Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

1

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BONDS

-

0.0%

CORPORATE

BONDS

-

0.0%

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

INR

4,636,868

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

55

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

55

TOTAL

CORPORATE

BONDS

55

(Cost

$64)

TOTAL

BONDS

55

(Cost

$64)

SHARES

COMPANY

COMMON

STOCKS

-

98.8%

AUTOMOBILES

&

COMPONENTS

-

2.3%

64,000

Actron

Technology

Corp

307

648,690

*

Adient

plc

18,001

193,953

Aisin

Seiki

Co

Ltd

4,992

469,042

*

American

Axle

&

Manufacturing

Holdings,

Inc

3,204

417,741

Apollo

Tyres

Ltd

1,420

416,727

*

Aptiv

plc

32,592

97,838

ARB

Corp

Ltd

1,738

80,854

Asahi

India

Glass

Ltd

628

524,899

*,e,g

Aston

Martin

Lagonda

Global

Holdings

plc

688

96,062,207

Astra

International

Tbk

PT

41,571

34,425

Autoliv,

Inc

2,294

50,904

Autoliv,

Inc

3,436

3,451

e

Autoneum

Holding

AG.

289

78,167

Bajaj

Holdings

and

Investment

Ltd

3,373

86,123

Balkrishna

Industries

Ltd

1,982

351,342

Bayerische

Motoren

Werke

AG.

23,813

8,212

Bayerische

Motoren

Werke

AG.

(Preference)

533

273,626

Bharat

Forge

Ltd

2,322

64,709

BorgWarner,

Inc

2,032

375,357

Bridgestone

Corp

12,139

1,248,497

*,†

Brilliance

China

Automotive

Holdings

Ltd

2

125,343

BYD

Co

Ltd

4,446

924,862

BYD

Co

Ltd

(H

shares)

22,784

20,083

*,e

Canoo,

Inc

38

23,001

Ceat

Ltd

443

154,475

*,e

Cenntro

Electric

Group

Ltd

159

5,639

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

121

2,006,885

Cheng

Shin

Rubber

Industry

Co

Ltd

2,249

270,000

China

Motor

Corp

344

131,008

Chongqing

Changan

Automobile

Co

Ltd

231

63,579

Cie

Automotive

S.A.

1,317

1,743,218

Cie

Generale

des

Etablissements

Michelin

S.C.A

39,058

70,320

Cie

Plastic

Omnium

SA

922

1,012,420

*

Cofide

S.p.A.

391

425,432

Continental

AG.

18,878

68,000

Cub

Elecparts,

Inc

356

514,786

Daimler

AG.

(Registered)

26,031

749,785

Dana

Inc

8,570

451,806

Denso

Corp

20,658

388,936

e,g

Dometic

Group

AB

1,995

4,030

Dong

Ah

Tire

&

Rubber

Co

Ltd

172

2,202,517

Dongfeng

Motor

Group

Co

Ltd

1,177

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

2

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,741

*

Dorman

Products,

Inc

$

307

225,129

*

Dr

ING

hc

F

Porsche

AG.

18,203

1,247,200

Drb-Hicom

BHD

350

155,429

Eicher

Motors

Ltd

6,963

50,401

ElringKlinger

AG.

289

36,365

g

Endurance

Technologies

Ltd

634

35,582

Exedy

Corp

406

527,721

Exide

Industries

Ltd

1,011

91,893

*,e

Faraday

Future

Intelligent

Electric,

Inc

58

191,261

Faurecia

2,070

158,086

FAW

Jiefang

Group

Co

Ltd

160

41,700

FCC

Co

Ltd

381

122,131

Ferrari

NV

22,617

20,952

*,e

Fisker,

Inc

158

2,036,878

Ford

Motor

Co

22,813

68,655

Ford

Otomotiv

Sanayi

AS

1,209

44,569

*

Fox

Factory

Holding

Corp

3,525

457,405

Freni

Brembo

SpA

3,773

456,601

Fuji

Heavy

Industries

Ltd

6,900

80,263

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

404

683,362

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

2,740

6,884,302

Geely

Automobile

Holdings

Ltd

9,421

1,043,309

General

Motors

Co

33,480

62,811

Gentex

Corp

1,497

7,487

*

Gentherm,

Inc

372

383,163

g

Gestamp

Automocion

S.A.

1,137

6,290

Global

&

Yuasa

Battery

Co

Ltd

174

60,000

Global

PMX

Co

Ltd

322

1,570,745

*

Goodyear

Tire

&

Rubber

Co

15,849

88,159

Great

Wall

Motor

Co

Ltd

343

7,478,246

Great

Wall

Motor

Co

Ltd

8,526

28,100

G-Tekt

Corp

246

260,200

Guangzhou

Automobile

Group

Co

Ltd

442

2,337,042

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,661

170,181

GUD

Holdings

Ltd

807

8,639

Halla

Holdings

Corp

190

84,721

Hankook

Tire

Co

Ltd

2,068

34,340

Hankook

Tire

Worldwide

Co

Ltd

297

205,753

Hanon

Systems

1,186

109,623

Harley-Davidson,

Inc

3,824

130,999

Hero

Honda

Motors

Ltd

4,077

9,090

*,e

Holley,

Inc

37

1,589,786

Honda

Motor

Co

Ltd

34,508

2,188,000

Hota

Industrial

Manufacturing

Co

Ltd

6,288

153,815

Huayu

Automotive

Systems

Co

Ltd

357

662,000

e

Huazhong

In-Vehicle

Holdings

Co

Ltd

214

30,200

Huizhou

Desay

Sv

Automotive

Co

Ltd

585

72,153

Hyundai

Mobis

9,524

157,817

Hyundai

Motor

Co

19,260

40,791

Hyundai

Motor

Co

Ltd

(2nd

Preference)

2,372

25,572

Hyundai

Motor

Co

Ltd

(Preference)

1,495

19,957

Hyundai

Wia

Corp

828

12,547

*

Iljin

Hysolus

Co

ltd

255

374,751

Isuzu

Motors

Ltd

4,144

493,342

Johnson

Electric

Holdings

Ltd

492

252,600

JTEKT

Corp

1,607

19,696

Kayaba

Industry

Co

Ltd

422

669,000

Kenda

Rubber

Industrial

Co

Ltd

671

340,373

Kia

Motors

Corp

16,941

875,574

*

Koito

Manufacturing

Co

Ltd

11,971

137,749

*

Kumho

Tire

Co,

Inc

318

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

3

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,326

LCI

Industries,

Inc

$

540

16,190

Lear

Corp

1,938

628,022

*

Li

Auto,

Inc

(ADR)

14,451

56,280

Linamar

Corp

2,192

118,651

*,e

Lordstown

Motors

Corp

217

480,679

*,e

Lucid

Group,

Inc

6,715

173,433

*,e

Luminar

Technologies,

Inc

1,263

345,507

e

Magna

International,

Inc

16,391

991,176

Mahindra

&

Mahindra

Ltd

15,335

133,990

Mahindra

CIE

Automotive

Ltd

451

47,700

Mahle-Metal

Leve

S.A.

Industria

e

Comercio

206

40,049

Mando

Corp

1,225

83,920

e

Martinrea

International,

Inc

519

144,027

Maruti

Suzuki

India

Ltd

15,547

376,497

Mazda

Motor

Corp

2,500

10,480

MGI

Coutier

150

81,462

Minda

Corp

Ltd

206

188,050

Minda

Industries

Ltd

1,284

871,426

Minth

Group

Ltd

1,914

1,260,500

*

Mitsubishi

Motors

Corp

4,525

80,567

*

Modine

Manufacturing

Co

1,043

1,485,163

Motherson

Sumi

Systems

Ltd

1,976

2,133,952

Motherson

Sumi

Wiring

India

Lt

2,269

15,048

*

Motorcar

Parts

of

America,

Inc

229

2,149

MRF

Ltd

2,146

41,991

*

Mullen

Automotive,

Inc

14

54,638

e

Musashi

Seimitsu

Industry

Co

Ltd

588

36,111

*,e

Myoung

Shin

Industrial

Co

Ltd

432

456,000

*

Nan

Kang

Rubber

Tire

Co

Ltd

534

2,406,398

*,e,g

Nemak

SAB

de

C.V.

529

39,889

Nexen

Tire

Corp

199

590,000

e

Nexteer

Automotive

Group

Ltd

319

579,900

NGK

Spark

Plug

Co

Ltd

10,285

239,915

NHK

Spring

Co

Ltd

1,412

98,712

Nifco,

Inc

2,063

31,911

Ningbo

Joyson

Electronic

Corp

59

48,478

Ningbo

Tuopu

Group

Co

Ltd

501

1,530,272

*

NIO,

Inc

(ADR)

24,132

60,053

Nippon

Seiki

Co

Ltd

314

1,525,643

*

Nissan

Motor

Co

Ltd

4,917

126,910

e

Nissan

Shatai

Co

Ltd

713

36,300

*,e

Niu

Technologies

(ADR)

149

105,188

NOK

Corp

821

159,077

Nokian

Renkaat

Oyj

1,531

48,700

Pacific

Industrial

Co

Ltd

344

81,968

Patrick

Industries,

Inc

3,593

273,786

Piaggio

&

C

S.p.A.

551

37,394

e

Piolax

Inc

459

430,602

g

Pirelli

&

C

S.p.A

1,403

467,453

Porsche

AG.

26,338

210,500

Prinx

Chengshan

Cayman

Holding

Ltd

174

91,558

PWR

Holdings

Ltd

496

1,970,000

Qingling

Motors

Co

Ltd

256

65,584

*,e

QuantumScape

Corp

552

450,235

*

Renault

S.A.

12,182

451,370

*,e

Rivian

Automotive,

Inc

14,855

9,478

S&T

Daewoo

Co

Ltd

276

366,723

SAIC

Motor

Corp

Ltd

736

217,700

Sailun

Group

Co

Ltd

309

584,000

Sanyang

Industry

Co

Ltd

702

148,052

Schaeffler

AG.

664

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

4

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

64,605

Shandong

Linglong

Tyre

Co

Ltd

$

165

15,300

Shenzhen

Kedali

Industry

Co

Ltd

207

65,800

Shoei

Co

Ltd

2,387

19,128

SL

Corp

427

67,690

*,e

Solid

Power,

Inc

356

1,121,900

Sri

Trang

Agro-Industry

PCL

(Foreign)

578

15,639

Standard

Motor

Products,

Inc

508

166,500

Stanley

Electric

Co

Ltd

2,614

713,033

Stellantis

NV

8,423

169,588

*

Stoneridge,

Inc

2,875

440,640

Sumitomo

Electric

Industries

Ltd

4,473

41,417

Sumitomo

Riko

Co

Ltd

161

210,300

Sumitomo

Rubber

Industries,

Inc

1,674

4,973

Sundaram-Clayton

Ltd

278

115,348

Sundram

Fasteners

Ltd

1,283

67,753

Suprajit

Engineering

Ltd

283

242,458

Suzuki

Motor

Corp

7,548

1,894,385

*

Tata

Motors

Ltd

9,321

205,694

*

Tenneco,

Inc

3,577

3,650,061

*

Tesla,

Inc

968,179

95,357

Thor

Industries,

Inc

6,673

412,538

g

TI

Fluid

Systems

plc

554

826,000

e

Tianneng

Power

International

Ltd

719

81,547

Tokai

Rika

Co

Ltd

778

440,000

Tong

Yang

Industry

Co

Ltd

667

57,068

Topre

Corp

438

379,525

e

Toyo

Tire

&

Rubber

Co

Ltd

4,131

80,700

Toyoda

Gosei

Co

Ltd

1,222

92,795

Toyota

Boshoku

Corp

1,137

19,476,355

*

Toyota

Motor

Corp

254,565

10,261

Trigano

S.A.

901

108,700

TS

Tech

Co

Ltd

1,066

128,628

Tube

Investments

of

India

Ltd

4,314

106,000

Tung

Thih

Electronic

Co

Ltd

588

85,800

Tupy

S.A.

399

281,879

TVS

Motor

Co

Ltd

3,553

395,700

UMW

Holdings

BHD

254

1,205,329

Valeo

S.A.

18,212

44,391

*,g

Varroc

Engineering

Ltd

179

13,968

*

Visteon

Corp

1,481

24,780

*

Vitesco

Technologies

Group

AG.

1,205

10,472

Volkswagen

AG.

1,707

303,098

Volkswagen

AG.

(Preference)

37,036

649,300

*,e

Volvo

Car

AB

2,818

5,406

WABCO

India

Ltd

659

24,218

e

Winnebago

Industries,

Inc

1,289

33,968

*,e

Workhorse

Group,

Inc

97

1,380,000

e

Wuling

Motors

Holdings

Ltd

136

30,372

*

XPEL,

Inc

1,957

633,404

*,e

XPeng,

Inc

(ADR)

7,569

901,031

g

Yadea

Group

Holdings

Ltd

1,440

305,365

Yamaha

Motor

Co

Ltd

5,721

145,700

Yokohama

Rubber

Co

Ltd

2,239

597,000

Yulon

Motor

Co

Ltd

769

TOTAL

AUTOMOBILES

&

COMPONENTS

2,191,299

BANKS

-

7.1%

12,034

1st

Source

Corp

557

66,703

77

Bank

Ltd

824

80,031

*

Aareal

Bank

AG.

2,526

57,438

*

Aavas

Financiers

Ltd

1,574

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

5

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

62,837

e,g

ABN

AMRO

Group

NV

$

563

605,348

Absa

Group

Ltd

5,880

1,955,607

Abu

Dhabi

Commercial

Bank

PJSC

4,797

1,009,377

Abu

Dhabi

Islamic

Bank

PJSC

2,484

7,020

e

ACNB

Corp

211

29,517,383

Agricultural

Bank

of

China

Ltd

8,834

4,110,162

Agricultural

Bank

of

China

Ltd

(Class

A)

1,656

20,441,721

AIB

Group

plc

49,747

2,226,187

Akbank

TAS

1,359

67,618

e

Aktia

Bank

Oyj

641

1,048,213

Al

Ahli

Bank

of

Kuwait

KSCP

999

2,310,091

*

Al

Rajhi

Bank

49,455

1,286,111

Alinma

Bank

12,302

111,481

*

Alior

Bank

S.A.

515

14,839

Allegiance

Bancshares,

Inc

618

1,106,100

Alliance

Financial

Group

BHD

840

1,533,117

*

Alpha

Bank

AE

1,204

315,270

*,†

Amagerbanken

AS

0

10,181

Amalgamated

Financial

Corp

230

20,861

Amerant

Bancorp

Inc

518

7,716

American

National

Bankshares,

Inc

247

50,499

Ameris

Bancorp

2,258

62,994

Amlak

International

for

Real

Estate

Finance

Co

275

1,258,834

AMMB

Holdings

BHD

1,054

150,700

e

Aozora

Bank

Ltd

2,694

113,230

*

Aptus

Value

Housing

Finance

India

Ltd

426

429,016

Arab

National

Bank

3,490

10,622

Arrow

Financial

Corp

306

112,952

Associated

Banc-Corp

2,268

56,483

Atlantic

Union

Bankshares

Corp

1,716

189,400

g

AU

Small

Finance

Bank

Ltd

1,431

4,296,600

Australia

&

New

Zealand

Banking

Group

Ltd

62,897

36,244

e

Awa

Bank

Ltd

474

3,351,255

Axis

Bank

Ltd

29,965

79,269

*

Axos

Financial,

Inc

2,713

40,958

Banc

of

California,

Inc

654

3,849

*,e

Banca

Monte

dei

Paschi

di

Siena

S.p.A

90

541,915

Banca

Popolare

di

Sondrio

SCARL

1,789

7,521

Bancfirst

Corp

673

97,300

Banco

ABC

Brasil

S.A.

377

17,643,416

Banco

Bilbao

Vizcaya

Argentaria

S.A.

79,146

1,748,846

e

Banco

BPM

S.p.A.

4,573

6,728,686

Banco

Bradesco

S.A.

20,344

10,734,259

Banco

Bradesco

S.A.

(Preference)

39,480

40,472,585

e

Banco

Comercial

Portugues

S.A.

4,816

32,595,898

Banco

de

Chile

2,868

36,628

Banco

de

Credito

e

Inversiones

931

6,833,381

Banco

de

Sabadell

S.A.

4,557

1,698,500

e,g

Banco

del

Bajio

S.A.

4,294

2,009,401

Banco

do

Brasil

S.A.

14,349

268,500

Banco

do

Estado

do

Rio

Grande

do

Sul

585

471,200

Banco

Pan

S.A.

610

254,410

Banco

Santander

Brasil

S.A.

1,431

42,817,437

Banco

Santander

Chile

S.A.

1,496

4,100,654

Banco

Santander

S.A.

9,542

156,035

BanColombia

S.A.

1,053

370,490

BanColombia

S.A.

(ADR)

9,029

294,715

BanColombia

S.A.

(Preference)

1,791

465,919

*,g

Bandhan

Bank

Ltd

1,515

5,555,100

*

Bank

Aladin

Syariah

Tbk

PT

622

341,914

*

Bank

AlBilad

4,287

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

6

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

284,575

Bank

Al-Jazira

$

1,693

2,814,200

Bank

BTPN

Syariah

Tbk

PT

505

64,568,070

Bank

Central

Asia

Tbk

PT

36,044

4,830

e

Bank

First

Corp

369

58,946

Bank

Handlowy

w

Warszawie

S.A.

644

584,559

Bank

Hapoalim

Ltd

4,935

2,921,200

*

Bank

Jago

Tbk

PT

1,260

631,282

Bank

Leumi

Le-Israel

5,392

782,147

*

Bank

Millennium

S.A.

521

5,120,600

*

Bank

Neo

Commerce

Tbk

PT

295

14,501,329

Bank

of

America

Corp

437,940

1,141,562

Bank

of

Beijing

Co

Ltd

661

418,100

Bank

of

Changsha

Co

Ltd

389

134,320

Bank

of

Chengdu

Co

Ltd

309

1,886,244

Bank

of

China

Ltd

-

A

821

112,162,912

Bank

of

China

Ltd

-

H

36,632

2,134,012

Bank

of

Communications

Co

Ltd

-

A

1,389

7,261,319

Bank

of

Communications

Co

Ltd

-

H

3,828

1,693,000

Bank

of

East

Asia

Ltd

1,852

50,262

Bank

of

Georgia

Group

plc

1,107

231,195

Bank

of

Hangzhou

Co

Ltd

463

1,482

Bank

of

Hawaii

Corp

113

12,511,064

Bank

of

Ireland

Group

plc

80,246

685,418

Bank

of

Jiangsu

Co

Ltd

717

597,400

Bank

of

Kaohsiung

238

72,600

e

Bank

of

Kyoto

Ltd

2,666

31,068

Bank

of

Marin

Bancorp

930

1,106,804

Bank

of

Montreal

97,007

492,614

Bank

of

Nanjing

Co

Ltd

730

279,774

Bank

of

Ningbo

Co

Ltd

1,241

1,552,367

Bank

of

Nova

Scotia

73,834

152,079

Bank

of

NT

Butterfield

&

Son

Ltd

4,936

1,397,723

Bank

of

Queensland

Ltd

(ASE)

5,823

726,799

Bank

of

Shanghai

Co

Ltd

599

1,295,570

Bank

of

the

Philippine

Islands

1,973

5,365

Bank

OZK

212

124,899

Bank

Pekao

S.A.

1,517

6,700,511

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

595

7,139,300

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

PT

333

142,146,268

Bank

Rakyat

Indonesia

41,602

5,474,200

Bank

Tabungan

Negara

Persero

Tbk

PT

531

23,542

Bank

Zachodni

WBK

S.A.

928

817,547

Bankinter

S.A.

4,590

58,633

BankUnited

2,003

4,533

Bankwell

Financial

Group,

Inc

132

312,624

Banner

Corp

18,470

38,140

Banque

Cantonale

Vaudoise

3,608

718,247

Banque

Saudi

Fransi

7,934

16,827

Bar

Harbor

Bankshares

446

51,492,247

Barclays

plc

81,931

1,078,008

g

BAWAG

Group

AG.

46,342

9,557

e

Baycom

Corp

168

11,404

BCB

Bancorp,

Inc

192

5,516,446

BDO

Unibank,

Inc

10,451

681,845

Bendigo

Bank

Ltd

3,412

122,770

Berkshire

Hills

Bancorp,

Inc

3,352

646,100

BIMB

Holdings

BHD

357

20,723

*,e

Blue

Foundry

Bancorp

231

22,498

Blue

Ridge

Bankshares,

Inc

286

1,006,539

BNP

Paribas

S.A.

42,515

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

7

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,082,669

BOC

Hong

Kong

Holdings

Ltd

$

13,578

1,015

BOK

Financial

Corp

90

879,887

Boubyan

Bank

KSCP

2,172

1,299,011

e

BPER

Banca

1,991

9,783

BRE

Bank

S.A.

392

12,961

*

Bridgewater

Bancshares,

Inc

213

77,622

Brookline

Bancorp,

Inc

904

375,873

BS

Financial

Group,

Inc

1,569

4,816,388

Bumiputra-Commerce

Holdings

BHD

5,311

2,032,878

Burgan

Bank

SAK

1,457

14,989

Business

First

Bancshares,

Inc

323

42,572

Byline

Bancorp,

Inc

862

512,403

Cadence

BanCorp

13,020

602,354

CaixaBank

S.A.

1,940

5,362

Cambridge

Bancorp

428

11,010

Camden

National

Corp

469

75,043

Can

Fin

Homes

Ltd

440

1,252,950

e

Canadian

Imperial

Bank

of

Commerce

54,840

224,406

e

Canadian

Western

Bank

3,654

466,592

Canara

Bank

1,300

6,862

Capital

Bancorp,

Inc

159

13,992

Capital

City

Bank

Group,

Inc

435

193,536

Capitec

Bank

Holdings

Ltd

16,581

331,891

Capitol

Federal

Financial

2,755

28,768

Capstar

Financial

Holdings,

Inc

533

18,083

*

Carter

Bankshares,

Inc

291

144,108

Cathay

General

Bancorp

5,542

235,952

Central

Pacific

Financial

Corp

4,882

3,373,011

Chang

Hwa

Commercial

Bank

1,817

511,416

Chiba

Bank

Ltd

2,769

7,531,490

China

Citic

Bank

2,989

731,107

China

Construction

Bank

Corp

-

A

568

112,217,546

China

Construction

Bank

Corp

-

H

64,772

1,929,704

China

Everbright

Bank

Co

Ltd

-

A

766

3,053,845

China

Everbright

Bank

Co

Ltd

-

H

838

9,810,981

China

Merchants

Bank

Co

Ltd

45,404

5,841,058

China

Merchants

Bank

Co

Ltd

(Class

A)

27,617

1,702,248

China

Minsheng

Banking

Corp

Ltd

-

A

813

5,533,491

e

China

Minsheng

Banking

Corp

Ltd

-

H

1,582

746,829

China

Zheshang

Bank

Co

Ltd

313

32,882,388

Chinatrust

Financial

Holding

Co

20,456

1,306,900

Chongqing

Rural

Commercial

Bank

Co

Ltd

657

155,000

Chugoku

Bank

Ltd

977

1,675,813

Citigroup,

Inc

69,831

10,666

Citizens

&

Northern

Corp

258

1,198,116

Citizens

Financial

Group,

Inc

41,167

10,953

City

Holding

Co

971

450,033

City

Union

Bank

Ltd

956

11,881

Civista

Bancshares,

Inc

247

175,078

Close

Brothers

Group

plc

1,802

12,169

CNB

Financial

Corp

287

22,384

*

Coastal

Financial

Corp

890

154,731

*

Collector

Bank

AB

384

11,850

e

Colony

Bankcorp

Inc

154

313,106

Columbia

Banking

System,

Inc

9,046

19,062

*

Columbia

Financial,

Inc

403

281,840

Comerica,

Inc

20,039

5,075

Commerce

Bancshares,

Inc

336

2,330,162

Commercial

Bank

of

Qatar

QSC

4,486

1,816,315

Commercial

International

Bank

2,332

7,908,796

*

Commerzbank

AG.

56,303

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

8

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,503,066

Commonwealth

Bank

of

Australia

$

145,616

102,933

Community

Bank

System,

Inc

6,184

11,700

Community

Trust

Bancorp,

Inc

474

1,166,160

Concordia

Financial

Group

Ltd

3,619

179,828

ConnectOne

Bancorp,

Inc

4,147

299,879

Credicorp

Ltd

36,825

175,915

Credit

Agricole

S.A.

1,428

102,129

Credito

Emiliano

S.p.A.

576

35,324

*

CrossFirst

Bankshares,

Inc

461

32,112

Cullen/Frost

Bankers,

Inc

4,246

23,159

*

Customers

Bancorp,

Inc

683

101,771

CVB

Financial

Corp

2,577

5,646,074

*,†

Cyprus

Popular

Bank

Public

Co

Ltd

55

480,427

Dah

Sing

Banking

Group

Ltd

318

180,708

Dah

Sing

Financial

Holdings

Ltd

411

42,686

Daishi

Hokuetsu

Financial

Group,

Inc

792

106,752

Danske

Bank

AS

1,329

2,164,068

DBS

Group

Holdings

Ltd

50,062

146,989

g

Deutsche

Pfandbriefbank

AG.

1,012

217,461

DGB

Financial

Group

Co

Ltd

1,054

24,648

Dime

Community

Bancshares,

Inc

722

296,248

DNB

Bank

ASA

4,701

1,924,238

Doha

Bank

QSC

1,226

2,097,689

Dubai

Islamic

Bank

PJSC

3,403

14,823,105

E.Sun

Financial

Holding

Co

Ltd

11,994

70,320

Eagle

Bancorp,

Inc

3,152

125,720

East

West

Bancorp,

Inc

8,441

189,856

Eastern

Bankshares,

Inc

3,729

1,338,661

Emirates

NBD

Bank

PJSC

4,681

82,080

Enact

Holdings,

Inc

1,820

7,712

Enterprise

Bancorp,

Inc

231

99,169

Enterprise

Financial

Services

Corp

4,367

28,595

Equitable

Group,

Inc

961

228,234

*,g

Equitas

Small

Finance

Bank

Ltd

139

11,796

Equity

Bancshares,

Inc

350

91,524

e

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

2,006

7,508

Esquire

Financial

Holdings,

Inc

282

256,738

Essent

Group

Ltd

8,952

1,800,756

*

Eurobank

Ergasias

S.A.

1,503

2,671,579

h

Far

Eastern

International

Bank

931

7,211

e

Farmers

&

Merchants

Bancorp,

Inc

194

22,977

Farmers

National

Banc

Corp

301

26,909

FB

Financial

Corp

1,028

6,791

Federal

Agricultural

Mortgage

Corp

(FAMC)

673

2,164,894

Federal

Bank

Ltd

3,133

19,545

FIBI

Holdings

Ltd

878

4,845,925

Fifth

Third

Bancorp

154,876

33,388

*,e

Finance

Of

America

Cos,

Inc

49

12,298

Financial

Institutions,

Inc

296

970,823

FinecoBank

Banca

Fineco

S.p.A

11,990

26,196

First

Bancorp

958

394,529

First

Bancorp

5,397

6,869

First

Bancorp,

Inc

189

39,169

First

Bancshares,

Inc

1,170

10,891

First

Bank

149

101,643

First

Busey

Corp

2,234

6,427

First

Business

Financial

Services,

Inc

208

834

e

First

Citizens

Bancshares,

Inc

(Class

A)

665

69,741

First

Commonwealth

Financial

Corp

895

12,281

First

Community

Bancshares,

Inc

393

70,906

First

Financial

Bancorp

1,495

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

9

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

396,766

First

Financial

Bankshares,

Inc

$

16,597

34,056

First

Financial

Corp

1,539

7,557,584

First

Financial

Holding

Co

Ltd

6,170

145,498

First

Foundation,

Inc

2,639

4,916

e

First

Guaranty

Bancshares,

Inc

108

85,594

First

Hawaiian,

Inc

2,108

499,273

First

Horizon

National

Corp

11,433

138,114

First

International

Bank

Of

Israel

Ltd

5,585

7,403

First

Internet

Bancorp

251

208,033

First

Interstate

Bancsystem,

Inc

8,394

86,695

First

Merchants

Corp

3,353

13,863

First

Mid-Illinois

Bancshares,

Inc

443

26,754

e

First

National

Financial

Corp

697

17,582

First

of

Long

Island

Corp

303

464,832

First

Republic

Bank

60,684

6,271

*,e

First

Western

Financial,

Inc

155

14,308

e

Five

Star

Bancorp

406

39,509

Flagstar

Bancorp,

Inc

1,320

22,049

Flushing

Financial

Corp

427

226,313

FNB

Corp

2,625

5,200

*,†

FS

Finans

A.S.

0

219,300

Fukuoka

Financial

Group,

Inc

3,906

122,311

Fulton

Financial

Corp

1,933

9,661

*,e

FVCBankcorp,

Inc

185

573,129

Genworth

Mortgage

Insurance

Australia

Ltd

998

19,890

German

American

Bancorp,

Inc

710

184,380

Glacier

Bancorp,

Inc

9,059

7,325

Great

Southern

Bancorp,

Inc

418

482

e

Greene

County

Bancorp,

Inc

28

3,726,885

Grupo

Financiero

Banorte

S.A.

de

C.V.

23,931

1,489,877

*,e

Grupo

Financiero

Inbursa

S.A.

2,361

7,026

Guaranty

Bancshares,

Inc

243

1,155,822

Gulf

Bank

KSCP

1,118

397,200

Gunma

Bank

Ltd

1,080

430,300

Hachijuni

Bank

Ltd

1,430

773,045

Haci

Omer

Sabanci

Holding

AS

1,072

213,879

Hana

Financial

Group,

Inc

5,252

180,295

Hancock

Whitney

Corp

8,259

859,357

Hang

Seng

Bank

Ltd

13,056

42,746

Hanmi

Financial

Corp

1,012

35,516

HarborOne

Northeast

Bancorp,

Inc

477

8,700

HBT

Financial,

Inc

158

538,180

HDFC

Bank

Ltd

(ADR)

31,440

40,390

Heartland

Financial

USA,

Inc

1,751

45,783

e

Heritage

Commerce

Corp

519

25,904

Heritage

Financial

Corp

686

37,425

Hilltop

Holdings,

Inc

930

1,097

Hingham

Institution

for

Savings

275

297,102

Hirogin

Holdings,

Inc

1,250

28,300

Hokkoku

Financial

Holdings,

Inc

926

139,960

Hokuhoku

Financial

Group,

Inc

828

5,185

Home

Bancorp,

Inc

202

817,203

Home

Bancshares,

Inc

18,395

46,437

e

Home

Capital

Group,

Inc

924

26,101

*,g

Home

First

Finance

Co

India

Ltd

278

4,431

e

Home

Point

Capital,

Inc

7

33,291

HomeStreet,

Inc

959

9,762

HomeTrust

Bancshares,

Inc

216

439,512

Hong

Leong

Bank

BHD

1,940

112,370

Hong

Leong

Credit

BHD

446

86,875

Hope

Bancorp,

Inc

1,098

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

10

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

30,109

Horizon

Bancorp

$

541

3,504,789

Housing

Development

Finance

Corp

97,782

16,322,005

HSBC

Holdings

plc

84,513

6,230,510

Hua

Nan

Financial

Holdings

Co

Ltd

4,347

745,086

Huaxia

Bank

Co

Ltd

528

3,615,462

Huntington

Bancshares,

Inc

47,652

250,774

Hyakugo

Bank

Ltd

551

7,005,117

ICICI

Bank

Ltd

73,548

4,105,339

*

IDFC

Bank

Ltd

2,493

160,174

IIFL

Finance

Ltd

687

16,015

Independent

Bank

Corp

306

35,152

Independent

Bank

Corp

2,620

27,632

e

Independent

Bank

Group,

Inc

1,696

398,948

*

Indiabulls

Housing

Finance

Ltd

576

327,907

Indian

Bank

786

2,966,239

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,818

69,196,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

32,461

913,305

Industrial

Bank

Co

Ltd

2,136

180,780

Industrial

Bank

of

Korea

1,196

25,503,330

ING

Groep

NV

218,523

187,932

Inter

&

Co,

Inc

606

43,946

e

Intercorp

Financial

Services,

Inc

882

96,672

International

Bancshares

Corp

4,109

9,798,164

Intesa

Sanpaolo

S.p.A.

16,197

3,252,121

Investimentos

Itau

S.A.

-

PR

5,866

4,106,652

e

iShares

Core

MSCI

EAFE

ETF

216,297

608,918

Israel

Discount

Bank

Ltd

3,066

221,909,749

Itau

CorpBanca

Chile

SA

420

8,867,850

Itau

Unibanco

Holding

S.A.

46,128

269,754

e

Iyo

Bank

Ltd

1,319

394,477

Japan

Post

Bank

Co

Ltd

2,757

246,494

JB

Financial

Group

Co

Ltd

1,193

8,377

e

John

Marshall

Bancorp,

Inc

206

4,854,274

JPMorgan

Chase

&

Co

507,272

670,685

*,e

Judo

Capital

Holdings

Ltd

461

36,940

Juroku

Financial

Group,

Inc

624

83,766

*

Jyske

Bank

4,359

82,593

*,e

KakaoBank

Corp

1,144

528,899

Karur

Vysya

Bank

Ltd

525

453,100

Kasikornbank

PCL

(Foreign)

1,746

1,537,380

KB

Financial

Group,

Inc

46,427

58,512

KBC

Ancora

1,902

525,637

KBC

Groep

NV

24,944

47,770

Kearny

Financial

Corp

507

106,148

Keiyo

Bank

Ltd

346

40,413

Keycorp

647

246,700

Kiatnakin

Bank

PCL

(Foreign)

447

958,000

King's

Town

Bank

1,014

66,419

Kiyo

Bank

Ltd

638

54,596

Komercni

Banka

AS

1,365

398,248

Kotak

Mahindra

Bank

Ltd

8,839

4,364,096

Krung

Thai

Bank

PCL

1,925

5,822,257

Kuwait

Finance

House

15,791

705,002

Kuwait

International

Bank

KSCP

450

1,121,115

Kuwait

Projects

Co

Holding

KSCP

482

422,700

Kyushu

Financial

Group,

Inc

1,120

45,905

Lakeland

Bancorp,

Inc

735

4,636

Lakeland

Financial

Corp

338

53,062

e

Laurentian

Bank

of

Canada

1,138

362,054

LIC

Housing

Finance

Ltd

1,830

97,683

Live

Oak

Bancshares,

Inc

2,989

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

11

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

78,791,468

Lloyds

TSB

Group

plc

$

35,613

11,500

Luther

Burbank

Corp

134

798,717

M&T

Bank

Corp

140,830

20,968

Macatawa

Bank

Corp

194

5,501,356

Malayan

Banking

BHD

10,160

2,502,800

Malaysia

Building

Society

309

3,982,170

Masraf

Al

Rayan

4,478

1,160,200

Mebuki

Financial

Group

Inc

2,266

610,338

Mediobanca

S.p.A.

4,776

13,080,402

Mega

Financial

Holding

Co

Ltd

12,798

11,084

Mercantile

Bank

Corp

329

10,652

Merchants

Bancorp

246

73,765

Meta

Financial

Group,

Inc

2,431

11,218

Metrocity

Bankshares,

Inc

220

1,341,424

Metropolitan

Bank

&

Trust

1,106

10,458

*

Metropolitan

Bank

Holding

Corp

673

222,561

MGIC

Investment

Corp

2,853

10,713

Mid

Penn

Bancorp,

Inc

308

16,244

Midland

States

Bancorp,

Inc

383

9,906

e

MidWestOne

Financial

Group,

Inc

270

17,356,586

Mitsubishi

UFJ

Financial

Group,

Inc

78,627

109,521

Mizrahi

Tefahot

Bank

Ltd

3,834

2,905,258

Mizuho

Financial

Group,

Inc

31,448

205,271

g

Moneta

Money

Bank

AS

577

54,658

*

Mr

Cooper

Group,

Inc

2,214

29,768

Musashino

Bank

Ltd

351

8,128

MVB

Financial

Corp

226

28,049

Nanto

Bank

Ltd

408

3,527,109

National

Australia

Bank

Ltd

65,307

130,596

National

Bank

Holdings

Corp

4,831

5,163,167

National

Bank

of

Abu

Dhabi

PJSC

25,044

486,656

National

Bank

of

Canada

30,503

381,287

*

National

Bank

of

Greece

S.A.

1,123

8,208,728

National

Bank

of

Kuwait

SAKP

25,862

2,204,607

National

Commercial

Bank

36,785

19,372,491

NatWest

Group

plc

48,251

70,924

NBT

Bancorp,

Inc

2,692

325,140

Nedbank

Group

Ltd

3,588

18,787

e

New

York

Community

Bancorp,

Inc

160

8,304

*

Nicolet

Bankshares,

Inc

585

147,964

Nishi-Nippon

Financial

Holdings,

Inc

768

143,395

*

NMI

Holdings,

Inc

2,921

12,301,290

Nordea

Bank

Abp

105,124

3,419,054

Nordea

Bank

Abp

29,261

319,497

North

Pacific

Bank

Ltd

502

5,340

Northeast

Bank

196

34,310

Northfield

Bancorp,

Inc

491

91,448

Northwest

Bancshares,

Inc

1,235

224,830

Nova

Ljubljanska

Banka

dd

(GDR)

2,292

151,080

*,e

NU

Holdings

Ltd

665

1,393,000

O-Bank

Co

Ltd

362

205,781

OceanFirst

Financial

Corp

3,836

310,089

e

OFG

Bancorp

7,793

36,207

e

Ogaki

Kyoritsu

Bank

Ltd

429

27,000

Okinawa

Financial

Group,

Inc

392

500,733

Old

National

Bancorp

8,247

92,887

Old

Second

Bancorp,

Inc

1,212

31,833

Origin

Bancorp,

Inc

1,225

7,740

Orrstown

Financial

Services,

Inc

185

538,389

OSB

Group

plc

2,505

152,369

e

OTP

Bank

2,780

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

12

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,159,471

Oversea-Chinese

Banking

Corp

$

34,082

71,093

Pacific

Premier

Bancorp,

Inc

2,201

291,536

PacWest

Bancorp

6,589

292,868

Paragon

Group

of

Cos

plc

1,281

10,918

e

Park

National

Corp

1,359

8,121

Parke

Bancorp,

Inc

170

9,282

PCB

Bancorp

168

9,901

PCSB

Financial

Corp

178

22,871

Peapack

Gladstone

Financial

Corp

770

22,026

PennyMac

Financial

Services,

Inc

945

19,624

Peoples

Bancorp,

Inc

568

5,196

Peoples

Financial

Services

Corp

243

223,171

Pepper

Money

Ltd

198

1,721,417

*

Permanent

TSB

Group

Holdings

plc

2,649

833,684

Ping

An

Bank

Co

Ltd

1,389

133,567

Pinnacle

Financial

Partners,

Inc

10,832

10,900

*

Pioneer

Bancorp,

Inc

104

941,209

*

Piraeus

Financial

Holdings

S.A.

949

65,710

*,g

PNB

Housing

Finance

Ltd

314

777,107

PNC

Financial

Services

Group,

Inc

116,115

32,510

Popular,

Inc

2,343

1,248,937

Postal

Savings

Bank

of

China

Co

Ltd

-

A

783

6,164,972

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

3,624

608,178

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

2,657

170,986

Preferred

Bank

11,153

26,408

Premier

Financial

Corp

679

47,392

Primis

Financial

Corp

575

9,648

*,e

Professional

Holding

Corp

250

76,905

Prosperity

Bancshares,

Inc

5,128

11,787

Provident

Bancorp

Inc

169

55,212

Provident

Financial

Services,

Inc

1,077

23,327,000

*

PT

Bank

Bukopin

Tbk

250

23,143,485

PT

Bank

Mandiri

Persero

Tbk

14,211

30,234,353

PT

Bank

Negara

Indonesia

17,684

16,682,705

Public

Bank

BHD

15,183

501,370

Qatar

International

Islamic

Bank

QSC

1,493

1,171,792

Qatar

Islamic

Bank

SAQ

7,909

6,441,002

Qatar

National

Bank

35,056

12,217

QCR

Holdings,

Inc

622

164,441

Qingdao

Rural

Commercial

Bank

Corp

68

122,881

Radian

Group,

Inc

2,370

179,499

e

Raiffeisen

International

Bank

Holding

AG.

2,124

10,767

RBB

Bancorp

224

10,097,178

*,g

RBL

Bank

Ltd

13,970

3,749

Red

River

Bancshares

Inc

185

297,800

Regional

SAB

de

C.V.

1,679

39,073

Regions

Financial

Corp

784

242,893

Renasant

Corp

7,598

6,796

Republic

Bancorp,

Inc

(Class

A)

260

33,179

*,e

Republic

First

Bancorp,

Inc

94

2,359,400

Resona

Holdings,

Inc

8,634

998,753

RHB

Capital

BHD

1,193

33,418

Ringkjoebing

Landbobank

A.S.

3,543

1,726,682

Riyad

Bank

14,495

97,276

Rocket

Cos,

Inc

615

1,872,219

Royal

Bank

of

Canada

168,565

29,105

S&T

Bancorp,

Inc

853

33,441

Sandy

Spring

Bancorp,

Inc

1,179

165,364

San-In

Godo

Bank

Ltd

803

3,277,576

Saudi

British

Bank

33,891

542,056

Saudi

Investment

Bank

2,447

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

13

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

974,661

SCB

X

PCL

$

2,671

45,570

Seacoast

Banking

Corp

of

Florida

1,378

607,640

Security

Bank

Corp

838

7,276

ServisFirst

Bancshares,

Inc

582

752,300

e

Seven

Bank

Ltd

1,348

2,556,978

Shanghai

Commercial

&

Savings

Bank

Ltd

3,947

1,244,934

Shanghai

Pudong

Development

Bank

Co

Ltd

1,234

43,600

e

Shiga

Bank

Ltd

789

525,306

Shinhan

Financial

Group

Co

Ltd

12,202

88,000

*,e

Shinsei

Bank

Ltd

1,264

758,147

Shizuoka

Bank

Ltd

4,655

14,040

e

Shore

Bancshares,

Inc

243

10,336

Sierra

Bancorp

204

64,918

Signature

Bank

9,803

25,152

*

Silvergate

Capital

Corp

1,895

94,816

Simmons

First

National

Corp

(Class

A)

2,066

7,284,943

SinoPac

Financial

Holdings

Co

Ltd

3,953

1,926,159

Skandinaviska

Enskilda

Banken

AB

(Class

A)

18,358

11,729

SmartFinancial,

Inc

290

255,600

Societe

Generale

5,055

20,019

South

Plains

Financial

Inc

552

86,037

South

State

Corp

6,807

5,948

*

Southern

First

Bancshares,

Inc

248

5,680

Southern

Missouri

Bancorp,

Inc

290

22,780

Southside

Bancshares,

Inc

805

108,039

Spar

Nord

Bank

AS

1,206

56,665

Sparebank

Oestlandet

559

237,372

SpareBank

SR-Bank

ASA

2,224

178,984

Sparebanken

Midt-Norge

1,826

202,478

Sparebanken

Nord-Norge

1,518

4,182

St

Galler

Kantonalbank

1,914

5,242,950

e

Standard

Bank

Group

Ltd

41,418

6,351,332

Standard

Chartered

plc

39,725

3,837,152

State

Bank

of

India

24,850

53,076

Stellar

Bancorp,

Inc

1,552

15,355

*,e

Sterling

Bancorp,

Inc

93

6,725

Stock

Yards

Bancorp,

Inc

457

2,375,228

Sumitomo

Mitsui

Financial

Group,

Inc

65,845

342,263

Sumitomo

Mitsui

Trust

Holdings,

Inc

9,734

7,583

Summit

Financial

Group,

Inc

204

247,864

Suruga

Bank

Ltd

639

44,609

*

SVB

Financial

Group

14,979

209,706

Svenska

Handelsbanken

AB

1,721

203,228

Swedbank

AB

(A

Shares)

2,668

110,952

Sydbank

AS

3,039

6,846

Synovus

Financial

Corp

257

3,795,350

Taichung

Commercial

Bank

1,569

7,920,496

Taishin

Financial

Holdings

Co

Ltd

3,405

7,317,012

Taiwan

Business

Bank

2,891

7,105,659

Taiwan

Cooperative

Financial

Holding

5,850

52,852

TBC

Bank

Group

plc

984

51,758

*

Texas

Capital

Bancshares,

Inc

3,055

32,042

Texcell-NetCom

Co

Ltd

164

2,915

TFS

Financial

Corp

38

336,200

Thanachart

Capital

PCL

344

21,544

*

The

Bancorp,

Inc

474

9,215

*

Third

Coast

Bancshares,

Inc

158

142,346

e

Timbercreek

Financial

Corp

783

196,600

Tisco

Bank

PCL

482

184,543

Toho

Bank

Ltd

260

148,164

Tomony

Holdings,

Inc

318

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

14

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

10,491

Tompkins

Financial

Corp

$

762

2,398,223

e

Toronto-Dominion

Bank

147,086

51,107

Towne

Bank

1,371

71,469

Trico

Bancshares

3,191

12,502

*

Triumph

Bancorp,

Inc

679

1,201,513

Truist

Financial

Corp

52,314

14,370

TrustCo

Bank

Corp

NY

451

83,432

e

Trustmark

Corp

2,556

2,442,557

Turkiye

Is

Bankasi

(Series

C)

984

47,459

UMB

Financial

Corp

4,000

8,628

Umpqua

Holdings

Corp

147

2,782,420

g

Unicaja

Banco

S.A.

2,509

279,829

UniCredit

S.p.A.

2,833

2,476,337

Union

Bank

Of

Taiwan

1,156

99,738

United

Bankshares,

Inc

3,566

80,809

United

Community

Banks,

Inc

2,675

1,478,027

United

Overseas

Bank

Ltd

26,771

4,968

e

Unity

Bancorp,

Inc

125

76,027

Univest

Financial

Corp

1,785

2,646,567

US

Bancorp

106,710

9,580

*

USCB

Financial

Holdings,

Inc

126

75,809

e

UWM

Holdings

Corp

222

20,398

Valiant

Holding

1,933

327,861

Valley

National

Bancorp

3,541

276,139

Van

Lanschot

Kempen

NV

5,316

8,106

*

Velocity

Financial,

Inc

88

288,853

Veritex

Holdings,

Inc

7,681

1,837,311

Virgin

Money

UK

plc

2,521

635,093

*,†

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

7

10,240

Walker

&

Dunlop,

Inc

857

1,249,212

*

Warba

Bank

KSCP

890

111,091

Washington

Federal,

Inc

3,330

13,190

Washington

Trust

Bancorp,

Inc

613

15,025

Waterstone

Financial,

Inc

243

22,241

Webster

Financial

Corp

1,005

11,403,171

Wells

Fargo

&

Co

458,636

44,310

WesBanco,

Inc

1,479

11,428

West

Bancorporation,

Inc

238

47,824

Westamerica

Bancorporation

2,501

22,979

Western

Alliance

Bancorp

1,511

3,861,015

Westpac

Banking

Corp

51,081

182,082

Wintrust

Financial

Corp

14,849

392,822

Woori

Financial

Group,

Inc

2,915

48,733

WSFS

Financial

Corp

2,264

233,499

Yamaguchi

Financial

Group,

Inc

1,243

8,092,568

*

Yes

Bank

Ltd

1,548

56,841

Zions

Bancorporation

2,891

TOTAL

BANKS

6,924,110

CAPITAL

GOODS

-

7.1%

244,600

3M

Co

27,028

2,842

*

3M

India

Ltd

856

107,002

A.O.

Smith

Corp

5,198

190,224

Aalberts

Industries

NV

6,204

2,269,856

Aamal

Co

601

6,355

Aaon,

Inc

342

25,333

*

AAR

Corp

907

841,888

ABB

Ltd

21,737

12,590

ABB

Power

Products

&

Systems

India

Ltd

536

1,924,179

Aboitiz

Equity

Ventures,

Inc

1,757

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

15

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

407,000

AcBel

Polytech,

Inc

$

359

27,608

Ackermans

&

Van

Haaren

3,503

34,833

ACS

Actividades

de

Construccion

y

Servicios

S.A.

783

90,098

Acuity

Brands,

Inc

14,188

323,049

Adani

Enterprises

Ltd

13,634

438,195

AddTech

AB

5,756

99,769

Advanced

Drainage

Systems,

Inc

12,408

26,000

Advanced

Energy

Solution

Holding

Co

Ltd

518

50,527

AECC

Aero-Engine

Control

Co

Ltd

179

118,752

AECC

Aviation

Power

Co

Ltd

698

194,419

Aecom

Technology

Corp

13,292

72,579

e

Aecon

Group,

Inc

500

146,788

*

AerCap

Holdings

NV

6,214

260,600

Aeris

Industria

E

Comercio

De

Equipamentos

Para

Geracao

De

Energia

S.A.

97

77,126

*

Aerojet

Rocketdyne

Holdings,

Inc

3,084

10,158

*

Aerovironment,

Inc

847

12,691

*

AerSale

Corp

235

61,964

e

AFG

Arbonia-Forster

Hldg

708

22,596

e

AG

Growth

International

Inc

527

21,353

AGCO

Corp

2,054

50,423

AIA

Engineering

Ltd

1,550

32,600

Aichi

Corp

177

54,241

e

Aida

Engineering

Ltd

308

87,772

Air

Lease

Corp

2,722

1,307,440

Airbus

SE

112,702

155,226

Airtac

International

Group

3,551

27,338

Aker

ASA

(A

Shares)

1,767

4,823

Alamo

Group,

Inc

590

173,413

Alarko

Holding

AS

548

19,982

Albany

International

Corp

(Class

A)

1,575

40,504

Alfa

Laval

AB

1,004

3,490,300

Alfa

S.A.

de

C.V.

(Class

A)

2,222

26,520

*,g

Alfen

Beheer

BV

2,429

41,211

e,g

Alimak

Group

AB

220

253,119

Allegion

plc

22,700

590,531

*

Alleima

AB

1,852

3,724,600

Alliance

Global

Group,

Inc

522

1,997

Allied

Motion

Technologies,

Inc

57

191,731

Allison

Transmission

Holdings,

Inc

6,473

406,087

e

Alstom

RGPT

6,569

142,212

Alta

Equipment

Group,

Inc

1,566

69,564

Altra

Industrial

Motion

Corp

2,339

885,200

Amada

Co

Ltd

6,015

112,420

Amara

Raja

Batteries

Ltd

675

4,259

*

Ameresco,

Inc

283

11,754

*

American

Woodmark

Corp

516

9,468

Ametek,

Inc

1,074

455,180

Andritz

AG.

19,263

32,394

*

Antares

Vision

S.p.A

230

322,864

*

API

Group

Corp

4,284

2,849

Apogee

Enterprises,

Inc

109

30,550

*

Apollo

Tricoat

Tubes

Ltd

375

204,145

Applied

Industrial

Technologies,

Inc

20,982

3,956

Arad

Investment

&

Industrial

Development

Ltd

467

174,793

Arcadis

NV

5,689

138,993

*,e

Archer

Aviation,

Inc

363

36,554

Arcosa,

Inc

2,090

10,682

Argan,

Inc

344

165,600

Armac

Locacao

Logistica

E

Servicos

S.A.

440

40,419

Armstrong

World

Industries,

Inc

3,202

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

16

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

426,009

*

Array

Technologies,

Inc

$

7,063

517,639

Asahi

Glass

Co

Ltd

16,115

748,493

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

1,181

1,839,556

Ashok

Leyland

Ltd

3,425

1,952,157

Ashtead

Group

plc

87,671

48,705

Ashtrom

Group

Ltd

1,020

1,457,822

Assa

Abloy

AB

27,314

16,981

Astec

Industries,

Inc

530

43,161

Astra

Industrial

Group

582

123,108

*,e

Astra

Space,

Inc

75

128,461

Astral

Polytechnik

Ltd

3,499

20,397

*

Astronics

Corp

160

226,683

*

Atkore

International

Group,

Inc

17,638

2,229,794

*

Atlas

Copco

AB

20,725

216,045

*

Atlas

Copco

AB

1,791

90,272

*

ATS

Automation

Tooling

Systems,

Inc

2,383

382,817

Austal

Ltd

558

169,831

AVIC

Electromechanical

Systems

Co

Ltd

271

1,043,037

AviChina

Industry

&

Technology

Co

402

26,859

AVICOPTER

plc

150

37,688

Avon

Rubber

plc

473

59,120

*

Axon

Enterprise,

Inc

6,843

170,137

Ayala

Corp

1,778

92,046

*

AZEK

Co,

Inc

1,530

48,128

AZZ,

Inc

1,757

10,258

*

Babcock

&

Wilcox

Enterprises,

Inc

65

302,861

*

Babcock

International

Group

935

41,762

e

Badger

Infrastructure

Solution

851

3,505,168

BAE

Systems

plc

30,798

780,309

Balfour

Beatty

plc

2,670

290,377

*,e

Ballard

Power

Systems,

Inc

1,778

191,420

Barloworld

Ltd

976

36,836

Barnes

Group,

Inc

1,064

16,707

BayWa

AG.

667

17,484

*

Beacon

Roofing

Supply,

Inc

957

78,665

Beijer

Alma

AB

1,028

302,405

e

Beijer

Ref

AB

3,718

124,212

Beijing

New

Building

Materials

plc

421

16,300

Beijing

United

Information

Technology

Co

Ltd

247

12,008

Belimo

Holding

AG.

4,416

25,021

BEML

Ltd

453

11,617

*,e

Berkshire

Grey,

Inc

20

1,429,000

BES

Engineering

Corp

365

34,602

BGF

Co

Ltd

79

67,426

Bharat

Dynamics

Ltd

718

4,231,043

Bharat

Electronics

Ltd

5,218

1,131,390

Bharat

Heavy

Electricals

826

329,970

e

Bidvest

Group

Ltd

3,583

15,467

Biesse

S.p.A.

171

155,000

Bizlink

Holdings

Inc

1,362

5,967

*,e

Blink

Charging

Co

106

687,780

*

Bloom

Energy

Corp

13,749

4,014

*

Blue

Bird

Corp

34

70,160

Blue

Star

Ltd

946

6,827

*

BlueLinx

Holdings,

Inc

424

10,116

Bobst

Group

AG.

800

529,106

g

BOC

Aviation

Ltd

3,740

234,226

Bodycote

plc

1,217

1,516,502

*

Boeing

Co

183,618

97,221

Boise

Cascade

Co

5,781

103,866

*,e

Bombardier,

Inc

1,859

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

17

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

25,709

Bonheur

ASA

$

729

6,931

Bossard

Holding

AG.

1,180

242,910

e

Bouygues

S.A.

6,354

207,884

Brenntag

AG.

12,567

497,000

Brighton-Best

International

Taiwan,

Inc

514

5,174

e

Brookfield

Business

Corp

114

10,917

Bucher

Industries

AG.

3,406

15,328

Budimex

S.A.

708

50,662

Bufab

AB

913

259,021

*

Builders

FirstSource,

Inc

15,262

63,500

Bunka

Shutter

Co

Ltd

450

365,153

Bunzl

plc

11,157

10,968

Burckhardt

Compression

Holding

AG.

4,096

9,264

Burkhalter

Holding

AG.

700

27,725

BWX

Technologies,

Inc

1,397

2,866

e

Cadre

Holdings,

Inc

69

390,017

*

CAE,

Inc

5,983

18,879

e

Caesarstone

Sdot-Yam

Ltd

176

20,030

Carbone

Lorraine

555

48,287

g

Carel

Industries

S.p.A

899

46,544

Cargotec

Corp

(B

Shares)

1,406

121,918

Carlisle

Cos,

Inc

34,187

5,503,341

Carrier

Global

Corp

195,699

792,395

Caterpillar,

Inc

130,016

76,600

e

Central

Glass

Co

Ltd

1,764

5,180

Cera

Sanitaryware

Ltd

344

148,778

*,e

Ceres

Power

Holdings

plc

601

1,339,500

CH

Karnchang

PCL

770

136,800

*,e,g

Changsha

Broad

Homes

Industrial

Group

Co

Ltd

134

451,337

*,e

ChargePoint

Holdings,

Inc

6,662

19,448

e

Chargeurs

S.A.

224

5,383

*

Chart

Industries,

Inc

992

760,478

Chemring

Group

plc

2,385

184,000

Chicony

Power

Technology

Co

Ltd

386

1,091,800

Chin

Hin

Group

Bhd

674

643,000

China

Aircraft

Leasing

Group

Holdings

Ltd

380

177,022

China

Baoan

Group

Co

Ltd

279

1,992,000

China

Communications

Services

Corp

Ltd

670

1,202,074

China

Conch

Venture

Holdings

Ltd

1,911

348,900

China

CSSC

Holdings

Ltd

1,109

2,325,000

China

Energy

Engineering

Corp

Ltd

731

517,000

*

China

High

Speed

Transmission

Equipment

Group

Co

Ltd

232

858,036

China

Lesso

Group

Holdings

Ltd

794

108,500

China

Meheco

Co

Ltd

184

314,200

China

National

Chemical

Engineering

Co

Ltd

353

1,001,718

China

Railway

Group

Ltd

-

A

737

3,257,000

China

Railway

Group

Ltd

-

H

1,600

754,000

China

State

Construction

Development

Holdings

Ltd

189

1,920,700

China

State

Construction

Engineering

Corp

Ltd

1,390

1,466,000

China

State

Construction

International

Holdings

Ltd

1,477

21,606

China

Yuchai

International

Ltd

158

189,645

*,e

Chiyoda

Corp

496

55,600

Chudenko

Corp

803

509,000

Chung

Hsin

Electric

&

Machinery

Manufacturing

Corp

909

852,000

e

CIMC

Enric

Holdings

Ltd

905

38,488

*

CIRCOR

International,

Inc

635

4,165,517

Citic

Pacific

Ltd

3,925

7,422,000

Citic

Resources

Holdings

Ltd

390

16,752

CJ

Corp

808

3,264,090

CK

Hutchison

Holdings

Ltd

17,973

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

18

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

60,993

CKD

Corp

$

724

138,918

CNH

Industrial

NV

1,555

1,126,618

e

CNH

Industrial

NV

(NYSE)

12,584

34,823

g

Cochin

Shipyard

Ltd

188

20,909

Columbus

McKinnon

Corp

547

263,849

Comfort

Systems

USA,

Inc

25,680

3,317,852

Compagnie

de

Saint-Gobain

118,632

137,417

COMSYS

Holdings

Corp

2,332

23,603

*

Concrete

Pumping

Holdings

Inc

152

21,987

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

497

113,648

*

Construction

Partners

Inc

2,981

159,859

Contemporary

Amperex

Technology

Co

Ltd

9,001

462,000

Continental

Engineering

Corp

438

1,676

Conzzeta

AG.

900

47,518

*,e

Core

&

Main,

Inc

1,081

689,200

COSCO

SHIPPING

Development

Co

Ltd

239

12,392

Crane

Holdings

Co

1,085

56,645

*

Creative

&

Innovative

System

428

827,469

*

Crompton

Greaves

Ltd

2,381

30,782

CS

Wind

Corp

1,292

602,000

*

CSBC

Corp

Taiwan

300

29,202

CSW

Industrials,

Inc

3,498

610,000

CTCI

Corp

875

155,785

Cummins

India

Ltd

2,277

74,340

Cummins,

Inc

15,129

41,438

Curtiss-Wright

Corp

5,767

31,954

*,e

Custom

Truck

One

Source,

Inc

186

15,108

Daelim

Industrial

Co

601

9,295

Daetwyler

Holding

AG.

1,482

249,665

*

Daewoo

Engineering

&

Construction

Co

Ltd

711

59,458

Daewoo

International

Corp

862

51,064

*,e

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

670

37,813

Daifuku

Co

Ltd

1,779

23,348

Daihen

Corp

600

10,589

e

Daiho

Corp

303

442,686

Daikin

Industries

Ltd

68,116

60,209

*

Daimler

Truck

Holding

AG.

1,361

35,100

Daiwa

Industries

Ltd

278

19,910

e

Danieli

&

Co

S.p.A.

337

76,171

Danieli

&

Co

S.p.A.

(RSP)

908

44,162

Dassault

Aviation

S.A.

5,024

35,099

Dawonsys

Co

Ltd

410

145,200

DCC

plc

7,541

12,516

*,e

Decarbonization

Plus

Acquisition

Corp

21

739,827

Deere

&

Co

247,021

205,704

*,e

Desktop

Metal,

Inc

533

145,905

Deutz

AG.

452

56,403

g

Dilip

Buildcon

Ltd

152

245,445

Diploma

plc

6,307

37,620

DL

E&C

Co

Ltd

892

7,525,260

DMCI

Holdings,

Inc

1,264

109,776

Donaldson

Co,

Inc

5,380

211,929

Dongfang

Electric

Corp

Ltd

607

57,853

Doosan

Bobcat,

Inc

1,138

7,962

e

Doosan

Corp

445

51,126

*

Doosan

Fuel

Cell

Co

Ltd

1,009

290,772

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

2,856

147,807

*

Doosan

Infracore

Co

Ltd

455

38,763

Douglas

Dynamics,

Inc

1,086

1,156,854

Dover

Corp

134,866

392,953

*,†

Drake

&

Scull

International

PJSC

1

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

19

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

9,320

*

Dredging

Environmental

&

Marine

Engineering

NV

$

966

2,583,004

Dubai

Investments

PJSC

1,631

8,718

*

Ducommun,

Inc

346

62,232

Duerr

AG.

1,294

11,998

*

DXP

Enterprises,

Inc

284

78,580

*

Dycom

Industries,

Inc

7,507

4,087,800

Dynasty

Ceramic

PCL

290

1,806,830

Eaton

Corp

240,959

112,200

Ebara

Corp

3,656

17,768

*,e

Ebusco

Holding

NV

277

54,574

Ecopro

BM

Co

Ltd

3,302

27,300

*,e

EHang

Holdings

Ltd

(ADR)

115

10,817

Eiffage

S.A.

