415

401,000

United

Plantations

BHD

1,552

252,509

United

Spirits

Ltd

3,389

735,260

Universal

Robina

Corp

1,568

67,200

Utz

Brands,

Inc

1,091

393,606

Varun

Beverages

Ltd

5,847

150,220

Vector

Group

Ltd

1,694

411,847

Vina

Concha

y

Toro

S.A.

485

31,076

(b)

Viscofan

S.A.

1,839

CREF

Stock

Account

December

31,

2023

70

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

54,570

(a)

Vita

Coco

Co,

Inc

$

1,400

636,000

Vitasoy

International

Holdings

Ltd

634

4,110

VST

Industries

Ltd

168

4,401,694

Want

Want

China

Holdings

Ltd

2,661

297,000

Wei

Chuan

Foods

Corp

184

366,070

Wens

Foodstuffs

Group

Co

Ltd

1,035

6,829,696

(c)

WH

Group

Ltd

4,411

1,572,119

Wilmar

International

Ltd

4,247

6,923

(a)

WK

Kellogg

Co

91

200,642

Wuliangye

Yibin

Co

Ltd

3,972

191,900

Yakult

Honsha

Co

Ltd

4,308

90,100

Yamazaki

Baking

Co

Ltd

2,058

392,000

(b)

Yihai

International

Holding

Ltd

623

67,700

Yihai

Kerry

Arawana

Holdings

Co

Ltd

319

115,917

(a)

Yuan

Longping

High-tech

Agriculture

Co

Ltd

230

903,000

(b),(c)

Zhou

Hei

Ya

International

Holdings

Co

Ltd

258

38,435

Zydus

Wellnes

Ltd

776

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

3,798,722

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.5%

4,414,536

Abbott

Laboratories

485,908

103,816

(a)

Acadia

Healthcare

Co,

Inc

8,073

186,400

(a)

Accolade,

Inc

2,239

10,100

(a)

Addus

HomeCare

Corp

938

168,987

Advanced

Medical

Solutions

Group

plc

447

344,944

(a),(b)

agilon

health,

Inc

4,329

232,449

Aier

Eye

Hospital

Group

Co

Ltd

519

444,000

(b),(c)

AK

Medical

Holdings

Ltd

356

65,666

Al

Hammadi

Holding

1,045

531,317

Alcon,

Inc

41,568

544,500

Alfresa

Holdings

Corp

9,244

209,159

(a)

Align

Technology,

Inc

57,310

385,330

(a)

Allscripts

Healthcare

Solutions,

Inc

4,042

1,074,233

(a)

Alphatec

Holdings,

Inc

16,232

147,230

(a)

Ambu

A.S.

2,294

15,540

(a)

Amedisys,

Inc

1,477

137,855

AmerisourceBergen

Corp

28,313

627,700

Amplifon

S.p.A.

21,750

372,200

Amvis

Holdings,

Inc

7,918

16,293

(b)

Andlauer

Healthcare

Group,

Inc

504

34,000

(b),(c)

Angelalign

Technology,

Inc

246

59,750

(a)

Angiodynamics,

Inc

468

99,729

Ansell

Ltd

1,711

90,723

Apollo

Hospitals

Enterprise

Ltd

6,215

766,728

Arjo

AB

3,001

109,500

(a),(b),(c)

Arrail

Group

Ltd

101

24,244

As

One

Corp

960

528,200

Asahi

Intecc

Co

Ltd

10,711

119,031

(a),(c)

Aster

DM

Healthcare

Ltd

586

493,867

(a)

AtriCure,

Inc

17,626

82,871

(a),(c)

Attendo

AB

297

77,866

(b)

Australian

Clinical

Labs

Ltd

153

16,100

Autobio

Diagnostics

Co

Ltd

129

250,210

(a)

Axogen,

Inc

1,709

305,087

(a)

Axonics,

Inc

18,986

1,076,200

Bangkok

Chain

Hospital

PCL

706

4,419,500

Bangkok

Dusit

Medical

Services

PCL

3,589

4,634,471

Bangkok

Dusit

Medical

Services

PCL

3,764

44,711

Baxter

International,

Inc

1,729

536,074

Becton

Dickinson

&

Co

130,711

57,250

Beijing

Chunlizhengda

Medical

Instruments

Co

Ltd

91

73,267

BioMerieux

8,152

71

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,045

BML,

Inc

$

320

3,975,522

(a)

Boston

Scientific

Corp

229,825

339,080

(a)

Brookdale

Senior

Living,

Inc

1,973

248,938

Bumrungrad

Hospital

PCL

1,617

365,731

Cardinal

Health,

Inc

36,866

1,154,400

(b)

Carenet,

Inc

8,966

1,493

Carl

Zeiss

Meditec

AG.

163

842,216

(a)

Centene

Corp

62,501

90,615

(a)

Certara,

Inc

1,594

37,366

(a)

Chabiotech

Co

Ltd

567

234,500

Chaoju

Eye

Care

Holdings

Ltd

133

7,120

Chemed

Corp

4,163

92,100

China

Meheco

Co

Ltd

145

30,700

China

National

Medicines

Corp

Ltd

124

723,500

China

Resources

Medical

Holdings

Co

Ltd

446

4,203,000

Chularat

Hospital

PCL

386

843,522

Cigna

Group

252,593

14,752

(a)

Classys,

Inc

430

814,984

(a)

Cleopatra

Hospital

122

221,400

(a),(b)

ClouDr

Group

Ltd

194

133,878

(a)

CM

Hospitalar

S.A.

385

500,000

C-Mer

Eye

Care

Holdings

Ltd

220

59,247

Cochlear

Ltd

12,054

112,195

Coloplast

A.S.

12,820

2,230

Coltene

Holding

AG.

190

249,101

CompuGroup

Medical

SE

&

Co

KgaA

10,427

3,920,117

(c)

ConvaTec

Group

plc

12,199

25,327

Cooper

Cos,

Inc

9,585

2,100

(a)

Corvel

Corp

519

25,050

Craneware

plc

559

72,930

(a)

Cross

Country

Healthcare,

Inc

1,651

13,620

(a)

CryoLife,

Inc

244

449,216

CVS

Group

plc

9,637

799,534

CVS

Health

Corp

63,131

75,531

(a),(b)

CYBERDYNE,

Inc

120

12,433

Dallah

Healthcare

Co

569

25,702

(a)

DaVita,

Inc

2,693

149,643

(a)

Demant

A.S.

6,563

386,159

(a),(b)

dentalcorp

Holdings

Ltd

2,028

5,873

(a)

Dentium

Co

Ltd

596

121,897

Dentsply

Sirona,

Inc

4,338

1,775,109

(a)

DexCom,

Inc

220,273

118,300

(a)

Diagnosticos

da

America

S.A.

235

804

DiaSorin

S.p.A.

83

90,928

(a)

Doximity,

Inc

2,550

30,870

(c)

Dr

Lal

PathLabs

Ltd

956

94,185

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

7,128

7,885

Draegerwerk

AG.

452

124,812

EBOS

Group

Ltd

2,799

72,049

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

3,281

407,015

(a)

Edwards

Lifesciences

Corp

31,035

27,100

Eiken

Chemical

Co

Ltd

328

30,950

(b)

El.En.

S.p.A

333

16,838

(b)

Elan

Corp

133

290,976

Elekta

AB

(B

Shares)

2,383

1,014,075

Elevance

Health,

Inc

478,197

37,900

EM

Systems

Co

Ltd

187

221,109

Encompass

Health

Corp

14,752

39,764

(a)

Enovis

Corp

2,228

74,933

(a)

Envista

Holdings

Corp

1,803

20,767

(a)

Eoflow

Co

Ltd

67

5,186

Equasens

350

CREF

Stock

Account

December

31,

2023

72

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,186,034

Essilor

International

S.A.

$

238,154

192,093

(a),(b)

Establishment

Labs

Holdings,

Inc

4,973

44,537

(b)

Extendicare,

Inc

245

104,887

Fagron

NV

1,926

108,929

Fisher

&

Paykel

Healthcare

Corp

1,625

200,982

Fleury

S.A.

746

371,872

Fortis

Healthcare

Ltd

1,873

443,424

Fresenius

Medical

Care

AG.

18,539

13,667

Fresenius

SE

424

11,300

(a)

Fukuda

Denshi

Co

Ltd

590

39,873

(c)

Galenica

AG.

3,449

165,862

GE

HealthCare

Technologies,

Inc

12,824

7,626

Getinge

AB

(B

Shares)

170

113,114

(a)

Glaukos

Corp

8,991

66,947

(a)

Global

Health

Ltd

771

11,222

(a)

Globus

Medical,

Inc

598

39,412

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

159

6,938

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

61

171,263

(a)

Guardant

Health,

Inc

4,633

104,700

(b)

Gushengtang

Holdings

Ltd

676

2,033,838

(a),(c)

Hapvida

Participacoes

e

Investimentos

S.A.

1,862

1,409,400

Hartalega

Holdings

Bhd

828

442,539

HCA,

Inc

119,786

405,363

Healius

Ltd

452

251,595

(a)

HealthEquity,

Inc

16,681

32,070

HealthStream,

Inc

867

61,992

(a)

Henry

Schein,

Inc

4,693

1,711,620

(a)

Hims

&

Hers

Health,

Inc

15,233

66,081

(a)

HLB

Life

Science

CO

Ltd

585

94,967

(a)

HLB,

Inc

3,721

16,100

Hogy

Medical

Co

Ltd

412

21,140

(a)

Hologic,

Inc

1,510

94,000

Hospital

Mater

Dei

S.A.

161

224,969

(a)

Hoya

Corp

28,017

42,278

Huadong

Medicine

Co

Ltd

247

325,840

Humana,

Inc

149,173

145,200

(b),(c)

Hygeia

Healthcare

Holdings

Co

Ltd

657

2,096

(a)

ICU

Medical,

Inc

209

51,923

(a)

IDEXX

Laboratories,

Inc

28,820

837,989

IHH

Healthcare

Bhd

1,100

231,710

(a)

Inari

Medical,

Inc

15,043

400,245

(a),(b)

Inmode

Ltd

8,901

2,820

(a)

Inspire

Medical

Systems,

Inc

574

6,249

(a)

Insulet

Corp

1,356

7,117

(a)

Integra

LifeSciences

Holdings

Corp

310

159,013

Integral

Diagnostics

Ltd

206

871,739

(a)

Intuitive

Surgical,

Inc

294,090

2,615

iRay

Technology

Co

Ltd

120

14,469

(a)

i-SENS

Inc

320

46,600

Japan

Lifeline

Co

Ltd

416

44,436

(a)

Jeisys

Medical,

Inc

361

35,688

Jeol

Ltd

1,560

29,450

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

144

1,497,500

(a),(b),(c)

Jinxin

Fertility

Group

Ltd

643

18,400

JMDC,

Inc

555

93,385

Jointown

Pharmaceutical

Group

Co

Ltd

92

244,000

(b)

Kangji

Medical

Holdings

Ltd

218

757,134

Koninklijke

Philips

Electronics

NV

17,719

58,793

(b)

Korian-Medica

156

1,189,600

Kossan

Rubber

Industries

Bhd

479

902,400

KPJ

Healthcare

Bhd

283

35,786

(a),(c)

Krishna

Institute

of

Medical

Sciences

Ltd

851

73

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

185,406

Laboratory

Corp

of

America

Holdings

$

42,141

237,912

(a)

Lantheus

Holdings,

Inc

14,751

16,113

Lepu

Medical

Technology

Beijing

Co

Ltd

37

1,231,259

Life

Healthcare

Group

Holdings

Ltd

1,236

3,064,000

(a)

Lifetech

Scientific

Corp

922

113,820

(a)

LivaNova

plc

5,889

15,779

(a)

Lunit,

Inc

998

80,600

M3,

Inc

1,330

60,663

Mani,

Inc

916

4,218

(a)

Masimo

Corp

494

668,141

Max

Healthcare

Institute

Ltd

5,510

122,435

McKesson

Corp

56,685

5,388

(c)

Medacta

Group

S.A.

806

223,567

Medicare

Group

335

490,300

Mediceo

Paltac

Holdings

Co

Ltd

7,937

53,493

Medicover

AB

796

4,913,200

Medikaloka

Hermina

Tbk

PT

475

12,321

(a)

Medios

AG.

216

17,400

(a)

Medley,

Inc

542

197,000

(b),(c)

Medlive

Technology

Co

Ltd

214

34,483

(c)

Medmix

AG.

779

969,985

Medtronic

plc

79,907

1,174,993

(a)

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

996

44,084

Menicon

Co

Ltd

732

53,070

(a)

Merit

Medical

Systems,

Inc

4,031

156

Metall

Zug

AG.(B

Shares)

283

13,123,400

(a)

Metro

Healthcare

Indonesia

TBK

PT

136

24,367

(c)

Metropolis

Healthcare

Ltd

491

897,000

(a),(b),(c)

Microport

Cardioflow

Medtech

Corp

186

146,000

(a)

MicroPort

NeuroTech

Ltd

229

1,584,195

(b)

Microport

Scientific

Corp

1,709

34,426

(a)

Middle

East

Healthcare

Co

813

47,300

Miraca

Holdings,

Inc

893

40,401

(a),(c)

MLP

Saglik

Hizmetleri

AS.

204

27,280

(a)

Molina

Healthcare,

Inc

9,857

286,124

Mouwasat

Medical

Services

Co

8,526

16,936

Nagaileben

Co

Ltd

286

59,022

Nakanishi,

Inc

990

216,889

(a)

Nanosonics

Ltd

650

41,159

(a),(b)

Nano-X

Imaging

Ltd

262

57,118

Narayana

Hrudayalaya

Ltd

825

23,600

National

Healthcare

Corp

2,181

18,636

National

Medical

Care

Co

866

2,102,959

Network

Healthcare

Holdings

Ltd

1,637

220,500

(a),(b),(c)

New

Horizon

Health

Ltd

654

65,577

Nihon

Kohden

Corp

2,073

566,552

Nipro

Corp

4,441

159,379

(a),(d)

NMC

Health

plc

0

^

10,960

(a)

Novocure

Ltd

164

813,825

Oceania

Healthcare

Ltd

391

211,350

Odontoprev

S.A.

506

1,897,600

Olympus

Corp

27,390

192,800

(a)

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

517

1,170,722

(a)

Option

Care

Health,

Inc

39,442

16,966

Ovctek

China,

Inc

54

383,685

(a)

Owens

&

Minor,

Inc

7,394

143,070

(a)

Paragon

28,

Inc

1,778

30,644

Paramount

Bed

Holdings

Co

Ltd

601

33,885

Pegavision

Corp

437

313,000

(a),(b),(c)

Peijia

Medical

Ltd

296

158,570

(a)

Pennant

Group,

Inc

2,207

42,173

(a)

Penumbra,

Inc

10,608

CREF

Stock

Account

December

31,

2023

74

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

340,430

(a)

PetIQ,

Inc

$

6,723

20,700

PHC

Holdings

Corp

211

98,000

(a)

Phreesia,

Inc

2,269

79,000

(a),(d)

Pihsiang

Machinery

Manufacturing

Co

Ltd

0

^

23,620

Poly

Medicure

Ltd

423

462,181

(a)

PolyNovo

Ltd

521

58,453

Premier,

Inc

1,307

85,300

(a),(b)

Privia

Health

Group,

Inc

1,964

42,113

Pro

Medicus

Ltd

2,748

658,942

(a)

Progyny,

Inc

24,499

118,254

(a)

Project

Roadrunner

Parent,

Inc

1,250

53,122

Quest

Diagnostics,

Inc

7,324

5,588

(a)

QuidelOrtho

Corp

412

688,099

Raffles

Medical

Group

Ltd

563

41,762

Rainbow

Children's

Medicare

Ltd

598

123,448

Ramsay

Health

Care

Ltd

4,428

240,976

(c)

Rede

D'Or

Sao

Luiz

S.A.

1,428

13,034

Resmed,

Inc

2,242

16,325

Revenio

Group

Oyj

489

491,300

Riverstone

Holdings

Ltd

262

202,460

(a)

RxSight,

Inc

8,163

459,007

Ryman

Healthcare

Ltd

1,711

309,190

Saudi

Chemical

Co

Holding

353

30,741

(a)

SD

Biosensor,

Inc

272

112,343

(b)

Sectra

AB

2,006

97,672

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

204

400,624

Select

Medical

Holdings

Corp

9,415

1,071,882

(b)

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

1,045

68,232

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

161

362,427

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

530

40,112

Shanghai

United

Imaging

Healthcare

Co

Ltd

775

30,922

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

1,268

17,600

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

194

597,803

Ship

Healthcare

Holdings,

Inc

10,191

27,016

(a)

Shockwave

Medical,

Inc

5,148

541,578

(a)

SI-BONE,

Inc

11,368

454,962

(c)

Siemens

Healthineers

AG.

26,414

67,253

(b)

Sienna

Senior

Living,

Inc

583

680,985

Sigma

Healthcare

Ltd

466

1,804,187

Sinopharm

Group

Co

Ltd

4,728

965,880

Smith

&

Nephew

plc

13,268

35,500

Solasto

Corp

155

238,583

Sonic

Healthcare

Ltd

5,213

39,461

Sonova

Holdings

AG

12,906

232,105

(c)

Spire

Healthcare

Group

plc

669

1,145,900

Sri

Trang

Gloves

Thailand

PCL

225

40,000

St.

Shine

Optical

Co

Ltd

247

8,820

STERIS

plc

1,939

6,821

STRATEC

SE

343

95,659

Straumann

Holding

AG.

15,459

435,644

Stryker

Corp

130,458

9,200

SUNWELS

Co

Ltd

163

1,524,701

Supermax

Corp

Bhd

312

29,166

(a)

Surgical

Science

Sweden

AB

528

46,270

(a),(b)

SurModics,

Inc

1,682

272,500

Suzuken

Co

Ltd

9,012

48,338

Synlab

AG.

609

44,444

Sysmex

Corp

2,471

44,000

TaiDoc

Technology

Corp

236

6,520

(a)

Tandem

Diabetes

Care,

Inc

193

237,594

(a)

Teladoc

Health,

Inc

5,120

4,350

Teleflex,

Inc

1,085

75

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

321,172

(a)

Tenet

Healthcare

Corp

$

24,271

415,800

Terumo

Corp

13,597

277,500

Thonburi

Healthcare

Group

PCL

441

42,330

Toho

Pharmaceutical

Co

Ltd

966

35,809

Tokai

Corp

(GIFU)

530

3,615,500

(a)

Top

Glove

Corp

Bhd

708

8,580

(a)

Topchoice

Medical

Corp

92

212,083

Uniphar

plc

632

1,970,805

UnitedHealth

Group,

Inc

1,037,570

28,747

Universal

Health

Services,

Inc

(Class

B)

4,382

38,425

Universal

Vision

Biotechnology

Co

Ltd

347

2,440

Utah

Medical

Products,

Inc

205

7,813

(a)

Value

Added

Technology

Co

Ltd

201

478,825

(a)

Veeva

Systems,

Inc

92,183

156,500

(a),(c),(d)

Venus

MedTech

Hangzhou,

Inc

113

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

378

298,028

(a),(b)

Vimian

Group

AB

875

27,000

Visco

Vision,

Inc

191

174,279

(a)

Well

Health

Technologies

Corp

506

36,844

(a)

Won

Tech

Co

Ltd

266

134,211

(a)

Xvivo

Perfusion

AB

4,392

429,900

(a),(b),(c)

Yidu

Tech,

Inc

278

3,333

Ypsomed

Holding

AG.

1,201

69,442

Zimmer

Biomet

Holdings,

Inc

8,451

162,500

(a),(c)

Zylox-Tonbridge

Medical

Technology

Co

Ltd

259

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,348,830

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.4%

7,340

(a)

Aekyung

Industrial

Co

Ltd

106

24,480

(a)

Amorepacific

Corp

2,746

23,585

(a)

AMOREPACIFIC

Group

534

706,135

Beiersdorf

AG.

105,747

795,307

(a)

BellRing

Brands,

Inc

44,084

68,200

(a)

Best

World

International

Ltd

89

97,383

By-health

Co

Ltd

234

29,000

Chlitina

Holding

Ltd

185

182,393

Church

&

Dwight

Co,

Inc

17,247

10,306

Clorox

Co

1,469

709,329

Colgate-Palmolive

Co

56,541

118,590

Colgate-Palmolive

India

Ltd

3,604

6,686

Cosmax,

Inc

655

315,717

(a)

Coty,

Inc

3,921

530,255

Dabur

India

Ltd

3,549

10,730

(b)

Earth

Chemical

Co

Ltd

347

113,717

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

170

134,556

(a)

elf

Beauty,

Inc

19,422

554,379

Emami

Ltd

3,754

19,880

Essity

AB

493

766,193

Estee

Lauder

Cos

(Class

A)

112,056

77,300

(a),(b)

euglena

Co

Ltd

381

62,684

Fancl

Corp

1,053

350,605

Godrej

Consumer

Products

Ltd

4,764

90,000

Grape

King

Bio

Ltd

457

28,969,915

Haleon

plc

118,611

641,136

Hengan

International

Group

Co

Ltd

2,386

33,091

Henkel

KGaA

2,374

6,472

Henkel

KGaA

(Preference)

521

341,966

Hindustan

Lever

Ltd

10,942

27,210

(a)

Hyundai

Bioscience

Co

Ltd

549

32,620,200

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,112

32,009

Inter

Parfums

S.A.

1,783

42,676

(b),(c)

Jamieson

Wellness,

Inc

1,022

CREF

Stock

Account

December

31,

2023

76

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

143,997

Jyothy

Labs

Ltd

$

828

380,488

Kao

Corp

15,640

9,000,817

Kenvue,

Inc

193,788

67,744

Kimberly-Clark

Corp

8,231

1,267,518

(b)

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,849

39,500

Kobayashi

Pharmaceutical

Co

Ltd

1,900

8,859

Kolmar

BNH

Co

Ltd

123

12,171

Kolmar

Korea

Co

Ltd

505

27,100

Kose

Corp

2,026

7,675

(a)

LG

Household

&

Health

Care

Ltd

2,108

187,000

(b)

Lion

Corp

1,734

338,983

L'Oreal

S.A.

168,983

129,872

Mandom

Corp

1,175

12,276

Medifast,

Inc

825

318,934

Microbio

Co

Ltd

525

21,298

(b)

Milbon

Co

Ltd

557

773,064

(a)

Natura

&

Co

Holding

S.A.

2,651

32,000

Noevir

Holdings

Co

Ltd

1,165

94,783

(a)

Olaplex

Holdings,

Inc

241

54,477

(a),(b)

Ontex

Group

NV

458

3,381

Pharmanutra

S.p.A

211

92,600

(b)

Pigeon

Corp

1,065

1,378,800

(b)

Pola

Orbis

Holdings,

Inc

15,462

3,137,300

Procter

&

Gamble

Co

459,740

6,610,810

PT

Unilever

Indonesia

Tbk

1,516

181,745

PZ

Cussons

plc

354

556,969

Reckitt

Benckiser

Group

plc

38,433

5,772

Reynolds

Consumer

Products,

Inc

155

152,590

Rohto

Pharmaceutical

Co

Ltd

3,068

36,854

Sarantis

S.A.

341

325,690

Shiseido

Co

Ltd

9,817

3,835

Spectrum

Brands

Holdings,

Inc

306

84,000

TCI

Co

Ltd

467

328,541

Uni-Charm

Corp

11,882

4,373,122

Unilever

plc

211,707

8,185

Unilever

plc

397

273,536

Vinda

International

Holdings

Ltd

797

29,100

(b)

YA-MAN

Ltd

207

15,300

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

147

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,685,292

INSURANCE

-

2.9%

224,691

Admiral

Group

plc

7,682

1,771,473

Aegon

NV

10,299

211,443

Aflac,

Inc

17,444

5,221

Ageas

S.A.

227

10,175,159

AIA

Group

Ltd

88,553

33,692

(a)

Al

Rajhi

Co

for

Co-operative

Insurance

642

332,699

Allianz

AG.

88,911

60,315

Allstate

Corp

8,443

1,675,584

Alm

Brand

AS

2,962

607,916

(a)

AMBAC

Financial

Group,

Inc

10,018

39,390

American

Financial

Group,

Inc

4,683

4,219,603

American

International

Group,

Inc

285,878

154,102

(a)

Anadolu

Sigorta

314

56,100

Anicom

Holdings,

Inc

216

169,297

Aon

plc

49,269

1,426,168

(a)

Arch

Capital

Group

Ltd

105,922

404,306

ASR

Nederland

NV

19,099

34,139

Assicurazioni

Generali

S.p.A.

721

39,846

Assurant,

Inc

6,714

112,680

Assured

Guaranty

Ltd

8,432

77

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

397,961

AUB

Group

Ltd

$

7,533

4,675,883

Aviva

plc

25,874

2,652,131

AXA

S.A.

86,609

365,994

Axis

Capital

Holdings

Ltd

20,265

1,458

Baloise

Holding

AG.

229

2,440,100

Bangkok

Life

Assurance

PCL

1,430

449,200

Bangkok

Life

Assurance

PCL

263

601,346

BB

Seguridade

Participacoes

S.A.

4,177

4,579,593

Beazley

plc

30,434

15,702

(a)

Brighthouse

Financial,

Inc

831

30,851

Brookfield

Reinsurance

Ltd

1,234

230,134

Brown

&

Brown,

Inc

16,365

70,468

Bupa

Arabia

for

Cooperative

Insurance

Co

4,006

8,166,768

Cathay

Financial

Holding

Co

Ltd

12,167

225,000

Central

Reinsurance

Co

Ltd

169

6,498,435

China

Development

Financial

Holding

Corp

2,656

1,477,732

China

Insurance

International

Holdings

Co

Ltd

1,274

6,565,790

China

Life

Insurance

Co

Ltd

8,527

174,075

China

Life

Insurance

Co

Ltd

(Class

A)

696

400,300

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,344

2,353,809

China

Pacific

Insurance

Group

Co

Ltd

-

H

4,762

1,091,923

Chubb

Ltd

246,775

34,924

Cincinnati

Financial

Corp

3,613

51,184

(a)

Clal

Insurance

Enterprises

Holdings

Ltd

815

6,515

CNA

Financial

Corp

276

82,550

CNO

Financial

Group,

Inc

2,303

60,470

Co

for

Cooperative

Insurance

2,103

86,196

Coface

S.A.

1,130

3,630,000

(a),(d)

Convoy

Global

Holdings

Ltd

5

77,269

Crawford

&

Co

1,018

840,100

Dai-ichi

Life

Holdings,

Inc

17,821

63,515

Definity

Financial

Corp

1,799

390,800

Dhipaya

Group

Holdings

PCL

332

1,064,761

Direct

Line

Insurance

Group

plc

2,466

443,572

Discovery

Ltd

3,484

40,841

(a)

Dongbu

Insurance

Co

Ltd

2,645

229,326

Employers

Holdings,

Inc

9,035

468,889

Everest

Re

Group

Ltd

165,790

15,852

Fairfax

Financial

Holdings

Ltd

14,625

621,525

(a)

Fidelis

Insurance

Holdings

Ltd

7,875

1,480,295

Fidelity

National

Financial,

Inc

75,525

24,192

First

American

Financial

Corp

1,559

5,400

FP

Partner,

Inc

198

6,710,451

Fubon

Financial

Holding

Co

Ltd

14,156

159,527

Gallagher

(Arthur

J.)

&

Co

35,874

67,487

Gjensidige

Forsikring

ASA

1,245

384,719

Globe

Life,

Inc

46,828

186,455

(a)

Goosehead

Insurance,

Inc

14,133

202,602

Great-West

Lifeco

Inc

6,706

168,799

Gunes

Sigorta

232

730,000

(a)

Hamilton

Insurance

Group

Ltd

10,914

145,776

Hannover

Rueckversicherung

AG.

34,856

35,931

Hanover

Insurance

Group,

Inc

4,363

219,475

(a)

Hanwha

General

Insurance

Co

Ltd

690

2,373,137

(a)

Hanwha

Life

Insurance

Co

Ltd

5,202

301,622

Harel

Insurance

Investments

&

Financial

Services

Ltd

2,362

66,947

Hartford

Financial

Services

Group,

Inc

5,381

841,986

(c)

HDFC

Life

Insurance

Co

Ltd

6,542

38,629

Helvetia

Holding

AG.

5,326

804,786

Hiscox

Ltd

10,812

247,275

(a)

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

5,933

74,197

iA

Financial

Corp,

Inc

5,058

CREF

Stock

Account

December

31,

2023

78

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

211,236

(c)

ICICI

Lombard

General

Insurance

Co

Ltd

$

3,603

316,573

(c)

ICICI

Prudential

Life

Insurance

Co

Ltd

2,033

2,148,133

Insurance

Australia

Group

Ltd

8,303

126,701

Intact

Financial

Corp

19,493

44,853

(a)

IRB-Brasil

Resseguros

S.A.

410

182,093

James

River

Group

Holdings

Ltd

1,683

1,802,000

Japan

Post

Holdings

Co

Ltd

16,087

172,100

Japan

Post

Insurance

Co

Ltd

3,055

848,876

Just

Group

plc

928

14,540

Kemper

Corp

708

5,108

Kinsale

Capital

Group,

Inc

1,711

400,173

(a)

Korean

Reinsurance

Co

2,222

199,273

Lancashire

Holdings

Ltd

1,585

2,937,601

Legal

&

General

Group

plc

9,388

46,600

(a),(b)

Lifenet

Insurance

Co

388

224,627

Lincoln

National

Corp

6,058

485,270

(b)

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

456

41,590

Loews

Corp

2,894

471,230

(a)

Mandatum

Holding

Oy

2,113

1,327,324

Manulife

Financial

Corp

29,330

754,912

(b)

Mapfre

S.A.

1,622

2,966

(a)

Markel

Corp

4,211

1,448,145

Marsh

&

McLennan

Cos,

Inc

274,380

199,885

(a)

Max

Financial

Services

Ltd

2,291

2,430,397

Medibank

Pvt

Ltd

5,900

17,084

Menora

Mivtachim

Holdings

Ltd

439

385,933

Mercuries

&

Associates

Holding

Ltd

172

2,277,132

Mercuries

Life

Insurance

Co

Ltd

377

257,120

Mercury

General

Corp

9,593

2,584,306

Metlife,

Inc

170,900

271,915

Migdal

Insurance

&

Financial

Holdings

Ltd

309

379,449

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

14,920

977,791

Momentum

Metropolitan

Holdings

1,170

185,203

Muenchener

Rueckver

AG.

76,825

142,265

New

China

Life

Insurance

Co

Ltd

-

A

625

883,065

New

China

Life

insurance

Co

Ltd

-

H

1,723

380,094

nib

holdings

Ltd

1,916

820,460

NN

Group

NV

32,425

4,211,074

Old

Mutual

Ltd

3,007

62,236

Old

Republic

International

Corp

1,830

1,402,951

(a)

Oscar

Health,

Inc

12,837

684,877

OUTsurance

Group

Ltd

1,571

9,718,600

(a)

Panin

Financial

Tbk

PT

167

191,678

(a)

PB

Fintech

Ltd

1,829

9,068,388

People's

Insurance

Co

Group

of

China

Ltd

2,789

747,915

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

511

784,957

Phoenix

Group

Holdings

plc

5,345

143,737

Phoenix

Holdings

Ltd

1,456

6,121,556

PICC

Property

&

Casualty

Co

Ltd

7,285

5,969,476

Ping

An

Insurance

Group

Co

of

China

Ltd

27,026

603,327

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

3,432

550,423

(c)

Poste

Italiane

S.p.A

6,257

415,566

(b)

Power

Corp

of

Canada

11,883

517,868

Powszechny

Zaklad

Ubezpieczen

S.A.

6,221

60,113

Primerica,

Inc

12,369

55,088

Principal

Financial

Group

4,334

718,982

Progressive

Corp

114,519

50,445

Protector

Forsikring

ASA

894

82,807

Prudential

Financial,

Inc

8,588

3,776,790

Prudential

plc

42,612

1,320,346

QBE

Insurance

Group

Ltd

13,379

163,400

(b)

Qualitas

Controladora

SAB

de

C.V.

1,651

79

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

39,901

Reinsurance

Group

of

America,

Inc

(Class

A)

$

6,455

81,993

(a)

Religare

Enterprises

Ltd

210

101,680

RenaissanceRe

Holdings

Ltd

19,929

9,731

RLI

Corp

1,295

70,950

(a)

Ryan

Specialty

Holdings,

Inc

3,052

16,710

Safety

Insurance

Group,

Inc

1,270

542,452

(a)

Sampo

Oyj

23,766

26,776

(a)

Samsung

Fire

&

Marine

Insurance

Co

Ltd

5,455

69,317

Samsung

Life

Insurance

Co

Ltd

3,708

1,539,977

Sanlam

Ltd

6,129

34,909

Santam

Ltd

547

391,542

(c)

SBI

Life

Insurance

Co

Ltd

6,738

116,515

SCOR

SE

3,414

33,700

Selective

Insurance

Group,

Inc

3,352

876,251

(a)

Selectquote,

Inc

1,200

11,005,866

Shin

Kong

Financial

Holding

Co

Ltd

3,171

495,000

Shinkong

Insurance

Co

Ltd

1,098

115,650

(a),(b)

Skyward

Specialty

Insurance

Group,

Inc

3,918

665,854

Sompo

Holdings,

Inc

32,579

90,556

(a)

Star

Health

&

Allied

Insurance

Co

Ltd

581

753,830

Steadfast

Group

Ltd

2,994

1,444,533

Storebrand

ASA

12,808

425,699

Sun

Life

Financial,

Inc

22,078

1,123,871

Suncorp-Metway

Ltd

10,642

31,012

Swiss

Life

Holding

21,552

9,704

Swiss

Re

AG.

1,092

248,500

(a)

Syarikat

Takaful

Malaysia

Keluarga

Bhd

200

445,800

T&D

Holdings,

Inc

7,077

66,873

Talanx

AG.

4,779

40,087

Tiptree,

Inc

760

1,600,400

Tokio

Marine

Holdings,

Inc

39,852

210,227

(a)

Tongyang

Life

Insurance

Co

Ltd

738

35,157

Topdanmark

AS.

1,679

258,200

TQM

Alpha

PCL

218

172,481

Travelers

Cos,

Inc

32,856

37,010

(a)

Trisura

Group

Ltd

950

162,040

(a),(b)

Trupanion,

Inc

4,944

1,343,367

Tryg

A.S.

29,235

1,476,625

Unipol

Gruppo

S.p.A

8,427

208,969

Uniqa

Versicherungen

AG.

1,720

106,580

(a),(b)

United

Insurance

Holdings

Corp

1,008

12,410

Universal

Insurance

Holdings,

Inc

198

148,466

Unum

Group

6,714

31,025

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

907

160,065

W.R.

Berkley

Corp

11,320

606

White

Mountains

Insurance

Group

Ltd

912

368,657

Willis

Towers

Watson

plc

88,920

23,213

Wuestenrot

&

Wuerttembergische

AG.

341

304,605

(a),(c)

ZhongAn

Online

P&C

Insurance

Co

Ltd

698

463,244

Zurich

Insurance

Group

AG

242,196

TOTAL

INSURANCE

3,414,799

MATERIALS

-

4.5%

50,400

(a),(b)

5E

Advanced

Materials,

Inc

71

137,648

Aarti

Industries

Ltd

1,074

59,842

(a)

Aarti

Pharmalabs

Ltd

363

1,009,944

Abou

Kir

Fertilizers

&

Chemical

Industries

2,723

454,127

Acerinox

S.A.

5,352

65,338

ADEKA

Corp

1,326

326,825

Adelaide

Brighton

Ltd

669

45,110

Advanced

Enzyme

Technologies

Ltd

203

7,131

(a)

Advanced

Nano

Products

Co

Ltd

661

CREF

Stock

Account

December

31,

2023

80

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

97,430

Advanced

Petrochemical

Co

$

1,024

87,812

AECI

Ltd

527

12,475

Aekyung

Chemical

Co

Ltd

148

76,786

African

Rainbow

Minerals

Ltd

840

66,625

Afrimat

Ltd

229

212,546

(b)

Agnico

Eagle

Mines

Ltd

11,658

379,425

(b)

Agnico-Eagle

Mines

Ltd

20,803

38,752

Aica

Kogyo

Co

Ltd

936

658,096

Air

Liquide

128,128

101,569

Air

Products

&

Chemicals,

Inc

27,810

148,800

Air

Water,

Inc

2,030

27,656

Akcansa

Cimento

AS

134

7,443

Akzo

Nobel

India

Ltd

233

100,781

Akzo

Nobel

NV

8,345

30,883

Al

Masane

Al

Kobra

Mining

Co

443

319,480

Alamos

Gold,

Inc

4,297

108,181

Albemarle

Corp

15,630

190,354

Alcoa

Corp

6,472

70,378

Algoma

Steel

Group,

Inc

706

14,012

Alkyl

Amines

Chemicals

427

870,455

Alleima

AB

6,629

33,000

Allied

Supreme

Corp

350

852,500

(b)

Alpek

SAB

de

C.V.

635

458,332

(a)

Alpha

HPA

Ltd

328

31,177

Altius

Minerals

Corp

434

57,606

Altri

SGPS

S.A.

293

28,369

(a)

Alujain

Corp

300

2,073,432

Alumina

Ltd

1,279

1,765,964

Aluminum

Corp

of

China

Ltd

883

2,033,987

Aluminum

Corp

of

China

Ltd

(Class

A)

1,618

507,759

Ambuja

Cements

Ltd

3,175

92

Amcor

plc

1

24,579

AMG

Advanced

Metallurgical

Group

NV

620

5,660,500

(a)

Amman

Mineral

Internasional

PT

2,409

42,425

Anglo

American

Platinum

Ltd

2,227

1,555,198

Anglo

American

plc

38,921

376,414

AngloGold

Ashanti

UK

Ltd

7,228

561,565

Anhui

Conch

Cement

Co

Ltd

1,297

91,645

Anhui

Conch

Cement

Co

Ltd

(Class

A)

292

22,820

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

70

527,262

Antofagasta

plc

11,274

18,784

Anupam

Rasayan

India

Ltd

237

41,068

(b)

APERAM

S.A.

1,494

140,187

APL

Apollo

Tubes

Ltd

2,587

29,799

Aptargroup,

Inc

3,684

38,396

Arabian

Cement

Co

353

329,319

ArcelorMittal

S.A.

9,346

29,351

Archean

Chemical

Industries

Ltd

229

21,277

(a),(d)

Ardagh

Group

S.A.

129

112,441

Ardagh

Metal

Packaging

S.A.

432

58,034

ARE

Holdings,

Inc

802

247,872

Arkema

28,237

1,086,208

Asahi

Kasei

Corp

8,017

8,700

Asahi

Organic

Chemicals

Industry

Co

Ltd

233

25,261

Ashland,

Inc

2,130

348,000

Asia

Cement

China

Holdings

Corp

109

1,013,044

Asia

Cement

Corp

1,368

12,981

(a),(d)

Asia

Pacific

Investment

Partners

Limited

0

^

369,000

Asia

Polymer

Corp

281

331,840

Asian

Paints

Ltd

13,561

59,100

(a)

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

219

977,270

(a),(b)

Aspen

Aerogels,

Inc

15,421

81

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

71,249

Atalaya

Mining

plc

$

328

12,057

Atul

Ltd

1,036

25,534

Aurubis

AG.

2,089

42,732

Avery

Dennison

Corp

8,639

377,716

Avient

Corp

15,702

3,056,195

(a),(b),(d)

AVZ

Minerals

Ltd

21

1,331,223

(a)

Axalta

Coating

Systems

Ltd

45,222

86,583

(a)

Aya

Gold

&

Silver,

Inc

634

994,378

B2Gold

Corp

3,144

11,265

Balaji

Amines

Ltd

361

202,781

Ball

Corp

11,664

2,130,185

Baoshan

Iron

&

Steel

Co

Ltd

1,782

23,528,421

Barito

Pacific

Tbk

PT

2,031

1,154,255

Barrick

Gold

Corp

20,854

10,963

BASF

India

Ltd

404

821,365

BASF

SE

44,228

63,899

(a)

Baticim

Bati

Anadolu

Cimento

Sanayii

AS

253

12,753

Bayer

CropScience

Ltd

851

30,400

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

82

28,281

Bekaert

S.A.

1,454

895,942

(a)

Bellevue

Gold

Ltd

1,021

248,031

Berger

Paints

India

Ltd

1,802

20,163,000

(a)

Berkah

Beton

Sadaya

Tbk

PT

65

135,279

Berry

Global

Group,

Inc

9,116

6,820,251

BHP

Billiton

Ltd

233,011

272,023

BHP

Group

Ltd

9,299

176,251

Billerud

AB

1,796

4,000

(a),(b),(d)

Bio

On

Spa

0

^

28,588

Birla

Corp

Ltd

495

370,120

BlueScope

Steel

Ltd

5,901

78,906

Boliden

AB

2,470

271,673

(a)

Boral

Ltd

998

75,802

Borregaard

ASA

1,279

294,305

Boubyan

Petrochemicals

Co

KSCP

560

1,326,400

Bradespar

S.A.

7,012

17,900

Bradespar

S.A.

86

251,188

Breedon

Group

plc

1,159

61,328

Brickworks

Ltd

1,168

78,140

Buzzi

Unicem

S.p.A.

2,377

43,500

C

Uyemura

&

Co

Ltd

3,408

291,181

(a)

Calibre

Mining

Corp

299

105,291

(a),(b)

Calix

Ltd

246

45,474

(a)

Canfor

Corp

613

18,482

Canmax

Technologies

Co

Ltd

66

45,797

CAP

S.A.

374

244,245

(a)

Capricorn

Metals

Ltd

783

347,117

(a),(b)

Capstone

Copper

Corp

1,690

85,783

Carborundum

Universal

Ltd

1,147

83,500

Carpenter

Technology

Corp

5,912

159,602

(b)

Cascades,

Inc

1,533

368,377

Castrol

India

Ltd

795

23,397

Cathay

Biotech,

Inc

181

98,887

CCL

Industries

4,447

625,530

Celanese

Corp

(Series

A)

97,189

69,469

Cementir

Holding

NV

732

378,424

Cementos

Argos

S.A.

597

13,081,130

(a),(b)

Cemex

S.A.

de

C.V.

10,184

947,167

Centamin

plc

1,203

171,214

Centerra

Gold,

Inc

1,022

686,718

Central

Asia

Metals

plc

1,583

126,000

Century

Iron

&

Steel

Industrial

Co

Ltd

716

45,282

Century

Plyboards

India

Ltd

420

CREF

Stock

Account

December

31,

2023

82

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

41,481

Century

Textiles

&

Industries

Ltd

$

609

59,439

CF

Industries

Holdings,

Inc

4,725

276,414

(a),(b)

Chalice

Mining

Ltd

319

138,584

Chambal

Fertilisers

and

Chemicals

Ltd

621

302,661

Champion

Iron

Ltd

1,734

58,962

Chemours

Co

1,860

59,219

(a)

Chemplast

Sanmar

Ltd

356

632,000

Cheng

Loong

Corp

612

22,000

Chengxin

Lithium

Group

Co

Ltd

71

350,880

Chia

Hsin

Cement

Corp

218

29,700

(a)

Chifeng

Jilong

Gold

Mining

Co

Ltd

59

1,448,000

China

BlueChemical

Ltd

365

406,000

China

General

Plastics

Corp

295

1,031,105

China

Hongqiao

Group

Ltd

844

101,429

China

Jushi

Co

Ltd

141

1,236,000

China

Man-Made

Fiber

Corp

329

150,000

China

Metal

Products

205

1,603,614

China

Molybdenum

Co

Ltd

877

985,744

China

Molybdenum

Co

Ltd

(Class

A)

722

1,690,276

China

National

Building

Material

Co

Ltd

724

1,100,000

China

Nonferrous

Mining

Corp

Ltd

723

91,329

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

249

1,444,000

China

Oriental

Group

Co

Ltd

240

2,855,000

China

Petrochemical

Development

Corp

908

58,000

China

Rare

Earth

Resources

And

Technology

Co

Ltd

226

1,758,000

China

Resources

Cement

Holdings

Ltd

383

706,000

China

Risun

Group

Ltd

298

110,000

China

Steel

Chemical

Corp

424

8,008,181

China

Steel

Corp

7,042

2,791,251

China

XLX

Fertiliser

Ltd

1,247

4,462,240

(a),(b),(d)

China

Zhongwang

Holdings

Ltd

6

109,013

Chr

Hansen

Holding

A/S

9,143

23,078

Chugoku

Marine

Paints

Ltd

271

512,000

Chun

Yuan

Steel

Industry

Co

Ltd

312

4,030

(a)

Chunbo

Co

Ltd

343

712,000

Chung

Hung

Steel

Corp

603

328,000

Chung

Hwa

Pulp

Corp

251

10,476

(a)

Cia

Brasileira

de

Aluminio

11

113,000

Cia

Brasileira

de

Aluminio

119

23,600

Cia

de

Ferro

Ligas

da

Bahia

FERBASA

226

270,838

(b)

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

4,128

259,223

Cia

Siderurgica

Nacional

S.A.

1,035

300,629

Cimsa

Cimento

Sanayi

VE

Ticaret

AS.

299

51,901

City

Cement

Co

291

7,915

(b)

Clariant

AG.

117

20,523

Clean

Science

&

Technology

Ltd

382

1,311,935

(a)

Cleveland-Cliffs,

Inc

26,790

21,800

CNGR

Advanced

Material

Co

Ltd

151

2,105,190

(a)

Coeur

Mining,

Inc

6,863

146,660

Commercial

Metals

Co

7,339

86,132

(a)

Companhia

Vale

do

Rio

Doce

6

1,128,773

(a)

Constellium

SE

22,530

48,247

Corbion

NV

1,033

1,374,790

(a),(b)

Core

Lithium

Ltd

234

42,510

(a)

Core

Molding

Technologies,

Inc

788

95,978

Coromandel

International

Ltd

1,443

626,223

(c)

Coronado

Global

Resources,

Inc

751

3,561,027

Corteva,

Inc

170,644

28,489

(b)

Corticeira

Amorim

SGPS

S.A.

287

21,928

(a)

Cosmochemical

Co

Ltd

657

212,969

(c)

Covestro

AG.

12,410

552,030

CRH

plc

37,990

1,964,084

CRH

plc

135,836

36,940

Croda

International

plc

2,376

83

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

1,701,358

Crown

Holdings,

Inc

$

156,678

220,100

CSG

Holding

Co

Ltd

70

1,041,452

CSR

Ltd

4,686

1,389,200

D&L

Industries,

Inc

158

186,700

Daicel

Chemical

Industries

Ltd

1,805

106,655

Daido

Steel

Co

Ltd

1,131

117,400

Daiki

Aluminium

Industry

Co

Ltd

980

60,701

Dainippon

Ink

and

Chemicals,

Inc

1,191

66,699

(b)

Daio

Paper

Corp

530

73,330

(a),(b)

Dakota

Gold

Corp

192

984,426

(a)

De

Grey

Mining

Ltd

840

48,522

Deepak

Fertilisers

&

Petrochemicals

Corp

Ltd

396

50,736

Deepak

Nitrite

Ltd

1,512

61,049

Denki

Kagaku

Kogyo

KK

1,079

1,960,042

Deterra

Royalties

Ltd

7,042

335,310

Dexco

S.A.

557

51,700

Do-Fluoride

New

Materials

Co

Ltd

111

25,466

Dongjin

Semichem

Co

Ltd

761

25,243

(a)

Dongkuk

Steel

Mill

Co

Ltd

235

3,201

(a)

Dongwha

Enterprise

Co

Ltd

151

3,372

(a)

Dongwon

Systems

Corp

90

1,187,000

(b)

Dongyue

Group

Ltd

860

1,899

(a),(b)

Dottikon

Es

Holding

AG.

517

263,317

Dow,

Inc

14,440

42,679

DOWA

HOLDINGS

CO

Ltd

1,556

385,527

DRDGOLD

Ltd

328

1,104,886

DS

Smith

plc

4,323

539,336

DSM-Firmenich

AG.

54,847

396,884

Dundee

Precious

Metals,

Inc

2,540

3,396,657

DuPont

de

Nemours,

Inc

261,305

26,284

Eagle

Materials,

Inc

5,331

7,764

East

Pipes

Integrated

Co

for

Industry

171

960,500

Eastern

Polymer

Group

PCL

233

40,083

Eastern

Province

Cement

Co

406

15,550

Eastman

Chemical

Co

1,397

22

Ecolab,

Inc

4

17,006

(a)

Ecopro

Co

Ltd

8,474

65,163

EID

Parry

India

Ltd

436

109,436

(a)

El

Ezz

Steel

Co

319

160,062

(a)

Eldorado

Gold

Corp

2,078

167,508

Element

Solutions,

Inc

3,876

464,438

(a)

Elementis

plc

755

241,189

(c)

Elkem

ASA

502

988,828

Empresas

CMPC

S.A.

1,908

7,328

EMS-Chemie

Holding

AG.

5,942

110,191

Ence

Energia

y

Celulosa

S.A.

345

7,212

(a)

Enchem

Co

Ltd

443

245,795

Endeavour

Mining

plc

5,500

172,991

(a)

Endeavour

Silver

Corp

339

122,091

EPL

Ltd

296

245,333

(a)

Equinox

Gold

Corp

1,192

6,620

Eramet

524

564,785

Eregli

Demir

ve

Celik

Fabrikalari

TAS

785

69,316

(a)

ERO

Copper

Corp

1,096

239,748

Essentra

plc

518

668,850

Eternal

Chemical

Co

Ltd

634

685,000

EVERGREEN

Steel

Corp

2,319

446,000

Everlight

Chemical

Industrial

Corp

285

1,487,063

Evolution

Mining

Ltd

4,001

7,783

Evonik

Industries

AG.

159

343,000

Feng

Hsin

Iron

&

Steel

Co

772

258,319

Ferrexpo

plc

297

70,035

(a)

Filo

Corp

1,116

7,567

Fine

Organic

Industries

Ltd

452

CREF

Stock

Account

December

31,

2023

84

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

33,792

Fineotex

Chemical

Ltd

$

147

519,640

Finolex

Industries

Ltd

1,316

1,286,478

(a),(b),(d)

Firefinch

Ltd

44

228,002

(b)

First

Majestic

Silver

Corp

1,399

387,956

First

Quantum

Minerals

Ltd

3,177

90,415

FMC

Corp

5,701

42,872

(a)

Foosung

Co

Ltd

397

144,230

(a),(b)

Foran

Mining

Corp

425

3,025,139

Formosa

Chemicals

&

Fibre

Corp

6,138

3,296,019

Formosa

Plastics

Corp

8,502

176,456

(c)

Forterra

plc

398

1,382,231

Fortescue

Metals

Group

Ltd

27,254

235,507

(a)

Fortuna

Silver

Mines,

Inc

906

37,020

FP

Corp

779

139,454

Franco-Nevada

Corp

15,447

2,322,324

Freeport-McMoRan,

Inc

(Class

B)

98,861

56,435

FUCHS

SE

2,511

1,156,000

Fufeng

Group

Ltd

641

29,877

Fuji

Seal

International,

Inc

362

43,425

Fujimi,

Inc

963

10,730

Fujimori

Kogyo

Co

Ltd

287

15,900

Fuso

Chemical

Co

Ltd

470

11,151

Galaxy

Surfactants

Ltd

372

41,780

Ganfeng

Lithium

Group

Co

Ltd

252

166,200

(c)

Ganfeng

Lithium

Group

Co

Ltd

628

544,054

GCC

SAB

de

C.V.

6,410

171,579

GEM

Co

Ltd

132

727,749

(a)

Genesis

Minerals

Ltd

886

565,140

Gerdau

S.A.

(Preference)

2,735

62,969

GHCL

Ltd

439

1,191,723

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

2,014

9,320

Givaudan

S.A.

38,647

25,979,504

Glencore

plc

156,164

579,000

(a),(b)

Global

New

Material

International

Holdings

Ltd

293

350,000

Gloria

Material

Technology

Corp

556

39,541

Godawari

Power

and

Ispat

Ltd

359

221,415

(a)

GoGold

Resources,

Inc

226

698,622

Gold

Fields

Ltd

10,601

876,323

Gold

Road

Resources

Ltd

1,171

666,000

Goldsun

Development

&

Construction

Co

Ltd

611

928,755

Grand

Pacific

Petrochemical

460

88,061

Granges

AB

1,014

226,122

Graphic

Packaging

Holding

Co

5,574

226,454

Grasim

Industries

Ltd

5,806

11,397

Gravita

India

Ltd

150

605,755

(a),(d)

Great

Basin

Gold

Ltd

5

4,118,082

(a)

Greatland

Gold

plc

518

47,969

Greenpanel

Industries

Ltd

247

2,920

Greif,

Inc

(Class

B)

193

29,721

(a)

Grupa

Azoty

S.A.

187

7,403

Grupa

Kety

S.A.

1,402

228,051

Grupo

Argos

S.A.

731

3,336,738

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

18,506

163,800

(a)

Guangdong

HEC

Technology

Holding

Co

Ltd

169

100,724

Guangzhou

Tinci

Materials

Technology

Co

Ltd

356

17,665

Gujarat

Alkalies

&

Chemicals

Ltd

165

21,772

Gujarat

Fluorochemicals

Ltd

967

422,906

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd

3,824

199,152

Gujarat

State

Fertilizers

&

Chemicals

Ltd

577

2,267

(b)

Gurit

Holding

AG.

220

26,291

(a)

Han

Kuk

Carbon

Co

Ltd

237

47,200

Hangzhou

Oxygen

Plant

Group

Co

Ltd

194

11,998

Hanil

Cement

Co

Ltd

119

7,604

(a)

Hansol

Chemical

Co

Ltd

1,333

85

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

94,253

(a)

Hanwha

Chemical

Corp

$

2,865

32,600

Haohua

Chemical

Science

&

Technology

Co

Ltd

140

291,942

Harmony

Gold

Mining

Co

Ltd

1,902

690,543

HeidelbergCement

AG.

61,726

67,346

HeidelbergCement

India

Ltd

188

936,562

(a)

Hektas

Ticaret

TAS

639

193,400

Henan

Shenhuo

Coal

&

Power

Co

Ltd

458

405,069

Hengli

Petrochemical

Co

Ltd

752

196,094

Hengyi

Petrochemical

Co

Ltd

186

873,316

Hesteel

Co

Ltd

262

213,950

Hexpol

AB

2,592

170,796

Hill

&

Smith

Holdings

plc

4,149

121,598

Himadri

Speciality

Chemical

Ltd

452

1,647,020

Hindalco

Industries

Ltd

12,148

191,678

Hindustan

Copper

Ltd

630

249,891

Hochschild

Mining

plc

341

85,829

(b)

Hokuetsu

Paper

Mills

Ltd

860

134,898

(b)

Holcim

Ltd

10,595

79,271

Holmen

AB

3,348

16,597

(a)

Honam

Petrochemical

Corp

1,966

33,400

Hoshine

Silicon

Industry

Co

Ltd

240

15,643

HSIL

Ltd

155

173,000

Hsin

Kuang

Steel

Co

Ltd

325

883,000

(b)

Huabao

International

Holdings

Ltd

282

245,900

Huafon

Chemical

Co

Ltd

233

213,800

Huaibei

Mining

Holdings

Co

Ltd

502

27,351

Hubei

Feilihua

Quartz

Glass

Co

Ltd

141

51,900

Hubei

Xingfa

Chemicals

Group

Co

Ltd

134

1,002,327

HudBay

Minerals,

Inc

5,514

77,427

(b)

Huhtamaki

Oyj

3,143

509,411

Hunan

Valin

Steel

Co

Ltd

370

99

Huntsman

Corp

2

2,312

(a)

Hyosung

Advanced

Materials

Corp

713

2,114

(a)

Hyosung

TNC

Corp

597

56,296

(a)

Hyundai

Steel

Co

1,587

134,279

(a),(b)

i-80

Gold

Corp

236

377,190

(a)

Iamgold

Corp

951

327,531

(c)

Ibstock

plc

632

356,724

Iluka

Resources

Ltd

1,605

410,660

Imdex

Ltd

527

27,795

Imerys

S.A.

876

1,104,440

(b)

Impala

Platinum

Holdings

Ltd

5,485

1,568,679

Incitec

Pivot

Ltd

3,038

2,173,697

Indah

Kiat

Pulp

&

Paper

Tbk

PT

1,175

552,114

Independence

Group

NL

3,403

76,930

India

Cements

Ltd

239

9,864

Indigo

Paints

Ltd

177

1,381,704

Indorama

Ventures

PCL

1,102

110,411

(a),(b)

Industrias

Penoles

S.A.

de

C.V.

1,614

1,296,018

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

267

551,288

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

291

189,600

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

157

137,017

Innospec,

Inc

16,886

220,005

(a)

Interfor

Corp

3,899

646,000

International

CSRC

Investment

Holdings

Co

410

237,028

International

Flavors

&

Fragrances,

Inc

19,192

80,400

Irani

Papel

e

Embalagem

S.A.

180

30,635

Israel

Chemicals

Ltd

154

3,161

(a)

Israel

Corp

Ltd

800

3,118

(a)

ISU

Specialty

Chemical

378

902,877

(a)

Ivanhoe

Mines

Ltd

8,756

29,491

(a)

Jai

Balaji

Industries

Ltd

270

27,936

JAI

Corp

Ltd

130

359,836

(a)

James

Hardie

Industries

plc

13,874

CREF

Stock

Account

December

31,

2023

86

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

38,843

(a)

Jastrzebska

Spolka

Weglowa

S.A.

$

415

12,800

JCU

Corp

360

469,249

JFE

Holdings,

Inc

7,260

260,800

Jiangsu

Eastern

Shenghong

Co

Ltd

353

15,990

Jiangsu

Yangnong

Chemical

Co

Ltd

142

28,500

Jiangsu

Yoke

Technology

Co

Ltd

224

528,115

Jiangxi

Copper

Co

Ltd

747

53,509

Jiangxi

Copper

Co

Ltd

(Class

A)

135

34,813

Jinan

Acetate

Chemical

Co

Ltd

903

9,938,800

(b)

Jinchuan

Group

International

Resources

Co

Ltd

827

92,340

Jindal

Saw

Ltd

457

150,110

Jindal

Steel

&

Power

Ltd

1,348

226,900

Jinduicheng

Molybdenum

Co

Ltd

302

28,600

JK

Cement

Ltd

1,301

53,685

JK

Lakshmi

Cement

Ltd

580

60,349

JK

Paper

Ltd

295

136,603

Johnson

Matthey

plc

2,954

154,628

JSR

Corp

4,400

703,068

JSW

Steel

Ltd

7,430

60,729

Jubilant

Ingrevia

Ltd

371

156,389

K&S

AG.

2,469

197,264

(a)

K92

Mining,

Inc

969

37,915

Kaneka

Corp

961

190,312

Kansai

Nerolac

Paints

Ltd

762

144,000

Kansai

Paint

Co

Ltd

2,455

28,100

Kanto

Denka

Kogyo

Co

Ltd

171

156,109

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

(Class

A)

107

707,162

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS.

569

128,563

(a)

Karora

Resources,

Inc

473

3,125

KCC

Corp

552

11,200

KeePer

Technical

Laboratory

Co

Ltd

552

83,968

Kemira

Oyj

1,558

32,695

(a)

KG

Chemical

Corp

173

33,544

KG

DONGBUSTEEL

231

53,770

KGHM

Polska

Miedz

S.A.

1,677

25,100

KH

Neochem

Co

Ltd

403

55,113

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS.

109

1,041,789

Kinross

Gold

Corp

6,306

48,552

Kirloskar

Ferrous

Industries

Ltd

323

61,202

Kirloskar

Oil

Engines

Ltd

482

623,538

Klabin

S.A.

2,852

21,750

(a),(d)

Klass

Pack

Ltd

25

198,810

(a)

Knife

River

Corp

13,157

912,700

Kobe

Steel

Ltd

11,764

16,044

(a)

Kolon

Industries,

Inc

552

40,316

Konishi

Co

Ltd

386

749

(a)

Konya

Cimento

Sanayii

183

2,299

(a)

Korea

Petrochemical

Ind

Co

Ltd

272

6,689

Korea

Zinc

Co

Ltd

2,575

406,575

Koza

Altin

Isletmeleri

AS

269

162,650

(a)

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

234

3,400

Krosaki

Harima

Corp

282

27,414

(a)

Kum

Yang

Co

Ltd

2,299

25,578

Kumba

Iron

Ore

Ltd

857

6,500

(a)

Kumho

Petrochemical

Co

Ltd

667

49,548

Kumiai

Chemical

Industry

Co

Ltd

283

231,600

Kuraray

Co

Ltd

2,338

38,700

KUREHA

CORP

789

18,216

Kyoei

Steel

Ltd

257

211,709

(b)

Labrador

Iron

Ore

Royalty

Corp

5,097

96,300

Lafarge

Malayan

Cement

BHD

89

33,409

(a)

Lake

Materials

Co

Ltd

446

67,770

Lanxess

AG.

2,120

1,937,459

(a)

Latin

Resources

Ltd

375

87

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

63,295

Laxmi

Organic

Industries

Ltd

$

221

158,754

LB

Group

Co

Ltd

384

1,196,000

Lee

&

Man

Paper

Manufacturing

Ltd

351

15,574

Lenzing

AG.

611

816,893

(a),(b),(d)

Leo

Lithium

Ltd

281

104,843

(a)

LG

Chem

Ltd

40,325

6,834

(a)

LG

Chem

Ltd

(Preference)

1,640

1,909,994

Linde

plc

784,454

28,300

Lintec

Corp

551

1,015,887

(a),(b)

Liontown

Resources

Ltd

1,139

261,473

(a),(b)

Lithium

Americas

Argentina

Corp

1,648

261,473

(a),(b)

Lithium

Americas

Corp

1,677

684,477

Longchen

Paper

&

Packaging

Co

Ltd

330

629,676

(c)

Lotte

Chemical

Titan

Holding

Bhd

185

11,373

(a)

LOTTE

Fine

Chemical

Co

Ltd

511

48,720

Louisiana-Pacific

Corp

3,451

89,340

Lundin

Gold,

Inc

1,115

432,316

(b)

Lundin

Mining

Corp

3,537

160,700

Luxi

Chemical

Group

Co

Ltd

227

2,304,199

(a)

Lynas

Corp

Ltd

11,247

248

LyondellBasell

Industries

NV

24

11,733

Maeda

Kosen

Co

Ltd

252

84,589

(a),(b)

MAG.

Silver

Corp

880

426,397

Maharashtra

Seamless

Ltd

4,739

54,242

(a)

Major

Drilling

Group

International

377

173,713

Marshalls

plc

618

12,363

Martin

Marietta

Materials,

Inc

6,168

48,600

Maruichi

Steel

Tube

Ltd

1,262

12,421

Meghmani

Finechem

Ltd

146

3,815,196

(a)

Merdeka

Copper

Gold

Tbk

PT

669

3,564,988

Mesaieed

Petrochemical

Holding

Co

1,733

541,900

Metalurgica

Gerdau

S.A.

1,209

51,550

(b)

Methanex

Corp

2,439

27,128

(a)

Methanol

Chemicals

Co

145

29,246

Middle

East

Paper

Co

266

631,709

Mineral

Resources

Ltd

30,091

216,700

Minerals

Technologies,

Inc

15,453

27,572

(c)

Mishra

Dhatu

Nigam

Ltd

138

312,743

Misr

Fertilizers

Production

Co

SAE

685

7,500

Mitani

Sekisan

Co

Ltd

254

1,044,034

Mitsubishi

Chemical

Holdings

Corp

6,382

127,300

Mitsubishi

Gas

Chemical

Co,

Inc

2,032

103,000

Mitsubishi

Materials

Corp

1,784

139,000

Mitsui

Chemicals,

Inc

4,110

116,164

Mitsui

Mining

&

Smelting

Co

Ltd

3,562

910

Miwon

Commercial

Co

Ltd

120

2,560,000

(a)

MMG

Ltd

757

18,734

(a)

MNTech

Co

Ltd

256

24,111

MOIL

Ltd

89

348,167

Mondi

plc

6,812

478,406

Mount

Gibson

Iron

Ltd

179

100,558

(a)

MP

Materials

Corp

1,996

134,078

(b)

M-real

Oyj

(B

Shares)

1,067

99,650

Myers

Industries,

Inc

1,948

50,071

Najran

Cement

Co

151

32,000

Nan

Pao

Resins

Chemical

Co

Ltd

293

4,118,887

Nan

Ya

Plastics

Corp

8,919

181,300

(b)

Nanofilm

Technologies

International

Ltd

125

200,000

Nantex

Industry

Co

Ltd

245

674,130

National

Aluminium

Co

Ltd

1,068

284,402

(a)

National

Industrialization

Co

932

26,332

Navin

Fluorine

International

Ltd

1,219

11,762

Neogen

Chemicals

Ltd

209

513,869

(a)

New

Gold,

Inc

745

CREF

Stock

Account

December

31,

2023

88

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

57,284

(a)

New

Pacific

Metals

Corp

$

109

4,729

NewMarket

Corp

2,581

1,236,595

Newmont

Goldcorp

Corp

51,183

1,410,307

Nickel

Industries

Ltd

668

68,081

Nihon

Parkerizing

Co

Ltd

548

1,766,151

Nine

Dragons

Paper

Holdings

Ltd

870

65,700

Ningbo

Shanshan

Co

Ltd

126

408,106

Ningxia

Baofeng

Energy

Group

Co

Ltd

850

104,566

Nippon

Kayaku

Co

Ltd

996

48,203

Nippon

Light

Metal

Holdings

Co

Ltd

598

813,100

Nippon

Paint

Co

Ltd

6,559

77,980

Nippon

Paper

Industries

Co

Ltd

698

147,000

Nippon

Pillar

Packing

Co

Ltd

4,629

22,728

Nippon

Shokubai

Co

Ltd

874

17,684

Nippon

Soda

Co

Ltd

680

698,327

Nippon

Steel

Corp

15,952

103,400

Nissan

Chemical

Industries

Ltd

4,026

48,714

Nittetsu

Mining

Co

Ltd

1,794

117,100

Nitto

Denko

Corp

8,739

623,733

(a)

NMDC

Steel

Ltd

385

102,670

NOCIL

Ltd

337

53,982

NOF

Corp

2,678

2,498,336

Norsk

Hydro

ASA

16,793

68,883

(c)

Norske

Skog

ASA

280

204,111

Northam

Platinum

Holdings

Ltd

1,567

55,538

Northern

Region

Cement

Co

156

940,996

Northern

Star

Resources

Ltd

8,731

212,183

(a)

Novagold

Resources,

Inc

793

213,897

Novozymes

A.S.

11,759

288,004

Nucor

Corp

50,124

298,211

Nufarm

Ltd

1,062

51,082

Nuh

Cimento

Sanayi

AS.

536

872,934

Nutrien

Ltd

49,179

109,674

(a)

Nuvoco

Vistas

Corp

Ltd

504

2,920,707

OceanaGold

Corp

5,599

4,110

(a)

OCI

Co

Ltd

353

11,133

OCI

Co

Ltd

914

111,282

OCI

NV

3,225

749,805

OJI

Paper

Co

Ltd

2,882

7,200

Okamoto

Industries,

Inc

254

113,068

Olin

Corp

6,100

119,157

Omnia

Holdings

Ltd

426

847,548

(b)

Orbia

Advance

Corp

SAB

de

C.V.

1,878

371,638

Orica

Ltd

4,040

70,758

Orient

Cement

Ltd

213

474,000

Oriental

Union

Chemical

Corp

311

148,670

Orion

S.A.

4,123

1,245

(a)

Orissa

Minerals

Development

Co

Ltd

106

184,329

(a)

Orla

Mining

Ltd

601

6,398,349

Orora

Ltd

11,349

9,100

Osaka

Organic

Chemical

Industry

Ltd

175

12,000

(b)

Osaka

Soda

Co

Ltd

822

25,300

(b)

Osaka

Titanium

Technologies

484

133,205

(b)

Osisko

Gold

Royalties

Ltd

1,901

277,515

(a)

Osisko

Mining,

Inc

559

295,734

(b)

Outokumpu

Oyj

1,467

1,064,800

Pabrik

Kertas

Tjiwi

Kimia

Tbk

PT

505

478,779

Packaging

Corp

of

America

77,998

18,370

Pactiv

Evergreen,

Inc

252

1,635,687

Pan

African

Resources

plc

352

1,500,644

(b)

Pan

American

Silver

Corp

24,506

978,255

(b)

Pan

American

Silver

Corp

(Toronto)

15,969

508,266

(a)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

235

229,073

(c)

Paradeep

Phosphates

Ltd

187

89

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

133,015

PCBL

Ltd

$

402

3,840,216

Perenti

Ltd

2,719

5,807,613

Perseus

Mining

Ltd

7,305

979,003

(a)

Petkim

Petrokimya

Holding

604

2,470,415

Petronas

Chemicals

Group

Bhd

3,848

13,469

(a)

PI

Advanced

Materials

Co

Ltd

318

74,302

PI

Industries

Ltd

3,138

129,920

Pidilite

Industries

Ltd

4,237

2,340,874

(b)

Pilbara

Minerals

Ltd

6,283

162,900

(a)

PMB

Technology

Bhd

99

574

Politeknik

Metal

Sanayi

ve

Ticaret

AS.

300

15,541

Polyplex

Corp

Ltd

196

161,581

(a)

Poongsan

Corp

4,895

166,049

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

651

63,847

POSCO

24,549

17,535

(a)

POSCO

M-Tech

Co

Ltd

397

128,860

PPG

Industries,

Inc

19,271

1,513,468

Press

Metal

Aluminium

Holdings

Bhd

1,584

126,676

(a)

Prism

Johnson

Ltd

280

9,028

(a)

Privi

Speciality

Chemicals

Ltd

128

3,102,400

PT

Aneka

Tambang

Tbk

344

984,500

PT

Indocement

Tunggal

Prakarsa

Tbk

601

2,820,323

PT

Semen

Gresik

Persero

Tbk

1,172

2,163

(a)

PTC

Industries

Ltd

156

1,919,509

PTT

Global

Chemical

PCL

2,160

38,116

Qassim

Cement

Co

647

2,262,375

Qatar

Aluminum

Manufacturing

Co

869

228,227

Qatari

Investors

Group

QSC

102

305,800

(a)

Qinghai

Salt

Lake

Industry

Co

Ltd

688

1,080

Quaker

Chemical

Corp

230

117,923

Rain

Industries

Ltd

218

15,226

Rajratan

Global

Wire

Ltd

143

69,861

Rallis

India

Ltd

210

87,191

Ramco

Cements

Ltd

1,069

889,092

Ramelius

Resources

Ltd

1,019

54,395

Ramkrishna

Forgings

Ltd

474

42,885

Rashtriya

Chemicals

&

Fertilizers

Ltd

82

65,858

Ratnamani

Metals

&

Tubes

Ltd

2,662

32,234

(b)

Recticel

S.A.

378

2,046,643

(a)

Red

5

Ltd

432

613,912

Regis

Resources

Ltd

910

132,821

Reliance

Steel

&

Aluminum

Co

37,147

155,683

Rengo

Co

Ltd

1,036

1,769,986

(a)

Resolute

Mining

Ltd

534

50,762

Rhi

Magnesita

India

Ltd

491

19,991

RHI

Magnesita

NV

882

302,915

Rio

Tinto

Ltd

28,049

917,198

Rio

Tinto

plc

68,222

568,824

Rongsheng

Petrochemical

Co

Ltd

830

12,742

Rossari

Biotech

Ltd

122

43,100

Royal

Gold,

Inc

5,213

362,760

Ryerson

Holding

Corp

12,581

205,088

SABIC

Agri-Nutrients

Co

7,554

302,405

Sahara

International

Petrochemical

Co

2,743

32,600

Sakata

INX

Corp

313

129,976

Salzgitter

AG.

4,013

4,273

(a)

Sam-A

Aluminum

Co

Ltd

351

19,000

San

Fu

Chemical

Co

Ltd

78

373,321

Sandfire

Resources

Ltd

1,867

208,264

(b)

Sandstorm

Gold

Ltd

1,047

55,711

Sanyo

Chemical

Industries

Ltd

1,671

15,206

Sanyo

Special

Steel

Co

Ltd

283

440,193

(b)

Sappi

Ltd

1,064

102,500

Sarda

Energy

&

Minerals

Ltd

312

CREF

Stock

Account

December

31,

2023

90

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

1,109,092

(a)

Sasa

Polyester

Sanayi

AS

$

1,371

501,307

Sasol

Ltd

5,052

187,820

Satellite

Chemical

Co

Ltd

391

743,568

(a)

Saudi

Arabian

Mining

Co

8,735

42,759

Saudi

Aramco

Base

Oil

Co

1,612

779,098

Saudi

Basic

Industries

Corp

17,295

60,137

Saudi

Cement

Co

842

319,100

Saudi

Industrial

Investment

Group

1,887

645,382

(a)

Saudi

Kayan

Petrochemical

Co

1,868

6,180,973

(a),(b)

Sayona

Mining

Ltd

298

977,100

SCG

Packaging

PCL

1,028

664,000

Scientex

BHD

551

31,723

Scotts

Miracle-Gro

Co

(Class

A)

2,022

58,512

(a)

Seabridge

Gold,

Inc

709

11,934

(a)

SeAH

Besteel

Holdings

Corp

230

1,348

(a)

SeAH

Steel

Holdings

Corp

251

140,282

Sealed

Air

Corp

5,123

8,218,300

(a),(d)

Sekawan

Intipratama

Tbk

PT

0

^

10,829

Semapa-Sociedade

de

Investimento

e

Gestao

160

584,600

Shandong

Chenming

Paper

Holdings

Ltd

120

87,648

Shandong

Gold

Mining

Co

Ltd

-

A

282

304,255

(c)

Shandong

Gold

Mining

Co

Ltd

-

H

577

148,707

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

578

380,666

Shandong

Nanshan

Aluminum

Co

Ltd

158

129,511

Shandong

Sun

Paper

Industry

JSC

Ltd

222

241,200

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

108

80,777

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

238

157,629

(a)

Shanxi

Meijin

Energy

Co

Ltd

148

331,363

Shanxi

Taigang

Stainless

Steel

Co

Ltd

174

35,775

Sharda

Cropchem

Ltd

195

20,500

Shenghe

Resources

Holding

Co

Ltd

29

36,048

Shenzhen

Capchem

Technology

Co

Ltd

240

8,800

Shenzhen

Dynanonic

Co

Ltd

76

54,960

Shenzhen

Senior

Technology

Material

Co

Ltd

120

47,100

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

183

212,225

Sherwin-Williams

Co

66,193

100,000

(a)

Shihlin

Paper

Corp

187

25,100

Shikoku

Kasei

Holdings

Corp

319

585,700

Shin-Etsu

Chemical

Co

Ltd

24,496

248,703

Shin-Etsu

Polymer

Co

Ltd

2,951

802,000

Shinkong

Synthetic

Fibers

Corp

406

78,000

Shiny

Chemical

Industrial

Co

Ltd

341

11,310

Shivalik

Bimetal

Controls

Ltd

75

1,622,000

Shougang

Fushan

Resources

Group

Ltd

598

141,900

Showa

Denko

KK

2,820

7,645

Shree

Cement

Ltd

2,631

666,283

Siam

Cement

PCL

5,967

86,800

Siam

City

Cement

PCL

345

1,966,347

Sibanye

Stillwater

Ltd

2,636

149,500

Sichuan

Hebang

Biotechnology

Co

Ltd

50

321,802

SIG

Group

AG.

7,411

83,564

(b)

Sika

AG.

27,248

410,086

Silgan

Holdings,

Inc

18,556

2,401,668

(a)

Silver

Lake

Resources

Ltd

1,943

162,896

Silvercorp

Metals,

Inc

424

109,641

(a),(b)

SilverCrest

Metals,

Inc

719

126,928

Sims

Ltd

1,347

1,490,000

(b)

Sinofert

Holdings

Ltd

174

81,600

Sinoma

Science

&

Technology

Co

Ltd

183

31,988

Sinomine

Resource

Group

Co

Ltd

168

217,000

Sinon

Corp

272

682,667

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

275

8,138

SK

Chemicals

Co

Ltd

424

21,404

(a),(c)

SK

IE

Technology

Co

Ltd

1,302

91

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

14,870

(a)

SKC

Co

Ltd

$

1,040

69,241

(a)

Skeena

Resources

Ltd

337

28,568

Skshu

Paint

Co

Ltd

192

902,178

Smurfit

Kappa

Group

plc

35,763

27,919

SOL

S.p.A.

860

434,000

Solar

Applied

Materials

Technology

Corp

549

58,924

(a),(b)

Solaris

Resources,

Inc

184

1,285,132

(a),(b)

SolGold

plc

155

77,415

(b)

Solvay

S.A.

2,373

73,685

Sonoco

Products

Co

4,117

2,946

(a)

Soulbrain

Co

Ltd

692

3,690,859

South32

Ltd

8,347

5,000

South32

Ltd

11

49,478

Southern

Copper

Corp

4,259

44,812

Southern

Province

Cement

Co

510

125,183

SRF

Ltd

3,727

189,360

Ssab

Svenskt

Stal

AB

(Series

A)

1,442

1,956,303

Ssab

Svenskt

Stal

AB

(Series

B)

14,978

924,421

(b)

SSR

Mining,

Inc

9,921

372,834

(b)

SSR

Mining,

Inc

4,012

28,639

(a)

Star

Cement

Ltd

61

101,659

Steel

Dynamics,

Inc

12,006

29,879

(b)

Stelco

Holdings,

Inc

1,132

42,537

Stella-Jones,

Inc

2,476

2,054

STO

AG.

317

330,060

Stora

Enso

Oyj

(R

Shares)

4,573

103,300

(b)

Straits

Trading

Co

Ltd

142

28,112

Sumitomo

Bakelite

Co

Ltd

1,471

1,151,800

Sumitomo

Chemical

Co

Ltd

2,800

94,336

Sumitomo

Chemical

India

Ltd

458

200,900

Sumitomo

Metal

Mining

Co

Ltd

5,966

272,421

Sumitomo

Osaka

Cement

Co

Ltd

7,154

952,158

(a)

Summit

Materials,

Inc

36,620

352,395

SunCoke

Energy,

Inc

3,785

29,100

Sunresin

New

Materials

Co

Ltd

218

161,664

Supreme

Industries

Ltd

8,822

64,386

Supreme

Petrochem

Ltd

433

7,067,200

Surya

Esa

Perkasa

Tbk

PT

243

17,277

Surya

Roshni

Ltd

161

671,017

Suzano

SA

7,641

634,700

(b)

Svenska

Cellulosa

AB

(B

Shares)

9,535

79,882

(a)

Syensqo

S.A.

8,312

278,943

Symrise

AG.

30,655

99,036

(a)

Synthomer

plc

239

24,900

T

Hasegawa

Co

Ltd

547

1,327,344

TA

Chen

Stainless

Pipe

1,711

269

(a)

Taekwang

Industrial

Co

Ltd

127

93,300

Taiheiyo

Cement

Corp

1,919

2,825,145

Taiwan

Cement

Corp

3,207

519,000

Taiwan

Fertilizer

Co

Ltd

1,142

203,000

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

826

29,000

Taiyo

Ink

Manufacturing

Co

Ltd

639

149,119

Taiyo

Nippon

Sanso

Corp

3,982

6,355

Takasago

International

Corp

157

59,014

Takiron

Co

Ltd

274

140,400

Tangshan

Jidong

Cement

Co

Ltd

126

248,216

(a)

Taseko

Mines

Ltd

348

118,618

Tata

Chemicals

Ltd

1,573

4,677,004

Tata

Steel

Ltd

7,839

6,430

Tatva

Chintan

Pharma

Chem

Pvt

Ltd

124

14,989

(a)

TCC

Steel

679

531,770

Teck

Cominco

Ltd

(Class

B)

22,478

181,505

Teck

Resources

Ltd

7,672

140,100

Teijin

Ltd

1,325

CREF

Stock

Account

December

31,

2023

92

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

56,400

Tenma

Corp

$

888

99,817

(b)

Ternium

S.A.

(ADR)

4,239

19,203

Tessenderlo

Chemie

NV

599

2,705,055

ThyssenKrupp

AG.

18,818

1,306,000

Tiangong

International

Co

Ltd

351

251,200

Tianqi

Lithium

Corp

1,975

192,900

Tianshan

Aluminum

Group

Co

Ltd

163

1,656,900

Tipco

Asphalt

PCL

796

104,135

Titan

Cement

International

S.A.

2,466

12,591

(a)

TKG

Huchems

Co

Ltd

210

582,400

TOA

Paint

Thailand

PCL

385

74,203

Toagosei

Co

Ltd

721

23,624

(b)

Toho

Titanium

Co

Ltd

316

157,929

(b)

Tokai

Carbon

Co

Ltd

1,145

4,100

Tokushu

Tokai

Paper

Co

Ltd

114

48,541

Tokuyama

Corp

821

78,042

Tokyo

Ohka

Kogyo

Co

Ltd

1,717

282,504

Tokyo

Steel

Manufacturing

Co

Ltd

3,455

564,000

Ton

Yi

Industrial

Corp

297

95,378

Tongkun

Group

Co

Ltd

203

835,200

Tongling

Nonferrous

Metals

Group

Co

Ltd

386

1,208,181

Toray

Industries,

Inc

6,258

354,379

(a)

Torex

Gold

Resources,

Inc

3,910

1,050,500

Tosoh

Corp

13,392

3,300

(b)

Toyo

Gosei

Co

Ltd

195

24,300

Toyo

Ink

Manufacturing

Co

Ltd

452

102,700

Toyo

Seikan

Kaisha

Ltd

1,662

60,148

Toyobo

Co

Ltd

450

5,268,000

TPI

Polene

PCL

216

56,992

Transcontinental,

Inc

589

154,460

Tredegar

Corp

836

41,097

(b)

Triple

Flag

Precious

Metals

Corp

547

506,000

TSRC

Corp

397

383,000

Tung

Ho

Steel

Enterprise

Corp

881

352,443

UACJ

Corp

9,592

74,526

UBE

Industries

Ltd

1,208

100,912

Ultra

Tech

Cement

Ltd

12,730

8,333

Umicore

S.A.

229

38,260

Uniao

de

Industrias

Petroquimicas

S.A.

603

2,087

Unid

Co

Ltd

110

72,813

United

States

Steel

Corp

3,542

336,810

Universal

Cement

Corp

326

575,000

UPC

Technology

Corp

284

413,526

UPL

Ltd

2,916

233,623

UPM-Kymmene

Oyj

8,812

129,890

Usha

Martin

Ltd

462

661,000

USI

Corp

425

385,300

Usinas

Siderurgicas

de

Minas

Gerais

S.A.

(Preference)

735

7,975,410

Vale

S.A.

126,320

624,812

Vedanta

Ltd

1,940

58,651

(c)

Verallia

S.A.

2,260

30,414

Vetropack

Holding

AG.

1,414

149,341

Vicat

S.A.

5,424

32,102

(a)

Victoria

Gold

Corp

169

67,842

Victrex

plc

1,316

17,278

Vidrala

S.A.

1,792

20,806

Vinati

Organics

Ltd

436

42,661

Voestalpine

AG.

1,343

17,612

(a)

VT

Co

Ltd

223

26,402

Vulcan

Materials

Co

5,994

60,530

(b)

Vulcan

Steel

Ltd

315

19,558

Wacker

Chemie

AG.

2,466

93

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

178,196

Wanhua

Chemical

Group

Co

Ltd

$

1,931

43,562

Weihai

Guangwei

Composites

Co

Ltd

164

63,753

Welspun

Corp

Ltd

420

116,808

(a)

Wesdome

Gold

Mines

Ltd

680

862,225

(a)

West

African

Resources

Ltd

555

2,230,000

West

China

Cement

Ltd

194

30,238

West

Coast

Paper

Mills

Ltd

265

41,288

West

Fraser

Timber

Co

Ltd

3,532

92,400

Western

Mining

Co

Ltd

186

31,291

Western

Superconducting

Technologies

Co

Ltd

235

344,634

(a)

Westgold

Resources

Ltd

511

249,238

Westlake

Chemical

Corp

34,883

199,035

Westrock

Co

8,264

68,861

(b)

Wheaton

Precious

Metals

Corp

3,398

297,988

Wheaton

Precious

Metals

Corp

14,701

87,560

Wienerberger

AG.

2,917

24,268

Winpak

Ltd

749

58,800

Worthington

Industries,

Inc

3,384

58,800

(a),(b)

Worthington

Steel,

Inc

1,652

225,600

(a),(b)

W-Scope

Corp

1,427

47,515

Xiamen

Tungsten

Co

Ltd

115

78,778

Yamama

Cement

Co

722

173,405

Yamato

Kogyo

Co

Ltd

9,124

53,756

Yanbu

Cement

Co

494

248,923

Yanbu

National

Petrochemical

Co

2,520

5,296

Yara

International

ASA

188

233,000

YC

INOX

Co

Ltd

208

838,150

Yieh

Phui

Enterprise

Co

Ltd

487

161,723

Yintai

Gold

Co

Ltd

341

14,955

Yodogawa

Steel

Works

Ltd

403

21,840

YongXing

Special

Materials

Technology

Co

Ltd

161

9,285

(a)

Youlchon

Chemical

Co

Ltd

228

148

(a)

Young

Poong

Corp

59

18,929

Young

Poong

Paper

Manufacturing

Co

Ltd

41

904,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

959

68,900

Yunnan

Aluminium

Co

Ltd

119

403,100

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

287

45,784

Yunnan

Energy

New

Material

Co

Ltd

367

138,100

Yunnan

Tin

Co

Ltd

279

182,600

Yunnan

Yuntianhua

Co

Ltd

402

102,700

Zangge

Mining

Co

Ltd

367

114,716

Zeon

Corp

1,064

569,500

Zhaojin

Mining

Industry

Co

Ltd

707

39,738

Zhejiang

Huayou

Cobalt

Co

Ltd

184

174,836

Zhejiang

Juhua

Co

Ltd

407

186,600

Zhejiang

Longsheng

Group

Co

Ltd

221

121,300

Zhongjin

Gold

Corp

Ltd

170

25,147

Zignago

Vetro

S.p.A.

396

4,795,232

Zijin

Mining

Group

Co

Ltd

7,817

2,166,466

Zijin

Mining

Group

Co

Ltd

(Class

A)

3,803

TOTAL

MATERIALS

5,331,923

MEDIA

&

ENTERTAINMENT

-

5.4%

121,123

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

321

21,829

4imprint

Group

plc

1,270

370,809

(a)

Adevinta

ASA

4,097

198,140

(a),(b)

Advantage

Solutions,

Inc

717

83,796

(a)

Affle

India

Ltd

1,314

69,255

(a)

AfreecaTV

Co

Ltd

4,581

10,130,000

(a),(b)

Alibaba

Pictures

Group

Ltd

624

8,430,222

(a)

Alphabet,

Inc

1,188,071

8,445,436

(a)

Alphabet,

Inc

(Class

A)

1,179,743

CREF

Stock

Account

December

31,

2023

94

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,800

(a),(b)

Anycolor,

Inc

$

347

12,459

Arabian

Contracting

Services

Co

787

117,488

Arnoldo

Mondadori

Editore

S.p.A.

278

373,324

(a)

Ascential

plc

1,396

782,200

Astro

Malaysia

Holdings

Bhd

67

67,023

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

266

1,641,993

(c)

Auto

Trader

Group

plc

15,084

29,223

Autohome,

Inc

(ADR)

820

83,059

Avex

Group

Holdings,

Inc

805

4,729,748

(a)

Baidu,

Inc

70,407

64,894

(a)

Baidu,

Inc

(ADR)

7,728

667,700

BEC

World

PCL

(Foreign)

95

198,357

Beijing

Enlight

Media

Co

Ltd

228

20,018

(a),(b)

Believe

S.A.

232

6,400

(a),(b)

Bengo4.com,

Inc

197

31,937

(a),(b)

Better

Collective

A.S.

812

78,508

(a),(b)

Bilibili,

Inc

953

319,305

Bollore

SE

1,998

285,914

(a)

Borussia

Dortmund

GmbH

&

Co

KGaA

1,133

63,660

(a)

Boston

Omaha

Corp

1,001

5,543,331

Brightcom

Group

Ltd

1,289

110,200

(a)

Bumble,

Inc

1,624

4,337

Cable

One,

Inc

2,414

141,100

Capcom

Co

Ltd

4,553

651,050

carsales.com

Ltd

13,797

55,235

CD

Projekt

S.A.

1,615

107,603

(a)

Charter

Communications,

Inc

41,823

56,488

(a)

Cheil

Worldwide,

Inc

833

161,865

(a),(d)

Chennai

Super

Kings

Cricket

Ltd

14

59,200

China

Film

Co

Ltd

102

166,158

(a),(c)

China

Literature

Ltd

620

4,640,000

(a),(b)

China

Ruyi

Holdings

Ltd

1,029

47,041

(a)

Cineplex,

Inc

297

51,976

(a)

CJ

CGV

Co

Ltd

233

8,813

(a)

CJ

ENM

Co

Ltd

492

710,620

(a),(b)

Clear

Channel

Outdoor

Holdings,

Inc

1,293

127,000

(a),(c)

Cloud

Music,

Inc

1,461

1,070,000

(a)

CMGE

Technology

Group

Ltd

179

11,647

Cogeco

Communications,

Inc

522

115,518

(a)

COLOPL,

Inc

483

7,186

Com2uSCorp

274

8,616,042

Comcast

Corp

(Class

A)

377,813

8,606

(a)

Connectwave

Co

Ltd

102

1,857,300

(a)

Converge

Information

and

Communications

Technology

Solutions,

Inc

281

63,100

(a)

Cover

Corp

1,220

316,881

CTS

Eventim

AG.

21,917

331,800

CyberAgent,

Inc

2,078

157,942

Cyfrowy

Polsat

S.A.

495

64,762

Daiichikosho

Co

Ltd

956

23,264

DB

Corp

Ltd

75

59,311

(a)

Dena

Co

Ltd

578

169,000

(b)

Dentsu,

Inc

4,327

5,990

(a)

Devsisters

Co

Ltd

225

45,904

(a)

DISH

Network

Corp

(Class

A)

265

174,994

(b)

Domain

Holdings

Australia

Ltd

411

7,801,100

Elang

Mahkota

Teknologi

Tbk

PT

299

245,844

Electronic

Arts,

Inc

33,634

618,832

(a),(b)

Embracer

Group

AB

1,679

386,460

Entravision

Communications

Corp

(Class

A)

1,612

113,339

(b)

Eutelsat

Communications

533

1,364,120

(a)

Eventbrite,

Inc

11,404

70,104

EVT

Ltd

585

95

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

964,107

Focus

Media

Information

Technology

Co

Ltd

$

860

37,300

Fuji

Television

Network,

Inc

414

259,525

Future

plc

2,633

1,469,950

(a)

Gannett

Co,

Inc

3,381

3,070

G-bits

Network

Technology

Xiamen

Co

Ltd

106

78,400

Giant

Network

Group

Co

Ltd

123

163,700

Gray

Television,

Inc

1,467

51,750

Gree,

Inc

209

1,806,600

(b)

Grupo

Televisa

S.A.

1,206

6,112,450

(b)

Grupo

Televisa

SAB

(ADR)

20,416

345,843

(a),(b)

GungHo

Online

Entertainment,

Inc

5,758

154,800

Hakuhodo

DY

Holdings,

Inc

1,183

103,700

Hello

Group,

Inc

(ADR)

721

67,589

Hemnet

Group

AB

1,622

5,907,101

(a),(b),(f)

HUYA,

Inc

(ADR)

21,620

17,576

(a)

HYBE

Co

Ltd

3,174

56,889

(a)

IAC,

Inc

2,980

450,306

(a),(f)

iClick

Interactive

Asia

Group

Ltd

(ADR)

1,725

6,777,840

(a),(b),(c)

iDreamSky

Technology

Holdings

Ltd

2,006

718,000

IGG,

Inc

298

35,980

(a)

IMAX

Corp

540

59,360

Info

Edge

India

Ltd

3,664

18,553

Infocom

Corp

325

2,616,752

Informa

plc

26,027

19,160

Innocean

Worldwide,

Inc

318

853,960

(a)

Integral

Ad

Science

Holding

Corp

12,288

98,000

International

Games

System

Co

Ltd

2,309

32,111

IPSOS

2,016

182,748

(a),(b)

iQIYI,

Inc

(ADR)

892

2,922,121

ITV

plc

2,352

51,382

(a)

JC

Decaux

S.A.

1,034

167,000

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

207

16,716

JOYY,

Inc

(ADR)

664

23,699

(a)

Just

Dial

Ltd

228

919,433

(a),(b)

Juventus

Football

Club

S.p.A

261

24,125

(a)

JYP

Entertainment

Corp

1,889

77,324

Kadokawa

Corp

1,571

106,400

Kakaku.com,

Inc

1,315

266,333

(a)

Kakao

Corp

11,173

24,956

(a)

Kakao

Games

Corp

499

187,500

Kanzhun

Ltd

(ADR)

3,114

10,177

(b)

Kinepolis

Group

NV

503

139,372

Kingnet

Network

Co

Ltd

220

400,310

Kingsoft

Corp

Ltd

1,238

95,940

Koei

Tecmo

Holdings

Co

Ltd

1,093

75,800

Konami

Corp

3,960

24,452

(a),(c)

Krafton,

Inc

3,663

1,959,100

(a),(c)

Kuaishou

Technology

13,330

36,400

Kunlun

Tech

Co

Ltd

192

87,059

(a)

Liberty

Broadband

Corp

7,016

12,546

(a)

Liberty

Broadband

Corp

(Class

A)

1,012

18,766

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

1,088

173,057

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

10,925

16,075

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

588

63,053

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

2,358

276,634

(a)

Liberty

Media

Corp-Liberty

SiriusXM

7,962

57,283

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

1,646

193,890

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

2,113

118,160

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

1,204

115,970

(a)

Live

Nation,

Inc

10,855

19,785

M6-Metropole

Television

283

14,454

(a)

Madison

Square

Garden

Sports

Corp

2,628

CREF

Stock

Account

December

31,

2023

96

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,510,405

(a)

Magnite,

Inc

$

14,107

486,900

Major

Cineplex

Group

PCL

(Foreign)

212

93,922

Mango

Excellent

Media

Co

Ltd

334

273,400

(a),(c)

Maoyan

Entertainment

315

1,413,803

(a)

Match

Group,

Inc

51,604

7,194,900

Media

Nusantara

Citra

Tbk

PT

180

246,500

(b)

Megacable

Holdings

SAB

de

C.V.

550

1,828,000

(b),(c)

Meitu,

Inc

843

4,044,630

(a)

Meta

Platforms,

Inc

1,431,637

35,351

(b)

MFE-MediaForEurope

NV

128

689,197

MFE-MediaForEurope

NV

1,794

155,390

Mixi

Inc

2,599

474,000

(a),(b),(c)

Mobvista,

Inc

176

59,615

(a)

Modern

Times

Group

MTG

AB

510

689,862

Moneysupermarket.com

Group

plc

2,458

214,280

MultiChoice

Group

949

112,760

Naver

Corp

19,510

26,530

(a)

Nazara

Technologies

Ltd

273

12,080

(a)

NCSoft

Corp

2,247

10,837

(a)

Neowiz

223

165,500

NetDragon

Websoft

Holdings

Ltd

262

2,591,030

NetEase,

Inc

46,746

534,321

(a)

NetFlix,

Inc

260,150

21,851

(a),(c)

Netmarble

Corp

980

206,936

(a)

Network18

Media

&

Investments

Ltd

217

123,045

New

York

Times

Co

(Class

A)

6,028

288,063

News

Corp

(Class

A)

7,072

89,886

News

Corp

(Class

B)

2,312

278,200

(b)

Nexon

Co

Ltd

5,060

21,265

(a)

Nexon

Games

Co

Ltd

247

25,712

Nexstar

Media

Group,

Inc

4,030

68,866

Next

15

Group

plc

730

10,648

(a)

NHN

Corp

192

1,165,628

(b)

Nine

Entertainment

Co

Holdings

Ltd

1,604

2,615,890

Nintendo

Co

Ltd

136,115

42,300

Nippon

Television

Holdings,

Inc

461

273,114

Omnicom

Group,

Inc

23,627

429,950

oOh!media

Ltd

485

144,300

Oriental

Pearl

Group

Co

Ltd

153

123,791

Paradox

Interactive

AB

2,775

9,228

Paramount

Global

(Class

A)

181

766,038

Paramount

Global

(Class

B)

11,330

25,323

(a)

Pearl

Abyss

Corp

758

73,400

People.cn

Co

Ltd

289

73,434

Perfect

World

Co

Ltd

123

97,325

(a)

Perion

Network

Ltd

3,057

499,442

(a)

Pinterest,

Inc

18,499

1,584,400

Plan

B

Media

Pcl

411

17,886

(a)

Playtika

Holding

Corp

156

114,828

ProSiebenSat.

Media

AG.

701

545,234

Publicis

Groupe

S.A.

50,659

58,139

(a)

PVR

Ltd

1,158

160,870

(a)

QuinStreet,

Inc

2,062

41,230

REA

Group

Ltd

5,084

240,247

RELX

plc

9,519

1,602,923

Rightmove

plc

11,783

181,665

(a)

ROBLOX

Corp

8,306

109,725

(a)

Roku,

Inc

10,057

531,960

RS

PCL

216

320,278

(a)

S4

Capital

plc

218

126,994

Saregama

India

Ltd

565

27,546

(a)

Saudi

Research

&

Media

Group

1,255

97

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

61,671

Schibsted

ASA

$

1,776

76,864

Schibsted

ASA

(B

Shares)

2,093

183,102

(c)

Scout24

SE

12,947

2,240,908

(a)

Sea

Ltd

(ADR)

90,757

265,914

Seek

Ltd

4,838

61,300

Septeni

Holdings

Co

Ltd

229

312,660

SES

S.A.

2,059

7,601

Shochiku

Co

Ltd

513

62,230

Shutterstock,

Inc

3,004

127,100

Sky

Perfect

Jsat

Corp

628

8,952

(a)

SM

Entertainment

Co

Ltd

639

617,600

(a),(b),(d)

SMI

Holdings

Group

Ltd

1

128,923

(b)

Societe

Television

Francaise

1

1,015

52,000

Soft-World

International

Corp

255

105,085

(a)

Spotify

Technology

S.A.

19,747

97,700

Square

Enix

Co

Ltd

3,503

1,988,357

(a)

Stillfront

Group

AB

2,397

28,715

Stroeer

SE

&

Co

KGaA

1,703

8,878

(a)

Studio

Dragon

Corp

355

67,014

Sun

TV

Network

Ltd

573

20,124,700

Surya

Citra

Media

Tbk

PT

222

123,500

(a)

Take-Two

Interactive

Software,

Inc

19,877

97,105

(a)

Team17

Group

plc

229

10,259,525

Tencent

Holdings

Ltd

387,347

317,697

(a)

Tencent

Music

Entertainment

Group

(ADR)

2,862

46,269

(a)

TKO

Group

Holdings,

Inc

3,775

7,000

(b)

Toei

Animation

Co

Ltd

938

4,384

Toei

Co

Ltd

631

87,800

Toho

Co

Ltd

2,964

27,300

Tokyo

Broadcasting

System,

Inc

579

242,800

(a)

Tongdao

Liepin

Group

179

377,522

(a)

TripAdvisor,

Inc

8,128

222,930

(a),(c)

Trustpilot

Group

plc

422

15,151

TV

Asahi

Corp

172

345,822

(a)

TV18

Broadcast

Ltd

210

2,450

TX

Group

AG.

352

500,653

(a)

Ubisoft

Entertainment

12,798

867,621

Universal

Music

Group

NV

24,768

10,958

ValueCommerce

Co

Ltd

114

32,335

Vector,

Inc

259

4,280,800

VGI

PCL

242

1,477,600

(a)

Vimeo,

Inc

5,792

943,356

Vivendi

Universal

S.A.

10,099

2,706,168

Walt

Disney

Co

244,340

156,500

(a)

Wanda

Film

Holding

Co

Ltd

287

1,390,691

(a)

Warner

Bros

Discovery,

Inc

15,826

60,791

(a)

Webzen,

Inc

770

795,367

Weibo

Corp

(ADR)

8,709

15,227

(a)

Wemade

Co

Ltd

718

481,669

WPP

plc

4,601

70,884

(a)

Wysiwyg

Studios

Co

Ltd

207

188,400

(a)

XD,

Inc

246

371,580

(a)

Yelp,

Inc

17,591

10,159

YG

Entertainment,

Inc

401

80,594

YouGov

plc

1,212

2,081,000

Z

Holdings

Corp

7,359

690,711

ZEE

Telefilms

Ltd

2,279

1,218,000

Zengame

Technology

Holding

Ltd

883

19,150

Zenrin

Co

Ltd

119

486,013

(a)

Zhejiang

Century

Huatong

Group

Co

Ltd

354

114,200

(a)

Zhihu,

Inc

207

195,774

(a)

Ziff

Davis,

Inc

13,154

CREF

Stock

Account

December

31,

2023

98

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

291,000

(a)

ZIGExN

Co

Ltd

$

1,093

118,300

(a)

ZipRecruiter,

Inc

1,644

340,318

(a)

ZoomInfo

Technologies,

Inc

6,292

TOTAL

MEDIA

&

ENTERTAINMENT

6,365,838

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6.9%

67,790

(a)

10X

Genomics,

Inc

3,794

782,651

(c)

3SBio,

Inc

755

33,648

Aarti

Drugs

Ltd

198

2,983,243

AbbVie,

Inc

462,313

26,827

(a)

Abivax

S.A.

292

28,409

(a)

ABLBio,

Inc

540

81,800

(a)

Acadia

Pharmaceuticals,

Inc

2,561

74,914

Adcock

Ingram

Holdings

Ltd

246

210,802

AddLife

AB

2,291

266,000

Adimmune

Corp

287

3,982,325

(a)

ADMA

Biologics,

Inc

18,000

16,998

(a)

Aether

Industries

Ltd

181

59,058

Agilent

Technologies,

Inc

8,211

166,600

(a)

AIM

Vaccine

Co

Ltd

167

39,343

Ajanta

Pharma

Ltd

985

212,000

(a),(c)

Akeso,

Inc

1,261

39,863

Alembic

Pharmaceuticals

Ltd

364

105,096

(a)

ALK-Abello

A.S.

1,576

567,398

(a)

Alkermes

plc

15,740

57,595

Almirall

S.A.

536

210,412

(a)

Alnylam

Pharmaceuticals,

Inc

40,275

328,000

(a),(b),(c)

Alphamab

Oncology

279

29,797

(a)

Alteogen,

Inc

2,270

868,335

(a)

Altimmune,

Inc

9,769

628,913

Amgen,

Inc

181,140

7,380

AMI

Organics

Ltd

99

1,650,510

(a)

Amneal

Pharmaceuticals,

Inc

10,019

515,290

(a),(b)

Amylyx

Pharmaceuticals,

Inc

7,585

12,750

(a)

ANI

Pharmaceuticals,

Inc

703

222,171

(a)

Anika

Therapeutics,

Inc

5,034

76,382

(a)

Apellis

Pharmaceuticals,

Inc

4,572

27,971

Apeloa

Pharmaceutical

Co

Ltd

61

99,835

(a)

Argenx

SE

37,858

53,148

(a)

Argenx

SE

20,216

181,900

(a),(c)

Ascentage

Pharma

Group

International

636

336,315

Aspen

Pharmacare

Holdings

Ltd

3,752

1,040,120

Astellas

Pharma,

Inc

12,370

5,453

AstraZeneca

Pharma

India

Ltd

362

2,644,322

AstraZeneca

plc

356,692

1,117,263

AstraZeneca

plc

(ADR)

75,248

6,562

Asymchem

Laboratories

Tianjin

Co

Ltd

107

1,046,431

(a),(b)

Aurinia

Pharmaceuticals,

Inc

9,407

114,496

Aurobindo

Pharma

Ltd

1,491

60,603

(a)

Avantor,

Inc

1,384

225,690

(a)

Avidity

Biosciences,

Inc

2,042

59,700

(a),(b)

Axsome

Therapeutics,

Inc

4,752

35,721

(b)

Bachem

Holding

AG.

2,766

9,123

(a)

Basilea

Pharmaceutica

383

214,522

(a)

Bausch

Health

Cos,

Inc

1,721

64,431

(a)

Bavarian

Nordic

AS

1,693

1,265,516

Bayer

AG.

46,956

291,800

(a)

BeiGene

Ltd

4,069

45,200

(a)

BeiGene

Ltd

(ADR)

8,152

23,400

Beijing

Tiantan

Biological

Products

Corp

Ltd

102

414,000

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

645

34,400

Beijing

Tongrentang

Co

Ltd

260

99

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,958

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

$

148

11,061

Betta

Pharmaceuticals

Co

Ltd

80

10,420

BGI

Genomics

Co

Ltd

71

30,598

(a),(b),(c)

BioArctic

AB

812

319,816

Biocon

Ltd

959

1,505,450

(a)

BioCryst

Pharmaceuticals,

Inc

9,018

174,540

BioGaia

AB

1,751

92,829

(a)

Biogen,

Inc

24,021

237,465

(a)

BioMarin

Pharmaceutical,

Inc

22,896

15,763

(a)

Bioneer

Corp

406

15,044

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

4,858

50,409

Biotage

AB

675

14,210

Bio-Techne

Corp

1,096

12,300

Blau

Farmaceutica

S.A.

42

9,649

Bloomage

Biotechnology

Corp

Ltd

91

5,035

(b)

Boiron

S.A.

224

45,674

(a),(c)

BoneSupport

Holding

AB

854

46,564

Bora

Pharmaceuticals

Co

Ltd

970

22,082

(a)

Boryung

204

1,942,055

Bristol-Myers

Squibb

Co

99,647

45,228

(a)

Brooks

Automation,

Inc

2,946

55,204

Bruker

BioSciences

Corp

4,056

34,686

(a),(b)

Calliditas

Therapeutics

AB

437

22,697

(a)

Camurus

AB

1,211

70,200

(a),(b),(c)

CanSino

Biologics,

Inc

212

66,914

Caplin

Point

Laboratories

Ltd

1,090

13,770

Caregen

Co

Ltd

293

263,000

(a),(c)

CARsgen

Therapeutics

Holdings

Ltd

219

30,000

(a),(b)

Cassava

Sciences,

Inc

675

356,452

(a)

Catalent,

Inc

16,015

28,469

(a),(d)

Cellivery

Therapeutics,

Inc

0

^

7,163

(a)

Celltrion

Pharm

Inc

511

112,735

Celltrion,

Inc

17,604

407,385

Center

Laboratories,

Inc

588

10,014

Changchun

High

&

New

Technology

Industry

Group,

Inc

206

23,994

(a)

Charles

River

Laboratories

International,

Inc

5,672

13,057

Chemometec

A.S.

750

564,660

China

Medical

System

Holdings

Ltd

1,001

701,500

(c)

China

Resources

Pharmaceutical

Group

Ltd

461

28,320

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

199

984,000

China

Shineway

Pharmaceutical

Group

Ltd

916

389

(a),(d)

Chinook

Therapeutics,

Inc

0

^

5,388

(a)

Chong

Kun

Dang

Pharmaceutical

Corp

546

23,400

(a)

Chongqing

Taiji

Industry

Group

Co

Ltd

153

56,970

Chongqing

Zhifei

Biological

Products

Co

Ltd

491

717,900

Chugai

Pharmaceutical

Co

Ltd

27,121

371,977

Cipla

Ltd

5,569

2,592,000

(b)

CK

Life

Sciences

International

Holdings,

Inc

206

31,807

(b)

Clinuvel

Pharmaceuticals

Ltd

346

846,584

(a)

Codexis,

Inc

2,582

11,079

(a)

Concord

Biotech

Ltd

196

288,000

Consun

Pharmaceutical

Group

Ltd

176

40,090

(a)

Corcept

Therapeutics,

Inc

1,302

59,330

(a),(b)

CorMedix,

Inc

223

8,187

(b)

COSMO

Pharmaceuticals

NV

495

422,305

(a)

Crinetics

Pharmaceuticals,

Inc

15,026

189,422

(a),(b)

Cronos

Group,

Inc

396

373,291

CSL

Ltd

72,773

68,800

CSPC

Innovation

Pharmaceutical

Co

Ltd

355

6,126,054

CSPC

Pharmaceutical

Group

Ltd

5,702

45,210

(a),(b)

Cue

Biopharma,

Inc

119

83,219

(a)

CureVac

NV

354

CREF

Stock

Account

December

31,

2023

100

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

45,705

(a)

Cytokinetics,

Inc

$

3,816

68,198

(a)

Daewoong

Co

Ltd

1,089

3,152

(a)

Daewoong

Pharmaceutical

Co

Ltd

285

4,469,500

Daiichi

Sankyo

Co

Ltd

122,360

1,032,158

Danaher

Corp

238,779

529,927

Dechra

Pharmaceuticals

plc

26,043

689,238

(a)

Deciphera

Pharmaceuticals,

Inc

11,117

15,696

Dermapharm

Holding

SE

734

50,684

Divi's

Laboratories

Ltd

2,376

3,064

Dong-A

Socio

Holdings

Co

Ltd

240

5,323

Dong-A

ST

Co

Ltd

285

324,871

Dong-E-E-Jiao

Co

Ltd

2,258

13,689

(a)

DongKook

Pharmaceutical

Co

Ltd

171

173,225

Dr

Reddy's

Laboratories

Ltd

12,073

140,440

(a)

Eagle

Pharmaceuticals,

Inc

735

139,000

(a)

EirGenix,

Inc

455

171,400

Eisai

Co

Ltd

8,534

2,228,627

(a)

Elanco

Animal

Health,

Inc

33,207

1,286,518

Eli

Lilly

&

Co

749,937

579,780

(a),(b)

Erasca,

Inc

1,235

34,908

(a),(c)

Eris

Lifesciences

Ltd

382

40,550

(a)

Euroapi

S.A.

257

98,323

Eurofins

Scientific

SE

6,414

44,501

Ever

Supreme

Bio

Technology

Co

Ltd

283

156,500

(a),(b),(c)

Everest

Medicines

Ltd

419

360,760

(a)

Evolus,

Inc

3,799

499,903

(a)

Evotec

SE

11,724

268,937

(a)

Exact

Sciences

Corp

19,896

956,540

(a)

Exelixis,

Inc

22,947

661,552

Faes

Farma

S.A.

(Sigma)

2,309

49,876

(a)

FDC

Ltd

238

7,284

(a)

Formycon

AG.

454

42,850

(a)

Fortrea

Holdings,

Inc

1,495

1,962

(a),(b)

Galapagos

NV

80

34,452

(a)

Galapagos

NV

1,407

7,624

(a)

GC

Cell

Corp

268

30,227

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS.

48

59,680

(a)

Generation

Bio

Co

98

2,150

(a)

Genmab

AS

686

681,800

(b)

Genomma

Lab

Internacional

SAB

de

C.V.

569

499,386

(a)

Genscript

Biotech

Corp

1,271

54,707

Genus

plc

1,513

363,929

Gerresheimer

AG.

37,862

3,671,769

Gilead

Sciences,

Inc

297,450

29,482

(a),(c)

Gland

Pharma

Ltd

681

34,158

GlaxoSmithKline

Pharmaceuticals

Ltd

779

49,603

Glenmark

Life

Sciences

Ltd

392

120,282

Glenmark

Pharmaceuticals

Ltd

1,234

40,701

(a)

GNI

Group

Ltd

815

958,500

Grand

Pharmaceutical

Group

Ltd

503

105,799

Granules

India

Ltd

515

4,522

(a)

Green

Cross

Corp

439

15,822

(a)

Green

Cross

Holdings

Corp

200

766,040

Grifols

S.A.

13,105

3,359,135

GSK

plc

62,041

226,097

H

Lundbeck

A.S.

1,098

32,104

H

Lundbeck

A.S.

137

593,950

(a)

Halozyme

Therapeutics,

Inc

21,952

28,412

(a)

Hanall

Biopharma

Co

Ltd

973

7,521

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

58

3,081

Hanmi

Pharm

Co

Ltd

841

16,712

Hanmi

Science

Co

Ltd

506

101

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

485,839

(c)

Hansoh

Pharmaceutical

Group

Co

Ltd

$

982

125,326

(a)

Harmony

Biosciences

Holdings,

Inc

4,048

146,120

(a),(b)

Harrow

Health,

Inc

1,637

39,992

Hikal

Ltd

146

3,925

Hikma

Pharmaceuticals

plc

89

41,800

Hisamitsu

Pharmaceutical

Co,

Inc

1,276

10,878

HK

inno

N

Corp

375

2,548,684

(a),(b),(d)

Hua

Han

Health

Industry

Holdings

Ltd

3

641,220

Hualan

Biological

Engineering,

Inc

2,000

11,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

52

5,023

(a)

Hugel,

Inc

581

28,154

Humanwell

Healthcare

Group

Co

Ltd

99

2,188,500

(a),(b)

HUTCHMED

China

Ltd

8,044

467,544

Hypera

S.A.