867

28,903

Elbit

Systems

Ltd

5,472

11,501

Elco

Holdings

Ltd

679

2,562

Electra

Israel

Ltd

1,433

2,478,525

Electrocomponents

plc

26,458

288,823

e

Electrolux

Professional

AB

1,180

893,992

ElSewedy

Electric

Co

346

7,161,900

*

Embraer

S.A.

15,467

98,349

EMCOR

Group,

Inc

11,357

44,354

Emerson

Electric

Co

3,248

54,611

Encore

Wire

Corp

6,310

7,706

Energiekontor

AG.

628

323,208

*

Energy

Recovery,

Inc

7,027

7,964

*

Energy

Vault

Holdings,

Inc

42

7,690

*

Enerpac

Tool

Group

Corp

137

28,549

EnerSys

1,661

279,221

Engineers

India

Ltd

218

179,273

*,e

Enovix

Corp

3,287

155,309

EnPro

Industries,

Inc

13,198

243,104

Epiroc

AB

3,065

90,261

Epiroc

AB

1,291

37,997

Esab

Corp

1,268

5,279

ESAB

India

Ltd

235

161,681

ESCO

Technologies,

Inc

11,874

11,543

*,e

ESS

Tech,

Inc

47

122,220

Eve

Energy

Co

Ltd

1,450

238,798

*

Evoqua

Water

Technologies

Corp

7,897

160,219

e

Fagerhult

AB

540

364,600

Fangda

Carbon

New

Material

Co

Ltd

319

100,384

*

Fanuc

Ltd

14,095

3,909,631

Far

Eastern

Textile

Co

Ltd

3,969

522,654

Fastenal

Co

24,063

4,487

*

Fathom

Digital

Manufacturing

C

9

217,513

Federal

Signal

Corp

8,118

171,552

Ferguson

plc

17,795

522,252

Ferrovial

S.A.

11,854

613,461

*,e

Fincantieri

S.p.A

278

342,003

Finning

International,

Inc

6,011

68,554

Finolex

Cables

Ltd

393

420,000

e

First

Tractor

Co

145

1,511,748

Fletcher

Building

Ltd

4,095

1,253,592

Flowserve

Corp

30,462

1,672,560

FLSmidth

&

Co

AS

36,225

6,123

*,e

Fluence

Energy,

Inc

89

119,063

e

Fluidra

S.A.

1,785

385,632

*

Fluor

Corp

9,598

639,488

Fortive

Corp

37,282

202,130

Fortune

Brands

Home

&

Security,

Inc

10,852

3,476,008

e

Fosun

International

2,148

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

20

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

16,570

Franklin

Electric

Co,

Inc

$

1,354

378,700

e

Frencken

Group

Ltd

254

85,053

*,e

FTC

Solar,

Inc

252

218,054

*,e

FuelCell

Energy,

Inc

744

392,621

*

Fugro

NV

3,975

84,333

*

Fuji

Electric

Holdings

Co

Ltd

3,091

101,045

Fuji

Machine

Manufacturing

Co

Ltd

1,322

816,178

Fujikura

Ltd

4,868

78,039

e

Fujitec

Co

Ltd

1,570

14,839

Fukushima

Industries

Corp

367

31,656

Furukawa

Co

Ltd

265

91,044

Furukawa

Electric

Co

Ltd

1,443

2,178,791

Gamuda

BHD

1,842

38,957

GARO

AB

343

75,887

*

Gates

Industrial

Corp

plc

741

25,619

GATX

Corp

2,181

21,308

GEA

Group

AG.

690

5,341

Geberit

AG.

2,290

66,999

GEK

Group

of

Cos

S.A.

573

57,231

*

Generac

Holdings,

Inc

10,195

162,350

General

Dynamics

Corp

34,446

51,517

General

Electric

Co

3,189

97,725

Georg

Fischer

AG.

4,656

161,162

*

Gibraltar

Industries,

Inc

6,596

20,701

e

Giken

Seisakusho

Co,

Inc

448

22,800

*

Ginlong

Technologies

Co

Ltd

708

4,414

Global

Industrial

Co

118

58,456

Glory

Ltd

858

20,166

GMM

Pfaudler

Ltd

475

53,074

*

GMS,

Inc

2,123

51,213

*

Godrej

Industries

Ltd

276

14,837

Gorman-Rupp

Co

353

62,530

Gotion

High-tech

Co

Ltd

268

56,677

Graco,

Inc

3,398

25,378

GrafTech

International

Ltd

109

544,549

Grafton

Group

plc

4,042

33,881

Granite

Construction,

Inc

860

89,695

Graphite

India

Ltd

390

39,940

*

Great

Lakes

Dredge

&

Dock

Corp

303

124,735

Greaves

Cotton

Ltd

227

23,642

Greenbrier

Cos,

Inc

574

2,796,000

g

Greentown

Management

Holdings

Co

Ltd

2,365

20,191

Griffon

Corp

596

53,632

Grindwell

Norton

Ltd

1,351

552,893

e

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

2,025

220,799

e

Grupo

Rotoplas

SAB

de

C.V.

316

43,537

GS

Engineering

&

Construction

Corp

679

53,092

GS

Holdings

Corp

1,537

78,354

GS

Yuasa

Corp

1,223

97,764

GT

Capital

Holdings,

Inc

692

18,315

Guangdong

Kinlong

Hardware

Products

Co

Ltd

228

128,841

Gulf

Cable

&

Electrical

Industries

Co

KSCP

445

84,651

*,g

GVS

S.p.A

494

272,021

GWA

International

Ltd

332

41,713

H&E

Equipment

Services,

Inc

1,182

810,497

Haitian

International

Holdings

Ltd

1,534

416,790

Hangzhou

Steam

Turbine

Co

565

25,303

*

Hanjin

Heavy

Industries

&

Construction

Co

Ltd

76

53,379

Hanwa

Co

Ltd

1,264

44,891

Hanwha

Corp

760

22,837

Hanwha

Corp

(3P)

222

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

21

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

77,993

e

Hanwha

Systems

Co

Ltd

$

598

561,081

HAP

Seng

Consolidated

BHD

739

1,018,000

*

Harbin

Power

Equipment

298

44,333

e

Hardwoods

Distribution,

Inc

845

58,700

e

Harmonic

Drive

Systems,

Inc

1,819

270,669

Havells

India

Ltd

4,466

55,349

*,e

Hayward

Holdings,

Inc

491

195,236

Hazama

Ando

Corp

1,127

43,200

HDC

Hyundai

Development

Co-Engineering

&

Construction

310

18,648

HEG

Ltd

240

6,205

HEICO

Corp

893

72,186

HEICO

Corp

(Class

A)

8,274

311,416

*

Heidelberger

Druckmaschinen

350

11,491

*,e

Heliogen,

Inc

21

20,997

Helios

Technologies,

Inc

1,062

138,256

Hensoldt

AG.

2,760

3,650

Herc

Holdings,

Inc

379

144,895

*

Hexagon

Composites

ASA

316

88,591

*,e

Hexagon

Purus

Holding

AS.

162

194,653

e

Hexatronic

Group

AB

1,817

68,817

Hexcel

Corp

3,559

105,389

Hillenbrand,

Inc

3,870

100,596

*

Hillman

Solutions

Corp

758

349,400

Hino

Motors

Ltd

1,445

9,900

Hirata

Corp

282

208,159

*

Hitachi

Construction

Machinery

Co

Ltd

3,869

2,286,429

*

Hitachi

Ltd

97,301

698,720

Hitachi

Zosen

Corp

4,137

350,643

Hiwin

Technologies

Corp

1,942

29,182

Hochtief

AG.

1,381

1,985,345

Honeywell

International,

Inc

331,493

48,685

Hongfa

Technology

Co

Ltd

238

103,124

Hoshizaki

Electric

Co

Ltd

2,876

1,317,405

Howden

Joinery

Group

plc

7,360

605,057

Howmet

Aerospace,

Inc

18,714

396,928

Hubbell,

Inc

88,515

19,684

Huber

&

Suhner

AG.

1,554

7,394

*

Hudson

Technologies,

Inc

54

7,836

Huntington

Ingalls

1,736

451,711

Husqvarna

AB

(B

Shares)

2,504

39,204

*

Hydrofarm

Holdings

Group,

Inc

76

104,407

*,e

Hyliion

Holdings

Corp

300

10,178

Hyosung

Corp

495

5,425

*

Hyosung

Heavy

Industries

Corp

223

8,221

Hyster-Yale

Materials

Handling,

Inc

177

15,229

Hyundai

Construction

Equipment

Co

Ltd

337

25,601

*

Hyundai

Electric

&

Energy

System

Co

Ltd

564

28,301

Hyundai

Elevator

Co

Ltd

440

57,077

Hyundai

Engineering

&

Construction

Co

Ltd

1,480

29,842

*

Hyundai

Heavy

Industries

1,506

19,126

*

Hyundai

Heavy

Industries

Co

Ltd

1,520

29,175

*

Hyundai

Mipo

Dockyard

2,077

97,353

*

Hyundai

Rotem

Co

Ltd

1,704

33,877

Idec

Corp

687

21,449

IDEX

Corp

4,287

3,263

*

IES

Holdings,

Inc

90

3,327,600

IJM

Corp

BHD

1,194

277,271

Illinois

Tool

Works,

Inc

50,089

493,311

IMI

plc

6,100

17,002

*

Implenia

AG.

541

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

22

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

92,736

Inaba

Denki

Sangyo

Co

Ltd

$

1,748

50,798

Inabata

&

Co

Ltd

818

17,713

g

IndiaMart

InterMesh

Ltd

963

23,262

Indus

Holding

AG.

413

1,736,007

Industries

Qatar

QSC

8,014

292,136

Indutrade

AB

4,738

5,267

*,e

Infrastructure

and

Energy

Alternatives,

Inc

71

359,060

e

INFRONEER

Holdings,

Inc

2,434

979,919

Ingersoll

Rand,

Inc

42,391

2,803,600

*,†

Inovisi

Infracom

Tbk

PT

0

^

326,899

*

InPost

S.A.

1,902

217,722

e

Instalco

AB

873

3,141

Insteel

Industries,

Inc

83

86,544

Interpump

Group

S.p.A.

2,799

785

Interroll

Holding

AG.

1,491

159,297

Investment

AB

Latour

2,636

48,329

e

INVISIO

AB

588

147,499

Inwido

AB

1,160

164,900

Iochpe-Maxion

S.A.

388

157,281

IRB

Infrastructure

Developers

Ltd

401

16,955

IS

Dongseo

Co

Ltd

359

24,857

ISGEC

Heavy

Engineering

Ltd

154

393,200

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

8,410

20,903

Italmobiliare

S.p.A

479

523,455

*,e

Itm

Power

plc

603

1,241,262

Itochu

Corp

29,961

132,160

ITT,

Inc

8,635

244,417

*

Iveco

Group

NV

1,153

241,191

Jamna

Auto

Industries

Ltd

335

56,400

Jantsa

Jant

Sanayi

Ve

Ticaret

AS.

236

279,596

*

Janus

International

Group,

Inc

2,494

12,832

Japan

Pulp

&

Paper

Co

Ltd

386

71,361

Japan

Steel

Works

Ltd

1,407

186,968

Jardine

Matheson

Holdings

Ltd

9,453

47,400

JDC

Corp

206

43,989

*

JELD-WEN

Holding,

Inc

385

3,299,066

JG

Summit

Holdings

(Series

B)

2,359

403,900

JGC

Corp

5,011

83,504

Jiangsu

Hengli

Hydraulic

Co

Ltd

531

251,618

Jiangsu

Zhongtian

Technology

Co

Ltd

792

95,900

*

Jiangxi

Special

Electric

Motor

Co

Ltd

264

4,514

John

Bean

Technologies

Corp

388

205,854

Johns

Lyng

Group

Ltd

827

859,776

Johnson

Controls

International

plc

42,318

15,798

g

JOST

Werke

AG.

551

299,400

*,e

JTOWER,

Inc

13,508

6,495

Judges

Scientific

plc

529

57,786

Jungheinrich

AG.

1,166

3,543

Kaba

Holding

AG.

1,196

1,605

Kadant,

Inc

268

96,021

Kajaria

Ceramics

Ltd

1,410

274,399

Kajima

Corp

2,601

66,804

Kalpataru

Power

Transmission

Ltd

344

20,906

Kaman

Corp

584

55,400

Kanamoto

Co

Ltd

791

197,001

Kandenko

Co

Ltd

1,133

90,200

Kanematsu

Corp

888

3,100,740

KAP

Industrial

Holdings

Ltd

668

1,638

*

Karat

Packaging,

Inc

26

17,475

Kardex

AG.

2,317

23,800

Katakura

Industries

Co

Ltd

336

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

23

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

260,700

e

Kawasaki

Heavy

Industries

Ltd

$

3,954

12,309

KCC

Glass

Corp

341

146,518

KEC

International

Ltd

808

121,600

Keda

Industrial

Group

Co

Ltd

285

73,998

KEI

Industries

Ltd

1,304

117,000

Keihan

Electric

Railway

Co

Ltd

3,040

113,254

Keller

Group

plc

791

20,261

*,e

Kempower

Oyj

346

61,879

Kennametal,

Inc

1,273

16,015

KEPCO

Engineering

&

Construction

Co,

Inc

612

1,518,647

Keppel

Corp

Ltd

7,308

565,113

*

Kier

Group

plc

426

214,071

Kinden

Corp

2,259

22,999

Kingspan

Group

plc

1,036

117,000

Kinik

Co

443

135,161

KION

Group

AG.

2,588

183,900

Kitz

Corp

1,019

99,643

Kloeckner

&

Co

AG.

760

373,030

Knorr-Bremse

AG.

16,019

134,623

KNR

Constructions

Ltd

376

759,116

KOC

Holding

AS

1,848

945,120

Komatsu

Ltd

17,209

4,473

Komax

Holding

AG.

1,036

46,458

Kone

Oyj

(Class

B)

1,790

75,645

Konecranes

Oyj

1,503

246,132

Kongsberg

Gruppen

ASA

7,469

319,000

*

Koninklijke

BAM

Groep

NV

784

81,876

Korea

Aerospace

Industries

Ltd

2,759

6,790

Korea

Electric

Terminal

Co

Ltd

293

345,472

*

Kornit

Digital

Ltd

9,193

1,076,677

*

Kratos

Defense

&

Security

Solutions,

Inc

10,939

16,229

Krones

AG.

1,426

13,858

KSB

Ltd

338

95,976

*

Kuang-Chi

Technologies

Co

Ltd

200

1,013,712

Kubota

Corp

14,087

37,404

Kumagai

Gumi

Co

Ltd

652

75,000

Kung

Long

Batteries

Industrial

Co

Ltd

326

93,587

Kurita

Water

Industries

Ltd

3,323

34,954

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

320

120,655

Kyowa

Exeo

Corp

1,744

62,022

Kyudenko

Corp

1,178

7,837

Kyung

Dong

Navien

Co

Ltd

186

131,056

L3Harris

Technologies,

Inc

27,237

3,506

Lakshmi

Machine

Works

Ltd

530

789,678

Larsen

&

Toubro

Ltd

17,827

782

*

Lawson

Products,

Inc

22

73,162

Legrand

S.A.

4,731

26,208

Lennox

International,

Inc

5,836

491,086

Leonardo

S.p.A.

3,477

108,938

LG

Corp

5,588

26,619

*,e

LG

Energy

Solution

7,849

6,839

LG

Hausys

Ltd

154

32,898

LG

International

Corp

888

422,067

Lifco

AB

5,855

42,108

LIG

Nex1

Co

Ltd

2,645

9,021

*,e

Lightning

eMotors,

Inc

14

29,168

Lincoln

Electric

Holdings,

Inc

3,667

90,212

Lindab

International

AB

1,006

1,476

Lindsay

Corp

211

68,951

*,e

Lion

Electric

Co

196

23,224

e

LISI

406

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

24

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

301,350

e

LIXIL

Group

Corp

$

4,422

1,943,500

e

LK

Technology

Holdings

Ltd

2,196

174,811

Lockheed

Martin

Corp

67,528

2,384,000

Lonking

Holdings

Ltd

349

63,051

LS

Cable

Ltd

2,474

19,531

LS

Industrial

Systems

Co

Ltd

632

2,655,400

LT

Group,

Inc

373

99,342

g

Luceco

plc

91

298,000

*,e

Luoyang

Glass

Co

Ltd

331

18,530

Luoyang

Xinqianglian

Slewing

Bearing

Co

Ltd

229

127,192

Luxfer

Holdings

plc

1,844

58,862

*

LX

Holdings

Corp

338

104,243

e

Maas

Group

Holdings

Ltd

210

62,932

Mabuchi

Motor

Co

Ltd

1,709

175,267

e

Maire

Tecnimont

S.p.A

411

28,539

Makino

Milling

Machine

Co

Ltd

881

226,191

Makita

Corp

4,389

2,025,200

Malaysian

Resources

Corp

BHD

131

11,755

e

Manitou

BF

S.A.

189

103,780

*

Manitowoc

Co,

Inc

804

642,900

Marcopolo

S.A.

344

78,591

*,e

Markforged

Holding

Corp

156

1,353,940

Marubeni

Corp

11,814

23,300

MARUKA

FURUSATO

Corp

497

1,072,050

Masco

Corp

50,054

3,033

*

Masonite

International

Corp

216

45,899

*

Mastec,

Inc

2,915

31,500

Max

Co

Ltd

433

55,037

Maxar

Technologies,

Inc

1,030

2,387

MBB

SE

186

11,240

McGrath

RentCorp

943

24,635

*,e

McPhy

Energy

S.A.

227

130,120

*,e

MDA

Ltd

683

165,098

MDU

Resources

Group,

Inc

4,515

1,255,500

e

MECOM

Power

and

Construction

Ltd

294

37,971

Meidensha

Corp

519

578,587

Melrose

Industries

plc

647

43,640

*

Mercury

Systems,

Inc

1,772

917,003

Metallurgical

Corp

of

China

Ltd

385

28,200

METAWATER

Co

Ltd

369

810,542

Metso

Outotec

Oyj

5,375

73,725

*,e

Microvast

Holdings,

Inc

133

14,686

*

Middleby

Corp

1,882

74,794

e

Mie

Kotsu

Group

Holdings,

Inc

258

8,550

Miller

Industries,

Inc

182

359,290

Minebea

Co

Ltd

5,315

136,300

Ming

Yang

Smart

Energy

Group

Ltd

461

248,462

Miraito

Holdings

Corp

2,518

406,454

MISUMI

Group,

Inc

8,752

1,595,635

Mitsubishi

Corp

43,641

1,258,077

Mitsubishi

Electric

Corp

11,383

311,938

Mitsubishi

Heavy

Industries

Ltd

10,375

33,400

Mitsubishi

Nichiyu

Forklift

Co

Ltd

171

33,550

Mitsuboshi

Belting

Co

Ltd

699

2,096,769

Mitsui

&

Co

Ltd

44,619

106,700

Miura

Co

Ltd

2,174

35,728

*,e

Momentus,

Inc

49

145,410

Monadelphous

Group

Ltd

1,207

4,421,090

MonotaRO

Co

Ltd

67,841

24,304

*,g

Montana

Aerospace

AG.

254

18,627

Moog,

Inc

(Class

A)

1,310

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

25

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

348,216

Morgan

Crucible

Co

plc

$

883

69,874

Morgan

Sindall

plc

1,140

138,144

Mori

Seiki

Co

Ltd

1,578

36,900

Morita

Holdings

Corp

328

887,382

*

MRC

Global,

Inc

6,380

36,537

MSC

Industrial

Direct

Co

(Class

A)

2,660

14,949

MTAR

Technologies

Ltd

288

76,024

MTU

Aero

Engines

Holding

AG.

11,362

143,933

Mueller

Industries,

Inc

8,555

21,146

Mueller

Water

Products,

Inc

(Class

A)

217

264,077

g

Munters

Group

AB

1,847

113,120

*

MYR

Group,

Inc

9,585

132,400

Nabtesco

Corp

2,708

16,533

Nachi-Fujikoshi

Corp

405

595,757

Nagarjuna

Construction

Co

520

118,700

Nagase

&

Co

Ltd

1,620

482,416

NARI

Technology

Co

Ltd

1,682

273,659

National

Central

Cooling

Co

PJSC

210

2,123,338

National

Industries

Group

Holding

SAK

1,568

4,218

National

Presto

Industries,

Inc

274

1,237,336

NBCC

India

Ltd

464

232,872

NCC

AB

(B

Shares)

1,676

1,888,789

*,e

NEL

ASA

2,082

54,294

Nexans

S.A.

4,833

84,007

e

NFI

Group,

Inc

738

79,004

NGK

Insulators

Ltd

983

1,885,608

Nibe

Industrier

AB

16,820

64,940

Nichias

Corp

1,007

15,700

Nichiden

Corp

188

55,345

Nichiha

Corp

1,049

62,952

Nidec

Corp

3,524

54,067

Nikkiso

Co

Ltd

339

38,155

*

Nikola

Corp

134

14,776

*

Nilfisk

Holding

A.S.

256

13,300

Ningbo

Deye

Technology

Co

Ltd

784

38,100

Ningbo

Orient

Wires

&

Cables

Co

Ltd

372

30,478

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

359

11,500

Nippon

Carbon

Co

Ltd

316

60,859

Nippon

Densetsu

Kogyo

Co

Ltd

773

6,100

e

Nippon

Road

Co

Ltd

242

17,717

Nippon

Steel

Trading

Co

Ltd

616

40,665

e

Nishimatsu

Construction

Co

Ltd

1,064

119,900

Nishio

Rent

All

Co

Ltd

2,366

162,931

Nisshinbo

Industries,

Inc

1,183

105,900

Nissin

Electric

Co

Ltd

974

22,200

Nitta

Corp

426

30,200

Nitto

Boseki

Co

Ltd

481

44,535

e

Nitto

Kogyo

Corp

730

93,872

*

NKT

Holding

AS

4,432

2,400

*,†,e

Noble

Group

Ltd

0

^

249,154

Nolato

AB

1,135

151,870

*,e

Nordex

AG.

1,197

66,162

Nordson

Corp

14,044

14,183

Noritake

Co

Ltd

394

21,851

Noritsu

Koki

Co

Ltd

369

32,231

Noritz

Corp

344

38,519

NORMA

Group

519

113,400

North

Industries

Group

Red

Arrow

Co

Ltd

357

280,748

Northrop

Grumman

Corp

132,041

6,784

*

Northwest

Pipe

Co

191

756,711

*

NOW,

Inc

7,605

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

26

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

524,866

NRW

Holdings

Ltd

$

799

470,600

e

NSK

Ltd

2,308

475,261

NTN

Corp

838

24,369

*,e

NuScale

Power

Corp

285

1,849

*

NV5

Global

Inc

229

138,886

nVent

Electric

plc

4,390

1,919,000

NWS

Holdings

Ltd

1,731

19,746

e

Obara

Corp

439

446,609

Obayashi

Corp

2,866

554,942

OC

Oerlikon

Corp

AG.

3,552

5,961

OHB

AG.

177

22,621

Oiles

Corp

230

34,267

Okuma

Holdings,

Inc

1,177

31,200

Okumura

Corp

614

52,485

Olectra

Greentech

Ltd

374

526

e

Omega

Flex,

Inc

49

325,606

*,e

Opus

Global

Rt

98

30,548

Organo

Corp

432

100,406

OSG

Corp

1,242

17,701

Oshkosh

Corp

1,244

9

OSRAM

Licht

AG.

0

^

460,879

Otis

Worldwide

Corp

29,404

9,662

Otokar

Otobus

Karoseri

Sanayi

AS

295

397,101

Owens

Corning,

Inc

31,216

177,809

*,e

OX2

AB

1,332

490,483

PACCAR,

Inc

41,049

19,175

e

Palfinger

AG.

368

16,679

Park

Aerospace

Corp

184

583,118

Parker-Hannifin

Corp

141,295

106,646

*

Parsons

Corp

4,181

219,349

Peab

AB

(Series

B)

1,049

160,099

Pentair

plc

6,505

1,704,900

Pentamaster

Corp

BHD

1,506

328,846

Penta-Ocean

Construction

Co

Ltd

1,651

22,127

People

&

Technology,

Inc

620

34,522

PER

Aarsleff

A.S.

849

4,070

Pfeiffer

Vacuum

Technology

AG.

502

207,839

*

PGT

Innovations,

Inc

4,356

449,237

*,e

Plug

Power,

Inc

9,438

138,567

PNC

Infratech

Ltd

447

44,399

PNE

AG.

767

63,730

Polycab

India

Ltd

1,993

450,068

Polypipe

Group

plc

1,457

187,100

Polyplex

PCL

(Foreign)

121

21,693

Porr

AG.

191

7,556

Powell

Industries,

Inc

159

613,269

Power

Construction

Corp

of

China

Ltd

599

56,370

*,e

PowerCell

Sweden

AB

691

3,397,000

*

PP

Persero

Tbk

PT

196

143,868

Praj

Industries

Ltd

730

2,024

Preformed

Line

Products

Co

144

37,755

Primoris

Services

Corp

614

40,560

Prince

Pipes

&

Fittings

Ltd

286

102,440

*,e

Proterra,

Inc

510

26,428

*

Proto

Labs,

Inc

963

131,007

Prysmian

S.p.A.

3,753

8,333

Pylon

Technologies

Co

Ltd

470

1,343,404

QinetiQ

plc

4,902

25,731

Quanex

Building

Products

Corp

467

283,920

Quanta

Services,

Inc

36,169

50,773

*

RADA

Electronic

Industries

Ltd

489

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

27

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

45,700

Raito

Kogyo

Co

Ltd

$

601

211,700

Randon

Participacoes

S.A.

373

623,730

Ras

Al

Khaimah

Ceramics

498

5,534

Rational

AG.

2,680

5,497,562

Raytheon

Technologies

Corp

450,030

19,246

*

RBC

Bearings,

Inc

4,000

626,000

*,e

Realord

Group

Holdings

Ltd

751

16,635

*,e

Redwire

Corp

40

236,526

Reece

Ltd

2,125

119,092

Regal-Beloit

Corp

16,716

1,427,005

Reliance

Worldwide

Corp

Ltd

3,105

45,600

*,e

ReneSola

Ltd

(ADR)

230

109,771

*

Resideo

Technologies,

Inc

2,092

200,396

Reunert

Ltd

479

25,786

REV

Group,

Inc

284

542,245

Rexel

S.A.

8,126

155,000

Rexon

Industrial

Corp

Ltd

145

126,302

Rheinmetall

AG.

19,446

65,043

e

Richelieu

Hardware

Ltd

1,805

6,065

e

Rieter

Holding

AG.

515

64,400

Riyue

Heavy

Industry

Co

Ltd

190

96,962

*,e

Rocket

Lab

USA,

Inc

395

246,030

Rockwell

Automation,

Inc

52,924

1,355

Rockwool

International

AS

(B

Shares)

214

9,229,112

*

Rolls-Royce

Group

plc

7,068

1,742,486

Rotork

plc

4,522

63,000

Ruentex

Engineering

&

Construction

Co

163

244,950

Run

Long

Construction

Co

Ltd

458

77,445

Rush

Enterprises,

Inc

(Class

A)

3,397

7,183

Rush

Enterprises,

Inc

(Class

B)

344

76,680

Russel

Metals,

Inc

1,427

89,007

Saab

AB

(Class

B)

2,773

473,304

e

Sacyr

Vallehermoso

S.A.

1,035

565,312

Safran

S.A.

51,438

30,711

Salcef

S.p.A

418

106,033

*

SAM

KANG

M&T

Co

Ltd

1,557

9,254

Samho

International

Co

Ltd

101

121,221

Samsung

C&T

Corp

8,686

108,288

*

Samsung

Engineering

Co

Ltd

1,705

439,468

*

Samsung

Heavy

Industries

Co

Ltd

1,619

104,383

Samsung

Techwin

Co

Ltd

4,459

207,000

San

Shing

Fastech

Corp

348

2,243,430

Sandvik

AB

30,581

47,500

Sanki

Engineering

Co

Ltd

520

225,141

Sanwa

Shutter

Corp

1,934

1,281,000

Sany

Heavy

Equipment

International

1,243

625,857

Sany

Heavy

Industry

Co

Ltd

1,219

10,000

Sanyo

Denki

Co

Ltd

341

18,179

*,e

Sarcos

Technology

and

Robotics

Corp

40

46,959

Saudi

Ceramic

Co

483

63,717

e

Savaria

Corp

637

56,090

Schaeffler

India

Ltd

2,195

104,906

Schindler

Holding

AG.

16,281

122,734

Schindler

Holding

AG.

(Registered)

18,493

530,515

Schneider

Electric

S.A.

59,922

1,214

e

Schweiter

Technologies

AG.

899

29,095

Sekisui

Jushi

Corp

331

21,005,292

*,e

SembCorp

Marine

Ltd

1,536

11,991

e

Semperit

AG.

Holding

201

615,461

*

Senior

plc

804

68,307

Sensata

Technologies

Holding

plc

2,546

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

28

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

200,432

e

Seven

Group

Holdings

Ltd

$

2,174

21,219

SFA

Engineering

Corp

559

23,117

SFS

Group

AG.

1,987

74,002

*,e

SGL

Carbon

AG.

429

380,627

Shanghai

Construction

Group

Co

Ltd

135

569,700

Shanghai

Diesel

Engine

Co

Ltd

228

857,803

Shanghai

Electric

Group

Co

Ltd

467

387,800

Shanghai

Highly

Group

Co

Ltd

180

532,000

Shanghai

Industrial

Holdings

Ltd

576

281,100

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

286

414,100

*

Shanghai

Zhongyida

Co

Ltd

196

190,541

Shapir

Engineering

and

Industry

Ltd

1,538

168,040

Shenzhen

Inovance

Technology

Co

Ltd

1,359

24,936

Shibaura

Machine

Co

Ltd

496

17,200

Shibuya

Kogyo

Co

Ltd

288

300,780

*

Shikun

&

Binui

Ltd

1,215

31,800

e

Shima

Seiki

Manufacturing

Ltd

443

369,244

Shimizu

Corp

1,805

279,000

Shin

Zu

Shing

Co

Ltd

790

18,584

Shinko

Plantech

Co

Ltd

151

61,600

Shinmaywa

Industries

Ltd

414

307,841

*

Shoals

Technologies

Group,

Inc

6,634

52,908

SHO-BOND

Holdings

Co

Ltd

2,286

565,753

Shyft

Group,

Inc

11,558

96,600

*

Sichuan

New

Energy

Power

Co

Ltd

255

282,400

Sichuan

Road

&

Bridge

Co

Ltd

406

1,490,636

Siemens

AG.

145,699

1,047,407

e

Siemens

Energy

AG.

11,533

30,164

*

Siemens

Gamesa

Renewable

Energy

526

78,404

Siemens

India

Ltd

2,656

43,800

Sieyuan

Electric

Co

Ltd

235

888,978

*

SIG

plc

298

239,125

g

Signify

NV

6,154

3,337,859

Sime

Darby

BHD

1,535

13,806

Simpson

Manufacturing

Co,

Inc

1,082

846,907

Singapore

Technologies

Engineering

Ltd

2,104

3,342,100

Sino

Thai

Engineering

&

Construction

PCL

1,006

1,998,500

Sinopec

Engineering

Group

Co

Ltd

799

1,086,467

Sinotruk

Hong

Kong

Ltd

903

39,208

*

SiteOne

Landscape

Supply,

Inc

4,083

2,880,136

*,e

Sitios

Latinoamerica

SAB

de

C.V.

1,286

46,737

SK

Holdings

Co

Ltd

6,205

415,975

SK

Networks

Co

Ltd

1,144

50,276

Skanska

AB

(B

Shares)

626

669,740

e

SKF

AB

(B

Shares)

8,972

31,664

SKF

India

Ltd

1,827

165,626

SM

Investments

Corp

2,040

36,463

SMC

Corp

14,839

1,510,463

Smiths

Group

plc

25,160

42,291

Snap-On,

Inc

8,515

214,012

e

SNC-Lavalin

Group,

Inc

3,563

290,302

Sojitz

Holdings

Corp

4,253

6,617

Solar

Holdings

AS

(B

Shares)

433

49,581

*,e

Soltec

Power

Holdings

S.A.

206

9,050

Somfy

S.A.

839

103,293

Spirax-Sarco

Engineering

plc

11,874

500,983

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

10,982

281,137

*

SPX

Technologies,

Inc

15,524

29,639

Stabilus

SE

1,303

61,238

e

Stadler

Rail

AG.

1,682

20,092

Standex

International

Corp

1,641

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

29

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

126,106

Stanley

Black

&

Decker,

Inc

$

9,484

47,166

Star

Micronics

Co

Ltd

531

10,128

Steico

SE

431

344,355

*,e

Stem,

Inc

4,594

55,655

*

Sterling

&

Wilson

Solar

Ltd

209

24,984

*

Sterling

Construction

Co,

Inc

536

1,676,300

e

Storskogen

Group

AB

1,345

19,214

Strabag

SE

727

26,027

Sulzer

AG.

1,497

751,670

Sumitomo

Corp

9,286

19,097

Sumitomo

Densetsu

Co

Ltd

342

270,400

Sumitomo

Heavy

Industries

Ltd

5,008

144,137

Sumitomo

Mitsui

Construction

Co

Ltd

443

1,452,000

*

Sun

King

Power

Electronics

Group

Ltd

297

95,270

Sungrow

Power

Supply

Co

Ltd

1,476

315,366

*

Sunrun,

Inc

8,701

2,416,900

Sunway

BHD

817

339,200

Sunway

Construction

Group

BHD

110

71,763

Sunwoda

Electronic

Co

Ltd

234

10,400

Suzhou

Maxwell

Technologies

Co

Ltd

709

6,100,669

*

Suzlon

Energy

Ltd

643

262,529

e

Sweco

AB

2,202

676,280

Ta

Ya

Electric

Wire

&

Cable

387

118,822

Tadano

Ltd

695

769,068

*,e

Taihan

Electric

Wire

Co

Ltd

771

7,343

Taihei

Dengyo

Kaisha

Ltd

169

31,053

Taikisha

Ltd

691

122,486

Taisei

Corp

3,397

1,205,000

Taiwan

Glass

Industrial

Corp

659

11,439

Takamatsu

Corp

149

36,164

Takara

Standard

Co

Ltd

324

84,841

Takasago

Thermal

Engineering

Co

Ltd

998

137,600

Takeuchi

Manufacturing

Co

Ltd

2,540

75,700

Takuma

Co

Ltd

649

77,852

e,g

Talgo

S.A.

189

2,129,000

*

Tatung

Co

Ltd

2,127

75,000

Taurus

Armas

S.A.

227

283,066

TBEA

Co

Ltd

859

1,385,975

Techtronic

Industries

Co

13,225

1,966,000

Teco

Electric

and

Machinery

Co

Ltd

1,736

211,778

Tekfen

Holding

AS

334

8,796

Tennant

Co

498

420,838

Terex

Corp

12,516

18,853

*,e

Terran

Orbital

Corp

33

30,455

Textainer

Group

Holdings

Ltd

818

688,760

Textron,

Inc

40,127

59,634

Thales

S.A.

6,571

5,640,000

*,e

Theme

International

Holdings

Ltd

564

49,764

Thermax

Ltd

1,319

26,103

*

Thermon

Group

Holdings

402

149,200

*

THK

Co

Ltd

2,576

8,870,100

Thoresen

Thai

Agencies

PCL

1,794

16,558

Timken

Co

978

27,508

Timken

India

Ltd

1,032

78,974

*

Titan

International,

Inc

959

108,554

*

Titan

Machinery,

Inc

3,068

142,900

Titan

Wind

Energy

Suzhou

Co

Ltd

254

48,477

TKH

Group

NV

1,570

13,600

Toa

Corp/Tokyo

234

90,111

Tocalo

Co

Ltd

731

257,256

e

Toda

Corp

1,323

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

30

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

9,815

e

Toenec

Corp

$

231

119,700

Tokai

Corp

721

91,602

Tokyu

Construction

Co

Ltd

398

38,464

Toro

Co

3,326

164,500

Toromont

Industries

Ltd

11,451

186,892

Toshiba

Corp

6,658

27,077

Totetsu

Kogyo

Co

Ltd

435

95,428

Toto

Ltd

3,187

78,503

Toyo

Construction

Co

Ltd

464

16,900

Toyo

Tanso

Co

Ltd

383

90,771

Toyota

Industries

Corp

4,336

140,458

Toyota

Tsusho

Corp

4,351

5,425

*

TPI

Composites,

Inc

61

954,370

Trane

Technologies

plc

138,202

1,087

*

Transcat

Inc

82

81,653

TransDigm

Group,

Inc

42,853

555,751

Travis

Perkins

plc

4,771

396,980

Trelleborg

AB

(B

Shares)

7,448

104,388

*

Trex

Co,

Inc

4,587

55,424

Trinity

Industries,

Inc

1,183

47,054

Triton

International

Ltd

2,575

150,333

*

Triumph

Group,

Inc

1,291

92,314

Triveni

Turbine

Ltd

265

53,509

Troax

Group

AB

755

68,910

Trusco

Nakayama

Corp

951

30,290

Tsubakimoto

Chain

Co

640

47,400

Tsugami

Corp

383

16,408

Turk

Traktor

ve

Ziraat

Makineleri

AS

247

1,594,907

Turkiye

Sise

ve

Cam

Fabrikalari

AS

2,193

35,864

*

Tutor

Perini

Corp

198

31,056

*

TY

Holdings

Co

Ltd

260

231,758

Tyman

plc

505

156,447

UFP

Industries,

Inc

11,289

17,800

Union

Tool

Co

409

194,000

United

Integrated

Services

Co

Ltd

914

121,000

*

United

Rentals,

Inc

32,685

278,228

*

Univar

Solutions

Inc

6,327

66,638

Uponor

Oyj

876

116,100

Ushio,

Inc

1,206

467,900

UWC

BHD

388

203,012

e

Valmet

Corp

4,104

17,224

Valmont

Industries,

Inc

4,627

22,091

e

Varta

AG.

626

29,497

e,g

VAT

Group

AG.

5,986

76,701

*

Vectrus,

Inc

2,715

131,688

Veidekke

ASA

985

10,521

*,e

Velo3D,

Inc

41

369,414

Ventia

Services

Group

Pty

Ltd

609

1,842

*

Veritiv

Corp

180

247,735

Vertiv

Holdings

Co

2,408

485,635

Vestas

Wind

Systems

A.S.

8,942

178,721

*,e

Vestum

AB

200

289,350

Vesuvius

plc

1,000

173,269

V-Guard

Industries

Ltd

515

14,987

*

Vicor

Corp

886

94,989

*,e

View,

Inc

127

853,194

Vinci

S.A.

68,990

104,703

*,e

Virgin

Galactic

Holdings,

Inc

493

27,974

Volati

AB

246

386,206

e

Volex

plc

1,052

267,561

Voltas

Ltd

2,966

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

31

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

72,000

Voltronic

Power

Technology

Corp

$

3,167

236,758

Volution

Group

plc

768

29,246

Volvo

AB

(A

Shares)

433

836,999

Volvo

AB

(B

Shares)

11,844

9,242

Vossloh

AG.

280

236,509

W.W.

Grainger,

Inc

115,698

312,549

Wabash

National

Corp

4,863

81,265

Wacker

Construction

Equipment

AG.

1,061

62,800

Wakita

&

Co

Ltd

506

2,878,848

Walsin

Lihwa

Corp

3,636

2,548,587

e

Wartsila

Oyj

(B

Shares)

16,280

9,448,700

*

Waskita

Karya

Persero

Tbk

PT

313

28,745

Watsco,

Inc

7,401

8,754

Watts

Water

Technologies,

Inc

(Class

A)

1,101

474,071

e

Webuild

SpA

578

1,885,450

Weg

S.A.

11,234

1,506,709

Weichai

Power

Co

Ltd

1,427

313,486

Weichai

Power

Co

Ltd

(Class

A)

424

1,836,977

Weir

Group

plc

28,439

24,952

*

WESCO

International,

Inc

2,979

843,412

Westinghouse

Air

Brake

Technologies

Corp

68,612

3,505,300

*

Wijaya

Karya

Persero

Tbk

PT

212

214,408

*

WillScot

Mobile

Mini

Holdings

Corp

8,647

64,257

Wilson

Bayly

Holmes-Ovcon

Ltd

302

47,825

Woodward

Inc

3,838

152,985

WSP

Global,

Inc

16,847

24,580

Wuxi

Shangji

Automation

Co

Ltd

464

17,660

XANO

Industri

AB

166

656,738

XCMG

Construction

Machinery

Co

Ltd

414

219,611

Xiamen

C

&

D,

Inc

428

271,767

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

433

984,613

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

H

1,135

1,698,000

Xinyi

Glass

Holdings

Co

Ltd

2,456

13,469

*,e

Xos,

Inc

16

172,000

Xxentria

Technology

Materials

Corp

325

50,046

e

Xylem,

Inc

4,372

41,980

YAMABIKO

Corp

321

59,670

Yamazen

Corp

376

3,154,200

Yangzijiang

Shipbuilding

2,252

36,422

Yaskawa

Electric

Corp

1,048

209,965

*,g

Yellow

Cake

plc

937

61,279

Yokogawa

Bridge

Holdings

Corp

806

19,452

Yuasa

Trading

Co

Ltd

471

40,800

Yurtec

Corp

199

11,832

Zehnder

Group

AG.

599

254,400

Zhefu

Holding

Group

Co

Ltd

140

147,963

Zhejiang

Chint

Electrics

Co

Ltd

555

17,792

Zhejiang

Dingli

Machinery

Co

Ltd

91

23,821

Zhejiang

HangKe

Technology,

Inc

Co

167

129,651

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

375

279,200

Zhengzhou

Coal

Mining

Machinery

Group

Co

Ltd

278

41,682

Zhuzhou

CRRC

Times

Electric

Co

Ltd

316

392,600

Zhuzhou

CSR

Times

Electric

Co

Ltd

1,643

229,800

Zhuzhou

Kibing

Group

Co

Ltd

310

550,139

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

429

1,264,138

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

H

437

298,973

Zurn

Water

Solutions

Corp

7,325

TOTAL

CAPITAL

GOODS

6,921,698

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

32

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

137,834

ABM

Industries,

Inc

$

5,269

313,075

ACCO

Brands

Corp

1,534

49,936

*,e

ACV

Auctions,

Inc

359

176,242

Adecco

S.A.

4,864

41,320

Aeon

Delight

Co

Ltd

811

179,155

AF

AB

2,254

1,313,121

*

Aker

Carbon

Capture

AS.

1,679

290,365

*,e

Aker

Horizons

Holding

ASA

367

257,052

*

Alight,

Inc

1,884

560,254

ALS

Ltd

3,630

7,667

Amadeus

Fire

AG

626

51,400

Ambipar

Participacoes

e

Empreendimentos

S

260

38,678

*

Anaergia,

Inc

235

328,872

APM

Human

Services

International

ltd

711

182,717

Applus

Services

S.A.

1,027

174,652

e

Aris

Water

Solution,

Inc

2,229

140,720

*

ASGN

Inc

12,717

34,614

*,e

Atlas

Technical

Consultants,

Inc

230

4,813

Barrett

Business

Services,

Inc

375

57,379

BayCurrent

Consulting,

Inc

14,886

48,447

g

Befesa

S.A.

1,470

275,323

Beijing

Originwater

Technology

Co

Ltd

183

449,200

Benefit

One,

Inc

6,296

70,647

BeNEXT

Group

Inc

784

7,490

Bertrandt

AG.

245

371,783

g

Biffa

plc

1,710

36,171

Bilfinger

Berger

AG.

905

104,500

Binjiang

Service

Group

Co

Ltd

257

250,300

Boa

Vista

Servicos

S.A.

273

223,655

Booz

Allen

Hamilton

Holding

Co

20,655

114,204

e

Boyd

Group

Services,

Inc

14,381

31,129

Brady

Corp

(Class

A)

1,299

1,523,293

Brambles

Ltd

11,144

246,103

g

Bravida

Holding

AB

2,014

34,497

*

BrightView

Holdings,

Inc

274

70,063

Brink's

Co

3,394

84,531

Brunel

International

NV

705

417,940

Bureau

Veritas

S.A.

9,352

27,582

*

CACI

International,

Inc

(Class

A)

7,201

13,520

e

Calian

Group

Ltd

547

32,837

*

Casella

Waste

Systems,

Inc

(Class

A)

2,508

122,252

e

Caverion

Corp

512

6,785

*

CBIZ,

Inc

290

6,588

Cewe

Color

Holding

AG.

479

2,003,000

*

China

Conch

Environment

Protection

Holdings

Ltd

1,025

3,066,085

China

Everbright

International

Ltd

1,269

2,817

*

Cimpress

plc

69

79,122

Cintas

Corp

30,714

198,180

*

Clarivate

Analytics

plc

1,861

52,982

*

Clean

Harbors,

Inc

5,827

105,000

Cleanaway

Co

Ltd

576

3,267,788

Cleanaway

Waste

Management

Ltd

5,697

772

Compx

International,

Inc

13

127,378

g

Coor

Service

Management

Holding

AB

865

194,661

*

Copart,

Inc

20,712

89,892

*

CoreCivic,

Inc

795

292,102

*

CoStar

Group,

Inc

20,345

1,182

CRA

International,

Inc

105

1,370,700

CTOS

Digital

Bhd

393

1,957,933

Dai

Nippon

Printing

Co

Ltd

39,226

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

33

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

52,665

Daiseki

Co

Ltd

$

1,614

6,519

Danel

Adir

Yeoshua

Ltd

682

58,780

Deluxe

Corp

979

112,775

Derichebourg

449

75,627

DKSH

Holding

AG.

5,487

8,435

*,e

DO

&

CO

AG.

560

830,848

Downer

EDI

Ltd

2,430

43,629

*

Driven

Brands

Holdings,

Inc

1,221

203,820

Dun

&

Bradstreet

Holdings,

Inc

2,525

42,898

Duskin

Co

Ltd

843

451,000

Dynagreen

Environmental

Protection

Group

Co

Ltd

137

8,407

*

eClerx

Services

Ltd

147

15,644

Ecopro

HN

Co

Ltd

548

65,000

ECOVE

Environment

Corp

529

323,642

Elis

S.A.

3,263

38,920

en-japan,

Inc

600

30,602

Ennis,

Inc

616

86,830

Equifax,

Inc

14,885

627,071

Experian

Group

Ltd

18,356

31,144

Exponent,

Inc

2,730

29,016

Fila

S.p.A

198

648,578

*,e

First

Advantage

Corp

8,321

28,591

*

Forrester

Research,

Inc

1,030

47,753

*

Franklin

Covey

Co

2,167

3,021,700

Frontken

Corp

BHD

1,760

28,987

*

FTI

Consulting,

Inc

4,803

29,365

Fullcast

Co

Ltd

517

81,754

Funai

Soken

Holdings,

Inc

1,390

16,753

*

GDI

Integrated

Facility

Services,

Inc

518

88,359

*,e

Geo

Group,

Inc

680

226,018

GFL

Environmental,

Inc

5,712

319,500

g

GPS

Participacoes

e

Empreendimentos

S.A.

796

19,473

Grupa

Pracuj

S.A.

149

61,967

*

Harsco

Corp

232

2,033,956

Hays

plc

2,292

88,107

Healthcare

Services

Group

1,065

15,231

Heidrick

&

Struggles

International,

Inc

396

71,694

*

Heritage-Crystal

Clean,

Inc

2,120

83,736

Herman

Miller,

Inc

1,306

3,726

*,e

HireRight

Holdings

Corp

57

5,493

HNI

Corp

146

369,095

HomeServe

plc

4,863

30,409

*

Huron

Consulting

Group,

Inc

2,015

123,996

*

IAA,

Inc

3,949

175,591

ICF

International,

Inc

19,143

261,663

Indian

Railway

Catering

&

Tourism

Corp

Ltd

2,247

79,806

Insource

Co

Ltd

1,446

49,833

Insperity,

Inc

5,087

30,740

*

Insun

ENT

Co

Ltd

197

141,712

Interface,

Inc

1,274

173,947

Intertek

Group

plc

7,137

110,087

*,g

Intertrust

NV

2,108

1,073,658

e

Intrum

Justitia

AB

13,494

252,527

IPH

Ltd

1,537

10,844

e

IR

Japan

Holdings

Ltd

153

192,010

*

ISS

AS

2,960

19,900

JAC

Recruitment

Co

Ltd

305

103,123

Jacobs

Solutions,

Inc

11,188

1,145,300

Japan

Elevator

Service

Holdings

Co

Ltd

14,987

537,649

*

Johnson

Service

Group

plc

471

90,617

*

KAR

Auction

Services,

Inc

1,012

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

34

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

191,968

KBR,

Inc

$

8,297

83,714

Kelly

Services,

Inc

(Class

A)

1,138

26,660

KEPCO

Plant

Service

&

Engineering

Co

Ltd

641

122,555

Kforce,

Inc

7,188

48,819

Kimball

International,

Inc

(Class

B)

307

102,408

Kokuyo

Co

Ltd

1,298

7,442

Korn/Ferry

International

349

12,389

*,e

Legalzoom.com,

Inc

106

136,049

Leidos

Holdings,

Inc

11,900

67,340

*,e

Li-Cycle

Holdings

Corp

358

47,189

e

Link

And

Motivation,

Inc

251

91,032

Loomis

AB

2,244

34,833

Maharah

Human

Resources

Co

567

11,500

*,e

Management

Solutions

Co

Ltd

233

21,425

Manpower,

Inc

1,386

107,074

*,e

Marlowe

plc

956

14,262

Matsuda

Sangyo

Co

Ltd

214

22,662

Matthews

International

Corp

(Class

A)

508

97,050

McMillan

Shakespeare

Ltd

799

88,484

Meitec

Corp

1,400

184,096

*,e

Meltwater

Holding

BV

181

401,018

Michael

Page

International

plc

1,648

10,000

Midac

Holdings

Co

Ltd

232

1,745,821

Mitie

Group

1,211

47,444

Mitsubishi

Pencil

Co

Ltd

464

3,557

*

Montrose

Environmental

Group,

Inc

120

31,543

MSA

Safety,

Inc

3,447

44,852

NICE

Information

Service

Co

Ltd

416

294,925

Nielsen

NV

8,175

718,270

Nihon

M&A

Center,

Inc

8,215

17,500

e

Nippon

Kanzai

Co

Ltd

306

218,111

Nippon

Parking

Development

Co

Ltd

303

7,541

NL

Industries,

Inc

58

253,348

Nomura

Co

Ltd

1,581

67,928

Okamura

Corp

648

137,309

Outsourcing,

Inc

1,038

211,100

Park24

Co

Ltd

2,740

24,300

Pasona

Group,

Inc

336

137,426

Persol

Holdings

Co

Ltd

2,542

35,142

Pilot

Corp

1,329

273,060

Pitney

Bowes,

Inc

636

33,271

*,e

Planet

Labs

PBC

181

123,827

Prestige

International,

Inc

541

513,742

e,g

Prosegur

Cash

S.A.

320

315,685

Prosegur

Cia

de

Seguridad

S.A.

478

15,649,500

*

PSG

Corp

PCL

646

100,932

*,e

PyroGenesis

Canada,

Inc

110

30,649

*,e

Quad

Graphics,

Inc

78

84,491

g

Quess

Corp

Ltd

666

472,303

*,e

Raksul,

Inc

8,095

130,398

e

Randstad

Holdings

NV

5,628

4,685,174

Recruit

Holdings

Co

Ltd

134,959

1,351

*,e

Red

Violet,

Inc

23

2,242,070

RELX

plc

54,787

96,408

*

Renewi

plc

604

2,009,351

Rentokil

Initial

plc

10,651

168,009

Republic

Services,

Inc

22,856

25,373

Resources

Connection,

Inc

458

151,152

Restore

plc

625

136,778

Ritchie

Bros

Auctioneers,

Inc

8,546

55,213

Robert

Half

International,

Inc

4,224

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

35

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

211,898

Rollins,

Inc

$

7,349

379,258

RWS

Holdings

plc

1,355

19,938

S1

Corp

(Korea)

803

33,652

Sato

Corp

419

119,625

*

Saudi

Airlines

Catering

Co

2,255

45,228

Science

Applications

International

Corp

4,000

35,506

*

Sdiptech

AB

612

194,306

Secom

Co

Ltd

11,079

337,311

e

Securitas

AB

(B

Shares)

2,342

1,483,964

Serco

Group

plc

2,574

122,207

SG

Fleet

Group

Ltd

157

6,882

SGS

S.A.

14,726

40,635

Shanghai

M&G

Stationery,

Inc

258

100,500

*,†

Shanghai

Youngsun

Investment

Co

Ltd

1

34,894

*

SIS

Ltd

178

64,972

*,e

Skillsoft

Corp

119

153,734

Smart

Metering

Systems

plc

1,380

306,202

SmartGroup

Corp

Ltd

979

524,987

SMS

Co

Ltd

10,606

29,691

Societe

BIC

S.A.

1,883

93,000

Sohgo

Security

Services

Co

Ltd

2,340

22,406

*

SP

Plus

Corp

702

435,019

SPIE

S.A.

9,112

107,663

*,e

Spire

Global,

Inc

116

80,832

S-Pool,

Inc

581

86,000

Sporton

International,

Inc

636

136,101

e

Stantec,

Inc

5,969

66,862

Steelcase,

Inc

(Class

A)

436

37,888

*

Stericycle,

Inc

1,595

5,250

*,e

Sterling

Check

Corp

93

208,862

Sthree

plc

799

108,000

Sunny

Friend

Environmental

Technology

Co

Ltd

514

448,000

Taiwan

Secom

Co

Ltd

1,423

556,000

Taiwan-Sogo

Shinkong

Security

Corp

683

36,975

e

Talenom

Oyj

317

10,648

*

TeamLease

Services

Ltd

392

788,054

TechnoPro

Holdings,

Inc

16,787

152,495

Teleperformance

38,685

70,434

Tetra

Tech,

Inc

9,053

220,719

Thomson

Reuters

Corp

22,658

78,390

Thomson

Reuters

Corp

8,044

25,378

e

Tinexta

S.p.A

470

288,603

TOMRA

Systems

ASA

5,092

175,317

Toppan

Printing

Co

Ltd

2,612

102,847

TransUnion

6,118

53,400

TRE

Holdings

Corp

628

117,089

*

TriNet

Group,

Inc

8,339

25,628

*

TrueBlue,

Inc

489

11,283

Unifirst

Corp

1,898

87,232

*

Upwork,

Inc

1,188

33,899

UT

Group

Co

Ltd

557

378,795

Verisk

Analytics,

Inc

64,596

29,205

*

Viad

Corp

922

19,500

*

Visional,

Inc

1,202

8,042

VSE

Corp

285

485,463

Waste

Connections,

Inc

65,601

659,036

Waste

Management,

Inc

105,584

11,800

WDB

Holdings

Co

Ltd

196

7,000

Weathernews,

Inc

361

8,846

*

Willdan

Group,

Inc

131

319,479

Wolters

Kluwer

NV

31,109

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

36

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

231,000

*,†,e

Youyuan

International

Holdings

Ltd

$

0

^

91,260

Zhejiang

Weiming

Environment

Protection

Co

Ltd

300

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,274,076

CONSUMER

DURABLES

&

APPAREL

-

1.8%

1,030,000

*

361

Degrees

International

Ltd

477

20,007

Acushnet

Holdings

Corp

870

371,307

Adidas-Salomon

AG.

42,686

458,894

*

Aditya

Birla

Fashion

and

Retail

Ltd

1,953

177,086

Aksa

Akrilik

Kimya

Sanayii

546

507,484

*,e

Allbirds,

Inc

1,543

2,019,643

*

Alok

Industries

Ltd

444

267,000

Alpargatas

S.A.

1,053

19,689

*

Amber

Enterprises

India

Ltd

569

70,802

*,e

AMMO,

Inc

207

865,200

AmTRAN

Technology

Co

Ltd

263

1,334,355

Anta

Sports

Products

Ltd

14,006

79,500

Arezzo

Industria

e

Comercio

S.A.

1,450

101,657

Ariston

Holding

NV

863

196,473

Asics

Corp

3,129

128,544

Azorim-Investment

Development

&

Construction

Co

Ltd

443

49,663

Bajaj

Electricals

Ltd

732

250,736

Bandai

Namco

Holdings

Inc

16,340

153,289

Barratt

Developments

plc

579

65,464

Bata

India

Ltd

1,459

24,577

*

Beazer

Homes

USA,

Inc

238

5,483

Beijing

Roborock

Technology

Co

Ltd

199

150,468

Bellway

plc

2,834

25,021

*,†

BEML

Land

Assets

Ltd

109

78,154

Beneteau

S.A.

802

16,530

Berkeley

Group

Holdings

plc

604

94,840

e

Bonava

AB

222

537,000

*,†,e

Boshiwa

International

Holding

Ltd

1

2,300,472

Bosideng

International

Holdings

Ltd

1,134

270,945

Bovis

Homes

Group

plc

1,782

118,707

e

Breville

Group

Ltd

1,370

46,827

e

BRP,

Inc

(Toronto)

2,885

41,562

Brunello

Cucinelli

S.p.A

2,010

278,235

Brunswick

Corp

18,211

59,724

Burberry

Group

plc

1,193

6,746,424

Cairn

Homes

plc

5,458

7,143,636

Cairn

Homes

plc

(London)

5,823

652,058

*,e

Callaway

Golf

Co

12,559

67,380

*

Canada

Goose

Holdings,

Inc

1,025

517,263

*

Capri

Holdings

Ltd

19,884

1,659

Carter's,

Inc

109

235,700

*,e

Casio

Computer

Co

Ltd

2,069

12,130

*

Cavco

Industries,

Inc

2,496

43,813

*

CCC

S.A.

326

20,268

Century

Communities,

Inc

867

599,000

China

Lilang

Ltd

255

21,900

Chofu

Seisakusho

Co

Ltd

309

427,357

Chow

Sang

Sang

Holding

434

733,701

Cie

Financiere

Richemont

S.A.

69,258

1,688,000

*

Citychamp

Watch

&

Jewellery

Group

Ltd

243

7,760

e

Clarus

Corp

105

1,751,816

Coats

Group

plc

989

1,442

Columbia

Sportswear

Co

97

589,614

*,g

Countryside

Properties

plc

1,308

62,249

Coway

Co

Ltd

2,328

32,799

COWELL

FASHION

Co

Ltd

120

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

37

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

307,980

Crest

Nicholson

Holdings

plc

$

625

163,994

*

Crocs,

Inc

11,260

756,926

Crompton

Greaves

Consumer

Electricals

Ltd

3,813

656,375

g

Crystal

International

Group

Ltd

207

12,391

Cuckoo

Electronics

Co

Ltd

142

362,200

Cyrela

Brazil

Realty

S.A.

1,232

19,500

Daiwa

Seiko,

Inc

290

19,091

Danya

Cebus

Ltd

443

46,180

*

Deckers

Outdoor

Corp

14,436

92,277

e

De'Longhi

S.p.A.

1,349

13,847

Delta-Galil

Industries

Ltd

640

32,302

Descente

Ltd

742

14,530

DI

Dong

Il

Corp

138

37,618

Dixon

Technologies

India

Ltd

2,005

745,547

DR

Horton,

Inc

50,213

741,902

Dr.

Martens

PLC

1,818

3,001

*,e

Dream

Finders

Homes,

Inc

32

37,463

*

Duni

AB

214

823,869

Eclat

Textile

Co

Ltd

10,115

28,200

Ecovacs

Robotics

Co

Ltd

264

2,124

Einhell

Germany

AG.

247

14,438

Electra

Consumer

Products

1970

Ltd

524

611,377

e

Electrolux

AB

6,354

28,646

Ermenegildo

Zegna

Holditalia

S.p.A

308

42,057

ES-Con

Japan

Ltd

238

1,253,860

Essilor

International

S.A.

170,428

18,114

Ethan

Allen

Interiors,

Inc

383

125,700

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

495

19,016

F&F

Co

Ltd

1,804

1,348,689

Feng

TAY

Enterprise

Co

Ltd

6,671

24,654

*,†

FF

Group

0

^

58,770

Fila

Korea

Ltd

1,271

1,200

Forbo

Holding

AG.

1,298

938,000

Formosa

Taffeta

Co

Ltd

797

38,209

*

Fossil

Group,

Inc

131

339,999

*,†,e

Fuguiniao

Co

Ltd

0

^

72,221

e

Fujitsu

General

Ltd

1,503

165,000

Fulgent

Sun

International

Holding

Co

Ltd

823

110,000

Fusheng

Precision

Co

Ltd

630

40,141

Games

Workshop

Group

plc

2,567

67,548

Garmin

Ltd

5,425

8,937

Garware

Technical

Fibres

Ltd

378

327,856

Giant

Manufacturing

Co

Ltd

2,111

120,431

*

G-III

Apparel

Group

Ltd

1,800

230,953

e

Gildan

Activewear,

Inc

6,529

1,707,842

*,g

Glenveagh

Properties

plc

1,486

3,460,973

*,g

Glenveagh

Properties

plc

(London)

3,061

1,046,000

*,e

Golden

Solar

New

Energy

Technology

Holdings

Ltd

1,027

28,947

Goldwin,

Inc

1,530

7,141

Golfzon

co

Ltd

534

96,986

*

GoPro,

Inc

478

137,000

Gree

Electric

Appliances,

Inc

of

Zhuhai

625

16,560

*

Green

Brick

Partners,

Inc

354

383,700

Grendene

S.A.

503

618,000

GRUPO

DE

MODA

SOMA

S.A.

1,526

125,600

Guararapes

Confeccoes

S.A.

204

17,118

Gunze

Ltd

457

270,607

Haier

Smart

Home

Co

Ltd

940

2,504,601

Haier

Smart

Home

Co

Ltd

7,621

15,816

Handsome

Co

Ltd

282

11,559

Hanesbrands,

Inc

80

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

38

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

31,105

Hangzhou

Robam

Appliances

Co

Ltd

$

100

20,103

Hansae

Co

Ltd

186

11,988

Hanssem

Co

Ltd

355

25,110

e

Harvia

Oyj

342

105,585

Hasbro,

Inc

7,119

293,472

Haseko

Corp

3,183

3,322

*

Helen

of

Troy

Ltd

320

25,624

Hermes

International

30,137

6,806

*

Hitachi

Home

&

Life

Solutions

India

Ltd

116

108,145

*

HLB,

Inc

3,199

466,000

*,†

HOSA

International

Ltd

1

1,012

*,e

Hovnanian

Enterprises,

Inc

36

138,137

Hugo

Boss

AG.

6,432

20,663

Hwaseung

Enterprise

Co

Ltd

153

102,650

Iida

Group

Holdings

Co

Ltd

1,390

75,375

Indo

Count

Industries

Ltd

125

3,431

Installed

Building

Products,

Inc

278

5,396

*,e

iRobot

Corp

304

49,310

Japan

Wool

Textile

Co

Ltd

364

39,284

Jason

Furniture

Hangzhou

Co

Ltd

220

61,513

JM

AB

851

343,000

JNBY

Design

Ltd

335

128,000

Johnson

Health

Tech

Co

Ltd

297

4,352

Johnson

Outdoors,

Inc

223

14,322

e

Kaufman

&

Broad

S.A.

281

51,870

KB

Home

1,344

1,230,000

Kinpo

Electronics

515

10,400

e

Ki-Star

Real

Estate

Co

Ltd

312

201,000

KMC

Kuei

Meng

International

In

884

785,700

Konka

Group

Co

Ltd

198

7,906

Kontoor

Brands,

Inc

266

104,562

KPR

Mill

Ltd

684

8,442

*,e

Landsea

Homes

Corp

40

7,330

*,e

Latham

Group,

Inc

26

32,337

La-Z-Boy,

Inc

730

6,128

*

Legacy

Housing

Corp

105

109,684

Leggett

&

Platt,

Inc

3,644

204,375

Lennar

Corp

(Class

A)

15,236

12,642

Lennar

Corp

(Class

B)

752

181,082

Levi

Strauss

&

Co

2,620

20,025

LF

Corp

203

76,665

LG

Electronics,

Inc

4,160

15,033

*

LGI

Homes,

Inc

1,223

2,636,621

Li

Ning

Co

Ltd

20,006

12,631

Lifetime

Brands,

Inc

86

24,292

*

Lock

&

Lock

Co

Ltd

114

2,371

*

Lovesac

Co

48

1,217

LPP

S.A.

1,899

191,542

*

Lululemon

Athletica,

Inc

53,548

9,119

LUX

Industries

Ltd

196

309,038

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

182,201

17,980

*

M/I

Homes,

Inc

651

261,000

Makalot

Industrial

Co

Ltd

1,501

17,691

*

Malibu

Boats,

Inc

849

2,136,984

Man

Wah

Holdings

Ltd

1,353

6,442

*,†

Mariella

Burani

S.p.A.

0

31,488

Marimekko

Oyj

267

2,615

Marine

Products

Corp

22

3,148

*

MasterCraft

Boat

Holdings,

Inc

59

1,154,712

*

Mattel,

Inc

21,870

94,230

g

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

365

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

39

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

59,046

Maytronics

Ltd

$

728

34,317

MDC

Holdings,

Inc

941

255,000

Merida

Industry

Co

Ltd

1,442

25,839

*

Meritage

Homes

Corp

1,816

86,700

Midea

Group

Co

Ltd

601

106,247

e

MIPS

AB

3,154

57,700

Mizuno

Corp

1,027

42,455

*

Mohawk

Industries,

Inc

3,871

1,268,925

Moncler

S.p.A

51,803

11,777

Movado

Group,

Inc

332

546,280

MRV

Engenharia

e

Participacoes

S.A.

1,258

8,900

e

Nagawa

Co

Ltd

457

33,044

g

Neinor

Homes

S.A.

300

50,500

New

Wave

Group

AB

(B

Shares)

665

288,496

Newell

Brands

Inc

4,007

188,448

Nien

Made

Enterprise

Co

Ltd

1,488

2,001,882

Nike,

Inc

(Class

B)

166,396

1,382,000

Nikon

Corp

13,097

154,082

Nobia

AB

289

13,577

*

NVR,

Inc

54,133

11,853

*,e

On

Holding

AG.

190

55,300

Open

House

Co

Ltd

1,868

20,532

Oppein

Home

Group,

Inc

328

126,391

Orient

Electric

Ltd

422

261,570

e,g

OVS

S.p.A

433

20,009

Oxford

Industries,

Inc

1,796

1,060,778

Pacific

Textile

Holdings

Ltd

330

6,658

Page

Industries

Ltd

4,127

1,594,768

Panasonic

Corp

11,199

23,231

Pandora

AS

1,086

402,000

*,†

Peace

Mark

Holdings

Ltd

0

282,534

*,e

Peloton

Interactive,

Inc

1,958

47,407

Persimmon

plc

648

20,656

*,†

PIK

Group

(GDR)

0

^

28,095

*,e

PLBY

Group,

Inc

113

51,667

Polaris

Inc

4,942

2,654,006

Pou

Chen

Corp

2,372

5,725,340

Prada

S.p.A

26,551

27,985

e

Pressance

Corp

282

199,664

Pulte

Homes,

Inc

7,487

68,627

Puma

AG.

Rudolf

Dassler

Sport

3,175

42,992

*,e

Purple

Innovation,

Inc

174

13,755

PVH

Corp

616

579,000

e

Q

Technology

Group

Co

Ltd

241

79,000

Quang

Viet

Enterprise

Co

Ltd

337

84,278

Rajesh

Exports

Ltd

598

1,833

Ralph

Lauren

Corp

156

43,024

Raymond

Ltd

538

685,644

Redrow

plc

3,019

64,788

Relaxo

Footwears

Ltd

797

64,200

Rinnai

Corp

4,613

5,453

e

Rocky

Brands,

Inc

109

16,900

Roland

Corp

518

738,027

Ruentex

Industries

Ltd

1,182

358,349

*

Safilo

Group

S.p.A.

447

61,492

e

Salvatore

Ferragamo

Italia

S.p.A

863

43,624

Sangetsu

Co

Ltd

482

150,600

Sankyo

Co

Ltd

4,560

14,574

Sanlorenzo

S.p.A

468

27,129

e

SEB

S.A.

1,706

278,800

Sega

Sammy

Holdings,

Inc

3,797

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

40

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

32,600

Seiko

Holdings

Corp

$

681

51,293

e

Seiren

Co

Ltd

748

225,962

Sekisui

Chemical

Co

Ltd

2,764

448,745

Sekisui

House

Ltd

7,432

171,693

e

Sharp

Corp

1,024

15,318

*

Sheela

Foam

Ltd

539

942,338

Shenzhou

International

Group

Holdings

Ltd

7,276

78,045

Shimano,

Inc

12,211

7,758

*

Skechers

U.S.A.,

Inc

(Class

A)

246

201,739

*

Skyline

Champion

Corp

10,666

1,816,000

Skyworth

Digital

Holdings

Ltd

724

129,790

e

Smith

&

Wesson

Brands,

Inc

1,346

14,473

*,e

Snap

One

Holdings

Corp

147

31,800

e

Snow

Peak,

Inc

480

57,469

*

Solo

Brands,

Inc

218

194,031

*

Sonos,

Inc

2,697

3,297,617

Sony

Corp

212,414

700

Sony

Corp

(ADR)

45

426,367

g

Spin

Master

Corp

12,831

19,478

*,e

Spinnova

Oyj

89

642,500

Stella

International

Holdings

Ltd

638

654,658

Steven

Madden

Ltd

17,460

3,418

Sturm

Ruger

&

Co,

Inc

174

173,097

Sumitomo

Forestry

Co

Ltd

2,635

10,455

Superior

Uniform

Group,

Inc

93

12,236

*

Swatch

Group

AG.

2,748

7,699

Swatch

Group

AG.

(Registered)

323

14,878

Symphony

Ltd

161

1,312,000

Tainan

Spinning

Co

Ltd

681

317,000

Taiwan

Paiho

Ltd

588

17,900

Tama

Home

Co

Ltd

290

58,000

Tamron

Co

Ltd

1,163

178,484

Tapestry,

Inc

5,074

153,599

*

Taylor

Morrison

Home

Corp

3,582

3,901,915

Taylor

Wimpey

plc

3,799

1,432,000

TCL

Multimedia

Technology

Holdings

Ltd

498

595,445

TCL

Technology

Group

Corp

304

167,578

g

Technogym

S.p.A

1,044

140,071

Tempur

Sealy

International,

Inc

3,381

319,500

Texhong

Textile

Group

Ltd

218

126,784

e,g

Thule

Group

AB

2,524

400,359

Titan

Industries

Ltd

12,730

12,082

*

Tod's

S.p.A.

492

7,990

Token

Corp

443

94,297

Toll

Brothers,

Inc

3,961

95,501

Tomy

Co

Ltd

817

45,816

*

Tonies

SE

211

29,008

*

TopBuild

Corp

4,780

75,000

Topkey

Corp

368

544,347

*,e

Traeger,

Inc

1,535

71,754

*

TRI

Pointe

Homes,

Inc

1,084

1,571,458

Trident

Ltd

697

44,648

TTK

Prestige

Ltd

523

37,205

*

Tupperware

Brands

Corp

244

295,991

*

Under

Armour,

Inc

(Class

A)

1,968

1,236,354

*

Under

Armour,

Inc

(Class

C)

7,369

12,243

*

Unifi,

Inc

116

9,971

*

Universal

Electronics,

Inc

196

27,843

*,e

Universal

Entertainment

Corp

357

57,924

Vaibhav

Global

Ltd

248

6,530

VAN

DE

Velde

209

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

41

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

150,556

Vardhman

Textiles

Ltd

$

619

359,704

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

174

111,640

Vestel

Elektronik

Sanayi

240

287,000

Vesync

Co

Ltd

115

212,315

VF

Corp

6,350

76,617

*,e

Victoria

plc

379

77,064

*

Vinco

Ventures,

Inc

72

81,062

VIP

Industries

Ltd

658

60,235

*

Vista

Outdoor,

Inc

1,465

4,568,000

*

Viva

China

Holdings

Ltd

628

125,000

Vivara

Participacoes

S.A.

628

11,104

*,e

Vizio

Holding

Corp

97

33,187

*,e

Vuzix

Corp

192

4,537

*

V-ZUG

Holding

AG.

339

50,313

e

Wacoal

Holdings

Corp

747

21,986

Weber,

Inc

144

330,461

Welspun

India

Ltd

297

288,175

Whirlpool

Corp

38,849

37,698

Whirlpool

of

India

Ltd

754

10,547

Wolverine

World

Wide,

Inc

162

7,866

Xiamen

Intretech,

Inc

21

1,567,500

XTEP

International

Holdings

1,650

94,904

Yamaha

Corp

3,372

338,898

*

YETI

Holdings,

Inc

9,665

170,694

e

YIT

Oyj

479

156,200

Yonex

Co

Ltd

1,449

26,859

Youngone

Corp

829

7,434

Youngone

Holdings

Co

Ltd

265

975,500

Yue

Yuen

Industrial

Holdings

1,244

123,612

Zhejiang

Semir

Garment

Co

Ltd

83

29,813

Zhejiang

Supor

Co

Ltd

194

11,613

Zinus,

Inc

280

38,800

e

Zojirushi

Corp

419

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,792,489

CONSUMER

SERVICES

-

2.3%

80,533

*

2U,

Inc

503

455,058

*

888

Holdings

plc

471

215,932

g

AcadeMedia

AB

936

203,372

*

Accel

Entertainment,

Inc

1,588

286,797

*

Accor

S.A.

6,004

168,031

ADT,

Inc

1,259

33,801

*

Adtalem

Global

Education,

Inc

1,232

465,841

*

Airbnb,

Inc

48,932

214,800

*,e

Airtrip

Corp

4,229

662,800

*

Alsea

SAB

de

C.V.

1,194

15,980

*

American

Public

Education,

Inc

146

91,035

*

AmRest

Holdings

SE

321

671,700

*

Anima

Holding

S.A.

755

255,878

ARAMARK

Holdings

Corp

7,983

20,760

ARCLAND

SERVICE

Co

Ltd

307

8,679,677

a

Arcos

Dorados

Holdings,

Inc

63,275

613,775

Aristocrat

Leisure

Ltd

12,942

5,747,068

Asset

World

Corp

PCL

880

20,164

Ataa

Educational

Co

305

142,100

*,e

Atom

Corp

752

233,634

*

Autogrill

S.p.A.

1,434

29,184

*,e

Bally's

Corp

577

64,026

*,e,g

Basic-Fit

NV

1,923

80,492

*,e

Beachbody

Co,

Inc

81

87,200

Benesse

Holdings,

Inc

1,298

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

42

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

896,700

Berjaya

Sports

Toto

BHD

$

340

767,350

*,e

Betmakers

Technology

Group

Ltd

153

137,593

Betsson

AB

803

690

*

Biglari

Holdings,

Inc

(B

Shares)

80

17,396

*

BJ's

Restaurants,

Inc

415

4,276,700

*

Bloomberry

Resorts

Corp

487

421,059

Bloomin'

Brands,

Inc

7,718

28,343

Bluegreen

Vacations

Holding

Corp

468

138,319

*

Booking

Holdings,

Inc

227,287

28,818

*,e

Bowlero

Corp

355

150,872

Boyd

Gaming

Corp

7,189

49,161

*

Bright

Horizons

Family

Solutions

2,834

8,531

*

Brinker

International,

Inc

213

43,200

BTG

Hotels

Group

Co

Ltd

130

276,062

*

Burger

King

India

Ltd

436

182,102

*

Caesars

Entertainment,

Inc

5,875

464,000

Cafe

de

Coral

Holdings

Ltd

576

329,435

Cairo

Investment

&

Real

Estate

Development

Co

SAE

209

792,285

*,e

Carnival

Corp

5,570

180,658

*

Carnival

plc

1,125

2,035

Carriage

Services,

Inc

65

540,400

*

Central

Plaza

Hotel

PCL

699

5,205

*

Century

Casinos,

Inc

34

65,027

*

Chalet

Hotels

Ltd

281

59,663

e

Cheesecake

Factory

1,747

17,842

*

Chegg,

Inc

376

653,000

e,g

China

East

Education

Holdings

Ltd

216

1,147,000

China

Education

Group

Holdings

Ltd

844

2,128,000

*,†

China

Maple

Leaf

Educational

Systems

Ltd

48

1,092,000

g

China

New

Higher

Education

Group

Ltd

266

2,728,000

*,e

China

Travel

International

Inv

HK

477

2,202,000

e,g

China

Yuhua

Education

Corp

Ltd

225

45,964

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

69,073

54,894

Choice

Hotels

International,

Inc

6,012

76,705

Churchill

Downs,

Inc

14,125

14,840

*

Chuy's

Holdings,

Inc

344

26,603

Cie

des

Alpes

320

2,295,000

*

Cogna

Educacao

1,251

134,830

Collins

Foods

Ltd

749

89,500

e

Colowide

Co

Ltd

1,150

2,545,885

Compass

Group

plc

50,695

146,230

Corporate

Travel

Management

Ltd

1,563

14,271

*

Coursera,

Inc

154

7,439

e

Cracker

Barrel

Old

Country

Store,

Inc

689

139,700

Create

Restaurants

Holdings,

Inc

942

226,900

Cruzeiro

do

Sul

Educacional

S.A.

207

368,684

Curro

Holdings

Ltd

176

66,900

Curves

Holdings

Co

Ltd

379

422,400

*

CVC

Brasil

Operadora

e

Agencia

de

Viagens

S.A.

494

195,429

Dadi

Early-Childhood

Education

Group

Ltd

568

241,027

*

Dalata

Hotel

Group

plc

666

348,045

Darden

Restaurants,

Inc

43,965

48,985

*

Dave

&

Buster's

Entertainment,

Inc

1,520

91,369

Delta

Corp

Ltd

221

426,012

*

Denny's

Corp

4,009

310,064

*

Devyani

International

Ltd

736

3,145

Dine

Brands

Global

Inc.

200

63,066

Domino's

Pizza

Enterprises

Ltd

2,078

487,330

Domino's

Pizza

Group

plc

1,211

31,728

Domino's

Pizza,

Inc

9,842

9,983

DoubleUGames

Co

Ltd

303

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

43

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

33,018

Doutor

Nichires

Holdings

Co

Ltd

$

397

294,994

*,e

DraftKings,

Inc

4,466

60,593

*,e

Duolingo,

Inc

5,770

53,780

*

Dur

Hospitality

Co

295

56,779

Easy

Trip

Planners

Ltd

260

567,000

EC

Healthcare

350

75,088

*

eDreams

ODIGEO

S.A.

300

157,036

*

EIH

Ltd

359

16,728

*

El

Pollo

Loco

Holdings,

Inc

149

151,909

*,e,g

Elior

Participations

S.C.A

277

66,798

*

Emerson

Pacific,

Inc

260

637,257

Entain

PLC

7,619

4,992

e

European

Wax

Center,

Inc

92

827,993

*

Everi

Holdings,

Inc

13,430

308,298

g

Evolution

Gaming

Group

AB

24,370

224,482

*

Expedia

Group,

Inc

21,032

13,283

*,e

F45

Training

Holdings,

Inc

41

16,836

*

Fattal

Holdings

1998

Ltd

1,627

56,660

*,e

First

Watch

Restaurant

Group,

Inc

820

193,709

*,e

Flight

Centre

Travel

Group

Ltd

1,754

239,988

*

Flutter

Entertainment

plc

26,333

180,112

*

Flutter

Entertainment

plc

19,854

115,000

Formosa

International

Hotels

Corp

690

290,000

*,e,g

Fosun

Tourism

Group

268

62,437

*

frontdoor,

Inc

1,273

2,424,000

Fu

Shou

Yuan

International

Group

Ltd

1,334

26,999

Fuji

Kyuko

Co

Ltd

800

19,400

*

Fujio

Food

System

Co

Ltd

182

22,918

*,e

Full

House

Resorts,

Inc

129

943,826

G8

Education

Ltd

579

2,492,622

Galaxy

Entertainment

Group

Ltd

14,651

2,498,497

Genting

BHD

2,404

3,352,681

Genting

Malaysia

BHD

2,009

6,289,770

Genting

Singapore

Ltd

3,418

2,642

*

Golden

Entertainment,

Inc

92

111,000

Gourmet

Master

Co

Ltd

367

2,817

Graham

Holdings

Co

1,516

25,300

*

Grand

Canyon

Education,

Inc

2,081

33,439

*

Grand

Korea

Leisure

Co

Ltd

340

228,359

Greggs

plc

4,314

246,300

*,e

GSX

Techedu,

Inc

(ADR)

298

205,479

*,g

Gym

Group

plc

252

259,212

H&R

Block,

Inc

11,027

1,705,000

*,e,g

Haichang

Holdings

Ltd

1,665

841,776

e,g

Haidilao

International

Holding

Ltd

1,633

12,544

*

Hana

Tour

Service,

Inc

467

66,989

Heiwa

Corp

1,036

363,000

*,e

Helens

International

Holdings

Co

ltd

500

26,940

Herfy

Food

Services

Co

276

42,937

e

Hiday

Hidaka

Corp

640

196,671

*

Hilton

Grand

Vacations,

Inc

6,469

802,849

Hilton

Worldwide

Holdings,

Inc

96,840

60,928

*,e

HIS

Co

Ltd

877

4,308,000

e,g

Hope

Education

Group

Co

Ltd

305

607,700

Huangshan

Tourism

Development

Co

Ltd

431

319,855

Huazhu

Group

Ltd

(ADR)

10,728

114,712

Humansoft

Holding

Co

KSC

1,211

40,921

*

Hyatt

Hotels

Corp

3,313

17,600

Ichibanya

Co

Ltd

541

1,631,973

IDP

Education

Ltd

27,415

945,955

Indian

Hotels

Co

Ltd

3,825

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

44

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,405

*,e

Inspirato,

Inc

$

27

81,224

*

Inspired

Entertainment,

Inc

717

251,200

InterContinental

Hotels

Group

plc

12,098

238,912

e

International

Game

Technology

plc

3,775

165,300

Invocare

Ltd

1,070

14,178

Jack

in

the

Box,

Inc

1,050

844,000

JH

Educational

Technology,

Inc

160

859,000

e,g

Jiumaojiu

International

Holdings

Ltd

1,397

482,963

Jollibee

Foods

Corp

1,884

453,431

Jubilant

Foodworks

Ltd

3,438

442,434

Jumbo

Interactive

Ltd

3,374

62,542

*,e

Kambi

Group

plc

888

106,048

*

Kangwon

Land,

Inc

1,731

29,270

*,e

Kappa

Create

Co

Ltd

276

12,800

e

Kentucky

Fried

Chicken

Japan

Ltd

240

311,181

Kindred

Group

plc

2,332

25,700

e

Kisoji

Co

Ltd

368

56,400

KOMEDA

Holdings

Co

Ltd

907

474,500

*,e,g

Koolearn

Technology

Holding

Ltd

1,787

52,594

Koshidaka

Holdings

Co

Ltd

329

143,123

e

Krispy

Kreme,

Inc

1,650

25,704

e

Kura

Corp

543

782

*,e

Kura

Sushi

USA,

Inc

58

35,383

e

Kyoritsu

Maintenance

Co

Ltd

1,462

114,109

g

La

Francaise

des

Jeux

SAEM

3,385

2,500,585

*

Las

Vegas

Sands

Corp

93,822

370,353

Laureate

Education,

Inc

3,907

30,540

Leejam

Sports

Co

JSC

623

565,313

*,g

Lemon

Tree

Hotels

Ltd

599

31,209

*,e

Life

Time

Group

Holdings,

Inc

304

50,883

*

Lindblad

Expeditions

Holdings,

Inc

344

23,700

LITALICO,

Inc

451

42,260

*

Lotte

Tour

Development

Co

Ltd

316

3,339,610

*

Lottery

Corp

Ltd

8,950

463,000

Lung

Yen

Life

Service

Corp

555

837,100

Magnum

BHD

256

68,987

*

Mahindra

Holidays

&

Resorts

India

Ltd

235

391,496

Marriott

International,

Inc

(Class

A)

54,864

30,975

Marriott

Vacations

Worldwide

Corp

3,775

804,371

*

Marston's

plc

320

10,500

e

Matsuya

Foods

Co

Ltd

277

1,904,905

McDonald's

Corp

439,538

122,599

McDonald's

Holdings

Co

Japan

Ltd

4,272

9,088

MegaStudyEdu

Co

Ltd

451

3,520,693

*,e

Melco

Crown

Entertainment

Ltd

(ADR)

23,342

811,817

*

Melco

International

Development

627

143,151

*

Melia

Hotels

International

S.A.

661

1,182,800

*,e

MGM

China

Holdings

Ltd

650

265,146

MGM

Resorts

International

7,880

3,525,800

*

Minor

International

PCL

2,464

67,962

*,e

Mister

Car

Wash,

Inc

583

326,177

*

Mitchells

&

Butlers

plc

416

309,300

MK

Restaurants

Group

PCL

476

2,101

*

Monarch

Casino

&

Resort,

Inc

118

11,334

Monogatari

Corp

546

59,900

e

MOS

Food

Services,

Inc

1,287

25,255

e

MTY

Food

Group,

Inc

1,042

22,412

National

Co

for

Learning

&

Education

367

398,500

*,e

Nayuki

Holdings

Ltd

292

2,098

*

NEOGAMES

S.A.

27

7,757

*,e

Nerdy,

Inc

16

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

45

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,105,840

*,e

New

Oriental

Education

&

Technology

Group,

Inc

$

2,702

65,342

*

New

Oriental

Education

&

Technology

Group,

Inc

(ADR)

1,566

81,189

*

Noodles

&

Co

382

336,115

*,e

Norwegian

Cruise

Line

Holdings

Ltd

3,818

15,700

Ohsho

Food

Service

Corp

694

199,958

*,g

On

the

Beach

Group

plc

224

17,555

*

ONE

Group

Hospitality,

Inc

117

10,444

*

OneSpaWorld

Holdings

Ltd

88

217,860

OPAP

S.A.

2,613

13,584

*,e

Open

Door,

Inc

188

210,398

Oriental

Land

Co

Ltd

28,536

10,384

Papa

John's

International,

Inc

727

51,646

*

Paradise

Co

Ltd

550

113,122

e

Park

Lawn

Corp

1,971

38,470

*,†

Patisserie

Holdings

plc

0

^

126,847

*

Penn

National

Gaming,

Inc

3,490

50,558

*

Perdoceo

Education

Corp

521

448,000

Perfect

Shape

Medical

Ltd

190

76,816

*

Planet

Fitness,

Inc

4,429

277,179

*

Playtech

Ltd

1,358

40,105

Plenus

Co

Ltd

534

2,617,388

*

PointsBet

Holdings

Ltd

3,080

13,442

e

Pollard

Banknote

Ltd

184

4,088

*,e

Portillo's,

Inc

81

438,862

*

PowerSchool

Holdings,

Inc

7,325

258,345

*

Rank

Group

plc

197

11,179

RCI

Hospitality

Holdings,

Inc

730

24,989

*

Recipe

Unlimited

Corp

373

76,897

e

Red

Rock

Resorts,

Inc

2,635

199,200

Resorttrust,

Inc

3,191

361,395

Restaurant

Brands

International,

Inc

(Toronto)

19,224

929,663

*

Restaurant

Group

plc

303

28,900

e

Ringer

Hut

Co

Ltd

439

172,100

e

Riso

Kyoiku

Co

Ltd

382

239,283

Round

One

Corp

1,037

13,213

*,e

Rover

Group,

Inc

44

212,997

*,e

Royal

Caribbean

Cruises

Ltd

8,073

31,700

e

Royal

Holdings

Co

Ltd

480

11,169

*

Rush

Street

Interactive,

Inc

41

4,678

Ruth's

Hospitality

Group

Inc

79

33,700

Saizeriya

Co

Ltd

622

2,938,292

*

Sands

China

Ltd

7,317

29,394

*

Sapphire

Foods

India

Ltd

535

181,316

*,e,g

Scandic

Hotels

Group

AB

519

71,917

*

Scientific

Games

Corp

(Class

A)

3,084

63,997

*

SeaWorld

Entertainment,

Inc

2,913

179,817

*

Seera

Group

Holding

914

29,102

Seobu

Truck

Terminal

Co

Ltd

138

124,088

Service

Corp

International

7,165

5,149

*

Shake

Shack,

Inc

232

38,539

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

312

1,498,000

*

Shangri-La

Asia

Ltd

1,040

360,472

Shenzhen

Overseas

Chinese

Town

Co

Ltd

244

63,217

*

Six

Flags

Entertainment

Corp

1,119

3,110,000

*,e

SJM

Holdings

Ltd

1,155

49,447

SkiStar

AB

492

926,478

Sky

City

Entertainment

Group

Ltd

1,407

289,082

Skylark

Co

Ltd

3,081

282,700

*

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

797

95,138

Sodexho

Alliance

S.A.

7,145

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

46

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

121,140

*,e

Sonder

Holdings,

Inc

$

201

85,414

Songcheng

Performance

Development

Co

Ltd

144

969,910

*

SSP

Group

plc

2,030

207,522

Stadio

Holdings

Ltd

44

1,099,402

*

Star

Entertainment

Grp

Ltd

1,815

1,657,793

Starbucks

Corp

139,686

24,596

*

StoneMor,

Inc

84

17,279

Strategic

Education,

Inc

1,061

126,656

*

Stride,

Inc

5,323

134,193

Sushiro

Global

Holdings

Ltd

2,058

222,963

*,e

Sweetgreen,

Inc

4,125

3,967,698

Tabcorp

Holdings

Ltd

2,379

490,868

*

TAL

Education

Group

(ADR)

2,425

118,546

*,e

Target

Hospitality

Corp

1,496

98,816

*

Terminix

Global

Holdings,

Inc

3,784

322,733

Texas

Roadhouse,

Inc

(Class

A)

28,162

102,085

Tokyotokeiba

Co

Ltd

2,911

907,620

*

Tongcheng-Elong

Holdings

Ltd

1,771

52,359

Toridoll.corp

1,084

16,884

e

Tosho

Co

Ltd

142

586,109

*,g

Trainline

plc

2,066

99,650

Travel

&

Leisure

Co

3,400

934,429

*

Trip.com

Group

Ltd

(ADR)

25,519

1,450,874

e

TUI

AG.

(DI)

1,727

9,301

*,e

Udemy,

Inc

112

6,412

*,e

Universal

Technical

Institute,

Inc

35

325,952

*,e

Vacasa,

Inc

1,001

60,782

Vail

Resorts,

Inc

13,107

55,808

*,e

Vivint

Smart

Home,

Inc

367

458,786

*,e

Webjet

Ltd

1,392

270,688

Wendy's

5,059

79,908

*

Westlife

Development

Ltd

702

116,143

*

Wetherspoon

(J.D.)

plc

517

218,335

Whitbread

plc

5,534

4,449

Wingstop,

Inc

558

42,701

*

WW

International

Inc

168

409,356

Wyndham

Hotels

&

Resorts,

Inc

25,114

36,243,000

*,e

Wynn

Macau

Ltd

23,101

470,922

*

Wynn

Resorts

Ltd

29,682

1,204,000

e,g

Xiabuxiabu

Catering

Management

China

Holdings

Co

Ltd

790

35,645

*,e

Xponential

Fitness,

Inc

651

350,000

YDUQS

Part

938

86,619

e

Yoshinoya

D&C

Co

Ltd

1,404

45,000

*,e

Youdao,

Inc

(ADR)

177

26,910

Young

&

Co's

Brewery

plc

280

628,002

Yum

China

Holdings,

Inc

29,723

747,057

Yum!

Brands,

Inc

79,442

17,113

Zeal

Network

SE

440

114,122

e

Zensho

Co

Ltd

2,821

TOTAL

CONSUMER

SERVICES

2,275,539

DIVERSIFIED

FINANCIALS

-

4.5%

133,600

360

Finance,

Inc

(ADR)

1,713

337,048

3i

Group

plc

4,047

44,980

ABC

Arbitrage

282

25,800

Acom

Co

Ltd

55

612,021

*

Aditya

Birla

Capital

Ltd

834

126,900

Aeon

Credit

Service

M

BHD

371

128,500

AEON

Financial

Service

Co

Ltd

1,275

83,900

Aeon

Thana

Sinsap

Thailand

PCL

364

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

47

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

81,723

e

AFC

Gamma,

Inc

$

1,250

31,431

Affiliated

Managers

Group,

Inc

3,516

431,984

AGNC

Investment

Corp

3,637

373,700

Aiful

Corp

974

510,787

AJ

Bell

plc

1,521

1,206,928

Al

Waha

Capital

PJSC

463

12,264

Alerus

Financial

Corp

271

1,025,039

Alimtiaz

Investment

Group

KSC

250

381,081

Allfunds

Group

PLC

2,785

249,479

Ally

Financial,

Inc

6,943

36,747

Alpha

FX

Group

plc

698

84,220

Altshuler

Shaham

Financial

Ltd

181

1,268,206

Amanat

Holdings

PJSC

327

102,958

A-Mark

Precious

Metals,

Inc

2,923

1,939,610

American

Express

Co

261,673

298,804

Ameriprise

Financial,

Inc

75,284

3,982,675

*

AMP

Ltd

2,792

8,899

g

Amundi

S.A.

370

9,492

e

Angel

Oak

Mortgage,

Inc

114

31,064

Angel

One

Ltd

514

285,254

g

Anima

Holding

S.p.A

810

168,808

Annaly

Capital

Management,

Inc

2,897

42,431

e

Antin

Infrastructure

Partners

S.A.

889

105,373

Apollo

Commercial

Real

Estate

Finance,

Inc

875

447,506

Apollo

Global

Management,

Inc

20,809

152,221

e

Arbor

Realty

Trust,

Inc

1,751

35,780

Ares

Commercial

Real

Estate

Corp

374

138,349

Ares

Management

Corp

8,571

80,352

e

ARMOUR

Residential

REIT,

Inc

391

20,941

Artisan

Partners

Asset

Management,

Inc

564

621,697

Ashmore

Group

plc

1,358

39,600

Asia

Sermkij

Leasing

PCL

35

240,500

Asia

Sermkij

Leasing

PCL

212

14,484

*

Assetmark

Financial

Holdings,

Inc

265

1,596

Associated

Capital

Group,

Inc

59

1,803

*

Atlanticus

Holdings

Corp

47

32,414

Aurelius

AG.

601

100,547

Australian

Ethical

Investment

Ltd

320

165,291

Australian

Stock

Exchange

Ltd

7,607

150,903

e

Avanza

Bank

Holding

AB

2,299

121,314

Avic

Capital

Co

Ltd

51

2,215

*,†

Ayala

Corp

Preferred

0

^

145,843

Azimut

Holding

S.p.A.

2,080

2,572

B.

Riley

Financial,

Inc

115

4,353,629

B3

SA-Brasil

Bolsa

Balcao

10,532

218,000

*,e,g

Bairong,

Inc

225

307,196

Bajaj

Finance

Ltd

27,447

276,887

Bajaj

Finserv

Ltd

5,661

45,529

*,e

Bakkt

Holdings,

Inc

104

190,474

g

Banca

Farmafactoring

S.p.A

1,265

80,845

e

Banca

Generali

S.p.A

2,242

29,877

Banca

IFIS

S.p.A.

330

268,786

Banca

Mediolanum

S.p.A

1,683

5,749,404

Banco

BTG

Pactual

S.A.

-

Unit

26,443

21,847

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

285

1,107,552

Bangkok

Commercial

Asset

Management

PCL

473

1,540,949

Bank

of

New

York

Mellon

Corp

59,357

2,016,548

*

Berkshire

Hathaway,

Inc

(Class

B)

538,459

1,154,800

*

Beyond

Securities

PCL

418

8,766,400

BFI

Finance

Indonesia

Tbk

PT

658

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

48

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

790,162

BGC

Partners,

Inc

(Class

A)

$

2,481

235,984

BlackRock,

Inc

129,857

280,404

e

Blackstone

Mortgage

Trust,

Inc

6,545

754,337

Blackstone,

Inc

63,138

5,985

*

Blucora,

Inc

116

370,409

e

Blue

Owl

Capital,

Inc

3,419

90,900

BOC

International

China

Co

Ltd

134

919,385

e

Bolsa

Mexicana

de

Valores

S.A.

de

C.V.

1,538

123,645

Boursa

Kuwait

Securities

Co

KPSC

828

1,530,504

Bridgepoint

Group

Ltd

3,213

233,950

Brightsphere

Investment

Group,

Inc

3,488

461,780

BrightSpire

Capital,

Inc

2,914

102,126

e

Broadmark

Realty

Capital,

Inc

522

1,752,525

Brookfield

Asset

Management,

Inc

71,694

131,395

BSE

Ltd

972

117,848

Bure

Equity

AB

1,926

226,215

Burford

Capital

Ltd

1,671

990,900

Bursa

Malaysia

BHD

1,327

238,552

Caitong

Securities

Co

Ltd

226

115,782

Canaccord

Financial,

Inc

567

206,796

*

Cannae

Holdings,

Inc

4,272

173,393

Capital

One

Financial

Corp

15,982

1,939,000

Capital

Securities

Corp

642

305,583

Carlyle

Group,

Inc

7,896

147,475

CBOE

Global

Markets,

Inc

17,309

36,330

Cembra

Money

Bank

AG.

2,577

229,264

Central

Depository

Services

India

Ltd

3,476

1,536,132

Chailease

Holding

Co

Ltd

8,775

701,220

Challenger

Financial

Services

Group

Ltd

2,627

111,064

Changjiang

Securities

Co

Ltd

81

5,035,005

Charles

Schwab

Corp

361,866

5,860

e

Chicago

Atlantic

Real

Estate

Finance,

Inc

84

179,324

e

Chimera

Investment

Corp

936

1,521,000

China

Bills

Finance

Corp

706

7,817,574

China

Cinda

Asset

Management

Co

Ltd

863

1,132,000

China

Everbright

Ltd

652

2,891,959

China

Galaxy

Securities

Co

Ltd

1,332

261,850

China

Galaxy

Securities

Co

Ltd

(Class

A)

331

76,200

China

Great

Wall

Securities

Co

Ltd

87

1,143,337

g

China

International

Capital

Corp

Ltd

1,649

63,600

China

International

Capital

Corp

Ltd

307

240,736

China

Merchants

Securities

Co

Ltd

417

209,700

e,g

China

Renaissance

Holdings

Ltd

179

111,940

Cholamandalam

Financial

Holdings

Ltd

896

461,365

Cholamandalam

Investment

and

Finance

Co

Ltd

4,123

241,911

CI

Financial

Corp

2,319

1,582,965

CITIC

Securities

Co

Ltd

2,680

565,316

CITIC

Securities

Co

Ltd

(Class

A)

1,384

274,800

e

Claros

Mortgage

Trust,

Inc

3,226

155,464

g

CMC

Markets

plc

378

405,351

CME

Group,

Inc

71,800

123,139

Coface

S.A.

1,177

44,875

Cohen

&

Steers,

Inc

2,811

127,268

*,e

Coinbase

Global,

Inc

8,208

45,136

e

Compass

Diversified

Trust

815

11,485

*,e

Consumer

Portfolio

Services,

Inc

83

735,675

Coronation

Fund

Managers

Ltd

1,216

31,924

Corp

Financiera

Alba

1,363

122,292

*

Corp

Financiera

Colombiana

S.A.

443

19,498

e

Cowen

Group,

Inc

753

64,505

e

Creades

AB

399

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

49

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,690

*,e

Credit

Acceptance

Corp

$

2,492

81,118

Credit

Corp

Group

Ltd

894

179,600

Credit

Saison

Co

Ltd

2,105

632,465

Credit

Suisse

Group

2,502

57,463

*

CreditAccess

Grameen

Ltd

697

19,126

CRISIL

Ltd

764

215,625

CSC

Financial

Co

Ltd

700

1,496,000

CSSC

Hong

Kong

Shipping

Co

Ltd

222

4,986

e

Curo

Group

Holdings

Corp

20

86,872

Daishin

Securities

Co

Ltd

830

27,454

Daishin

Securities

Co

Ltd

PF

257

1,397,093

*,e

Daiwa

Securities

Group,

Inc

5,483

18,647

Daou

Data

Corp

182

26,078

Daou

Technology,

Inc

308

282,178

Deutsche

Bank

AG.

(Registered)

2,089

16,292

Deutsche

Beteiligungs

AG.

343

255,453

Deutsche

Boerse

AG.

41,876

641,431

*

Dhani

Services

Ltd

375

504

Diamond

Hill

Investment

Group,

Inc

83

3,898,000

e

Differ

Group

Holding

Co

Ltd

827

499,077

Discover

Financial

Services

45,376

70,051

g

doBank

S.p.A

369

211,225

Dongxing

Securities

Co

Ltd

219

19,212

*

Donnelley

Financial

Solutions,

Inc

710

29,269

e

Dynex

Capital,

Inc

341

597,489

East

Money

Information

Co

Ltd

1,478

407,836

*

Eclipx

Group

Ltd

578

280,014

ECN

Capital

Corp

926

17,318,093

Edelweiss

Capital

Ltd

12,942

113,005

EFG

International

890

43,086

eGuarantee,

Inc

744

638,217

*

Egyptian

Financial

Group-Hermes

Holding

376

5,545

*

Electreon

Wireless

Ltd

90

479,218

e

Element

Financial

Corp

5,655

43,105

e

Ellington

Financial

Inc

490

17,704

*,e

Encore

Capital

Group,

Inc

805

23,377

*

Enova

International,

Inc

684

425,206

e

EQT

AB

8,216

1,520,618

Equitable

Holdings,

Inc

40,068

6,213

Eurazeo

324

1,133,057

g

Euronext

NV

71,707

152,006

Everbright

Securities

Co

Ltd

281

146,214

Evercore

Inc

12,026

34,278

EXOR

NV

2,200

158,095

*

Ezcorp,

Inc

(Class

A)

1,219

50,345

Factset

Research

Systems,

Inc

20,144

762,401

e

Far

East

Horizon

Ltd

514

12,085

Federated

Investors,

Inc

(Class

B)

400

81,161

e

Fiera

Capital

Corp

511

73,700

Financial

Products

Group

Co

Ltd

576

160,700

FinVolution

Group

(ADR)

688

224,091

First

Capital

Securities

Co

Ltd

172

73,366

FirstCash

Holdings,

Inc

5,381

5,897,220

FirstRand

Ltd

19,686

291,352

*

flatexDEGIRO

AG.

2,594

38,783

g

Flow

Traders

731

132,240

*

Focus

Financial

Partners,

Inc

4,167

294,646

Founder

Securities

Co

Ltd

272

64,863

Franklin

BSP

Realty

Trust,

Inc

699

229,696

e

Franklin

Resources,

Inc

4,943

7,353,618

Fuhwa

Financial

Holdings

Co

Ltd

4,510

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

50

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

61,200

*,e

Futu

Holdings

Ltd

(ADR)

$

2,282

35,684

Fuyo

General

Lease

Co

Ltd

1,948

1,561

GAMCO

Investors,

Inc

(Class

A)

27

61,571

e

GCM

Grosvenor,

Inc

486

1,284,500

g

Genertec

Universal

Medical

Group

Company

Limited

656

1,323,600

e

Gentera

SAB

de

C.V.

1,142

849,236

GF

Securities

Co

Ltd

922

313,608

GF

Securities

Co

Ltd

(Class

A)

629

27,669

Gimv

NV

1,188

12,832,000

*,e

Glory

Sun

Financial

Group

Ltd

28

40,301

*,e

GMO

Financial

Holdings,

Inc

199

191,437

e

goeasy

Ltd

14,901

551,266

Goldman

Sachs

Group,

Inc

161,548

4,397,338

*

Grab

Holdings

Ltd.

11,565

41,024

Granite

Point

Mortgage

Trust,

Inc

264

118,705

*

Green

Dot

Corp

2,253

32,861

e

GRENKE

AG.

598

15,471

e

Groupe

Bruxelles

Lambert

S.A.

1,082

31,656

e

Gruppo

MutuiOnline

S.p.A

619

12,112

Guangzhou

Yuexiu

Financial

Holdings

Group

Co

Ltd

10

106,604

Guolian

Securities

Co

Ltd

130

363,349

Guosen

Securities

Co

Ltd

440

3,494,800

Guotai

Junan

International

Hol

257

367,216

Guotai

Junan

Securities

Co

Ltd

705

281,154

Guoyuan

Securities

Co

Ltd

253

3,129,810

e

Haitong

International

Securities

Group

Ltd

266

2,280,773

Haitong

Securities

Co

Ltd

1,206

488,012

Haitong

Securities

Co

Ltd

(Class

A)

594

1,852,000

e,g

Haitong

UniTrust

International

Leasing

Co

Ltd

172

5,315

Hamilton

Lane,

Inc

317

162,548

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

4,865

123,618

Hanwha

Securities

Co

206

54,274

Hargreaves

Lansdown

plc

520

31,086

Hithink

RoyalFlush

Information

Network

Co

Ltd

338

2,717,966

Hong

Kong

Exchanges

and

Clearing

Ltd

92,907

258,000

Hotai

Finance

Co

Ltd

817

40,466

Houlihan

Lokey,

Inc

3,050

1,206,540

g

Huatai

Securities

Co

Ltd

1,323

153,334

Huatai

Securities

Co

Ltd

(Class

A)

261

161,200

Huaxi

Securities

Co

Ltd

166

92,653

e

HUB24

Ltd

1,237

34,661

*

Hypoport

AG.

3,059

137,678

g

ICICI

Securities

Ltd

878

1,412,069

IDFC

Ltd

1,143

173,500

e

iFAST

Corp

Ltd

475

5,423,601

IG

Group

Holdings

plc

45,964

108,047

e

IGM

Financial,

Inc

2,692

42,606

IIFL

Wealth

Management

Ltd

958

70,459

*

Illimity

Bank

S.p.A

474

118,226

Impax

Asset

Management

Group

plc

684

862,178

g

Indian

Energy

Exchange

Ltd

1,491

458,354

Industrial

Securities

Co

Ltd

351

21,060

e

Industrivarden

AB

420

138,997

Industrivarden

AB

2,800

356,514

IntegraFin

Holdings

plc

875

75,266

Interactive

Brokers

Group,

Inc

(Class

A)

4,810

604,506

Intercontinental

Exchange

Group,

Inc

54,617

364,333

Intermediate

Capital

Group

plc

3,930

909,000

*,e,g

International

Alliance

Financial

Leasing

Co

Ltd

471

300,641

Invesco

Ltd

4,119

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

51

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,394

e

Invesco

Mortgage

Capital,

Inc

$

293

328,366

Investec

Ltd

1,300

849,795

Investec

plc

3,445

35,452

Investment

AB

Oresund

330

244,239

Investor

AB

3,564

532,240

Investor

AB

8,156

738,648

IOOF

Holdings

Ltd

1,396

1,250,740

IP

Group

plc

830

156,784

Is

Yatirim

Menkul

Degerler

AS

233

3,006,286

iShares

Core

MSCI

Emerging

Markets

ETF

129,210

6,490

iShares

Core

S&P

500

ETF

2,328

913,516

e

iShares

MSCI

Canada

Index

Fund

28,100

27,500

e

iShares

MSCI

EAFE

Index

Fund

1,540

40,328

e

iShares

MSCI

Japan

ETF

1,970

4,500

e

iShares

Russell

2000

Index

Fund

742

239,555

Isracard

Ltd

657

25,525

Jaccs

Co

Ltd

634

56,916

Jackson

Financial,

Inc

1,579

243,554

Jafco

Co

Ltd

3,586

111,246

Janus

Henderson

Group

plc

2,259

108,600

Japan

Securities

Finance

Co

Ltd

616

169,201

Jefferies

Financial

Group,

Inc

4,991

430,325

JM

Financial

Ltd

396

663,700

JMT

Network

Services

PCL

1,195

114,240

JSE

Ltd

638

161,696

g

JTC

plc

1,242

31,448

Julius

Baer

Group

Ltd

1,372

532,643

Jupiter

Investment

Management

Group

Ltd

546

35,724

*

Kinnevik

AB

468

19,117

KIWOOM

Securities

Co

Ltd

1,001

522,800

KKR

&

Co,

Inc

22,480

38,956

KKR

Real

Estate

Finance

Trust,

Inc

633

26,837

Korea

Investment

Holdings

Co

Ltd

882

20,401

KRUK

S.A.

966

918,128

Krungthai

Card

PCL

1,393

406,308

Kumho

Investment

Bank

206

1,036,980

L&T

Finance

Holdings

Ltd

944

822,432

Ladder

Capital

Corp

7,369

76,398

Lazard

Ltd

(Class

A)

2,432

727,901

*

LendingClub

Corp

8,043

2,972

*

LendingTree,

Inc

71

11,327

Leonteq

A.G.

527

125,400

*,e

LexinFintech

Holdings

Ltd

(ADR)

212

223,453

*

Liberty

Media

Acquisition

Corp

2,223

89,877

Liontrust

Asset

Management

plc

728

532,213

London

Stock

Exchange

Group

plc

44,945

392,077

LPL

Financial

Holdings,

Inc

85,661

474,500

Lufax

Holding

Ltd

(ADR)

1,205

9,115

Lundbergs

AB

(B

Shares)

329

19,800

*,e

M&A

Capital

Partners

Co

Ltd

507

2,034,853

M&G

plc

3,748

114,346

MA

Financial

Group

Ltd

281

399,952

Macquarie

Group

Ltd

39,019

177,765

e

Magellan

Financial

Group

Ltd

1,268

283,527

Magma

Fincorp

Ltd

1,055

706,214

Mahindra

&

Mahindra

Financial

Services

Ltd

1,594

23,932,241

Man

Group

plc

59,258

655,495

Manappuram

General

Finance

&

Leasing

Ltd

780

8,693

e

Manning

&

Napier,

Inc

107

53,931

MarketAxess

Holdings,

Inc

11,999

14,269

*

MarketWise,

Inc

33

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

52

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

215,700

e

Marui

Co

Ltd

$

3,575

11,381

g

MAS

Financial

Services

Ltd

103

183,200

e

Matsui

Securities

Co

Ltd

988

31,805

Meritz

finance

Holdings

Co

Ltd

459

143,601

Meritz

Securities

Co

Ltd

365

9,487,380

Metro

Pacific

Investments

Corp

539

76,415

MFA

Financial,

Inc

595

186,177

Mirae

Asset

Daewoo

Co

Ltd

771

975,370

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,192

32,700

e

Mizuho

Leasing

Co

Ltd

704

82,590

MLP

AG.

421

17,094,900

*

MNC

Kapital

Indonesia

Tbk

PT

122

54,297

Moelis

&

Co

1,836

206,652

e

Monex

Group,

Inc

643

109,289

*,e

Moneylion,

Inc

98

111,968

Moody's

Corp

27,221

3,803,756

Morgan

Stanley

300,535

22,430

Morningstar,

Inc

4,762

39,542

Motilal

Oswal

Financial

Services

Ltd

351

76,115

MSCI,

Inc

(Class

A)

32,105

479,782

Muangthai

Capital

PCL

456

33,526

Multi

Commodity

Exchange

of

India

Ltd

499

78,737

Muthoot

Finance

Ltd

999

190,439

Nanjing

Securities

Co

Ltd

204

276,542

Nasdaq

Inc

15,674

367,093

National

Investments

Co

KSCP

274

87,666

Navient

Corp

1,288

65,837

Nayifat

Finance

Co

414

11,169

Nelnet,

Inc

(Class

A)

884

3,778

*

NerdWallet,

Inc

34

149,119

Netwealth

Group

Ltd

1,154

344,200

New

Residential

Investment

Corp

2,520

284,256

e

New

York

Mortgage

Trust,

Inc

665

26,230

Nexpoint

Real

Estate

Finance,

Inc

393

1,257,523

Ngern

Tid

Lor

PCL

896

18,149

NICE

Holdings

Co

Ltd

156

229,981

Ninety

One

Ltd

444

453,239

e

Ninety

One

plc

921

135,580

g

Nippon

Life

India

Asset

Management

Ltd

446

36,600

*

Noah

Holdings

Ltd

(ADR)

483

2,115,336

*

Nomura

Holdings,

Inc

7,008

976,711

Nordnet

AB

publ

11,060

142,300

Northeast

Securities

Co

Ltd

129

8,808

Northern

Trust

Corp

754

123,056

Numis

Corp

plc

319

600,000

*,e

OCI

International

Holdings

Ltd

122

172,393

Okasan

Holdings,

Inc

389

1,686,585

*

Omni

Bridgeway

Ltd

4,030

92,691

OneMain

Holdings,

Inc

2,736

95,868

Onex

Corp

4,397

64,661

*

Open

Lending

Corp

520

23,405

*

Oportun

Financial

Corp

102

6,977

Oppenheimer

Holdings,

Inc

216

6,183

*,e

OppFi,

Inc

14

27,769

e

Orchid

Island

Capital,

Inc

228

62,750

Orient

Corp

498

390,151

Orient

Securities

Co

Ltd

421

2,896,468

ORIX

Corp

40,577

1,055,938

Osaka

Securities

Exchange

Co

Ltd

14,271

9,485,300

*

Pacific

Strategic

Financial

Tbk

PT

698

245,390

Paisalo

Digital

Ltd

204

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

53

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,730

Partners

Group

$

3,002

414,932

Pendal

Group

Ltd

1,195

57,693

e

PennyMac

Mortgage

Investment

Trust

680

1,569,145

*

Pensionbee

Group

plc

1,286

5,198

e

Perella

Weinberg

Partners

33

67,822

e

Perpetual

Trustees

Australia

Ltd

1,025

145,285

e

Pinnacle

Investment

Management

Group

Ltd

770

119,564

Piper

Jaffray

Cos

12,523

3,039,313

Piramal

Healthcare

Ltd

32,080

3,078

PJT

Partners,

Inc

206

629,532

e

Platinum

Asset

Mangement

Ltd

685

159,194

Plus500

Ltd

2,912

89,892

Polar

Capital

Holdings

plc

417

29,487

*

PRA

Group,

Inc

969

900,000

President

Securities

Corp

419

220,859

*

PROG

Holdings,

Inc

3,308

287,922

Provident

Financial

plc

536

785,539

PSG

Konsult

Ltd

467

4,133

Pzena

Investment

Management,

Inc

(Class

A)

39

1,619,257

g

Quilter

plc

1,658

1,793,800

Ratchthani

Leasing

PCL

198

71,886

Rathbone

Brothers

1,316

249,731

Ratos

AB

(B

Shares)

851

158,147

Raymond

James

Financial,

Inc

15,628

55,037

e

Ready

Capital

Corp

558

1,444,050

REC

Ltd

1,661

87,160

e

Redwood

Trust,

Inc

500

6,074

Regional

Management

Corp

170

94,219

Reinet

Investments

S.C.A

1,389

596,373

Remgro

Ltd

4,374

150,316

g

Resurs

Holding

AB

276

16,461

Ricoh

Leasing

Co

Ltd

402

444,173

*,e

Robinhood

Markets,

Inc

4,486

713,070

S&P

Global,

Inc

217,736

42,654

Samsung

Securities

Co

Ltd

908

38,235

Saudi

Tadawul

Group

Holding

Co

2,032

166,392

SBI

Cards

&

Payment

Services

Ltd

1,856

1,085,638

*

SBI

Holdings,

Inc

19,482

111,547

Schroders

plc

479

12,849

e

Sculptor

Capital

Management,

Inc

114

518,991

Sealand

Securities

Co

Ltd

236

84,252

SEI

Investments

Co

4,133

10,900

Shanxi

Securities

Co

Ltd

8

541,000

e

Sheng

Ye

Capital

Ltd

345

956,844

Shenwan

Hongyuan

Group

Co

Ltd

519

9,698

Shinyoung

Securities

Co

Ltd

369

22,431

Shriram

City

Union

Finance

Ltd

479

133,897

Shriram

Transport

Finance

Co

Ltd

1,958

1,098,130

*

SHUAA

Capital

PSC

110

1,415

e

Silvercrest

Asset

Management

Group,

Inc

23

3,272,744

Singapore

Exchange

Ltd

21,470

102,482

Sinolink

Securities

Co

Ltd

110

202,561

SLM

Corp

2,834

5,964

Societe

Fonciere

Financiere

et

de

Participations

FFP

449

1,146,030

*

SoFi

Technologies,

Inc

5,593

16,641

e

Sofina

S.A.

2,872

172,635

SooChow

Securities

Co

Ltd

149

421,273

Southwest

Securities

Co

Ltd

217

18,871

Sparx

Group

Co

Ltd

173

4,500

e

SPDR

S&P

500

ETF

Trust

1,607

53,629

*,e

SPDR

S&P

Biotech

ETF

4,254

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

54

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,459

e

Sprott,

Inc

$

888

768,475

*,†,e

SRH

NV

8

688,210

Srisawad

Corp

PCL

777

416,965

St.

James's

Place

plc

4,748

318,393

Standard

Life

Aberdeen

plc

487

449,729

Starwood

Property

Trust,

Inc

8,194

15,402

State

Street

Corp

937

82,221

StepStone

Group,

Inc

2,015

100,404

Stifel

Financial

Corp

5,212

20,690

*

StoneX

Group,

Inc

1,716

10,324

e

Strike

Co

Ltd

276

646,735

Sun

Hung

Kai

&

Co

Ltd

233

19,421

*,e

Sunlight

Financial

Holdings,

Inc

24

106,065

Svolder

AB

467

14,946

Swissquote

Group

Holding

S.A.

1,551

3,262

*,e

SWK

Holdings

Corp

55

20,573

Synchrony

Financial

580

179,868

T

Rowe

Price

Group,

Inc

18,888

246,027

Taiwan

Acceptance

Corp

1,106

209,097

Tamburi

Investment

Partners

S.p.A.

1,340

26,991

Tata

Investment

Corp

Ltd

760

1,071,090

Tel

Aviv

Stock

Exchange

Ltd

5,530

72,521

TMX

Group

Ltd

6,671

229,080

e

Tokai

Tokyo

Securities

Co

Ltd

559

48,000

e

Tokyo

Century

Corp

1,536

100,679

Tong

Yang

Investment

Bank

172

953,972

TP

Icap

Group

plc

2,088

51,379

TPG

RE

Finance

Trust,

Inc

360

93,870

Tradeweb

Markets,

Inc

5,296

698,779

Transaction

Capital

Ltd

1,419

1,397,077

Turkiye

Sinai

Kalkinma

Bankasi

AS

185

260,833

Two

Harbors

Investment

Corp

866

6,155,483

e

UBS

Group

AG

89,304

117,800

*,e

Up

Fintech

Holding

Ltd

(ADR)

388

58,471

*,e

Upstart

Holdings,

Inc

1,216

43,062

UTI

Asset

Management

Co

Ltd

380

186

e

Value

Line,

Inc

8

1,161,011

e

Value

Partners

Group

Ltd

274

67,756

Victory

Capital

Holdings,

Inc

1,579

228,298

Virtu

Financial,

Inc

4,742

4,858

Virtus

Investment

Partners,

Inc

775

105,652

*

VNV

Global

AB

213

144,596

Vontobel

Holding

AG.

7,763

175,526

e

Voya

Financial,

Inc

10,619

23,175

Warsaw

Stock

Exchange

153

3,109,300

Waterland

Financial

Holdings

1,130

33,900

*,e

WealthNavi,

Inc

370

28,943

Wendel

2,072

287,403

Western

Securities

Co

Ltd

236

21,717

WisdomTree

Investments,

Inc

102

93,185

Woori

Investment

&

Securities

Co

Ltd

582

62,862

*

Woori

Technology

Investment

Co

Ltd

200

1,498

*,e

World

Acceptance

Corp

145

607,329

*

XP,

Inc

11,545

46,176

g

X-Trade

Brokers

Dom

Maklerski

S.A.

188

4,899,600

*,e

Yangzijiang

Financial

Holding

Pte

Ltd

1,264

1,698,000

*,e,g

Yixin

Group

Ltd

171

124,865

Zenkoku

Hosho

Co

Ltd

4,153

142,591

Zheshang

Securities

Co

Ltd

189

418,200

Zhongtai

Securities

Co

Ltd

387

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

55

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

670,858

*,e

Zip

Co

Ltd

$

289

TOTAL

DIVERSIFIED

FINANCIALS

4,323,336

ENERGY

-

5.4%

244,700

*

3R

PETROLEUM

OLEO

E

GAS

S.A.

1,615

1,181,000

e,g

AAG

Energy

Holdings

Ltd

202

18,368,261

Adaro

Energy

Tbk

4,737

232,720

*

Advantage

Energy

Ltd

1,673

180,848

Aegis

Logistics

Ltd

598

20,911

*,e

Aemetis,

Inc

128

938,227

h

Aker

BP

ASA

26,931

321,619

Aker

Solutions

ASA

1,118

44,578

Aldrees

Petroleum

and

Transport

Services

Co

798

282,513

*

Alto

Ingredients,

Inc

1,028

11,397

e

Altus

Midstream

Co

371

125,093

*

Amplify

Energy

Corp

822

279,251

Ampol

Ltd

5,165

263,024

Antero

Midstream

Corp

2,415

1,461,245

*

Antero

Resources

Corp

44,612

247,428

APA

Corp

8,460

1,004,999

ARC

Resources

Ltd

12,070

32,595

e

Arch

Resources,

Inc

3,866

32,992

*

Archaea

Energy,

Inc

594

334,419

Archrock,

Inc

2,147

27,822

*

Ardmore

Shipping

Corp

254

713,823

*

Athabasca

Oil

Corp

1,101

39,993

Baker

Hughes

Co

838

1,249,100

Bangchak

Corp

PCL

974

6,671,100

Banpu

PCL

(Foreign)

2,163

1,395

*

Battalion

Oil

Corp

17

979,547

*,e

Baytex

Energy

Trust

4,148

3,130,072

Beach

Petroleum

Ltd

3,006

246,956

Berry

Petroleum

Co

LLC

1,852

1,095,426

Bharat

Petroleum

Corp

Ltd

4,079

323,698

e

Birchcliff

Energy

Ltd

2,299

117,788

Bonanza

Creek

Energy,

Inc

6,760

254,425

*

Borr

Drilling

Ltd

857

314,995

*,e

Borr

Drilling

Ltd

1,046

382,852

*

Boss

Energy

Ltd

640

28,448,336

BP

plc

135,937

93,900

BP

plc

(ADR)

2,681

345,868

Brigham

Minerals,

Inc

8,533

4,650,000

*,†,e

Brightoil

Petroleum

Holdings

Ltd

666

18,388

*

Bristow

Group,

Inc

432

2,991,000

*

Bumi

Armada

BHD

247

107,204

*,h

BW

Energy

Ltd

212

102,215

g

BW

LPG

Ltd

744

123,984

BW

Offshore

Ltd

261

541,884

Cabot

Oil

&

Gas

Corp

14,154

18,036

Cactus,

Inc

693

434,159

*,e

Cairn

Energy

plc

1,188

79,501

California

Resources

Corp

3,055

33,496

*

Callon

Petroleum

Co

1,173

990,256

Cameco

Corp

(Toronto)

26,281

181,038

e

Canacol

Energy

Ltd

245

1,521,119

Canadian

Natural

Resources

Ltd

70,806

156,660

e

Cardinal

Energy

Ltd

805

1,831,924

Cenovus

Energy,

Inc

(Toronto)

28,142

7,440

*

Centrus

Energy

Corp

305

1,572,559

*,e

CGG

S.A.