3,444

61,104

(a)

ICON

plc

17,297

101,490

(a)

Ideaya

Biosciences,

Inc

3,611

95,041

(a),(b)

Idorsia

Ltd

240

14,565

(a)

Il

Dong

Pharmaceutical

Co

Ltd

205

435,240

(a)

Illumina,

Inc

60,603

5,100

Imeik

Technology

Development

Co

Ltd

211

706,031

(a)

Immunogen,

Inc

20,934

422,795

(a)

Immunovant,

Inc

17,812

86,831

(a)

Incyte

Corp

5,452

98,500

(a)

Indivior

plc

1,488

34,969

Indoco

Remedies

Ltd

166

446,000

(a),(c)

InnoCare

Pharma

Ltd

394

1,263,073

(a),(c)

Innovent

Biologics,

Inc

6,917

170,320

(a)

Innoviva,

Inc

2,732

343,067

(a)

Intra-Cellular

Therapies,

Inc

24,570

35,906

(a)

Ionis

Pharmaceuticals,

Inc

1,816

114,682

Ipca

Laboratories

Ltd

1,534

921

Ipsen

110

85,988

(a)

IQVIA

Holdings,

Inc

19,896

789,637

(a)

Ironwood

Pharmaceuticals,

Inc

9,033

133,000

(a)

iTeos

Therapeutics,

Inc

1,456

163,500

(a),(c)

Jacobio

Pharmaceuticals

Group

Co

Ltd

76

16,608

Jamjoom

Pharmaceuticals

Factory

Co

506

74,888

(a)

Jazz

Pharmaceuticals

plc

9,211

56,382

JB

Chemicals

&

Pharmaceuticals

Ltd

1,100

51,844

JCR

Pharmaceuticals

Co

Ltd

430

164,411

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

1,049

31,200

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

119

2,734,986

Johnson

&

Johnson

428,682

671,852

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

1,177

63,434

Jubilant

Pharmova

Ltd

415

11,683

JW

Pharmaceutical

Corp

322

22,179

Kaken

Pharmaceutical

Co

Ltd

527

9,006,306

Kalbe

Farma

Tbk

PT

942

4,044

(a)

Kangmei

Pharmaceutical

Co

Ltd

1

39,858

(a)

Karuna

Therapeutics,

Inc

12,615

138,500

(a),(b),(c)

Keymed

Biosciences,

Inc

873

21,500

Kissei

Pharmaceutical

Co

Ltd

470

81,441

(a)

Knight

Therapeutics,

Inc

319

142,432

(a)

Krystal

Biotech,

Inc

17,670

32,281

Kyorin

Co

Ltd

407

49,500

Kyowa

Hakko

Kogyo

Co

Ltd

831

12,661

L&C

Bio

Co

Ltd

284

16,078

Laboratorios

Farmaceuticos

Rovi

S.A

1,070

289,294

(c)

Laurus

Labs

Ltd

1,495

79,140

(a)

Legend

Biotech

Corp

(ADR)

4,762

19,495

(a)

LegoChem

Biosciences,

Inc

980

469,000

(a),(b),(c)

Lepu

Biopharma

Co

Ltd

253

CREF

Stock

Account

December

31,

2023

102

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

194,780

(a),(b)

Lexicon

Pharmaceuticals,

Inc

$

298

14,717

Livzon

Pharmaceutical

Group,

Inc

73

445,629

Lonza

Group

AG.

187,871

104,000

Lotus

Pharmaceutical

Co

Ltd

921

84,485

Lupin

Ltd

1,342

1,615,000

(a),(b),(c)

Luye

Pharma

Group

Ltd

772

13,937

(a)

Madrigal

Pharmaceuticals,

Inc

3,225

334,700

(a)

MannKind

Corp

1,218

11,743

(a)

Maravai

LifeSciences

Holdings,

Inc

77

123,332

Marksans

Pharma

Ltd

239

178,466

(a)

Medigen

Vaccine

Biologics

Corp

408

39,008

(a)

Medpace

Holdings,

Inc

11,957

4,560

Medytox,

Inc

852

287,900

Mega

Lifesciences

PCL

339

5,075,336

Merck

&

Co,

Inc

553,313

332,385

Merck

KGaA

52,920

1,940

(a)

Mettler-Toledo

International,

Inc

2,353

18,065

(a)

Mezzion

Pharma

Co

Ltd

544

41,846

(a)

Mirati

Therapeutics,

Inc

2,458

163,650

(a)

Mirum

Pharmaceuticals,

Inc

4,831

16,175

Mochida

Pharmaceutical

Co

Ltd

374

210,330

(a)

Moderna,

Inc

20,917

115,000

(a),(b)

MoonLake

Immunotherapeutics

6,945

27,757

(a)

Morphosys

AG.

1,045

520,536

(a)

Myriad

Genetics,

Inc

9,963

33,133

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

70

67,023

Natco

Pharma

Ltd

653

1,055,774

(a)

Natera,

Inc

66,134

47,368

(a)

Naturecell

Co

Ltd

293

5,645

Neuland

Laboratories

Ltd

359

85,378

(a)

Neuren

Pharmaceuticals

Ltd

1,453

108,255

(a)

Neurocrine

Biosciences,

Inc

14,264

219,059

(a)

NGM

Biopharmaceuticals,

Inc

188

43,500

Nippon

Shinyaku

Co

Ltd

1,539

55,518

(a)

NKMax

Co

Ltd

268

2,776,588

Novartis

AG.

280,465

7,512,198

Novo

Nordisk

A.S.

778,498

573,500

Novo

Nordisk

A.S.

(ADR)

59,329

120,669

(a)

Nykode

Therapeutics

ASA

254

99,452

(a)

OBI

Pharma,

Inc

225

253,500

(a),(b),(c)

Ocumension

Therapeutics

217

3,120

(a),(d)

OmniAb

Operations,

Inc

0

^

3,120

(a),(d)

OmniAb

Operations,

Inc

0

^

40,636

(a)

Oncology

Co

241

228,203

Oneness

Biotech

Co

Ltd

1,445

71,300

Ono

Pharmaceutical

Co

Ltd

1,268

123,927

Organon

&

Co

1,787

2,921

Orion

Oyj

(Class

B)

127

20,183

(a)

Oscotec,

Inc

360

597,500

Otsuka

Holdings

Co

Ltd

22,345

414,294

(a)

Oxford

Nanopore

Technologies

plc

1,099

81,300

(a),(b)

PeptiDream,

Inc

855

15,515

(a)

Peptron,

Inc

484

11,178

PerkinElmer,

Inc

1,222

15,149

Perrigo

Co

plc

487

3,775,547

Pfizer,

Inc

108,698

19,100

(b)

Pharma

Foods

International

Co

Ltd

135

11,994

Pharma

Mar

S.A.

544

76,000

PharmaEngine,

Inc

261

99,000

(a)

PharmaEssentia

Corp

1,115

69,951

(a),(d)

Pharmally

International

Holding

Co

Ltd

0

^

5,216

PharmaResearch

Co

Ltd

441

103

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

24,225

Pharmaron

Beijing

Co

Ltd

-

A

$

99

530,257

(a),(b)

Pharming

Group

NV

605

15,688,180

(a)

Piramal

Pharma

Ltd

26,150

251,000

(a)

Polaris

Group

618

12,923

(a),(b),(c)

PolyPeptide

Group

AG.

269

15,958

Procter

&

Gamble

Health

Ltd

949

43,600

(a)

PTC

Therapeutics,

Inc

1,202

141,436

(a)

QIAGEN

NV

6,149

172,488

(a)

QIAGEN

NV

7,491

155,040

(a)

Quanterix

Corp

4,239

3,878

Recordati

S.p.A.

209

94,162

(a)

Regeneron

Pharmaceuticals,

Inc

82,702

308,120

(a)

Repligen

Corp

55,400

51,984

Richter

Gedeon

Rt

1,311

756,348

Roche

Holding

AG.

219,865

1,006

Roche

Holding

AG.

313

764,218

(a)

Roivant

Sciences

Ltd

8,582

277,516

Royalty

Pharma

plc

7,795

10,771

(a)

Sam

Chun

Dang

Pharm

Co

Ltd

645

18,883

(a),(c)

Samsung

Biologics

Co

Ltd

11,108

36,824

(a)

SanBio

Co

Ltd

183

421,236

(a)

Sandoz

Group

AG.

13,553

1,963,148

Sanofi

(ADR)

97,627

13,029

Sanofi

India

Ltd

1,263

3,082,584

Sanofi-Aventis

306,325

275,600

Santen

Pharmaceutical

Co

Ltd

2,742

212,647

(a)

Sarepta

Therapeutics,

Inc

20,506

26,947

(b)

Sartorius

AG.

9,896

1,025

Sartorius

Stedim

Biotech

272

46,649

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

468

29,517

Sawai

Group

Holdings

Co

Ltd

1,089

231,000

(b),(c)

SciClone

Pharmaceuticals

Holdings

Ltd

411

209,000

ScinoPharm

Taiwan

Ltd

180

28,787

Seegene,

Inc

510

43,813

Shandong

Buchang

Pharmaceuticals

Co

Ltd

105

172,000

(b)

Shandong

Xinhua

Pharmaceutical

Co

Ltd

127

51,688

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

182

222,929

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

486

526,700

Shanghai

Haixin

Group

Co

171

16,100

(c)

Shanghai

Haohai

Biological

Technology

Co

Ltd

83

13,039

(a)

Shanghai

Junshi

Biosciences

Co

Ltd

77

1,482,737

Shanghai

RAAS

Blood

Products

Co

Ltd

1,672

16,168

Shenzhen

Kangtai

Biological

Products

Co

Ltd

62

24,525

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

113

38,307

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

125

17,800

(b)

Shin

Nippon

Biomedical

Laboratories

Ltd

214

29,390

(a)

Shin

Poong

Pharmaceutical

Co

Ltd

308

47,900

Shionogi

&

Co

Ltd

2,305

359,998

Sichuan

Kelun

Pharmaceutical

Co

Ltd

1,475

12,900

(a)

Sichuan

Kelun-Biotech

Biopharmaceutical

Co

Ltd

170

4,854

Siegfried

Holding

AG.

4,965

3,616,000

Sihuan

Pharmaceutical

Holdings

Group

Ltd

301

54,297

(a)

SillaJen,

Inc

253

4,365,236

Sino

Biopharmaceutical

Ltd

1,942

12,229

(a)

SK

Biopharmaceuticals

Co

Ltd

950

11,211

(a)

SK

Bioscience

Co

Ltd

625

8,455

SKAN

Group

AG.

812

65,629

(a),(b),(d)

Sorrento

Therapeutics,

Inc

127

55,808

(a),(b)

Sosei

Group

Corp

561

10,354

(a),(b)

Sotera

Health

Co

174

1,112,000

SSY

Group

Ltd

705

8,214

(a)

ST

Pharm

Co

Ltd

431

CREF

Stock

Account

December

31,

2023

104

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

44,598

Strides

Pharma

Science

Ltd

$

348

144,000

Sumitomo

Dainippon

Pharma

Co

Ltd

475

90,296

(a)

Sun

Pharma

Advanced

Research

Co

Ltd

311

1,120,086

Sun

Pharmaceutical

Industries

Ltd

16,944

87,992

(a)

Suven

Pharmaceuticals

Ltd

764

53,563

(b)

SwedenCare

AB

325

6,500

(a)

Swedish

Orphan

Biovitrum

AB

172

205,860

(a)

Syndax

Pharmaceuticals,

Inc

4,449

145,680

(c)

Syngene

International

Ltd

1,227

265,841

Synmosa

Biopharma

Corp

335

374,000

(a)

Taigen

Biopharmaceuticals

Holdings

Ltd

185

150,000

(a)

TaiMed

Biologics,

Inc

400

34,500

Taisho

Pharmaceutical

Holdings

Co

Ltd

2,108

36,533

Takara

Bio,

Inc

324

2,185,800

Takeda

Pharmaceutical

Co

Ltd

62,684

12,859

(a)

Taro

Pharmaceutical

Industries

Ltd

537

10,307

Tecan

Group

AG.

4,217

937,783

(a)

Telix

Pharmaceuticals

Ltd

6,431

36,300

(a)

Teva

Pharmaceutical

Industries

Ltd

(ADR)

379

611,110

(a)

TG

Therapeutics,

Inc

10,438

333,665

Thermo

Fisher

Scientific,

Inc

177,106

521,000

Tong

Ren

Tang

Technologies

Co

Ltd

437

52,265

Torii

Pharmaceutical

Co

Ltd

1,316

139,839

Torrent

Pharmaceuticals

Ltd

3,872

21,413

Towa

Pharmaceutical

Co

Ltd

357

48,300

Tsumura

&

Co

909

131,000

TTY

Biopharm

Co

Ltd

343

582,009

UCB

S.A.

50,735

60,484

(a)

Ultragenyx

Pharmaceutical,

Inc

2,892

745,562

United

Laboratories

Ltd

670

178,564

(a)

United

Therapeutics

Corp

39,264

83,447

(a),(b)

Valneva

SE

436

17,611

(a)

Vaxcell-Bio

Therapeutics

Co

Ltd

306

397,510

(a)

Veracyte,

Inc

10,936

243,977

(a)

Vericel

Corp

8,688

205,395

(a)

Vertex

Pharmaceuticals,

Inc

83,573

561,742

Viatris,

Inc

6,084

3,312

(b)

Virbac

S.A.

1,320

79,841

(b)

Vitrolife

AB

1,542

855,500

(a),(c)

Viva

Biotech

Holdings

115

7,650

(a)

Voronoi,

Inc

320

32,728

Walvax

Biotechnology

Co

Ltd

108

5,287

(a)

Waters

Corp

1,741

56,568

West

Pharmaceutical

Services,

Inc

19,919

2,754,404

(b)

Winteam

Pharmaceutical

Group

Ltd

1,386

49,033

(a)

Wockhardt

Ltd

250

65,458

WuXi

AppTec

Co

Ltd

-

A

672

604,437

(b),(c)

WuXi

AppTec

Co

Ltd

-

H

6,158

3,617,500

(a),(c)

Wuxi

Biologics

Cayman,

Inc

13,682

234,400

(a),(c)

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

285

248,570

(a),(b)

Y-mAbs

Therapeutics,

Inc

1,695

23,236

(a)

Yuhan

Corp

1,239

127,000

YungShin

Global

Holding

Corp

192

54,107

Yunnan

Baiyao

Group

Co

Ltd

375

794,600

(a)

Zai

Lab

Ltd

2,151

80,000

(a),(b)

Zai

Lab

Ltd

(ADR)

2,186

420,752

(a)

Zealand

Pharma

AS

23,274

12,500

ZERIA

Pharmaceutical

Co

Ltd

178

15,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

529

30,058

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

62

9,200

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

31

89,099

Zhejiang

NHU

Co

Ltd

213

105

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,669,826

Zoetis,

Inc

$

329,574

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,205,689

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.4%

9,287

(c)

Aedas

Homes

SAU

187

75,800

Aeon

Mall

Co

Ltd

951

1

(a)

AFI

Properties

Ltd

0

^

5,654

Africa

Israel

Residences

Ltd

291

1,412,000

(b)

Agile

Property

Holdings

Ltd

154

52,422

(a)

Airport

City

Ltd

895

28,636

Alandalus

Property

Co

153

3,267,439

Aldar

Properties

PJSC

4,760

364,941

Aliansce

Sonae

Shopping

Centers

sa

1,983

695,250

(c)

A-Living

Smart

City

Services

Co

Ltd

319

12,174

Allreal

Holding

AG.

2,177

127,170

Alony

Hetz

Properties

&

Investments

Ltd

1,039

36,165

Altus

Group

Ltd

1,150

634,500

Amata

Corp

PCL

497

193,353

Amot

Investments

Ltd

1,042

39,272

Anant

Raj

Industries

Ltd

139

70,750

(a)

Anywhere

Real

Estate,

Inc

574

10,878,500

AP

Thailand

PCL

3,598

917,800

(b)

Aroundtown

S.A.

2,501

69,199

Arriyadh

Development

Co

388

43,011

Atrium

Ljungberg

AB

985

100,807

Aura

Investments

Ltd

285

5,794,508

Ayala

Land,

Inc

3,602

1,307

Azrieli

Group

Ltd

85

10,549,900

Bangkok

Land

PCL

219

1,748,301

Barwa

Real

Estate

Co

1,382

9,792

(a)

Big

Shopping

Centers

Ltd

1,007

5,522

Blue

Square

Real

Estate

Ltd

367

94,276

Brigade

Enterprises

Ltd

1,015

4,940,100

(a)

Bumi

Serpong

Damai

Tbk

PT

347

633,000

C&D

International

Investment

Group

Ltd

1,346

466,000

(b)

C&D

Property

Management

Group

Co

Ltd

202

34,114

CA

Immobilien

Anlagen

AG.

1,223

942,198

Capitaland

India

Trust

814

2,341,544

Capitaland

Investment

Ltd

5,598

322,543

Castellum

AB

4,580

26,400

(b)

Catena

AB

1,236

490,000

Cathay

Real

Estate

Development

Co

Ltd

290

285,927

(a)

CBRE

Group,

Inc

26,617

1,704,782

Central

Pattana

PCL

3,471

3,182,000

China

Jinmao

Holdings

Group

Ltd

306

445,227

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

599

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

374

3,226,286

China

Overseas

Land

&

Investment

Ltd

5,692

365,119

China

Overseas

Property

Holdings

Ltd

274

2,832,602

China

Resources

Land

Ltd

10,163

605,600

(c)

China

Resources

Mixc

Lifestyle

Services

Ltd

2,160

5,560,000

(b)

China

South

City

Holdings

Ltd

214

2,137,038

China

Vanke

Co

Ltd

1,978

551,219

China

Vanke

Co

Ltd

(Class

A)

814

105,000

Chong

Hong

Construction

Co

Ltd

268

41,625

(b)

Cibus

Nordic

Real

Estate

AB

552

8,098,100

Ciputra

Development

Tbk

PT

615

1,963,107

City

Developments

Ltd

9,884

60,714

(b)

Citycon

Oyj

349

1,596,317

CK

Asset

Holdings

Ltd

8,012

33,710

(b)

Colliers

International

Group,

Inc

4,264

1,385,515

Commercial

Real

Estate

Co

KSC

460

CREF

Stock

Account

December

31,

2023

106

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

436,100

(a)

Compass,

Inc

$

1,640

516,627

(b)

Corem

Property

Group

AB

545

682,400

(b)

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

2,710

11,042,898

(b)

Country

Garden

Holdings

Co

Ltd

1,105

1,940,400

(b)

Country

Garden

Services

Holdings

Co

Ltd

1,680

54,614

Daito

Trust

Construction

Co

Ltd

6,321

483,900

Daiwa

House

Industry

Co

Ltd

14,628

212,232

(a)

Dar

Al

Arkan

Real

Estate

Development

Co

787

310,000

Delpha

Construction

Co

Ltd

362

922,284

(a)

Deyaar

Development

PJSC

173

717,860

DigitalBridge

Group,

Inc

12,591

64,204

Dios

Fastigheter

AB

551

544,018

DLF

Ltd

4,744

282,400

Douglas

Elliman,

Inc

833

19,424

(b)

DREAM

Unlimited

Corp

332

164,000

(a)

Eco

World

Development

Group

BHD

37

17,877

Electra

Real

Estate

Ltd

202

308,269

(a)

Emaar

Economic

City

651

5,706,519

Emaar

Properties

PJSC

12,306

54,443

(c)

Entra

ASA

618

1,789,300

(c)

ESR

Group

Ltd

2,475

115,500

(b)

eXp

World

Holdings,

Inc

1,793

190,625

(b)

Fabege

AB

2,048

1,413,995

Far

East

Consortium

252

173,000

Farglory

Land

Development

Co

Ltd

320

818,688

(a),(b)

Fastighets

AB

Balder

5,806

26,612

FirstService

Corp

4,311

304,250

(a)

Forestar

Group,

Inc

10,062

654,229

(a)

Fortress

REIT

Ltd

254

1,069,747

(a)

Fortress

REIT

Ltd

(Class

A)

803

64,827

Gazit

Globe

Ltd

213

265,664

Gemdale

Corp

163

6,236,000

(b)

Gemdale

Properties

&

Investment

Corp

Ltd

224

102,517

(a)

Godrej

Properties

Ltd

2,478

7,880

Goldcrest

Co

Ltd

123

547,680

Grainger

plc

1,846

66,306

Grand

City

Properties

S.A.

744

230,500

Greenland

Holdings

Corp

Ltd

75

1,010,822

Greentown

China

Holdings

Ltd

1,031

1,186,000

Greentown

Service

Group

Co

Ltd

442

1,609,600

(b)

Guangzhou

R&F

Properties

Co

Ltd

235

577,100

(a)

Hainan

Airport

Infrastructure

Co

Ltd

301

637,442

Hang

Lung

Group

Ltd

869

6,142,318

Hang

Lung

Properties

Ltd

8,540

94,800

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

97

16,315,400

(a),(d)

Hanson

International

Tbk

PT

0

^

24,822

Heiwa

Real

Estate

Co

Ltd

662

368,201

Heliopolis

Housing

123

1,280,899

Henderson

Land

Development

Co

Ltd

3,944

982,271

Highwealth

Construction

Corp

1,283

280,100

Hong

Fok

Corp

Ltd

193

1,068,045

Hongkong

Land

Holdings

Ltd

3,715

1,434,345

Hopson

Development

Holdings

Ltd

746

25,497

(a)

Howard

Hughes

Holdings,

Inc

2,181

178,000

Huaku

Development

Co

Ltd

559

88,186

Hufvudstaden

AB

(Series

A)

1,241

916,900

(b)

Hulic

Co

Ltd

9,578

461,696

Hysan

Development

Co

Ltd

917

181,125

Ichigo

Holdings

Co

Ltd

433

185,500

Iguatemi

S.A.

926

23,975

(a)

IMMOFINANZ

AG.

557

411,512

(a)

Indiabulls

Real

Estate

Ltd

431

107

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

847

Intershop

Holding

AG.

$

620

1,332,500

IOI

Properties

Group

Bhd

507

128,855

Israel

Canada

T.R

Ltd

385

1,424

Isras

Investment

Co

Ltd

295

65,000

I-Sunny

Construction

&

Development

Co

Ltd

183

608,839

(a)

IWG

plc

1,469

290,300

JHSF

Participacoes

S.A.

330

1,596,750

(a),(d)

Jiangsu

Future

Land

Co

Ltd

16

164,500

Jinke

Smart

Services

Group

Co

Ltd

233

26,377

(a)

Jones

Lang

LaSalle,

Inc

4,982

41,152

Katitas

Co

Ltd

638

553,648

KE

Holdings,

Inc

(ADR)

8,975

20,900

Keihanshin

Building

Co

Ltd

210

453,000

Kerry

Properties

Ltd

829

269,000

Kindom

Development

Co

Ltd

340

95,065

Kojamo

Oyj

1,248

587,761

Kuwait

Real

Estate

Co

KSC

392

45,169

(a)

Lamda

Development

S.A.

337

7,006,477

Land

and

Houses

PCL

1,672

7,158

LEG

Immobilien

SE

626

494,582

Lend

Lease

Corp

Ltd

2,518

135,443

(a)

Leopalace21

Corp

410

67,674

Lifestyle

Communities

Ltd

840

35,003,300

(a)

Lippo

Karawaci

Tbk

PT

220

41,100

LOG

Commercial

Properties

e

Participacoes

S.A.

192

1,743,593

(c)

Longfor

Group

Holdings

Ltd

2,798

560,000

(a),(b)

LVGEM

China

Real

Estate

Investment

Co

Ltd

56

579,299

Mabanee

Co

SAK

1,589

210,939

(c)

Macrotech

Developers

Ltd

2,591

63,301

Mahindra

Lifespace

Developers

Ltd

413

35,779

(a),(b),(d)

Mapeley

Ltd

0

^

790,500

Matrix

Concepts

Holdings

Bhd

284

833,100

MBK

PCL

385

17,336

Mega

Or

Holdings

Ltd

404

8,221,000

Megaworld

Corp

292

20,530

Melisron

Ltd

1,591

222,800

(c)

Midea

Real

Estate

Holding

Ltd

153

1,035,818

Mitsubishi

Estate

Co

Ltd

14,199

738,133

Mitsui

Fudosan

Co

Ltd

18,047

505,890

Mivne

Real

Estate

KD

Ltd

1,505

5,815

Mobimo

Holding

AG.

1,803

3,367

(b)

Morguard

Corp

269

241,300

Multiplan

Empreendimentos

Imobiliarios

S.A.

1,407

1,119,155

(a)

National

Real

Estate

Co

KPSC

241

417,498

NEPI

Rockcastle

NV

2,884

21,640

NESCO

Ltd

230

1,358,688

(b)

New

World

Development

Co

Ltd

2,107

600,390

Newmark

Group,

Inc

6,580

32,731

(b)

Nexity

610

89,800

Nomura

Real

Estate

Holdings,

Inc

2,356

18,947

NP3

Fastigheter

AB

437

108,480

(b)

Nyfosa

AB

1,032

1,654,350

(a)

Opendoor

Technologies,

Inc

7,411

735,700

Origin

Property

PCL

182

12,089,800

Pakuwon

Jati

Tbk

PT

356

75,722

Pandox

AB

1,132

455,296

Parque

Arauco

S.A.

734

41,309

Patrizia

Immobilien

AG.

373

99,438

(a)

PEXA

Group

Ltd

751

80,558

Phoenix

Mills

Ltd

2,172

50,802

Platzer

Fastigheter

Holding

AB

423

346,146

(a)

Plaza

S.A.

489

CREF

Stock

Account

December

31,

2023

108

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

682,062

Poly

Developments

and

Holdings

Group

Co

Ltd

$

953

1,773,000

Poly

Property

Group

Co

Ltd

361

1,453,000

(b)

Powerlong

Real

Estate

Holdings

Ltd

136

4,327

Prashkovsky

Investments

and

Construction

Ltd

100

114,635

Prestige

Estates

Projects

Ltd

1,623

1,075,000

Prince

Housing

&

Development

Corp

389

789,100

Pruksa

Holding

PCL

280

40,228

PSP

Swiss

Property

AG.

5,624

3,907,900

Quality

Houses

PCL

256

733,000

(b)

Radiance

Holdings

Group

Co

Ltd

355

525,594

(a)

RAK

Properties

PJSC

167

1,040,000

(a),(b),(c),(d)

Redco

Properties

Group

Ltd

89

86,228

Relo

Group,

Inc

1,037

83,661

Retal

Urban

Development

Co

189

156,089

RMR

Group,

Inc

4,406

1,523,900

Robinsons

Land

Corp

439

1,234,755

Ruentex

Development

Co

Ltd

1,516

204,019

Sagax

AB

5,616

156,245

Sakura

Development

Co

Ltd

246

325,291

Salhia

Real

Estate

Co

KSCP

454

22,030

SAMTY

Co

Ltd

380

11,623,600

Sansiri

PCL

602

94,473

(a)

Saudi

Real

Estate

Co

403

729,579

Savills

plc

9,011

1,272,000

SC

Asset

Corp

PCL

122

1,898,000

Seazen

Group

Ltd

309

116,323

Seazen

Holdings

Co

Ltd

187

293,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

238

52,137

Shanghai

Lingang

Holdings

Corp

Ltd

74

41,800

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

114

2,584,000

Shenzhen

Investment

Ltd

381

463,572

Shenzhen

Overseas

Chinese

Town

Co

Ltd

204

1,155,000

(a),(b),(c)

Shimao

Services

Holdings

Ltd

176

1,874,000

Shoucheng

Holdings

Ltd

377

3,562,500

Shui

On

Land

Ltd

329

917,469

(a)

Shun

TAK

Holdings

Ltd

119

22,584

Shurgard

Self

Storage

Ltd

1,119

2,618,600

Sime

Darby

Property

Bhd

356

3,009,322

Sino

Land

Co

3,273

3,154,500

(b)

Sino-Ocean

Land

Holdings

Ltd

178

236,000

Sinyi

Realty,

Inc

230

1,014,218

Sirius

Real

Estate

Ltd

1,219

3,212

SK

D&D

Co

Ltd

73

8,682,488

SM

Prime

Holdings

5,159

31,999

Sobha

Ltd

379

2,009,500

(a)

Soho

China

Ltd

193

1,318,200

SP

Setia

BHD

229

6,900

(a)

SRE

Holdings

Corp

134

21,600

Starts

Corp,

Inc

448

755,682

(b)

StorageVault

Canada,

Inc

2,983

233,405

Sumitomo

Realty

&

Development

Co

Ltd

6,917

8,935,800

Summarecon

Agung

Tbk

PT

334

30,868

Summit

Real

Estate

Holdings

Ltd

463

15,347

Sumou

Real

Estate

Co

173

18,780

Sun

Frontier

Fudousan

Co

Ltd

217

1,274,908

Sun

Hung

Kai

Properties

Ltd

13,796

1,022,000

(b),(c)

Sunac

Services

Holdings

Ltd

245

58,429

Sunteck

Realty

Ltd

313

1,044,600

Supalai

PCL

569

353,424

Swire

Pacific

Ltd

(Class

A)

2,993

957,526

Swire

Properties

Ltd

1,938

83,532

Swiss

Prime

Site

AG.

8,925

109

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

136,324

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

$

1,982

816,010

Talaat

Moustafa

Group

629

14,271

(a)

TKP

Corp

182

236,493

Tokyo

Tatemono

Co

Ltd

3,531

497,700

Tokyu

Fudosan

Holdings

Corp

3,172

20,443

Tosei

Corp

289

210,229

(b)

Tricon

Residential,

Inc

1,913

735,600

UEM

Sunrise

Bhd

130

1,414,986

United

Development

Co

QSC

403

375,709

UOL

Group

Ltd

1,785

10,406

VGP

NV

1,206

3,254

VIB

Vermoegen

AG.

50

372,507

Vonovia

SE

11,705

294,053

Wallenstam

AB

1,595

6,704,900

WHA

Corp

PCL

1,040

162,000

Wharf

Holdings

Ltd

522

1,448,756

Wharf

Real

Estate

Investment

Co

Ltd

4,897

218,840

Wihlborgs

Fastigheter

AB

2,048

580,642

Yanlord

Land

Group

Ltd

255

6,217

YH

Dimri

Construction

&

Development

Ltd

444

155,400

Youngor

Group

Co

Ltd

143

1,548,652

Yuexiu

Property

Co

Ltd

1,263

455,000

Yuexiu

Services

Group

Ltd

150

138,699

(a)

Zillow

Group,

Inc

(Class

A)

7,867

116,422

(a)

Zillow

Group,

Inc

(Class

C)

6,736

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

511,065

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

7.3%

4,866

3peak,

Inc

100

13,174

ACM

Research

Shanghai,

Inc

194

14,910

(a)

ACM

Research,

Inc

291

217,080

ADATA

Technology

Co

Ltd

727

1,953,772

(a)

Advanced

Micro

Devices,

Inc

288,006

32,025

Advanced

Micro-Fabrication

Equipment,

Inc

China

693

115,000

Advanced

Wireless

Semiconductor

Co

490

3,208,100

Advantest

Corp

108,099

204,100

(b)

AEM

Holdings

Ltd

534

796,093

Aixtron

AG.

33,896

64,000

Alchip

Technologies

Ltd

6,801

61,073

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS.

174

192,542

(a)

Allegro

MicroSystems,

Inc

5,828

228,186

(a)

Alphawave

IP

Group

plc

375

69,613

Amazing

Microelectronic

Corp

274

195,474

Amkor

Technology,

Inc

6,503

21,749

Amlogic

Shanghai

Co

Ltd

192

812,698

(a)

ams-OSRAM

AG.

2,049

615,234

Analog

Devices,

Inc

122,161

32,000

Andes

Technology

Corp

499

77,000

AP

Memory

Technology

Corp

1,174

1,920,509

Applied

Materials,

Inc

311,257

2,833,000

Ardentec

Corp

6,817

8,423,925

ASE

Technology

Holding

Co

Ltd

36,916

49,381

ASM

International

NV

25,702

251,400

ASM

Pacific

Technology

2,397

52,000

ASMedia

Technology,

Inc

3,065

815,967

ASML

Holding

NV

615,963

25,000

ASPEED

Technology,

Inc

2,533

20,318

(a)

ASR

Microelectronics

Co

Ltd

202

95,300

(a)

Axcelis

Technologies,

Inc

12,359

81,121

BE

Semiconductor

Industries

NV

12,247

45,231

(a)

Borosil

Renewables

Ltd

239

1,117,846

Broadcom,

Inc

1,247,796

CREF

Stock

Account

December

31,

2023

110

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

23,809

(a)

Cambricon

Technologies

Corp

Ltd

$

452

24,096

(a)

Camtek

Ltd

1,685

359,500

Chang

Wah

Technology

Co

Ltd

391

11,538

(a),(d)

China

Energy

Savings

Technology,

Inc

0

^

66,316

China

Resources

Microelectronics

Ltd

418

479,000

Chipbond

Technology

Corp

1,128

2,810,000

ChipMOS

Technologies,

Inc

3,863

41,849

(a)

Cirrus

Logic,

Inc

3,481

30,790

(a)

Cohu,

Inc

1,090

815,780

(a)

Credo

Technology

Group

Holding

Ltd

15,883

429,500

(a)

D&O

Green

Technologies

Bhd

338

51,800

(a)

Daqo

New

Energy

Corp

(ADR)

1,378

27,533

(a)

DB

HiTek

Co

Ltd

1,246

193,900

Disco

Corp

47,887

10,272

(a)

Duk

San

Neolux

Co

Ltd

354

230,000

Elan

Microelectronics

Corp

1,216

223,000

Elite

Semiconductor

Microelectronics

Technology,

Inc

711

29,050

Elmos

Semiconductor

SE

2,375

55,000

eMemory

Technology,

Inc

4,373

514,000

(a)

Ennostar,

Inc

774

99,975

(a)

Enphase

Energy,

Inc

13,211

111,553

Entegris,

Inc

13,366

7,188

(a)

Eo

Technics

Co

Ltd

848

194,595

Episil

Technologies,

Inc

456

37,860

Episil-Precision,

Inc

76

203,967

Etron

Technology,

Inc

358

12,098

(a)

Eugene

Technology

Co

Ltd

381

272,000

Everlight

Electronics

Co

Ltd

443

7,228

(a)

Fadu,

Inc

131

179,000

Faraday

Technology

Corp

2,074

39,333

Ferrotec

Holdings

Corp

738

79,938

(a)

First

Solar,

Inc

13,772

69,550

Fitipower

Integrated

Technology,

Inc

582

395,000

(b)

Flat

Glass

Group

Co

Ltd

667

83,700

Flat

Glass

Group

Co

Ltd

315

159,000

FocalTech

Systems

Co

Ltd

582

56,184

(a)

Formfactor,

Inc

2,343

762,000

Formosa

Advanced

Technologies

Co

Ltd

968

62,200

Formosa

Sumco

Technology

Corp

341

50,000

Foxsemicon

Integrated

Technology,

Inc

342

64,328

GalaxyCore,

Inc

186

8,573,000

GCL

Technology

Holdings

Ltd

1,361

22,612

(a)

GemVax

&

Kael

Co

Ltd

233

39,506

GigaDevice

Semiconductor,

Inc

514

2,024

(a)

GigaVis

Co

Ltd

115

46,000

Global

Mixed

Mode

Technology,

Inc

395

74,000

Global

Unichip

Corp

4,183

58,583

(a),(b)

GLOBALFOUNDRIES,

Inc

3,550

234,988

Globalwafers

Co

Ltd

4,485

1,050,900

(a)

Greatech

Technology

Bhd

1,096

1,604,000

Greatek

Electronics,

Inc

3,196

52,457

Gudeng

Precision

Industrial

Co

Ltd

632

10,231

(a)

HAESUNG

DS

Co

Ltd

437

6,608

Hana

Materials,

Inc

256

29,820

Hana

Micron,

Inc

669

26,600

Hangzhou

Chang

Chuan

Technology

Co

Ltd

142

69,900

Hangzhou

First

Applied

Material

Co

Ltd

239

36,100

Hangzhou

Lion

Electronics

Co

Ltd

139

68,644

Hangzhou

Silan

Microelectronics

Co

Ltd

221

39,025

(a)

Hanmi

Semiconductor

Co

Ltd

1,854

127,000

Holtek

Semiconductor,

Inc

276

28,031

Hoyuan

Green

Energy

Co

Ltd

131

111

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

28,309

HPSP

Co

Ltd

$

956

515,531

(a),(b),(c)

Hua

Hong

Semiconductor

Ltd

1,246

7,892

Hwatsing

Technology

Co

Ltd

209

101,562

Hygon

Information

Technology

Co

Ltd

1,015

972,950

Hynix

Semiconductor,

Inc

106,186

389,826

(a)

Ichor

Holdings

Ltd

13,110

2,105,100

Inari

Amertron

Bhd

1,377

3,343,180

Infineon

Technologies

AG.

139,620

22,156

Ingenic

Semiconductor

Co

Ltd

202

12,942

Innox

Advanced

Materials

Co

Ltd

320

10,239,302

Intel

Corp

514,525

24,251

(a)

ISC

Co

Ltd

1,502

117,000

ITE

Technology,

Inc

573

178,817

JA

Solar

Technology

Co

Ltd

523

50,713

Japan

Material

Co

Ltd

900

68,097

Jentech

Precision

Industrial

Co

Ltd

1,704

19,800

Jiangsu

Pacific

Quartz

Co

Ltd

243

322,289

Jinko

Solar

Co

Ltd

402

32,900

(b)

JinkoSolar

Holding

Co

Ltd

(ADR)

1,215

26,621

(a)

Jusung

Engineering

Co

Ltd

701

3,829,000

King

Yuan

Electronics

Co

Ltd

10,569

244,000

Kinsus

Interconnect

Technology

Corp

791

103,182

KLA

Corp

59,980

163,807

(a)

Koh

Young

Technology,

Inc

2,097

104,500

(a)

Kokusai

Electric

Corp

2,272

57,817

KoMiCo

Ltd

2,883

130,696

Kulicke

&

Soffa

Industries,

Inc

7,152

415,236

Lam

Research

Corp

325,238

65,000

LandMark

Optoelectronics

Corp

224

13,800

Lasertec

Corp

3,623

150,013

(a)

Lattice

Semiconductor

Corp

10,349

7,866

(a)

LEENO

Industrial,

Inc

1,231

421,068

LONGi

Green

Energy

Technology

Co

Ltd

1,359

9,771

(a)

LX

Semicon

Co

Ltd

656

15,700

M31

Technology

Corp

540

1

(a)

MACOM

Technology

Solutions

Holdings,

Inc

0

^

1,528,000

Macronix

International

1,559

67,800

Malaysian

Pacific

Industries

Bhd

416

62,000

Marketech

International

Corp

283

621,013

Marvell

Technology,

Inc

37,453

25,963

(a),(b)

Maxeon

Solar

Technologies

Ltd

186

306,579

(a)

MaxLinear,

Inc

7,287

3,507,520

MediaTek,

Inc

115,818

10,689

(a),(b)

Megachips

Corp

354

16,131

Melexis

NV

1,626

2,711,353

(a),(b)

Meyer

Burger

Technology

AG.

632

403,859

Microchip

Technology,

Inc

36,420

1,435,639

Micron

Technology,

Inc

122,517

23,800

Micronics

Japan

Co

Ltd

617

167,891

Mimasu

Semiconductor

Industry

Co

Ltd

3,797

16,606

Mitsui

High-Tec,

Inc

864

25,288

MKS

Instruments,

Inc

2,601

50,707

Monolithic

Power

Systems,

Inc

31,985

62,605

Montage

Technology

Co

Ltd

518

59,000

MPI

Corp

417

1,087,075

Nanya

Technology

Corp

2,759

68,815

(a)

National

Silicon

Industry

Group

Co

Ltd

168

28,114

NAURA

Technology

Group

Co

Ltd

973

526,020

(a)

Navitas

Semiconductor

Corp

4,245

44,344

(a)

NEXTIN,

Inc

2,377

133,062

(a)

Nordic

Semiconductor

ASA

1,646

74,574

(a)

Nova

Measuring

Instruments

Ltd

10,294

CREF

Stock

Account

December

31,

2023

112

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

497,758

Novatek

Microelectronics

Corp

Ltd

$

8,372

177,000

Nuvoton

Technology

Corp

817

3,924,659

Nvidia

Corp

1,943,570

216,031

NXP

Semiconductors

NV

49,618

324,108

(a)

ON

Semiconductor

Corp

27,073

132,694

(a)

Onto

Innovation,

Inc

20,289

242,552

Optorun

Co

Ltd

2,797

301,000

Orient

Semiconductor

Electronics

Ltd

533

289,000

Pan

Jit

International,

Inc

632

64,000

Parade

Technologies

Ltd

2,495

158,230

(a)

PDF

Solutions,

Inc

5,085

130,000

Phison

Electronics

Corp

2,197

376,480

(a)

Photronics,

Inc

11,810

10,081

Piotech,

Inc

329

101,000

Pixart

Imaging,

Inc

506

2,508,000

Powerchip

Semiconductor

Manufacturing

Corp

2,403

667,000

Powertech

Technology,

Inc

3,062

2,592

(a)

Protec

Co

Ltd

91

16,595

PSK,

Inc

270

75,752

(a)

PVA

TePla

AG.

1,703

36,902

(a)

Qorvo,

Inc

4,156

987,386

QUALCOMM,

Inc

142,806

350,000

Radiant

Opto-Electronics

Corp

1,516

170,459

(a)

Rambus,

Inc

11,634

45,000

Raydium

Semiconductor

Corp

586

418,261

Realtek

Semiconductor

Corp

6,414

229,382

(a)

REC

Silicon

ASA

316

1,545,400

(a)

Renesas

Electronics

Corp

27,633

61,311

RichWave

Technology

Corp

367

66,000

Risen

Energy

Co

Ltd

164

14,000

Rockchip

Electronics

Co

Ltd

125

977,100

Rohm

Co

Ltd

18,654

8,207

Rorze

Corp

874

387,600

(b)

RS

Technologies

Co

Ltd

8,186

13,825

S&S

Tech

Corp

484

268,500

Sanan

Optoelectronics

Co

Ltd

524

19,513

Sanken

Electric

Co

Ltd

1,070

182,838

(b)

SCREEN

Holdings

Co

Ltd

15,412

89,000

SDI

Corp

328

902,962

(a)

Semtech

Corp

19,784

32,687

(a)

Seoul

Semiconductor

Co

Ltd

257

59,406

(a)

SFA

Semicon

Co

Ltd

276

17,344

SG

Micro

Corp

218

94,920

Shanghai

Aiko

Solar

Energy

Co

Ltd

236

29,410

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

160

29,200

Shenzhen

Goodix

Technology

Co

Ltd

284

18,721

Shenzhen

SC

New

Energy

Technology

Corp

195

8,400

(a)

Shibaura

Mechatronics

Corp

352

54,900

Shinko

Electric

Industries

2,125

119,613

(a)

Shinsung

Holdings

Co

Ltd

189

2,901,000

Sigurd

Microelectronics

Corp

6,153

2,900,512

Silergy

Corp

47,078

147,917

(a),(b)

Silex

Systems

Ltd

438

448,000

Silicon

Integrated

Systems

Corp

664

80,748

(a)

Silicon

Laboratories,

Inc

10,681

14,833

Siltronic

AG.

1,448

19,427

SIMMTECH

Co

Ltd

577

404,000

Sino-American

Silicon

Products,

Inc

2,575

95,000

Sitronix

Technology

Corp

859

39,931

(a)

SK

Square

Co

Ltd

1,623

47,960

(a),(b)

SkyWater

Technology,

Inc

461

58,326

Skyworks

Solutions,

Inc

6,557

113

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,010

(a)

SMA

Solar

Technology

AG.

$

871

235,292

(a)

SMART

Global

Holdings,

Inc

4,454

166,210

(a)

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS.

312

215,500

Socionext,

Inc

3,896

20,443

(a)

SOITEC

3,658

5,700

StarPower

Semiconductor

Ltd

145

718,553

STMicroelectronics

NV

36,042

14,753

SUESS

MicroTec

SE

450

5,498,442

Sumco

Corp

82,252

402,000

Sunplus

Technology

Co

Ltd

449

14,090

(a)

Synaptics,

Inc

1,607

138,000

Taiwan

Mask

Corp

319

204,000

Taiwan

Semiconductor

Co

Ltd

607

43,051,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

825,357

1,350,067

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

140,407

203,000

Taiwan

Surface

Mounting

Technology

Corp

634

270,000

Taiwan-Asia

Semiconductor

Corp

414

211,781

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

467

221,578

(a),(b)

Technoprobe

S.p.A

2,118

504,517

Teradyne,

Inc

54,750

54,773

(a)

Tesna

Co

Ltd

2,476

1,449,765

Texas

Instruments,

Inc

247,127

219,561

Tianshui

Huatian

Technology

Co

Ltd

264

4,237

(a)

Tokai

Carbon

Korea

Co

Ltd

365

482,600

Tokyo

Electron

Ltd

85,777

32,100

Tokyo

Seimitsu

Co

Ltd

1,969

82,448

TongFu

Microelectronics

Co

Ltd

268

261,039

Tongwei

Co

Ltd

921

128,611

Topco

Scientific

Co

Ltd

764

14,900

(a)

Towa

Corp

750

88,515

(a)

Tower

Semiconductor

Ltd

(Tel

Aviv)

2,702

22,800

(b)

Tri

Chemical

Laboratories,

Inc

581

113,597

Trina

Solar

Co

Ltd

457

1,746,000

(a),(d)

Trony

Solar

Holdings

Co

Ltd

2

3,586

(a)

TSE

Co

Ltd

137

437,946

TSEC

Corp

418

5,592

(b)

u-blox

Holding

AG.

665

37,344

Ulvac,

Inc

1,779

3,279,200

UMS

Holdings

Ltd

3,325

46,068

Unigroup

Guoxin

Microelectronics

Co

Ltd

438

341,600

Unisem

M

Bhd

246

9,771,071

United

Microelectronics

Corp

16,648

1,224,000

United

Renewable

Energy

Co

Ltd/Taiwan

586

17,467

Universal

Display

Corp

3,341

34,000

UPI

Semiconductor

Corp

347

752,744

Vanguard

International

Semiconductor

Corp

1,995

330,906

(a)

Veeco

Instruments,

Inc

10,268

28,283

(a)

Verisilicon

Microelectronics

Shanghai

Co

Ltd

199

144,000

Via

Technologies,

Inc

732

88,000

VisEra

Technologies

Co

Ltd

791

122,000

Visual

Photonics

Epitaxy

Co

Ltd

637

504,800

ViTrox

Corp

Bhd

801

449,000

Wafer

Works

Corp

633

155,897

(a),(b)

Weebit

Nano

Ltd

453

60,084

Will

Semiconductor

Co

Ltd

904

4,671,727

Win

Semiconductors

Corp

24,138

2,654,570

Winbond

Electronics

Corp

2,627

21,000

WinWay

Technology

Co

Ltd

572

93,760

(a),(b)

Wolfspeed,

Inc

4,079

216,559

(a)

WONIK

IPS

Co

Ltd

5,677

12,602

(a)

Wonik

QnC

Corp

279

8,060

Wuxi

Autowell

Technology

Co

Ltd

103

CREF

Stock

Account

December

31,

2023

114

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

93,166

(a),(c)

X-Fab

Silicon

Foundries

SE

$

1,047

50,385

(a),(c)

X-Fab

Silicon

Foundries

SE

567

81,263

Xinjiang

Daqo

New

Energy

Co

Ltd

339

703,000

XinTec,

Inc

2,914

2,031,214

Xinyi

Solar

Holdings

Ltd

1,188

7,400

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

38

58,606

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

364

24,000

ZillTek

Technology

Corp

355

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

8,646,558

SOFTWARE

&

SERVICES

-

9.3%

83,400

(a),(b)

21Vianet

Group,

Inc

(ADR)

239

184,587

360

Security

Technology,

Inc

234

1,033,686

(b)

Accenture

plc

362,731

152,510

(a)

ACI

Worldwide,

Inc

4,667

2,913

Adesso

SE

345

518,733

(a)

Adobe,

Inc

309,476

4,400

(a)

Ahnlab,

Inc

235

63,177

(a)

Akamai

Technologies,

Inc

7,477

12,462

Al

Moammar

Information

Systems

Co

442

51,890

(a)

Alarm.com

Holdings,

Inc

3,353

23,653

Alten

3,524

102,421

(a)

Alteryx,

Inc

4,830

502,488

Altium

Ltd

16,018

166,942

Amdocs

Ltd

14,673

87,690

(a)

Appfolio,

Inc

15,191

53,100

(a)

Appier

Group,

Inc

693

307,454

(a)

AppLovin

Corp

12,252

20,041

Arabian

Internet

&

Communications

Services

Co

1,849

46,100

Argo

Graphics,

Inc

1,195

286,210

(a),(b)

Asana,

Inc

5,441

140,800

(c)

AsiaInfo

Technologies

Ltd

155

131,940

Asseco

Poland

S.A.

2,451

64,044

Atea

ASA

814

606,656

(a)

Atlassian

Corp

Ltd

144,299

92,465

(b)

Atos

Origin

S.A.

722

3,257

Atoss

Software

AG.

751

5,789

Aubay

267

5,300

Base

Co

Ltd

138

3,775,300

(a),(b)

BASE,

Inc

6,519

210,119

Bechtle

AG.

10,524

45,500

Beijing

E-Hualu

Information

Technology

Co

Ltd

202

24,645

Beijing

Kingsoft

Office

Software,

Inc

1,098

67,932

Beijing

Shiji

Information

Technology

Co

Ltd

93

146,359

Bentley

Systems,

Inc

7,637

77,347

(a)

BILL

Holdings,

Inc

6,311

133,351

Birlasoft

Ltd

1,154

21,545

(a)

Blackbaud,

Inc

1,868

441,113

(a)

BlackBerry

Ltd

1,565

132,910

(a)

Braze,

Inc

7,062

74,426

(a)

Brightcove,

Inc

193

782,183

Bytes

Technology

Group

plc

6,091

53,071

(a)

Cadence

Design

Systems,

Inc

14,455

30,180

CANCOM

SE

985

164,628

Cap

Gemini

S.A.

34,406

9,668

cBrain

A.S.

385

153,287

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

1,746

15,363

CE

Info

Systems

Ltd

359

40,664

(a),(b)

Cellebrite

DI

Ltd

352

50,090

(a)

Ceridian

HCM

Holding,

Inc

3,362

137,340

(a)

CGI,

Inc

14,713

36,500

Change

Holdings,

Inc

366

115

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

299,700

(a),(b)

Chatwork

Co

Ltd

$

1,150

167,893

(a)

Check

Point

Software

Technologies

25,652

2,314,000

Chinasoft

International

Ltd

1,776

754,600

(a)

Cleanspark,

Inc

8,323

487,611

Clear

Secure,

Inc

10,069

209,701

(a)

Cloudflare,

Inc

17,460

46,999

Coforge

Ltd

3,540

171,287

Cognizant

Technology

Solutions

Corp

(Class

A)

12,937

396,711

(a)

Commvault

Systems,

Inc

31,677

65,121

Computacenter

plc

2,314

108,588

Comture

Corp

1,420

140,288

(a)

Confluent,

Inc

3,283

13,186

Constellation

Software,

Inc

32,693

1,568,580

(b)

Converge

Technology

Solutions

Corp

4,901

17,815

(a)

Coveo

Solutions,

Inc

129

50,987

(a),(c)

Crayon

Group

Holding

ASA

424

249,122

(a)

Crowdstrike

Holdings,

Inc

63,606

90,540

(a)

CyberArk

Software

Ltd

19,833

23,700

(b)

Cybozu,

Inc

365

68,430

Cyient

Ltd

1,885

5,083,774

(a)

Darktrace

plc

23,716

703,879

Dassault

Systemes

SE

34,453

110,640

Data#3

Ltd

636

641,539

(a)

Datadog,

Inc

77,870

7,473

Datagroup

SE

474

52,679

(a)

Dear

U

Co

Ltd

1,307

138,639

(a)

Descartes

Systems

Group,

Inc

11,648

61,777

DHC

Software

Co

Ltd

54

105,800

Digital

Arts,

Inc

3,842

2,721,000

Digital

China

Holdings

Ltd

809

26,013

Digital

Garage,

Inc

675

2,348

(b)

Digital

Value

S.p.A

160

13,905

(a)

Docebo,

Inc

672

22,426

Dolby

Laboratories,

Inc

(Class

A)

1,933

370,440

(a)

Domo,

Inc

3,812

13,434

(a)

Douzone

Bizon

Co

Ltd

301

193,876

(a)

Dropbox,

Inc

5,715

31,000

DTS

Corp

773

173,155

(b)

Dye

&

Durham

Ltd

1,877

271,751

(a)

Dynatrace,

Inc

14,862

127,009

(a)

Elastic

NV

14,314

20,937

Elm

Co

4,548

17,700

Empyrean

Technology

Co

Ltd

264

5,621

(a)

EMRO,

Inc

300

507,283

(a)

EngageSmart,

Inc

11,617

36,496

Enghouse

Systems

Ltd

967

207,525

(a)

EPAM

Systems,

Inc

61,705

4,709

Esker

S.A.

831

293,250

(a)

Everbridge,

Inc

7,129

7,034

(a),(b)

Exclusive

Networks

S.A.

151

18,388

(a)

Fair

Isaac

Corp

21,404

21,006

(a)

FD

Technologies

plc

308

64,104

FDM

Group

Holdings

plc

375

621,127

(a)

Five9,

Inc

48,876

20,443

Formula

Systems

1985

Ltd

1,312

237,003

(a)

Fortinet,

Inc

13,872

1,520,684

Fortnox

AB

9,098

93,200

(a),(b)

Freee

KK

2,011

394,280

(a)

Freshworks,

Inc

9,262

41,768

(b)

FUJI

SOFT,

Inc

1,747

220,800

Fujitsu

Ltd

33,229

10,227

Fukui

Computer

Holdings,

Inc

182

CREF

Stock

Account

December

31,

2023

116

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,100

Future

Architect,

Inc

$

726

41,983

(a)

Gartner,

Inc

18,939

197,603

GB

Group

plc

690

845,824

(a),(b)

GDS

Holdings

Ltd

957

57,800

(a),(b)

GDS

Holdings

Ltd

(ADR)

527

3,565,179

Gen

Digital,

Inc

81,357

12,591

GFT

Technologies

SE

433

65,873

(a)

Gitlab,

Inc

4,147

77,537

(c)

Global

Dominion

Access

S.A.

288

35,727

(a)

Globant

S.A.

8,502

53,770

GMO

internet,

Inc

975

110,244

(a)

GoDaddy,

Inc

11,704

143,517

Hansen

Technologies

Ltd

498

52,456

Happiest

Minds

Technologies

Ltd

564

73,714

(a)

HashiCorp,

Inc

1,743

812,062

HCL

Technologies

Ltd

14,291

13,613

Hinduja

Global

Solutions

Ltd

162

54,052

Hundsun

Technologies,

Inc

219

36,973

(a),(b)

Hut

8

Corp

493

58,583

Iflytek

Co

Ltd

383

4,600

(a)

I'll,

Inc

104

102,494

Indra

Sistemas

S.A.

1,587

281,000

INESA

Intelligent

Tech,

Inc

146

32,373

(a)

Informatica,

Inc

919

22,548

(b)

Information

Services

International-Dentsu

Ltd

932

2,846,942

Infosys

Technologies

Ltd

52,698

189,190

(a)

Intapp,

Inc

7,193

67,768

Intellect

Design

Arena

Ltd

681

660,565

International

Business

Machines

Corp

108,035

481,221

Intuit,

Inc

300,778

61,368

(a)

Ionos

SE

1,183

823,955

Iress

Market

Technology

Ltd

4,568

56,550

(a)

Isoftstone

Information

Technology

Group

Co

Ltd

368

621,857

Justsystems

Corp

14,403

69,570

Kainos

Group

plc

992

583,400

(a),(f)

Kaonavi,

Inc

9,287

818,779

Keywords

Studios

plc

17,346

150,678

(a)

Kinaxis,

Inc

16,911

2,383,495

(a)

Kingdee

International

Software

Group

Co

Ltd

3,479

83,200

(a),(b)

Kingsoft

Cloud

Holdings

Ltd

(ADR)

315

78,082

(a)

Klaviyo,

Inc

2,169

30,118

Kontron

AG.

715

452,451

KPIT

Technologies

Ltd

8,222

389,991

(a)

Kyndryl

Holdings,

Inc

8,104

1,226,158

(a)

Lightspeed

Commerce,

Inc

25,744

779,000

(b),(c)

Linklogis,

Inc

158

46,242

LiveChat

Software

S.A.

1,361

300,460

(a)

LiveRamp

Holdings,

Inc

11,381

25,933,000

(c)

Locaweb

Servicos

de

Internet

S.A.

32,116

466,645

(c)

LTIMindtree

Ltd

35,262

53,463

Magic

Software

Enterprises

Ltd

514

21,360

(a)

Manhattan

Associates,

Inc

4,599

200,800

(a),(b)

Marathon

Digital

Holdings,

Inc

4,717

14,076

Mastek

Ltd

476

25,835

Matrix

IT

Ltd

487

593,010

(a)

Matterport,

Inc

1,595

207,791

(a),(b)

Megaport

Ltd

1,299

196,651

(a)

MIA

Teknoloji

AS.

241

13,531,577

Microsoft

Corp

5,088,414

671,000

(b)

Ming

Yuan

Cloud

Group

Holdings

Ltd

248

35,167

Mitsubishi

Research

Institute,

Inc

1,153

23,456

(a)

Monday.com

Ltd

4,405

117

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

36,488

(a)

Money

Forward,

Inc

$

1,114

22,750

(a)

MongoDB,

Inc

9,301

63,243

Mphasis

Ltd

2,080

6,371

(a)

Nagarro

SE

614

852,000

(a),(b),(d)

National

Agricultural

Holdings

Ltd

1

21,067

NavInfo

Co

Ltd

26

207,027

NCC

Group

plc

340

40,659

(a)

nCino

OpCo,

Inc

1,367

96,415

(a)

NCR

Corp

1,630

198,400

NEC

Corp

11,723

54,443

NEC

Networks

&

System

Integration

Corp

917

61,236

Nemetschek

SE

5,287

311,206

NET

One

Systems

Co

Ltd

5,299

34,446

(c)

Netcompany

Group

A.S.

1,150

16,959

Newgen

Software

Technologies

Ltd

318

1,651,334

(a)

NEXTDC

Ltd

15,422

67,098

(a)

Nice

Systems

Ltd

13,344

676,384

Nihon

Unisys

Ltd

21,144

79,100

Nippon

System

Development

Co

Ltd

1,518

504,600

Nomura

Research

Institute

Ltd

14,655

11,225

(a),(b)

Northern

Data

AG.

323

170,492

NS

Solutions

Corp

5,526

514,600

NTT

Data

Corp

7,274

368,600

(a)

Nutanix,

Inc

17,579

140,600

OBIC

Business

Consultants

Ltd

6,420

12,800

Obic

Co

Ltd

2,202

25,295

Objective

Corp

Ltd

216

12,093

(a)

Oddity

Tech

Ltd

563

110,808

(a)

Okta,

Inc

10,031

255,380

(a)

Olo,

Inc

1,461

38,911

One

Software

Technologies

Ltd

497

178,082

Open

Text

Corp

(Toronto)

7,485

2,452,932

Oracle

Corp

258,613

7,100

(a)

Oracle

Corp

Japan

547

70,567

Oracle

Financial

Services

Software

Ltd

3,570

20,900

Otsuka

Corp

860

31,822

(a)

OVH

Groupe

SAS

303

2,953,254

(a),(b)

Pagaya

Technologies

Ltd

4,076

1,356,670

(a)

Palantir

Technologies,

Inc

23,294

1,348,525

(a)

Palo

Alto

Networks,

Inc

397,653

48,837

(a)

Paycor

HCM,

Inc

1,054

35,213

(a)

Paylocity

Holding

Corp

5,805

24,143

Pegasystems,

Inc

1,180

44,170

(a)

Perfect

Presentation

For

Commercial

Services

Co

285

42,509

Persistent

Systems

Ltd

3,771

64,200

(a)

PKSHA

Technology,

Inc

1,532

405,400

Plus

Alpha

Consulting

Co

Ltd

8,129

46,116

(a)

POSCO

DX

Co

Ltd

2,637

747,861

(a)

PowerSchool

Holdings,

Inc

17,620

42,807

(a)

Procore

Technologies,

Inc

2,963

320,836

(a)

PTC,

Inc

56,133

531,953

(a)

Q2

Holdings,

Inc

23,092

24,606

(a)

Qi

An

Xin

Technology

Group,

Inc

139

123,800

(a),(c)

Qingdao

Ainnovation

Technology

Group

Co

Ltd

147

15,874

(a)

QT

Group

Oyj

1,133

66,900

Rakus

Co

Ltd

1,235

204,580

(a)

Rapid7,

Inc

11,682

426,720

(a)

Rategain

Travel

Technologies

Ltd

3,730

18,178

Reply

S.p.A

2,403

59,410

(a)

RingCentral,

Inc

2,017

59,563

(a)

Riskified

Ltd

279

366,779

Roper

Industries,

Inc

199,957

CREF

Stock

Account

December

31,

2023

118

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,825

Route

Mobile

Ltd

$

534

1,084,642

Sage

Group

plc

16,192

1,732,247

(a)

Salesforce,

Inc

455,823

33,363

(a)

Samsung

SDS

Co

Ltd

4,388

11,780

Sangfor

Technologies,

Inc

120

52,500

(a)

Sansan,

Inc

593

1,193,191

SAP

AG.

183,658

83,530

Sapiens

International

Corp

NV

2,457

231,880

Sapiens

International

Corp

NV

6,711

10,700

SB

Technology

Corp

180

1,315

Secunet

Security

Networks

AG.

212

122,530

(a),(b)

SEMrush

Holdings,

Inc

1,674

439,390

(a)

SentinelOne,

Inc

12,057

383,083

(a)

ServiceNow,

Inc

270,644

49,602

Shanghai

Baosight

Software

Co

Ltd

341

583,332

Shanghai

Baosight

Software

Co

Ltd

1,237

214,572

(a)

SHIFT,

Inc

54,348

2,458,159

(a)

Shopify,

Inc

(Class

A)

191,377

77,011

(a)

SimilarWeb

Ltd

410

21,500

Simplex

Holdings,

Inc

417

521,291

(a),(b),(c)

Sinch

AB

1,945

897,526

(a)

SiteMinder

Ltd

3,137

208,603

(a)

Smartsheet,

Inc

9,975

469,029

(a)

Snowflake,

Inc

93,337

4,756

(b)

Societe

pour

l'Informatique

Industrielle

367

478,105

Softcat

plc

8,288

137,304

Sonata

Software

Ltd

1,225

75,571

Sopra

Group

S.A.

16,551

116,479

(a)

Splunk,

Inc

17,746

519,740

(a)

Sprinklr,

Inc

6,258

463,044

(a),(b)

Sprout

Social,

Inc

28,449

6,837

(a)

SPS

Commerce,

Inc

1,325

121,000

(a)

Squarespace,

Inc

3,994

221,200

Sumisho

Computer

Systems

Corp

4,379

637,224

SUNeVision

Holdings

Ltd

252

578,543

(a)

Synopsys,

Inc

297,898

6,351,712

Systena

Corp

13,750

122,000

Systex

Corp

444

57,195

Tanla

Platforms

Ltd

752

785,448

Tata

Consultancy

Services

Ltd

35,772

28,230

Tata

Elxsi

Ltd

2,968

110,122

(a),(c)

TeamViewer

SE

1,710

463,831

Tech

Mahindra

Ltd

7,085

189,500

TechMatrix

Corp

2,350

815,819

Technology

One

Ltd

8,539

67,732

Temenos

Group

AG.

6,312

460,864

(a)

Teradata

Corp

20,052

107,660

(a)

Thoughtworks

Holding,

Inc

518

23,661

Thunder

Software

Technology

Co

Ltd

267

87,780

Tietoenator

Oyj

2,091

554,700

TIS,

Inc

12,192

64,142

(a),(b)

TomTom

NV

453

414,652

TOTVS

S.A.

2,876

291,117

(a)

Trade

Desk,

Inc

20,949

108,900

(a)

Trend

Micro,

Inc

5,812

360,622

(a),(b)

Truecaller

AB

1,245

188,800

(a)

Tuya,

Inc

(ADR)

434

150,014

(a)

Twilio,

Inc

11,382

285,248

(a)

UiPath,

Inc

7,086

218,858

(a),(b)

Unity

Software,

Inc

8,949

50,020

(a)

Varonis

Systems,

Inc

2,265

66,340

(a)

VeriSign,

Inc

13,663

119

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

25,739

Vitec

Software

Group

AB

$

1,497

1,344,000

(a),(b)

Vobile

Group

Ltd

415

79,015

(a)

WalkMe

Ltd

843

7,613

Wavestone

494

129,340

(a),(b)

Weave

Communications,

Inc

1,484

1,765,000

(a),(c)

Weimob,

Inc

652

12,559

Wiit

S.p.A

270

13,700

WingArc1st,

Inc

298

1,128,039

Wipro

Ltd

6,399

364,372

WiseTech

Global

Ltd

18,676

57,535

(a)

Wix.com

Ltd

7,078

614,388

(a)

Workday,

Inc

169,608

151,320

(a)

Workiva,

Inc

15,364

117,209

(a)

Xero

Ltd

8,942

89,487

Yonyou

Network

Technology

Co

Ltd

224

94,829

Zensar

Technologies

Ltd

695

277,970

(a)

Zeta

Global

Holdings

Corp

2,452

42,226

(a)

Zoom

Video

Communications,

Inc

3,036

80,765

(a)

Zscaler,

Inc

17,894

58,300

Zuken,

Inc

1,666

1,336,210

(a)

Zuora,

Inc

12,560

TOTAL

SOFTWARE

&

SERVICES

10,992,967

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

5.7%

623,444

AAC

Technologies

Holdings,

Inc

1,853

55,000

Ability

Opto-Electronics

Technology

Co

Ltd

309

51,700

Accelink

Technologies

Co

Ltd

207

433,831

Accton

Technology

Corp

7,374

2,507,532

Acer,

Inc

4,388

78,000

Adlink

Technology,

Inc

157

15,087

(a)

ADVA

Optical

Networking

SE

333

30,000

Advanced

Ceramic

X

Corp

239

397,543

Advantech

Co

Ltd

4,811

25,006

Ai

Holdings

Corp

414

15,000

AIC,

Inc

215

4,393,000

Alpha

Networks,

Inc

5,391

154,100

Alps

Electric

Co

Ltd

1,340

5,288

ALSO

Holding

AG.

1,580

44,450

Amano

Corp

1,052

437,990

Amphenol

Corp

(Class

A)

43,418

19,500

Anker

Innovations

Technology

Co

Ltd

244

110,593

Anritsu

Corp

1,066

1,287,120

(a),(d)

Anxin-China

Holdings

Ltd

2

84,000

Apex

International

Co

Ltd

138

20,860,555

(h)

Apple,

Inc

4,016,283

128,000

Arcadyan

Technology

Corp

710

364,928

(a)

Arista

Networks,

Inc

85,944

1,158,519

(a)

Arlo

Technologies,

Inc

11,029

20,877

(a)

Arrow

Electronics,

Inc

2,552

129,000

Asia

Optical

Co,

Inc

295

1,001,385

Asia

Vital

Components

Co

Ltd

10,940

27,000

ASROCK,

Inc

225

26,174

Astra

Microwave

Products

Ltd

190

609,026

Asustek

Computer,

Inc

9,693

20,622

AT&S

Austria

Technologie

&

Systemtechnik

AG.

598

5,693,827

AU

Optronics

Corp

3,362

55,815

(a)

Audinate

Group

Ltd

614

554,000

AURAS

Technology

Co

Ltd

6,341

12,613

(a),(c)

Avalon

Technologies

Ltd

83

110,800

Avary

Holding

Shenzhen

Co

Ltd

349

34,063

Avnet,

Inc

1,717

94,000

Azbil

Corp

3,100

CREF

Stock

Account

December

31,

2023

120

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

56,212

Barco

NV

$

1,028

51,300

Belden

CDT,

Inc

3,963

1,173,000

Benq

Corp

1,831

22,617

BH

Co

Ltd

370

2,110,037

BOE

Technology

Group

Co

Ltd

1,160

266,000

BOE

Varitronix

Ltd

241

43,500

Brother

Industries

Ltd

693

690,939

BYD

Electronic

International

Co

Ltd

3,240

92,100

(a)

Calix,

Inc

4,024

90,500

(a),(b)

Canaan,

Inc

(ADR)

209

67,300

(a)

Canon

Electronics,

Inc

974

36,290

(b)

Canon

Marketing

Japan,

Inc

1,098

637,400

(b)

Canon,

Inc

16,352

339,000

Career

Technology

MFG.

Co

Ltd

245

500,947

Catcher

Technology

Co

Ltd

3,163

100,949

CDW

Corp

22,948

380,568

(a)

Celestica,

Inc

11,147

278,000

Chang

Wah

Electromaterials,

Inc

316

133,000

Channel

Well

Technology

Co

Ltd

364

105,845

Chaozhou

Three-Circle

Group

Co

Ltd

439

48,000

Chenbro

Micom

Co

Ltd

423

221,000

Cheng

Uei

Precision

Industry

Co

Ltd

347

1,726,000

Chicony

Electronics

Co

Ltd

9,835

489,600

(a),(d)

China

Fiber

Optic

Network

System

Group

Ltd

1

107,557

China

Greatwall

Technology

Group

Co

Ltd

153

570,661

China

Railway

Signal

&

Communication

Corp

Ltd

352

23,300

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

193

281,000

Chin-Poon

Industrial

Co

Ltd

460

304,000

Chroma

ATE,

Inc

2,105

18,000

Chunghwa

Precision

Test

Tech

Co

Ltd

330

112,171

(a)

Ciena

Corp

5,049

4,313,858

Cisco

Systems,

Inc

217,936

152,000

Citizen

Watch

Co

Ltd

904

264,000

Clevo

Co

350

80,962

Codan

Ltd

471

131,963

Cognex

Corp

5,508

98,136

(a)

Coherent

Corp

4,272

1,744,312

Comba

Telecom

Systems

Holdings

Ltd

183

35,953

(b)

Comet

Holding

AG.

11,360

6,663

(a)

CommScope

Holding

Co,

Inc

19

3,661,524

Compal

Electronics,

Inc

4,743

797,000

Compeq

Manufacturing

Co

Ltd

1,833

130,040

Comtech

Telecommunications

Corp

1,096

208,000

Coretronic

Corp

484

492,816

Corning,

Inc

15,006

20,284

(a)

CosmoAM&T

Co

Ltd

2,300

186,000

Co-Tech

Development

Corp

366

208,000

(a),(b)

Cowell

e

Holdings,

Inc

614

51,713

Crane

NXT

Co

2,941

31,406

(a)

Daeduck

Electronics

Co

Ltd

655

8,723

(a)

Daejoo

Electronic

Materials

Co

Ltd

581

68,070

Daiwabo

Co

Ltd

1,487

142,000

Darfon

Electronics

Corp

251

9,381

Datalogic

S.p.A.

70

170,482

DataTec

Ltd

377

2,664,470

Delta

Electronics

Thailand

PCL

6,849

2,272,673

Delta

Electronics,

Inc

23,178

46,501

Dexerials

Corp

1,355

49,811

Dicker

Data

Ltd

406

4,055,960

Ditto

Thailand

PCL

3,232

31,912

(a)

Dreamtech

Co

Ltd

321

199,000

Dynamic

Holding

Co

Ltd

560

121

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

507,000

Dynapack

International

Technology

Corp

$

1,484

841,156

E

Ink

Holdings,

Inc

5,386

233,300

Eastern

Communications

Co

Ltd

86

10,724

Eizo

Nanao

Corp

375

33,996

Elecom

Co

Ltd

423

214,000

Elite

Material

Co

Ltd

2,657

454,000

Elitegroup

Computer

Systems

Co

Ltd

466

10,345

EM-Tech

Co

Ltd

346

63,679

Ennoconn

Corp

555

4,400

(a)

Enplas

Corp

373

41,500

Eoptolink

Technology,

Inc

Ltd

288

38,858

(a)

ePlus,

Inc

3,102

3,076,646

Ericsson

(LM)

(B

Shares)

19,362

257,601

(a)

Everdisplay

Optronics

Shanghai

Co

Ltd

88

32,127

Evertz

Technologies

Ltd

338

773,532

(a)

Extreme

Networks,

Inc

13,645

22,035

(a)

F5

Networks,

Inc

3,944

29,380

(a)

Fabrinet

5,592

3,060,000

(a)

FIH

Mobile

Ltd

239

221,000

FLEXium

Interconnect,

Inc

635

2,049,554

(a)

Flextronics

International

Ltd

62,429

294,100

Forth

Corp

PCL

198

685,087

Foxconn

Industrial

Internet

Co

Ltd

1,459

3,577,000

Foxconn

Technology

Co

Ltd

6,180

479,928

FUJIFILM

Holdings

Corp

28,762

183,000

General

Interface

Solution

Holding

Ltd

393

68,000

Genius

Electronic

Optical

Co

Ltd

930

72,365

Genus

Power

Infrastructures

Ltd

201

291,000

Getac

Holdings

Corp

1,050

440,000

Gigabyte

Technology

Co

Ltd

3,796

230,000

Global

Brands

Manufacture

Ltd

483

162,222

GoerTek,

Inc

480

262,400

Gold

Circuit

Electronics

Ltd

1,859

155,336

GRG

Banking

Equipment

Co

Ltd

268

142,597

Guangzhou

Haige

Communications

Group,

Inc

Co

258

34,018

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

219

9,700

Hakuto

Co

Ltd

373

642,939

Halma

plc

18,694

26,300

Hamamatsu

Photonics

KK

1,079

420,500

Hana

Microelectronics

PCL

(Foreign)

654

232,000

Hannstar

Board

Corp

417

1,669,000

HannStar

Display

Corp

643

96,300

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

184

139,300

Hengtong

Optic-electric

Co

Ltd

235

5,637,011

Hewlett

Packard

Enterprise

Co

95,716

477,655

Hexagon

AB

5,737

551,000

(a)

High

Tech

Computer

Corp

919

7,500

(b)

Hioki

EE

Corp

335

6,000

Hirose

Electric

Co

Ltd

678

21,254

HMS

Networks

AB

1,050

112,350

Holy

Stone

Enterprise

Co

Ltd

355

10,700,640

Hon

Hai

Precision

Industry

Co,

Ltd

36,406

29,499

Horiba

Ltd

2,301

30,800

Hosiden

Corp

375

2,311,186

HP,

Inc

69,544

68,600

Huagong

Tech

Co

Ltd

287

90,000

Ibase

Technology,

Inc

236

92,500

Ibiden

Co

Ltd

5,103

1,411

Inficon

Holding

AG.

2,023

153,311

(a),(b)

Infinera

Corp

728

57,850

Innodisk

Corp

587

7,474,456

InnoLux

Display

Corp

3,476

44,200

Inspur

Electronic

Information

Industry

Co

Ltd

207

65,600

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

297

CREF

Stock

Account

December

31,

2023

122

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

6,763

(a)

Intellian

Technologies,

Inc

$

379

10,494

INTOPS

Co

Ltd

219

2,330,172

Inventec

Co

Ltd

3,990

11,293

(a)

IPG

Photonics

Corp

1,226

16,600

Iriso

Electronics

Co

Ltd

434

39,184

(a)

IsuPetasys

Co

Ltd

886

149,000

ITEQ

Corp

411

188,590

(a)

Itron,

Inc

14,240

47,676

Ituran

Location

and

Control

Ltd

1,299

82,173

Jabil

Inc

10,469

11,269

(a)

Jahwa

Electronics

Co

Ltd

247

37,642

Japan

Aviation

Electronics

Industry

Ltd

859

539,694

(a),(b)

Japan

Display,

Inc

80

610,900

Jaymart

Group

Holdings

PCL

309

42,543

Jenoptik

AG.

1,334

118,510

Juniper

Networks,

Inc

3,494

15,000

Kaga

Electronics

Co

Ltd

650

11,993

(a)

Kaynes

Technology

India

Ltd

376

744,200

KCE

Electronics

PCL

1,196

185,570

Keyence

Corp

81,531

132,702

(a)

Keysight

Technologies,

Inc

21,112

44,000

King

Slide

Works

Co

Ltd

1,307

595,205

Kingboard

Chemical

Holdings

Ltd

1,423

951,246

Kingboard

Laminates

Holdings

Ltd

819

136,087

Kitron

ASA

448

17,232

(a)

KMW

Co

Ltd

165

30,000

Koa

Corp

328

355,000

Konica

Minolta

Holdings,

Inc

1,037

234,400

Kyocera

Corp

3,413

24,249

(a)

L&F

Co

Ltd

3,806

71,192

Landis&Gyr

Group

AG.

6,437

85,625

Largan

Precision

Co

Ltd

7,998

371

LEM

Holding

S.A.

915

6,306,399

Lenovo

Group

Ltd

8,825

281,923

Lens

Technology

Co

Ltd

524

197,896

LG

Display

Co

Ltd

1,948

12,062

(a)

LG

Innotek

Co

Ltd

2,234

485,284

Lingyi

iTech

Guangdong

Co

462

1,729,277

Lite-On

Technology

Corp

6,566

4,937

Littelfuse,

Inc

1,321

172,985

Logitech

International

S.A.

16,449

67,999

Lotes

Co

Ltd

2,365

14,825

(a)

Lotte

Energy

Materials

Corp

481

51,139

(a)

Lumentum

Holdings,

Inc

2,681

316,956

LuxNet

Corp

1,481

357,924

Luxshare

Precision

Industry

Co

Ltd

1,738

84,707

Macnica

Holdings,

Inc

4,450

7,100

Maruwa

Co

Ltd

1,480

31,100

Maxell

Holdings

Ltd

343

29,034

Maxscend

Microelectronics

Co

Ltd

577

205,991

MCJ

Co

Ltd

1,600

8,801

Mcnex

Co

Ltd

206

15,400

Meiko

Electronics

Co

454

28,765

Melco

Holdings,

Inc

702

5,681,900

Metrodata

Electronics

Tbk

PT

197

198,000

(a),(b),(d)

MH

Development

Ltd

0

^

57,067

(b)

Micronic

AB

1,628

623,200

Micro-Star

International

Co

Ltd

4,135

682,000

Mitac

Holdings

Corp

988

702,469

Motorola

Solutions,

Inc

219,936

2,068,590

Murata

Manufacturing

Co

Ltd

43,713

187,000

Nan

Ya

Printed

Circuit

Board

Corp

1,529

195,400

(a),(b)

Nano

Dimension

Ltd

(ADR)

469

99,800

Napco

Security

Technologies,

Inc

3,418

123

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

518,400

Nationgate

Holdings

Bhd

$

170

9,166

(a)

Nayax

Ltd

174

132,934

(b)

NCAB

Group

AB

964

26,239

Neopost

S.A.

558

157,890

NetApp,

Inc

13,920

48,420

(a)

Netgear,

Inc

706

7,671,400

(a)

Nex

Point

Parts

PCL

2,244

40,450

Nichicon

Corp

371

412,000

Nihon

Dempa

Kogyo

Co

Ltd

3,659

64,615

Ninestar

Corp

206

102,300

Nippon

Ceramic

Co

Ltd

2,031

65,476

(b)

Nippon

Electric

Glass

Co

Ltd

1,405

26,556

Nippon

Signal

Co

Ltd

182

26,860

Nissha

Printing

Co

Ltd

280

14,572

Nohmi

Bosai

Ltd

227

1

Nokia

Corp

(ADR)

0

^

5,682,064

Nokia

Oyj

19,353

15,517

(a)

Note

AB

229

191,100

(a)

OFILM

Group

Co

Ltd

235

70,936

Oki

Electric

Industry

Co

Ltd

457

72,889

Omron

Corp

3,392

29,179

Optex

Group

Co

Ltd

369

44,272

Oxford

Instruments

plc

1,295

254,000

Pan-International

Industrial

293

4,331

Park

Systems

Corp

581

28,295

Partron

Co

Ltd

178

623,000

PAX

Global

Technology

Ltd

483

1,710,915

Pegatron

Corp

4,861

6,068

(a)

PG

Electroplast

Ltd

173

334,000

Primax

Electronics

Ltd

736

214,251

(a)

Pure

Storage,

Inc

7,640

2,313,390

Quanta

Computer,

Inc

16,842

179,000

Quanta

Storage,

Inc

477

26,664

(a)

Radware

Ltd

445

21,636

Raytron

Technology

Co

Ltd

135

519,037

Redington

Ltd

1,102

29,143

Renishaw

plc

1,329

10,947

Restar

Holdings

Corp

218

100,600

Ricoh

Co

Ltd

770

11,126

Riken

Keiki

Co

Ltd

542

14,898

Riso

Kagaku

Corp

280

11,333

Ryosan

Co

Ltd

377

15,400

(b)

Ryoyo

Electro

Corp

391

48,103

(a)

Samsung

Electro-Mechanics

Co

Ltd

5,699

8,516,850

Samsung

Electronics

Co

Ltd

516,945

704,306

Samsung

Electronics

Co

Ltd

(Preference)

33,938

160,047

Samsung

SDI

Co

Ltd

58,272

294,702

(a)

Sanmina

Corp

15,139

12,184

(a)

Scansource,

Inc

483

18,778

(a),(b)

Seco

S.p.A

71

53,000

Seiko

Epson

Corp

791

7,861

(a),(b),(c)

Sensirion

Holding

AG.

781

20,000

Sensortek

Technology

Corp

282

18,310

(a)

Seojin

System

Co

Ltd

257

185,000

Sercomm

Corp

809

32,359

(b)

Sesa

S.p.A

4,399

6,409

(a),(b)

SES-imagotag

S.A.

963

5,834

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

208

120,784

Shengyi

Technology

Co

Ltd

312

19,805

Shennan

Circuits

Co

Ltd

198

50,400

Shenzhen

SED

Industry

Co

Ltd

151

32,500

Shenzhen

Sunlord

Electronics

Co

Ltd

124

41,313

Shenzhen

Transsion

Holdings

Co

Ltd

806

280,500

Shimadzu

Corp

7,821

CREF

Stock

Account

December

31,

2023

124

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

22,800

(b)

Siix

Corp

$

236

648,000

Simplo

Technology

Co

Ltd

8,855

185,000

Sinbon

Electronics

Co

Ltd

1,801

1,000,800

SKP

Resources

Bhd

172

24,077

(b)

Softchoice

Corp

280

349,835

Softwareone

Holding

AG.

6,829

34,065

(a)

SOLUM

Co

Ltd

721

14,743

(a)

Solus

Advanced

Materials

Co

Ltd

302

248,018

Spectris

plc

11,930

62,000

Speed

Tech

Corp

118

4,992,488

Spirent

Communications

plc

7,846

36,569

(a)

STCUBE

336

164,392

Sterlite

Technologies

Ltd

282

614,149

Sunny

Optical

Technology

Group

Co

Ltd

5,583

161,996

(a)

Super

Micro

Computer,

Inc

46,049

3,426,277

Supreme

Electronics

Co

Ltd

6,747

93,241

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

239

25,900

Suzhou

TFC

Optical

Communication

Co

Ltd

333

86,888

(b)

SYNNEX

Corp

9,350

1,024,621

Synnex

Technology

International

Corp

2,342

35,247

Syrma

SGS

Technology

Ltd

284

225,000

Taiwan

Union

Technology

Corp

921

231,140

Taiyo

Yuden

Co

Ltd

6,090

1,155,129

TCL

Technology

Group

Corp

700

466,200

TDK

Corp

22,109

686,836

TE

Connectivity

Ltd

96,500

45,850

(a),(c)

Tejas

Networks

Ltd

479

100,000

Test

Research,

Inc

204

50,000

Thinking

Electronic

Industrial

Co

Ltd

273

20,004

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

89

73,730

Tianma

Microelectronics

Co

Ltd

111

15,900

Tokyo

Electron

Device

Ltd

571

146,640

Tong

Hsing

Electronic

Industries

Ltd

751

80,356

Topcon

Corp

863

19,585

Toshiba

TEC

Corp

405

192,000

TPK

Holding

Co

Ltd

226

907,000

Transcend

Information,

Inc

2,380

91,322

(a)

Trimble

Inc

4,858

370,000

Tripod

Technology

Corp

2,346

210,600

(a)

Tsinghua

Tongfang

Co

Ltd

218

825,278

(a)

TTM

Technologies,

Inc

13,048

239,000

TXC

Corp

767

3,137

(b)

Ubiquiti,

Inc

438

1,180,011

Unimicron

Technology

Corp

6,742

170,611

Unisplendour

Corp

Ltd

465

60,300

Universal

Scientific

Industrial

Shanghai

Co

Ltd

128

1,392,300

Venture

Corp

Ltd

14,347

21,000

VIA

Labs,

Inc

188

305,439

(a),(b)

Viasat,

Inc

8,537

21,000

Vivotek,

Inc

111

1,049,767

Vontier

Corp

36,269

2,113,300

VS

Industry

Bhd

375

585,042

VSTECS

Holdings

Ltd

330

130,885

Vtech

Holdings

Ltd

790

126,900

Wacom

Co

Ltd

590

96,000

Wah

Lee

Industrial

Corp

308

259,000

Walsin

Technology

Corp

1,036

1,920,000

Wasion

Holdings

Ltd

964

120,728

(a)

Western

Digital

Corp

6,323

68,184

Wingtech

Technology

Co

Ltd

407

190,500

(a),(d),(g)

Wintek

Corp

0

^

2,226,000

Wistron

Corp

7,121

262,524

Wistron

NeWeb

Corp

1,332

83,049

Wiwynn

Corp

4,917

125

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,370,519

WPG

Holdings

Ltd

$

3,641

389,000

WT

Microelectronics

Co

Ltd

1,425

90,215

Wuhan

Guide

Infrared

Co

Ltd

93

87,452

WUS

Printed

Circuit

Kunshan

Co

Ltd

273

234,200

Xerox

Holdings

Corp

4,293

8,400

Xiamen

Faratronic

Co

Ltd

110

13,157,800

(a),(c)

Xiaomi

Corp

26,348

15,750

(a),(d)

Ya

Hsin

Industrial

Co

Ltd

0

^

286,801

Yageo

Corp

5,569

60,285

Yealink

Network

Technology

Corp

Ltd

251

42,000

Yokogawa

Electric

Corp

798

38,534

(a)

Zebra

Technologies

Corp

(Class

A)

10,533

23,123

Zen

Technologies

Ltd

221

205,518

Zhejiang

Dahua

Technology

Co

Ltd

535

32,010

Zhejiang

Supcon

Technology

Co

Ltd

205

580,558

Zhen

Ding

Technology

Holding

Ltd

2,058

47,823

Zhongji

Innolight

Co

Ltd

759

239,203

ZTE

Corp

893

668,399

ZTE

Corp

(Class

H)

1,494

199,000

Zyxel

Group

Corp

329

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

6,708,861

TELECOMMUNICATION

SERVICES

-

0.9%

503,371

Advanced

Info

Service

PCL

3,199

732,548

(c)

Airtel

Africa

plc

1,215

717,057

AL

Yah

Satellite

Communications

Co-Pjsc-Yah

Sat

510

7,899,784

(b)

America

Movil

SAB

de

C.V.

7,322

7,601,145

AT&T,

Inc

127,547

28,320

ATN

International,

Inc

1,104

170,193

(a),(b)

Aussie

Broadband

Ltd

452

1,258,806

Axiata

Group

Bhd

652

46,190

(a)

Bandwidth,

Inc

668

48,343

BCE,

Inc

1,903

1,681,121

Bezeq

Israeli

Telecommunication

Corp

Ltd

2,289

1,907,491

Bharti

Airtel

Ltd

23,647

6,789,967

BT

Group

plc

10,698

77,442

(a)

Cellcom

Israel

Ltd

318

594,606

(c)

Cellnex

Telecom

S.A.

23,411

22,300

Chief

Telecom,

Inc

238

20,563,912

(c)

China

Tower

Corp

Ltd

2,161

3,272,653

Chunghwa

Telecom

Co

Ltd

12,804

1,230,641

Citic

Telecom

International

Holdings

Ltd

517

3,307

Cogeco,

Inc

143

40,300

Cogent

Communications

Group,

Inc

3,065

3,620,631

Deutsche

Telekom

AG.

87,052

1,485,344

Digi.Com

BHD

1,317

28,868

Drillisch

AG.

577

149,237

Elisa

Oyj

(Series

A)

6,898

2,967,648

Emirates

Telecommunications

Group

Co

PJSC

15,869

105,726

Empresa

Nacional

de

Telecomunicaciones

S.A.

387

326,578

Etihad

Etisalat

Co

4,302

697,282

Far

EasTone

Telecommunications

Co

Ltd

1,813

95,749

Freenet

AG.

2,680

184,843

(a)

Frontier

Communications

Parent,

Inc

4,684

70,731

Gamma

Communications

plc

1,012

186,824

(a),(d)

GCI

Liberty,

Inc

2

611,057

(a)

Helios

Towers

plc

693

164,874

Hellenic

Telecommunications

Organization

S.A.

2,349

565,175

HFCL

Ltd

571

784,120

HKBN

Ltd

350

711,437

HKT

Trust

&

HKT

Ltd

849

1,271,607

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

174

CREF

Stock

Account

December

31,

2023

126

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

49,080

(a)

IDT

Corp

$

1,673

355,565

Infrastrutture

Wireless

Italiane

S.p.A

4,502

91,448

Internet

Initiative

Japan,

Inc

1,866

807,500

Intouch

Holdings

PCL

(Class

F)

1,690

144,140

Iridium

Communications,

Inc

5,933

4,399,900

Jasmine

International

PCL

271

523,400

(a),(b)

JTOWER,

Inc

18,513

903,596

KDDI

Corp

28,661

12,943,553

Koninklijke

KPN

NV

44,592

29,579

KT

Corp

789

234,829

Kuwait

Telecommunications

Co

430

222,725

(a),(b),(d)

Let's

GOWEX

S.A.

2

89,241

LG

Telecom

Ltd

708

34,377

(a)

Liberty

Global

Ltd

611

260,010

(a)

Liberty

Latin

America

Ltd

(Class

A)

1,901

337,680

(a)

Liberty

Latin

America

Ltd

(Class

C)

2,479

235,225

Magyar

Telekom

462

975,083

Maxis

Bhd

817

111,154

(a)

Millicom

International

Cellular

S.A.

1,992

1,910,638

Mobile

Telecommunications

Co

KSCP

3,153

384,421

Mobile

Telecommunications

Co

Saudi

Arabia

1,447

713,065

MTN

Group

Ltd

4,502

2,295,366

NetLink

NBN

Trust

1,461

25,591,500

Nippon

Telegraph

&

Telephone

Corp

31,249

536,798

NOS

SGPS

S.A.

1,896

13,800

Okinawa

Cellular

Telephone

Co

331

122,202

(a)

Ooma,

Inc

1,311

753,115

Ooredoo

QPSC

2,255

1,022,600

(b)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

1,442

2,062,933

Orange

S.

A.

23,513

104,150

(a)

Partner

Communications

515

3,410,000

PCCW

Ltd

1,817

34,414

PLDT,

Inc

795

123,767

Proximus

plc

1,164

102,170

Quebecor,

Inc

2,430

75,764

(c)

RAI

Way

S.p.A

428

64,324

Railtel

Corp

of

India

Ltd

261

233,350

Rogers

Communications,

Inc

(Class

B)

10,924

15,143,533

Sarana

Menara

Nusantara

Tbk

PT

973

1,733,738

Saudi

Telecom

Co

18,714

2,002,228

Singapore

Telecommunications

Ltd

3,748

87,977

(a),(d)

Sistema

PJSFC

(GDR)

(London)

1

1,446,730

(a),(b)

Sitios

Latinoamerica

SAB

de

C.V.

590

24,800

SK

Telecom

Co

Ltd

964

112,264,304

(a)

Smartfren

Telecom

Tbk

PT

365

1,043,141

SmarTone

Telecommunications

Holding

Ltd

542

1,334,400

SoftBank

Corp

16,629

822,998

Softbank

Group

Corp

36,326

249,300

Spok

Holdings,

Inc

3,859

530,114

StarHub

Ltd

446

27,153

Swisscom

AG.

16,343

1,464,506

Taiwan

Mobile

Co

Ltd

4,704

102,779

Tata

Communications

Ltd

2,186

325,575

(a)

Tata

Teleservices

Maharashtra

Ltd

358

572,085

Tele2

AB

(B

Shares)

4,917

1,498,658

Telecom

Corp

of

New

Zealand

Ltd

4,907

276,074

Telecom

Egypt

327

10,617,021

(a),(b)

Telecom

Italia

S.p.A.

3,448

371,285

Telefonica

Brasil

S.A.

4,078

5,464,267

(b)

Telefonica

S.A.

21,365

473,909

Telekom

Malaysia

BHD

572

534,506

Telekomunikacja

Polska

S.A.

1,106

127

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

656,995

Telenor

ASA

$

7,540

156,430

Telephone

and

Data

Systems,

Inc

2,871

2,480,705

TeliaSonera

AB

6,329

42,022,501

Telkom

Indonesia

Persero

Tbk

PT

10,781

219,328

(a)

Telkom

S.A.

Ltd

357

3,466,520

Telstra

Corp

Ltd

9,368

315,108

TELUS

Corp

5,608

589,800

Thaicom

PCL

228

743,249

TIM

S.A.

2,737

783,000

TIME

dotCom

Bhd

920

1,023,940

T-Mobile

US,

Inc

164,168

4,384,453

True

Corp

PCL

648

1,053,238

Turkcell

Iletisim

Hizmet

AS

2,005

71,640

United

Internet

AG.

1,822

16,700

Usen-Next

Holdings

Co

Ltd

476

3,695,196

Verizon

Communications,

Inc

139,309

34,742

(a)

Vision,

Inc

303

554,360

Vodacom

Group

Ltd

3,212

25,834,621

Vodafone

Group

plc

22,562

1,323,826

Vodafone

Qatar

QSC

684

4,107,900

XL

Axiata

Tbk

PT

534

TOTAL

TELECOMMUNICATION

SERVICES

1,094,158

TRANSPORTATION

-

1.7%

110,806

Abu

Dhabi

Aviation

Co

208

457,923

Adani

Ports

&

Special

Economic

Zone

Ltd

5,629

78,094

(a)

Aegean

Airlines

S.A.

978

78,612

Aena

SME

S.A.

14,269

36,778

Aeroports

de

Paris

4,772

1,439,962

Agility

Public

Warehousing

Co

KSC

2,384

1,899,249

Air

Arabia

PJSC

1,458

117,841

(a)

Air

Canada

1,662

294,929

(a)

Air

China

Ltd

305

793,910

(a)

Air

China

Ltd

(H

shares)

503

95,735

(a),(b)

Air

France-KLM

1,441

1,414,105

Air

New

Zealand

Ltd

568

3,608,688

Airports

of

Thailand

PCL

6,312

95,622

(a)

Alaska

Air

Group,

Inc

3,736

33,895

(a)

All

Nippon

Airways

Co

Ltd

734

57,694

Allcargo

Logistics

Ltd

223

5,807

(a),(b)

Amerco,

Inc

417

488,342

(a)

American

Airlines

Group,

Inc

6,710

634,771

(a),(b),(d),(g)

AMR

Corporation

6

3,861,500

(a)

ANE

Cayman,

Inc

2,769

370,000

Anhui

Expressway

Co

Ltd

365

3,182

AP

Moller

-

Maersk

AS

(Class

A)

5,652

5,097

AP

Moller

-

Maersk

AS

(Class

B)

9,175

598,910

Aramex

PJSC

373

135,704

ArcBest

Corp

16,313

3,686,500

(a)

Asia

Aviation

PCL

215

24,385

(a)

Asiana

Airlines,

Inc

211

39,167,400

(a)

Astrindo

Nusantara

Infrastructure

Tbk

PT

267

937,309

Atlas

Arteria

Ltd

3,690

965,533

Auckland

International

Airport

Ltd

5,371

1,502,288

Aurizon

Holdings

Ltd

3,889

15,061

(b)

Avis

Budget

Group,

Inc

2,670

27,850

AZ-COM

MARUWA

Holdings,

Inc

301

206,900

(a)

Azul

S.A.

667

641,900

Bangkok

Airways

PCL

295

140,900

Bangkok

Aviation

Fuel

Services

PCL

99

5,464,962

Bangkok

Expressway

&

Metro

PCL

1,272

1,262,000

(a)

Beijing

Capital

International

Airport

Co

Ltd

370

CREF

Stock

Account

December

31,

2023

128

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,258,900

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

$

873

70,208

Belships

ASA

127

4,426

Blue

Dart

Express

Ltd

392

89,994

(b)

bpost

S.A.

463

5,536,437

BTS

Group

Holdings

PCL

1,174

470,291

(b)

Canadian

National

Railway

Co

59,112

612,179

Canadian

Pacific

Railway

Ltd

48,437

220,000

(b)

Canggang

Railway

Ltd

241

6,654

(b)

Cargojet,

Inc

598

59,960

(a),(b)

Cathay

Pacific

Airways

Ltd

63

218,200

Cebu

Air,

Inc

128

689,415

Central

Japan

Railway

Co

17,498

86,274

CH

Robinson

Worldwide,

Inc

7,453

1,115,000

China

Airlines

785

437,500

(a)

China

Eastern

Airlines

Corp

Ltd

239

614,667

China

Merchants

Holdings

International

Co

Ltd

838

830,447

(a),(b)

China

Southern

Airlines

Co

Ltd

352

283,159

(a)

China

Southern

Airlines

Co

Ltd

(Class

A)

230

57,888

(a)

Chorus

Aviation,

Inc

112

764,272

Cia

de

Concessoes

Rodoviarias

2,231

46,366

Cia

de

Distribucion

Integral

Logista

Holdings

S.A.

1,254

13,350,656

Cia

Sud

Americana

de

Vapores

S.A.

820

6,512

(a)

CJ

Logistics

Corp

641

22,724

Clarkson

plc

917

1,812,300

ComfortDelgro

Corp

Ltd

1,921

233,515

Container

Corp

Of

India

Ltd

2,410

630,600

(a),(b)

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

594

685,536

COSCO

Pacific

Ltd

496

791,715

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

1,069

2,586,809

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

2,601

1,690,000

COSCO

SHIPPING

International

Hong

Kong

Co

Ltd

658

12,800

Covenant

Logistics

Group,

Inc

589

2,449,426

CSX

Corp

84,922

266,585

CTT-Correios

de

Portugal

S.A.

1,029

103,039

D/S

Norden

4,901

475,100

Daqin

Railway

Co

Ltd

483

498,549

(a)

Delhivery

Ltd

2,330

712,164

Delta

Air

Lines,

Inc

28,650

628,326

(a)

Deutsche

Lufthansa

AG.

5,586

1,973,169

Deutsche

Post

AG.

97,664

28,844

Dfds

A.S.

953

6,674

Dreamfolks

Services

Ltd

43

431,060

DSV

AS

75,740

290,379

East

Japan

Railway

Co

16,715

968,121

easyJet

plc

6,280

195,400

EcoRodovias

Infraestrutura

e

Logistica

S.A.

379

215,133

Enav

S.p.A

817

1,115,000

Eva

Airways

Corp

1,141

445,000

Evergreen

International

Storage

&

Transport

Corp

459

932,013

Evergreen

Marine

Corp

Taiwan

Ltd

4,351

130,084

(b)

Exchange

Income

Corp

4,428

109,850

Expeditors

International

Washington,

Inc

13,973

76,940

Farglory

F

T

Z

Investment

Holding

Co

Ltd

144

185,437

FedEx

Corp

46,910

9,584,853

(a)

Finnair

Oyj

422

564,197

Firstgroup

plc

1,259

16,086

Flughafen

Zuerich

AG.

3,361

140,350

Forward

Air

Corp

8,824

30,001

(a)

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,810

15,660

Fukuyama

Transporting

Co

Ltd

449

163,242

Gateway

Distriparks

Ltd

204

375,207

Getlink

S.E.

6,872

129

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,716,327

(a)

GMR

Infrastructure

Ltd

$

1,660

174,800

(a)

Gol

Linhas

Aereas

Inteligentes

S.A.

317

110,000

Golden

Ocean

Group

Ltd

1,065

1,771,100

(a)

Grab

Holdings

Ltd

5,969

3,265,798

(a)

Grab

Holdings

Ltd

11,006

8,416

Gram

Car

Carriers

ASA

172

519,213

Grindrod

Ltd

325

241,100

(b)

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

2,552

331,249

(b)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,782

160,308

(b)

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

4,696

302,100

(a),(b),(c)

Grupo

Traxion

SAB

de

C.V.

619

87,900

Guangzhou

Baiyun

International

Airport

Co

Ltd

121

248,552

Gujarat

Pipavav

Port

Ltd

457

284,449

(a)

Gulf

Navigation

Holding

PJSC

568

243,579

Gulf

Warehousing

Co

208

186,459

(a)

GXO

Logistics,

Inc

11,404

2,172,900

(a)

Hainan

Airlines

Holding

Co

Ltd

420

148,000

(a)

Hainan

Meilan

International

Airport

Co

Ltd

132

14,400

Hamakyorex

Co

Ltd

405

18,172

(a)

Hamburger

Hafen

und

Logistik

AG.

336

102,400

(a),(b),(c)

Hangzhou

SF

Intra-City

Industrial

Co

Ltd

136

186,198

Hankyu

Hanshin

Holdings,

Inc

5,917

236,860

Heartland

Express,

Inc

3,378

101,695

(a)

Hertz

Global

Holdings,

Inc

1,057

373,900

(a)

Hidrovias

do

Brasil

S.A.

304

99,917

(a)

HMM

Co

Ltd

1,516

76,572

Hoegh

Autoliners

ASA

695

183,446

(a)

Hub

Group,

Inc

(Class

A)

16,866

4,379,651

Hutchison

Port

Holdings

Trust

648

15,438

(a)

Hyundai

Glovis

Co

Ltd

2,288

2,121

(a),(b)

ID

Logistics

Group

717

559,938

Iino

Kaiun

Kaisha

Ltd

4,697

115,113

(a),(c)

InterGlobe

Aviation

Ltd

4,101

885,255

International

Container

Term

Services,

Inc

3,946

564,840

International

Distributions

Services

plc

1,959

701,742

Japan

Airlines

Co

Ltd

13,786

48,800

Japan

Airport

Terminal

Co

Ltd

2,147

1,833,700

Jasa

Marga

Persero

Tbk

PT

580

51,925

Jazeera

Airways

Co

KSCP

235

9,573

JB

Hunt

Transport

Services,

Inc

1,912

1,820,400

(a),(c)

JD

Logistics,

Inc

2,283

21,571

(a)

Jeju

Air

Co

Ltd

196

135,212

JET2

plc

2,153

674,915

Jiangsu

Express

607

17,707

(a)

Jin

Air

Co

Ltd

162

75,100

Juneyao

Airlines

Co

Ltd

127

74,900

Kamigumi

Co

Ltd

1,785

112,400

(b)

Kawasaki

Kisen

Kaisha

Ltd

4,810

172,100

Keihin

Electric

Express

Railway

Co

Ltd

1,571

77,400

Keio

Corp

2,433

105,200

Keisei

Electric

Railway

Co

Ltd

4,964

120,730

Kelsian

Group

Ltd

576

260,509

Kerry

Logistics

Network

Ltd

274

137,000

Kerry

TJ

Logistics

Co

Ltd

171

148,107

Kintetsu

Corp

4,693

187,235

(a)

Kirby

Corp

14,694

118,763

Knight-Swift

Transportation

Holdings,

Inc

6,847

16,468

Konoike

Transport

Co

Ltd

227

110,380

(a)

Korea

Line

Corp

184

156,600

(a)

Korean

Air

Lines

Co

Ltd

2,893

57,079

Kuehne

&

Nagel

International

AG.

19,698

108,200

Kyushu

Railway

Co

2,382

CREF

Stock

Account

December

31,

2023

130

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

150,968,088

(a)

Lan

Airlines

S.A.

$

1,636

558,200

Liaoning

Port

Co

Ltd

114

5,510,111

Localiza

Rent

A

Car

72,143

10,445

(a)

Lotte

Rental

Co

Ltd

225

927,247

(a)

Lyft,

Inc

(Class

A)

13,899

35,500

(c)

Mahindra

Logistics

Ltd

165

653,735

Malaysia

Airports

Holdings

Bhd

1,047

8,530

Maruzen

Showa

Unyu

Co

Ltd

236

1,493,540

MISC

Bhd

2,369

44,628

Mitsubishi

Logistics

Corp

1,342

280,900

(b)

Mitsui

OSK

Lines

Ltd

8,980

17,714

Mitsui-Soko

Co

Ltd

590

92,600

Movida

Participacoes

S.A.

226

230,951

MPC

Container

Ships

ASA

303

1,260,793

MTR

Corp

4,894

69,963

Mullen

Group

Ltd

741

148,400

Nagoya

Railroad

Co

Ltd

2,379

79,527

Nankai

Electric

Railway

Co

Ltd

1,614

1,906,587

National

Express

Group

plc

2,056

59,700

Nippon

Express

Holdings,

Inc

3,387

41,649

Nippon

Konpo

Unyu

Soko

Co

Ltd

908

396,303

Nippon

Yusen

Kabushiki

Kaisha

12,239

48,000

Nishi-Nippon

Railroad

Co

Ltd

812

544,334

(a)

Norwegian

Air

Shuttle

AS

573

4,679

(a)

NTG

Nordic

Transport

Group

A.S.

204

255,999

Odakyu

Electric

Railway

Co

Ltd

3,898

27,261

Oesterreichische

Post

AG.

984

74,113

Old

Dominion

Freight

Line

30,040

122,500

Orient

Overseas

International

Ltd

1,711

28,404,290

Pacific

Basin

Shipping

Ltd

9,347

205,821

(a)

Pan

Ocean

Co

Ltd

595

32,537

(a)

Pegasus

Hava

Tasimaciligi

AS.

716

625,500

Precious

Shipping

PCL

158

150,982

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,634

762,096

(a)

Qantas

Airways

Ltd

2,792

700,430

Qatar

Navigation

QSC

1,845

1,352,403

Qube

Holdings

Ltd

2,990

269,460

(a)

Radiant

Logistics,

Inc

1,789

793,407

Redde

Northgate

plc

3,676

442,100

Regional

Container

Lines

PCL

313

224,908

(a)

Reysas

Tasimacilik

ve

Lojistik

Ticaret

AS.

229

1,086,646

Rumo

S.A.

5,137

191,300

(a)

RXO,

Inc

4,450

42,310

Ryder

System,

Inc

4,868

61,497

Sagami

Railway

Co

Ltd

1,192

20,039

(a)

Saia,

Inc

8,782

96

(a),(d)

SAir

Group

0

^

12,940

Sakai

Moving

Service

Co

Ltd

249

394,250

Sankyu,

Inc

14,451

392,300

Santos

Brasil

Participacoes

S.A.

757

149

(a)

SAS

AB

0

^

65,719

(a)

Saudi

Ground

Services

Co

630

33,012

Saudi

Industrial

Services

Co

264

49,777

(a)

Saudi

Public

Transport

Co

272

11,204

(b)

SBS

Holdings,

Inc

195

212,900

(a)

SCGJWD

Logistics

PCL

96

41,525

Schneider

National,

Inc

1,057

193,100

Seibu

Holdings,

Inc

2,676

103,706

Seino

Holdings

Corp

1,571

83,496

Senko

Co

Ltd

675

122,839

SF

Holding

Co

Ltd

701

260,550

SG

Holdings

Co

Ltd

3,735

131

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

76,196

(a)

Shanghai

International

Airport

Co

Ltd

$

352

114,060

Shanghai

International

Port

Group

Co

Ltd

79

1,065,500

Shenzhen

International

Holdings

Ltd

897

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

149,560

Shinwa

Kaiun

Kaisha

Ltd

5,071

99,784

(a),(d)

Shipping

Corp

of

India

Land

&

Assets

Ltd

32

99,784

Shipping

Corp

of

India

Ltd

195

234,700

SIA

Engineering

Co

Ltd

421

558,000

Sichuan

Expressway

Co

Ltd

174

279,400

SIMPAR

S.A.

554

337,000

Sincere

Navigation

Corp

278

1,082,573

Singapore

Airlines

Ltd

5,375

824,224

(a)

Singapore

Airport

Terminal

Services

Ltd

1,715

1,316,619

Singapore

Post

Ltd

474

1,079,000

SITC

International

Holdings

Co

Ltd

1,862

11,591

Sixt

AG.

1,294

13,648

Sixt

AG.

(Preference)

1,012

80,160

(a)

Skywest,

Inc

4,184

450,094

Southwest

Airlines

Co

12,999

23,700

(a)

Spring

Airlines

Co

Ltd

168

16,612

Stolt-Nielsen

Ltd

509

40,383

Sumitomo

Warehouse

Co

Ltd

701

64,000

T3EX

Global

Holdings

Corp

181

1,433,501

Taiwan

High

Speed

Rail

Corp

1,433

150,087

(a)

TAV

Havalimanlari

Holding

AS

548

7,889

TCI

Express

Ltd

130

53,819

TFI

International,

Inc

7,321

16,586

Theeb

Rent

A

Car

Co

288

250,535

(b)

TNT

NV

392

153,729

Tobu

Railway

Co

Ltd

4,124

405,811

Tokyu

Corp

4,948

5,648,600

(a),(d)

Trada

Alam

Minera

Tbk

PT

0

^

5,907

Trancom

Co

Ltd

301

875,700

Transcoal

Pacific

Tbk

PT

419

26,549

Transport

Corp

of

India

Ltd

262

2,518,814

Transurban

Group

23,537

463,901

(a)

Turk

Hava

Yollari

AO

3,594

64,570

(a)

Tway

Air

Co

Ltd

119

3,899,904

(a)

Uber

Technologies,

Inc

240,117

75,557

U-Haul

Holding

Co

5,322

341,000

U-Ming

Marine

Transport

Corp

578

1,585,099

Union

Pacific

Corp

389,332

244,227

(a)

United

Airlines

Holdings,

Inc

10,077

27,314

United

International

Transportation

Co

574

947,088

United

Parcel

Service,

Inc

(Class

B)

148,911

345,600

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

716

67,336

(a),(d)

Virgin

Australia

Holdings

Pty

Ltd

0

^

30,917

VRL

Logistics

Ltd

286

87,769

Wallenius

Wilhelmsen

ASA

769

530,350

Wan

Hai

Lines

Ltd

949

178,600

West

Japan

Railway

Co

7,442

28,193

(b)

Westshore

Terminals

Investment

Corp

583

154,300

Wilson

Sons

Holdings

Brasil

S.A.

555

109,354

Wincanton

plc

434

318,000

Wisdom

Marine

Lines

Co

Ltd

538

85,968

(a)

XPO,

Inc

7,530

217,236

Yamato

Transport

Co

Ltd

4,009

739,000

Yang

Ming

Marine

Transport

1,233

75,759

YTO

Express

Group

Co

Ltd

131

922,000

Yuexiu

Transport

Infrastructure

Ltd

502

68,515

Yunda

Holding

Co

Ltd

72

1,158,415

Zhejiang

Expressway

Co

Ltd

773

CREF

Stock

Account

December

31,

2023

132

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

78,185

(b)

ZIM

Integrated

Shipping

Services

Ltd

$

772

177,183

ZTO

Express

Cayman,

Inc

(ADR)

3,770

TOTAL

TRANSPORTATION

2,030,999

UTILITIES

-

2.4%

1,282,893

A2A

S.p.A.

2,635

26,305

Acciona

S.A.

3,873

144,969

ACEA

S.p.A.

2,216

81,665

ACWA

Power

Co

5,597

272,195

(a)

Adani

Green

Energy

Ltd

5,224

652,891

(a)

Adani

Power

Ltd

4,120

160,823

(a)

AES

Brasil

Energia

S.A.

408

76,529

AES

Corp

1,473

491,863

AGL

Energy

Ltd

3,180

2,182,532

Aguas

Andinas

S.A.

705

634,800

(a)

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS.

221

282,547

(a)

Akfen

Yenilenebilir

Enerji

AS.

138

79,153

Aksa

Enerji

Uretim

AS

80

433,433

(b)

Algonquin

Power

&

Utilities

Corp

2,735

9,386

(a)

AlKhorayef

Water

&

Power

Technologies

Co

486

242,409

Allete,

Inc

14,826

3,326,776

Alliant

Energy

Corp

170,664

186,622

(b)

AltaGas

Ltd

3,918

119,392

Alupar

Investimento

S.A.

775

1,570,983

Ameren

Corp

113,645

2,402,789

American

Electric

Power

Co,

Inc

195,155

146,830

American

States

Water

Co

11,808

21,532

American

Water

Works

Co,

Inc

2,842

1,110,954

APA

Group

6,465

66,898

Ascopiave

S.p.A.

166

270,046

Atco

Ltd

7,881

37,711

Athens

Water

Supply

&

Sewage

Co

S.A.

254

15,479

Atmos

Energy

Corp

1,794

229,350

Auren

Energia

S.A.

629

8,181

Avangrid,

Inc

265

42,370

Aygaz

AS

194

483,900

B

Grimm

Power

PCL

386

477,600

Banpu

Power

PCL

203

982,000

BCPG

PCL

253

254,679

Beijing

Enterprises

Holdings

Ltd

886

2,034,586

Beijing

Enterprises

Water

Group

Ltd

454

1,328,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

294

22,234

BKW

AG.

3,955

517,876

Black

Hills

Corp

27,939

76,437

(b)

Boralex,

Inc

1,943

95,720

(b)

Brookfield

Infrastructure

Corp

3,376

101,011

(b)

Brookfield

Renewable

Corp

2,908

89,640

(b)

Brookfield

Renewable

Corp

2,580

327,022

(a)

Can2

Termik

AS.

188

87,001

Canadian

Utilities

Ltd

2,094

407,000

(b)

Canvest

Environmental

Protection

Group

Co

Ltd

194

331,832

(b)

Capital

Power

Corp

9,476

185,500

CECEP

Solar

Energy

Co

Ltd

146

321,210

CECEP

Wind-Power

Corp

136

140,904

Centerpoint

Energy,

Inc

4,026

1,023,251

Centrais

Eletricas

Brasileiras

S.A.

8,865

212,739

Centrais

Eletricas

Brasileiras

S.A.

2,059

179,389

Centrica

plc

322

566,175

CESC

Ltd

901

144,350

(b)

CEZ

AS

6,187

910,000

(b)

CGN

New

Energy

Holdings

Co

Ltd

234

1,479,900

CGN

Power

Co

Ltd

649

133

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,179,000

(c)

CGN

Power

Co

Ltd

$

1,354

2,044,000

China

Datang

Corp

Renewable

Power

Co

Ltd

471

1,168,165

China

Gas

Holdings

Ltd

1,154

1,363,044

China

Longyuan

Power

Group

Corp

Ltd

1,035

540,300

China

National

Nuclear

Power

Co

Ltd

571

2,131,847

(b)

China

Power

International

Development

Ltd

784

415,012

China

Resources

Gas

Group

Ltd

1,362

826,373

China

Resources

Power

Holdings

Co

1,656

1,573,900

China

Three

Gorges

Renewables

Group

Co

Ltd

970

742,000

China

Water

Affairs

Group

Ltd

408

650,901

China

Yangtze

Power

Co

Ltd

2,142

571,991

Chubu

Electric

Power

Co,

Inc

7,385

435,100

Chugoku

Electric

Power

Co,

Inc

3,105

293,201

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

4,506

168,300

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

710

125,500

Cia

de

Saneamento

do

Parana

754

370,200

Cia

de

Saneamento

do

Parana

449

1,189,555

Cia

Energetica

de

Minas

Gerais

2,821

14,700

Cia

Energetica

do

Ceara

131

828,700

Cia

Paranaense

de

Energia

1,473

546,059

CK

Infrastructure

Holdings

Ltd

3,022

1,921,700

CK

Power

PCL

183

91,593

Clearway

Energy,

Inc

(Class

A)

2,343

105,060

Clearway

Energy,

Inc

(Class

C)

2,882

1,440,875

CLP

Holdings

Ltd

11,905

185,763

CMS

Energy

Corp

10,787

16,067,167

Colbun

S.A.

2,550

5,840,000

Concord

New

Energy

Group

Ltd

479

105,878

Consolidated

Edison,

Inc

9,632

30,560

Consolidated

Water

Co,

Inc

1,088

298,729

Constellation

Energy

Corp

34,918

631,596

Contact

Energy

Ltd

3,198

70,212

Corp

ACCIONA

Energias

Renovables

S.A.

2,179

192,100

CPFL

Energia

S.A.

1,523

638,600

Datang

International

Power

Generation

Co

Ltd

218

3,448,111

Dominion

Energy,

Inc

162,061

1,740,672

Drax

Group

plc

10,865

22,177

DTE

Energy

Co

2,445

539,278

Duke

Energy

Corp

52,332

1,340,454

E.ON

AG.

18,009

107,133

Edison

International

7,659

322,618

(b)

EDP

Renovaveis

S.A.

6,604

511,800

Electric

Power

Development

Co

8,299

107,200

Electricity

Generating

PCL

402

1,089

(b)

Elia

Group

S.A.

136

179,410

Emera,

Inc

6,811

1,693,937

Emirates

Central

Cooling

Systems

Corp

766

8,225

(b)

Enagas

139

93,492

Encavis

AG.

1,608

10,204

Endesa

S.A.

208

189,861

(a)

Enea

S.A.

443

25,397,947

Enel

Chile

S.A.

1,645

15,607,095

Enel

S.p.A.

116,114

2,407,357

Energias

de

Portugal

S.A.

12,116

168,633

Energisa

S.A.

1,869

224,948

Energix-Renewable

Energies

Ltd

825

1,321,444

Energy

Absolute

PCL

1,709

193,515

(c)

Enerjisa

Enerji

AS.

299

18,829,675

(a)

Enersis

S.A.

2,084

31,261

(a)

Enerya

Enerji

AS.

119

705,300

(a)

Eneva

S.A.

1,977

150,748

Engie

Brasil

Energia

S.A.

1,406

CREF

Stock

Account

December

31,

2023

134

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

444,198

(a)

Engie

Energia

Chile

S.A.

$

464

3,366,136

Engie

S.A.

59,299

95,460

(a)

Enlight

Renewable

Energy

Ltd

1,850

341,835

ENN

Energy

Holdings

Ltd

2,524

133,500

ENN

Natural

Gas

Co

Ltd

317

22,724

Entergy

Corp

2,299

864,611

Equatorial

Energia

S.A.

6,360

28,143

(b)

eRex

Co

Ltd

156

49,640

ERG

S.p.A.

1,584

27,905

Essential

Utilities,

Inc

1,042

25,517

Evergy,

Inc

1,332

112,557

Eversource

Energy

6,947

28,662

EVN

AG.

899

196,013

Exelon

Corp

7,037

109,746

(a)

Fersa

Energias

Renovables

S.A.

158

4,996,976

FirstEnergy

Corp

183,189

319,553

(b)

Fortis,

Inc

13,146

311,059

Fortum

Oyj

4,493

2,097,815

GAIL

India

Ltd

4,084

197,700

Gas

Malaysia

Bhd

138

587,200

GD

Power

Development

Co

Ltd

344

524,557

Global

Power

Synergy

PCL

744

53,969

(a),(b)

Greenvolt-Energias

Renovaveis

S.A.

488

11,381

(a),(b)

Grenergy

Renovables

S.A.

430

1,333,210

Guangdong

Investments

Ltd

970

129,259

Gujarat

Gas

Ltd

716

229,921

Gujarat

State

Petronet

Ltd

845

2,419,327

Gulf

Energy

Development

PCL

3,149

3,863,300

Gunkul

Engineering

PCL

317

648,418

Hera

S.p.A.

2,129

137,393

Hokkaido

Electric

Power

Co,

Inc

608

134,577

Hokuriku

Electric

Power

Co

700

328,661

Holding

CO

ADMIE

IPTO

S.A.

805

9,767,739

Hong

Kong

&

China

Gas

Ltd

7,490

1,206,512

Hong

Kong

Electric

Holdings

Ltd

6,995

296,319

Huadian

Power

International

Corp

Ltd

(Class

A)

215

228,366

Huaneng

Power

International,

Inc

-

A

248

1,778,751

Huaneng

Power

International,

Inc

-

H

944

215,791

(b)

Hydro

One

Ltd

6,465

5,577,091

Iberdrola

S.A.

73,154

5,777

Idacorp,

Inc

568

279,279

Indraprastha

Gas

Ltd

1,403

127,858

(b)

Innergex

Renewable

Energy,

Inc

887

1,027,900

(a),(d)

Inter

Far

East

Energy

Corp

0

^

407,481

Interconexion

Electrica

S.A.

ESP

1,625

866,378

Inversiones

Aguas

Metropolitanas

S.A.

722

2,390,407

Iride

S.p.A.

5,218

398,896

Italgas

S.p.A

2,284

105,427

(a)

Izdemir

Enerji

Elektrik

Uretim

AS.

96

2,886,272

(a)

Jaiprakash

Power

Ventures

Ltd

483

618,463

Kansai

Electric

Power

Co,

Inc

8,208

3,900

(a),(b)

Kasumigaseki

Capital

Co

Ltd

247

15,611

Kenon

Holdings

Ltd

377

2,833,015

Keppel

Infrastructure

Trust

1,073

16,567

KG

Eco

Technology

Service

Co

Ltd

144

109,936

Korea

Electric

Power

Corp

1,610

19,016

(a)

Korea

Gas

Corp

364

328,300

Kyushu

Electric

Power

Co,

Inc

2,376

43,248

Mahanagar

Gas

Ltd

624

4,445,800

Malakoff

Corp

Bhd

614

266,072

Manila

Electric

Co

1,917

765,300

Manila

Water

Co,

Inc

257

135

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

243,399

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS.

$

78

369,300

Mega

First

Corp

BHD

297

569,984

Mercury

NZ

Ltd

2,378

1,049,560

Meridian

Energy

Ltd

3,675

18,240

MGE

Energy,

Inc

1,319

583,257

National

Central

Cooling

Co

PJSC

569

4,405

National

Fuel

Gas

Co

221

142,713

National

Gas

&

Industrialization

Co

2,552

6,582,145

National

Grid

plc

88,670

4,642

Naturgy

Energy

Group

S.A.

138

53,319

(c)

Neoen

S.A.

1,785

279,474

New

Jersey

Resources

Corp

12,459

7,518,033

NextEra

Energy,

Inc

456,645

84,287

Nippon

Gas

Co

Ltd

1,390

45,217

NiSource,

Inc

1,201

114,858

NLC

India

Ltd

350

167,512

(b)

Northland

Power

Income

Fund

3,043

57,200

Northwest

Natural

Holding

Co

2,227

314,058

NRG

Energy,

Inc

16,237

3,835,149

NTPC

Ltd

14,328

1,043,462

(a)

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS.

292

22,905

OGE

Energy

Corp

800

34,001

Okinawa

Electric

Power

Co,

Inc

269

156,600

(a)

Omega

Energia

S.A.

329

90,939

(a)

OPC

Energy

Ltd

590

52,454

(a)

Opdenergy

Holdings

S.A.

335

1,407,290

Origin

Energy

Ltd

8,121

202,504

Orsted

AS

11,226

305,180

Osaka

Gas

Co

Ltd

6,370

16,411

(a)

OY

Nofar

Energy

Ltd

439

217,958

Pennon

Group

plc

2,090

886,878

Petronas

Gas

BHD

3,358

1,768,947

(b),(g)

PG&E

Corp

31,894

771,272

(a)

PGE

Polska

Grupa

Energetyczna

S.A.

1,701

87,871

Pinnacle

West

Capital

Corp

6,313

17,566

Portland

General

Electric

Co

761

66,549

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

1,112

4,081,627

Power

Grid

Corp

of

India

Ltd

11,626

80,893

PPL

Corp

2,192

9,114,500

PT

Perusahaan

Gas

Negara

Persero

Tbk

669

1,179,788

PTC

India

Ltd

2,692

169,953

(a)

Public

Power

Corp

2,094

53,350

Public

Service

Enterprise

Group,

Inc

3,262

34,076

(a)

Pure

Cycle

Corp

357

384,172

Qatar

Electricity

&

Water

Co

QSC

1,908

584,200

Ratch

Group

PCL

539

13,121

Redeia

Corp

S.A.

216

1,254,241

Redes

Energeticas

Nacionais

S.A.

3,223

510,587

(a)

Reliance

Energy

Ltd

1,286

2,077,424

(a)

Reliance

Power

Ltd

581

32,300

(a),(b)

RENOVA,

Inc

272

78,692

Rubis

S.C.A

1,958

2,254,493

RWE

AG.

102,609

19,600

Saibu

Gas

Co

Ltd

272

749,603

Saudi

Electricity

Co

3,789

197,839

(c)

Scatec

ASA

1,598

552,517

Scottish

&

Southern

Energy

plc

13,043

171,100

SDIC

Power

Holdings

Co

Ltd

318

730,200

SembCorp

Industries

Ltd

2,935

494,875

Sempra

Energy

36,982

615,370

Severn

Trent

plc

20,236

558,685

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

315

CREF

Stock

Account

December

31,

2023

136

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

41,400

Shanghai

Electric

Power

Co

Ltd

$

49

225,300

Shenergy

Co

Ltd

204

128,088

Shenzhen

Energy

Group

Co

Ltd

116

120,042

Shikoku

Electric

Power

Co,

Inc

862

76,000

Shinfox

Energy

Co

Ltd

263

28,110

(b)

Shizuoka

Gas

Co

Ltd

204

91,400

Sichuan

Chuantou

Energy

Co

Ltd

195

552,484

SJVN

Ltd

603

69,008

Snam

Rete

Gas

S.p.A.

355

63,023

(a),(b)

Solaria

Energia

y

Medio

Ambiente

S.A.

1,297

128,000

(a),(d)

Sound

Global

Ltd

0

^

748,514

Southern

Co

52,486

202,410

Southwest

Gas

Holdings

Inc

12,823

638,300

SPCG

PCL

232

183,480

Spire,

Inc

11,438

13,228,300

(a)

Super

Energy

Corp

PCL

159

2,092,407

(b)

Superior

Plus

Corp

15,207

1,411,100

Synergy

Grid

&

Development

Phils,

Inc

167

395,213

Taiwan

Cogeneration

Corp

518

1,250,948

Tata

Power

Co

Ltd

4,988

899,941

(a)

Tauron

Polska

Energia

S.A.

854

59,170

Telecom

Plus

plc

1,216

2,317,704

Tenaga

Nasional

BHD

5,064

46,105

Terna

Energy

S.A.

809

47,009

Terna

Rete

Elettrica

Nazionale

S.p.A.

392

208,000

Tian

Lun

Gas

Holdings

Ltd

114

61,000

Toho

Gas

Co

Ltd

1,273

368,900

Tohoku

Electric

Power

Co,

Inc

2,508

1,343,851

(a)

Tokyo

Electric

Power

Co,

Inc

7,033

352,410

Tokyo

Gas

Co

Ltd

8,084

117,636

Torrent

Power

Ltd

1,319

907,000

Towngas

Smart

Energy

Co

Ltd

378

2,315,000

TPI

Polene

Power

PCL

231

211,521

TransAlta

Corp

1,759

157,800

Transmissora

Alianca

de

Energia

Eletrica

S

1,247

1,147,700

TTW

PCL

307

119,729

UGI

Corp

2,945

865,979

United

Utilities

Group

plc

11,698

1,316,218

Veolia

Environnement

41,601

75,214

Verbund

AG.

6,970

491,197

Vistra

Corp

18,921

28,917

(a),(b)

Voltalia

S.A.

333

1,265,019

WEC

Energy

Group,

Inc

106,477

17,430

(b)

West

Holdings

Corp

381

934,000

WHA

Utilities

and

Power

PCL

108

1,733,500

(a)

Wintime

Energy

Group

Co

Ltd

335

611,823

Xcel

Energy,

Inc

37,878

1,344,000

(b)

Xinyi

Energy

Holdings

Ltd

246

1,789,900

YTL

Power

International

BHD

988

849,400

Zhejiang

Zheneng

Electric

Power

Co

Ltd

552

1,446,287

(a)

Zorlu

Enerji

Elektrik

Uretim

AS

208

TOTAL

UTILITIES

2,885,224

TOTAL

COMMON

STOCKS

117,772,329

(Cost

$100,144,911)

137

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUTOMOBILES

&

COMPONENTS

-

0.0%

413,899

Tata

Motors

Ltd

(DVR)

$

2,581

TOTAL

AUTOMOBILES

&

COMPONENTS

2,581

CAPITAL

GOODS

-

0.0%

17,866

Lloyds

Steels

Industries

Ltd

01/10/24

5

26,206

(b),(d)

Webuild

S.p.A

08/02/30

25

TOTAL

CAPITAL

GOODS

30

CONSUMER

SERVICES

-

0.0%

90,578

PointsBet

Holdings

Ltd

07/08/24

1

TOTAL

CONSUMER

SERVICES

1

ENERGY

-

0.0%

4,559,969

Tamboran

Resources

Corp

12/29/23

31

TOTAL

ENERGY

31

FINANCIAL

SERVICES

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0

^

TOTAL

FINANCIAL

SERVICES

0

^

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

368,100

Sigma

Healthcare

Ltd

01/19/24

69

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

69

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

12,000

Cassava

Sciences,

Inc

11/15/24

81

12,599

(d)

Chinook

Therapeutics,

Inc

0

^

20,027

(b),(d)

Tobira

Therapeutics,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

82

SOFTWARE

&

SERVICES

-

0.0%

19,369

(d)

Constellation

Software,

Inc

08/22/28

101

TOTAL

SOFTWARE

&

SERVICES

101

TRANSPORTATION

-

0.0%

19,770

Localiza

Rent

a

Car

S.A.

02/05/24

81

TOTAL

TRANSPORTATION

81

TOTAL

RIGHTS/WARRANTS

2,976

(Cost

$2,394)

TOTAL

LONG-TERM

INVESTMENTS

117,775,564‌

(Cost

$100,147,578)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0.3%

$

20,390,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/10/24

20,354

2,300,000

FFCB

0

.000

01/12/24

2,295

10,000,000

FFCB

0

.000

01/24/24

9,962

15,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/05/24

14,985

5,125,000

FHLB

0

.000

01/10/24

5,116

50,000,000

FHLB

0

.000

01/12/24

49,899

CREF

Stock

Account

December

31,

2023

138

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

10,752,000

FHLB

0

.000

%

01/16/24

$

10,724

43,785,000

FHLB

0

.000

01/17/24

43,665

3,977,000

FHLB

0

.000

01/24/24

3,962

45,000,000

FHLB

0

.000

01/26/24

44,818

33,750,000

FHLB

0

.000

01/31/24

33,589

5,000,000

FHLB

0

.000

02/02/24

4,974

575,000

FHLB

0

.000

02/07/24

572

32,080,000

FHLB

0

.000

02/16/24

31,850

12,500,000

FHLB

0

.000

02/20/24

12,403

12,000,000

FHLB

0

.000

02/27/24

11,895

430,000

FHLB

0

.000

03/01/24

426

5,000,000

FHLB

0

.000

03/20/24

4,941

10,000,000

FHLB

0

.000

04/10/24

9,853

4,725,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/10/24

4,717

TOTAL

GOVERNMENT

AGENCY

DEBT

321,000

REPURCHASE

AGREEMENT

-

0.1%

112,172,000

(i)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

112,172

TOTAL

REPURCHASE

AGREEMENT

112,172

TREASURY

DEBT

-

0.0%

13,078,000

United

States

Treasury

Bill

0

.000

01/04/24

13,074

12,000,000

United

States

Treasury

Bill

0

.000

02/27/24

11,901

TOTAL

TREASURY

DEBT

24,975

TOTAL

SHORT-TERM

INVESTMENTS

458,147

(Cost

$458,273)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.5%

CERTIFICATE

OF

DEPOSIT

-

0.2%

9,000,000

Australia

and

New

Zealand

Banking

Group

5

.650

02/28/24

9,000

5,000,000

Australia

and

New

Zealand

Banking

Group

5

.870

07/25/24

5,000

2,000,000

Australia

and

New

Zealand

Banking

Group

5

.950

10/11/24

2,000

5,000,000

Canadian

Imperial

Bank

of

Commerce

6

.100

04/01/24

5,000

10,000,000

Canadian

Imperial

Bank

of

Commerce

6

.000

05/03/24

10,000

5,000,000

Canadian

Imperial

Bank

of

Commerce

5

.800

11/12/24

5,000

5,000,000

Canadian

Imperial

Bank

of

Commerce

5

.500

12/06/24

5,000

5,000,000

Citibank

NA

5

.920

07/29/24

5,000

5,000,000

Citibank

NA

5

.990

08/07/24

5,000

10,000,000

Citibank

NA

5

.740

08/21/24

10,000

5,000,000

Citibank

NA

6

.010

09/19/24

5,000

5,000,000

ING

US

Funding

LLC

5

.860

02/09/24

5,000

15,000,000

Mizuho

Bank

Ltd

5

.320

01/02/24

15,000

5,500,000

MUFG

Bank

Ltd

5

.800

02/06/24

5,500

9,000,000

MUFG

Bank

Ltd

5

.780

03/13/24

9,000

5,000,000

MUFG

Bank

Ltd

5

.780

04/12/24

5,000

5,000,000

MUFG

Bank

Ltd

5

.790

05/02/24

5,000

10,000,000

MUFG

Bank

Ltd

5

.730

05/16/24

10,000

9,000,000

National

Australia

Bank

Ltd

5

.650

03/06/24

9,000

12,000,000

National

Bank

of

Canada

5

.750

02/01/24

12,000

10,000,000

Natixis

SA

5

.730

08/19/24

10,000

5,000,000

Nordea

Bank

AB

publ

5

.770

03/08/24

5,000

5,000,000

Nordea

Bank

AB

publ

5

.920

04/05/24

5,000

5,000,000

Nordea

Bank

AB

publ

5

.870

07/24/24

5,000

10,000,000

Royal

Bank

of

Canada

5

.930

02/21/24

10,000

9,000,000

Royal

Bank

of

Canada

6

.100

03/27/24

9,000

5,000,000

Royal

Bank

of

Canada

5

.840

07/02/24

5,000

5,000,000

Skandinaviska

Enskilda

Banken

AG

5

.910

04/12/24

5,000

TOTAL

CERTIFICATE

OF

DEPOSIT

195,500

COMMERCIAL

PAPER

-

0.0%

4,250,000

Australia

and

New

Zealand

Banking

Group

0

.000

04/18/24

4,178

5,000,000

DNB

Bank

ASA

0

.000

05/20/24

4,890

139

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

ING

US

Funding

LLC

5

.980

%

04/24/24

$

10,000

5,000,000

ING

US

Funding

LLC

5

.870

07/08/24

4,999

5,000,000

ING

US

Funding

LLC

0

.000

07/25/24

4,838

5,000,000

National

Australia

Bank

Ltd

0

.000

03/07/24

4,951

10,000,000

National

Bank

of

Canada

0

.000

08/16/24

9,653

TOTAL

COMMERCIAL

PAPER

43,509

REPURCHASE

AGREEMENT

-

0.3%

25,000,000

(j)

Calyon

5

.340

01/02/24

25,000

35,000,000

(k)

Citigroup

5

.350

01/02/24

35,000

58,748,000

(l)

Deutsche

Bank

5

.350

01/02/24

58,748

20,000,000

(m)

HSBC

5

.350

01/02/24

20,000

65,000,000

(n)

JP

Morgan

5

.340

01/02/24

65,000

50,000,000

(o)

Merrill

Lynch

5

.350

01/02/24

50,000

14,229,000

(p)

Merrill

Lynch

4

.500

01/02/24

14,229

35,000,000

(q)

Nomura

5

.350

01/02/24

35,000

35,000,000

(r)

Royal

Bank

of

Scotland

5

.340

01/02/24

35,000

40,000,000

(s)

Societe

Generale

5

.350

01/02/24

40,000

TOTAL

REPURCHASE

AGREEMENT

377,977

VARIABLE

RATE

SECURITIES

-

0.0%

5,000,000

(t)

Mizuho

Bank

Ltd

5

.810

02/01/24

5,000

5,000,000

(t)

Mizuho

Bank

Ltd

5

.800

04/11/24

5,000

5,000,000

(t)

Mizuho

Bank

Ltd

5

.800

04/26/24

5,000

TOTAL

VARIABLE

RATE

SECURITIES

15,000

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

631,986

(Cost

$631,986)

TOTAL

INVESTMENTS

-

100.4%

118,865,697

(Cost

$101,237,837)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

447,028

)

NET

ASSETS

-

100.0%

$118,418,669

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

NVDR

Non

Voting

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

CREF

Stock

Account

December

31,

2023

140

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,012,511,687.

(c)

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.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

When-issued

or

delayed

delivery

security.

(f)

Affiliated

holding

(g)

In

bankruptcy

(h)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(i)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$112,238,306

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.375%–4.125%

and

maturity

dates

6/15/26–5/15/33,

valued

at

$114,415,538.

(j)

Agreement

with

Calyon,

5.340%

dated

12/29/23

to

be

repurchased

at

$25,527,886

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.250%

and

maturity

date

12/31/24,

valued

at

$25,500,010.

(k)

Agreement

with

Citigroup,

5.350%

dated

12/29/23

to

be

repurchased

at

$35,117,941

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.500%–5.650%

and

maturity

dates

11/1/37–4/1/38,

valued

at

$35,700,800.

(l)

Agreement

with

Deutsche

Bank,

5.350%

dated

12/29/23

to

be

repurchased

at

$58,748,000

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

11/15/29,

valued

at

$59,922,960.

(m)

Agreement

with

HSBC,

5.350%

dated

12/29/23

to

be

repurchased

at

$20,035,571

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.005%

and

maturity

date

5/1/52,

valued

at

$20,400,001.

(n)

Agreement

with

JP

Morgan,

5.340%

dated

12/29/23

to

be

repurchased

at

$65,149,900

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.500%–6.500%

and

maturity

dates

10/1/36–10/1/53,

valued

at

$66,300,001.

(o)

Agreement

with

Merrill

Lynch,

5.350%

dated

12/29/23

to

be

repurchased

at

$50,185,536

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.500%–7.000%

and

maturity

dates

2/1/36–12/1/53,

valued

at

$51,000,000.

(p)

Agreement

with

Merrill

Lynch,

4.500%

dated

12/29/23

to

be

repurchased

at

$14,229,000

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

2/15/26,

valued

at

$14,513,580.

(q)

Agreement

with

Nomura,

5.350%

dated

12/29/23

to

be

repurchased

at

$35,103,638

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–7.000%

and

maturity

dates

2/1/35–7/20/63,

valued

at

$35,732,798.

(r)

Agreement

with

Royal

Bank

of

Scotland,

5.340%

dated

12/29/23

to

be

repurchased

at

$35,239,109

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.625%

and

maturity

date

8/15/29,

valued

at

$35,700,018.

(s)

Agreement

with

Societe

Generale,

5.350%

dated

12/29/23

to

be

repurchased

at

$40,209,688

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

11/15/33,

valued

at

$40,800,004.

(t)

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.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E-Mini

Index

123‌

03/15/24

 $

11,699‌

$

12,593‌

$

894‌

S&P

500

E-Mini

Index

840‌

03/15/24

195,723‌

202,440‌

6,717‌

S&P

Mid-Cap

400

E-Mini

Index

71‌

03/15/24

18,894‌

19,948‌

1,054‌

Total

1,034‌

  $

226,316‌

 $

234,981‌

 $

8,665‌

Portfolio

of

Investments

CREF

Global

Equities

Account

December

31,

2023

141

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

98.5%

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

-

98.5%

AUSTRALIA

-

1.6%

224,388

AMP

Ltd

142

206,366

APA

Group

1,201

1,950,500

Australia

&

New

Zealand

Banking

Group

Ltd

34,461

42,503

Australian

Stock

Exchange

Ltd

1,826

1,164,864

BHP

Billiton

Ltd

39,797

54,202

Cochlear

Ltd

11,027

358,112

Commonwealth

Bank

of

Australia

27,294

194,971

(a)

Flutter

Entertainment

plc

34,608

69,166

(a)

Flutter

Entertainment

plc

12,207

23,960,852

Glencore

plc

144,030

4,317,113

Ingenia

Communities

Group

13,077

507,415

Insurance

Australia

Group

Ltd

1,961

77,029

Macquarie

Group

Ltd

9,643

28,820

Magellan

Financial

Group

Ltd

182

604,671

Medibank

Pvt

Ltd

1,468

283,513

(a),(b)

Megaport

Ltd

1,773

326,262

Mineral

Resources

Ltd

15,541

685,400

National

Australia

Bank

Ltd

14,325

203,808

(a)

Qantas

Airways

Ltd

747

322,581

QBE

Insurance

Group

Ltd

3,269

276,854

Suncorp-Metway

Ltd

2,622

166,332,488

(a),(c)

Tamboran

Resources

Ltd

25,503

793,474

Telstra

Corp

Ltd

2,144

756,710

Westpac

Banking

Corp

11,807

113,890

Woodside

Energy

Group

Ltd

2,405

TOTAL

AUSTRALIA

413,060

AUSTRIA

-

0.1%

232,820

(d)

BAWAG

Group

AG.

12,321

11,949

Verbund

AG.

1,107

TOTAL

AUSTRIA

13,428

BELGIUM

-

0.1%

239,884

KBC

Groep

NV

15,568

106,315

(a)

Liberty

Global

Ltd

1,889

175,373

UCB

S.A.

15,288

TOTAL

BELGIUM

32,745

BERMUDA

-

0.1%

14,522

(a)

Fidelis

Insurance

Holdings

Ltd

184

68,108

RenaissanceRe

Holdings

Ltd

13,349

TOTAL

BERMUDA

13,533

CREF

Global

Equities

Account

December

31,

2023

142

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

BRAZIL

-

1.3%

385,700

Ambev

S.A.

$

1,084

124,700

Atacadao

S.A.

319

1,289,600

B3

SA-Brasil

Bolsa

Balcao

3,858

1,829,918

Banco

Bradesco

S.A.

5,761

15,960,618

Banco

Bradesco

S.A.

(Preference)

55,658

1,059,000

Banco

BTG

Pactual

S.A.

-

Unit

8,191

70,532

Banco

do

Brasil

S.A.

804

26,000

Banco

Santander

Brasil

S.A.

172

151,300

BB

Seguridade

Participacoes

S.A.

1,051

259,373

Centrais

Eletricas

Brasileiras

S.A.

2,247

54,100

Centrais

Eletricas

Brasileiras

S.A.

524

190,600

Cia

de

Concessoes

Rodoviarias

556

73,700

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

1,133

299,213

Cia

Energetica

de

Minas

Gerais

710

210,400

Cia

Paranaense

de

Energia

374

48,800

Cia

Siderurgica

Nacional

S.A.

195

2,296,738

Companhia

Vale

do

Rio

Doce

(ADR)

36,426

262,168

Cosan

SA

Industria

e

Comercio

1,033

50,400

CPFL

Energia

S.A.

400

42,700

Energisa

S.A.

473

176,700

(a)

Eneva

S.A.

495

39,650

Engie

Brasil

Energia

S.A.

370

216,189

Equatorial

Energia

S.A.

1,590

121,690

Gerdau

S.A.

(Preference)

589

654,157

(a),(d)

Hapvida

Participacoes

e

Investimentos

S.A.

599

139,600

Hypera

S.A.

1,028

415,562

Investimentos

Itau

S.A.

-

PR

886

12,300,219

Itau

Unibanco

Holding

S.A.

85,579

161,000

Klabin

S.A.

736

1,487,044

Localiza

Rent

A

Car

19,470

197,892

Lojas

Renner

S.A.

710

226,900

(a)

Magazine

Luiza

S.A.

101

15,937

(a)

Mercadolibre,

Inc

25,046

192,895

(a)

Natura

&

Co

Holding

S.A.

661

1,877,864

(a)

NU

Holdings

Ltd

15,643

2,215,800

Petro

Rio

S.A.

20,961

837,600

Petroleo

Brasileiro

S.A.

6,688

1,064,738

Petroleo

Brasileiro

S.A.

(Preference)

8,124

270,644

Raia

Drogasil

S.A.

1,638

91,029

(d)

Rede

D'Or

Sao

Luiz

S.A.

539

272,900

Rumo

S.A.

1,290

288,359

Sendas

Distribuidora

S.A.

799

170,022

Suzano

SA

1,936

96,100

Telefonica

Brasil

S.A.

1,056

190,500

TIM

S.A.

701

104,900

TOTVS

S.A.

727

171,000

Ultrapar

Participacoes

S.A.

928

923,964

Vale

S.A.

14,634

248,000

Vibra

Energia

S.A.

1,162

358,820

WEG

S.A.

2,726

253,428

XP,

Inc

6,607

TOTAL

BRAZIL

344,988

CANADA

-

2.5%

197,969

Agnico-Eagle

Mines

Ltd

10,854

1,167,074

Alimentation

Couche-Tard,

Inc

68,727

434,231

Bank

of

Montreal

42,966

266,360

Bank

of

Nova

Scotia

12,966

15,424

Brookfield

Asset

Management

Ltd

619

61,268

(a),(b)

Brookfield

Corp

2,458

423

Brookfield

Reinsurance

Ltd

17

143

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

618,658

Cameco

Corp

$

26,674

195,466

Canadian

Imperial

Bank

of

Commerce

9,412

337,107

Canadian

National

Railway

Co

42,372

202,153

Canadian

Natural

Resources

Ltd

13,244

45,888

(b)

CI

Financial

Corp

515

477,226

Dollarama,

Inc

34,391

5,872

Fairfax

Financial

Holdings

Ltd

5,418

14,632

First

Capital

Real

Estate

Investment

Trust

169

42,224

Franco-Nevada

Corp

4,677

61,101

Great-West

Lifeco

Inc

2,022

23,480

iA

Financial

Corp,

Inc

1,601

18,204

(b)

IGM

Financial,

Inc

481

41,135

Imperial

Oil

Ltd

2,343

31,398

Intact

Financial

Corp

4,831

657,516

(a)

Ivanhoe

Mines

Ltd

6,376

735,871

Kinross

Gold

Corp

4,454

724,647

(a)

Lightspeed

Commerce,

Inc

15,214

425,828

Manulife

Financial

Corp

9,410

73,740

National

Bank

of

Canada

5,621

1,355,269

(a),(b)

NexGen

Energy

Ltd

9,481

239,353

(b)

Nutrien

Ltd

13,485

18,277

Onex

Corp

1,276

683,127

(b)

Pan

American

Silver

Corp

(Toronto)

11,151

565,437

Parex

Resources,

Inc

10,647

122,014

(b)

Power

Corp

of

Canada

3,489

122,537

RioCan

Real

Estate

Investment

Trust

1,722

312,514

Royal

Bank

of

Canada

31,604

2,097,054

(a)

Shopify,

Inc

(Class

A)

163,263

128,359

Sun

Life

Financial,

Inc

6,657

459,862

Suncor

Energy,

Inc

14,732

734,638

Teck

Cominco

Ltd

(Class

B)

31,053

38,094

Thomson

Reuters

Corp

5,570

61,860

TMX

Group

Ltd

1,496

389,235

Toronto-Dominion

Bank

25,151

12,006

West

Fraser

Timber

Co

Ltd

1,027

TOTAL

CANADA

659,636

CHILE

-

0.0%

3,689,013

Banco

de

Chile

434

5,867

Banco

de

Credito

e

Inversiones

159

5,304,714

Banco

Santander

Chile

S.A.

259

280,472

Cencosud

S.A.

527

3,151,319

Cia

Sud

Americana

de

Vapores

S.A.

194

248,391

Empresas

CMPC

S.A.

479

89,097

Empresas

COPEC

S.A.

648

6,305,762

Enel

Chile

S.A.

409

4,602,657

(a)

Enersis

S.A.

509

38,412,817

(a)

Lan

Airlines

S.A.

416

182,766

(a)

SACI

Falabella

456

31,150

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

1,866

TOTAL

CHILE

6,356

CHINA

-

2.0%

25,000

360

Finance,

Inc

(ADR)

396

41,200

360

Security

Technology,

Inc

52

35,400

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

94

1,347

3peak,

Inc

28

156,000

(d)

3SBio,

Inc

150

160,500

(b)

AAC

Technologies

Holdings,

Inc

477

13,300

Accelink

Technologies

Co

Ltd

53

3,414

ACM

Research

Shanghai,

Inc

50

8,252

Advanced

Micro-Fabrication

Equipment,

Inc

China

179

CREF

Global

Equities

Account

December

31,

2023

144

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,600

AECC

Aero-Engine

Control

Co

Ltd

$

35

34,000

AECC

Aviation

Power

Co

Ltd

179

11,651,000

Agricultural

Bank

of

China

Ltd

4,494

470,900

Agricultural

Bank

of

China

Ltd

(Class

A)

242

230,405

Aier

Eye

Hospital

Group

Co

Ltd

514

9,700

AIMA

Technology

Group

Co

Ltd

34

55,700

(a)

Air

China

Ltd

58

148,000

(a)

Air

China

Ltd

(H

shares)

94

30,207

Airtac

International

Group

993

142,000

(a),(d)

Akeso,

Inc

844

3,618,672

Alibaba

Group

Holding

Ltd

34,857

452,759

Alibaba

Group

Holding

Ltd

(ADR)

35,093

454,000

(a)

Alibaba

Health

Information

Technology

Ltd

247

326,000

Aluminum

Corp

of

China

Ltd

163

569,900

Aluminum

Corp

of

China

Ltd

(Class

A)

453

5,636

Amlogic

Shanghai

Co

Ltd

50

6,400

Angel

Yeast

Co

Ltd

32

108,500

Anhui

Conch

Cement

Co

Ltd

251

20,000

Anhui

Conch

Cement

Co

Ltd

(Class

A)

64

27,800

Anhui

Gujing

Distillery

Co

Ltd

423

5,400

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

177

5,630

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

17

29,500

(a)

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

67

9,100

Anhui

Kouzi

Distillery

Co

Ltd

58

9,800

Anhui

Yingjia

Distillery

Co

Ltd

92

4,900

Anker

Innovations

Technology

Co

Ltd

61

271,200

Anta

Sports

Products

Ltd

2,636

8,400

Apeloa

Pharmaceutical

Co

Ltd

18

14,800

(a)

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

55

5,263

(a)

ASR

Microelectronics

Co

Ltd

52

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

30

2,800

Autobio

Diagnostics

Co

Ltd

23

5,700

Autohome,

Inc

(ADR)

160

28,000

Avary

Holding

Shenzhen

Co

Ltd

88

6,200

AVIC

Industry-Finance

Holdings

Co

Ltd

3

88,000

AviChina

Industry

&

Technology

Co

Ltd

38

5,600

AVICOPTER

plc

30

33,600

(a)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

29

486,766

(a)

Baidu,

Inc

7,246

106,000

Bank

of

Beijing

Co

Ltd

68

93,100

Bank

of

Changsha

Co

Ltd

90

18,800

Bank

of

Chengdu

Co

Ltd

30

215,500

Bank

of

China

Ltd

-

A

121

17,837,000

Bank

of

China

Ltd

-

H

6,778

233,300

Bank

of

Communications

Co

Ltd

-

A

189

804,000

Bank

of

Communications

Co

Ltd

-

H

502

29,400

Bank

of

Hangzhou

Co

Ltd

42

94,880

Bank

of

Jiangsu

Co

Ltd

90

44,300

Bank

of

Nanjing

Co

Ltd

46

33,500

Bank

of

Ningbo

Co

Ltd

95

64,522

Bank

of

Shanghai

Co

Ltd

54

73,500

Bank

of

Suzhou

Co

Ltd

67

554,400

Baoshan

Iron

&

Steel

Co

Ltd

464

56,700

(a)

BeiGene

Ltd

791

18,000

(a)

BeiGene

Ltd

(ADR)

3,246

65,200

Beijing

Dabeinong

Technology

Group

Co

Ltd

55

3,900

Beijing

Easpring

Material

Technology

Co

Ltd

21

12,700

Beijing

E-Hualu

Information

Technology

Co

Ltd

56

44,600

Beijing

Enlight

Media

Co

Ltd

51

48,500

Beijing

Enterprises

Holdings

Ltd

169

342,000

Beijing

Enterprises

Water

Group

Ltd

76

5,997

Beijing

Kingsoft

Office

Software,

Inc

267

145

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

23,500

Beijing

New

Building

Materials

plc

$

77

6,000

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

16

580

Beijing

Roborock

Technology

Co

Ltd

23

14,851

Beijing

Shiji

Information

Technology

Co

Ltd

20

8,000

Beijing

Tiantan

Biological

Products

Corp

Ltd

35

6,900

Beijing

Tongrentang

Co

Ltd

52

6,300

Beijing

United

Information

Technology

Co

Ltd

20

2,760

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

29

36,600

Beijing

Yanjing

Brewery

Co

Ltd

45

250,100

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

173

81,600

(a)

Beiqi

Foton

Motor

Co

Ltd

31

3,200

Bethel

Automotive

Safety

Systems

Co

Ltd

31

3,400

Betta

Pharmaceuticals

Co

Ltd

25

2,200

BGI

Genomics

Co

Ltd

15

15,300

(a),(b)

Bilibili,

Inc

186

1,770

Bloomage

Biotechnology

Corp

Ltd

17

18,700

(d)

BOC

Aviation

Ltd

143

812,000

BOC

Hong

Kong

Holdings

Ltd

2,206

14,900

BOC

International

China

Co

Ltd

22

546,600

BOE

Technology

Group

Co

Ltd

301

868,000

Bosideng

International

Holdings

Ltd

390

262,000

Brilliance

China

Automotive

Holdings

Ltd

146

11,800

BTG

Hotels

Group

Co

Ltd

26

24,300

BYD

Co

Ltd

678

228,500

BYD

Co

Ltd

(H

shares)

6,303

172,500

BYD

Electronic

International

Co

Ltd

809

22,060

By-health

Co

Ltd

53

176,000

C&D

International

Investment

Group

Ltd

374

30,030

Caitong

Securities

Co

Ltd

33

6,392

(a)

Cambricon

Technologies

Corp

Ltd

121

6,760

Canmax

Technologies

Co

Ltd

24

5,731

Cathay

Biotech,

Inc

44

62,700

CECEP

Solar

Energy

Co

Ltd

49

65,670

CECEP

Wind-Power

Corp

28

396,900

CGN

Power

Co

Ltd

174

970,000

(d)

CGN

Power

Co

Ltd

254

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

41

24,000

Changjiang

Securities

Co

Ltd

18

3,000

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

55

26,600

Chaozhou

Three-Circle

Group

Co

Ltd

110

4,500

Chengxin

Lithium

Group

Co

Ltd

14

5,500

(a)

Chifeng

Jilong

Gold

Mining

Co

Ltd

11

22,600

China

Baoan

Group

Co

Ltd

37

854,000

China

Cinda

Asset

Management

Co

Ltd

85

5,987,000

China

Citic

Bank

2,824

553,000

China

Coal

Energy

Co

503

224,000

China

Communications

Services

Corp

Ltd

93

93,500

China

Construction

Bank

Corp

-

A

86

21,267,000

China

Construction

Bank

Corp

-

H

12,651

61,000

China

CSSC

Holdings

Ltd

253

75,900

(a)

China

Eastern

Airlines

Corp

Ltd

42

480,900

China

Energy

Engineering

Corp

Ltd

142

278,300

China

Everbright

Bank

Co

Ltd

-

A

114

407,000

China

Everbright

Bank

Co

Ltd

-

H

121

305,555

China

Everbright

Environment

Group

Ltd

99

853,000

(d)

China

Feihe

Ltd

467

10,600

China

Film

Co

Ltd

18

324,000

China

Galaxy

Securities

Co

Ltd

171

24,500

China

Galaxy

Securities

Co

Ltd

(Class

A)

42

228,400

China

Gas

Holdings

Ltd

226

29,700

China

Great

Wall

Securities

Co

Ltd

34

27,400

China

Greatwall

Technology

Group

Co

Ltd

39

CREF

Global

Equities

Account

December

31,

2023

146

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

203,500

China

Hongqiao

Group

Ltd

$

167

397,400

China

Insurance

International

Holdings

Co

Ltd

343

124,400

(d)

China

International

Capital

Corp

Ltd

183

9,100

China

International

Capital

Corp

Ltd

49

19,429

China

Jushi

Co

Ltd

27

1,694,000

China

Life

Insurance

Co

Ltd

2,200

42,000

China

Life

Insurance

Co

Ltd

(Class

A)

168

31,800

(a),(d)

China

Literature

Ltd

119

281,000

China

Longyuan

Power

Group

Corp

Ltd

213

112,000

China

Medical

System

Holdings

Ltd

198

21,700

China

Meheco

Co

Ltd

34

262,000

China

Mengniu

Dairy

Co

Ltd

706

326,500

China

Merchants

Bank

Co

Ltd

1,136

555,900

China

Merchants

Bank

Co

Ltd

(Class

A)

2,181

165,600

China

Merchants

Energy

Shipping

Co

Ltd

137

133,426

China

Merchants

Holdings

International

Co

Ltd

182

36,020

China

Merchants

Securities

Co

Ltd

69

125,000

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

168

192,400

China

Minsheng

Banking

Corp

Ltd

-

A

101

633,300

China

Minsheng

Banking

Corp

Ltd

-

H

215

312,000

China

Molybdenum

Co

Ltd

171

234,000

China

Molybdenum

Co

Ltd

(Class

A)

171

328,000

China

National

Building

Material

Co

Ltd

140

32,900

China

National

Chemical

Engineering

Co

Ltd

30

6,100

China

National

Medicines

Corp

Ltd

25

94,300

China

National

Nuclear

Power

Co

Ltd

100

16,200

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

44

538,000

China

Oilfield

Services

Ltd

550

808,435

China

Overseas

Land

&

Investment

Ltd

1,426

45,000

China

Overseas

Property

Holdings

Ltd

34

98,600

China

Pacific

Insurance

Group

Co

Ltd

-

A

331

610,800

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,236

413,000

(b)

China

Power

International

Development

Ltd

152

102,500

China

Railway

Group

Ltd

-

A

82

923,000

China

Railway

Group

Ltd

-

H

412

147,141

China

Railway

Signal

&

Communication

Corp

Ltd

91

13,800

China

Rare

Earth

Resources

And

Technology

Co

Ltd

54

134,000

China

Resources

Beer

Holdings

Company

Ltd

588

82,300

China

Resources

Gas

Group

Ltd

270

723,836

China

Resources

Land

Ltd

2,597

16,385

China

Resources

Microelectronics

Ltd

103

157,600

(d)

China

Resources

Mixc

Lifestyle

Services

Ltd

562

133,000

(d)

China

Resources

Pharmaceutical

Group

Ltd

87

162,000

China

Resources

Power

Holdings

Co

325

4,700

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

33

1,188,000

(a),(b)

China

Ruyi

Holdings

Ltd

263

112,200

China

Shenhua

Energy

Co

Ltd

-

A

496

774,500

China

Shenhua

Energy

Co

Ltd

-

H

2,656

126,000

(b)

China

Shipping

Development

Co

Ltd

119

154,000

(a),(b)

China

Southern

Airlines

Co

Ltd

65

46,700

(a)

China

Southern

Airlines

Co

Ltd

(Class

A)

38

224,800

China

State

Construction

Engineering

Corp

Ltd

153

162,000

China

State

Construction

International

Holdings

Ltd

187

402,500

China

Three

Gorges

Renewables

Group

Co

Ltd

248

25,800

(b),(d)

China

Tourism

Group

Duty

Free

Corp

Ltd

254

23,925

China

Tourism

Group

Duty

Free

Corp

Ltd

282

4,094,000

(d)

China

Tower

Corp

Ltd

430

562,500

China

Vanke

Co

Ltd

521

139,400

China

Vanke

Co

Ltd

(Class

A)

206

57,000

China

XD

Electric

Co

Ltd

40

129,300

China

Yangtze

Power

Co

Ltd

426

5,400

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

45

147

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

114,140

China

Zheshang

Bank

Co

Ltd

$

41

594,000

Chinasoft

International

Ltd

456

5,000

Chongqing

Brewery

Co

Ltd

47

17,154

Chongqing

Changan

Automobile

Co

Ltd

41

267,100

Chongqing

Rural

Commercial

Bank

Co

Ltd

154

10,200

(a)

Chongqing

Taiji

Industry

Group

Co

Ltd

67

70,950

Chongqing

Zhifei

Biological

Products

Co

Ltd

611

464,200

Chow

Tai

Fook

Jewellery

Group

Ltd

692

540,000

Citic

Pacific

Ltd

540

433,774

CITIC

Securities

Co

Ltd

886

64,870

CITIC

Securities

Co

Ltd

(Class

A)

186

4,800

CNGR

Advanced

Material

Co

Ltd

33

111,700

CNPC

Capital

Co

Ltd

85

93,280

Contemporary

Amperex

Technology

Co

Ltd

2,147

140,445

COSCO

Pacific

Ltd

102

147,500

COSCO

SHIPPING

Development

Co

Ltd

49

69,900

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

121

199,360

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

269

641,650

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

645

2,781,000

(b)

Country

Garden

Holdings

Co

Ltd

278

485,000

(b)

Country

Garden

Services

Holdings

Co

Ltd

420

18,800

CSC

Financial

Co

Ltd

63

17,700

CSPC

Innovation

Pharmaceutical

Co

Ltd

91

1,754,880

CSPC

Pharmaceutical

Group

Ltd

1,633

21,700

CSSC

Science

&

Technology

Co

Ltd

57

93,600

Daqin

Railway

Co

Ltd

95

13,200

(a)

Daqo

New

Energy

Corp

(ADR)

351

14,049

DaShenLin

Pharmaceutical

Group

Co

Ltd

49

169,500

Datang

International

Power

Generation

Co

Ltd

58

10,400

DHC

Software

Co

Ltd

9

10,880

Do-Fluoride

New

Materials

Co

Ltd

23

6,200

Dong-E-E-Jiao

Co

Ltd

43

39,000

Dongfang

Electric

Corp

Ltd

80

680,000

Dongfeng

Motor

Group

Co

Ltd

339

11,300

Dongxing

Securities

Co

Ltd

13

101,000

(a),(b),(d)

East

Buy

Holding

Ltd

360

79,006

East

Money

Information

Co

Ltd

157

3,500

Eastroc

Beverage

Group

Co

Ltd

90

5,000

Ecovacs

Robotics

Co

Ltd

29

4,400

Empyrean

Technology

Co

Ltd

66

66,700

ENN

Energy

Holdings

Ltd

493

35,900

ENN

Natural

Gas

Co

Ltd

85

10,500

Eoptolink

Technology,

Inc

Ltd

73

8,770

Eve

Energy

Co

Ltd

52

21,000

Everbright

Securities

Co

Ltd

46

63,885

(a)

Everdisplay

Optronics

Shanghai

Co

Ltd

22

23,343

Fangda

Carbon

New

Material

Co

Ltd

17

72,000

(b)

Far

East

Horizon

Ltd

57

6,928

(a)

Farasis

Energy

Gan

Zhou

Co

Ltd

16

36,600

FAW

Jiefang

Group

Co

Ltd

44

25,700

First

Capital

Securities

Co

Ltd

21

22,500

Flat

Glass

Group

Co

Ltd

85

96,000

Flat

Glass

Group

Co

Ltd

162

239,700

Focus

Media

Information

Technology

Co

Ltd

214

56,122

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

300

649,000

Fosun

International

382

38,800

Founder

Securities

Co

Ltd

44

174,628

Foxconn

Industrial

Internet

Co

Ltd

372

2,700

Fu

Jian

Anjoy

Foods

Co

Ltd

40

14,400

Fujian

Sunner

Development

Co

Ltd

35

22,700

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

120

140,600

(d)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

685

CREF

Global

Equities

Account

December

31,

2023

148

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

18,268

GalaxyCore,

Inc

$

53

31,200

(d)

Ganfeng

Lithium

Group

Co

Ltd

118

7,920

Ganfeng

Lithium

Group

Co

Ltd

48

500

G-bits

Network

Technology

Xiamen

Co

Ltd

17

1,805,000

GCL

Technology

Holdings

Ltd

287

90,000

GD

Power

Development

Co

Ltd

53

210,184

(a)

GDS

Holdings

Ltd

238

188,900

(a),(b)

GDS

Holdings

Ltd

(ADR)

1,723

1,341,000

Geely

Automobile

Holdings

Ltd

1,477

39,400

GEM

Co

Ltd

30

81,100

Gemdale

Corp

50

92,000

(a)

Genscript

Biotech

Corp

234

90,600

GF

Securities

Co

Ltd

109

31,000

GF

Securities

Co

Ltd

(Class

A)

62

14,700

Giant

Network

Group

Co

Ltd

23

8,872

GigaDevice

Semiconductor,

Inc

115

3,900

Ginlong

Technologies

Co

Ltd

38

44,500

GoerTek,

Inc

132

6,600

Gongniu

Group

Co

Ltd

89

1,960

GoodWe

Technologies

Co

Ltd

36

6,800

Gotion

High-tech

Co

Ltd

21

30,700

Great

Wall

Motor

Co

Ltd

109

523,000

(b)

Great

Wall

Motor

Co

Ltd

680

14,200

Gree

Electric

Appliances,

Inc

of

Zhuhai

64

62,000

Greenland

Holdings

Corp

Ltd

20

272,500

(b)

Greentown

China

Holdings

Ltd

278

39,200

GRG

Banking

Equipment

Co

Ltd

68

18,400

Guangdong

Haid

Group

Co

Ltd

117

37,300

(a)

Guangdong

HEC

Technology

Holding

Co

Ltd

39

252,000

Guangdong

Investments

Ltd

183

202,200

Guanghui

Energy

Co

Ltd

203

59,400

Guangzhou

Automobile

Group

Co

Ltd

73

798,000

Guangzhou

Automobile

Group

Co

Ltd

-

H

371

16,000

Guangzhou

Baiyun

International

Airport

Co

Ltd

22

10,500

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

42

42,200

Guangzhou

Haige

Communications

Group,

Inc

Co

76

1,800

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

16

6,995

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

45

21,800

Guangzhou

Tinci

Materials

Technology

Co

Ltd

77

13,486

Guangzhou

Yuexiu

Capital

Holdings

Group

Co

Ltd

11

12,200

Guolian

Securities

Co

Ltd

19

28,300

Guosen

Securities

Co

Ltd

34

41,000

Guotai

Junan

Securities

Co

Ltd

86

25,790

Guoyuan

Securities

Co

Ltd

25

378,000

(d)

Haidilao

International

Holding

Ltd

705

30,300

Haier

Smart

Home

Co

Ltd

90

202,400

Haier

Smart

Home

Co

Ltd

572

539,600

(a)

Hainan

Airlines

Holding

Co

Ltd

104

145,500

(a)

Hainan

Airport

Infrastructure

Co

Ltd

76

156,000

Haitian

International

Holdings

Ltd

386

263,600

Haitong

Securities

Co

Ltd

141

53,100

Haitong

Securities

Co

Ltd

(Class

A)

70

13,100

Hang

Zhou

Great

Star

Industrial

Co

Ltd

42

43,600

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

45

7,800

Hangzhou

Chang

Chuan

Technology

Co

Ltd

42

19,510

Hangzhou

First

Applied

Material

Co

Ltd

67

8,400

Hangzhou

Lion

Electronics

Co

Ltd

32

12,900

Hangzhou

Oxygen

Plant

Group

Co

Ltd

53

13,530

Hangzhou

Robam

Appliances

Co

Ltd

42

18,600

Hangzhou

Silan

Microelectronics

Co

Ltd

60

1,800

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

14

100,000

(d)

Hansoh

Pharmaceutical

Group

Co

Ltd

202

149

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,800

Haohua

Chemical

Science

&

Technology

Co

Ltd

$

38

11,600

Hebei

Hengshui

Laobaigan

Liquor

Co

Ltd

37

22,500

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

67

19,100

Heilongjiang

Agriculture

Co

Ltd

32

49,900

Henan

Shenhuo

Coal

&

Power

Co

Ltd

118

51,700

Henan

Shuanghui

Investment

&

Development

Co

Ltd

195

161,500

Hengan

International

Group

Co

Ltd

601

22,100

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

42

104,980

Hengli

Petrochemical

Co

Ltd

195

34,700

Hengtong

Optic-electric

Co

Ltd

58

49,430

Hengyi

Petrochemical

Co

Ltd

47

209,900

Hesteel

Co

Ltd

63

21,000

Hisense

Visual

Technology

Co

Ltd

62

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

62

29,800

HLA

Corp

Ltd

31

5,860

Hongfa

Technology

Co

Ltd

23

2,667

(a),(e)

Horizon

Construction

Development

Ltd

2

9,500

Hoshine

Silicon

Industry

Co

Ltd

68

850

Hoymiles

Power

Electronics,

Inc

32

6,036

Hoyuan

Green

Energy

Co

Ltd

28

127,000

(a),(b),(d)

Hua

Hong

Semiconductor

Ltd

307

41,700

Huadian

Power

International

Corp

Ltd

(Class

A)

30

9,740

Huadong

Medicine

Co

Ltd

57

52,800

Huafon

Chemical

Co

Ltd

50

15,800

Huagong

Tech

Co

Ltd

66

61,600

Huaibei

Mining

Holdings

Co

Ltd

145

329,360

Hualan

Biological

Engineering,

Inc

1,028

44,300

Huaneng

Power

International,

Inc

-

A

48

342,000

Huaneng

Power

International,

Inc

-

H

181

116,200

(d)

Huatai

Securities

Co

Ltd

147

15,500

Huatai

Securities

Co

Ltd

(Class

A)

31

14,200

Huaxi

Securities

Co

Ltd

16

80,200

Huaxia

Bank

Co

Ltd

64

42,200

Huayu

Automotive

Systems

Co

Ltd

97

16,983

Huazhu

Group

Ltd

(ADR)

568

5,900

Hubei

Feilihua

Quartz

Glass

Co

Ltd

30

4,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

21

16,400

Hubei

Xingfa

Chemicals

Group

Co

Ltd

42

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

106

9,500

Humanwell

Healthcare

Group

Co

Ltd

33

115,000

Hunan

Valin

Steel

Co

Ltd

84

8,412

Hundsun

Technologies,

Inc

34

2,040

Hwatsing

Technology

Co

Ltd

54

79,000

(b),(d)

Hygeia

Healthcare

Holdings

Co

Ltd

358

25,994

Hygon

Information

Technology

Co

Ltd

260

23,431

(a)

iClick

Interactive

Asia

Group

Ltd

(ADR)

90

12,800

Iflytek

Co

Ltd

84

900

Imeik

Technology

Development

Co

Ltd

37

329,900

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

222

14,467,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

7,050

105,200

Industrial

Bank

Co

Ltd

240

40,790

Industrial

Securities

Co

Ltd

34

6,300

Ingenic

Semiconductor

Co

Ltd

57

228,300

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

47

61,300

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

123

137,200

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

72

90,600

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

342

298,200

Inner

Mongolia

Yitai

Coal

Co

459

56,900

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

47

375,000

(a),(d)

Innovent

Biologics,

Inc

2,054

8,800

Inspur

Electronic

Information

Industry

Co

Ltd

41

37,153

(a),(b)

iQIYI,

Inc

(ADR)

181

CREF

Global

Equities

Account

December

31,

2023

150

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,001

iRay

Technology

Co

Ltd

$

46

14,250

(a)

Isoftstone

Information

Technology

Group

Co

Ltd

93

42,300

JA

Solar

Technology

Co

Ltd

124

8,310

Jason

Furniture

Hangzhou

Co

Ltd

41

92,550

(a),(d)

JD

Health

International,

Inc

465

464,400

(a),(d)

JD

Logistics,

Inc

582

1,254,055

JD.com,

Inc

18,112

154,072

JD.com,

Inc

(ADR)

4,451

73,400

Jiangsu

Eastern

Shenghong

Co

Ltd

99

116,000

Jiangsu

Express

104

16,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

130

32,882

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

210

16,400

Jiangsu

King's

Luck

Brewery

JSC

Ltd

113

16,000

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

61

4,800

Jiangsu

Pacific

Quartz

Co

Ltd

59

41,500

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

52

19,300

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

299

3,900

Jiangsu

Yangnong

Chemical

Co

Ltd

35

6,400

Jiangsu

Yoke

Technology

Co

Ltd

50

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

25

47,500

Jiangsu

Zhongtian

Technology

Co

Ltd

84

97,000

Jiangxi

Copper

Co

Ltd

137

11,158

Jiangxi

Copper

Co

Ltd

(Class

A)

28

23,300

(a)

Jiangxi

Special

Electric

Motor

Co

Ltd

44

57,600

Jinduicheng

Molybdenum

Co

Ltd

77

83,904

Jinko

Solar

Co

Ltd

105

2,900

JiuGui

Liquor

Co

Ltd

30

139,200

Jizhong

Energy

Resources

Co

Ltd

140

283,877

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

498

16,479

Jointown

Pharmaceutical

Group

Co

Ltd

16

9,500

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

38

3,700

JOYY,

Inc

(ADR)

147

4,500

Juewei

Food

Co

Ltd

17

17,600

Juneyao

Airlines

Co

Ltd

30

47,500

Kanzhun

Ltd

(ADR)

789

138,745

KE

Holdings,

Inc

(ADR)

2,249

18,700

Keda

Industrial

Group

Co

Ltd

28

150,000

Kingboard

Chemical

Holdings

Ltd

359

599,000

(a)

Kingdee

International

Software

Group

Co

Ltd

874

35,900

Kingnet

Network

Co

Ltd

57

79,600

Kingsoft

Corp

Ltd

246

492,900

(a),(d)

Kuaishou

Technology

3,354

27,000

(a)

Kuang-Chi

Technologies

Co

Ltd

56

6,500

Kunlun

Tech

Co

Ltd

34

15,997

Kweichow

Moutai

Co

Ltd

3,894

37,700

LB

Group

Co

Ltd

91

1,592,000

Lenovo

Group

Ltd

2,228

69,900

Lens

Technology

Co

Ltd

130

1,300

Lepu

Medical

Technology

Beijing

Co

Ltd

3

250,700

(a)

Li

Auto,

Inc

4,697

192,500

Li

Ning

Co

Ltd

517

114,600

Liaoning

Port

Co

Ltd

23

103,700

Lingyi

iTech

Guangdong

Co

99

2,100

Livzon

Pharmaceutical

Group,

Inc

10

452,000

(d)

Longfor

Group

Holdings

Ltd

725

108,889

LONGi

Green

Energy

Technology

Co

Ltd

352

13,325

Lufax

Holding

Ltd

(ADR)

41

41,300

Luxi

Chemical

Group

Co

Ltd

58

92,109

Luxshare

Precision

Industry

Co

Ltd

447

19,300

Luzhou

Laojiao

Co

Ltd

489

25,790

Mango

Excellent

Media

Co

Ltd

92

6,608

Maxscend

Microelectronics

Co

Ltd

131

151

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

46,500

Meihua

Holdings

Group

Co

Ltd

$

63

383,795

(a)

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

325

1,810,900

(a),(d)

Meituan

19,012

85,700

Metallurgical

Corp

of

China

Ltd

37

228,500

(b)

Microport

Scientific

Corp

247

27,400

Ming

Yang

Smart

Energy

Group

Ltd

48

83,400

(e)

MINISO

Group

Holding

Ltd

426

13,400

MINISO

Group

Holding

Ltd

(ADR)

273

168,000

Minth

Group

Ltd

340

15,110

Montage

Technology

Co

Ltd

125

73,444

Muyuan

Foods

Co

Ltd

427

7,265

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

15

18,200

Nanjing

Securities

Co

Ltd

20

107,852

NARI

Technology

Co

Ltd

339

13,128

(a)

National

Silicon

Industry

Group

Co

Ltd

32

7,000

NAURA

Technology

Group

Co

Ltd

242

3,500

NavInfo

Co

Ltd

4

711,095

NetEase,

Inc

12,829

33,300

New

China

Life

Insurance

Co

Ltd

-

A

146

222,100

New

China

Life

insurance

Co

Ltd

-

H

433

59,600

(a)

New

Hope

Liuhe

Co

Ltd

78

327,040

(a)

New

Oriental

Education

&

Technology

Group,

Inc

2,384

18,700

Ninestar

Corp

60

4,860

Ningbo

Deye

Technology

Co

Ltd

57

16,300

Ningbo

Joyson

Electronic

Corp

41

8,800

Ningbo

Orient

Wires

&

Cables

Co

Ltd

53

4,310

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

24

28,200

Ningbo

Shanshan

Co

Ltd

54

12,300

Ningbo

Tuopu

Group

Co

Ltd

127

106,000

Ningxia

Baofeng

Energy

Group

Co

Ltd

221

300,130

(a)

NIO,

Inc

(ADR)

2,722

454,600

(b),(d)

Nongfu

Spring

Co

Ltd

2,631

21,200

North

Industries

Group

Red

Arrow

Co

Ltd

42

78,500

(a)

Offcn

Education

Technology

Co

Ltd

45

156,900

Offshore

Oil

Engineering

Co

Ltd

131

47,500

(a)

OFILM

Group

Co

Ltd

58

5,840

Oppein

Home

Group,

Inc

57

46,728

Orient

Securities

Co

Ltd

57

23,900

Oriental

Pearl

Group

Co

Ltd

25

3,809

Ovctek

China,

Inc

12

119,700

(a)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

55

268,150

(a)

PDD

Holdings,

Inc

(ADR)

39,233

18,400

People.cn

Co

Ltd

72

2,240,000

People's

Insurance

Co

Group

of

China

Ltd

689

184,900

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

126

11,200

Perfect

World

Co

Ltd

19

7,425

Pharmaron

Beijing

Co

Ltd

-

A

30

1,580,000

PICC

Property

&

Casualty

Co

Ltd

1,880

94,200

Ping

An

Bank

Co

Ltd

125

43,100

(a),(b),(d)

Ping

An

Healthcare

and

Technology

Co

Ltd

98

1,477,703

Ping

An

Insurance

Group

Co

of

China

Ltd

6,690

150,600

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

857

2,587

Piotech,

Inc

84

171,400

Poly

Developments

and

Holdings

Group

Co

Ltd

239

106,000

(d)

Pop

Mart

International

Group

Ltd

275

161,100

Postal

Savings

Bank

of

China

Co

Ltd

-

A

99

694,000

(d)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

332

73,900

Power

Construction

Corp

of

China

Ltd

51

1,642

Pylon

Technologies

Co

Ltd

25

6,033

(a)

Qi

An

Xin

Technology

Group,

Inc

34

76,400

(a)

Qinghai

Salt

Lake

Industry

Co

Ltd

172

20,100

Range

Intelligent

Computing

Technology

Group

Co

Ltd

72

CREF

Global

Equities

Account

December

31,

2023

152

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,546

Raytron

Technology

Co

Ltd

$

35

16,500

Risen

Energy

Co

Ltd

41

3,500

Rockchip

Electronics

Co

Ltd

31

126,850

Rongsheng

Petrochemical

Co

Ltd

185

127,300

SAIC

Motor

Corp

Ltd

243

31,700

Sailun

Group

Co

Ltd

53

67,500

Sanan

Optoelectronics

Co

Ltd

132

2,500

Sangfor

Technologies,

Inc

25

259,000

Sany

Heavy

Equipment

International

Holdings

Co

Ltd

251

116,200

Sany

Heavy

Industry

Co

Ltd

226

45,573

Satellite

Chemical

Co

Ltd

95

28,600

SDIC

Capital

Co

Ltd

27

44,200

SDIC

Power

Holdings

Co

Ltd

82

31,700

Seazen

Holdings

Co

Ltd

51

21,000

(a)

Seres

Group

Co

Ltd

226

26,600

SF

Holding

Co

Ltd

152

6,070

SG

Micro

Corp

76

167,800

Shaanxi

Coal

Industry

Co

Ltd

494

97,700

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

134

7,670

Shandong

Buchang

Pharmaceuticals

Co

Ltd

18

17,320

Shandong

Gold

Mining

Co

Ltd

-

A

56

67,250

(d)

Shandong

Gold

Mining

Co

Ltd

-

H

128

10,000

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

42

40,950

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

159

11,800

Shandong

Linglong

Tyre

Co

Ltd

32

57,200

Shandong

Nanshan

Aluminum

Co

Ltd

24

36,500

Shandong

Sun

Paper

Industry

JSC

Ltd

63

598,400

(b)

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

583

24,080

Shanghai

Aiko

Solar

Energy

Co

Ltd

60

8,732

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

30

6,915

Shanghai

Baosight

Software

Co

Ltd

48

148,944

Shanghai

Baosight

Software

Co

Ltd

316

51,300

Shanghai

Construction

Group

Co

Ltd

17

230,200

Shanghai

Electric

Group

Co

Ltd

135

15,300

Shanghai

Electric

Power

Co

Ltd

18

8,500

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

30

38,500

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

84

1,482

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

53

6,744

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

37

17,800

(a)

Shanghai

International

Airport

Co

Ltd

82

46,300

Shanghai

International

Port

Group

Co

Ltd

32

9,400

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

40

8,618

(a)

Shanghai

Junshi

Biosciences

Co

Ltd

51

1,880

Shanghai

Lingang

Holdings

Corp

Ltd

3

9,700

Shanghai

M&G

Stationery,

Inc

51

1,006

Shanghai

Medicilon,

Inc

10

6,100

Shanghai

Moons'

Electric

Co

Ltd

57

16,300

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

38

69,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

102

139,700

Shanghai

Pudong

Development

Bank

Co

Ltd

130

21,136

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

62

271,200

Shanghai

RAAS

Blood

Products

Co

Ltd

306

204,800

Shanghai

Rural

Commercial

Bank

Co

Ltd

166

10,182

Shanghai

United

Imaging

Healthcare

Co

Ltd

197

67,500

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

59

8,300

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

23

36,000

Shanxi

Coal

International

Energy

Group

Co

Ltd

89

72,079

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

223

46,600

(a)

Shanxi

Meijin

Energy

Co

Ltd

44

19,330

Shanxi

Securities

Co

Ltd

15

74,700

Shanxi

Taigang

Stainless

Steel

Co

Ltd

39

16,080

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

523

153

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

125,770

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

$

175

3,500

Shede

Spirits

Co

Ltd

48

46,300

Shenergy

Co

Ltd

42

10,400

Shenghe

Resources

Holding

Co

Ltd

15

29,600

Shengyi

Technology

Co

Ltd

76

4,680

Shennan

Circuits

Co

Ltd

47

116,200

Shenwan

Hongyuan

Group

Co

Ltd

73

9,280

Shenzhen

Capchem

Technology

Co

Ltd

62

2,560

Shenzhen

Dynanonic

Co

Ltd

22

28,300

Shenzhen

Energy

Group

Co

Ltd

26

7,600

Shenzhen

Goodix

Technology

Co

Ltd

74

17,100

Shenzhen

Inovance

Technology

Co

Ltd

152

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

2

4,640

Shenzhen

Kangtai

Biological

Products

Co

Ltd

18

2,900

Shenzhen

Kedali

Industry

Co

Ltd

35

6,200

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

254

8,800

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

97

112,300

Shenzhen

Overseas

Chinese

Town

Co

Ltd

49

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

28

4,600

Shenzhen

SC

New

Energy

Technology

Corp

48

12,500

Shenzhen

SED

Industry

Co

Ltd

37

10,382

Shenzhen

Senior

Technology

Material

Co

Ltd

23

7,800

Shenzhen

Sunlord

Electronics

Co

Ltd

30

11,081

Shenzhen

Transsion

Holdings

Co

Ltd

216

11,200

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

43

181,200

Shenzhou

International

Group

Holdings

Ltd

1,859

8,380

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

27

14,600

Shuangliang

Eco-Energy

Systems

Co

Ltd

17

77,900

Sichuan

Changhong

Electric

Co

Ltd

58

23,700

Sichuan

Chuantou

Energy

Co

Ltd

51

76,600

Sichuan

Hebang

Biotechnology

Co

Ltd

26

353,500

Sichuan

Kelun

Pharmaceutical

Co

Ltd

1,448

107,100

Sichuan

Road

and

Bridge

Group

Co

Ltd

113

6,400

Sichuan

Swellfun

Co

Ltd

53

11,000

Sieyuan

Electric

Co

Ltd

81

71,000

Silergy

Corp

1,152

18,700

Sinolink

Securities

Co

Ltd

24

48,900

Sinoma

International

Engineering

Co

64

21,400

Sinoma

Science

&

Technology

Co

Ltd

48

7,468

Sinomine

Resource

Group

Co

Ltd

39

191,200

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

77

518,800

Sinopharm

Group

Co

Ltd

1,360

173,000

Sinotruk

Hong

Kong

Ltd

340

6,860

Skshu

Paint

Co

Ltd

46

411,000

(b),(d)

Smoore

International

Holdings

Ltd

343

23,800

Songcheng

Performance

Development

Co

Ltd

33

28,262

SooChow

Securities

Co

Ltd

29

29,700

Southwest

Securities

Co

Ltd

17

4,500

(a)

Spring

Airlines

Co

Ltd

32

1,900

StarPower

Semiconductor

Ltd

48

18,500

Sungrow

Power

Supply

Co

Ltd

228

155,700

Sunny

Optical

Technology

Group

Co

Ltd

1,415

6,850

Sunresin

New

Materials

Co

Ltd

51

19,300

Sunwoda

Electronic

Co

Ltd

40

20,600

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

53

3,224

Suzhou

Maxwell

Technologies

Co

Ltd

59

6,600

Suzhou

TFC

Optical

Communication

Co

Ltd

85

96,100

(a)

TAL

Education

Group

(ADR)

1,214

21,400

Tangshan

Jidong

Cement

Co

Ltd

19

82,960

TBEA

Co

Ltd

161

312,910

TCL

Technology

Group

Corp

190

51,875

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

114

CREF

Global

Equities

Account

December

31,

2023

154

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,187,100

Tencent

Holdings

Ltd

$

82,574

61,900

(a)

Tencent

Music

Entertainment

Group

(ADR)

558

5,100

Thunder

Software

Technology

Co

Ltd

58

48,200

Tianfeng

Securities

Co

Ltd

21

7,100

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

32

19,200

Tianma

Microelectronics

Co

Ltd

29

71,700

Tianqi

Lithium

Corp

564

51,600

Tianshan

Aluminum

Group

Co

Ltd

44

54,400

Tianshui

Huatian

Technology

Co

Ltd

65

476,000

Tingyi

Cayman

Islands

Holding

Corp

581

26,000

Titan

Wind

Energy

Suzhou

Co

Ltd

43

102,000

(a)

Tongcheng

Travel

Holdings

Ltd

189

23,100

TongFu

Microelectronics

Co

Ltd

75

25,400

Tongkun

Group

Co

Ltd

54

223,200

Tongling

Nonferrous

Metals

Group

Co

Ltd

103

63,600

Tongwei

Co

Ltd

224

1,500

(a)

Topchoice

Medical

Corp

16

456,000

(d)

Topsports

International

Holdings

Ltd

356

215,000

Travelsky

Technology

Ltd

372

27,449

Trina

Solar

Co

Ltd

110

113,950

(a)

Trip.com

Group

Ltd

4,091

54,100

(a)

Tsinghua

Tongfang

Co

Ltd

56

142,000

Tsingtao

Brewery

Co

Ltd

954

9,800

Tsingtao

Brewery

Co

Ltd

(Class

A)

103

10,399

Unigroup

Guoxin

Microelectronics

Co

Ltd

99

334,000

Uni-President

China

Holdings

Ltd

238

39,800

Unisplendour

Corp

Ltd

109

17,200

Universal

Scientific

Industrial

Shanghai

Co

Ltd

37

7,127

(a)

Verisilicon

Microelectronics

Shanghai

Co

Ltd

50

75,865

(a)

Vipshop

Holdings

Ltd

(ADR)

1,347

5,800

Walvax

Biotechnology

Co

Ltd

19

38,100

(a)

Wanda

Film

Holding

Co

Ltd

70

44,700

Wanhua

Chemical

Group

Co

Ltd

485

1,104,000

Want

Want

China

Holdings

Ltd

667

238,084

Weibo

Corp

(ADR)

2,607

160,000

Weichai

Power

Co

Ltd

267

41,500

Weichai

Power

Co

Ltd

(Class

A)

80

5,380

Weihai

Guangwei

Composites

Co

Ltd

20

88,375

Wens

Foodstuffs

Group

Co

Ltd

250

16,000

Western

Mining

Co

Ltd

32

26,400

Western

Securities

Co

Ltd

24

7,014

Western

Superconducting

Technologies

Co

Ltd

53

15,090

Will

Semiconductor

Co

Ltd

227

16,900

Wingtech

Technology

Co

Ltd

101

708,000

Winteam

Pharmaceutical

Group

Ltd

356

442,700

(a)

Wintime

Energy

Group

Co

Ltd

86

103,100

Wuchan

Zhongda

Group

Co

Ltd

64

19,918

Wuhan

Guide

Infrared

Co

Ltd

21

50,135

Wuliangye

Yibin

Co

Ltd

992

24,950

WUS

Printed

Circuit

Kunshan

Co

Ltd

78

157,936

WuXi

AppTec

Co

Ltd

-

A

1,621

30,185

(b),(d)

WuXi

AppTec

Co

Ltd

-

H

308

2,469

Wuxi

Autowell

Technology

Co

Ltd

32

986,000

(a),(d)

Wuxi

Biologics

Cayman,

Inc

3,729

181,400

XCMG

Construction

Machinery

Co

Ltd

140

48,700

Xiamen

C

&

D,

Inc

66

2,400

Xiamen

Faratronic

Co

Ltd

31

11,600

Xiamen

Tungsten

Co

Ltd

28

3,359,400

(a),(d)

Xiaomi

Corp

6,727

20,892

Xinjiang

Daqo

New

Energy

Co

Ltd

87

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

61

404,863

Xinyi

Solar

Holdings

Ltd

237

155

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

210,700

(a),(b)

XPeng,

Inc

$

1,535

307,000

Xtep

International

Holdings

Ltd

174

264,000

(d)

Yadea

Group

Holdings

Ltd

465

6,300

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

33

47,200

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

187

542,000

(b)

Yanzhou

Coal

Mining

Co

Ltd

1,031

76,150

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

213

14,210

Yealink

Network

Technology

Corp

Ltd

59

12,574

Yifeng

Pharmacy

Chain

Co

Ltd

71

16,200

Yihai

Kerry

Arawana

Holdings

Co

Ltd

76

36,820

Yintai

Gold

Co

Ltd

78

50,600

Yonghui

Superstores

Co

Ltd

20

6,890

YongXing

Special

Materials

Technology

Co

Ltd

51

17,959

Yonyou

Network

Technology

Co

Ltd

45

22,100

Youngor

Group

Co

Ltd

20

16,800

YTO

Express

Group

Co

Ltd

29

30,600

(a)

Yuan

Longping

High-tech

Agriculture

Co

Ltd

61

387,360

Yuexiu

Property

Co

Ltd

316

312,623

Yum

China

Holdings,

Inc

13,265

17,180

Yunda

Holding

Co

Ltd

18

19,100

Yunnan

Aluminium

Co

Ltd

33

8,900

Yunnan

Baiyao

Group

Co

Ltd

62

4,200

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

40

101,800

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

72

11,400

Yunnan

Energy

New

Material

Co

Ltd

91

34,100

Yunnan

Tin

Co

Ltd

69

42,300

Yunnan

Yuntianhua

Co

Ltd

93

201,500

(a)

Zai

Lab

Ltd

545

22,800

Zangge

Mining

Co

Ltd

81

2,800

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

96

110,500

Zhaojin

Mining

Industry

Co

Ltd

137

20,000

Zhefu

Holding

Group

Co

Ltd

10

98,220

(a)

Zhejiang

Century

Huatong

Group

Co

Ltd

71

44,100

Zhejiang

China

Commodities

City

Group

Co

Ltd

46

27,500

Zhejiang

Chint

Electrics

Co

Ltd

83

51,900

Zhejiang

Dahua

Technology

Co

Ltd

135

7,760

Zhejiang

Dingli

Machinery

Co

Ltd

56

229,880

Zhejiang

Expressway

Co

Ltd

153

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

19

7,093

Zhejiang

Huayou

Cobalt

Co

Ltd

33

16,000

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

99

5,000

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

17

39,200

Zhejiang

Juhua

Co

Ltd

91

111,100

(a),(b),(d)

Zhejiang

Leapmotor

Technologies

Ltd

508

46,900

Zhejiang

Longsheng

Group

Co

Ltd

56

16,304

Zhejiang

NHU

Co

Ltd

39

9,300

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

39

7,511

Zhejiang

Supcon

Technology

Co

Ltd

48

9,800

Zhejiang

Supor

Co

Ltd

73

18,590

Zhejiang

Weiming

Environment

Protection

Co

Ltd

42

24,100

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

49

222,900

Zhejiang

Zheneng

Electric

Power

Co

Ltd

145

19,800

Zhengzhou

Yutong

Bus

Co

Ltd

37

18,500

Zheshang

Securities

Co

Ltd

27

58,500

(a),(d)

ZhongAn

Online

P&C

Insurance

Co

Ltd

134

12,100

Zhongji

Innolight

Co

Ltd

192

35,600

Zhongjin

Gold

Corp

Ltd

50

196,500

Zhongsheng

Group

Holdings

Ltd

471

65,400

Zhongtai

Securities

Co

Ltd

63

9,447

Zhuzhou

CRRC

Times

Electric

Co

Ltd

48

121,100

Zhuzhou

CSR

Times

Electric

Co

Ltd

346

29,900

Zhuzhou

Kibing

Group

Co

Ltd

29

CREF

Global

Equities

Account

December

31,

2023

156

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,220,000

Zijin

Mining

Group

Co

Ltd

$

1,989

605,150

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,062

103,300

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

95

61,100

ZTE

Corp

228

165,000

ZTE

Corp

(Class

H)

369

35,346

ZTO

Express

Cayman,

Inc

(ADR)

752

TOTAL

CHINA

505,950

COLOMBIA

-

0.0%

20,180

BanColombia

S.A.

173

37,411

BanColombia

S.A.

(Preference)

288

105,813

Interconexion

Electrica

S.A.

ESP

422

TOTAL

COLOMBIA

883

CZECH

REPUBLIC

-

0.0%

36,242

CEZ

AS

1,553

5,945

Komercni

Banka

AS

193

24,216

(d)

Moneta

Money

Bank

AS

101

TOTAL

CZECH

REPUBLIC

1,847

DENMARK

-

1.2%

109,774

Carlsberg

AS

(Class

B)

13,775

616,328

GN

Store

Nord

15,683

2,358,672

Novo

Nordisk

A.S.

244,432

74,371

Orsted

AS

4,123

472,013

(a)

Zealand

Pharma

AS

26,109

TOTAL

DENMARK

304,122

EGYPT

-

0.0%

212,287

Commercial

International

Bank

501

262,967

Eastern

Tobacco

238

250,378

(a)

Egyptian

Financial

Group-Hermes

Holding

135

TOTAL

EGYPT

874

FINLAND

-

0.2%

260,923

Kone

Oyj

(Class

B)

13,052

391,497

(a)

Mandatum

Holding

Oy

1,755

783,456

Nordea

Bank

Abp

9,727

1,488,997

Nordea

Bank

Abp

18,485

391,497

(a)

Sampo

Oyj

17,152

TOTAL

FINLAND

60,171

FRANCE

-

2.2%

135,393

Air

Liquide

26,360

891,871

Airbus

SE

137,784

677,999

BNP

Paribas

S.A.

47,084

433,745

Cie

Generale

des

Etablissements

Michelin

S.C.A

15,583

340,686

Compagnie

de

Saint-Gobain

25,125

284,826

Danone

18,479

1,127,337

Engie

S.A.

19,859

215,810

Essilor

International

S.A.

43,334

8,166

Gecina

S.A.

994

10,988

(b)

ICADE

431

122,271

Kering

54,154

166,948

L'Oreal

S.A.

83,224

88,877

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

72,216

347,842

Orange

S.

A.

3,965

9,230

Pernod-Ricard

S.A.

1,631

80,682

Teleperformance

11,812

263,885

(b)

Total

S.A.

17,944

157

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

116,614

Veolia

Environnement

$

3,686

TOTAL

FRANCE

583,665

GERMANY

-

2.3%

47,872

Allianz

AG.

12,793

612,692

Aroundtown

S.A.

1,670

147,850

BASF

SE

7,961

1,398,749

Bayer

AG.

51,899

305,385

Beiersdorf

AG.

45,733

695,114

(a)

Borussia

Dortmund

GmbH

&

Co

KGaA

2,754

183,010

Brenntag

SE

16,820

40,378

(d)

Covestro

AG.

2,353

105,213

Deutsche

Boerse

AG.

21,667

668,799

Deutsche

Telekom

AG.

16,080

327,108

Dr

ING

hc

F

Porsche

AG.

28,811

963,210

E.ON

AG.

12,941

490,726

HeidelbergCement

AG.

43,865

515,315

(a)

HelloFresh

SE

8,125

38,555

Henkel

KGaA

2,766

2,254,513

Infineon

Technologies

AG.

94,154

14,292

LEG

Immobilien

SE

1,251

1,014

OSRAM

Licht

AG.

57

1,795,101

RWE

AG.

81,700

622,110

Siemens

AG.

116,714

182,318

(d)

Siemens

Healthineers

AG.

10,585

145,107

Vonovia

SE

4,560

TOTAL

GERMANY

585,259

GREECE

-

0.0%

176,388

(a)

Alpha

Services

and

Holdings

S.A.

300

210,360

(a)

Eurobank

Ergasias

Services

and

Holdings

S.A.

374

5,760

(a),(f)

FF

Group

0

^

42,307

Hellenic

Telecommunications

Organization

S.A.

603

24,558

JUMBO

S.A.

681

16,198

Motor

Oil

Hellas

Corinth

Refineries

S.A.

425

16,113

Mytilineos

Holdings

S.A.

653

63,098

(a)

National

Bank

of

Greece

S.A.

438

39,032

OPAP

S.A.

662

152,003

(a)

Piraeus

Financial

Holdings

S.A.

537

41,471

(a)

Public

Power

Corp

511

TOTAL

GREECE

5,184

HONG

KONG

-

0.2%

2,486,100

AIA

Group

Ltd

21,636

127,800

Bank

of

East

Asia

Ltd

158

216,000

(a),(b)

Cathay

Pacific

Airways

Ltd

226

105,730

CK

Infrastructure

Holdings

Ltd

585

327,500

CLP

Holdings

Ltd

2,706

815,000

Hang

Lung

Properties

Ltd

1,133

167,900

Hang

Seng

Bank

Ltd

1,960

304,000

Henderson

Land

Development

Co

Ltd

936

2,078,806

Hong

Kong

&

China

Gas

Ltd

1,594

242,712

Hong

Kong

Electric

Holdings

Ltd

1,407

259,682

Hong

Kong

Exchanges

and

Clearing

Ltd

8,907

510,400

Hongkong

Land

Holdings

Ltd

1,775

242,500

Kingboard

Laminates

Holdings

Ltd

209

368,339

Link

REIT

2,068

355,000

New

World

Development

Co

Ltd

551

437,000

Nine

Dragons

Paper

Holdings

Ltd

215

30,000

Orient

Overseas

International

Ltd

419

595,733

Prudential

plc

6,722

866,250

Sino

Biopharmaceutical

Ltd

385

CREF

Global

Equities

Account

December

31,

2023

158

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

309,000

Sun

Hung

Kai

Properties

Ltd

$

3,344

78,000

Vinda

International

Holdings

Ltd

227

252,000

Wharf

Real

Estate

Investment

Co

Ltd

852

TOTAL

HONG

KONG

58,015

HUNGARY

-

0.0%

115,366

MOL

Hungarian

Oil

&

Gas

plc

940

18,340

OTP

Bank

Rt

835

35,356

Richter

Gedeon

Rt

892

TOTAL

HUNGARY

2,667

INDIA

-

1.3%

11,644

ABB

Ltd

India

654

37,643

Adani

Enterprises

Ltd

1,287

68,518

(a)

Adani

Green

Energy

Ltd

1,315

115,741

Adani

Ports

&

Special

Economic

Zone

Ltd

1,423

168,319

(a)

Adani

Power

Ltd

1,062

126,323

Ambuja

Cements

Ltd

790

115,195

Angel

One

Ltd

4,826

35,651

APL

Apollo

Tubes

Ltd

658

23,960

Apollo

Hospitals

Enterprise

Ltd

1,641

119,019

Ashok

Leyland

Ltd

260

83,786

Asian

Paints

Ltd

3,424

26,414

Astral

Ltd

605

13,621

(d)

AU

Small

Finance

Bank

Ltd

129

21,109

Aurobindo

Pharma

Ltd

275

35,307

(a),(d)

Avenue

Supermarts

Ltd

1,732

1,580,739

Axis

Bank

Ltd

20,920

15,333

Bajaj

Auto

Ltd

1,252

58,912

Bajaj

Finance

Ltd

5,184

31,427

Bajaj

Finserv

Ltd

636

5,567

Bajaj

Holdings

&

Investment

Ltd

513

15,888

Balkrishna

Industries

Ltd

490

54,636

(d)

Bandhan

Bank

Ltd

158

87,407

Bank

of

Baroda

243

63,048

Berger

Paints

India

Ltd

458

816,153

Bharat

Electronics

Ltd

1,806

54,520

Bharat

Forge

Ltd

811

184,762

Bharat

Petroleum

Corp

Ltd

1,001

480,924

Bharti

Airtel

Ltd

5,962

24,004

Britannia

Industries

Ltd

1,540

48,140

CG

Power

&

Industrial

Solutions

Ltd

263

293,245

Cholamandalam

Investment

and

Finance

Co

Ltd

4,435

43,371

Cipla

Ltd

649

366,570

Coal

India

Ltd

1,655

31,135

Colgate-Palmolive

India

Ltd

946

60,997

Container

Corp

Of

India

Ltd

630

30,446

Cummins

India

Ltd

718

134,592

Dabur

India

Ltd

901

9,839

Divi's

Laboratories

Ltd

461

141,741

DLF

Ltd

1,236

35,977

Dr

Reddy's

Laboratories

Ltd

2,508

29,569

Eicher

Motors

Ltd

1,472

542,738

GAIL

India

Ltd

1,057

88,905

Godrej

Consumer

Products

Ltd

1,208

26,173

(a)

Godrej

Properties

Ltd

633

56,679

Grasim

Industries

Ltd

1,453

52,543

Havells

India

Ltd

863

207,035

HCL

Technologies

Ltd

3,644

7,150

(d)

HDFC

Asset

Management

Co

Ltd

275

622,105

HDFC

Bank

Ltd

12,738

478,314

HDFC

Bank

Ltd

(ADR)

32,100

159

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

211,824

(d)

HDFC

Life

Insurance

Co

Ltd

$

1,646

24,411

Hero

Honda

Motors

Ltd

1,213

447,771

Hindalco

Industries

Ltd

3,303

45,933

Hindustan

Aeronautics

Ltd

1,547

68,152

Hindustan

Lever

Ltd

2,181

133,040

(a)

Hindustan

Petroleum

Corp

Ltd

638

825,798

ICICI

Bank

Ltd

9,868

53,238

(d)

ICICI

Lombard

General

Insurance

Co

Ltd

908

79,336

(d)

ICICI

Prudential

Life

Insurance

Co

Ltd

509

738,909

(a)

IDFC

First

Bank

Ltd

789

185,742

Indian

Hotels

Co

Ltd

978

704,064

Indian

Oil

Corp

Ltd

1,098

46,892

Indian

Railway

Catering

&

Tourism

Corp

Ltd

500

71,687

Indraprastha

Gas

Ltd

360

63,773

IndusInd

Bank

Ltd

1,224

14,878

Info

Edge

India

Ltd

918

726,903

Infosys

Technologies

Ltd

13,455

28,695

(a),(d)

InterGlobe

Aviation

Ltd

1,022

642,681

ITC

Ltd

3,567

29,560

Jindal

Steel

&

Power

Ltd

265

186,754

JSW

Steel

Ltd

1,974

85,735

Jubilant

Foodworks

Ltd

582

90,916

Kotak

Mahindra

Bank

Ltd

2,083

146,584

Larsen

&

Toubro

Ltd

6,208

292,731

(d)

LTIMindtree

Ltd

22,120

17,591

Lupin

Ltd

280

53,748

(d)

Macrotech

Developers

Ltd

660

579,406

Mahindra

&

Mahindra

Ltd

12,033

113,145

Marico

Ltd

746

29,690

Maruti

Suzuki

India

Ltd

3,674

168,782

Max

Healthcare

Institute

Ltd

1,392

16,102

Mphasis

Ltd

529

422

MRF

Ltd

657

9,441

Muthoot

Finance

Ltd

167

7,505

Nestle

India

Ltd

2,396

974,725

NTPC

Ltd

3,642

49,607

(a)

One

97

Communications

Ltd

378

1,164

Page

Industries

Ltd

538

10,817

Persistent

Systems

Ltd

959

193,907

Petronet

LNG

Ltd

519

18,712

PI

Industries

Ltd

790

33,182

Pidilite

Industries

Ltd

1,082

237,260

(a)

Piramal

Pharma

Ltd

396

10,171

Polycab

India

Ltd

670

330,909

Power

Finance

Corp

Ltd

1,520

1,046,567

Power

Grid

Corp

of

India

Ltd

2,981

111,102

REC

Ltd

551

916,407

Reliance

Industries

Ltd

28,443

696,127

(a)

Reliance

Strategic

Investments

Ltd

1,946

508,889

Samvardhana

Motherson

International

Ltd

623

22,113

SBI

Cards

&

Payment

Services

Ltd

202

99,152

(d)

SBI

Life

Insurance

Co

Ltd

1,706

1,964

Shree

Cement

Ltd

676

22,757

Shriram

Finance

Ltd

561

19,484

Siemens

India

Ltd

942

85,461

(d)

Sona

Blw

Precision

Forgings

Ltd

661

31,641

SRF

Ltd

942

146,041

State

Bank

of

India

1,126

284,067

Sun

Pharmaceutical

Industries

Ltd

4,297

14,223

Supreme

Industries

Ltd

776

1,935,985

(a)

Suzlon

Energy

Ltd

888

26,229

Tata

Communications

Ltd

558

CREF

Global

Equities

Account

December

31,

2023

160

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

200,479

Tata

Consultancy

Services

Ltd

$

9,131

121,373

Tata

Consumer

Products

Ltd

1,584

7,219

Tata

Elxsi

Ltd

759

366,729

Tata

Motors

Ltd

3,436

314,863

Tata

Power

Co

Ltd

1,256

1,106,396

Tata

Steel

Ltd

1,855

117,150

Tech

Mahindra

Ltd

1,790

73,976

Titan

Co

Ltd

3,265

22,397

Torrent

Pharmaceuticals

Ltd

620

39,315

Trent

Ltd

1,443

22,843

Tube

Investments

of

India

Ltd

972

49,694

TVS

Motor

Co

Ltd

1,209

25,451

Ultra

Tech

Cement

Ltd

3,211

63,880

United

Spirits

Ltd

857

107,778

UPL

Ltd

760

98,647

Varun

Beverages

Ltd

1,465

143,707

Vedanta

Ltd

446

284,785

Wipro

Ltd

1,615

1,005,016

(a)

Yes

Bank

Ltd

259

1,128,426

(a)

Zomato

Ltd

1,675

TOTAL

INDIA

328,371

INDONESIA

-

0.2%

3,817,000

Adaro

Energy

Indonesia

Tbk

PT

590

1,442,400

(a)

Amman

Mineral

Internasional

PT

614

1,680,400

Astra

International

Tbk

PT

616

12,033,800

Bank

Central

Asia

Tbk

PT

7,349

13,371,500

Bank

Negara

Indonesia

Persero

Tbk

PT

4,666

82,687,393

Bank

Rakyat

Indonesia

30,732

5,904,297

Barito

Pacific

Tbk

PT

510

1,516,900

Charoen

Pokphand

Indonesia

Tbk

PT

495

178,534,400

(a)

GoTo

Gojek

Tokopedia

Tbk

PT

995

553,500

Indah

Kiat

Pulp

&

Paper

Tbk

PT

299

447,500

Indofood

CBP

Sukses

Makmur

Tbk

PT

307

4,506,100

Kalbe

Farma

Tbk

PT

471

758,249

(a)

Merdeka

Copper

Gold

Tbk

PT

133

553,000

PT

Aneka

Tambang

Tbk

61

3,069,794

PT

Bank

Mandiri

Persero

Tbk

1,206

913,800

PT

Indofood

Sukses

Makmur

Tbk

383

695,433

PT

Semen

Gresik

Persero

Tbk

289

1,625,800

PT

Unilever

Indonesia

Tbk

373

133,500

PT

United

Tractors

Tbk

196

3,821,800

Sarana

Menara

Nusantara

Tbk

PT

245

4,097,300

Sumber

Alfaria

Trijaya

Tbk

PT

780

10,425,600

Telkom

Indonesia

Persero

Tbk

PT

2,675

TOTAL

INDONESIA

53,985

IRELAND

-

0.6%

3,305,488

AIB

Group

plc

14,156

1,611,612

Bank

of

Ireland

Group

plc

14,631

1,271,076

CRH

plc

87,908

428,877

Keywords

Studios

plc

9,086

493,757

Smurfit

Kappa

Group

plc

19,573

TOTAL

IRELAND

145,354

ISRAEL

-

0.0%

249,295

Bank

Hapoalim

Ltd

2,240

318,977

Bank

Leumi

Le-Israel

2,567

255,553

Israel

Discount

Bank

Ltd

1,279

30,781

Mizrahi

Tefahot

Bank

Ltd

1,192

TOTAL

ISRAEL

7,278

161

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

ITALY

-

0.8%

421,320

(b)

Amplifon

S.p.A.

$

14,599

3,501,860

Davide

Campari-Milano

NV

39,546

9,004,841

Enel

S.p.A.

66,994

78,652

Ferrari

NV

26,553

640,345

Moncler

S.p.A

39,426

1,882,881

PRADA

S.p.A

10,766

TOTAL

ITALY

197,884

JAPAN

-

6.2%

87,600

Acom

Co

Ltd

218

353

Activia

Properties,

Inc

972

2,635,700

Advantest

Corp

88,811

300

Aeon

Mall

Co

Ltd

4

321,600

Aisin

Seiki

Co

Ltd

11,211

10,008

(a)

All

Nippon

Airways

Co

Ltd

217

26,000

(b)

Aozora

Bank

Ltd

564

301,500

Asahi

Intecc

Co

Ltd

6,114

210,079

Asahi

Kasei

Corp

1,550

460,000

BayCurrent

Consulting,

Inc

16,103

334,685

Central

Japan

Railway

Co

8,494

37,600

Century

Leasing

System,

Inc

406

116,400

Chiba

Bank

Ltd

839

149,800

Chubu

Electric

Power

Co,

Inc

1,934

225,700

Concordia

Financial

Group

Ltd

1,029

214,700

Daifuku

Co

Ltd

4,329

236,800

Dai-ichi

Life

Holdings,

Inc

5,023

2,590,691

Daiichi

Sankyo

Co

Ltd

70,925

95,031

Daikin

Industries

Ltd

15,416

7,600

Daito

Trust

Construction

Co

Ltd

880

348

Daiwa

House

REIT

Investment

Corp

621

317,200

(a)

Daiwa

Securities

Group,

Inc

2,129

81,200

Disco

Corp

20,054

139,886

East

Japan

Railway

Co

8,052

505,600

ENEOS

Holdings,

Inc

2,005

20,200

Fast

Retailing

Co

Ltd

4,995

37,800

Fukuoka

Financial

Group,

Inc

889

178,499

GMO

Payment

Gateway,

Inc

12,371

257,000

(a)

Hitachi

Construction

Machinery

Co

Ltd

6,765

1,578,664

(a)

Hitachi

Ltd

113,553

167,900

(b)

Hulic

Co

Ltd

1,754

812

Hulic

Reit,

Inc

859

177,685

Idemitsu

Kosan

Co

Ltd

965

4,143,800

Infomart

Corp

14,531

155,774

(b)

Inpex

Holdings,

Inc

2,085

8

(b)

Invincible

Investment

Corp

3

88,800

Japan

Post

Bank

Co

Ltd

904

345,900

Japan

Post

Holdings

Co

Ltd

3,088

49,400

Japan

Post

Insurance

Co

Ltd

877

4

Japan

Retail

Fund

Investment

Corp

3

32,573

JSR

Corp

927

141,500

Kansai

Electric

Power

Co,

Inc

1,878

315,700

KDDI

Corp

10,014

284

Kenedix

Realty

Investment

Corp

323

28,000

Kyoto

Financial

Group,

Inc

435

203,700

Mebuki

Financial

Group,

Inc

618

524,400

Mitsubishi

Corp

8,353

758,900

Mitsubishi

Electric

Corp

10,734

396,573

Mitsubishi

Estate

Co

Ltd

5,436

9,677,900

Mitsubishi

UFJ

Financial

Group,

Inc

83,057

88,400

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

592

1,035,300

Mitsui

&

Co

Ltd

38,786

CREF

Global

Equities

Account

December

31,

2023

162

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,350

Mitsui

Fudosan

Co

Ltd

$

204

1,306

Mitsui

Fudosan

Logistics

Park,

Inc

4,233

97,700

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

3,841

529,600

Mizuho

Financial

Group,

Inc

9,034

1,410,800

MonotaRO

Co

Ltd

15,351

308

Mori

Hills

REIT

Investment

Corp

306

953,400

Murata

Manufacturing

Co

Ltd

20,147

1,227,200

Nikon

Corp

12,113

3,041,500

Nintendo

Co

Ltd

158,261

131,700

Nippon

Paint

Co

Ltd

1,062

6,162,500

Nippon

Telegraph

&

Telephone

Corp

7,525

690,400

(a)

Nomura

Holdings,

Inc

3,109

836

Nomura

Real

Estate

Master

Fund,

Inc

978

133,895

OJI

Paper

Co

Ltd

515

128,811

Omron

Corp

5,994

1,193,100

Oriental

Land

Co

Ltd

44,345

288,300

ORIX

Corp

5,415

565

Orix

JREIT,

Inc

667

111,900

Osaka

Securities

Exchange

Co

Ltd

2,362

200,200

Otsuka

Holdings

Co

Ltd

7,487

167,200

PALTAC

Corp

5,281

1,895,300

Recruit

Holdings

Co

Ltd

79,245

459,200

Resona

Holdings,

Inc

2,328

51,800

SBI

Holdings,

Inc

1,163

149,600

Sekisui

House

Ltd

3,316

694,000

Seven

&

I

Holdings

Co

Ltd

27,447

129,500

Seven

Bank

Ltd

275

311,898

(a)

SHIFT,

Inc

78,999

245,200

Shin-Etsu

Chemical

Co

Ltd

10,255

91,500

Shizuoka

Financial

Group,

Inc

774

73,700

Sompo

Holdings,

Inc

3,606

1,587,265

Sony

Corp

150,207

3,568

Star

Asia

Investment

Corp

1,456

4,477,600

Sumco

Corp

66,981

88,001

Sumitomo

Heavy

Industries

Ltd

2,212

1,698,501

Sumitomo

Mitsui

Financial

Group,

Inc

82,649

148,400

Sumitomo

Mitsui

Trust

Holdings,

Inc

2,842

20

Sumitomo

Realty

&

Development

Co

Ltd

1

118,000

T&D

Holdings,

Inc

1,873

19,782

Taiyo

Nippon

Sanso

Corp

528

429,400

Takeda

Pharmaceutical

Co

Ltd

12,314

644,897

TechnoPro

Holdings,

Inc

16,929

415,600

Tokio

Marine

Holdings,

Inc

10,349

297,600

(a)

Tokyo

Electric

Power

Co,

Inc

1,557

141,300

Tokyo

Electron

Ltd

25,115

157,100

Tokyo

Gas

Co

Ltd

3,604

272,600

Tokyo

Tatemono

Co

Ltd

4,071

240,501

Toray

Industries,

Inc

1,246

6,958,910

(a)

Toyota

Motor

Corp

127,513

518

United

Urban

Investment

Corp

529

TOTAL

JAPAN

1,620,309

KOREA,

REPUBLIC

OF

-

1.2%

6,228

(a)

Amorepacific

Corp

699

1,315

(a)

Celltrion

Pharm

Inc

94

27,317

Celltrion,

Inc

4,266

1,735

CJ

CheilJedang

Corp

436

5,213

(a)

CosmoAM&T

Co

Ltd

591

11,729

(a)

Coway

Co

Ltd

519

12,107

(a)

Daewoo

International

Corp

582

4,920

(a)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

96

10,102

(a)

Dongbu

Insurance

Co

Ltd

654

163

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,008

Doosan

Bobcat,

Inc

$

468

36,600

(a)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

450

8,083

(a)

Ecopro

BM

Co

Ltd

1,793

4,321

(a)

Ecopro

Co

Ltd

2,153

3,011

(a)

F&F

Co

Ltd

208

12,047

GS

Holdings

Corp

381

24,250

Hana

Financial

Group,

Inc

814

15,737

(a)

Hankook

Tire

&

Technology

Co

Ltd

553

544

Hanmi

Pharm

Co

Ltd

148

9,829

(a)

Hanmi

Semiconductor

Co

Ltd

467

34,770

Hanon

Systems

196

24,182

(a)

Hanwha

Chemical

Corp

735

3,805

HD

Hyundai

Co

Ltd

187

4,699

(a)

HD

Hyundai

Heavy

Industries

Co

Ltd

469

23,938

(a)

HLB,

Inc

938

19,357

(a)

HMM

Co

Ltd

294

4,237

(a)

Honam

Petrochemical

Corp

502

6,462

(a)

Hotel

Shilla

Co

Ltd

327

4,460

(a)

HYBE

Co

Ltd

805

119,586

Hynix

Semiconductor,

Inc

13,051

6,230

(a)

Hyundai

Engineering

&

Construction

Co

Ltd

168

3,996

(a)

Hyundai

Glovis

Co

Ltd

592

3,506

(a)

Hyundai

Heavy

Industries

328

1,844

(a)

Hyundai

Mipo

Dockyard

121

13,257

Hyundai

Mobis

2,429

30,103

Hyundai

Motor

Co

4,735

8,305

Hyundai

Motor

Co

Ltd

(2nd

Preference)

735

5,506

Hyundai

Motor

Co

Ltd

(Preference)

484

13,130

(a)

Hyundai

Steel

Co

370

21,817

(a)

Industrial

Bank

of

Korea

201

6,047

(a)

JYP

Entertainment

Corp

474

67,987

(a)

Kakao

Corp

2,852

13,449

(a)

KakaoBank

Corp

296

5,138

(a)

Kakaopay

Corp

195

17,617

(a)

Kangwon

Land,

Inc

218

161,952

KB

Financial

Group,

Inc

6,757

57,144

(a)

Kia

Motors

Corp

4,419

15,881

(a)

Korea

Aerospace

Industries

Ltd

615

20,528

Korea

Electric

Power

Corp

301

2,984

(a)

Korea

Investment

Holdings

Co

Ltd

141

1,696

Korea

Zinc

Co

Ltd

653

40,191

(a)

Korean

Air

Lines

Co

Ltd

743

6,169

(a),(d)

Krafton,

Inc

924

5,263

KT

Corp

140

22,761

KT&G

Corp

1,533

6,966

(a)

Kum

Yang

Co

Ltd

584

1,361

(a)

Kumho

Petrochemical

Co

Ltd

140

6,321

(a)

L&F

Co

Ltd

992

10,723

(a)

LG

Chem

Ltd

4,124

1,719

(a)

LG

Chem

Ltd

(Preference)

413

20,541

(a)

LG

Corp

1,365

50,345

LG

Display

Co

Ltd

496

23,172

LG

Electronics,

Inc

1,822

6,259

(a)

LG

Energy

Solution

Ltd

2,066

1,929

(a)

LG

Household

&

Health

Care

Ltd

530

3,105

(a)

LG

Innotek

Co

Ltd

575

18,879

LG

Telecom

Ltd

150

22,598

(a)

Meritz

Financial

Group,

Inc

1,034

17,668

(a)

Mirae

Asset

Daewoo

Co

Ltd

104

28,715

Naver

Corp

4,968

3,129

(a)

NCSoft

Corp

582

5,595

(a),(d)

Netmarble

Corp

251

CREF

Global

Equities

Account

December

31,

2023

164

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,016

(a)

Orion

Corp/Republic

of

Korea

$

450

6,947

(a)

Pearl

Abyss

Corp

208

16,358

POSCO

6,290

11,726

(a)

POSCO

DX

Co

Ltd

670

7,496

(a)

POSCO

Future

M

Co

Ltd

2,070

5,283

(a),(d)

Samsung

Biologics

Co

Ltd

3,108

17,772

(a)

Samsung

C&T

Corp

1,783

12,165

(a)

Samsung

Electro-Mechanics

Co

Ltd

1,441

3,045,647

Samsung

Electronics

Co

Ltd

184,861

180,273

Samsung

Electronics

Co

Ltd

(Preference)

8,687

12,813

(a)

Samsung

Engineering

Co

Ltd

287

6,825

(a)

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,391

138,616

(a)

Samsung

Heavy

Industries

Co

Ltd

831

17,479

Samsung

Life

Insurance

Co

Ltd

935

18,535

Samsung

SDI

Co

Ltd

6,748

8,420

(a)

Samsung

SDS

Co

Ltd

1,107

4,443

Samsung

Securities

Co

Ltd

132

7,721

(a)

Samsung

Techwin

Co

Ltd

745

99,299

Shinhan

Financial

Group

Co

Ltd

3,079

4,665

(a)

SK

Biopharmaceuticals

Co

Ltd

362

1,817

(a)

SK

Bioscience

Co

Ltd

101

5,591

(a),(d)

SK

IE

Technology

Co

Ltd

340

6,389

(a)

SK

Innovation

Co

Ltd

691

7,629

(a)

SK

Square

Co

Ltd

310

4,927

SK

Telecom

Co

Ltd

191

8,198

SK,

Inc

1,128

3,779

(a)

SKC

Co

Ltd

264

11,788

S-Oil

Corp

635

49,784

Woori

Financial

Group,

Inc

501

8,668

(a)

Woori

Investment

&

Securities

Co

Ltd

69

4,648

(a)

Yuhan

Corp

248

TOTAL

KOREA,

REPUBLIC

OF

313,159

KUWAIT

-

0.0%

364,640

Agility

Public

Warehousing

Co

KSC

604

107,370

Boubyan

Bank

KSCP

210

157,189

Gulf

Bank

KSCP

144

673,458

Kuwait

Finance

House

KSCP

1,590

148,555

Mabanee

Co

SAK

407

488,697

Mobile

Telecommunications

Co

KSCP

806

628,651

National

Bank

of

Kuwait

SAKP

1,829

TOTAL

KUWAIT

5,590

LUXEMBOURG

-

0.1%

714,109

(a)

BK

LC

Lux

Finco

2

Sarl

34,799

11,120

Reinet

Investments

S.C.A

283

TOTAL

LUXEMBOURG

35,082

MALAYSIA

-

0.1%

142,800

AMMB

Holdings

BHD

125

197,043

Axiata

Group

Bhd

102

519,179

Bumiputra-Commerce

Holdings

BHD

661

994,600

Dialog

Group

Bhd

448

290,600

Digi.Com

BHD

258

390,272

Gamuda

BHD

390

470,300

Genting

BHD

473

639,200

Genting

Malaysia

BHD

374

46,800

Hong

Leong

Bank

BHD

192

170,900

IHH

Healthcare

Bhd

224

497,400

Inari

Amertron

Bhd

325

490,500

IOI

Corp

BHD

419

99,330

Kuala

Lumpur

Kepong

BHD

471

165

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

451,529

Malayan

Banking

BHD

$

873

178,260

Malaysia

Airports

Holdings

Bhd

286

196,800

Maxis

Bhd

165

381,000

MISC

Bhd

604

500,250

(d)

MR

DIY

Group

M

Bhd

158

10,400

Nestle

Malaysia

Bhd

266

622,100

Petronas

Chemicals

Group

Bhd

969

86,900

Petronas

Dagangan

BHD

413

223,600

Petronas

Gas

BHD

847

117,780

PPB

Group

BHD

371

291,400

Press

Metal

Aluminium

Holdings

Bhd

305

1,188,400

Public

Bank

Bhd

1,109

173,450

QL

Resources

Bhd

216

116,039

RHB

Capital

BHD

138

621,500

Sime

Darby

BHD

318

414,100

Sime

Darby

Plantation

Bhd

401

106,841

Telekom

Malaysia

BHD

129

597,100

Tenaga

Nasional

BHD

1,305

TOTAL

MALAYSIA

13,335

MEXICO

-

0.4%

662,800

(b)

Alfa

S.A.

de

C.V.

(Class

A)

532

1,562,600

America

Movil

SAB

de

C.V.

1,448

111,200

(b)

Arca

Continental

SAB

de

C.V.

1,214

63,800

(d)

Banco

del

Bajio

S.A.

213

3,300,594

(a),(b)

Cemex

S.A.

de

C.V.

2,570

114,465

Coca-Cola

Femsa

SAB

de

C.V.

1,085

625,100

Fibra

Uno

Administracion

S.A.

de

C.V.

1,125

414,400

(b)

Fomento

Economico

Mexicano

S.A.

de

C.V.

5,393

372,372

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

48,539

37,875

(b)

Gruma

SAB

de

C.V.

694

61,200

(b)

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

648

83,100

(b)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

1,451

40,640

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

1,191

284,900

(b)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

1,442

131,800

(b)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

1,472

1,251,500

Grupo

Financiero

Banorte

S.A.

de

C.V.

12,585

145,727

(a)

Grupo

Financiero

Inbursa

S.A.

401

876,200

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

4,860

22,695

(a),(b)

Industrias

Penoles

S.A.

de

C.V.

332

322,100

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

724

261,800

(b)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

369

217,200

(b)

Orbia

Advance

Corp

SAB

de

C.V.

481

145,500

ProLogis

Property

Mexico

S.A.

de

C.V.