1,093

2,790,000

e

CGN

Mining

Co

Ltd

320

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

56

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

334,154

ChampionX

Corp

$

6,539

446,746

Cheniere

Energy,

Inc

74,120

130,714

e

Chesapeake

Energy

Corp

12,315

3,397,267

Chevron

Corp

488,085

300,803

e

China

Aviation

Oil

Singapore

Corp

Ltd

155

2,826,000

China

Coal

Energy

Co

2,546

667,000

China

Merchants

Energy

Shipping

Co

Ltd

666

2,759,122

China

Oilfield

Services

Ltd

2,732

554,876

China

Shenhua

Energy

Co

Ltd

-

A

2,469

4,997,955

China

Shenhua

Energy

Co

Ltd

-

H

14,872

2,543,000

e

China

Suntien

Green

Energy

Cor

928

126,301

*

Clean

Energy

Fuels

Corp

674

139,435

*

CNX

Resources

Corp

2,165

2,021,098

Coal

India

Ltd

5,237

118

*,†,b

Cobalt

International

Energy,

Inc

0

^

1,000,000

e

Computer

Modelling

Group

Ltd

3,678

223,090

*

Comstock

Resources

Inc

3,857

4,540,618

ConocoPhillips

464,687

25,553

CONSOL

Energy,

Inc

1,644

8,521

Continental

Resources,

Inc

569

1,398,504

Cosan

SA

Industria

e

Comercio

4,506

364,193

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

926

208,658

Cosmo

Energy

Holdings

Co

Ltd

5,383

58,475

e

Crescent

Energy,

Inc

788

709,241

e

Crescent

Point

Energy

Corp

4,364

169,084

*

Crew

Energy,

Inc

630

30,561

CropEnergies

AG.

367

78,246

CVR

Energy,

Inc

2,268

7,828,749

Dana

Gas

PJSC

2,013

11,116

*

Delek

Group

Ltd

1,755

702,564

Delek

US

Holdings,

Inc

19,068

71,750

*

Denbury,

Inc

6,189

968,755

*,e

Denison

Mines

Corp

1,129

1,651,235

Devon

Energy

Corp

99,289

243,434

DHT

Holdings,

Inc

1,840

4,812,512

Dialog

Group

BHD

2,057

274,253

*,e

Diamond

Offshore

Drilling,

Inc

1,818

1,220,732

Diamondback

Energy,

Inc

147,049

1,567,790

Diversified

Gas

&

Oil

plc

2,270

12,166

*

DMC

Global,

Inc

194

716,917

DNO

International

ASA

813

24,139

Dorian

LPG

Ltd

328

26,011

*

Dril-Quip,

Inc

508

15,133

DT

Midstream,

Inc

785

7,073

*,e

Earthstone

Energy,

Inc

87

8,520,653

Ecopetrol

S.A.

3,833

22,843

*,e

Empire

Petroleum

Corp

300

469,397

Empresas

COPEC

S.A.

3,007

727,400

Enauta

Participacoes

S.A.

1,958

2,628,348

Enbridge,

Inc

97,458

3,447,868

ENEOS

Holdings,

Inc

11,120

107,908

e

Enerflex

Ltd

463

151,697

Energean

plc

2,259

1,168,600

*,†

Energy

Earth

PCL

0

^

32,526

*,e

Energy

Fuels,

Inc

199

189,805

*,e

Energy

Fuels,

Inc

1,158

1

Energy

Transfer

LP

0

^

385,460

Enerplus

Corp

5,458

726,596

ENI

S.p.A.

7,723

1,814,996

*

Enquest

plc

(London)

533

27,174

e

Enviva,

Inc

1,632

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

57

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,708,670

EOG

Resources,

Inc

$

302,640

1,544,780

EQT

Corp

62,950

2,695,905

Equinor

ASA

88,907

30,112

*

Equital

Ltd

877

279,971

Equitrans

Midstream

Corp

2,094

1,080,900

Esso

Thailand

PCL

(Foreign)

365

269,005

Etablissements

Maurel

et

Prom

1,048

214,381

Euronav

NV

3,346

14,765

e

Excelerate

Energy,

Inc

345

308,762

e

Exxaro

Resources

Ltd

3,429

4,244,338

Exxon

Mobil

Corp

370,573

21,247

e

FLEX

LNG

Ltd

673

36,227

FLEX

LNG

Ltd

1,151

1,414,269

Formosa

Petrochemical

Corp

3,676

106,876

*,e

Frank's

International

NV

1,362

247,978

e

Freehold

Royalty

Trust

2,581

74,307

*

Frontera

Energy

Corp

538

93,295

e

Frontline

Ltd

1,020

148,114

e

Frontline

Ltd

(Sigmax

MTF)

1,631

76,421

e

Galp

Energia

SGPS

S.A.

735

31,587

e

Gaztransport

Et

Technigaz

S.A.

3,483

163,179

Genel

Energy

PLC

224

154,302

*,e

Gevo,

Inc

352

179,352

e

Gibson

Energy,

Inc

2,853

124,010

*

Golar

LNG

Ltd

3,090

111,107

Great

Eastern

Shipping

Co

Ltd

735

39,931

*

Green

Plains

Inc

1,161

728,086

Guanghui

Energy

Co

Ltd

1,263

176,730

Gujarat

Mineral

Development

Corp

Ltd

292

1,071,700

*

Gulf

International

Services

QSC

548

255,598

Gulf

Keystone

Petroleum

Ltd

565

6,287

*

Gulfport

Energy

Operating

Corp

555

135,960

Hafnia

Ltd

556

1,439,087

Halliburton

Co

35,430

563,752

Harbour

Energy

plc

2,799

769,368

*

Headwater

Exploration,

Inc

2,930

111,409

*

Helix

Energy

Solutions

Group,

Inc

430

101,252

Hellenic

Petroleum

S.A.

618

694,806

Helmerich

&

Payne,

Inc

25,687

574,746

Hess

Corp

62,642

111,269

HF

Sinclair

Corp

5,991

1,735,200

Hibiscus

Petroleum

BHD

314

1,175

e

HighPeak

Energy,

Inc

25

863,027

Hindustan

Petroleum

Corp

Ltd

2,280

342,276

Hunting

plc

892

36,151

Hyundai

Robotics

Co

Ltd

1,355

158,349

Idemitsu

Kosan

Co

Ltd

3,441

360,306

Imperial

Oil

Ltd

15,601

3,709,656

Indian

Oil

Corp

Ltd

3,034

477,400

Indo

Tambangraya

Megah

Tbk

PT

1,290

225,600

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

415

1,439,000

Inner

Mongolia

Yitai

Coal

Co

2,160

1,914,834

Inpex

Holdings,

Inc

17,860

36,863

International

Seaways,

Inc

1,295

13,550,486

IRPC

PCL

(Foreign)

1,115

62,550

Itochu

Enex

Co

Ltd

441

53,722

Iwatani

International

Corp

2,023

171,477

Japan

Petroleum

Exploration

Co

4,140

419,200

Jizhong

Energy

Resources

Co

Ltd

427

843,423

*

John

Wood

Group

plc

1,191

670,145

*

Karoon

Gas

Australia

Ltd

785

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

58

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,076,414

*

Kelt

Exploration

Ltd

$

4,060

274,138

e

Keyera

Corp

5,644

1,079,662

Kinder

Morgan,

Inc

17,966

83,412

Koninklijke

Vopak

NV

1,518

529,960

*

Kosmos

Energy

Ltd

2,740

2,182

*,e

Laredo

Petroleum,

Inc

137

421,493

*

Liberty

Oilfield

Services,

Inc

5,345

85,515

Magnolia

Oil

&

Gas

Corp

1,694

978,967

Marathon

Oil

Corp

22,105

548,593

Marathon

Petroleum

Corp

54,492

252,522

Matador

Resources

Co

12,353

449,877

*

MEG

Energy

Corp

5,035

36,800

Mitsuuroko

Co

Ltd

246

22,930

Modec,

Inc

235

542,176

e

MOL

Hungarian

Oil

&

Gas

plc

3,011

92,131

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,456

72,749

Murphy

Oil

Corp

2,559

24,489

*

Nabors

Industries

Ltd

2,484

3,477

e

Nacco

Industries,

Inc

(Class

A)

164

41,629

*

Naphtha

Israel

Petroleum

Corp

Ltd

218

25,515

*

National

Energy

Services

Reunited

Corp

152

226,857

Neste

Oil

Oyj

9,889

43,809

e

New

Fortress

Energy,

Inc

1,915

655,554

e

New

Hope

Corp

Ltd

2,648

71,751

*

Newpark

Resources,

Inc

181

493,199

*,e

NexGen

Energy

Ltd

1,792

4,407

*,e

NextDecade

Corp

27

802,047

*

NexTier

Oilfield

Solutions,

Inc

5,935

46,986

*

Noble

Corp

plc

1,390

351,396

Nordic

American

Tankers

Ltd

938

486,209

Northern

Oil

and

Gas,

Inc

13,327

222,028

NOV,

Inc

3,592

222,157

*

NuVista

Energy

Ltd

1,578

32,056

Oasis

Petroleum,

Inc

4,384

83,043

*

Obsidian

Energy

Ltd

597

892,214

Occidental

Petroleum

Corp

54,827

222,998

*

Oceaneering

International,

Inc

1,775

173,532

*

Odfjell

Drilling

Ltd

378

746,227

Offshore

Oil

Engineering

Co

Ltd

468

345,202

Oil

India

Ltd

737

2,509,202

Oil

Refineries

Ltd

856

45,310

*

Oil

States

International,

Inc

176

43,111

OMV

AG.

1,560

274,638

ONEOK,

Inc

14,072

277,179

Ovintiv,

Inc

12,750

3,236,021

*

Paladin

Resources

Ltd

1,526

866,137

*,e

Pantheon

Resources

plc

1,003

426,776

*

Par

Pacific

Holdings,

Inc

7,003

94,590

e

Paramount

Resources

Ltd

(Class

A)

1,671

146,967

e

Parex

Resources,

Inc

2,146

314,572

e

Parkland

Corp

6,741

99,338

e

Pason

Systems,

Inc

951

353,913

Patterson-UTI

Energy,

Inc

4,134

12,230

*

Paz

Oil

Co

Ltd

1,337

342,000

*

PBF

Energy,

Inc

12,025

19,410

PDC

Energy,

Inc

1,122

512,421

*,e

Peabody

Energy

Corp

12,718

677,053

e

Pembina

Pipeline

Income

Fund

20,566

2,694

Penn

Virginia

Corp

85

1,805,031

*

Permian

Resources

Corp

12,274

860,200

*

Petro

Rio

S.A.

4,390

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

59

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

528,844

*,e

Petrofac

Ltd

$

596

4,328,195

Petroleo

Brasileiro

S.A.

26,542

11,087,927

Petroleo

Brasileiro

S.A.

(Preference)

61,253

354,280

Petronas

Dagangan

BHD

1,530

1,038,443

Petronet

LNG

Ltd

2,539

159,900

Petroreconcavo

S.A.

743

205,859

e

Peyto

Exploration

&

Development

Corp

1,642

814,917

Phillips

66

65,780

209,000

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

401

749,336

Pioneer

Natural

Resources

Co

162,254

149,201

*

Pipestone

Energy

Corp

400

491,373

Polski

Koncern

Naftowy

Orlen

S.A.

5,275

2,502,440

Polskie

Gornictwo

Naftowe

i

Gazownictwo

S.A.

2,452

100,100

*,†

Poseidon

Concepts

Corp

1

475,149

e

PrairieSky

Royalty

Ltd

6,126

16,373

*

Precision

Drilling

Corp

829

961,500

Prima

Marine

PCL

146

6,254

*

ProFrac

Holding

Corp

95

66,589

*,e

ProPetro

Holding

Corp

536

10,148,500

PT

AKR

Corporindo

Tbk

898

50,966,300

*

PT

Bumi

Resources

Minerals

Tbk

469

3,228,000

PT

Harum

Energy

Indonesia

Tbk

374

7,041,900

PT

Indika

Energy

Tbk

1,379

29,417,500

PT

Medco

Energi

Internasional

Tbk

1,769

7,559,600

PT

Tambang

Batubara

Bukit

Asam

Tbk

2,059

6,495,806

PT

United

Tractors

Tbk

13,947

1,980,048

PTT

Exploration

&

Production

PCL

8,443

13,089,409

PTT

PCL

11,919

638,953

Qatar

Fuel

QSC

3,286

3,147,912

Qatar

Gas

Transport

Co

Ltd

3,531

510,961

*

Rabigh

Refining

&

Petrochemical

Co

1,865

86,705

Range

Resources

Corp

2,190

5,560,675

Reliance

Industries

Ltd

161,382

1,141,835

Repsol

YPF

S.A.

13,120

12,426

*

Rex

American

Resources

Corp

347

4,488

Riley

Exploration

Permian,

Inc

85

263,697

*,e

Ring

Energy,

Inc

612

10,721

RPC,

Inc

74

1,370,208

*,e

Saipem

S.p.A

848

65,652

San-Ai

Oil

Co

Ltd

505

5,459

*

SandRidge

Energy,

Inc

89

3,787,615

Santos

Ltd

17,497

681,025

*

Saras

S.p.A.

647

8,819

Saudi

Arabia

Refineries

Co

215

2,908,102

g

Saudi

Arabian

Oil

Co

27,685

164,357

SBM

Offshore

NV

2,063

1,695,159

Schlumberger

Ltd

60,856

12,434

Schoeller-Bleckmann

Oilfield

Equipment

AG.

543

37,679

Scorpio

Tankers,

Inc

1,584

376,886

Secure

Energy

Services,

Inc

1,574

56,341

*

Select

Energy

Services,

Inc

393

2,833,900

Semirara

Mining

&

Power

Corp

1,874

242,049

Serica

Energy

plc

1,006

50

*,†

Serval

Integrated

Energy

Services

0

85,574

SFL

Corp

Ltd

780

820,438

Shaanxi

Coal

Industry

Co

Ltd

2,634

236,900

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

607

313,786

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

746

413,500

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

870

15,661,703

Shell

plc

388,534

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

60

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

684,400

Siamgas

&

Petrochemicals

PCL

$

192

1,726

*,e

SilverBow

Resources,

Inc

46

1,916,000

Sinopec

Kantons

Holdings

Ltd

529

2,254

e

Sitio

Royalties

Corp

50

12,552

SK

Discovery

Co

Ltd

260

3,083

SK

Gas

Co

Ltd

215

64,388

*

SK

Innovation

Co

Ltd

6,381

180,289

SM

Energy

Co

6,781

56,632

S-Oil

Corp

3,203

98,151

Solaris

Oilfield

Infrastructure,

Inc

919

478,418

*

Southwestern

Energy

Co

2,928

159,334

*

Spartan

Delta

Corp

1,183

1,735,500

Star

Petroleum

Refining

PCL

488

292,672

e

Subsea

7

S.A.

2,312

2,330,155

Suncor

Energy,

Inc

65,619

85,395

e

Surge

Energy,

Inc

483

339,744

*

Talos

Energy,

Inc

5,657

526,687

e

Tamarack

Valley

Energy

Ltd

1,445

233,355

Targa

Resources

Investments,

Inc

14,081

1,201,089

e

TC

Energy

Corp

48,379

163,547

Technip

Energies

NV

1,853

35,469

*,e

Tecnicas

Reunidas

S.A.

208

58,175

*

Teekay

Corp

209

17,095

*

Teekay

Tankers

Ltd

471

1,261,130

*,e

Tellurian,

Inc

3,014

71,048

Tenaris

S.A.

919

99,781

*

Tetra

Technologies,

Inc

358

5,222

Texas

Pacific

Land

Corp

9,281

325,403

TGS

Nopec

Geophysical

Co

ASA

3,977

1,699,232

h

Thai

Oil

PCL

2,303

157,903

e

Thungela

Resources

Ltd

2,902

28,859

*

Tidewater,

Inc

626

276,251

Topaz

Energy

Corp

4,164

33,723

TORM

plc

688

3,974,902

e

Total

S.A.

186,481

507,532

e

Tourmaline

Oil

Corp

26,377

268,613

*

Trican

Well

Service

Ltd

558

1,447,610

*,e

Tullow

Oil

plc

680

161,231

*

Turkiye

Petrol

Rafinerileri

AS

2,509

880,061

Ultrapar

Participacoes

S.A.

1,914

9,530,000

United

Energy

Group

Ltd

1,088

41,864

*,e

Uranium

Energy

Corp

147

42,419

*,e

Ur-Energy,

Inc

46

159,721

*

US

Silica

Holdings,

Inc

1,749

8,320

e

Vaalco

Energy,

Inc

36

97,364

*

Valaris

Ltd

4,765

1,959,854

Valero

Energy

Corp

209,410

170,700

*,e

Vallourec

S.A.

1,636

26,893

Verbio

AG.

1,587

202,776

Vermilion

Energy,

Inc

4,341

13,907

*,e

Vertex

Energy,

Inc

87

1,040,815

g

Viva

Energy

Group

Ltd

1,748

25,153

*

W&T

Offshore,

Inc

147

5,553

*,e

Waga

Energy

S.A.

174

233,106

Washington

H

Soul

Pattinson

&

Co

Ltd

4,008

216,309

*

Weatherford

International

Ltd

6,985

927,500

Whitecap

Resources,

Inc

5,868

1,133,070

Whitehaven

Coal

Ltd

6,574

692,747

Williams

Cos,

Inc

19,833

2,687,423

Woodside

Energy

Group

Ltd

54,908

46,780

World

Fuel

Services

Corp

1,097

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

61

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

384,270

Worley

Ltd

$

3,133

144,033

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

663

1,821,540

e

Yanzhou

Coal

Mining

Co

Ltd

6,577

216,069

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

1,525

1,843,520

Yinson

Holdings

BHD

852

TOTAL

ENERGY

5,238,213

FOOD

&

STAPLES

RETAILING

-

1.7%

120,021

Abdullah

Al

Othaim

Markets

Co

3,928

578,863

Aeon

Co

Ltd

10,809

25,200

e

Aeon

Hokkaido

Corp

197

30,383

Ain

Pharmaciez

Inc

1,313

112,029

Al

Meera

Consumer

Goods

Co

552

2,247,755

Albertsons

Cos,

Inc

55,879

2,076,815

Alimentation

Couche-Tard,

Inc

83,608

20,561

Almunajem

Foods

Co

372

44,464

Andersons,

Inc

1,380

48,579

Arcs

Co

Ltd

693

523,095

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

1,874

184,603

*,g

Avenue

Supermarts

Ltd

9,876

136,582

Axfood

AB

3,129

20,055

Axial

Retailing,

Inc

451

12,400

Belc

Co

Ltd

462

1,353,112

Berli

Jucker

PCL

1,168

8,837

BGF

retail

Co

Ltd

1,017

383,477

Bid

Corp

Ltd

5,907

540,341

BIM

Birlesik

Magazalar

AS

3,381

183,091

*

BJ's

Wholesale

Club

Holdings,

Inc

13,331

716,350

Carrefour

S.A.

9,935

48,430

Casey's

General

Stores,

Inc

9,808

50,872

*,e

Casino

Guichard

Perrachon

S.A.

476

12,651

Cawachi

Ltd

186

1,598,591

Cencosud

S.A.

2,023

179,592

*

Chefs'

Warehouse

Holdings,

Inc

5,203

3,952,261

Cia

Brasileira

de

Distribuicao

14,206

274,644

Clicks

Group

Ltd

4,331

1,370,060

Coles

Group

Ltd

14,444

65,428

e

Colruyt

S.A.

1,438

1,671,400

Cosco

Capital,

Inc

112

24,400

Cosmos

Pharmaceutical

Corp

2,413

869,265

Costco

Wholesale

Corp

410,528

6,741,316

CP

ALL

plc

9,968

32,800

Create

SD

Holdings

Co

Ltd

713

6,118

Daikokutenbussaan

Co

Ltd

222

44,251

DaShenLin

Pharmaceutical

Group

Co

Ltd

188

53,356

*,g

Dino

Polska

S.A.

3,232

529,464

g

Dis-Chem

Pharmacies

Ltd

932

16,397,216

*,e

Distribuidora

Internacional

de

Alimentacion

S.A.

191

42,025

Dongsuh

Co,

Inc

607

24,610

E-Mart

Co

Ltd

1,431

202,759

Empire

Co

Ltd

5,043

1,380,326

Endeavour

Group

Ltd

6,203

92,265

*

Eurocash

S.A.

217

31,400

e

Fuji

Co

Ltd

409

26,600

G-7

Holdings,

Inc

262

8,600

Genky

DrugStores

Co

Ltd

214

97,958

George

Weston

Ltd

10,256

276,565

GrainCorp

Ltd-A

1,391

59,308

Great

Tree

Pharmacy

Co

Ltd

515

71,400

*

Grocery

Outlet

Holding

Corp

2,377

640,600

Grupo

Comercial

Chedraui

S.a.

DE

C.V.

1,893

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

62

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

698,100

*

Grupo

Mateus

S.A.

$

854

50,892

GS

Retail

Co

Ltd

904

11,000

Halows

Co

Ltd

221

32,158

Heiwado

Co

Ltd

444

808,647

*

HelloFresh

SE

16,927

31,354

*,e

HF

Foods

Group

Inc

121

60,046

Hyundai

Greenfood

Co

Ltd

267

24,300

e

Inageya

Co

Ltd

193

10,542

Ingles

Markets,

Inc

(Class

A)

835

2,770

e

Itochu-Shokuhin

Co

Ltd

93

259,469

J

Sainsbury

plc

502

904,892

Jeronimo

Martins

SGPS

S.A.

16,852

25,102

Kaap

Agri

Ltd

53

26,223

Kato

Sangyo

Co

Ltd

605

456,292

Kesko

Oyj

(B

Shares)

8,513

24,000

e

Kobe

Bussan

Co

Ltd

577

746,222

Koninklijke

Ahold

Delhaize

NV

19,007

588,111

Kroger

Co

25,730

18,834

Kusuri

no

Aoki

Holdings

Co

Ltd

888

586,500

e

La

Comer

SAB

de

C.V.

1,059

54,900

Lawson,

Inc

1,796

21,096

Life

Corp

391

224,322

Loblaw

Cos

Ltd

17,763

6,187

M

Yochananof

&

Sons

Ltd

353

2,386,355

*

Marks

&

Spencer

Group

plc

2,603

40,080

MARR

S.p.A.

377

118,807

*

Massmart

Holdings

Ltd

395

130,856

Matsumotokiyoshi

Holdings

Co

Ltd

5,613

14,800

Maxvalu

Tokai

Co

Ltd

273

40,870

*

Medplus

Health

Services

Ltd

309

1,178,010

Metcash

Ltd

2,927

149,151

Metro

Wholesale

&

Food

Specialist

AG.

1,040

296,127

Metro,

Inc

14,828

399,078

*

Migros

Ticaret

AS

2,173

22,482

Natural

Grocers

by

Vitamin

C

243

29,690

e

Neighbourly

Pharmacy,

Inc

440

130,845

e

North

West

Co,

Inc

3,030

365,152

*

Ocado

Ltd

1,895

1,393,744

e

Olam

Group

Ltd

1,263

423,883

*

Performance

Food

Group

Co

18,206

1,207,194

Pick'n

Pay

Stores

Ltd

3,700

652,717

President

Chain

Store

Corp

5,791

8,926

Pricesmart,

Inc

514

19,239,100

PT

Sumber

Alfaria

Trijaya

Tbk

3,019

1,221,400

Puregold

Price

Club,

Inc

588

1,208,735

Raia

Drogasil

S.A.

5,093

12,053

Rami

Levi

Chain

Stores

Hashikma

Marketing

Ltd

864

27,712

e

Retail

Partners

Co

Ltd

213

27,559

*,e

Rite

Aid

Corp

136

1,016,140

Robinsons

Retail

Holdings,

Inc

948

18,641

Ryoshoku

Ltd

420

23,500

San-A

Co

Ltd

709

2,117,916

Sendas

Distribuidora

S.A.

6,890

1,429,163

Seven

&

I

Holdings

Co

Ltd

57,410

1,546,710

Sheng

Siong

Group

Ltd

1,702

11,911

Shoei

Foods

Corp

342

17,499

*,g

Shop

Apotheke

Europe

NV

704

568,574

e

Shoprite

Holdings

Ltd

6,788

541,310

Shufersal

Ltd

3,385

28,352

Sligro

Food

Group

NV

366

3,527,761

SMU

S.A.

341

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

63

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

913,608

*

Sok

Marketler

Ticaret

AS.

$

1,018

1,012,095

Sonae

SPGS

S.A.

816

213,390

Spar

Group

Ltd

1,690

26,658

SpartanNash

Co

774

62,400

*

Sprouts

Farmers

Market,

Inc

1,732

42,296

Sugi

Pharmacy

Co

Ltd

1,699

154,900

Sundrug

Co

Ltd

3,769

880,961

SYSCO

Corp

62,293

24,840,501

Tesco

plc

57,011

67,100

Tsuruha

Holdings,

Inc

3,929

147,133

*

United

Natural

Foods,

Inc

5,057

64,150

United

Super

Markets

Holdings,

Inc

468

254,278

*

US

Foods

Holding

Corp

6,723

42,694

Valor

Co

Ltd

526

4,600

*,†

Valora

Holding

AG.

1,212

7,224

Village

Super

Market

(Class

A)

140

445,623

Walgreens

Boots

Alliance,

Inc

13,993

6,004,936

e

Wal-Mart

de

Mexico

SAB

de

C.V.

21,119

3,246,888

Walmart,

Inc

421,121

12,204

e

Weis

Markets,

Inc

869

90,960

Welcia

Holdings

Co

Ltd

1,919

1,305,225

Woolworths

Ltd

28,363

22,200

e

Yaoko

Co

Ltd

1,007

27,359

Yifeng

Pharmacy

Chain

Co

Ltd

191

50,200

Yokohama

Reito

Co

Ltd

306

11,514

*,e

Zur

Rose

Group

AG.

340

TOTAL

FOOD

&

STAPLES

RETAILING

1,629,265

FOOD,

BEVERAGE

&

TOBACCO

-

3.9%

34,224

*,e

22nd

Century

Group,

Inc

32

1,277,889

*

a2

Milk

Co

Ltd

4,379

219,354

AAK

AB

2,900

131,599

AG.

Barr

plc

668

14,687

Agrana

Beteiligungs

AG.

204

388,048

Agthia

Group

PJSC

501

478,663

Ajinomoto

Co,

Inc

13,082

17,197

Al

Jouf

Agricultural

Development

Co

196

4,966

Alico,

Inc

140

296,254

Almarai

Co

JSC

4,169

1,618,302

Altria

Group,

Inc

65,347

5,406,009

AMBEV

S.A.

15,574

245,576

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

531

34,211

Angel

Yeast

Co

Ltd

200

1,615,672

e

Anheuser-Busch

InBev

S.A.

73,185

121,518

Anhui

Gujing

Distillery

Co

Ltd

1,795

17,414

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

667

18,017

Anhui

Kouzi

Distillery

Co

Ltd

119

47,700

Anhui

Yingjia

Distillery

Co

Ltd

376

45,459

Anora

Group

Oyj

302

62,351

*,e

AppHarvest,

Inc

123

145,619

Archer-Daniels-Midland

Co

11,715

22,572

e

Ariake

Japan

Co

Ltd

785

2,771,350

*,e

Aryzta

AG.

2,773

192,586

Asahi

Breweries

Ltd

6,004

76,649

*

Aseer

Trading

Tourism

&

Manufacturing

Co

273

572,784

Associated

British

Foods

plc

8,003

102,744

Astral

Foods

Ltd

1,097

449,000

Ausnutria

Dairy

Corp

Ltd

278

111,616

Austevoll

Seafood

ASA

757

238,949

*

Australian

Agricultural

Co

Ltd

262

54,581

Avanti

Feeds

Ltd

313

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

64

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

408,154

AVI

Ltd

$

1,642

50,109

e

B&G

Foods,

Inc

(Class

A)

826

61,414

Bakkafrost

P

2,444

165,384

e,g

Bakkavor

Group

plc

166

960,740

Baladna

436

155,771

Balrampur

Chini

Mills

Ltd

662

1,561

Barry

Callebaut

AG.

2,942

349,039

Bega

Cheese

Ltd

772

165,201

Beijing

Dabeinong

Technology

Group

Co

Ltd

186

35,200

Beijing

Shunxin

Agriculture

Co

Ltd

99

3,443

Bell

AG.

756

85,002

*,e

Benson

Hill,

Inc

233

7,962

*,e

Beyond

Meat,

Inc

113

6,211

Binggrae

Co

Ltd

171

17,447

Bombay

Burmah

Trading

Co

196

14,766

Bonduelle

S.C.A.

163

8,609

*

Boston

Beer

Co,

Inc

(Class

A)

2,786

52,500

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

294

3,811

*,e

BRC,

Inc

29

671,547

*

BRF

S.A.

1,603

124,899

Britannia

Industries

Ltd

5,877

173,100

British

American

Tobacco

Malaysia

BHD

383

3,037,311

British

American

Tobacco

plc

108,910

894,600

Britvic

plc

7,125

11,976

Brown-Forman

Corp

(Class

A)

809

46,889

Brown-Forman

Corp

(Class

B)

3,121

1,737,629

g

Budweiser

Brewing

Co

APAC

Ltd

4,525

1,208,500

Bumitama

Agri

Ltd

479

292,694

Bunge

Ltd

24,168

472,284

*

C&C

Group

plc

785

2,609

Calavo

Growers,

Inc

83

105,600

Calbee,

Inc

2,261

181,709

Cal-Maine

Foods,

Inc

10,101

148,100

Camil

Alimentos

S.A.

261

37,912

Campbell

Soup

Co

1,786

291,200

Carabao

Group

PCL

655

233,862

Carlsberg

AS

(Class

B)

27,347

213,400

Carlsberg

Brewery-Malay

BHD

1,034

84,379

CCL

Products

India

Ltd

518

55,620

*,e

Celsius

Holdings,

Inc

5,044

1,509,000

Century

Pacific

Food,

Inc

579

7,066

Chacha

Food

Co

Ltd

46

215,800

Charoen

Pokphand

Enterprise

540

4,310,331

Charoen

Pokphand

Foods

PCL

2,856

4,176,021

*,g

China

Feihe

Ltd

2,916

4,375,889

*,†

China

Huishan

Dairy

Holdings

Co

Ltd

6

370,000

*,†

China

Huiyuan

Juice

Group

Ltd

0

^

3,596,227

China

Mengniu

Dairy

Co

Ltd

14,216

3,892,000

e

China

Modern

Dairy

Holdings

445

1,789,392

China

Resources

Beer

Holdings

Company

Ltd

12,413

1,008,000

*,e,g

China

Youran

Dairy

Group

Ltd

235

17,527

Chongqing

Brewery

Co

Ltd

276

18,104

Chongqing

Fuling

Zhacai

Group

Co

Ltd

69

142,492

Cia

Cervecerias

Unidas

S.A.

774

1,446,100

Cisarua

Mountain

Dairy

PT

TBK

418

9,262

CJ

CheilJedang

Corp

2,642

267,379

Cloetta

AB

423

4,917,517

Coca-Cola

Co

275,479

8,591

Coca-Cola

Consolidated

Inc

3,537

242,789

*

Coca-Cola

European

Partners

plc

(Class

A)

10,348

629,753

e

Coca-Cola

Femsa

SAB

de

C.V.

3,679

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

65

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

313,288

Coca-Cola

HBC

AG.

$

6,546

93,607

Coca-Cola

Icecek

AS

680

162,300

Coca-Cola

West

Japan

Co

Ltd

1,574

1,928,000

Cofco

International

Ltd

574

2,857,000

COFCO

Meat

Holdings

Ltd

764

381,998

ConAgra

Brands,

Inc

12,465

118,374

Constellation

Brands,

Inc

(Class

A)

27,188

16,781

Corby

Spirit

and

Wine

Ltd

214

561,294

Costa

Group

Holdings

Ltd

807

68,898

Cranswick

plc

2,047

26,344

Daesang

Corp

395

1,557,820

g

Dali

Foods

Group

Co

Ltd

671

368,546

Danone

17,427

130,067

*

Darling

International,

Inc

8,604

3,958,320

Davide

Campari-Milano

NV

35,021

4,107,954

Diageo

plc

172,918

191,294

*

Distell

Group

Holdings

Ltd

1,823

1,841

Dongwon

F&B

Co

Ltd

185

1,500

Dongwon

Industries

Co

Ltd

243

178,977

*

Duckhorn

Portfolio,

Inc

2,583

10,100

e

Dydo

Drinco,

Inc

336

1,836,091

Eastern

Tobacco

968

102,793

e

Ebro

Puleva

S.A.

1,497

482,673

Embotelladora

Andina

S.A.

836

499,926

Embotelladoras

Arca

SAB

de

C.V.

3,600

2,421

Emmi

AG.

1,881

58,715

Ezaki

Glico

Co

Ltd

1,447

1,332,800

Fevertree

Drinks

plc

12,334

3,276,000

First

Pacific

Co

996

1,199,300

First

Resources

Ltd

1,154

35,554

Flowers

Foods,

Inc

878

2,241,483

e

Fomento

Economico

Mexicano

S.A.

de

C.V.

14,048

1,070,871

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

67,197

266,286

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

3,102

201,400

Fraser

&

Neave

Holdings

BHD

936

22,708

Fresh

Del

Monte

Produce,

Inc

528

36,388

*

Freshpet,

Inc

1,823

9,845

Fu

Jian

Anjoy

Foods

Co

Ltd

215

51,727

e

Fuji

Oil

Co

Ltd

860

47,700

Fujian

Sunner

Development

Co

Ltd

130

22,132

e

Fujicco

Co

Ltd

292

11,382

Fujiya

Co

Ltd

192

471,265

Futuris

Corp

Ltd

3,596

216,960

General

Mills,

Inc

16,621

354,800

Genting

Plantations

BHD

439

517,600

GFPT

PCL

(Foreign)

201

260,000

Glanbia

plc

3,004

12,015

Godfrey

Phillips

India

Ltd

169

18,410,925

Golden

Agri-Resources

Ltd

3,381

886,500

Great

Wall

Enterprise

Co

1,240

626,630

*

Greencore

Group

plc

505

57,937

Grieg

Seafood

ASA

392

231,836

e

Gruma

SAB

de

C.V.

2,221

1,519,541

e

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

5,355

206,000

e

Grupo

Herdez

SAB

de

C.V.

383

442,800

Guan

Chong

Bhd

209

78,745

Guangdong

Haid

Group

Co

Ltd

668

265,600

Guinness

Anchor

BHD

1,364

93,430

Gujarat

Ambuja

Exports

Ltd

319

56,298

*

Hain

Celestial

Group,

Inc

950

15,173

Halwani

Brothers

Co

254

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

66

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

56,772

Harim

Holdings

Co

Ltd

$

276

259,814

Health

&

Happiness

H&H

International

Holdings

Ltd

243

101,447

Heilongjiang

Agriculture

Co

Ltd

190

117,792

Heineken

Holding

NV

8,064

949,206

Heineken

NV

82,895

168,023

Henan

Shuanghui

Investment

&

Development

Co

Ltd

579

332,261

Hershey

Co

73,254

37,838

Hite

Jinro

Co

Ltd

697

22,600

e

Hokuto

Corp

296

55,733

Hormel

Foods

Corp

2,532

340,406

*

Hostess

Brands,

Inc

7,911

69,424

*

Hotel

Chocolat

Group

Ltd

93

73,462

House

Foods

Corp

1,464

37,416

Hyundai

Feed,

Inc

581

353,300

Ichitan

Group

PCL

81

1,125,910

Imperial

Tobacco

Group

plc

23,152

2,586,509

Indofood

CBP

Sukses

Makmur

Tbk

1,469

440,308

Inghams

Group

Ltd

670

13,336

Ingredion,

Inc

1,074

442,753

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

2,054

9,135,000

*,†

Inti

Agri

Resources

Tbk

PT

0

^

2,669,206

IOI

Corp

BHD

2,163

3,376,803

ITC

Ltd

13,724

27,429

Ito

En

Ltd

1,109

179,800

Itoham

Yonekyu

Holdings,

Inc

827

2,115

J&J

Snack

Foods

Corp

274

20,159

J.M.

Smucker

Co

2,770

181,700

Jalles

Machado

S.A.

240

400,530

Japan

Tobacco,

Inc

6,582

6,291,600

Japfa

Comfeed

Indonesia

Tbk

PT

624

471,742

Japfa

Ltd

181

910,382

JBS

S.A.

4,239

82,096

JDE

Peet's

BV

2,400

65,126

Jiangsu

King's

Luck

Brewery

JSC

Ltd

420

103,681

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

2,309

221,706

Jiangxi

Zhengbang

Technology

Co

Ltd

139

16,062

JiuGui

Liquor

Co

Ltd

284

48,008

John

B.

Sanfilippo

&

Son,

Inc

3,636

22,546

e

J-Oil

Mills,

Inc

242

35,464

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

158

28,401

Juewei

Food

Co

Ltd

200

401,694

Juhayna

Food

Industries

148

92,446

Kagome

Co

Ltd

1,926

16,100

e

Kameda

Seika

Co

Ltd

511

44,432

Kaveri

Seed

Co

Ltd

234

219,192

Kellogg

Co

15,269

80,557

Kerry

Group

plc

(Class

A)

7,180

1,963,842

Keurig

Dr

Pepper,

Inc

70,345

111,897

Kewpie

Corp

1,842

3,127,800

Khon

Kaen

Sugar

Industry

PCL

323

141,675

Kikkoman

Corp

8,032

555,953

Kirin

Brewery

Co

Ltd

8,565

22,380

Kotobuki

Spirits

Co

Ltd

1,289

2,837,410

Kraft

Heinz

Co

94,628

132,112

KT&G

Corp

7,977

476,635

Kuala

Lumpur

Kepong

BHD

2,123

85,985

Kweichow

Moutai

Co

Ltd

22,630

18,117

KWS

Saat

AG.

1,001

499,357

Lamb

Weston

Holdings,

Inc

38,640

4,617

Lancaster

Colony

Corp

694

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

67

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

21,475

*

Landec

Corp

$

191

3,827

e

Lassonde

Industries,

Inc

301

327,860

Leroy

Seafood

Group

ASA

1,293

110,010

Lian

HWA

Food

Corp

246

995,400

Lien

Hwa

Industrial

Corp

1,586

1,052

Lindt

&

Spruengli

AG.

10,167

133

Lindt

&

Spruengli

AG.

(Registered)

13,245

5,892

*,e

Local

Bounti

Corp

17

3,869

Lotte

Chilsung

Beverage

Co

Ltd

429

3,539

Lotte

Confectionery

Co

Ltd

341

777

e

Lotus

Bakeries

NV

3,979

99,423

Luzhou

Laojiao

Co

Ltd

3,230

101,100

M

Dias

Branco

S.A.

821

3,942

Maeil

Dairies

Co

Ltd

141

99,160

e

Maple

Leaf

Foods,

Inc

1,482

420,500

Marfrig

Global

Foods

S.A.

769

579,320

Marico

Ltd

3,814

50,100

Maruha

Nichiro

Corp

852

48,797

McCormick

&

Co,

Inc

3,478

56,287

Megmilk

Snow

Brand

Co

Ltd

665

99,722

MEIJI

Holdings

Co

Ltd

4,427

148,642

Mezzan

Holding

Co

KSCC

179

107,935

e

MGP

Ingredients,

Inc

11,458

327,000

Minerva

S.A.

760

26,016

*,e

Mission

Produce,

Inc

376

17,800

Mitsui

Sugar

Co

Ltd

233

141,023

Molson

Coors

Brewing

Co

(Class

B)

6,768

6,876,300

g

Monde

Nissin

Corp

1,426

4,067,298

Mondelez

International,

Inc

223,010

2,691,865

*

Monster

Beverage

Corp

234,085

45,779

Morinaga

&

Co

Ltd

1,253

113,413

Morinaga

Milk

Industry

Co

Ltd

3,325

446,446

Mowi

ASA

5,679

369,137

Muyuan

Foodstuff

Co

Ltd

2,834

209,000

Namchow

Chemical

Industrial

Ltd

293

59,425

*

National

Agriculture

Development

Co

402

3,167

National

Beverage

Corp

122

38,400

Nestle

India

Ltd

9,007

77,114

Nestle

Malaysia

BHD

2,170

3,874,115

Nestle

S.A.

419,014

13,923

*

Neto

Malinda

Trading

Ltd

429

197,705

*

New

Hope

Liuhe

Co

Ltd

387

305,992

Nichirei

Corp

5,041

55,797

Nippon

Flour

Mills

Co

Ltd

599

95,300

Nippon

Meat

Packers,

Inc

2,512

338,959

Nippon

Suisan

Kaisha

Ltd

1,276

23,722

Nisshin

Oillio

Group

Ltd

524

171,300

Nisshin

Seifun

Group,

Inc

1,730

70,078

Nissin

Food

Products

Co

Ltd

4,871

547,568

e

Nissin

Foods

Co

Ltd

427

4,696

Nong

Shim

Co

Ltd

973

2,044,200

g

Nongfu

Spring

Co

Ltd

11,822

15,845

*

Norway

Royal

Salmon

ASA

215

103,383

Oceana

Group

Ltd

304

231,146

Origin

Enterprises

plc

821

25,626

Orion

Corp

264

26,097

Orion

Corp/Republic

of

Korea

1,866

11,596

Orior

AG.

803

781,947

Orkla

ASA

5,684

1,433,417

Osotspa

PCL

1,033

1,466

Ottogi

Corp

471

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

68

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,954,013

PepsiCo,

Inc

$

482,272

406,425

Pernod-Ricard

S.A.

74,560

673

Philip

Morris

CR

441

2,924,372

Philip

Morris

International,

Inc

242,752

86,450

*

Pilgrim's

Pride

Corp

1,990

11,033

*

Post

Holdings,

Inc

904

704,241

PPB

Group

BHD

2,445

785,936

Premier

Foods

plc

836

54,912

e

Premium

Brands

Holdings

Corp

3,379

74,838

Prima

Meat

Packers

Ltd

1,082

653,066

Primo

Water

Corp

8,196

195,788

Primo

Water

Corp

(Toronto)

2,455

1,801,300

PT

Astra

Agro

Lestari

Tbk

974

8,349,418

PT

Charoen

Pokphand

Indonesia

Tbk

3,098

515,484

PT

Gudang

Garam

Tbk

776

5,159,709

PT

Indofood

Sukses

Makmur

Tbk

2,039

8,808,700

PT

Perusahaan

Perkebunan

London

Sumatra

Indonesia

Tbk

623

4,652,800

PT

Sawit

Sumbermas

Sarana

Tbk

395

906,400

QL

Resources

BHD

973

630,370

Qurain

Petrochemical

Industries

Co

551

463,300

R&B

Food

Supply

PCL

151

92,071

Radico

Khaitan

Ltd

1,176

46,378

e

Remy

Cointreau

S.A.

7,696

12,500

Riken

Vitamin

Co

Ltd

152

579,813

*,e

RLX

Technology,

Inc

(ADR)

609

112,125

e

Rogers

Sugar,

Inc

502

96,123

Royal

Unibrew

A.S.

6,228

21,294

S

Foods,

Inc

447

97,855

Sakata

Seed

Corp

3,255

90,726

Salmar

ASA

3,058

2,747

Samlip

General

Foods

Co

Ltd

164

3,276

Samyang

Corp

84

4,655

Samyang

Foods

Co

Ltd

343

4,106

Samyang

Holdings

Corp

178

195,100

Sao

Martinho

S.A.

923

75,986

Sapporo

Holdings

Ltd

1,675

308,424

Saputo,

Inc

7,353

22,496

*

Saudi

Fisheries

Co

196

20,323

Saudia

Dairy

&

Foodstuff

Co

1,044

295,935

Savola

Group

2,215

71,163

g

Scandinavian

Tobacco

Group

A.S.

1,032

13,636

Schouw

&

Co

796

204

Seaboard

Corp

694

150,039

Select

Harvests

Ltd

505

4,590

*

Seneca

Foods

Corp

232

37,143

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

141

84,022

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

3,576

22,087

e

Showa

Sangyo

Co

Ltd

379

800,539

*

Shree

Renuka

Sugars

Ltd

577

23,001

Sichuan

Swellfun

Co

Ltd

203

2,178,578

Sime

Darby

Plantation

BHD

1,916

86,513

*

Simply

Good

Foods

Co

2,768

142,770

SLC

Agricola

S.A.

1,146

1,848,171

e,g

Smoore

International

Holdings

Ltd

2,193

37,936

*

Sovos

Brands,

Inc

540

401,000

Standard

Foods

Corp

482

69,226

Strauss

Group

Ltd

1,640

84,620

Suedzucker

AG.

1,023

342,113

*,e

SunOpta,

Inc

3,113

90,318

*,e

SunOpta,

Inc

823

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

69

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

106,323

Suntory

Beverage

&

Food

Ltd

$

3,784

4,476,271

Swedish

Match

AB

44,278

89,081

*,e

Synlait

Milk

Ltd

177

231,000

Taisun

Enterprise

Co

Ltd

259

581,000

*

Taiwan

TEA

Corp

381

169,703

Takara

Holdings,

Inc

1,240

255,433

Tassal

Group

Ltd

845

630,694

Tata

Tea

Ltd

6,200

506,480

Tate

&

Lyle

plc

3,819

7,619

*,e

Tattooed

Chef,

Inc

38

3,216,003

Thai

Union

Group

PCL

1,591

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

310

770,800

Thaifoods

Group

PCL

117

201,594

Tiger

Brands

Ltd

1,878

2,221,301

Tingyi

Cayman

Islands

Holding

Corp

3,825

26,639

Toly

Bread

Co

Ltd

50

1,337,245

Tongwei

Co

Ltd

8,805

3,707

Tootsie

Roll

Industries,

Inc

123

152,800

Toyo

Suisan

Kaisha

Ltd

6,301

735,643

Treasury

Wine

Estates

Ltd

5,919

38,617

*

TreeHouse

Foods,

Inc

1,638

150,000

Tres

Tentos

Agroindustrial

S.A.

306

101,302

Triveni

Engineering

&

Industries

Ltd

314

2,822,200

TSH

Resources

BHD

558

453,471

Tsingtao

Brewery

Co

Ltd

4,275

30,393

Tsingtao

Brewery

Co

Ltd

(Class

A)

453

63,000

Ttet

Union

Corp

306

22,070

Turning

Point

Brands,

Inc

469

63,497

Tyson

Foods,

Inc

(Class

A)

4,186

190,224

Ulker

Biskuvi

Sanayi

AS

210

1,019,616

Uni-President

China

Holdings

Ltd

854

5,464,384

Uni-President

Enterprises

Corp

11,556

794,650

United

Malt

Grp

Ltd

1,593

136,000

United

Plantations

BHD

420

328,105

*

United

Spirits

Ltd

3,379

17,890

Universal

Corp

824

986,040

Universal

Robina

1,914

170,529

e

Utz

Brands,

Inc

2,575

267,424

Vector

Group

Ltd

2,356

6,556

Vilmorin

&

Cie

257

580,071

Vina

Concha

y

Toro

S.A.

657

23,016

*,e

Vintage

Wine

Estates,

Inc

64

85,114

Viscofan

S.A.

4,653

4,797

*,e

Vita

Coco

Co,

Inc

55

141,821

*

Vital

Farms,

Inc

1,698

1,036,000

e

Vitasoy

International

Holdings

Ltd

1,288

5,648,694

Want

Want

China

Holdings

Ltd

3,689

384,000

Wei

Chuan

Food

Corp

237

450,070

*

Wens

Foodstuffs

Group

Co

Ltd

1,300

8,507,109

g

WH

Group

Ltd

5,350

33,435

*,e

Whole

Earth

Brands,

Inc

128

1,948,442

Wilmar

International

Ltd

5,184

272,142

Wuliangye

Yibin

Co

Ltd

6,474

76,525

Yakult

Honsha

Co

Ltd

4,443

209,200

Yamazaki

Baking

Co

Ltd

2,407

321,407

Yihai

International

Holding

Ltd

677

113,400

Yihai

Kerry

Arawana

Holdings

Co

Ltd

689

85,617

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

166

1,120,500

g

Zhou

Hei

Ya

International

Holdings

Co

Ltd

543

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

70

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

13,152

Zydus

Wellness

Ltd

$

262

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

3,829,377

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.2%

264,724

*

1Life

Healthcare,

Inc

4,540

3,717,905

Abbott

Laboratories

359,745

14,537

*

Abiomed,

Inc

3,571

272,515

*

Acadia

Healthcare

Co,

Inc

21,305

60,021

*

Accolade,

Inc

685

53,861

*

AdaptHealth

Corp

1,012

10,906

*

Addus

HomeCare

Corp

1,039

258,795

Advanced

Medical

Solutions

Group

plc

705

173,090

*,e

AGFA-Gevaert

NV

512

4,660

*,e

Agiliti,

Inc

67

169,083

*,e

agilon

health,

Inc

3,960

311,301

Aier

Eye

Hospital

Group

Co

Ltd

1,256

1,786

AirSculpt

Technologies,

Inc

12

666,000

g

AK

Medical

Holdings

Ltd

652

97,013

Al

Hammadi

Co

for

Development

and

Investment

1,151

367,179

Alcon,

Inc

21,328

229,500

Alfresa

Holdings

Corp

2,675

133,982

*

Align

Technology,

Inc

27,749

470,146

*

Alignment

Healthcare,

Inc

5,567

312,877

*

Allscripts

Healthcare

Solutions,

Inc

4,765

16,150

*

Alphatec

Holdings

Inc

141

104,456

g

Ambea

AB

366

204,216

Ambu

A.S.

1,774

19,603

*

Amedisys,

Inc

1,897

171,038

*

American

Well

Corp

614

157,389

AmerisourceBergen

Corp

21,299

13,697

*

AMN

Healthcare

Services,

Inc

1,451

486,589

Amplifon

S.p.A.

12,678

29,600

Amvis

Holdings,

Inc

498

21,973

e

Andlauer

Healthcare

Group,

Inc

756

27,651

*

Angiodynamics,

Inc

566

155,885

Ansell

Ltd

2,508

160,930

Apollo

Hospitals

Enterprise

Ltd

8,610

5,197

*,e

Apollo

Medical

Holdings,

Inc

203

498,219

Arjo

AB

1,827

35,344

e

As

One

Corp

1,460

228,640

Asahi

Intecc

Co

Ltd

3,646

128,432

*,g

Aster

DM

Healthcare

Ltd

396

59,656

*,e

ATI

Physical

Therapy,

Inc

60

271,876

*

AtriCure,

Inc

10,630

174

Atrion

Corp

98

127,772

*,g

Attendo

AB

228

137,160

Australian

Clinical

Labs

Ltd

310

89,369

*

Avanos

Medical,

Inc

1,946

37,839

*

Aveanna

Healthcare

Holdings,

Inc

57

6,000

*

AxoGen,

Inc

72

293,875

*

Axonics

Modulation

Technologies,

Inc

20,701

15,616

*

Babylon

Holdings

Ltd

7

1,628,200

Bangkok

Chain

Hospital

PCL

766

3,700,000

Bangkok

Dusit

Medical

Services

PCL

2,884

7,717,371

Bangkok

Dusit

Medical

Services

PCL

5,984

2,453,336

Baxter

International,

Inc

132,137

193,389

Becton

Dickinson

&

Co

43,093

23,843

*

BioLife

Solutions

Inc

542

31,525

BioMerieux

2,494

25,005

*,e

Bioventus,

Inc

175

27,045

BML,

Inc

610

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

71

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,355,031

*

Boston

Scientific

Corp

$

168,670

144,041

*

Brookdale

Senior

Living,

Inc

615

437,338

Bumrungrad

Hospital

PCL

2,622

126,564

*,e

Butterfly

Network,

Inc

595

90,962

*

Cano

Health,

Inc

789

763,666

Cardinal

Health,

Inc

50,921

254,572

*

Cardiovascular

Systems,

Inc

3,528

47,734

*,e

CareMax,

Inc

338

322,100

Carenet,

Inc

2,677

28,472

Carl

Zeiss

Meditec

AG.

2,958

24,974

*

Castle

Biosciences,

Inc

651

18,813

Cellavision

AB

428

60,653

Celltrion

Healthcare

Co

Ltd

2,842

886,903

*

Centene

Corp

69,010

92,815

*

Certara,

Inc

1,233

71,935

*

Cerus

Corp

259

47,529

*

Chabiotech

Co

Ltd

468

165,561

*

Change

Healthcare,

Inc

4,551

9,651

Chemed

Corp

4,213

1,007,500

China

Resources

Phoenix

Healthcare

Holdings

Co

Ltd

538

5,533,000

Chularat

Hospital

PCL

539

948,738

Cigna

Corp

263,246

22,223

Classys,

Inc

208

959,531

*

Cleopatra

Hospital

190

733,909

*,e

Clover

Health

Investments

Corp

1,248

124,900

CM

Hospitalar

S.A.

411

640,000

e

C-Mer

Eye

Care

Holdings

Ltd

279

57,024

Cochlear

Ltd

7,083

103,869

Coloplast

AS

10,556

3,617

Coltene

Holding

AG.

282

102,444

*

Community

Health

Systems,

Inc

220

39,899

CompuGroup

Medical

SE

&

Co

KgaA

1,376

11,332

*

Computer

Programs

&

Systems,

Inc

316

4,387

Conmed

Corp

352

1,971,785

g

ConvaTec

Group

plc

4,481

12,584

*

Convey

Holding

Parent,

Inc

132

26,919

Cooper

Cos,

Inc

7,104

1,172

*

Corvel

Corp

162

80,503

*

Covetrus,

Inc

1,681

32,231

Craneware

plc

695

406,242

*

Cross

Country

Healthcare,

Inc

11,525

8,222

*

CryoLife,

Inc

114

23,692

*

CryoPort,

Inc

577

88,529

*,e

Cue

Health,

Inc

266

2,092

*,e

Cutera,

Inc

95

227,865

CVS

Group

plc

4,342

1,194,341

CVS

Health

Corp

113,904

122,331

*,e

CYBERDYNE,

Inc

261

44,373

Dallah

Healthcare

Co

1,855

62,329

*

DaVita,

Inc

5,159

27,011

*

Definitive

Healthcare

Corp

420

14,448

*

Demant

A.S.

357

519,677

*,e

dentalcorp

Holdings

Ltd

2,991

7,941

Dentium

Co

Ltd

460

47,031

Dentsply

Sirona,

Inc

1,333

1,870,194

*

Dexcom,

Inc

150,625

26,579

DiaSorin

S.p.A.

2,966

11,879

*

DIO

Corp

156

10,560

*

DocGo,

Inc

105

91,800

*,e

Doximity,

Inc

2,774

47,406

g

Dr

Lal

PathLabs

Ltd

1,458

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

72

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

93,365

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

$

5,140

10,458

Draegerwerk

AG.

437

3,463

Draegerwerk

AG.

&

Co

KGaA

128

76,569

Ebos

Group

Ltd

1,612

17,398

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

578

1,701,636

*,n

Edwards

Lifesciences

Corp

140,606

39,200

Eiken

Chemical

Co

Ltd

488

52,508

El.En.

S.p.A

591

40,138

e

Elan

Corp

297

447,596

Elekta

AB

(B

Shares)

2,273

1,034,070

Elevance

Health,

Inc

469,716

47,600

e

EM

Systems

Co

Ltd

282

12,805

Embecta

Corp

369

68,874

EMIS

Group

plc

1,446

61,014

Encompass

Health

Corp

2,760

29,415

*

Enhabit,

Inc

413

37,899

*,e

Enovis

Corp

1,746

7,991

Ensign

Group,

Inc

635

132,719

*

Envista

Holdings

Corp

4,355

25,357

*

Eoflow

Co

Ltd

262

136,161

*

Establishment

Labs

Holdings,

Inc

7,436

450,500

*

Evolent

Health,

Inc

16,186

96,991

e

Extendicare,

Inc

477

136,583

Fagron

NV

1,678

360,035

*,e

Figs,

Inc

2,970

302,033

Fisher

&

Paykel

Healthcare

Corp

3,131

227,500

Fleury

S.A.

746

547,684

*

Fortis

Healthcare

Ltd

1,771

260,264

Fresenius

Medical

Care

AG.

7,332

55,445

Fresenius

SE

1,182

15,994

*

Fulgent

Genetics,

Inc

610

60,965

e,g

Galenica

AG.

4,415

34,179

Getinge

AB

(B

Shares)

585

34,810

*

Glaukos

Corp

1,853

18,028

*

Globus

Medical,

Inc

1,074

127,175

GN

Store

Nord

2,228

19,538

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

174

192,849

*

Guardant

Health,

Inc

10,381

8,026

*

Haemonetics

Corp

594

5,765

*

Hanger

Inc

108

4,231,498

g

Hapvida

Participacoes

e

Investimentos

S.A.

5,938

1,102,382

Hartalega

Holdings

BHD

393

535,718

HCA

Healthcare,

Inc

98,460

757,439

Healius

Ltd

1,629

42,932

*

Health

Catalyst,

Inc

416

204,241

*,e

HealthEquity,

Inc

13,719

17,929

*

HealthStream,

Inc

381

84,180

*

Henry

Schein,

Inc

5,537

1,232

*

Heska

Corp

90

587,708

*

Hims

&

Hers

Health,

Inc

3,279

97,000

*

HLB

Life

Science

CO

Ltd

858

25,298

e

HLS

Therapeutics,

Inc

165

31,100

Hogy

Medical

Co

Ltd

766

54,446

*

Hologic,

Inc

3,513

118,000

Hospital

Mater

Dei

S.A.

190

552,273

*

Hoya

Corp

53,216

84,178

Huadong

Medicine

Co

Ltd

475

246,370

Humana,

Inc

119,536

399,400

*,e,g

Hygeia

Healthcare

Holdings

Co

Ltd

2,234

4,822

*

ICU

Medical,

Inc

726

68,076

*

IDEXX

Laboratories,

Inc

22,179

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

73

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,144,689

IHH

Healthcare

BHD

$

1,451

23,312

*

Implantica

AG.

86

17,328

*

Inari

Medical,

Inc

1,259

154,753

*

Inmode

Ltd

4,505

14,606

*,e

Innovage

Holding

Corp

86

16,672

*

Inogen,

Inc

405

16,910

*

Inspire

Medical

Systems,

Inc

2,999

60,100

Instituto

Hermes

Pardini

S.A.

239

55,814

*

Insulet

Corp

12,804

2,880

Intco

Medical

Technology

Co

Ltd

8

25,016

*

Integer

Holding

Corp

1,557

61,541

*

Integra

LifeSciences

Holdings

Corp

2,607

236,588

Integral

Diagnostics

Ltd

419

636,239

*

Intuitive

Surgical,

Inc

119,257

244,209

*,e

Invitae

Corp

601

25,527

e

Ion

Beam

Applications

300

8,984

iRadimed

Corp

270

12,249

*

iRhythm

Technologies,

Inc

1,535

939,000

IVD

Medical

Holding

Ltd

280

28,044

Jafron

Biomedical

Co

Ltd

192

75,000

Japan

Lifeline

Co

Ltd

501

53,288

Jeol

Ltd

1,749

42,050

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

170

1,143,109

g

Jinxin

Fertility

Group

Ltd

556

92,500

JMDC,

Inc

3,029

38,504

*

Joint

Corp

605

64,268

Jointown

Pharmaceutical

Group

Co

Ltd

104

372,000

e

Kangji

Medical

Holdings

Ltd

263

931,460

Koninklijke

Philips

Electronics

NV

14,341

87,882

Korian-Medica

896

1,505,000

Kossan

Rubber

Industries

350

2,440,400

KPJ

Healthcare

BHD

416

33,449

*,g

Krishna

Institute

of

Medical

Sciences

Ltd

620

56,157

Laboratory

Corp

of

America

Holdings

11,502

227,855

*

Lantheus

Holdings,

Inc

16,025

5,499

e

Le

Noble

Age

156

2,535

LeMaitre

Vascular,

Inc

128

23,113

Lepu

Medical

Technology

Beijing

Co

Ltd

69

27,083

*

LHC

Group,

Inc

4,432

1,695,613

Life

Healthcare

Group

Holdings

Pte

Ltd

1,616

51,234

*,e

LifeStance

Health

Group,

Inc

339

4,494,000

*

Lifetech

Scientific

Corp

1,490

80,170

*

LivaNova

plc

4,070

24,143

Lutronic

Corp

266

472,616

M3,

Inc

13,196

90,763

Mani,

Inc

1,101

14,674

*

Masimo

Corp

2,071

562,960

*

Max

Healthcare

Institute

Ltd

2,807

149,909

McKesson

Corp

50,950

8,503

g

Medacta

Group

S.A.

722

5,118

*,g

Medartis

Holding

AG.

350

165,171

Medicare

Group

312

223,900

Mediceo

Paltac

Holdings

Co

Ltd

2,847

495,771

Mediclinic

International

plc

2,718

7,462,200

Medikaloka

Hermina

Tbk

PT

796

16,375

*

Medios

AG.

292

192,760

*,e

Medley,

Inc

3,312

206,000

g

Medlive

Technology

Co

Ltd

235

29,910

g

Medmix

AG.

519

64,415

*

MEDNAX,

Inc

1,064

288,200

*,e

MedPeer,

Inc

2,561

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

74

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,755,062

Medtronic

plc

$

222,471

179,508

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

108

74,684

Menicon

Co

Ltd

1,532

86,815

*

Meridian

Bioscience,

Inc

2,737

195,026

*

Merit

Medical

Systems,

Inc

11,021

806

e

Mesa

Laboratories,

Inc

114

231

Metall

Zug

AG.(B

Shares)

421

22,078,500

*

Metro

Healthcare

Indonesia

TBK

PT

732

33,703

g

Metropolis

Healthcare

Ltd

640

499,895

e

Microport

Scientific

Corp

852

47,482

*

Middle

East

Healthcare

Co

340

62,700

Miraca

Holdings,

Inc

1,142

109,640

*,g

MLP

Saglik

Hizmetleri

AS.

291

17,022

*

ModivCare,

Inc

1,697

40,279

*

Molina

Healthcare,

Inc

13,286

166,591

Mouwasat

Medical

Services

Co

8,733

570,874

*,e

Multiplan

Corp

1,633

25,436

Nagaileben

Co

Ltd

343

137,522

Nakanishi,

Inc

2,515

311,926

*,e

Nanosonics

Ltd

688

73,717

*,e

Nano-X

Imaging

Ltd

846

70,225

Narayana

Hrudayalaya

Ltd

620

9,248

National

Healthcare

Corp

586

25,726

National

Medical

Care

Co

491

2,089

National

Research

Corp

83

106,029

*

Neogen

Corp

1,481

1,307,059

Network

Healthcare

Holdings

Ltd

990

2,511

Neuca

S.A.