692

37,565

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

406

11,140

Southern

Copper

Corp

959

30,568

Ternium

S.A.

(ADR)

1,298

1,106,000

Wal-Mart

de

Mexico

SAB

de

C.V.

4,661

TOTAL

MEXICO

96,785

NETHERLANDS

-

2.0%

10,570

(a),(d)

Adyen

NV

13,645

25,451

(a)

Argenx

SE

9,651

18,995

(a)

Argenx

SE

7,225

197,166

ASML

Holding

NV

148,838

122,379

(d)

Euronext

NV

10,636

375,581

Heineken

NV

38,159

7,653,926

ING

Groep

NV

114,767

613,597

Koninklijke

KPN

NV

2,114

5,218,864

Shell

plc

170,835

TOTAL

NETHERLANDS

515,870

CREF

Global

Equities

Account

December

31,

2023

166

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

NORWAY

-

0.5%

676,678

Aker

BP

ASA

$

19,656

3,354,061

Equinor

ASA

106,297

193,752

Gjensidige

Forsikring

ASA

3,575

669,644

Norsk

Hydro

ASA

4,501

TOTAL

NORWAY

134,029

PERU

-

0.0%

72,267

(b)

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

1,101

5,600

Credicorp

Ltd

840

TOTAL

PERU

1,941

PHILIPPINES

-

0.0%

352,740

Aboitiz

Equity

Ventures,

Inc

284

19,700

Ayala

Corp

242

1,475,370

Ayala

Land,

Inc

917

164,624

Bank

of

the

Philippine

Islands

308

196,610

BDO

Unibank,

Inc

463

220,480

International

Container

Term

Services,

Inc

983

520,055

JG

Summit

Holdings

(Series

B)

358

95,310

Jollibee

Foods

Corp

433

66,700

Manila

Electric

Co

481

133,823

Metropolitan

Bank

&

Trust

124

6,800

PLDT,

Inc

157

5,826,950

Robinsons

Retail

Holdings,

Inc

4,172

19,810

SM

Investments

Corp

312

2,243,300

SM

Prime

Holdings

1,333

187,610

Universal

Robina

Corp

400

TOTAL

PHILIPPINES

10,967

POLAND

-

0.0%

111,847

(a),(d)

Allegro.eu

S.A.

947

14,845

Bank

Pekao

S.A.

574

2,787

Bank

Zachodni

WBK

S.A.

347

1,173

(a)

BRE

Bank

S.A.

160

2,723

Budimex

S.A.

433

13,734

CD

Projekt

S.A.

402

40,178

Cyfrowy

Polsat

S.A.

126

3,915

(a),(d)

Dino

Polska

S.A.

458

10,715

KGHM

Polska

Miedz

S.A.

334

234

LPP

S.A.

963

192,369

(a)

PGE

Polska

Grupa

Energetyczna

S.A.

424

138,032

Polski

Koncern

Naftowy

Orlen

S.A.

2,298

211,659

(a)

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

2,708

130,601

Powszechny

Zaklad

Ubezpieczen

S.A.

1,569

TOTAL

POLAND

11,743

PORTUGAL

-

0.1%

750,164

Jeronimo

Martins

SGPS

S.A.

19,092

TOTAL

PORTUGAL

19,092

QATAR

-

0.0%

452,885

Barwa

Real

Estate

Co

358

259,860

Commercial

Bank

PSQC

425

426,751

Dukhan

Bank

468

338,935

Industries

Qatar

QSC

1,199

452,158

Masraf

Al

Rayan

QSC

322

890,470

Mesaieed

Petrochemical

Holding

Co

433

194,748

Ooredoo

QPSC

583

100,454

Qatar

Electricity

&

Water

Co

QSC

499

151,904

Qatar

Fuel

QSC

682

589,930

Qatar

Gas

Transport

Co

Ltd

560

167

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

72,345

Qatar

International

Islamic

Bank

QSC

$

209

133,102

Qatar

Islamic

Bank

SAQ

764

378,964

Qatar

National

Bank

QPSC

1,670

TOTAL

QATAR

8,172

ROMANIA

-

0.0%

108,612

NEPI

Rockcastle

NV

750

TOTAL

ROMANIA

750

RUSSIA

-

0.0%

12,672

(a),(b),(f)

Ozon

Holdings

plc

(ADR)

0

^

211,169

(a),(f)

VTB

Bank

PJSC

(GDR)

Tradegate

2

TOTAL

RUSSIA

2

SAUDI

ARABIA

-

0.3%

20,643

ACWA

Power

Co

1,415

24,249

Advanced

Petrochemical

Co

255

671,978

Al

Rajhi

Bank

15,581

712,652

Alinma

Bank

7,359

55,648

Almarai

Co

JSC

834

54,472

Arab

National

Bank

368

5,110

Arabian

Internet

&

Communications

Services

Co

472

39,030

Bank

AlBilad

467

29,288

(a)

Bank

Al-Jazira

146

47,436

Banque

Saudi

Fransi

506

17,937

Bupa

Arabia

for

Cooperative

Insurance

Co

1,020

16,022

Co

for

Cooperative

Insurance

557

7,502

Dallah

Healthcare

Co

343

46,635

(a)

Dar

Al

Arkan

Real

Estate

Development

Co

173

47,636

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

3,605

5,328

Elm

Co

1,157

84,815

Etihad

Etisalat

Co

1,117

124,222

Jarir

Marketing

Co

518

98,025

Mobile

Telecommunications

Co

Saudi

Arabia

369

87,378

Mouwasat

Medical

Services

Co

2,604

8,661

Nahdi

Medical

Co

316

65,946

(a)

National

Industrialization

Co

216

16,723

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

279

103,610

(a)

Rabigh

Refining

&

Petrochemical

Co

288

118,741

Riyad

Bank

903

51,805

SABIC

Agri-Nutrients

Co

1,908

76,876

Sahara

International

Petrochemical

Co

697

168,174

(a)

Saudi

Arabian

Mining

Co

1,976

600,849

(d)

Saudi

Arabian

Oil

Co

5,290

10,890

Saudi

Aramco

Base

Oil

Co

411

81,337

Saudi

Awwal

Bank

815

199,771

Saudi

Basic

Industries

Corp

4,435

188,421

Saudi

Electricity

Co

952

78,035

Saudi

Industrial

Investment

Group

461

35,266

Saudi

Investment

Bank

149

157,481

(a)

Saudi

Kayan

Petrochemical

Co

456

512,807

Saudi

National

Bank

5,289

7,066

(a)

Saudi

Research

&

Media

Group

322

3,842

Saudi

Tadawul

Group

Holding

Co

188

443,862

Saudi

Telecom

Co

4,791

56,983

Savola

Group

568

61,427

Yanbu

National

Petrochemical

Co

622

TOTAL

SAUDI

ARABIA

70,198

SINGAPORE

-

0.1%

607,800

Ascendas

REIT

1,394

28,001

CapitaLand

Ascott

Trust

21

CREF

Global

Equities

Account

December

31,

2023

168

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

491,142

Capitaland

Investment

Ltd

$

1,174

72,904

CapitaMall

Trust

114

394,000

DBS

Group

Holdings

Ltd

9,964

725,861

Oversea-Chinese

Banking

Corp

7,142

176,500

Singapore

Exchange

Ltd

1,313

1,541,800

Singapore

Telecommunications

Ltd

2,886

258,216

United

Overseas

Bank

Ltd

5,573

TOTAL

SINGAPORE

29,581

SOUTH

AFRICA

-

0.2%

68,795

Absa

Group

Ltd

614

9,856

Anglo

American

Platinum

Ltd

517

202,947

Anglo

American

plc

5,079

79,255

(b)

Aspen

Pharmacare

Holdings

Ltd

884

72,571

Bid

Corp

Ltd

1,693

61,686

Bidvest

Group

Ltd

851

49,188

Capitec

Bank

Holdings

Ltd

5,488

50,352

Clicks

Group

Ltd

897

112,811

Discovery

Ltd

886

30,490

Exxaro

Resources

Ltd

342

1,075,159

FirstRand

Ltd

4,313

171,930

Gold

Fields

Ltd

2,609

66,502

Harmony

Gold

Mining

Co

Ltd

433

300,620

(b)

Impala

Platinum

Holdings

Ltd

1,493

5,054

Kumba

Iron

Ore

Ltd

169

138,843

MTN

Group

Ltd

877

41,767

(a)

Naspers

Ltd

7,149

36,087

Nedbank

Group

Ltd

426

46,779

Northam

Platinum

Holdings

Ltd

359

1,047,185

Old

Mutual

Ltd

748

173,339

OUTsurance

Group

Ltd

398

414,483

(d)

Pepkor

Holdings

Ltd

445

102,604

Remgro

Ltd

911

388,156

Sanlam

Ltd

1,545

126,670

Sasol

Ltd

1,276

41,012

Shoprite

Holdings

Ltd

617

466,421

Sibanye

Stillwater

Ltd

625

813,417

Standard

Bank

Group

Ltd

9,254

139,758

Vodacom

Group

Ltd

810

200,363

Woolworths

Holdings

Ltd

791

TOTAL

SOUTH

AFRICA

52,499

SPAIN

-

0.5%

287,054

Amadeus

IT

Holding

S.A.

20,617

8,624,847

Banco

Bilbao

Vizcaya

Argentaria

S.A.

78,609

3,364,702

CaixaBank

S.A.

13,857

796,195

Iberdrola

S.A.

10,444

278,126

Industria

de

Diseno

Textil

S.A.

12,136

108,528

(a),(b),(f)

Let's

GOWEX

S.A.

1

16,859

Merlin

Properties

Socimi

S.A.

187

1,033,594

Telefonica

S.A.

4,041

TOTAL

SPAIN

139,892

SWEDEN

-

0.4%

1,087,959

Assa

Abloy

AB

31,354

126,224

(d)

Evolution

AB

15,035

392,102

(a),(b)

Fastighets

AB

Balder

2,781

1,231,856

Sandvik

AB

26,762

26,421

(a)

SAS

AB

0

^

1,379,869

Skandinaviska

Enskilda

Banken

AB

(Class

A)

19,043

TOTAL

SWEDEN

94,975

169

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

SWITZERLAND

-

1.2%

107,799

Alcon,

Inc

$

8,434

104,977

Cie

Financiere

Richemont

S.A.

14,500

155,409

DSM-Firmenich

AG.

15,804

4,635

Givaudan

S.A.

19,220

211,718

Lonza

Group

AG.

89,257

413,419

Novartis

AG.

41,760

1,424,889

(a)

On

Holding

AG.

38,429

10,209

PSP

Swiss

Property

AG.

1,427

82,683

(a)

Sandoz

Group

AG.

2,660

9,242

Sonova

Holdings

AG

3,023

10,209

Swiss

Prime

Site

AG.

1,091

816,244

UBS

Group

AG

25,354

71,414

Zurich

Insurance

Group

AG

37,337

TOTAL

SWITZERLAND

298,296

TAIWAN

-

1.9%

109,571

Accton

Technology

Corp

1,862

630,000

Acer,

Inc

1,102

100,725

Advantech

Co

Ltd

1,219

16,000

Alchip

Technologies

Ltd

1,700

671,000

ASE

Technology

Holding

Co

Ltd

2,940

191,000

Asia

Cement

Corp

258

154,000

Asustek

Computer,

Inc

2,451

1,440,800

AU

Optronics

Corp

851

127,189

Catcher

Technology

Co

Ltd

803

2,037,585

Cathay

Financial

Holding

Co

Ltd

3,036

123,306

Chailease

Holding

Co

Ltd

775

409,001

Chang

Hwa

Commercial

Bank

238

431,000

Cheng

Shin

Rubber

Industry

Co

Ltd

630

239,000

China

Airlines

168

1,294,844

China

Development

Financial

Holding

Corp

529

1,907,000

China

Steel

Corp

1,677

7,768,000

Chinatrust

Financial

Holding

Co

7,168

826,000

Chunghwa

Telecom

Co

Ltd

3,232

922,000

Compal

Electronics,

Inc

1,194

929,727

Dadi

Early-Childhood

Education

Group

Ltd

1,533

424,000

Delta

Electronics,

Inc

4,324

185,142

E

Ink

Holdings,

Inc

1,185

3,071,918

E.Sun

Financial

Holding

Co

Ltd

2,581

867,000

Eclat

Textile

Co

Ltd

15,844

14,000

eMemory

Technology,

Inc

1,113

229,000

Eva

Airways

Corp

234

234,292

Evergreen

Marine

Corp

Taiwan

Ltd

1,094

684,000

Far

Eastern

Textile

Co

Ltd

695

139,000

Far

EasTone

Telecommunications

Co

Ltd

361

114,245

Feng

TAY

Enterprise

Co

Ltd

651

886,715

First

Financial

Holding

Co

Ltd

791

758,000

Formosa

Chemicals

&

Fibre

Corp

1,538

270,391

Formosa

Petrochemical

Corp

711

840,000

Formosa

Plastics

Corp

2,167

1,698,978

Fubon

Financial

Holding

Co

Ltd

3,584

826,234

Fuhwa

Financial

Holdings

Co

Ltd

742

111,000

Gigabyte

Technology

Co

Ltd

958

19,000

Global

Unichip

Corp

1,074

48,000

Globalwafers

Co

Ltd

916

2,732,000

Hon

Hai

Precision

Industry

Co,

Ltd

9,295

1,934,278

Hota

Industrial

Manufacturing

Co

Ltd

3,759

64,280

Hotai

Motor

Co

Ltd

1,483

696,069

Hua

Nan

Financial

Holdings

Co

Ltd

507

1,931,587

InnoLux

Display

Corp

898

581,000

Inventec

Co

Ltd

995

CREF

Global

Equities

Account

December

31,

2023

170

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,604

Largan

Precision

Co

Ltd

$

2,111

441,000

Lite-On

Technology

Corp

1,675

333,242

MediaTek,

Inc

11,004

2,597,515

Mega

Financial

Holding

Co

Ltd

3,314

157,000

Micro-Star

International

Co

Ltd

1,042

17,040

momo.com,

Inc

282

1,041,000

Nan

Ya

Plastics

Corp

2,254

48,000

Nan

Ya

Printed

Circuit

Board

Corp

393

269,000

Nanya

Technology

Corp

683

34,000

Nien

Made

Enterprise

Co

Ltd

391

127,000

Novatek

Microelectronics

Corp

Ltd

2,136

436,000

Pegatron

Corp

1,239

18,000

(a)

PharmaEssentia

Corp

203

477,000

Pou

Chen

Corp

480

638,000

Powerchip

Semiconductor

Manufacturing

Corp

611

130,522

President

Chain

Store

Corp

1,146

590,000

Quanta

Computer,

Inc

4,295

106,000

Realtek

Semiconductor

Corp

1,626

312,679

Ruentex

Development

Co

Ltd

384

306,791

Shanghai

Commercial

&

Savings

Bank

Ltd

468

2,776,684

Shin

Kong

Financial

Holding

Co

Ltd

800

848,796

SinoPac

Financial

Holdings

Co

Ltd

544

259,000

Synnex

Technology

International

Corp

592

907,806

Taishin

Financial

Holdings

Co

Ltd

535

467,968

Taiwan

Business

Bank

209

561,579

Taiwan

Cement

Corp

637

836,122

Taiwan

Cooperative

Financial

Holding

Co

Ltd

727

391,000

Taiwan

High

Speed

Rail

Corp

391

366,000

Taiwan

Mobile

Co

Ltd

1,176

17,174,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

329,254

192,025

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

19,971

299,000

Unimicron

Technology

Corp

1,708

1,082,450

Uni-President

Enterprises

Corp

2,626

2,479,000

United

Microelectronics

Corp

4,224

200,000

Vanguard

International

Semiconductor

Corp

530

14,000

Voltronic

Power

Technology

Corp

779

609,650

Walsin

Lihwa

Corp

766

131,810

Wan

Hai

Lines

Ltd

236

677,688

Winbond

Electronics

Corp

671

569,000

Wistron

Corp

1,820

21,000

Wiwynn

Corp

1,243

345,640

WPG

Holdings

Ltd

918

73,739

Yageo

Corp

1,432

142,000

Yang

Ming

Marine

Transport

237

148,000

Zhen

Ding

Technology

Holding

Ltd

525

TOTAL

TAIWAN

499,154

THAILAND

-

0.1%

98,300

Advanced

Info

Service

PCL

625

926,500

Airports

of

Thailand

PCL

1,621

1,139,400

Asset

World

Corp

PCL

119

914,400

Bangkok

Dusit

Medical

Services

PCL

743

1,417,000

Bangkok

Expressway

&

Metro

PCL

330

2,407,000

Banpu

PCL

(Foreign)

478

204,400

Berli

Jucker

PCL

149

1,489,090

BTS

Group

Holdings

PCL

316

48,000

Bumrungrad

Hospital

PCL

312

433,000

Central

Pattana

PCL

882

367,975

Central

Retail

Corp

PCL

442

787,900

Charoen

Pokphand

Foods

PCL

451

479,700

CP

ALL

plc

786

440,200

CP

Axtra

PCL

348

171

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

680,500

Delta

Electronics

Thailand

PCL

$

1,749

337,097

Energy

Absolute

PCL

436

135,000

Global

Power

Synergy

PCL

191

619,530

Gulf

Energy

Development

PCL

806

1,146,300

Home

Product

Center

PCL

392

346,200

Indorama

Ventures

PCL

276

206,900

Intouch

Holdings

PCL

(Class

F)

433

48,000

Kasikornbank

PCL

(Foreign)

190

788,300

Krung

Thai

Bank

PCL

424

178,100

Krungthai

Card

PCL

227

1,773,700

Land

and

Houses

PCL

423

702,400

Minor

International

PCL

606

120,000

Muangthai

Capital

PCL

158

255,200

Osotspa

PCL

164

361,400

PTT

Exploration

&

Production

PCL

1,574

494,700

PTT

Global

Chemical

PCL

557

611,700

PTT

Oil

&

Retail

Business

PCL

342

2,388,700

PTT

PCL

2,502

195,500

SCB

X

PCL

598

248,700

SCG

Packaging

PCL

262

169,400

Siam

Cement

PCL

1,517

354,302

Thai

Oil

PCL

555

5,856,200

TMB

Bank

PCL

(Foreign)

286

895,726

True

Corp

PCL

132

TOTAL

THAILAND

22,402

TURKEY

-

0.1%

2,512,530

Akbank

TAS

3,107

305,058

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

466

100,389

BIM

Birlesik

Magazalar

AS

1,024

102,216

Eregli

Demir

ve

Celik

Fabrikalari

TAS

142

14,534

Ford

Otomotiv

Sanayi

AS

365

81,798

Haci

Omer

Sabanci

Holding

AS

167

243,208

(a)

Hektas

Ticaret

TAS

166

165,299

KOC

Holding

AS

794

73,442

Koza

Altin

Isletmeleri

AS

49

8,169

(a)

Pegasus

Hava

Tasimaciligi

AS.

180

281,700

(a)

Sasa

Polyester

Sanayi

AS

348

27,860

Tofas

Turk

Otomobil

Fabrik

198

117,015

(a)

Turk

Hava

Yollari

AO

906

268,740

Turkcell

Iletisim

Hizmet

AS

511

3,721,769

Turkiye

Is

Bankasi

(Series

C)

2,941

223,170

Turkiye

Petrol

Rafinerileri

AS

1,081

278,201

Turkiye

Sise

ve

Cam

Fabrikalari

AS

432

277,144

Yapi

ve

Kredi

Bankasi

183

TOTAL

TURKEY

13,060

UNITED

ARAB

EMIRATES

-

0.1%

236,513

Abu

Dhabi

Commercial

Bank

PJSC

591

117,357

Abu

Dhabi

Islamic

Bank

PJSC

324

718,017

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

723

833,246

Aldar

Properties

PJSC

1,214

545,572

Americana

Restaurants

International

plc

465

234,481

Dubai

Islamic

Bank

PJSC

365

1,458,502

Emaar

Properties

PJSC

3,145

155,811

Emirates

NBD

Bank

PJSC

734

752,109

Emirates

Telecommunications

Group

Co

PJSC

4,022

363,398

First

Abu

Dhabi

Bank

PJSC

1,381

836,592

(a)

Multiply

Group

PJSC

724

5,358

(a),(f)

NMC

Health

plc

0

^

TOTAL

UNITED

ARAB

EMIRATES

13,688

CREF

Global

Equities

Account

December

31,

2023

172

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

UNITED

KINGDOM

-

2.5%

579,471

Allfunds

Group

PLC

$

4,120

96,009

AngloGold

Ashanti

UK

Ltd

1,844

1,293,488

Ashtead

Group

plc

89,907

1,235,588

AstraZeneca

plc

166,668

1,994,150

Beazley

plc

13,252

132,749

Big

Yellow

Group

plc

2,067

7,628,340

BP

plc

45,221

647,097

British

American

Tobacco

plc

18,934

306,346

British

Land

Co

plc

1,557

96,335

(a)

Coca-Cola

Europacific

Partners

plc

6,429

811,783

Compass

Group

plc

22,213

2,040,828

(d)

ConvaTec

Group

plc

6,351

2,971,182

(a)

Darktrace

plc

13,861

308,987

Dechra

Pharmaceuticals

plc

15,185

40,844

Derwent

London

plc

1,228

491,175

Diageo

plc

17,827

1,927,917

Electrocomponents

plc

20,124

856,139

Fevertree

Drinks

plc

11,448

204,229

Great

Portland

Estates

plc

1,093

2,752,338

Informa

plc

27,376

224,652

Land

Securities

Group

plc

2,016

6,384,971

Lloyds

TSB

Group

plc

3,873

285,097

London

Stock

Exchange

Group

plc

33,702

8,281,993

Man

Group

plc

24,555

1,200,270

National

Grid

plc

16,169

34,186

(a),(d)

Pepco

Group

NV

226

767,979

RELX

plc

30,429

163,382

Safestore

Holdings

plc

1,840

198,898

Scottish

&

Southern

Energy

plc

4,695

263,090

Segro

plc

2,967

1,894,292

Standard

Chartered

plc

16,075

5,371,958

Tritax

Big

Box

REIT

plc

11,528

414,697

Unilever

plc

20,076

5,146,672

Vodafone

Group

plc

4,495

TOTAL

UNITED

KINGDOM

659,351

UNITED

STATES

-

63.8%

19,448

3M

Co

2,126

358,392

Abbott

Laboratories

39,448

488,666

AbbVie,

Inc

75,729

269,013

(a)

Adobe,

Inc

160,493

1,124,940

(a)

Advanced

Micro

Devices,

Inc

165,827

30,751

Aflac,

Inc

2,537

89,397

Agilent

Technologies,

Inc

12,429

11,908

Agree

Realty

Corp

750

3,620

Air

Products

&

Chemicals,

Inc

991

27,500

Albemarle

Corp

3,973

63,384

Alexandria

Real

Estate

Equities,

Inc

8,035

27,278

(a)

Align

Technology,

Inc

7,474

459,521

Alliant

Energy

Corp

23,573

59,738

(a)

Alnylam

Pharmaceuticals,

Inc

11,434

1,961,559

(a)

Alphabet,

Inc

276,443

1,876,985

(a)

Alphabet,

Inc

(Class

A)

262,196

656,323

(a)

Altimmune,

Inc

7,384

321,008

Altria

Group,

Inc

12,949

4,699,660

(a)

Amazon.com,

Inc

714,066

274,777

Ameren

Corp

19,877

310,989

American

Electric

Power

Co,

Inc

25,259

245,290

American

Express

Co

45,953

290,408

American

Homes

4

Rent

10,443

514,022

American

International

Group,

Inc

34,825

173

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

85,319

American

Tower

Corp

$

18,419

92,508

Americold

Realty

Trust,

Inc

2,800

73,445

Ameriprise

Financial,

Inc

27,897

73,948

AmerisourceBergen

Corp

15,187

240,255

Ametek,

Inc

39,616

143,132

Amgen,

Inc

41,225

2,369,538

(a)

Antero

Resources

Corp

53,741

4,872,329

(g)

Apple,

Inc

938,070

458,294

(a)

Arch

Capital

Group

Ltd

34,038

87,090

Ares

Management

Corp

10,357

1,902,273

AT&T,

Inc

31,920

76,663

(a),(b)

Atlas

Energy

Solutions,

Inc

1,320

267,182

(a)

Atlassian

Corp

Ltd

63,552

1,766

(a)

Autozone,

Inc

4,566

47,127

AvalonBay

Communities,

Inc

8,823

206,673

Baker

Hughes

Co

7,064

115,230

Ball

Corp

6,628

642,535

Bank

of

America

Corp

21,634

593,668

Bank

of

New

York

Mellon

Corp

30,900

120,988

Becton

Dickinson

&

Co

29,501

392,294

(a)

Berkshire

Hathaway,

Inc

139,916

43,425

(a)

BJ's

Wholesale

Club

Holdings,

Inc

2,895

36,612

BlackRock,

Inc

29,722

13,693

Blackstone,

Inc

1,793

1,074,976

(a)

Block,

Inc

83,149

510,970

(a)

Boeing

Co

133,189

6,303

(a)

Booking

Holdings,

Inc

22,358

23,485

Boston

Properties,

Inc

1,648

2,016,266

(a)

Boston

Scientific

Corp

116,560

82,704

Bristol-Myers

Squibb

Co

4,244

252,850

Broadcom,

Inc

282,244

709

Capital

One

Financial

Corp

93

1,465,314

Carrier

Global

Corp

84,182

99,464

(a)

Catalent,

Inc

4,469

494,572

Caterpillar,

Inc

146,230

193,402

Celanese

Corp

(Series

A)

30,049

21,846

(a)

Centene

Corp

1,621

221,237

Centerpoint

Energy,

Inc

6,321

586,747

Charles

Schwab

Corp

40,368

51,087

(a)

Charter

Communications,

Inc

19,856

274,083

Cheniere

Energy,

Inc

46,789

222,417

Chesapeake

Energy

Corp

17,113

252,409

Chevron

Corp

37,649

3,434

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

7,853

195,904

Chubb

Ltd

44,274

57,179

Cigna

Group

17,122

20,430

Citigroup,

Inc

1,051

354,748

Citizens

Financial

Group,

Inc

11,756

823,508

(a)

Cleveland-Cliffs,

Inc

16,816

99,917

CME

Group,

Inc

21,043

2,616,223

Coca-Cola

Co

154,174

160,291

Colgate-Palmolive

Co

12,777

988,467

Comcast

Corp

(Class

A)

43,344

699,081

ConocoPhillips

81,142

60,128

Constellation

Brands,

Inc

(Class

A)

14,536

84,696

Constellation

Energy

Corp

9,900

5,000

Cooper

Cos,

Inc

1,892

498,967

Corebridge

Financial,

Inc

10,808

1,829,904

Corteva,

Inc

87,689

385,729

Costco

Wholesale

Corp

254,612

8,935

(a)

Coty,

Inc

111

179,248

Crown

Castle,

Inc

20,648

CREF

Global

Equities

Account

December

31,

2023

174

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

914,187

Crown

Holdings,

Inc

$

84,187

93,311

CSL

Ltd

18,191

65,359

CSX

Corp

2,266

263,866

CVS

Health

Corp

20,835

153,670

Danaher

Corp

35,550

12,590

Darden

Restaurants,

Inc

2,069

672,822

(a)

Datadog,

Inc

81,667

129,619

Deere

&

Co

51,831

212,655

Delta

Air

Lines,

Inc

8,555

25,000

Dentsply

Sirona,

Inc

890

251,977

(a)

DexCom,

Inc

31,268

674,597

Diamondback

Energy,

Inc

104,617

41,625

Digital

Realty

Trust,

Inc

5,602

192,548

Discover

Financial

Services

21,642

40,072

(a)

DISH

Network

Corp

(Class

A)

231

197,059

Dollar

General

Corp

26,790

725,769

Dominion

Energy,

Inc

34,111

167,775

Dover

Corp

25,805

22,540

Dow,

Inc

1,236

129,500

Duke

Energy

Corp

12,567

920,966

DuPont

de

Nemours,

Inc

70,850

266,644

Eaton

Corp

plc

64,213

180,140

eBay,

Inc

7,858

90,657

Edison

International

6,481

70,173

Elevance

Health,

Inc

33,091

426,505

Eli

Lilly

&

Co

248,618

227,886

EOG

Resources,

Inc

27,563

9,681

Equinix,

Inc

7,797

776,016

Equitable

Holdings,

Inc

25,841

152,864

Equity

Lifestyle

Properties,

Inc

10,783

96,673

Equity

Residential

5,913

16,238

Essex

Property

Trust,

Inc

4,026

74,245

Estee

Lauder

Cos

(Class

A)

10,858

8,101

(a)

Etsy,

Inc

657

109,534

Everest

Re

Group

Ltd

38,729

158,924

(a)

Exact

Sciences

Corp

11,757

112,266

Exelon

Corp

4,030

28,292

(a)

Expedia

Group,

Inc

4,294

30,632

Extra

Space

Storage,

Inc

4,911

2,958,246

Exxon

Mobil

Corp

295,765

3,347

FedEx

Corp

847

116,158

Ferguson

plc

22,247

1,093,026

Fifth

Third

Bancorp

37,698

16,506

First

Citizens

Bancshares,

Inc

(Class

A)

23,422

944,881

FirstEnergy

Corp

34,639

576,121

(a)

Fiserv,

Inc

76,532

3,137,984

(a)

Flextronics

International

Ltd

95,583

429,045

Fortive

Corp

31,591

3,331,464

Freeport-McMoRan,

Inc

(Class

B)

141,820

93,536

Gaming

and

Leisure

Properties,

Inc

4,616

149,019

GE

HealthCare

Technologies,

Inc

11,522

483,061

Gilead

Sciences,

Inc

39,133

87,070

Global

Payments,

Inc

11,058

135,683

Globe

Life,

Inc

16,515

14,456

Goldman

Sachs

Group,

Inc

5,577

602,403

GSK

plc

11,126

117,754

Halliburton

Co

4,257

108,137

HCA,

Inc

29,271

27,063

Healthcare

Realty

Trust,

Inc

466

158,815

Healthpeak

Properties,

Inc

3,145

49,132

Hess

Corp

7,083

38,537

(a)

Hologic,

Inc

2,753

175

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

554,385

Home

Depot,

Inc

$

192,122

910,620

Honeywell

International,

Inc

190,966

163,382

Host

Marriott

Corp

3,181

62,885

Howmet

Aerospace,

Inc

3,403

157,001

Hubbell,

Inc

51,642

15,184

Humana,

Inc

6,951

27,658

(a)

IDEXX

Laboratories,

Inc

15,352

34,575

Illinois

Tool

Works,

Inc

9,057

86,618

(a)

Illumina,

Inc

12,061

299,593

(a)

Immunovant,

Inc

12,622

57,374

Independence

Realty

Trust,

Inc

878

763,524

Ingersoll

Rand,

Inc

59,051

13,394

Innovative

Industrial

Properties,

Inc

1,350

2,755,027

Intel

Corp

138,440

255,468

Intercontinental

Exchange,

Inc

32,810

82,914

International

Flavors

&

Fragrances,

Inc

6,714

158,075

(a)

Intuitive

Surgical,

Inc

53,328

54,127

Invitation

Homes,

Inc

1,846

5,182

(a)

IQVIA

Holdings,

Inc

1,199

269,232

(b)

iShares

MSCI

Canada

Index

Fund

9,875

64,718

iShares

MSCI

South

Korea

Index

Fund

4,241

4,365

JB

Hunt

Transport

Services,

Inc

872

167,300

JBS

S.A.

849

541,822

Johnson

&

Johnson

84,925

1,499,193

JPMorgan

Chase

&

Co

255,013

1,570,385

Kenvue,

Inc

33,810

1,329,486

Keurig

Dr

Pepper,

Inc

44,298

20,421

Kilroy

Realty

Corp

814

84,840

Kimberly-Clark

Corp

10,309

237,844

KKR

&

Co,

Inc

19,705

283,016

Kraft

Heinz

Co

10,466

5,000

Laboratory

Corp

of

America

Holdings

1,136

118,178

Lam

Research

Corp

92,564

155,507

Las

Vegas

Sands

Corp

7,653

14,671

(a)

Legend

Biotech

Corp

(ADR)

883

564,964

Linde

plc

232,036

96,113

Lowe's

Cos,

Inc

21,390

119,822

(a)

Lululemon

Athletica,

Inc

61,264

156,801

M&T

Bank

Corp

21,494

78,811

(a)

Mach

Natural

Resources

LP

1,300

95,678

Marathon

Petroleum

Corp

14,195

16,202

Marriott

International,

Inc

(Class

A)

3,654

112,750

Marsh

&

McLennan

Cos,

Inc

21,363

518,409

Mastercard,

Inc

(Class

A)

221,107

657,013

McDonald's

Corp

194,811

99,892

McKesson

Corp

46,248

223,872

Medtronic

plc

18,443

1,334,833

Merck

&

Co,

Inc

145,523

1,107,413

(a)

Meta

Platforms,

Inc

391,980

56,314

Metlife,

Inc

3,724

487

(a)

Mettler-Toledo

International,

Inc

591

3,249,634

Microsoft

Corp

1,221,992

24,503

Mid-America

Apartment

Communities,

Inc

3,295

667,232

Mondelez

International,

Inc

48,328

1,840,332

(a)

Monster

Beverage

Corp

106,022

60,000

(a),(b)

MoonLake

Immunotherapeutics

3,623

1,355,980

Morgan

Stanley

126,445

2,743

MSCI,

Inc

(Class

A)

1,552

51,000

(a)

Natera,

Inc

3,195

52,173

National

Storage

Affiliates

Trust

2,164

602,792

Nestle

S.A.

69,876

241,150

(a)

NetFlix,

Inc

117,411

CREF

Global

Equities

Account

December

31,

2023

176

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

266,305

Newmont

Goldcorp

Corp

$

11,022

807,324

NextEra

Energy,

Inc

49,037

961,071

Nike,

Inc

(Class

B)

104,343

100,966

Northrop

Grumman

Corp

47,266

63,295

NRG

Energy,

Inc

3,272

96,210

Nucor

Corp

16,744

1,201,035

Nvidia

Corp

594,777

110,275

Occidental

Petroleum

Corp

6,585

6,638

ONEOK,

Inc

466

34,575

Owens

Corning,

Inc

5,125

348,150

(a)

Palo

Alto

Networks,

Inc

102,662

16,000

Parade

Technologies

Ltd

624

188,102

Parker-Hannifin

Corp

86,659

142,634

(a)

PayPal

Holdings,

Inc

8,759

12,151

(a)

Peloton

Interactive,

Inc

74

5,000

(a)

Penumbra,

Inc

1,258

326,523

PepsiCo,

Inc

55,457

844,383

Permian

Resources

Corp

11,484

890,463

Pfizer,

Inc

25,636

373,497

(h)

PG&E

Corp

6,734

926,289

Philip

Morris

International,

Inc

87,145

69,136

Phillips

66

9,205

28,353

(a)

Pinterest,

Inc

1,050

140,398

Pioneer

Natural

Resources

Co

31,573

1,395,882

Procter

&

Gamble

Co

204,553

234,514

Progressive

Corp

37,353

287,660

Prologis,

Inc

38,345

35,722

Public

Storage,

Inc

10,895

34,764

(a)

QIAGEN

NV

1,511

52,617

Realty

Income

Corp

3,021

134,233

Regency

Centers

Corp

8,994

31,926

(a)

Regeneron

Pharmaceuticals,

Inc

28,040

37,000

(a)

Repligen

Corp

6,653

376,309

Rexford

Industrial

Realty,

Inc

21,111

179,320

Roche

Holding

AG.

52,127

11,087

Rockwell

Automation,

Inc

3,442

884,800

(a)

Roivant

Sciences

Ltd

9,936

8,101

(a)

Roku,

Inc

743

65,394

Roper

Industries,

Inc

35,651

36,436

(a)

Royal

Caribbean

Cruises

Ltd

4,718

588,576

RTX

Corp

49,523

66,226

S&P

Global,

Inc

29,174

110,849

Sabra

Health

Care

REIT,

Inc

1,582

371,626

(a)

Salesforce,

Inc

97,790

365,768

Sanofi-Aventis

36,347

50,021

(a)

Sarepta

Therapeutics,

Inc

4,824

60,072

SBA

Communications

Corp

15,240

75,983

Schlumberger

Ltd

3,954

342,653

Schneider

Electric

S.A.

68,978

6,067

Sealed

Air

Corp

222

133,288

Sempra

Energy

9,961

133,982

(a)

ServiceNow,

Inc

94,657

44,941

Sherwin-Williams

Co

14,017

119,741

Simon

Property

Group,

Inc

17,080

4,002

(b)

SL

Green

Realty

Corp

181

107,410

Southern

Co

7,532

247,566

Starbucks

Corp

23,769

25,303

Steel

Dynamics,

Inc

2,988

416,907

Stryker

Corp

124,847

75,369

Sun

Communities,

Inc

10,073

147,931

(a)

Synopsys,

Inc

76,171

78,563

Target

Corp

11,189

177

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

103,547

TE

Connectivity

Ltd

$

14,548

592,846

Teradyne,

Inc

64,336

52,617

Terreno

Realty

Corp

3,298

1,145,031

(a)

Tesla,

Inc

284,517

88,990

Thermo

Fisher

Scientific,

Inc

47,235

283,235

TJX

Cos,

Inc

26,570

271,006

T-Mobile

US,

Inc

43,450

114,057

Tractor

Supply

Co

24,526

259,010

(a),(b)

Traeger,

Inc

707

221,058

Trane

Technologies

plc

53,916

3,151

(a)

Ulta

Beauty,

Inc

1,544

594,650

Union

Pacific

Corp

146,058

105,539

United

Parcel

Service,

Inc

(Class

B)

16,594

123,908

United

Rentals,

Inc

71,051

457,285

UnitedHealth

Group,

Inc

240,747

744,496

Valero

Energy

Corp

96,784

726,930

Vanguard

Emerging

Markets

ETF

29,877

50,000

(b)

Vanguard

FTSE

Developed

Markets

ETF

2,395

7,000

(a)

Veeva

Systems,

Inc

1,348

122,114

Ventas,

Inc

6,086

345,885

(a)

Veralto

Corp

28,453

802,065

Verizon

Communications,

Inc

30,238

55,927

(a)

Vertex

Pharmaceuticals,

Inc

22,756

191,700

VICI

Properties,

Inc

6,111

858,215

Visa,

Inc

(Class

A)

223,436

80,834

Vistra

Corp

3,114

322,081

Vontier

Corp

11,128

167,584

Voya

Financial,

Inc

12,227

154,684

W.R.

Berkley

Corp

10,939

85,448

W.W.

Grainger,

Inc

70,810

1,096,650

Walmart,

Inc

172,887

1,264,080

Walt

Disney

Co

114,134

97,313

(a)

Warner

Bros

Discovery,

Inc

1,107

42,220

Washington

REIT

616

3,977,911

Wells

Fargo

&

Co

195,793

73,039

Welltower,

Inc

6,586

10,002

West

Pharmaceutical

Services,

Inc

3,522

209,150

Westinghouse

Air

Brake

Technologies

Corp

26,541

106,362

Westlake

Chemical

Corp

14,886

33,681

Westrock

Co

1,398

123,995

Weyerhaeuser

Co

4,311

436,221

(a)

YETI

Holdings,

Inc

22,588

14,009

Yum!

Brands,

Inc

1,830

84,923

Zimmer

Biomet

Holdings,

Inc

10,335

167,114

Zoetis,

Inc

32,983

TOTAL

UNITED

STATES

16,552,201

TOTAL

COMMON

STOCKS

25,557,378

(Cost

$20,388,963)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0.0%

3,698

Magellan

Financial

Group

Ltd

04/16/27

1

129,949

(b)

PointsBet

Holdings

Ltd

07/08/24

1

15,141,898

Tamboran

Resources

Corp

12/29/23

103

TOTAL

AUSTRALIA

105

CREF

Global

Equities

Account

December

31,

2023

178

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

(000)

BRAZIL

-

0.0%

5,335

Localiza

Rent

a

Car

S.A.

02/05/24

$

22

TOTAL

BRAZIL

22

INDIA

-

0.0%

105,711

Tata

Motors

Ltd

(DVR)

659

TOTAL

INDIA

659

TOTAL

RIGHTS/WARRANTS

786

(Cost

$612)

TOTAL

LONG-TERM

INVESTMENTS

25,558,178‌

(Cost

$20,389,591)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.5%

GOVERNMENT

AGENCY

DEBT

-

0.8%

$

10,000,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/24/24

9,962

5,850,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/24

5,846

25,000,000

FHLB

0

.000

01/05/24

24,975

3,000,000

FHLB

0

.000

01/08/24

2,996

5,125,000

FHLB

0

.000

01/10/24

5,116

25,000,000

FHLB

0

.000

01/12/24

24,949

10,000,000

FHLB

0

.000

01/16/24

9,974

14,135,000

FHLB

0

.000

01/17/24

14,096

3,976,000

FHLB

0

.000

01/24/24

3,961

34,950,000

FHLB

0

.000

01/31/24

34,783

5,000,000

FHLB

0

.000

02/02/24

4,974

12,500,000

FHLB

0

.000

02/20/24

12,403

12,000,000

FHLB

0

.000

02/27/24

11,895

4,130,000

FHLB

0

.000

03/20/24

4,081

8,000,000

FHLB

0

.000

04/01/24

7,893

25,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/10/24

24,957

TOTAL

GOVERNMENT

AGENCY

DEBT

202,861

REPURCHASE

AGREEMENT

-

0.3%

68,020,000

(i)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

68,020

TOTAL

REPURCHASE

AGREEMENT

68,020

TREASURY

DEBT

-

0.4%

86,041,000

United

States

Treasury

Bill

0

.000

01/02/24

86,041

30,000,000

United

States

Treasury

Bill

0

.000

02/27/24

29,753

TOTAL

TREASURY

DEBT

115,794

TOTAL

SHORT-TERM

INVESTMENTS

386,675

(Cost

$386,743)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

CERTIFICATE

OF

DEPOSIT

-

0.0%

1,000,000

Australia

and

New

Zealand

Banking

Group

5

.650

02/28/24

1,000

500,000

Citibank

N.A.

5

.920

07/29/24

500

1,000,000

Credit

Agricole

5

.310

01/02/24

1,000

500,000

ING

US

Funding

LLC

5

.860

02/09/24

500

1,000,000

MUFG

Bank

Ltd

5

.320

01/02/24

1,000

2,000,000

Royal

Bank

of

Canada

5

.930

02/21/24

2,000

1,000,000

Royal

Bank

of

Canada

6

.100

03/27/24

1,000

2,000,000

The

Canadian

Imperial

Bank

of

Commerce

6

.000

05/03/24

2,000

TOTAL

CERTIFICATE

OF

DEPOSIT

9,000

COMMERCIAL

PAPER

-

0.0%

2,000,000

ING

US

Funding

LLC

5

.980

04/24/24

2,000

TOTAL

COMMERCIAL

PAPER

2,000

179

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

REPURCHASE

AGREEMENT

-

0.1%

$

5,000,000

(j)

JP

Morgan

5

.340

%

01/02/24

$

5,000

5,000,000

(k)

Merrill

Lynch

5

.350

01/02/24

5,000

TOTAL

REPURCHASE

AGREEMENT

10,000

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

21,000

(Cost

$21,000)

TOTAL

INVESTMENTS

-

100.1%

25,965,853

(Cost

$20,797,334)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

22,713

)

NET

ASSETS

-

100.0%

$25,943,140

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.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$64,705,544.

(c)

Affiliated

holding

(d)

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.

(e)

When-issued

or

delayed

delivery

security.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(h)

In

bankruptcy

(i)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$68,060,207

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

6/15/26,

valued

at

$69,380,406.

(j)

Agreement

with

JP

Morgan,

5.340%

dated

12/29/23

to

be

repurchased

at

$5,016,642

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–7.450%

and

maturity

dates

1/1/31–3/1/52,

valued

at

$5,100,001.

(k)

Agreement

with

Merrill

Lynch,

5.350%

dated

12/29/23

to

be

repurchased

at

$5,018,220

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

9/20/52,

valued

at

$5,100,001.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

731‌

03/15/24

 $

79,409‌

$

82,325‌

$

2,916‌

S&P

500

E-Mini

Index

894‌

03/15/24

208,748‌

215,454‌

6,706‌

Total

1,625‌

  $

288,157‌

 $

297,779‌

 $

9,622‌

CREF

Growth

Account

December

31,

2023

Portfolio

of

Investments

180

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

AUTOMOBILES

&

COMPONENTS

-

1.6%

2,244,141

(a)

Tesla,

Inc

$

557,624

TOTAL

AUTOMOBILES

&

COMPONENTS

557,624

CAPITAL

GOODS

-

3.2%

2,545,575

(a)

Boeing

Co

663,530

2,890,161

Carrier

Global

Corp

166,040

501,578

Eaton

Corp

plc

120,790

667,786

Honeywell

International,

Inc

140,041

TOTAL

CAPITAL

GOODS

1,090,401

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.1%

2,295,990

Experian

Group

Ltd

93,666

621,270

Verisk

Analytics,

Inc

148,396

929,153

Waste

Connections,

Inc

138,695

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

380,757

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

7.5%

15,564,426

(a)

Amazon.com,

Inc

2,364,859

2,030,932

TJX

Cos,

Inc

190,522

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,555,381

CONSUMER

DURABLES

&

APPAREL

-

1.0%

163,060

Kering

72,219

1,841,115

Nike,

Inc

(Class

B)

199,890

10,879,800

PRADA

S.p.A

62,211

TOTAL

CONSUMER

DURABLES

&

APPAREL

334,320

CONSUMER

SERVICES

-

4.8%

213,099

(a)

Booking

Holdings,

Inc

755,909

4,354,408

(a)

Carnival

Corp

80,731

82,874

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

189,529

2,008,312

(a)

DraftKings,

Inc

70,793

605,959

(a)

Flutter

Entertainment

plc

107,559

3,896,130

Las

Vegas

Sands

Corp

191,729

2,523,719

Starbucks

Corp

242,302

TOTAL

CONSUMER

SERVICES

1,638,552

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.4%

1,258,122

Costco

Wholesale

Corp

830,461

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

830,461

ENERGY

-

1.2%

918,858

ConocoPhillips

106,652

1,677,809

EOG

Resources,

Inc

202,931

464,410

Pioneer

Natural

Resources

Co

104,436

TOTAL

ENERGY

414,019

FINANCIAL

SERVICES

-

7.8%

93,531

(a),(b)

Adyen

NV

120,743

634,222

American

Express

Co

118,815

947,046

(a)

Fiserv,

Inc

125,806

1,587,471

iShares

Russell

1000

Growth

Index

Fund

481,273

716,089

London

Stock

Exchange

Group

plc

84,650

2,113,677

Mastercard,

Inc

(Class

A)

901,504

3,317,001

(a)

PayPal

Holdings,

Inc

203,697

181

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,349,075

Visa,

Inc

(Class

A)

$

611,582

TOTAL

FINANCIAL

SERVICES

2,648,070

FOOD,

BEVERAGE

&

TOBACCO

-

1.5%

6,537,698

Davide

Campari-Milano

NV

73,828

7,480,013

(a)

Monster

Beverage

Corp

430,924

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

504,752

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.4%

474,007

(a)

Align

Technology,

Inc

129,878

3,531,834

(a)

DexCom,

Inc

438,265

312,690

Elevance

Health,

Inc

147,452

139,805

Essilor

International

S.A.

28,073

1,284,007

(a)

Intuitive

Surgical,

Inc

433,173

1,071,375

UnitedHealth

Group,

Inc

564,047

584,887

(a)

Veeva

Systems,

Inc

112,602

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,853,490

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.7%

751,032

Estee

Lauder

Cos

(Class

A)

109,839

6,287,472

Kenvue,

Inc

135,369

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

245,208

MATERIALS

-

1.6%

4,108,112

Corteva,

Inc

196,861

811,770

Linde

plc

333,402

TOTAL

MATERIALS

530,263

MEDIA

&

ENTERTAINMENT

-

10.3%

5,955,380

(a)

Alphabet,

Inc

839,292

5,432,383

(a)

Alphabet,

Inc

(Class

A)

758,849

3,433,447

(a)

Match

Group,

Inc

125,321

4,903,145

(a)

Meta

Platforms,

Inc

1,735,517

86,451

(a)

NetFlix,

Inc

42,091

TOTAL

MEDIA

&

ENTERTAINMENT

3,501,070

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5.8%

668,754

Amgen,

Inc

192,615

1,399,900

AstraZeneca

plc

(ADR)

94,283

1,105,310

Eli

Lilly

&

Co

644,307

924,347

Gilead

Sciences,

Inc

74,881

568,558

(a)

Illumina,

Inc

79,166

2,987,604

Novo

Nordisk

A.S.

309,609

2,201,237

Novo

Nordisk

A.S.

(ADR)

227,718

1,802,353

Zoetis,

Inc

355,731

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,978,310

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

12.0%

2,035,051

Applied

Materials,

Inc

329,821

994,810

Broadcom,

Inc

1,110,457

7,789,123

Intel

Corp

391,403

209,465

Lam

Research

Corp

164,065

77,384

Monolithic

Power

Systems,

Inc

48,812

4,146,609

Nvidia

Corp

2,053,484

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

4,098,042

SOFTWARE

&

SERVICES

-

23.2%

227,304

(a)

Adobe,

Inc

135,610

725,797

(a)

Atlassian

Corp

Ltd

172,638

307,715

(a)

Crowdstrike

Holdings,

Inc

78,566

390,993

(a)

EPAM

Systems,

Inc

116,258

942,947

Intuit,

Inc

589,370

CREF

Growth

Account

December

31,

2023

182

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,548,017

Microsoft

Corp

$

3,966,476

1,908,018

(a)

Palo

Alto

Networks,

Inc

562,636

302,158

Roper

Industries,

Inc

164,728

2,690,980

(a)

Salesforce,

Inc

708,105

672,313

(a)

ServiceNow,

Inc

474,982

641,498

(a)

Snowflake,

Inc

127,658

878,045

(a)

Synopsys,

Inc

452,114

1,267,772

(a)

Workday,

Inc

349,981

TOTAL

SOFTWARE

&

SERVICES

7,899,122

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.4%

12,399,911

Apple,

Inc

2,387,355

488,649

(a)

Arista

Networks,

Inc

115,081

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,502,436

TRANSPORTATION

-

1.3%

8,050,962

(a)

Grab

Holdings

Ltd

27,132

6,872,131

(a)

Uber

Technologies,

Inc

423,117

TOTAL

TRANSPORTATION

450,249

TOTAL

COMMON

STOCKS

34,012,527

(Cost

$25,722,894)

TOTAL

LONG-TERM

INVESTMENTS

34,012,527‌

(Cost

$25,722,894)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.1%

GOVERNMENT

AGENCY

DEBT

-

0.0%

$

7,905,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/05/24

7,897

4,000,000

FHLB

0

.000

03/20/24

3,952

TOTAL

GOVERNMENT

AGENCY

DEBT

11,849

REPURCHASE

AGREEMENT

-

0.1%

26,190,000

(c)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

26,190

TOTAL

REPURCHASE

AGREEMENT

26,190

TREASURY

DEBT

-

0.0%

2,000,000

United

States

Treasury

Bill

0

.000

02/27/24

1,984

TOTAL

TREASURY

DEBT

1,984

TOTAL

SHORT-TERM

INVESTMENTS

40,023

(Cost

$40,028)

TOTAL

INVESTMENTS

-

99.9%

34,052,550

(Cost

$25,762,922)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.1%

26,364

NET

ASSETS

-

100.0%

$34,078,914

ADR

American

Depositary

Receipt

(a)

Non-income

producing

(b)

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.

(c)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$26,205,481

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

6/15/26,

valued

at

$26,713,822.

Portfolio

of

Investments

CREF

Equity

Index

Account

December

31,

2023

183

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.4%

COMMON

STOCKS

-

99.4%

AUTOMOBILES

&

COMPONENTS

-

1.9%

49,971

(a)

Adient

plc

$

1,817

60,325

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

531

131,438

(a)

Aptiv

plc

11,793

115,559

BorgWarner,

Inc

4,143

8,573

(a)

Cooper-Standard

Holdings,

Inc

168

76,541

Dana

Inc

1,118

12,642

(a)

Dorman

Products,

Inc

1,054

86,619

(a),(b)

Fisker,

Inc

152

1,903,324

Ford

Motor

Co

23,202

23,054

(a)

Fox

Factory

Holding

Corp

1,556

673,219

General

Motors

Co

24,182

104,978

Gentex

Corp

3,429

18,149

(a)

Gentherm,

Inc

950

139,195

(a)

Goodyear

Tire

&

Rubber

Co

1,993

67,182

Harley-Davidson,

Inc

2,475

26,694

(a),(b)

Holley,

Inc

130

12,667

LCI

Industries

1,592

27,234

Lear

Corp

3,846

372,353

(a),(b)

Lucid

Group,

Inc

1,568

122,392

(a),(b)

Luminar

Technologies,

Inc

412

25,388

(a)

Modine

Manufacturing

Co

1,516

10,528

Patrick

Industries,

Inc

1,057

23,111

Phinia,

Inc

700

111,576

(a),(b)

QuantumScape

Corp

775

326,042

(a),(b)

Rivian

Automotive,

Inc

7,649

29,093

(a),(b)

Solid

Power,

Inc

42

11,405

Standard

Motor

Products,

Inc

454

20,247

(a)

Stoneridge,

Inc

396

1,339,405

(a)

Tesla,

Inc

332,815

22,833

Thor

Industries,

Inc

2,700

12,140

(a)

Visteon

Corp

1,516

17,654

Winnebago

Industries,

Inc

1,287

67,449

(a),(b)

Workhorse

Group,

Inc

24

9,934

(a)

XPEL,

Inc

535

TOTAL

AUTOMOBILES

&

COMPONENTS

437,577

BANKS

-

3.6%

4,682

1st

Source

Corp

257

4,331

(b)

ACNB

Corp

194

7,212

Amalgamated

Financial

Corp

194

12,491

Amerant

Bancorp,

Inc

307

5,882

American

National

Bankshares,

Inc

287

38,500

Ameris

Bancorp

2,042

9,484

Arrow

Financial

Corp

265

63,489

Associated

Banc-Corp

1,358

42,326

Atlantic

Union

Bankshares

Corp

1,547

31,941

(a)

Axos

Financial,

Inc

1,744

70,633

Banc

of

California,

Inc

949

10,077

Bancfirst

Corp

981

18,804

(a)

Bancorp,

Inc

725

3,732

(b)

Bank

First

Corp

323

3,360,122

Bank

of

America

Corp

113,135

23,380

(b)

Bank

of

Hawaii

Corp

1,694

7,728

Bank

of

Marin

Bancorp

170

4,849

Bank

of

NT

Butterfield

&

Son

Ltd

155

CREF

Equity

Index

Account

December

31,

2023

184

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

58,249

Bank

OZK

$

2,903

27,509

BankUnited,

Inc

892

18,925

Banner

Corp

1,014

11,016

Bar

Harbor

Bankshares

323

6,589

BayCom

Corp

155

7,362

BCB

Bancorp,

Inc

95

26,834

Berkshire

Hills

Bancorp,

Inc

666

13,432

(a),(b)

Blue

Foundry

Bancorp

130

8,721

(b)

Blue

Ridge

Bankshares,

Inc

26

8,083

BOK

Financial

Corp

692

10,571

(a)

Bridgewater

Bancshares,

Inc

143

38,089

Brookline

Bancorp,

Inc

416

3,114

(b)

Burke

&

Herbert

Financial

Services

Corp

196

6,436

Business

First

Bancshares,

Inc

159

5,576

Byline

Bancorp,

Inc

131

107,871

Cadence

Bank

3,192

2,502

Cambridge

Bancorp

174

7,078

Camden

National

Corp

266

4,609

Capital

Bancorp,

Inc

112

9,158

Capital

City

Bank

Group,

Inc

269

33,828

Capitol

Federal

Financial,

Inc

218

5,956

Capstar

Financial

Holdings,

Inc

112

14,623

(a)

Carter

Bankshares,

Inc

219

25,721

Cathay

General

Bancorp

1,146

21,511

Central

Pacific

Financial

Corp

423

941,515

Citigroup,

Inc

48,432

9,568

Citizens

&

Northern

Corp

215

206,881

Citizens

Financial

Group,

Inc

6,856

2,158

(b)

Citizens

Financial

Services,

Inc

140

4,775

City

Holding

Co

526

7,262

Civista

Bancshares,

Inc

134

9,772

CNB

Financial

Corp

221

5,328

(a),(b)

Coastal

Financial

Corp

237

4,711

Codorus

Valley

Bancorp,

Inc

121

8,393

Colony

Bankcorp,

Inc

112

109,266

Columbia

Banking

System,

Inc

2,915

17,061

(a)

Columbia

Financial,

Inc

329

69,667

Comerica,

Inc

3,888

58,590

(b)

Commerce

Bancshares,

Inc

3,129

29,222

Community

Bank

System,

Inc

1,523

16,516

Community

Trust

Bancorp,

Inc

724

21,722

ConnectOne

Bancorp,

Inc

498

2,974

(a)

CrossFirst

Bankshares,

Inc

40

31,366

Cullen/Frost

Bankers,

Inc

3,403

19,196

(a)

Customers

Bancorp,

Inc

1,106

45,531

CVB

Financial

Corp

919

19,153

Dime

Community

Bancshares,

Inc

516

17,266

Eagle

Bancorp,

Inc

520

71,752

East

West

Bancorp,

Inc

5,163

94,260

Eastern

Bankshares,

Inc

1,338

6,481

Enterprise

Bancorp,

Inc

209

16,077

Enterprise

Financial

Services

Corp

718

7,477

Equity

Bancshares,

Inc

253

3,546

Esquire

Financial

Holdings,

Inc

177

6,206

(b)

Farmers

&

Merchants

Bancorp,

Inc

154

18,150

Farmers

National

Banc

Corp

262

13,107

FB

Financial

Corp

522

2,294

Fidelity

D&D

Bancorp,

Inc

133

331,334

Fifth

Third

Bancorp

11,428

10,211

Financial

Institutions,

Inc

217

15,371

First

Bancorp

569

114,850

First

BanCorp

1,889

185

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,485

First

Bancorp,

Inc

$

183

6,018

First

Bancshares,

Inc

176

7,950

First

Bank

117

26,747

First

Busey

Corp

664

4,107

First

Business

Financial

Services,

Inc

165

5,110

First

Citizens

Bancshares,

Inc

(Class

A)

7,251

52,091

First

Commonwealth

Financial

Corp

804

12,139

First

Community

Bancshares,

Inc

450

47,775

First

Financial

Bancorp

1,135

70,877

First

Financial

Bankshares,

Inc

2,148

505

First

Financial

Corp

22

19,660

First

Foundation,

Inc

190

71,845

First

Hawaiian,

Inc

1,642

266,280

First

Horizon

National

Corp

3,770

43,798

First

Interstate

BancSystem,

Inc

1,347

29,933

First

Merchants

Corp

1,110

7,120

First

Mid

Bancshares,

Inc

247

15,462

First

of

Long

Island

Corp

205

4,047

(a)

First

Western

Financial,

Inc

80

6,452

Five

Star

Bancorp

169

4,145

Flushing

Financial

Corp

68

157,037

FNB

Corp

2,162

3,291

FS

Bancorp,

Inc

122

80,429

Fulton

Financial

Corp

1,324

7,652

(a),(b)

FVCBankcorp,

Inc

109

5,087

German

American

Bancorp,

Inc

165

63,141

Glacier

Bancorp,

Inc

2,609

1,871

(b)

Great

Southern

Bancorp,

Inc

111

3,479

(b)

Greene

County

Bancorp,

Inc

98

1,346

(b)

Guaranty

Bancshares,

Inc

45

47,878

Hancock

Whitney

Corp

2,326

23,963

Hanmi

Financial

Corp

465

16,668

HarborOne

Bancorp,

Inc

200

6,442

HBT

Financial,

Inc

136

13,408

Heartland

Financial

USA,

Inc

504

25,661

(b)

Heritage

Commerce

Corp

255

22,188

Heritage

Financial

Corp

475

35,248

Hilltop

Holdings,

Inc

1,241

997

Hingham

Institution

For

Savings

The

194

4,264

Home

Bancorp,

Inc

179

81,882

Home

Bancshares,

Inc

2,074

15,022

HomeStreet,

Inc

155

13,541

HomeTrust

Bancshares,

Inc

364

59,403

Hope

Bancorp,

Inc

718

2,709

Horizon

Bancorp,

Inc

39

728,267

Huntington

Bancshares,

Inc

9,264

17,558

Independent

Bank

Corp

457

25,003

Independent

Bank

Corp

1,645

20,253

Independent

Bank

Group,

Inc

1,030

15,656

International

Bancshares

Corp

850

5,837

(b)

John

Marshall

Bancorp,

Inc

132

1,397,879

JPMorgan

Chase

&

Co

237,779

8,268

Kearny

Financial

Corp

74

434,062

Keycorp

6,250

9,106

Lakeland

Bancorp,

Inc

135

13,317

Lakeland

Financial

Corp

868

14,926

Live

Oak

Bancshares,

Inc

679

82,354

M&T

Bank

Corp

11,289

19,210

Macatawa

Bank

Corp

217

1,529

Mercantile

Bank

Corp

62

10,190

Metrocity

Bankshares,

Inc

245

4,420

(a),(b)

Metropolitan

Bank

Holding

Corp

245

CREF

Equity

Index

Account

December

31,

2023

186

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,348

Mid

Penn

Bancorp,

Inc

$

178

3,829

(b)

Middlefield

Banc

Corp

124

10,800

Midland

States

Bancorp,

Inc

298

7,821

MidWestOne

Financial

Group,

Inc

210

5,369

MVB

Financial

Corp

121

19,324

National

Bank

Holdings

Corp

719

21,431

NBT

Bancorp,

Inc

898

287,419

New

York

Community

Bancorp,

Inc

2,940

6,480

Nicolet

Bankshares,

Inc

521

3,442

Northeast

Bank

190

5,388

Northfield

Bancorp,

Inc

68

2,656

Northrim

BanCorp,

Inc

152

64,372

Northwest

Bancshares,

Inc

803

3,544

(b)

Norwood

Financial

Corp

117

1,153,132

(a)

NU

Holdings

Ltd

9,606

12,012

OceanFirst

Financial

Corp

209

33,903

OFG

Bancorp

1,271

133,138

Old

National

Bancorp

2,249

21,667

Old

Second

Bancorp,

Inc

335

11,057

Origin

Bancorp,

Inc

393

5,318

Orrstown

Financial

Services,

Inc

157

51,153

Pacific

Premier

Bancorp,

Inc

1,489

7,855

Park

National

Corp

1,044

5,178

(b)

Parke

Bancorp,

Inc

105

20,574

Pathward

Financial,

Inc

1,089

5,966

(b)

PCB

Bancorp

110

267

Peapack

Gladstone

Financial

Corp

8

4,697

Peoples

Bancorp,

Inc

159

5,712

(b)

Peoples

Financial

Services

Corp

278

41,191

Pinnacle

Financial

Partners,

Inc

3,593

2,662

Plumas

Bancorp

110

194,236

PNC

Financial

Services

Group,

Inc

30,077

11,515

(a)

Ponce

Financial

Group,

Inc

112

38,321

Popular,

Inc

3,145

8,859

Preferred

Bank

647

20,188

Premier

Financial

Corp

487

8,140

Primis

Financial

Corp

103

41,648

Prosperity

Bancshares,

Inc

2,821

35,868

Provident

Financial

Services,

Inc

647

8,729

QCR

Holdings,

Inc

510

9,265

RBB

Bancorp

176

2,235

Red

River

Bancshares,

Inc

125

446,451

Regions

Financial

Corp

8,652

30,881

Renasant

Corp

1,040

6,104

Republic

Bancorp,

Inc

(Class

A)

337

13,081

(b)

S&T

Bancorp,

Inc

437

22,606

Sandy

Spring

Bancorp,

Inc

616

34,531

Seacoast

Banking

Corp

of

Florida

983

24,631

ServisFirst

Bancshares,

Inc

1,641

9,123

Shore

Bancshares,

Inc

130

8,919

Sierra

Bancorp

201

55,218

Simmons

First

National

Corp

(Class

A)

1,096

5,382

SmartFinancial,

Inc

132

5,202

South

Plains

Financial,

Inc

151

4,079

(a)

Southern

First

Bancshares,

Inc

151

4,139

Southern

Missouri

Bancorp,

Inc

221

10,544

(b)

Southside

Bancshares,

Inc

330

38,442

SouthState

Corp

3,246

23,920

Stellar

Bancorp,

Inc

666

11,262

Stock

Yards

Bancorp,

Inc

580

6,101

Summit

Financial

Group,

Inc

187

74,250

Synovus

Financial

Corp

2,795

187

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,678

(a)

Texas

Capital

Bancshares,

Inc

$

1,789

6,549

(a)

Third

Coast

Bancshares,

Inc

130

7,201

Tompkins

Trustco,

Inc

434

34,516

Towne

Bank

1,027

19,212

Trico

Bancshares

826

10,668

(a)

Triumph

Financial,

Inc

855

661,346

Truist

Financial

Corp

24,417

2,656

TrustCo

Bank

Corp

NY

82

34,442

Trustmark

Corp

960

23,900

UMB

Financial

Corp

1,997

68,198

United

Bankshares,

Inc

2,561

48,352

United

Community

Banks,

Inc

1,415

3,873

Unity

Bancorp,

Inc

115

5,426

Univest

Financial

Corp

120

764,001

US

Bancorp

33,066

218,557

Valley

National

Bancorp

2,374

22,054

Veritex

Holdings,

Inc

513

25,531

Washington

Federal,

Inc

841

3,676

Washington

Trust

Bancorp,

Inc

119

85,391

Webster

Financial

Corp

4,334

1,775,910

Wells

Fargo

&

Co

87,410

21,097

WesBanco,

Inc

662

11,970

West

Bancorporation,

Inc

254

13,352

Westamerica

Bancorporation

753

53,770

Western

Alliance

Bancorp

3,538

31,127

Wintrust

Financial

Corp

2,887

37,346

WSFS

Financial

Corp

1,715

81,460

Zions

Bancorporation

3,574

TOTAL

BANKS

819,923

CAPITAL

GOODS

-

6.5%

29,422

(a)

374Water,

Inc

42

66,252

(a)

3D

Systems

Corp

421

264,078

3M

Co

28,869

57,428

A.O.

Smith

Corp

4,734

32,247

Aaon,

Inc

2,382

11,925

(a)

AAR

Corp

744

16,749

Acuity

Brands,

Inc

3,431

31,531

Advanced

Drainage

Systems,

Inc

4,435

58,431

Aecom

Technology

Corp

5,401

12,268

(a)

Aerovironment,

Inc

1,546

8,143

(a),(b)

AerSale

Corp

103

29,823

AGCO

Corp

3,621

36,080

Air

Lease

Corp

1,513

5,157

Alamo

Group,

Inc

1,084

16,794

Albany

International

Corp

(Class

A)

1,649

41,449

Allegion

plc

5,251

6,739

Allied

Motion

Technologies,

Inc

204

34,531

Allison

Transmission

Holdings,

Inc

2,008

10,745

Alta

Equipment

Group,

Inc

133

13,776

(a)

Ameresco,

Inc

436

10,171

(a)

American

Woodmark

Corp

944

110,415

Ametek,

Inc

18,206

98,441

(a)

API

Group

Corp

3,406

4,551

Apogee

Enterprises,

Inc

243

21,181

Applied

Industrial

Technologies,

Inc

3,658

63,826

(a),(b)

Archer

Aviation,

Inc

392

26,444

Arcosa,

Inc

2,185

10,471

Argan,

Inc

490

20,887

Armstrong

World

Industries,

Inc

2,054

69,116

(a)

Array

Technologies,

Inc

1,161

15,250

Astec

Industries,

Inc

567

CREF

Equity

Index

Account

December

31,

2023

188

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,755

(a)

Astronics

Corp

$

274

20,918

(a)

Atkore,

Inc

3,347

32,661

(a)

Axon

Enterprise,

Inc

8,437

60,195

(a)

AZEK

Co,

Inc

2,302

13,571

AZZ,

Inc

788

25,595

Barnes

Group,

Inc

835

22,560

(a)

Beacon

Roofing

Supply,

Inc

1,963

19,926

(a),(b)

Blink

Charging

Co

68

75,992

(a),(b)

Bloom

Energy

Corp

1,125

3,946

(a)

Blue

Bird

Corp

106

4,896

(a)

BlueLinx

Holdings,

Inc

555

271,369

(a)

Boeing

Co

70,735

16,526

Boise

Cascade

Co

2,138

4,978

(a)

Bowman

Consulting

Group

Ltd

177

13,313

(b)

Brookfield

Business

Corp

310

63,428

(a)

Builders

FirstSource,

Inc

10,589

40,627

BWX

Technologies,

Inc

3,117

8,469

Cadre

Holdings,

Inc

279

23,004

Carlisle

Cos,

Inc

7,187

410,690

Carrier

Global

Corp

23,594

247,881

Caterpillar,

Inc

73,291

120,169

(a),(b)

ChargePoint

Holdings,

Inc

281

20,872

(a)

Chart

Industries,

Inc

2,845

439,165

CNH

Industrial

NV

5,349

14,727

Columbus

McKinnon

Corp

575

17,475

Comfort

Systems

USA,

Inc

3,594

15,927

(a)

Commercial

Vehicle

Group,

Inc

112

13,197

(a)

Concrete

Pumping

Holdings,

Inc

108

11,212

(a)

Construction

Partners,

Inc

488

65,224

(a)

Core

&

Main,

Inc

2,636

21,581

Crane

Co

2,550

7,468

CSW

Industrials,

Inc

1,549

70,319

Cummins,

Inc

16,846

19,563

Curtiss-Wright

Corp

4,358

30,728

(a),(b)

Custom

Truck

One

Source,

Inc

190

128,811

Deere

&

Co

51,508

62,846

(a),(b)

Desktop

Metal,

Inc

47

52,930

Donaldson

Co,

Inc

3,459

16,771

Douglas

Dynamics,

Inc

498

69,542

Dover

Corp

10,696

8,048

(a),(b)

Ducommun,

Inc

419

11,117

(a)

DXP

Enterprises,

Inc

375

16,954

(a)

Dycom

Industries,

Inc

1,951

194,676

Eaton

Corp

plc

46,882

21,296

EMCOR

Group,

Inc

4,588

280,141

Emerson

Electric

Co

27,266

8,964

Encore

Wire

Corp

1,915

24,905

(a)

Energy

Recovery,

Inc

469

12,892

(a),(b)

Energy

Vault

Holdings,

Inc

30

32,971

Enerpac

Tool

Group

Corp

1,025

18,213

EnerSys

1,839

55,762

(a),(b)

Enovix

Corp

698

11,263

EnPro

Industries,

Inc

1,765

28,088

Esab

Corp

2,433

13,003

ESCO

Technologies,

Inc

1,522

41,349

(a),(b)

ESS

Tech,

Inc

47

9,017

(a),(b)

Eve

Holding,

Inc

66

276,590

Fastenal

Co

17,915

32,884

Federal

Signal

Corp

2,524

98,612

Ferguson

plc

19,039

71,435

Flowserve

Corp

2,945

18,242

(a),(b)

Fluence

Energy,

Inc

435

189

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

77,505

(a)

Fluor

Corp

$

3,036

173,487

Fortive

Corp

12,774

67,350

Fortune

Brands

Innovations,

Inc

5,128

20,104

Franklin

Electric

Co,

Inc

1,943

49,125

FTAI

Aviation

Ltd

2,279

21,243

(a),(b)

FTC

Solar,

Inc

15

176,294

(a),(b)

FuelCell

Energy,

Inc

282

30,738

(a)

Gates

Industrial

Corp

plc

412

14,376

GATX

Corp

1,728

26,482

(a)

Generac

Holdings,

Inc

3,423

119,133

General

Dynamics

Corp

30,935

528,628

General

Electric

Co

67,469

17,907

(a)

Gibraltar

Industries,

Inc

1,414

9,938

Global

Industrial

Co

386

21,710

(a)

GMS,

Inc

1,790

12,385

Gorman-Rupp

Co

440

78,611

Graco,

Inc

6,820

95,580

GrafTech

International

Ltd

209

24,972

Granite

Construction,

Inc

1,270

44,924

(a)

Great

Lakes

Dredge

&

Dock

Corp

345

1,410

Greenbrier

Cos,

Inc

62

20,793

Griffon

Corp

1,267

17,554

H&E

Equipment

Services,

Inc

918

21,061

(a)

Hayward

Holdings,

Inc

286

21,280

HEICO

Corp

3,806

38,786

HEICO

Corp

(Class

A)

5,525

16,194

Helios

Technologies,

Inc

734

13,619

Herc

Holdings,

Inc

2,028

41,915

Hexcel

Corp

3,091

32,149

Hillenbrand,

Inc

1,538

69,001

(a)

Hillman

Solutions

Corp

635

321,916

Honeywell

International,

Inc

67,509

188,854

Howmet

Aerospace,

Inc

10,221

25,443

Hubbell,

Inc

8,369

22,109

(a)

Hudson

Technologies,

Inc

298

16,667

Huntington

Ingalls

Industries,

Inc

4,327

63,978

(a),(b)

Hyliion

Holdings

Corp

52

7,224

Hyster-Yale

Materials

Handling,

Inc

449

37,542

IDEX

Corp

8,151

5,334

(a)

IES

Holdings,

Inc

423

144,040

Illinois

Tool

Works,

Inc

37,730

192,430

Ingersoll

Rand,

Inc

14,883

3,056

Insteel

Industries,

Inc

117

39,987

ITT,

Inc

4,771

41,873

(a)

Janus

International

Group,

Inc

546

45,832

(a)

JELD-WEN

Holding,

Inc

865

16,888

John

Bean

Technologies

Corp

1,679

330,204

Johnson

Controls

International

plc

19,033

5,348

Kadant,

Inc

1,499

15,070

Kaman

Corp

361

45,625

Kennametal,

Inc

1,177

66,946

(a)

Kratos

Defense

&

Security

Solutions,

Inc

1,358

92,330

L3Harris

Technologies,

Inc

19,447

9,846

(a)

Lawson

Products,

Inc

311

16,699

Lennox

International,

Inc

7,473

24,937

(a)

Leonardo

DRS,

Inc

500

4,566

(a)

Limbach

Holdings,

Inc

208

28,514

Lincoln

Electric

Holdings,

Inc

6,201

5,950

Lindsay

Corp

768

108,049

Lockheed

Martin

Corp

48,972

12,965

(b)

LSI

Industries,

Inc

183

17,575

Luxfer

Holdings

plc

157

CREF

Equity

Index

Account

December

31,

2023

190

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

22,630

(a)

Manitowoc

Co,

Inc

$

378

107,444

Masco

Corp

7,197

7,698

(a)

Masonite

International

Corp

652

32,416

(a)

Mastec,

Inc

2,455

67,350

(a)

Masterbrand,

Inc

1,000

8,494

McGrath

RentCorp

1,016

96,446

MDU

Resources

Group,

Inc

1,910

30,340

(a)

Mercury

Computer

Systems,

Inc

1,110

87,434

(a),(b)

Microvast

Holdings,

Inc

122

24,886

(a)

Middleby

Corp

3,662

7,280

Miller

Industries,

Inc

308

14,585

Moog,

Inc

(Class

A)

2,112

43,932

(a)

MRC

Global,

Inc

484

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,952

57,366

Mueller

Industries,

Inc

2,705

85,916

Mueller

Water

Products,

Inc

(Class

A)

1,237

6,055

(a)

MYR

Group,

Inc

876

3,534

National

Presto

Industries,

Inc

284

15,496

(a),(b)

NEXTracker,

Inc

726

88,306

(a),(b)

Nikola

Corp

77

28,439

Nordson

Corp

7,512

69,753

Northrop

Grumman

Corp

32,654

6,891

(a)

Northwest

Pipe

Co

209

78,206

(a)

NOW,

Inc

885

16,026

(a),(b)

NuScale

Power

Corp

53

74,858

nVent

Electric

plc

4,423

2,354

Omega

Flex,

Inc

166

27,603

Oshkosh

Corp

2,992

198,413

Otis

Worldwide

Corp

17,752

42,635

Owens

Corning,

Inc

6,320

246,202

PACCAR,

Inc

24,042

14,228

Park

Aerospace

Corp

209

61,844

Parker-Hannifin

Corp

28,492

20,471

(a)

Parsons

Corp

1,284

81,606

Pentair

plc

5,934

19,842

(a)

PGT

Innovations,

Inc

808

274,975

(a),(b)

Plug

Power,

Inc

1,237

7,077

Powell

Industries,

Inc

626

1,801

Preformed

Line

Products

Co

241

28,783

Primoris

Services

Corp

956

15,505

(a)

Proto

Labs,

Inc

604

16,969

Quanex

Building

Products

Corp

519

71,936

Quanta

Services,

Inc

15,524

13,498

(a)

RBC

Bearings,

Inc

3,845

32,418

Regal-Beloit

Corp

4,798

82,950

(a)

Resideo

Technologies,

Inc

1,561

8,757

REV

Group,

Inc

159

109,316

(a),(b)

Rocket

Lab

USA,

Inc

605

56,702

Rockwell

Automation,

Inc

17,605

701,220

RTX

Corp

59,001

10,342

Rush

Enterprises,

Inc

548

22,836

Rush

Enterprises,

Inc

(Class

A)

1,149

80,042

Sensata

Technologies

Holding

plc

3,007

63,890

(a),(b)

SES

AI

Corp

117

81,772

(a)

Shoals

Technologies

Group,

Inc

1,271

18,886

Shyft

Group,

Inc

231

19,894

Simpson

Manufacturing

Co,

Inc

3,939

24,415

(a)

SiteOne

Landscape

Supply,

Inc

3,967

23,368

Snap-On,

Inc

6,750

59,911

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,904

23,935

(a)

SPX

Technologies,

Inc

2,418

4,143

Standex

International

Corp

656

191

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

77,790

Stanley

Black

&

Decker,

Inc

$

7,631

73,460

(a),(b)

Stem,

Inc

285

18,886

(a)

Sterling

Construction

Co,

Inc

1,661

42,585

(a),(b)

SunPower

Corp

206

109,516

(a)

Sunrun,

Inc

2,150

10,075

Tennant

Co

934

35,787

Terex

Corp

2,056

13,596

Textainer

Group

Holdings

Ltd

669

95,205

Textron,

Inc

7,656

24,419

(a)

Thermon

Group

Holdings,

Inc

795

35,263

Timken

Co

2,826

27,553

(a)

Titan

International,

Inc

410

11,613

(a)

Titan

Machinery,

Inc

335

51,928

Toro

Co

4,985

108,872

Trane

Technologies

plc

26,554

3,856

(a)

Transcat,

Inc

422

25,384

TransDigm

Group,

Inc

25,678

52,464

(a)

Trex

Co,

Inc

4,343

42,805

Trinity

Industries,

Inc

1,138

32,779

(a)

Triumph

Group,

Inc

543

27,269

(a)

Tutor

Perini

Corp

248

26,618

UFP

Industries,

Inc

3,342

33,475

United

Rentals,

Inc

19,195

7,860

(a)

V2X,

Inc

365

10,628

Valmont

Industries,

Inc

2,482

154,466

Vertiv

Holdings

Co

7,419

12,845

(a)

Vicor

Corp

577

85,951

(a),(b)

Virgin

Galactic

Holdings,

Inc

211

21,412

W.W.

Grainger,

Inc

17,744

23,411

Wabash

National

Corp

600

16,513

(b)

Watsco,

Inc

7,075

12,667

Watts

Water

Technologies,

Inc

(Class

A)

2,639

22,053

WESCO

International,

Inc

3,835

86,408

Westinghouse

Air

Brake

Technologies

Corp

10,965

105,633

(a)

WillScot

Mobile

Mini

Holdings

Corp

4,701

30,482

Woodward

Inc

4,149

17,318

(a),(b)

Xometry,

Inc

622

113,012

Xylem,

Inc

12,924

65,462

Zurn

Elkay

Water

Solutions

Corp

1,925

TOTAL

CAPITAL

GOODS

1,475,924

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.7%

27,128

ABM

Industries,

Inc

1,216

5,587

ACCO

Brands

Corp

34

57,811

(a)

ACV

Auctions,

Inc

876

174,070

(a)

Alight,

Inc

1,485

54,222

(a)

ARAMARK

Uniform

Services

1,146

11,286

Aris

Water

Solution,

Inc

95

27,574

(a)

ASGN,

Inc

2,652

152,445

(a),(b)

Aurora

Innovation,

Inc

666

201,899

Automatic

Data

Processing,

Inc

47,036

5,145

Barrett

Business

Services,

Inc

596

60,886

(a),(b)

BlackSky

Technology,

Inc

85

61,673

Booz

Allen

Hamilton

Holding

Corp

7,889

16,522

(a),(b)

BrightView

Holdings,

Inc

139

26,557

Brink's

Co

2,336

57,307

Broadridge

Financial

Solutions,

Inc

11,791

10,973

(a)

CACI

International,

Inc

(Class

A)

3,554

26,846

(a)

Casella

Waste

Systems,

Inc

(Class

A)

2,294

18,053

(a)

CBIZ,

Inc

1,130

14,787

(a)

CECO

Environmental

Corp

300

8,021

(a)

Cimpress

plc

642

CREF

Equity

Index

Account

December

31,

2023

192

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

42,038

Cintas

Corp

$

25,335

226,376

(a)

Clarivate

plc

2,096

27,814

(a)

Clean

Harbors,

Inc

4,854

21,043

Concentrix

Corp

2,067

91,431

(a)

Conduent,

Inc

334

412,416

(a)

Copart,

Inc

20,208

49,610

(a)

CoreCivic,

Inc

721

192,612

(a)

CoStar

Group,

Inc

16,832

3,881

CRA

International,

Inc

384

17,763

CSG

Systems

International,

Inc

945

22,984

Deluxe

Corp

493

20,676

(a)

Driven

Brands

Holdings,

Inc

295

129,661

Dun

&

Bradstreet

Holdings,

Inc

1,517

1,045

Ennis,

Inc

23

59,468

Equifax,

Inc

14,706

86,090

(a)

ExlService

Holdings,

Inc

2,656

28,338

Exponent,

Inc

2,495

15,944

First

Advantage

Corp

264

7,582

(a)

Forrester

Research,

Inc

203

7,620

(a)

Franklin

Covey

Co

332

16,142

(a)

FTI

Consulting,

Inc

3,215

81,103

Genpact

Ltd

2,815

42,598

(a)

GEO

Group,

Inc

461

42,732

(a)

Harsco

Corp

385

40,910

Healthcare

Services

Group

424

14,300

Heidrick

&

Struggles

International,

Inc

422

37,280

Herman

Miller,

Inc

995

10,874

(a)

HireRight

Holdings

Corp

146

27,032

HNI

Corp

1,131

9,371

(a)

Huron

Consulting

Group,

Inc

963

6,267

ICF

International,

Inc

840

12,531

(a),(b)

Innodata,

Inc

102

19,828

Insperity,

Inc

2,324

44,581

Interface,

Inc

563

59,295

Jacobs

Solutions,

Inc

7,696

66,111

KBR,

Inc

3,663

20,372

Kelly

Services,

Inc

(Class

A)

440

11,207

Kforce,

Inc

757

29,134

Korn/Ferry

International

1,729

23,268

(a)

Legalzoom.com,

Inc

263

69,072

Leidos

Holdings,

Inc

7,476

19,090

(a)

Liquidity

Services,

Inc

329

25,524

Manpower,

Inc

2,028

16,885

Matthews

International

Corp

(Class

A)

619

31,583

MAXIMUS,

Inc

2,649

12,017

(a)

Montrose

Environmental

Group,

Inc

386

19,573

MSA

Safety,

Inc

3,305

4,961

NL

Industries,

Inc

28

5,211

(a)

NV5

Global,

Inc

579

67,918

(a)

OPENLANE,

Inc

1,006

155,380

Paychex,

Inc

18,507

24,132

Paycom

Software,

Inc

4,989

33,846

(a),(b)

Performant

Financial

Corp

106

95,984

Pitney

Bowes,

Inc

422

79,689

(a),(b)

Planet

Labs

PBC

197

90,452

(b)

RB

Global,

Inc

6,050

4,854

(a),(b)

Red

Violet,

Inc

97

97,841

Republic

Services,

Inc

16,135

20,546

Resources

Connection,

Inc

291

52,374

Robert

Half

International,

Inc

4,605

119,495

Rollins,

Inc

5,218

28,414

Science

Applications

International

Corp

3,532

193

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

12,140

(a)

SP

Plus

Corp

$

622

100,288

SS&C

Technologies

Holdings,

Inc

6,129

61,807

Steelcase,

Inc

(Class

A)

836

49,051

(a)

Stericycle,

Inc

2,431

12,139

(a),(b)

Sterling

Check

Corp

169

25,107

Tetra

Tech,

Inc

4,191

92,480

TransUnion

6,354

15,001

(a)

TriNet

Group,

Inc

1,784

19,072

(a)

TrueBlue,

Inc

293

10,054

TTEC

Holdings,

Inc

218

8,983

Unifirst

Corp

1,643

63,645

(a)

Upwork,

Inc

946

100,108

(a)

Veralto

Corp

8,235

68,472

Verisk

Analytics,

Inc

16,355

63,620

(a)

Verra

Mobility

Corp

1,465

15,178

(a)

Viad

Corp

549

5,586

VSE

Corp

361

195,234

Waste

Management,

Inc

34,966

5,398

(a)

Willdan

Group,

Inc

116

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

378,273

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.3%

18,290

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

197

18,402

Aaron's

Co,

Inc

200

23,424

(a)

Abercrombie

&

Fitch

Co

(Class

A)

2,066

36,738

Academy

Sports

&

Outdoors,

Inc

2,425

20,152

Advance

Auto

Parts,

Inc

1,230

4,372,462

(a)

Amazon.com,

Inc

664,352

85,497

American

Eagle

Outfitters,

Inc

1,809

3,312

(a)

America's

Car-Mart,

Inc

251

65,041

Arko

Corp

537

10,565

(a)

Asbury

Automotive

Group,

Inc

2,377

12,767

(a)

Autonation,

Inc

1,917

8,479

(a)

Autozone,

Inc

21,923

101,629

Bath

&

Body

Works,

Inc

4,386

97,064

Best

Buy

Co,

Inc

7,598

11,361

Big

5

Sporting

Goods

Corp

72

15,681

(a)

Boot

Barn

Holdings,

Inc

1,204

14,004

Buckle,

Inc

665

7,271

Build-A-Bear

Workshop,

Inc

167

33,332

(a)

Burlington

Stores,

Inc

6,482

20,111

Caleres,

Inc

618

22,123

(b)

Camping

World

Holdings,

Inc

581

78,807

(a)

Carmax,

Inc

6,048

19,398

(a)

CarParts.com,

Inc

61

47,579

(a),(b)

Carvana

Co

2,519

12,003

Cato

Corp

(Class

A)

86

66,517

(a)

Chico's

FAS,

Inc

504

9,723

(a),(b)

ContextLogic,

Inc

58

511,300

(a)

Coupang,

Inc

8,278

32,814

(b)

Designer

Brands,

Inc

290

30,615

(a)

Destination

XL

Group,

Inc

135

28,635

Dick's

Sporting

Goods,

Inc

4,208

1,003

(b)

Dillard's,

Inc

(Class

A)

405

7,236

(a)

Duluth

Holdings,

Inc

39

248,893

eBay,

Inc

10,857

61,188

(a)

Etsy,

Inc

4,959

34,837

(a),(b)

EVgo,

Inc

125

27,604

(a)

Five

Below,

Inc

5,884

55,907

(a)

Floor

&

Decor

Holdings,

Inc

6,237

33,391

Foot

Locker,

Inc

1,040

10,965

(a)

Funko,

Inc

85

CREF

Equity

Index

Account

December

31,

2023

194

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

138,452

(a)

GameStop

Corp

(Class

A)

$

2,427

81,317

Gap,

Inc

1,700

7,998

(a)

Genesco,

Inc

282

67,692

Genuine

Parts

Co

9,375

6,868

Group

1

Automotive,

Inc

2,093

29,518

(a)

GrowGeneration

Corp

74

21,962

Guess,

Inc

506

9,098

Haverty

Furniture

Cos,

Inc

323

9,181

Hibbett

Sports,

Inc

661

484,155

Home

Depot,

Inc

167,784

65,995

Kohl's

Corp

1,893

9,431

(a)

Lands'

End,

Inc

90

59,869

(a)

Leslie's,

Inc

414

13,553

Lithia

Motors,

Inc

(Class

A)

4,463

125,433

LKQ

Corp

5,994

278,802

Lowe's

Cos,

Inc

62,047

109,170

Macy's,

Inc

2,197

11,739

(a)

MarineMax,

Inc

457

18,107

Monro

Muffler,

Inc

531

8,996

Murphy

USA,

Inc

3,208

47,869

(a)

National

Vision

Holdings,

Inc

1,002

57,180

(b)

Nordstrom,

Inc

1,055

18,624

(a)

ODP

Corp

1,049

27,556

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

2,091

5,690

(a),(b)

OneWater

Marine,

Inc

192

29,088

(a)

O'Reilly

Automotive,

Inc

27,636

24,586

(a)

Overstock.com,

Inc

681

9,990

Penske

Auto

Group,

Inc

1,603

40,988

(a)

Petco

Health

&

Wellness

Co,

Inc

130

14,105

PetMed

Express,

Inc

107

18,519

Pool

Corp

7,384

27,217

Rent-A-Center,

Inc

925

19,596

(a),(b)

Revolve

Group,

Inc

325

7,732

(a)

RH

2,254

160,682

Ross

Stores,

Inc

22,237

7,776

(a)

Sally

Beauty

Holdings,

Inc

103

13,763

(a)

Savers

Value

Village,

Inc

239

4,712

Shoe

Carnival,

Inc

142

20,162

Signet

Jewelers

Ltd

2,163

13,058

(a)

Sleep

Number

Corp

194

62

Sonic

Automotive,

Inc

(Class

A)

3

19,952

(a)

Sportsman's

Warehouse

Holdings,

Inc

85

32,244

(a)

Stitch

Fix,

Inc

115

30,109

(a),(b)

ThredUp,

Inc

68

6,790

(a)

Tilly's,

Inc

51

558,908

TJX

Cos,

Inc

52,431

55,517

Tractor

Supply

Co

11,938

24,062

(a)

Ulta

Beauty,

Inc

11,790

31,536

(a)

Urban

Outfitters,

Inc

1,126

66,985

Valvoline,

Inc

2,517

37,799

(a)

Victoria's

Secret

&

Co

1,003

42,783

(a)

Warby

Parker,

Inc

603

41,399

(a)

Wayfair,

Inc

2,554

32,140

Williams-Sonoma,

Inc

6,485

1,945

Winmark

Corp

812

11,661

(a)

Zumiez,

Inc

237

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,202,724

CONSUMER

DURABLES

&

APPAREL

-

1.2%

15,286

Acushnet

Holdings

Corp

966

48,382

(a),(b)

Allbirds,

Inc

59

35,953

(a),(b)

AMMO,

Inc

76

195

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,361

(a)

Beazer

Homes

USA,

Inc

$

46

14,995

(a)

BK

LC

Lux

Finco

2

Sarl

731

35,190

Brunswick

Corp

3,405

63,158

(a)

Callaway

Golf

Co

906

42,913

(a)

Capri

Holdings

Ltd

2,156

19,479

Carter's,

Inc

1,459

5,040

(a)

Cavco

Industries,

Inc

1,747

13,611

Century

Communities,

Inc

1,241

14,289

(b)

Clarus

Corp

99

14,763

Columbia

Sportswear

Co

1,174

23,677

(b)

Cricut,

Inc

156

24,729

(a)

Crocs,

Inc

2,310

13,051

(a)

Deckers

Outdoor

Corp

8,724

150,052

DR

Horton,

Inc

22,805

10,739

(a)

Dream

Finders

Homes,

Inc

382

18,783

Ethan

Allen

Interiors,

Inc

600

69,522

(a)

Garmin

Ltd

8,936

24,084

(a)

G-III

Apparel

Group

Ltd

818

74,136

(a)

GoPro,

Inc

257

16,535

(a)

Green

Brick

Partners,

Inc

859

156,073

Hanesbrands,

Inc

696

67,084

Hasbro,

Inc

3,425

13,347

(a)

Helen

of

Troy

Ltd

1,612

5,483

(b)

Hooker

Furniture

Corp

143

2,792

(a)

Hovnanian

Enterprises,

Inc

435

13,822

Installed

Building

Products,

Inc

2,527

15,263

(a)

iRobot

Corp

591

3,583

Johnson

Outdoors,

Inc

191

34,928

KB

Home

2,182

30,075

Kontoor

Brands,

Inc

1,877

12,660

(a)

Latham

Group,

Inc

33

25,091

La-Z-Boy,

Inc

926

4,968

(a)

Legacy

Housing

Corp

125

73,033

Leggett

&

Platt,

Inc

1,911

119,847

Lennar

Corp

(Class

A)

17,862

6,837

Lennar

Corp

(Class

B)

917

12,635

(a)

LGI

Homes,

Inc

1,682

5,568

(a)

Lovesac

Co

142

53,703

(a)

Lululemon

Athletica,

Inc

27,458

13,163

(a)

M/I

Homes,

Inc

1,813

13,092

(a)

Malibu

Boats,

Inc

718

8,407

Marine

Products

Corp

96

13,690

(a)

MasterCraft

Boat

Holdings,

Inc

310

167,123

(a)

Mattel,

Inc

3,155

23,210

MDC

Holdings,

Inc

1,282

17,632

Meritage

Homes

Corp

3,072

28,443

(a)

Mohawk

Industries,

Inc

2,944

11,320

Movado

Group,

Inc

341

125,637

Newell

Rubbermaid,

Inc

1,091

577,550

Nike,

Inc

(Class

B)

62,705

1,436

(a)

NVR,

Inc

10,053

8,770

Oxford

Industries,

Inc

877

145,284

(a)

Peloton

Interactive,

Inc

885

24,590

Polaris

Industries,

Inc

2,330

99,478

Pulte

Homes,

Inc

10,268

27,406

(b)

Purple

Innovation,

Inc

28

27,729

PVH

Corp

3,386

19,684

Ralph

Lauren

Corp

2,838

3,738

Rocky

Brands,

Inc

113

61,539

(a)

Skechers

U.S.A.,

Inc

(Class

A)

3,836

28,672

(a)

Skyline

Champion

Corp

2,129

29,016

Smith

&

Wesson

Brands,

Inc

393

CREF

Equity

Index

Account

December

31,

2023

196

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

67,337

(a)

Sonos,

Inc

$

1,154

44,766

Steven

Madden

Ltd

1,880

3,716

Sturm

Ruger

&

Co,

Inc

169

115,012

Tapestry,

Inc

4,234

44,029

(a)

Taylor

Morrison

Home

Corp

2,349

87,531

Tempur

Sealy

International,

Inc

4,461

46,691

Toll

Brothers,

Inc

4,799

15,774

(a)

TopBuild

Corp

5,904

12,158

(a)

Traeger,

Inc

33

47,835

(a)

Tri

Pointe

Homes,

Inc

1,693

84,878

(a)

Under

Armour,

Inc

(Class

A)

746

110,542

(a)

Under

Armour,

Inc

(Class

C)

923

180,319

VF

Corp

3,390

28,750

(a)

Vista

Outdoor,

Inc

850

34,786

(a),(b)

Vizio

Holding

Corp

268

32,024

(a),(b)

Vuzix

Corp

67

26,040

Whirlpool

Corp

3,171

48,726

Wolverine

World

Wide,

Inc

433

46,993

(a)

YETI

Holdings,

Inc

2,433

TOTAL

CONSUMER

DURABLES

&

APPAREL

278,267

CONSUMER

SERVICES

-

2.4%

25,118

(a)

Accel

Entertainment,

Inc

258

86,801

ADT,

Inc

592

22,794

(a)

Adtalem

Global

Education,

Inc

1,344

197,709

(a)

Airbnb,

Inc

26,916

108,444

Aramark

3,047

17,816

(a),(b)

BALLY'S

CORP

248

769

(a)

Biglari

Holdings,

Inc

(B

Shares)

127

15,173

(a)

BJ's

Restaurants,

Inc

546

44,145

Bloomin'

Brands,

Inc

1,243

8,897

Bluegreen

Vacations

Holding

Corp

668

17,202

(a)

Booking

Holdings,

Inc

61,019

19,931

(a),(b)

Bowlero

Corp

282

31,873

Boyd

Gaming

Corp

1,996

28,106

(a)

Bright

Horizons

Family

Solutions,

Inc

2,649

25,489

(a)

Brinker

International,

Inc

1,101

97,639

(a)

Caesars

Entertainment,

Inc

4,577

495,919

(a)

Carnival

Corp

9,194

11,838

Carriage

Services,

Inc

296

18,666

Carrols

Restaurant

Group,

Inc

147

6,080

(a),(b)

Cava

Group,

Inc

261

16,727

(a)

Century

Casinos,

Inc

82

23,639

(b)

Cheesecake

Factory

828

54,286

(a)

Chegg,

Inc

617

13,161

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

30,099

13,984

(b)

Choice

Hotels

International,

Inc

1,584

32,858

Churchill

Downs,

Inc

4,434

12,474

(a)

Chuy's

Holdings,

Inc

477

57,806

(a)

Coursera,

Inc

1,120

12,944

(b)

Cracker

Barrel

Old

Country

Store,

Inc

998

58,405

Darden

Restaurants,

Inc

9,596

23,587

(a)

Dave

&

Buster's

Entertainment,

Inc

1,270

41,277

(a)

Denny's

Corp

449

7,772

Dine

Brands

Global

Inc.

386

17,125

Domino's

Pizza,

Inc

7,059

150,388

(a)

DoorDash,

Inc

14,872

208,489

(a)

DraftKings,

Inc

7,349

12,069

(a)

Duolingo,

Inc

2,738

14,501

(a)

El

Pollo

Loco

Holdings,

Inc

128

2,242

(a),(c)

Empire

Resorts,

Inc

0

^

10,835

(a)

European

Wax

Center,

Inc

147

197

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

45,885

(a)

Everi

Holdings,

Inc

$

517

66,749

(a)

Expedia

Group,

Inc

10,132

7,524

(a)

First

Watch

Restaurant

Group,

Inc

151

45,952

(a)

Frontdoor,

Inc

1,618

16,841

(a)

Full

House

Resorts,

Inc

90

16,169

(a),(b)

Global

Business

Travel

Group

I

104

7,389

Golden

Entertainment,

Inc

295

1,473

Graham

Holdings

Co

1,026

12,080

(a)

Grand

Canyon

Education,

Inc

1,595

70,456

H&R

Block,

Inc

3,408

34,161

(a)

Hilton

Grand

Vacations,

Inc

1,373

120,348

Hilton

Worldwide

Holdings,

Inc

21,914

24,452

Hyatt

Hotels

Corp

3,189

11,356

(a)

Inspired

Entertainment,

Inc

112

54,564

International

Game

Technology

plc

1,496

2,856

Jack

in

the

Box,

Inc

233

44,656

Krispy

Kreme,

Inc

674

2,885

(a)

Kura

Sushi

USA,

Inc

219

167,139

Las

Vegas

Sands

Corp

8,225

62,559

Laureate

Education,

Inc

858

20,784

(a)

Life

Time

Group

Holdings,

Inc

313

10,890

(a)

Lindblad

Expeditions

Holdings,

Inc

123

118,791

Marriott

International,

Inc

(Class

A)

26,789

13,041

Marriott

Vacations

Worldwide

Corp

1,107

353,349

McDonald's

Corp

104,772

149,684

MGM

Resorts

International

6,688

22,276

(a),(b)

Mister

Car

Wash,

Inc

192

7,140

Monarch

Casino

&

Resort,

Inc

494

22,451

(a),(b)

Mondee

Holdings,

Inc

62

1,387

Nathan's

Famous,

Inc

108

29,475

(a),(b)

Nerdy,

Inc

101

8,091

(a)

Noodles

&

Co

25

204,209

(a),(b)

Norwegian

Cruise

Line

Holdings

Ltd

4,092

29,338

(a)

OneSpaWorld

Holdings

Ltd

414

18,811

Papa

John's

International,

Inc

1,434

85,767

(a)

Penn

National

Gaming,

Inc

2,232

46,334

Perdoceo

Education

Corp

814

45,756

(a)

Planet

Fitness,

Inc

3,340

18,591

(a)

PlayAGS,

Inc

157

12,559

(a)

Portillo's,

Inc

200

13,091

(a)

Potbelly

Corp

136

6,547

RCI

Hospitality

Holdings,

Inc

434

8,020

(a),(b)

Red

Robin

Gourmet

Burgers,

Inc

100

26,499

Red

Rock

Resorts,

Inc

1,413

47,538

(a)

Rover

Group,

Inc

517

116,622

(a)

Royal

Caribbean

Cruises

Ltd

15,101

28,549

(a)

Rush

Street

Interactive,

Inc

128

186,641

(a)

Sabre

Corp

821

45,102

(a)

Scientific

Games

Corp

(Class

A)

3,703

22,953

(a)

SeaWorld

Entertainment,

Inc

1,213

70,217

Service

Corp

International

4,806

20,425

(a)

Shake

Shack,

Inc

1,514

42,367

(a)

Six

Flags

Entertainment

Corp

1,063

548,940

Starbucks

Corp

52,704

11,328

Strategic

Education,

Inc

1,046

13,194

(a)

Stride,

Inc

783

67,428

(a),(b)

Super

Group

SGHC

Ltd

214

44,740

(a)

Sweetgreen,

Inc

506

21,327

(a),(b)

Target

Hospitality

Corp

207

35,053

Texas

Roadhouse,

Inc

(Class

A)

4,285

29,960

Travel

&

Leisure

Co

1,171

36,983

(a)

Udemy,

Inc

545

CREF

Equity

Index

Account

December

31,

2023

198

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,593

(a)

Universal

Technical

Institute,

Inc

$

208

17,157

Vail

Resorts,

Inc

3,662

75,359

Wendy's

Co

1,468

13,605

Wingstop,

Inc

3,491

26,120

(a)

WW

International,

Inc

229

37,299

Wyndham

Hotels

&

Resorts,

Inc

2,999

52,771

Wynn

Resorts

Ltd

4,808

8,699

(a),(b)

Xponential

Fitness,

Inc

112

135,444

Yum!