332

36,347

*

Nevro

Corp

1,694

207,000

*,g

New

Horizon

Health

Ltd

380

37,701

*

NextGen

Healthcare,

Inc

667

215,177

Nihon

Kohden

Corp

4,572

178,252

e

Nipro

Corp

1,339

159,379

*,†

NMC

Health

plc

2

95,456

*,e

Novocure

Ltd

7,253

5,530

*,e

Nutex

Health,

Inc

8

53,825

*

NuVasive,

Inc

2,358

199,192

*,e

Oak

Street

Health,

Inc

4,884

866,747

Oceania

Healthcare

Ltd

443

1,017,670

Odontoprev

S.A.

1,660

1,245,338

Olympus

Corp

23,957

97,912

*

Omnicell,

Inc

8,521

172,300

*

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

204

6,515

*,e

Oncology

Institute,

Inc

30

299,853

*,e

Opko

Health,

Inc

567

3,068

*

OptimizeRx

Corp

45

891,546

*

Option

Care

Health,

Inc

28,057

132,232

*

OraSure

Technologies,

Inc

501

130,251

Oriola-KD

Oyj

(B

Shares)

228

66,551

e

Orpea

727

15,080

*

Orthofix

Medical

Inc

288

1,834

*

OrthoPediatrics

Corp

85

6,098

*

Outset

Medical,

Inc

97

24,066

Ovctek

China,

Inc

140

50,589

Owens

&

Minor,

Inc

1,219

8,004

*,e

Owlet,

Inc

9

5,939

*,e

P3

Health

Partners,

Inc

27

5,985

*,e

Paragon

28,

Inc

107

48,144

Paramount

Bed

Holdings

Co

Ltd

857

320,698

Patterson

Cos,

Inc

7,703

8,700

*,e

Pear

Therapeutics,

Inc

18

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

75

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

47,000

Pegavision

Corp

$

544

719,000

*,g

Peijia

Medical

Ltd

561

4,365

*

Pennant

Group,

Inc

45

11,824

*

Penumbra,

Inc

2,242

48,851

*,e

PetIQ,

Inc

337

5,186

Pharmagest

Inter@ctive

308

164,200

e

PHC

Holdings

Corp

1,615

142,030

*

Phreesia,

Inc

3,619

79,000

*,†

Pihsiang

Machinery

Manufacturing

Co

Ltd

0

^

23,620

Poly

Medicure

Ltd

250

716,414

*,e

PolyNovo

Ltd

589

143,574

Premier,

Inc

4,873

258,626

*

Privia

Health

Group,

Inc

8,809

116,465

e

Pro

Medicus

Ltd

3,719

19,715

*

PROCEPT

BioRobotics

Corp

817

231,285

*

Progyny,

Inc

8,571

71,003

*

Project

Roadrunner

Parent,

Inc

1,316

4,160,700

PT

Siloam

International

Hospitals

Tbk

281

5,484

*,e

Pulmonx

Corp

91

165,800

Qualicorp

S.A.

251

72,606

Quest

Diagnostics,

Inc

8,908

11,693

*

QuidelOrtho

Corp

836

6,340

*

RadNet,

Inc

129

1,563,199

Raffles

Medical

Group

Ltd

1,445

95,387

Ramsay

Health

Care

Ltd

3,501

377,800

g

Rede

D'Or

Sao

Luiz

S.A.

2,081

83,847

Resmed,

Inc

18,304

29,630

Revenio

Group

Oyj

1,100

551,600

Riverstone

Holdings

Ltd

221

3,587

*

RxSight,

Inc

43

518,245

Ryman

Healthcare

Ltd

2,472

26,336

Sartorius

AG.

9,110

48,601

Saudi

Chemical

Co

388

20,487

*

Schrodinger,

Inc

512

38,088

SD

Biosensor,

Inc

702

29,405

*

SeaSpine

Holdings

Corp

167

164,944

Sectra

AB

1,833

82,840

*,e

Sedana

Medical

AB

182

298,457

Select

Medical

Holdings

Corp

6,596

129,745

*,e

Sema4

Holdings

Corp

114

59,777

*,e

Senseonics

Holdings,

Inc

79

1,819,882

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

2,438

145,832

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

339

640,927

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

884

480,451

*,e

Sharecare,

Inc

913

52,122

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

2,192

41,200

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

219

255,736

Ship

Healthcare

Holdings,

Inc

4,804

79,613

*

Shockwave

Medical

Inc

22,138

4,833

*

SI-BONE,

Inc

84

347,138

g

Siemens

Healthineers

AG.

14,891

79,020

e

Sienna

Senior

Living,

Inc

674

15,829

*,e

Sight

Sciences,

Inc

101

1,245,844

Sigma

Healthcare

Ltd

531

219,113

*

Signify

Health,

Inc

6,387

4,421

*

Silk

Road

Medical

Inc

199

2,472

Simulations

Plus,

Inc

120

963,387

Sinopharm

Group

Co

1,923

177,200

g

Sisram

Medical

Ltd

136

1,083,771

Smith

&

Nephew

plc

12,510

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

76

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

65,600

Solasto

Corp

$

391

397,242

Sonic

Healthcare

Ltd

7,748

67,975

Sonova

Holdings

AG

14,959

342,411

*,g

Spire

Healthcare

Group

plc

821

1,145,900

Sri

Trang

Gloves

Thailand

PCL

345

57,000

St.

Shine

Optical

Co

Ltd

404

32,382

*

Staar

Surgical

Co

2,285

111,471

e

STERIS

plc

18,535

9,539

STRATEC

Biomedical

AG.

758

136,494

e

Straumann

Holding

AG.

12,484

320,792

Stryker

Corp

64,973

8,874

Suheung

Capsule

Co

Ltd

197

284,341

Summerset

Group

Holdings

Ltd

1,713

1,882,801

Supermax

Corp

BHD

273

201,434

*

Surgery

Partners,

Inc

4,714

47,717

*,e

Surgical

Science

Sweden

AB

641

2,012

*

SurModics,

Inc

61

181,900

Suzuken

Co

Ltd

4,144

87,330

Synlab

AG.

1,080

197,113

Sysmex

Corp

10,533

45,827

*

Tactile

Systems

Technology,

Inc

357

66,000

TaiDoc

Technology

Corp

340

227,130

*

Tandem

Diabetes

Care,

Inc

10,868

100,400

*

Teladoc,

Inc

2,545

10,357

Teleflex,

Inc

2,087

296,303

*

Tenet

Healthcare

Corp

15,283

1,048,856

Terumo

Corp

29,484

40,780

Thonburi

Healthcare

Group

PCL

70

19,177

g

Thyrocare

Technologies

Ltd

164

65,730

e

Toho

Pharmaceutical

Co

Ltd

881

27,209

Tokai

Corp

(GIFU)

337

3,684,086

Top

Glove

Corp

BHD

494

12,080

*

Topchoice

Medical

Corp

217

28,673

*

Transmedics

Group,

Inc

1,197

35,113

*,e

Treace

Medical

Concepts,

Inc

775

3,289

*

UFP

Technologies,

Inc

282

285,780

Uniphar

plc

882

2,149,009

UnitedHealth

Group,

Inc

1,085,336

39,801

Universal

Health

Services,

Inc

(Class

B)

3,510

47,250

Universal

Vision

Biotechnology

Co

Ltd

418

1,620

US

Physical

Therapy,

Inc

123

885

Utah

Medical

Products,

Inc

76

8,701

Value

Added

Technologies

Co

Ltd

179

28,666

*

Varex

Imaging

Corp

606

608,214

*

Veeva

Systems,

Inc

100,282

317,500

*,e,g

Venus

MedTech

Hangzhou,

Inc

370

124,701

*,e

VG

Acquisition

Corp

357

6,383,600

Vibhavadi

Medical

Center

PCL

(Foreign)

473

7,787

*

Vicarious

Surgical,

Inc

26

1,111,672

*

ViewRay,

Inc

4,047

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

262

151,579

*,e

Vimian

Group

AB

360

240,040

*,e

Well

Health

Technologies

Corp

535

107,572

Winning

Health

Technology

Group

Co

Ltd

107

179,948

*

Xvivo

Perfusion

AB

2,169

344,800

*,e,g

Yidu

Tech,

Inc

211

5,533

e

Ypsomed

Holding

AG.

823

541,580

Zimmer

Biomet

Holdings,

Inc

56,622

17,088

*

Zimvie,

Inc

169

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

77

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,245

e

Zynex

Inc

$

29

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,013,989

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.4%

12,213

Aekyung

Industrial

Co

Ltd

99

34,342

Amorepacific

Corp

2,421

20,000

*

Beauty

Health

Co

236

352,547

Beiersdorf

AG.

34,642

970,988

*

BellRing

Brands,

Inc

20,012

1,239,982

*,†,e

Best

World

International

Ltd

587

20,018

Blackmores

Ltd

807

68,597

By-health

Co

Ltd

170

5,462

*

Central

Garden

&

Pet

Co

197

31,496

*

Central

Garden

and

Pet

Co

(Class

A)

1,076

57,000

Chlitina

Holding

Ltd

278

59,152

Church

&

Dwight

Co,

Inc

4,226

42,310

Clorox

Co

5,432

1,062,245

Colgate-Palmolive

Co

74,623

133,086

Colgate-Palmolive

India

Ltd

2,659

9,842

Cosmax,

Inc

343

336,480

*

Coty,

Inc

2,127

702,371

Dabur

India

Ltd

4,922

19,430

Earth

Chemical

Co

Ltd

697

40,565

Edgewell

Personal

Care

Co

1,517

475,354

*,e

elf

Beauty,

Inc

17,883

256,456

Emami

Ltd

1,584

31,576

Energizer

Holdings,

Inc

794

82,785

Essity

AB

1,636

571,117

Estee

Lauder

Cos

(Class

A)

123,304

121,300

*

Euglena

Co

Ltd

717

224,084

Fancl

Corp

4,460

9,437

Gillette

India

Ltd

599

444,065

*

Godrej

Consumer

Products

Ltd

4,945

152,000

Grape

King

Industrial

Co

639

20,828,633

*

Haleon

plc

64,943

725,636

Hengan

International

Group

Co

Ltd

3,244

25,947

Henkel

KGaA

1,471

105,348

Henkel

KGaA

(Preference)

6,256

58,668

*

Herbalife

Nutrition

Ltd

1,167

936,382

Hindustan

Lever

Ltd

30,881

52,880

*

Honest

Co,

Inc

185

356,473

*,e

Humble

Group

AB

295

47,760

*

Hyundai

Bioscience

Co

Ltd

693

17,811,400

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

831

22,728

Inter

Parfums

S.A.

953

2,378

Inter

Parfums,

Inc

179

53,192

e,g

Jamieson

Wellness,

Inc

1,290

143,997

Jyothy

Laboratories

Ltd

332

516,469

Kao

Corp

21,015

205,761

Kimberly-Clark

Corp

23,156

1,648,018

e

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,202

4,260

Kobayashi

Pharmaceutical

Co

Ltd

250

14,991

Kolmar

BNH

Co

Ltd

234

15,160

Kolmar

Korea

Co

Ltd

398

27,468

Kose

Corp

2,832

10,786

LG

Household

&

Health

Care

Ltd

4,728

2,454

LG

Household

&

Health

Care

Ltd

(Preference)

562

397,000

Lion

Corp

4,486

313,073

L'Oreal

S.A.

100,103

41,072

Mandom

Corp

432

25,555

Medifast,

Inc

2,769

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

78

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

420,999

Microbio

Co

Ltd

$

875

50,698

Milbon

Co

Ltd

2,237

993,364

Natura

&

Co

Holding

S.A.

2,713

9,364

*

Nature's

Sunshine

Products,

Inc

77

18,800

Noevir

Holdings

Co

Ltd

738

24,716

Nu

Skin

Enterprises,

Inc

(Class

A)

825

111,871

*,e

Olaplex

Holdings,

Inc

1,068

76,573

*,e

Ontex

Group

NV

411

35,456

Pacific

Corp

659

4,064

Pharmanutra

S.p.A

262

139,800

Pigeon

Corp

2,044

322,000

Pola

Orbis

Holdings,

Inc

3,637

3,737,870

Procter

&

Gamble

Co

471,906

5,477

Proya

Cosmetics

Co

Ltd

126

8,831,610

PT

Unilever

Indonesia

Tbk

2,794

530,307

PZ

Cussons

plc

1,149

1,288,769

Reckitt

Benckiser

Group

plc

85,421

39,146

e

Reynolds

Consumer

Products,

Inc

1,018

115,245

Rohto

Pharmaceutical

Co

Ltd

3,698

52,123

Sarantis

S.A.

311

820,426

Shiseido

Co

Ltd

28,754

7,457

Spectrum

Brands

Holdings,

Inc

291

106,000

TCI

Co

Ltd

415

2,257

*

Thorne

HealthTech,

Inc

11

372,899

Uni-Charm

Corp

12,233

24,389

Unilever

plc

1,074

3,247,691

Unilever

plc

142,703

1,702

*

USANA

Health

Sciences,

Inc

95

110,993

*,e

Veru,

Inc

1,279

278,536

e

Vinda

International

Holdings

Ltd

655

1,959

WD-40

Co

344

44,900

e

YA-MAN

Ltd

362

15,600

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

378

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,360,082

INSURANCE

-

2.9%

27,253

Admiral

Group

plc

579

2,007,909

Aegon

NV

7,981

538,157

Aflac,

Inc

30,244

24,594

Ageas

897

13,449,722

AIA

Group

Ltd

111,981

23,024

*

Al

Rajhi

Co

for

Co-operative

Insurance

572

10,626

*

Alleghany

Corp

8,919

245,046

Allianz

AG.

38,603

785,965

Allstate

Corp

97,876

1,032,866

Alm

Brand

AS

1,262

185,670

*

AMBAC

Financial

Group,

Inc

2,367

55,019

American

Equity

Investment

Life

Holding

Co

2,052

84,223

American

Financial

Group,

Inc

10,354

4,520,430

American

International

Group,

Inc

214,630

21,577

Amerisafe,

Inc

1,008

90,800

Anicom

Holdings,

Inc

356

212,975

Aon

plc

57,050

512,769

*

Arch

Capital

Group

Ltd

23,351

24,683

Argo

Group

International

Holdings

Ltd

475

170,863

Arthur

J.

Gallagher

&

Co

29,255

239,446

ASR

Nederland

NV

9,205

402,007

Assicurazioni

Generali

S.p.A.

5,489

43,552

Assurant,

Inc

6,327

48,575

Assured

Guaranty

Ltd

2,353

248,341

AUB

Group

Ltd

3,025

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

79

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,652,953

*

Aviva

plc

$

15,667

2,000,556

AXA

S.A.

43,678

138,830

Axis

Capital

Holdings

Ltd

6,823

6,777

Baloise

Holding

AG.

866

1,158,100

Bangkok

Life

Assurance

PCL

1,036

706,100

Bangkok

Life

Assurance

PCL

632

797,446

BB

Seguridade

Participacoes

S.A.

3,928

3,477,522

Beazley

plc

21,678

1,695,353

*,e

Bright

Health

Group,

Inc

1,780

52,491

*

Brighthouse

Financial,

Inc

2,279

11,366

Brookfield

Asset

Management

Reinsurance

Partners

Ltd

465

314,991

Brown

&

Brown,

Inc

19,051

221,681

*

BRP

Group,

Inc

5,841

65,734

Bupa

Arabia

for

Cooperative

Insurance

Co

2,929

9,213,807

Cathay

Financial

Holding

Co

Ltd

11,548

11,323,435

China

Development

Financial

Holding

Corp

4,258

1,937,732

China

Insurance

International

Holdings

Co

Ltd

1,624

20,198,790

China

Life

Insurance

Co

Ltd

25,843

202,575

China

Life

Insurance

Co

Ltd

(Class

A)

901

542,300

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,549

3,119,609

China

Pacific

Insurance

Group

Co

Ltd

-

H

5,729

1,536,552

Chubb

Ltd

279,468

113,788

Cincinnati

Financial

Corp

10,192

75,854

*

Clal

Insurance

1,282

19,243

CNA

Financial

Corp

710

137,317

*

Co

for

Cooperative

Insurance

2,916

208,263

Conseco,

Inc

3,742

3,630,000

*,†,e

Convoy

Global

Holdings

Ltd

5

342,857

*

Corebridge

Financial,

Inc

6,751

23,600

Crawford

&

Co

135

1,101,462

Dai-ichi

Mutual

Life

Insurance

Co

17,514

161,138

e

Definity

Financial

Corp

4,528

390,800

Dhipaya

Group

Holdings

PCL

579

1,617,493

Direct

Line

Insurance

Group

plc

3,337

553,286

*

Discovery

Holdings

Ltd

3,194

11,958

e

Donegal

Group,

Inc

(Class

A)

161

51,217

Dongbu

Insurance

Co

Ltd

1,962

17,044

*

eHealth,

Inc

67

20,932

Employers

Holdings,

Inc

722

8,648

*

Enstar

Group

Ltd

1,467

20,159

Erie

Indemnity

Co

(Class

A)

4,482

239,796

Everest

Re

Group

Ltd

62,932

30,447

Fairfax

Financial

Holdings

Ltd

13,906

191,812

Fidelity

National

Financial

Inc

6,944

73,634

First

American

Financial

Corp

3,395

5,325,667

Fubon

Financial

Holding

Co

Ltd

8,328

379,106

*

Genworth

Financial,

Inc

(Class

A)

1,327

212,360

Gjensidige

Forsikring

BA

3,644

171,830

Globe

Life,

Inc

17,131

3,960

*

Goosehead

Insurance,

Inc

141

361,316

e

Great-West

Lifeco,

Inc

7,800

21,913

*

Greenlight

Capital

Re

Ltd

(Class

A)

163

56,241

Grupo

Catalana

Occidente

S.A.

1,413

25,055

Hannover

Rueckversicherung

AG.

3,756

25,955

Hanover

Insurance

Group,

Inc

3,326

1,347,290

Hanwha

Life

Insurance

Co

Ltd

1,950

239,414

Harel

Insurance

Investments

&

Finances

Ltd

2,104

902,878

Hartford

Financial

Services

Group,

Inc

55,924

868

e

HCI

Group,

Inc

34

1,092,598

g

HDFC

Life

Insurance

Co

Ltd

7,087

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

80

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

70,875

Helvetia

Holding

AG.

$

6,641

12,231

*

Hippo

Holdings,

Inc

227

421,550

Hiscox

Ltd

4,136

31,151

Horace

Mann

Educators

Corp

1,099

163,192

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

3,322

188,782

iA

Financial

Corp,

Inc

9,593

273,360

g

ICICI

Lombard

General

Insurance

Co

Ltd

3,852

391,631

g

ICICI

Prudential

Life

Insurance

Co

Ltd

2,514

10,220

IDI

Insurance

Co

Ltd

276

3,591,944

Insurance

Australia

Group

Ltd

10,626

225,857

e

Intact

Financial

Corp

31,964

845

Investors

Title

Co

119

1,082,700

*

IRB

Brasil

Resseguros

S

221

27,366

James

River

Group

Holdings

Ltd

624

2,188,800

Japan

Post

Holdings

Co

Ltd

14,501

149,800

Japan

Post

Insurance

Co

Ltd

2,098

1,324,040

Just

Retirement

Group

plc

822

45,748

Kemper

Corp

1,888

29,252

Kinsale

Capital

Group,

Inc

7,472

101,853

Korean

Reinsurance

Co

556

294,842

Lancashire

Holdings

Ltd

1,627

4,785,236

Legal

&

General

Group

plc

11,422

34,494

*

Lemonade,

Inc

731

2,727,072

Life

Insurance

Corp

of

India

20,726

189,038

Lincoln

National

Corp

8,301

769,758

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

726

145,239

Loews

Corp

7,239

2,497,543

Manulife

Financial

Corp

39,198

1,040,114

Mapfre

S.A.

1,611

10,028

*

Markel

Corp

10,873

1,441,462

Marsh

&

McLennan

Cos,

Inc

215,196

264,778

*

Max

Financial

Services

Ltd

2,472

35,807

*,e

MBIA,

Inc

329

4,214,228

Medibank

Pvt

Ltd

9,419

30,080

*

Menorah

Mivtachim

Holdings

Ltd

576

392,890

Mercuries

&

Associates

Holding

Ltd

179

4,347,801

*

Mercuries

Life

Insurance

Co

Lt

858

115,669

Mercury

General

Corp

3,287

36,726

Meritz

Fire

&

Marine

Insurance

Co

Ltd

752

3,226,833

Metlife,

Inc

196,127

497,497

Migdal

Insurance

Holdings

Ltd

661

61,500

Mirae

Asset

Life

Insurance

Co

Ltd

113

1,439,441

Momentum

Metropolitan

Holdings

1,330

324,026

MS&AD

Insurance

Group

Holdings

Inc

8,581

64,033

Muenchener

Rueckver

AG.

15,414

1,642

National

Western

Life

Group,

Inc

280

181,365

New

China

Life

Insurance

Co

Ltd

-

A

687

1,177,265

New

China

Life

insurance

Co

Ltd

-

H

2,242

6,984

*

NI

Holdings,

Inc

93

559,347

nib

holdings

Ltd

2,688

342,739

NN

Group

NV

13,330

5,463,190

e

Old

Mutual

Ltd

2,936

398,018

Old

Republic

International

Corp

8,331

307,364

*,e

Oscar

Health,

Inc

1,534

26,514

*

Palomar

Holdings,

Inc

2,220

168,615

*

PB

Fintech

Ltd

970

11,720,388

People's

Insurance

Co

Group

of

China

Ltd

3,396

977,715

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

689

805,155

Phoenix

Group

Holdings

plc

4,689

182,597

Phoenix

Holdings

Ltd

1,728

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

81

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

9,265,556

PICC

Property

&

Casualty

Co

Ltd

$

9,581

7,301,476

Ping

An

Insurance

Group

Co

of

China

Ltd

36,426

5,642,759

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

32,946

57,105

g

Poste

Italiane

S.p.A

431

718,968

Power

Corp

Of

Canada

16,203

660,232

Powszechny

Zaklad

Ubezpieczen

S.A.

3,063

89,455

Primerica,

Inc

11,043

179,329

Principal

Financial

Group

12,939

40,158

ProAssurance

Corp

783

619,423

Progressive

Corp

71,983

88,846

Protector

Forsikring

ASA

917

273,087

Prudential

Financial,

Inc

23,425

1,266,875

Prudential

plc

12,400

14,952,900

PT

Panin

Life

Tbk

481

2,027,396

Qatar

Insurance

Co

SAQ

1,310

1,982,081

QBE

Insurance

Group

Ltd

14,706

242,700

e

Qualitas

Controladora

SAB

de

C.V.

1,001

919,637

Rand

Merchant

Investment

Holdings

Ltd

1,488

48,653

Reinsurance

Group

of

America,

Inc

(Class

A)

6,121

61,229

RenaissanceRe

Holdings

Ltd

8,596

5,534

RLI

Corp

567

6,912

*,e

Root,

Inc

54

75,617

*

Ryan

Specialty

Group

Holdings,

Inc

3,072

306,521

g

Sabre

Insurance

Group

plc

332

10,791

Safety

Insurance

Group,

Inc

880

137,711

*,e

Saga

plc

136

332,940

Sampo

Oyj

(A

Shares)

14,214

36,152

Samsung

Fire

&

Marine

Insurance

Co

Ltd

4,624

90,955

Samsung

Life

Insurance

Co

Ltd

3,940

2,022,422

Sanlam

Ltd

5,721

55,564

e

Santam

Ltd

763

507,714

g

SBI

Life

Insurance

Co

Ltd

7,759

191,037

SCOR

SE

2,762

45,384

Selective

Insurance

Group,

Inc

3,694

110,766

*

Selectquote,

Inc

81

15,275,866

Shin

Kong

Financial

Holding

Co

Ltd

3,932

211,000

Shinkong

Insurance

Co

Ltd

323

68,653

*

SiriusPoint

Ltd

340

988,120

Sompo

Holdings,

Inc

39,536

1,188,644

Steadfast

Group

Ltd

3,534

20,001

Stewart

Information

Services

Corp

873

804,755

Storebrand

ASA

5,571

341,800

Sul

America

S.A.

1,398

759,814

Sun

Life

Financial,

Inc

30,214

1,779,611

Suncorp-Metway

Ltd

11,484

19,525

Swiss

Life

Holding

8,626

44,420

Swiss

Re

Ltd

3,276

294,500

Syarikat

Takaful

Malaysia

BHD

209

1,538,365

T&D

Holdings,

Inc

14,622

26,619

Tiptree

Inc

286

2,254,797

Tokio

Marine

Holdings,

Inc

40,075

53,554

Tongyang

Life

Insurance

Co

Ltd

179

94,986

Topdanmark

AS

4,450

449,600

TQM

Corp

PCL

463

192,165

Travelers

Cos,

Inc

29,440

39,079

*

Trean

Insurance

Group,

Inc

133

50,302

*

Trisura

Group

Ltd

1,217

5,685

*,e

Trupanion,

Inc

338

55,265

Tryg

A.S.

1,141

474,705

Unipol

Gruppo

Finanziario

S.p.A

1,844

147,082

Uniqa

Versicherungen

AG.

868

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

82

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

16,736

United

Fire

Group

Inc

$

481

18,567

Universal

Insurance

Holdings,

Inc

183

162,470

Unum

Group

6,304

58,770

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

1,196

313,233

W.R.

Berkley

Corp

20,229

4,051

White

Mountains

Insurance

Group

Ltd

5,279

91,268

Willis

Towers

Watson

plc

18,339

41,881

Wuestenrot

&

Wuerttembergische

AG.

558

530,105

*,e,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

1,181

396,456

Zurich

Insurance

Group

AG

158,047

TOTAL

INSURANCE

2,825,558

MATERIALS

-

4.9%

335,049

e

29Metals

Ltd

484

5,494

*,e

5E

Advanced

Materials,

Inc

56

305,452

*

5E

Advanced

Materials,

Inc

397

239,371

Aarti

Industries

2,180

245,945

Acerinox

S.A.

1,956

8,822,400

*

ADARO

MINERALS

INDONESIA

TBK

PT

1,037

95,738

ADEKA

Corp

1,429

436,662

Adelaide

Brighton

Ltd

515

45,110

Advanced

Enzyme

Technologies

Ltd

149

9,079

Advanced

Nano

Products

Co

Ltd

500

145,692

Advanced

Petrochemical

Co

1,723

14,684

AdvanSix,

Inc

471

126,178

Aeci

Ltd

601

106,264

e

African

Rainbow

Minerals

Ltd

1,436

573,938

e

Agnico-Eagle

Mines

Ltd

24,248

61,352

Aica

Kogyo

Co

Ltd

1,329

629,801

Air

Liquide

71,986

273,594

Air

Products

&

Chemicals,

Inc

63,674

225,300

Air

Water,

Inc

2,661

21,641

e

AirBoss

of

America

Corp

131

7,443

Akzo

Nobel

India

Ltd

201

197,489

Akzo

Nobel

NV

11,192

478,600

e

Alamos

Gold,

Inc

3,548

102,712

Albemarle

Corp

27,161

265,498

Alcoa

Corp

8,937

107,928

e

Algoma

Steel

Group,

Inc

695

447,307

*

Alkane

Resources

Ltd

195

17,182

Alkyl

Amines

Chemicals

602

18,016

*

Allegheny

Technologies,

Inc

479

43,000

Allied

Supreme

Corp

448

698,847

*

Allkem

Ltd

6,180

32,499

Alpha

Metallurgical

Resources,

Inc

4,447

47,444

Altius

Minerals

Corp

665

83,619

Altri

SGPS

S.A.

422

40,042

Alujain

Corp

515

2,982,315

e

Alumina

Ltd

2,414

5,139,964

Aluminum

Corp

of

China

Ltd

1,662

929,287

Aluminum

Corp

of

China

Ltd

(Class

A)

539

679,454

Ambuja

Cements

Ltd

4,285

62,200

Amcor

plc

667

62,720

American

Vanguard

Corp

1,173

47,017

AMG

Advanced

Metallurgical

Group

NV

1,057

79,066

*,e

Amyris,

Inc

231

61,166

Anglo

American

Platinum

Ltd

4,338

1,493,647

Anglo

American

plc

44,848

462,257

AngloGold

Ashanti

Ltd

6,315

1,093,151

e

AngloGold

Ashanti

Ltd

(ADR)

15,107

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

83

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,064,065

Anhui

Conch

Cement

Co

Ltd

$

16,006

202,945

Anhui

Conch

Cement

Co

Ltd

(Class

A)

821

17,420

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

81

420,487

Antofagasta

plc

5,153

62,630

APERAM

1,478

168,555

APL

Apollo

Tubes

Ltd

2,133

2,764

Aptargroup,

Inc

263

59,669

Arabian

Cement

Co

564

563,492

ArcelorMittal

11,213

79,819

*

Arconic

Corp

1,360

21,277

†,e

Ardagh

Group

S.A.

257

123,624

e

Ardagh

Metal

Packaging

S.A.

598

928,286

*

Argonaut

Gold,

Inc

282

63,423

Arkema

4,622

91,534

e

Asahi

Holdings,

Inc

1,286

809,440

Asahi

Kasei

Corp

5,364

39,875

Ashland

Global

Holdings,

Inc

3,787

586,000

Asia

Cement

China

Holdings

Corp

240

1,604,044

Asia

Cement

Corp

1,986

438,000

Asia

Polymer

389

435,373

Asian

Paints

Ltd

17,799

58,800

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

242

201,753

*

Aspen

Aerogels,

Inc

1,860

85,606

Associated

Cement

Co

Ltd

2,531

135,355

Atalaya

Mining

plc

289

17,232

Atul

Ltd

1,901

37,894

Aurubis

AG.

1,978

152,610

*,e

Australian

Strategic

Materials

Ltd

227

229,136

Avery

Dennison

Corp

37,280

338,684

Avient

Corp

10,262

3,056,195

*,†,e

AVZ

Minerals

Ltd

1,525

1,024,322

*

Axalta

Coating

Systems

Ltd

21,572

107,051

*

Aya

Gold

&

Silver,

Inc

621

1,288,490

B2Gold

Corp

4,142

12,728

Balaji

Amines

Ltd

492

38,381

Balchem

Corp

4,666

234,157

Ball

Corp

11,314

1,685,285

Baoshan

Iron

&

Steel

Co

Ltd

1,247

2,284,640

Barrick

Gold

Corp

35,410

10,963

BASF

India

Ltd

400

1,002,247

BASF

SE

38,465

16,049

Bayer

CropScience

Ltd

961

759,600

BBMG

Corp

266

31,700

Beijing

Easpring

Material

Technology

Co

Ltd

293

44,436

Bekaert

S.A.

1,119

1,155,901

*

Bellevue

Gold

Ltd

549

267,667

Berger

Paints

India

Ltd

2,020

4,935,800

Berkah

Beton

Sadaya

Tbk

PT

1,313

12,388

*

Berry

Global

Group,

Inc

576

57,374

BEWi

ASA

246

6,640,830

BHP

Billiton

Ltd

165,079

440,103

Billerud

AB

5,167

4,000

*,†,e

Bio

On

S.p.A.

0

^

28,588

Birla

Corp

Ltd

334

722,525

BlueScope

Steel

Ltd

7,017

361,453

Boliden

AB

11,167

472,259

e

Boral

Ltd

805

111,041

Borregaard

ASA

1,311

501,394

Boubyan

Petrochemicals

Co

KSCP

1,343

309,200

Bradespar

S.A.

1,362

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

84

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

47,100

Bradespar

S.A.

$

194

204,400

Braskem

S.A.

994

1,833,041

Breedon

Group

plc

1,084

92,778

Brickworks

Ltd

1,278

117,650

Buzzi

Unicem

S.p.A.

1,664

13,100

*

C

Uyemura

&

Co

Ltd

549

8,230

Cabot

Corp

526

413,681

*

Calibre

Mining

Corp

285

339,503

*

Calix

Ltd

1,253

75,746

*

Canfor

Corp

1,103

80,686

CAP

S.A.

522

339,478

*

Capricorn

Metals

Ltd

650

436,157

*,e

Capstone

Copper

Corp

1,029

126,513

Carborundum

Universal

Ltd

1,387

36,169

Carpenter

Technology

Corp

1,126

86,952

e

Cascades,

Inc

506

610,914

Castrol

India

Ltd

844

185,049

CCL

Industries

8,970

76,324

Celanese

Corp

(Series

A)

6,895

61,345

Cementir

Holding

NV

334

529,128

Cementos

Argos

S.A.

388

17,549,230

*,e

Cemex

S.A.

de

C.V.

6,047

3,243,980

Centamin

plc

3,254

267,815

Centerra

Gold,

Inc

1,179

210,342

Central

Asia

Metals

plc

510

8,694

*

Century

Aluminum

Co

46

205,000

Century

Iron

&

Steel

Industrial

Co

Ltd

404

62,863

Century

Plyboards

India

Ltd

487

103,566

Century

Textile

&

Industries

Ltd

1,022

184,032

CF

Industries

Holdings,

Inc

17,713

387,667

*

Chalice

Gold

Mines

Ltd

970

279,241

Chambal

Fertilizers

&

Chemicals

Ltd

1,088

432,264

Champion

Iron

Ltd

1,343

4,735

Chase

Corp

396

149,048

Chemours

Co

3,674

81,624

*

Chemplast

Sanmar

Ltd

418

1,019,000

Cheng

Loong

Corp

852

165,800

Chengtun

Mining

Group

Co

Ltd

151

54,200

Chengxin

Lithium

Group

Co

Ltd

356

545,000

Chia

Hsin

Cement

Corp

289

95,862

*

Chifeng

Jilong

Gold

Mining

Co

Ltd

275

4,858,000

China

BlueChemical

Ltd

1,004

406,000

China

General

Plastics

Corp

261

2,859,605

China

Hongqiao

Group

Ltd

2,341

201,429

China

Jushi

Co

Ltd

373

1,320,000

China

Manmade

Fibers

Corp

337

328,000

China

Metal

Products

303

57,900

China

Minmetals

Rare

Earth

Co

Ltd

214

4,264,614

China

Molybdenum

Co

Ltd

1,656

719,044

China

Molybdenum

Co

Ltd

(Class

A)

477

4,660,276

China

National

Building

Material

Co

Ltd

3,548

1,587,000

e

China

Nonferrous

Mining

Corp

Ltd

600

249,529

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

930

1,444,000

China

Oriental

Group

Co

Ltd

231

4,350,000

China

Petrochemical

Development

Corp

1,300

1,874,248

China

Resources

Cement

Holdings

Ltd

866

185,000

China

Steel

Chemical

Corp

618

13,432,181

China

Steel

Corp

11,261

2,321,000

China

XLX

Fertiliser

Ltd

1,161

4,462,240

*,†,e

China

Zhongwang

Holdings

Ltd

6

114,077

Chr

Hansen

Holding

A/S

5,619

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

85

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

46,678

e

Chugoku

Marine

Paints

Ltd

$

287

512,000

Chun

Yuan

Steel

236

5,460

Chunbo

Co

Ltd

670

1,032,000

Chung

Hung

Steel

Corp

682

455,000

Chung

Hwa

Pulp

Corp

226

179,800

Cia

Brasileira

de

Aluminio

381

234,922

e

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

1,581

43,500

Cia

Ferro

Ligas

da

Bahia

-

FERBASA

419

728,250

Cia

Siderurgica

Nacional

S.A.

1,717

56,063

*

Ciech

S.A.

358

80,320

City

Cement

Co

452

235,224

Clariant

AG.

3,757

30,573

Clean

Science

&

Technology

Ltd

655

12,251

*

Clearwater

Paper

Corp

461

471,125

*

Cleveland-Cliffs,

Inc

6,346

22,500

CNGR

Advanced

Material

Co

Ltd

263

215,180

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

209

208,071

*

Coeur

Mining,

Inc

712

80,227

Commercial

Metals

Co

2,846

86,132

*

Companhia

Vale

do

Rio

Doce

6

4,378

Compass

Minerals

International,

Inc

169

651,762

*

Constellium

SE

6,609

296,867

*,e

Copper

Mountain

Mining

Corp

331

72,330

Corbion

NV

1,799

1,775,206

*,e

Core

Lithium

Ltd

1,250

155,302

Coromandel

International

Ltd

1,890

2,925,438

g

Coronado

Global

Resources,

Inc

3,266

3,565,532

Corteva,

Inc

203,770

64,932

Corticeira

Amorim

SGPS

S.A.

579

207,594

g

Covestro

AG.

5,935

1,461,644

CRH

plc

46,995

151,601

Croda

International

plc

10,828

2,535,466

Crown

Holdings,

Inc

205,449

1

*

Cryptyde,

Inc

0

^

641,083

CSR

Ltd

1,827

2,758,900

D&L

Industries

Inc

315

314,700

Daicel

Chemical

Industries

Ltd

1,853

30,931

Daido

Steel

Co

Ltd

752

32,100

Daiken

Corp

405

26,300

e

Daiki

Aluminium

Industry

Co

Ltd

213

117,999

e

Daio

Paper

Corp

947

57,600

*,e

Dakota

Gold

Corp

176

104,521

Dalmia

Bharat

Ltd

2,044

74,563

*,e

Danimer

Scientific,

Inc

220

1,453,552

*,e

De

Grey

Mining

Ltd

960

88,830

Deepak

Fertilizers

&

Petrochemicals

Corp

Ltd

949

99,595

Deepak

Nitrite

Ltd

2,469

92,049

Denki

Kagaku

Kogyo

KK

2,024

517,071

Deterra

Royalties

Ltd

1,329

412,700

Dexco

S.A.

715

128,611

*

DGL

Group

Ltd

123

93,201

DIC

Corp

1,556

13,201

*

Diversey

Holdings

Ltd

64

58,300

Do-Fluoride

New

Materials

Co

Ltd

294

28,649

Dongbu

Steel

Co

Ltd

164

36,716

Dongjin

Semichem

Co

Ltd

669

77,085

Dongkuk

Steel

Mill

Co

Ltd

574

5,728

*

Dongwha

Enterprise

Co

Ltd

244

9,743

Dongwon

Systems

Corp

309

1,677,000

Dongyue

Group

1,662

3,386

*

Dottikon

Es

Holding

AG.

678

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

86

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

570,717

Dow,

Inc

$

25,072

63,979

Dowa

Holdings

Co

Ltd

2,294

744,264

DRDGOLD

Ltd

407

2,431,972

DS

Smith

plc

6,878

188,691

DSM

NV

21,471

230,397

Dundee

Precious

Metals,

Inc

1,024

2,965,117

DuPont

de

Nemours,

Inc

149,442

47,498

Eagle

Materials,

Inc

5,091

960,500

Eastern

Polymer

Group

PCL

252

52,494

Eastern

Province

Cement

Co

622

8,525

Eastman

Chemical

Co

606

63,075

Ecolab,

Inc

9,109

1,478,000

E-Commodities

Holdings

Ltd

307

22,326

Ecopro

Co

Ltd

1,774

110,937

EID

Parry

India

Ltd

812

240,859

*

Eldorado

Gold

Corp

1,456

394,755

Element

Solutions,

Inc

6,423

712,100

*

Elementis

plc

712

270,136

g

Elkem

ASA

868

155,600

e

Elopak

ASA

278

1,252,141

Empresas

CMPC

S.A.

1,906

7,605

e

EMS-Chemie

Holding

AG.

4,801

233,402

Ence

Energia

y

Celulosa

S.A.

695

6,665

*

Enchem

Co

Ltd

306

204,561

*

Endeavour

Silver

Corp

616

344,900

*,e

Equinox

Gold

Corp

1,251

28,496

e

Eramet

2,243

1,557,430

Eregli

Demir

ve

Celik

Fabrikalari

TAS

2,429

92,655

*,e

ERO

Copper

Corp

1,024

122,091

Essel

Propack

Ltd

263

361,727

Essentra

plc

730

1,043,000

Eternal

Chemical

Co

Ltd

989

230,000

EVERGREEN

Steel

Corp

385

663,000

Everlight

Chemical

Industrial

Corp

376

1,972,703

Evolution

Mining

Ltd

2,574

225,072

Evonik

Industries

AG.

3,769

680,000

Feng

Hsin

Iron

&

Steel

Co

1,277

359,479

Ferrexpo

plc

480

102,225

*,e

Filo

Mining

Corp

1,228

9,104

Fine

Organic

Industries

Ltd

777

295,161

Finolex

Industries

Ltd

493

1,286,478

*,†,e

Firefinch

Ltd

165

212,000

First

Copper

Technology

Co

Ltd

145

280,942

e

First

Majestic

Silver

Corp

2,148

725,879

First

Quantum

Minerals

Ltd

12,323

74,056

FMC

Corp

7,828

60,824

Foosung

Co

Ltd

496

4,048,139

Formosa

Chemicals

&

Fibre

Corp

8,781

4,767,019

Formosa

Plastics

Corp

12,976

276,552

g

Forterra

plc

723

1,755,975

Fortescue

Metals

Group

Ltd

18,851

351,842

*,e

Fortuna

Silver

Mines,

Inc

881

56,720

e

FP

Corp

1,391

235,823

Franco-Nevada

Corp

28,169

1,581,189

Freeport-McMoRan,

Inc

(Class

B)

43,214

89,737

FUCHS

PETROLUB

SE

2,272

1,831,000

Fufeng

Group

Ltd

934

49,877

Fuji

Seal

International,

Inc

528

39,175

Fujimi,

Inc

1,635

18,230

Fujimori

Kogyo

Co

Ltd

406

8,250,676

Fushan

International

Energy

Group

Ltd

2,391

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

87

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

50,800

Fuso

Chemical

Co

Ltd

$

1,092

22,436

FutureFuel

Corp

136

11,151

Galaxy

Surfactants

Ltd

410

425,480

g

Ganfeng

Lithium

Co

Ltd

2,811

111,440

Ganfeng

Lithium

Co

Ltd

1,171

392,679

GEM

Co

Ltd

407

1,279,210

Gerdau

S.A.

(Preference)

5,796

80,678

GHCL

Ltd

640

671,258

*,e

Ginkgo

Bioworks

Holdings,

Inc

2,094

13,613

Givaudan

S.A.

41,125

37,390

Glatfelter

Corp

116

18,263,806

Glencore

Xstrata

plc

95,977

54,861

Godawari

Power

and

Ispat

Ltd

186

318,045

*

GoGold

Resources,

Inc

364

997,216

Gold

Fields

Ltd

8,043

1,226,189

e

Gold

Road

Resources

Ltd

998

1,070,000

Goldsun

Development

&

Construction

Co

Ltd

806

1,041,000

Grand

Pacific

Petrochemical

572

619,445

e

Grange

Resources

Ltd

278

128,318

Granges

AB

823

1,461,936

Graphic

Packaging

Holding

Co

28,859

294,795

Grasim

Industries

Ltd

6,036

605,755

*,†

Great

Basin

Gold

Ltd

4

4,805,166

*,e

Greatland

Gold

plc

389

1,004,000

Greatview

Aseptic

Packaging

Co

142

61,224

Greenpanel

Industries

Ltd

318

17,229

Greif,

Inc

(Class

A)

1,026

3,902

Greif,

Inc

(Class

B)

237

8,450

Groupe

Guillin

139

112,591

*

Grupa

Azoty

S.A.

762

360,935

Grupo

Argos

S.A.

768

204,600

e

Grupo

Cementos

de

Chihuahua

SAB

de

C.V.

1,226

3,514,838

e

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

11,889

130,724

Guangzhou

Tinci

Materials

Technology

Co

Ltd

808

61,155

*

Gubre

Fabrikalari

TAS

417

26,189

Gujarat

Alkalies

&

Chemicals

Ltd

271

32,826

Gujarat

Fluorochemicals

Ltd

1,582

121,370

Gujarat

Narmada

Valley

Fertilizers

Co

Ltd

949

361,275

Gujarat

State

Fertilisers

&

Chemicals

Ltd

576

4,008

e

Gurit

Holding

AG.

292

12,404

H.B.

Fuller

Co

746

69,500

Hangzhou

Oxygen

Plant

Group

Co

Ltd

335

25,394

Hanil

Cement

Co

Ltd

199

11,058

Hansol

Chemical

Co

Ltd

1,293

130,121

*

Hanwha

Chemical

Corp

4,239

595,982

Harmony

Gold

Mining

Co

Ltd

1,405

7,099

Hawkins,

Inc

277

9,596

Haynes

International,

Inc

337

644,206

Hecla

Mining

Co

2,538

1,017,798

e

HeidelbergCement

AG.

40,207

67,346

HeidelbergCement

India

Ltd

156

474,596

*

Hektas

Ticaret

TAS

1,487

190,200

Henan

Shenhuo

Coal

&

Power

Co

Ltd

449

394,169

Hengli

Petrochemical

Co

Ltd

935

354,294

Hengyi

Petrochemical

Co

Ltd

385

1,370,916

Hesteel

Co

Ltd

434

340,162

Hexpol

AB

2,790

96,587

Hill

&

Smith

Holdings

plc

976

1,525,777

Hindalco

Industries

Ltd

7,232

257,378

Hindustan

Copper

Ltd

335

155,890

*

Hitachi

Metals

Ltd

2,345

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

88

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

372,197

Hochschild

Mining

plc

$

243

149,329

e

Hokuetsu

Paper

Mills

Ltd

778

78,933

Holcim

Ltd

3,235

100,378

Holmen

AB

3,809

20,777

Honam

Petrochemical

Corp

2,071

32,200

Hoshine

Silicon

Industry

Co

Ltd

496

258,000

Hsin

Kuang

Steel

Co

Ltd

275

1,165,000

e

Huabao

International

Holdings

Ltd

537

303,500

Huafon

Chemical

Co

Ltd

279

213,700

Huaibei

Mining

Holdings

Co

Ltd

506

57,901

Huaxin

Cement

Co

Ltd

136

82,700

Hubei

Xingfa

Chemicals

Group

Co

Ltd

387

21,777

Huchems

Fine

Chemical

Corp

285

267,475

e

HudBay

Minerals,

Inc

1,077

118,200

e

Huhtamaki

Oyj

3,759

587,811

Hunan

Valin

Steel

Co

Ltd

337

9,156

Huntsman

Corp

225

21,676

*

Hycroft

Mining

Holding

Corp

13

3,210

Hyosung

Advanced

Materials

Corp

680

3,151

*

Hyosung

Chemical

Corp

249

3,143

Hyosung

TNC

Co

Ltd

563

40,851

Hyundai

Development

Co

168

99,318

Hyundai

Steel

Co

1,929

247,744

*

i-80

Gold

Corp

438

548,455

*,e

IAMGOLD

Corp

592

494,240

g

Ibstock

plc

901

926,838

Iluka

Resources

Ltd

5,366

61,139

IMCD

Group

NV

7,249

425,506

Imdex

Ltd

483

40,258

Imerys

S.A.

1,214

958,021

e

Impala

Platinum

Holdings

Ltd

8,907

3,585,263

Incitec

Pivot

Ltd

8,152

830,575

Independence

Group

NL

7,306

170,523

India

Cements

Ltd

559

9,864

Indigo

Paints

Ltd

181

1,797,704

Indorama

Ventures

PCL

1,845

151,811

e

Industrias

Penoles

S.A.

de

C.V.

1,476

86,452

*

Ingevity

Corp

5,242

3,142,018

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

812

84,560

Inner

Mongolia

ERDOS

Resources

Co

Ltd

180

583,988

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

322

216,700

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

226

58,436

Innospec,

Inc

5,006

166,131

*

Interfor

Corp

2,908

810,000

International

CSRC

Investment

Holdings

Co

493

616,082

International

Flavors

&

Fragrances,

Inc

55,959

32,856

International

Paper

Co

1,042

8,320

*

Intrepid

Potash,

Inc

329

3,920,199

*

ioneer

Ltd

1,576

787,681

Israel

Chemicals

Ltd

6,313

10,379

Israel

Corp

Ltd

3,984

6,240

*,e

Ivanhoe

Electric,

Inc

52

945,335

*

Ivanhoe

Mines

Ltd

6,084

445,504

James

Hardie

Industries

NV

8,751

73,745

*

Jastrzebska

Spolka

Weglowa

S.A.

488

23,500

JCU

Corp

477

1,556,526

*

Jervois

Global

Ltd

511

355,420

JFE

Holdings,

Inc

3,300

13,300

Jiangsu

Yangnong

Chemical

Co

Ltd

187

32,600

Jiangsu

Yoke

Technology

Co

Ltd

281

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

89

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,521,115

Jiangxi

Copper

Co

Ltd

$

1,755

186,509

Jiangxi

Copper

Co

Ltd

(Class

A)

399

3,803,000

e

Jinchuan

Group

International

Resources

Co

Ltd

367

91,947

*

Jindal

Stainless

Hisar

Ltd

274

720,029

Jindal

Steel

&

Power

Ltd

3,753

42,811

JK

Cement

Ltd

1,374

58,589

JK

Lakshmi

Cement

Ltd

418

102,201

JK

Paper

Ltd

472

196,796

Johnson

Matthey

plc

3,973

212,576

*

JSL

Ltd

324

211,764

JSR

Corp

4,016

814,187

JSW

Steel

Ltd

6,278

91,769

Jubilant

Ingrevia

Ltd

576

354,739

K&S

AG.

6,718

258,352

*

K92

Mining,

Inc

1,478

2,085

Kaiser

Aluminum

Corp

128

58,315

Kaneka

Corp

1,456

172,600

Kansai

Nerolac

Paints

Ltd

1,037

216,400

e

Kansai

Paint

Co

Ltd

3,068

117,100

Kanto

Denka

Kogyo

Co

Ltd

747

862,256

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

(Class

D)

553

186,845

*

Karora

Resources,

Inc

386

5,320

KCC

Corp

851

15,600

KeePer

Technical

Laboratory

Co

Ltd

402

133,997

Kemira

Oyj

1,485

153,824

KGHM

Polska

Miedz

S.A.

2,686

40,600

KH

Neochem

Co

Ltd

743

224,425

Kingfa

Sci

&

Tech

Co

Ltd

295

1,593,116

e

Kinross

Gold

Corp

5,997

861,338

Klabin

S.A.

2,898

669,700

Kobe

Steel

Ltd

2,685

21,694

Kolon

Industries,

Inc

634

34,458

Konishi

Co

Ltd

370

16,133

Koppers

Holdings,

Inc

335

12,899

Korea

Kumho

Petrochemical

1,033

4,667

Korea

Petrochemical

Ind

Co

Ltd

334

9,884

Korea

Zinc

Co

Ltd

4,087

53,577

Koza

Altin

Isletmeleri

AS

526

310,987

*

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

446

19,900

Kronos

Worldwide,

Inc

186

95,073

*

Kuk-il

Paper

Manufacturing

Co

Ltd

133

72,795

Kumba

Iron

Ore

Ltd

1,544

91,148

Kumiai

Chemical

Industry

Co

Ltd

643

390,200

Kuraray

Co

Ltd

2,728

19,000

Kureha

CORP

1,165

22,716

Kyoei

Steel

Ltd

217

70,563

e

Labrador

Iron

Ore

Royalty

Corp

1,477

1,403,898

*,e

Lake

Resources

NL

792

99,185

Lanxess

AG.

2,886

47,283

*

Largo,

Inc

249

89,041

Laxmi

Organic

Industries

Ltd

368

1,588,000

Lee

&

Man

Paper

Manufacturing

Ltd

510

16,013

e

Lenzing

AG.

869

1,003,349

*

Leo

Lithium

Ltd

351

87,904

LG

Chem

Ltd

32,457

8,662

LG

Chem

Ltd

(Preference)

1,509

28,230

Linde

India

Ltd

1,142

1,269,809

Linde

plc

342,328

426,180

Linde

plc

(Xetra)

115,381

52,500

Lintec

Corp

807

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

90

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,000,376

*

Liontown

Resources

Ltd

$

1,886

129,928

*,e

Lithium

Americas

Corp

3,410

190,616

*,e

Livent

Corp

5,842

101,941

Lloyds

Metals

&

Energy

Ltd

223

173,154

Lomon

Billions

Group

Co

Ltd

383

817,000

Long

Chen

Paper

Co

Ltd

375

1,864,076

g

Lotte

Chemical

Titan

Holding

BHD

539

69,964

Louisiana-Pacific

Corp

3,581

397,852

*

LSB

Industries,

Inc

5,669

99,542

Lundin

Gold,

Inc

692

809,825

Lundin

Mining

Corp

4,092

163,500

Luxi

Chemical

Group

Co

Ltd

298

1,487,486

*

Lynas

Corp

Ltd

7,173

46,934

e

LyondellBasell

Industries

NV

3,533

531,200

Maanshan

Iron

&

Steel

Co

Ltd

(Class

A)

201

123,886

Madras

Cements

Ltd

1,143

20,933

Maeda

Kosen

Co

Ltd

456

106,733

*,e

MAG.

Silver

Corp

1,336

89,542

*

Major

Drilling

Group

International

539

263,308

Marshalls

plc

860

16,961

Martin

Marietta

Materials,

Inc

5,463

71,700

Maruichi

Steel

Tube

Ltd

1,468

90,221

Materion

Corp

7,218

81,471

e

Maverix

Metals,

Inc

271

13,566,476

*

Merdeka

Copper

Gold

Tbk

PT

3,492

4,756,671

Mesaieed

Petrochemical

Holding

Co

3,044

1,500,900

Metalurgica

Gerdau

S.A.

2,947

72,689

Methanex

Corp

2,315

38,440

*

Methanol

Chemicals

Co

327

27,879

Middle

East

Paper

Co

398

432,648

*

Mincor

Resources

NL

506

383,542

Mineral

Resources

Ltd

16,099

24,713

Minerals

Technologies,

Inc

1,221

16,864

Miquel

y

Costas

&

Miquel

S.A.

192

104,057

Misr

Fertilizers

Production

Co

SAE

556

11,800

e

Mitani

Sekisan

Co

Ltd

283

1,270,405

Mitsubishi

Chemical

Holdings

Corp

5,820

193,000

Mitsubishi

Gas

Chemical

Co,

Inc

2,538

143,200

Mitsubishi

Materials

Corp

1,967

140,562

Mitsui

Chemicals,

Inc

2,740

64,764

Mitsui

Mining

&

Smelting

Co

Ltd

1,359

1,954

Miwon

Commercial

Co

Ltd

228

3,792,000

*

MMG

Ltd

902

518,658

Mondi

plc

7,968

12,981

*,†

Mongolian

Metals

Corporation

0

100,946

Mosaic

Co

4,879

742,707

Mount

Gibson

Iron

Ltd

194

175,640

*,e

MP

Materials

Corp

4,795

217,774

M-real

Oyj

(B

Shares)

1,583

125,699

Myers

Industries,

Inc

2,070

98,902

Mytilineos

Holdings

S.A.

1,351

100,121

Najran

Cement

Co

336

26,509

Namhae

Chemical

Corp

151

64,000

Nan

Pao

Resins

Chemical

Co

Ltd

280

5,493,887

Nan

Ya

Plastics

Corp

11,528

322,400

e

Nanofilm

Technologies

International

Ltd

468

150,995

*,e

NanoXplore,

Inc

351

311,000

Nantex

Industry

Co

Ltd

350

1,712,078

National

Aluminium

Co

Ltd

1,483

361,620

*

National

Industrialization

Co

1,291

40,699

Navin

Fluorine

International

Ltd

2,236

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

91

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

558,503

*

Neometals

Ltd

$

401

778,230

*

New

Gold,

Inc

693

102,218

*

New

Pacific

Metals

Corp

214

932,223

Newcrest

Mining

Ltd

10,235

4,795

NewMarket

Corp

1,442

733,458

Newmont

Goldcorp

Corp

30,827

1,271,045

Nickel

Mines

Ltd

642

145,281

Nihon

Parkerizing

Co

Ltd

936

2,310,151

Nine

Dragons

Paper

Holdings

Ltd

1,433

149,900

Ningbo

Shanshan

Co

Ltd

437

444,606

Ningxia

Baofeng

Energy

Group

Co

Ltd

833

156,866

Nippon

Kayaku

Co

Ltd

1,256

217,203

Nippon

Light

Metal

Holdings

Co

Ltd

2,173

587,190

Nippon

Paint

Co

Ltd

3,966

117,680

Nippon

Paper

Industries

Co

Ltd

765

39,728

Nippon

Shokubai

Co

Ltd

1,484

26,584

Nippon

Soda

Co

Ltd

809

903,550

Nippon

Steel

Corp

12,540

92,931

Nissan

Chemical

Industries

Ltd

4,152

14,014

Nittetsu

Mining

Co

Ltd

267

141,425

Nitto

Denko

Corp

7,658

141,252

NOCIL

Ltd

436

142,682

NOF

Corp

5,154

1,847,518

Norsk

Hydro

ASA

9,914

366,922

*

Northam

Platinum

Holdings

Ltd

3,179

105,481

Northern

Region

Cement

Co

313

1,230,588

Northern

Star

Resources

Ltd

6,162

39,149

*

Novagold

Resources

Inc

184

283,219

*

Novagold

Resources,

Inc

1,337

219,783

Novozymes

AS

11,045

219,610

Nucor

Corp

23,496

1,154,210

Nufarm

Ltd

3,699

72,294

Nuh

Cimento

Sanayi

AS.

262

1,034,228

Nutrien

Ltd

86,251

128,562

Nutrien

Ltd

10,720

109,674

*

Nuvoco

Vistas

Corp

Ltd

551

850,703

*

OceanaGold

Corp

1,386

23,168

OCI

Co

Ltd

1,454

283,471

OCI

NV

10,378

256,276

*

O-I

Glass,

Inc

3,319

491,578

OJI

Paper

Co

Ltd

1,824

10,800

Okamoto

Industries,

Inc

265

173,847

Olin

Corp

7,455

7,780

Olympic

Steel,

Inc

177

555,082

Omnia

Holdings

Ltd

2,064

1,151,948

Orbia

Advance

Corp

SAB

de

C.V.

1,932

571,512

Orica

Ltd

4,866

611,000

Oriental

Union

Chemical

Corp

333

39,787

*

Origin

Materials,

Inc

205

201,978

e

Orion

Engineered

Carbons

SA

2,696

236,384

*

Orla

Mining

Ltd

772

1,055,828

Orora

Ltd

2,035

16,800

Osaka

Organic

Chemical

Industry

Ltd

236

23,100

Osaka

Soda

Co

Ltd

607

201,153

e

Osisko

Gold

Royalties

Ltd

2,049

356,519

*

Osisko

Mining,

Inc

798

439,720

e

Outokumpu

Oyj

1,506

406,935

Oxiana

Ltd

6,732

403,150

*

Oyak

Cimento

Fabrikalari

AS

295

62,500

Pacific

Metals

Co

Ltd

940

316,570

Packaging

Corp

of

America

35,548

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

92

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

229,617

Pact

Group

Holdings

Ltd

$

198

115,997

Pactiv

Evergreen,

Inc

1,013

2,420,901

Pan

African

Resources

plc

474

259,311

Pan

American

Silver

Corp

(Toronto)

4,122

668,166

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

434

242,208

PCBL

Ltd

379

1,517,979

Perenti

Global

Ltd

893

91,256

*,e

Perimeter

Solutions

S.A.

731

3,450,867

Perseus

Mining

Ltd

3,357

1,211,328

*

Petkim

Petrokimya

Holding

813

2,778,815

Petronas

Chemicals

Group

BHD

4,997

17,413

PI

Advanced

Materials

Co

Ltd

359

87,361

PI

Industries

Ltd

3,201

169,852

Pidilite

Industries

Ltd

5,582

9,954

*

Piedmont

Lithium,

Inc

532

2,901,698

*

Pilbara

Minerals

Ltd

8,372

16,748

*

PolyMet

Mining

Corp

48

20,393

Polyplex

Corp

Ltd

491

591

†,e

Polyus

PJSC

(GDR)

0

^

22,252

Poongsan

Corp

375

248,238

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

846

90,836

POSCO

13,250

29,972

POSCO

Refractories

&

Environment

Co

Ltd

3,101

1,439,203

PPG

Industries,

Inc

159,305

457,750

*

PQ

Group

Holdings,

Inc

3,863

4,047,168

Press

Metal

BHD

3,505

126,676

*

Prism

Cement

Ltd

204

9,028

Privi

Speciality

Chemicals

Ltd

160

8,941,700

PT

Aneka

Tambang

Tbk

1,133

32,363,597

PT

Barito

Pacific

Tbk

1,685

2,948,597

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

1,742

1,548,600

PT

Indocement

Tunggal

Prakarsa

Tbk

963

1,700,700

PT

Pabrik

Kertas

Tjiwi

Kimia

Tbk

821

3,573,789

PT

Semen

Gresik

Persero

Tbk

1,748

2,862,200

PT

Timah

Tbk

250

2,689,900

*

PT

Vale

Indonesia

Tbk

1,121

2,964,909

PTT

Global

Chemical

PCL

3,245

27,393

*,e

PureCycle

Technologies,

Inc

221

55,286

Qassim

Cement

Co

1,139

3,333,089

Qatar

Aluminum

Manufacturing

Co

1,503

391,957

Qatar

National

Cement

Co

496

493,580

Qatari

Investors

Group

248

376,900

*

Qinghai

Salt

Lake

Industry

Co

Ltd

1,265

4,724

e

Quaker

Chemical

Corp

682

278,115

Rain

Commodities

Ltd

555

69,861

Rallis

India

Ltd

180

3,192

e

Ramaco

Resources,

Inc

29

1,032,313

Ramelius

Resources

Ltd

471

35,769

*

Ranpak

Holdings

Corp

122

475,342

Rashtriya

Chemicals

&

Fertilizers

Ltd

545

31,849

Ratnamani

Metals

&

Tubes

Ltd

736

51,720

*

Rayonier

Advanced

Materials,

Inc

163

23,238

*,e

Re:NewCell

AB

150

50,406

e

Recticel

S.A.