Brands,

Inc

17,697

TOTAL

CONSUMER

SERVICES

538,514

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

177,508

Albertsons

Cos,

Inc

4,083

19,849

Andersons,

Inc

1,142

68,459

(a)

BJ's

Wholesale

Club

Holdings,

Inc

4,564

18,360

Casey's

General

Stores,

Inc

5,044

14,374

(a)

Chefs'

Warehouse,

Inc

423

215,067

Costco

Wholesale

Corp

141,961

109,187

Dollar

General

Corp

14,844

102,577

(a)

Dollar

Tree,

Inc

14,571

47,990

(a)

Grocery

Outlet

Holding

Corp

1,294

21,180

(a)

HF

Foods

Group,

Inc

113

7,244

Ingles

Markets,

Inc

(Class

A)

626

319,100

Kroger

Co

14,586

6,410

Natural

Grocers

by

Vitamin

Cottage,

Inc

103

71,529

(a)

Performance

Food

Group

Co

4,946

14,866

Pricesmart,

Inc

1,127

7,101

SpartanNash

Co

163

46,984

(a)

Sprouts

Farmers

Market,

Inc

2,260

246,332

Sysco

Corp

18,014

223,770

Target

Corp

31,869

30,449

(a)

United

Natural

Foods,

Inc

494

108,028

(a)

US

Foods

Holding

Corp

4,906

4,843

Village

Super

Market

(Class

A)

127

324,604

Walgreens

Boots

Alliance,

Inc

8,475

692,375

Walmart,

Inc

109,153

8,426

(b)

Weis

Markets,

Inc

539

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

385,427

ENERGY

-

4.0%

18,289

(a)

Amplify

Energy

Corp

108

183,627

Antero

Midstream

Corp

2,301

142,450

(a)

Antero

Resources

Corp

3,231

146,720

APA

Corp

5,264

31,646

Archrock,

Inc

487

17,877

Ardmore

Shipping

Corp

252

7,867

(a),(b)

Atlas

Energy

Solutions,

Inc

135

485,677

Baker

Hughes

Co

16,600

36,376

Berry

Corp

256

88,444

(a),(b)

Borr

Drilling

Ltd

651

4,788

(a)

Bristow

Group,

Inc

135

366,836

Cabot

Oil

&

Gas

Corp

9,362

29,784

Cactus,

Inc

1,352

30,263

California

Resources

Corp

1,655

21,769

(a)

Callon

Petroleum

Co

705

5,171

(a)

Centrus

Energy

Corp

281

89,692

ChampionX

Corp

2,620

116,546

Cheniere

Energy,

Inc

19,896

63,038

Chesapeake

Energy

Corp

4,850

834,385

Chevron

Corp

124,457

18,920

Chord

Energy

Corp

3,145

37,806

Civitas

Resources,

Inc

2,585

199

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

75,896

(a)

Clean

Energy

Fuels

Corp

$

291

51,225

(a)

CNX

Resources

Corp

1,024

7,387

(b)

Comstock

Resources,

Inc

65

584,089

ConocoPhillips

67,795

16,946

CONSOL

Energy,

Inc

1,704

23,258

Core

Laboratories,

Inc

411

10,678

(b)

Crescent

Energy

Co

141

11,149

CVR

Energy,

Inc

338

27,497

Delek

US

Holdings,

Inc

709

319,329

Devon

Energy

Corp

14,466

55,111

DHT

Holdings,

Inc

541

51,211

(a)

Diamond

Offshore

Drilling,

Inc

666

83,922

Diamondback

Energy,

Inc

13,015

9,586

(a)

DMC

Global,

Inc

180

19,179

Dorian

LPG

Ltd

841

19,159

(a)

Dril-Quip,

Inc

446

48,260

DT

Midstream,

Inc

2,645

70,957

(a),(b)

Encore

Energy

Corp

279

56,201

(a),(b)

Energy

Fuels,

Inc

404

290,269

EOG

Resources,

Inc

35,108

179,575

EQT

Corp

6,942

223,182

Equitrans

Midstream

Corp

2,272

15,511

Evolution

Petroleum

Corp

90

9,511

Excelerate

Energy,

Inc

147

39,745

(a)

Expro

Group

Holdings

NV

633

1,964,406

Exxon

Mobil

Corp

196,401

14,619

(b)

FLEX

LNG

Ltd

425

5,005

(a)

Forum

Energy

Technologies,

Inc

111

106,507

(a),(b)

Gevo,

Inc

124

42,501

Golar

LNG

Ltd

977

109,520

Granite

Ridge

Resources,

Inc

659

26,945

(a)

Green

Plains,

Inc

680

6,101

(a)

Gulfport

Energy

Operating

Corp

813

11,237

(a)

Hallador

Energy

Co

99

447,624

Halliburton

Co

16,182

40,320

(a)

Helix

Energy

Solutions

Group,

Inc

414

52,744

Helmerich

&

Payne,

Inc

1,910

138,535

Hess

Corp

19,971

74,422

HF

Sinclair

Corp

4,136

16,438

International

Seaways,

Inc

748

951,218

Kinder

Morgan,

Inc

16,779

8,490

(b)

Kinetik

Holdings,

Inc

284

234,852

(a)

Kosmos

Energy

Ltd

1,576

47,915

Liberty

Energy,

Inc

869

85,538

Magnolia

Oil

&

Gas

Corp

1,821

296,202

Marathon

Oil

Corp

7,156

185,373

Marathon

Petroleum

Corp

27,502

61,756

Matador

Resources

Co

3,511

60,673

Murphy

Oil

Corp

2,588

4,194

(a)

Nabors

Industries

Ltd

342

24,850

(b)

New

Fortress

Energy,

Inc

938

63,344

(a)

Newpark

Resources,

Inc

421

15,430

(a),(b)

NextDecade

Corp

74

55,205

Noble

Corp

plc

2,659

68,002

Nordic

American

Tankers

Ltd

286

26,098

Northern

Oil

and

Gas,

Inc

967

181,097

NOV,

Inc

3,673

335,512

Occidental

Petroleum

Corp

20,033

54,360

(a)

Oceaneering

International,

Inc

1,157

38,178

(a)

Oil

States

International,

Inc

259

283,462

ONEOK,

Inc

19,905

28,818

Overseas

Shipholding

Group,

Inc

152

CREF

Equity

Index

Account

December

31,

2023

200

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

115,301

Ovintiv,

Inc

$

5,064

23,180

(a)

Par

Pacific

Holdings,

Inc

843

159,529

Patterson-UTI

Energy,

Inc

1,723

59,487

PBF

Energy,

Inc

2,615

60,358

Peabody

Energy

Corp

1,468

171,342

Permian

Resources

Corp

2,330

217,082

Phillips

66

28,902

113,240

Pioneer

Natural

Resources

Co

25,465

11,921

(a),(b)

ProFrac

Holding

Corp

101

48,018

(a)

ProPetro

Holding

Corp

402

112,319

Range

Resources

Corp

3,419

51,530

Ranger

Energy

Services,

Inc

527

12,558

(a)

Rex

American

Resources

Corp

594

4,815

(b)

Riley

Exploration

Permian,

Inc

131

44,313

(a),(b)

Ring

Energy,

Inc

65

42,512

RPC,

Inc

309

16,291

SandRidge

Energy,

Inc

223

700,698

Schlumberger

Ltd

36,464

18,385

Scorpio

Tankers,

Inc

1,118

12,227

(a)

SEACOR

Marine

Holdings,

Inc

154

24,929

(a)

Seadrill

Ltd

1,179

6,869

Select

Water

Solutions,

Inc

52

45,041

SFL

Corp

Ltd

508

6,017

(a)

SilverBow

Resources,

Inc

175

33,204

(b)

Sitio

Royalties

Corp

781

63,633

SM

Energy

Co

2,464

6,855

Solaris

Oilfield

Infrastructure,

Inc

55

541,965

(a)

Southwestern

Energy

Co

3,550

55,355

(a)

Talos

Energy,

Inc

788

107,385

Targa

Resources

Corp

9,328

218,592

TechnipFMC

plc

4,402

35,750

(a)

Teekay

Corp

256

11,719

Teekay

Tankers

Ltd

586

763,744

(a),(b)

Tellurian,

Inc

577

66,939

(a)

Tetra

Technologies,

Inc

303

2,915

Texas

Pacific

Land

Corp

4,584

25,843

(a)

Tidewater,

Inc

1,864

221,966

(a),(b)

Uranium

Energy

Corp

1,421

37,988

(a)

US

Silica

Holdings,

Inc

430

29,976

Vaalco

Energy,

Inc

135

31,352

(a)

Valaris

Ltd

2,150

165,727

Valero

Energy

Corp

21,544

27,727

(a),(b)

Vertex

Energy,

Inc

94

6,863

(a)

Vital

Energy,

Inc

312

13,021

Vitesse

Energy,

Inc

285

14,396

W&T

Offshore,

Inc

47

36,238

(a)

Weatherford

International

plc

3,545

592,514

Williams

Cos,

Inc

20,637

29,960

World

Fuel

Services

Corp

682

TOTAL

ENERGY

902,734

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.8%

46,252

Acadia

Realty

Trust

786

45,529

Agree

Realty

Corp

2,866

47,563

Alexander

&

Baldwin,

Inc

905

1,329

Alexander's,

Inc

284

83,569

Alexandria

Real

Estate

Equities,

Inc

10,594

6,783

Alpine

Income

Property

Trust,

Inc

115

28,646

American

Assets

Trust,

Inc

645

165,609

American

Homes

4

Rent

5,955

226,611

American

Tower

Corp

48,921

133,721

Americold

Realty

Trust,

Inc

4,048

201

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

74,495

Apartment

Income

REIT

Corp

$

2,587

73,193

(a)

Apartment

Investment

and

Management

Co

573

106,401

Apple

Hospitality

REIT,

Inc

1,767

31,681

Armada

Hoffler

Properties,

Inc

392

69,587

AvalonBay

Communities,

Inc

13,028

81,787

Boston

Properties,

Inc

5,739

35,081

Braemar

Hotels

&

Resorts,

Inc

88

92,621

Brandywine

Realty

Trust

500

132,744

Brixmor

Property

Group,

Inc

3,089

77,650

Broadstone

Net

Lease,

Inc

1,337

6,068

BRT

Apartments

Corp

113

52,715

Camden

Property

Trust

5,234

50,740

CareTrust

REIT,

Inc

1,136

13,650

CBL

&

Associates

Properties,

Inc

333

9,060

Centerspace

527

28,285

Chatham

Lodging

Trust

303

21,833

City

Office

REIT,

Inc

133

10,462

Clipper

Realty,

Inc

56

9,586

Community

Healthcare

Trust,

Inc

255

61,652

Corporate

Office

Properties

Trust

1,580

84,914

Cousins

Properties,

Inc

2,068

210,447

Crown

Castle,

Inc

24,241

11,994

(b)

CTO

Realty

Growth,

Inc

208

110,271

CubeSmart

5,111

114,160

DiamondRock

Hospitality

Co

1,072

146,702

Digital

Realty

Trust,

Inc

19,743

136,618

Diversified

Healthcare

Trust

511

91,371

(b)

Douglas

Emmett,

Inc

1,325

46,730

Easterly

Government

Properties,

Inc

628

21,698

EastGroup

Properties,

Inc

3,982

82,308

Empire

State

Realty

Trust,

Inc

798

36,844

EPR

Properties

1,785

45,078

Equinix,

Inc

36,305

43,426

Equity

Commonwealth

834

91,603

Equity

Lifestyle

Properties,

Inc

6,462

180,687

Equity

Residential

11,051

63,885

Essential

Properties

Realty

Trust,

Inc

1,633

31,793

Essex

Property

Trust,

Inc

7,883

104,107

Extra

Space

Storage,

Inc

16,691

19,962

(b)

Farmland

Partners,

Inc

249

39,750

Federal

Realty

Investment

Trust

4,096

53,571

First

Industrial

Realty

Trust,

Inc

2,822

41,086

Four

Corners

Property

Trust,

Inc

1,039

119,848

Gaming

and

Leisure

Properties,

Inc

5,914

18,198

Getty

Realty

Corp

532

17,811

Gladstone

Commercial

Corp

236

11,325

Gladstone

Land

Corp

164

30,930

Global

Medical

REIT,

Inc

343

90,865

Global

Net

Lease,

Inc

904

202,313

Healthcare

Realty

Trust,

Inc

3,486

279,927

Healthpeak

Properties,

Inc

5,543

46,362

Highwoods

Properties,

Inc

1,064

327,100

Host

Marriott

Corp

6,369

80,595

Hudson

Pacific

Properties,

Inc

750

115,925

Independence

Realty

Trust,

Inc

1,774

12,344

Innovative

Industrial

Properties,

Inc

1,244

34,736

InvenTrust

Properties

Corp

880

307,088

Invitation

Homes,

Inc

10,475

135,732

Iron

Mountain,

Inc

9,499

64,898

JBG

SMITH

Properties

1,104

63,758

Kilroy

Realty

Corp

2,540

300,353

Kimco

Realty

Corp

6,401

CREF

Equity

Index

Account

December

31,

2023

202

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

118,460

Kite

Realty

Group

Trust

$

2,708

37,540

Lamar

Advertising

Co

3,990

144,484

Lexington

Realty

Trust

1,433

19,960

LTC

Properties,

Inc

641

107,859

Macerich

Co

1,664

47,939

Mack-Cali

Realty

Corp

754

283,531

(b)

Medical

Properties

Trust,

Inc

1,392

56,954

Mid-America

Apartment

Communities,

Inc

7,658

9,876

National

Health

Investors,

Inc

552

83,905

National

Retail

Properties,

Inc

3,616

38,309

National

Storage

Affiliates

Trust

1,589

6,383

(a),(b)

NET

Lease

Office

Properties

118

21,654

NETSTREIT

Corp

387

15,031

(b)

NexPoint

Diversified

Real

Estate

Trust

119

12,730

NexPoint

Residential

Trust,

Inc

438

23,677

Office

Properties

Income

Trust

173

108,572

Omega

Healthcare

Investors,

Inc

3,329

9,166

(b)

One

Liberty

Properties,

Inc

201

29,999

Orion

Office

REIT,

Inc

172

76,197

Outfront

Media,

Inc

1,064

101,864

Paramount

Group,

Inc

527

84,337

Park

Hotels

&

Resorts,

Inc

1,290

14,178

(b)

Peakstone

Realty

Trust

283

71,223

Pebblebrook

Hotel

Trust

1,138

59,852

Phillips

Edison

&

Co,

Inc

2,183

107,460

Physicians

Realty

Trust

1,430

36,714

Piedmont

Office

Realty

Trust,

Inc

261

13,733

Plymouth

Industrial

REIT,

Inc

331

9,072

Postal

Realty

Trust,

Inc

132

40,727

PotlatchDeltic

Corp

2,000

450,936

Prologis,

Inc

60,110

75,586

Public

Storage,

Inc

23,054

75,814

Rayonier,

Inc

2,533

352,473

Realty

Income

Corp

20,239

91,859

Regency

Centers

Corp

6,155

63,462

Retail

Opportunity

Investments

Corp

890

98,830

Rexford

Industrial

Realty,

Inc

5,544

30,023

RLJ

Lodging

Trust

352

57,913

RPT

Realty

743

28,461

Ryman

Hospitality

Properties,

Inc

3,132

116,469

Sabra

Health

Care

REIT,

Inc

1,662

16,656

Safehold,

Inc

390

6,451

(b)

Saul

Centers,

Inc

253

52,759

SBA

Communications

Corp

13,384

19,689

Service

Properties

Trust

168

158,988

Simon

Property

Group,

Inc

22,678

103,764

SITE

Centers

Corp

1,414

38,202

(b)

SL

Green

Realty

Corp

1,726

62,949

Spirit

Realty

Capital,

Inc

2,750

84,224

STAG

Industrial,

Inc

3,307

5,909

(a)

Star

Holdings

88

73,018

Summit

Hotel

Properties,

Inc

491

60,721

Sun

Communities,

Inc

8,115

117,301

Sunstone

Hotel

Investors,

Inc

1,259

54,135

Tanger

Factory

Outlet

Centers,

Inc

1,501

35,329

Terreno

Realty

Corp

2,214

162,250

UDR,

Inc

6,213

20,169

UMH

Properties,

Inc

309

121,658

Uniti

Group,

Inc

703

2,401

Universal

Health

Realty

Income

Trust

104

70,770

Urban

Edge

Properties

1,295

205,950

Ventas,

Inc

10,265

203

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

487,538

VICI

Properties,

Inc

$

15,543

96,380

Vornado

Realty

Trust

2,723

46,196

Washington

REIT

674

261,754

(d)

Welltower,

Inc

23,602

348,827

Weyerhaeuser

Co

12,129

25,132

Whitestone

REIT

309

95,747

WP

Carey,

Inc

6,205

62,184

Xenia

Hotels

&

Resorts,

Inc

847

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

630,294

FINANCIAL

SERVICES

-

7.8%

8,101

AFC

Gamma,

Inc

97

17,614

Affiliated

Managers

Group,

Inc

2,667

110,488

(a),(b)

Affirm

Holdings,

Inc

5,429

247,438

(b)

AGNC

Investment

Corp

2,427

8,948

Alerus

Financial

Corp

200

148,401

Ally

Financial,

Inc

5,182

9,522

(b)

A-Mark

Precious

Metals,

Inc

288

279,246

American

Express

Co

52,314

48,607

Ameriprise

Financial,

Inc

18,462

239,553

Annaly

Capital

Management,

Inc

4,640

68,911

Apollo

Commercial

Real

Estate

Finance,

Inc

809

251,930

Apollo

Global

Management,

Inc

23,477

61,262

Arbor

Realty

Trust,

Inc

930

22,112

(b)

Ares

Commercial

Real

Estate

Corp

229

78,238

Ares

Management

Corp

9,304

5,232

(b)

ARMOUR

Residential

REIT,

Inc

101

32,135

Artisan

Partners

Asset

Management,

Inc

1,420

8,796

(a)

AssetMark

Financial

Holdings,

Inc

263

2,420

(a)

Atlanticus

Holdings

Corp

94

75,147

(a)

AvidXchange

Holdings,

Inc

931

2,262

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

56

378,094

Bank

of

New

York

Mellon

Corp

19,680

887,212

(a)

Berkshire

Hathaway,

Inc

316,433

166,153

BGC

Group,

Inc

1,200

71,548

BlackRock,

Inc

58,083

87,301

(b)

Blackstone

Mortgage

Trust,

Inc

1,857

347,426

Blackstone,

Inc

45,485

267,045

(a)

Block,

Inc

20,656

207,831

Blue

Owl

Capital,

Inc

3,097

4,881

Bread

Financial

Holdings,

Inc

161

23,450

Brightsphere

Investment

Group,

Inc

449

46,061

BrightSpire

Capital,

Inc

343

48,331

(a)

Cannae

Holdings,

Inc

943

31,787

(a)

Cantaloupe,

Inc

236

183,192

Capital

One

Financial

Corp

24,020

106,775

Carlyle

Group,

Inc

4,345

10,596

Cass

Information

Systems,

Inc

477

49,547

Cboe

Global

Markets,

Inc

8,847

717,758

Charles

Schwab

Corp

49,382

7,850

(b)

Chicago

Atlantic

Real

Estate

Finance,

Inc

127

121,929

Chimera

Investment

Corp

608

47,158

Claros

Mortgage

Trust,

Inc

643

175,714

CME

Group,

Inc

37,005

15,440

Cohen

&

Steers,

Inc

1,169

79,947

(a)

Coinbase

Global,

Inc

13,904

31,056

(b)

Compass

Diversified

Trust

697

111,781

Corebridge

Financial,

Inc

2,421

3,577

(a)

Credit

Acceptance

Corp

1,906

2,179

Diamond

Hill

Investment

Group,

Inc

361

120,676

Discover

Financial

Services

13,564

19,156

(a)

Donnelley

Financial

Solutions,

Inc

1,195

CREF

Equity

Index

Account

December

31,

2023

204

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,107

Dynex

Capital,

Inc

$

139

17,423

(b)

Ellington

Financial,

Inc

221

15,393

Enact

Holdings,

Inc

445

10,179

(a)

Encore

Capital

Group,

Inc

517

14,291

(a)

Enova

International,

Inc

791

175,999

Equitable

Holdings,

Inc

5,861

51,962

Essent

Group

Ltd

2,741

22,022

(a)

Euronet

Worldwide,

Inc

2,235

18,622

Evercore

Partners,

Inc

(Class

A)

3,185

31,074

EVERTEC,

Inc

1,272

18,222

Factset

Research

Systems,

Inc

8,693

4,507

Federal

Agricultural

Mortgage

Corp

(FAMC)

862

295,001

Fidelity

National

Information

Services,

Inc

17,721

17,545

FirstCash

Holdings,

Inc

1,902

286,124

(a)

Fiserv,

Inc

38,009

33,596

(a)

FleetCor

Technologies,

Inc

9,495

47,493

(a)

Flywire

Corp

1,099

55,325

(a),(b)

Forge

Global

Holdings,

Inc

190

23,368

Franklin

BSP

Realty

Trust,

Inc

316

145,793

Franklin

Resources,

Inc

4,343

23,172

(b)

GCM

Grosvenor,

Inc

208

125,247

Global

Payments,

Inc

15,906

155,485

Goldman

Sachs

Group,

Inc

59,981

31,227

Granite

Point

Mortgage

Trust,

Inc

186

33,057

(a)

Green

Dot

Corp

327

18,233

Hamilton

Lane,

Inc

2,068

41,845

(b)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,154

25,893

Houlihan

Lokey,

Inc

3,105

9,245

(a)

I3

Verticals,

Inc

196

49,742

Interactive

Brokers

Group,

Inc

(Class

A)

4,124

272,701

Intercontinental

Exchange,

Inc

35,023

13,645

(a)

International

Money

Express,

Inc

301

183,237

Invesco

Ltd

3,269

10,073

(b)

Invesco

Mortgage

Capital,

Inc

89

37,546

Jack

Henry

&

Associates,

Inc

6,135

38,721

Jackson

Financial,

Inc

1,983

66,557

Janus

Henderson

Group

plc

2,007

88,592

Jefferies

Financial

Group,

Inc

3,580

323,632

KKR

&

Co,

Inc

26,813

17,625

KKR

Real

Estate

Finance

Trust,

Inc

233

49,932

Ladder

Capital

Corp

575

54,468

Lazard

Ltd

(Class

A)

1,896

42,896

(a)

LendingClub

Corp

375

6,343

(a)

LendingTree,

Inc

192

35,840

LPL

Financial

Holdings,

Inc

8,158

18,723

MarketAxess

Holdings,

Inc

5,483

222,577

(a)

Marqeta,

Inc

1,554

401,790

Mastercard,

Inc

(Class

A)

171,367

8,062

Merchants

Bancorp

343

46,018

MFA

Financial,

Inc

519

136,986

MGIC

Investment

Corp

2,642

33,380

Moelis

&

Co

1,874

75,937

Moody's

Corp

29,658

591,542

Morgan

Stanley

55,161

12,847

Morningstar,

Inc

3,677

37,224

(a)

Mr

Cooper

Group,

Inc

2,424

37,297

MSCI,

Inc

(Class

A)

21,097

161,890

Nasdaq

Stock

Market,

Inc

9,412

35,663

Navient

Corp

664

34,496

(a)

NCR

Corp

ATM

838

3,424

Nelnet,

Inc

(Class

A)

302

13,129

(a),(b)

NerdWallet,

Inc

193

205

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

18,284

New

York

Mortgage

Trust,

Inc

$

156

11,601

(b)

NewtekOne,

Inc

160

38,864

(a)

NMI

Holdings,

Inc

1,154

102,028

Northern

Trust

Corp

8,609

3,281

(a),(b)

Ocwen

Financial

Corp

101

52,599

OneMain

Holdings,

Inc

2,588

56,898

(a)

Open

Lending

Corp

484

4,738

(b)

Orchid

Island

Capital,

Inc

40

21,454

P10,

Inc

219

98,142

(a)

Pagseguro

Digital

Ltd

1,224

26,821

Patria

Investments

Ltd

416

110,964

(a)

Payoneer

Global,

Inc

578

535,553

(a)

PayPal

Holdings,

Inc

32,888

18,818

(a)

Paysafe

Ltd

241

9,684

PennyMac

Financial

Services,

Inc

856

47,765

PennyMac

Mortgage

Investment

Trust

714

23,862

Perella

Weinberg

Partners

292

10,272

Piper

Jaffray

Cos

1,796

13,025

PJT

Partners,

Inc

1,327

24,781

(a)

PRA

Group,

Inc

649

17,833

(a)

PROG

Holdings,

Inc

551

73,149

Radian

Group,

Inc

2,088

89,696

Raymond

James

Financial,

Inc

10,001

79,027

(b)

Ready

Capital

Corp

810

49,700

(b)

Redwood

Trust,

Inc

368

8,577

Regional

Management

Corp

215

68,799

(a)

Remitly

Global,

Inc

1,336

42,004

(a)

Repay

Holdings

Corp

359

175,369

Rithm

Capital

Corp

1,873

330,896

(a)

Robinhood

Markets,

Inc

4,216

74,318

(a),(b)

Rocket

Cos,

Inc

1,076

155,130

S&P

Global,

Inc

68,338

39,028

SEI

Investments

Co

2,480

23,585

(a)

Shift4

Payments,

Inc

1,753

4,705

Silvercrest

Asset

Management

Group,

Inc

80

126,744

SLM

Corp

2,423

457,564

(a),(b)

SoFi

Technologies,

Inc

4,553

137,605

(b)

Starwood

Property

Trust,

Inc

2,892

147,812

State

Street

Corp

11,450

20,369

StepStone

Group,

Inc

648

56,036

Stifel

Financial

Corp

3,875

120,616

(a)

StoneCo

Ltd

2,175

17,053

(a)

StoneX

Group,

Inc

1,259

204,642

Synchrony

Financial

7,815

107,019

T

Rowe

Price

Group,

Inc

11,525

34,383

TFS

Financial

Corp

505

176,704

(a)

Toast,

Inc

3,227

32,761

TPG

RE

Finance

Trust,

Inc

213

31,933

TPG,

Inc

1,379

52,338

Tradeweb

Markets,

Inc

4,757

37,367

Two

Harbors

Investment

Corp

521

37,848

(a),(b)

Upstart

Holdings,

Inc

1,546

23,393

(b)

UWM

Holdings

Corp

167

8,459

Victory

Capital

Holdings,

Inc

291

51,259

Virtu

Financial,

Inc

1,039

2,751

Virtus

Investment

Partners,

Inc

665

772,433

Visa,

Inc

(Class

A)

201,103

39,439

Voya

Financial,

Inc

2,877

12,277

Walker

&

Dunlop,

Inc

1,363

19,189

Waterstone

Financial,

Inc

273

198,450

Western

Union

Co

2,366

20,819

(a)

WEX,

Inc

4,050

CREF

Equity

Index

Account

December

31,

2023

206

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

84,317

WisdomTree,

Inc

$

584

2,399

(a),(b)

World

Acceptance

Corp

313

165,480

XP,

Inc

4,314

TOTAL

FINANCIAL

SERVICES

1,773,947

FOOD,

BEVERAGE

&

TOBACCO

-

2.7%

3,213

Alico,

Inc

93

860,470

Altria

Group,

Inc

34,711

255,153

Archer-Daniels-Midland

Co

18,427

34,958

(b)

B&G

Foods,

Inc

(Class

A)

367

31,483

(a),(b)

Beyond

Meat,

Inc

280

5,121

(a)

Boston

Beer

Co,

Inc

(Class

A)

1,770

13,162

(a),(b)

BRC,

Inc

48

25,010

Brown-Forman

Corp

(Class

A)

1,490

91,961

Brown-Forman

Corp

(Class

B)

5,251

70,268

(a)

Bunge

Global

S.A.

7,094

11,455

Calavo

Growers,

Inc

337

22,629

Cal-Maine

Foods,

Inc

1,299

94,499

Campbell

Soup

Co

4,085

64,566

(a)

Celsius

Holdings,

Inc

3,520

1,884,867

Coca-Cola

Co

111,075

2,566

Coca-Cola

Consolidated

Inc

2,382

225,066

ConAgra

Brands,

Inc

6,450

78,361

Constellation

Brands,

Inc

(Class

A)

18,944

81,644

(a)

Darling

International,

Inc

4,069

35,454

Dole

plc

436

11,007

(a)

Duckhorn

Portfolio,

Inc

108

85,884

Flowers

Foods,

Inc

1,933

20,613

Fresh

Del

Monte

Produce,

Inc

541

23,047

(a),(b)

Freshpet,

Inc

2,000

290,625

General

Mills,

Inc

18,931

46,022

(a)

Hain

Celestial

Group,

Inc

504

72,018

Hershey

Co

13,427

143,109

Hormel

Foods

Corp

4,595

32,682

Ingredion,

Inc

3,547

8,046

J&J

Snack

Foods

Corp

1,345

47,942

J.M.

Smucker

Co

6,059

5,780

John

B

Sanfilippo

&

Son,

Inc

596

118,743

Kellogg

Co

6,639

474,896

Keurig

Dr

Pepper,

Inc

15,824

381,992

Kraft

Heinz

Co

14,126

66,946

Lamb

Weston

Holdings,

Inc

7,236

10,268

Lancaster

Colony

Corp

1,709

8,891

(b)

Limoneira

Co

183

123,083

McCormick

&

Co,

Inc

8,421

9,193

MGP

Ingredients,

Inc

906

20,226

(a)

Mission

Produce,

Inc

204

90,373

Molson

Coors

Brewing

Co

(Class

B)

5,532

659,830

Mondelez

International,

Inc

47,792

359,383

(a)

Monster

Beverage

Corp

20,704

12,819

(a)

National

Beverage

Corp

637

668,436

PepsiCo,

Inc

113,527

749,970

Philip

Morris

International,

Inc

70,557

24,393

(a)

Pilgrim's

Pride

Corp

675

27,833

(a)

Post

Holdings,

Inc

2,451

47,967

Primo

Water

Corp

722

127

Seaboard

Corp

453

5,451

(a)

Seneca

Foods

Corp

286

46,457

(a)

Simply

Good

Foods

Co

1,840

14,597

(a)

Sovos

Brands,

Inc

322

50,062

(a)

SunOpta,

Inc

274

29,630

(a)

TreeHouse

Foods,

Inc

1,228

207

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,760

Turning

Point

Brands,

Inc

$

125

140,077

Tyson

Foods,

Inc

(Class

A)

7,529

11,870

Universal

Corp

799

32,173

Utz

Brands,

Inc

523

78,380

Vector

Group

Ltd

884

14,289

(a)

Vita

Coco

Co,

Inc

367

13,394

(a)

Vital

Farms,

Inc

210

14,287

(a),(b)

Westrock

Coffee

Co

146

29,685

(a)

WK

Kellogg

Co

390

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

608,935

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.2%

88,085

(a),(b)

23andMe

Holding

Co

80

844,370

Abbott

Laboratories

92,940

48,576

(a)

Acadia

Healthcare

Co,

Inc

3,777

27,471

(a)

Accolade,

Inc

330

46,624

(a)

Accuray,

Inc

132

42,027

(a)

AdaptHealth

Corp

306

8,397

(a)

Addus

HomeCare

Corp

780

12,333

(a)

Agiliti,

Inc

98

137,773

(a),(b)

agilon

health,

Inc

1,729

38,052

(a)

Align

Technology,

Inc

10,426

14,356

(a)

Alignment

Healthcare,

Inc

124

51,829

(a)

Allscripts

Healthcare

Solutions,

Inc

544

31,277

(a)

Alphatec

Holdings,

Inc

473

11,006

(a)

Amedisys,

Inc

1,046

106,234

(a)

American

Well

Corp

158

76,279

AmerisourceBergen

Corp

15,666

20,081

(a)

AMN

Healthcare

Services,

Inc

1,504

26,107

(a)

Angiodynamics,

Inc

205

16,786

(a)

Apollo

Medical

Holdings,

Inc

643

22,609

(a)

AtriCure,

Inc

807

1,019

Atrion

Corp

386

26,266

(a)

Avanos

Medical,

Inc

589

21,058

(a),(b)

Aveanna

Healthcare

Holdings,

Inc

56

18,090

(a)

Axogen,

Inc

124

22,714

(a)

Axonics,

Inc

1,413

234,095

Baxter

International,

Inc

9,050

138,929

Becton

Dickinson

&

Co

33,875

703,143

(a)

Boston

Scientific

Corp

40,649

100,981

(a)

Brookdale

Senior

Living,

Inc

588

98,379

(a),(b)

Butterfly

Network,

Inc

106

119,770

Cardinal

Health,

Inc

12,073

11,625

(a)

Castle

Biosciences,

Inc

251

258,020

(a)

Centene

Corp

19,148

50,223

(a)

Certara,

Inc

883

71,510

(a)

Cerus

Corp

154

6,630

Chemed

Corp

3,877

142,160

Cigna

Group

42,570

8,700

(a)

Computer

Programs

&

Systems,

Inc

97

15,846

Conmed

Corp

1,735

22,768

Cooper

Cos,

Inc

8,616

4,814

(a)

Corvel

Corp

1,190

25,224

(a)

Cross

Country

Healthcare,

Inc

571

23,064

(a)

CryoLife,

Inc

412

626,705

CVS

Health

Corp

49,485

24,791

(a)

DaVita,

Inc

2,597

10,656

(a)

Definitive

Healthcare

Corp

106

106,534

Dentsply

Sirona,

Inc

3,792

191,265

(a)

DexCom,

Inc

23,734

41,284

(a)

DocGo,

Inc

231

49,456

(a)

Doximity,

Inc

1,387

CREF

Equity

Index

Account

December

31,

2023

208

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

291,345

(a)

Edwards

Lifesciences

Corp

$

22,215

115,054

Elevance

Health,

Inc

54,255

30,207

Embecta

Corp

572

44,802

Encompass

Health

Corp

2,989

27,101

(a)

Enhabit,

Inc

280

21,428

(a)

Enovis

Corp

1,200

28,674

Ensign

Group,

Inc

3,217

79,184

(a)

Envista

Holdings

Corp

1,905

45,708

(a)

Evolent

Health,

Inc

1,510

65,385

(a),(b)

Figs,

Inc

454

11,072

(a)

Fulgent

Genetics,

Inc

320

185,572

GE

HealthCare

Technologies,

Inc

14,348

24,523

(a)

Glaukos

Corp

1,949

57,262

(a)

Globus

Medical,

Inc

3,051

49,332

(a)

Guardant

Health,

Inc

1,334

24,773

(a)

Haemonetics

Corp

2,118

96,972

HCA,

Inc

26,248

24,393

(a)

Health

Catalyst,

Inc

226

42,554

(a)

HealthEquity,

Inc

2,821

18,780

HealthStream,

Inc

508

64,969

(a)

Henry

Schein,

Inc

4,919

62,220

(a)

Hims

&

Hers

Health,

Inc

554

110,770

(a)

Hologic,

Inc

7,914

60,335

Humana,

Inc

27,622

10,885

(a)

ICU

Medical,

Inc

1,086

39,487

(a)

IDEXX

Laboratories,

Inc

21,917

24,734

(a)

Inari

Medical,

Inc

1,606

9,354

(a),(b)

InfuSystem

Holdings,

Inc

99

38,335

(a)

Inmode

Ltd

853

10,000

(a),(b)

Innovage

Holding

Corp

60

12,244

(a)

Inogen,

Inc

67

13,280

(a)

Inspire

Medical

Systems,

Inc

2,702

34,390

(a)

Insulet

Corp

7,462

17,928

(a)

Integer

Holdings

Corp

1,776

30,442

(a)

Integra

LifeSciences

Holdings

Corp

1,326

169,704

(a)

Intuitive

Surgical,

Inc

57,251

3,653

iRadimed

Corp

173

16,105

(a)

iRhythm

Technologies,

Inc

1,724

7,427

(a)

Joint

Corp

71

42,144

Laboratory

Corp

of

America

Holdings

9,579

34,223

(a)

Lantheus

Holdings,

Inc

2,122

9,523

LeMaitre

Vascular,

Inc

541

25,006

(a),(b)

LifeStance

Health

Group,

Inc

196

26,810

(a)

LivaNova

plc

1,387

24,240

(a)

Masimo

Corp

2,841

64,942

McKesson

Corp

30,067

646,324

Medtronic

plc

53,244

28,011

(a)

Merit

Medical

Systems,

Inc

2,128

6,780

(a)

ModivCare,

Inc

298

28,118

(a)

Molina

Healthcare,

Inc

10,159

187,715

(a),(b)

Multiplan

Corp

270

21,550

(a),(b)

Nano-X

Imaging

Ltd

137

2,600

National

Healthcare

Corp

240

5,598

National

Research

Corp

221

110,527

(a)

Neogen

Corp

2,223

58,635

(a)

NeoGenomics,

Inc

949

19,942

(a)

Nevro

Corp

429

56,233

(a)

Novocure

Ltd

840

23,061

(a)

Omnicell,

Inc

868

238,337

(a),(b)

Opko

Health,

Inc

360

8,440

(a)

OptimizeRx

Corp

121

80,646

(a)

Option

Care

Health,

Inc

2,717

209

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

40,487

(a)

OraSure

Technologies,

Inc

$

332

18,671

(a)

Orthofix

Medical,

Inc

252

5,177

(a)

OrthoPediatrics

Corp

168

24,964

(a)

Outset

Medical,

Inc

135

31,294

(a)

Owens

&

Minor,

Inc

603

23,637

(a)

Paragon

28,

Inc

294

44,685

Patterson

Cos,

Inc

1,271

43,753

(a)

Pediatrix

Medical

Group,

Inc

407

17,723

(a)

Pennant

Group,

Inc

247

17,918

(a)

Penumbra,

Inc

4,507

14,406

(a)

PetIQ,

Inc

284

20,801

(a)

Phreesia,

Inc

482

56,653

Premier,

Inc

1,267

32,525

(a),(b)

Privia

Health

Group,

Inc

749

13,124

(a),(b)

PROCEPT

BioRobotics

Corp

550

34,423

(a)

Progyny,

Inc

1,280

72,154

(a)

Project

Roadrunner

Parent,

Inc

763

13,858

(a)

Pulmonx

Corp

177

54,552

Quest

Diagnostics,

Inc

7,522

26,154

(a)

QuidelOrtho

Corp

1,928

20,774

(a)

Quipt

Home

Medical

Corp

106

25,914

(a)

RadNet,

Inc

901

70,741

Resmed,

Inc

12,169

10,559

(a)

RxSight,

Inc

426

24,729

(a)

Schrodinger,

Inc

885

60,301

Select

Medical

Holdings

Corp

1,417

150,613

(a),(b)

Sharecare,

Inc

163

18,412

(a)

Shockwave

Medical,

Inc

3,509

17,531

(a)

SI-BONE,

Inc

368

18,916

(a)

Silk

Road

Medical,

Inc

232

7,680

Simulations

Plus,

Inc

344

26,141

(a)

STAAR

Surgical

Co

816

48,388

STERIS

plc

10,638

173,665

Stryker

Corp

52,006

33,599

(a)

Surgery

Partners,

Inc

1,075

10,275

(a),(b)

SurModics,

Inc

373

10,460

(a)

Tactile

Systems

Technology,

Inc

150

35,006

(a)

Tandem

Diabetes

Care,

Inc

1,035

8,220

(a),(b)

Tela

Bio,

Inc

54

80,556

(a)

Teladoc

Health,

Inc

1,736

20,420

Teleflex,

Inc

5,091

53,386

(a)

Tenet

Healthcare

Corp

4,034

11,786

(a)

TransMedics

Group,

Inc

930

22,415

(a)

Treace

Medical

Concepts,

Inc

286

4,630

(a)

UFP

Technologies,

Inc

797

451,059

UnitedHealth

Group,

Inc

237,469

29,977

Universal

Health

Services,

Inc

(Class

B)

4,570

6,975

US

Physical

Therapy,

Inc

650

2,349

Utah

Medical

Products,

Inc

198

27,229

(a)

Varex

Imaging

Corp

558

71,525

(a)

Veeva

Systems,

Inc

13,770

17,155

(a),(b)

Viemed

Healthcare,

Inc

135

104,652

Zimmer

Biomet

Holdings,

Inc

12,736

12,899

(a)

Zimvie,

Inc

229

10,840

(a),(b)

Zynex,

Inc

118

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,187,344

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.3%

66,090

(a)

BellRing

Brands,

Inc

3,663

7,431

(a)

Central

Garden

&

Pet

Co

372

22,079

(a)

Central

Garden

and

Pet

Co

(Class

A)

972

118,723

Church

&

Dwight

Co,

Inc

11,226

CREF

Equity

Index

Account

December

31,

2023

210

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

61,531

Clorox

Co

$

8,774

390,835

Colgate-Palmolive

Co

31,154

159,439

(a)

Coty,

Inc

1,980

29,639

Edgewell

Personal

Care

Co

1,086

24,917

(a)

elf

Beauty,

Inc

3,597

34,187

Energizer

Holdings,

Inc

1,083

111,564

Estee

Lauder

Cos

(Class

A)

16,316

58,982

(a)

Herbalife

Ltd

900

9,082

Inter

Parfums,

Inc

1,308

852,014

Kenvue,

Inc

18,344

162,384

Kimberly-Clark

Corp

19,731

6,191

Medifast,

Inc

416

5,868

(a)

Nature's

Sunshine

Products,

Inc

101

27,121

Nu

Skin

Enterprises,

Inc

(Class

A)

527

2,434

Oil-Dri

Corp

of

America

163

43,357

(a)

Olaplex

Holdings,

Inc

110

1,139,564

Procter

&

Gamble

Co

166,992

4,555

Reynolds

Consumer

Products,

Inc

122

13,172

Spectrum

Brands

Holdings,

Inc

1,051

8,349

(a)

USANA

Health

Sciences,

Inc

448

10,102

(a),(b)

Waldencast

plc

111

7,178

WD-40

Co

1,716

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

292,263

INSURANCE

-

2.2%

292,215

Aflac,

Inc

24,108

130,762

Allstate

Corp

18,304

32,424

(a)

AMBAC

Financial

Group,

Inc

534

30,850

American

Equity

Investment

Life

Holding

Co

1,721

34,605

American

Financial

Group,

Inc

4,114

347,258

American

International

Group,

Inc

23,527

13,468

Amerisafe,

Inc

630

98,742

Aon

plc

28,736

178,169

(a)

Arch

Capital

Group

Ltd

13,233

27,795

Assurant,

Inc

4,683

28,366

Assured

Guaranty

Ltd

2,123

27,757

Axis

Capital

Holdings

Ltd

1,537

25,977

(a)

Brighthouse

Financial,

Inc

1,375

117,798

Brown

&

Brown,

Inc

8,377

25,189

(a)

BRP

Group,

Inc

605

194,961

Chubb

Ltd

44,061

74,945

Cincinnati

Financial

Corp

7,754

2,717

CNA

Financial

Corp

115

66,761

CNO

Financial

Group,

Inc

1,863

7,812

Donegal

Group,

Inc

(Class

A)

109

15,165

(a)

eHealth,

Inc

132

6,714

Employers

Holdings,

Inc

264

4,741

(a)

Enstar

Group

Ltd

1,395

21,082

Everest

Re

Group

Ltd

7,454

9,274

F&G

Annuities

&

Life,

Inc

427

120,728

Fidelity

National

Financial,

Inc

6,160

52,851

First

American

Financial

Corp

3,406

102,609

Gallagher

(Arthur

J.)

&

Co

23,075

184,221

(a)

Genworth

Financial,

Inc

(Class

A)

1,231

41,690

Globe

Life,

Inc

5,074

9,663

(a)

Goosehead

Insurance,

Inc

732

20,683

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

236

17,079

Hanover

Insurance

Group,

Inc

2,074

136,670

Hartford

Financial

Services

Group,

Inc

10,986

3,092

(b)

HCI

Group,

Inc

270

5,219

(a),(b)

Hippo

Holdings,

Inc

48

3,881

Horace

Mann

Educators

Corp

127

211

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,119

Investors

Title

Co

$

181

19,526

James

River

Group

Holdings

Ltd

180

33,482

Kemper

Corp

1,630

10,502

Kinsale

Capital

Group,

Inc

3,517

20,988

(a),(b)

Lemonade,

Inc

339

63,080

Lincoln

National

Corp

1,701

82,321

Loews

Corp

5,729

46,136

(a),(b)

Maiden

Holdings

Ltd

106

6,263

(a)

Markel

Corp

8,893

238,593

Marsh

&

McLennan

Cos,

Inc

45,206

26,174

(b)

MBIA,

Inc

160

12,675

Mercury

General

Corp

473

309,809

Metlife,

Inc

20,488

1,551

National

Western

Life

Group,

Inc

749

7,308

(a)

NI

Holdings,

Inc

95

111,944

Old

Republic

International

Corp

3,291

60,575

(a)

Oscar

Health,

Inc

554

13,408

(a)

Palomar

Holdings,

Inc

744

18,445

Primerica,

Inc

3,795

120,318

Principal

Financial

Group

9,465

37,307

ProAssurance

Corp

514

283,495

Progressive

Corp

45,155

173,536

Prudential

Financial,

Inc

17,997

29,828

Reinsurance

Group

of

America,

Inc

(Class

A)

4,826

24,465

RenaissanceRe

Holdings

Ltd

4,795

20,019

RLI

Corp

2,665

42,415

(a)

Ryan

Specialty

Holdings,

Inc

1,825

4,020

Safety

Insurance

Group,

Inc

305

25,615

Selective

Insurance

Group,

Inc

2,548

8,398

(a)

SiriusPoint

Ltd

97

5,293

(a)

Skyward

Specialty

Insurance

Group,

Inc

179

15,315

Stewart

Information

Services

Corp

900

22,143

Tiptree,

Inc

420

110,991

Travelers

Cos,

Inc

21,143

20,838

(a),(b)

Trupanion,

Inc

636

16,104

United

Fire

Group,

Inc

324

22,402

Universal

Insurance

Holdings,

Inc

358

99,041

Unum

Group

4,479

92,006

W.R.

Berkley

Corp

6,507

1,280

White

Mountains

Insurance

Group

Ltd

1,926

50,392

Willis

Towers

Watson

plc

12,155

TOTAL

INSURANCE

487,650

MATERIALS

-

2.7%

16,560

(a),(b)

5E

Advanced

Materials,

Inc

23

14,906

AdvanSix,

Inc

447

108,588

Air

Products

&

Chemicals,

Inc

29,731

56,068

Albemarle

Corp

8,101

99,055

Alcoa

Corp

3,368

58,071

(a)

Allegheny

Technologies,

Inc

2,641

5,106

Alpha

Metallurgical

Resources,

Inc

1,731

726,379

Amcor

plc

7,002

20,501

American

Vanguard

Corp

225

30,628

Aptargroup,

Inc

3,786

7,811

Arch

Resources,

Inc

1,296

13,288

(a),(c)

Ardagh

Group

S.A.

81

74,922

(b)

Ardagh

Metal

Packaging

S.A.

288

26,123

Ashland,

Inc

2,202

11,564

(a)

Aspen

Aerogels,

Inc

182

37,556

Avery

Dennison

Corp

7,592

49,682

Avient

Corp

2,065

113,646

(a)

Axalta

Coating

Systems

Ltd

3,861

CREF

Equity

Index

Account

December

31,

2023

212

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,070

Balchem

Corp

$

2,242

153,554

Ball

Corp

8,832

56,523

Berry

Global

Group,

Inc

3,809

23,466

Cabot

Corp

1,959

8,054

(b)

Caledonia

Mining

Corp

plc

98

25,997

Carpenter

Technology

Corp

1,841

47,153

Celanese

Corp

(Series

A)

7,326

12,437

(a)

Century

Aluminum

Co

151

93,988

CF

Industries

Holdings,

Inc

7,472

59,993

Chemours

Co

1,892

11,678

(a)

Clearwater

Paper

Corp

422

230,842

(a)

Cleveland-Cliffs,

Inc

4,714

119,550

(a)

Coeur

Mining,

Inc

390

53,154

Commercial

Metals

Co

2,660

20,319

Compass

Minerals

International,

Inc

514

66,991

(a)

Constellium

SE

1,337

343,155

Corteva,

Inc

16,444

52,888

Crown

Holdings,

Inc

4,870

36,022

(a),(b)

Danimer

Scientific,

Inc

37

352,447

Dow,

Inc

19,328

223,358

DuPont

de

Nemours,

Inc

17,183

16,817

Eagle

Materials,

Inc

3,411

60,013

Eastman

Chemical

Co

5,390

119,042

Ecolab,

Inc

23,612

20,162

(a)

Ecovyst,

Inc

197

92,641

Element

Solutions,

Inc

2,144

64,363

FMC

Corp

4,058

685,824

Freeport-McMoRan,

Inc

(Class

B)

29,196

17,819

FutureFuel

Corp

108

768,616

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

1,299

32,454

(a),(b)

Glatfelter

Corp

63

145,764

Graphic

Packaging

Holding

Co

3,593

14,075

Greif,

Inc

(Class

A)

923

3,993

Greif,

Inc

(Class

B)

264

22,652

H.B.

Fuller

Co

1,844

15,846

Hawkins,

Inc

1,116

9,402

Haynes

International,

Inc

536

290,099

Hecla

Mining

Co

1,395

85,574

Huntsman

Corp

2,150

96,273

(a),(b)

i-80

Gold

Corp

169

21,966

(a)

Ingevity

Corp

1,037

11,273

Innospec,

Inc

1,389

127,265

International

Flavors

&

Fragrances,

Inc

10,305

172,512

International

Paper

Co

6,236

6,735

(a)

Intrepid

Potash,

Inc

161

23,280

(a),(b)

Ivanhoe

Electric,

Inc

235

8,625

Kaiser

Aluminum

Corp

614

24,111

(a)

Knife

River

Corp

1,596

15,231

Koppers

Holdings,

Inc

780

14,288

Kronos

Worldwide,

Inc

142

234,686

Linde

plc

96,388

80,227

(a),(b)

Livent

Corp

1,443

34,555

Louisiana-Pacific

Corp

2,448

16,250

(a)

LSB

Industries,

Inc

151

122,748

LyondellBasell

Industries

NV

11,671

30,128

Martin

Marietta

Materials,

Inc

15,031

11,119

Materion

Corp

1,447

12,674

Minerals

Technologies,

Inc

904

166,909

Mosaic

Co

5,964

39,809

(a),(b)

MP

Materials

Corp

790

18,118

Myers

Industries,

Inc

354

2,137

NewMarket

Corp

1,166

213

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

566,834

Newmont

Goldcorp

Corp

$

23,461

149,512

(a)

Novagold

Resources,

Inc

559

121,367

Nucor

Corp

21,123

59,953

(a)

O-I

Glass,

Inc

982

62,167

Olin

Corp

3,354

6,559

Olympic

Steel,

Inc

438

54,529

(a),(b)

Origin

Materials,

Inc

46

38,461

Orion

S.A.

1,067

45,269

Packaging

Corp

of

America

7,375

22,477

Pactiv

Evergreen,

Inc

308

62,456

(a)

Perimeter

Solutions

S.A.

287

8,901

(a),(b)

Piedmont

Lithium,

Inc

251

111,158

PPG

Industries,

Inc

16,624

7,360

Quaker

Chemical

Corp

1,571

2,299

Ramaco

Resources,

Inc

31

11,495

(b)

Ramaco

Resources,

Inc

198

16,208

(a)

Ranpak

Holdings

Corp

94

31,957

(a)

Rayonier

Advanced

Materials,

Inc

129

25,953

Reliance

Steel

&

Aluminum

Co

7,259

32,757

Royal

Gold,

Inc

3,962

63,937

RPM

International,

Inc

7,137

8,418

Ryerson

Holding

Corp

292

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

427

9,517

Schweitzer-Mauduit

International,

Inc

146

22,512

Scotts

Miracle-Gro

Co

(Class

A)

1,435

70,338

Sealed

Air

Corp

2,569

18,559

Sensient

Technologies

Corp

1,225

114,487

Sherwin-Williams

Co

35,709

41,605

Silgan

Holdings,

Inc

1,883

36,841

Sonoco

Products

Co

2,058

38,078

Southern

Copper

Corp

3,277

109,335

SSR

Mining,

Inc

1,176

76,597

Steel

Dynamics,

Inc

9,046

8,132

Stepan

Co

769

65,111

(a)

Summit

Materials,

Inc

2,504

48,451

SunCoke

Energy,

Inc

520

17,918

Sylvamo

Corp

880

29,755

(a)

TimkenSteel

Corp

698

19,671

Tredegar

Corp

106

23,586

Trimas

Corp

597

23,427

Trinseo

plc

196

62,538

Tronox

Holdings

plc

886

1,357

United

States

Lime

&

Minerals,

Inc

313

98,029

United

States

Steel

Corp

4,769

63,607

Vulcan

Materials

Co

14,439

28,082

Warrior

Met

Coal,

Inc

1,712

14,533

Westlake

Chemical

Corp

2,034

113,717

Westrock

Co

4,722

10,006

Worthington

Industries,

Inc

576

10,006

(a)

Worthington

Steel,

Inc

281

TOTAL

MATERIALS

611,364

MEDIA

&

ENTERTAINMENT

-

7.0%

41,683

(a),(b)

Advantage

Solutions,

Inc

151

2,434,693

(a)

Alphabet,

Inc

343,121

2,882,461

(a)

Alphabet,

Inc

(Class

A)

402,651

16,067

(a)

AMC

Networks,

Inc

302

7,655

(a)

Atlanta

Braves

Holdings,

Inc

327

28,493

(a)

Atlanta

Braves

Holdings,

Inc

1,128

7,354

(a)

Boston

Omaha

Corp

116

44,223

(a)

Bumble,

Inc

652

3,042

Cable

One,

Inc

1,693

CREF

Equity

Index

Account

December

31,

2023

214

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

51,402

(a)

Cargurus,

Inc

$

1,242

37,344

(a)

Cars.com,

Inc

708

50,249

(a)

Charter

Communications,

Inc

19,531

58,982

(a)

Cinemark

Holdings,

Inc

831

198,206

(a)

Clear

Channel

Outdoor

Holdings,

Inc

361

1,931,821

Comcast

Corp

(Class

A)

84,710

772

(a)

Daily

Journal

Corp

263

22,415

(a)

DHI

Group,

Inc

58

136,485

(a)

DISH

Network

Corp

(Class

A)

788

131,209

Electronic

Arts,

Inc

17,951

50,932

Entravision

Communications

Corp

(Class

A)

212

40,961

(a)

Eventbrite,

Inc

342

8,345

(a)

EverQuote,

Inc

102

31,270

(a)

EW

Scripps

Co

(Class

A)

250

114,163

Fox

Corp

(Class

A)

3,387

52,050

Fox

Corp

(Class

B)

1,439

135,594

(a),(b)

fuboTV,

Inc

431

74,491

(a)

Gannett

Co,

Inc

171

46,930

Gray

Television,

Inc

421

20,672

(a),(b)

Grindr,

Inc

182

42,355

(a)

IAC,

Inc

2,219

27,196

(a)

IMAX

Corp

408

16,911

(a)

Integral

Ad

Science

Holding

Corp

243

183,140

Interpublic

Group

of

Cos,

Inc

5,978

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

747

58,788

(a)

Liberty

Broadband

Corp

4,738

5,960

(a)

Liberty

Broadband

Corp

(Class

A)

481

6,884

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

399

100,858

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

6,367

9,028

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

330

22,561

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

844

72,983

(a)

Liberty

Media

Corp-Liberty

SiriusXM

2,100

34,936

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

1,004

37,150

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

405

71,817

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

732

71,776

(a)

Live

Nation,

Inc

6,718

13,156

(a)

Madison

Square

Garden

Entertainment

Corp

418

10,365

(a)

Madison

Square

Garden

Sports

Corp

1,885

61,168

(a)

Magnite,

Inc

571

14,211

(b)

Marcus

Corp

207

133,165

(a)

Match

Group,

Inc

4,861

9,561

(a),(b)

MediaAlpha,

Inc

107

1,073,033

(a)

Meta

Platforms,

Inc

379,811

209,132

(a)

NetFlix,

Inc

101,822

73,578

New

York

Times

Co

(Class

A)

3,605

189,629

News

Corp

(Class

A)

4,655

66,535

News

Corp

(Class

B)

1,711

18,525

Nexstar

Media

Group,

Inc

2,904

73,273

(a),(b)

Nextdoor

Holdings,

Inc

138

97,357

Omnicom

Group,

Inc

8,422

20,470

(a)

Outbrain,

Inc

90

4,594

Paramount

Global

(Class

A)

90

305,131

Paramount

Global

(Class

B)

4,513

277,011

(a)

Pinterest,

Inc

10,261

40,614

(a),(b)

Playstudios,

Inc

110

42,908

(a)

Playtika

Holding

Corp

374

21,386

(a)

PubMatic,

Inc

349

20,643

(a)

QuinStreet,

Inc

265

227,072

(a)

ROBLOX

Corp

10,382

57,130

(a)

Roku,

Inc

5,237

19,984

Scholastic

Corp

753

13,499

Shutterstock,

Inc

652

215

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,690

(b)

Sinclair,

Inc

$

152

319,108

(b)

Sirius

XM

Holdings,

Inc

1,746

13,156

(a)

Sphere

Entertainment

Co

447

67,991

(a)

Spotify

Technology

S.A.

12,776

33,238

(a)

Stagwell,

Inc

220

77,842

(a)

Take-Two

Interactive

Software,

Inc

12,529

12,153

(a)

TechTarget,

Inc

424

58,775

TEGNA,

Inc

899

13,027

(a)

Thryv

Holdings,

Inc

265

29,728

(a)

TKO

Group

Holdings,

Inc

2,425

56,597

(a)

TripAdvisor,

Inc

1,219

44,667

(a)

TrueCar,

Inc

155

68,763

(a)

Vimeo,

Inc

270

12,686

(a)

Vivid

Seats,

Inc

80

892,993

Walt

Disney

Co

80,628

1,098,789

(a)

Warner

Bros

Discovery,

Inc

12,504

28,599

(a)

WideOpenWest,

Inc

116

41,665

(a)

Yelp,

Inc

1,972

23,417

(a)

Ziff

Davis,

Inc

1,573

40,960

(a)

ZipRecruiter,

Inc

569

141,765

(a)

ZoomInfo

Technologies,

Inc

2,621

TOTAL

MEDIA

&

ENTERTAINMENT

1,595,017

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.3%

45,940

(a)

10X

Genomics,

Inc

2,571

11,229

(a),(b)

2seventy

bio,

Inc

48

22,403

(a)

4D

Molecular

Therapeutics,

Inc

454

30,587

(a)

89bio,

Inc

342

854,510

AbbVie,

Inc

132,423

70,913

(a)

Acadia

Pharmaceuticals,

Inc

2,220

23,691

(a)

Aclaris

Therapeutics,

Inc

25

12,987

(a),(b)

Actinium

Pharmaceuticals,

Inc

66

59,774

(a)

Adaptive

Biotechnologies

Corp

293

14,505

(a),(b)

Adicet

Bio,

Inc

27

95,244

(a)

ADMA

Biologics,

Inc

431

107,560

(a)

Agenus,

Inc

89

141,540

Agilent

Technologies,

Inc

19,678

34,493

(a)

Agios

Pharmaceuticals,

Inc

768

22,177

(a)

Akero

Therapeutics,

Inc

518

23,019

(a),(b)

Aldeyra

Therapeutics,

Inc

81

31,429

(a)

Alector,

Inc

251

87,531

(a)

Alkermes

plc

2,428

33,411

(a)

Allakos,

Inc

91

28,864

(a)

Allogene

Therapeutics,

Inc

93

61,672

(a)

Alnylam

Pharmaceuticals,

Inc

11,805

15,824

(a),(b)

Alpine

Immune

Sciences,

Inc

302

24,706

(a)

Altimmune,

Inc

278

9,675

(a),(b)

ALX

Oncology

Holdings,

Inc

144

260,083

Amgen,

Inc

74,909

151,298

(a)

Amicus

Therapeutics,

Inc

2,147

53,162

(a)

Amneal

Pharmaceuticals,

Inc

323

14,523

(a)

Amphastar

Pharmaceuticals,

Inc

898

25,689

(a)

Amylyx

Pharmaceuticals,

Inc

378

12,566

(a)

AnaptysBio,

Inc

269

30,524

(a),(b)

Anavex

Life

Sciences

Corp

284

5,767

(a)

ANI

Pharmaceuticals,

Inc

318

10,943

(a)

Anika

Therapeutics,

Inc

248

46,610

(a)

Apellis

Pharmaceuticals,

Inc

2,790

9,771

(a),(b)

Apogee

Therapeutics,

Inc

273

55,373

(a),(b)

Arbutus

Biopharma

Corp

138

15,098

(a)

Arcellx,

Inc

838

7,756

(a)

Arcturus

Therapeutics

Holdings,

Inc

245

CREF

Equity

Index

Account

December

31,

2023

216

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

20,717

(a)

Arcus

Biosciences,

Inc

$

396

15,151

(a),(b)

Arcutis

Biotherapeutics,

Inc

49

105,254

(a)

Ardelyx,

Inc

653

55,310

(a)

Arrowhead

Pharmaceuticals,

Inc

1,692

23,815

(a)

Arvinas,

Inc

980

27,175

(a),(b)

Assertio

Holdings,

Inc

29

12,739

(a)

Astria

Therapeutics,

Inc

98

35,244

(a)

Atea

Pharmaceuticals,

Inc

108

9,389

(a)

Aura

Biosciences,

Inc

83

68,772

(a),(b)

Aurinia

Pharmaceuticals,

Inc

618

318,550

(a)

Avantor,

Inc

7,273

33,858

(a)

Avid

Bioservices,

Inc

220

38,891

(a)

Avidity

Biosciences,

Inc

352

12,422

(a)

Avita

Medical,

Inc

170

15,727

(a),(b)

Axsome

Therapeutics,

Inc

1,252

25,636

(a),(b)

Beam

Therapeutics,

Inc

698

97,016

(a),(b)

BioCryst

Pharmaceuticals,

Inc

581

71,702

(a)

Biogen,

Inc

18,554

24,432

(a)

Biohaven

Ltd

1,046

13,317

(a)

BioLife

Solutions,

Inc

216

93,702

(a)

BioMarin

Pharmaceutical,

Inc

9,035

9,809

(a),(b)

Biomea

Fusion,

Inc

142

10,456

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

3,376

78,368

Bio-Techne

Corp

6,047

33,689

(a),(b)

Bluebird

Bio,

Inc

46

31,927

(a)

Blueprint

Medicines

Corp

2,945

58,721

(a)

Bridgebio

Pharma,

Inc

2,371

992,358

Bristol-Myers

Squibb

Co

50,918

26,921

(a)

Brooks

Automation,

Inc

1,754

56,206

Bruker

BioSciences

Corp

4,130

11,526

(a)

Cabaletta

Bio,

Inc

262

19,366

(a)

Cara

Therapeutics,

Inc

14

27,306

(a)

CareDx,

Inc

328

17,393

(a)

Caribou

Biosciences,

Inc

100

13,320

(b)

Carisma

Therapeutics,

Inc

39

20,876

(a),(b)

Cassava

Sciences,

Inc

470

85,996

(a)

Catalent,

Inc

3,864

50,782

(a)

Catalyst

Pharmaceuticals,

Inc

854

8,603

(a),(b)

Celcuity,

Inc

125

21,395

(a)

Celldex

Therapeutics,

Inc

849

35,533

(a)

Cerevel

Therapeutics

Holdings,

Inc

1,507

25,265

(a)

Charles

River

Laboratories

International,

Inc

5,973

28,644

(a),(c)

Chinook

Therapeutics,

Inc

11

23,538

(a)

Codexis,

Inc

72

22,858

(a)

Cogent

Biosciences,

Inc

134

16,286

(a)

Collegium

Pharmaceutical,

Inc

501

45,293

(a),(b)

Compass

Therapeutics,

Inc

71

33,186

(a)

Corcept

Therapeutics,

Inc

1,078

22,299

(a),(b)

CorMedix,

Inc

84

38,468

(a)

Crinetics

Pharmaceuticals,

Inc

1,369

22,130

(a)

CryoPort,

Inc

343

7,345

(a),(b)

Cullinan

Oncology,

Inc

75

48,616

(a)

Cymabay

Therapeutics,

Inc

1,148

51,177

(a)

Cytek

Biosciences,

Inc

467

42,716

(a)

Cytokinetics,

Inc

3,566

319,176

Danaher

Corp

73,838

11,974

(a)

Day

One

Biopharmaceuticals,

Inc

175

22,263

(a)

Deciphera

Pharmaceuticals,

Inc

359

49,642

(a)

Denali

Therapeutics,

Inc

1,065

14,200

(a)

Design

Therapeutics,

Inc

38

3,831

(a)

Disc

Medicine,

Inc

221

58,823

(a)

Dynavax

Technologies

Corp

822

217

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

16,387

(a)

Dyne

Therapeutics,

Inc

$

218

6,368

(a)

Eagle

Pharmaceuticals,

Inc

33

20,664

(a)

Edgewise

Therapeutics,

Inc

226

35,681

(a)

Editas

Medicine,

Inc

361

242,401

(a)

Elanco

Animal

Health,

Inc

3,612

410,677

Eli

Lilly

&

Co

239,392

11,786

(a)

Enanta

Pharmaceuticals,

Inc

111

11,571

(a),(b)

Enliven

Therapeutics,

Inc

160

10,600

(a)

Entrada

Therapeutics,

Inc

160

33,527

(a)

Erasca,

Inc

71

17,590

(a)

Evolus,

Inc

185

88,922

(a)

Exact

Sciences

Corp

6,578

170,031

(a)

Exelixis,

Inc

4,079

12,962

(a),(b)

EyePoint

Pharmaceuticals,

Inc

300

42,216

(a)

Fate

Therapeutics,

Inc

158

10,305

(a),(b)

Foghorn

Therapeutics,

Inc

66

45,181

(a)

Fortrea

Holdings,

Inc

1,577

29,510

(a)

Genelux

Corp

413

23,909

(a)

Generation

Bio

Co

39

245,957

(a)

Geron

Corp

519

605,766

Gilead

Sciences,

Inc

49,073

44,572

(a),(b)

Gritstone

bio,

Inc

91

68,124

(a)

Halozyme

Therapeutics,

Inc

2,518

12,195

(a)

Harmony

Biosciences

Holdings,

Inc

394

12,872

(a),(b)

Harrow

Health,

Inc

144

19,354

(a)

Harvard

Bioscience,

Inc

104

10,524

(a),(b)

HilleVax,

Inc

169

40,572

(a)

ICON

plc

11,485

7,208

(a)

Icosavax,

Inc

114

15,316

(a)

Ideaya

Biosciences,

Inc

545

2,211

(a),(b)

IGM

Biosciences,

Inc

18

78,792

(a)

Illumina,

Inc

10,971

10,169

(a),(b)

Immuneering

Corp

75

49,247

(a),(b)

ImmunityBio,

Inc

247

106,612

(a)

Immunogen,

Inc

3,161

19,494

(a)

Immunovant,

Inc

821

87,640

(a)

Incyte

Corp

5,503

15,231

(a),(b)

Inhibrx,

Inc

579

34,523

(a)

Innoviva,

Inc

554

16,918

(a),(b)

Inozyme

Pharma,

Inc

72

60,247

(a)

Insmed,

Inc

1,867

34,856

(a)

Intellia

Therapeutics,

Inc

1,063

46,963

(a)

Intra-Cellular

Therapies,

Inc

3,363

79,163

(a)

Ionis

Pharmaceuticals,

Inc

4,005

160,360

(a)

Iovance

Biotherapeutics,

Inc

1,304

89,175

(a)

IQVIA

Holdings,

Inc

20,633

95,014

(a)

Ironwood

Pharmaceuticals,

Inc

1,087

11,046

(a)

iTeos

Therapeutics,

Inc

121

8,802

(a),(b)

Janux

Therapeutics,

Inc

94

28,814

(a)

Jazz

Pharmaceuticals

plc

3,544

1,169,979

Johnson

&

Johnson

183,383

10,666

(a),(b)

KalVista

Pharmaceuticals,

Inc

131

17,697

(a)

Karuna

Therapeutics,

Inc

5,601

46,110

(a),(b)

Karyopharm

Therapeutics,

Inc

40

8,516

(a)

Keros

Therapeutics,

Inc

339

18,676

(a),(b)

Kezar

Life

Sciences,

Inc

18

11,321

(a)

Kiniksa

Pharmaceuticals

Ltd

199

18,276

(a)

Kodiak

Sciences,

Inc

56

9,785

(a)

Krystal

Biotech,

Inc

1,214

31,598

(a)

Kura

Oncology,

Inc

454

15,771

(a)

Kymera

Therapeutics,

Inc

402

30,110

(a),(b)

Lexicon

Pharmaceuticals,

Inc

46

CREF

Equity

Index

Account

December

31,

2023

218

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,586

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

$

613

65,652

(a),(b)

Lineage

Cell

Therapeutics,

Inc

72

24,455

(a),(b)

Liquidia

Corp

294

77,816

(a),(b)

Lyell

Immunopharma,

Inc

151

32,187

(a)

MacroGenics,

Inc

310

6,193

(a)

Madrigal

Pharmaceuticals,

Inc

1,433

94,899

(a)

MannKind

Corp

345

54,984

(a)

Maravai

LifeSciences

Holdings,

Inc

360

24,801

(a),(b)

Marinus

Pharmaceuticals,

Inc

270

51,230

(a),(b)

MaxCyte,

Inc

241

10,580

(a)

Medpace

Holdings,

Inc

3,243

10,086

(a)

MeiraGTx

Holdings

plc

71

1,235,268

Merck

&

Co,

Inc

134,669

2,255

Mesa

Laboratories,

Inc

236

11,133

(a)

Mettler-Toledo

International,

Inc

13,504

60,615

(a)

MiMedx

Group,

Inc

532

7,068

(a),(b)

Mineralys

Therapeutics,

Inc

61

22,153

(a)

Mirati

Therapeutics,

Inc

1,301

8,147

(a)

Mirum

Pharmaceuticals,

Inc

241

165,972

(a)

Moderna,

Inc

16,506

14,704

(a),(b)

Monte

Rosa

Therapeutics,

Inc

83

15,005

(a)

Morphic

Holding,

Inc

433

46,607

(a)

Myriad

Genetics,

Inc

892

51,554

(a)

Natera,

Inc

3,229

25,317

(a)

Nautilus

Biotechnology,

Inc

76

45,814

(a)

Neurocrine

Biosciences,

Inc

6,036

15,360

(a)

NGM

Biopharmaceuticals,

Inc

13

9,374

(a),(b)

Nkarta,

Inc

62

40,572

(a),(b)

Novavax,

Inc

195

17,085

(a)

Nurix

Therapeutics,

Inc

176

10,256

(a)

Nuvalent,

Inc

755

35,946

(a),(b)

Nuvation

Bio,

Inc

54

41,830

(a)

Ocular

Therapeutix,

Inc

187

13,370

(a)

Olema

Pharmaceuticals,

Inc

188

12,172

(a),(b)

Omega

Therapeutics,

Inc

37

3,255

(a),(c)

OmniAb

Operations,

Inc

0

^

3,255

(a),(c)

OmniAb

Operations,

Inc

0

^

42,051

(a)

OmniAb,

Inc

259

8,753

(a)

Oncology

Co

52

13,691

(a),(b)

Organogenesis

Holdings,

Inc

56

99,908

Organon

&

Co

1,441

19,543

(a),(b)

ORIC

Pharmaceuticals,

Inc

180

29,936

(a),(b)

Ovid

therapeutics,

Inc

96

100,456

(a)

Pacific

Biosciences

of

California,

Inc

985

23,821

(a)

Pacira

BioSciences,

Inc

804

65,063

PerkinElmer,

Inc

7,112

48,417

Perrigo

Co

plc

1,558

2,778,747

Pfizer,

Inc

80,000

56,260

(a),(b)

Phathom

Pharmaceuticals,

Inc

514

12,927

Phibro

Animal

Health

Corp

150

27,964

(a)

Pliant

Therapeutics,

Inc

506

14,315

(a)

PMV

Pharmaceuticals,

Inc

44

39,456

(a),(b)

Precigen,

Inc

53

24,486

(a)

Prestige

Consumer

Healthcare,

Inc.

1,499

19,579

(a),(b)

Prime

Medicine,

Inc

173

30,525

(a),(b)

ProKidney

Corp

54

22,557

(a)

Protagonist

Therapeutics,

Inc

517

18,603

(a)

Prothena

Corp

plc

676

37,990

(a)

PTC

Therapeutics,

Inc

1,047

113,112

(a)

QIAGEN

NV

4,912

16,838

(a)

Quanterix

Corp

460

46,832

(a),(b)

Quantum-Si,

Inc

94

219

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,258

(a),(b)

Rallybio

Corp

$

36

6,533

(a)

RAPT

Therapeutics,

Inc

162

9,504

(a)

RayzeBio,

Inc

591

63,522

(a),(b)

Recursion

Pharmaceuticals,

Inc

626

49,234

(a)

Regeneron

Pharmaceuticals,

Inc

43,242

19,715

(a)

REGENXBIO,

Inc

354

31,945

(a)

Relay

Therapeutics,

Inc

352

26,192

(a)

Repligen

Corp

4,709

10,254

(a)

Replimune

Group,

Inc

86

33,815

(a)

Revance

Therapeutics,

Inc

297

57,859

(a)

REVOLUTION

Medicines,

Inc

1,659

25,414

(a),(b)

Rhythm

Pharmaceuticals,

Inc

1,168

86,450

(a)

Rigel

Pharmaceuticals,

Inc

125

20,281

(a)

Rocket

Pharmaceuticals,

Inc

608

178,841

(a)

Roivant

Sciences

Ltd

2,008

165,226

Royalty

Pharma

plc

4,641

28,225

(a)

Sage

Therapeutics,

Inc

612

46,510

(a),(b)

Sana

Biotechnology,

Inc

190

52,234

(a),(b)

Sangamo

Therapeutics

Inc

28

41,917

(a)

Sarepta

Therapeutics,

Inc

4,042

38,005

(a),(b)

Savara,

Inc

179

14,209

(a),(b)

Scholar

Rock

Holding

Corp

267

14,352

(a),(b)

scPharmaceuticals,

Inc

90

22,417

(a),(b)

Seer,

Inc

43

35,191

(b)

SIGA

Technologies,

Inc

197

76,705

(a)

SomaLogic,

Inc

194

99,083

(a),(b),(c)

Sorrento

Therapeutics,

Inc

192

43,033

(a),(b)

Sotera

Health

Co

725

35,381

(a)

SpringWorks

Therapeutics,

Inc

1,291

10,464

(a),(b)

Stoke

Therapeutics,

Inc

55

57,751

(a),(b)

Summit

Therapeutics,

Inc

151

26,807

(a)

Supernus

Pharmaceuticals,

Inc

776

15,843

(a)

Sutro

Biopharma,

Inc

68

24,529

(a)

Syndax

Pharmaceuticals,

Inc

530

23,918

(a),(b)

Tango

Therapeutics,

Inc

237

4,094

(a),(b)

Taro

Pharmaceutical

Industries

Ltd

171

9,396

(a)

Tarsus

Pharmaceuticals,

Inc

190

22,763

(a)

Tenaya

Therapeutics,

Inc

74

21,241

(a),(b)

Terns

Pharmaceuticals,

Inc

138

69,942

(a),(b)

TG

Therapeutics,

Inc

1,195

29,259

(a),(b)

Theravance

Biopharma,

Inc

329

187,118

Thermo

Fisher

Scientific,

Inc

99,320

10,124

(a)

Theseus

Pharmaceuticals,

Inc

41

25,726

(a)

Travere

Therapeutics,

Inc

231

26,284

(a)

Twist

Bioscience

Corp

969

6,957

(a),(b)

Tyra

Biosciences,

Inc

96

33,751

(a)

Ultragenyx

Pharmaceutical,

Inc

1,614

22,243

(a)

United

Therapeutics

Corp

4,891

9,811

(a),(b)

UroGen

Pharma

Ltd

147

31,395

(a)

Vanda

Pharmaceuticals,

Inc

132

45,372

(a)

Vaxcyte,

Inc

2,849

30,037

(a)

Ventyx

Biosciences,

Inc

74

29,297

(a),(b)

Vera

Therapeutics,

Inc

451

36,815

(a)

Veracyte,

Inc

1,013

24,994

(a)

Vericel

Corp

890

125,856

(a)

Vertex

Pharmaceuticals,

Inc

51,210

23,209

(a),(b)

Verve

Therapeutics,

Inc

324

530,013

Viatris,

Inc

5,740

47,438

(a)

Viking

Therapeutics,

Inc

883

32,800

(a)

Vir

Biotechnology,

Inc

330

16,873

(a)

Viridian

Therapeutics,

Inc

367

19,087

(a),(b)

Vor

BioPharma,

Inc

43

CREF

Equity

Index

Account

December

31,

2023

220

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,628

(a)

Voyager

Therapeutics,

Inc

$

132

29,140

(a)

Waters

Corp

9,594

29,537

(a),(b)

WaVe

Life

Sciences

Ltd

149

35,435

West

Pharmaceutical

Services,

Inc

12,477

61,355

(a)

X4

Pharmaceuticals,

Inc

51

27,098

(a)

Xencor,

Inc

575

67,913

(a),(b)

Xeris

Biopharma

Holdings,

Inc

160

19,065

(a)

Y-mAbs

Therapeutics,

Inc

130

18,143

(a)

Zentalis

Pharmaceuticals,

Inc

275

17,404

(a)

Zevra

Therapeutics,

Inc

114

226,648

Zoetis,

Inc

44,734

26,472

(a)

Zymeworks,

Inc

275

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,652,018

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

62,854

(a)

Anywhere

Real

Estate,

Inc

510

143,011

(a)

CBRE

Group,

Inc

13,313

133,621

(a)

Compass,

Inc

502

66,192

(a)

Cushman

&

Wakefield

plc

715

69,755

DigitalBridge

Group,

Inc

1,224

41,149

Douglas

Elliman,

Inc

121

28,436

(b)

eXp

World

Holdings,

Inc

441

425

(a)

Forestar

Group,

Inc

14

4,942

(a)

FRP

Holdings,

Inc

311

16,878

(a)

Howard

Hughes

Holdings,

Inc

1,444

23,806

(a)

Jones

Lang

LaSalle,

Inc

4,496

44,610

Kennedy-Wilson

Holdings,

Inc

552

11,498

Marcus

&

Millichap,

Inc

502

81,428

Newmark

Group,

Inc

893

228,590

(a)

Opendoor

Technologies,

Inc

1,024

13,117

(b)

Re/Max

Holdings,

Inc

175

57,095

(a),(b)

Redfin

Corp

589

5,123

RMR

Group,

Inc

145

18,561

St.

Joe

Co

1,117

3,112

(a)

Stratus

Properties,

Inc

90

12,164

(a)

Tejon

Ranch

Co

209

20,587

(a)

Zillow

Group,

Inc

(Class

A)

1,168

74,688

(a)

Zillow

Group,

Inc

(Class

C)

4,321

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

33,876

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

7.1%

24,578

(a)

ACM

Research,

Inc

480

775,455

(a)

Advanced

Micro

Devices,

Inc

114,310

12,826

(a),(b)

Aehr

Test

Systems

340

26,133

(a)

Allegro

MicroSystems,

Inc

791

15,539

(a)

Alpha

&

Omega

Semiconductor

Ltd

405

19,074

(a)

Ambarella,

Inc

1,169

55,705

Amkor

Technology,

Inc

1,853

240,490

Analog

Devices,

Inc

47,752

404,922

Applied

Materials,

Inc

65,626

10,142

(a),(b)

Atomera,

Inc

71

16,075

(a)

Axcelis

Technologies,

Inc

2,085

209,692

Broadcom,

Inc

234,069

15,710

(a)

Ceva,

Inc

357

26,804

(a)

Cirrus

Logic,

Inc

2,230

26,675

(a)

Cohu,

Inc

944

63,354

(a)

Credo

Technology

Group

Holding

Ltd

1,234

23,788

(a)

Diodes,

Inc

1,915

66,786

(a)

Enphase

Energy,

Inc

8,825

72,011

Entegris,

Inc

8,628

51,096

(a)

First

Solar,

Inc

8,803

42,439

(a)

Formfactor,

Inc

1,770

221

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

39,047

(a),(b)

GLOBALFOUNDRIES,

Inc

$

2,366

15,133

(a)

Ichor

Holdings

Ltd

509

13,074

(a),(b)

Impinj,

Inc

1,177

51,148

(a),(b)

indie

Semiconductor,

Inc

415

2,043,076

Intel

Corp

102,665

5,319

(a)

inTEST

Corp

72

65,801

KLA

Corp

38,250

26,815

Kulicke

&

Soffa

Industries,

Inc

1,467

63,638

Lam

Research

Corp

49,845

68,594

(a)

Lattice

Semiconductor

Corp

4,732

26,755

(a)

MACOM

Technology

Solutions

Holdings,

Inc

2,487

413,387

Marvell

Technology,

Inc

24,931

12,490

(a),(b)

Maxeon

Solar

Technologies

Ltd

90

38,172

(a)

MaxLinear,

Inc

907

260,055

Microchip

Technology,

Inc

23,452

533,343

Micron

Technology,

Inc

45,516

33,135

MKS

Instruments,

Inc

3,409

21,877

Monolithic

Power

Systems,

Inc

13,800

50,806

(a)

Navitas

Semiconductor

Corp

410

2,338

NVE

Corp

183

1,152,698

Nvidia

Corp

570,839

208,183

(a)

ON

Semiconductor

Corp

17,390

21,454

(a)

Onto

Innovation,

Inc

3,280

20,605

(a)

PDF

Solutions,

Inc

662

29,998

(a)

Photronics,

Inc

941

25,919

Power

Integrations,

Inc

2,128

46,313

(a)

Qorvo,

Inc

5,215

540,958

QUALCOMM,

Inc

78,239

53,820

(a)

Rambus,

Inc

3,673

35,296

(a)

Semtech

Corp

773

15,676

(a)

Silicon

Laboratories,

Inc

2,074

7,023

(a)

SiTime

Corp

857

76,111

Skyworks

Solutions,

Inc

8,556

15,494

(a)

SMART

Global

Holdings,

Inc

293

19,257

(a)

Synaptics,

Inc

2,197

75,708

Teradyne,

Inc

8,216

439,071

Texas

Instruments,

Inc

74,844

23,500

(a)

Ultra

Clean

Holdings

802

20,752

Universal

Display

Corp

3,969

34,384

(a)

Veeco

Instruments,

Inc

1,067

62,345

(a)

Wolfspeed,

Inc

2,713

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,609,068

SOFTWARE

&

SERVICES

-

12.2%

65,506

(a)

8x8,

Inc

248

32,215

A10

Networks,

Inc

424

306,399

Accenture

plc

107,518

68,208

(a)

ACI

Worldwide,

Inc

2,087

57,275

Adeia,

Inc

710

222,761

(a)

Adobe,

Inc

132,899

11,056

(a)

Agilysys,

Inc

938

70,255

(a)

Akamai

Technologies,

Inc

8,315

26,945

(a)

Alarm.com

Holdings,

Inc

1,741

15,192

(a)

Alkami

Technology,

Inc

368

24,769

(a)

Altair

Engineering,

Inc

2,084

32,290

(a)

Alteryx,

Inc

1,523

59,006

Amdocs

Ltd

5,186

15,720

American

Software,

Inc

(Class

A)

178

28,669

(a)

Amplitude,

Inc

365

41,203

(a)

Ansys,

Inc

14,952

9,509

(a)

Appfolio,

Inc

1,647

20,140

(a)

Appian

Corp

758

CREF

Equity

Index

Account

December

31,

2023

222

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

33,758

(a),(b)

Applied

Digital

Corp

$

228

99,212

(a)

AppLovin

Corp

3,954

40,356

(a),(b)

Asana,

Inc

767

14,242

(a)

Aspentech

Corp

3,135

9,467

(a)

Asure

Software,

Inc

90

75,578

(a)

Atlassian

Corp

Ltd

17,977

102,498

(a)

Autodesk,

Inc

24,956

66,029

(a)

AvePoint,

Inc

542

95,656

Bentley

Systems,

Inc

4,991

24,476

(a)

BigCommerce

Holdings,

Inc

238

49,304

(a)

BILL

Holdings,

Inc

4,023

36,478

(a),(b)

Bit

Digital,

Inc

154

17,422

(a)

Blackbaud,

Inc

1,510

29,853

(a)

BlackLine,

Inc

1,864

66,925

(a)

Box,

Inc

1,714

17,121

(a)

Braze,

Inc

910

20,694

(a)

Brightcove,

Inc

54

29,086

(a),(b)

C3.ai,

Inc

835

129,358

(a)

Cadence

Design

Systems,

Inc

35,233

87,215

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

993

22,039

(a)

Cerence,

Inc

433

73,546

(a)

Ceridian

HCM

Holding,

Inc

4,936

82,383

(a)

Cleanspark,

Inc

909

31,897

Clear

Secure,

Inc

659

144,134

(a)

Cloudflare,

Inc

12,001

242,791

Cognizant

Technology

Solutions

Corp

(Class

A)

18,338

20,876

(a)

Commvault

Systems,

Inc

1,667

92,360

(a)

Confluent,

Inc

2,161

7,805

(a)

Consensus

Cloud

Solutions,

Inc

205

3,649

(a),(b)

CoreCard

Corp

50

13,583

(a)

Couchbase,

Inc

306

101,429

(a)

Crowdstrike

Holdings,

Inc

25,897

6,968

(a)

CS

Disco,

Inc

53

133,433

(a)

Datadog,

Inc

16,196

7,264

(a),(b)

Digimarc

Corp

262

46,104

(a)

Digital

Turbine,

Inc

316

39,126

(a),(b)

DigitalOcean

Holdings,

Inc

1,436

91,998

(a)

DocuSign,

Inc

5,469

29,210

Dolby

Laboratories,

Inc

(Class

A)

2,517

15,039

(a)

Domo,

Inc

155

55,975

(a)

DoubleVerify

Holdings,

Inc

2,059

118,133

(a)

Dropbox,

Inc

3,483

83,626

(a)

DXC

Technology

Co

1,913

106,722

(a)

Dynatrace,

Inc

5,837

87,429

(a)

E2open

Parent

Holdings,

Inc

384

10,699

(a)

eGain

Corp

89

37,517

(a)

Elastic

NV

4,228

13,046

(a),(b)

Enfusion,

Inc

127

17,890

(a)

EngageSmart,

Inc

410

30,234

(a)

Envestnet,

Inc

1,497

27,283

(a)

EPAM

Systems,

Inc

8,112

21,053

(a)

Everbridge,

Inc

512

12,378

(a)

EverCommerce,

Inc

137

27,561

(a)

Expensify,

Inc

68

11,993

(a)

Fair

Isaac

Corp

13,960

58,075

(a)

Fastly,

Inc

1,034

37,675

(a)

Five9,

Inc

2,965

321,842

(a)

Fortinet,

Inc

18,837

80,143

(a)

Freshworks,

Inc

1,883

37,831

(a)

Gartner,

Inc

17,066

283,454

Gen

Digital,

Inc

6,468

43,093

(a)

Gitlab,

Inc

2,713

223

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

18,760

(a)

Globant

S.A.

$

4,465

74,890

(a)

GoDaddy,

Inc

7,950

15,258

(a)

Grid

Dynamics

Holdings,

Inc

203

46,084

(a)

Guidewire

Software,

Inc

5,025

17,956

Hackett

Group,

Inc

409

46,373

(a)

HashiCorp,

Inc

1,096

22,755

(a)

HubSpot,

Inc

13,210

5,474

(a)

IBEX

Holdings

Ltd

104

17,943

(a)

Informatica,

Inc

509

18,219

Information

Services

Group,

Inc

86

8,870

(a),(b)

Instructure

Holdings,

Inc

240

7,324

(a)

Intapp,

Inc

278

13,365

InterDigital,

Inc

1,451

438,329

International

Business

Machines

Corp

71,689

132,443

Intuit,

Inc

82,781

29,050

(a)

Jamf

Holding

Corp

525

95,867

(a)

Kyndryl

Holdings,

Inc

1,992

35,615

(a)

LiveRamp

Holdings,

Inc

1,349

29,686

(a)

Manhattan

Associates,

Inc

6,392

102,816

(a),(b)

Marathon

Digital

Holdings,

Inc

2,415

112,247

(a),(b)

Matterport,

Inc

302

11,893

(a)

MeridianLink,

Inc

295

3,610,786

Microsoft

Corp

1,357,800

5,471

(a),(b)

MicroStrategy,

Inc

(Class

A)

3,456

22,456

(a),(b)

Mitek

Systems,

Inc

293

14,483

(a)

Model

N,

Inc

390

31,781

(a)

MongoDB,

Inc

12,994

19,169

(a)

N-able,

Inc

254

25,933

(a),(b)

nCino

OpCo,

Inc

872

68,992

(a)

NCR

Corp

1,167

120,180

(a)

Nutanix,

Inc

5,731

67,719

(a)

Okta,

Inc

6,131

46,103

(a)

Olo,

Inc

264

4,837

(b)

ON24,

Inc

38

21,489

(a)

OneSpan,

Inc

230

745,930

Oracle

Corp

78,643

41,005

(a),(b)

PagerDuty,

Inc

949

900,325

(a)

Palantir

Technologies,

Inc

15,459

146,895

(a)

Palo

Alto

Networks,

Inc

43,316

36,294

(a),(b)

Paycor

HCM,

Inc

784

20,584

(a)

Paylocity

Holding

Corp

3,393

22,404

Pegasystems,

Inc

1,095

17,663

(a)

Perficient,

Inc

1,163

23,203

(a)

PowerSchool

Holdings,

Inc

547

39,107

(a)

Procore

Technologies,

Inc

2,707

23,997

Progress

Software

Corp

1,303

19,034

(a)

PROS

Holdings,

Inc

738

52,897

(a)

PTC,

Inc

9,255

29,530

(a)

Q2

Holdings,

Inc

1,282

18,605

(a)

Qualys,

Inc

3,652

31,056

(a)

Rapid7,

Inc

1,773

24,959

(a)

Rimini

Street,

Inc

82

44,149

(a)

RingCentral,

Inc

1,499

73,047

(a)

Riot

Platforms,

Inc

1,130

51,188

Roper

Industries,

Inc

27,906

460,027

(a)

Salesforce,

Inc

121,051

15,268

Sapiens

International

Corp

NV

442

15,611

(a),(b)

SEMrush

Holdings,

Inc

213

113,808

(a)

SentinelOne,

Inc

3,123

98,499

(a)

ServiceNow,

Inc

69,589

66,115

(a)

Smartsheet,

Inc

3,162

150,198

(a)

Snowflake,

Inc

29,889

CREF

Equity

Index

Account

December

31,

2023

224

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

19,169

(a)

SolarWinds

Corp

$

239

69,720

(a),(b)

SoundHound

AI,

Inc

148

4,906

(a)

SoundThinking,

Inc

125

74,497

(a)

Splunk,

Inc

11,350

42,968

(a)

Sprinklr,

Inc

517

24,107

(a)

Sprout

Social,

Inc

1,481

19,690

(a)

SPS

Commerce,

Inc

3,817

16,060

(a)

Squarespace,

Inc

530

72,992

(a)

Synopsys,

Inc

37,584

49,510

(a)

Tenable

Holdings,

Inc

2,280

51,680

(a)

Teradata

Corp

2,249

71,297

(a),(b)

Terawulf,

Inc

171

22,872

(a)

Thoughtworks

Holding,

Inc

110

217,474

(a)

Trade

Desk,

Inc

15,649

6,516

(a),(b)

Tucows,

Inc

176

85,658

(a)

Twilio,

Inc

6,499

21,091

(a)

Tyler

Technologies,

Inc

8,819

192,445

(a)

UiPath,

Inc

4,780

38,674

(a)

Unisys

Corp

217

143,370

(a),(b)

Unity

Software,

Inc

5,862

56,469

(a)

Varonis

Systems,

Inc

2,557

35,164

(a)

Verint

Systems,

Inc

950

43,208

(a)

VeriSign,

Inc

8,899

6,012

(a)

Viant

Technology,

Inc

41

16,330

(a)

Weave

Communications,

Inc

187

97,141

(a)

Workday,

Inc

26,817

22,930

(a)

Workiva,

Inc

2,328

22,910

(a)

Xperi,

Inc

252

55,032

(a)

Yext,

Inc

324

55,743

(a)

Zeta

Global

Holdings

Corp

492

121,590

(a)

Zoom

Video

Communications,

Inc

8,744

41,021

(a)

Zscaler,

Inc

9,089

55,037

(a)

Zuora,

Inc

517

TOTAL

SOFTWARE

&

SERVICES

2,754,188

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.8%

6,963

(a),(b)

908

Devices,

Inc

78

35,649

ADTRAN

Holdings,

Inc

262

20,999

Advanced

Energy

Industries,

Inc

2,287

41,314

(a),(b)

Aeva

Technologies,

Inc

31

18,515

(a),(b)

Akoustis

Technologies,

Inc

15

278,928

Amphenol

Corp

(Class

A)

27,650

7,153,900

Apple,

Inc

1,377,340

120,718

(a)

Arista

Networks,

Inc

28,430

47,303

(a)

Arlo

Technologies,

Inc

450

25,833

(a)

Arrow

Electronics,

Inc

3,158

5,662

(a)

Aviat

Networks,

Inc

185

46,118

Avnet,

Inc

2,324

15,939

Badger

Meter,

Inc

2,461

5,150

Bel

Fuse,

Inc

(Class

B)

344

24,142

Belden

CDT,

Inc

1,865

19,531

Benchmark

Electronics,

Inc

540

28,887

(a)

Calix,

Inc

1,262

4,889

(a),(b)

Cambium

Networks

Corp

29

63,294

CDW

Corp

14,388

79,273

(a)

Ciena

Corp

3,568

1,963,992

Cisco

Systems,

Inc

99,221

8,964

(a),(b)

Clearfield,

Inc

261

2,062

Climb

Global

Solutions,

Inc

113

83,398

Cognex

Corp

3,481

59,436

(a)

Coherent

Corp

2,587

16,237

Comtech

Telecommunications

Corp

137

225

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

378,993

Corning,

Inc

$

11,540

8,680

(a)

Corsair

Gaming,

Inc

122

21,581

Crane

NXT

Co

1,227

17,421

CTS

Corp

762

19,434

(a)

Daktronics,

Inc

165

18,652

(a)

Digi

International,

Inc

485

9,167

(a)

DZS,

Inc

18

24,605

(a)

Eastman

Kodak

Co

96

18,556

(a)

ePlus,

Inc

1,482

43,075

(a),(b)

Evolv

Technologies

Holdings,

Inc

203

62,313

(a)

Extreme

Networks,

Inc

1,099

25,536

(a)

F5

Networks,

Inc

4,570

16,219

(a)

Fabrinet

3,087

9,925

(a)

FARO

Technologies,

Inc

224

58,321

(a)

Harmonic,

Inc

761

639,437

Hewlett

Packard

Enterprise

Co

10,858

409,106

HP,

Inc

12,310

15,475

Immersion

Corp

109

103,799

(a),(b)

Infinera

Corp

493

14,981

(a)

Insight

Enterprises,

Inc

2,655

60,908

(a),(b)

IonQ,

Inc

755

14,955

(a)

IPG

Photonics

Corp

1,623

21,652

(a)

Iteris,

Inc

113

24,355

(a)

Itron,

Inc

1,839

59,421

Jabil

Inc

7,570

163,210

Juniper

Networks,

Inc

4,811

85,641

(a)

Keysight

Technologies,

Inc

13,625

21,162

(a)

Kimball

Electronics,

Inc

570

28,141

(a)

Knowles

Corp

504

9,450

(a)

KVH

Industries,

Inc

50

57,291

(a),(b)

Lightwave

Logic,

Inc

285

13,151

Littelfuse,

Inc

3,519

36,595

(a)

Lumentum

Holdings,

Inc

1,918

16,008

(a),(b)

Luna

Innovations,

Inc

106

20,833

Methode

Electronics,

Inc

474

86,400

(a),(b)

MicroVision,

Inc

230

70,213

(a)

Mirion

Technologies,

Inc

720

79,923

Motorola

Solutions,

Inc

25,023

15,874

Napco

Security

Technologies,

Inc

544

98,249

NetApp,

Inc

8,662

16,454

(a)

Netgear,

Inc

240

43,446

(a)

Netscout

Systems,

Inc

954

20,535

(a)

nLight,

Inc

277

18,332

(a)

Novanta,

Inc

3,087

9,244

(a)

OSI

Systems,

Inc

1,193

12,941

(a),(b)

PAR

Technology

Corp

563

8,216

PC

Connection,

Inc

552

17,083

(a)

Plexus

Corp

1,847

128,500

(a)

Pure

Storage,

Inc

4,582

37,508

(a)

Ribbon

Communications,

Inc

109

5,943

Richardson

Electronics

Ltd

79

8,376

(a)

Rogers

Corp

1,106

28,498

(a)

Sanmina

Corp

1,464

17,777

(a)

Scansource,

Inc

704

61,017

(a),(b)

SmartRent,

Inc

195

22,759

(a)

Super

Micro

Computer,

Inc

6,470

25,618

SYNNEX

Corp

2,757

22,686

(a)

Teledyne

Technologies,

Inc

10,125

129,908

(a)

Trimble

Inc

6,911

51,948

(a)

TTM

Technologies,

Inc

821

8,166

(a)

Turtle

Beach

Corp

89

1,436

(b)

Ubiquiti,

Inc

200

CREF

Equity

Index

Account

December

31,

2023

226

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

59,678

(a),(b)

Viasat,

Inc

$

1,668

89,946

(a)

Viavi

Solutions,

Inc

906

52,971

Vishay

Intertechnology,

Inc

1,270

9,508

(a)

Vishay

Precision

Group,

Inc

324

71,903

Vontier

Corp

2,484

155,579

(a)

Western

Digital

Corp

8,148

58,625

Xerox

Holdings

Corp

1,075

26,184

(a)

Zebra

Technologies

Corp

(Class

A)

7,157

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,765,031

TELECOMMUNICATION

SERVICES

-

0.8%

7,472

(a)

Anterix,

Inc

249

30,214

(a),(b)

AST

SpaceMobile,

Inc

182

3,474,448

AT&T,

Inc

58,301

7,918

ATN

International,

Inc

309

12,460

(a)

Bandwidth,

Inc

180

55,430

(a),(b)

Charge

Enterprises,

Inc

6

15,982

Cogent

Communications

Group,

Inc

1,216

48,355

(a),(b)

Consolidated

Communications

Holdings,

Inc

210

22,558

(a)

EchoStar

Corp

(Class

A)

374

126,319

(a)

Frontier

Communications

Parent,

Inc

3,201

52,848

(a),(c)

GCI

Liberty,

Inc

1

331,269

(a),(b)

Globalstar,

Inc

643

13,459

(a)

Gogo,

Inc

136

11,096

(a)

IDT

Corp

378

60,764

Iridium

Communications,

Inc

2,501

29,453

(a)

Liberty

Latin

America

Ltd

(Class

A)

215

84,348

(a)

Liberty

Latin

America

Ltd

(Class

C)

619

13,047

(a)

Ooma,

Inc

140

26,373

Shenandoah

Telecom

Co

570

8,527

(b)

Spok

Holdings,

Inc

132

55,138

Telephone

and

Data

Systems,

Inc

1,012

251,903

T-Mobile

US,

Inc

40,388

2,052,315

Verizon

Communications,

Inc

77,372

TOTAL

TELECOMMUNICATION

SERVICES

188,335

TRANSPORTATION

-

1.8%

37,928

(a)

Air

Transport

Services

Group,

Inc

668

60,779

(a)

Alaska

Air

Group,

Inc

2,375

8,270

Allegiant

Travel

Co

683

4,307

(a),(b)

Amerco,

Inc

309

308,882

(a)

American

Airlines

Group,

Inc

4,244

13,812

ArcBest

Corp

1,660

8,746

(b)

Avis

Budget

Group,

Inc

1,550

28,768

(a),(b)

Blade

Air

Mobility,

Inc

102

56,673

CH

Robinson

Worldwide,

Inc

4,896

23,634

Costamare,

Inc

246

8,672

Covenant

Logistics

Group,

Inc

399

953,204

CSX

Corp

33,048

14,173

(a)

Daseke,

Inc

115

299,318

Delta

Air

Lines,

Inc

12,042

4,116

(a),(b)

Eagle

Bulk

Shipping,

Inc

228

69,012

Expeditors

International

Washington,

Inc

8,778

110,406

FedEx

Corp

27,929

14,836

Forward

Air

Corp

933

18,987

(a),(b)

Frontier

Group

Holdings,

Inc

104

49,956

FTAI

Infrastructure,

Inc

194

17,525

Genco

Shipping

&

Trading

Ltd

291

62,934

Golden

Ocean

Group

Ltd

614

58,331

(a)

GXO

Logistics,

Inc

3,568

27,588

(a)

Hawaiian

Holdings,

Inc

392

26,012

Heartland

Express,

Inc

371

227

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

47,325

(a)

Hertz

Global

Holdings,

Inc

$

492

18,067

(a)

Hub

Group,

Inc

(Class

A)

1,661

40,450

JB

Hunt

Transport

Services,

Inc

8,079

124,072

(a)

JetBlue

Airways

Corp

689

128,773

(a),(b)

Joby

Aviation,

Inc

856

25,265

(a)

Kirby

Corp

1,983

79,606

Knight-Swift

Transportation

Holdings,

Inc

4,589

17,753

Landstar

System,

Inc

3,438

154,071

(a)

Lyft,

Inc

(Class

A)

2,310

34,852

Marten

Transport

Ltd

731

17,593

Matson,

Inc

1,928

110,296

Norfolk

Southern

Corp

26,072

47,514

Old

Dominion

Freight

Line

19,259

18,024

Pangaea

Logistics

Solutions

Ltd

148

29,335

(a)

Radiant

Logistics,

Inc

195

52,508

(a)

RXO,

Inc

1,221

16,381

Ryder

System,

Inc

1,885

33,371

(b)

Safe

Bulkers,

Inc

131

13,620

(a)

Saia,

Inc

5,969

22,723

Schneider

National,

Inc

578

14,929

(a)

Skywest,

Inc

779

299,691

Southwest

Airlines

Co

8,655

50,261

(b)

Spirit

Airlines,

Inc

824

9,455

(a)

Sun

Country

Airlines

Holdings,

Inc

149

71,175

(a)

TuSimple

Holdings,

Inc

62

959,519

(a)

Uber

Technologies,

Inc

59,078

38,763

U-Haul

Holding

Co

2,730

295,272

Union

Pacific

Corp

72,525

150,341

(a)

United

Airlines

Holdings,

Inc

6,203

352,743

United

Parcel

Service,

Inc

(Class

B)

55,462

6,297

Universal

Truckload

Services,

Inc

176

36,247

Werner

Enterprises,

Inc

1,536

52,508

(a)

XPO,

Inc

4,599

TOTAL

TRANSPORTATION

400,731

UTILITIES

-

2.3%

344,146

AES

Corp

6,625

29,387

Allete,

Inc

1,797

116,456

Alliant

Energy

Corp

5,974

21,469

(a),(b)

Altus

Power,

Inc

147

128,677

Ameren

Corp

9,308

257,385

American

Electric

Power

Co,

Inc

20,905

20,132

American

States

Water

Co

1,619

97,164

American

Water

Works

Co,

Inc

12,825

4,909

Artesian

Resources

Corp

203

69,829

Atmos

Energy

Corp

8,093

36,552

Avangrid,

Inc

1,185

33,562

Avista

Corp

1,199

34,402

Black

Hills

Corp

1,856

64,236

(b)

Brookfield

Infrastructure

Corp

2,266

72,027

(b)

Brookfield

Renewable

Corp

2,074

27,522

California

Water

Service

Group

1,428

307,461

Centerpoint

Energy,

Inc

8,784

9,405

Chesapeake

Utilities

Corp

993

10,556

Clearway

Energy,

Inc

(Class

A)

270

20,458

Clearway

Energy,

Inc

(Class

C)

561

148,205

CMS

Energy

Corp

8,606

165,615

Consolidated

Edison,

Inc

15,066

7,347

Consolidated

Water

Co,

Inc

262

158,171

Constellation

Energy

Corp

18,489

402,639

Dominion

Energy,

Inc

18,924

102,627

DTE

Energy

Co

11,316

CREF

Equity

Index

Account

December

31,

2023

228

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

376,580

Duke

Energy

Corp

$

36,543

186,837

Edison

International

13,357

106,399

Entergy

Corp

10,766

120,927

Essential

Utilities,

Inc

4,517

112,667

Evergy,

Inc

5,881

177,794

Eversource

Energy

10,973

480,277

Exelon

Corp

17,242

263,997

FirstEnergy

Corp

9,678

9,688

Genie

Energy

Ltd

272

6,410

Global

Water

Resources,

Inc

84

23,041

Idacorp,

Inc

2,265

14,433

MGE

Energy,

Inc

1,044

11,759

Middlesex

Water

Co

772

33,009

(a),(b)

Montauk

Renewables,

Inc

294

31,391

National

Fuel

Gas

Co

1,575

38,348

New

Jersey

Resources

Corp

1,710

991,138

NextEra

Energy,

Inc

60,202

209,437

NiSource,

Inc

5,561

14,483

Northwest

Natural

Holding

Co

564

27,636

NorthWestern

Corp

1,406

115,066

NRG

Energy,

Inc

5,949

96,380

OGE

Energy

Corp

3,367

27,567

ONE

Gas,

Inc

1,757

24,734

Ormat

Technologies,

Inc

1,875

16,819

Otter

Tail

Corp

1,429

982,053

(e)

PG&E

Corp

17,706

55,268

Pinnacle

West

Capital

Corp

3,970

29,406

PNM

Resources,

Inc

1,223

40,332

Portland

General

Electric

Co

1,748

359,446

PPL

Corp

9,741

236,684

Public

Service

Enterprise

Group,

Inc

14,473

11,616

(a)

Pure

Cycle

Corp

122

300,422

Sempra

Energy

22,451

12,005

SJW

Corp

785

529,212

Southern

Co

37,108

21,163

Southwest

Gas

Holdings

Inc

1,341

21,354

Spire,

Inc

1,331

46,961

(a),(b)

Sunnova

Energy

International,

Inc

716

105,006

UGI

Corp

2,583

10,272

Unitil

Corp

540

170,465

Vistra

Corp

6,566

151,716

WEC

Energy

Group,

Inc

12,770

273,699

Xcel

Energy,

Inc

16,945

9,006

York

Water

Co

348

TOTAL

UTILITIES

512,325

TOTAL

COMMON

STOCKS

22,521,749

(Cost

$7,520,458)

229

Cost

amounts

are

in

thousands.

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

8,350

Cassava

Sciences,

Inc

11/15/24

$

56

7,917

(c)

Chinook

Therapeutics,

Inc

0

^

6,981

(c)

Tobira

Therapeutics,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

57

TOTAL

RIGHTS/WARRANTS

57

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

22,521,806‌

(Cost

$7,520,458)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.6%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

10,000,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/24/24

9,962

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/05/24

9,990

5,000,000

FHLB

0

.000

01/31/24

4,976

5,275,000

Tennessee

Valley

Authority

(TVA)

0

.000

01/10/24

5,266

TOTAL

GOVERNMENT

AGENCY

DEBT

30,194

REPURCHASE

AGREEMENT

-

0.4%

89,300,000

(f)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

89,300

TOTAL

REPURCHASE

AGREEMENT

89,300

TREASURY

DEBT

-

0.1%

14,500,000

United

States

Treasury

Bill

0

.000

02/27/24

14,381

TOTAL

TREASURY

DEBT

14,381

TOTAL

SHORT-TERM

INVESTMENTS

133,875

(Cost

$133,887)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

64,603,387

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

64,603

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

64,603

(Cost

$64,603)

TOTAL

INVESTMENTS

-

100.3%

22,720,284

(Cost

$7,718,948)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

67,094

)

NET

ASSETS

-

100.0%

$22,653,190

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$111,668,834.

(c)

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)

In

bankruptcy

(f)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$89,352,786

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

6/15/26,

valued

at

$91,086,094.

(g)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

CREF

Equity

Index

Account

December

31,

2023

230

Portfolio

of

Investments

(continued)

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

456‌

03/15/24

 $

109,415‌

$

109,896‌

$

481‌

Portfolio

of

Investments

CREF

Core

Bond

Account

December

31,

2023

231

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

97.2%

BANK

LOAN

OBLIGATIONS

-

0.4%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

380,435

(a)

Adient

US

LLC

SOFR

12

M

+

3.250%

8.720

%

04/10/28

$

382

TOTAL

AUTOMOBILES

&

COMPONENTS

382

CAPITAL

GOODS

-

0.1%

462,386

(a)

AECOM

SOFR

12

M

+

1.750%

7.220

04/13/28

463

1,107,110

(a)

Alliance

Laundry

Systems

LLC

SOFR

4

M

+

3.500%

8.994

10/08/27

1,112

184,557

(a)

ASP

Blade

Holdings,

Inc

SOFR

4

M

+

4.000%

9.610

10/13/28

166

173,622

(a)

Avolon

TLB

Borrower  US

LLC

SOFR

12

M

+

2.000%

7.358

06/22/28

174

577,656

(a)

Beacon

Roofing

Supply,

Inc

SOFR

12

M

+

2.500%

7.970

05/19/28

581

345,074

(a)

Cornerstone

Building

Brands,

Inc

SOFR

12

M

+

3.250%

8.712

04/12/28

346

1,436,130

(a)

Gates

Global

LLC

SOFR

12

M

+

2.500%

7.956

03/31/27

1,440

905,970

(a)

TransDigm,

Inc

LIBOR

3

M

+

2.250%

6.980

05/30/25

911

976,452

(a)

TransDigm,

Inc

LIBOR

3

M

+

2.250%

3.250

08/24/28

982

TOTAL

CAPITAL

GOODS

6,175

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

248,277

(a)

Camelot

Finance

S.A.

SOFR

12

M

+

3.000%

8.470

10/30/26

249

652,799

(a)

GFL

Environmental,

Inc

SOFR

4

M

+

2.500%

7.912

05/31/27

656

1,260,755

(a)

TK

Elevator

US

Newco,

Inc

SOFR

2

M

+

3.500%

9.381

07/30/27

1,265

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,170

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

531,872

(a),(b)

LS

Group

OpCo

Acquisition

LLC

SOFR

1

M

+

3.250%

8.694

11/02/27

533

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

533

CONSUMER

DURABLES

&

APPAREL

-

0.0%

167,750

(a)

Samsonite

IP

Holdings

Sarl

SOFR

12

M

+

2.750%

8.106

06/21/30

168

420,522

(a)

Weber-Stephen

Products

LLC

SOFR

12

M

+

3.250%

8.720

10/30/27

371

TOTAL

CONSUMER

DURABLES

&

APPAREL

539

CONSUMER

SERVICES

-

0.1%

431,362

(a)

1011778

BC

ULC

SOFR

12

M

+

2.250%

7.606

09/23/30

432

854,939

(a)

Carnival

Corp

SOFR

12

M

+

3.250%

8.720

10/18/28

857

2,000,000

(a)

Flutter

Financing

BV

SOFR

4

M

+

2.250%

7.698

11/25/30

2,008

354,974

(a)

IRB

Holding

Corp

SOFR

12

M

+

3.000%

8.456

12/15/27

356

934,849

(a)

KFC

Holding

Co

SOFR

12

M

+

1.750%

7.223

03/15/28

937

546,939

(a)

Spin

Holdco,

Inc

SOFR

4

M

+

4.000%

9.625

03/04/28

483

TOTAL

CONSUMER

SERVICES

5,073

ENERGY

-

0.0%

918,854

(a)

Buckeye

Partners

LP

SOFR

1

M

+

2.250%

7.706

11/02/26

922

128,567

(a)

DT

Midstream,

Inc

SOFR

12

M

+

2.000%

7.470

06/26/28

129

TOTAL

ENERGY

1,051

FINANCIAL

SERVICES

-

0.0%

216,563

(a)

Avolon

TLB

Borrower

US

LLC

SOFR

12

M

+

1.500%

6.958

02/12/27

217

1,405,102

(a)

NFP

Corp

SOFR

12

M

+

3.250%

8.720

02/16/27

1,414

2,150,355

(a)

Trans

Union

LLC

SOFR

12

M

+

2.250%

7.720

12/01/28

2,160

TOTAL

FINANCIAL

SERVICES

3,791

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

241,023

(a)

Arterra

Wines

Canada,

Inc

SOFR

4

M

+

3.500%

9.110

11/24/27

232

423,927

(a)

Chobani

LLC

SOFR

12

M

+

3.500%

8.970

10/25/27

425

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

657

CREF

Core

Bond

Account

December

31,

2023

232

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

$

692,137

(a)

CNT

Holdings

I

Corp

SOFR

4

M

+

3.500%

8.926

%

11/08/27

$

694

690,030

(a)

DaVita,

Inc

SOFR

12

M

+

1.750%

7.220

08/12/26

691

573,248

(a)

Mozart

Borrower

LP

SOFR

12

M

+

3.000%

8.470

10/23/28

577

2,120,445

(a)

Select

Medical

Corp

SOFR

12

M

+

3.000%

8.356

03/06/27

2,124

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,086

MATERIALS

-

0.0%

1,236,209

(a)

Asplundh

Tree

Expert

LLC

SOFR

12

M

+

1.750%

7.206

09/07/27

1,239

435,408

(a)

Avient

Corp

SOFR

4

M

+

2.500%

7.890

08/29/29

437

614,193

(a)

Berry

Global,

Inc

SOFR

12

M

+

1.750%

7.222

07/01/29

616

715,873

(a)

Reynolds

Group

Holdings,

Inc

SOFR

12

M

+

3.250%

8.720

02/05/26

719

TOTAL

MATERIALS

3,011

MEDIA

&

ENTERTAINMENT

-

0.0%

1,398,098

(a)

Charter

Communications

Operating

LLC

SOFR

4

M

+

1.750%

7.133

02/01/27

1,400

508,504

(a)

CSC

Holdings

LLC

LIBOR

12

M

+

2.500%

7.976

04/15/27

483

967,725

(a),(c)

Diamond

Sports

Group

LLC

SOFR

12

M

+

5.250%

10.708

08/24/26

46

814,605

(a)

DIRECTV

Financing

LLC

SOFR

4

M

+

5.000%

10.650

08/02/27

816

611,093

(a)

Lions

Gate

Capital

Holdings

LLC

SOFR

12

M

+

2.250%

7.706

03/24/25

611

486,212

(a)

Rackspace

Technology

Global,

Inc

SOFR

12

M

+

2.750%

8.230

02/15/28

215

8,855

(a)

Radiate

Holdco

LLC

SOFR

12

M

+

3.250%

8.720

09/25/26

7

TOTAL

MEDIA

&

ENTERTAINMENT

3,578

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

262,543

(a)

Avantor,

Inc

SOFR

12

M

+

2.250%

7.706

11/08/27

263

299,669

(a)

Grifols

Worldwide

Operations

USA,

Inc

SOFR

4

M

+

2.000%

7.538

11/15/27

300

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

563

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

50,884

(a)

Cushman

&

Wakefield

plc

SOFR

12

M

+

2.750%

8.220

08/21/25

51

517,778

(a)

Cushman

&

Wakefield

US

Borrower

LLC

SOFR

12

M

+

3.250%

8.706

01/31/30

515

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

566

SOFTWARE

&

SERVICES

-

0.1%

563,338

(a)

Camelot

US

Acquisition

SOFR

12

M

+

3.000%

8.470

10/30/26

565

1,594,397

(a)

NortonLifeLock,

Inc

SOFR

12

M

+

2.000%

7.456

09/12/29

1,598

700,858

(a)

Rocket

Software,

Inc

SOFR

12

M

+

4.750%

10.106

11/28/28

690

1,502,129

(a)

Sophia

LP

LIBOR

1

M

+

3.750%

8.230

10/07/27

1,507

1,151,117

(a)

UKG,

Inc

SOFR

3

M

+

3.250%

3.250

05/04/26

1,156

TOTAL

SOFTWARE

&

SERVICES

5,516

TELECOMMUNICATION

SERVICES

-

0.0%

300,688

(a)

Cablevision

Lightpath

LLC

SOFR

12

M

+

3.250%

8.726

11/30/27

301

1,642,000

(a)

Virgin

Media

Bristol

LLC

SOFR

12

M

+

2.500%

7.976

01/31/28

1,639

TOTAL

TELECOMMUNICATION

SERVICES

1,940

TRANSPORTATION

-

0.0%

398,925

(a)

Air

Canada

SOFR

4

M

+

3.500%

9.139

08/11/28

401

475,200

(a)

SkyMiles

IP

Ltd

SOFR

4

M

+

3.750%

9.166

10/20/27

487

TOTAL

TRANSPORTATION

888

TOTAL

BANK

LOAN

OBLIGATIONS

40,519

(Cost

$41,691)

CORPORATE

BONDS

-

31.5%

AUTOMOBILES

&

COMPONENTS

-

0.8%

EUR

425,000

American

Honda

Finance

Corp

1.950

10/18/24

462

EUR

300,000

Aptiv

plc

1.500

03/10/25

322

233

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

500,000

(d)

Dana

Financing

Luxembourg

Sarl

3.000

%

07/15/29

$

487

$

225,000

(e)

Dana,

Inc

5.375

11/15/27

223

350,000

(e)

Dana,

Inc

5.625

06/15/28

345

8,080,000

Ford

Motor

Credit

Co

LLC

6.950

03/06/26

8,278

EUR

300,000

Ford

Motor

Credit

Co

LLC

5.125

02/20/29

346

4,525,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

4,861

3,800,000

General

Motors

Co

5.400

10/15/29

3,868

GBP

200,000

General

Motors

Financial

Co,

Inc

2.250

09/06/24

249

20,000,000

General

Motors

Financial

Co,

Inc

2.750

06/20/25

19,230

19,850,000

General

Motors

Financial

Co,

Inc

5.000

04/09/27

19,805

EUR

500,000

General

Motors

Financial

Co,

Inc

0.600

05/20/27

504

6,250,000

(e)

General

Motors

Financial

Co,

Inc

5.850

04/06/30

6,445

12,000,000

General

Motors

Financial

Co,

Inc

2.700

06/10/31

10,062

5,450,000

General

Motors

Financial

Co,

Inc

5.700

N/A(f)

5,033

EUR

205,000

(d)

Goodyear

Europe

BV

2.750

08/15/28

210

3,575,000

(d)

Hyundai

Capital

Services,

Inc

2.125

04/24/25

3,428

EUR

400,000

(d),(g)

IHO

Verwaltungs

GmbH

3.750

09/15/26

435

200,000

(d)

Kia

Corp

2.750

02/14/27

186

4,450,000

Magna

International,

Inc

3.625

06/15/24

4,408

EUR

300,000

Volkswagen

Bank

GmbH

2.500

07/31/26

322

150,000

(d)

ZF

North

America

Capital,

Inc

6.875

04/14/28

155

TOTAL

AUTOMOBILES

&

COMPONENTS

89,664

BANKS

-

6.6%

2,000,000

(d)

Akbank

T.A.S.

6.800

06/22/31

1,973

1,775,000

(d)

Banco

de

Credito

del

Peru

3.125

07/01/30

1,688

1,500,000

(d)

Banco

de

Credito

e

Inversiones

S.A.

2.875

10/14/31

1,272

3,000,000

(d)

Banco

del

Estado

de

Chile

2.704

01/09/25

2,895

3,000,000

(d)

Banco

Nacional

de

Panama

2.500

08/11/30

2,218

EUR

400,000

Banco

Santander

S.A.

0.200

02/11/28

390

400,000

Banco

Santander

S.A.

7.500

N/A(f)

400

2,650,000

Bancolombia

S.A.

4.625

12/18/29

2,455

3,010,000

(d)

Bangkok

Bank

PCL

3.466

09/23/36

2,525

1,750,000

(d)

Banistmo

S.A.

4.250

07/31/27

1,584

8,100,000

(d)

Bank

Hapoalim

BM

3.255

01/21/32

7,005

6,300,000

(d)

Bank

Leumi

Le-Israel

BM

3.275

01/29/31

5,687

EUR

400,000

Bank

of

America

Corp

1.375

03/26/25

430

EUR

300,000

Bank

of

America

Corp

1.776

05/04/27

318

11,500,000

Bank

of

America

Corp

5.202

04/25/29

11,571

8,500,000

Bank

of

America

Corp

5.819

09/15/29

8,774

55,925,000

Bank

of

America

Corp

2.592

04/29/31

48,196

39,000,000

Bank

of

America

Corp

5.288

04/25/34

39,090

39,150,000

Bank

of

America

Corp

5.872

09/15/34

40,981

26,750,000

Bank

of

America

Corp

2.676

06/19/41

19,123

5,000,000

Bank

of

America

Corp

6.250

N/A(f)

4,954

3,000,000

Bank

of

America

Corp

6.100

N/A(f)

2,972

2,975,000

Bank

of

Montreal

3.803

12/15/32

2,737

GBP

300,000

Banque

Federative

du

Credit

Mutuel

S.A.

4.875

09/25/25

382

9,475,000

Barclays

plc

3.932

05/07/25

9,409

6,075,000

Barclays

plc

3.330

11/24/42

4,489

300,000

(d)

BBVA

Bancomer

S.A.

5.350

11/12/29

295

1,500,000

(d)

BBVA

Bancomer

S.A.

5.125

01/18/33

1,359

1,400,000

(d)

BBVA

Bancomer

S.A.

8.450

06/29/38

1,493

5,600,000

(d)

BNP

Paribas

S.A.

1.904

09/30/28

4,975

EUR

500,000

BNP

Paribas

S.A.

3.875

02/23/29

564

5,000,000

(d)

BNP

Paribas

S.A.

2.159

09/15/29

4,349

2,775,000

(d)

BNP

Paribas

S.A.

2.588

08/12/35

2,278

449,000

(d)

BPCE

S.A.

4.625

07/11/24

444

EUR

300,000

BPCE

S.A.

0.500

09/15/27

305

36,375,000

Citigroup,

Inc

3.200

10/21/26

34,685

11,970,000

Citigroup,

Inc

4.125

07/25/28

11,494

7,125,000

Citigroup,

Inc

2.572

06/03/31

6,086

CREF

Core

Bond

Account

December

31,

2023

234

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

15,100,000

Citigroup,

Inc

4.910

%

05/24/33

$

14,784

39,225,000

(e)

Citigroup,

Inc

6.270

11/17/33

41,971

6,750,000

Citigroup,

Inc

7.625

N/A(f)

6,892

5,000,000

Citigroup,

Inc

5.000

N/A(f)

4,853

8,425,000

Cooperatieve

Rabobank

UA

3.750

07/21/26

8,066

GBP

600,000

Danske

Bank

A.S.