661

2,553,125

*

Red

5

Ltd

312

902,977

Regis

Resources

Ltd

900

243,146

Reliance

Steel

&

Aluminum

Co

42,407

231,683

Rengo

Co

Ltd

1,349

33,691

*

Resolute

Forest

Products

674

56,189

*

Resolute

Forest

Products,

Inc

1,124

49,247

Rhi

Magnesita

India

Ltd

402

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

93

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

31,928

Rhi

Magnesita

NV

$

597

385,617

Rio

Tinto

Ltd

23,327

1,694,418

Rio

Tinto

plc

91,678

75,552

Riyadh

Cement

Co

641

714,524

Rongsheng

Petro

Chemical

Co

Ltd

1,388

12,742

Rossari

Biotech

Ltd

151

105,936

Royal

Bafokeng

Platinum

Ltd

835

83,565

Royal

Gold,

Inc

7,840

13,969

RPM

International,

Inc

1,164

12,058

Ryerson

Holding

Corp

310

84,938

Sa

des

Ciments

Vicat

1,908

244,542

SABIC

Agri-Nutrients

Co

10,158

438,095

*

Sabina

Gold

&

Silver

Corp

346

403,978

Sahara

International

Petrochemical

Co

4,417

49,000

Sakata

INX

Corp

331

35,549

Salzgitter

AG.

673

20,073

Samsung

Fine

Chemicals

Co

Ltd

782

41,000

San

Fu

Chemical

Co

Ltd

153

495,340

Sandfire

Resources

NL

1,183

230,643

e

Sandstorm

Gold

Ltd

1,194

14,311

e

Sanyo

Chemical

Industries

Ltd

433

22,706

Sanyo

Special

Steel

Co

Ltd

293

690,666

*,e

Sappi

Ltd

1,665

646,358

Sasol

Ltd

10,110

967,455

*

Saudi

Arabian

Mining

Co

17,689

1,037,391

Saudi

Basic

Industries

Corp

24,277

92,887

Saudi

Cement

Co

1,283

424,361

Saudi

Industrial

Investment

Group

2,552

850,629

*

Saudi

Kayan

Petrochemical

Co

3,058

8,026,874

*,e

Sayona

Mining

Ltd

1,199

1,370,800

SCG

Packaging

PCL

1,881

1,034,254

*,e

Schmolz

+

Bickenbach

AG.

231

29,240

Schnitzer

Steel

Industries,

Inc

(Class

A)

832

185,722

Schweitzer-Mauduit

International,

Inc

4,101

878,000

Scientex

BHD

656

35,340

e

Scotts

Miracle-Gro

Co

(Class

A)

1,511

80,090

*

Seabridge

Gold,

Inc

953

16,396

Seah

Besteel

Corp

184

868,142

Sealed

Air

Corp

38,641

8,218,300

*,†

Sekawan

Intipratama

Tbk

PT

0

^

17,816

Semapa-Sociedade

de

Investimento

e

Gestao

214

78,109

Sensient

Technologies

Corp

5,416

942,157

Sesa

Sterlite

Ltd

3,092

1,571,000

Sesoda

Corp

2,047

274,968

Shandong

Gold

Mining

Co

Ltd

-

A

666

945,505

e,g

Shandong

Gold

Mining

Co

Ltd

-

H

1,504

167,007

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

683

888,366

Shandong

Nanshan

Aluminum

Co

Ltd

375

88,111

Shandong

Sun

Paper

Industry

JSC

Ltd

142

593,000

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

359

90,964

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

709

326,629

Shanxi

Meijin

Energy

Co

Ltd

441

487,363

Shanxi

Taigang

Stainless

Steel

Co

Ltd

306

35,775

Sharda

Cropchem

Ltd

193

84,000

Shenghe

Resources

Holding

Co

Ltd

178

47,048

Shenzhen

Capchem

Technology

Co

Ltd

276

8,300

Shenzhen

Dynanonic

Co

Ltd

328

81,960

Shenzhen

Senior

Technology

Material

Co

Ltd

230

449,767

Sherwin-Williams

Co

92,090

166,000

*

Shihlin

Paper

Corp

273

37,600

Shikoku

Chemicals

Corp

319

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

94

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

431,825

Shin-Etsu

Chemical

Co

Ltd

$

42,732

49,903

Shin-Etsu

Polymer

Co

Ltd

413

1,374,000

Shinkong

Synthetic

Fibers

Corp

718

120,000

Shiny

Chemical

Industrial

Co

Ltd

429

214,300

Showa

Denko

KK

3,046

12,279

Shree

Cement

Ltd

3,157

922,983

Siam

Cement

PCL

7,963

86,800

Siam

City

Cement

PCL

351

3,219,732

e

Sibanye

Stillwater

Ltd

7,391

786,100

Sichuan

Hebang

Biotechnology

Co

Ltd

355

73,400

Sichuan

Yahua

Industrial

Group

Co

Ltd

262

411,793

*

Sierra

Rutile

Holdings

Ltd

55

303,624

SIG

Combibloc

Group

AG.

6,165

53,218

e

Sika

AG.

10,696

375,944

Silgan

Holdings,

Inc

15,805

1,128,517

*

Silver

Lake

Resources

Ltd

846

212,202

Silvercorp

Metals,

Inc

496

175,218

*,e

SilverCrest

Metals,

Inc

973

205,322

Sims

Ltd

1,755

1,490,000

Sinofert

Holdings

Ltd

166

134,000

Sinoma

Science

&

Technology

Co

Ltd

374

30,120

Sinomine

Resource

Group

Co

Ltd

388

872,567

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

366

12,692

SK

Chemicals

Co

Ltd

799

26,356

*,g

SK

IE

Technology

Co

Ltd

952

23,022

SKC

Co

Ltd

1,330

70,533

*,e

Skeena

Resources

Ltd

330

24,006

Skshu

Paint

Co

Ltd

295

631,679

Smurfit

Kappa

Group

plc

18,066

41,040

e

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(ADR)

3,724

163,369

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

15,204

57,603

SOL

S.p.A.

884

527,000

Solar

Applied

Materials

Technology

Co

493

34,663

Solar

Industries

India

Ltd

1,661

124,787

*,e

Solaris

Resources,

Inc

524

1,385,146

*

SolGold

plc

234

79,125

Solvay

S.A.

6,126

121,319

Sonoco

Products

Co

6,882

4,643

Soulbrain

Co

Ltd

571

5,262,392

South32

Ltd

12,492

173,275

Southern

Copper

Corp

7,770

85,810

Southern

Province

Cement

Co

1,237

166,140

SRF

Ltd

5,072

341,791

Ssab

Svenskt

Stal

AB

(Series

A)

1,505

1,347,536

Ssab

Svenskt

Stal

AB

(Series

B)

5,743

403,139

e

SSR

Mining,

Inc

5,927

305,481

e

SSR

Mining,

Inc

4,494

1,115,581

St

Barbara

Ltd

526

3,855,000

*

STARK

Corp

PCL

416

186,587

Steel

Dynamics,

Inc

13,238

61,007

Stelco

Holdings,

Inc

1,520

66,306

Stella-Jones,

Inc

1,861

32,521

Stepan

Co

3,046

2,926

STO

AG.

354

614,452

Stora

Enso

Oyj

(R

Shares)

7,806

187,266

Straits

Trading

Co

Ltd

317

69,312

Sumitomo

Bakelite

Co

Ltd

1,899

1,465,115

Sumitomo

Chemical

Co

Ltd

5,039

140,194

Sumitomo

Chemical

India

Ltd

863

274,800

Sumitomo

Metal

Mining

Co

Ltd

7,875

40,321

Sumitomo

Osaka

Cement

Co

Ltd

911

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

95

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

605,431

*

Summit

Materials,

Inc

$

14,506

65,670

SunCoke

Energy,

Inc

382

2,444,500

*,†,e

Superb

Summit

International

Group

Ltd

3

76,836

Supreme

Industries

Ltd

2,003

32,193

Supreme

Petrochem

Ltd

301

9,382,700

Surya

Esa

Perkasa

Tbk

PT

610

835,517

Suzano

SA

6,893

36,200

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

337

650,235

Svenska

Cellulosa

AB

(B

Shares)

8,251

5,902

Sylvamo

Corp

200

144,272

Symrise

AG.

14,068

751,925

*

Syrah

Resources

Ltd

781

40,400

T

Hasegawa

Co

Ltd

837

181,000

Ta

Ann

Holdings

BHD

126

1,852,620

TA

Chen

Stainless

Pipe

2,191

575

Taekwang

Industrial

Co

Ltd

282

139,800

Taiheiyo

Cement

Corp

1,974

298,200

Taita

Chemical

Co

Ltd

202

4,296,145

Taiwan

Cement

Corp

4,575

1,959,000

Taiwan

Fertilizer

Co

Ltd

3,386

359,000

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

945

42,700

Taiyo

Ink

Manufacturing

Co

Ltd

708

124,204

Taiyo

Nippon

Sanso

Corp

1,963

13,755

Takasago

International

Corp

253

59,814

e

Takiron

Co

Ltd

216

183,300

Tangshan

Jidong

Cement

Co

Ltd

216

352,423

*,e

Taseko

Mines

Ltd

403

210,375

Tata

Chemicals

Ltd

2,836

8,362,495

*

Tata

Steel

Ltd

10,096

705,129

Teck

Cominco

Ltd

21,445

204,500

Teijin

Ltd

1,983

16,600

e

Tenma

Corp

219

24,274

*

Tessenderlo

Chemie

NV

713

3,810,231

*

ThyssenKrupp

AG.

16,144

1,688,000

Tiangong

International

Co

Ltd

453

64,900

*

Tianqi

Lithium

Corp

914

286,900

Tianshan

Aluminum

Group

Co

Ltd

288

61,300

*

Tibet

Summit

Resources

Co

Ltd

191

36,519

*

TimkenSteel

Corp

547

677,000

Tipco

Asphalt

PCL

296

51,450

Titan

Cement

International

S.A.

545

568,100

TOA

Paint

Thailand

PCL

496

112,703

Toagosei

Co

Ltd

841

39,824

e

Toho

Titanium

Co

Ltd

651

246,929

Tokai

Carbon

Co

Ltd

1,673

15,600

Tokushu

Tokai

Holdings

Co

Ltd

318

72,841

Tokuyama

Corp

877

38,914

Tokyo

Ohka

Kogyo

Co

Ltd

1,624

170,804

Tokyo

Steel

Manufacturing

Co

Ltd

1,495

938,000

Ton

Yi

Industrial

Corp

531

183,078

Tongkun

Group

Co

Ltd

347

779,600

Tongling

Nonferrous

Metals

Group

Co

Ltd

286

1,404,237

Toray

Industries,

Inc

6,911

248,930

*

Torex

Gold

Resources,

Inc

1,797

380,073

Tosoh

Corp

4,236

6,200

e

Toyo

Gosei

Co

Ltd

271

44,500

Toyo

Ink

Manufacturing

Co

Ltd

585

160,500

Toyo

Seikan

Kaisha

Ltd

1,938

95,548

Toyobo

Co

Ltd

685

5,268,000

TPI

Polene

PCL

235

89,479

e

Transcontinental,

Inc

1,042

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

96

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

290,910

Transfar

Zhilian

Co

Ltd

$

216

21,696

Tredegar

Corp

205

31,546

Trimas

Corp

791

28,164

Trinseo

plc

516

483,287

Tronox

Holdings

plc

5,920

652,000

TSRC

Corp

532

676,990

Tung

Ho

Steel

Enterprise

Corp

1,051

98,281

*

Turquoise

Hill

Resources

Ltd

2,910

144,143

UACJ

Corp

1,988

252,126

UBE

Industries

Ltd

3,368

116,021

Ultra

Tech

Cement

Ltd

8,875

222,595

e

Umicore

S.A.

6,535

155,060

Uniao

de

Industrias

Petroquimicas

S.A.

2,759

5,818

Unid

Co

Ltd

336

611

United

States

Lime

&

Minerals,

Inc

62

224,504

United

States

Steel

Corp

4,068

512,000

Universal

Cement

Corp

330

912,000

UPC

Technology

Corp

350

564,835

UPL

Ltd

4,633

611,715

UPM-Kymmene

Oyj

19,412

155,384

Usha

Martin

Ltd

231

871,000

USI

Corp

561

6,839,583

Vale

S.A.

91,341

2,008

Valhi,

Inc

51

321,504

Valvoline,

Inc

8,147

89,484

g

Verallia

S.A.

2,012

14,065

e

Vetropack

Holding

AG.

415

53,989

*,e

Victoria

Gold

Corp

320

113,987

Victrex

plc

2,104

26,097

Vinati

Organics

Ltd

667

118,704

e

Voestalpine

AG.

2,011

122,539

*,e

Vulcan

Energy

Resources

Ltd

576

41,662

Vulcan

Materials

Co

6,571

65,505

Vulcan

Steel

Ltd

284

226,296

Wanhua

Chemical

Group

Co

Ltd

2,927

112,613

Warrior

Met

Coal,

Inc

3,203

40,989

Weihai

Guangwei

Composites

Co

Ltd

478

154,955

Welspun-Gujarat

Stahl

Ltd

499

172,925

*

Wesdome

Gold

Mines

Ltd

1,169

1,179,564

*

West

African

Resources

Ltd

788

2,986,000

West

China

Cement

Ltd

305

79,192

e

West

Fraser

Timber

Co

Ltd

5,729

30,654

Western

Superconducting

Technologies

Co

Ltd

460

557,574

*

Westgold

Resources

Ltd

298

326,969

Westlake

Chemical

Corp

28,407

21,343

WestRock

Co

659

556,530

e

Wheaton

Precious

Metals

Corp

18,021

3,145,875

Wienerberger

AG.

63,143

44,339

Winpak

Ltd

1,442

23,444

Worthington

Industries,

Inc

894

91,915

Xiamen

Tungsten

Co

Ltd

292

248,000

Xinjiang

Zhongtai

Chemical

Co

Ltd

233

121,050

*

Yamama

Cement

Co

921

1,142,608

Yamana

Gold,

Inc

5,170

49,505

Yamato

Kogyo

Co

Ltd

1,500

93,272

Yanbu

Cement

Co

921

295,587

Yanbu

National

Petrochemical

Co

3,601

239,796

Yara

International

ASA

8,416

397,000

Yeun

Chyang

Industrial

Co

Ltd

340

1,074,150

Yieh

Phui

Enterprise

453

165,723

Yintai

Gold

Co

Ltd

301

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

97

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

22,255

Yodogawa

Steel

Works

Ltd

$

365

29,300

YongXing

Special

Materials

Technology

Co

Ltd

510

10,657

Youlchon

Chemical

Co

Ltd

198

619

Young

Poong

Corp

275

17,400

*

Youngy

Co

Ltd

275

1,377,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

1,023

454,440

Yule

Catto

&

Co

plc

535

274,600

Yunnan

Aluminium

Co

Ltd

355

58,141

Yunnan

Energy

New

Material

Co

Ltd

1,422

124,300

Yunnan

Tin

Co

Ltd

215

121,600

*

Yunnan

Yuntianhua

Co

Ltd

405

96,500

Zangge

Mining

Co

Ltd

386

159,616

Zeon

Corp

1,411

1,397,000

Zhaojin

Mining

Industry

Co

Ltd

956

110,178

Zhejiang

Huayou

Cobalt

Co

Ltd

993

206,636

Zhejiang

Juhua

Co

Ltd

403

155,372

Zhejiang

Satellite

Petrochemical

Co

Ltd

464

69,800

Zhejiang

Yongtai

Technology

Co

Ltd

225

217,400

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

209

55,484

Zignago

Vetro

S.p.A.

599

6,799,232

Zijin

Mining

Group

Co

Ltd

6,581

1,514,816

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,666

TOTAL

MATERIALS

4,755,828

MEDIA

&

ENTERTAINMENT

-

4.7%

624,747

Activision

Blizzard,

Inc

46,444

77,908

Adeia,

Inc

1,102

315,714

*

Adevinta

ASA

1,881

6,573

*,e

AdTheorent

Holding

Co,

Inc

14

63,117

*,e

Advantage

Solutions,

Inc

134

68,909

*

Affle

India

Ltd

1,054

9,742

AfreecaTV

Co

Ltd

426

9,011,173

*

Alibaba

Pictures

Group

Ltd

462

9,730,153

*

Alphabet,

Inc

(Class

A)

930,689

9,755,350

*

Alphabet,

Inc

(Class

C)

937,977

157,904

*

Altice

USA,

Inc

921

412,051

*,e

AMC

Entertainment

Holdings,

Inc

2,872

23,510

*

AMC

Networks,

Inc

477

1,712

APG

SGA

S.A.

290

17,107

Arabian

Contracting

Services

Co

505

245,000

*,e,g

Archosaur

Games,

Inc

87

2,805

*,e

Arena

Group

Holdings,

Inc

37

147,636

Arnoldo

Mondadori

Editore

S.p.A.

221

533,077

*

Ascential

plc

1,213

1,016,000

Astro

Malaysia

Holdings

BHD

167

104,003

e

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

267

2,820,578

g

Auto

Trader

Group

plc

15,996

53,523

Autohome,

Inc

(ADR)

1,539

37,159

Avex

Group

Holdings,

Inc

396

8,687,998

*

Baidu,

Inc

127,898

1,056,000

BEC

World

PCL

(Foreign)

289

171,557

Beijing

Enlight

Media

Co

Ltd

171

32,087

Beijing

Kunlun

Tech

Co

Ltd

56

20,018

*,e

Believe

S.A.

160

72,100

*,e

Bengo4.com,

Inc

1,781

36,384

*

Better

Collective

A.S.

459

131,888

*

Bilibili,

Inc

2,026

924,591

Bollore

4,242

308,535

*

Borussia

Dortmund

GmbH

&

Co

KGaA

999

14,731

*

Boston

Omaha

Corp

339

1,850,486

Brightcom

Group

Ltd

759

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

98

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

65,189

*

Bumble,

Inc

$

1,401

51,000

*

Bushiroad,

Inc

289

210,433

*

CA

Sales

Holdings

Ltd

64

5,160

Cable

One,

Inc

4,402

115,000

Capcom

Co

Ltd

2,895

26,934

*

Cardlytics,

Inc

253

133,503

*

Cargurus,

Inc

1,892

45,713

*

Cars.com,

Inc

526

828,268

carsales.com

Ltd

9,880

42,015

CD

Projekt

Red

S.A.

841

155,090

*

Charter

Communications,

Inc

47,047

74,514

Cheil

Communications,

Inc

1,175

161,865

*,†

Chennai

Super

Kings

Cricket

Ltd

14

297,758

*,g

China

Literature

Ltd

837

27,387

*

Cinemark

Holdings,

Inc

332

76,218

*,e

Cineplex

Galaxy

Income

Fund

502

25,963

*

CJ

CGV

Co

Ltd

268

11,775

CJ

O

Shopping

Co

Ltd

620

1,201,374

*

Clear

Channel

1,646

1,294,000

e

CMGE

Technology

Group

Ltd

241

19,210

Cogeco

Communications,

Inc

1,003

6,792

Cogeco,

Inc

271

80,818

*,e

COLOPL,

Inc

380

10,383

Com2uSCorp

553

8,621,638

Comcast

Corp

(Class

A)

252,873

2,484,100

*

Converge

ICT

Solutions,

Inc

552

597,930

e

Corus

Entertainment,

Inc

1,022

319,329

*

CTS

Eventim

AG.

13,138

16,108

*

Cumulus

Media

Inc

113

271,040

CyberAgent,

Inc

2,282

274,925

Cyfrowy

Polsat

S.A.

884

45,831

Daiichikosho

Co

Ltd

1,292

951

*

Daily

Journal

Corp

244

102,511

*

Dena

Co

Ltd

1,299

141,583

Dentsu,

Inc

4,025

10,264

Devsisters

Co

Ltd

312

172,962

*

DHI

Group,

Inc

931

6,320

e

Digital

Bros

S.p.A

139

43,764

Dip

Corp

1,112

24,200

e

Direct

Marketing

MiX,

Inc

272

246,634

*

DISH

Network

Corp

(Class

A)

3,411

305,563

Domain

Holdings

Australia

Ltd

629

180,124

*,e

DouYu

International

Holdings

Ltd

(ADR)

180

16,607

Echo

Marketing,

Inc

146

225,401

Electronic

Arts,

Inc

26,081

720,225

*,e

Embracer

Group

AB

4,269

106,058

*,e

Entercom

Communications

Corp

41

438,722

*,e

Enthusiast

Gaming

Holdings,

Inc

375

310,945

Entravision

Communications

Corp

(Class

A)

1,234

132,676

Euromoney

Institutional

Investor

plc

2,121

206,986

Eutelsat

Communications

1,599

137,021

*

EVENT

Hospitality

and

Entertainment

Ltd

1,143

332,803

*,e

Eventbrite

Inc

2,023

3,011

*

EverQuote

Inc

20

43,474

*

EW

Scripps

Co

(Class

A)

490

3,834,000

*,†,e

Fire

Rock

Holdings

Ltd

205

1,252,907

Focus

Media

Information

Technology

Co

Ltd

972

243,568

Fox

Corp

(Class

A)

7,473

118,195

Fox

Corp

(Class

B)

3,369

28,689

*,e

Frontier

Developments

plc

428

139,383

*,e

fuboTV,

Inc

495

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

99

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

55,300

Fuji

Television

Network,

Inc

$

406

337,045

Future

plc

4,873

2,557

*

Gambling.com

Group

Ltd

19

119,639

*

Gannett

Co,

Inc

183

4,170

G-bits

Network

Technology

Xiamen

Co

Ltd

145

108,365

Giant

Network

Group

Co

Ltd

114

16,318

*

Giantstep,

Inc

199

93,533

Gray

Television,

Inc

1,339

75,150

Gree,

Inc

455

2,690,329

e

Grupo

Televisa

S.A.

2,912

3,328,450

Grupo

Televisa

SAB

(ADR)

17,907

54,943

*

GungHo

Online

Entertainment

Inc

844

195,037

Hakuhodo

DY

Holdings,

Inc

1,373

189,300

Hello

Group,

Inc

(ADR)

875

63,795

Hemnet

Group

AB

809

2,635,400

*

Hong

Seng

Consolidated

Bhd

183

4,130,601

*,e

HUYA,

Inc

(ADR)

9,170

20,818

*

HYBE

Co

Ltd

1,935

62,816

*

IAC

3,479

4,456,112

*,a

iClick

Interactive

Asia

Group

Ltd

(ADR)

1,560

851,200

*,e,g

iDreamSky

Technology

Holdings

Ltd

390

977,000

IGG,

Inc

300

90,156

*

iHeartMedia,

Inc

661

19,761

*

Imax

Corp

279

82,515

Info

Edge

India

Ltd

3,878

1,654,793

Informa

plc

9,459

10,629

Innocean

Worldwide,

Inc

307

13,441

*,e

Innovid

Corp

36

86,652

*

Inox

Leisure

Ltd

541

220,472

*

Integral

Ad

Science

Holding

Corp

1,596

263,000

International

Games

System

Co

Ltd

2,965

388,170

Interpublic

Group

of

Cos,

Inc

9,937

48,286

IPSOS

2,158

228,648

*,e

IQIYI,

Inc

(ADR)

620

4,414,503

ITV

plc

2,786

75,838

*

JC

Decaux

S.A.

890

5,908

*

Jcontentree

Corp

108

7,636

John

Wiley

&

Sons,

Inc

(Class

A)

287

1,261,000

*,e

Joy

Spreader

Interactive

Technology

Ltd

230

35,716

e

JOYY,

Inc

(ADR)

929

23,699

*

Just

Dial

Ltd

164

1,329,839

*,e

Juventus

Football

Club

S.p.A.

374

34,302

JYP

Entertainment

Corp

1,394

112,424

Kadokawa

Dwango

Corp

2,061

325,268

*,e

Kahoot!

AS.

606

110,314

Kakaku.com,

Inc

1,869

221,781

Kakao

Corp

8,727

37,701

*,e

Kakao

Games

Corp

1,106

209,700

*,e

Kanzhun

Ltd

(ADR)

3,540

16,502

*,e

Kinepolis

Group

NV

612

687,110

Kingsoft

Corp

Ltd

1,818

63,180

e

Koei

Tecmo

Holdings

Co

Ltd

1,040

69,957

Konami

Corp

3,239

27,093

*,e,g

Krafton,

Inc

3,928

22,913

KT

Skylife

Co

Ltd

128

1,996,600

*,g

Kuaishou

Technology

12,806

653

*

Leafly

Holdings,

Inc

0

^

13,456

*,e

Liberty

Braves

Group

(Class

A)

379

63,154

*

Liberty

Braves

Group

(Class

C)

1,737

17,830

Liberty

Broadband

Corp

(Class

A)

1,330

109,457

*

Liberty

Broadband

Corp

(Class

C)

8,078

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

100

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

17,474

*

Liberty

Media

Group

(Class

A)

$

918

258,351

*

Liberty

Media

Group

(Class

C)

15,113

63,903

Liberty

SiriusXM

Group

(Class

A)

2,433

129,520

*

Liberty

SiriusXM

Group

(Class

C)

4,884

171,494

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

1,274

87,275

*,e

Lions

Gate

Entertainment

Corp

(Class

B)

607

132,177

*

Live

Nation,

Inc

10,051

26,464

e

M6-Metropole

Television

319

38,952

*

Madison

Square

Garden

Co

5,323

19,294

*

Madison

Square

Garden

Entertainment

Corp

851

1,284,914

*

Magnite,

Inc

8,442

713,100

Major

Cineplex

Group

PCL

(Foreign)

333

94,222

Mango

Excellent

Media

Co

Ltd

330

18,868

e

Marcus

Corp

262

733,973

*

Match

Group,

Inc

35,047

133,070

*,e

Media

and

Games

Invest

plc

204

7,979,500

*

Media

Nusantara

Citra

Tbk

PT

433

4,984

*

MediaAlpha,

Inc

44

73,039

Mediaset

Espana

Comunicacion

SA

168

2,632,500

*,e,g

Meitu,

Inc

246

595,200

*

Meliuz

S.A.

125

2,967,491

*,n

Meta

Platforms,

Inc

402,629

831,209

MFE-MediaForEurope

NV

243

386,789

e

MFE-MediaForEurope

NV

170

55,490

Mixi

Inc

881

18,289,700

*

MNC

Vision

Networks

Tbk

PT

102

575,000

*,g

Mobvista,

Inc

286

121,791

Modern

Times

Group

MTG

AB

805

652,776

Moneysupermarket.com

Group

plc

1,347

414,795

MultiChoice

Group

Ltd

2,650

308,182

Naver

Corp

41,055

23,745

*

Nazara

Technologies

Ltd

189

11,667

NCsoft

2,791

15,670

*

Neowiz

399

295,500

NetDragon

Websoft,

Inc

536

2,375,030

NetEase,

Inc

35,838

562,835

*,n

Netflix,

Inc

132,514

13,117

g

Netmarble

Corp

465

206,936

*

Network

18

Media

&

Investments

Ltd

163

134,842

New

York

Times

Co

(Class

A)

3,877

321,357

News

Corp

(Class

A)

4,856

95,138

News

Corp

(Class

B)

1,467

1,373,878

Nexon

Co

Ltd

24,273

27,606

*

Nexon

Games

Co

Ltd

283

30,457

Nexstar

Media

Group

Inc

5,082

99,160

Next

Fifteen

Communications

Group

plc

857

22,043

*

NHN

Corp

328

1,766,763

Nine

Entertainment

Co

Holdings

Ltd

2,119

2,128,470

Nintendo

Co

Ltd

85,850

63,300

Nippon

Television

Network

Corp

507

89,122

*

Nordic

Entertainment

Group

AB

1,731

163,851

e

Omnicom

Group,

Inc

10,337

735,512

oOh!media

Ltd

575

32,463

*,e

Outbrain,

Inc

118

38,084

Paradox

Interactive

AB

607

8,841

e

Paramount

Global

(Class

A)

190

490,768

e,n

Paramount

Global

(Class

B)

9,344

20,826

*

Pearl

Abyss

Corp

670

716,639

Pearson

plc

6,844

115,534

Perfect

World

Co

Ltd

201

44,732

*

Perion

Network

Ltd

855

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

101

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

539,737

*

Pinterest,

Inc

$

12,576

2,975,100

*

Plan

B

Media

PCL

550

37,224

*,e

Playstudios,

Inc

130

94,044

*,e

Playtika

Holding

Corp

883

120,000

*,e

PR

Times,

Inc

1,785

235,328

ProSiebenSat.

Media

AG.

1,667

274,780

Publicis

Groupe

S.A.

13,020

71,349

*,e

PubMatic,

Inc

1,186

57,493

*

PVR

Ltd

1,255

199,705

Quebecor,

Inc

3,682

38,623

*

QuinStreet,

Inc

406

55,324

REA

Group

Ltd

4,027

234,522

RELX

plc

5,716

9,884

e

Remedy

Entertainment

Oyj

176

4,852

*,e

Reservoir

Media,

Inc

24

1,033,743

Rightmove

plc

5,515

840,260

*

ROBLOX

Corp

30,115

117,342

*

Roku,

Inc

6,618

49,775

e,g

Rovio

Entertainment

Oyj

277

483,600

RS

PCL

191

337,024

*

S4

Capital

plc

543

90,349

e

Sanoma-WSOY

Oyj

1,083

64,820

Saregama

India

Ltd

285

40,944

*

Saudi

Research

&

Marketing

Group

2,057

88,775

Schibsted

ASA

1,198

118,571

Schibsted

ASA

(B

Shares)

1,481

20,552

Scholastic

Corp

632

305,474

g

Scout24

AG.

15,307

378,083

*

Sea

Ltd

(ADR)

21,192

349,326

Seek

Ltd

4,246

1,389,800

e

Septeni

Holdings

Co

Ltd

4,286

464,594

SES

S.A.

2,545

587,015

Shaw

Communications,

Inc

(B

Shares)

14,274

10,901

*

Shochiku

Co

Ltd

898

291,654

Sinclair

Broadcast

Group,

Inc

(Class

A)

5,276

575,121

e

Sirius

XM

Holdings,

Inc

3,284

245,616

*,e

Skillz,

Inc

250

777,200

Sky

Perfect

Jsat

Corp

2,783

21,520

SM

Entertainment

Co

1,055

617,600

*,†,e

SMI

Holdings

Group

Ltd

1

56,225

Societe

Television

Francaise

1

321

73,000

Soft-World

International

Corp

162

35,400

*,e

Sohu.com

Ltd

(ADR)

569

318,354

Southern

Cross

Media

Group

188

128,983

*

Spotify

Technology

S.A.

11,131

6,100

Square

Enix

Co

Ltd

263

56,405

*,e

Stagwell,

Inc

392

1,654,139

*,e

Stillfront

Group

AB

3,534

50,512

*,e

Storytel

AB

150

40,921

Stroer

Out-of-Home

Media

AG.

1,541

86,967

Sun

TV

Network

Ltd

540

22,132,300

Surya

Citra

Media

Tbk

PT

298

232,542

*,e

Taboola.com

Ltd

421

299,329

*

Take-Two

Interactive

Software,

Inc

32,627

3,343

Tamedia

AG.

408

168,974

*

Team17

Group

plc

702

240,935

*

Technicolor

Creative

Studios

S.A.

460

44,796

*

TechTarget,

Inc

2,652

298,130

TEGNA,

Inc

6,165

56,191

Telenet

Group

Holding

NV

773

9,964,454

Tencent

Holdings

Ltd

336,562

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

102

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

509,697

*

Tencent

Music

Entertainment

(ADR)

$

2,069

15,008

*

Thryv

Holdings,

Inc

343

10,100

e

Toei

Animation

Co

Ltd

857

7,284

e

Toei

Co

Ltd

872

72,545

Toho

Co

Ltd

2,638

44,300

Tokyo

Broadcasting

System,

Inc

485

409,560

*

Tongdao

Liepin

Group

380

110,462

*,e

Tremor

International

Ltd

378

457,965

Trinity

Mirror

plc

354

79,360

*

TripAdvisor,

Inc

1,752

72,721

*

TrueCar,

Inc

110

273,737

*,g

Trustpilot

Group

plc

228

43,751

TV

Asahi

Corp

424

556,747

*

TV18

Broadcast

Ltd

257

1,486,812

*

Twitter,

Inc

65,182

102,227

*

Ubisoft

Entertainment

2,809

1,605,054

e

Universal

Music

Group

NV

30,063

6,647

*

Urban

One,

Inc

35

11,897

*

Urban

One,

Inc

51

18,858

ValueCommerce

Co

Ltd

288

32,335

Vector,

Inc

245

5,540,900

VGI

PCL

585

23,109

*

Vimeo,

Inc

92

1,588,090

Vivendi

Universal

S.A.

12,318

3,062,692

*

Walt

Disney

Co

288,904

2,371,229

*

Warner

Bros

Discovery,

Inc

27,269

20,617

*

Webzen,

Inc

211

51,926

*

Weibo

Corp

(ADR)

888

9,924

*,e

Wejo

Group

Ltd

11

24,745

WeMade

Entertainment

Co

Ltd

777

1,151,647

*

West

Australian

Newspapers

Holdings

Ltd

303

35,807

*

WideOpenWest,

Inc

439

40,657

World

Wrestling

Entertainment,

Inc

(Class

A)

2,853

1,252,144

WPP

plc

10,337

76,923

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

188

27,838

*

Wysiwyg

Studios

Co

Ltd

349

256,800

*,e

XD,

Inc

519

77,977

*

Yelp,

Inc

2,644

15,387

YG

Entertainment,

Inc

516

128,954

YouGov

plc

1,264

2,745,139

Z

Holdings

Corp

7,276

1,070,092

ZEE

Telefilms

Ltd

3,369

36,550

Zenrin

Co

Ltd

226

613,213

*

Zhejiang

Century

Huatong

Group

Co

Ltd

322

147,573

*

Ziff

Davis

Inc

10,106

121,056

*

ZipRecruiter,

Inc

1,997

724,376

*

ZoomInfo

Technologies,

Inc

30,177

TOTAL

MEDIA

&

ENTERTAINMENT

4,598,484

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.8%

42,207

*

10X

Genomics,

Inc

1,202

29,109

*

2seventy

bio,

Inc

424

1,191,651

g

3SBio,

Inc

844

24,672

*

4D

Molecular

Therapeutics,

Inc

198

2,968

*,e

Aadi

Bioscience,

Inc

42

33,648

Aarti

Drugs

Ltd

193

29,604

*

AB

Science

S.A.

217

4,160,033

AbbVie,

Inc

558,318

448,387

*

Abcam

plc

6,695

239,061

*,e

AbCellera

Biologics,

Inc

2,364

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

103

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

36,970

*

ABLBio,

Inc

$

526

42,721

*,e

Absci

Corp

134

315,017

*

Acadia

Pharmaceuticals,

Inc

5,154

7,812

*,e

Aclaris

Therapeutics,

Inc

123

44,912

*,e

Adagio

Therapeutics,

Inc

141

104,205

*

Adaptive

Biotechnologies

Corp

742

93,331

Adcock

Ingram

Holdings

Ltd

235

136,383

AddLife

AB

1,410

22,324

*

Adicet

Bio,

Inc

317

370,000

Adimmune

Corp

399

1,506,017

*,e

ADMA

Biologics,

Inc

3,660

122,759

*

Aerie

Pharmaceuticals,

Inc

1,857

7,460

*,e

Aerovate

Therapeutics,

Inc

124

20,774

*

Affimed

NV

43

595,687

*

Agenus,

Inc

1,221

112,146

Agilent

Technologies,

Inc

13,631

40,912

*

Agios

Pharmaceuticals,

Inc

1,157

39,343

Ajanta

Pharma

Ltd

613

20,248

*,e

Akero

Therapeutics,

Inc

689

538,000

*,e,g

Akeso,

Inc

1,473

2,319

*,e

Akoya

Biosciences,

Inc

27

2,582

*,e

Albireo

Pharma,

Inc

50

113,855

*

Alector,

Inc

1,077

64,664

Alembic

Pharmaceuticals

Ltd

479

161,500

*

ALK-Abello

A.S.

2,545

486,460

*

Alkermes

plc

10,863

973,734

Alliance

Pharma

plc

603

59,226

*,e

Allogene

Therapeutics,

Inc

640

24,716

*,e

Allovir,

Inc

195

91,483

Almirall

S.A.

882

252,233

*

Alnylam

Pharmaceuticals,

Inc

50,487

5,734

*,e

Alpha

Teknova,

Inc

19

486,000

*,e,g

Alphamab

Oncology

375

10,236

*,e

Alpine

Immune

Sciences,

Inc

74

19,793

*

Alteogen,

Inc

620

1,914,420

*,e,n

Altimmune,

Inc

24,447

17,138

*,e

ALX

Oncology

Holdings,

Inc

164

438,079

Amgen,

Inc

98,743

20,617

*

Amicogen,

Inc

289

398,517

*

Amicus

Therapeutics,

Inc

4,161

513,451

*

Amneal

Pharmaceuticals,

Inc

1,037

84,519

*

Amphastar

Pharmaceuticals,

Inc

2,375

21,970

*,e

Amylyx

Pharmaceuticals,

Inc

618

1,196

*

AN2

Therapeutics,

Inc

21

84,035

*,e

AnaptysBio,

Inc

2,144

8,700

*,e

Anavex

Life

Sciences

Corp

90

314,772

*,e

AnGes

MG,

Inc

460

9,955

*

ANI

Pharmaceuticals,

Inc

320

11,408

*

Anika

Therapeutics,

Inc

272

361,500

*,e,g

Antengene

Corp

Ltd

159

1,287,120

*,†

Anxin-China

Holdings

Ltd

2

121,317

*

Apellis

Pharmaceuticals,

Inc

8,286

39,971

Apeloa

Pharmaceutical

Co

Ltd

92

25,479

*

AptaBio

Therapeutics,

Inc

234

51,250

*,e

Arbutus

Biopharma

Corp

98

22,805

*,e

Arcellx,

Inc

428

12,368

*

Arcturus

Therapeutics

Holdings,

Inc

183

38,384

*

Arcus

Biosciences,

Inc

1,004

87,409

*

Arcutis

Biotherapeutics,

Inc

1,670

2,829

*

Argenx

SE

1,022

54,270

*

Argenx

SE

19,313

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

104

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

12,306

*

Argenx

SE

$

4,345

134,923

*

Arrowhead

Pharmaceuticals

Inc

4,459

19,949

*

Arvinas,

Inc

888

178,500

*,e,g

Ascentage

Pharma

Group

International

267

444,000

*,e,g

Ascletis

Pharma,

Inc

155

269,939

Aspen

Pharmacare

Holdings

Ltd

1,995

2,398,184

Astellas

Pharma,

Inc

31,769

5,453

AstraZeneca

Pharma

India

Ltd

208

3,838,550

AstraZeneca

plc

421,970

1,914,246

AstraZeneca

plc

(ADR)

104,977

14,162

Asymchem

Laboratories

Tianjin

Co

Ltd

275

66,150

*

Atara

Biotherapeutics,

Inc

250

60,853

*

Atea

Pharmaceuticals,

Inc

346

32,151

*,e

Athira

Pharma,

Inc

95

3,296

*

Aura

Biosciences,

Inc

60

31,055

*,e

Aurinia

Pharmaceuticals,

Inc

234

191,749

Aurobindo

Pharma

Ltd

1,197

346,205

*,e

Aurora

Cannabis,

Inc

421

392,574

*,e

Avacta

Group

plc

466

2,660,355

*,e

Avantor,

Inc

52,143

8,045

*,e

Avid

Bioservices,

Inc

154

36,473

*,e

Avidity

Biosciences,

Inc

596

257,717

*,e

Axsome

Therapeutics,

Inc

11,499

36,080

e

Bachem

Holding

AG.

2,269

14,592

*,e

Basilea

Pharmaceutica

587

331,790

*

Bausch

Health

Cos,

Inc

2,291

85,866

*

Bavarian

Nordic

AS

2,493

6,348,283

Bayer

AG.

292,494

28,238

*,e

Beam

Therapeutics,

Inc

1,345

53,858

*

BeiGene

Ltd

(ADR)

7,261

80,169

Beijing

Tiantan

Biological

Products

Corp

Ltd

227

298,000

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

334

67,900

Beijing

Tongrentang

Co

Ltd

434

34,875

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

561

145,669

*,e

BELLUS

Health,

Inc

1,538

46,892

*

Berkeley

Lights,

Inc

134

15,861

Betta

Pharmaceuticals

Co

Ltd

100

14,720

BGI

Genomics

Co

Ltd

110

28,944

*

Binex

Co

Ltd

234

45,197

*,g

BioArctic

AB

1,104

456,894

Biocon

Ltd

1,627

420,323

*

BioCryst

Pharmaceuticals,

Inc

5,296

103,785

BioGaia

AB

719

154,552

*

Biogen,

Inc

41,265

35,300

*

Biohaven

Pharmaceutical

Holding

Co

Ltd

5,336

191,694

*

BioMarin

Pharmaceutical,

Inc

16,250

227,698

*,e

Bionano

Genomics,

Inc

417

26,701

*

Bioneer

Corp

458

149,524

BioNTech

SE

(ADR)

20,168

16,847

*

Bio-Rad

Laboratories,

Inc

(Class

A)

7,028

80,777

Biotage

AB

1,204

12,721

Bio-Techne

Corp

3,613

81,095

*,e

Bioxcel

Therapeutics

Inc

959

94,300

Blau

Farmaceutica

S.A.

570

22,229

Bloomage

Biotechnology

Corp

Ltd

409

53,446

*,e

Bluebird

Bio,

Inc

338

39,040

*

Blueprint

Medicines

Corp

2,572

5,035

Boiron

S.A.

218

36,664

Boryung

Pharmaceutical

Co

Ltd

265

45,867

*,e

Bridgebio

Pharma,

Inc

456

404,500

*,e

Brii

Biosciences

Ltd

271

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

105

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

4,971,623

Bristol-Myers

Squibb

Co

$

353,433

59,864

Brooks

Automation,

Inc

2,566

60,698

Bruker

BioSciences

Corp

3,221

57,634

Bukwang

Pharmaceutical

Co

Ltd

297

52,000

*,e

Burning

Rock

Biotech

Ltd

(ADR)

124

33,353

*

C4

Therapeutics,

Inc

293

48,851

*,e

Calliditas

Therapeutics

AB

368

40,458

*

Camurus

AB

936

308,204

*,e

Canopy

Growth

Corp

(Toronto)

837

5,458

CanSino

Biologics,

Inc

93

70,875

e,g

CanSino

Biologics,

Inc

399

18,186

Caplin

Point

Laboratories

Ltd

166

34,115

*

Cara

Therapeutics,

Inc

319

74,757

*

CareDx,

Inc

1,272

4,289

Caregen

Co

Ltd

342

41,245

*

Caribou

Biosciences,

Inc

435

132,000

*,e,g

CARsgen

Therapeutics

Holdings

Ltd

185

4,931

*,e

Cassava

Sciences,

Inc

206

136,690

*

Catalent,

Inc

9,891

391,201

*

Catalyst

Pharmaceuticals,

Inc

5,019

28,237

*

Celldex

Therapeutics,

Inc

794

43,098

*

Cellivery

Therapeutics,

Inc

336

37,400

*,e

CellSource

Co

Ltd

1,130

11,121

*

Celltrion

Pharm

Inc

492

111,946

e

Celltrion,

Inc

13,586

12,463

*

Celularity,

Inc

29

611,947

Center

Laboratories,

Inc

883

15,742

*

Century

Therapeutics,

Inc

156

7,183

*

Cerevel

Therapeutics

Holdings,

Inc

203

18,814

Changchun

High

&

New

Technology

Industry

Group,

Inc

451

61,540

*

Charles

River

Laboratories

International,

Inc

12,111

374,887

*

ChemoCentryx,

Inc

19,367

31,319

Chemometec

A.S.

2,369

27,620

*

Chimerix,

Inc

53

2,795,000

China

Grand

Pharmaceutical

and

Healthcare

Holdings

Ltd

1,202

1,020,660

China

Medical

System

Holdings

Ltd

1,216

40,620

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

219

540,000

China

Shineway

Pharmaceutical

Group

Ltd

334

317,305

*

Chinook

Therapeutics,

Inc

6,238

8,720

Chong

Kun

Dang

Pharmaceutical

Corp

476

62,980

Chongqing

Zhifei

Biological

Products

Co

Ltd

765

14,192

Choongwae

Pharma

Corp

173

432,806

Chugai

Pharmaceutical

Co

Ltd

10,813

14,798

*,e

CinCor

Pharma,

Inc

486

347,515

Cipla

Ltd

4,738

3,584,000

e

CK

Life

Sciences

International

Holdings,

Inc

281

50,612

e

Clinuvel

Pharmaceuticals

Ltd

600

128,443

*

CMG

Pharmaceutical

Co

Ltd

200

546,222

*

Codexis,

Inc

3,310

158,100

*,e

Cogent

Biosciences,

Inc

2,359

11,648

*

Coherus

Biosciences,

Inc

112

5,734

*,e

Collegium

Pharmaceutical,

Inc

92

326,689

*,e

Columbia

Care,

Inc

412

12,237

*

Corcept

Therapeutics,

Inc

314

10,676

e

COSMO

Pharmaceuticals

NV

497

34,763

*

Crinetics

Pharmaceuticals,

Inc

683

246,061

*,e

Cronos

Group,

Inc

689

501,879

CSL

Ltd

91,275

11,532,054

CSPC

Pharmaceutical

Group

Ltd

11,430

637,500

*,e,g

CStone

Pharmaceuticals

282

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

106

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

58,292

*,e

CTI

BioPharma

Corp

$

339

23,189

*,e

Cullinan

Oncology,

Inc

297

97,332

*

CureVac

NV

795

394,262

*,e

Cytek

Biosciences,

Inc

5,804

90,998

*

Cytokinetics,

Inc

4,409

43,571

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

102

67,143

Daewoong

Co

Ltd

975

5,623

Daewoong

Pharmaceutical

Co

Ltd

616

4,397,101

Daiichi

Sankyo

Co

Ltd

122,903

1,316,527

Danaher

Corp

340,046

109,539

*,e

Day

One

Biopharmaceuticals,

Inc

2,194

785,175

Dechra

Pharmaceuticals

plc

22,802

265,846

*

Deciphera

Pharmaceuticals,

Inc

4,918

37,367

*

Denali

Therapeutics,

Inc

1,147

22,980

Dermapharm

Holding

SE

833

26,365

*,e

Design

Therapeutics,

Inc

441

22,112

*,e

DICE

Therapeutics,

Inc

448

94,367

Divi

S

Laboratories

Ltd

4,272

6,531

Dong-A

Pharmaceutical

Co

Ltd

460

7,833

Dong-A

ST

Co

Ltd

271

43,371

Dong-E-E-Jiao

Co

Ltd

197

33,661

DongKook

Pharmaceutical

Co

Ltd

379

182,860

Dr

Reddy's

Laboratories

Ltd

9,679

452,020

Duopharma

Biotech

Bhd

126

519,477

*,e

Dynavax

Technologies

Corp

5,423

25,697

*

Dyne

Therapeutics,

Inc

326

32,510

*

Eagle

Pharmaceuticals,

Inc

859

23,813

*,e

Edgewise

Therapeutics,

Inc

234

76,454

*,e

Editas

Medicine,

Inc

936

10,289

*

Eiger

BioPharmaceuticals,

Inc

77

257,000

*

EirGenix,

Inc

868

584,918

Eisai

Co

Ltd

31,386

275,106

*

Elanco

Animal

Health,

Inc

3,414

1,231,620

Eli

Lilly

&

Co

398,244

37,592

*

Emergent

Biosolutions,

Inc

789

13,275

*

Enanta

Pharmaceuticals,

Inc

689

20,055

*,e

Enochian

Biosciences

Inc

36

149,296

*,e

EQRx,

Inc

739

50,958

*,e

Erasca,

Inc

397

47,239

*

Ergomed

plc

610

34,908

g

Eris

Lifesciences

Ltd

304

111,904

*,e

Esperion

Thereapeutics,

Inc

750

31,808

*

Eubiologics

Co

Ltd

256

101,450

*

Euroapi

S.A.

1,684

145,420

Eurofins

Scientific

SE

8,633

40,100

Ever

Supreme

Bio

Technology

Co

Ltd

241

244,500

*,g

Everest

Medicines

Ltd

232

192,697

*,e

Evolus,

Inc

1,551

172,375

*

Evotec

AG.

2,997

111,124

*

Exact

Sciences

Corp

3,610

223,489

*

Exelixis,

Inc

3,504

13,814

*,e

EyePoint

Pharmaceuticals,

Inc

109

654,932

Faes

Farma

S.A.

(Sigma)

2,373

35,934

*

Fate

Therapeutics,

Inc

805

49,876

*

FDC

Ltd

161

185,918

*

FibroGen,

Inc

2,419

3,090

*

Foghorn

Therapeutics,

Inc

27

72,374

*

Forma

Therapeutics

Holdings,

Inc

1,444

28,456

*,e

Fulcrum

Therapeutics,

Inc

230

1,962

*,e

Galapagos

NV

84

53,945

*

Galapagos

NV

2,322

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

107

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

9,583

*,e

Gelesis

Holdings,

Inc

$

10

88,531

*

GeneOne

Life

Science,

Inc

583

142,721

*

Generation

Bio

Co

758

23,184

*

Genexine

Co

Ltd

366

49,129

*

Genmab

AS

15,805

948,400

e

Genomma

Lab

Internacional

S.A.

de

C.V.

652

1,023,386

*

Genscript

Biotech

Corp

2,215

80,380

Genus

plc

2,332

113,138

*

Geron

Corp

265

37,881

Gerresheimer

AG.

1,850

2,585,974

Gilead

Sciences,

Inc

159,529

46,445

GlaxoSmithKline

Pharmaceuticals

Ltd

811

208,556

Glenmark

Pharmaceuticals

Ltd

993

96,929

*

Global

Blood

Therapeutics,

Inc

6,601

51,001

*

GNI

Group

Ltd

433

103,816

*,e

Gossamer

Bio,

Inc

1,244

194,224

Granules

India

Ltd

820

3,547

Green

Cross

Corp

304

25,795

Green

Cross

Holdings

Corp

292

11,962

Green

Cross

LabCell

Corp

384

9,172

*,e

GreenLight

Biosciences

Holdings

PBC

21

38,287

*,e

Grifols

S.A.

331

3,418,099

GSK

plc

49,367

86,512

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

316

342,974

H

Lundbeck

A.S.

1,099

86,675

*

H

Lundbeck

A.S.

259

506,223

*

Halozyme

Therapeutics,

Inc

20,016

37,953

*

Hanall

Biopharma

Co

Ltd

350

10,721

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

137

98,253

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

790

4,749

Hanmi

Pharm

Co

Ltd

754

891,839

g

Hansoh

Pharmaceutical

Group

Co

Ltd

1,408

199,247

*

Harmony

Biosciences

Holdings,

Inc

8,825

221,400

Haw

Par

Corp

Ltd

1,577

43,203

*

Helixmith

Co

Ltd

410

16,283

*,e

Heron

Therapeutics,

Inc

69

39,992

Hikal

Ltd

164

25,423

Hikma

Pharmaceuticals

plc

383

8,139

*

HilleVax,

Inc

139

57,100

Hisamitsu

Pharmaceutical

Co,

Inc

1,340

13,177

HK

inno

N

Corp

301

1,388,099

*

Horizon

Therapeutics

Plc

85,909

2,548,684

*,†,e

Hua

Han

Health

Industry

Holdings

Ltd

20

964,500

*,g

Hua

Medicine

447

77,920

Hualan

Biological

Engineering,

Inc

199

8,704

*

Hugel,

Inc

615

2,524

*,e

Humacyte,

Inc

8

74,354

Humanwell

Healthcare

Group

Co

Ltd

183

10,142

Huons

Co

Ltd

224

65,680

*,e

Hutchison

China

MediTech

Ltd

(ADR)

582

810,644

Hypermarcas

S.A.

6,650

18,947

*,e

Icosavax,

Inc

60

27,755

*

Ideaya

Biosciences,

Inc

414

138,906

*,e

Idorsia

Ltd

1,798

1,730

*,e

IGM

Biosciences,

Inc

39

19,247

*

Il

Dong

Pharmaceutical

Co

Ltd

377

348,518

*

Illumina,

Inc

66,494

28,716

Ilyang

Pharmaceutical

Co

Ltd

357

72,200

*,e

I-Mab

(ADR)

290

11,397

*,e

Imago

Biosciences,

Inc

172

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

108

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,300

Imeik

Technology

Development

Co

Ltd

$

778

27,093

*,e

ImmunityBio,

Inc

135

94,857

*

Immunogen,

Inc

453

32,436

*

Immunovant,

Inc

181

6,074,528

*,e

Imugene

Ltd

694

129,847

*

Incyte

Corp

8,653

858,984

*

Indivior

plc

2,724

4,747

*,e

Inhibrx,

Inc

85

727,573

*,g

Innovent

Biologics,

Inc

2,236

309,777

*,e

Innoviva,

Inc

3,597

65,684

*,e

Inotiv,

Inc

1,107

163,650

*,e

Inovio

Pharmaceuticals,

Inc

282

277,340

*

Insmed,

Inc

5,974

54,519

*,e

Instil

Bio,

Inc

264

140,422

*

Intellia

Therapeutics,

Inc

7,858

64,081

*,e

Intercept

Pharmaceuticals,

Inc

894

60,014

*

Intra-Cellular

Therapies,

Inc

2,792

35,837

*

iNtRON

Biotechnology,

Inc

254

39,427

*

Ionis

Pharmaceuticals,

Inc

1,744

397,450

*

Iovance

Biotherapeutics,

Inc

3,808

159,022

Ipca

Laboratories

Ltd

1,782

33,184

Ipsen

3,071

315,909

*

IQVIA

Holdings,

Inc

57,224

888,766

*

Ironwood

Pharmaceuticals,

Inc

9,208

17,602

*

iTeos

Therapeutics,

Inc

335

379,577

*

IVERIC

bio,

Inc

6,810

268,500

*,g

Jacobio

Pharmaceuticals

Group

Co

Ltd

144

13,415

*,e

Janux

Therapeutics,

Inc

182

70,648

*

Jazz

Pharmaceuticals

plc

9,417

35,325

JB

Chemicals

&

Pharmaceuticals

Ltd

830

222,844

JCR

Pharmaceuticals

Co

Ltd

3,324

287,611

Jiangsu

Hengrui

Medicine

Co

Ltd

1,418

3,874,038

Johnson

&

Johnson

632,863

60,258

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

89

18,312

Joinn

Laboratories

China

Co

Ltd

145

31,290

*

Jounce

Therapeutics,

Inc

73

63,434

Jubilant

Organosys

Ltd

261

280,500

*,e,g

JW

Cayman

Therapeutics

Co

Ltd

112

50,579

Kaken

Pharmaceutical

Co

Ltd

1,332

24,185,906

Kalbe

Farma

Tbk

PT

2,901

18,264

*

KalVista

Pharmaceuticals

Inc

265

4,044

*

Kangmei

Pharmaceutical

Co

Ltd

1

13,737

*

Karuna

Therapeutics,

Inc

3,090

577,084

*,e

Karyopharm

Therapeutics,

Inc

3,151

2,818

*

Keros

Therapeutics,

Inc

106

406,470

*

Kezar

Life

Sciences,

Inc

3,500

25,952

*

Kiniksa

Pharmaceuticals

Ltd

333

20,614

*,e

Kinnate

Biopharma,

Inc

246

214,000

*,e,g

Kintor

Pharmaceutical

Ltd

303

35,100

Kissei

Pharmaceutical

Co

Ltd

624

124,070

*

Knight

Therapeutics,

Inc

477

26,536

*

Kodiak

Sciences,

Inc

205

43,569

*

Komipharm

International

Co

Ltd

215

10,852

Korea

United

Pharm

Inc

176

32,658

*,e

Kronos

Bio,

Inc

109

11,387

*

Krystal

Biotech

Inc

794

43,861

Kukjeon

Pharmaceutical

Co

Ltd

313

108,099

*

Kura

Oncology,

Inc

1,477

28,067

*,e

Kymera

Therapeutics,

Inc

611

43,881

Kyorin

Co

Ltd

536

249,615

Kyowa

Hakko

Kogyo

Co

Ltd

5,739

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

109

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,872

L&C

Bio

Co

Ltd

$

313

24,128

Laboratorios

Farmaceuticos

Rovi

S.A

1,037

448,311

g

Laurus

Labs

Ltd

2,810

54,740

*

Legend

Biotech

Corp

(ADR)

2,233

26,423

*

LegoChem

Biosciences,

Inc

652

110,190

*

Lexicon

Pharmaceuticals,

Inc

264

10,129

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

872

103,305

*,e

Liquidia

Corp

562

20,817

Livzon

Pharmaceutical

Group,

Inc

88

296,333

Lonza

Group

AG.

144,282

156,000

Lotus

Pharmaceutical

Co

Ltd

796

145,452

Lupin

Ltd

1,210

2,240,000

*,e,g

Luye

Pharma

Group

Ltd

619

128,621

*,e

Lyell

Immunopharma,

Inc

943

223,645

*

MacroGenics,

Inc

774

1,621

*

Madrigal

Pharmaceuticals,

Inc

105

375,518

*,e

MannKind

Corp

1,160

147,199

*

Maravai

LifeSciences

Holdings,

Inc

3,758

65,179

*,e

MaxCyte,

Inc

424

1,811,550

*

Mayne

Pharma

Group

Ltd

317

296,466

*

Medigen

Vaccine

Biologics

Corp

741

12,964

*

Medpace

Holdings,

Inc

2,038

16,929

*

MedPacto,

Inc

277

5,607

Medy-Tox,

Inc

424

451,200

Mega

Lifesciences

PCL

553

23,327

*

MeiraGTx

Holdings

plc

196

4,157,375

Merck

&

Co,

Inc

358,033

496,066

Merck

KGaA

80,304

7,260

Merck

Ltd

366

142,856

*

Mersana

Therapeutics,

Inc

966

705,560

*,e

Mesoblast

Ltd

348

23,812

*

Mettler-Toledo

International,

Inc

25,815

25,439

*

Mezzion

Pharma

Co

Ltd

242

91,192

*,e

MiMedx

Group,

Inc

262

28,047

*,e

Mind

Medicine

MindMed,

Inc

97

34,519

*

Mirati

Therapeutics,

Inc

2,411

2,350

*,e

Mirum

Pharmaceuticals,

Inc

49

27,091

*,e

Mithra

Pharmaceuticals

S.A.

167

27,375

Mochida

Pharmaceutical

Co

Ltd

638

182,069

*

Moderna,

Inc

21,530

25,637

*,e

Molecular

Partners

AG.

168

23,776

*,e

Monte

Rosa

Therapeutics,

Inc

194

13,560

*

Morphic

Holding,

Inc

384

42,761

*

Morphosys

AG.

850

59,956

*

Myriad

Genetics,

Inc

1,144

47,333

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

111

9,864

*

NanoString

Technologies,

Inc

126

93,742

Natco

Pharma

Ltd

695

77,848

*

Natera,

Inc

3,411

61,114

*

Naturecell

Co

Ltd

505

41,594

*,e

Nautilus

Biotechnology,

Inc

88

141,044

*

Nektar

Therapeutics

451

93,034

*

NeoGenomics,

Inc

801

68,696

*

Neurocrine

Biosciences,

Inc

7,296

306,545

*,e

NGM

Biopharmaceuticals

Inc

4,010

75,210

*,e

NH

Special

Purpose

Acquisition

11

Co

Ltd

325

59,202

e

Nichi-iko

Pharmaceutical

Co

Ltd

178

49,400

Nippon

Shinyaku

Co

Ltd

2,520

104,332

*,e

Nkarta,

Inc

1,373

38,275

*

NKMax

Co

Ltd

335

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

110

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,201,482

Novartis

AG.

$

167,834

20,651

*,e

Novavax,

Inc

376

2,077,844

Novo

Nordisk

AS

206,990

43,225

*

Nurix

Therapeutics,

Inc

563

13,478

*,e

Nuvalent,

Inc

262

91,415

*,e

Nuvation

Bio,

Inc

205

182,452

*

OBI

Pharma,

Inc

409

38,222

*,e

Ocugen,

Inc

68

46,102

*

Ocular

Therapeutix,

Inc

191

363,500

*,e,g

Ocumension

Therapeutics

472

281,000

*

Oneness

Biotech

Co

Ltd

2,225

364,688

Ono

Pharmaceutical

Co

Ltd

8,519

305,448

*,e

Organigram

Holdings,

Inc

270

202,740

*

Organogenesis

Holdings

Inc

657

158,047

Organon

&

Co

3,698

14,903

Orion

Oyj

(Class

B)

628

30,518

*

Oscotec,

Inc

391

95,880

Otsuka

Holdings

KK

3,036

28,881

*,e

Outlook

Therapeutics,

Inc

35

80,936

*

Oxford

Biomedica

plc

313

498,252

*

Oxford

Nanopore

Technologies

plc

1,405

227,678

*,e

Pacific

Biosciences

of

California,

Inc

1,322

186,098

*

Pacira

BioSciences

Inc

9,899

406,897

*

Paion

AG.

304

26,413

*,e

Pardes

Biosciences,

Inc

49

6,665

*,e

PepGen,

Inc

61

117,000

*

PeptiDream,

Inc

1,304

72,459

PerkinElmer,

Inc

8,719

113,832

Perrigo

Co

plc

4,059

5,781,641

Pfizer,

Inc

253,005

26,500

e

Pharma

Foods

International

Co

Ltd

225

39,268

Pharma

Mar

S.A.

2,080

6,721

PHARMA

RESEARCH

PRODUCTS

Co

Ltd

263

69,951

*,†

Pharmally

International

Holding

Co

Ltd

0

^

40,950

Pharmaron

Beijing

Co

Ltd

-

A

311

159,323

g

Pharmaron

Beijing

Co

Ltd

-

H

771

68,438

*

Pharmicell

Co

Ltd

488

777,869

*,e

Pharming

Group

NV

805

4,066

*,e

Phathom

Pharmaceuticals,

Inc

45

120,326

Phibro

Animal

Health

Corp

1,599

8,759,640

*,†

Piramal

Pharma

Ltd

23,595

28,919

*,e

PMV

Pharmaceuticals,

Inc

344

12,126

*,e

Point

Biopharma

Global,

Inc

94

18,081

g

PolyPeptide

Group

AG.

527

22,981

*

Praxis

Precision

Medicines,

Inc

52

114,819

*,e

Precigen,

Inc

243

243,351

*

Prestige

Consumer

Healthcare,

Inc.

12,126

83,715

*,†

Progenics

Pharmaceuticals,

Inc

0

70,491

*,e

Prometheus

Biosciences,

Inc

4,160

52,259

*

Protagonist

Therapeutics,

Inc

441

169,637

*

Prothena

Corp

plc

10,285

15,982

*,e

Provention

Bio,

Inc

72

20,287

*

PTC

Therapeutics,

Inc

1,018

192,544

*

QIAGEN

NV

7,948

113,734

*

QIAGEN

NV

4,736

42,133

*

Quanterix

Corp

464

75,737

*,e

Quantum-Si,

Inc

208

3,732

*,e

Rallybio

Corp

54

8,465

*

RAPT

Therapeutics,

Inc

204

5,877

*,e

Reata

Pharmaceuticals,

Inc

148

13,872

Recordati

S.p.A.

508

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

111

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

165,584

*,e

Recursion

Pharmaceuticals,

Inc

$

1,762

87,657

*

Regeneron

Pharmaceuticals,

Inc

60,384

29,837

*

REGENXBIO,

Inc

789

78,073

*

Relay

Therapeutics,

Inc

1,746

8,104

*

Relmada

Therapeutics,

Inc

300

49,329

*

Repligen

Corp

9,230

31,028

*

Replimune

Group,

Inc

536

41,481

*

Revance

Therapeutics,

Inc

1,120

48,140

*

REVOLUTION

Medicines,

Inc

949

7,947

Reyon

Pharmaceutical

Co

Ltd

105

374,572

e

Richter

Gedeon

Rt

6,416

33,360

*

Rigel

Pharmaceuticals,

Inc

39

3,644

e

Roche

Holding

AG.

1,423

1,018,044

Roche

Holding

AG.

331,406

91,869

*

Rocket

Pharmaceuticals,

Inc

1,466

294,806

Royalty

Pharma

plc

11,845

39,231

*

Sage

Therapeutics,

Inc

1,536

15,769

*

Sam

Chun

Dang

Pharm

Co

Ltd

343

26,389

*,g

Samsung

Biologics

Co

Ltd

14,772

70,001

*,e

Sana

Biotechnology,

Inc

420

38,824

*,e

SanBio

Co

Ltd

330

1,348,689

*

Sangamo

Therapeutics

Inc

6,609

10,443

Sanofi

India

Ltd

740

1,183,209

Sanofi-Aventis

90,097

440,300

Santen

Pharmaceutical

Co

Ltd

2,959

114,621

*

Sarepta

Therapeutics,

Inc

12,670

3,951

Sartorius

Stedim

Biotech

1,212

70,110

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

483

45,517

Sawai

Group

Holdings

Co

Ltd

1,275

14,457

*,e

Science

37

Holdings,

Inc

23

347,000

Scinopharm

Taiwan

Ltd

268

444,603

*

Seagen,

Inc

60,835

25,731

e

Seegene,

Inc

477

40,421

*,e

Seer,

Inc

313

274,262

*

Seres

Therapeutics,

Inc

1,761

54,213

Shandong

Buchang

Pharmaceuticals

Co

Ltd

133

100,388

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

416

348,929

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

842

594,000

Shanghai

Haixin

Group

Co

180

79,000

*,e,g

Shanghai

Henlius

Biotech,

Inc

114

33,657

*

Shanghai

Junshi

Biosciences

Co

Ltd

239

5,898

Shanghai

Medicilon,

Inc

185

416,337

Shanghai

RAAS

Blood

Products

Co

Ltd

312

43,568

Shenzhen

Kangtai

Biological

Products

Co

Ltd

186

62,725

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

215

51,407

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

157

33,356

Shilpa

Medicare

Ltd

158

41,264

Shin

Poong

Pharmaceutical

Co

Ltd

569

154,422

Shionogi

&

Co

Ltd

7,458

62,655

Sichuan

Kelun

Pharmaceutical

Co

Ltd

195

4,851

Siegfried

Holding

AG.

3,587

7,603

SIGA

Technologies,

Inc

78

4,630,000

Sihuan

Pharmaceutical

Holdings

445

13,434

*,†,e

SillaJen,

Inc

0

^

39,179

*,e

Singular

Genomics

Systems,

Inc

98

9,022,236

Sino

Biopharmaceutical

4,228

19,596

*

SK

Biopharmaceuticals

Co

Ltd

772

24,628

*,e

SK

Bioscience

Co

Ltd

1,363

151,481

*,e

SomaLogic,

Inc

439

989,814

*,e

Sorrento

Therapeutics,

Inc

1,554

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

112

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

89,208

*,e

Sosei

Group

$

1,128

89,806

*

Sotera

Health

Co

612

21,701

*

SpringWorks

Therapeutics,

Inc

619

1,628,000

SSY

Group

Ltd

681

12,381

ST

Pharm

Co

Ltd

706

44,913

*

Stoke

Therapeutics,

Inc

577

84,683

*

Strides

Arcolab

Ltd

344

380,400

Sumitomo

Dainippon

Pharma

Co

Ltd

2,706

90,296

*

Sun

Pharma

Advanced

Research

Company

Ltd

243

1,866,891

Sun

Pharmaceutical

Industries

Ltd

21,682

139,339

*

Supernus

Pharmaceuticals,

Inc

4,717

35,654

*

Sutro

Biopharma,

Inc

198

116,385

Suven

Pharmaceuticals

Ltd

643

352,993

e

SwedenCare

AB

1,421

21,441

*

Swedish

Orphan

Biovitrum

AB

414

30,978

*

Syndax

Pharmaceuticals,

Inc

744

133,691

*

Syneos

Health,

Inc

6,304

137,563

g

Syngene

International

Ltd

942

479,000

*

Taigen

Biopharmaceuticals

Holdings

Ltd

229

204,000

*

TaiMed

Biologics,

Inc

409

47,100

Taisho

Pharmaceutical

Holdings

Co

Ltd

1,725

193,433

Takara

Bio,

Inc

2,269

1,708,594

Takeda

Pharmaceutical

Co

Ltd

44,368

39,410

*

Tango

Therapeutics,

Inc

143

183,000

*

Tanvex

BioPharma,

Inc

285

28,903

*,e

Taro

Pharmaceutical

Industries

Ltd

867

13,487

*,e

Tarsus

Pharmaceuticals,

Inc

231

15,490

Tecan

Group

AG.

5,314

260,620

*

Telix

Pharmaceuticals

Ltd

782

24,531

*

Tenaya

Therapeutics,

Inc

71

164,754

*

Teva

Pharmaceutical

Industries

Ltd

(ADR)

1,330

17,285

*

TG

Therapeutics,

Inc

102

13,526

*,e

Theravance

Biopharma,

Inc

137

364,450

Thermo

Fisher

Scientific,

Inc

184,845

15,219

*

Theseus

Pharmaceuticals,

Inc

88

352,900

e

Tianjin

ZhongXin

Pharmaceutical

Group

Corp

Ltd

339

689,000

Tong

Ren

Tang

Technologies

Co

Ltd

400

32,065

Torii

Pharmaceutical

Co

Ltd

638

117,392

Torrent

Pharmaceuticals

Ltd

2,238

32,013

Towa

Pharmaceutical

Co

Ltd

471

104,181

*

Travere

Therapeutics,

Inc

2,567

103,399

*,e

Tricida,

Inc

1,084

70,900

Tsumura

&

Co

1,514

319,000

TTY

Biopharm

Co

Ltd

729

57,321

*

Twist

Bioscience

Corp

2,020

6,722

*,e

Tyra

Biosciences,

Inc

59

17,942

UCB

S.A.

1,245

58,199

*

Ultragenyx

Pharmaceutical,

Inc

2,410

1,319,562

United

Laboratories

Ltd

548

123,320

*

United

Therapeutics

Corp

25,821

320,707

*

Vaccibody

AS.

706

102,040

*,e

Valneva

SE

514

43,899

*

Vanda

Pharmaceuticals,

Inc

434

84,040

*,e

Vaxart

Inc

183

15,170

*

Vaxcell-Bio

Therapeutics

Co

Ltd

424

6,692

*

Vaxcyte,

Inc

161

159,646

*,e

VBI

Vaccines,

Inc

113

3,345

*

Ventyx

Biosciences,

Inc

117

3,113

*

Vera

Therapeutics,

Inc

66

73,542

*

Veracyte,

Inc

1,221

62,118

*

Vericel

Corp

1,441

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

113

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

306,557

*

Vertex

Pharmaceuticals,

Inc

$

88,761

107,095

*

Verve

Therapeutics,

Inc

3,679

751,572

Viatris,

Inc

6,403

54,769

*

Vir

Biotechnology,

Inc

1,056

5,151

Virbac

S.A.

1,340

24,574

*

Viridian

Therapeutics,

Inc

504

61,520

*

VistaGen

Therapeutics,

Inc

9

74,271

Vitrolife

AB

1,052

855,500

*,e,g

Viva

Biotech

Holdings

144

67,528

Walvax

Biotechnology

Co

Ltd

352

89,746

*

Waters

Corp

24,189

244,387

West

Pharmaceutical

Services,

Inc

60,139

3,518,404

Winteam

Pharmaceutical

Group

Ltd

1,224

65,933

*

Wockhardt

Ltd

196

104,258

WuXi

AppTec

Co

Ltd

-

A

1,046

357,237

g

WuXi

AppTec

Co

Ltd

-

H

2,853

3,387,000

*,g

Wuxi

Biologics

Cayman,

Inc

20,162

42,740

*

Xencor,

Inc

1,110

25,637

*,e

Xeris

Biopharma

Holdings,

Inc

40

6,286

*,e

Y-mAbs

Therapeutics,

Inc

91

36,199

Yuhan

Corp

1,365

100,882

*

Yungjin

Pharmaceutical

Co

Ltd

184

168,000

YungShin

Global

Holding

Corp

210

77,407

Yunnan

Baiyao

Group

Co

Ltd

571

63,917

*

Zai

Lab

Ltd

(ADR)

2,186

164,237

*

Zealand

Pharma

AS

3,731

7,279

*

Zentalis

Pharmaceuticals,

Inc

158

29,300

Zeria

Pharmaceutical

Co

Ltd

419

24,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

918

48,558

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

131

35,900

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

198

167,199

Zhejiang

NHU

Co

Ltd

522

6,945

Zhejiang

Orient

Gene

Biotech

Co

Ltd

74

11,467

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

79

1,244,419

Zoetis,

Inc

184,535

5,323

*,†,e

Zogenix,

Inc

4

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,554,918

REAL

ESTATE

-

2.9%

920,129

Abacus

Property

Group

1,469

239,934

Acadia

Realty

Trust

3,028

903

Activia

Properties

Inc

2,648

1,538

Advance

Residence

Investment

Corp

3,772

75,819

e

Aedifica

S.A.

5,844

112,200

Aeon

Mall

Co

Ltd

1,250

1,836

AEON

REIT

Investment

Corp

1,983

6,768

AFI

Properties

Ltd

241

7,627

Africa

Israel

Residences

Ltd

330

1,476,000

e

Agile

Property

Holdings

Ltd

344

63,453

e

Agree

Realty

Corp

4,288

652,100

AIMS

AMP

Capital

Industrial

REIT

580

90,267

*

Airport

City

Ltd

1,428

4,423,739

Aldar

Properties

PJSC

5,050

117,176

e,g

ALDER

Group

S.A.

238

137,371

Alexander

&

Baldwin,

Inc

2,278

364

Alexander's,

Inc

76

155,031

Alexandria

Real

Estate

Equities,

Inc

21,734

221,500

Aliansce

Sonae

Shopping

Centers

sa

817

495,276

g

A-Living

Services

Co

Ltd

390

84,397

Allied

Properties

Real

Estate

Investment

Trust

1,672

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

114

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,097

Allreal

Holding

AG.

$

2,518

190,056

Alony

Hetz

Properties

&

Investments

Ltd

2,272

4,875

e

Altarea

SCA

607

53,945

Altus

Group

Ltd

1,749

1,057,300

Amata

Corp

PCL

(Foreign)

520

147,183

American

Assets

Trust,

Inc

3,786

256,248

American

Finance

Trust,

Inc

1,507

2,280,767

American

Homes

4

Rent

74,832

990

*

American

Realty

Investors,

Inc

16

753,614

American

Tower

Corp

161,801

244,250

Americold

Realty

Trust

6,009

305,211

Amot

Investments

Ltd

1,745

147,778

Apartment

Income

REIT

Corp

5,707

113,720

Apartment

Investment

and

Management

Co

830

162,794

Apple

Hospitality

REIT,

Inc

2,289

654,500

AREIT,

Inc

379

423,219

Arena

REIT

908

1,024,593

Argosy

Property

Ltd

689

74,843

Armada

Hoffler

Properties,

Inc

777

318,223

Aroundtown

S.A.

697

104,065

Arriyadh

Development

Co

563

74,479

Artis

Real

Estate

Investment

Trust

512

1,124,100

Ascendas

India

Trust

819

3,683,563

Ascendas

REIT

6,871

2,387,904

Ascott

Trust

1,620

28,671

*,e

Ashford

Hospitality

Trust,

Inc

195

2,834,700

Asian

Property

Development

PCL

(Foreign)

712

3,345,110

Assura

Group

Ltd

2,002

54,881

Atrium

Ljungberg

AB

677

390,464

AvalonBay

Communities,

Inc

71,920

1,762,661

Axis

Real

Estate

Investment

Trust

718

8,858,708

Ayala

Land,

Inc

3,439

4,761,352

*,†

AZ

BGP

Holdings

12

8,399

Azrieli

Group

573

10,549,900

Bangkok

Land

PCL

273

2,339,863

Barwa

Real

Estate

Co

2,197

15,500

Big

Shopping

Centers

Ltd

1,725

401,634

Big

Yellow

Group

plc

4,753

5,522

Blue

Square

Real

Estate

Ltd

335

14,100

Bluerock

Residential

Growth

REIT,

Inc

377

991,504

BMO

Commercial

Property

Trust

Ltd

884

24,236

Boardwalk

REIT

812

116,753

Boston

Properties,

Inc

8,753

943,000

BR

Malls

Participacoes

S.A.

1,648

229,100

BR

Properties

S.A.

353

114,264

BraeMar

Hotels

&

Resorts,

Inc

491

859,747

Brandywine

Realty

Trust

5,803

137,490

Brigade

Enterprises

Ltd

854

177,061

British

Land

Co

plc

686

13,196

Brixmor

Property

Group,

Inc

244

127,252

e

Broadstone

Net

Lease,

Inc

1,976

179,761

g

Brookfield

India

Real

Estate

Trust

715

21,481

Brt

Realty

Trust

436

29,199

BSR

Real

Estate

Investment

Trust

409

8,595,400

*

Bumi

Serpong

Damai

Tbk

PT

510

656,968

Bunnings

Warehouse

Property

Trust

1,562

663,000

C&D

International

Investment

Group

Ltd

1,690

642,000

C&D

Property

Management

Group

Co

Ltd

304

59,797

CA

Immobilien

Anlagen

AG.

1,778

5,964,862

e

Cambridge

Industrial

Trust

1,468

49,746

Camden

Property

Trust

5,942

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

115

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

174,659

Canadian

Apartment

Properties

REIT

$

5,323

1,207,512

Capital

&

Counties

Properties

1,433

2,872,688

Capitaland

Investment

Ltd

6,911

5,512,911

CapitaMall

Trust

7,333

1,399,287

CapitaRetail

China

Trust

1,011

68,003

CareTrust

REIT,

Inc

1,232

97,657

Carmila

S.A.

1,309

315,767

e

Castellum

AB

3,538

44,539

Catena

AB

1,322

1,219,000

Cathay

Real

Estate

Development

Co

Ltd

615

40,788

CBL

&

Associates

Properties,

Inc

1,045

315,968

CBRE

Group,

Inc

21,331

1,023,168

CDL

Hospitality

Trusts

828

616,958

Cencosud

Shopping

S.A.

644

11,409

Centerspace

768

2,442,000

Central

China

Management

Co

Ltd

217

392,000

Central

China

New

Life

Ltd

124

2,312,982

Central

Pattana

PCL

3,978

934,695

Centuria

Capital

Group

918

1,256,437

Centuria

Industrial

REIT

2,091

808,944

Centuria

Office

REIT

753

2,972,806

Champion

Real

Estate

Investment

Trust

1,048

815,994

Charter

Hall

Education

Trust

1,596

576,369

Charter

Hall

Group

4,250

1,635,356

Charter

Hall

Long

Wale

REIT

4,177

37,813

*

Chatham

Lodging

Trust

373

1,221,000

*,†,e

China

Aoyuan

Group

Ltd

138

2,229,156

China

Jinmao

Holdings

Group

Ltd

453

1,246,000

China

Merchants

Land

Ltd

86

569,927

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

1,313

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

418

3,463,786

China

Overseas

Land

&

Investment

Ltd

9,011

510,119

China

Overseas

Property

Holdings

Ltd

442

3,704,602

China

Resources

Land

Ltd

14,511

802,000

g

China

Resources

Mixc

Lifestyle

Services

Ltd

3,061

2,164,000

China

SCE

Group

Holdings

Ltd

140

6,046,000

e

China

South

City

Holdings

Ltd

310

2,180,038

China

Vanke

Co

Ltd

3,945

727,715

China

Vanke

Co

Ltd

(Class

A)

1,828

547,000

Chinese

Estates

Holdings

Ltd

143

226,251

Choice

Properties

REIT

2,062

213,000

Chong

Hong

Construction

Co

490

52,128

Cibus

Nordic

Real

Estate

AB

679

439,553

City

Developments

Ltd

2,317

33,345

City

Office

REIT,

Inc

332

100,983

e

Citycon

Oyj

632

624,894

e

Civitas

Social

Housing

plc

456

2,064,301

CK

Asset

Holdings

Ltd

12,393

2,865

Clipper

Realty,

Inc

20

192,444

CLS

Holdings

plc

300

36,854

e

Cofinimmo

3,061

41,985

Colliers

International

Group,

Inc

3,848

374,000

*,†

Colour

Life

Services

Group

22

788

Comforia

Residential

REIT,

Inc

1,796

1,793,194

Commercial

Real

Estate

Co

KSC

573

35,452

Community

Healthcare

Trust,

Inc

1,161

42,590

*,e

Compass,

Inc

99

380,100

Concentradora

Fibra

Danhos

S.A.

de

C.V.

457

847,083

e

Corem

Property

Group

AB

637

762,600

e

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

1,421

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

116

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

76,722

Corporate

Office

Properties

Trust

$

1,782

2,156,000

*,e

Cosmopolitan

International

Holdings

Ltd

310

9,671,898

e

Country

Garden

Holdings

Co

Ltd

2,234

2,115,400

Country

Garden

Services

Holdings

Co

Ltd

3,089

118,968

Cousins

Properties,

Inc

2,778

769

CRE

Logistics

REIT,

Inc

1,106

87,804

Crombie

Real

Estate

Investment

Trust

906

495,000

Cromwell

European

Real

Estate

Investment

Trust

868

1,755,254

Cromwell

Group

755

826,575

Crown

Castle

International

Corp

119,481

51,005

CT

Real

Estate

Investment

Trust

554

14,566

e

CTO

Realty

Growth,

Inc

273

204,895

CubeSmart

8,208

306,398

*

Cushman

&

Wakefield

plc

3,508

439,992

Custodian

Reit

plc

484

66,522

Daito

Trust

Construction

Co

Ltd

6,223

559,881

Daiwa

House

Industry

Co

Ltd

11,384

2,323

Daiwa

House

REIT

Investment

Corp

4,852

356

Daiwa

Office

Investment

Corp

1,656

2,104

Daiwa

Securities

Living

Investments

Corp

1,668

379,736

*

Dar

Al

Arkan

Real

Estate

Development

Co

1,600

218,045

Derwent

London

plc

4,919

137,329

Deutsche

Annington

Immobilien

SE

2,964

14,841

Deutsche

Euroshop

AG.

334

1,059,000

Dexin

China

Holdings

Co

Ltd

188

268,068

Dexus

Industria

REIT

405

583,382

Dexus

Property

Group

2,902

158,353

DiamondRock

Hospitality

Co

1,189

90,819

DIC

Asset

AG.

688

940,600

e

Digital

Core

REIT

Management

Pte

Ltd

655

183,051

Digital

Realty

Trust,

Inc

18,155

77,060

e

DigitalBridge

Group,

Inc

964

105,397

Dios

Fastigheter

AB

665

447,355

Diversified

Healthcare

Trust

443

705,531

DLF

Ltd

3,064

112,074

*,e

Doma

Holdings,

Inc

49

87,636

Dongwon

Development

Co

Ltd

197

241,222

Douglas

Elliman,

Inc

989

67,231

Douglas

Emmett,

Inc

1,205

178,661

Dream

Industrial

Real

Estate

Investment

Trust

1,388

29,963

Dream

Office

Real

Estate

Investment

Trust

353

27,598

DREAM

Unlimited

Corp

491

807,182

Duke

Realty

Corp

38,906

437,000

*,†

Eagle

Hospitality

Trust

4

67,817

Easterly

Government

Properties,

Inc

1,069

71,197

EastGroup

Properties,

Inc

10,277

31,072

Electra

Real

Estate

Ltd

415

330,411

*

Emaar

Economic

City

859

4,682,167

Emaar

Properties

PJSC

7,347

510,948

Embassy

Office

Parks

REIT

2,169

2,390,786

Emlak

Konut

Gayrimenkul

Yatiri

492

102,926

Empire

State

Realty

Trust,

Inc

675

737,423

Empiric

Student

Property

plc

706

76,487

e,g

Entra

ASA

714

194,146

EPR

Properties

6,962

96,224

Equinix,

Inc

54,736

1,062,235

Equites

Property

Fund

Ltd

945

80,612

Equity

Commonwealth

1,964

1,220,788

Equity

Lifestyle

Properties,

Inc

76,714

424,077

Equity

Residential

28,506

6,505,200

g

ESR

Cayman

Ltd

16,363

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

117

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

165,984

ESR

Kendall

Square

REIT

Co

Ltd

$

583

559,541

Essential

Properties

Realty

Trust,

Inc

10,883

48,776

Essex

Property

Trust,

Inc

11,815

51,182

Eurocommercial

Properties

NV

1,013

954,000

e

Ever

Sunshine

Lifestyle

Services

Group

Ltd

352

443,000

Excellence

Commercial

Property

&

Facilities

Management

Group

Ltd

155

70,929

e

eXp

World

Holdings

Inc

795

421,539

Extra

Space

Storage,

Inc

72,804

321,547

e

Fabege

AB

2,184

1,481,995

Far

East

Consortium

331

1,200,305

Far

East

Hospitality

Trust

487

343,000

Farglory

Land

Development

Co

Ltd

619

35,054

e

Farmland

Partners,

Inc

444

778,153

*

Fastighets

AB

Balder

3,106

99,435

Federal

Realty

Investment

Trust

8,961

3,408,497

Fibra

Uno

Administracion

S.A.

de

C.V.

3,508

3,185,200

Filinvest

REIT

Corp

337

154,765

First

Capital

Real

Estate

Investment

Trust

1,694

192,357

First

Industrial

Realty

Trust,

Inc

8,620

48,686

FirstService

Corp

5,795

3,963

Fonciere

Des

Regions

191

12,466

*

Forestar

Group,

Inc

140

1,130,716

Fortress

REIT

Ltd

256

1,428,853

Fortress

REIT

Ltd

(Class

A)

707

2,093,000

Fortune

Real

Estate

Investment

Trust

1,525

73,318

Four

Corners

Property

Trust,

Inc

1,774

76,880

Franklin

Street

Properties

Corp

202

1,131,177

Frasers

Centrepoint

Trust

1,706

924,500

e

Frasers

Hospitality

Trust

309

3,864,445

Frasers

Logistics

&

Industrial

Trust

3,299

550

Frontier

Real

Estate

Investment

Corp

2,028

4,953

*

FRP

Holdings,

Inc

269

779

Fukuoka

REIT

Corp

908

343,525

Gaming

and

Leisure

Properties,

Inc

15,198

597,000

*,e

Ganglong

China

Property

Group

Ltd

182

99,914

Gazit

Globe

Ltd

467

548,653

GDI

Property

Group

282

8,144

Gecina

S.A.

638

219,264

Gemdale

Corp

355

8,196,000

Gemdale

Properties

and

Investment

Corp

Ltd

552

30,625

Getty

Realty

Corp

824

7,795

Gladstone

Commercial

Corp

121

14,208

e

Gladstone

Land

Corp

257

45,383

Global

Medical

REIT,

Inc

387

77,946

Global

Net

Lease,

Inc

830

1,137

Global

One

Real

Estate

Investment

Corp

861

698

GLP

J-Reit

774

138,559

*

Godrej

Properties

Ltd

2,012

55,080

e

Goldcrest

Co

Ltd

633

1,722,070

Goodman

Group

17,405

1,182,571

Goodman

Property

Trust

1,322

2,004,186

GPT

Group

4,933

961,992

Grainger

plc

2,464

130,619

Grand

City

Properties

S.A.

1,294

133,810

Granite

REIT

6,458

2,028,752

Great

Portland

Estates

plc

9,892

1,056,000

Greenland

Hong

Kong

Holdings

Ltd

73

1,040,822

Greentown

China

Holdings

Ltd

1,953

1,802,379

Greentown

Service

Group

Co

Ltd

1,191

327,011

Growthpoint

Properties

Australia

Ltd

646

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

118

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,877,129

Growthpoint

Properties

Ltd

$

2,525

2,084,800

e

Guangzhou

R&F

Properties

Co

Ltd

350

353,003

H&R

Real

Estate

Investment

Trust

2,658

81,832

Hamborner

REIT

AG.

565

4,250,332

e

Hammerson

plc

845

1,472,442

Hang

Lung

Group

Ltd

2,377

2,169,995

Hang

Lung

Properties

Ltd

3,563

610

Hankyu

Reit,

Inc

639

419,077

Healthcare

Realty

Trust,

Inc

8,738

638,864

Healthpeak

Properties

Inc

14,643

37,922

Heiwa

Real

Estate

Co

Ltd

1,039

1,096

Heiwa

Real

Estate

REIT,

Inc

1,150

137,169

Helical

Bar

plc

545

1,556,518

Henderson

Land

Development

Co

Ltd

4,359

58,873

Hersha

Hospitality

Trust

470

1,121,065

Highwealth

Construction

Corp

1,375

3,673

Highwoods

Properties,

Inc

99

188,610

Home

Consortium

536

1,065,942

Home

Reit

plc

1,081

2,148,756

HomeCo

Daily

Needs

REIT

1,540

1,317,562

Hongkong

Land

Holdings

Ltd

5,789

1,024,516

e

Hopson

Development

Holdings

Ltd

1,073

317

Hoshino

Resorts

REIT,

Inc

1,473

1,236,744

Host

Hotels

and

Resorts,

Inc

19,640

31,265

*

Howard

Hughes

Corp

1,732

331,000

Huaku

Development

Co

Ltd

943

108,947

Hudson

Pacific

Properties

1,193

148,967

Hufvudstaden

AB

(Series

A)

1,632

269,283

Hulic

Co

Ltd

1,984

1,799

Hulic

Reit,

Inc

2,059

410,236

Hyprop

Investments

Ltd

779

761,696

Hysan

Development

Co

Ltd

1,917

43,477

Icade

1,619

313,725

Ichigo

Holdings

Co

Ltd

646

1,449

Ichigo

Real

Estate

Investment

Corp

856

3,086,500

IGB

Real

Estate

Investment

Trust

1,065

326,900

Iguatemi

S.A.

170

265,700

Iguatemi

S.A.

1,003

5,630

e

Immobel

S.A.

246

67,155

Immobiliare

Grande

Distribuzione

SIIQ

S.p.A

183

41,454

e

IMMOFINANZ

AG.

507

370,937

Impact

Healthcare

Reit

plc

425

185,294

Independence

Realty

Trust,

Inc

3,100

556,060

*

Indiabulls

Real

Estate

Ltd

526

4,146

Indus

Realty

Trust,

Inc

217

2,275

Industrial

&

Infrastructure

Fund

Investment

Corp

2,578

783,418

Industrial

Buildings

Corp

2,303

313,241

Industrial

Logistics

Properties

Trust

1,723

1,626,047

Ingenia

Communities

Group

3,873

358,142

Inmobiliaria

Colonial

S.A.

1,729

24,575

Innovative

Industrial

Properties,

Inc

2,175

58,257

g

Instone

Real

Estate

Group

AG.

482

102,990

InterRent

Real

Estate

Investment

Trust

855

1,158

Intershop

Holding

AG.

729

26,831

e

Intervest

Offices

613

50,804

e

InvenTrust

Properties

Corp

1,084

746,052

Investec

Property

Fund

Ltd

428

19,841

Invincible

Investment

Corp

6,250

520,496

Invitation

Homes,

Inc

17,577

1,712,100

IOI

Properties

Group

BHD

344

550,782

Irish

Residential

Properties

REIT

plc

622

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

119

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

144,309

Iron

Mountain,

Inc

$

6,345

519,636

*

Is

Gayrimenkul

Yatirim

Ortakligi

AS

172

159,641

Israel

Canada

T.R

Ltd

529

18,480

Israel

Land

Development

Co

Ltd

253

2,377

Isras

Investment

Co

Ltd

435

51,554

iStar

Inc

477

1,327

ITOCHU

Advance

Logistics

Investment

Corp

1,380

919,215

*

IWG

plc

1,288

224,042

Jadwa

REIT

Saudi

Fund

787

1,467

Japan

Excellent,

Inc

1,354

13,892

Japan

Hotel

REIT

Investment

Corp

6,943

1,093

Japan

Logistics

Fund

Inc

2,344

975

Japan

Prime

Realty

Investment

Corp

2,652

1,027

Japan

Real

Estate

Investment

Corp

4,237

4,622

Japan

Retail

Fund

Investment

Corp

3,470

3,560

JBG

SMITH

Properties

66

404,600

JHSF

Participacoes

S.A.

555

1,596,750

*,†

Jiangsu

Future

Land

Co

Ltd

16

2,226,000

e

Jiayuan

International

Group

Ltd

46

182,105

Jinke

Properties

Group

Co

Ltd

54

35,463

*,e

Jinmao

Property

Services

Co

Ltd

17

28,474

*

Jones

Lang

LaSalle,

Inc

4,302

214,165

JR

Reit

XXVII

673

1,357,329

K

Wah

International

Holdings

Ltd

421

2,718,000

†,e

Kaisa

Group

Holdings

Ltd

145

341,252

e

Katitas

Co

Ltd

7,598

481,811

*

KE

Holdings,

Inc

(ADR)

8,441

33,000

Keihanshin

Building

Co

Ltd

278

545

Kenedix

Realty

Investment

Corp

2,570

1,207

Kenedix

Residential

Investment

Corp

1,787

711

Kenedix

Retail

REIT

Corp

1,313

191,411

Kennedy-Wilson

Holdings,

Inc

2,959

1,812,017

Keppel

DC

REIT

2,137

2,049,591

Keppel

REIT

1,407

1,086,114

Keppel-KBS

US

REIT

596

711,500

Kerry

Properties

Ltd

1,349

66,116

*,e

K-fast

Holding

AB

125

177,075

Killam

Apartment

Real

Estate

Investment

Trust

1,955

114,413

Kilroy

Realty

Corp

4,818

1,238,296

Kimco

Realty

Corp

22,797

439,800

Kindom

Construction

Co

350

167,300

Kite

Realty

Group

Trust

2,881

1,899,204

Kiwi

Property

Group

Ltd

967

102,152

*

Kizilbuk

Gayrimenkul

Yatirim

Ortakligi

AS.

106

24,199

Klepierre

421

166,283

e

Kojamo

Oyj

2,142

163,786

Korea

Real

Estate

Investment

Trust

Co

156

1,499,000

*

KWG

Group

Holdings

Ltd

184

1,072,000

KWG

Living

Group

Holdings

Ltd

142

79,035

Lamar

Advertising

Co

6,520

83,565

*

Lamda

Development

S.A.

447

10,561,077

Land

and

Houses

PCL

Co

Reg

2,482

141,761

Land

Securities

Group

plc

819

71,349

Lar

Espana

Real

Estate

Socimi

S.A.

302

2,300

LaSalle

Logiport

REIT

2,573

14,710

LEG

Immobilien

AG.

878

647,587

Lend

Lease

Corp

Ltd

3,702

2,437,044

Lendlease

Global

Commercial

REIT

1,291

197,243

*

Leopalace21

Corp

452

212,045

e

Lexington

Realty

Trust

1,942

41,614

Life

Storage,

Inc

4,609

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

120

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

113,510

Lifestyle

Communities

Ltd

$

1,100

2,213,426

Link

REIT

15,451

35,003,300

*

Lippo

Karawaci

Tbk

PT

229

49,100

LOG

Commercial

Properties

e

Participacoes

S.A.

225

1,950,377

LondonMetric

Property

plc

3,800

2,140,593

g

Longfor

Properties

Co

Ltd

6,136

202,397

LOTTE

Reit

Co

Ltd

691

29,323

LTC

Properties,

Inc

1,098

3,111,492

LXI

REIT

plc

4,295

730,721

Mabanee

Co

KPSC

2,032

460,587

Macerich

Co

3,657

64,337

*

Mack-Cali

Realty

Corp

732

1,144,365

Macquarie

CountryWide

Trust

2,714

1,321,000

g

Macquarie

Mexico

Real

Estate

Management

SA

de

CV

1,592

1,405,300

Mah

Sing

Group

BHD

148

88,733

Mahindra

Lifespace

Developers

Ltd

511

2,026,150

Manulife

US

Real

Estate

Investment

Trust

858

35,779

*,†,e

Mapeley

Ltd

0

^

3,118,284

Mapletree

Commercial

Trust

3,712

2,597,147

Mapletree

Industrial

Trust

4,298

3,462,187

Mapletree

Logistics

Trust

3,741

112,657

Marcus

&

Millichap,

Inc

3,693

870,900

Matrix

Concepts

Holdings

BHD

270

833,100

*

MBK

PCL

357

145,227

Medical

Properties

Trust,

Inc

1,722

28,865

Mega

Or

Holdings

Ltd

838

10,953,000

Megaworld

Corp

380

30,723

Melisron

Ltd

2,063

84,087

e

Mercialys

S.A

635

418,421

Merlin

Properties

Socimi

S.A.

3,229

270,545

Mid-America

Apartment

Communities,

Inc

41,953

383,000

e,g

Midea

Real

Estate

Holding

Ltd

359

212,600

g

Mindspace

Business

Parks

REIT

950

23,212

g

Minto

Apartment

Real

Estate

REIT

NPV

217

2,090

Mirai

Corp

710

4,144,325

Mirvac

Group

5,163

2,578,144

Mitsubishi

Estate

Co

Ltd

33,970

579

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

1,808

957,353

Mitsui

Fudosan

Co

Ltd

18,238

999

Mitsui

Fudosan

Logistics

Park,

Inc

3,419

8,218

e

Mobimo

Holding

AG.

1,785

13,957

Montea

C.V.A

1,054

10,426

Morguard

Corp

823

25,991

Morguard

North

American

Resid

289

1,961

Mori

Hills

REIT

Investment

Corp

2,123

378

Mori

Trust

Hotel

Reit,

Inc

347

1,031

Mori

Trust

Sogo

Reit,

Inc

982

1,153,400

MREIT,

Inc

276

341,000

Multiplan

Empreendimentos

Imobiliarios

S.A.

1,528

21,648

*,†,e

Nam

Tai

Property,

Inc

91

33,066

National

Health

Investors,

Inc

1,869

1,190,146

*

National

Real

Estate

Co

KPSC

514

87,007

National

Retail

Properties,

Inc

3,468

296,993

National

Storage

Affiliates

Trust

12,349

2,763,765

National

Storage

REIT

3,980

2,428,000

Neo-China

Land

Group

Holdings

Ltd

186

526,674

NEPI

Rockcastle

NV

2,345

21,640

NESCO

Ltd

150

206,596

e

NETSTREIT

Corp

3,679

1,576,193

New

World

Development

Co

Ltd

4,477

336,449

Newmark

Group,

Inc

2,712

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

121

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

46,276

e

Nexity

$

939

64,278

NexPoint

Residential

Trust,

Inc

2,970

32,398

Nexus

Real

Estate

Investment

Trust

196

614

Nippon

Accommodations

Fund,

Inc

2,785

1,518

Nippon

Building

Fund,

Inc

6,680

2,208

Nippon

ProLogis

REIT,

Inc

4,841

538

NIPPON

REIT

Investment

Corp

1,371

77,225

Nomura

Real

Estate

Holdings,

Inc

1,744

4,376

Nomura

Real

Estate

Master

Fund,

Inc

4,837

141,959

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

1,089

23,512

NSI

NV

558

197,446

Nyfosa

AB

1,140

160,963

Oberoi

Realty

Ltd

1,803

35,807

Office

Properties

Income

Trust

503

76,432

Omega

Healthcare

Investors,

Inc

2,254

13,416

e

One

Liberty

Properties,

Inc

282

284

One

REIT,

Inc

517

381,264

*,e

Opendoor

Technologies,

Inc

1,186

1,126,700

Origin

Property

PCL

299

196,633

e

Orion

Office

REIT,

Inc

1,721

3,351

Orix

JREIT,

Inc

4,286

2,709,274

OUE

Commercial

Real

Estate

Investment

Trust

640

561,307

Outfront

Media,

Inc

8,526

726,822

e

Overseas

Union

Enterprise

Ltd

658

21,821,200

Pakuwon

Jati

Tbk

PT

645

110,654

*

Pandox

AB

1,172

876,068

Paramount

Group,

Inc

5,458

98,434

Park

Hotels

&

Resorts,

Inc

1,108

480,324

Parkway

Life

Real

Estate

Investment

Trust

1,414

604,487

Parque

Arauco

S.A.

525

54,101

Patrizia

Immobilien

AG.

559

11,139

e

Peach

Property

Group

AG.

255

406,779

Pebblebrook

Hotel

Trust

5,902

118,904

*

PEXA

Group

Ltd

1,022

247,103

e

Phillips

Edison

&

Co,

Inc

6,931

116,917

Phoenix

Mills

Ltd

1,997

169,253

e

Physicians

Realty

Trust

2,546

672,594

Picton

Property

Income

Ltd

641

234,645

e

Piedmont

Office

Realty

Trust,

Inc

2,478

1,047,800

PLA

Administradora

Industrial

S

de

RL

de

C.V.

1,391

73,146

Platzer

Fastigheter

Holding

AB

439

475,943

Plaza

S.A.

384

66,573

Plymouth

Industrial

REIT,

Inc

1,119

2,571,000

Poly

Hong

Kong

Investment

Ltd

456

865,162

Poly

Real

Estate

Group

Co

Ltd

2,193

8,402

e

Postal

Realty

Trust,

Inc

123

139,558

PotlatchDeltic

Corp

5,727

184,500

Powerlong

Commercial

Management

Holdings

Ltd

77

1,453,000

e

Powerlong

Real

Estate

Holdings

Ltd

147

8,919

Prashkovsky

Investments

and

Construction

Ltd

252

1,649,011

Precinct

Properties

New

Zealand

Ltd

1,197

1,714

Premier

Investment

Co

1,752

163,911

Prestige

Estates

Projects

Ltd

901

116,728

Primaris

REIT

1,081

1,681,060

Primary

Health

Properties

plc

2,130

787,300

Prime

US

REIT

424

1,247,000

Prince

Housing

&

Development

Corp

436

578,500

ProLogis

Property

Mexico

S.A.

de

C.V.

1,470

2,288,638

Prologis,

Inc

232,526

3,434

*

Property

&

Building

Corp

269

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

122

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,622,000

Prosperity

REIT

$

411

636,512

PRS

REIT

PLC

667

750,400

Pruksa

Holding

PCL

238

58,617

PSP

Swiss

Property

AG.

5,860

11,402,900

PT

Ciputra

Development

Tbk

711

16,315,400

*,†

PT

Hanson

International

Tbk

0

^

160,406

Public

Storage,

Inc

46,968

7,848,000

Quality

House

PCL

445

1,073,000

e

Radiance

Holdings

Group

Co

Ltd

465

116,474

Rayonier,

Inc

3,491

14,908

Re/Max

Holdings,

Inc

282

93,890

*,e

Real

Matters,

Inc

323

86,677

*

Realogy

Holdings

Corp

703

147,486

Realty

Income

Corp

8,584

1,246,000

*,e,g

Redco

Properties

Group

Ltd

279

8,321,523

Redefine

Properties

Ltd

1,632

13,508

*,e

Redfin

Corp

79

1,249,000

e

Redsun

Properties

Group

Ltd

132

454,575

Regency

Centers

Corp

24,479

492,304

g

Regional

REIT

Ltd

351

221,227

Reit

Ltd

1,121

130,128

Relo

Holdings,

Inc

1,972

391,837

Resilient

REIT

Ltd

1,038

12,144

Retail

Estates

NV

676

91,420

Retail

Opportunities

Investment

Corp

1,258

1,097,339

Rexford

Industrial

Realty,

Inc

57,062

225,163

RioCan

Real

Estate

Investment

Trust

3,035

4,833,900

RL

Commercial

REIT,

Inc

438

123,750

RLJ

Lodging

Trust

1,252

75,358

RMR

Group,

Inc

1,785

276,000

e

Road

King

Infrastructure

101

2,409,500

Robinsons

Land

Corp

675

680,500

e

Ronshine

China

Holdings

Ltd

46

100,602

RPT

Realty

761

1,292,708

Ruentex

Development

Co

Ltd

2,078

463,273

e

Rural

Funds

Group

679

49,086

Ryman

Hospitality

Properties

3,612

467,699

Sabra

Healthcare

REIT,

Inc

6,136

7,941

e

Safehold,

Inc

210

690,792

Safestore

Holdings

plc

6,429

202,140

Sagax

AB

3,328

180,259

e

Samhallsbyggnadsbolaget

i

-

D

272

1,285,996

e

Samhallsbyggnadsbolaget

i

Norden

AB

1,400

28,330

SAMTY

Co

Ltd

441

644

Samty

Residential

Investment

Corp

541

14,744,900

Sansiri

PCL

448

1,375,800

e

Sasseur

Real

Estate

Investment

Trust

675

180,648

*

Saudi

Real

Estate

Co

595

2,913

e

Saul

Centers,

Inc

109

175,888

Savills

plc

1,544

107,388

SBA

Communications

Corp

30,568

1,735,300

SC

Asset

Corp

PCL

170

656,000

e

SCE

Intelligent

Commercial

Management

Holdings

Ltd

138

5,384,186

Scentre

Group

8,797

1,727,461

Seazen

Group

Ltd

402

109,898

Seazen

Holdings

Co

Ltd

270

238,923

Segro

plc

1,994

4,855

Sekisui

House

Reit,

Inc

2,729

246,510

Sella

Capital

Real

Estate

Ltd

595

47,834

Selvaag

Bolig

ASA

139

31,512

*,e

Seritage

Growth

Properties

284

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

123

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,014,310

Service

Properties

Trust

$

5,264

261,256

e

Shaftesbury

plc

1,067

538,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

478

74,237

Shanghai

Lingang

Holdings

Corp

Ltd

123

1,704,892

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

1,334

110,349

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

161

3,292,000

Shenzhen

Investment

Ltd

499

928,370

*,†,e

Shimao

Property

Holdings

Ltd

390

1,155,000

*,e,g

Shimao

Services

Holdings

Ltd

244

1,962,121

Shopping

Centres

Australasia

Property

Group

2,959

3,010,000

Shoucheng

Holdings

Ltd

453

9,158,000

Shui

On

Land

Ltd

931

1,513,469

*

Shun

TAK

Holdings

Ltd

211

33,148

Shurgard

Self

Storage

Europe

Sarl

1,348

2,844,400

Sime

Darby

Property

BHD

275

878,799

Simon

Property

Group,

Inc

78,872

3,292,000

*

Singha

Estate

PCL

158

3,662,648

Sino

Land

Co

4,818

3,721,000

Sino-Ocean

Land

Holdings

Ltd

389

311,000

Sinyi

Realty

Co

285

1,428,778

Sirius

Real

Estate

Ltd

1,128

530,778

SITE

Centers

Corp

5,685

12,278

SK

D&D

Co

Ltd

190

80,142

SK

REITs

Co

Ltd

282

3,642,000

Skyfame

Realty

Holdings

Ltd

16

62,428

e

SL

Green

Realty

Corp

2,507

90,791

Slate

Grocery

REIT

864

13,489,988

SM

Prime

Holdings

6,913

77,259

SmartCentres

Real

Estate

Investment

Trust

1,451

48,906

Sobha

Ltd

386

2,531,500

*,e

Soho

China

Ltd

402

778

SOSiLA

Logistics

REIT,

Inc

813

1,878,400

SP

Setia

BHD

232

48,250

Sparkassen

Immobilien

AG.

1,073

1,116,658

SPH

REIT

699

297,429

Spirit

Realty

Capital,

Inc

10,755

11,100

*

SRE

Holdings

Corp

241

4,350

St.

Joe

Co

139

444,579

STAG

Industrial,

Inc

12,639

2,693

Star

Asia

Investment

Corp

1,041

1,749,029

Starhill

Global

REIT

656

35,800

Starts

Corp,

Inc

649

279

Starts

Proceed

Investment

Corp

487

980,200

Stockland

Trust

Group

2,051

1,214,646

StorageVault

Canada,

Inc

4,889

423,043

STORE

Capital

Corp

13,254

5,060

e

Stratus

Properties,

Inc

118

201,806

Sumitomo

Realty

&

Development

Co

Ltd

4,589

11,220,400

Summarecon

Agung

Tbk

PT

437

988,476

Summit

Hotel

Properties,

Inc

6,643

106,885

Summit

Industrial

Income

REIT

1,324

44,998

Summit

Real

Estate

Holdings

Ltd

629

216,888

Sun

Communities,

Inc

29,351

92,580

Sun

Frontier

Fudousan

Co

Ltd

715

1,476,123

Sun

Hung

Kai

Properties

Ltd

16,291

3,507,197

*,†,e

Sunac

China

Holdings

Ltd

1,023

1,253,000

e,g

Sunac

Services

Holdings

Ltd

312

1,266,000

Sunlight

Real

Estate

Investment

Trust

485

164,038

Sunstone

Hotel

Investors,

Inc

1,545

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

124

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,777,800

Suntec

Real

Estate

Investment

Trust

$

2,954

68,117

Sunteck

Realty

Ltd

349

2,217,700

Sunway

Real

Estate

Investment

670

2,711,200

Supalai

PCL

1,356

1,601,993

e

Supermarket

Income

Reit

plc

1,911

496,628

Swire

Pacific

Ltd

(Class

A)

3,712

1,166,171

Swire

Properties

Ltd

2,509

86,112

Swiss

Prime

Site

AG.

6,859

218,619

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

1,745

640

Takara

Leben

Real

Estate

Investment

Corp

455

1,144,410

Talaat

Moustafa

Group

429

13,577

Tanger

Factory

Outlet

Centers,

Inc

186

757,096

Target

Healthcare

REIT

plc

773

17,517

*

Tejon

Ranch

Co

252

70,312

Terreno

Realty

Corp

3,726

19,271

*,e

TKP

Corp

348

41,480

TOC

Co

Ltd

203

302,393

Tokyo

Tatemono

Co

Ltd

4,303

745,800

Tokyu

Fudosan

Holdings

Corp

3,873

1,076

Tokyu

REIT,

Inc

1,467

35,643

Tosei

Corp

341

1,241

*

Transcontinental

Realty

Investors,

Inc

50

317,182

Tricon

Capital

Group,

Inc

2,744

10,919,749

Tritax

Big

Box

REIT

plc

16,479

8,470,779

g

Tritax

EuroBox

plc

5,979

13,536

UDR,

Inc

565

926,757

UK

Commercial

Property

REIT

Ltd

618

11,236

UMH

Properties,

Inc

181

3,724

*

Unibail-Rodamco-Westfield

157

10,941

*

Unibail-Rodamco-Westfield

453

560,452

Unite

Group

plc

5,321

2,145,152

United

Development

Co

PSC

840

4,683

United

Urban

Investment

Corp

4,854

179,616

Uniti

Group,

Inc

1,248

1,994

e

Universal

Health

Realty

Income

Trust

86

497,833

UOL

Group

Ltd

2,290

85,842

Urban

Edge

Properties

1,145

657,100

e

Urban

Logistics

REIT

plc

950

23,860

Urstadt

Biddle

Properties,

Inc

(Class

A)

370

15,203

Vastned

Retail

NV

301

518,988

Ventas,

Inc

20,848

12,048

e

VGP

NV

1,149

1,091,354

VICI

Properties,

Inc

32,577

3,987,621

Vicinity

Centres

4,446

3,131,000

Vista

Land

&

Lifescapes,

Inc

86

6,627

e

Vornado

Realty

Trust

153

943,759

Vukile

Property

Fund

Ltd

644

430,743

*

Wallenstam

AB

1,566

494,674

e

Warehouse

REIT

plc

597

351,023

Warehouses

De

Pauw

CVA

8,621

76,473

Washington

REIT

1,343

264,558

Watkin

Jones

plc

447

1,343,001

Waypoint

REIT

2,038

536,855

Welltower,

Inc

34,531

39,458

Wereldhave

NV

451

110,321

*,e

WeWork,

Inc

292

638,383

Weyerhaeuser

Co

18,232

10,180,400

WHA

Corp

PCL

946

1,454,606

Wharf

Holdings

Ltd

4,652

1,748,897

Wharf

Real

Estate

Investment

Co

Ltd

7,928

88,395

Whitestone

REIT

748

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

125

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

352,719

Wihlborgs

Fastigheter

AB

$

2,119

173,284

Workspace

Group

plc

771

7,699

WP

Carey,

Inc

537

86,017

Xenia

Hotels

&

Resorts,

Inc

1,186

28,958

e

Xior

Student

Housing

NV

904

968,442

Yanlord

Land

Group

Ltd

640

9,050

YH

Dimri

Construction

&

Development

Ltd

612

534,000

e

Yincheng

International

Holding

Co

Ltd

134

465,000

YTL

Hospitality

REIT

89

1,738,426

Yuexiu

Property

Co

Ltd

2,095

2,965,000

Yuexiu

Real

Estate

Investment

Trust

641

455,000

Yuexiu

Services

Group

Ltd

167

2,642,000

e

Yuzhou

Group

Holdings

Co

Ltd

84

643,000

*,e

Zensun

Enterprises

Ltd

133

306,700

Zhejiang

China

Commodities

City

Group

Co

Ltd

192

911,000

Zhongliang

Holdings

Group

Co

Ltd

64

2,662,000

*

Zhuguang

Holdings

Group

Co

Ltd

339

49,944

*

Zillow

Group,

Inc

(Class

A)

1,430

133,609

*,e

Zillow

Group,

Inc

(Class

C)

3,823

TOTAL

REAL

ESTATE

2,848,047

RETAILING

-

5.2%

21,175

*

1-800-FLOWERS.COM,

Inc

(Class

A)

137

20,697

*

1stdibs.com,

Inc

130

24,142

Aaron's

Co,

Inc

235

40,500

ABC-Mart,

Inc

1,747

36,943

*

Abercrombie

&

Fitch

Co

(Class

A)

574

44,838

*,e

About

You

Holding

SE

216

3,662,236

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

4,427

182,029

Academy

Sports

&

Outdoors,

Inc

7,678

452,710

Accent

Group

Ltd

370

8,269,500

Ace

Hardware

Indonesia

Tbk

PT

331

27,330

Adastria

Holdings

Co

Ltd

406

407,628

Advance

Auto

Parts,

Inc

63,729

2,739

*,e

aka

Brands

Holding

Corp

4

23,410,644

*

Alibaba

Group

Holding

Ltd

233,623

156,762

*

Alibaba

Group

Holding

Ltd

(ADR)

12,539

3,445,829

*

Alibaba

Health

Information

Technology

Ltd

1,570

406,282

*,g

Allegro.eu

S.A.

1,748

1,256,200

AllHome

Corp

70

18,490

e

Alpen

Co

Ltd

264

17,671,633

*,n

Amazon.com,

Inc

1,996,895

115,975

American

Eagle

Outfitters,

Inc

1,128

23,549,153

Americanas

S.A.

74,127

4,690

*

America's

Car-Mart,

Inc

286

518,472

*,e

AO

World

plc

250

41,300

e

AOKI

Holdings,

Inc

202

189,125

e

AP

Eagers

Ltd

1,329

4,060,000

*,e

Apollo

Future

Mobility

Group

Ltd

114

26,203

*,e,g

Aramis

Group

SAS

109

23,222

Arata

Corp

659

32,276

Arc

Land

Sakamoto

Co

Ltd

324

108,718

*

Aritzia,

Inc

3,572

196,891

Arko

Corp

1,849

12,863

*

Asbury

Automotive

Group,

Inc

1,944

257,928

ASKUL

Corp

2,655

87,010

*,e

ASOS

plc

547

350,366

*

Auction

Technology

Group

plc

2,770

104,711

*,g

Auto1

Group

SE

655

65,488

Autobacs

Seven

Co

Ltd

633

29,737

*

AutoCanada,

Inc

487

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

126

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

80,137

*

Autonation,

Inc

$

8,164

18,105

*

AutoZone,

Inc

38,780

3,271,142

B&M

European

Value

Retail

S.A.

11,126

36,799

g

B&S

Group

Sarl

162

1,385,686

*,e

Baozun,

Inc

(ADR)

8,702

414,971

Bapcor

Ltd

1,620

89,602

*,e

BARK,

Inc

163

44,141

Bath

&

Body

Works,

Inc

1,439

27,386

*,e

Bed

Bath

&

Beyond,

Inc

167

56,805

e

Belluna

Co

Ltd

274

1,245,000

Berjaya

Auto

BHD

500

176,077

Best

Buy

Co,

Inc

11,153

151,828

*,e

BHG

Group

AB

194

133,300

e

BIC

CAMERA,

Inc

1,137

17,948

e

Big

5

Sporting

Goods

Corp

193

22,056

e

Big

Lots,

Inc

344

25,154

*

Bike24

Holding

AG.

60

94,517

Bilia

AB

1,078

1,235,007

*,e

boohoo.com

plc

495

172,958

*

Boot

Barn

Holdings,

Inc

10,111

63,150

*,e,g

Boozt

AB

329

1,715

*

Boxed,

Inc

2

34,352

Buckle,

Inc

1,088

5,282

Build-A-Bear

Workshop,

Inc

70

314,995

*

Burlington

Stores,

Inc

35,245

4,261

Caleres,

Inc

103

86,209

Camping

World

Holdings,

Inc

2,183

69,377

Canadian

Tire

Corp

Ltd

7,385

299,746

*,e

CarMax,

Inc

19,789

562,385

*

CarParts.com,

Inc

2,908

25,888

*

Cartrade

Tech

Ltd

194

93,179

*,e

Carvana

Co

1,892

15,844

Cato

Corp

(Class

A)

151

196,670

e

Ceconomy

AG

229

2,038,265

Central

Retail

Corp

PCL

2,122

637,588

*

Chico's

FAS,

Inc

3,086

239,391

*

Children's

Place,

Inc

7,395

984,000

e

China

Harmony

New

Energy

Auto

Holding

Ltd

188

367,941

China

International

Travel

Service

Corp

Ltd

10,166

450,629

China

Meidong

Auto

Holdings

Ltd

713

352,000

e

China

Tobacco

International

HK

Co

Ltd

366

59,600

*,g

China

Tourism

Group

Duty

Free

Corp

Ltd

1,498

2,017,800

Chow

Tai

Fook

Jewellery

Group

Ltd

3,792

6,629

*

Citi

Trends,

Inc

103

253,212

*,e

City

Chic

Collective

Ltd

211

45,324

e

Clas

Ohlson

AB

(B

Shares)

271

1,315,300

Com7

PCL

(Foreign)

1,003

11,705

*,e

Conn's,

Inc

83

331,273

*

Container

Store

Group,

Inc

1,623

442,305

*,e

ContextLogic,

Inc

325

848,939

*

Coupang,

Inc

14,152

9,358

Cuckoo

Homesys

Co

Ltd

183

78,200

*

Dada

Nexus

Ltd

(ADR)

370

154,346

e

DCM

Holdings

Co

Ltd

1,258

62,940

Delek

Automotive

Systems

Ltd

850

1,055,975

*,g

Deliveroo

plc

999

177,615

*,e,g

Delivery

Hero

AG.

6,488

38,200

*,e

Demae-Can

Co

Ltd

145

260,289

Designer

Brands,

Inc

3,985

25,145

*

Destination

XL

Group,

Inc

136

2,392

e

Dick's

Sporting

Goods,

Inc

250

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

127

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

27,113

e

Dieteren

S.A.

$

3,820

557

e

Dillard's,

Inc

(Class

A)

152

1,324,337

Dixons

Carphone

plc

831

1,123,946

Dogan

Sirketler

Grubu

Holdings

291

1,066,760

Dohome

PCL

376

234,844

Dollar

General

Corp

56,330

212,422

*

Dollar

Tree,

Inc

28,911

808,291

Dollarama,

Inc

46,402

423,332

Don

Quijote

Co

Ltd

7,468

224,271

*

DoorDash,

Inc

11,090

24,400

Doshisha

Co

Ltd

244

165,390

*,e

Dufry

Group

5,021

6,418

*,e

Duluth

Holdings,

Inc

45

136,050

Dunelm

Group

plc

1,109

84,152

g

Dustin

Group

AB

332

917,590

eBay,

Inc

33,777

80,878

e

EDION

Corp

658

131,832

*

Etsy,

Inc

13,200

190,659

g

Europris

ASA

954

47,927

*,e

EVgo,

Inc

379

56,409

*,e

Express

Parent

LLC

61

936,000

Far

Eastern

Department

Stores

Co

Ltd

573

25,934

*,e

Farfetch

Ltd

193

36,490

Fast

Retailing

Co

Ltd

19,338

47,124

*

Fawaz

Abdulaziz

Al

Hokair

&

Co

232

30,262

Fielmann

AG.

971

55,486

*

Five

Below,

Inc

7,639

38,128

*,e

Fiverr

International

Ltd

1,166

95,028

*

Floor

&

Decor

Holdings,

Inc

6,677

18,781

Fnac

Darty

SA

519

62,641

Foot

Locker,

Inc

1,950

378,345

Foschini

Ltd

2,459

9,832

Fox

Wizel

Ltd

1,113

4,800

Franchise

Group,

Inc

117

216,192

*

Frasers

Group

plc

1,620

298,596

*

Funko,

Inc

6,038

37,384

*

Future

Enterprises

Ltd

2

211,062

*,e

GameStop

Corp

(Class

A)

5,304

440,327

e

Gap,

Inc

3,615

26,345

*

Genesco,

Inc

1,036

37,817

Genuine

Parts

Co

5,647

27,500

Geo

Holdings

Corp

337

193,055

*

Global

Fashion

Group

S.A.

210

21,560

*

Go

Fashion

India

Ltd

347

15,205,000

*,e

GOME

Electrical

Appliances

Holdings

Ltd

283

11,486

Group

1

Automotive,

Inc

1,641

16,121

*,e

Groupon,

Inc

128

46,537

*,e

GrowGeneration

Corp

163

115,800

Grupo

SBF

S.A.

432

5,835

e

Guess?,

Inc

86

61,400

Gulliver

International

Co

Ltd

371

606,244

Halfords

Group

plc

892

104,425

Hankyu

Department

Stores,

Inc

797

689,018

e

Harvey

Norman

Holdings

Ltd

1,782

11,974

e

Haverty

Furniture

Cos,

Inc

298

5,008,000

*,e

HengTen

Networks

Group

Ltd

1,063

834,004

e

Hennes

&

Mauritz

AB

(B

Shares)

7,710

3,577

Hibbett

Sports,

Inc

178

19,822

Hikari

Tsushin,

Inc

2,328

1,779,017

Home

Depot,

Inc

490,902

6,288,467

Home

Product

Center

PCL

2,239

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

128

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

683,000

Hong

Kong

Television

Network

Ltd

$

417

11,971

Hornbach

Holding

AG.

&

Co

KGaA

751

330,482

Hotai

Motor

Co

Ltd

5,924

34,725

Hotel

Shilla

Co

Ltd

1,727

301,100

Hour

Glass

Ltd

438

2,285,000

*,†

Hsin

Chong

Group

Holdings

Ltd

3

17,908

Hyundai

Department

Store

Co

Ltd

676

7,319

Hyundai

Home

Shopping

Network

Corp

242

722,428

Inchcape

plc

5,470

1,029,559

e

Industria

De

Diseno

Textil

S.A.

21,247

409,700

Isetan

Mitsukoshi

Holdings

Ltd

3,475

39,800

e

Izumi

Co

Ltd

858

295,800

J

Front

Retailing

Co

Ltd

2,407

68,256

Jarir

Marketing

Co

3,016

146,383

JB

Hi-Fi

Ltd

3,543

817,000

*,g

JD

Health

International,

Inc

4,654

2,696,571

JD

Sports

Fashion

plc

2,971

3,903,060

JD.com,

Inc

98,467

16,142

JINS

Holdings,

Inc

479

9,454

JOANN,

Inc

63

19,720

Joshin

Denki

Co

Ltd

259

59,974

Joyful

Honda

Co

Ltd

741

123,455

JUMBO

S.A.