2.250

01/14/28

698

2,975,000

(d)

Development

Bank

of

Kazakhstan

JSC

2.950

05/06/31

2,425

3,325,000

(d)

Grupo

Aval

Ltd

4.375

02/04/30

2,823

2,880,000

(d)

Hana

Bank

3.500

N/A(f)

2,607

9,925,000

HSBC

Holdings

plc

4.292

09/12/26

9,715

6,200,000

HSBC

Holdings

plc

2.013

09/22/28

5,520

12,400,000

HSBC

Holdings

plc

7.390

11/03/28

13,287

11,925,000

HSBC

Holdings

plc

2.206

08/17/29

10,410

3,750,000

HSBC

Holdings

plc

3.973

05/22/30

3,502

7,000,000

Huntington

Bancshares,

Inc

5.625

N/A(f)

6,320

UGX

2,000,000,000

(d),(h)

ICBC

Standard

Bank

plc

14.250

06/26/34

472

EUR

500,000

ING

Groep

NV

1.250

02/16/27

525

2,125,000

(d)

Intercorp

Financial

Services,

Inc

4.125

10/19/27

1,936

200,000

(d)

Intesa

Sanpaolo

S.p.A

4.198

06/01/32

165

31,125,000

JPMorgan

Chase

&

Co

2.301

10/15/25

30,329

14,600,000

JPMorgan

Chase

&

Co

3.200

06/15/26

14,087

8,325,000

JPMorgan

Chase

&

Co

4.323

04/26/28

8,201

EUR

600,000

JPMorgan

Chase

&

Co

1.638

05/18/28

625

10,500,000

JPMorgan

Chase

&

Co

3.702

05/06/30

9,881

2,150,000

JPMorgan

Chase

&

Co

1.953

02/04/32

1,748

19,775,000

JPMorgan

Chase

&

Co

4.912

07/25/33

19,552

24,425,000

JPMorgan

Chase

&

Co

5.350

06/01/34

24,773

3,200,000

JPMorgan

Chase

&

Co

6.254

10/23/34

3,469

2,625,000

JPMorgan

Chase

&

Co

2.525

11/19/41

1,856

10,750,000

JPMorgan

Chase

&

Co

3.157

04/22/42

8,303

5,500,000

JPMorgan

Chase

&

Co

5.000

N/A(f)

5,400

11,100,000

JPMorgan

Chase

&

Co

6.100

N/A(f)

11,039

6,250,000

JPMorgan

Chase

&

Co

3.650

N/A(f)

5,720

5,950,000

M&T

Bank

Corp

3.500

N/A(f)

4,367

3,675,000

(d)

Mizrahi

Tefahot

Bank

Ltd

3.077

04/07/31

3,254

5,700,000

NatWest

Group

plc

5.516

09/30/28

5,730

9,225,000

(d)

NBK

SPC

Ltd

1.625

09/15/27

8,350

2,100,000

(d)

Oversea-Chinese

Banking

Corp

Ltd

1.832

09/10/30

1,975

6,000,000

PNC

Financial

Services

Group,

Inc

3.900

04/29/24

5,965

7,465,000

PNC

Financial

Services

Group,

Inc

3.400

N/A(f)

5,971

CNY

8,000,000

QNB

Finance

Ltd

3.150

02/04/26

1,111

7,800,000

Sumitomo

Mitsui

Financial

Group,

Inc

1.474

07/08/25

7,381

11,700,000

Toronto-Dominion

Bank

4.285

09/13/24

11,603

2,350,000

Toronto-Dominion

Bank

3.625

09/15/31

2,255

2,400,000

Truist

Financial

Corp

4.000

05/01/25

2,358

9,000,000

Truist

Financial

Corp

4.800

N/A(f)

8,274

5,000,000

Truist

Financial

Corp

4.950

N/A(f)

4,784

2,350,000

(d)

United

Overseas

Bank

Ltd

3.750

04/15/29

2,338

3,500,000

(d)

United

Overseas

Bank

Ltd

2.000

10/14/31

3,187

3,700,000

Wells

Fargo

&

Co

3.750

01/24/24

3,695

5,300,000

Wells

Fargo

&

Co

3.550

09/29/25

5,179

16,375,000

Wells

Fargo

&

Co

2.393

06/02/28

14,998

9,600,000

Wells

Fargo

&

Co

6.303

10/23/29

10,118

10,000,000

Wells

Fargo

&

Co

3.900

N/A(f)

9,240

8,500,000

Wells

Fargo

&

Co

5.875

N/A(f)

8,411

5,775,000

Wells

Fargo

&

Co

7.625

N/A(f)

6,060

6,000,000

Wells

Fargo

&

Co

5.900

N/A(f)

5,937

TOTAL

BANKS

716,340

CAPITAL

GOODS

-

1.1%

21,944,000

AerCap

Ireland

Capital

DAC

3.000

10/29/28

20,035

2,250,000

AerCap

Ireland

Capital

DAC

3.850

10/29/41

1,812

235

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,250,000

Air

Lease

Corp

3.125

%

12/01/30

$

2,843

EUR

1,000,000

(d)

Albion

Financing

1

SARL

5.250

10/15/26

1,101

25,400,000

Boeing

Co

2.196

02/04/26

24,000

5,350,000

Boeing

Co

3.250

02/01/28

5,076

7,600,000

Boeing

Co

2.950

02/01/30

6,847

3,352,000

Boeing

Co

3.250

02/01/35

2,827

3,350,000

Boeing

Co

5.705

05/01/40

3,464

8,425,000

Boeing

Co

5.805

05/01/50

8,724

EUR

200,000

(d)

Carrier

Global

Corp

4.375

05/29/25

223

EUR

300,000

(d)

Carrier

Global

Corp

4.500

11/29/32

354

1,600,000

(d)

Cemex

SAB

de

C.V.

5.125

N/A(f)

1,517

1,300,000

(d)

Embraer

Netherlands

Finance

BV

7.000

07/28/30

1,364

EUR

500,000

(d)

Emerald

Debt

Merger

Sub

LLC

6.375

12/15/30

590

3,075,000

(d)

H&E

Equipment

Services,

Inc

3.875

12/15/28

2,796

EUR

500,000

Honeywell

International,

Inc

0.000

03/10/24

548

4,525,000

(d)

Israel

Electric

Corp

Ltd

4.250

08/14/28

4,224

8,000,000

L3Harris

Technologies,

Inc

5.400

07/31/33

8,318

7,275,000

Northrop

Grumman

Corp

3.250

01/15/28

6,952

EUR

500,000

Raytheon

Technologies

Corp

2.150

05/18/30

506

5,575,000

Raytheon

Technologies

Corp

2.250

07/01/30

4,816

1,925,000

(d)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6.500

11/07/33

2,043

3,000,000

(d)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3.500

09/10/51

2,071

5,425,000

Trane

Technologies

Luxembourg

Finance

S.A.

3.800

03/21/29

5,250

300,000

(d)

WESCO

Distribution,

Inc

7.250

06/15/28

308

TOTAL

CAPITAL

GOODS

118,609

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

EUR

250,000

(d)

Allied

Universal

Holdco

LLC

3.625

06/01/28

242

325,000

(d)

ASGN,

Inc

4.625

05/15/28

309

250,000

(d)

GFL

Environmental,

Inc

4.250

06/01/25

246

1,000,000

(d)

GFL

Environmental,

Inc

3.750

08/01/25

977

313,000

(d)

Prime

Security

Services

Borrower

LLC

5.250

04/15/24

310

2,000,000

(d)

Prime

Security

Services

Borrower

LLC

5.750

04/15/26

2,011

1,325,000

(d)

Prime

Security

Services

Borrower

LLC

3.375

08/31/27

1,228

725,000

(d)

Prime

Security

Services

Borrower

LLC

6.250

01/15/28

721

3,771,000

Republic

Services,

Inc

2.900

07/01/26

3,620

2,525,000

Waste

Management,

Inc

2.500

11/15/50

1,677

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

11,341

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.4%

5,575,000

AutoZone,

Inc

1.650

01/15/31

4,522

2,850,000

Diageo

Capital

plc

2.000

04/29/30

2,461

550,000

(d)

Group

1

Automotive,

Inc

4.000

08/15/28

510

925,000

(d),(e)

L

Brands,

Inc

6.625

10/01/30

945

875,000

(d)

Lithia

Motors,

Inc

4.625

12/15/27

841

8,850,000

Lowe's

Cos,

Inc

4.250

04/01/52

7,492

5,100,000

O'Reilly

Automotive,

Inc

3.550

03/15/26

4,956

6,875,000

O'Reilly

Automotive,

Inc

3.600

09/01/27

6,626

4,075,000

O'Reilly

Automotive,

Inc

4.200

04/01/30

3,926

12,400,000

O'Reilly

Automotive,

Inc

1.750

03/15/31

10,048

5,050,000

(d)

Prosus

NV

4.987

01/19/52

3,796

3,000,000

(d)

Staples,

Inc

7.500

04/15/26

2,791

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

48,914

CONSUMER

DURABLES

&

APPAREL

-

0.0%

149,000

Newell

Brands,

Inc

4.875

06/01/25

147

EUR

500,000

Whirlpool

EMEA

Finance

Sarl

0.500

02/20/28

488

TOTAL

CONSUMER

DURABLES

&

APPAREL

635

CONSUMER

SERVICES

-

0.5%

9,820,000

Amherst

College

4.100

11/01/45

8,324

4,000,000

(d)

Genm

Capital

Labuan

Ltd

3.882

04/19/31

3,412

CREF

Core

Bond

Account

December

31,

2023

236

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

125,000

(d)

Hilton

Domestic

Operating

Co,

Inc

5.750

%

05/01/28

$

125

1,151,000

(d)

International

Game

Technology

plc

6.500

02/15/25

1,152

8,000,000

President

and

Fellows

of

Harvard

College

3.529

10/01/31

7,508

14,250,000

President

and

Fellows

of

Harvard

College

3.619

10/01/37

12,592

1,000,000

(e)

Sands

China

Ltd

2.550

03/08/27

909

2,100,000

Sands

China

Ltd

5.900

08/08/28

2,083

15,000,000

Smith

College

4.620

07/01/45

13,838

TOTAL

CONSUMER

SERVICES

49,943

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.2%

4,000,000

Costco

Wholesale

Corp

1.600

04/20/30

3,426

1,200,000

SYSCO

Corp

6.000

01/17/34

1,299

5,450,000

SYSCO

Corp

3.150

12/14/51

3,904

8,500,000

Walmart,

Inc

1.800

09/22/31

7,202

4,000,000

Walmart,

Inc

2.500

09/22/41

2,962

7,400,000

Walmart,

Inc

4.500

04/15/53

7,190

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

25,983

ENERGY

-

2.5%

EUR

500,000

BP

Capital

Markets

plc

1.231

05/08/31

481

2,973,000

Cenovus

Energy,

Inc

5.400

06/15/47

2,806

6,850,000

Cheniere

Energy

Partners

LP

3.250

01/31/32

5,836

900,000

Chevron

USA,

Inc

3.900

11/15/24

891

7,200,000

Diamondback

Energy,

Inc

4.400

03/24/51

5,955

700,000

Ecopetrol

S.A.

5.375

06/26/26

686

2,000,000

Ecopetrol

S.A.

6.875

04/29/30

1,982

2,125,000

Ecopetrol

S.A.

4.625

11/02/31

1,803

3,000,000

(d)

EIG

Pearl

Holdings

Sarl

3.545

08/31/36

2,610

3,000,000

(d)

Empresa

Nacional

del

Petroleo

5.250

11/06/29

2,899

12,968,000

Enbridge,

Inc

3.125

11/15/29

11,830

3,925,000

Enbridge,

Inc

5.700

03/08/33

4,080

2,950,000

Enbridge,

Inc

3.400

08/01/51

2,149

4,575,000

Energy

Transfer

LP

2.900

05/15/25

4,433

4,725,000

Energy

Transfer

LP

4.750

01/15/26

4,694

6,350,000

Energy

Transfer

LP

4.950

06/15/28

6,325

4,225,000

Energy

Transfer

LP

5.250

04/15/29

4,257

2,900,000

Energy

Transfer

LP

5.750

02/15/33

2,990

5,100,000

Energy

Transfer

LP

6.550

12/01/33

5,535

775,000

Energy

Transfer

LP

5.400

10/01/47

722

8,700,000

Energy

Transfer

LP

6.250

04/15/49

8,997

9,125,000

Energy

Transfer

LP

5.000

05/15/50

8,136

2,950,000

Energy

Transfer

Operating

LP

5.500

06/01/27

2,986

5,125,000

Enterprise

Products

Operating

LLC

3.700

02/15/26

5,046

5,425,000

Enterprise

Products

Operating

LLC

3.125

07/31/29

5,074

2,650,000

Enterprise

Products

Operating

LLC

4.250

02/15/48

2,327

6,200,000

Enterprise

Products

Operating

LLC

4.200

01/31/50

5,378

4,500,000

Enterprise

Products

Operating

LLC

3.200

02/15/52

3,279

6,500,000

Enterprise

Products

Operating

LLC

3.300

02/15/53

4,816

450,000

(d)

EQM

Midstream

Partners

LP

6.000

07/01/25

450

2,548,320

(d)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.160

03/31/34

2,210

3,300,000

(d)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.625

03/31/36

2,724

3,200,000

(d)

KazTransGas

JSC

4.375

09/26/27

3,063

5,325,000

(e)

Magellan

Midstream

Partners

LP

3.250

06/01/30

4,820

8,375,000

Marathon

Petroleum

Corp

3.800

04/01/28

8,004

5,060,000

Marathon

Petroleum

Corp

4.750

09/15/44

4,512

5,500,000

Marathon

Petroleum

Corp

5.000

09/15/54

4,852

725,000

(d)

MEG

Energy

Corp

5.875

02/01/29

704

3,525,000

(d)

Midwest

Connector

Capital

Co

LLC

4.625

04/01/29

3,394

8,950,000

MPLX

LP

1.750

03/01/26

8,372

20,000,000

MPLX

LP

2.650

08/15/30

17,258

5,825,000

MPLX

LP

4.700

04/15/48

5,020

275,000

Murphy

Oil

Corp

5.875

12/01/27

274

237

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

950,000

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

7.650

%

07/31/24

$

641

2,200,000

Occidental

Petroleum

Corp

5.550

03/15/26

2,216

5,000,000

ONEOK,

Inc

4.500

03/15/50

4,186

315,000

(d)

Parkland

Corp

4.625

05/01/30

290

500,000

(d)

Parkland

Fuel

Corp

5.875

07/15/27

498

200,000

(d)

Pertamina

Persero

PT

3.650

07/30/29

188

5,300,000

Petroleos

Mexicanos

5.950

01/28/31

4,232

3,000,000

Petroleos

Mexicanos

6.700

02/16/32

2,489

13,575,000

Phillips

66

2.150

12/15/30

11,432

3,225,000

Phillips

66

3.300

03/15/52

2,309

2,375,000

Phillips

66

Co

4.680

02/15/45

2,148

475,000

Plains

All

American

Pipeline

LP

3.800

09/15/30

437

3,300,000

(d)

Promigas

S.A.

ESP

3.750

10/16/29

2,934

1,988,030

(d)

Rio

Oil

Finance

Trust

8.200

04/06/28

2,028

6,200,000

Sabine

Pass

Liquefaction

LLC

5.875

06/30/26

6,312

4,800,000

Sabine

Pass

Liquefaction

LLC

4.500

05/15/30

4,691

1,162,000

(d)

Saka

Energi

Indonesia

PT

4.450

05/05/24

1,150

3,000,000

(d)

Saudi

Arabian

Oil

Co

3.250

11/24/50

2,127

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4.000

10/01/27

6,257

3,350,000

Targa

Resources

Corp

4.200

02/01/33

3,080

425,000

Targa

Resources

Partners

LP

6.500

07/15/27

431

350,000

(d)

Tengizchevroil

Finance

Co

International

Ltd

2.625

08/15/25

329

4,300,000

(d)

Thaioil

Treasury

Center

Co

Ltd

2.500

06/18/30

3,635

11,000,000

TotalEnergies

Capital

International

S.A.

3.127

05/29/50

8,064

4,675,000

Williams

Cos,

Inc

2.600

03/15/31

3,997

9,250,000

(e)

Williams

Cos,

Inc

5.650

03/15/33

9,663

TOTAL

ENERGY

270,424

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.3%

5,100,000

Agree

LP

2.000

06/15/28

4,422

1,675,000

Alexandria

Real

Estate

Equities,

Inc

3.950

01/15/28

1,607

5,500,000

Alexandria

Real

Estate

Equities,

Inc

4.900

12/15/30

5,506

2,418,000

American

Tower

Corp

3.375

10/15/26

2,316

EUR

450,000

American

Tower

Corp

0.450

01/15/27

454

1,600,000

American

Tower

Corp

3.600

01/15/28

1,524

4,350,000

American

Tower

Corp

3.800

08/15/29

4,130

13,700,000

American

Tower

Corp

2.900

01/15/30

12,192

2,750,000

American

Tower

Corp

2.100

06/15/30

2,307

3,825,000

American

Tower

Corp

1.875

10/15/30

3,135

4,125,000

Brandywine

Operating

Partnership

LP

4.100

10/01/24

4,044

5,825,000

Brixmor

Operating

Partnership

LP

3.850

02/01/25

5,699

1,075,000

Brixmor

Operating

Partnership

LP

2.250

04/01/28

955

3,800,000

Crown

Castle,

Inc

2.250

01/15/31

3,147

3,200,000

CubeSmart

LP

2.250

12/15/28

2,826

GBP

400,000

Digital

Stout

Holding

LLC

3.750

10/17/30

474

2,275,000

Equinix,

Inc

2.150

07/15/30

1,927

6,700,000

Essex

Portfolio

LP

3.000

01/15/30

5,974

3,875,000

Extra

Space

Storage

LP

2.400

10/15/31

3,197

6,600,000

Healthcare

Realty

Holdings

LP

3.875

05/01/25

6,403

6,250,000

Healthcare

Realty

Holdings

LP

3.500

08/01/26

5,964

3,000,000

Healthcare

Realty

Holdings

LP

3.625

01/15/28

2,765

8,975,000

Healthcare

Realty

Holdings

LP

3.100

02/15/30

7,846

1,750,000

Healthcare

Realty

Holdings

LP

2.400

03/15/30

1,437

1,050,000

Healthcare

Realty

Holdings

LP

2.050

03/15/31

813

7,950,000

Highwoods

Realty

LP

3.875

03/01/27

7,379

2,900,000

Highwoods

Realty

LP

4.125

03/15/28

2,671

2,875,000

Highwoods

Realty

LP

4.200

04/15/29

2,601

4,000,000

Highwoods

Realty

LP

3.050

02/15/30

3,305

3,845,000

(d)

Iron

Mountain,

Inc

7.000

02/15/29

3,952

5,300,000

Kite

Realty

Group

Trust

4.750

09/15/30

4,991

4,475,000

Mid-America

Apartments

LP

3.750

06/15/24

4,430

4,300,000

Mid-America

Apartments

LP

4.000

11/15/25

4,224

CREF

Core

Bond

Account

December

31,

2023

238

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,100,000

Mid-America

Apartments

LP

2.750

%

03/15/30

$

9,711

3,025,000

Mid-America

Apartments

LP

1.700

02/15/31

2,453

2,575,000

Mid-America

Apartments

LP

2.875

09/15/51

1,689

600,000

National

Retail

Properties,

Inc

4.000

11/15/25

587

3,000,000

National

Retail

Properties,

Inc

3.600

12/15/26

2,874

1,800,000

NNN

REIT,

Inc

5.600

10/15/33

1,858

1,275,000

ProLogis

LP

2.875

11/15/29

1,157

3,125,000

ProLogis

LP

1.750

07/01/30

2,606

6,350,000

Regency

Centers

LP

3.900

11/01/25

6,154

1,025,000

Regency

Centers

LP

3.600

02/01/27

985

5,500,000

Regency

Centers

LP

2.950

09/15/29

4,932

8,150,000

(d)

SBA

Tower

Trust

2.836

01/15/25

7,870

11,046,000

(d)

SBA

Tower

Trust

1.884

01/15/26

10,248

25,315,000

(d)

SBA

Tower

Trust

1.631

11/15/26

22,603

42,100,000

(d)

SBA

Tower

Trust

1.840

04/15/27

37,261

2,968,000

SITE

Centers

Corp

3.625

02/01/25

2,884

3,850,000

SITE

Centers

Corp

4.700

06/01/27

3,786

3,025,000

Weingarten

Realty

Investors

4.450

01/15/24

3,022

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

247,297

FINANCIAL

SERVICES

-

2.3%

8,975,000

AerCap

Ireland

Capital

DAC

1.750

01/30/26

8,334

1,375,000

American

Express

Co

2.550

03/04/27

1,288

7,500,000

American

Express

Co

3.550

N/A(f)

6,430

10,000,000

Bank

of

New

York

Mellon

Corp

4.700

N/A(f)

9,745

EUR

500,000

Capital

One

Financial

Corp

0.800

06/12/24

543

6,635,000

(e)

Capital

One

Financial

Corp

3.950

N/A(f)

5,318

7,000,000

Charles

Schwab

Corp

5.375

N/A(f)

6,903

6,250,000

Community

Preservation

Corp

2.867

02/01/30

5,474

3,200,000

(d)

Corebridge

Financial,

Inc

6.050

09/15/33

3,333

4,350,000

Corebridge

Financial,

Inc

5.750

01/15/34

4,446

2,950,000

(d)

Credit

Suisse

Group

AG.

2.193

06/05/26

2,805

9,100,000

(d)

Credit

Suisse

Group

AG.

1.305

02/02/27

8,329

6,200,000

(d)

Credit

Suisse

Group

AG.

6.442

08/11/28

6,439

7,350,000

Deutsche

Bank

AG.

5.371

09/09/27

7,453

5,575,000

Deutsche

Bank

AG.

2.311

11/16/27

5,098

4,325,000

Deutsche

Bank

AG.

6.819

11/20/29

4,554

EUR

500,000

Deutsche

Bank

AG.

5.000

09/05/30

570

600,000

Deutsche

Bank

AG.

3.742

01/07/33

493

7,525,000

Discover

Bank

2.450

09/12/24

7,346

7,305,000

Discover

Bank

3.450

07/27/26

6,906

3,750,000

Discover

Bank

2.700

02/06/30

3,177

200,000

(d)

ENN

Clean

Energy

International

Investment

Ltd

3.375

05/12/26

187

1,825,000

(d)

Equitable

Financial

Life

Global

Funding

1.400

07/07/25

1,720

3,543,000

Equitable

Holdings,

Inc

4.950

N/A(f)

3,371

EUR

375,000

Fidelity

National

Information

Services,

Inc

1.100

07/15/24

407

12,825,000

Goldman

Sachs

Group,

Inc

3.500

04/01/25

12,533

6,000,000

Goldman

Sachs

Group,

Inc

1.992

01/27/32

4,848

12,080,000

Goldman

Sachs

Group,

Inc

2.615

04/22/32

10,140

3,500,000

Goldman

Sachs

Group,

Inc

4.411

04/23/39

3,165

6,825,000

Goldman

Sachs

Group,

Inc

3.436

02/24/43

5,331

3,000,000

Goldman

Sachs

Group,

Inc

3.800

N/A(f)

2,672

200,000

(d)

Indian

Railway

Finance

Corp

Ltd

3.249

02/13/30

180

3,600,000

(d)

Indian

Railway

Finance

Corp

Ltd

2.800

02/10/31

3,092

1,700,000

(d)

Indian

Railway

Finance

Corp

Ltd

3.570

01/21/32

1,523

2,771,000

(d)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4.875

01/15/28

2,456

3,000,000

(d)

Minejesa

Capital

BV

4.625

08/10/30

2,846

10,000,000

Morgan

Stanley

2.188

04/28/26

9,607

31,425,000

Morgan

Stanley

3.125

07/27/26

30,091

EUR

700,000

Morgan

Stanley

1.342

10/23/26

741

1,400,000

Morgan

Stanley

5.449

07/20/29

1,426

6,600,000

Morgan

Stanley

6.407

11/01/29

6,995

239

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

500,000

Morgan

Stanley

2.950

%

05/07/32

$

522

$

14,250,000

Morgan

Stanley

5.250

04/21/34

14,248

5,150,000

Morgan

Stanley

5.424

07/21/34

5,227

4,440,000

Northern

Trust

Corp

4.600

N/A(f)

4,234

3,350,000

(d)

Power

Finance

Corp

Ltd

3.950

04/23/30

3,093

550,000

Springleaf

Finance

Corp

5.375

11/15/29

515

8,825,000

UBS

Group

AG.

3.750

03/26/25

8,645

3,065,000

(d)

UBS

Group

AG.

3.179

02/11/43

2,267

4,225,000

Visa,

Inc

2.700

04/15/40

3,260

TOTAL

FINANCIAL

SERVICES

250,326

FOOD,

BEVERAGE

&

TOBACCO

-

1.2%

1,600,000

(d)

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3.375

06/29/28

1,364

6,975,000

Anheuser-Busch

Cos

LLC

4.700

02/01/36

6,952

12,875,000

Anheuser-Busch

Cos

LLC

4.900

02/01/46

12,621

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4.750

01/23/29

17,112

11,500,000

BAT

Capital

Corp

2.259

03/25/28

10,290

10,225,000

BAT

Capital

Corp

4.906

04/02/30

10,047

4,400,000

BAT

Capital

Corp

2.726

03/25/31

3,690

10,000,000

BAT

International

Finance

plc

4.448

03/16/28

9,835

225,000

(d)

Becle

SAB

de

C.V.

2.500

10/14/31

181

3,800,000

(d)

Bimbo

Bakeries

USA,

Inc

6.050

01/15/29

3,997

3,875,000

(d)

Cia

Cervecerias

Unidas

S.A.

3.350

01/19/32

3,336

3,000,000

(d)

Coca-Cola

Icecek

AS.

4.500

01/20/29

2,750

1,700,000

Constellation

Brands,

Inc

4.400

11/15/25

1,680

2,675,000

Constellation

Brands,

Inc

3.700

12/06/26

2,605

1,050,000

Constellation

Brands,

Inc

3.150

08/01/29

976

6,900,000

Constellation

Brands,

Inc

2.875

05/01/30

6,180

20,175,000

Constellation

Brands,

Inc

2.250

08/01/31

16,952

4,500,000

Diageo

Capital

plc

1.375

09/29/25

4,248

8,050,000

Diageo

Capital

plc

2.375

10/24/29

7,247

2,500,000

(d)

Grupo

Bimbo

SAB

de

C.V.

4.700

11/10/47

2,230

3,950,000

Kraft

Heinz

Foods

Co

4.375

06/01/46

3,447

EUR

300,000

(d)

Mondelez

International

Holdings

Netherlands

BV

1.250

09/09/41

235

250,000

(d)

Sigma

Alimentos

S.A.

de

C.V.

4.125

05/02/26

244

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

128,219

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.4%

1,500,000

(e)

Abbott

Laboratories

5.300

05/27/40

1,606

1,925,000

Boston

Scientific

Corp

2.650

06/01/30

1,719

3,285,000

Centene

Corp

2.450

07/15/28

2,926

2,910,000

Centene

Corp

3.000

10/15/30

2,520

19,230,000

Children's

Hospital

Medic

4.268

05/15/44

17,702

9,750,000

CVS

Health

Corp

4.780

03/25/38

9,237

4,050,000

CVS

Health

Corp

2.700

08/21/40

2,887

21,150,000

CVS

Health

Corp

5.050

03/25/48

19,782

4,105,000

Dartmouth-Hitchcock

Health

4.178

08/01/48

3,246

10,775,000

Elevance

Health,

Inc

2.250

05/15/30

9,329

4,750,000

Elevance

Health,

Inc

5.125

02/15/53

4,756

4,225,000

HCA,

Inc

5.625

09/01/28

4,324

6,200,000

HCA,

Inc

3.625

03/15/32

5,544

4,300,000

HCA,

Inc

5.500

06/15/47

4,140

5,350,000

HCA,

Inc

4.625

03/15/52

4,550

3,500,000

(d)

Hologic,

Inc

3.250

02/15/29

3,173

6,125,000

Humana,

Inc

2.150

02/03/32

5,036

2,700,000

Humana,

Inc

5.875

03/01/33

2,876

EUR

250,000

(d)

IQVIA,

Inc

1.750

03/15/26

265

GBP

500,000

McKesson

Corp

3.125

02/17/29

603

2,925,000

McKesson

Corp

5.100

07/15/33

3,006

7,625,000

Medtronic

Global

Holdings

S.C.A

4.250

03/30/28

7,592

12,500,000

Mercy

Health

3.382

11/01/25

12,062

5,000,000

New

York

and

Presbyterian

Hospital

3.563

08/01/36

4,219

CREF

Core

Bond

Account

December

31,

2023

240

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

450,000

Stryker

Corp

2.625

%

11/30/30

$

481

$

375,000

Tenet

Healthcare

Corp

4.625

06/15/28

358

5,775,000

UnitedHealth

Group,

Inc

2.950

10/15/27

5,482

10,700,000

UnitedHealth

Group,

Inc

2.300

05/15/31

9,272

3,250,000

UnitedHealth

Group,

Inc

3.750

10/15/47

2,676

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

151,369

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.1%

EUR

750,000

(d)

Coty,

Inc

3.875

04/15/26

824

5,975,000

Haleon

US

Capital

LLC

3.375

03/24/27

5,749

3,500,000

Haleon

US

Capital

LLC

3.625

03/24/32

3,228

EUR

300,000

Procter

&

Gamble

Co

3.250

08/02/31

342

EUR

600,000

The

Procter

&

Gamble

Company

0.625

10/30/24

646

EUR

400,000

The

Procter

&

Gamble

Company

1.875

10/30/38

387

EUR

500,000

Unilever

Finance

Netherlands

BV

1.125

02/12/27

525

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

11,701

INSURANCE

-

1.4%

825,000

(d)

Alliant

Holdings

Intermediate

LLC

4.250

10/15/27

793

6,800,000

(d)

Allianz

SE

6.350

09/06/53

7,050

4,925,000

Aon

Corp

2.800

05/15/30

4,367

3,900,000

Aon

Corp

5.350

02/28/33

4,000

8,306,000

Aon

Global

Ltd

3.500

06/14/24

8,223

5,250,000

AXIS

Specialty

Finance

LLC

4.900

01/15/40

4,363

16,000,000

Berkshire

Hathaway

Finance

Corp

2.850

10/15/50

11,204

1,400,000

Berkshire

Hathaway

Finance

Corp

3.850

03/15/52

1,170

EUR

500,000

Chubb

INA

Holdings,

Inc

1.550

03/15/28

520

EUR

450,000

Chubb

INA

Holdings,

Inc

1.400

06/15/31

437

1,500,000

CNA

Financial

Corp

5.500

06/15/33

1,547

EUR

300,000

Credit

Agricole

Assurances

S.A.

1.500

10/06/31

271

EUR

400,000

Equitable

Financial

Life

Global

Funding

0.600

06/16/28

392

EUR

250,000

(d)

Fairfax

Financial

Holdings

Ltd

2.750

03/29/28

263

7,325,000

(d)

Five

Corners

Funding

Trust

II

2.850

05/15/30

6,477

3,000,000

(d)

Hanwha

Life

Insurance

Co

Ltd

3.379

02/04/32

2,766

22,408,000

Hartford

Financial

Services

Group,

Inc

2.800

08/19/29

20,347

1,100,000

Hartford

Financial

Services

Group,

Inc

4.300

04/15/43

936

2,500,000

Hartford

Financial

Services

Group,

Inc

2.900

09/15/51

1,667

EUR

750,000

Liberty

Mutual

Group,

Inc

2.750

05/04/26

814

EUR

400,000

(d)

Liberty

Mutual

Group,

Inc

4.625

12/02/30

461

4,100,000

(d)

Liberty

Mutual

Group,

Inc

3.951

10/15/50

3,099

4,825,000

(d)

Liberty

Mutual

Group,

Inc

5.500

06/15/52

4,752

7,000,000

MetLife,

Inc

3.600

04/10/24

6,961

1,250,000

MetLife,

Inc

3.600

11/13/25

1,227

1,750,000

MetLife,

Inc

5.000

07/15/52

1,737

11,820,000

MetLife,

Inc

3.850

N/A(f)

11,189

GBP

200,000

Metropolitan

Life

Global

Funding

I

4.125

09/02/25

252

8,200,000

(d)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5.875

05/23/42

8,200

11,875,000

PartnerRe

Finance

B

LLC

4.500

10/01/50

10,108

5,250,000

Principal

Financial

Group,

Inc

2.125

06/15/30

4,432

1,450,000

Prudential

Financial,

Inc

3.905

12/07/47

1,185

6,960,000

Prudential

Financial,

Inc

3.700

10/01/50

6,034

3,875,000

Prudential

Financial,

Inc

5.125

03/01/52

3,642

3,275,000

Reinsurance

Group

of

America,

Inc

3.900

05/15/29

3,115

5,600,000

(d)

Swiss

Re

Finance

Luxembourg

S.A.

5.000

04/02/49

5,348

TOTAL

INSURANCE

149,349

MATERIALS

-

0.8%

7,975,000

Albemarle

Corp

4.650

06/01/27

7,830

1,925,000

(d)

Alpek

SAB

de

C.V.

4.250

09/18/29

1,776

2,600,000

(d)

Alpek

SAB

de

C.V.

3.250

02/25/31

2,227

852,000

Amcor

Flexibles

North

America,

Inc

3.100

09/15/26

799

4,879,000

Amcor

Flexibles

North

America,

Inc

2.630

06/19/30

4,218

241

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,400,000

Amcor

Flexibles

North

America,

Inc

2.690

%

05/25/31

$

8,091

11,325,000

AngloGold

Ashanti

Holdings

plc

3.750

10/01/30

9,846

2,000,000

(d)

Antofagasta

plc

5.625

05/13/32

2,010

EUR

500,000

(d)

Ardagh

Metal

Packaging

Finance

USA

LLC

2.000

09/01/28

489

1,875,000

Ball

Corp

2.875

08/15/30

1,609

14,250,000

Berry

Global,

Inc

1.570

01/15/26

13,238

200,000

Celulosa

Arauco

y

Constitucion

S.A.

3.875

11/02/27

187

3,000,000

(d)

Celulosa

Arauco

y

Constitucion

S.A.

4.250

04/30/29

2,797

1,650,000

(d),(e)

Celulosa

Arauco

y

Constitucion

S.A.

4.200

01/29/30

1,524

4,200,000

(d)

Corp

Nacional

del

Cobre

de

Chile

3.625

08/01/27

3,976

EUR

500,000

Dow

Chemical

Co

0.500

03/15/27

505

2,800,000

(d)

Equate

Petrochemical

BV

2.625

04/28/28

2,516

1,800,000

(d)

Freeport

Indonesia

PT

4.763

04/14/27

1,769

2,400,000

(d)

Fresnillo

plc

4.250

10/02/50

1,834

3,600,000

(d)

Inversiones

CMPC

S.A.

3.000

04/06/31

3,059

6,675,000

Nutrien

Ltd

2.950

05/13/30

6,028

1,920,000

(d)

OCI

NV

4.625

10/15/25

1,870

875,000

(d)

OCP

S.A.

3.750

06/23/31

752

EUR

250,000

(d)

OI

European

Group

BV

6.250

05/15/28

289

EUR

250,000

(d)

Olympus

Water

US

Holding

Corp

3.875

10/01/28

252

300,000

(d)

Orbia

Advance

Corp

SAB

de

C.V.

1.875

05/11/26

275

375,000

(d)

PolyOne

Corp

5.750

05/15/25

375

2,075,000

Sasol

Financing

USA

LLC

4.375

09/18/26

1,927

4,300,000

Suzano

Austria

GmbH

3.125

01/15/32

3,568

200,000

(d)

UltraTech

Cement

Ltd

2.800

02/16/31

169

TOTAL

MATERIALS

85,805

MEDIA

&

ENTERTAINMENT

-

1.2%

EUR

400,000

(d)

Blackstone

Private

Credit

Fund

1.750

11/30/26

394

EUR

750,000

(d)

BOI

Finance

BV

7.500

02/16/27

757

5,000,000

(d)

CCO

Holdings

LLC

4.250

02/01/31

4,370

10,200,000

(e)

Charter

Communications

Operating

LLC

4.400

04/01/33

9,413

14,100,000

Charter

Communications

Operating

LLC

3.500

03/01/42

9,808

6,150,000

Charter

Communications

Operating

LLC

5.125

07/01/49

4,995

20,345,000

Charter

Communications

Operating

LLC

4.800

03/01/50

15,748

3,000,000

Charter

Communications

Operating

LLC

3.700

04/01/51

1,951

EUR

450,000

Comcast

Corp

0.250

05/20/27

455

17,000,000

Comcast

Corp

3.200

07/15/36

14,291

1,925,000

Comcast

Corp

3.900

03/01/38

1,721

28,050,000

Comcast

Corp

2.887

11/01/51

18,974

5,000,000

(d)

CSC

Holdings

LLC

3.375

02/15/31

3,648

GBP

300,000

Discovery

Communications

LLC

2.500

09/20/24

374

650,000

Lamar

Media

Corp

3.750

02/15/28

610

1,000,000

Lamar

Media

Corp

4.000

02/15/30

916

2,675,000

(d)

Sirius

XM

Radio,

Inc

4.125

07/01/30

2,384

GBP

200,000

Time

Warner

Cable

LLC

5.750

06/02/31

254

4,400,000

Time

Warner

Cable

LLC

5.875

11/15/40

3,983

3,450,000

Time

Warner

Cable

LLC

4.500

09/15/42

2,707

EUR

700,000

(d)

VZ

Secured

Financing

BV

3.500

01/15/32

681

9,800,000

Warnermedia

Holdings,

Inc

3.755

03/15/27

9,390

18,225,000

Warnermedia

Holdings,

Inc

5.050

03/15/42

16,067

2,375,000

Warnermedia

Holdings,

Inc

5.141

03/15/52

2,039

2,700,000

(e)

Weibo

Corp

3.375

07/08/30

2,328

TOTAL

MEDIA

&

ENTERTAINMENT

128,258

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.2%

EUR

550,000

AbbVie,

Inc

1.250

06/01/24

600

9,850,000

AbbVie,

Inc

4.050

11/21/39

8,894

16,075,000

Amgen,

Inc

5.250

03/02/33

16,481

12,925,000

Amgen,

Inc

5.650

03/02/53

13,598

7,350,000

AstraZeneca

Finance

LLC

1.200

05/28/26

6,801

3,795,000

AstraZeneca

Finance

LLC

2.250

05/28/31

3,272

CREF

Core

Bond

Account

December

31,

2023

242

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

13,060,000

AstraZeneca

plc

1.375

%

08/06/30

$

10,857

EUR

500,000

(d)

Avantor

Funding,

Inc

3.875

07/15/28

540

1,500,000

(d)

Avantor

Funding,

Inc

4.625

07/15/28

1,450

3,125,000

Danaher

Corp

2.800

12/10/51

2,164

10,600,000

Gilead

Sciences,

Inc

5.250

10/15/33

11,048

5,500,000

Gilead

Sciences,

Inc

5.550

10/15/53

5,959

4,025,000

Merck

&

Co,

Inc

2.750

12/10/51

2,767

EUR

600,000

(d)

Organon

Finance   LLC

2.875

04/30/28

606

250,000

(d)

Organon

Finance   LLC

5.125

04/30/31

214

4,150,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.750

05/19/33

4,159

31,850,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

32,515

EUR

300,000

Sartorius

Finance

BV

4.375

09/14/29

343

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2.000

07/09/40

437

1,045,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.750

05/09/27

1,001

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0.800

10/18/30

766

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

124,472

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

EUR

200,000

Vonovia

SE

0.625

12/14/29

182

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

182

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.6%

25,131,000

(d)

Broadcom,

Inc

4.926

05/15/37

24,320

1,675,000

Intel

Corp

3.734

12/08/47

1,361

8,375,000

NVIDIA

Corp

2.000

06/15/31

7,178

1,100,000

(d)

NXP

BV

2.700

05/01/25

1,060

5,450,000

NXP

BV

3.875

06/18/26

5,310

3,475,000

NXP

BV

4.400

06/01/27

3,430

4,100,000

NXP

BV

3.125

02/15/42

3,054

4,800,000

(d)

SK

Hynix,

Inc

1.500

01/19/26

4,421

2,200,000

Texas

Instruments,

Inc

4.150

05/15/48

1,995

4,000,000

Texas

Instruments,

Inc

5.000

03/14/53

4,095

4,000,000

(d)

TSMC

Global

Ltd

1.000

09/28/27

3,511

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

59,735

SOFTWARE

&

SERVICES

-

0.8%

7,350,000

Adobe,

Inc

2.300

02/01/30

6,584

200,000

(d)

CA

Magnum

Holdings

5.375

10/31/26

186

900,000

(d)

Gartner,

Inc

3.750

10/01/30

796

EUR

400,000

International

Business

Machines

Corp

0.650

02/11/32

365

1,413,000

(d)

j2

Global,

Inc

4.625

10/15/30

1,296

26,300,000

Microsoft

Corp

2.400

08/08/26

25,061

2,200,000

(d)

Microsoft

Corp

3.400

09/15/26

2,144

4,120,000

Microsoft

Corp

2.525

06/01/50

2,813

550,000

(d)

Open

Text

Holdings,

Inc

4.125

02/15/30

498

8,025,000

Oracle

Corp

4.900

02/06/33

7,988

17,650,000

Oracle

Corp

5.550

02/06/53

17,655

3,000,000

Roper

Technologies,

Inc

1.400

09/15/27

2,684

10,050,000

Roper

Technologies,

Inc

2.000

06/30/30

8,531

9,650,000

Salesforce,

Inc

2.700

07/15/41

7,371

TOTAL

SOFTWARE

&

SERVICES

83,972

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2.800

02/15/30

3,938

4,825,000

Apple,

Inc

2.450

08/04/26

4,599

26,100,000

Apple,

Inc

2.050

09/11/26

24,586

3,225,000

Apple,

Inc

4.650

02/23/46

3,181

4,675,000

Apple,

Inc

2.650

02/08/51

3,201

2,175,000

Tyco

Electronics

Group

S.A.

3.700

02/15/26

2,129

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

41,634

243

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

TELECOMMUNICATION

SERVICES

-

2.1%

$

3,300,000

(d)

America

Movil

SAB

de

C.V.

5.375

%

04/04/32

$

3,067

GBP

300,000

AT&T,

Inc

2.900

12/04/26

364

EUR

500,000

AT&T,

Inc

2.350

09/05/29

529

42,943,000

AT&T,

Inc

2.550

12/01/33

34,999

8,325,000

AT&T,

Inc

4.500

05/15/35

7,886

7,375,000

AT&T,

Inc

3.500

06/01/41

5,856

38,320,000

AT&T,

Inc

3.550

09/15/55

27,551

6,553,000

AT&T,

Inc

3.800

12/01/57

4,871

225,000

(d)

Bharti

Airtel

Ltd

3.250

06/03/31

198

3,000,000

(d)

C&W

Senior

Financing

Designated

Activity

Co

6.875

09/15/27

2,795

1,775,000

(d)

Cable

Onda

S.A.

4.500

01/30/30

1,529

850,000

Deutsche

Telekom

International

Finance

BV

8.750

06/15/30

1,024

EUR

665,000

(d)

Iliad

Holding

SAS

5.125

10/15/26

731

1,175,000

(d)

Millicom

International

Cellular

S.A.

4.500

04/27/31

977

4,000,000

(d)

MTN

Mauritius

Investment

Ltd

6.500

10/13/26

4,028

2,425,000

Orange

S.A.

5.375

01/13/42

2,467

22,975,000

T-Mobile

USA,

Inc

2.625

02/15/29

20,684

30,200,000

T-Mobile

USA,

Inc

3.875

04/15/30

28,639

8,800,000

T-Mobile

USA,

Inc

5.050

07/15/33

8,868

2,225,000

T-Mobile

USA,

Inc

3.000

02/15/41

1,665

7,800,000

T-Mobile

USA,

Inc

3.300

02/15/51

5,635

EUR

400,000

Verizon

Communications,

Inc

1.875

10/26/29

412

EUR

200,000

Verizon

Communications,

Inc

4.250

10/31/30

234

10,300,000

Verizon

Communications,

Inc

1.750

01/20/31

8,472

8,450,000

Verizon

Communications,

Inc

2.550

03/21/31

7,286

38,051,000

Verizon

Communications,

Inc

2.355

03/15/32

31,650

EUR

300,000

Verizon

Communications,

Inc

2.875

01/15/38

305

GBP

1,000,000

(d)

Vmed

O2

UK

Financing

I

plc

4.500

07/15/31

1,099

6,550,000

Vodafone

Group

plc

4.375

02/19/43

5,710

5,125,000

Vodafone

Group

plc

4.250

09/17/50

4,251

TOTAL

TELECOMMUNICATION

SERVICES

223,782

TRANSPORTATION

-

0.4%

1,850,000

(d)

Adani

Ports

&

Special

Economic

Zone

Ltd

4.000

07/30/27

1,648

2,000,000

(d)

Adani

Ports

&

Special

Economic

Zone

Ltd

4.200

08/04/27

1,797

2,700,000

(d)

Adani

Ports

&

Special

Economic

Zone

Ltd

3.100

02/02/31

2,059

1,450,000

(d)

Aeropuerto

Internacional

de

Tocumen

S.A.

4.000

08/11/41

1,088

4,075,000

Burlington

Northern

Santa

Fe

LLC

3.050

02/15/51

2,944

1,300,000

Canadian

Pacific

Railway

Co

2.050

03/05/30

1,113

5,600,000

Canadian

Pacific

Railway

Co

3.100

12/02/51

4,045

2,040,000

CSX

Corp

2.600

11/01/26

1,940

1,525,000

CSX

Corp

3.800

03/01/28

1,498

14,175,000

CSX

Corp

4.250

03/15/29

14,160

1,550,000

(d)

Empresa

de

los

Ferrocarriles

del

Estado

3.068

08/18/50

938

3,800,000

(d)

ENA

Master

Trust

4.000

05/19/48

2,662

3,260,000

(d)

Misc

Capital

Two

Labuan

Ltd

3.750

04/06/27

3,138

5,100,000

Union

Pacific

Corp

2.891

04/06/36

4,305

2,275,000

Union

Pacific

Corp

3.839

03/20/60

1,856

TOTAL

TRANSPORTATION

45,191

UTILITIES

-

3.1%

1,950,000

(d)

Adani

Electricity

Mumbai

Ltd

3.867

07/22/31

1,509

1,650,000

AEP

Transmission

Co

LLC

3.100

12/01/26

1,585

1,650,000

AEP

Transmission

Co

LLC

4.000

12/01/46

1,378

4,750,000

AEP

Transmission

Co

LLC

2.750

08/15/51

3,074

1,175,000

AEP

Transmission

Co

LLC

5.400

03/15/53

1,221

3,475,000

Alabama

Power

Co

4.150

08/15/44

2,976

6,025,000

Alabama

Power

Co

3.450

10/01/49

4,527

3,975,045

(d)

Alfa

Desarrollo

S.p.A

4.550

09/27/51

3,103

17,400,000

Ameren

Illinois

Co

4.950

06/01/33

17,621

3,225,000

Ameren

Illinois

Co

5.900

12/01/52

3,609

CREF

Core

Bond

Account

December

31,

2023

244

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,750,000

American

Water

Capital

Corp

3.000

%

12/01/26

$

2,614

4,000,000

American

Water

Capital

Corp

2.800

05/01/30

3,579

8,500,000

American

Water

Capital

Corp

2.300

06/01/31

7,258

2,375,000

American

Water

Capital

Corp

4.000

12/01/46

1,988

4,500,000

American

Water

Capital

Corp

3.750

09/01/47

3,675

5,788,000

Appalachian

Power

Co

4.450

06/01/45

4,884

8,475,000

Atmos

Energy

Corp

1.500

01/15/31

6,891

1,175,000

Atmos

Energy

Corp

4.125

10/15/44

1,040

5,325,000

Atmos

Energy

Corp

6.200

11/15/53

6,242

6,500,000

Baltimore

Gas

and

Electric

Co

3.750

08/15/47

5,142

5,925,000

Berkshire

Hathaway

Energy

Co

3.250

04/15/28

5,627

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3.000

03/01/32

951

EUR

350,000

CEZ

AS.

0.875

12/02/26

357

2,975,000

CMS

Energy

Corp

3.600

11/15/25

2,888

3,500,000

Commonwealth

Edison

Co

5.900

03/15/36

3,782

8,250,000

Commonwealth

Edison

Co

3.000

03/01/50

5,748

5,100,000

Commonwealth

Edison

Co

2.750

09/01/51

3,312

2,178,000

Consumers

Energy

Co

2.650

08/15/52

1,439

1,542,000

Consumers

Energy

Co

2.500

05/01/60

942

2,350,000

Dominion

Energy,

Inc

2.250

08/15/31

1,946

4,000,000

Dominion

Energy,

Inc

3.300

04/15/41

3,055

2,500,000

DTE

Electric

Co

3.650

03/01/52

1,971

2,125,000

DTE

Electric

Co

5.400

04/01/53

2,230

4,600,000

Duke

Energy

Florida

LLC

3.400

10/01/46

3,446

8,850,000

Duke

Energy

Indiana

LLC

2.750

04/01/50

5,721

6,100,000

Duke

Energy

Progress

LLC

2.500

08/15/50

3,832

EUR

500,000

EDP

Finance

BV

3.875

03/11/30

572

EUR

300,000

Electricite

de

France

S.A.

2.000

10/02/30

305

3,445,000

(d)

Empresas

Publicas

de

Medellin

ESP

4.250

07/18/29

2,930

2,000,000

(d)

EnfraGen

Energia

Sur

S.A.

5.375

12/30/30

1,562

6,900,000

Entergy

Corp

0.900

09/15/25

6,416

10,600,000

Enterprise

Products

Operating

LLC

3.700

01/31/51

8,434

6,350,000

Eversource

Energy

3.450

01/15/50

4,583

8,200,000

Florida

Power

&

Light

Co

4.800

05/15/33

8,292

5,775,000

Florida

Power

&

Light

Co

3.990

03/01/49

4,945

2,900,000

Indiana

Michigan

Power

Co

3.750

07/01/47

2,221

3,200,000

(d)

Korea

Southern

Power

Co

Ltd

0.750

01/27/26

2,936

6,975,000

MidAmerican

Energy

Co

3.650

04/15/29

6,664

5,400,000

MidAmerican

Energy

Co

3.650

08/01/48

4,277

7,350,000

Nevada

Power

Co

2.400

05/01/30

6,371

3,335,000

Nevada

Power

Co

5.450

05/15/41

3,321

12,700,000

NextEra

Energy

Capital

Holdings,

Inc

2.250

06/01/30

10,864

20,060,000

NiSource,

Inc

1.700

02/15/31

16,253

6,000,000

(d)

NRG

Energy,

Inc

2.450

12/02/27

5,410

2,750,000

Ohio

Power

Co

2.600

04/01/30

2,408

6,150,000

Ohio

Power

Co

4.150

04/01/48

5,125

4,925,000

Ohio

Power

Co

4.000

06/01/49

4,002

1,280,000

Oncor

Electric

Delivery

Co

LLC

5.250

09/30/40

1,308

425,000

ONE

Gas,

Inc

3.610

02/01/24

424

600,000

(d)

Pattern

Energy

Operations

LP

4.500

08/15/28

568

2,775,000

PECO

Energy

Co

3.000

09/15/49

1,973

3,700,000

PECO

Energy

Co

2.800

06/15/50

2,491

650,000

(d)

Perusahaan

Listrik

Negara

PT

3.875

07/17/29

614

3,000,000

(d)

Perusahaan

Listrik

Negara

PT

3.375

02/05/30

2,734

200,000

(d)

Perusahaan

Listrik

Negara

PT

4.875

07/17/49

176

5,000,000

(d)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.000

06/30/50

3,873

750,000

Potomac

Electric

Power

Co

7.900

12/15/38

966

6,800,000

Public

Service

Co

of

Colorado

1.875

06/15/31

5,598

2,100,000

Public

Service

Co

of

Colorado

4.050

09/15/49

1,700

4,450,000

Public

Service

Co

of

Colorado

3.200

03/01/50

3,184

5,150,000

Public

Service

Electric

and

Gas

Co

4.900

12/15/32

5,225

6,970,000

Public

Service

Electric

and

Gas

Co

3.150

01/01/50

5,131

245

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

Public

Service

Electric

and

Gas

Co

5.450

%

08/01/53

$

5,396

20,000,000

Southern

Co

4.000

01/15/51

19,017

EUR

300,000

Southern

Co

1.875

09/15/81

284

8,475,000

Southern

Co

Gas

Capital

Corp

3.875

11/15/25

8,263

EUR

500,000

Southern

Power

Co

1.850

06/20/26

533

2,440,000

Southwestern

Public

Service

Co

3.400

08/15/46

1,757

4,071,942

(d)

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

3,342

6,700,000

Union

Electric

Co

5.450

03/15/53

6,908

3,250,000

Virginia

Electric

and

Power

Co

2.950

11/15/26

3,102

1,900,000

Virginia

Electric

and

Power

Co

5.700

08/15/53

2,013

3,000,000

Wisconsin

Power

and

Light

Co

4.950

04/01/33

3,007

4,125,000

Wisconsin

Power

and

Light

Co

4.100

10/15/44

3,351

2,240,000

Xcel

Energy,

Inc

4.800

09/15/41

2,001

TOTAL

UTILITIES

333,993

TOTAL

CORPORATE

BONDS

3,397,138

(Cost

$3,705,538)

GOVERNMENT

BONDS

-

49.3%

AGENCY

SECURITIES

-

0.2%

25,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1.540

08/17/35

17,876

6,125,000

Private

Export

Funding

Corp

(PEFCO)

1.750

11/15/24

5,943

TOTAL

AGENCY

SECURITIES

23,819

FOREIGN

GOVERNMENT

BONDS

-

3.7%

2,000,000

(d)

Abu

Dhabi

Government

International

Bond

2.500

09/30/29

1,829

750,000

(d)

Africa

Finance

Corp

2.875

04/28/28

654

3,925,000

(d)

Angolan

Government

International

Bond

8.750

04/14/32

3,446

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6.000

12/08/31

469

AUD

1,250,000

Australia

Government

Bond

1.000

12/21/30

705

AUD

1,775,000

Australia

Government

Bond

1.250

05/21/32

979

AUD

1,960,000

Australia

Government

Bond

1.750

06/21/51

783

200,000

(d)

Bank

Gospodarstwa

Krajowego

6.250

10/31/28

211

2,215,000

(d)

Bank

Gospodarstwa

Krajowego

5.375

05/22/33

2,244

8,500,000

(d)

Banque

Ouest

Africaine

de

Developpement

4.700

10/22/31

7,227

EUR

3,650,000

(d)

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

3,071

EUR

850,000

(d)

Benin

Government

International

Bond

4.950

01/22/35

737

5,000,000

(d)

BNG

Bank

NV

3.500

08/26/24

4,944

8,000,000

(d)

BNG

Bank

NV

0.875

05/18/26

7,378

1,950,000

(d)

Brazil

Minas

SPE

via

State

of

Minas

Gerais

5.333

02/15/28

1,913

BRL

3,000,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000

01/01/27

621

3,410,000

Brazilian

Government

International

Bond

6.000

10/20/33

3,411

EUR

2,445,000

Bundesobligation

0.000

10/10/25

2,587

EUR

575,000

Bundesobligation

1.300

10/15/27

619

EUR

6,800,000

Bundesrepublik

Deutschland

0.000

08/15/31

6,499

EUR

380,000

Bundesrepublik

Deutschland

0.000

02/15/32

359

EUR

1,400,000

Bundesrepublik

Deutschland

2.300

02/15/33

1,586

EUR

3,700,000

Bundesrepublik

Deutschland

1.000

05/15/38

3,472

EUR

135,000

Bundesrepublik

Deutschland

1.250

08/15/48

121

EUR

2,465,000

Bundesrepublik

Deutschland

0.000

08/15/52

1,449

7,000,000

(d)

Caisse

d'Amortissement

de

la

Dette

Sociale

1.125

11/29/24

6,755

CAD

1,400,000

(d)

Canada

Housing

Trust

No

1.100

12/15/26

981

CAD

1,525,000

(d)

Canada

Housing

Trust

No

3.550

09/15/32

1,157

CAD

1,650,000

Canadian

Government

Bond

3.000

11/01/24

1,228

CAD

875,000

Canadian

Government

International

Bond

3.500

08/01/25

655

CAD

1,475,000

Canadian

Government

International

Bond

2.000

06/01/28

1,062

CAD

850,000

Canadian

Government

International

Bond

2.000

06/01/32

589

CAD

1,000,000

Canadian

Government

International

Bond

5.000

06/01/37

909

2,668,633

Canal

Barge

Co,

Inc

4.500

11/12/34

2,580

1,250,000

(e)

Chile

Government

International

Bond

2.550

01/27/32

1,074

CNY

5,750,000

China

Government

Bond

2.940

10/17/24

816

CREF

Core

Bond

Account

December

31,

2023

246

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CNY

21,000,000

China

Government

Bond

1.990

%

04/09/25

$

2,952

CNY

47,400,000

China

Government

Bond

3.120

12/05/26

6,844

CNY

20,200,000

China

Government

Bond

2.500

07/25/27

2,860

CNY

16,100,000

China

Government

Bond

3.270

11/19/30

2,381

CNY

18,900,000

China

Government

Bond

3.860

07/22/49

3,115

CNY

10,000,000

China

Government

Bond

3.390

03/16/50

1,532

CNY

4,700,000

China

Government

Bond

3.810

09/14/50

773

CNY

4,700,000

China

Government

Bond

3.720

04/12/51

764

NOK

7,000,000

City

of

Oslo

Norway

2.050

10/31/24

673

$

2,075,000

Colombia

Government

International

Bond

3.250

04/22/32

1,647

1,100,000

Colombia

Government

International

Bond

8.000

11/14/35

1,203

1,700,000

Colombia

Government

International

Bond

5.000

06/15/45

1,317

COP

3,300,000,000

Colombian

TES

7.750

09/18/30

775

275,000

(d)

Costa

Rica

Government

International

Bond

6.550

04/03/34

285

2,200,000

(d)

Costa

Rica

Government

International

Bond

5.625

04/30/43

2,018

CZK

26,950,000

Czech

Republic

Government

Bond

1.750

06/23/32

1,035

5,000,000

(d)

Development

Bank

of

Japan,

Inc

0.500

03/04/24

4,958

3,500,000

(d)

Dominican

Republic

Government

International

Bond

4.875

09/23/32

3,182

DOP

8,500,000

(d)

Dominican

Republic

Government

International

Bond

11.250

09/15/35

157

3,050,000

(d)

Dominican

Republic

Government

International

Bond

5.875

01/30/60

2,631

24,960

(d)

Ecuador

Government

International

Bond

0.000

07/31/30

7

141,600

(d)

Ecuador

Government

International

Bond

5.000

07/31/30

65

99,120

(d)

Ecuador

Government

International

Bond

1.000

07/31/35

35

EGP

19,025,000

Egypt

Government

International

Bond

15.900

07/02/24

585

1,500,000

(d)

Egypt

Government

International

Bond

5.800

09/30/27

1,153

725,000

(d)

Egypt

Government

International

Bond

7.600

03/01/29

552

EUR

1,100,000

(d)

Egypt

Government

International

Bond

5.625

04/16/30

773

EUR

700,000

(d)

Egypt

Government

International

Bond

6.375

04/11/31

494

325,000

(d)

Egypt

Government

International

Bond

7.053

01/15/32

222

2,700,000

(d)

Egypt

Government

International

Bond

8.500

01/31/47

1,674

1,425,000

Emirate

of

Dubai

Government

International

Bonds

3.900

09/09/50

1,069

3,500,000

European

Investment

Bank

4.875

02/15/36

3,742

2,000,000

(d)

Export-Import

Bank

of

India

3.875

02/01/28

1,920

2,000,000

(d)

Export-Import

Bank

of

India

2.250

01/13/31

1,671

3,350,000

Export-Import

Bank

of

Korea

1.250

09/21/30

2,708

136

Export-Import

Bank

of

the

United

States

1.822

05/03/25

0^

EUR

1,325,000

French

Republic

Government

Bond

OAT

0.750

11/25/28

1,363

EUR

1,525,000

French

Republic

Government

Bond

OAT

1.250

05/25/36

1,423

EUR

2,775,000

(d)

French

Republic

Government

Bond

OAT

0.500

05/25/40

2,118

EUR

860,000

French

Republic

Government

Bond

OAT

0.750

05/25/52

544

EUR

960,000

(d)

French

Republic

Government

Bond

OAT

0.750

05/25/53

595

2,325,000

(d)

Ghana

Government

International

Bond

8.125

03/26/32

1,008

1,000,000

(d)

Ghana

Government

International

Bond

8.627

06/16/49

425

450,000

(d)

Guatemala

Government

International

Bond

4.375

06/05/27

431

EUR

1,250,000

(d)

Hellenic

Republic

Government

International

Bond

1.500

06/18/30

1,273

EUR

725,000

(d)

Hellenic

Republic

Government

International

Bond

0.750

06/18/31

685

EUR

750,000

(d)

Hellenic

Republic

Government

International

Bond

4.375

07/18/38

916

4,305,000

(d)

Hong

Kong

Government

International

Bond

4.625

01/11/33

4,483

HUF

345,000,000

Hungary

Government

International

Bond

5.500

06/24/25

983

1,565,000

(d)

Hungary

Government

International

Bond

6.125

05/22/28

1,626

1,725,000

(d)

Hungary

Government

International

Bond

5.250

06/16/29

1,733

HUF

421,500,000

Hungary

Government

International

Bond

3.000

08/21/30

1,039

1,150,000

(d)

Hungary

Government

International

Bond

2.125

09/22/31

926

CAD

1,475,000

Hydro-Quebec

5.000

02/15/45

1,260

6,300,000

(d)

Indonesia

Government

International

Bond

4.625

04/15/43

6,140

IDR

7,750,000,000

Indonesia

Treasury

Bond

8.125

05/15/24

506

IDR

10,000,000,000

Indonesia

Treasury

Bond

6.375

04/15/32

639

IDR

9,015,000,000

Indonesia

Treasury

Bond

7.000

02/15/33

606

AUD

500,000

Inter-American

Development

Bank

4.750

08/27/24

341

AUD

900,000

Inter-American

Development

Bank

2.750

10/30/25

598

INR

17,000,000

Inter-American

Development

Bank

7.000

04/17/33

206

CNY

9,000,000

International

Bank

for

Reconstruction

&

Development

3.050

03/16/24

1,270

247

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1.900

%

01/16/25

$

952

IDR

20,900,000,000

International

Bank

for

Reconstruction

&

Development

6.250

01/12/28

1,362

GBP

500,000

International

Finance

Corp

0.250

12/15/25

591

$

1,153,125

(d)

Iraq

Government

International

Bond

5.800

01/15/28

1,076

EUR

350,000

Ireland

Government

Bond

0.000

10/18/31

323

EUR

425,000

Ireland

Government

Bond

1.500

05/15/50

352

EUR

4,315,000

Italy

Buoni

Poliennali

Del

Tesoro

0.450

02/15/29

4,186

EUR

1,875,000

Italy

Buoni

Poliennali

Del

Tesoro

0.950

08/01/30

1,790

EUR

425,000

(d)

Italy

Buoni

Poliennali

Del

Tesoro

1.700

09/01/51

288

EUR

1,000,000

(d)

Ivory

Coast

Government

International

Bond

5.875

10/17/31

988

EUR

100,000

(d)

Ivory

Coast

Government

International

Bond

4.875

01/30/32

93

1,303,973

(d)

Ivory

Coast

Government

International

Bond

(Step

Bond)

5.750

12/31/32

1,230

2,850,000

Jamaica

Government

International

Bond

7.875

07/28/45

3,463

2,500,000

(d)

Japan

Finance

Organization

for

Municipalities

1.000

05/21/25

2,366

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0.020

03/13/26

991

JPY

498,000,000

Japan

Government

Five

Year

Bond

0.005

09/20/26

3,527

JPY

445,000,000

Japan

Government

Five

Year

Bond

0.300

09/20/28

3,168

JPY

327,000,000

Japan

Government

Ten

Year

Bond

0.100

09/20/26

2,322

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0.100

12/20/29

1,137

JPY

796,600,000

Japan

Government

Ten

Year

Bond

0.100

12/20/30

5,546

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0.500

09/20/46

1,287

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0.600

09/20/50

580

JPY

132,000,000

Japan

Government

Thirty

Year

Bond

0.700

09/20/51

741

JPY

118,500,000

Japan

Government

Thirty

Year

Bond

1.300

06/20/52

773

JPY

181,600,000

Japan

Government

Thirty

Year

Bond

1.200

06/20/53

1,150

JPY

142,000,000

Japan

Government

Thirty

Year

Bond

1.800

09/20/53

1,038

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1.400

09/20/34

1,532

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0.600

12/20/36

634

JPY

219,000,000

Japan

Government

Twenty

Year

Bond

0.500

12/20/38

1,427

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0.300

06/20/39

958

JPY

385,000,000

Japan

Government

Twenty

Year

Bond

1.100

09/20/42

2,618

JPY

348,000,000

Japan

Government

Two

Year

Bond

0.005

07/01/25

2,468

925,000

(d)

Jordan

Government

International

Bond

4.950

07/07/25

903

500,000

(d)

Jordan

Government

International

Bond

7.750

01/15/28

517

1,000,000

(d)

Jordan

Government

International

Bond

7.500

01/13/29

1,011

1,025,000

(d)

Jordan

Government

International

Bond

5.850

07/07/30

952

975,000

(d)

Kenya

Government

International

Bond

7.000

05/22/27

913

EUR

1,875,000

(d)

Kingdom

of

Belgium

Government

Bond

0.000

10/22/27

1,903

EUR

2,900,000

(d)

Kingdom

of

Belgium

Government

Bond

0.350

06/22/32

2,677

EUR

3,950,000

(d)

Kingdom

of

Belgium

Government

Bond

1.450

06/22/37

3,722

2,600,000

(d)

Kommunalbanken

AS.

2.750

02/05/24

2,594

3,000,000

(d)

Kommunalbanken

AS.

1.125

06/14/30

2,487

KRW

1,800,000,000

Korea

Treasury

Bond

1.500

12/10/26

1,332

KRW

2,660,000,000

Korea

Treasury

Bond

1.375

12/10/29

1,858

KRW

2,400,000,000

Korea

Treasury

Bond

2.000

06/10/31

1,712

KRW

1,225,000,000

Korea

Treasury

Bond

2.375

12/10/31

894

KRW

2,380,000,000

Korea

Treasury

Bond

2.375

09/10/38

1,670

KRW

400,000,000

Korea

Treasury

Bond

1.875

09/10/41

256

KRW

365,000,000

Korea

Treasury

Bond

2.500

03/10/52

253

MXN

7,800,000

Kreditanstalt

fuer

Wiederaufbau

4.400

07/25/25

422

1,750,000

(c)

Lebanon

Government

International

Bond

6.750

11/29/27

104

200,000

(d)

Magyar

Export-Import

Bank

Zrt

6.125

12/04/27

203

MYR

2,610,000

Malaysia

Government

Bond

4.457

03/31/53

586

MXN

23,500,000

Mexican

Bonos

5.750

03/05/26

1,278

MXN

24,700,000

Mexican

Bonos

8.500

11/18/38

1,387

1,675,000

Mexico

Government

International

Bond

5.400

02/09/28

1,714

3,375,000

Mexico

Government

International

Bond

3.250

04/16/30

3,052

3,001,000

Mexico

Government

International

Bond

6.050

01/11/40

3,026

6,650,000

Mexico

Government

International

Bond

4.280

08/14/41

5,489

3,500,000

(e)

Mexico

Government

International

Bond

4.600

02/10/48

2,889

CREF

Core

Bond

Account

December

31,

2023

248

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,075,000

Mexico

Government

International

Bond

4.400

%

02/12/52

$

4,013

950,000

(d)

Morocco

Government

International

Bond

2.375

12/15/27

850

EUR

900,000

(d)

Morocco

Government

International

Bond

1.500

11/27/31

793

4,050,000

(d)

Morocco

Government

International

Bond

5.500

12/11/42

3,675

1,675,000

(d)

Namibia

Government

International

Bond

5.250

10/29/25

1,652

EUR

400,000

(d)

Netherlands

Government

International

Bond

2.750

01/15/47

462

EUR

380,000

(d)

Netherlands

Government

International

Bond

0.000

01/15/52

215

AUD

500,000

New

South

Wales

Treasury

Corp

4.000

05/20/26

341

AUD

2,690,000

New

South

Wales

Treasury

Corp

3.000

04/20/29

1,744

NZD

2,485,000

New

Zealand

Government

International

Bond

0.500

05/15/24

1,543

NZD

1,175,000

New

Zealand

Government

International

Bond

2.750

04/15/25

722

925,000

(d)

Nigeria

Government

International

Bond

8.375

03/24/29

886

NOK

17,250,000

(d)

Norway

Government

International

Bond

2.000

04/26/28

1,613

1,100,000

(d)

Oman

Government

International

Bond

6.000

08/01/29

1,139

2,400,000

(d)

Oman

Government

International

Bond

6.250

01/25/31

2,523

3,575,000

(d)

OPEC

Fund

for

International

Development

4.500

01/26/26

3,554

5,400,000

Panama

Bonos

del

Tesoro

3.362

06/30/31

4,240

2,025,000

Panama

Government

International

Bond

4.300

04/29/53

1,353

3,150,000

Panama

Notas

del

Tesoro

3.750

04/17/26

2,952

1,100,000

(d)

Perusahaan

Penerbit

SBSN

Indonesia

III

4.700

06/06/32

1,110

3,000,000

Peruvian

Government

International

Bond

1.862

12/01/32

2,349

1,970,000

Peruvian

Government

International

Bond

3.000

01/15/34

1,663

PEN

3,515,000

(d)

Peruvian

Government

International

Bond

5.400

08/12/34

858

6,170,000

Philippine

Government

International

Bond

4.200

03/29/47

5,441

CAD

875,000

Province

of

Ontario

Canada

2.150

06/02/31

597

CAD

875,000

Province

of

Ontario

Canada

1.900

12/02/51

436

CAD

650,000

Province

of

Quebec

Canada

2.750

09/01/27

477

6,000,000

Province

of

Quebec

Canada

7.500

09/15/29

7,001

2,050,000

(d)

Qatar

Government

International

Bond

3.750

04/16/30

2,000

EUR

425,000

(d)

Republic

of

Cameroon

International

Bond

5.950

07/07/32

345

500,000

(d),(e)

Republic

of

Guatemala

4.650

10/07/41

407

7,000,000

Republic

of

Italy

Government

International

Bond

4.000

10/17/49

5,346

1,000,000

(d)

Republic

of

Paraguay

6.100

08/11/44

981

PLN

2,000,000

Republic

of

Poland

Government

International

Bond

3.250

07/25/25

495

1,425,000

Republic

of

Poland

Government

International

Bond

5.750

11/16/32

1,537

2,795,000

Republic

of

Poland

Government

International

Bond

5.500

04/04/53

2,908

200,000

Republic

of

South

Africa

Government

International

Bond

5.875

04/20/32

189

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8.875

02/28/35

863

ZAR

15,100,000

Republic

of

South

Africa

Government

International

Bond

8.750

01/31/44

612

2,800,000

Republic

of

South

Africa

Government

International

Bond

5.375

07/24/44

2,230

350,000

Republic

of

South

Africa

Government

International

Bond

7.300

04/20/52

331

2,150,000

(d)

Republic

of

Uzbekistan

International

Bond

4.750

02/20/24

2,141

UZS

5,708,925,000

(d)

Republic

of

Uzbekistan

International

Bond

14.000

07/19/24

460

1,485,000

(d)

Republic

of

Uzbekistan

International

Bond

7.850

10/12/28

1,554

RON

5,655,000

Romanian

Government

International

Bond

8.000

04/29/30

1,363

1,850,000

(d)

Romanian

Government

International

Bond

3.000

02/14/31

1,569

EUR

600,000

(d)

Romanian

Government

International

Bond

2.000

01/28/32

511

EUR

500,000

(d)

Romanian

Government

International

Bond

2.000

04/14/33

412

3,300,000

(d)

Romanian

Government

International

Bond

4.000

02/14/51

2,386

3,550,000

(d)

Rwanda

International

Government

Bond

5.500

08/09/31

2,836

1,425,000

(d)

Saudi

Government

International

Bond

3.250

10/26/26

1,373

5,650,000

(d)

Saudi

Government

International

Bond

3.750

01/21/55

4,293

EUR

1,000,000

(d)

Senegal

Government

International

Bond

4.750

03/13/28

1,018

EUR

425,000

(d)

Senegal

Government

International

Bond

5.375

06/08/37

346

1,000,000

(d)

Senegal

Government

International

Bond

6.750

03/13/48

785

EUR

1,250,000

(d)

Serbia

Government

International

Bond

1.500

06/26/29

1,163

760,000

(d)

Serbia

Government

International

Bond

6.500

09/26/33

779

EUR

575,000

(d)

Serbia

Government

International

Bond

2.050

09/23/36

441

249

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,450,000

(d),(e)

Serbia

International

Bond

2.125

%

12/01/30

$

2,760

RSD

96,000,000

Serbia

Treasury

Bonds

5.875

02/08/28

910

RSD

31,700,000

Serbia

Treasury

Bonds

4.500

08/20/32

262

2,000,000

South

Africa

Government

International

Bond

5.875

09/16/25

2,016

EUR

2,550,000

(d)

Spain

Government

International

Bond

2.750

10/31/24

2,799

EUR

845,000

(d)

Spain

Government

International

Bond

1.400

07/30/28

887

EUR

1,475,000

(d)

Spain

Government

International

Bond

0.600

10/31/29

1,452

EUR

625,000

(d)

Spain

Government

International

Bond

0.100

04/30/31

570

EUR

2,350,000

(d)

Spain

Government

International

Bond

1.200

10/31/40

1,857

3,100,000

State

of

Israel

3.375

01/15/50

2,197

THB

24,600,000

Thailand

Government

International

Bond

2.875

12/17/28

734

THB

9,000,000

Thailand

Government

International

Bond

1.585

12/17/35

233

THB

24,400,000

Thailand

Government

International

Bond

3.300

06/17/38

744

EUR

1,000,000

(d)

Ukraine

Government

International

Bond

6.750

06/20/28

261

GBP

485,000

United

Kingdom

Gilt

0.125

01/31/28

542

GBP

1,220,000

United

Kingdom

Gilt

1.625

10/22/28

1,439

GBP

425,000

United

Kingdom

Gilt

0.500

01/31/29

469

GBP

440,000

United

Kingdom

Gilt

3.250

01/31/33

548

GBP

550,000

United

Kingdom

Gilt

0.875

07/31/33

548

GBP

2,665,000

United

Kingdom

Gilt

1.750

09/07/37

2,624

GBP

900,000

United

Kingdom

Gilt

3.750

01/29/38

1,125

GBP

275,000

United

Kingdom

Gilt

1.250

10/22/41

227

GBP

575,000

United

Kingdom

Gilt

1.500

07/22/47

444

GBP

1,875,000

United

Kingdom

Gilt

0.625

10/22/50

1,053

GBP

1,475,000

United

Kingdom

Gilt

1.500

07/31/53

1,046

5,280,000

Uruguay

Government

International

Bond

4.375

01/23/31

5,237

UYU

20,300,000

Uruguay

Government

International

Bond

8.250

05/21/31

479

1,400,000

Uruguay

Government

International

Bond

5.100

06/18/50

1,404

TOTAL

FOREIGN

GOVERNMENT

BONDS

393,533

MORTGAGE

BACKED

-

22.6%

5,176,000

(a),(d)

Angel

Oak

Mortgage

Trust

2.837

11/25/66

3,510

6,496,421

(a),(d)

Bayview

MSR

Opportunity

Master

Fund

Trust

3.000

10/25/51

5,434

78,355,727

(a),(d)

Citigroup

Mortgage

Loan

Trust

0.156

02/25/52

610

8,785,113

(a),(d)

Citigroup

Mortgage

Loan

Trust

0.250

02/25/52

108

6,591,056

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.900%

7.237

12/25/41

6,612

4,960,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.500%

9.837

01/25/42

5,118

19,340,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.437

03/25/42

19,993

23,635,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9.987

06/25/42

25,642

915,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.850%

12.187

06/25/43

957

3,960,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.900%

9.188

07/25/43

4,050

4,960,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.550%

8.887

10/25/43

5,041

3,641,640

(a)

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

30

D

AVG

SOFR

+

5.806%

0.467

03/15/44

316

8,534,628

FHLMC

3.500

01/15/47

7,553

1,665,474

FHLMC

4.000

10/15/47

1,577

1,519,807

FHLMC

4.000

11/15/47

1,426

8,836,187

FHLMC

4.000

01/15/48

8,444

8,382,189

FHLMC

4.000

03/15/48

7,909

2,443,467

FHLMC

4.000

04/15/48

2,324

5,329,715

FHLMC

4.000

04/15/48

4,958

7,712,326

(a)

FHLMC

30

D

AVG

SOFR

+

9.737%

1.195

06/15/48

7,505

5,743,079

(a)

FHLMC

30

D

AVG

SOFR

+

9.657%

1.115

10/15/48

5,298

12,645,827

FHLMC

3.000

11/01/49

11,385

4,914,617

FHLMC

2.000

09/25/50

642

13,404,261

FHLMC

3.000

09/25/50

9,805

6,789,622

FHLMC

3.000

10/25/50

4,902

35,454,358

FHLMC

2.500

02/25/51

6,061

8,428,638

FHLMC

2.500

05/25/51

5,340

31,605,333

FHLMC

3.000

11/01/51

28,512

4,541,111

FHLMC

3.000

11/01/51

4,072

2,774,897

FHLMC

3.000

11/01/51

2,515

4,017,033

FHLMC

3.000

11/01/51

3,624

CREF

Core

Bond

Account

December

31,

2023

250

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

16,632,001

FHLMC

2.000

%

02/01/52

$

13,748

32,749,896

FHLMC

2.500

02/01/52

28,132

25,419,234

FHLMC

2.500

03/01/52

21,833

6,678,691

FHLMC

4.000

04/01/52

6,318

8,355,178

FHLMC

3.500

05/01/52

7,693

1,041,766

FHLMC

3.500

06/01/52

959

16,842,822

FHLMC

4.500

06/01/52

16,332

16,272,964

FHLMC

4.500

07/01/52

15,779

3,343,922

FHLMC

4.000

08/25/52

2,825

6,208,997

FHLMC

4.500

10/25/52

5,645

30,635,509

FHLMC

6.000

11/01/52

31,176

7,484,119

FHLMC

5.500

11/25/52

7,647

6,467,569

FHLMC

3.500

12/01/52

5,931

3,559,432

FHLMC

5.500

02/25/53

3,591

22,706,780

FHLMC

5.500

08/01/53

22,804

5,583

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8.000

01/01/31

6

3,867

FGLMC

7.000

01/01/32

4

201,934

FGLMC

4.500

07/01/33

203

1,409,548

FGLMC

7.000

12/01/33

1,460

370,941

FGLMC

4.500

10/01/34

372

273,873

FGLMC

4.500

04/01/35

275

371,527

FGLMC

7.000

05/01/35

384

1,152,253

FGLMC

5.000

06/01/36

1,173

411,818

FGLMC

5.000

07/01/39

419

54,987

FGLMC

4.500

12/01/43

55

31,568

FGLMC

4.500

02/01/44

32

1,007,150

FGLMC

4.500

10/01/44

996

595,480

FGLMC

4.500

11/01/44

589

934,171

FGLMC

4.500

11/01/44

924

692,419

FGLMC

4.500

12/01/44

685

567,270

FGLMC

4.500

12/01/44

561

3,060,825

FGLMC

3.500

04/01/45

2,884

441,409

FGLMC

4.500

05/01/45

430

13,505,878

FGLMC

3.500

08/01/45

12,734

1,352,995

FGLMC

4.500

06/01/47

1,340

2,373,102

FGLMC

4.000

09/01/47

2,288

2,357,328

FGLMC

3.500

12/01/47

2,215

8,492,696

FGLMC

4.500

08/01/48

8,425

3,926,127

FGLMC

4.500

10/01/48

3,882

6,333,707

FGLMC

3.500

11/01/48

5,950

1,321

Federal

National

Mortgage

Association

(FNMA)

8.000

07/01/24

1

852

FNMA

9.000

11/01/25

1

1,813,257

FNMA

3.500

05/01/32

1,767

11,260,784

FNMA

3.000

10/01/32

10,754

196,185

FNMA

4.500

10/01/33

197

354,939

FNMA

4.500

05/01/35

355

2,216,502

FNMA

5.000

05/01/35

2,252

9,000,000

FNMA

1.625

08/24/35

6,702

1,042,281

FNMA

5.000

10/01/35

1,059

873,763

FNMA

5.000

02/01/36

888

2,604,904

FNMA

5.500

11/01/38

2,683

931,900

FNMA

3.000

10/01/39

867

11,339,051

FNMA

3.000

05/01/40

10,452

1,493,806

FNMA

5.000

09/01/40

1,518

3,210,673

FNMA

5.000

05/01/41

3,259

8,624,773

FNMA

4.000

09/01/42

8,368

6,750,165

FNMA

3.500

04/01/43

6,355

5,870,355

FNMA

3.500

09/01/43

5,550

4,795,343

(a)

FNMA

30

D

AVG

SOFR

+

5.836%

0.498

09/25/43

574

6,109,669

FNMA

4.500

03/01/44

6,099

28,694,018

FNMA

4.000

05/01/44

27,663

2,689,939

FNMA

4.500

06/01/44

2,657

251

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,744,251

FNMA

4.500

%

10/01/44

$

2,711

4,523,402

FNMA

4.500

11/01/44

4,468

1,405,601

FNMA

5.000

11/01/44

1,428

1,605,240

FNMA

4.500

12/01/44

1,586

1,865,886

FNMA

4.000

01/01/45

1,810

495,886

FNMA

4.500

03/01/45

490

263,711

FNMA

4.500

04/01/45

261

6,307,621

FNMA

3.500

05/01/45

5,941

2,920,595

FNMA

3.000

07/25/45

2,566

7,975,293

FNMA

3.500

01/01/46

7,482

906,929

FNMA

4.000

04/01/46

873

6,484,743

FNMA

3.500

06/01/46

6,086

8,206,964

FNMA

3.500

07/01/46

7,702

14,197,169

FNMA

3.500

07/01/46

13,384

1,386,980

FNMA

3.000

10/01/46

1,231

7,958,156

FNMA

3.500

10/01/46

7,468

3,319,509

FNMA

4.500

05/01/47

3,315

342,060

FNMA

3.000

11/01/47

304

6,136,963

FNMA

3.500

11/01/47

5,756

13,000,542

FNMA

3.500

01/01/48

12,201

5,373,214

FNMA

4.500

01/01/48

5,305

4,729,028

FNMA

4.500

02/01/48

4,669

5,860,819

FNMA

3.500

02/25/48

5,074

3,522,480

FNMA

4.500

05/01/48

3,476

2,658,121

FNMA

4.500

05/01/48

2,622

4,181,381

FNMA

4.000

07/25/48

3,947

445,187

FNMA

3.000

06/01/49

387

16,882,739

FNMA

3.000

07/01/50

15,191

11,453,131

FNMA

2.000

08/25/50

1,583

9,045,013

FNMA

2.000

10/25/50

6,199

30,258,790

FNMA

2.500

11/25/50

4,325

10,111,755

FNMA

3.000

12/25/50

1,657

3,771,248

FNMA

3.000

02/25/51

606

64,867,378

FNMA

2.000

04/01/51

53,257

11,108,348

FNMA

3.000

09/01/51

9,967

11,562,823

FNMA

2.500

11/25/51

1,519

30,498,332

FNMA

2.000

12/01/51

25,159

10,379,293

FNMA

2.000

01/01/52

8,627

7,485,240

FNMA

2.000

02/01/52

6,204

9,224,014

FNMA

2.500

02/01/52

7,894

27,968,991

FNMA

2.500

02/01/52

23,965

25,871,606

FNMA

2.500

02/01/52

22,225

12,108,518

FNMA

3.500

02/01/52

11,259

34,550,908

FNMA

2.000

03/01/52

28,411

44,800,904

FNMA

3.000

04/01/52

39,947

17,294,969

FNMA

3.000

04/01/52

15,384

41,878,546

FNMA

4.000

05/01/52

39,614

3,399,107

FNMA

4.000

05/25/52

2,717

47,694,896

FNMA

3.500

06/01/52

43,900

37,333,747

FNMA

3.500

06/01/52

34,254

29,217,628

FNMA

4.000

06/01/52

27,637

7,886,646

FNMA

4.500

06/01/52

7,647

15,722,640

FNMA

4.000

07/01/52

14,871

53,942,271

FNMA

4.000

07/01/52

51,056

7,609,816

FNMA

4.500

07/01/52

7,379

8,274,239

FNMA

4.500

07/01/52

8,023

5,120,424

FNMA

4.500

07/01/52

4,965

9,464,592

FNMA

4.500

07/25/52

8,894

50,540,046

FNMA

5.000

08/01/52

50,065

5,541,634

FNMA

4.500

08/25/52

4,858

90,424,991

FNMA

4.000

09/01/52

85,530

107,955,423

FNMA

4.500

09/01/52

104,680

CREF

Core

Bond

Account

December

31,

2023

252

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

29,237,303

FNMA

5.000

%

09/01/52

$

28,936

4,192,383

FNMA

4.000

09/25/52

3,626

4,783,008

FNMA

4.000

09/25/52

4,349

60,499,152

FNMA

4.000

10/01/52

57,222

60,310,442

FNMA

4.500

10/01/52

58,480

15,934,858

FNMA

5.000

10/01/52

15,785

4,019,453

FNMA

4.500

10/25/52

3,790

4,590,639

FNMA

4.500

10/25/52

4,466

77,332,794

FNMA

4.500

11/01/52

74,986

7,505,441

FNMA

5.500

11/25/52

7,608

354,726

FNMA

5.000

01/01/53

351

66,637,758

FNMA

5.000

02/01/53

65,925

58,219,823

FNMA

5.500

02/01/53

58,475

22,720,075

FNMA

5.000

06/01/53

22,637

35,053,861

FNMA

5.500

06/01/53

35,196

3,982,899

FNMA

5.000

08/01/53

3,940

2,279,489

(a),(d)

Flagstar

Mortgage

Trust

3.992

10/25/47

2,042

10,157,271

Government

National

Mortgage

Association

(GNMA)

3.700

10/15/33

9,657

166,733

GNMA

5.000

04/15/38

167

208,124

GNMA

6.500

11/20/38

220

744,337

GNMA

5.000

06/15/39

747

424,134

GNMA

5.000

06/15/39

422

7,186,151

GNMA

5.000

01/20/40

1,431

9,473,866

GNMA

3.700

08/15/40

9,005

9,516,337

GNMA

2.500

12/20/43

8,444

4,549,127

GNMA

3.000

03/20/45

4,018

4,240,125

GNMA

4.500

12/20/45

4,241

3,471,873

GNMA

4.000

06/20/46

436

4,364,153

GNMA

5.000

09/20/46

842

6,911,872

(a)

GNMA

SOFR

1

M

+

5.986%

0.628

03/20/50

964

16,339,891

GNMA

3.000

11/20/51

12,107

18,107,301

GNMA

3.000

12/20/51

12,938

16,495,730

GNMA

3.000

01/20/52

12,003

5,462,819

GNMA

2.500

02/20/52

4,613

15,150,563

GNMA

3.000

02/20/52

10,673

10,495,955

GNMA

4.000

04/20/52

8,921

12,869,351

GNMA

5.000

04/20/52

2,516

44,525,022

GNMA

3.000

05/20/52

40,298

4,607,546

GNMA

3.500

07/20/52

4,288

5,388,680

GNMA

4.000

07/20/52

4,672

12,160,464

GNMA

4.000

08/20/52

11,603

7,554,051

GNMA

4.000

09/20/52

7,208

9,610,648

GNMA

4.500

09/20/52

8,894

8,160,991

GNMA

4.500

09/20/52

7,762

6,802,396

GNMA

4.500

09/20/52

6,413

4,632,949

GNMA

4.500

09/20/52

4,210

9,860,073

GNMA

5.000

11/20/52

9,791

5,305,147

GNMA

4.500

02/20/53

4,963

4,526,274

GNMA

5.500

02/20/53

4,566

13,573,294

(a)

GNMA

30

D

AVG

SOFR

+

6.950%

1.612

05/20/53

1,469

9,932,856

(a)

GNMA

30

D

AVG

SOFR

+

23.205%

2.388

08/20/53

10,523

6,978,189

(a)

GNMA

30

D

AVG

SOFR

+

25.350%

4.533

08/20/53

7,437

10,853,642

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

08/26/52

9,078

235,512

(a)

Impac

CMB

Trust

SOFR

1

M

+

0.774%

6.130

03/25/35

216

1,081,494

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

05/25/47

955

1,053,985

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

911

218,168

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

01/25/49

199

25,610,282

(a),(d)

JP

Morgan

Mortgage

Trust

0.126

06/25/51

135

44,820,009

(a),(d)

JP

Morgan

Mortgage

Trust

0.111

11/25/51

237

5,157,537

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

11/25/51

4,139

44,449,659

(a),(d)

JP

Morgan

Mortgage

Trust

0.120

12/25/51

248

6,282,325

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

5,042

253

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,437,902

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

%

01/25/52

$

6,771

10,067,120

(a),(d)

JP

Morgan

Mortgage

Trust

0.500

04/25/52

279

8,797,008

(a),(d)

JP

Morgan

Mortgage

Trust

3.345

04/25/52

7,181

5,629,137

(a),(d)

JP

Morgan

Mortgage

Trust

3.345

04/25/52

4,521

10,859,129

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

06/25/52

8,714

90,100,421

(d)

JP

Morgan

Mortgage

Trust

0.224

07/25/52

882

13,738,938

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

07/25/52

11,025

23,390,864

(a),(d)

JP

Morgan

Mortgage

Trust

3.250

07/25/52

20,054

18,450,473

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

15,432

10,047,664

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

10/25/52

8,404

6,066,156

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

11/25/52

5,074

4,121,440

(a),(d)

JP

Morgan

Mortgage

Trust

5.000

06/25/53

3,944

4,126,076

(a),(d)

JP

Morgan

Mortgage

Trust

5.500

06/25/53

4,011

2,795,000

(a)

Morgan

Stanley

Capital

I

Trust

3.779

05/15/48

2,707

7,850,651

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

6,300

1,939,936

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

1,694

5,349,765

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

4,293

962,575

(a),(d)

New

Residential

Mortgage

Loan

Trust

2.797

09/25/59

892

980,000

(a),(d)

New

Residential

Mortgage

Loan

Trust

2.986

09/25/59

819

1,825,000

(a),(d)

NLT

Trust

2.569

08/25/56

1,228

5,582,283

(a),(d)

OBX

3.000

01/25/52

4,669

14,458,753

(a),(d)

RCKT

Mortgage

Trust

2.500

02/25/52

11,603

906,660

(a),(d)

RCKT

Mortgage

Trust

4.000

06/25/52

811

279,491

(a),(d)

Sequoia

Mortgage

Trust

4.000

06/25/49

259

1,293,682

(a),(d)

Sequoia

Mortgage

Trust

3.500

12/25/49

1,140

5,785,659

(a),(d)

Sequoia

Mortgage

Trust

2.500

06/25/51

4,643

1,284,796

(a),(d)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

1.500%

6.837

10/25/41

1,275

13,820,000

(a),(d)

STACR

30

D

AVG

SOFR

+

2.400%

7.737

02/25/42

14,009

3,480,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.750%

10.087

02/25/42

3,609

16,690,000

(a),(d)

STACR

30

D

AVG

SOFR

+

2.900%

8.237

04/25/42

17,170

5,220,000

(a),(d)

STACR

30

D

AVG

SOFR

+

5.650%

8.647

04/25/42

5,546

25,280,000

(a),(d)

STACR

30

D

AVG

SOFR

+

3.350%

8.687

05/25/42

26,340

31,100,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.500%

9.837

06/25/42

33,551

20,340,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.000%

9.337

07/25/42

21,368

15,170,000

(a),(d)

STACR

30

D

AVG

SOFR

+

3.700%

9.037

09/25/42

15,986

140,861

(a),(d)

STACR

3.787

02/25/48

132

29,416

(a),(d)

STACR

3.842

05/25/48

28

3,600,000

(a),(d)

STACR

30

D

AVG

SOFR

+

4.800%

10.137

10/25/50

4,037

2,070,000

(a),(d)

Verus

Securitization

Trust

3.207

11/25/59

1,883

1,010,108

(d)

Verus

Securitization

Trust

1.733

05/25/65

939

4,578,552

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

08/25/51

3,829

5,340,478

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.314

08/25/51

4,360

6,324,792

(a),(d)

Woodward

Capital

Management

3.000

05/25/52

5,290

TOTAL

MORTGAGE

BACKED

2,436,113

MUNICIPAL

BONDS

-

2.9%

2,975,000

Chicago

Housing

Authority

3.682

01/01/25

2,929

245,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.264

09/01/25

238

1,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.038

09/01/34

923

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

1,649

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4.029

06/01/39

3,616

4,940,000

City

of

New

York

NY

3.200

12/01/26

4,764

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4.353

07/01/25

1,551

4,055,000

Commonwealth

Financing

Authority

3.864

06/01/38

3,700

19,355,000

Commonwealth

Financing

Authority

3.807

06/01/41

17,014

3,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.504

10/01/24

3,432

4,365,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.604

10/01/25

4,200

CREF

Core

Bond

Account

December

31,

2023

254

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,375,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.505

%

10/01/25

$

2,320

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.704

10/01/26

2,374

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.049

10/01/26

3,777

3,750,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.612

10/01/26

3,648

4,700,000

County

of

Miami-Dade

FL

Aviation

Revenue

2.529

10/01/30

4,120

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.732

10/01/37

3,226

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3.982

10/01/41

3,288

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4.280

10/01/41

8,335

2,000,000

Duke

University

3.199

10/01/38

1,668

5,080,000

Illinois

Finance

Authority

3.944

08/15/47

4,179

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3.375

09/01/35

4,119

1,000,000

New

York

City

Housing

Development

Corp

3.650

05/01/24

995

5,680,000

New

York

State

Dormitory

Authority

3.998

07/01/39

5,141

10,605,000

New

York

State

Dormitory

Authority

4.294

07/01/44

9,605

6,000,000

New

York

State

Dormitory

Authority

3.879

07/01/46

5,021

5,000,000

New

York

State

Thruway

Authority

2.256

01/01/25

4,869

6,460,000

New

York

State

Thruway

Authority

2.406

01/01/26

6,201

4,750,000

New

York

State

Thruway

Authority

2.500

01/01/27

4,505

1,500,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.387

12/01/24

1,477

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3.487

12/01/25

976

1,910,000

Public

Finance

Authority

4.269

07/01/40

1,710

6,360,000

San

Jose

Redevelopment

Agency

Successor

Agency

3.375

08/01/34

5,722

13,060,000

State

of

California

4.600

04/01/38

12,615

10,500,000

State

of

Illinois

3.150

06/15/26

10,093

12,500,000

State

of

Illinois

3.250

06/15/27

11,925

27,150,000

State

of

Illinois

5.100

06/01/33

26,890

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4.103

05/01/39

8,766

9,900,000

State

of

Wisconsin

3.154

05/01/27

9,531

25,860,000

University

of

California

3.063

07/01/25

25,242

17,045,000

University

of

California

3.931

05/15/45

15,600

21,000,000

University

of

Chicago

4.151

10/01/45

16,902

7,620,000

University

of

Massachusetts

Building

Authority

3.097

11/01/35

6,496

13,000,000

University

of

Massachusetts

Building

Authority

3.434

11/01/40

10,833

20,000,000

University

of

New

Mexico

3.532

06/20/32

19,147

2,160,000

Virginia

Port

Authority

4.228

07/01/36

2,023

390,000

Washington

Convention

&

Sports

Authority

3.969

10/01/30

376

TOTAL

MUNICIPAL

BONDS

308,472

U.S.

TREASURY

SECURITIES

-

19.9%

4,500,000

United

States

Treasury

Bond

4.750

02/15/37

4,924

22,750,000

United

States

Treasury

Bond

3.500

02/15/39

21,546

12,050,000

United

States

Treasury

Bond

3.875

08/15/40

11,745

20,935,000

United

States

Treasury

Bond

4.375

05/15/41

21,579

6,000,000

United

States

Treasury

Bond

2.750

11/15/42

4,852

35,680,000

United

States

Treasury

Bond

3.000

05/15/45

29,436

41,710,000

United

States

Treasury

Bond

2.875

08/15/45

33,632

52,140,000

United

States

Treasury

Bond

2.500

05/15/46

39,038

1,075,000

United

States

Treasury

Bond

3.000

05/15/47

878

30,710,000

United

States

Treasury

Bond

2.750

11/15/47

23,903

6,155,000

United

States

Treasury

Bond

3.125

05/15/48

5,128

51,995,000

United

States

Treasury

Bond

3.000

08/15/48

42,323

20,120,000

United

States

Treasury

Bond

3.375

11/15/48

17,531

78,890,000

United

States

Treasury

Note

3.875

03/31/25

78,197

15,640,000

United

States

Treasury

Note

5.000

09/30/25

15,799

2,205,000

United

States

Treasury

Note

0.250

10/31/25

2,048

10,000,000

United

States

Treasury

Note

4.875

11/30/25

10,104

177,485,000

United

States

Treasury

Note

4.000

02/15/26

176,674

2,765,000

United

States

Treasury

Note

4.625

03/15/26

2,789

34,165,000

United

States

Treasury

Note

4.500

07/15/26

34,483

2,950,000

United

States

Treasury

Note

4.625

09/15/26

2,991

700,000

United

States

Treasury

Note

4.625

10/15/26

710

255

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

30,850,000

United

States

Treasury

Note

0.500

%

10/31/27

$

27,120

255,364,000

United

States

Treasury

Note

3.500

04/30/28

251,304

1,250,000

United

States

Treasury

Note

1.250

09/30/28

1,108

351,163,000

United

States

Treasury

Note

4.375

11/30/28

359,339

116,445,000

United

States

Treasury

Note

3.500

04/30/30

113,811

2,312,500

United

States

Treasury

Note

4.000

07/31/30

2,325

5,650,000

United

States

Treasury

Note

4.375

11/30/30

5,810

184,286,000

United

States

Treasury

Note

4.500

11/15/33

193,471

10,000,000

United

States

Treasury

Note

1.125

08/15/40

6,383

85,325,800

United

States

Treasury

Note

2.375

02/15/42

65,468

26,721,000

United

States

Treasury

Note

3.250

05/15/42

23,443

91,758,000

United

States

Treasury

Note

3.375

08/15/42

81,819

54,100,000

United

States

Treasury

Note

3.875

02/15/43

51,581

49,620,000

United

States

Treasury

Note

3.875

05/15/43

47,302

9,560,000

United

States

Treasury

Note

4.375

08/15/43

9,759

9,935,000

(e)

United

States

Treasury

Note

4.750

11/15/43

10,657

256,002,000

United

States

Treasury

Note

2.250

02/15/52

177,460

44,786,000

United

States

Treasury

Note

3.625

02/15/53

41,357

91,958,000

United

States

Treasury

Note

4.125

08/15/53

92,949

TOTAL

U.S.

TREASURY

SECURITIES

2,142,776

TOTAL

GOVERNMENT

BONDS

5,304,713

(Cost

$5,592,025)

STRUCTURED

ASSETS

-

16.0%

ASSET

BACKED

-

5.8%

1,000,000

(d)

Affirm

Asset

Securitization

Trust

6.820

09/15/28

1,015

Series

-

2023

B

(Class

A)

5,000,000

(a),(d)

AGL

CLO

19

Ltd

SOFR

3

M

+

2.750%

8.162

07/21/35

5,019

Series

-

2022

19A

(Class

B1)

7,100,000

(a),(d)

AIMCO

CLO

16

Ltd

SOFR

3

M

+

1.912%

7.314

01/17/35

7,099

Series

-

2021

16A

(Class

B)

7,500,000

(a),(d)

AIMCO

CLO

Series

SOFR

3

M

+

1.762%

7.177

04/20/34

7,423

Series

-

2017

AA

(Class

BR)

4,120,000

AmeriCredit

Automobile

Receivables

Trust

2.130

03/18/26

3,975

Series

-

2020

2

(Class

D)

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1.490

09/18/26

5,853

Series

-

2020

3

(Class

D)

3,499,000

(d)

AMSR

Trust

3.148

01/19/39

3,245

Series

-

2019

SFR1

(Class

C)

3,347,000

(d)

AMSR

Trust

3.247

01/19/39

3,095

Series

-

2019

SFR1

(Class

D)

74,236

(d)

Asset

Backed

Funding

Corp

NIM

Trust

5.900

07/26/35

0^

Series

-

2005

WMC1

(Class

N1)

9,500,000

(d)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1.380

08/20/27

8,640

Series

-

2021

1A

(Class

A)

4,400,000

(d)

BHG

Securitization

Trust

1.670

10/17/34

4,012

Series

-

2021

B

(Class

B)

1,574,448

(d)

BRE

Grand

Islander

Timeshare

Issuer

LLC

3.280

09/26/33

1,503

Series

-

2019

A

(Class

A)

EUR

727,723

(a),(d)

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

6.432

05/22/31

716

Series

-

2021

1A

(Class

D)

1,500,000

(a),(d)

BX

Trust

SOFR

1

M

+

3.339%

8.701

05/15/38

1,506

Series

-

2023

DELC

(Class

B)

12,171,071

(d)

Capital

Automotive

REIT

2.690

02/15/50

11,689

Series

-

2020

1A

(Class

A1)

5,692,387

(d)

Capital

Automotive

REIT

1.440

08/15/51

5,069

Series

-

2021

1A

(Class

A1)

4,209,731

(d)

Capital

Automotive

REIT

1.920

08/15/51

3,718

Series

-

2021

1A

(Class

A3)

CREF

Core

Bond

Account

December

31,

2023

256

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,750,000

(d)

Cars

Net

Lease

Mortgage

Notes

Series

2.010

%

12/15/50

$

8,315

Series

-

2020

1A

(Class

A1)

4,399,567

Carvana

Auto

Receivables

Trust

0.970

03/10/28

4,170

Series

-

2021

N2

(Class

A2)

203,008

Carvana

Auto

Receivables

Trust

1.270

03/10/28

190

Series

-

2021

N2

(Class

D)

EUR

595,590

(a),(d)

Cassia

SRL

EURIBOR

3

M

+

3.500%

7.462

05/22/34

615

Series

-

2022

1A

(Class

B)

4,150,000

(a),(d)

Cayuga

Park

CLO

Ltd

SOFR

3

M

+

1.912%

1.000

07/17/34

4,140

Series

-

2020

1A

(Class

B1R)

433,374

(a)

C-BASS

Trust

SOFR

1

M

+

0.274%

3.400

07/25/36

415

Series

-

2006

CB6

(Class

A1)

17,179,533

(d)

CF

Hippolyta

LLC

1.690

07/15/60

15,877

Series

-

2020

1

(Class

A1)

5,033,209

(d)

CF

Hippolyta

LLC

1.990

07/15/60

4,289

Series

-

2020

1

(Class

A2)

2,941,208

(d)

CF

Hippolyta

LLC

2.280

07/15/60

2,691

Series

-

2020

1

(Class

B1)

18,848,951

(d)

CF

Hippolyta

LLC

1.530

03/15/61

16,847

Series

-

2021

1A

(Class

A1)

4,476,626

(d)

CF

Hippolyta

LLC

1.980

03/15/61

3,797

Series

-

2021

1A

(Class

B1)

428,194

(a)

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5.700

02/26/35

397

Series

-

2004

2

(Class

1M2)

1,231,030

(a),(d)

CIFC

Funding

Ltd

SOFR

3

M

+

1.482%

6.897

07/20/30

1,233

Series

-

2017

3A

(Class

A1)

2,000,000

(a),(d)

CIFC

Funding

Ltd

SOFR

3

M

+

1.862%

7.264

11/16/30

2,004

Series

-

2017

5A

(Class

A2)

5,500,000

(a),(d)

CIFC

Funding

Ltd

SOFR

3

M

+

3.000%

8.412

10/22/35

5,558

Series

-

2022

7A

(Class

B1)

27,096

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6.200

02/25/30

27

Series

-

2002

1

(Class

AF6)

6,520,000

(a)

Citibank

Credit

Card

Issuance

Trust

SOFR

1

M

+

0.884%

6.249

05/14/29

6,547

Series

-

2017

A6

(Class

A6)

2,000,000

(a)

COMM

Mortgage

Trust

3.926

03/10/48

1,861

Series

-

2015

CR22

(Class

B)

7,880,225

(d)

DB

Master

Finance

LLC

4.021

05/20/49

7,586

Series

-

2019

1A

(Class

A2II)

36,750,000

(d)

DB

Master

Finance

LLC

2.045

11/20/51

33,397

Series

-

2021

1A

(Class

A2I)

29,008,000

(d)

DB

Master

Finance

LLC

2.493

11/20/51

25,799

Series

-

2021

1A

(Class

A2II)

276,220

(d)

Diamond

Resorts

Owner

Trust

2.700

11/21/33

255

Series

-

2021

1A

(Class

C)

27,860,625

(d)

Domino's

Pizza

Master

Issuer

LLC

2.662

04/25/51

24,629

Series

-

2021

1A

(Class

A2I)

3,800,000

(a),(d)

Dryden

49

Senior

Loan

Fund

SOFR

3

M

+

1.862%

7.257

07/18/30

3,803

Series

-

2017

49A

(Class

BR)

1,713,025

(d)

DT

Auto

Owner

Trust

0.840

10/15/26

1,692

Series

-

2021

1A

(Class

C)

665,343

(a),(d)

Ellington

Loan

Acquisition

Trust

SOFR

1

M

+

1.214%

6.570

05/25/37

658

Series

-

2007

2

(Class

A2C)

1,389,299

(d)

FCI

Funding

LLC

1.130

04/15/33

1,370

Series

-

2021

1A

(Class

A)

4,631,194

(d)

FNA

VI

LLC

1.350

01/10/32

4,226

Series

-

2021

1A

(Class

A)

706,777

(a),(d)

GoldenTree

Loan

Opportunities

IX

Ltd

SOFR

3

M

+

1.372%

6.762

10/29/29

708

Series

-

2014

9A

(Class

AR2)

999,951

(a),(d)

Gracie

Point

International

Fun

7.174

09/01/26

997

Series

-

2023

1A

(Class

A)

22,014,934

(a),(d)

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

2.750%

8.091

07/01/24

22,086

Series

-

2022

2A

(Class

A)

257

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,925,000

(a),(d)

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

3.350%

8.691

%

07/01/24

$

6,959

Series

-

2022

2A

(Class

B)

4,000,000

(d)

GSCG

Trust

2.936

09/06/34

2,868

Series

-

2019

600C

(Class

A)

217,897

(d)

HERO

Funding

Trust

3.280

09/20/48

192

Series

-

2017

2A

(Class

A1)

435,794

(d)

HERO

Funding

Trust

4.070

09/20/48

394

Series

-

2017

2A

(Class

A2)

24,000,000

(d)

Hertz

Vehicle

Financing

LLC

1.210

12/26/25

23,167

Series

-

2021

1A

(Class

A)

2,329,137

(d)

Hilton

Grand

Vacations

Trust

2.340

07/25/33

2,217

Series

-

2019

AA

(Class

A)

317,857

(a)

Home

Equity

Asset

Trust

SOFR

1

M

+

1.614%

3.986

06/25/33

302

Series

-

2003

1

(Class

M1)

1,499,931

(a),(d)

Invitation

Homes

Trust

SOFR

1

M

+

1.364%

6.726

01/17/38

1,496

Series

-

2018

SFR4

(Class

B)

2,385,396

(d)

JG

Wentworth

XXII

LLC

3.820

12/15/48

2,376

Series

-

2010

3A

(Class

A)

5,000,000

(a),(d)

KKR

Clo

32

Ltd

SOFR

3

M

+

2.012%

7.405

01/15/32

4,990

Series

-

2020

32A

(Class

B)

3,500,000

(a),(d)

Madison

Park

Funding

LV

Ltd

SOFR

3

M

+

2.900%

8.295

07/18/35

3,523

Series

-

2022

55A

(Class

B1)

5,500,000

(a),(d)

Madison

Park

Funding

XXI

Ltd

SOFR

3

M

+

1.912%

7.305

10/15/32

5,501

Series

-

2016

21A

(Class

A2RR)

530,000

(a),(d)

Magnetite

XVIII

Ltd

SOFR

3

M

+

1.762%

7.141

11/15/28

530

Series

-

2016

18A

(Class

BR)

3,500,000

(a),(d)

Massachusetts

St

SOFR

3

M

+

1.912%

7.305

01/15/35

3,509

Series

-

2021

3A

(Class

B)

2,815,291

(d)

MVW

LLC

1.140

01/22/41

2,586

Series

-

2021

1WA

(Class

A)

1,004,476

(d)

MVW

Owner

Trust

3.450

01/21/36

989

Series

-

2018

1A

(Class

A)

1,120,069

(d)

MVW

Owner

Trust

2.890

11/20/36

1,079

Series

-

2019

1A

(Class

A)

3,781,147

(d)

MVW

Owner

Trust

2.220

10/20/38

3,590

Series

-

2019

2A

(Class

A)

2,321,463

(d)

Navient

Private

Education

Refi

Loan

Trust

1.310

01/15/69

2,125

Series

-

2020

HA

(Class

A)

4,507,536

(d)

Navient

Private

Education

Refi

Loan

Trust

0.840

05/15/69

3,971

Series

-

2021

A

(Class

A)

2,013,340

(d)

Navient

Student

Loan

Trust

3.390

12/15/59

1,924

Series

-

2019

BA

(Class

A2A)

960,912

(a),(d)

Navient

Student

Loan

Trust

LIBOR

1

M

+

1.094%

6.456

12/15/59

952

Series

-

2019

BA

(Class

A2B)

10,000,000

(a),(d)

Neuberger

Berman

CLO

Ltd

SOFR

3

M

+

1.800%

7.178

04/25/36

9,939

Series

-

2022

48A

(Class

B)

8,600,000

(a),(d)

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd

SOFR

3

M

+

1.812%

7.227

04/20/31

8,563

Series

-

2019

31A

(Class

BR)

1,000,000

(a),(d)

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd

SOFR

3

M

+

1.862%

7.264

07/17/35

998

Series

-

2021

43A

(Class

B)

6,650,000

(a),(d)

OHA

Credit

Funding

10

Ltd

SOFR

3

M

+

1.912%

7.307

01/18/36

6,666

Series

-

2021

10A

(Class

B)

2,250,000

(a),(d)

OHA

Credit

Funding

6

Ltd

SOFR

3

M

+

1.912%

7.327

07/20/34

2,256

Series

-

2020

6A

(Class

BR)

10,015,000

(d)

OneMain

Financial

Issuance

Trust

4.890

10/14/34

9,887

Series

-

2022

2A

(Class

A)

17,350,000

(d)

OneMain

Financial

Issuance

Trust

1.750

09/14/35

15,985

Series

-

2020

2A

(Class

A)

21,646,000

(a),(d)

OneMain

Financial

Issuance

Trust

30

D

AVG

SOFR

+

0.760%

6.099

06/16/36

21,211

Series

-

2021

1A

(Class

A2)

2,547,981

(d)

Oportun

Funding

XIV

LLC

1.210

03/08/28

2,432

Series

-

2021

A

(Class

A)

CREF

Core

Bond

Account

December

31,

2023

258

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

274,405

(d)

Orange

Lake

Timeshare

Trust

3.100

%

11/08/30

$

267

Series

-

2018

A

(Class

A)

8,000,000

(a),(d)

Palmer

Square

CLO

Ltd

SOFR

3

M

+

1.800%

7.216

04/20/35

7,979

Series

-

2022

1A

(Class

B)

9,861,000

(d)

PFS

Financing

Corp

0.970

02/15/26

9,803

Series

-

2020

G

(Class

A)

1,961,538

(a),(d)

PNMSR

2018-GT1

A

Mtge

SOFR

1

M

+

3.515%

8.871

08/25/25

1,964

Series

-

2018

GT2

(Class

A)

1,450,000

(d)

Progress

Residential

Trust

2.711

11/17/40

1,221

Series

-

2021

SFR9

(Class

D)

1,000,000

(d)

Purchasing

Power

Funding

LLC

4.370

10/15/25

985

Series

-

2021

A

(Class

D)

5,880,632

Santander

Drive

Auto

Receivables

Trust

2.220

09/15/26

5,810

Series

-

2020

2

(Class

D)

2,666,650

Santander

Drive

Auto

Receivables

Trust

1.480

01/15/27

2,608

Series

-

2020

4

(Class

D)

34,000,000

Santander

Drive

Auto

Receivables

Trust

1.670

10/15/27

32,146

Series

-

2021

4

(Class

D)

20,133,750

(d)

SERVPRO

Master

Issuer

LLC

2.394

04/25/51

17,295

Series

-

2021

1A

(Class

A2)

883,334

(d)

Sierra

Timeshare

Receivables

Funding

LLC

3.200

01/20/36

876

Series

-

2019

1A

(Class

A)

1,363,434

(d)

Sierra

Timeshare

Receivables

Funding

LLC

2.590

05/20/36

1,338

Series

-

2019

2A

(Class

A)

807,037

(d)

Sierra

Timeshare

Receivables

Funding

LLC

2.340

08/20/36

773

Series

-

2019

3A

(Class

A)

1,051,787

(d)

Sierra

Timeshare

Receivables

Funding

LLC

0.990

11/20/37

991

Series

-

2021

1A

(Class

A)

1,140,421

(d)

Sierra

Timeshare

Receivables

Funding

LLC

1.340

11/20/37

1,075

Series

-

2021

1A

(Class

B)

632,254

(d)

Sierra

Timeshare

Receivables

Funding

LLC

1.790

11/20/37

595

Series

-

2021

1A

(Class

C)

1,324,273

(d)

SMB

Private

Education

Loan

Trust

2.430

02/17/32

1,291

Series

-

2016

B

(Class

A2A)

2,576,679

(d)

SMB

Private

Education

Loan

Trust

2.880

09/15/34

2,503

Series

-

2017

A

(Class

A2A)

3,507,405

(d)

SMB

Private

Education

Loan

Trust

2.820

10/15/35

3,379

Series

-

2017

B

(Class

A2A)

1,690,606

(d)

SMB

Private

Education

Loan

Trust

3.500

02/15/36

1,633

Series

-

2018

A

(Class

A2A)

1,760,716

(d)

SoFi

Professional

Loan

Program

LLC

2.840

01/25/41

1,708

Series

-

2017

F

(Class

A2FX)

3,001,319

(d)

SoFi

Professional

Loan

Program

LLC

2.950

02/25/42

2,922

Series

-

2018

A

(Class

A2B)

1,450,415

(d)

SoFi

Professional

Loan

Program

LLC

3.690

06/15/48

1,404

Series

-

2019

A

(Class

A2FX)

3,285,281

(d)

SpringCastle

America

Funding

LLC

1.970

09/25/37

3,030

Series

-

2020

AA

(Class

A)

9,021,000

(d)

SpringCastle

America

Funding

LLC

2.660

09/25/37

8,110

Series

-

2020

AA

(Class

B)

6,475,000

(d)

Stack

Infrastructure

Issuer

LLC

1.893

08/25/45

5,994

Series

-

2020

1A

(Class

A2)

5,875,000

(d)

Stack

Infrastructure

Issuer

LLC

1.877

03/26/46

5,354

Series

-

2021

1A

(Class

A2)

243,227

(a)

Structured

Asset

Investment

Loan

Trust

SOFR

1

M

+

1.014%

6.370

09/25/34

230

Series

-

2004

8

(Class

M1)

1,781,250

(d)

Taco

Bell

Funding

LLC

4.970

05/25/46

1,754

Series

-

2016

1A

(Class

A23)

26,399,775

(d)

Taco

Bell

Funding

LLC

1.946

08/25/51

23,660

Series

-

2021

1A

(Class

A2I)

16,122,825

(d)

Taco

Bell

Funding

LLC

2.294

08/25/51

13,835

Series

-

2021

1A

(Class

A2II)

259

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,050,000

(d)

Tesla

Auto

Lease

Trust

6.570

%

08/20/27

$

1,068

Series

-

2023

B

(Class

B)

7,000,000

(a),(d)

TICP

CLO

VIII

Ltd

SOFR

3

M

+

1.962%

7.377

10/20/34

6,992

Series

-

2017

8A

(Class

A2R)

1,275,000

(d)

Tricon

American

Homes

Trust

2.049

07/17/38

1,163

Series

-

2020

SFR1

(Class

B)

440,000

Verizon

Owner

Trust

0.770

04/21/25

437

Series

-

2020

C

(Class

C)

18,558,009

(d)

Wendy's

Funding

LLC

2.370

06/15/51

16,001

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

621,127

OTHER

MORTGAGE

BACKED

-

10.2%

1,600,000

(a),(d)

20

Times

Square

Trust

3.100

05/15/35

1,419

Series

-

2018

20TS

(Class

B)

12,000,000

(a),(d)

20

TSQ

GROUNDCO

LLC

3.100

05/15/35

9,501

Series

-

2018

20TS

(Class

E)

1,234,074

(a),(d)

ACRE

Commercial

Mortgage

Ltd

SOFR

1

M

+

0.944%

6.303

12/18/37

1,235

Series

-

2021

FL4

(Class

A)

1,082,441

(a),(d)

Agate

Bay

Mortgage

Trust

3.500

09/25/45

959

Series

-

2015

6

(Class

A9)

GBP

599,776

(a)

Agora

Securities

UK

2021

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

7.120

07/22/31

716

Series

-

2021

1X

(Class

C)

5,000,000

(a),(d)

Alen

Mortgage

Trust

SOFR

1

M

+

2.364%

7.726

04/15/34

3,726

Series

-

2021

ACEN

(Class

C)

GBP

420,888

(a),(d)

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

7.120

07/22/31

467

Series

-

2021

1A

(Class

D)

1,067,340

(a)

BANK

3.950

11/15/50

892

Series

-

2017

BNK8

(Class

B)

2,500,000

(a)

BANK

4.094

11/15/50

1,615

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3.093

10/17/52

843

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3.203

12/15/52

3,277

Series

-

2019

BN23

(Class

AS)

1,000,000

(a)

BANK

3.851

07/15/60

837

Series

-

2017

BNK6

(Class

C)

1,652,502

BANK

2.758

09/15/62

1,431

Series

-

2019

BN20

(Class

A2)

8,000,000

(a)

BANK

3.283

11/15/62

6,960

Series

-

2019

BN24

(Class

AS)

1,183,000

(a)

BANK

3.517

11/15/62

859

Series

-

2019

BN24

(Class

C)

1,250,000

(a),(d)

BBCMS

Mortgage

Trust

4.267

08/05/38

850

Series

-

2018

CHRS

(Class

E)

3,256,432

BBCMS

Mortgage

Trust

3.488

02/15/50

3,170

Series

-

2017

C1

(Class

ASB)

4,700,000

(a)

BBCMS

Mortgage

Trust

6.383

07/15/56

4,878

Series

-

2023

C20

(Class

A2)

4,600,000

(a),(d)

Benchmark

Mortgage

Trust

2.791

09/15/48

3,678

Series

-

2020

IG2

(Class

AM)

2,740,000

(a),(d)

Benchmark

Mortgage

Trust

3.133

09/15/48

2,162

Series

-

2020

IG3

(Class

AS)

2,500,000

(a),(d)

Benchmark

Mortgage

Trust

3.536

09/15/48

2,208

Series

-

2020

IG3

(Class

BXA)

3,000,000

(a)

Benchmark

Mortgage

Trust

4.286

02/15/51

2,334

Series

-

2018

B2

(Class

C)

3,452,143

Benchmark

Mortgage

Trust

4.016

03/15/52

3,229

Series

-

2019

B9

(Class

A5)

3,000,000

Benchmark

Mortgage

Trust

3.784

05/15/52

2,515

Series

-

2019

B11

(Class

AS)

CREF

Core

Bond

Account

December

31,

2023

260

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

830,000

Benchmark

Mortgage

Trust

4.241

%

05/15/53

$

791

Series

-

2018

B7

(Class

A3)

5,921,744

(a)

Benchmark

Mortgage

Trust

4.510

05/15/53

5,697

Series

-

2018

B7

(Class

A4)

1,000,000

Benchmark

Mortgage

Trust

2.355

07/15/54

681

Series

-

2021

B27

(Class

B)

10,000,000

(a)

Benchmark

Mortgage

Trust

2.244

08/15/54

7,278

Series

-

2021

B28

(Class

B)

3,150,000

Benchmark

Mortgage

Trust

2.429

08/15/54

2,472

Series

-

2021

B28

(Class

AS)

9,500,000

BMARK

AS

2.612

09/15/54

7,553

Series

-

2021

B29

(Class

AS)

2,360,000

(d)

BWAY

Mortgage

Trust

3.402

02/10/44

1,802

Series

-

2022

26BW

(Class

A)

5,000,000

(a),(d)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.035%

6.397

12/15/38

4,901

Series

-

2021

CIP

(Class

A)

7,500,000

(a),(d)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.385%

6.747

12/15/38

7,351

Series

-

2021

CIP

(Class

B)

1,107,210

(a),(d)

BX

TRUST

SOFR

1

M

+

2.949%

8.311

08/15/39

1,108

Series

-

2022

PSB

(Class

B)

1,325,000

(d)

BXP

Trust

3.459

08/13/37

1,211

Series

-

2017

CC

(Class

A)

5,000,000

(d)

BXP

Trust

2.618

01/15/44

3,929

Series

-

2021

601L

(Class

A)

10,000,000

(a),(d)

BXP

Trust

2.775

01/15/44

6,922

Series

-

2021

601L

(Class

C)

5,500,000

(a),(d)

BXP

Trust

2.775

01/15/44

3,420

Series

-

2021

601L

(Class

D)

2,862,608

CD

Mortgage

Trust

2.622

08/10/49

2,756

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2.926

08/10/49

8,099

Series

-

2016

CD1

(Class

AM)

5,750,000

(a)

CD

Mortgage

Trust

3.879

11/10/49

4,741

Series

-

2016

CD2

(Class

B)

1,000,000

(a)

CD

Mortgage

Trust

3.978

11/10/49

761

Series

-

2016

CD2

(Class

C)

597,495

CD

Mortgage

Trust

3.453

02/10/50

582

Series

-

2017

CD3

(Class

AAB)

500,000

(a)

CD

Mortgage

Trust

4.538

02/10/50

218

Series

-

2017

CD3

(Class

C)

3,582,582

CD

Mortgage

Trust

3.220

08/15/50

3,461

Series

-

2017

CD5

(Class

AAB)

3,457,000

CD

Mortgage

Trust

2.812

08/15/57

3,234

Series

-

2019

CD8

(Class

ASB)

874,343

CFCRE

Commercial

Mortgage

Trust

3.121

05/10/58

841

Series

-

2016

C4

(Class

AHR)

299,753

(a)

CHL

Mortgage

Pass-Through

Trust

5.003

02/20/35

299

Series

-

2004

HYB9

(Class

1A1)

2,500,000

(a),(d)

Citigroup

Commercial

Mortgage

Trust

3.518

05/10/35

2,317

Series

-

2013

375P

(Class

B)

332,208

Citigroup

Commercial

Mortgage

Trust

4.023

03/11/47

332

Series

-

2014

GC19

(Class

A4)

2,350,000

Citigroup

Commercial

Mortgage

Trust

4.017

10/10/47

2,284

Series

-

2014

GC25

(Class

AS)

1,700,000

(a)

Citigroup

Commercial

Mortgage

Trust

3.758

04/10/48

1,606

Series

-

2015

GC29

(Class

B)

3,000,000

(a)

Citigroup

Commercial

Mortgage

Trust

4.138

04/10/48

2,768

Series

-

2015

GC29

(Class

C)

4,070,331

Citigroup

Commercial

Mortgage

Trust

3.243

08/15/50

3,928

Series

-

2017

B1

(Class

AAB)

6,765,000

Citigroup

Commercial

Mortgage

Trust

3.764

10/12/50

6,069

Series

-

2017

C4

(Class

AS)

261

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,000,000

Citigroup

Commercial

Mortgage

Trust

3.778

%

09/10/58

$

1,913

Series

-

2015

GC33

(Class

A4)

5,000,000

(d)

COMM

Mortgage

Trust

3.244

10/10/29

4,458

Series

-

2017

PANW

(Class

A)

3,000,000

(d)

COMM

Mortgage

Trust

3.376

01/10/39

2,476

Series

-

2022

HC

(Class

C)

123,617

COMM

Mortgage

Trust

2.853

10/15/45

113

Series

-

2012

CR4

(Class

A3)

3,912,906

(a),(d)

COMM

Mortgage

Trust

3.599

06/10/46

3,634

Series

-

2013

CR8

(Class

B)

3,000,000

COMM

Mortgage

Trust

4.199

03/10/47

2,986

Series

-

2014

UBS2

(Class

AM)

750,000

COMM

Mortgage

Trust

4.174

05/10/47

712

Series

-

2014

CR17

(Class

AM)

2,500,000

(a),(d)

COMM

Mortgage

Trust

4.767

06/10/47

1,316

Series

-

2014

UBS3

(Class

D)

5,240,000

COMM

Mortgage

Trust

3.917

10/10/47

5,153

Series

-

2014

LC17

(Class

A5)

5,205,000

(a)

COMM

Mortgage

Trust

4.188

10/10/47

5,063

Series

-

2014

LC17

(Class

AM)

2,288,546

(a)

COMM

Mortgage

Trust

4.490

10/10/47

2,203

Series

-

2014

LC17

(Class

B)

2,825,979

(a)

COMM

Mortgage

Trust

3.829

02/10/48

2,640

Series

-

2015

LC19

(Class

B)

1,000,000

(d)

COMM

Mortgage

Trust

3.000

03/10/48

690

Series

-

2015

CR22

(Class

E)

1,445,000

COMM

Mortgage

Trust

3.309

03/10/48

1,402

Series

-

2015

CR22

(Class

A5)

3,382,775

(a)

COMM

Mortgage

Trust

3.603

03/10/48

3,239

Series

-

2015

CR22

(Class

AM)

2,696,000

(a)

COMM

Mortgage

Trust

4.067

03/10/48

2,432

Series

-

2015

CR22

(Class

C)

7,405,000

COMM

Mortgage

Trust

3.801

05/10/48

7,097

Series

-

2015

CR23

(Class

AM)

4,500,000

(a)

COMM

Mortgage

Trust

4.183

05/10/48

4,276

Series

-

2015

CR23

(Class

B)

2,549,000

(a)

COMM

Mortgage

Trust

4.287

05/10/48

2,294

Series

-

2015

CR23

(Class

C)

1,259,194

COMM

Mortgage

Trust

3.421

07/10/48

1,242

Series

-

2015

LC21

(Class

ASB)

4,000,000

(a)

COMM

Mortgage

Trust

3.463

08/10/48

3,244

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3.696

08/10/48

2,467

Series

-

2015

CR24

(Class

A5)

5,000,000

(a)

COMM

Mortgage

Trust

4.028

08/10/48

4,773

Series

-

2015

CR24

(Class

AM)

2,000,000

(a)

COMM

Mortgage

Trust

4.347

08/10/48

1,876

Series

-

2015

CR24

(Class

B)

1,467,000

(a)

COMM

Mortgage

Trust

4.347

08/10/48

1,312

Series

-

2015

CR24

(Class

C)

1,352,000

COMM

Mortgage

Trust

3.612

10/10/48

1,305

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3.630

10/10/48

3,095

Series

-

2015

CR26

(Class

A4)

2,075,000

COMM

Mortgage

Trust

3.774

10/10/48

2,002

Series

-

2015

LC23

(Class

A4)

1,875,000

(a)

COMM

Mortgage

Trust

4.465

10/10/48

1,767

Series

-

2015

CR26

(Class

B)

4,855,000

(a)

COMM

Mortgage

Trust

4.546

10/10/48

4,409

Series

-

2015

LC23

(Class

C)

979,264

COMM

Mortgage

Trust

3.651

02/10/49

949

Series

-

2016

CR28

(Class

AHR)

CREF

Core

Bond

Account

December

31,

2023

262

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,650,000

(a)

COMM

Mortgage

Trust

4.605

%

02/10/49

$

4,326

Series

-

2016

CR28

(Class

B)

4,600,000

(a)

COMM

Mortgage

Trust

4.340

05/10/51

4,065

Series

-

2018

COR3

(Class

AM)

1,550,000

COMM

Mortgage

Trust

3.263

08/15/57

1,338

Series

-

2019

GC44

(Class

AM)

2,000,000

(a)

COMM

Mortgage

Trust

3.522

08/15/57

1,489

Series

-

2019

GC44

(Class

C)

2,006,400

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.250%

6.349

03/25/42

2,204

Series

-

2022

R03

(Class

1B1)

18,955,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8.837

03/25/42

19,841

Series

-

2022

R03

(Class

1M2)

5,970,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8.337

04/25/42

6,084

Series

-

2022

R05

(Class

2M2)

30,200,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

9.187

05/25/42

31,805

Series

-

2022

R06

(Class

1M2)

9,505,000

(a),(d)

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8.937

07/25/42

9,981

Series

-

2022

R08

(Class

1M2)

12,890,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

10.087

09/25/42

13,971

Series

-

2022

R09

(Class

2M2)

870,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

6.750%

12.087

09/25/42

955

Series

-

2022

R09

(Class

2B1)

16,045,000

(a),(d)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9.087

12/25/42

16,984

Series

-

2023

R01

(Class

1M2)

7,400,000

(a),(d)

Credit

Suisse

Commercial

Mortgage

Trust

3.728

11/10/32

5,399

Series

-

2017

CALI

(Class

B)

1,905,260

(a),(d)

Credit

Suisse

Mortgage

Capital

Certificates

SOFR

1

M

+

1.647%

7.009

05/15/36

1,900

Series

-

2019

ICE4

(Class

D)

7,725,777

(a),(d)

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

6,372

Series

-

2021

NQM8

(Class

A3)

4,270,400

(a),(d)

CSMC

Series

3.388

10/25/59

3,881

Series

-

2019

NQM1

(Class

M1)

9,250,000

DBGS

Mortgage

Trust

4.466

10/15/51

8,729

Series

-

2018

C1

(Class

A4)

5,451,839

DBJPM

Mortgage

Trust

2.756

08/10/49

5,260

Series

-

2016

C3

(Class

ASB)

6,883,959

DBJPM

Mortgage

Trust

3.121

06/10/50

6,626

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2.340

08/15/53

4,174

Series

-

2020

C9

(Class

AM)

17,410,000

(d)

DBUBS

Mortgage

Trust

3.452

10/10/34

15,988

Series

-

2017

BRBK

(Class

A)

15,500,000

(a),(d)

DBUBS

Mortgage

Trust

3.530

10/10/34

13,750

Series

-

2017

BRBK

(Class

B)

4,994,187

(a),(d)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.235%

6.597

11/15/38

4,900

Series

-

2021

ELP

(Class

B)

6,991,862

(a),(d)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.434%

6.796

11/15/38

6,844

Series

-

2021

ELP

(Class

C)

4,664,571

(a),(d)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

2.233%

7.595

11/15/38

4,534

Series

-

2021

ELP

(Class

E)

4,999,900

(a),(d)

EQUS

Mortgage

Trust

SOFR

1

M

+

0.869%

6.231

10/15/38

4,905

Series

-

2021

EQAZ

(Class

A)

108,874

(a),(d)

Flagstar

Mortgage

Trust

4.000

09/25/48

102

Series

-

2018

5

(Class

A11)

3,132,480

(a),(d)

Flagstar

Mortgage

Trust

2.500

04/25/51

2,514

Series

-

2021

2

(Class

A4)

8,932,057

(a),(d)

Flagstar

Mortgage

Trust

2.500

06/01/51

7,168

Series

-

2021

4

(Class

A21)

756,413

Ford

Credit

Auto

Owner

Trust

5.140

03/15/26

755

Series

-

2023

A

(Class

A2A)

756,413

(a)

Ford

Credit

Auto

Owner

Trust

30

D

AVG

SOFR

+

0.720%

6.058

03/15/26

758

Series

-

2023

A

(Class

A2B)

263

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

GBP

889,021

(a),(d)

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

8.120

%

11/20/33

$

1,035

Series

-

2021

1A

(Class

GBD)

$

5,000,000

(a),(d)

GS

Mortgage

Securities

Corp

II

SOFR

1

M

+

1.364%

6.726

11/15/36

4,862

Series

-

2021

ARDN

(Class

A)

3,600,000

(a),(d)

GS

Mortgage

Securities

Corp

II

SOFR

1

M

+

3.464%

8.826

11/15/36

3,379

Series

-

2021

ARDN

(Class

E)

1,130,000

(a),(d)

GS

Mortgage

Securities

Corp

II

3.475

09/10/37

1,015

Series

-

2017

375H

(Class

A)

2,500,000

(a),(d)

GS

Mortgage

Securities

Corp

II

3.483

09/10/37

2,152

Series

-

2017

375H

(Class

B)

1,350,000

(a)

GS

Mortgage

Securities

Corp

II

3.777

05/10/50

1,281

Series

-

2015

GC30

(Class

AS)

5,235,000

(a),(d)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

1.897%

7.259

07/15/31

2,408

Series

-

2018

TWR

(Class

D)

1,500,000

(a),(d)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

2.164%

7.526

11/15/36

1,443

Series

-

2021

ARDN

(Class

C)

3,000,000

(a),(d)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

2.864%

8.226

11/15/36

2,827

Series

-

2021

ARDN

(Class

D)

2,000,000

(a),(d)

GS

Mortgage

Securities

Trust

SOFR

1

M

+

1.747%

7.109

07/15/31

1,250

Series

-

2018

TWR

(Class

C)

289,750

GS

Mortgage

Securities

Trust

3.206

02/10/48

286

Series

-

2015

GC28

(Class

AAB)

2,816,500

GS

Mortgage

Securities

Trust

3.396

02/10/48

2,753

Series

-

2015

GC28

(Class

A5)

7,400,000

(a)

GS

Mortgage

Securities

Trust

4.018

07/10/48

7,075

Series

-

2015

GC32

(Class

AS)

1,200,994

GS

Mortgage

Securities

Trust

3.278

10/10/48

1,173

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3.143

10/10/49

1,819

Series

-

2016

GS3

(Class

AS)

1,500,000

(a)

GS

Mortgage

Securities

Trust

3.952

11/10/49

1,238

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3.674

03/10/50

1,870

Series

-

2017

GS5

(Class

A4)

4,150,000

(a)

GS

Mortgage

Securities

Trust

3.826

03/10/50

3,727

Series

-

2017

GS5

(Class

AS)

7,825,805

GS

Mortgage

Securities

Trust

3.230

05/10/50

7,572

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3.433

05/10/50

5,563

Series

-

2017

GS6

(Class

A3)

2,540,000

(a)

GS

Mortgage

Securities

Trust

4.024

05/10/50

2,264

Series

-

2015

GC30

(Class

B)

5,000,000

(a)

GS

Mortgage

Securities

Trust

4.068

05/10/50

4,024

Series

-

2015

GC30

(Class

C)

3,000,000

GS

Mortgage

Securities

Trust

3.837

11/10/50

2,839

Series

-

2017

GS8

(Class

ABP)

4,844,000

(a)

GS

Mortgage

Securities

Trust

4.323

11/10/50

4,079

Series

-

2017

GS8

(Class

C)

3,050,000

(a)

GS

Mortgage

Securities

Trust

4.158

02/10/52

2,785

Series

-

2019

GC38

(Class

AS)

2,500,000

(a)

GS

Mortgage

Securities

Trust

3.173

02/13/53

2,128

Series

-

2020

GC45

(Class

AS)

141,934

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

132

Series

-

2019

PJ2

(Class

A1)

370,760

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

343

Series

-

2019

PJ2

(Class

A4)

870,482

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

737

Series

-

2020

PJ4

(Class

A4)

36,874,101

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

0.269

03/27/51

395

Series

-

2020

PJ5

(Class

AX1)

1,260,386

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

1,072

Series

-

2020

PJ5

(Class

A4)

CREF

Core

Bond

Account

December

31,

2023

264

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,916,612

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

%

05/25/51

$

1,538

Series

-

2020

PJ6

(Class

A4)

90,678,264

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

0.148

08/25/51

617

Series

-

2021

PJ3

(Class

AX1)

12,163,574

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

9,761

Series

-

2021

PJ5

(Class

A4)

11,753,599

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

9,831

Series

-

2022

PJ2

(Class

A36)

4,239,392

(a),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

09/25/52

3,546

Series

-

2022

PJ4

(Class

A36)

1,009,501

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.630

05/25/50

854

Series

-

2020

PJ1

(Class

B2)

2,363,062

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

07/25/51

1,896

Series

-

2021

PJ2

(Class

A4)

17,480,610

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

14,061

Series

-

2021

PJ6

(Class

A4)

21,352,324

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

17,135

Series

-

2021

PJ7

(Class

A4)

9,890,837

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

7,937

Series

-

2021

PJ8

(Class

A4)

3,376,269

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.722

01/25/52

2,586

Series

-

2021

PJ7

(Class

B2)

10,470,244

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

8,402

Series

-

2021

PJ10

(Class

A4)

4,643,548

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

4,026

Series

-

2022

PJ1

(Class

A8)

3,007,785

(a),(d)

GS

Mortgage-Backed

Securities

Trust

2.832

05/28/52

2,347

Series

-

2022

PJ1

(Class

B2)

7,085,984

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

07/25/52

5,927

Series

-

2022

INV1

(Class

A4)

9,328,553

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

09/25/52

7,802

Series

-

2022

HP1

(Class

A4)

6,918,282

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

5,786

Series

-

2022

PJ5

(Class

A36)

5,590,878

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

4,676

Series

-

2022

PJ6

(Class

A24)

8,149,350

(a),(d)

GS

Mortgage-Backed

Securities

Trust

3.500

02/25/53

7,080

Series

-

2023

PJ1

(Class

A24)

1,465,001

(a)

HarborView

Mortgage

Loan

Trust

SOFR

1

M

+

0.734%

6.090

08/19/45

1,339

Series

-

2005

11

(Class

2A1A)

6,000,000

(d)

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

5,582

Series

-

2016

10HY

(Class

A)

7,250,000

(a),(d)

Hudson

Yards

Mortgage

Trust

2.977

08/10/38

6,590

Series

-

2016

10HY

(Class

C)

2,500,000

(a),(d)

Hudson

Yards

Mortgage

Trust

2.977

08/10/38

2,302

Series

-

2016

10HY

(Class

B)

4,750,000

(a),(d)

Hudson

Yards

Mortgage

Trust

2.943

12/10/41

3,728

Series

-

2019

55HY

(Class

D)

2,750,000

(a),(d)

Hudson

Yards

Mortgage

Trust

2.943

12/10/41

2,025

Series

-

2019

55HY

(Class

E)

2,487,300

(a),(d)

Imperial

Fund

Mortgage

Trust

2.051

10/25/55

2,255

Series

-

2020

NQM1

(Class

A3)

1,043,500

(a),(d)

Imperial

Fund

Mortgage

Trust

3.531

10/25/55

889

Series

-

2020

NQM1

(Class

M1)

1,000,000

(a),(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4.613

07/05/31

575

Series

-

2018

AON

(Class

D)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.914

01/15/49

1,719

Series

-

2015

JP1

(Class

A5)

3,155,898

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2.713

08/15/49

3,051

Series

-

2016

JP2

(Class

ASB)

265

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,327,511

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3.379

%

09/15/50

$

4,208

Series

-

2017

JP7

(Class

A3)

3,155,000

(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3.065

01/16/37

2,378

Series

-

2020

NNN

(Class

BFX)

2,744,557

(a),(d)

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6.678

12/25/44

2,629

Series

-

2015

1

(Class

B1)

193,013

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

05/25/45

173

Series

-

2015

3

(Class

A19)

2,036,984

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/45

1,802

Series

-

2015

6

(Class

A13)

2,194,450

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

09/25/48

1,910

Series

-

2018

3

(Class

A13)

3,095,718

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

2,672

Series

-

2018

5

(Class

A13)

1,920,747

(a),(d)

JP

Morgan

Mortgage

Trust

3.684

10/26/48

1,870

Series

-

2017

5

(Class

A2)

650,670

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

02/25/49

592

Series

-

2018

9

(Class

A13)

523,984

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

480

Series

-

2019

1

(Class

A15)

288,225

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

266

Series

-

2019

1

(Class

A3)

1,041,255

(a),(d)

JP

Morgan

Mortgage

Trust

SOFR

1

M

+

1.064%

6.420

10/25/49

1,009

Series

-

2019

INV1

(Class

A11)

6,564,330

(a),(d)

JP

Morgan

Mortgage

Trust

3.823

06/25/50

5,671

Series

-

2020

1

(Class

B2)

28,491,852

(a),(d)

JP

Morgan

Mortgage

Trust

0.139

07/25/51

189

Series

-

2021

3

(Class

AX1)

20,264,807

(a),(d)

JP

Morgan

Mortgage

Trust

0.131

08/25/51

126

Series

-

2021

4

(Class

AX1)

2,379,521

(a),(d)

JP

Morgan

Mortgage

Trust

2.881

08/25/51

1,847

Series

-

2021

4

(Class

B2)

38,719,111

(a),(d)

JP

Morgan

Mortgage

Trust

0.137

10/25/51

250

Series

-

2021

6

(Class

AX1)

7,236,842

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

10/25/51

5,808

Series

-

2021

6

(Class

A15)

10,287,800

(a),(d)

JP

Morgan

Mortgage

Trust

0.400

12/25/51

222

Series

-

2021

INV2

(Class

AX4)

2,420,821

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

1,943

Series

-

2021

10

(Class

A15)

2,449,158

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

02/25/52

1,965

Series

-

2021

12

(Class

A15)

3,786,337

(a),(d)

JP

Morgan

Mortgage

Trust

2.500

05/25/52

3,039

Series

-

2021

14

(Class

A15)

2,497,810

(a),(d)

JP

Morgan

Mortgage

Trust

2.927

05/25/52

2,014

Series

-

2021

LTV2

(Class

A3)

16,726,545

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

13,948

Series

-

2022

2

(Class

A25)

7,255,788

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

09/25/52

6,051

Series

-

2022

INV3

(Class

A6)

11,947,775

(a),(d)

JP

Morgan

Mortgage

Trust

3.500

09/25/52

10,379

Series

-

2022

LTV2

(Class

A6)

6,730,496

(a),(d)

JP

Morgan

Mortgage

Trust

3.000

12/25/52

5,629

Series

-

2022

7

(Class

1A17)

2,321,532

(a),(d)

JP

Morgan

Mortgage

Trust

4.000

12/25/52

2,078

Series

-

2022

7

(Class

2A6A)

5,172,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.997

08/15/47

4,916

Series

-

2014

C21

(Class

AS)

2,686,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.482

09/15/47

2,593

Series

-

2014

C23

(Class

B)

CREF

Core

Bond

Account

December

31,

2023

266

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.898

%

02/15/48

$

2,766

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3.611

05/15/48

2,464

Series

-

2015

C29

(Class

A4)

2,500,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

3.917

05/15/48

2,395

Series

-

2015

C29

(Class

AS)

2,350,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.118

05/15/48

2,203

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4.106

08/15/48

3,280

Series

-

2015

C31

(Class

AS)

9,952,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.622

08/15/48

8,277

Series

-

2015

C31

(Class

B)

3,000,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.622

08/15/48

2,304

Series

-

2015

C31

(Class

C)

1,820,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.702

03/17/49

1,636

Series

-

2016

C1

(Class

C)

2,410,915

JPMCC

Commercial

Mortgage

Securities

Trust

3.457

03/15/50

2,331

Series

-

2017

JP5

(Class

A4)

801,708

JPMCC

Commercial

Mortgage

Securities

Trust

3.549

03/15/50

777

Series

-

2017

JP5

(Class

ASB)

1,000,000

(a)

JPMCC

Commercial

Mortgage

Securities

Trust

3.904

03/15/50

752

Series

-

2017

JP5

(Class

C)

1,000,000

(a)

JPMDB

Commercial

Mortgage

Securities

Trust

3.043

12/15/49

679

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3.694

03/15/50

2,814

Series

-

2017

C5

(Class

A5)

7,575,000

JPMDB

Commercial

Mortgage

Securities

Trust

2.536

05/13/53

5,380

Series

-

2020

COR7

(Class

AS)

2,250,777

(d)

Ladder

Capital

Commercial

Mortgage

Securities

3.575

02/15/36

2,094

Series

-

2013

GCP

(Class

A1)

3,522,985

(d)

Ladder

Capital

Commercial

Mortgage

Securities

3.357

07/12/50

3,406

Series

-

2017

LC26

(Class

ASB)

EUR

589,114

(a),(d)

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1.000

08/17/33

613

Series

-

2021

1A

(Class

E)

EUR

599,877

(a),(d)

Last

Mile

Securities

PE

2021

DAC

EURIBOR

3

M

+

2.350%

6.344

08/17/31

638

Series

-

2021

1A

(Class

D)

7,250,000

(d)

Liberty

Street

Trust

3.597

02/10/36

6,643

Series

-

2016

225L

(Class

A)

4,000,000

(a),(d)

MAD

Mortgage

Trust

3.188

08/15/34

3,597

Series

-

2017

330M

(Class

A)

1,500,000

(a),(d)

Manhattan

West

2.335

09/10/39

1,320

Series

-

2020

1MW

(Class

B)

480,182

(a)

Merrill

Lynch

Mortgage

Investors

Trust

SOFR

1

M

+

0.634%

2.278

01/25/37

451

Series

-

2006

WMC1

(Class

A1B)

2,692,686

(d)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.989

12/15/46

2,513

Series

-

2014

C19

(Class

LNC1)

887,211

(d)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.384

12/15/46

814

Series

-

2014

C19

(Class

LNC2)

4,650,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.832

12/15/47

4,502

Series

-

2014

C19

(Class

AS)

4,100,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.605

02/15/48

3,939

Series

-

2015

C20

(Class

AS)

1,250,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.454

02/15/48

1,151

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.338

03/15/48

2,419

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.652

03/15/48

6,203

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3.561

04/15/48

2,856

Series

-

2015

C22

(Class

AS)

387,583

(a)

Morgan

Stanley

Capital

I

Trust

6.079

12/12/49

164

Series

-

2007

IQ16

(Class

AJ)

267

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

264,381

(a)

Morgan

Stanley

Capital

I

Trust

6.079

%

12/12/49

$

112

Series

-

2007

IQ16

(Class

AJFX)

3,844,498

Morgan

Stanley

Capital

I

Trust

3.304

06/15/50

3,768

Series

-

2017

H1

(Class

ASB)

1,458,000

Morgan

Stanley

Capital

I

Trust

3.587

12/15/50

1,376

Series

-

2017

HR2

(Class

A4)

2,840,000

(a)

Morgan

Stanley

Capital

I

Trust

4.429

07/15/51

2,656

Series

-

2018

H3

(Class

AS)

608,576

(a),(d)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

07/25/51

532

Series

-

2021

4

(Class

A4)

3,000,000

(a),(d)

MSDB

Trust

3.316

07/11/39

2,644

Series

-

2017

712F

(Class

A)

1,200,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

3.790

11/15/32

1,019

Series

-

2018

285M

(Class

A)

12,741,348

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5.915

07/15/36

11,579

Series

-

2019

MILE

(Class

A)

5,000,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.879%

7.241

07/15/36

4,279

Series

-

2019

MILE

(Class

B)

2,900,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7.641

07/15/36

2,335

Series

-

2019

MILE

(Class

C)

5,000,000

(a),(d)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.829%

8.191

07/15/36

3,790

Series

-

2019

MILE

(Class

D)

703,488

(d)

Natixis

Commercial

Mortgage

Securities

Trust

2.966

12/15/38

628

Series

-

2020

2PAC

(Class

A)

223,239

(a)

New

York

Mortgage

Trust

SOFR

1

M

+

0.594%

5.950

02/25/36

219

Series

-

2005

3

(Class

A1)

10,849,975

(a),(d)

OBX

Trust

2.500

07/25/51

8,707

Series

-

2021

J2

(Class

A19)

9,505,993

(a),(d)

OBX

Trust

4.000

10/25/52

8,507

Series

-

2022

INV5

(Class

A13)

771,139

(a),(d)

OBX

Trust

SOFR

1

M

+

0.764%

4.658

06/25/57

737

Series

-

2018

1

(Class

A2)

3,353,239

(a),(d)

Oceanview

Mortgage

Trust

2.500

05/25/51

2,691

Series

-

2021

1

(Class

A19)

2,456,864

(a),(d)

Oceanview

Mortgage

Trust

4.500

11/25/52

2,317

Series

-

2022

1

(Class

A1)

5,434,000

(d)

Olympic

Tower

Mortgage

Trust

3.566

05/10/39

4,818

Series

-

2017

OT

(Class

A)

8,520,000

(d)

One

Bryant

Park

Trust

2.516

09/15/54

7,230

Series

-

2019

OBP

(Class

A)

2,962,567

(a),(d)

OPEN

Trust

SOFR

1

M

+

5.236%

10.598

10/15/28

2,986

Series

-

2023

AIR

(Class

C)

2,000,000

(d)

RBS

Commercial

Funding,

Inc

Trust

3.511

03/11/31

1,747

Series

-

2013

SMV

(Class

B)

3,202,097

(a),(d)

RCKT

Mortgage

Trust

3.500

06/25/52

2,782

Series

-

2022

4

(Class

A22)

607,590

(a),(d)

Sequoia

Mortgage

Trust

3.500

05/25/45

551

Series

-

2015

2

(Class

A1)

525,681

(a),(d)

Sequoia

Mortgage

Trust

3.500

06/25/46

464

Series

-

2016

1

(Class

A19)

131,196

(a),(d)

Sequoia

Mortgage

Trust

3.500

02/25/47

115

Series

-

2017

2

(Class

A19)

2,017,401

(a),(d)

Sequoia

Mortgage

Trust

3.721

09/25/47

1,861

Series

-

2017

6

(Class

B1)

876,934

(a),(d)

Sequoia

Mortgage

Trust

3.500

03/25/48

776

Series

-

2018

3

(Class

A1)

67,958

(a),(d)

Sequoia

Mortgage

Trust

4.000

09/25/48

63

Series

-

2018

7

(Class

A19)

5,715,979

(a),(d)

Sequoia

Mortgage

Trust

3.000

04/25/50

4,780

Series

-

2020

3

(Class

A19)

4,806,772

(a),(d)

Sequoia

Mortgage

Trust

5.000

01/25/53

4,583

Series

-

2023

1

(Class

A19)

CREF

Core

Bond

Account

December

31,

2023

268

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

408,168

(a),(d)

Shellpoint

Co-Originator

Trust

3.500

%

04/25/47

$

360

Series

-

2017

1

(Class

A19)

4,350,000

(d)

SLG

Office

Trust

2.585

07/15/41

3,603

Series

-

2021

OVA

(Class

A)

22,865,000

(d)

SLG

Office

Trust

2.851

07/15/41

17,895

Series

-

2021

OVA

(Class

D)

9,741,110

(a),(d)

SMR

Mortgage

Trust

SOFR

1

M

+

1.650%

7.012

02/15/39

9,240

Series

-

2022

IND

(Class

A)

9,277,248

(a),(d)

SMR

Mortgage

Trust

SOFR

1

M

+

2.950%

8.312

02/15/39

8,548

Series

-

2022

IND

(Class

C)

5,000,000

(a),(d)

SREIT

Trust

SOFR

1

M

+

0.936%

6.298

11/15/36

4,934

Series

-

2021

MFP2

(Class

A)

6,930,000

(a),(d)

SREIT

Trust

SOFR

1

M

+

1.286%

6.648

11/15/36

6,817

Series

-

2021

MFP2

(Class

B)

810,000

(a),(d)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

4.350%

9.687

04/25/42

853

Series

-

2022

DNA3

(Class

M2)

GBP

347,448

(a),(d)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

6.521

05/17/31

432

Series

-

2021

UK1A

(Class

B)

GBP

506,281

(a),(d)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

6.871

05/17/31

628

Series

-

2021

UK1A

(Class

C)

GBP

419,863

(a),(d)

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.500%

6.721

08/17/31

521

Series

-

2021

UK4A

(Class

B)

8,041,220

UBS

Commercial

Mortgage

Trust

3.256

06/15/50

7,786

Series

-

2017

C1

(Class

ASB)

1,481,286

UBS

Commercial

Mortgage

Trust

3.366

10/15/50

1,432

Series

-

2017

C4

(Class

ASB)

1,450,000

UBS

Commercial

Mortgage

Trust

3.563

10/15/50

1,354

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4.334

10/15/51

1,677

Series

-

2018

C13

(Class

A4)

1,759,830

(a),(d)

Verus

Securitization

Trust

2.240

10/25/66

1,466

Series

-

2021

7

(Class

A3)

967,088

(d)

VSE

VOI

Mortgage

LLC

2.330

03/20/35

961

Series

-

2017

A

(Class

A)

1,740,030

Wells

Fargo

Commercial

Mortgage

Trust

3.405

12/15/47

1,694

Series

-

2014

LC18

(Class

A5)

4,500,000

Wells

Fargo

Commercial

Mortgage

Trust

3.808

12/15/47

4,325

Series

-

2014

LC18

(Class

AS)

1,570,000

Wells

Fargo

Commercial

Mortgage

Trust

3.406

05/15/48

1,492

Series

-

2015

NXS1

(Class

AS)

2,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.658

05/15/48

1,847

Series

-

2015

NXS1

(Class

B)

2,279,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4.140

05/15/48

1,961

Series

-

2015

NXS1

(Class

D)

4,488,157

Wells

Fargo

Commercial

Mortgage

Trust

2.788

07/15/48

4,393

Series

-

2016

C35

(Class

ASB)

6,943,117

Wells

Fargo

Commercial

Mortgage

Trust

2.514

08/15/49

6,759

Series

-

2016

BNK1

(Class

ASB)

7,137,630

Wells

Fargo

Commercial

Mortgage

Trust

2.825

10/15/49

6,929

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3.635

03/15/50

815

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.757

03/15/50

1,819

Series

-

2017

RB1

(Class

AS)

9,687,223

Wells

Fargo

Commercial

Mortgage

Trust

3.261

07/15/50

9,391

Series

-

2017

C38

(Class

ASB)

2,197,255

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.903

07/15/50

1,863

Series

-

2017

C38

(Class

C)

7,004,447

Wells

Fargo

Commercial

Mortgage

Trust

3.212

09/15/50

6,765

Series

-

2017

C39

(Class

ASB)

269

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3.767

%

07/15/58

$

3,855

Series

-

2015

NXS2

(Class

A5)

1,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4.273

07/15/58

945

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3.749

03/15/59

5,663

Series

-

2016

C33

(Class

AS)

182,320

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

04/25/49

170

Series

-

2019

2

(Class

A17)

2,329,098

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

09/25/49

2,043

Series

-

2019

4

(Class

A1)

897,139

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

748

Series

-

2020

4

(Class

A17)

11,062,437

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

8,878

Series

-

2021

2

(Class

A17)

4,487,809

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

12/25/51

3,601

Series

-

2022

2

(Class

A18)

3,907,436

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

03/25/52

3,268

Series

-

2022

INV1

(Class

A18)

6,712,798

(a),(d)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

03/25/52

5,832

Series

-

2022

INV1

(Class

A17)

2,185,281

WFRBS

Commercial

Mortgage

Trust

3.995

05/15/47

2,159

Series

-

2014

C20

(Class

A5)

3,865,000

WFRBS

Commercial

Mortgage

Trust

3.607

11/15/47

3,776

Series

-

2014

C24

(Class

A5)

247,062

(a),(d)

WinWater

Mortgage

Loan

Trust

3.919

06/20/44

208

Series

-

2014

1

(Class

B4)

TOTAL

OTHER

MORTGAGE

BACKED

1,101,098

TOTAL

STRUCTURED

ASSETS

1,722,225

(Cost

$1,896,558)

SHARES

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.0%

FINANCIAL

SERVICES

-

0.0%

173,925

Morgan

Stanley

4,552

TOTAL

FINANCIAL

SERVICES

4,552

TOTAL

PREFERRED

STOCKS

4,552

(Cost

$4,348)

TOTAL

LONG-TERM

INVESTMENTS

10,469,147‌

(Cost

$11,240,160)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.2%

COMMERCIAL

PAPER

-

0.1%

5,500,000

(d)

HSBC

USA,

Inc

0.000

02/02/24

5,471

TOTAL

COMMERCIAL

PAPER

5,471

GOVERNMENT

AGENCY

DEBT

-

0.2%

10,000,000

Federal

Farm

Credit

Bank

(FFCB)

0.000

01/24/24

9,962

KZT

245,300,000

Kazakhstan

Treasury

Bill

0.000

03/13/24

523

10,000,000

Tennessee

Valley

Authority

(TVA)

0.000

01/10/24

9,983

TOTAL

GOVERNMENT

AGENCY

DEBT

20,468

CREF

Core

Bond

Account

December

31,

2023

270

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

REPURCHASE

AGREEMENT

-

0.8%

$

91,140,000

(i)

Fixed

Income

Clearing

Corp

(FICC)

5.320

%

01/02/24

$

91,140

TOTAL

REPURCHASE

AGREEMENT

91,140

TREASURY

DEBT

-

0.1%

14,500,000

United

States

Treasury

Bill

0.000

02/27/24

14,381

TOTAL

TREASURY

DEBT

14,381

TOTAL

SHORT-TERM

INVESTMENTS

131,460

(Cost

$131,486)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

29,377,392

(j)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

29,377

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

29,377

(Cost

$29,377)

TOTAL

INVESTMENTS

-

98.7%

10,629,984

(Cost

$11,401,023)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.3%

138,670

NET

ASSETS

-

100.0%

$10,768,654

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

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

PLN

Polish

Zloty

REIT

Real

Estate

Investment

Trust

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

271

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

(a)

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.

(b)

When-issued

or

delayed

delivery

security.

(c)

In

default

(d)

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.

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$87,583,692.

(f)

Perpetual

security

(g)

Payment

in

Kind

Bond

(h)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(i)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$91,193,874

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.500%

and

maturity

dates

7/15/26–10/15/28,

valued

at

$92,962,840.

(j)

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)

U.S.

Treasury

5-Year

Note

2,410‌

03/28/24

 $

258,379‌

$

262,144‌

$

3,765‌

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

2,430

JPY

345,252

Australia

and

New

Zealand

Banking

Group

Limited

01/16/24

  $

(24‌)

$

2,121

NZD

3,512

Australia

and

New

Zealand

Banking

Group

Limited

01/16/24

(100‌)

Total

  $

(124‌)

$

199

EUR

186

Bank

of

America

01/16/24

  $

(6‌)

$

328

EUR

299

Bank

of

America

01/16/24

(2‌)

$

1,418

EUR

1,293

Bank

of

America

01/16/24

(10‌)

$

668

RON

3,108

Bank

of

America

01/16/24

(22‌)

Total

  $

(40‌)

$

365

COP

1,460,664

Citibank

N.A.

01/17/24

  $

(11‌)

$

954

CZK

21,995

Citibank

N.A.

01/16/24

(29‌)

$

469

GBP

386

Citibank

N.A.

01/16/24

(23‌)

$

828

JPY

117,081

Citibank

N.A.

01/16/24

(5‌)

$

788

THB

28,312

Citibank

N.A.

01/17/24

(43‌)

Total

  $

(111‌)

CREF

Core

Bond

Account

December

31,

2023

272

Portfolio

of

Investments

(continued)

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

974

JPY

143,152

Goldman

Sachs

01/16/24

  $

(44‌)

$

970

JPY

141,822

Goldman

Sachs

01/16/24

(38‌)

$

182

MXN

3,206

Goldman

Sachs

01/16/24

(7‌)

Total

  $

(89‌)

$

3,016

EUR

2,834

JPMorgan

Chase

Bank

01/16/24

  $

(115‌)

$

9,476

CAD

12,867

Morgan

Stanley

01/16/24

  $

(238‌)

$

1,527

EUR

1,447

Morgan

Stanley

01/16/24

(72‌)

$

591

EUR

552

Morgan

Stanley

01/16/24

(18‌)

$

542

EUR

498

Morgan

Stanley

01/16/24

(8‌)

$

2,326

EUR

2,130

Morgan

Stanley

01/16/24

(28‌)

$

98

EUR

90

Morgan

Stanley

01/16/24

(1‌)

$

2,494

EUR

2,253

Morgan

Stanley

01/16/24

6‌

$

17,103

GBP

13,935

Morgan

Stanley

01/16/24

(660‌)

$

1,235

GBP

968

Morgan

Stanley

01/16/24

1‌

$

960

HUF

341,245

Morgan

Stanley

01/16/24

(21‌)

$

1,560

IDR

24,528,795

Morgan

Stanley

01/17/24

(34‌)

$

705

MXN

12,555

Morgan

Stanley

01/17/24

(32‌)

$

245

PLN

980

Morgan

Stanley

01/16/24

(4‌)

EUR

2,077

$

2,309

Morgan

Stanley

01/16/24

(15‌)

$

359

ZAR

6,758

Morgan

Stanley

01/16/24

(10‌)

Total

  $

(1,134‌)

$

5,001

AUD

7,755

Standard

Chartered

Bank

01/16/24

  $

(286‌)

$

1,229

JPY

183,549

Standard

Chartered

Bank

01/16/24

(77‌)

$

589

JPY

87,840

Standard

Chartered

Bank

01/16/24

(36‌)

$

203

PEN

778

Standard

Chartered

Bank

01/17/24

(7‌)

EUR

193

$

206

Standard

Chartered

Bank

01/16/24

7‌

Total

  $

(399‌)

$

24,220

CNY

174,863

Toronto

Dominion

Bank

03/15/24

  $

(532‌)

$

4,779

EUR

4,315

Toronto

Dominion

Bank

01/16/24

12‌

$

76,686

EUR

72,014

Toronto

Dominion

Bank

01/16/24

(2,867‌)

$

2,126

EUR

1,969

Toronto

Dominion

Bank

01/16/24

(49‌)

$

22,874

JPY

3,347,637

Toronto

Dominion

Bank

01/16/24

(929‌)

$

7,428

KRW

9,812,004

Toronto

Dominion

Bank

01/17/24

(149‌)

$

425

MXN

7,487

Toronto

Dominion

Bank

01/16/24

(15‌)

$

2,081

NOK

22,428

Toronto

Dominion

Bank

01/16/24

(128‌)

EUR

82

$

90

Toronto

Dominion

Bank

01/16/24

1‌

Total

  $

(4,656‌)

Total

  $

(6,668‌)

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

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

273

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-NAIGS41V1-5Y

Credit

event

as

specified

in

contract

1.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

$450,000‌

$(8,879‌)

$(6,208‌)

$(2,671‌)

CDX-NAHYS41V2-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

148,500‌

(8,910‌)

(1,161‌)

(7,749‌)

Total

$(17,789‌)

$(7,369‌)

$(10,420‌)

*  

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

December

31,

2023

Portfolio

of

Investments

274

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

BANK

LOAN

OBLIGATIONS

-

0.4%

CAPITAL

GOODS

-

0.1%

$

2,467,934

(a)

Core

&

Main

LP

SOFR

2

M

+

2.500%

8

.056

%

07/27/28

$

2,472

1,960,000

(a)

Fluidra

Finco

SL

SOFR

12

M

+

1.925%

7

.381

01/29/29

1,961

2,620,227

(a)

Rexnord

LLC

SOFR

12

M

+

2.000%

7

.470

10/04/28

2,637

TOTAL

CAPITAL

GOODS

7,070

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,360,000

(a)

Crocs,

Inc

SOFR

4

M

+

3.000%

8

.498

02/20/29

1,367

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,367

CONSUMER

SERVICES

-

0.1%

2,946,565

(a)

1011778

BC

ULC

LIBOR

1

M

+

1.750%

7

.196

11/19/26

2,952

2,450,000

(a)

Flutter

Financing

BV

SOFR

4

M

+

2.250%

7

.698

11/25/30

2,459

TOTAL

CONSUMER

SERVICES

5,411

FINANCIAL

SERVICES

-

0.0%

1,771,296

(a)

Trans

Union

LLC

SOFR

12

M

+

2.250%

7

.720

12/01/28

1,779

TOTAL

FINANCIAL

SERVICES

1,779

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

2,985,000

(a)

Select

Medical

Corp

SOFR

12

M

+

3.000%

8

.356

03/06/27

2,991

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,991

MEDIA

&

ENTERTAINMENT

-

0.0%

1,296,600

(a)

Nascar

Holdings

LLC

SOFR

12

M

+

2.500%

7

.970

10/19/26

1,303

TOTAL

MEDIA

&

ENTERTAINMENT

1,303

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

1,430,937

(a)

Avantor,

Inc

SOFR

12

M

+

2.250%

7

.706

11/08/27

1,436

2,201,067

(a)

Jazz

Financing

Lux

Sarl

SOFR

12

M

+

3.500%

8

.970

05/05/28

2,215

2,124,060

(a)

Organon

&

Co

SOFR

12

M

+

3.000%

8

.472

06/02/28

2,132

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,783

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1

(a),(b)

MKS

Instruments,

Inc

LIBOR

1

M

+

2.250%

7

.171

10/22/28

0

^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0

^

SOFTWARE

&

SERVICES

-

0.1%

2,184,332

(a)

NortonLifeLock,

Inc

SOFR

12

M

+

2.000%

7

.456

09/12/29

2,190

1,327,087

(a)

SS&C

Technologies,

Inc

SOFR

12

M

+

1.750%

7

.220

04/16/25

1,331

1,253,068

(a)

SS&C

Technologies,

Inc

SOFR

1

M

+

1.750%

7

.220

04/16/25

1,256

TOTAL

SOFTWARE

&

SERVICES

4,777

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

332,494

(a)

Coherent

Corp

SOFR

12

M

+

2.750%

8

.220

07/02/29

334

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

334

TOTAL

BANK

LOAN

OBLIGATIONS

30,815

(Cost

$30,602)

275

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

CORPORATE

BONDS

-

2.6%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

3,000,000

Ford

Motor

Credit

Co

LLC

7

.350

%

03/06/30

$

3,223

TOTAL

AUTOMOBILES

&

COMPONENTS

3,223

BANKS

-

0.1%

3,125,000

(c)

Banco

de

Chile

2

.990

12/09/31

2,693

3,000,000

Bank

of

America

Corp

2

.572

10/20/32

2,487

3,000,000

JPMorgan

Chase

&

Co

2

.545

11/08/32

2,503

TOTAL

BANKS

7,683

CAPITAL

GOODS

-

0.1%

3,000,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

2,739

1,150,000

(c)

Embraer

Netherlands

Finance

BV

7

.000

07/28/30

1,206

3,250,000

L3Harris

Technologies,

Inc

5

.400

07/31/33

3,379

1,275,000

(c)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6

.500

11/07/33

1,354

TOTAL

CAPITAL

GOODS

8,678

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

5,000,000

(c)

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

5,027

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

5,027

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

3,600,000

(c)

Prosus

NV

3

.257

01/19/27

3,326

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,326

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

3,505,000

(c),(d)

Albertsons

Cos,

Inc

6

.500

02/15/28

3,547

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,547

ENERGY

-

0.8%

2,275,000

Ecopetrol

S.A.

4

.625

11/02/31

1,930

5,000,000

(c)

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

4,350

1,025,000

(c)

Empresa

Nacional

del

Petroleo

6

.150

05/10/33

1,026

3,000,000

Energy

Transfer

LP

6

.400

12/01/30

3,208

680,000

(c)

EQM

Midstream

Partners

LP

7

.500

06/01/27

701

6,000,000

(c)

EQM

Midstream

Partners

LP

6

.500

07/01/27

6,109

2,500,000

Genesis

Energy

LP

8

.000

01/15/27

2,541

5,000,000

(c)

Hilcorp

Energy

I

LP

6

.000

04/15/30

4,849

2,000,000

(c)

Hilcorp

Energy

I

LP

6

.250

04/15/32

1,924

5,000,000

(c)

Kinetik

Holdings

LP

5

.875

06/15/30

4,905

5,000,000

Occidental

Petroleum

Corp

3

.500

08/15/29

4,433

10,000,000

Occidental

Petroleum

Corp

8

.875

07/15/30

11,702

3,150,000

(c)

Parkland

Corp

4

.625

05/01/30

2,898

1,000,000

Petroleos

Mexicanos

5

.350

02/12/28

867

2,375,000

Petroleos

Mexicanos

6

.700

02/16/32

1,971

1,644,737

Reliance

Industries

Ltd

2

.444

01/15/26

1,600

TOTAL

ENERGY

55,014

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.0%

3,000,000

Extra

Space

Storage

LP

5

.700

04/01/28

3,075

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,075

FINANCIAL

SERVICES

-

0.1%

1,700,000

(c)

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,523

3,000,000

Morgan

Stanley

2

.511

10/20/32

2,484

TOTAL

FINANCIAL

SERVICES

4,007

CREF

Inflation-Linked

Bond

Account

December

31,

2023

276

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

-

0.1%

$

4,200,000

(c)

Bimbo

Bakeries

USA,

Inc

6

.400

%

01/15/34

$

4,661

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,661

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.2%

13,510,000

Montefiore

Medical

Center

2

.895

04/20/32

11,503

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

11,503

MATERIALS

-

0.4%

3,300,000

(c)

Alpek

SAB

de

C.V.

3

.250

02/25/31

2,827

600,000

(c)

Antofagasta

plc

5

.625

05/13/32

603

8,700,000

(c)

Corp

Nacional

del

Cobre

de

Chile

5

.125

02/02/33

8,414

2,500,000

(c)

FMG

Resources

August

2006

Pty

Ltd

5

.875

04/15/30

2,477

2,950,000

(c)

Freeport

Indonesia

PT

5

.315

04/14/32

2,893

2,800,000

(c)

POSCO

4

.375

08/04/25

2,759

1,000,000

(c)

Sasol

Financing

USA

LLC

8

.750

05/03/29

1,020

5,000,000

(c)

SunCoke

Energy,

Inc

4

.875

06/30/29

4,497

TOTAL

MATERIALS

25,490

MEDIA

&

ENTERTAINMENT

-

0.1%

5,000,000

(c)

CCO

Holdings

LLC

5

.125

05/01/27

4,831

3,000,000

(d)

Charter

Communications

Operating

LLC

4

.400

04/01/33

2,768

TOTAL

MEDIA

&

ENTERTAINMENT

7,599

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

4,680,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7

.875

09/15/29

5,044

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,044

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

1,715,000

(c)

SK

Hynix,

Inc

6

.500

01/17/33

1,810

1,575,000

TSMC

Arizona

Corp

1

.750

10/25/26

1,451

2,000,000

TSMC

Arizona

Corp

4

.250

04/22/32

1,971

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,232

SOFTWARE

&

SERVICES

-

0.0%

455,000

(c)

Open

Text

Corp

6

.900

12/01/27

473

TOTAL

SOFTWARE

&

SERVICES

473

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

3,000,000

(c)

Imola

Merger

Corp

4

.750

05/15/29

2,850

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,850

TELECOMMUNICATION

SERVICES

-

0.1%

2,900,000

AT&T,

Inc

2

.250

02/01/32

2,398

3,000,000

(c)

Telefonica

Moviles

Chile

S.A.

3

.537

11/18/31

2,215

3,000,000

T-Mobile

US,

Inc

5

.750

01/15/34

3,182

3,100,000

Verizon

Communications,

Inc

2

.355

03/15/32

2,579

TOTAL

TELECOMMUNICATION

SERVICES

10,374

TRANSPORTATION

-

0.1%

3,000,000

(c)

Grupo

Aeromexico

SAB

de

C.V.

8

.500

03/17/27

2,896

3,260,000

(c)

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

3,138

3,900,000

(c)

Transnet

SOC

Ltd

8

.250

02/06/28

3,925

TOTAL

TRANSPORTATION

9,959

UTILITIES

-

0.1%

2,500,000

(c)

Ferrellgas

LP

5

.875

04/01/29

2,362

3,000,000

Florida

Power

&

Light

Co

4

.800

05/15/33

3,033

277

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,450,000

(c)

Israel

Electric

Corp

Ltd

3

.750

%

02/22/32

$

1,226

TOTAL

UTILITIES

6,621

TOTAL

CORPORATE

BONDS

183,386

(Cost

$189,640)

GOVERNMENT

BONDS

-

93.1%

FOREIGN

GOVERNMENT

BONDS

-

0.1%

6,250,000

(c)

Central

American

Bank

for

Economic

Integration

5

.000

02/09/26

6,250

300,000

(c)

Magyar

Export-Import

Bank

Zrt

6

.125

12/04/27

305

TOTAL

FOREIGN

GOVERNMENT

BONDS

6,555

MORTGAGE

BACKED

-

2.5%

360,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8

.437

03/25/42

372

3,485,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.350%

8

.687

01/25/43

3,661

5,824,200

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.900%

9

.188

07/25/43

5,957

9,000,000

Federal

National

Mortgage

Association

(FNMA)

1

.625

08/24/35

6,702

16,530,382

Government

National

Mortgage

Association

(GNMA)

3

.600

09/15/31

16,365

8,325,767

GNMA

3

.650

02/15/32

7,953

1,977,978

GNMA

3

.380

07/15/35

1,878

2,623,450

GNMA

3

.870

10/15/36

2,490

33,769,771

GNMA

1

.730

07/15/37

28,355

22,291,802

GNMA

1

.650

07/15/42

18,030

24,603,659

GNMA

2

.750

01/15/45

21,269

5,033,983

GNMA

4

.930

10/15/45

5,006

4,801,677

(a),(c)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

2.250%

7

.587

08/25/33

4,835

9,465,000

(a),(c)

STACR

30

D

AVG

SOFR

+

1.500%

6

.837

10/25/41

9,394

9,000,000

(a),(c)

STACR

30

D

AVG

SOFR

+

2.500%

7

.837

01/25/42

9,001

918,017

(a),(c)

STACR

30

D

AVG

SOFR

+

2.900%

8

.237

04/25/42

945

20,000,000

(a),(c)

STACR

30

D

AVG

SOFR

+

3.350%

8

.687

05/25/42

20,838

4,355,000

(a),(c)

STACR

30

D

AVG

SOFR

+

4.500%

9

.837

06/25/42

4,698

2,815,000

(a),(c)

STACR

30

D

AVG

SOFR

+

3.700%

9

.037

09/25/42

2,966

1,402,308

(c)

Verus

Securitization

Trust

4

.000

11/25/59

1,359

TOTAL

MORTGAGE

BACKED

172,074

U.S.

TREASURY

SECURITIES

-

90.5%

52,761,540

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

52,096

45,416,739

(e),(f)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/24

44,638

62,358,920

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/24

61,000

224,728,730

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

01/15/25

218,129

125,701,975

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/25

124,715

192,966,300

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

186,072

201,100,100

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/25

194,831

304,152,570

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

292,454

225,341,047

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

217,412

71,812,089

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

71,247

204,842,466

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

194,969

179,701,200

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/26

171,218

314,437,301

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

298,572

240,092,450

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

228,145

126,570,413

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/27

127,688

135,777,866

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

127,577

170,427,835

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/27

161,932

151,641,440

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/27

150,481

240,112,950

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

227,191

253,193,536

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

251,613

142,478,064

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.250

04/15/28

138,756

135,109,437

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

144,724

130,048,892

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

124,447

31,742,516

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

10/15/28

32,690

261,977,500

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

250,689

CREF

Inflation-Linked

Bond

Account

December

31,

2023

278

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

168,956,595

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.500

%

01/15/29

$

174,641

28,242,142

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

31,128

224,927,340

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

207,849

271,221,048

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

245,797

147,002,450

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

132,787

187,926,870

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

167,719

270,297,455

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

240,264

104,536,315

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/32

91,798

72,108,608

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

80,660

254,624,528

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

07/15/32

232,580

391,391,633

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.125

01/15/33

370,216

218,719,654

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.375

07/15/33

212,031

23,200,000

United

States

Treasury

Note

3

.875

08/15/33

23,171

20,000,000

United

States

Treasury

Note

4

.500

11/15/33

20,997

TOTAL

U.S.

TREASURY

SECURITIES

6,324,924

TOTAL

GOVERNMENT

BONDS

6,503,553

(Cost

$6,845,376)

STRUCTURED

ASSETS

-

3.2%

ASSET

BACKED

-

0.5%

2,014,165

(a),(c)

BBCMS

Trust

SOFR

1

M

+

1.672%

7

.034

10/15/37

1,975

Series

-

2018

BXH

(Class

C)

5,854,646

CarMax

Auto

Owner

Trust

5

.230

01/15/26

5,845

Series

-

2023

1

(Class

A2A)

2,940,000

(c)

DB

Master

Finance

LLC

2

.045

11/20/51

2,672

Series

-

2021

1A

(Class

A2I)

5,782,000

(c)

DB

Master

Finance

LLC

2

.493

11/20/51

5,142

Series

-

2021

1A

(Class

A2II)

4,312,000

(c)

DB

Master

Finance

LLC

2

.791

11/20/51

3,558

Series

-

2021

1A

(Class

A23)

3,000,000

(c),(g)

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

2,594

Series

-

2022

1A

(Class

1)

3,976,078

(c)

MVW

LLC

1

.830

05/20/39

3,637

Series

-

2021

2A

(Class

B)

6,750,197

(c)

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

5,958

Series

-

2021

2A

(Class

A1)

4,237,890

(c)

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,746

Series

-

2022

A

(Class

A)

TOTAL

ASSET

BACKED

35,127

OTHER

MORTGAGE

BACKED

-

2.7%

5,000,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.150%

6

.512

01/15/39

4,894

Series

-

2022

DKLX

(Class

A)

7,500,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.150%

7

.512

01/15/39

7,258

Series

-

2022

DKLX

(Class

C)

2,500,000

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

3.000%

8

.362

01/15/39

2,427

Series

-

2022

DKLX

(Class

D)

2,000,000

(a)

Benchmark

Mortgage

Trust

4

.286

02/15/51

1,556

Series

-

2018

B2

(Class

C)

4,675,000

(a),(c)

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.114%

2

.110

10/15/36

4,642

Series

-

2019

XL

(Class

F)

22,089,527

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.312%

6

.674

10/15/38

21,593

Series

-

2021

XL2

(Class

C)

6,000,000

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.385%

6

.747

12/15/38

5,881

Series

-

2021

CIP

(Class

B)

2,000,000

(a),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.840%

7

.202

01/17/39

1,953

Series

-

2022

AHP

(Class

B)

5,650,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

SOFR

1

M

+

2.014%

7

.376

10/15/38

5,463

Series

-

2021

PRM2

(Class

D)

279

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,500,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

SOFR

1

M

+

2.514%

7

.876

%

10/15/38

$

7,253

Series

-

2021

PRM2

(Class

E)

7,144,000

(a)

Citigroup

Commercial

Mortgage

Trust

4

.175

07/10/47

6,814

Series

-

2014

GC23

(Class

B)

929,645

(c)

COMM

Mortgage

Trust

3

.397

03/10/46

814

Series

-

2013

CR6

(Class

B)

5,550,000

(a)

COMM

Mortgage

Trust

4

.526

02/10/47

5,322

Series

-

2014

CR14

(Class

AM)

5,180,000

(a)

COMM

Mortgage

Trust

4

.585

02/10/47

4,688

Series

-

2014

CR14

(Class

B)

6,821,700

COMM

Mortgage

Trust

4

.377

05/10/47

6,253

Series

-

2014

CR17

(Class

B)

1,000,000

(a)

COMM

Mortgage

Trust

4

.538

10/10/47

935

Series

-

2014

LC17

(Class

C)

2,500,000

(a)

COMM

Mortgage

Trust

4

.465

10/10/48

2,356

Series

-

2015

CR26

(Class

B)

9,000,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.650%

6

.987

12/25/41

8,888

Series

-

2021

R03

(Class

1M2)

150,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

9

.187

05/25/42

158

Series

-

2022

R06

(Class

1M2)

10,855,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9

.087

12/25/42

11,490

Series

-

2023

R01

(Class

1M2)

5,993,024

(a),(c)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.434%

6

.796

11/15/38

5,866

Series

-

2021

ELP

(Class

C)

2,497,093

(a),(c)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

2.233%

7

.595

11/15/38

2,427

Series

-

2021

ELP

(Class

E)

5,000,000

(a),(c)

GS

Mortgage

Securities

Corp

II

SOFR

1

M

+

3.464%

8

.826

11/15/36

4,694

Series

-

2021

ARDN

(Class

E)

3,000,000

(a),(c)

GS

Mortgage

Securities

Corp

Trust

SOFR

1

M

+

2.864%

8

.226

11/15/36

2,827

Series

-

2021

ARDN

(Class

D)

2,000,000

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.620

01/16/37

1,061

Series

-

2020

NNN

(Class

DFX)

2,200,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.482

09/15/47

2,124

Series

-

2014

C23

(Class

B)

3,479,675

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.847

02/15/47

3,460

Series

-

2014

C14

(Class

B)

5,000,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.000

12/15/47

4,763

Series

-

2014

C19

(Class

B)

3,986,815

(a),(c)

Morgan

Stanley

Capital

I

Inc

CME

Term

SOFR

1

Month

+

1.491%

6

.814

11/09/24

3,987

Series

-

2021

ILP

(Class

C)

2,500,000

(c)

MRCD

Mortgage

Trust

2

.718

12/15/36

1,562

Series

-

2019

PARK

(Class

D)

2,500,000

(c)

MRCD

Mortgage

Trust

2

.718

12/15/36

1,485

Series

-

2019

PARK

(Class

E)

9,565,000

(a),(c)

MTN

Commercial

Mortgage

Trust

SOFR

1

M

+

1.397%

6

.767

03/15/39

9,340

Series

-

2022

LPFL

(Class

A)

6,555,000

(a),(c)

MTN

Commercial

Mortgage

Trust

SOFR

1

M

+

2.943%

7

.773

03/15/39

6,258

Series

-

2022

LPFL

(Class

D)

2,500,000

(a),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7

.641

07/15/36

2,013

Series

-

2019

MILE

(Class

C)

7,421,798

(a),(c)

SMR

Mortgage

Trust

SOFR

1

M

+

2.400%

7

.762

02/15/39

6,964

Series

-

2022

IND

(Class

B)

2,000,000

(a),(c)

SREIT

Trust

SOFR

1

M

+

1.286%

6

.648

11/15/36

1,967

Series

-

2021

MFP2

(Class

B)

7,165,000

UBS

Commercial

Mortgage

Trust

4

.036

06/15/50

6,273

Series

-

2017

C1

(Class

B)

7,425,443

(a),(c)

Verus

Securitization

Trust

2

.240

10/25/66

6,186

Series

-

2021

7

(Class

A3)

CREF

Inflation-Linked

Bond

Account

December

31,

2023

280

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,951,000

(a)

WFRBS

Commercial

Mortgage

Trust

3

.998

%

03/15/45

$

1,621

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

185,516

TOTAL

STRUCTURED

ASSETS

220,643

(Cost

$232,698)

SHARES

REFERENCERATE

&

SPREAD

COMMON

STOCKS

-

0.2%

FINANCIAL

SERVICES

-

0.2%

475,737

Invesco

Senior

Loan

ETF

10,076

TOTAL

FINANCIAL

SERVICES

10,076

TOTAL

COMMON

STOCKS

10,076

(Cost

$10,002)

TOTAL

LONG-TERM

INVESTMENTS

6,948,473‌

(Cost

$7,308,318)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.1%

REPURCHASE

AGREEMENT

-

0.1%

7,110,000

(h)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

7,110

TOTAL

REPURCHASE

AGREEMENT

7,110

TOTAL

SHORT-TERM

INVESTMENTS

7,110

(Cost

$7,110)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

5,771,582

(i)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

5,772

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

5,772

(Cost

$5,772)

TOTAL

INVESTMENTS

-

99.7%

6,961,355

(Cost

$7,321,200)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.3%

24,031

NET

ASSETS

-

100.0%

$6,985,386

AVG

Average

CME

Chicago

Mercantile

Exchange

D

Day

ETF

Exchange

Traded

Fund

LIBOR

London

Interbank

Offered

Rate

M

Month

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

(a)

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.

(b)

When-issued

or

delayed

delivery

security.

(c)

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.

(d)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$5,545,405.

(e)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(f)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(g)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(h)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$7,114,203

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$7,252,242.

(i)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

281

Cost

amounts

are

in

thousands.

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

1,174‌

03/19/24

 $

128,271‌

$

132,533‌

$

4,262‌

U.S.

Treasury

2-Year

Note

267‌

03/28/24

54,437‌

54,979‌

542‌

U.S.

Treasury

5-Year

Note

982‌

03/28/24

104,470‌

106,816‌

2,346‌

Total

2,423‌

  $

287,178‌

 $

294,328‌

 $

7,150‌

CREF

Social

Choice

Account

December

31,

2023

Portfolio

of

Investments

282

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

BANK

LOAN

OBLIGATIONS

-

0.2%

CAPITAL

GOODS

-

0.0%

$

450,366

(a)

KDC

Agribusiness

Fairless

Hills

LLC

12

.000

%

09/17/24

$

99

TOTAL

CAPITAL

GOODS

99

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

15,600,000

(b)

LTR

Intermediate

Holdings,

Inc

SOFR

4

M

+

4.500%

10

.110

05/05/28

14,527

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,527

UTILITIES

-

0.1%

15,353,439

(b)

TerraForm

Power

Operating

LLC

SOFR

4

M

+

2.500%

7

.948

05/21/29

15,358

TOTAL

UTILITIES

15,358

TOTAL

BANK

LOAN

OBLIGATIONS

29,984

(Cost

$31,119)

CORPORATE

BONDS

-

11.1%

AUTOMOBILES

&

COMPONENTS

-

0.2%

6,760,000

Ford

Motor

Co

3

.250

02/12/32

5,622

12,866,000

Magna

International,

Inc

3

.625

06/15/24

12,744

8,727,000

Toyota

Motor

Credit

Corp

2

.150

02/13/30

7,708

2,260,000

(c)

ZF

North

America

Capital,

Inc

6

.875

04/14/28

2,342

4,980,000

(c)

ZF

North

America

Capital,

Inc

7

.125

04/14/30

5,308

TOTAL

AUTOMOBILES

&

COMPONENTS

33,724

BANKS

-

1.7%

11,450,000

(c)

ABN

AMRO

Bank

NV

2

.470

12/13/29

10,073

6,925,000

(c)

Banco

Nacional

de

Comercio

Exterior

SNC

2

.720

08/11/31

5,891

11,800,000

Banco

Santander

S.A.

6

.938

11/07/33

13,100

5,400,000

Banco

Santander

S.A.

9

.625

N/A(d)

5,900

11,181,000

Bank

of

America

Corp

0

.981

09/25/25

10,791

4,900,000

(b),(e)

Bank

of

America

Corp

SOFR

3

M

+

3.397%

8

.774

N/A(d)

4,902

10,000,000

Bank

of

Montreal

3

.803

12/15/32

9,199

14,639,000

Bank

of

Nova

Scotia

0

.650

07/31/24

14,231

10,000,000

Barclays

plc

6

.692

09/13/34

10,690

5,850,000

Barclays

plc

9

.625

N/A(d)

6,077

4,350,000

(c)

BNP

Paribas

S.A.

1

.904

09/30/28

3,864

11,375,000

(c)

BNP

Paribas

S.A.

5

.894

12/05/34

11,883

5,400,000

(c),(e)

BNP

Paribas

S.A.

8

.500

N/A(d)

5,655

20,525,000

(c)

BPCE

S.A.

2

.045

10/19/27

18,628

10,750,000

(c)

BPCE

S.A.

3

.116

10/19/32

8,765

11,250,000

Citigroup,

Inc

6

.069

10/30/24

11,256

14,591,000

Citigroup,

Inc

1

.281

11/03/25

14,038

4,841,000

Citigroup,

Inc

2

.014

01/25/26

4,652

3,250,000

(b)

Citigroup,

Inc

SOFR

+

0.694%

5

.330

01/25/26

3,231

11,575,000

(e)

Citigroup,

Inc

7

.625

N/A(d)

11,819

2,150,000

(c)

Cooperatieve

Rabobank

UA

1

.004

09/24/26

1,996

2,425,000

(b),(c)

Federation

des

Caisses

Desjardins

du

Quebec

SOFR

+

0.430%

5

.833

05/21/24

2,424

4,950,000

(c)

Federation

des

Caisses

Desjardins

du

Quebec

5

.147

11/27/28

5,074

10,000,000

HSBC

Holdings

plc

5

.210

08/11/28

9,991

9,925,000

HSBC

Holdings

plc

6

.161

03/09/29

10,248

5,500,000

(c)

ING

Groep

NV

1

.400

07/01/26

5,175

8,300,000

ING

Groep

NV

4

.017

03/28/28

8,050

3,850,000

ING

Groep

NV

6

.114

09/11/34

4,038

283

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,825,000

(c)

Intesa

Sanpaolo

S.p.A

5

.017

%

06/26/24

$

1,806

9,750,000

(c)

Intesa

Sanpaolo

S.p.A

3

.250

09/23/24

9,572

3,650,000

(c)

Intesa

Sanpaolo

S.p.A

6

.625

06/20/33

3,740

13,800,000

(c)

Intesa

Sanpaolo

S.p.A

7

.200

11/28/33

14,711

15,000,000

(c)

Intesa

Sanpaolo

S.p.A

7

.800

11/28/53

16,470

5,990,000

(e)

JPMorgan

Chase

&

Co

3

.650

N/A(d)

5,482

4,000,000

Lloyds

Banking

Group

plc

4

.500

11/04/24

3,952

7,500,000

(e)

Lloyds

Banking

Group

plc

5

.871

03/06/29

7,682

10,875,000

(c)

National

Australia

Bank

Ltd

2

.332

08/21/30

8,859

3,250,000

Royal

Bank

of

Canada

1

.200

04/27/26

3,002

10,750,000

(c)

Royal

Bank

of

Canada

4

.851

12/14/26

10,829

3,933,000

Santander

Holdings

USA,

Inc

5

.807

09/09/26

3,943

9,000,000

(c)

Shinhan

Financial

Group

Co

Ltd

5

.000

07/24/28

8,998

5,000,000

(c)

Societe

Generale

S.A.

10

.000

N/A(d)

5,343

3,507,000

(e)

Toronto-Dominion

Bank

1

.250

12/13/24

3,375

15,000,000

(c)

UniCredit

S.p.A

2

.569

09/22/26

14,101

5,000,000

(c)

United

Overseas

Bank

Ltd

2

.000

10/14/31

4,554

10,450,000

Wells

Fargo

&

Co

4

.540

08/15/26

10,338

TOTAL

BANKS

368,398

CAPITAL

GOODS

-

0.2%

4,390,000

Conservation

Fund

3

.474

12/15/29

3,872

3,440,000

(b)

Nature

Conservancy

SOFR

3

M

+

1.342%

6

.719

02/01/24

3,440

1,720,000

Nature

Conservancy

2

.668

03/01/26

1,634

3,000,000

Nature

Conservancy

3

.001

03/01/29

2,725

6,668,000

Nature

Conservancy

3

.957

03/01/52

5,872

6,900,000

(c),(e)

Sociedad

de

Transmision

Austral

S.A.

4

.000

01/27/32

6,092

10,500,000

(c)

Triton

Container

International

Ltd

1

.150

06/07/24

10,245

TOTAL

CAPITAL

GOODS

33,880

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

9,500,000

Automatic

Data

Processing,

Inc

1

.700

05/15/28

8,569

10,000,000

Automatic

Data

Processing,

Inc

1

.250

09/01/30

8,324

17,500,000

New

York

Public

Library

Astor

Lenox

&

Tilden

Foundations

4

.305

07/01/45

15,427

15,810,000

Rockefeller

Foundation

2

.492

10/01/50

10,385

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

42,705

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.1%

6,200,000

Genuine

Parts

Co

1

.750

02/01/25

5,953

11,000,000

Lowe's

Cos,

Inc

4

.800

04/01/26

11,007

5,525,000

Lowe's

Cos,

Inc

2

.800

09/15/41

4,036

5,300,000

(e)

Lowe's

Cos,

Inc

5

.750

07/01/53

5,615

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

26,611

CONSUMER

SERVICES

-

0.3%

5,000,000

BB

Blue

Financing

DAC

4

.395

09/20/29

5,006

2,900,000

Bush

Foundation

2

.754

10/01/50

2,042

10,000,000

Henry

J

Kaiser

Family

Foundation

3

.356

12/01/25

9,521

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2

.673

07/01/31

6,380

10,000,000

Mather

Foundation

2

.675

10/01/31

8,297

2,200,000

Salvation

Army

5

.637

09/01/26

2,231

20,000,000

Salvation

Army

4

.528

09/01/48

17,629

8,400,000

Starbucks

Corp

2

.450

06/15/26

7,994

5,000,000

Starbucks

Corp

4

.450

08/15/49

4,539

11,065,000

YMCA

of

Greater

New

York

5

.151

08/01/48

9,371

TOTAL

CONSUMER

SERVICES

73,010

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.2%

10,625,000

SYSCO

Corp

5

.750

01/17/29

11,068

13,598,000

SYSCO

Corp

2

.400

02/15/30

11,994

3,700,000

SYSCO

Corp

6

.000

01/17/34

4,005

CREF

Social

Choice

Account

December

31,

2023

284

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

18,954,000

Walmart,

Inc

1

.800

%

09/22/31

$

16,061

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

43,128

ENERGY

-

0.8%

9,265,000

BP

Capital

Markets

America,

Inc

4

.812

02/13/33

9,341

6,050,000

BP

Capital

Markets

America,

Inc

4

.893

09/11/33

6,156

9,875,000

BP

Capital

Markets

America,

Inc

2

.772

11/10/50

6,604

8,000,000

Cheniere

Energy

Partners

LP

4

.000

03/01/31

7,273

4,850,000

(c),(e)

Cheniere

Energy

Partners

LP

5

.950

06/30/33

4,980

8,350,000

ConocoPhillips

Co

5

.050

09/15/33

8,579

8,875,000

ConocoPhillips

Co

5

.300

05/15/53

9,122

4,515,000

ConocoPhillips

Co

5

.550

03/15/54

4,792

9,625,000

Enbridge,

Inc

2

.500

01/15/25

9,338

2,423,000

Enbridge,

Inc

5

.750

07/15/80

2,235

8,125,000

Equinor

ASA

2

.375

05/22/30

7,257

5,932,000

Equinor

ASA

3

.950

05/15/43

5,220

12,450,000

Equinor

ASA

3

.250

11/18/49

9,432

10,070,000

(c)

New

York

State

Electric

&

Gas

Corp

5

.650

08/15/28

10,325

6,800,000

Pioneer

Natural

Resources

Co

5

.100

03/29/26

6,849

7,565,000

(c)

Santos

Finance

Ltd

3

.649

04/29/31

6,587

8,200,000

Targa

Resources

Partners

LP

6

.150

03/01/29

8,575

10,425,000

Targa

Resources

Partners

LP

6

.500

03/30/34

11,251

2,185,000

Total

Capital

International

S.A.

3

.750

04/10/24

2,173

11,400,000

TotalEnergies

Capital

International

S.A.

2

.986

06/29/41

8,859

11,316,000

TotalEnergies

Capital

International

S.A.

3

.127

05/29/50

8,295

10,000,000

Williams

Cos,

Inc

5

.400

03/02/26

10,100

10,000,000

Williams

Cos,

Inc

5

.300

08/15/28

10,235

TOTAL

ENERGY

173,578

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.2%

8,595,000

Brixmor

Operating

Partnership

LP

3

.900

03/15/27

8,192

6,600,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

5,861

1,500,000

ERP

Operating

LP

4

.150

12/01/28

1,473

4,470,000

(c),(e)

HAT

Holdings

I

LLC

3

.375

06/15/26

4,201

3,480,000

(c)

HAT

Holdings

I

LLC

8

.000

06/15/27

3,624

9,585,000

(c),(e)

HAT

Holdings

I

LLC

3

.750

09/15/30

8,072

3,900,000

(e)

Host

Hotels

&

Resorts

LP

2

.900

12/15/31

3,272

16,822,000

Regency

Centers

LP

3

.750

06/15/24

16,625

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

51,320

FINANCIAL

SERVICES

-

1.4%

11,645,000

Community

Preservation

Corp

2

.867

02/01/30

10,200

7,500,000

Deutsche

Bank

AG.

6

.819

11/20/29

7,896

505,665

Durrah

MSN

35603

1

.684

01/22/25

495

4,750,000

Enterprise

Community

Loan

Fund,

Inc

4

.152

11/01/28

4,362

3,250,000

(c)

Equitable

Financial

Life

Global

Funding

1

.300

07/12/26

2,928

10,400,000

(e)

Ford

Foundation

2

.815

06/01/70

6,629

10,000,000

Goldman

Sachs

Group,

Inc

0

.855

02/12/26

9,482

14,242,000

(c)

GPS

Blue

Financing

DAC

5

.645

11/09/41

14,041

9,875,000

Low

Income

Investment

Fund

3

.711

07/01/29

8,854

7,725,000

Mastercard,

Inc

1

.900

03/15/31

6,590

10,000,000

Morgan

Stanley

0

.791

01/22/25

9,970

8,125,000

Morgan

Stanley

Bank

NA

4

.754

04/21/26

8,120

14,438,000

National

Rural

Utilities

Cooperative

Finance

Corp

4

.150

12/15/32

13,700

1,992,000

National

Rural

Utilities

Cooperative

Finance

Corp

5

.250

04/20/46

1,906

1,925,000

NHP

Foundation

5

.850

12/01/28

2,042

4,850,000

NHP

Foundation

6

.000

12/01/33

5,335

16,475,000

Private

Export

Funding

Corp

(PEFCO)

1

.400

07/15/28

14,700

3,000,000

Reinvestment

Fund,

Inc

3

.600

02/15/24

2,989

10,250,000

Reinvestment

Fund,

Inc

3

.366

11/01/24

9,995

2,570,000

Reinvestment

Fund,

Inc

3

.513

11/01/25

2,433

15,240,000

Reinvestment

Fund,

Inc

3

.880

02/15/27

14,082

285

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,435,000

Reinvestment

Fund,

Inc

3

.930

%

02/15/28

$

6,902

4,430,000

(c),(e)

Starwood

Property

Trust,

Inc

4

.375

01/15/27

4,175

7,869,740

Thirax   LLC

1

.462

03/07/33

6,880

11,675,000

(c)

UBS

Group

AG.

1

.494

08/10/27

10,549

12,250,000

(c)

UBS

Group

AG.

6

.327

12/22/27

12,625

7,500,000

UBS

Group

AG.

6

.246

09/22/29

7,824

10,000,000

(c)

UBS

Group

AG.

2

.746

02/11/33

8,202

9,925,000

UBS

Group

AG.

6

.301

09/22/34

10,507

7,150,000

(c)

UBS

Group

AG.

3

.179

02/11/43

5,288

4,050,000

(c)

UBS

Group

AG.

9

.250

N/A(d)

4,369

3,375,000

(c),(e)

UBS

Group

AG.

9

.250

N/A(d)

3,740

7,500,000

Visa,

Inc

1

.900

04/15/27

6,971

17,000,000

Visa,

Inc

1

.100

02/15/31

13,777

3,450,000

(c)

WLB

Asset

II

B

Pte

Ltd

3

.950

12/10/24

3,260

5,500,000

(c)

WLB

Asset

II

C

Pte

Ltd

3

.900

12/23/25

5,141

15,750,000

(c)

WLB

Asset

II

D

Pte

Ltd

6

.500

12/21/26

15,231

1,925,000

(c)

WLB

Asset

II

Pte

Ltd

4

.000

01/14/24

1,887

9,750,000

(c)

WLB

Asset

VI

Pte

Ltd

7

.250

12/21/27

9,859

TOTAL

FINANCIAL

SERVICES

293,936

FOOD,

BEVERAGE

&

TOBACCO

-

0.3%

10,125,000

(c)

Mars,

Inc

4

.650

04/20/31

10,152

10,000,000

(c)

NBM

US

Holdings,

Inc

6

.625

08/06/29

9,805

6,600,000

(c)

Nestle

Holdings,

Inc

4

.950

03/14/30

6,798

10,000,000

PepsiCo,

Inc

3

.900

07/18/32

9,782

16,674,000

PepsiCo,

Inc

2

.875

10/15/49

12,237

11,075,000

Unilever

Capital

Corp

2

.000

07/28/26

10,438

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

59,212

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

4,188,000

Kaiser

Foundation

Hospitals

2

.810

06/01/41

3,137

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3

.786

04/01/51

1,655

13,245,000

Montefiore

Medical

Center

2

.895

04/20/32

11,277

10,385,000

Stanford

Health

Care

3

.027

08/15/51

7,271

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

23,340

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.3%

5,300,000

Procter

&

Gamble

Co

3

.000

03/25/30

4,963

12,975,000

Procter

&

Gamble

Co

1

.200

10/29/30

10,748

17,300,000

(e)

Unilever

Capital

Corp

4

.875

09/08/28

17,754

5,523,000

Unilever

Capital

Corp

2

.125

09/06/29

4,926

6,125,000

Unilever

Capital

Corp

1

.375

09/14/30

5,070

8,475,000

Unilever

Capital

Corp

1

.750

08/12/31

7,034

10,000,000

Unilever

Capital

Corp

5

.000

12/08/33

10,373

9,425,000

Unilever

Capital

Corp

2

.625

08/12/51

6,466

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

67,334

INSURANCE

-

0.2%

14,425,000

(c)

Five

Corners

Funding

Trust

II

2

.850

05/15/30

12,755

11,600,000

(c)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

11,600

10,000,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

8,442

2,000,000

Prudential

Financial,

Inc

1

.500

03/10/26

1,864

2,152,000

Prudential

Financial,

Inc

3

.700

10/01/50

1,866

11,448,000

(c)

USAA

Capital

Corp

2

.125

05/01/30

9,613

TOTAL

INSURANCE

46,140

MATERIALS

-

0.6%

10,500,000

(e)

Air

Products

and

Chemicals,

Inc

4

.800

03/03/33

10,835

6,550,000

(c),(e)

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

6,052

9,145,000

(c)

Celulosa

Arauco

y

Constitucion

S.A.

5

.150

01/29/50

7,546

7,250,000

(c)

Cemex

SAB

de

C.V.

9

.125

N/A(d)

7,721

11,000,000

(c),(e)

FMG

Resources

August

2006

Pty

Ltd

6

.125

04/15/32

11,079

CREF

Social

Choice

Account

December

31,

2023

286

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,409,000

International

Paper

Co

4

.800

%

06/15/44

$

3,121

12,000,000

(c)

Inversiones

CMPC

S.A.

4

.375

04/04/27

11,641

2,150,000

(c)

Inversiones

CMPC

S.A.

6

.125

06/23/33

2,225

4,000,000

(c)

Klabin

Austria

GmbH

7

.000

04/03/49

4,042

4,000,000

(c)

Klabin

Finance

S.A.

4

.875

09/19/27

3,844

6,855,000

(c)

LG

Chem

Ltd

4

.375

07/14/25

6,752

3,250,000

(c)

LG

Chem

Ltd

3

.625

04/15/29

3,044

5,000,000

Newmont

Corp

2

.250

10/01/30

4,315

9,875,000

PPG

Industries,

Inc

1

.200

03/15/26

9,128

11,500,000

Sonoco

Products

Co

1

.800

02/01/25

11,061

13,945,760

(c)

Star

Energy

Geothermal

Wayang

Windu

Ltd

6

.750

04/24/33

13,901

7,500,000

Suzano

International

Finance

BV

5

.500

01/17/27

7,594

12,736,000

Teck

Resources

Ltd

3

.900

07/15/30

11,819

TOTAL

MATERIALS

135,720

MEDIA

&

ENTERTAINMENT

-

0.0%

11,250,000

(e)

Comcast

Corp

4

.650

02/15/33

11,318

TOTAL

MEDIA

&

ENTERTAINMENT

11,318

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.5%

10,000,000

Amgen,

Inc

5

.250

03/02/33

10,252

13,200,000

Amgen,

Inc

5

.600

03/02/43

13,640

16,175,000

Amgen,

Inc

5

.650

03/02/53

17,018

3,884,000

Merck

&

Co,

Inc

1

.900

12/10/28

3,495

12,550,000

Merck

&

Co,

Inc

2

.150

12/10/31

10,715

8,800,000

Merck

&

Co,

Inc

2

.750

12/10/51

6,049

6,925,000

Pfizer

Investment

Enterprises

Pte

Ltd

4

.650

05/19/25

6,902

9,025,000

Pfizer

Investment

Enterprises

Pte

Ltd

4

.750

05/19/33

9,045

6,475,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.110

05/19/43

6,452

15,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

15,313

4,497,000

Pfizer,

Inc

2

.625

04/01/30

4,056

5,400,000

Pfizer,

Inc

1

.750

08/18/31

4,482

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

107,419

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

8,550,000

National

Community

Renaissance

of

California

3

.270

12/01/32

7,026

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4

.479

12/01/32

9,408

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

16,434

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.2%

11,550,000

(e)

Intel

Corp

4

.150

08/05/32

11,286

7,208,000

NXP

BV

3

.400

05/01/30

6,624

10,000,000

(c)

SK

Hynix,

Inc

2

.375

01/19/31

8,106

10,000,000

Texas

Instruments,

Inc

5

.050

05/18/63

10,244

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

36,260

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

Apple,

Inc

3

.000

06/20/27

13,698

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,698

TELECOMMUNICATION

SERVICES

-

0.1%

9,548,000

Verizon

Communications,

Inc

2

.550

03/21/31

8,233

1,800,000

Vodafone

Group

plc

3

.250

06/04/81

1,655

8,200,000

(e)

Vodafone

Group

plc

4

.125

06/04/81

7,040

TOTAL

TELECOMMUNICATION

SERVICES

16,928

TRANSPORTATION

-

0.1%

6,000,000

(e)

Norfolk

Southern

Corp

2

.300

05/15/31

5,177

8,377,000

Vessel

Management

Services,

Inc

5

.125

04/16/35

8,619

TOTAL

TRANSPORTATION

13,796

287

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

UTILITIES

-

3.2%

$

10,254,000

AES

Corp

5

.450

%

06/01/28

$

10,423

12,325,000

Ameren

Illinois

Co

2

.900

06/15/51

8,369

4,500,000

Atlantic

City

Electric

Co

2

.300

03/15/31

3,793

3,345,000

Avangrid,

Inc

3

.150

12/01/24

3,269

9,950,000

Avangrid,

Inc

3

.200

04/15/25

9,664

13,200,000

Avangrid,

Inc

3

.800

06/01/29

12,443

10,275,000

Avista

Corp

4

.350

06/01/48

8,669

7,050,000

(c)

Brooklyn

Union

Gas

Co

4

.632

08/05/27

6,873

10,000,000

(c)

Brooklyn

Union

Gas

Co

4

.866

08/05/32

9,333

9,875,000

CenterPoint

Energy

Houston

Electric

LLC

2

.350

04/01/31

8,456

12,350,000

CenterPoint

Energy

Houston

Electric

LLC

3

.350

04/01/51

9,378

3,550,000

CMS

Energy

Corp

4

.750

06/01/50

3,205

3,100,000

CMS

Energy

Corp

3

.750

12/01/50

2,447

11,300,000

(c)

Colbun

S.A.

3

.150

01/19/32

9,780

17,500,000

Commonwealth

Edison

Co

2

.750

09/01/51

11,365

7,525,000

(c)

Consorcio

Transmantaro

SA

4

.700

04/16/34

7,116

5,453,000

Consumers

Energy

Co

2

.500

05/01/60

3,330

15,573,242

(c)

Continental

Wind

LLC

6

.000

02/28/33

15,869

13,087,000

Dominion

Energy,

Inc

2

.250

08/15/31

10,839

8,325,000

Dominion

Energy,

Inc

4

.350

N/A(d)

7,382

4,000,000

Dominion

Energy,

Inc

(Step

Bond)

3

.071

08/15/24

3,934

22,625,000

DTE

Electric

Co

1

.900

04/01/28

20,353

9,025,000

DTE

Electric

Co

3

.250

04/01/51

6,603

3,688,000

Duke

Energy

Carolinas

LLC

2

.850

03/15/32

3,215

2,332,000

Duke

Energy

Carolinas

LLC

3

.550

03/15/52

1,786

10,000,000

Duke

Energy

Florida

LLC

2

.500

12/01/29

8,916

5,625,000

Duke

Energy

Florida

LLC

2

.400

12/15/31

4,746

8,875,000

Duke

Energy

Florida

LLC

3

.000

12/15/51

6,056

4,000,000

Duke

Energy

Progress

LLC

3

.450

03/15/29

3,815

5,276,000

Duke

Energy

Progress

LLC

4

.000

04/01/52

4,335

20,250,000

(c)

Electricite

de

France

S.A.

3

.625

10/13/25

19,772

2,800,000

Eversource

Energy

0

.800

08/15/25

2,609

6,375,000

Florida

Power

&

Light

Co

4

.625

05/15/30

6,416

9,885,000

Georgia

Power

Co

3

.250

04/01/26

9,502

8,700,000

Georgia

Power

Co

5

.125

05/15/52

8,607

7,558,200

(c)

India

Cleantech

Energy

4

.700

08/10/26

6,859

9,700,000

Interstate

Power

and

Light

Co

3

.500

09/30/49

7,182

14,641,000

(c)

Liberty

Utilities

Finance

GP

2

.050

09/15/30

11,876

7,511,000

MidAmerican

Energy

Co

3

.650

04/15/29

7,176

5,725,000

MidAmerican

Energy

Co

5

.350

01/15/34

6,032

1,000,000

MidAmerican

Energy

Co

3

.950

08/01/47

836

3,596,000

MidAmerican

Energy

Co

3

.150

04/15/50

2,563

6,675,000

MidAmerican

Energy

Co

5

.850

09/15/54

7,385

12,350,000

National

Fuel

Gas

Co

5

.500

01/15/26

12,363

5,600,000

National

Fuel

Gas

Co

5

.500

10/01/26

5,608

11,250,000

National

Fuel

Gas

Co

2

.950

03/01/31

9,417

11,610,000

(c)

New

York

State

Electric

&

Gas

Corp

2

.150

10/01/31

9,243

3,829,000

(c)

NextEra

Energy

Operating

Partners

LP

7

.250

01/15/29

4,009

13,164,000

(c)

Niagara

Mohawk

Power

Corp

1

.960

06/27/30

10,923

9,750,000

(c)

Niagara

Mohawk

Power

Corp

4

.119

11/28/42

8,008

1,000,000

(c)

Niagara

Mohawk

Power

Corp

5

.783

09/16/52

1,034

5,250,000

Northwest

Natural

Gas

Co

3

.078

12/01/51

3,387

15,700,000

Pacific

Gas

and

Electric

Co

6

.700

04/01/53

17,034

10,534,000

PacifiCorp

2

.900

06/15/52

6,773

7,113,000

Piedmont

Natural

Gas

Co,

Inc

3

.350

06/01/50

4,919

630,000

Public

Service

Co

of

Colorado

4

.750

08/15/41

568

5,000,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

3,578

7,279,000

Public

Service

Co

of

Oklahoma

2

.200

08/15/31

6,034

1,651,000

Public

Service

Electric

and

Gas

Co

3

.100

03/15/32

1,474

4,875,000

Public

Service

Electric

and

Gas

Co

4

.650

03/15/33

4,876

6,134,000

Public

Service

Electric

and

Gas

Co

3

.200

08/01/49

4,530

CREF

Social

Choice

Account

December

31,

2023

288

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,550,000

Public

Service

Electric

and

Gas

Co

5

.125

%

03/15/53

$

6,821

17,875,000

Public

Service

Enterprise

Group,

Inc

0

.800

08/15/25

16,705

16,684,000

San

Diego

Gas

&

Electric

Co

4

.950

08/15/28

17,026

19,738,000

San

Diego

Gas

&

Electric

Co

2

.950

08/15/51

13,892

2,615,957

SCE

Recovery

Funding

LLC

1

.977

11/15/28

2,436

7,100,000

SCE

Recovery

Funding

LLC

2

.943

11/15/42

5,803

2,640,000

SCE

Recovery

Funding

LLC

3

.240

11/15/46

1,968

4,900,000

(e)

Sempra

4

.875

N/A(d)

4,793

19,959,434

(c)

Solar

Star

Funding

LLC

3

.950

06/30/35

17,865

19,031,053

(c)

Solar

Star

Funding

LLC

5

.375

06/30/35

18,869

750,000

Southern

California

Edison

Co

2

.750

02/01/32

645

5,000,000

Southern

California

Edison

Co

3

.450

02/01/52

3,647

15,635,000

Southern

Power

Co

4

.150

12/01/25

15,398

14,825,000

Southwestern

Electric

Power

Co

3

.250

11/01/51

9,990

18,650,000

Southwestern

Public

Service

Co

3

.150

05/01/50

12,793

3,690,000

(c),(e)

Sunnova

Energy

Corp

5

.875

09/01/26

3,141

16,481,670

(c)

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

13,527

8,612,000

(c)

TerraForm

Power

Operating

LLC

5

.000

01/31/28

8,366

16,283,898

(c)

Topaz

Solar

Farms

LLC

4

.875

09/30/39

14,925

9,220,843

(c)

Topaz

Solar

Farms

LLC

5

.750

09/30/39

9,162

7,708,121

(c)

UEP

Penonome

II

S.A.

6

.500

10/01/38

5,861

15,000,000

Union

Electric

Co

2

.150

03/15/32

12,422

19,626,000

Union

Electric

Co

2

.625

03/15/51

12,476

10,952,000

Union

Electric

Co

3

.900

04/01/52

9,009

3,775,000

(c)

Vistra

Corp

7

.000

N/A(d)

3,718

10,049,000

Wisconsin

Power

and

Light

Co

3

.950

09/01/32

9,517

TOTAL

UTILITIES

687,130

TOTAL

CORPORATE

BONDS

2,375,019

(Cost

$2,558,993)

GOVERNMENT

BONDS

-

24.7%

AGENCY

SECURITIES

-

0.7%

360,055

Abay

Leasing

LLC

2

.654

11/09/26

348

12,544,403

Crowley

Conro

LLC

4

.181

08/15/43

12,115

3,515,424

Ethiopian

Leasing

LLC

2

.566

08/14/26

3,439

502,821

Export-Import

Bank

of

the

United

States

2

.578

12/10/25

489

25,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1

.540

08/17/35

17,876

8,000,000

Federal

National

Mortgage

Association

(FNMA)

0

.625

04/22/25

7,606

18,880,000

FNMA

0

.875

08/05/30

15,386

5,950,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3

.000

06/30/25

5,753

3,000,000

(b)

India

Government

AID

Bond

LIBOR

3

M

+

0.100%

5

.739

02/01/27

2,972

3,065,000

Private

Export

Funding

Corp

(PEFCO)

3

.550

01/15/24

3,063

8,000,000

PEFCO

3

.250

06/15/25

7,844

7,765,000

PEFCO

3

.900

10/15/27

7,678

492,726

Sandalwood

LLC

2

.836

07/10/25

484

978,333

Sandalwood

LLC

2

.821

02/12/26

953

22,205,737

Thirax   LLC

0

.968

01/14/33

19,072

3,483,341

Thirax

2

LLC

2

.320

01/22/34

3,134

1,775,000

United

States

International

Development

Finance

Corp

1

.440

04/15/28

1,597

1,000,000

United

States

International

Development

Finance

Corp

1

.650

04/15/28

906

4,264,532

United

States

International

Development

Finance

Corp

1

.790

10/15/29

3,975

13,326,663

United

States

International

Development

Finance

Corp

2

.360

10/15/29

12,639

2,185,000

United

States

International

Development

Finance

Corp

2

.930

05/15/30

2,070

3,611,000

United

States

International

Development

Finance

Corp

3

.040

05/15/30

3,434

289

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,181,698

United

States

International

Development

Finance

Corp

3

.430

%

06/01/33

$

9,655

8,074,791

United

States

International

Development

Finance

Corp

1

.630

07/15/38

6,594

4,983,299

United

States

International

Development

Finance

Corp

2

.450

07/15/38

4,310

5,000,000

US

Department

of

Housing

and

Urban

Development

(HUD)

3

.535

08/01/36

4,472

TOTAL

AGENCY

SECURITIES

157,864

FOREIGN

GOVERNMENT

BONDS

-

3.5%

11,850,000

(c)

Arab

Petroleum

Investments

Corp

1

.483

10/06/26

10,774

9,500,000

Asian

Development

Bank

2

.125

03/19/25

9,210

9,670,000

Asian

Development

Bank

4

.625

06/13/25

9,677

11,500,000

Asian

Development

Bank

1

.750

08/14/26

10,815

22,676,000

(e)

Asian

Development

Bank

3

.125

09/26/28

21,813

10,000,000

Asian

Development

Bank

3

.875

06/14/33

9,849

6,263,000

Asian

Infrastructure

Investment

Bank

0

.500

01/27/26

5,784

5,375,000

(e)

Asian

Infrastructure

Investment

Bank

4

.875

09/14/26

5,464

3,000,000

(b),(c),(e)

Asian

Infrastructure

Investment

Bank

SOFR

Compounded

Index

+

0.620%

6

.016

08/16/27

3,010

EUR

7,925,000

(c)

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

6,669

10,839,600

BB

Blue

Financing

DAC

4

.395

09/20/37

10,996

12,400,000

(c)

BNG

Bank

NV

2

.625

02/27/24

12,339

17,250,000

(c)

BNG

Bank

NV

3

.500

05/19/28

16,833

1,900,000

(c)

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.625

02/18/26

1,756

12,250,000

(c)

Caisse

d'Amortissement

de

la

Dette

Sociale

4

.875

09/19/26

12,447

4,750,000

(c)

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.375

01/20/31

3,934

5,000,000

Caisse

d'Amortissement

de

la

Dette

Sociale

2

.125

01/26/32

4,294

21,980,000

Canada

Government

International

Bond

2

.875

04/28/25

21,502

16,020,000

Canada

Government

International

Bond

3

.750

04/26/28

15,873

3,332,444

Canal

Barge

Co,

Inc

4

.500

11/12/34

3,222

12,500,000

(c)

CDP

Financial,

Inc

1

.000

05/26/26

11,526

5,625,000

(c)

Central

American

Bank

for

Economic

Integration

5

.000

02/09/26

5,625

10,075,000

Chile

Government

International

Bond

3

.100

05/07/41

7,660

8,025,000

Colombia

Government

International

Bond

8

.000

11/14/35

8,775

4,800,000

Colombia

Government

International

Bond

8

.750

11/14/53

5,516

15,000,000

(c)

Development

Bank

of

Japan,

Inc

0

.500

03/04/24

14,874

19,500,000

European

Bank

for

Reconstruction

&

Development

1

.625

09/27/24

19,022

5,000,000

European

Investment

Bank

2

.500

10/15/24

4,905

6,540,000

(c)

European

Investment

Bank

2

.876

06/13/25

6,386

3,750,000

European

Investment

Bank

2

.375

05/24/27

3,550

11,961,000

European

Investment

Bank

0

.625

10/21/27

10,536

3,750,000

European

Investment

Bank

3

.250

11/15/27

3,645

11,600,000

European

Investment

Bank

1

.625

10/09/29

10,200

10,000,000

European

Investment

Bank

0

.875

05/17/30

8,255

19,749,000

European

Investment

Bank

0

.750

09/23/30

16,020

6,445,000

European

Investment

Bank

3

.750

02/14/33

6,317

2,000,000

European

Investment

Bank

4

.875

02/15/36

2,138

10,875,000

Export

Development

Canada

3

.375

08/26/25

10,683

13,050,000

Export

Development

Canada

3

.875

02/14/28

12,966

7,610,000

Hydro-Quebec

8

.050

07/07/24

7,705

4,868,000

Inter-American

Development

Bank

1

.125

07/20/28

4,284

5,000,000

Inter-American

Development

Bank

1

.125

01/13/31

4,119

15,800,000

Inter-American

Development

Bank

3

.500

04/12/33

15,103

10,625,000

Inter-American

Investment

Corp

2

.625

04/22/25

10,335

2,644,000

Inter-American

Investment

Corp

0

.625

02/10/26

2,440

19,785,000

Inter-American

Investment

Corp

4

.125

02/15/28

19,726

3,215,000

(b)

International

Bank

for

Reconstruction

&

Development

SOFR

Compounded

Index

+

0.390%

5

.812

06/17/24

3,219

12,850,000

International

Bank

for

Reconstruction

&

Development

0

.625

04/22/25

12,206

CREF

Social

Choice

Account

December

31,

2023

290

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

14,750,000

(e)

International

Bank

for

Reconstruction

&

Development

3

.125

%

11/20/25

$

14,406

28,030,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/27

25,848

5,250,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/28

5,224

5,000,000

(c)

International

Development

Association

0

.875

04/28/26

4,626

14,750,000

International

Finance

Corp

4

.750

03/16/26

14,894

10,643,000

International

Finance

Facility

for

Immunisation

Co

1

.000

04/21/26

9,844

3,050,000

Japan

Bank

for

International

Cooperation

1

.625

01/20/27

2,808

1,750,000

Japan

Bank

for

International

Cooperation

4

.875

10/18/28

1,796

8,750,000

Japan

International

Cooperation

Agency

1

.750

04/28/31

7,269

12,500,000

(c)

Kommunalbanken

AS.

2

.125

02/11/25

12,130

4,175,000

(c)

Kommuninvest

I

Sverige

AB

4

.625

09/29/28

4,277

10,100,000

(c)

Korea

Electric

Power

Corp

1

.125

06/15/25

9,553

9,200,000

(b)

Kreditanstalt

fuer

Wiederaufbau

SOFR

Compounded

Index

+

1.000%

6

.393

02/12/24

9,209

11,250,000

Kreditanstalt

fuer

Wiederaufbau

0

.250

03/08/24

11,146

6,500,000

(e)

Kreditanstalt

fuer

Wiederaufbau

1

.750

09/14/29

5,770

13,000,000

Landwirtschaftliche

Rentenbank

0

.875

09/03/30

10,582

18,250,000

(c)

Nederlandse

Waterschapsbank

NV

1

.750

01/15/25

17,666

17,600,000

(c)

Nederlandse

Waterschapsbank

NV

2

.375

03/24/26

16,857

12,375,000

(c)

Nederlandse

Waterschapsbank

NV

4

.000

06/01/28

12,315

4,430,000

(c)

Nederlandse

Waterschapsbank

NV

1

.000

05/28/30

3,647

2,250,000

OMERS

Finance

Trust

3

.500

04/19/32

2,073

7,666,000

(c)

OMERS

Finance

Trust

3

.500

04/19/32

7,062

3,125,000

(c)

OMERS

Finance

Trust

4

.000

04/19/52

2,564

16,375,000

(c)

OPEC

Fund

for

International

Development

4

.500

01/26/26

16,278

10,500,000

(c)

Perusahaan

Penerbit

SBSN

Indonesia

III

3

.900

08/20/24

10,416

12,175,000

Province

of

British

Columbia

Canada

4

.200

07/06/33

12,046

10,000,000

Province

of

Quebec

Canada

2

.750

04/12/27

9,549

5,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

5,834

15,250,000

Province

of

Quebec

Canada

1

.900

04/21/31

13,034

10,625,000

Province

of

Quebec

Canada

4

.500

09/08/33

10,752

7,750,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

5,919

TOTAL

FOREIGN

GOVERNMENT

BONDS

739,391

MORTGAGE

BACKED

-

9.9%

2,115,000

(b),(c)

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

1,434

58,117,925

(b),(c)

Citigroup

Mortgage

Loan

Trust

0

.156

02/25/52

452

6,515,403

(b),(c)

Citigroup

Mortgage

Loan

Trust

0

.250

02/25/52

80

2,833,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

1.900%

7

.237

12/25/41

2,842

10,555,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8

.437

03/25/42

10,911

18,627,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9

.987

06/25/42

20,209

2,351,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8

.437

06/25/43

2,460

3,400,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.900%

9

.188

07/25/43

3,477

4,470,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.550%

8

.887

10/25/43

4,543

5,336,362

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

2

.310

12/01/31

4,592

6,875,000

FHLMC

3

.740

06/01/37

6,318

2,277,912

FHLMC

3

.400

12/01/37

2,020

5,646,500

FHLMC

4

.300

12/01/37

5,444

1,853,046

FHLMC

3

.500

03/01/38

1,657

640,000

FHLMC

4

.330

05/01/38

616

3,207,952

FHLMC

2

.970

07/01/38

2,695

3,412,888

FHLMC

4

.550

07/01/38

3,371

5,775,000

FHLMC

3

.500

10/01/38

5,096

864,086

(b)

FHLMC

30

D

AVG

SOFR

+

5.806%

0

.467

03/15/44

75

5,970,496

FHLMC

3

.500

01/15/47

5,284

1,317,181

FHLMC

4

.000

10/15/47

1,247

2,223,798

FHLMC

4

.000

11/15/47

2,087

6,311,562

FHLMC

4

.000

01/15/48

6,032

6,095,585

FHLMC

4

.000

03/15/48

5,751

1,924,922

FHLMC

4

.000

04/15/48

1,830

291

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,731,628

FHLMC

4

.000

%

04/15/48

$

5,331

2,938,407

(b)

FHLMC

30

D

AVG

SOFR

+

9.737%

1

.195

06/15/48

2,859

1,996,404

(b)

FHLMC

30

D

AVG

SOFR

+

9.657%

1

.115

10/15/48

1,842

4,650,197

FHLMC

3

.000

11/01/49

4,187

2,621,129

FHLMC

2

.000

09/25/50

342

6,207,884

FHLMC

3

.000

09/25/50

4,541

4,737,535

FHLMC

3

.000

10/25/50

3,421

16,553,111

FHLMC

2

.500

02/25/51

2,830

5,894,790

FHLMC

2

.500

05/25/51

3,734

11,062,752

FHLMC

3

.000

11/01/51

9,980

1,300,471

FHLMC

3

.000

11/01/51

1,166

1,572,776

FHLMC

3

.000

11/01/51

1,419

1,138,178

FHLMC

3

.000

11/01/51

1,032

12,145,875

FHLMC

2

.500

02/01/52

10,433

11,865,867

FHLMC

2

.500

03/01/52

10,192

15,664,879

FHLMC

4

.000

04/01/52

14,818

13,109,758

FHLMC

3

.500

05/01/52

12,071

458,928

FHLMC

3

.500

06/01/52

422

9,094,754

FHLMC

4

.500

06/01/52

8,819

8,801,786

FHLMC

4

.500

07/01/52

8,535

1,603,178

FHLMC

4

.000

08/25/52

1,355

2,723,708

FHLMC

4

.500

10/25/52

2,476

10,205,138

FHLMC

6

.000

11/01/52

10,385

3,315,614

FHLMC

5

.500

11/25/52

3,388

3,189,896

FHLMC

3

.500

12/01/52

2,925

15,739,527

FHLMC

5

.000

01/01/53

15,577

2,637,912

FHLMC

5

.500

02/25/53

2,661

19,538,850

FHLMC

5

.500

08/01/53

19,622

3,318

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

8

.000

01/01/31

3

88,625

FGLMC

4

.500

07/01/33

89

619,355

FGLMC

7

.000

12/01/33

642

163,180

FGLMC

7

.000

05/01/35

169

426,902

FGLMC

5

.000

06/01/36

434

128,594

FGLMC

5

.000

07/01/39

131

83,796

FGLMC

4

.000

06/01/42

81

167,858

FGLMC

4

.500

10/01/44

166

264,658

FGLMC

4

.500

11/01/44

262

415,187

FGLMC

4

.500

11/01/44

411

252,120

FGLMC

4

.500

12/01/44

249

307,742

FGLMC

4

.500

12/01/44

304

1,012,552

FGLMC

3

.500

04/01/45

954

3,923,700

FGLMC

3

.500

10/01/45

3,685

487,545

FGLMC

4

.500

06/01/47

483

1,014,676

FGLMC

4

.000

09/01/47

978

740,201

FGLMC

3

.500

12/01/47

696

3,044,501

FGLMC

4

.500

08/01/48

3,020

366

Federal

National

Mortgage

Association

(FNMA)

8

.000

07/01/24

0

^

11,117,541

(b)

FNMA

2

.825

02/25/27

10,630

3,169,025

(b)

FNMA

3

.302

06/25/28

3,048

8,250,000

(b)

FNMA

1

.469

11/25/30

6,813

15,500,000

(b)

FNMA

1

.245

01/25/31

12,600

879,235

FNMA

3

.500

05/01/32

857

1,027,657

FNMA

3

.000

10/01/32

981

1,034,368

FNMA

5

.000

05/01/35

1,051

9,000,000

FNMA

1

.625

08/24/35

6,702

694,854

FNMA

5

.000

10/01/35

706

522,302

FNMA

5

.000

02/01/36

531

1,041,962

FNMA

5

.500

11/01/38

1,073

140,103

FNMA

3

.000

05/01/40

129

416,329

FNMA

5

.000

09/01/40

423

1,013,897

FNMA

5

.000

05/01/41

1,029

688,651

FNMA

4

.000

09/01/42

668

CREF

Social

Choice

Account

December

31,

2023

292

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,396,538

(b)

FNMA

30

D

AVG

SOFR

+

5.836%

0

.498

%

09/25/43

$

167

1,157,318

FNMA

4

.500

03/01/44

1,155

54,681,299

FNMA

4

.000

05/01/44

52,717

314,437

FNMA

4

.500

06/01/44

311

3,413,617

FNMA

4

.500

06/01/44

3,372

744,959

FNMA

4

.500

08/01/44

736

1,920,447

FNMA

4

.500

10/01/44

1,897

3,392,016

FNMA

4

.500

11/01/44

3,350

617,228

FNMA

5

.000

11/01/44

627

894,623

FNMA

4

.500

12/01/44

884

393,797

FNMA

4

.000

01/01/45

382

165,295

FNMA

4

.500

03/01/45

163

263,711

FNMA

4

.500

04/01/45

261

2,008,796

FNMA

3

.500

05/01/45

1,892

2,311,514

FNMA

3

.000

07/25/45

2,031

2,848,318

FNMA

3

.500

01/01/46

2,672

547,565

FNMA

4

.000

04/01/46

527

3,242,371

FNMA

3

.500

06/01/46

3,043

2,135,671

FNMA

3

.500

07/01/46

2,004

3,438,690

FNMA

3

.500

07/01/46

3,242

960,242

FNMA

3

.500

08/01/46

901

288,954

FNMA

3

.000

10/01/46

256

2,584,029

FNMA

3

.500

10/01/46

2,425

1,124,234

FNMA

4

.500

05/01/47

1,123

1,363,090

FNMA

4

.000

10/01/47

1,314

225,322

FNMA

3

.500

11/01/47

211

272,194

FNMA

4

.500

11/01/47

269

2,899,046

FNMA

3

.500

01/01/48

2,706

1,925,122

FNMA

4

.500

01/01/48

1,901

1,567,791

FNMA

4

.500

02/01/48

1,548

4,119,543

FNMA

3

.500

02/25/48

3,567

1,267,449

FNMA

4

.500

05/01/48

1,251

948,724

FNMA

4

.500

05/01/48

936

3,039,315

FNMA

4

.000

07/25/48

2,869

11,383,620

FNMA

3

.000

07/01/50

10,243

5,298,295

FNMA

2

.000

08/25/50

732

6,323,282

FNMA

2

.000

10/25/50

4,334

13,400,321

FNMA

2

.500

11/25/50

1,916

4,652,479

FNMA

3

.000

12/25/50

762

3,839,817

FNMA

3

.000

02/25/51

617

26,365,232

FNMA

2

.000

04/01/51

21,646

4,263,001

FNMA

3

.000

09/01/51

3,825

4,959,943

FNMA

2

.500

11/25/51

652

6,028,322

FNMA

2

.000

01/01/52

5,011

13,119,403

FNMA

2

.500

02/01/52

11,241

6,890,287

FNMA

2

.500

02/01/52

5,919

4,596,988

FNMA

3

.500

02/01/52

4,274

1,873,059

FNMA

2

.500

04/01/52

1,609

25,067,976

FNMA

3

.000

04/01/52

22,352

7,061,710

FNMA

3

.000

04/01/52

6,281

1,311,657

FNMA

3

.500

04/01/52

1,204

13,036,560

FNMA

3

.500

05/01/52

12,005

37,042,599

FNMA

3

.500

05/01/52

33,989

22,075,651

FNMA

4

.000

05/01/52

20,882

2,449,075

FNMA

4

.000

05/25/52

1,958

15,781,468

FNMA

3

.500

06/01/52

14,526

42,134,419

FNMA

3

.500

06/01/52

38,659

18,478,510

FNMA

4

.000

06/01/52

17,479

4,265,518

FNMA

4

.500

06/01/52

4,136

41,453,299

FNMA

4

.000

07/01/52

39,236

13,264,992

FNMA

4

.000

07/01/52

12,547

3,913,993

FNMA

4

.500

07/01/52

3,795

293

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

33,178,899

FNMA

4

.500

%

07/01/52

$

32,172

6,618,409

FNMA

4

.500

07/25/52

6,220

28,480,189

FNMA

5

.000

08/01/52

28,213

2,429,793

FNMA

4

.500

08/25/52

2,130

15,758,614

FNMA

3

.500

09/01/52

14,462

51,759,000

FNMA

4

.000

09/01/52

48,957

199,125,966

FNMA

4

.500

09/01/52

193,084

11,654,549

FNMA

5

.000

09/01/52

11,534

1,845,703

FNMA

4

.000

09/25/52

1,596

2,299,219

FNMA

4

.000

09/25/52

2,091

95,973,349

FNMA

4

.000

10/01/52

90,775

32,372,303

FNMA

4

.500

10/01/52

31,390

75,041,586

FNMA

5

.000

10/01/52

74,336

2,027,354

FNMA

4

.500

10/25/52

1,972

1,766,444

FNMA

4

.500

10/25/52

1,666

47,568,152

FNMA

4

.500

11/01/52

46,125

3,582,142

FNMA

5

.500

11/25/52

3,631

31,544,305

FNMA

5

.500

12/01/52

31,734

174,998

FNMA

5

.000

01/01/53

173

33,962,255

FNMA

5

.000

02/01/53

33,599

24,740,857

FNMA

6

.000

02/01/53

25,129

16,031,688

FNMA

6

.000

03/01/53

16,278

8,816,158

FNMA

5

.000

04/01/53

8,722

10,930,868

FNMA

5

.000

06/01/53

10,891

46,902,181

FNMA

5

.500

06/01/53

47,092

1,309,780

FNMA

5

.000

08/01/53

1,296

36,900,701

FNMA

5

.500

10/01/53

37,053

498,976

(b),(c)

Flagstar

Mortgage

Trust

3

.992

10/25/47

447

11,437,032

Freddie

Mac

Multifamily

ML

Certificates

2

.875

07/25/36

10,094

1,306,240

Government

National

Mortgage

Association

(GNMA)

2

.580

08/15/25

1,302

7,535,414

GNMA

2

.690

06/15/33

7,187

6,314,700

GNMA

3

.700

10/15/33

6,004

50,736

GNMA

5

.000

04/15/38

51

104,062

GNMA

6

.500

11/20/38

110

5,184,883

GNMA

5

.000

01/20/40

1,033

6,822,569

GNMA

3

.700

08/15/40

6,485

7,446,746

GNMA

2

.500

12/20/43

6,608

11,103,209

GNMA

2

.750

01/15/45

9,598

2,320,055

GNMA

3

.000

03/20/45

2,049

1,562,973

GNMA

4

.500

12/20/45

1,563

1,163,858

GNMA

4

.000

06/20/46

146

3,450,004

GNMA

5

.000

09/20/46

666

4,044,668

GNMA

3

.500

12/20/46

3,812

2,760,802

GNMA

3

.500

01/20/47

2,605

3,032,527

(b)

GNMA

SOFR

1

M

+

5.986%

0

.628

03/20/50

423

1,550,896

GNMA

3

.500

10/20/50

1,451

5,266,392

GNMA

3

.000

07/20/51

4,788

10,887,797

GNMA

3

.000

11/20/51

8,067

21,259,121

GNMA

2

.500

12/20/51

18,590

12,941,510

GNMA

3

.000

12/20/51

9,247

8,927,893

GNMA

3

.000

01/20/52

6,496

4,279,961

GNMA

2

.500

02/20/52

3,614

10,605,394

GNMA

3

.000

02/20/52

7,471

7,381,249

GNMA

4

.000

04/20/52

6,274

10,172,283

GNMA

5

.000

04/20/52

1,989

17,403,845

GNMA

2

.500

05/20/52

15,214

50,251,270

GNMA

3

.000

05/20/52

45,481

39,809,199

GNMA

3

.500

07/20/52

37,049

2,476,196

GNMA

4

.000

07/20/52

2,147

7,175,748

GNMA

4

.000

08/20/52

6,847

57,715,777

GNMA

4

.000

09/20/52

55,070

4,399,611

GNMA

4

.500

09/20/52

4,072

CREF

Social

Choice

Account

December

31,

2023

294

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,247,295

GNMA

4

.500

%

09/20/52

$

2,951

3,591,064

GNMA

4

.500

09/20/52

3,416

3,019,879

GNMA

4

.500

09/20/52

2,847

3,875,437

GNMA

5

.000

09/20/52

3,853

9,321,219

GNMA

5

.000

11/20/52

9,256

23,858,450

GNMA

3

.500

12/20/52

22,204

36,436,211

GNMA

4

.500

12/20/52

35,562

7,977,524

GNMA

4

.500

02/20/53

7,785

3,830,734

GNMA

4

.500

02/20/53

3,584

8,231,544

GNMA

5

.000

02/20/53

8,180

3,344,495

GNMA

5

.500

02/20/53

3,373

9,504,233

(b)

GNMA

30

D

AVG

SOFR

+

6.950%

1

.612

05/20/53

1,028

6,988,660

(b)

GNMA

30

D

AVG

SOFR

+

23.205%

2

.388

08/20/53

7,404

6,147,781

GNMA

3

.000

08/20/53

5,564

4,899,579

(b)

GNMA

30

D

AVG

SOFR

+

25.350%

4

.533

08/20/53

5,222

1,209,620

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

08/25/51

971

113,367

(b)

Impac

CMB

Trust

SOFR

1

M

+

0.774%

6

.130

03/25/35

104

213,999

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

189

240,196

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

208

85,200

(b),(c)

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

78

18,130,356

(b),(c)

JP

Morgan

Mortgage

Trust

0

.126

06/25/51

95

31,794,700

(b),(c)

JP

Morgan

Mortgage

Trust

0

.111

11/25/51

168

2,184,369

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

1,753

31,531,978

(b),(c)

JP

Morgan

Mortgage

Trust

0

.120

12/25/51

176

2,752,028

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

2,209

4,004,952

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

3,214

5,641,660

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

4,527

36,844,070

(c)

JP

Morgan

Mortgage

Trust

0

.224

07/25/52

361

6,268,116

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

5,030

9,564,916

(b),(c)

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

8,201

9,578,375

(b),(c)

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

8,011

5,071,120

(b),(c)

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

4,241

4,606,630

(b),(c)

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

3,853

417,244

(b),(c)

JP

Morgan

Mortgage

Trust

5

.000

06/25/53

399

2,855,801

(b),(c)

JP

Morgan

Mortgage

Trust

5

.500

06/25/53

2,776

3,656,687

(b),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

2,935

2,731,276

(b),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

2,385

2,400,991

(b),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,927

409,986

(b),(c)

New

Residential

Mortgage

Loan

Trust

2

.797

09/25/59

380

470,000

(b),(c)

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

393

6,744,479

(b),(c)

RCKT

Mortgage

Trust

2

.500

02/25/52

5,412

67,404

(b),(c)

Sequoia

Mortgage

Trust

4

.000

06/25/49

63

169,868

(b),(c)

Sequoia

Mortgage

Trust

3

.500

12/25/49

150

2,809,463

(b),(c)

Sequoia

Mortgage

Trust

2

.500

06/25/51

2,255

271,713

(b),(c)

Shellpoint

Co-Originator

Trust

3

.500

10/25/47

242

415,000

(b),(c)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

1.500%

6

.837

10/25/41

412

5,360,000

(b),(c)

STACR

30

D

AVG

SOFR

+

2.400%

7

.737

02/25/42

5,433

2,785,000

(b),(c)

STACR

30

D

AVG

SOFR

+

4.750%

10

.087

02/25/42

2,888

8,125,000

(b),(c)

STACR

30

D

AVG

SOFR

+

2.900%

8

.237

04/25/42

8,359

3,000,000

(b),(c)

STACR

30

D

AVG

SOFR

+

5.650%

8

.647

04/25/42

3,187

17,165,000

(b),(c)

STACR

30

D

AVG

SOFR

+

3.350%

8

.687

05/25/42

17,885

15,004,000

(b),(c)

STACR

30

D

AVG

SOFR

+

4.500%

9

.837

06/25/42

16,186

8,336,000

(b),(c)

STACR

30

D

AVG

SOFR

+

4.000%

9

.337

07/25/42

8,757

8,650,000

(b),(c)

STACR

30

D

AVG

SOFR

+

3.550%

8

.887

08/25/42

8,963

6,670,000

(b),(c)

STACR

30

D

AVG

SOFR

+

3.700%

9

.037

09/25/42

7,029

7,830,000

(b),(c)

STACR

30

D

AVG

SOFR

+

3.250%

8

.587

04/25/43

8,171

58,931

(b),(c)

STACR

3

.787

02/25/48

55

74,055

(b),(c)

STACR

3

.842

05/25/48

71

1,405,000

(b),(c)

STACR

30

D

AVG

SOFR

+

4.800%

10

.137

10/25/50

1,575

982,000

(b),(c)

Verus

Securitization

Trust

3

.207

11/25/59

893

388,503

(c)

Verus

Securitization

Trust

1

.733

05/25/65

361

295

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,335,665

(b),(c)

Woodward

Capital

Management

3

.000

%

05/25/52

$

2,790

TOTAL

MORTGAGE

BACKED

2,105,745

MUNICIPAL

BONDS

-

1.7%

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3

.060

04/01/25

1,146

1,990,000

California

Health

Facilities

Financing

Authority

2

.984

06/01/33

1,725

915,000

California

Health

Facilities

Financing

Authority

4

.353

06/01/41

831

455,000

California

Municipal

Finance

Authority

2

.138

08/15/27

414

350,000

California

Municipal

Finance

Authority

2

.288

08/15/28

313

500,000

California

Municipal

Finance

Authority

3

.694

08/15/56

337

16,250,000

Chicago

Housing

Authority

4

.361

01/01/38

14,527

3,035,000

City

&

County

of

Honolulu

HI

2

.668

10/01/27

2,863

5,645,000

City

&

County

of

Honolulu

HI

3

.974

09/01/35

5,256

1,615,000

City

&

County

of

Honolulu

HI

4

.004

09/01/36

1,494

7,085,000

City

&

County

of

San

Francisco

CA

4

.000

04/01/47

5,877

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.000

09/01/48

4,534

7,790,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.482

09/01/50

5,759

1,240,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014

6

.332

09/01/51

1,298

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.091

09/01/36

292

1,000

City

of

Chicago

IL

7

.750

01/01/42

1

1,000,000

City

of

Houston

TX

Combined

Utility

System

Revenue

3

.375

11/15/24

986

1,275,000

City

of

Houston

TX

Combined

Utility

System

Revenue

4

.172

11/15/38

1,173

7,500,000

City

of

Los

Angeles

CA

3

.880

09/01/38

6,766

7,190,000

City

of

Los

Angeles

CA

5

.000

09/01/42

7,043

1,530,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

3

.158

05/15/29

1,434

5,850,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

4

.242

05/15/48

5,133

1,780,000

(c)

City

of

Miami

FL

4

.808

01/01/39

1,708

3,000,000

City

of

New

York

NY

5

.828

10/01/53

3,391

4,835,000

City

of

Oakland

CA

2

.070

01/15/29

4,309

3,025,000

City

of

Port

Lions

AK

7

.500

10/01/52

3,183

3,345,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.000

11/01/26

3,208

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.950

11/01/36

3,373

18,500,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

4

.185

11/01/46

15,829

1,000,000

City

of

San

Juan

Capistrano

CA

3

.700

08/01/31

952

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2

.999

11/01/43

4,447

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3

.079

11/01/43

4,395

3,500,000

(c)

County

of

Gallatin

MT

11

.500

09/01/27

3,708

10,515,000

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

3

.490

10/01/42

8,834

3,500,000

District

of

Columbia

3

.432

04/01/42

2,805

10,000,000

District

of

Columbia

Water

&

Sewer

Authority

4

.814

10/01/14

9,980

3,125,000

Florida

Development

Finance

Corp

7

.500

07/01/57

3,112

6,000,000

(c)

Florida

Development

Finance

Corp

8

.000

07/01/57

6,125

22,445,000

Grant

County

Public

Utility

District

No

2

2

.918

01/01/40

17,733

9,255,000

Grant

County

Public

Utility

District

No

2

3

.210

01/01/40

7,534

640,000

Henry

County

Water

Authority

3

.000

01/01/43

474

850,000

Henry

County

Water

Authority

3

.200

01/01/49

601

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2

.327

07/01/32

852

2,000,000

Kern

County

Water

Agency

Improvement

District

No

4

4

.276

05/01/36

1,925

6,430,000

Lavaca-Navidad

River

Authority

4

.430

08/01/35

6,327

8,655,000

Los

Angeles

Community

College

District

2

.106

08/01/32

7,187

1,025,000

Maine

State

Housing

Authority

2

.331

11/15/30

868

CREF

Social

Choice

Account

December

31,

2023

296

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3

.797

%

03/01/39

$

2,182

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.020

07/01/28

2,714

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.485

07/01/32

2,550

3,405,000

Massachusetts

Housing

Finance

Agency

5

.562

12/01/52

3,432

6,620,000

Metropolitan

Transportation

Authority

5

.175

11/15/49

6,481

11,645,000

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5

.720

12/01/38

12,445

8,295,000

(c)

New

Hampshire

Business

Finance

Authority

5

.460

07/01/33

8,295

7,400,000

New

Jersey

Economic

Development

Authority

5

.706

06/15/30

7,872

3,000,000

New

Jersey

Economic

Development

Authority

5

.756

06/15/31

3,211

720,000

New

Jersey

Economic

Development

Authority

5

.298

03/01/32

738

4,065,000

New

York

City

Housing

Development

Corp

3

.119

08/01/38

3,208

2,500,000

New

York

City

Housing

Development

Corp

3

.720

11/01/39

2,087

17,500,000

New

York

Transportation

Development

Corp

5

.000

01/01/26

17,748

11,250,000

New

York

Transportation

Development

Corp

6

.971

06/30/51

11,274

13,250,000

(c),(f)

Oregon

State

Business

Development

Commission

6

.500

04/01/31

1

3,470,000

(c),(f)

Oregon

State

Business

Development

Commission

9

.000

04/01/37

0

^

2,500,000

Palm

Beach

County

Solid

Waste

Authority

2

.636

10/01/24

2,458

4,500,000

Pend

Oreille

County

Public

Utility

District

No

Box

Canyon

5

.000

01/01/30

4,500

6,925,000

(a),(c)

Pennsylvania

Economic

Development

Financing

Authority

10

.000

12/01/29

1

1,170,000

Pharr

Economic

Development

Corp

3

.513

08/15/30

1,098

1,140,000

Pharr

Economic

Development

Corp

3

.893

08/15/33

1,061

405,000

(a),(f)

Public

Finance

Authority

15

.000

03/31/24

0

^

1,735,000

(c)

Public

Finance

Authority

7

.500

06/01/29

1,693

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1

.927

09/01/27

1,141

1,005,000

Sales

Tax

Securitization

Corp

5

.293

01/01/41

1,012

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4

.375

08/01/44

1,716

3,870,000

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

3

.293

12/01/35

3,231

1,555,000

South

Dakota

Housing

Development

Authority

5

.460

05/01/53

1,564

10,050,000

State

of

California

4

.988

04/01/39

9,997

5,250,000

State

of

Oregon

4

.112

05/01/27

5,225

3,150,000

State

of

Oregon

4

.250

05/01/29

3,149

3,000

State

of

Wisconsin

5

.700

05/01/26

3

1,650,000

(c)

Syracuse

Industrial

Development

Agency

5

.000

01/01/36

1,243

2,280,000

Tampa

Bay

Water

2

.612

10/01/25

2,206

3,225,000

Tampa

Bay

Water

2

.782

10/01/26

3,095

3,000,000

Tampa

Bay

Water

2

.952

10/01/27

2,868

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

5,301

4,170,000

Texas

Water

Development

Board

4

.648

04/15/50

3,953

5,000,000

Tuolumne

Wind

Project

Authority

6

.918

01/01/34

5,611

1,000,000

University

of

Cincinnati

3

.250

06/01/29

1,001

18,000,000

University

of

New

Mexico

3

.532

06/20/32

17,232

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.550

09/01/39

408

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.800

09/01/49

1,159

695,000

Village

of

Bellwood

IL

5

.375

12/01/32

651

4,500,000

Village

of

Bellwood

IL

6

.000

12/01/50

3,790

1,000,000

Washington

County

Clean

Water

Services

5

.078

10/01/24

1,001

TOTAL

MUNICIPAL

BONDS

364,884

U.S.

TREASURY

SECURITIES

-

8.9%

35,830,000

United

States

Treasury

Bond

2

.875

11/15/46

28,691

2,500,000

United

States

Treasury

Bond

3

.000

02/15/49

2,034

16,317,923

(g)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

16,274

1,525,000

United

States

Treasury

Note

2

.250

10/31/24

1,492

181,716,000

United

States

Treasury

Note

4

.875

11/30/25

183,597

1,500,000

United

States

Treasury

Note

0

.375

12/31/25

1,390

153,371,000

United

States

Treasury

Note

4

.375

12/15/26

154,869

15,031,000

United

States

Treasury

Note

0

.500

10/31/27

13,214

297

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

28,250,000

United

States

Treasury

Note

1

.125

%

08/31/28

$

24,942

147,412,000

United

States

Treasury

Note

4

.375

11/30/28

150,844

272,946,000

United

States

Treasury

Note

4

.375

11/30/30

280,665

328,659,000

United

States

Treasury

Note

4

.500

11/15/33

345,041

14,508,000

United

States

Treasury

Note

1

.875

02/15/41

10,430

4,700,000

United

States

Treasury

Note

2

.250

05/15/41

3,580

232,705,800

(h)

United

States

Treasury

Note

2

.375

02/15/42

178,547

29,796,000

United

States

Treasury

Note

3

.250

05/15/42

26,141

2,070,000

United

States

Treasury

Note

4

.000

11/15/42

2,012

171,215,000

United

States

Treasury

Note

4

.750

11/15/43

183,655

40,008,000

United

States

Treasury

Note

2

.250

02/15/52

27,734

269,378,000

United

States

Treasury

Note

4

.125

08/15/53

272,282

TOTAL

U.S.

TREASURY

SECURITIES

1,907,434

TOTAL

GOVERNMENT

BONDS

5,275,318

(Cost

$5,399,440)

STRUCTURED

ASSETS

-

3.8%

ASSET

BACKED

-

1.3%

2,278,872

(c)

Air

Canada

Pass

Through

Trust

3

.550

01/15/30

1,998

Series

-

2017

1

(Class

A)

900,000

(c)

AMSR

Trust

3

.148

01/19/39

835

Series

-

2019

SFR1

(Class

C)

800,000

(c)

AMSR

Trust

3

.247

01/19/39

740

Series

-

2019

SFR1

(Class

D)

2,000,000

(b),(c)

BFLD

Trust

SOFR

1

M

+

2.214%

7

.576

10/15/35

812

Series

-

2020

EYP

(Class

C)

155,476

(b)

C-BASS

Trust

SOFR

1

M

+

0.274%

3

.400

07/25/36

149

Series

-

2006

CB6

(Class

A1)

27,160,000

Delta

Air

Lines

Pass

Through

Trust

3

.204

04/25/24

26,941

Series

-

2019

1

(Class

AA)

3,953,606

Delta

Air

Lines

Pass

Through

Trust

2

.000

06/10/28

3,506

Series

-

2020

1

(Class

AA)

15,587,308

Delta

Air

Lines

Pass

Through

Trust

2

.500

06/10/28

13,746

Series

-

2020

1

(Class

A)

69,109

(b),(c)

Ellington

Loan

Acquisition

Trust

SOFR

1

M

+

1.214%

6

.570

05/25/37

68

Series

-

2007

2

(Class

A2C)

5,750,000

(c)

Frontier

Issuer

LLC

8

.300

08/20/53

5,709

Series

-

2023

1

(Class

B)

3,139,743

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.100

05/20/48

2,419

Series

-

2021

3CS

(Class

A)

3,380,526

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

1

.930

07/20/48

2,516

Series

-

2021

4GS

(Class

A)

12,344,926

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.310

10/20/48

9,617

Series

-

2021

5CS

(Class

A)

4,310,705

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.700

01/20/49

3,407

Series

-

2022

1GS

(Class

A)

3,153,851

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.940

01/20/49

2,361

Series

-

2022

1GS

(Class

B)

13,960,956

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

4

.950

07/20/49

12,809

Series

-

2022

3CS

(Class

A)

8,297,000

(c)

Grace

Trust

2

.347

12/10/40

6,719

Series

-

2020

GRCE

(Class

A)

2,440,505

(c)

Helios

Issuer,

LLC

5

.600

08/22/50

2,331

Series

-

2023

B

(Class

B)

2,074,382

(c)

HERO

Funding

Trust

3

.840

09/21/40

1,930

Series

-

2015

1A

(Class

A)

566,014

(c)

HERO

Funding

Trust

3

.990

09/21/40

533

Series

-

2014

2A

(Class

A)

1,032,459

(c)

HERO

Funding

Trust

3

.750

09/20/41

953

Series

-

2016

2A

(Class

A)

CREF

Social

Choice

Account

December

31,

2023

298

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

937,677

(c)

HERO

Funding

Trust

4

.050

%

09/20/41

$

879

Series

-

2016

1A

(Class

A)

362,626

(c)

HERO

Funding

Trust

3

.080

09/20/42

326

Series

-

2016

3A

(Class

A1)

2,842,033

(c)

HERO

Funding

Trust

3

.710

09/20/47

2,546

Series

-

2017

1A

(Class

A1)

2,774,852

(c)

HERO

Funding

Trust

3

.190

09/20/48

2,412

Series

-

2017

3A

(Class

A1)

653,691

(c)

HERO

Funding

Trust

3

.280

09/20/48

575

Series

-

2017

2A

(Class

A1)

3,022,729

(c)

HERO

Funding

Trust

4

.670

09/20/48

2,842

Series

-

2018

1A

(Class

A2)

2,347,997

(c)

HERO

Funding

Trust

2

.240

09/20/51

1,959

Series

-

2021

1A

(Class

A)

7,375,000

(c)

Hertz

Vehicle

Financing

III

LLC

5

.570

09/25/29

7,450

Series

-

2023

2A

(Class

A)

12,190

(b)

Home

Equity

Asset

Trust

SOFR

1

M

+

1.614%

3

.986

06/25/33

12

Series

-

2003

1

(Class

M1)

599,972

(b),(c)

Invitation

Homes

Trust

SOFR

1

M

+

1.364%

6

.726

01/17/38

599

Series

-

2018

SFR4

(Class

B)

3,124,250

(c)

Loanpal

Solar

Loan

Ltd

2

.290

01/20/48

2,431

Series

-

2021

1GS

(Class

A)

5,361,888

(c)

Loanpal

Solar

Loan

Ltd

2

.220

03/20/48

3,991

Series

-

2021

2GS

(Class

A)

1,897,325

(a),(c)

Mosaic

Solar

Loan

Trust

0

.000

04/20/46

1,206

Series

-

2020

1A

(Class

R)

1,229,470

(c)

Mosaic

Solar

Loan

Trust

2

.100

04/20/46

1,073

Series

-

2020

1A

(Class

A)

1,701,499

(c)

Mosaic

Solar

Loan

Trust

3

.100

04/20/46

1,504

Series

-

2020

1A

(Class

B)

2,007,265

(c)

Mosaic

Solar

Loan

Trust

2

.050

12/20/46

1,561

Series

-

2021

1A

(Class

B)

2,974,175

(c)

Mosaic

Solar

Loan

Trust

1

.440

06/20/52

2,393

Series

-

2021

3A

(Class

A)

2,690,852

(c)

Mosaic

Solar

Loans

LLC

3

.820

06/22/43

2,491

Series

-

2017

2A

(Class

A)

3,145,892

(c)

Mosaic

Solar

Loans

LLC

1

.640

04/22/47

2,574

Series

-

2021

2A

(Class

A)

817,308

(b),(c)

PNMSR

2018-GT1

A

Mtge

SOFR

1

M

+

3.515%

8

.871

08/25/25

818

Series

-

2018

GT2

(Class

A)

750,000

(c)

Progress

Residential

Trust

2

.711

11/17/40

632

Series

-

2021

SFR9

(Class

D)

1,917,736

(c)

Renew

3

.670

09/20/52

1,760

Series

-

2017

1A

(Class

A)

3,944,739

(c)

Renew

3

.950

09/20/53

3,635

Series

-

2018

1

(Class

A)

3,611,582

(c)

Renew

2

.060

11/20/56

2,876

Series

-

2021

1

(Class

A)

4,954,119

SCE

Recovery

Funding

LLC

0

.861

11/15/31

4,217

Series

-

2021

A-1

(Class

A)

187,415

(b)

Structured

Asset

Investment

Loan

Trust

SOFR

1

M

+

1.014%

6

.370

09/25/34

177

Series

-

2004

8

(Class

M1)

6,368,210

(c)

Sunnova

Helios

VII

Issuer

LLC

2

.030

10/20/48

5,451

Series

-

2021

C

(Class

A)

3,597,792

(c)

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,180

Series

-

2022

A

(Class

A)

2,642,345

(c)

Sunrun

Athena

Issuer

LLC

5

.310

04/30/49

2,516

Series

-

2018

1

(Class

A)

8,607,710

(c)

Sunrun

Atlas

Issuer

LLC

3

.610

02/01/55

7,882

Series

-

2019

2

(Class

A)

5,450,549

(c)

Sunrun

Callisto

Issuer

LLC

2

.270

01/30/57

4,609

Series

-

2021

2A

(Class

A)

299

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,057,688

(c)

Sunrun

Julius

Issuer

LLC

6

.600

%

01/30/59

$

5,166

Series

-

2023

2A

(Class

A1)

6,733,417

(c)

Sunrun

Jupiter

Issuer

LLC

4

.750

07/30/57

6,158

Series

-

2022

1A

(Class

A)

1,619,204

(c)

Tesla

Auto

Lease

Trust

1

.180

03/20/25

1,614

Series

-

2021

A

(Class

C)

13,325,000

(c)

Tesla

Auto

Lease

Trust

5

.860

08/20/25

13,350

Series

-

2023

A

(Class

A2)

3,837,329

(c)

Tesla

Auto

Lease

Trust

0

.600

09/22/25

3,784

Series

-

2021

B

(Class

A3)

5,000,000

(c)

Tesla

Auto

Lease

Trust

0

.630

09/22/25

4,909

Series

-

2021

B

(Class

A4)

4,625,000

(c)

Tesla

Auto

Lease

Trust

5

.890

06/22/26

4,644

Series

-

2023

A

(Class

A3)

9,422,000

(c)

Tesla

Auto

Lease

Trust

6

.130

09/21/26

9,516

Series

-

2023

B

(Class

A3)

2,385,000

(c)

Tesla

Auto

Lease

Trust

6

.220

03/22/27

2,426

Series

-

2023

B

(Class

A4)

5,380,000

(c)

Tesla

Auto

Lease

Trust

6

.570

08/20/27

5,474

Series

-

2023

B

(Class

B)

8,250,000

(c)

Tesla

Electric

Vehicle

Trust

5

.540

12/21/26

8,274

Series

-

2023

1

(Class

A2A)

4,650,000

(c)

Tesla

Electric

Vehicle

Trust

5

.380

06/20/28

4,692

Series

-

2023

1

(Class

A3)

1,500,000

(c)

Tesla

Electric

Vehicle

Trust

5

.380

02/20/29

1,516

Series

-

2023

1

(Class

A4)

3,869,448

Toyota

Auto

Receivables

Owner

Trust

0

.260

11/17/25

3,786

Series

-

2021

B

(Class

A3)

9,900,000

Toyota

Auto

Receivables

Owner

Trust

0

.530

10/15/26

9,361

Series

-

2021

B

(Class

A4)

475,000

(c)

Tricon

American

Homes

Trust

2

.049

07/17/38

433

Series

-

2020

SFR1

(Class

B)

13,216,186

(c)

Vivint

Colar

Financing

V

LLC

4

.730

04/30/48

12,332

Series

-

2018

1A

(Class

A)

4,570,160

(c)

Vivint

Solar

Financing

VII

LLC

2

.210

07/31/51

3,816

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

277,927

OTHER

MORTGAGE

BACKED

-

2.5%

77,317

(b),(c)

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

68

Series

-

2015

6

(Class

A9)

4,075,000

(b),(c)

Alen

Mortgage

Trust

SOFR

1

M

+

2.364%

7

.726

04/15/34

3,037

Series

-

2021

ACEN

(Class

C)

5,000,000

(c)

BANK

2

.500

10/17/52

2,629

Series

-

2019

BN21

(Class

D)

6,500,000

(b)

BANK

3

.517

10/17/52

4,419

Series

-

2019

BN21

(Class

C)

8,000,000

(b)

BANK

3

.461

11/15/62

6,091

Series

-

2019

BN22

(Class

C)

4,940,000

(b),(c)

BBCMS

Mortgage

Trust

4

.267

08/05/38

3,361

Series

-

2018

CHRS

(Class

E)

2,750,000

(c)

BBCMS

Trust

4

.798

08/10/35

2,289

Series

-

2015

SRCH

(Class

C)

8,870,000

(b),(c)

Benchmark

Mortgage

Trust

3

.899

03/15/62

6,170

Series

-

2019

B10

(Class

3CCA)

5,200,000

(c)

BMO

360A

3

.776

02/17/55

4,269

Series

-

2022

C1

(Class

360A)

5,238,932

(b),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.312%

6

.674

10/15/38

5,121

Series

-

2021

XL2

(Class

C)

6,000,000

(b),(c)

BX

Commercial

Mortgage

Trust

SOFR

1

M

+

1.840%

7

.202

01/17/39

5,860

Series

-

2022

AHP

(Class

B)

CREF

Social

Choice

Account

December

31,

2023

300

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,000,000

(b),(c)

BX

TRUST

SOFR

1

M

+

1.490%

6

.852

%

01/17/39

$

5,888

Series

-

2022

AHP

(Class

AS)

2,901,500

(b),(c)

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5

.637

06/25/34

2,638

Series

-

2017

Q005

(Class

B)

2,000,000

(b)

CD

Mortgage

Trust

3

.879

11/10/49

1,649

Series

-

2016

CD2

(Class

B)

1,000,000

(b),(c)

Century

Plaza

Towers

2

.997

11/13/39

780

Series

-

2019

CPT

(Class

B)

2,000,000

(b)

Citigroup

Commercial

Mortgage

Trust

4

.138

04/10/48

1,845

Series

-

2015

GC29

(Class

C)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3

.018

08/10/56

1,385

Series

-

2019

GC41

(Class

AS)

3,740,000

(b),(c)

COMM

Mortgage

Trust

3

.413

10/10/29

3,265

Series

-

2017

PANW

(Class

B)

3,000,000

(b),(c)

COMM

Mortgage

Trust

3

.538

10/10/29

2,590

Series

-

2017

PANW

(Class

C)

5,120,000

(c)

COMM

Mortgage

Trust

4

.353

08/10/30

4,763

Series

-

2013

300P

(Class

A1)

4,375,000

(c)

COMM

Mortgage

Trust

3

.376

01/10/39

3,611

Series

-

2022

HC

(Class

C)

3,500,000

(b),(c)

COMM

Mortgage

Trust

4

.067

03/10/48

2,772

Series

-

2015

CR22

(Class

D)

1,100,000

(b)

COMM

Mortgage

Trust

4

.287

05/10/48

990

Series

-

2015

CR23

(Class

C)

1,000,000

(b)

COMM

Mortgage

Trust

4

.287

05/10/48

825

Series

-

2015

CR23

(Class

D)

2,500,000

(b)

COMM

Mortgage

Trust

3

.463

08/10/48

2,028

Series

-

2015

CR24

(Class

D)

1,000,000

COMM

Mortgage

Trust

3

.263

08/15/57

863

Series

-

2019

GC44

(Class

AM)

6,000,000

(b),(c)

Commercial

Mortgage

Pass

Through

Certificates

4

.084

01/10/39

4,714

Series

-

2022

HC

(Class

D)

22,245,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8

.837

03/25/42

23,285

Series

-

2022

R03

(Class

1M2)

4,985,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8

.337

04/25/42

5,081

Series

-

2022

R05

(Class

2M2)

15,710,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

9

.187

05/25/42

16,545

Series

-

2022

R06

(Class

1M2)

4,298,000

(b),(c)

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8

.937

07/25/42

4,513

Series

-

2022

R08

(Class

1M2)

19,020,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

10

.087

09/25/42

20,616

Series

-

2022

R09

(Class

2M2)

24,864,000

(b),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9

.087

12/25/42

26,319

Series

-

2023

R01

(Class

1M2)

15,000,000

(c)

CPT

Mortgage

Trust

2

.865

11/13/39

12,672

Series

-

2019

CPT

(Class

A)

2,000,000

(b),(c)

CPT

Mortgage

Trust

2

.997

11/13/39

1,218

Series

-

2019

CPT

(Class

E)

5,000,000

(b),(c)

Credit

Suisse

Commercial

Mortgage

Trust

3

.728

11/10/32

3,648

Series

-

2017

CALI

(Class

B)

3,030,050

(b),(c)

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

2,499

Series

-

2021

NQM8

(Class

A3)

6,650,000

(b),(c)

CSAIL

Commercial

Mortgage

Trust

3

.677

06/15/37

5,973

Series

-

2017

C8

(Class

85BA)

6,100,000

(b),(c)

CSAIL

Commercial

Mortgage

Trust

3

.677

06/15/37

5,179

Series

-

2017

C8

(Class

85BB)

2,000,000

(b),(c)

CSMC

Series

3

.388

10/25/59

1,818

Series

-

2019

NQM1

(Class

M1)

102,725,000

(b),(c)

DOLP

Trust

0

.665

05/10/41

3,734

Series

-

2021

NYC

(Class

X)

7,491,280

(b),(c)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

1.434%

6

.796

11/15/38

7,333

Series

-

2021

ELP

(Class

C)

301

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,995,350

(b),(c)

ELP

Commercial

Mortgage

Trust

SOFR

1

M

+

2.233%

7

.595

%

11/15/38

$

3,883

Series

-

2021

ELP

(Class

E)

6,606,832

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1

.877

07/25/37

5,095

Series

-

2021

21-ML08

(Class

ML08)

38,112

(b),(c)

Flagstar

Mortgage

Trust

4

.000

09/25/48

36

Series

-

2018

5

(Class

A11)

1,373,029

(b),(c)

Flagstar

Mortgage

Trust

2

.500

04/25/51

1,102

Series

-

2021

2

(Class

A4)

4,220,503

(b),(c)

Flagstar

Mortgage

Trust

2

.500

06/01/51

3,387

Series

-

2021

4

(Class

A21)

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1

.878

01/25/31

8,701

Series

-

2021

P009

(Class

A2)

7,324,000

(b)

Freddie

Mac

Multiclass

Certificates

Series

2

.760

02/25/32

6,339

Series

-

2022

P013

(Class

A2)

39,130,437

(b)

Freddie

Mac

Multifamily

ML

Certificates

1

.770

11/25/37

4,674

Series

-

2021

ML08

(Class

XCA)

3,127,971

Freddie

Mac

Multifamily

ML

Certificates

1

.896

11/25/37

2,395

Series

-

2021

ML08

(Class

ML08)

9,944,933

(b)

Freddie

Mac

Multifamily

ML

Certificates

3

.650

11/25/38

9,098

Series

-

2022

ML14

(Class

A)

15,635,561

Freddie

Mac

Multifamily

ML

Certificates

2

.340

07/25/41

12,155

Series

-

2021

ML12

(Class

AUS)

3,500,000

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3

.871

07/25/33

3,330

Series

-

2015

Q002

(Class

A2)

1,024,983

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.518

09/25/35

783

Series

-

2020

Q012

(Class

A3)

4,489,818

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.555

01/25/36

3,651

Series

-

2020

Q014

(Class

A1)

16,420,100

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3

.150

10/15/36

14,262

Series

-

2022

M068

(Class

A)

1,730,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4

.013

04/15/37

1,626

Series

-

2022

M069

(Class

A)

5,985,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1

.761

09/15/38

4,832

Series

-

2020

M061

(Class

A)

11,875,000

(c)

Frontier

Issuer

LLC

6

.600

08/20/53

11,813

Series

-

2023

1

(Class

A2)

1,325,000

(b),(c)

GCT

Commercial

Mortgage

Trust

SOFR

1

M

+

0.914%

6

.276

02/15/38

997

Series

-

2021

GCT

(Class

A)

1,385,306

(b),(c)

GS

Mortgage

Securities

Trust

SOFR

1

M

+

1.143%

6

.513

10/15/31

1,263

Series

-

2018

HART

(Class

A)

2,972,000

(b),(c)

GS

Mortgage

Securities

Trust

4

.904

03/10/33

2,616

Series

-

2018

GS10

(Class

WLSC)

3,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

2,728

Series

-

2016

GS3

(Class

AS)

830,000

(b)

GS

Mortgage

Securities

Trust

3

.952

11/10/49

685

Series

-

2016

GS4

(Class

C)

345,191

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

292

Series

-

2020

PJ4

(Class

A4)

25,953,970

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

0

.269

03/27/51

278

Series

-

2020

PJ5

(Class

AX1)

706,710

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

601

Series

-

2020

PJ5

(Class

A4)

993,327

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

797

Series

-

2020

PJ6

(Class

A4)

63,469,679

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

0

.148

08/25/51

432

Series

-

2021

PJ3

(Class

AX1)

5,387,892

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

4,324

Series

-

2021

PJ5

(Class

A4)

4,744,972

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

3,969

Series

-

2022

PJ2

(Class

A36)

CREF

Social

Choice

Account

December

31,

2023

302

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,267,150

(b),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

%

09/25/52

$

1,896

Series

-

2022

PJ4

(Class

A36)

403,801

(b),(c)

GS

Mortgage-Backed

Securities

Trust

3

.630

05/25/50

341

Series

-

2020

PJ1

(Class

B2)

1,091,819

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

876

Series

-

2021

PJ2

(Class

A4)

7,986,402

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

6,424

Series

-

2021

PJ6

(Class

A4)

10,235,692

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

8,214

Series

-

2021

PJ7

(Class

A4)

4,599,450

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

3,691

Series

-

2021

PJ8

(Class

A4)

2,506,339

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.722

01/25/52

1,920

Series

-

2021

PJ7

(Class

B2)

4,503,238

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

3,614

Series

-

2021

PJ10

(Class

A4)

2,794,728

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

2,423

Series

-

2022

PJ1

(Class

A8)

2,097,796

(b),(c)

GS

Mortgage-Backed

Securities

Trust

2

.832

05/28/52

1,637

Series

-

2022

PJ1

(Class

B2)

5,241,122

(b),(c)

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

4,384

Series

-

2022

PJ5

(Class

A36)

2,935,211

(b),(c)

GS

Mortgage-Backed

Securities

Trust

3

.000

01/25/53

2,455

Series

-

2022

PJ6

(Class

A24)

5,730,308

(b),(c)

GS

Mortgage-Backed

Securities

Trust

3

.500

02/25/53

4,978

Series

-

2023

PJ1

(Class

A24)

526,123

(b)

HarborView

Mortgage

Loan

Trust

SOFR

1

M

+

0.734%

6

.090

08/19/45

481

Series

-

2005

11

(Class

2A1A)

6,000,000

(c)

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

5,582

Series

-

2016

10HY

(Class

A)

5,000,000

(b),(c)

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

4,605

Series

-

2016

10HY

(Class

B)

5,000,000

(b),(c)

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

4,545

Series

-

2016

10HY

(Class

C)

7,000,000

(c)

Hudson

Yards

Mortgage

Trust

3

.228

07/10/39

6,206

Series

-

2019

30HY

(Class

A)

4,000,000

(b),(c)

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

3,139

Series

-

2019

55HY

(Class

D)

7,000,000

(b),(c)

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

5,154

Series

-

2019

55HY

(Class

E)

480,000

(b),(c)

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

409

Series

-

2020

NQM1

(Class

M1)

1,700,000

(b),(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.134%

7

.496

10/15/33

1,526

Series

-

2020

609M

(Class

B)

2,000,000

(b),(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.534%

7

.896

10/15/33

1,658

Series

-

2020

609M

(Class

C)

1,234,063

(b),(c)

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6

.678

12/25/44

1,182

Series

-

2015

1

(Class

B1)

73,780

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

66

Series

-

2015

3

(Class

A19)

409,184

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

362

Series

-

2015

6

(Class

A13)

294,961

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

257

Series

-

2018

3

(Class

A13)

829,971

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

716

Series

-

2018

5

(Class

A13)

803,933

(b),(c)

JP

Morgan

Mortgage

Trust

3

.684

10/26/48

783

Series

-

2017

5

(Class

A2)

184,595

(b),(c)

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

168

Series

-

2018

9

(Class

A13)

303

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

25,719

(b),(c)

JP

Morgan

Mortgage

Trust

4

.000

%

05/25/49

$

24

Series

-

2019

1

(Class

A3)

166,866

(b),(c)

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

153

Series

-

2019

1

(Class

A15)

362,049

(b),(c)

JP

Morgan

Mortgage

Trust

SOFR

1

M

+

1.064%

6

.420

10/25/49

351

Series

-

2019

INV1

(Class

A11)

1,546,762

(b),(c)

JP

Morgan

Mortgage

Trust

3

.823

06/25/50

1,336

Series

-

2020

1

(Class

B2)

20,579,420

(b),(c)

JP

Morgan

Mortgage

Trust

0

.139

07/25/51

136

Series

-

2021

3

(Class

AX1)

14,623,503

(b),(c)

JP

Morgan

Mortgage

Trust

0

.131

08/25/51

91

Series

-

2021

4

(Class

AX1)

2,628,324

(b),(c)

JP

Morgan

Mortgage

Trust

2

.881

08/25/51

2,040

Series

-

2021

4

(Class

B2)

28,102,017

(b),(c)

JP

Morgan

Mortgage

Trust

0

.137

10/25/51

181

Series

-

2021

6

(Class

AX1)

3,140,442

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

2,520

Series

-

2021

6

(Class

A15)

1,168,672

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

938

Series

-

2021

10

(Class

A15)

1,066,569

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

856

Series

-

2021

12

(Class

A15)

1,771,435

(b),(c)

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

1,422

Series

-

2021

14

(Class

A15)

1,128,432

(b),(c)

JP

Morgan

Mortgage

Trust

2

.927

05/25/52

910

Series

-

2021

LTV2

(Class

A3)

6,806,280

(b),(c)

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

5,676

Series

-

2022

2

(Class

A25)

6,233,303

(b),(c)

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

5,415

Series

-

2022

LTV2

(Class

A6)

3,250,992

(b),(c)

JP

Morgan

Mortgage

Trust

3

.000

12/25/52

2,719

Series

-

2022

7

(Class

1A17)

1,632,361

(b),(c)

JP

Morgan

Mortgage

Trust

4

.000

12/25/52

1,461

Series

-

2022

7

(Class

2A6A)

5,000,000

(c)

Liberty

Street

Trust

3

.597

02/10/36

4,582

Series

-

2016

225L

(Class

A)

4,000,000

(b),(c)

MAD

Mortgage

Trust

3

.188

08/15/34

3,597

Series

-

2017

330M

(Class

A)

4,000,000

(b),(c)

MAD

Mortgage

Trust

3

.366

08/15/34

3,361

Series

-

2017

330M

(Class

B)

2,000,000

(b),(c)

Manhattan

West

2

.335

09/10/39

1,725

Series

-

2020

1MW

(Class

C)

2,000,000

(c)

Manhattan

West

Mortgage

Trust

2

.130

09/10/39

1,769

Series

-

2020

1MW

(Class

A)

2,169,000

(b),(c)

Menora

Mivtachim

Holdings

Ltd

3

.939

02/17/55

1,236

Series

-

2022

C1

(Class

360D)

132,191

(b)

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

56

Series

-

2007

IQ16

(Class

AJFX)

858,054

(b),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

751

Series

-

2021

4

(Class

A4)

3,000,000

(b),(c)

MSDB

Trust

3

.316

07/11/39

2,644

Series

-

2017

712F

(Class

A)

4,880,929

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5

.915

07/15/36

4,436

Series

-

2019

MILE

(Class

A)

6,750,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.879%

7

.241

07/15/36

5,777

Series

-

2019

MILE

(Class

B)

4,250,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

2.279%

7

.641

07/15/36

3,422

Series

-

2019

MILE

(Class

C)

9,800,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

3.579%

8

.941

07/15/36

6,925

Series

-

2019

MILE

(Class

E)

1,500,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

4.329%

9

.691

07/15/36

982

Series

-

2019

MILE

(Class

F)

CREF

Social

Choice

Account

December

31,

2023

304

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

32,435

(b)

New

York

Mortgage

Trust

SOFR

1

M

+

0.594%

5

.950

%

02/25/36

$

32

Series

-

2005

3

(Class

A1)

4,984,675

(b),(c)

OBX

Trust

2

.500

07/25/51

4,000

Series

-

2021

J2

(Class

A19)

290,244

(b),(c)

OBX

Trust

SOFR

1

M

+

0.764%

4

.658

06/25/57

277

Series

-

2018

1

(Class

A2)

1,519,125

(b),(c)

Oceanview

Mortgage

Trust

2

.500

05/25/51

1,219

Series

-

2021

1

(Class

A19)

1,757,464

(b),(c)

Oceanview

Mortgage

Trust

4

.500

11/25/52

1,657

Series

-

2022

1

(Class

A1)

11,800,000

(c)

One

Bryant

Park

Trust

2

.516

09/15/54

10,014

Series

-

2019

OBP

(Class

A)

4,699,000

(c)

One

Market

Plaza

Trust

3

.614

02/10/32

4,298

Series

-

2017

1MKT

(Class

A)

1,000,000

(c)

One

Market

Plaza

Trust

3

.845

02/10/32

877

Series

-

2017

1MKT

(Class

B)

2,000,000

(c)

One

Market

Plaza

Trust

4

.146

02/10/32

1,592

Series

-

2017

1MKT

(Class

D)

4,862,651

(b),(c)

RCKT

Mortgage

Trust

2

.500

09/25/51

3,902

Series

-

2021

4

(Class

A21)

5,149,829

(b),(c)

RCKT

Mortgage

Trust

3

.500

06/25/52

4,474

Series

-

2022

4

(Class

A22)

412,708

(b),(c)

Sequoia

Mortgage

Trust

3

.500

05/25/45

374

Series

-

2015

2

(Class

A1)

175,226

(b),(c)

Sequoia

Mortgage

Trust

3

.500

06/25/46

155

Series

-

2016

1

(Class

A19)

632,065

(b),(c)

Sequoia

Mortgage

Trust

3

.721

09/25/47

583

Series

-

2017

6

(Class

B1)

9,061

(b),(c)

Sequoia

Mortgage

Trust

4

.000

09/25/48

8

Series

-

2018

7

(Class

A19)

1,373,390

(b),(c)

Sequoia

Mortgage

Trust

3

.000

04/25/50

1,149

Series

-

2020

3

(Class

A19)

3,597,604

(b),(c)

Sequoia

Mortgage

Trust

5

.000

01/25/53

3,430

Series

-

2023

1

(Class

A19)

78,068,000

(b),(c)

SLG

Office

Trust

0

.258

07/15/41

1,163

Series

-

2021

OVA

(Class

X)

1,125,000

(b),(c)

STWD

Mortgage

Trust

SOFR

1

M

+

1.371%

6

.733

11/15/36

1,101

Series

-

2021

LIH

(Class

AS)

4,000,000

(c)

SUMIT

Mortgage

Trust

2

.789

02/12/41

3,128

Series

-

2022

BVUE

(Class

A)

2,468,960

(b),(c)

Verus

Securitization

Trust

2

.240

10/25/66

2,057

Series

-

2021

7

(Class

A3)

48,182

(b),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

45

Series

-

2019

2

(Class

A17)

443,195

(b),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

370

Series

-

2020

4

(Class

A17)

6,721,427

(b),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

5,394

Series

-

2021

2

(Class

A17)

2,323,637

(b),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

1,865

Series

-

2022

2

(Class

A18)

145,780

(b),(c)

WinWater

Mortgage

Loan

Trust

3

.919

06/20/44

123

Series

-

2014

1

(Class

B4)

TOTAL

OTHER

MORTGAGE

BACKED

540,968

TOTAL

STRUCTURED

ASSETS

818,895

(Cost

$916,970)

SHARES

REFERENCERATE

&

SPREAD

305

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

COMMON

STOCKS

-

59.6%

AUTOMOBILES

&

COMPONENTS

-

1.6%

261,171

(i)

American

Axle

&

Manufacturing

Holdings,

Inc

$

2,301

162,522

(i)

Aptiv

plc

14,581

169,453

Bayerische

Motoren

Werke

AG.

18,855

73,915

Bayerische

Motoren

Werke

AG.

(Preference)

7,355

373,600

(e)

Bridgestone

Corp

15,430

473,301

Cie

Generale

des

Etablissements

Michelin

S.C.A

17,004

329,999

Daimler

AG.

(Registered)

22,769

2,026,390

Honda

Motor

Co

Ltd

20,903

586,100

Isuzu

Motors

Ltd

7,514

253,679

Magna

International,

Inc

14,989

107,902

(i)

Modine

Manufacturing

Co

6,442

438,366

(e),(i)

Rivian

Automotive,

Inc

10,284

701,322

(i)

Tesla,

Inc

174,264

594,969

(e)

Yamaha

Motor

Co

Ltd

5,294

TOTAL

AUTOMOBILES

&

COMPONENTS

337,985

BANKS

-

3.1%

2,364

Ameris

Bancorp

125

2,436,039

Banco

Bilbao

Vizcaya

Argentaria

S.A.

22,203

25,028

(i)

Bancorp,

Inc

965

1,521,949

Bank

Hapoalim

Ltd

13,672

268,572

Bank

of

Montreal

26,574

505,354

(e)

Bank

of

Nova

Scotia

24,599

65,681

Bank

OZK

3,273

2,405

Banner

Corp

129

68,859

Berkshire

Hills

Bancorp,

Inc

1,710

4,739,500

BOC

Hong

Kong

Holdings

Ltd

12,875

1,840

Cadence

Bank

54

6,038

Camden

National

Corp

227

438,691

(e)

Canadian

Imperial

Bank

of

Commerce

21,123

1,213,196

Citigroup,

Inc

62,407

1,366

Citizens

Financial

Group,

Inc

45

2,120

Columbia

Banking

System,

Inc

57

863

(e)

Commerce

Bancshares,

Inc

46

502,510

Commonwealth

Bank

of

Australia

38,300

889

Community

Trust

Bancorp,

Inc

39

60,894

(i)

Customers

Bancorp,

Inc

3,509

568,987

DNB

Bank

ASA

12,097

330,921

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

13,404

7,030

First

Busey

Corp

174

1,019

Glacier

Bancorp,

Inc

42

1,984

Hancock

Whitney

Corp

96

4,964

Heritage

Financial

Corp

106

5,535,967

HSBC

Holdings

plc

44,786

414,518

Huntington

Bancshares,

Inc

5,273

7,265,463

Intesa

Sanpaolo

S.p.A.

21,262

533,054

JPMorgan

Chase

&

Co

90,672

236,957

KBC

Groep

NV

15,378

2,557

Keycorp

37

1,158,321

Mizuho

Financial

Group,

Inc

19,758

36,265

National

Bank

Holdings

Corp

1,349

178,034

(e)

National

Bank

of

Canada

13,570

9,051

Old

National

Bancorp

153

1,809,667

Oversea-Chinese

Banking

Corp

17,806

300,721

PNC

Financial

Services

Group,

Inc

46,567

990,460

Regions

Financial

Corp

19,195

571,044

Societe

Generale

15,193

1,849,445

Standard

Chartered

plc

15,695

1,363,805

Svenska

Handelsbanken

AB

14,821

CREF

Social

Choice

Account

December

31,

2023

306

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,226

(i)

Texas

Capital

Bancshares,

Inc

$

144

560,694

Toronto-Dominion

Bank

36,230

4,787

Trico

Bancshares

206

471,499

Truist

Financial

Corp

17,408

2,114

UMB

Financial

Corp

177

18,027

Univest

Financial

Corp

397

2,021

Westamerica

Bancorporation

114

1,110

Wintrust

Financial

Corp

103

TOTAL

BANKS

654,145

CAPITAL

GOODS

-

4.5%

427,339

3M

Co

46,717

588,895

ABB

Ltd

26,146

790

Acuity

Brands,

Inc

162

247

Allegion

plc

31

181,708

Ashtead

Group

plc

12,630

510,377

Assa

Abloy

AB

14,709

1,130,260

Atlas

Copco

AB

16,769

1,169,208

Atlas

Copco

AB

20,147

121,368

(i)

Axon

Enterprise,

Inc

31,353

688

(i)

Beacon

Roofing

Supply,

Inc

60

12,294

Boise

Cascade

Co

1,590

272,149

Bouygues

S.A.

10,268

413,898

(i)

CAE,

Inc

8,934

866,531

Carrier

Global

Corp

49,782

248,980

Caterpillar,

Inc

73,616

51,829

Cummins,

Inc

12,417

84,092

Curtiss-Wright

Corp

18,735

900

Daifuku

Co

Ltd

18

81,100

Daikin

Industries

Ltd

13,156

92,545

DCC

plc

6,810

155,891

Deere

&

Co

62,336

396

Dover

Corp

61

260,869

Eaton

Corp

plc

62,823

98,775

Eiffage

S.A.

10,604

1,733

EMCOR

Group,

Inc

373

71,368

Emerson

Electric

Co

6,946

1,823

Epiroc

AB

37

46,955

Fanuc

Ltd

1,378

172,378

Fastenal

Co

11,165

576

Ferguson

plc

111

144,957

Fortive

Corp

10,673

3,852

Fortune

Brands

Innovations,

Inc

293

4,591

Geberit

AG.

2,947

151,824

(i)

Great

Lakes

Dredge

&

Dock

Corp

1,166

178,499

Hexcel

Corp

13,164

986

Husqvarna

AB

(B

Shares)

8

2,459

IDEX

Corp

534

226,958

Illinois

Tool

Works,

Inc

59,449

1,115

Ingersoll

Rand,

Inc

86

368,751

Johnson

Controls

International

plc

21,255

1,076,270

Keppel

Corp

Ltd

5,759

346,500

Komatsu

Ltd

9,017

275,174

(i)

Kratos

Defense

&

Security

Solutions,

Inc

5,583

383,900

Kubota

Corp

5,762

161,080

Legrand

S.A.

16,774

86

Lennox

International,

Inc

39

50,237

(i)

Manitowoc

Co,

Inc

838

874,400

Marubeni

Corp

13,767

109,661

(i)

Mercury

Computer

Systems,

Inc

4,010

52,107

Metso

Outotec

Oyj

529

557,700

Mitsui

&

Co

Ltd

20,894

307

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

31,924

Moog,

Inc

(Class

A)

$

4,622

15,055

(i)

MYR

Group,

Inc

2,177

147,555

Nibe

Industrier

AB

1,036

333,800

Obayashi

Corp

2,884

9,277

Owens

Corning,

Inc

1,375

455

Pentair

plc

33

60,083

(i)

Proto

Labs,

Inc

2,341

31,896

Quanta

Services,

Inc

6,883

56,823

Rockwell

Automation,

Inc

17,642

7,116

Rush

Enterprises,

Inc

(Class

A)

358

127,111

Sandvik

AB

2,762

175,604

Schneider

Electric

S.A.

35,350

55,809,519

(i)

SembCorp

Marine

Ltd

4,983

355,600

Shimizu

Corp

2,359

222,749

Siemens

AG.

41,790

18,061

SKF

AB

(B

Shares)

362

392

Toto

Ltd

10

101,895

Trane

Technologies

plc

24,852

146,892

(i)

Triumph

Group,

Inc

2,435

44,615

United

Rentals,

Inc

25,583

24,341

(i)

V2X,

Inc

1,130

258,187

Vestas

Wind

Systems

A.S.

8,170

697,434

Volvo

AB

(B

Shares)

18,147

19,301

W.W.

Grainger,

Inc

15,995

1,964

Wabash

National

Corp

50

344,045

Wartsila

Oyj

(B

Shares)

5,000

40,621

WSP

Global,

Inc

5,694

53,419

Xylem,

Inc

6,109

700

Yaskawa

Electric

Corp

29

TOTAL

CAPITAL

GOODS

952,592

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.4%

834

ABM

Industries,

Inc

37

33,977

ACCO

Brands

Corp

207

53,127

(i)

ASGN,

Inc

5,109

249,991

Automatic

Data

Processing,

Inc

58,240

3,969

Brambles

Ltd

37

369,489

Bureau

Veritas

S.A.

9,348

274,481

Computershare

Ltd

4,572

1,006,167

(i)

Copart,

Inc

49,302

23,184

CSG

Systems

International,

Inc

1,234

614

Dai

Nippon

Printing

Co

Ltd

18

195,183

(i)

ExlService

Holdings,

Inc

6,021

54,343

(i)

FTI

Consulting,

Inc

10,822

5,059

Heidrick

&

Struggles

International,

Inc

149

44,488

Intertek

Group

plc

2,408

56,079

Kelly

Services,

Inc

(Class

A)

1,212

50,425

(i)

Liquidity

Services,

Inc

868

205,155

(i)

OPENLANE,

Inc

3,038

37,996

Randstad

Holdings

NV

2,385

71,301

RB

Global,

Inc

4,771

288,600

Recruit

Holdings

Co

Ltd

12,067

695,611

RELX

plc

27,598

62,095

Robert

Half

International,

Inc

5,459

471

Secom

Co

Ltd

34

97,700

SGS

S.A.

8,435

20,295

(e),(i)

Sterling

Check

Corp

283

108,028

Thomson

Reuters

Corp

15,794

173,583

TransUnion

11,927

2,948

(i)

TriNet

Group,

Inc

351

97,005

(i)

Veralto

Corp

7,980

21,187

Verisk

Analytics,

Inc

5,061

CREF

Social

Choice

Account

December

31,

2023

308

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

212,798

Waste

Management,

Inc

$

38,112

35,895

Wolters

Kluwer

NV

5,107

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

297,986

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.8%

20,974

(i)

1-800-FLOWERS.COM,

Inc

(Class

A)

226

635

(i)

Autozone,

Inc

1,642

621

Best

Buy

Co,

Inc

48

184

(i)

Burlington

Stores,

Inc

36

158

(e)

Canadian

Tire

Corp

Ltd

17

899

(i)

Carmax,

Inc

69

25,062

(i)

Children's

Place,

Inc

582

28,621

Dieteren

S.A.

5,598

34,769

Dollarama,

Inc

2,506

687,185

eBay,

Inc

29,975

54,500

Fast

Retailing

Co

Ltd

13,477

8,815

(i)

Five

Below,

Inc

1,879

29,570

(i)

Genesco,

Inc

1,041

679

Genuine

Parts

Co

94

289,675

Hennes

&

Mauritz

AB

(B

Shares)

5,081

318,599

Home

Depot,

Inc

110,410

502,909

Industria

de

Diseno

Textil

S.A.

21,944

5,813

Kingfisher

plc

18

3,030

LKQ

Corp

145

302,810

Lowe's

Cos,

Inc

67,390

44,620

(i)

MarineMax,

Inc

1,736

383

(i)

Mercadolibre,

Inc

602

366

Next

plc

38

47,429

Pool

Corp

18,910

654,845

Prosus

NV

19,508

34,896

Shoe

Carnival,

Inc

1,054

669,511

TJX

Cos,

Inc

62,807

23,577

Tractor

Supply

Co

5,070

186,836

Wesfarmers

Ltd

7,266

2,144

Winmark

Corp

895

18,408

(c),(i)

Zalando

SE

436

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

380,500

CONSUMER

DURABLES

&

APPAREL

-

1.1%

74,165

Adidas-Salomon

AG.

15,071

385,655

Barratt

Developments

plc

2,763

68,119

Berkeley

Group

Holdings

plc

4,067

308,453

Burberry

Group

plc

5,563

35,677

(i)

Crocs,

Inc

3,333

13,639

(i)

Deckers

Outdoor

Corp

9,117

524

Gildan

Activewear,

Inc

17

58,468

(i)

GoPro,

Inc

203

55,526

(i)

Green

Brick

Partners,

Inc

2,884

804

Hasbro,

Inc

41

11,933

Hermes

International

25,364

32,983

(i)

iRobot

Corp

1,276

37,871

Kering

16,773

106,301

(i)

Lululemon

Athletica,

Inc

54,351

175,418

Moncler

S.p.A

10,800

2,248

(i)

NVR,

Inc

15,737

1,484,700

Panasonic

Corp

14,621

262

Pandora

A.S.

36

880

Persimmon

plc

16

48,760

Pulte

Homes,

Inc

5,033

18,601

Puma

AG.

Rudolf

Dassler

Sport

1,035

2,388

PVH

Corp

292

1,026

Sekisui

Chemical

Co

Ltd

15

309

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

237,400

Sekisui

House

Ltd

$

5,262

196,385

(i)

Sonos,

Inc

3,366

390,800

Sony

Corp

36,982

1,076,998

Taylor

Wimpey

plc

2,016

2,785

VF

Corp

52

389

Yamaha

Corp

9

TOTAL

CONSUMER

DURABLES

&

APPAREL

236,095

CONSUMER

SERVICES

-

1.8%

237,336

Accor

S.A.

9,084

38,630

ADT,

Inc

263

244,616

Amadeus

IT

Holding

S.A.

17,569

19,555

(i)

Booking

Holdings,

Inc

69,366

48,734

(i)

Bright

Horizons

Family

Solutions,

Inc

4,593

33,285

Carriage

Services,

Inc

832

711,559

Compass

Group

plc

19,471

75,945

(i)

Dave

&

Buster's

Entertainment,

Inc

4,090

292,764

Hilton

Worldwide

Holdings,

Inc

53,309

575

IDP

Education

Ltd

8

109,464

InterContinental

Hotels

Group

plc

9,871

254,952

McDonald's

Corp

75,596

548,500

Oriental

Land

Co

Ltd

20,387

280,736

Pearson

plc

3,448

40,501

(i)

Planet

Fitness,

Inc

2,957

3,541

(i)

Shake

Shack,

Inc

262

26,316

(i)

Six

Flags

Entertainment

Corp

660

623,953

Starbucks

Corp

59,906

22,338

Vail

Resorts,

Inc

4,769

129,335

Whitbread

plc

6,021

27,949

Wingstop,

Inc

7,171

81,717

Yum!

Brands,

Inc

10,677

TOTAL

CONSUMER

SERVICES

380,310

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.8%

232,500

Aeon

Co

Ltd

5,188

362,261

Alimentation

Couche-Tard,

Inc

21,333

255,382

(i)

BJ's

Wholesale

Club

Holdings,

Inc

17,024

328,482

Carrefour

S.A.

6,016

818,506

Coles

Group

Ltd

8,991

131,324

(i)

HelloFresh

SE

2,070

2,121,073

J

Sainsbury

plc

8,178

752

Kesko

Oyj

(B

Shares)

15

151,556

Koninklijke

Ahold

Delhaize

NV

4,360

6,934

Kroger

Co

317

154,400

Matsumotokiyoshi

Holdings

Co

Ltd

2,729

116,280

(i)

Performance

Food

Group

Co

8,041

53,411

Pricesmart,

Inc

4,047

81,987

SpartanNash

Co

1,882

217,624

(i)

Sprouts

Farmers

Market,

Inc

10,470

312,346

Target

Corp

44,484

123,985

(i)

United

Natural

Foods,

Inc

2,012

362,113

(i)

US

Foods

Holding

Corp

16,444

649,626

Woolworths

Ltd

16,481

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

180,082

ENERGY

-

2.9%

373,454

Antero

Midstream

Corp

4,679

343,310

(e)

ARC

Resources

Ltd

5,096

323,668

Baker

Hughes

Co

11,063

731,836

Cenovus

Energy,

Inc

(Toronto)

12,195

3,725

ChampionX

Corp

109

180,485

Cheniere

Energy,

Inc

30,811

CREF

Social

Choice

Account

December

31,

2023

310

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

519,057

Chevron

Corp

$

77,423

268,323

(i)

Clean

Energy

Fuels

Corp

1,028

586,582

ConocoPhillips

68,085

2,773

Delek

US

Holdings,

Inc

72

36,565

(i)

DMC

Global,

Inc

688

60,033

(i)

Dril-Quip,

Inc

1,397

691,684

Enbridge,

Inc

24,900

307,418

EQT

Corp

11,885

416,218

Equinor

ASA

13,191

584,895

Galp

Energia

SGPS

S.A.

8,606

141,430

Hess

Corp

20,389

212,089

(e)

Imperial

Oil

Ltd

12,081

593,900

(e)

Inpex

Holdings,

Inc

7,947

6,419

(e)

Keyera

Corp

155

1,390,846

Kinder

Morgan,

Inc

24,534

945,307

(i)

Kosmos

Energy

Ltd

6,343

351,330

Neste

Oil

Oyj

12,490

463,121

NOV,

Inc

9,392

17,408

(i)

Oceaneering

International,

Inc

370

114,033

OMV

AG.

5,003

31,537

ONEOK,

Inc

2,214

703

Ovintiv,

Inc

31

171,714

Parkland

Corp

5,535

182,711

Pembina

Pipeline

Corp

6,290

48,471

Phillips

66

6,453

119,063

Pioneer

Natural

Resources

Co

26,775

663,541

Schlumberger

Ltd

34,531

1,290,892

Shell

plc

42,256

522,200

Suncor

Energy,

Inc

16,729

259,937

TechnipFMC

plc

5,235

644,491

Total

S.A.

43,825

229,560

Valero

Energy

Corp

29,843

83,066

(i)

Weatherford

International

plc

8,126

742,877

Woodside

Energy

Group

Ltd

15,687

TOTAL

ENERGY

613,462

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.4%

278,795

American

Tower

Corp

60,186

817

Boston

Properties,

Inc

57

77,865

Brixmor

Property

Group,

Inc

1,812

2,405,177

CapitaMall

Trust

3,749

1,190

Crown

Castle,

Inc

137

2,975

Dexus

Property

Group

16

444,562

DiamondRock

Hospitality

Co

4,174

88,036

Digital

Realty

Trust,

Inc

11,848

66,669

Equinix,

Inc

53,695

46,383

First

Industrial

Realty

Trust,

Inc

2,443

63,273

Fonciere

Des

Regions

3,405

57,595

Gecina

S.A.

7,012

952,831

Goodman

Group

16,405

688,636

GPT

Group

2,173

1,804

Healthpeak

Properties,

Inc

36

945

Iron

Mountain,

Inc

66

4,380

Kilroy

Realty

Corp

175

269,497

Klepierre

7,357

204,332

Macerich

Co

3,153

1,050,750

Mirvac

Group

1,495

369,158

Park

Hotels

&

Resorts,

Inc

5,648

7,536

PotlatchDeltic

Corp

370

470,316

Prologis,

Inc

62,693

298

SBA

Communications

Corp

76

151,016

Segro

plc

1,703

311

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,604

Stockland

Trust

Group

$

20

148,462

(i)

Unibail-Rodamco-Westfield

10,981

190,252

Vicinity

Ltd

264

260,103

Welltower,

Inc

23,453

344,928

Weyerhaeuser

Co

11,993

84,284

Xenia

Hotels

&

Resorts,

Inc

1,148

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

297,743

FINANCIAL

SERVICES

-

4.6%

583,919

3i

Group

plc

17,973

2,388,396

(e)

Abrdn

plc

5,430

3,076

Ally

Financial,

Inc

107

351,698

American

Express

Co

65,887

89,396

Ameriprise

Financial,

Inc

33,955

6,128

Annaly

Capital

Management,

Inc

119

536

Australian

Stock

Exchange

Ltd

23

739,110

Bank

of

New

York

Mellon

Corp

38,471

83,282

BlackRock,

Inc

67,608

94,759

Deutsche

Boerse

AG.

19,514

261,464

Discover

Financial

Services

29,389

54,588

Eurazeo

4,341

12,881

Factset

Research

Systems,

Inc

6,145

426,286

Fidelity

National

Information

Services,

Inc

25,607

176,090

Goldman

Sachs

Group,

Inc

67,930

10,629

(i)

Green

Dot

Corp

105

334,646

Hong

Kong

Exchanges

and

Clearing

Ltd

11,478

175,806

London

Stock

Exchange

Group

plc

20,782

221

LPL

Financial

Holdings,

Inc

50

147,247

Macquarie

Group

Ltd

18,433

260

MarketAxess

Holdings,

Inc

76

263,482

Mastercard,

Inc

(Class

A)

112,378

114,452

Moody's

Corp

44,700

711,022

Morgan

Stanley

66,303

22,082

(i)

Mr

Cooper

Group,

Inc

1,438

99,693

Nasdaq

Stock

Market,

Inc

5,796

2,483,300

(i)

Nomura

Holdings,

Inc

11,184

1,142

Northern

Trust

Corp

96

773,090

ORIX

Corp

14,520

554,796

(i)

PayPal

Holdings,

Inc

34,070

5,978

(i)

PRA

Group,

Inc

157

2,150

(i)

PROG

Holdings,

Inc

67

162,770

S&P

Global,

Inc

71,703

656,988

Schroders

plc

3,592

115,952

St.

James's

Place

plc

1,009

182,346

State

Street

Corp

14,125

1,437

Synchrony

Financial

55

770

TMX

Group

Ltd

19

1,068,021

UBS

Group

AG

33,174

466,191

Visa,

Inc

(Class

A)

121,373

35,477

Voya

Financial,

Inc

2,588

71,853

(i)

WEX,

Inc

13,979

TOTAL

FINANCIAL

SERVICES

985,749

FOOD,

BEVERAGE

&

TOBACCO

-

2.1%

365,863

Ajinomoto

Co,

Inc

14,083

104,366

Archer-Daniels-Midland

Co

7,537

1,758

(i)

Bunge

Global

S.A.

177

70,181

Campbell

Soup

Co

3,034

1,431,481

Coca-Cola

Co

84,357

218,358

(i)

Coca-Cola

Europacific

Partners

plc

14,573

279,246

Coca-Cola

HBC

AG.

8,200

1,330

ConAgra

Brands,

Inc

38

CREF

Social

Choice

Account

December

31,

2023

312

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

314,155

Danone

$

20,382

19,284

(i)

Darling

International,

Inc

961

52,370

Fresh

Del

Monte

Produce,

Inc

1,375

593,154

General

Mills,

Inc

38,638

273,218

Hormel

Foods

Corp

8,773

4,508

Kellogg

Co

252

162,389

Kerry

Group

plc

(Class

A)

14,095

2,155

Keurig

Dr

Pepper,

Inc

72

173,000

Kikkoman

Corp

10,572

277,970

Lamb

Weston

Holdings,

Inc

30,046

104,324

McCormick

&

Co,

Inc

7,138

116,254

Mowi

ASA

2,082

662,981

Nestle

S.A.

76,853

304,982

Orkla

ASA

2,368

502,278

PepsiCo,

Inc

85,307

170,400

Suntory

Beverage

&

Food

Ltd

5,603

12,328

(i)

TreeHouse

Foods,

Inc

511

16,271

(i)

Vital

Farms,

Inc

255

2,415,114

Wilmar

International

Ltd

6,524

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

443,806

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.5%

138,102

(i)

Accolade,

Inc

1,659

155,988

Amplifon

S.p.A.

5,405

8,730

(i)

AtriCure,

Inc

312

381,856

(e),(i)

Brookdale

Senior

Living,

Inc

2,222

53,045

(i)

Castle

Biosciences,

Inc

1,145

123,358

Cigna

Group

36,940

24,182

Cochlear

Ltd

4,920

72,282

Coloplast

A.S.

8,259

240

Cooper

Cos,

Inc

91

72,482

(e),(i)

CryoLife,

Inc

1,296

188

(i)

DaVita,

Inc

20

67,021

(i)

Demant

A.S.

2,940

105,549

(i)

DocGo,

Inc

590

71,389

EBOS

Group

Ltd

1,601

544,609

(i)

Edwards

Lifesciences

Corp

41,526

132,883

Elevance

Health,

Inc

62,662

119,837

(i)

Enhabit,

Inc

1,240

203,819

(i)

Envista

Holdings

Corp

4,904

44,000

(i)

Fulgent

Genetics,

Inc

1,272

42,062

(i)

Glaukos

Corp

3,343

16,584

(i)

Globus

Medical,

Inc

884

147,793

HCA,

Inc

40,005

113,131

(i)

Health

Catalyst,

Inc

1,048

29,671

(i)

Henry

Schein,

Inc

2,246

135,994

(i)

Hologic,

Inc

9,717

104,900

(i)

Hoya

Corp

13,064

73,060

(i)

IDEXX

Laboratories,

Inc

40,552

527

(i)

Insulet

Corp

114

55,652

Laboratory

Corp

of

America

Holdings

12,649

36,806

LeMaitre

Vascular,

Inc

2,089

10,988

(i)

LivaNova

plc

568

79,241

McKesson

Corp

36,687

52,783

(i)

Merit

Medical

Systems,

Inc

4,009

161

(i)

Molina

Healthcare,

Inc

58

179,941

(i)

NeoGenomics,

Inc

2,911

76,842

(i)

Nevro

Corp

1,654

91,959

(i)

Omnicell,

Inc

3,460

143,905

(i)

OraSure

Technologies,

Inc

1,180

69,413

(i)

Orthofix

Medical,

Inc

936

16,134

(i)

Pennant

Group,

Inc

225

313

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

18,923

(i)

Penumbra,

Inc

$

4,760

72,016

(i)

Pulmonx

Corp

918

1,238

Quest

Diagnostics,

Inc

171

167,024

Ramsay

Health

Care

Ltd

5,991

101,039

Resmed,

Inc

17,381

43,010

(i)

RxSight,

Inc

1,734

1,485

(i)

Shockwave

Medical,

Inc

283

69,700

(i)

SI-BONE,

Inc

1,463

212,936

Sonic

Healthcare

Ltd

4,653

47,094

Sonova

Holdings

AG

15,402

29,781

(i)

STAAR

Surgical

Co

929

41,996

STERIS

plc

9,233

62,900

Sysmex

Corp

3,497

215,686

Terumo

Corp

7,053

14,990

(i)

UFP

Technologies,

Inc

2,579

203,423

UnitedHealth

Group,

Inc

107,096

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

539,546

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.0%

2,635

Church

&

Dwight

Co,

Inc

249

589

Clorox

Co

84

340,276

Essity

AB

8,433

57,175

Henkel

KGaA

4,102

111,129

Henkel

KGaA

(Preference)

8,939

172,700

Kao

Corp

7,099

13,981

Kimberly-Clark

Corp

1,699

74,176

L'Oreal

S.A.

36,977

721,397

Procter

&

Gamble

Co

105,713

193,300

Shiseido

Co

Ltd

5,827

138,700

Uni-Charm

Corp

5,016

688,144

Unilever

plc

33,314

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

217,452

INSURANCE

-

2.0%

1,969,389

Aegon

NV

11,450

2,897,000

AIA

Group

Ltd

25,212

128,622

Allianz

AG.

34,373

728,290

Assicurazioni

Generali

S.p.A.

15,387

147

Assurant,

Inc

25

742,699

AXA

S.A.

24,254

1,011,836

(i)

Genworth

Financial,

Inc

(Class

A)

6,759

914

Hartford

Financial

Services

Group,

Inc

74

1,068

Insurance

Australia

Group

Ltd

4

4,265,379

Legal

&

General

Group

plc

13,631

301,020

Marsh

&

McLennan

Cos,

Inc

57,034

82,300

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

3,236

48,605

Muenchener

Rueckver

AG.

20,162

225,357

NN

Group

NV

8,906

364,260

Progressive

Corp

58,019

391,791

Prudential

Financial,

Inc

40,633

305,354

QBE

Insurance

Group

Ltd

3,094

149,200

Sompo

Holdings,

Inc

7,300

77,096

(e)

Sun

Life

Financial,

Inc

3,999

20,793

Swiss

Life

Holding

14,450

121,443

Swiss

Re

AG.

13,666

344,800

Tokio

Marine

Holdings,

Inc

8,586

188,068

Travelers

Cos,

Inc

35,825

49,200

Zurich

Insurance

Group

AG

25,723

TOTAL

INSURANCE

431,802

MATERIALS

-

2.7%

162,065

Agnico-Eagle

Mines

Ltd

8,886

CREF

Social

Choice

Account

December

31,

2023

314

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

502

Akzo

Nobel

NV

$

42

34,359

(i)

Allegheny

Technologies,

Inc

1,562

19,088

Amcor

plc

184

591,902

Anglo

American

plc

14,813

478,464

Antofagasta

plc

10,230

14,878

Aptargroup,

Inc

1,839

480,800

Asahi

Kasei

Corp

3,548

511,862

Ball

Corp

29,442

220,460

BlueScope

Steel

Ltd

3,515

274,151

Boliden

AB

8,581

290

Chr

Hansen

Holding

A/S

24

19,088

(i)

Coeur

Mining,

Inc

62

316,450

CRH

plc

21,778

41,736

Croda

International

plc

2,685

142,739

Dow,

Inc

7,828

45,775

DSM-Firmenich

AG.

4,655

268,003

Ecolab,

Inc

53,158

178,945

Endeavour

Mining

plc

4,004

176,670

Evonik

Industries

AG.

3,609

939,120

Fortescue

Metals

Group

Ltd

18,517

56,667

Franco-Nevada

Corp

6,277

3,439

Givaudan

S.A.

14,261

114,550

HeidelbergCement

AG.

10,239

111,533

Holcim

Ltd

8,760

37,584

Holmen

AB

1,587

325,142

Independence

Group

NL

2,004

64,829

International

Flavors

&

Fragrances,

Inc

5,249

1,576

International

Paper

Co

57

1,233

(i)

James

Hardie

Industries

plc

47

309,800

JFE

Holdings,

Inc

4,793

221,890

JSR

Corp

6,314

43,363

Koppers

Holdings,

Inc

2,221

198,373

Linde

plc

81,474

22,118

Martin

Marietta

Materials,

Inc

11,035

181,711

Mineral

Resources

Ltd

8,656

306,342

Mitsubishi

Chemical

Holdings

Corp

1,873

602

Mitsui

Chemicals,

Inc

18

158,819

Mondi

plc

3,107

560,636

Newmont

Goldcorp

Corp

23,205

735,500

Nippon

Paint

Co

Ltd

5,933

89,700

Nitto

Denko

Corp

6,694

1,488,628

Norsk

Hydro

ASA

10,006

375,868

Northern

Star

Resources

Ltd

3,487

566

Novozymes

A.S.

31

236,698

Nucor

Corp

41,195

220,547

Nutrien

Ltd

12,425

13,246

Olympic

Steel,

Inc

883

1,122

Orica

Ltd

12

1,713,646

(e)

Pilbara

Minerals

Ltd

4,600

27,126

PPG

Industries,

Inc

4,057

79,314

(i)

Ranpak

Holdings

Corp

462

14,302

Royal

Gold,

Inc

1,730

5,386

Schnitzer

Steel

Industries,

Inc

(Class

A)

162

672,200

Shin-Etsu

Chemical

Co

Ltd

28,113

74,729

SIG

Group

AG.

1,721

58,204

Sika

AG.

18,979

678

Smurfit

Kappa

Group

plc

27

527

Steel

Dynamics,

Inc

62

152,065

Stora

Enso

Oyj

(R

Shares)

2,107

1,346,023

Sumitomo

Chemical

Co

Ltd

3,272

290,200

Sumitomo

Metal

Mining

Co

Ltd

8,618

212,840

(i)

Summit

Materials,

Inc

8,186

315

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

312,241

Svenska

Cellulosa

AB

(B

Shares)

$

4,691

9,000

Toray

Industries,

Inc

47

209,511

Umicore

S.A.

5,763

96,545

UPM-Kymmene

Oyj

3,642

3,394

Westrock

Co

141

212,433

Wheaton

Precious

Metals

Corp

10,480

TOTAL

MATERIALS

577,665

MEDIA

&

ENTERTAINMENT

-

2.0%

27,760

(c)

Auto

Trader

Group

plc

255

311

(i)

Charter

Communications,

Inc

121

229,880

(i)

Cinemark

Holdings,

Inc

3,239

843,216

(i)

Clear

Channel

Outdoor

Holdings,

Inc

1,535

1,628,593

Comcast

Corp

(Class

A)

71,414

190,151

Electronic

Arts,

Inc

26,015

870

Fox

Corp

(Class

A)

26

409

Fox

Corp

(Class

B)

11

111,679

Gray

Television,

Inc

1,001

9,348

(i)

IMAX

Corp

140

742,910

Informa

plc

7,389

150,800

Interpublic

Group

of

Cos,

Inc

4,922

18,942

John

Wiley

&

Sons,

Inc

(Class

A)

601

49,091

(e),(i)

MediaAlpha,

Inc

547

173,601

(i)

NetFlix,

Inc

84,523

23,769

New

York

Times

Co

(Class

A)

1,164

282,529

News

Corp

(Class

A)

6,936

451,800

Nintendo

Co

Ltd

23,509

281,476

Omnicom

Group,

Inc

24,351

1,668

Paramount

Global

(Class

B)

25

75,820

Publicis

Groupe

S.A.

7,045

1,597

REA

Group

Ltd

197

6,385

(i)

Roku,

Inc

585

13,853

Scholastic

Corp

522

10,765

Seek

Ltd

196

1,400,605

(e)

Sirius

XM

Holdings,

Inc

7,661

31,164

(i)

Snap,

Inc

528

206,700

(i)

Take-Two

Interactive

Software,

Inc

33,268

9,574

TEGNA,

Inc

147

348,388

Universal

Music

Group

NV

9,945

332,691

(i)

Vimeo,

Inc

1,304

767,265

Walt

Disney

Co

69,276

428,608

(i)

Warner

Bros

Discovery,

Inc

4,878

670,825

WPP

plc

6,408

148,869

(i)

Yelp,

Inc

7,047

2,389,325

Z

Holdings

Corp

8,449

27,738

(i)

Ziff

Davis,

Inc

1,864

151,484

(i)

ZipRecruiter,

Inc

2,106

660,638

(i)

ZoomInfo

Technologies,

Inc

12,215

TOTAL

MEDIA

&

ENTERTAINMENT

431,365

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4.9%

147,710

(e),(i)

Aclaris

Therapeutics,

Inc

155

179,570

(i)

Adaptive

Biotechnologies

Corp

880

281,433

Agilent

Technologies,

Inc

39,128

119,809

(i)

Alector,

Inc

956

63,186

(e),(i)

Allogene

Therapeutics,

Inc

203

247,644

Amgen,

Inc

71,326

78,664

(e),(i)

Arcellx,

Inc

4,366

48,085

(i)

Arcturus

Therapeutics

Holdings,

Inc

1,516

789,014

Astellas

Pharma,

Inc

9,384

407,657

AstraZeneca

plc

54,989

2,859

(e),(i)

Axsome

Therapeutics,

Inc

228

CREF

Social

Choice

Account

December

31,

2023

316

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

10,381

(i)

Biogen,

Inc

$

2,686

118,489

(i)

Biohaven

Ltd

5,071

1,024,245

Bristol-Myers

Squibb

Co

52,554

66,971

(e),(i)

Cabaletta

Bio,

Inc

1,520

49,927

(e),(i)

Cassava

Sciences,

Inc

1,124

205,903

(i)

Cymabay

Therapeutics,

Inc

4,863

781,547

Daiichi

Sankyo

Co

Ltd

21,396

293,230

Danaher

Corp

67,836

199,100

Eisai

Co

Ltd

9,913

232,585

Eli

Lilly

&

Co

135,579

144,509

(i)

Erasca,

Inc

308

47,598

(i)

Genmab

AS

15,177

486,454

Gilead

Sciences,

Inc

39,408

1,458,656

GSK

plc

26,940

113,157

(i)

Immunovant,

Inc

4,767

127,669

(i)

Intellia

Therapeutics,

Inc

3,893

22,895

(i)

Intra-Cellular

Therapies,

Inc

1,640

95,626

(i)

IQVIA

Holdings,

Inc

22,126

168

(i)

Jazz

Pharmaceuticals

plc

21

276,847

Kyowa

Hakko

Kogyo

Co

Ltd

4,645

43,001

Lonza

Group

AG.

18,129

878,157

Merck

&

Co,

Inc

95,737

90,364

Merck

KGaA

14,387

8,560

(i)

Mettler-Toledo

International,

Inc

10,383

67,307

(i)

Mirati

Therapeutics,

Inc

3,954

541,835

Novartis

AG.

54,731

806,268

Novo

Nordisk

A.S.

83,555

275,800

Ono

Pharmaceutical

Co

Ltd

4,906

65,309

(e),(i)

Phathom

Pharmaceuticals,

Inc

596

40,531

Phibro

Animal

Health

Corp

469

83,677

(i)

Prothena

Corp

plc

3,041

47,397

(i)

Regeneron

Pharmaceuticals,

Inc

41,628

223,366

(e),(i)

Sana

Biotechnology,

Inc

911

76,830

(e),(i)

Scholar

Rock

Holding

Corp

1,444

101,433

Shionogi

&

Co

Ltd

4,882

97,637

(e),(i)

Tango

Therapeutics,

Inc

967

47,772

(e),(i)

Tarsus

Pharmaceuticals,

Inc

967

134,427

(i)

Ultragenyx

Pharmaceutical,

Inc

6,428

29,240

(i)

Viridian

Therapeutics,

Inc

637

27,016

(i)

Waters

Corp

8,895

55,362

West

Pharmaceutical

Services,

Inc

19,494

311,164

Zoetis,

Inc

61,414

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,042,153

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.3%

237,484

(i)

Anywhere

Real

Estate,

Inc

1,926

2,280,173

Capitaland

Investment

Ltd

5,452

122,737

(i)

CBRE

Group,

Inc

11,426

1,100

City

Developments

Ltd

6

301,100

Daiwa

House

Industry

Co

Ltd

9,102

5,328

FirstService

Corp

863

1,608

(i)

Howard

Hughes

Holdings,

Inc

138

8,252

(i)

Jones

Lang

LaSalle,

Inc

1,559

22,997

LEG

Immobilien

SE

2,012

469,872

Mitsubishi

Estate

Co

Ltd

6,441

359,317

Mitsui

Fudosan

Co

Ltd

8,785

2,740

RMR

Group,

Inc

77

602,000

Swire

Pacific

Ltd

(Class

A)

5,099

1,367,000

Swire

Properties

Ltd

2,767

6,482

(i)

Tejon

Ranch

Co

111

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

55,764

317

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3.9%

295,800

Advantest

Corp

$

9,967

435,008

Applied

Materials,

Inc

70,502

100,192

ASML

Holding

NV

75,634

31,832

(i)

Cirrus

Logic,

Inc

2,648

221,356

(i)

First

Solar,

Inc

38,135

1,699,605

Intel

Corp

85,405

81,511

Lam

Research

Corp

63,844

881,121

Marvell

Technology,

Inc

53,140

546,718

Nvidia

Corp

270,746

4,318

NXP

Semiconductors

NV

992

98,405

(i)

Onto

Innovation,

Inc

15,046

229,054

(i)

Rambus,

Inc

15,633

988,244

(i)

Renesas

Electronics

Corp

17,671

26,693

(i)

Silicon

Laboratories,

Inc

3,531

424,461

Texas

Instruments,

Inc

72,353

164,300

Tokyo

Electron

Ltd

29,203

173,209

(e),(i)

Wolfspeed,

Inc

7,536

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

831,986

SOFTWARE

&

SERVICES

-

7.4%

158,918

(i)

Adobe,

Inc

94,811

23,461

(i)

Altair

Engineering,

Inc

1,974

15,248

(i)

Ansys,

Inc

5,533

15,256

(i)

Appfolio,

Inc

2,643

55,189

(e),(i)

Asana,

Inc

1,049

223,337

(i)

Autodesk,

Inc

54,378

207,356

(i)

Cadence

Design

Systems,

Inc

56,478

381

(i)

Ceridian

HCM

Holding,

Inc

26

368,586

Dassault

Systemes

SE

18,041

8,233

(e),(i)

Digimarc

Corp

297

128,934

Dolby

Laboratories,

Inc

(Class

A)

11,112

262,624

(i)

DoubleVerify

Holdings,

Inc

9,659

445,226

(i)

DXC

Technology

Co

10,182

63,602

(i)

Elastic

NV

7,168

97,800

Fujitsu

Ltd

14,718

1,601

Gen

Digital,

Inc

37

111,035

(i)

Guidewire

Software,

Inc

12,107

84,396

(i)

HubSpot,

Inc

48,995

49,137

(i)

Intapp,

Inc

1,868

25,844

InterDigital,

Inc

2,805

441,289

International

Business

Machines

Corp

72,173

123,684

Intuit,

Inc

77,306

1,543,010

Microsoft

Corp

580,234

241,581

NEC

Corp

14,274

196,400

Nomura

Research

Institute

Ltd

5,704

439,999

(i)

Nutanix,

Inc

20,984

6,151

(i)

OneSpan,

Inc

66

165,017

Open

Text

Corp

(Toronto)

6,935

63,934

(i)

PTC,

Inc

11,186

350,058

(i)

Salesforce,

Inc

92,114

293,497

SAP

AG.

45,176

100,712

(i)

ServiceNow,

Inc

71,152

389,069

(i)

Shopify,

Inc

(Class

A)

30,290

262,799

(i)

Splunk,

Inc

40,037

212,279

(i)

Sprinklr,

Inc

2,556

66,963

(i)

Sprout

Social,

Inc

4,114

79,680

(i)

SPS

Commerce,

Inc

15,445

40,900

Sumisho

Computer

Systems

Corp

810

108,459

(i)

Synopsys,

Inc

55,847

217,623

(i)

Teradata

Corp

9,469

178,295

WiseTech

Global

Ltd

9,138

CREF

Social

Choice

Account

December

31,

2023

318

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

194,214

(i)

Workday,

Inc

$

53,615

108,091

(i)

Xero

Ltd

8,246

34,711

(i)

Xperi,

Inc

383

TOTAL

SOFTWARE

&

SERVICES

1,581,135

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.6%

95,953

ADTRAN

Holdings,

Inc

704

192,485

Avnet,

Inc

9,701

3,490

Azbil

Corp

115

62,726

Badger

Meter,

Inc

9,683

79,361

Benchmark

Electronics,

Inc

2,193

308,196

(i)

Ciena

Corp

13,872

70,274

CTS

Corp

3,074

58,624

(i)

ePlus,

Inc

4,681

77,317

(i)

Fabrinet

14,716

232,200

FUJIFILM

Holdings

Corp

13,916

233,418

(i)

Harmonic,

Inc

3,044

2,777,964

Hewlett

Packard

Enterprise

Co

47,170

1,528,744

HP,

Inc

46,000

69,900

Ibiden

Co

Ltd

3,856

60,326

(i)

Insight

Enterprises,

Inc

10,689

67,862

(i)

Itron,

Inc

5,124

314,228

(i)

Keysight

Technologies,

Inc

49,990

45,982

(i)

Kimball

Electronics,

Inc

1,239

199,997

(i)

Knowles

Corp

3,582

75,455

(i)

Lumentum

Holdings,

Inc

3,955

8,736

Methode

Electronics,

Inc

199

420,865

(i)

Mirion

Technologies,

Inc

4,314

61,451

(i)

Netgear,

Inc

896

44,721

(i)

Netscout

Systems,

Inc

982

35,179

(i)

Novanta,

Inc

5,924

46,700

Omron

Corp

2,173

33,253

(i)

OSI

Systems,

Inc

4,291

58,247

(e),(i)

PAR

Technology

Corp

2,536

57,141

(i)

Plexus

Corp

6,179

64,222

(i)

Ribbon

Communications,

Inc

186

16,655

Ricoh

Co

Ltd

128

37,538

(i)

Rogers

Corp

4,958

151,655

Shimadzu

Corp

4,229

319,959

TDK

Corp

15,174

529,509

(i)

Trimble

Inc

28,170

26,134

(i)

Vishay

Precision

Group,

Inc

890

329,636

Vontier

Corp

11,389

247,981

Xerox

Holdings

Corp

4,545

632

Yokogawa

Electric

Corp

12

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

344,479

TELECOMMUNICATION

SERVICES

-

0.9%

7,159,532

BT

Group

plc

11,280

265,750

(c)

Cellnex

Telecom

S.A.

10,463

393

Elisa

Oyj

(Series

A)

18

224,381

Iridium

Communications,

Inc

9,236

655,732

KDDI

Corp

20,799

555,864

Koninklijke

KPN

NV

1,915

7,192

(e),(i)

Liberty

Global

Ltd

134

192,952

Rogers

Communications,

Inc

(Class

B)

9,033

1,333,900

SoftBank

Corp

16,623

15,375

Swisscom

AG.

9,254

8,252

Tele2

AB

(B

Shares)

71

5,177

Telecom

Corp

of

New

Zealand

Ltd

17

131,695

Telenor

ASA

1,511

1,677,759

TeliaSonera

AB

4,281

319

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,675,158

Telstra

Corp

Ltd

$

4,527

139,183

TELUS

Corp

2,477

1,911,154

Verizon

Communications,

Inc

72,050

13,481,335

Vodafone

Group

plc

11,774

TOTAL

TELECOMMUNICATION

SERVICES

185,463

TRANSPORTATION

-

1.8%

205,200

(i)

All

Nippon

Airways

Co

Ltd

4,446

51,917

ArcBest

Corp

6,241

1,195,665

Auckland

International

Airport

Ltd

6,651

620,413

Aurizon

Holdings

Ltd

1,606

212,975

Canadian

National

Railway

Co

26,770

78,581

CH

Robinson

Worldwide,

Inc

6,789

1,650,043

CSX

Corp

57,207

1,009,042

Delta

Air

Lines,

Inc

40,594

263,600

East

Japan

Railway

Co

15,173

147,733

Expeditors

International

Washington,

Inc

18,792

1,539,737

(i)

Grab

Holdings

Ltd

5,189

270,700

Hankyu

Hanshin

Holdings,

Inc

8,603

24,300

Kintetsu

Corp

770

44,472

Kuehne

&

Nagel

International

AG.

15,347

459

Landstar

System,

Inc

89

1,995,864

MTR

Corp

7,747

87,913

Nippon

Express

Holdings,

Inc

4,988

432,275

(e)

Nippon

Yusen

Kabushiki

Kaisha

13,350

13,556

Norfolk

Southern

Corp

3,204

116,666

Old

Dominion

Freight

Line

47,288

185,813

(i)

Qantas

Airways

Ltd

681

55,057

(i)

Saia,

Inc

24,127

101,200

SG

Holdings

Co

Ltd

1,451

1,469

Tokyu

Corp

18

1,653,344

Transurban

Group

15,449

243

U-Haul

Holding

Co

17

361,784

United

Parcel

Service,

Inc

(Class

B)

56,883

172,207

West

Japan

Railway

Co

7,176

TOTAL

TRANSPORTATION

396,646

UTILITIES

-

1.5%

1,850

(e)

Algonquin

Power

&

Utilities

Corp

12

689

Alliant

Energy

Corp

35

403,833

American

Electric

Power

Co,

Inc

32,799

500,415

APA

Group

2,912

1,391,690

CLP

Holdings

Ltd

11,498

797

CMS

Energy

Corp

46

203,718

Consolidated

Edison,

Inc

18,532

1,246

DTE

Energy

Co

137

3,292,902

Enel

S.p.A.

24,499

1,260,240

Energias

de

Portugal

S.A.

6,343

689

Essential

Utilities,

Inc

26

2,202

Eversource

Energy

136

118,617

Fortis,

Inc

4,880

911

(e)

Hydro

One

Ltd

27

2,177,164

Iberdrola

S.A.

28,557

152,834

Mercury

NZ

Ltd

638

502,825

Meridian

Energy

Ltd

1,761

1,317,013

National

Grid

plc

17,742

172,595

(e)

Naturgy

Energy

Group

S.A.

5,148

1,032,179

NextEra

Energy,

Inc

62,695

1,123

NiSource,

Inc

30

746,374

Origin

Energy

Ltd

4,307

140,579

Orsted

AS

7,793

145,500

Osaka

Gas

Co

Ltd

3,037

CREF

Social

Choice

Account

December

31,

2023

320

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,123

Redeia

Corp

S.A.

$

19

492,137

Scottish

&

Southern

Energy

plc

11,617

771,535

SembCorp

Industries

Ltd

3,101

732,965

Southern

Co

51,396

181,100

Tokyo

Gas

Co

Ltd

4,154

110,135

WEC

Energy

Group,

Inc

9,270

263,329

Xcel

Energy,

Inc

16,303

TOTAL

UTILITIES

329,450

TOTAL

COMMON

STOCKS

12,725,361

(Cost

$10,041,991)

PREFERRED

STOCKS

-

0.1%

INSURANCE

-

0.0%

178,941

Assurant,

Inc

3,568

TOTAL

INSURANCE

3,568

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

390,000

(e)

Brookfield

Property

Partners

LP

5,031

681,850

Brookfield

Property

Partners

LP

7,835

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

12,866

UTILITIES

-

0.1%

490,000

Brookfield

Infrastructure

Partners

LP

8,105

308,000

Brookfield

Renewable

Partners

LP

5,251

TOTAL

UTILITIES

13,356

TOTAL

PREFERRED

STOCKS

29,790

(Cost

$51,220)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

774

(a)

ABIOMED,

Inc

12/31/29

1

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

19,971

Cassava

Sciences,

Inc

11/15/24

134

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

134

TOTAL

RIGHTS/WARRANTS

135

(Cost

$1)

TOTAL

LONG-TERM

INVESTMENTS

21,254,502‌

(Cost

$18,999,734)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.0%

GOVERNMENT

AGENCY

DEBT

-

0.0%

$

2,602,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/05/24

2,599

600,000

FHLB

0

.000

01/31/24

597

TOTAL

GOVERNMENT

AGENCY

DEBT

3,196

321

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

TREASURY

DEBT

-

0.0%

$

2,000,000

United

States

Treasury

Bill

0

.000

%

02/27/24

$

1,984

TOTAL

TREASURY

DEBT

1,984

TOTAL

SHORT-TERM

INVESTMENTS

5,180

(Cost

$5,181)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.6%

128,409,260

(j)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

128,409

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

128,409

(Cost

$128,409)

TOTAL

INVESTMENTS

-

100.1%

21,388,091

(Cost

$19,133,324)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

16,087

)

NET

ASSETS

-

100.0%

$21,372,004

AVG

Average

D

Day

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

(a)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(b)

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.

(c)

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.

(d)

Perpetual

security

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$175,284,126.

(f)

In

default

(g)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(h)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

collateral

requirements

on

mortgage

dollar

rolls.

(i)

Non-income

producing

(j)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

6,018

EUR

5,653

JPMorgan

Chase

Bank

01/16/24

  $

(

227‌

)

EUR

Euro

CREF

Money

Market

Account

December

31,

2023

Portfolio

of

Investments

322

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

-

8.3%

$

40,000,000

Federal

Agricultural

Mortgage

Corp

(FAMC)

0

.000

%

01/24/24

$

39,865

3,900,000

Federal

Farm

Credit

Bank

(FFCB)

2

.610

02/27/24

3,883

4,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/05/24

3,998

2,000,000

FHLB

0

.000

01/12/24

1,997

11,350,000

FHLB

0

.000

01/17/24

11,323

20,250,000

FHLB

0

.000

01/19/24

20,196

660,000

FHLB

0

.000

01/29/24

657

109,000,000

FHLB

0

.000

01/31/24

108,520

9,900,000

FHLB

0

.000

02/02/24

9,853

41,975,000

FHLB

0

.000

02/08/24

41,762

38,375,000

FHLB

0

.000

02/09/24

38,176

171,000,000

FHLB

0

.001

02/15/24

169,884

56,000,000

FHLB

5

.160

02/16/24

55,972

700,000

FHLB

0

.000

02/21/24

695

40,500,000

FHLB

0

.000

02/23/24

40,185

800,000

FHLB

0

.000

02/27/24

793

20,695,000

FHLB

0

.000

02/28/24

20,518

5,785,000

FHLB

0

.001

03/01/24

5,734

42,000,000

FHLB

0

.000

03/06/24

41,616

2,750,000

FHLB

3

.250

03/08/24

2,739

1,100,000

FHLB

4

.750

03/08/24

1,098

1,500,000

FHLB

5

.320

03/08/24

1,500

1,500,000

FHLB

0

.000

03/13/24

1,484

80,225,000

FHLB

0

.000

03/27/24

79,218

4,000,000

FHLB

1

.000

04/25/24

3,944

80,000,000

FHLB

5

.450

06/11/24

80,000

2,500,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.000

02/12/24

2,485

TOTAL

GOVERNMENT

AGENCY

DEBT

788,095

REPURCHASE

AGREEMENT

-

29.8%

1,000,000,000

(a)

Bank

of

New

York

Mellon

5

.320

01/02/24

1,000,000

1,841,038,000

(b)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

1,841,038

TOTAL

REPURCHASE

AGREEMENT

2,841,038

TREASURY

DEBT

-

39.7%

400,725,000

United

States

Treasury

Bill

0

.000

01/02/24

400,666

163,000,000

United

States

Treasury

Bill

0

.000

01/16/24

162,639

176,160,000

United

States

Treasury

Bill

0

.000

01/18/24

175,717

160,000,000

United

States

Treasury

Bill

0

.000

01/23/24

159,482

300,000,000

United

States

Treasury

Bill

0

.000

01/25/24

298,943

204,400,000

United

States

Treasury

Bill

0

.000

01/30/24

203,535

202,500,000

United

States

Treasury

Bill

0

.000

02/06/24

201,432

121,200,000

United

States

Treasury

Bill

0

.000

02/08/24

120,525

378,500,000

United

States

Treasury

Bill

0

.000

02/13/24

376,111

121,200,000

United

States

Treasury

Bill

0

.000

02/15/24

120,650

283,400,000

United

States

Treasury

Bill

0

.000

02/20/24

281,326

161,600,000

United

States

Treasury

Bill

0

.000

02/27/24

160,272

294,500,000

United

States

Treasury

Bill

0

.000

02/29/24

291,953

101,500,000

United

States

Treasury

Bill

0

.000

03/14/24

100,413

100,200,000

United

States

Treasury

Bill

0

.000

03/19/24

99,059

318,650,000

United

States

Treasury

Bill

0

.000

03/21/24

314,921

39,000,000

United

States

Treasury

Bill

0

.000

03/26/24

38,515

200,000,000

United

States

Treasury

Bill

0

.000

04/16/24

196,908

40,175,000

United

States

Treasury

Bill

0

.000

10/03/24

38,570

40,000,000

United

States

Treasury

Note

0

.750

11/15/24

38,469

TOTAL

TREASURY

DEBT

3,780,106

VARIABLE

RATE

SECURITIES

-

24.0%

16,775,000

(c)

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.100%

5

.500

02/12/24

16,775

323

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

20,000,000

(c)

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.055%

5

.455

%

01/03/24

$

20,000

13,525,000

(c)

FFCB

SOFR

+

0.120%

5

.520

01/22/24

13,526

16,000,000

(c)

FFCB

SOFR

+

0.040%

5

.440

01/25/24

16,000

12,625,000

(c)

FFCB

SOFR

+

0.045%

5

.445

02/20/24

12,625

4,200,000

(c)

FFCB

SOFR

+

0.040%

5

.440

03/04/24

4,200

14,250,000

(c)

FFCB

SOFR

+

0.050%

5

.450

04/12/24

14,250

80,000,000

(c)

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.030%

5

.430

01/03/24

80,000

160,500,000

(c)

FHLB

SOFR

+

0.030%

5

.430

01/05/24

160,500

83,000,000

(c)

FHLB

SOFR

+

0.030%

5

.430

01/08/24

83,000

160,000,000

(c)

FHLB

SOFR

+

0.030%

5

.430

01/12/24

160,000

120,000,000

(c)

FHLB

SOFR

+

0.030%

5

.430

01/16/24

120,000

121,500,000

(c)

FHLB

SOFR

+

0.030%

5

.430

01/17/24

121,500

141,000,000

(c)

FHLB

SOFR

+

0.035%

5

.435

01/19/24

141,000

120,000,000

(c)

FHLB

SOFR

+

0.035%

5

.435

01/25/24

120,000

81,000,000

(c)

FHLB

SOFR

+

0.035%

5

.435

01/25/24

81,000

41,000,000

(c)

FHLB

SOFR

+

0.040%

5

.440

01/26/24

41,000

157,000,000

(c)

FHLB

SOFR

+

0.040%

5

.440

01/29/24

157,000

61,000,000

(c)

FHLB

SOFR

+

0.040%

5

.440

02/16/24

61,000

173,000,000

(c)

FHLB

SOFR

+

0.055%

5

.455

02/16/24

173,006

141,000,000

(c)

FHLB

SOFR

+

0.040%

5

.440

02/20/24

141,000

41,000,000

(c)

FHLB

SOFR

+

0.045%

5

.445

02/23/24

41,000

101,600,000

(c)

FHLB

SOFR

+

0.045%

5

.445

02/28/24

101,600

60,700,000

(c)

FHLB

SOFR

+

0.050%

5

.450

03/04/24

60,700

41,000,000

(c)

FHLB

SOFR

+

0.050%

5

.450

03/25/24

41,000

101,750,000

(c)

FHLB

SOFR

+

0.050%

5

.450

03/28/24

101,750

120,000,000

(c)

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

-

0.075%

5

.256

04/30/24

119,947

79,000,000

(c)

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

+

0.037%

5

.368

07/31/24

78,981

TOTAL

VARIABLE

RATE

SECURITIES

2,282,360

TOTAL

SHORT-TERM

INVESTMENTS

9,691,599

(Cost

$9,691,599)

TOTAL

INVESTMENTS

-

101.8%

9,691,599

(Cost

$9,691,599)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.8)%

(

168,499

)

NET

ASSETS

-

100.0%

$9,523,100

M

Month

SOFR

Secure

Overnight

Financing

Rate

(a)

Agreement

with

Bank

of

New

York

Mellon,

5.320%

dated

12/29/23

to

be

repurchased

at

$1,000,591,111

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–1.250%

and

maturity

dates

6/30/28–1/15/31,

valued

at

$1,014,722,645.

(b)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$1,842,126,258

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–4.500%

and

maturity

dates

6/15/26–7/15/26,

valued

at

$1,877,858,843.

(c)

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.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

13(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on Registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no material amendments during the period covered by this report.

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

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

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

SIGNATURES

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

Dated: March 6, 2024	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: March 6, 2024	By:	/s/ Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and President and Chief Executive Officer (principal executive officer)
Dated: March 6, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

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

Exhibit 13(a)(2)(i)

CERTIFICATION

I, Colbert Narcisse, certify that:

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

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

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

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

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

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

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

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

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

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

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

Dated: March 6, 2024	By:	/s/ Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and President and Chief Executive Officer (principal executive officer)

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

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, E. Scott Wickerham, certify that:

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

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

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

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

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

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

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

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

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

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

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

Dated: March 6, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

EX-99.13(B)

Exhibit 13(b)

CERTIFICATION

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

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

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

Dated: March 6, 2024	By:	/s/ Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and President and Chief Executive Officer (principal executive officer)
Dated: March 6, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)