1,644

199,777

*,g

Just

Eat

Takeaway.com

NV

3,099

16,493

*

K

Car

Co

Ltd

156

36,842

e

Kamux

Corp

190

45,687

Keiyo

Co

Ltd

287

292,897

Kering

129,914

256,276

Kingfisher

plc

624

13,000

*,e

Kintetsu

Department

Store

Co

Ltd

215

114,767

*,e

Kogan.com

Ltd

221

67,186

Kohl's

Corp

1,690

62,705

Kohnan

Shoji

Co

Ltd

1,466

121,452

Komeri

Co

Ltd

2,319

28,068

*

Koreacenter

Co

Ltd

92

192,428

K's

Holdings

Corp

1,587

11,303

*

Lands'

End,

Inc

87

144,335

*,e

Leslie's,

Inc

2,123

540,500

*

Lifestyle

International

Holdings

Ltd

313

24,044

*

Liquidity

Services,

Inc

391

22,024

Lithia

Motors,

Inc

(Class

A)

4,725

68,381

LKQ

Corp

3,224

290,700

Lojas

Quero

Quero

S

314

1,112,180

Lojas

Renner

S.A.

5,742

13,687

LOTTE

Himart

Co

Ltd

123

13,357

Lotte

Shopping

Co

Ltd

801

70,781

e

Lovisa

Holdings

Ltd

958

1,371,830

Lowe's

Companies,

Inc

257,643

473,561

Luk

Fook

Holdings

International

Ltd

1,118

704

*,e

Lulu's

Fashion

Lounge

Holdings,

Inc

3

24,817

*

Lumber

Liquidators,

Inc

172

10,991

Macy's,

Inc

172

13,863,825

*

Magazine

Luiza

S.A.

11,514

36,517

e,g

Maisons

du

Monde

S.A.

287

517,200

*,e,g

Maoyan

Entertainment

358

24,562

*

MarineMax,

Inc

732

3,498,700

Matahari

Department

Store

Tbk

PT

882

66,359

Matas

A.S.

588

4,939,935

*,g

Meituan

Dianping

(Class

B)

103,820

63,385

Mekonomen

AB

522

1,878

*

MercadoLibre,

Inc

1,555

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

129

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

366,900

*,e

Mercari,

Inc

$

4,894

16,853,300

*

Mitra

Adiperkasa

Tbk

PT

1,170

50,565

Mobilezone

Holding

AG.

757

75,800

momo.com,

Inc

1,265

36,820

Monro

Muffler,

Inc

1,600

268,169

*

Moonpig

Group

plc

473

183,425

e

Motus

Holdings

Ltd

1,163

2,253,300

g

MR

DIY

Group

M

Bhd

953

289,113

Mr

Price

Group

Ltd

2,754

244,500

*,e,g

Mulsanne

Group

Holding

Ltd

122

23,984

Murphy

USA,

Inc

6,593

38,168

e

Musti

Group

Oyj

663

35,600

e

Nafco

Co

Ltd

388

272,904

Naspers

Ltd

(N

Shares)

33,847

122,884

*,e

National

Vision

Holdings,

Inc

4,012

26,385

Next

plc

1,400

53,820

Nextage

Co

Ltd

1,167

80,031

e

Nick

Scali

Ltd

472

45,335

e

Nishimatsuya

Chain

Co

Ltd

421

77,317

Nitori

Co

Ltd

6,488

74,724

Nojima

Corp

696

12,470

e

Nordstrom,

Inc

209

119,010

*

ODP

Corp

4,183

32,100

*,e

Oisix

ra

daichi,

Inc

364

280,345

*

Ollie's

Bargain

Outlet

Holdings,

Inc

14,466

8,441

*

OneWater

Marine,

Inc

254

54,731

*

O'Reilly

Automotive,

Inc

38,495

31,800

*

Overstock.com,

Inc

774

59,677

*,†,e

Ozon

Holdings

plc

(ADR)

1

389,500

Padini

Holdings

BHD

264

25,028

Pal

Co

Ltd

408

436,215

Paltac

Corp

13,424

113,000

PChome

Online

Inc

171

22,696

Penske

Auto

Group,

Inc

2,234

1,882,505

g

Pepkor

Holdings

Ltd

2,160

410,500

Pet

Center

Comercio

e

Participacoes

S.A.

774

34,912

e

Pet

Valu

Holdings

Ltd

878

63,686

*,e

Petco

Health

&

Wellness

Co,

Inc

711

4,994

e

PetMed

Express,

Inc

97

611,714

Pets

at

Home

Group

plc

1,783

1,394,351

*

Pinduoduo,

Inc

(ADR)

87,258

390,359

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

734

35,449

Pool

Corp

11,280

675,000

e,g

Pop

Mart

International

Group

Ltd

1,234

68,646

*,e

Porch

Group,

Inc

154

35,088

*,e

Poshmark,

Inc

550

2,915,000

Pou

Sheng

International

Holdings

Ltd

184

67,650

Poya

Co

Ltd

834

107,196

Premier

Investments

Ltd

1,544

892,268

Prosus

NV

46,422

1,138,500

PTG

Energy

PCL

(Foreign)

480

3,494,600

PTT

Oil

&

Retail

Business

PCL

2,381

60,512

*,e

Puuilo

Oyj

284

64,474

*

Quotient

Technology,

Inc

149

261,410

Qurate

Retail

Group,

Inc

QVC

Group

525

365,265

*

Rakuten,

Inc

1,563

142,498

*,e

RealReal,

Inc

214

6,906

*,e

Rent

the

Runway,

Inc

15

116,130

Rent-A-Center,

Inc

2,033

14,806

Retailors

Ltd

305

5,218

*,e

Revolve

Group,

Inc

113

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

130

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

16,540

*

RH

$

4,070

255,049

Ross

Stores,

Inc

21,493

8,294

*,e

RumbleON,

Inc

140

50,053

e

Rvrc

Holding

AB

106

426,800

e

Ryohin

Keikaku

Co

Ltd

3,571

1,497,831

*,e

SA

SA

International

Holdings

Ltd

207

485,700

Sabuy

Technology

PCL

168

842,694

SACI

Falabella

1,681

19,674

*

Sally

Beauty

Holdings,

Inc

248

65,100

e

Sanrio

Co

Ltd

1,674

33,605

Saudi

Automotive

Services

Co

275

20,302

Saudi

Co

For

Hardware

CJSC

181

160,681

Seria

Co

Ltd

2,806

191,904

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

180

38,600

Shimamura

Co

Ltd

3,267

8,866

Shinsegae

Co

Ltd

1,417

16,910

Shinsegae

International

Co

Ltd

316

13,962

Shoe

Carnival,

Inc

299

44,018

*

Shopper's

Stop

Ltd

402

36,216

Shutterstock,

Inc

1,817

35,307

Signet

Jewelers

Ltd

2,019

368,300

Singer

Thailand

PCL

375

44,934

g

Sleep

Country

Canada

Holdings,

Inc

796

10,263

*

Sleep

Number

Corp

347

66,660

*,g

SMCP

S.A.

333

15,109

e

Sonic

Automotive,

Inc

(Class

A)

654

337,053

*

Sportsman's

Warehouse

Holdings,

Inc

2,798

4,949,044

*,e

Steinhoff

International

Holdings

NV

479

44,526

*

Stitch

Fix

Inc

176

627,555

Super

Group

Ltd

873

194,730

Super

Retail

Group

Ltd

1,107

51,535

e

Synsam

AB

241

4,093

Tadiran

Holdings

Ltd

574

172,551

Takashimaya

Co

Ltd

2,043

38,794

Takkt

AG.

358

843,709

Target

Corp

125,198

12,869

e

Telepark

Corp

146

107,457

*,e

Temple

&

Webster

Group

Ltd

339

4,180,157

*,e

THG

Holdings

Ltd

1,746

45,762

*,e

ThredUp,

Inc

84

21,700

Tile

Shop

Holdings,

Inc

76

20,832

Tilly's,

Inc

144

3,588,522

TJX

Companies,

Inc

222,919

60,012

e

Tokmanni

Group

Corp

655

1,408,489

g

Topsports

International

Holdings

Ltd

985

6,758

*,e

Torrid

Holdings,

Inc

28

101,685

Tractor

Supply

Co

18,901

9,848

*

TravelCenters

of

America,

Inc

531

199,141

Trent

Ltd

3,453

463,273

e

Truworths

International

Ltd

1,271

74,129

*

Ulta

Beauty,

Inc

29,740

52,253

*

Uni-Select,

Inc

1,380

198,099

e

United

Arrows

Ltd

2,498

36,007

United

Electronics

Co

1,047

49,590

*

Urban

Outfitters,

Inc

974

290,173

USS

Co

Ltd

4,481

1,563,900

*

Via

S

925

1,275,472

Vibra

Energia

S.A.

4,079

5,370

*

Victorian

Plumbing

PLC

2

19,950

*

Victoria's

Secret

&

Co

581

5,807,699

*

Vipshop

Holdings

Ltd

(ADR)

48,843

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

131

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

15,800

Vivid

Seats,

Inc

$

121

9,315

V-Mart

Retail

Ltd

320

98,503

*,e

Volta,

Inc

119

81,488

VT

Holdings

Co

Ltd

268

10,611

*

Warby

Parker,

Inc

142

154,439

Warehouse

Group

Ltd

267

66,874

*,e

Wayfair,

Inc

2,177

1,299,722

Wesfarmers

Ltd

35,532

5,135

e

Weyco

Group,

Inc

104

159,800

*

WH

Smith

plc

2,107

646,531

Wickes

Group

plc

861

1,737,600

Wilcon

Depot,

Inc

945

108,702

e

Williams-Sonoma,

Inc

12,811

2,260

Winmark

Corp

489

1,129,046

Woolworths

Holdings

Ltd

3,794

198,200

e

Workman

Co

Ltd

6,278

289,183

Wuchan

Zhongda

Group

Co

Ltd

167

692,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

439

4,571

*,e

Xometry,

Inc

260

1,252,000

*

Yamada

Denki

Co

Ltd

4,120

55,533

Yellow

Hat

Ltd

688

478,513

*,g

Zalando

SE

9,347

689,072

Zhongsheng

Group

Holdings

Ltd

2,732

2,714,019

*

Zomato

Ltd

2,054

137,630

ZOZO

Inc

2,755

12,769

*

Zumiez,

Inc

275

TOTAL

RETAILING

5,067,763

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4.3%

32,055

*,e

ACM

Research,

Inc

399

356,000

A-DATA

Technology

Co

Ltd

577

3,768,685

*

Advanced

Micro

Devices,

Inc

238,784

44,821

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

678

174,000

Advanced

Wireless

Semiconductor

Co

330

139,300

Advantest

Corp

6,433

322,100

e

AEM

Holdings

Ltd

891

137,896

Aixtron

AG.

3,317

118,000

Alchip

Technologies

Ltd

3,189

193,020

*

Allegro

MicroSystems,

Inc

4,218

63,325

*

Alpha

&

Omega

Semiconductor

Ltd

1,948

321,007

*

Alphawave

IP

Group

plc

494

81,000

Amazing

Microelectronic

Corp

220

86,207

*

Ambarella,

Inc

4,843

437,820

Amkor

Technology,

Inc

7,465

23,733

*

Amlogic

Shanghai

Co

Ltd

216

333,789

*,e

ams

AG.

2,078

575,377

Analog

Devices,

Inc

80,173

43,000

Andes

Technology

Corp

528

119,000

AP

Memory

Technology

Corp

567

2,474,564

Applied

Materials,

Inc

202,741

505,000

Ardentec

Corp

660

2,354,925

ASE

Technology

Holding

Co

Ltd

5,855

61,349

ASM

International

NV

13,737

919,700

ASM

Pacific

Technology

5,575

29,231

ASMedia

Technology,

Inc

605

41,077

ASML

Holding

NV

17,061

873,906

ASML

Holding

NV

362,041

35,000

ASPEED

Technology,

Inc

1,926

3,570

*,e

Atomera,

Inc

36

25,279

*

Axcelis

Technologies,

Inc

1,531

31,836

*

AXT,

Inc

213

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

132

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

125,843

BE

Semiconductor

Industries

NV

$

5,387

357,000

e

BOE

Varitronix

Ltd

642

57,208

*

Borosil

Renewables

Ltd

403

1,251,972

Broadcom,

Inc

555,888

34,961

*

Camtek

Ltd

809

3,823

*

Ceva,

Inc

100

922,500

Chang

Wah

Technology

Co

Ltd

831

11,538

*,†

China

Energy

Savings

Technology,

Inc

0

75,769

China

Resources

Microelectronics

Ltd

506

758,000

Chipbond

Technology

Corp

1,200

646,000

ChipMOS

Technologies,

Inc

608

45,016

*

Cirrus

Logic,

Inc

3,097

35,797

*

Cohu,

Inc

923

98,064

*,e

Credo

Technology

Group

Holding

Ltd

1,079

1,023

*

CyberOptics

Corp

55

589,500

D&O

Green

Technologies

Bhd

503

69,300

*

Daqo

New

Energy

Corp

(ADR)

3,678

21,092

*

Diodes,

Inc

1,369

19,180

Disco

Corp

4,228

45,925

Dongbu

HiTek

Co

Ltd

1,179

13,112

*

Duk

San

Neolux

Co

Ltd

287

328,000

Elan

Microelectronics

Corp

855

331,000

Elite

Semiconductor

Memory

Technology,

Inc

658

15,133

Elmos

Semiconductor

AG.

570

72,000

eMemory

Technology,

Inc

2,549

742,000

ENNOSTAR,

Inc

964

132,945

*

Enphase

Energy,

Inc

36,888

134,804

Entegris,

Inc

11,191

10,236

Eo

Technics

Co

Ltd

414

301,595

Episil

Holdings,

Inc

889

134,860

Episil-Precision,

Inc

306

382,157

Etron

Technology,

Inc

405

19,719

Eugene

Technology

Co

Ltd

273

570,000

Everlight

Electronics

Co

Ltd

623

660,000

Faraday

Technology

Corp

2,754

51,533

e

Ferrotec

840

15,306

Fine

Semitech

Corp

115

136,404

*

First

Solar,

Inc

18,042

147,000

Fitipower

Integrated

Technology,

Inc

428

518,000

e

Flat

Glass

Group

Co

Ltd

1,253

97,500

*

Flat

Glass

Group

Co

Ltd

448

67,236

*

Formfactor,

Inc

1,684

215,000

Formosa

Advanced

Technologies

Co

Ltd

250

93,200

Formosa

Sumco

Technology

Corp

398

83,000

Foxsemicon

Integrated

Technology,

Inc

480

337,706

*

GCL

System

Integration

Technology

Co

Ltd

150

38,019

*

GemVax

&

Kael

Co

Ltd

314

126,000

Genesys

Logic,

Inc

344

46,306

Gigadevice

Semiconductor

Beijing,

Inc

607

75,000

Global

Mixed

Mode

Technology,

Inc

284

262,000

Global

Unichip

Corp

4,818

51,306

*,e

GLOBALFOUNDRIES,

Inc

2,481

260,988

Globalwafers

Co

Ltd

2,977

444,100

*

Greatech

Technology

Bhd

326

352,000

Greatek

Electronics,

Inc

545

63,000

Gudeng

Precision

Industrial

Co

Ltd

555

13,193

HAESUNG

DS

Co

Ltd

380

10,611

Hana

Materials,

Inc

210

41,134

Hana

Micron,

Inc

259

80,300

Hangzhou

First

Applied

Material

Co

Ltd

598

42,800

Hangzhou

Lion

Electronics

Co

Ltd

273

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

133

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

91,944

Hangzhou

Silan

Microelectronics

Co

Ltd

$

412

47,327

Hanmi

Semiconductor

Co

Ltd

351

216,000

Holtek

Semiconductor,

Inc

451

441,531

*,g

Hua

Hong

Semiconductor

Ltd

1,000

1,480,859

Hynix

Semiconductor,

Inc

84,705

20,993

*

Ichor

Holdings

Ltd

508

118,986

*

Impinj,

Inc

9,522

3,142,500

Inari

Amertron

BHD

1,685

12,744

*,e

indie

Semiconductor,

Inc

93

2,585,749

Infineon

Technologies

AG.

56,587

34,056

Ingenic

Semiconductor

Co

Ltd

353

16,503

Innox

Advanced

Materials

Co

Ltd

303

1,803,190

Intel

Corp

46,468

154,000

ITE

Technology,

Inc

283

9,227

ITM

Semiconductor

Co

Ltd

192

152,184

JA

Solar

Technology

Co

Ltd

1,370

82,513

Japan

Material

Co

Ltd

1,055

89,097

Jentech

Precision

Industrial

Co

Ltd

1,064

49,400

*,e

JinkoSolar

Holding

Co

Ltd

(ADR)

2,736

44,918

Jusung

Engineering

Co

Ltd

358

1,357,000

King

Yuan

Electronics

Co

Ltd

1,312

355,000

Kinsus

Interconnect

Technology

Corp

1,028

275,006

KLA

Corp

83,225

104,734

Koh

Young

Technology,

Inc

917

7,765

KoMiCo

Ltd

214

37,222

Kulicke

&

Soffa

Industries,

Inc

1,434

457,816

Lam

Research

Corp

167,561

99,000

Land

Mark

Optoelectronics

Corp

441

77,148

Lasertec

Corp

7,760

390,887

*

Lattice

Semiconductor

Corp

19,236

31,368

LB

Semicon,

Inc

154

12,282

LEENO

Industrial

Inc

1,057

523,768

LONGi

Green

Energy

Technology

Co

Ltd

3,514

214,648

*

MACOM

Technology

Solutions

Holdings,

Inc

11,117

2,258,000

Macronix

International

2,202

106,500

Malaysian

Pacific

Industries

BHD

649

86,000

Marketech

International

Corp

292

1,920,213

Marvell

Technology,

Inc

82,396

29,264

*,e

Maxeon

Solar

Technologies

Ltd

696

99,452

*

MaxLinear,

Inc

3,244

5,058,065

MediaTek,

Inc

87,284

16,489

*

Megachips

Corp

287

33,430

e

Melexis

NV

2,262

2,890,645

*,e

Meyer

Burger

Technology

AG.

1,142

414,900

Mi

Technovation

Bhd

108

285,261

Microchip

Technology,

Inc

17,410

1,968,875

Micron

Technology,

Inc

98,641

33,000

Micronics

Japan

Co

Ltd

270

56,691

Mimasu

Semiconductor

Industry

Co

Ltd

753

24,006

e

Mitsui

High-Tec,

Inc

1,130

25,629

MKS

Instruments,

Inc

2,118

182,937

Monolithic

Power

Systems,

Inc

66,479

73,603

Montage

Technology

Co

Ltd

540

7,441

*

Nanometrics,

Inc

477

947,075

Nanya

Technology

Corp

1,451

142,810

*

National

Silicon

Industry

Group

Co

Ltd

357

36,014

NAURA

Technology

Group

Co

Ltd

1,407

19,949

*

NEPES

Corp

222

5,995

NEXTIN,

Inc

182

200,249

*

Nordic

Semiconductor

ASA

2,645

35,065

*

Nova

Measuring

Instruments

Ltd

3,012

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

134

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

420,758

Novatek

Microelectronics

Corp

Ltd

$

2,880

224,000

Nuvoton

Technology

Corp

754

3,628,534

n

NVIDIA

Corp

440,468

225,768

NXP

Semiconductors

NV

33,303

240,960

*

ON

Semiconductor

Corp

15,019

393,000

Opto

Technology

Corp

413

37,252

Optorun

Co

Ltd

538

232,000

Orise

Technology

Co

Ltd

442

373,000

Pan

Jit

International,

Inc

664

116,000

Parade

Technologies

Ltd

2,132

3,839

*

PDF

Solutions,

Inc

94

191,000

Phison

Electronics

Corp

1,580

424,655

*

Photronics,

Inc

6,208

149,000

Pixart

Imaging,

Inc

399

8,201

Power

Integrations,

Inc

528

3,350,000

Powerchip

Semiconductor

Manufacturing

Corp

2,994

836,000

Powertech

Technology,

Inc

2,026

24,590

PSK,

Inc

245

53,421

*

PVA

TePla

AG.

773

45,993

*

Qorvo,

Inc

3,652

709,599

QUALCOMM,

Inc

80,171

540,000

Radiant

Opto-Electronics

Corp

1,706

26,582

*

Rambus,

Inc

676

68,000

Raydium

Semiconductor

Corp

462

77,000

*

RDC

Semiconductor

Co

Ltd

701

330,261

Realtek

Semiconductor

Corp

2,788

390,972

*,e

REC

Silicon

ASA

654

2,005,815

*

Renesas

Electronics

Corp

16,815

20,073

RFHIC

Corp

280

96,311

RichWave

Technology

Corp

294

25,743

*

Rigetti

Computing,

Inc

48

21,277

*

Rockley

Photonics

Holdings

Ltd

15

53,941

Rohm

Co

Ltd

3,535

12,507

Rorze

Corp

604

9,400

RS

Technologies

Co

Ltd

413

16,611

S&S

Tech

Corp

242

27,113

Sanken

Electric

Co

Ltd

828

46,369

e

SCREEN

Holdings

Co

Ltd

2,516

163,000

SDI

Corp

540

249,530

*

Semtech

Corp

7,339

46,500

Seoul

Semiconductor

Co

Ltd

326

22,434

SG

Micro

Corp

444

21,721

Shenzhen

SC

New

Energy

Technology

Corp

351

82,500

e

Shinko

Electric

Industries

1,769

521,000

Sigurd

Microelectronics

Corp

695

2,751,312

Silergy

Corp

35,882

75,464

*

Silicon

Laboratories,

Inc

9,315

13,814

e

Silicon

Works

Co

Ltd

723

19,803

Siltronic

AG.

1,117

26,579

e

SIMMTECH

Co

Ltd

539

607,000

Sino-American

Silicon

Products,

Inc

2,480

11,675

*

SiTime

Corp

919

138,000

Sitronix

Technology

Corp

709

111,692

*

SK

Square

Co

Ltd

2,787

2,326

*,e

SkyWater

Technology,

Inc

18

71,018

Skyworks

Solutions,

Inc

6,056

12,362

SMA

Solar

Technology

AG.

573

180,445

*

SMART

Global

Holdings,

Inc

2,864

31,889

*

SOITEC

3,641

178,000

Sonix

Technology

Co

Ltd

272

11,500

StarPower

Semiconductor

Ltd

521

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

135

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

841,238

STMicroelectronics

NV

$

26,143

84,380

*

STS

Semiconductor

&

Telecommunications

242

209,183

Sumco

Corp

2,437

556,000

Sunplus

Technology

Co

Ltd

392

45,420

*,e

SunPower

Corp

1,047

37,619

*

Synaptics,

Inc

3,725

231,000

Taiwan

Mask

Corp

399

265,000

Taiwan

Semiconductor

Co

Ltd

685

45,246,458

Taiwan

Semiconductor

Manufacturing

Co

Ltd

599,760

564,399

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

38,695

300,000

Taiwan

Surface

Mounting

Technology

Co

Ltd

781

241,137

*

Technoprobe

S.p.A

1,665

84,804

Teradyne,

Inc

6,373

41,877

TES

Co

Ltd

440

16,005

Tesna

Co

Ltd

225

985,957

Texas

Instruments,

Inc

152,606

226,525

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

1,424

315,161

Tianshui

Huatian

Technology

Co

Ltd

359

22,525

Tokai

Carbon

Korea

Co

Ltd

1,370

108,405

Tokyo

Electron

Ltd

26,710

67,000

Tokyo

Seimitsu

Co

Ltd

1,971

171,348

TongFu

Microelectronics

Co

Ltd

362

375,000

Topco

Scientific

Co

Ltd

1,820

51,447

*,e

Tower

Semiconductor

Ltd

2,261

118,913

*

Tower

Semiconductor

Ltd

(Tel

Aviv)

5,191

5,042

*,e

Transphorm,

Inc

25

28,100

Tri

Chemical

Laboratories,

Inc

344

145,237

Trina

Solar

Co

Ltd

1,305

1,746,000

*,†

Trony

Solar

Holdings

Co

Ltd.

2

4,441

TSE

Co

Ltd

124

528,881

*

TSEC

Corp

600

8,113

U-Blox

AG.

983

218,665

*

Ultra

Clean

Holdings

5,631

56,944

Ulvac,

Inc

2,012

55,168

Unigroup

Guoxin

Microelectronics

Co

Ltd

1,120

589,300

Unisem

M

BHD

325

8,564,071

United

Microelectronics

Corp

9,584

1,674,000

*

United

Renewable

Energy

Co

Ltd/Taiwan

1,131

18,538

*

UniTest,

Inc

179

23,571

Universal

Display

Corp

2,224

52,000

UPI

Semiconductor

Corp

393

643,744

Vanguard

International

Semiconductor

Corp

1,304

211,865

*,e

Veeco

Instruments,

Inc

3,881

235,000

Via

Technologies,

Inc

581

175,000

Visual

Photonics

Epitaxy

Co

Ltd

310

400,200

ViTrox

Corp

BHD

618

635,000

Wafer

Works

Corp

780

75,884

Will

Semiconductor

Ltd

853

230,000

Win

Semiconductors

Corp

884

2,266,389

Winbond

Electronics

Corp

1,399

548,893

*,n

Wolfspeed,

Inc

56,734

35,128

WONIK

IPS

Co

Ltd

538

18,602

Wonik

QnC

Corp

261

62,425

*,g

X-Fab

Silicon

Foundries

SE

309

7,495

*,g

X-Fab

Silicon

Foundries

SE

38

192,000

XinTec,

Inc

575

6,095,214

Xinyi

Solar

Holdings

Ltd

6,401

33,000

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

228

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

136

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

85,806

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

$

814

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

4,223,934

SOFTWARE

&

SERVICES

-

10.4%

120,000

*,e

21Vianet

Group,

Inc

(ADR)

660

390,487

360

Security

Technology,

Inc

356

74,511

*,e

8x8,

Inc

257

40,000

91APP,

Inc

101

15,536

A10

Networks,

Inc

206

61,273

e

Absolute

Software

Corp

709

1,509,954

Accenture

plc

388,511

433,872

*

ACI

Worldwide,

Inc

9,068

3,807

Adesso

SE

383

358,673

*

Adobe,

Inc

98,707

56,988

*,g

Adyen

NV

71,073

140,417

*,e

Affirm

Holdings,

Inc

2,634

2,846

*

Agilysys,

Inc

158

107,500

*

Agora,

Inc

(ADR)

390

7,179

Ahnlab,

Inc

307

96,719

*

Akamai

Technologies,

Inc

7,768

17,264

Al

Moammar

Information

Systems

Co

432

7,019

*

Alarm.com

Holdings,

Inc

455

129,356

*,e

Alkami

Technology,

Inc

1,947

8,100

e

Alpha

Systems,

Inc

229

18,107

*

Altair

Engineering,

Inc

801

36,955

Alten

4,061

109,133

*

Alteryx,

Inc

6,094

144,163

Altium

Ltd

3,141

754,750

*

Amadeus

IT

Holding

S.A.

34,992

169,760

Amdocs

Ltd

13,487

51,029

American

Software,

Inc

(Class

A)

782

7,107

*,e

Amplitude,

Inc

110

8,376

*

Ansys,

Inc

1,857

132,537

Appen

Ltd

262

2,544

*

Appfolio,

Inc

266

5,736

*,e

Appian

Corp

234

67,200

*

Appier

Group,

Inc

563

204,257

*,e

AppLovin

Corp

3,981

560,058

*,e

Argo

Blockchain

plc

201

19,000

Argo

Graphics,

Inc

475

2,423

*,e

Arteris,

Inc

16

150,241

*,e

Asana,

Inc

3,340

274,000

g

AsiaInfo

Technologies

Ltd

370

25,119

*

Aspen

Technology,

Inc

5,983

107,467

Asseco

Poland

S.A.

1,496

101,558

Atea

ASA

902

508,648

*

Atlassian

Corp

plc

107,116

119,013

e

Atos

Origin

S.A.

941

4,679

Atoss

Software

AG.

521

8,244

Aubay

351

59,504

*

Autodesk,

Inc

11,115

610,646

Automatic

Data

Processing,

Inc

138,122

118,221

*

Avalara,

Inc

10,853

18,849

*,e

AvePoint,

Inc

76

130,187

Aveva

Group

plc

4,492

1,135,794

*

AvidXchange

Holdings,

Inc

9,563

1,694,100

*,e

BASE,

Inc

3,175

387,823

Bechtle

AG.

13,942

31,313

Beijing

Kingsoft

Office

Software,

Inc

884

74,956

Beijing

Shiji

Information

Technology

Co

Ltd

131

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

137

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

196,818

Beijing

Sinnet

Technology

Co

Ltd

$

221

40,300

Bell

System24

Holdings,

Inc

385

9,282

*

Benefitfocus,

Inc

59

129,261

Bentley

Systems,

Inc

3,954

8,144

*

BigCommerce

Holdings,

Inc

121

103,524

*

Bill.Com

Holdings,

Inc

13,703

217,219

Birlasoft

Ltd

745

148,719

*

Black

Knight,

Inc

9,627

8,024

*

Blackbaud,

Inc

354

675,890

*,e

Blackberry

Ltd

(New)

3,185

26,206

*

Blackline,

Inc

1,570

140,944

*

Blend

Labs,

Inc

311

464,520

*

Block,

Inc

25,544

40,919

*

Block,

Inc

2,148

324,228

*

Box,

Inc

7,908

1,773,407

*,e

BrainChip

Holdings

Ltd

969

38,065

Bread

Financial

Holdings,

Inc

1,197

164,812

*

Brightcove,

Inc

1,038

89,632

Broadridge

Financial

Solutions,

Inc

12,936

14,529

*

BTRS

Holdings,

Inc

135

367,720

Bytes

Technology

Group

plc

1,724

43,440

*,e

C3.ai,

Inc

543

240,467

*

Cadence

Design

Systems,

Inc

39,300

16,208

*

Cafe24

Corp

120

46,149

Cancom

SE

1,089

23,385

*

Cantaloupe,

Inc

81

676,204

Cap

Gemini

S.A.

108,261

2,035,176

*

Capita

Group

plc

561

8,656

Cass

Information

Systems,

Inc

300

12,999

cBrain

A.S.

220

144,227

*

CCC

Intelligent

Solutions

Holdings,

Inc

1,312

15,363

CE

Info

Systems

Ltd

262

47,414

*,e

Cellebrite

DI

Ltd

186

6,501

*,e

Cerberus

Cyber

Sentinel

Corp

19

30,370

*

Cerence

Inc

478

109,685

*

Ceridian

HCM

Holding,

Inc

6,129

267,239

*

CGI,

Inc

20,118

43,400

e

Change,

Inc

587

22,891

*

ChannelAdvisor

Corp

519

400,000

*,e

Chatwork

Co

Ltd

964

136,938

*

Check

Point

Software

Technologies

15,340

17,960,000

*,e

China

Youzan

Ltd

217

3,230,000

Chinasoft

International

Ltd

1,973

155,600

*,e

Chindata

Group

Holdings

Ltd

(ADR)

1,257

1,480,400

Cielo

S.A.

1,482

181,105

*

Cint

Group

AB

989

29,654

*,e

Cipher

Mining,

Inc

37

105,717

Citrix

Systems,

Inc

10,995

29,414

*,e

Cleanspark,

Inc

94

245,845

*,e

Clear

Secure,

Inc

5,620

247,331

*

Cloudflare,

Inc

13,680

14,146

*,e

CM.com

NV

144

34,868

Coforge

Ltd

1,426

321,055

Cognizant

Technology

Solutions

Corp

(Class

A)

18,441

78,481

*

Cognyte

Software

Ltd

317

204,693

*

Commvault

Systems,

Inc

10,857

118,441

Computacenter

plc

2,556

51,086

Computer

Age

Management

Services

Ltd

1,574

282,916

Computershare

Ltd

4,513

32,588

e

Comture

Corp

515

24,754

Concentrix

Corp

2,763

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

138

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

667,593

*

Conduent,

Inc

$

2,230

112,452

*,e

Confluent,

Inc

2,673

7,193

*,e

Consensus

Cloud

Solutions,

Inc

340

24,812

Constellation

Software,

Inc

34,525

245,736

*

Converge

Technology

Solutions

Corp

1,169

168,788

*,e

Core

Scientific,

Inc

219

23,073

*

Couchbase,

Inc

329

63,501

*

Coupa

Software,

Inc

3,734

144,063

*,e,g

Crayon

Group

Holding

ASA

1,119

297,540

*

Crowdstrike

Holdings,

Inc

49,038

3,227

*,e

CS

Disco,

Inc

32

4,186

CSG

Systems

International,

Inc

221

33,826

*,e

Cvent

Holding

Corp

178

99,771

*

CyberArk

Software

Ltd

14,960

32,200

Cybozu,

Inc

333

107,778

Cyient

Ltd

1,043

6,316

*,e

Cyxtera

Technologies,

Inc

26

2,832,400

Dagang

NeXchange

Bhd

461

63,118

*

Danal

Co

Ltd

250

3,836,519

*

Darktrace

plc

12,530

741,895

Dassault

Systemes

SE

25,614

179,012

Data#3

Ltd

712

235,376

*

Datadog,

Inc

20,897

4,713

Datagroup

SE

247

354,573

*

Descartes

Systems

Group,

Inc

22,514

88,577

DHC

Software

Co

Ltd

66

2,326

*,e

Digimarc

Corp

31

58,300

Digital

Arts,

Inc

2,524

1,892,000

Digital

China

Holdings

Ltd

757

40,213

Digital

Garage,

Inc

964

3,122,600

*

Digital

Mediatama

Maxima

Tbk

PT

237

103,810

*

Digital

Turbine,

Inc

1,496

4,119

*,e

Digital

Value

S.p.A

257

47,087

*,e

DigitalOcean

Holdings,

Inc

1,703

151,300

Ditto

Thailand

PCL

274

22,020

*

Docebo,

Inc

595

225,878

*

DocuSign,

Inc

12,078

26,809

Dolby

Laboratories,

Inc

(Class

A)

1,747

190,645

*

Domo,

Inc

3,430

7,728

*

DoubleVerify

Holdings,

Inc

211

391,071

*

Dropbox,

Inc

8,103

52,600

DTS

Corp

1,250

232,146

*

Duck

Creek

Technologies,

Inc

2,751

23,840

DuzonBIzon

Co

Ltd

514

96,981

*

DXC

Technology

Co

2,374

279,968

e

Dye

&

Durham

Ltd

3,450

324,252

*

Dynatrace,

Inc

11,287

150,040

*,e

E2open

Parent

Holdings,

Inc

911

16,253

e

Ebix,

Inc

308

16,814

eClerx

Services

Ltd

293

125,358

e

Econocom

Group

S.A.

311

290,738

Edenred

13,394

544,283

E-Finance

for

Digital

&

Financial

Investments

380

11,960

*

eGain

Corp

88

138,806

*

Elastic

NV

9,958

25,138

Elm

Co

2,102

417,409

*,e

EML

Payments

Ltd

211

4,359

*,e

Enfusion,

Inc

54

278,807

*,e

EngageSmart,

Inc

5,768

54,239

Enghouse

Systems

Ltd

1,139

15,165

*

Envestnet,

Inc

673

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

139

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

172,636

*

EPAM

Systems,

Inc

$

62,527

6,380

Esker

S.A.

723

32,534

*

Euronet

Worldwide,

Inc

2,465

5,188

*

Everbridge,

Inc

160

17,159

*,e

EverCommerce,

Inc

188

96,585

EVERTEC,

Inc

3,028

6,560

*

Evo

Payments,

Inc

218

200,000

*

Exasol

AG.

584

91,339

*

ExlService

Holdings,

Inc

13,460

18,873

*

Fair

Isaac

Corp

7,776

83,551

*,e

Fastly,

Inc

765

1,118,533

*

Fawry

for

Banking

&

Payment

Technology

Services

SAE

206

1,795,447

Fidelity

National

Information

Services,

Inc

135,682

108,403

*,†,g

Finablr

plc

1

28,456

*

First

Derivatives

plc

452

418,151

Firstsource

Solutions

Ltd

534

1,228,885

*

Fiserv,

Inc

114,987

214,782

*

Five9,

Inc

16,104

70,028

*

FleetCor

Technologies,

Inc

12,337

414,346

*

Flywire

Corp

9,513

8,824

*

ForgeRock,

Inc

128

14,695

Formula

Systems

1985

Ltd

1,193

535,040

*

Fortinet,

Inc

26,286

594,490

Fortnox

AB

2,285

91,000

*,e

Freee

KK

1,556

120,433

*

F-Secure

Corp

290

30,784

FUJI

SOFT,

Inc

1,741

106,269

Fujitsu

Ltd

11,653

13,727

Fukui

Computer

Holdings,

Inc

321

52,500

Future

Architect,

Inc

573

228,270

*

Gartner,

Inc

63,160

593,366

GB

Group

plc

3,995

1,806,024

*

GDS

Holdings

Ltd

3,974

431,952

*

GDS

Holdings

Ltd

(ADR)

7,628

205,261

Genpact

Ltd

8,984

20,210

GFT

Technologies

AG.

601

113,059

g

Global

Dominion

Access

S.A.

372

319,202

Global

Payments,

Inc

34,490

52,480

*

Globant

S.A.

9,818

3,100

e

GMO

Financial

Gate,

Inc

274

5,500

e

GMO

GlobalSign

Holdings

KK

167

81,270

*

GMO

internet,

Inc

1,427

176,677

GMO

Payment

Gateway,

Inc

12,111

128,806

*

GoDaddy,

Inc

9,130

1,880

*,e

Greenidge

Generation

Holdings,

Inc

4

534,766

*

Grid

Dynamics

Holdings,

Inc

10,016

4,137

*

Guidewire

Software,

Inc

255

41,629

Hackett

Group,

Inc

738

195,148

Hansen

Technologies

Ltd

553

96,089

Happiest

Minds

Technologies

Ltd

1,160

780,836

HCL

Technologies

Ltd

8,868

17,800

Hilan

Ltd

951

6,704

*

HubSpot,

Inc

1,811

77,352

Hundsun

Technologies,

Inc

368

249,731

*,e

Hut

8

Mining

Corp

445

8,525

Hyundai

Autoever

Corp

609

16,896

*

I3

Verticals,

Inc

338

16,277

*

IBEX

Ltd

302

102,883

Iflytek

Co

Ltd

475

373,252

Indra

Sistemas

S.A.

2,842

962,104

Infibeam

Incorporation

Ltd

172

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

140

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

28,653

Infocom

Corp

$

378

2,221,300

Infomart

Corp

6,708

27,847

*,e

Informatica,

Inc

559

54,091

Information

Services

Group,

Inc

257

31,348

Information

Services

International-Dentsu

Ltd

962

3,587,651

Infosys

Technologies

Ltd

61,501

151,400

*

Infracommerce

CXAAS

S.A.

160

42,959

*

Infracommerce

CXAAS

S.A.

45

48,043

*,e

Instructure

Holdings,

Inc

1,070

73,622

*,e

Intapp,

Inc

1,375

103,767

Intellect

Design

Arena

Ltd

654

15,784

InterDigital,

Inc

638

626,848

International

Business

Machines

Corp

74,476

128,974

*,e

International

Money

Express

Inc

2,939

568,771

Intuit,

Inc

220,296

219,101

Iress

Market

Technology

Ltd

1,250

9,890

*

IronNet,

Inc

7

46,500

Itochu

Techno-Science

Corp

1,090

76,968

Jack

Henry

&

Associates,

Inc

14,029

380,510

*,e

Jamf

Holding

Corp

8,432

58,957

e

Justsystems

Corp

1,360

318,961

Kainos

Group

plc

4,583

29,602

*,e

Kaleyra,

Inc

29

17,586

Kanematsu

Electronics

Ltd

485

333,100

*,e

Kaonavi,

Inc

5,524

189,950

*,e

Kape

Technologies

plc

566

603,468

Keywords

Studios

plc

15,394

22,969

Kginicis

Co

Ltd

188

211,229

*

Kinaxis,

Inc

20,960

1,864,495

*

Kingdee

International

Software

Group

Co

Ltd

2,430

166,100

*,e

Kingsoft

Cloud

Holdings

Ltd

(ADR)

331

30,847

KNOW

IT

AB

617

142,341

*

KnowBe4,

Inc

2,962

205,993

KPIT

Engineering

Ltd

1,652

160,288

*

Kyndryl

Holdings,

Inc

1,326

59,864

g

Larsen

&

Toubro

Infotech

Ltd

3,243

67,649

*,e

Latch,

Inc

64

4,260,958

Learning

Technologies

Group

plc

4,991

1,389,965

*

Lightspeed

Commerce,

Inc

24,462

12,220

e

Lime

Technologies

AB

242

28,330

*

Limelight

Networks,

Inc

79

620,805

Link

Administration

Holdings

Ltd

1,131

225,789

*,e

LINK

Mobility

Group

Holding

ASA

142

21,742

LiveChat

Software

S.A.

475

28,839

*

Liveperson,

Inc

272

49,968

*

LiveRamp

Holdings,

Inc

907

7,563

*,e

LiveVox

Holdings,

Inc

22

528,900

*,g

Locaweb

Servicos

de

Internet

S.A.

882

4,546

Lotte

Data

Communication

Co

74

534,400

*

M

Cash

Integrasi

PT

400

42,795

Magic

Software

Enterprises

Ltd

663

11,682

*,e

Magnet

Forensics,

Inc

186

18,245

Malam-Team

Ltd

396

50,485

*

Manhattan

Associates,

Inc

6,716

148,850

*,e

Marathon

Digital

Holdings,

Inc

1,594

60,437

*

Marqeta,

Inc

430

16,050

Mastek

Ltd

340

2,577,394

Mastercard,

Inc

(Class

A)

732,856

41,892

Matrix

IT

Ltd

947

65,424

*,e

Matterport,

Inc

248

17,634

MAXIMUS,

Inc

1,020

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

141

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

253,288

*,e

Megaport

Ltd

$

1,239

3,357

*

MeridianLink,

Inc

55

405,164

Micro

Focus

International

plc

2,336

14,642,267

Microsoft

Corp

3,410,184

3,752

*,e

MicroStrategy,

Inc

(Class

A)

796

408,321

MindTree

Ltd

15,645

576,000

e

Ming

Yuan

Cloud

Group

Holdings

Ltd

339

6,134

*

Mitek

Systems,

Inc

56

20,667

Mitsubishi

Research

Institute,

Inc

637

79,762

*

Model

N,

Inc

2,730

51,888

*

Money

Forward,

Inc

1,090

70,077

*

MoneyGram

International,

Inc

729

57,995

*,e

MongoDB,

Inc

11,515

42,237

Moshi

Moshi

Hotline,

Inc

282

93,989

Mphasis

Ltd

2,383

6,403,638

My

EG

Services

BHD

1,164

15,660

*

N-Able,

Inc

145

9,935

*

Nagarro

SE

873

852,000

*,†,e

National

Agricultural

Holdings

Ltd

1

30,167

NavInfo

Co

Ltd

49

374,309

NCC

Group

plc

903

46,064

*,e

nCino

OpCo,

Inc

1,571

107,309

*

NCR

Corp

2,040

1,814,228

*

nearmap

Ltd

2,318

266,481

NEC

Corp

8,533

80,743

NEC

Networks

&

System

Integration

Corp

877

104,469

Nemetschek

AG.

4,959

99,406

NET

One

Systems

Co

Ltd

1,930

87,770

*,g

Netcompany

Group

A.S.

2,934

615,279

*,g

Network

International

Holdings

plc

2,082

42,284

*

New

Relic,

Inc

2,426

658,000

*,e

Newborn

Town,

Inc

133

69,014

*,e,g

Nexi

S.p.A

557

4,012,669

*

NEXTDC

Ltd

22,451

10,359

*

NextNav,

Inc

28

25,980

*

NHN

KCP

Corp

199

73,094

*

Nice

Systems

Ltd

13,754

256,938

Nihon

Unisys

Ltd

5,568

95,471

NIIT

Ltd

366

138,800

Nippon

System

Development

Co

Ltd

2,363

347,290

Nomura

Research

Institute

Ltd

8,482

6,192

*

Northern

Data

AG.

75

2,089,051

e

NortonLifelock,

Inc

42,073

24,937

NortonLifeLock,

Inc

502

38,792

NS

Solutions

Corp

936

340,745

NTT

Data

Corp

4,401

372,486

*

Nutanix,

Inc

7,759

115,481

*,e,g

Nuvei

Corp

3,124

81,740

*,e

Nuvei

Corp

2,209

40,500

OBIC

Business

Consultants

Ltd

1,250

17,010

Obic

Co

Ltd

2,281

28,578

Objective

Corp

Ltd

239

115,698

*

Okta,

Inc

6,580

67,300

*

Olo,

Inc

532

32,606

*

ON24,

Inc

287

47,254

One

Software

Technologies

Ltd

714

148,700

*,e

OneConnect

Financial

Technology

Co

Ltd

(ADR)

107

22,287

*

OneSpan,

Inc

192

333,469

Open

Text

Corp

(Toronto)

8,814

5,004,056

Oracle

Corp

305,598

6,642

*

Oracle

Corp

Japan

352

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

142

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

29,319

Oracle

Financial

Services

Software

Ltd

$

1,069

18,760

Otsuka

Corp

585

36,721

*

Pagerduty,

Inc

847

3,961,985

*

Pagseguro

Digital

Ltd

52,417

1,591,718

*

Palantir

Technologies,

Inc

12,941

1,141,963

*

Palo

Alto

Networks,

Inc

187,042

208,811

*

Paya

Holdings,

Inc

1,276

226,212

Paychex,

Inc

25,383

45,397

*

Paycom

Software,

Inc

14,981

38,318

*,e

Paycor

HCM,

Inc

1,133

59,488

*

Paylocity

Holding

Corp

14,371

28,074

*

Payoneer

Global,

Inc

170

1,421,830

*

PayPal

Holdings,

Inc

122,377

266,966

*,e

Paysafe

Ltd

368

30,515

Pegasystems,

Inc

981

4,678

*

Perficient,

Inc

304

70,426

Persistent

Systems

Ltd

2,775

13,194

*,e

PFSweb,

Inc

123

59,084

*

Ping

Identity

Holding

Corp

1,658

19,200

*,e

PKSHA

Technology,

Inc

250

22,100

*,e

Plaid,

Inc

82

13,700

e

Plus

Alpha

Consulting

Co

Ltd

214

58,655

Posco

ICT

Co

Ltd

245

5,317

*

Priority

Technology

Holdings

Inc

24

53,123

*

Procore

Technologies,

Inc

2,629

17,351

Progress

Software

Corp

738

14,346

*

PROS

Holdings,

Inc

354

15,295

*

PTC,

Inc

1,600

1,301,457

*

Pushpay

Holdings

Ltd

801

91,429

*

Q2

Holdings,

Inc

2,944

19,934

*,e

QT

Group

Oyj

756

531,368

*

Qualtrics

International,

Inc

5,409

56,180

*

Qualys,

Inc

7,831

45,086

*,e

Rackspace

Technology,

Inc

184

110,400

e

Rakus

Co

Ltd

1,037

17,649

*,e

Rapid7,

Inc

757

364,317

*,e

Remitly

Global,

Inc

4,051

65,119

*

Repay

Holdings

Corp

460

38,761

Reply

S.p.A

4,037

7,557

*

Rimini

Street,

Inc

35

124,608

*

RingCentral,

Inc

4,979

100,280

*,e

Riot

Blockchain,

Inc

703

213,735

Roper

Technologies,

Inc

76,868

42,894

Route

Mobile

Ltd

715

50,905

e

S&T

AG.

719

206,022

*

Sabre

Corp

1,061

1,103,373

Sage

Group

plc

8,503

39,544

Saipens

International

Corp

NV

771

2,149,410

*

Salesforce,

Inc

309,171

25,270

Samsung

SDS

Co

Ltd

2,012

16,780

Sangfor

Technologies,

Inc

236

387,800

*,e

Sansan,

Inc

3,386

1,137,806

SAP

AG.

92,726

21,086

Sapiens

International

Corp

NV

404

1,940

Secunet

Security

Networks

AG.

346

7,904

*

SecureWorks

Corp

64

472,208

*

SentinelOne,

Inc

12,070

569,444

*

ServiceNow,

Inc

215,028

59,135

Shanghai

Baosight

Software

Co

Ltd

306

592,610

Shanghai

Baosight

Software

Co

Ltd

1,719

250,472

*

SHIFT,

Inc

32,694

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

143

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

48,931

*

Shift4

Payments,

Inc

$

2,183

3,165,175

*

Shopify,

Inc

(Class

A)

85,216

1,396

*

ShotSpotter,

Inc

40

929,741

Silverlake

Axis

Ltd

205

49,336

SimCorp

AS

2,777

21,261

*,e

SimilarWeb

Ltd

125

29,900

*

Simplex

Holdings,

Inc

383

662,511

*,e,g

Sinch

AB

878

2,587,518

*

SiteMinder

Ltd

5,097

112,277

*

Smartsheet,

Inc

3,858

292,474

*

Snowflake,

Inc

49,709

12,200

e

Softbank

Technology

Corp

185

158,845

Softcat

plc

2,087

62,500

Software

AG.

1,425

37,369

*

SolarWinds

Corp

290

102,648

*,e

Solutions

30

SE

210

91,624

Sonata

Software

Ltd

576

43,587

Sopra

Group

S.A.

5,514

143,776

*

Splunk,

Inc

10,812

176,847

*

Sprout

Social,

Inc

10,731

111,929

*

SPS

Commerce,

Inc

13,905

18,696

*,e

Squarespace,

Inc

399

9,167

SS&C

Technologies

Holdings,

Inc

438

3,441,589

*

StoneCo

Ltd

32,798

9,600

Sumisho

Computer

Systems

Corp

145

223,299

*

Sumo

Logic,

Inc

1,675

857,224

SUNeVision

Holdings

Ltd

455

307,230

*

SVMK,

Inc

1,785

125,782

Switch,

Inc

4,238

723,621

*

Synopsys,

Inc

221,073

329,912

Systena

Corp

921

357,000

Systex

Corp

781

82,383

Tanla

Platforms

Ltd

786

932,716

Tata

Consultancy

Services

Ltd

34,183

56,279

Tata

Elxsi

Ltd

5,858

25,500

*

TDCX,

Inc

(ADR)

239

182,729

*,g

TeamViewer

AG.

1,410

417,098

Tech

Mahindra

Ltd

5,120

50,900

TechMatrix

Corp

588

354,569

Technology

One

Ltd

2,393

13,963

e

TECSYS,

Inc

296

8,972

*

Telos

Corp

80

68,369

Temenos

Group

AG.

4,609

558,678

*

Tenable

Holdings,

Inc

19,442

87,717

*

Teradata

Corp

2,724

9,036

*,e

Terawulf,

Inc

11

25,761

Thunder

Software

Technology

Co

Ltd

382

108,360

e

Tietoenator

Oyj

2,452

128,300

TIS,

Inc

3,406

49,240

TKC

1,167

374,245

*

Toast,

Inc

6,257

85,759

*,e

TomTom

NV

612

566,652

Totvus

S.A.

3,083

399,023

*

Trade

Desk,

Inc

23,842

29,961

*

Trans

Cosmos,

Inc/Japan

778

753,219

Travelsky

Technology

Ltd

1,153

19,952

*

Trend

Micro,

Inc

1,075

17,647

e

Trifork

Holding

AG.

315

78,449

*,e

Truecaller

AB

265

2,425

TTEC

Holdings,

Inc

107

1,626

*,e

Tucows,

Inc

61

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

144

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

75,772

*

Turing

Holding

Corp

$

795

299,500

*,e

Tuya,

Inc

(ADR)

278

283,522

*

Twilio,

Inc

19,603

5,473

*

Tyler

Technologies,

Inc

1,902

463,767

*,e

Tyro

Payments

Ltd

380

305,012

*

UiPath,

Inc

3,846

20,555

*

Unisys

Corp

155

182,841

*,e

Unity

Software,

Inc

5,825

22,817

*

Upland

Software,

Inc

185

6,751

*,e

UserTesting,

Inc

26

1,029,877

Vakrangee

Ltd

433

291,534

*

Varonis

Systems,

Inc

7,731

12,537

*

Verint

Systems,

Inc

421

76,928

*

VeriSign,

Inc

13,362

5,889

*,e

Veritone,

Inc

33

1,108,885

*

Verra

Mobility

Corp

17,044

2,743

*

Viant

Technology,

Inc

12

3,251,049

Visa,

Inc

(Class

A)

577,549

35,080

Vitec

Software

Group

AB

1,034

178,001

VMware,

Inc

(Class

A)

18,950

1,770,000

*,e

Vobile

Group

Ltd

494

56,928

*

Volue

ASA

154

9,555

Wavestone

412

3,941

*,e

Weave

Communications,

Inc

20

2,258,000

*,e,g

Weimob,

Inc

790

434,544

Western

Union

Co

5,866

40,184

*

WEX,

Inc

5,101

12,559

e

Wiit

S.p.A

171

973,902

Wipro

Ltd

4,673

150,070

Wisetech

Global

Ltd

4,903

120,433

*,e

WithSecure

Oyj

189

111,059

*

Wix.com

Ltd

8,688

10,268

*,e

WM

Technology,

Inc

17

368,225

*

Workday,

Inc

56,051

130,309

*

Workiva,

Inc

10,138

33,211

*,g

Worldline

S.A.

1,313

139,221

*

Xero

Ltd

6,443

244,000

*,e

Yeahka

Ltd

548

265,423

*

Yext,

Inc

1,184

128,387

Yonyou

Network

Technology

Co

Ltd

317

174,331

*

Zendesk,

Inc

13,267

161,059

Zensar

Technologies

Ltd

415

570,588

*,e

Zeta

Global

Holdings

Corp

3,772

67,988

*

Zoom

Video

Communications,

Inc

5,003

229,239

*

Zscaler,

Inc

37,680

18,800

Zuken,

Inc

454

878,743

*

Zuora

Inc

6,485

TOTAL

SOFTWARE

&

SERVICES

10,063,779

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

5.6%

132,972

*

3D

Systems

Corp

1,061

20,706

*,e

908

Devices,

Inc

341

544,444

e

AAC

Technologies

Holdings,

Inc

846

556,402

Accton

Technology

Corp

4,746

61,541

*

ACE

Technologies

Corp

225

2,018,532

Acer,

Inc

1,390

109,000

Adlink

Technology,

Inc

173

12,081

ADTRAN

Holdings,

Inc

237

53,000

Advanced

Ceramic

X

Corp

255

5,327

Advanced

Energy

Industries,

Inc

412

296,331

Advantech

Co

Ltd

2,730

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

145

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

72,602

*,e

Aeva

Technologies,

Inc

$

136

7,643

*,e

AEye,

Inc

9

41,506

Ai

Holdings

Corp

594

8,174

*,e

Akoustis

Technologies,

Inc

24

218,000

Alpha

Networks,

Inc

188

239,700

e

Alps

Electric

Co

Ltd

1,733

7,860

ALSO

Holding

AG.

1,165

64,750

Amano

Corp

1,088

304,217

Amphenol

Corp

(Class

A)

20,370

170,293

e

Anritsu

Corp

1,851

151,000

Apex

International

Co

Ltd

235

24,284,741

d

Apple,

Inc

3,356,151

175,000

Arcadyan

Technology

Corp

522

818,983

*

Arista

Networks,

Inc

92,455

909,486

*

Arlo

Technologies,

Inc

4,220

28,566

*

Arrow

Electronics,

Inc

2,634

285,000

Asia

Optical

Co,

Inc

514

343,000

Asia

Vital

Components

Co

Ltd

1,195

51,000

ASROCK,

Inc

136

502,026

Asustek

Computer,

Inc

3,681

6,158,534

AU

Optronics

Corp

2,818

45,741

Audiocodes

Ltd

987

72,000

AURAS

Technology

Co

Ltd

319

166,000

Aurora

Corp

423

30,758

e

Austria

Technologie

&

Systemtechnik

AG.

1,004

152,100

Avary

Holding

Shenzhen

Co

Ltd

553

8,044

*

Aviat

Networks,

Inc

220

141,373

*

Avid

Technology,

Inc

3,288

163,142

Avnet,

Inc

5,893

73,100

Azbil

Corp

1,906

4,073

Badger

Meter,

Inc

376

84,351

e

Barco

NV

1,796

12,735

Basler

AG.

289

4,000

Beijing

Yuanliu

Hongyuan

Electronic

Technology

Co

Ltd

69

106,502

Belden

CDT,

Inc

6,392

26,087

Benchmark

Electronics,

Inc

646

1,792,000

Benq

Corp

1,526

27,826

BH

Co

Ltd

494

1,841,437

BOE

Technology

Group

Co

Ltd

847

2,630

Brother

Industries

Ltd

45

493,939

e

BYD

Electronic

International

Co

Ltd

1,180

292,035

*

Calix,

Inc

17,855

1,974

*

Cambium

Networks

Corp

33

194,100

*,e

Canaan,

Inc

(ADR)

637

22,500

*

Canon

Electronics,

Inc

246

56,490

Canon

Marketing

Japan,

Inc

1,251

140,559

e

Canon,

Inc

3,070

473,000

Career

Technology

Co

Ltd

419

53,065

*,e

Casa

Systems,

Inc

166

479,947

Catcher

Technology

Co

Ltd

2,599

389,657

CDW

Corp

60,818

229,611

*

Celestica,

Inc

1,935

8,159

*,e

Cepton,

Inc

16

495,000

Chang

Wah

Electromaterials,

Inc

487

115,245

Chaozhou

Three-Circle

Group

Co

Ltd

422

587,000

Cheng

Uei

Precision

Industry

Co

Ltd

625

733,000

Chicony

Electronics

Co

Ltd

1,897

489,600

*,†

China

Fiber

Optic

Network

System

Group

Ltd

1

120,957

China

Greatwall

Technology

Group

Co

Ltd

145

389,963

China

Railway

Signal

&

Communication

Corp

Ltd

228

31,200

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

509

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

146

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

409,000

Chin-Poon

Industrial

Co

$

361

438,000

Chroma

ATE,

Inc

2,464

25,000

Chunghwa

Precision

Test

Tech

Co

Ltd

301

1,546,118

*

Ciena

Corp

62,510

6,558,759

Cisco

Systems,

Inc

262,350

420,600

e

Citizen

Watch

Co

Ltd

1,755

1,521

*

Clearfield,

Inc

159

432,000

Clevo

Co

426

119,291

Codan

Ltd

432

158,089

Cognex

Corp

6,553

105,390

*

Coherent

Corp

3,673

2,276,312

e

Comba

Telecom

Systems

Holdings

Ltd

355

16,864

Comet

Holding

AG.

2,426

36,238

*

CommScope

Holding

Co,

Inc

334

3,168,524

Compal

Electronics,

Inc

2,161

1,225,000

Compeq

Manufacturing

Co

1,734

1,172

*,e

CompoSecure,

Inc

6

21,663

Comtech

Telecommunications

Corp

217

17,600

CONEXIO

Corp

145

376,000

Coretronic

Corp

650

336,881

Corning,

Inc

9,776

17,117

*,e

Corsair

Gaming,

Inc

194

27,381

*

CosmoAM&T

Co

Ltd

952

249,000

Co-Tech

Development

Corp

294

355,000

*

Cowell

e

Holdings,

Inc

519

49,678

CTS

Corp

2,069

41,020

Daeduck

Electronics

Co

Ltd

601

13,188

Daejoo

Electronic

Materials

Co

Ltd

718

100,170

Daiwabo

Co

Ltd

1,292

241,000

Darfon

Electronics

Corp

298

24,876

e

Datalogic

S.p.A.

158

237,385

DataTec

Ltd

577

213,695

Dell

Technologies,

Inc

7,302

233,557

Delta

Electronics

Thai

PCL

4,050

1,599,673

Delta

Electronics,

Inc

12,706

66,801

e

Dexerials

Corp

1,496

74,847

Dicker

Data

Ltd

489

18,246

*

Digi

International,

Inc

631

50,773

Dreamtech

Co

Ltd

357

159,000

Dynapack

International

Technology

Corp

352

2,743

*

DZS,

Inc

31

484,800

Eastern

Communications

Co

Ltd

186

45,354

*,e

Eastman

Kodak

Co

208

18,924

Eizo

Nanao

Corp

476

60,196

e

Elecom

Co

Ltd

600

344,000

Elite

Material

Co

Ltd

1,726

308,000

Elitegroup

Computer

Systems

Co

Ltd

251

81,679

Ennoconn

Corp

488

41,344

*

ePlus,

Inc

1,717

9,259,000

Erajaya

Swasembada

Tbk

PT

251

3,140,597

e

Ericsson

(LM)

(B

Shares)

18,358

35,986

e

Esprinet

S.p.A.

218

32,127

Evertz

Technologies

Ltd

286

71,024

*

Evolv

Technologies

Holdings,

Inc

151

317,861

*

Extreme

Networks,

Inc

4,154

26,316

*

F5

Networks,

Inc

3,809

81,968

*

Fabrinet

7,824

13,680

*

FARO

Technologies,

Inc

375

100,848

Fiberhome

Telecommunication

Technologies

Co

Ltd

176

3,892,000

*

FIH

Mobile

Ltd

400

328,262

*,e

Fingerprint

Cards

AB

165

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

147

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

359,000

FLEXium

Interconnect,

Inc

$

980

2,643

*,e

Focus

Universal,

Inc

25

294,100

Forth

Corp

PCL

393

11,415,616

Foxconn

Industrial

Internet

Co

Ltd

13,672

1,122,000

Foxconn

Technology

Co

Ltd

1,614

800,363

Fujifilm

Holdings

Corp

36,556

285,000

General

Interface

Solution

Holding

Ltd

683

101,000

Genius

Electronic

Optical

Co

Ltd

1,092

473,000

Getac

Technology

Corp

627

617,000

Gigabyte

Technology

Co

Ltd

1,706

51,228

*

Gilat

Satellite

Networks

Ltd

267

329,000

Global

Brands

Manufacture

Ltd

261

137,422

GoerTek,

Inc

511

410,400

Gold

Circuit

Electronics

Ltd

1,194

195,436

GRG

Banking

Equipment

Co

Ltd

224

197,097

Guangzhou

Haige

Communications

Group,

Inc

Co

215

37,818

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

318

906,945

Halma

plc

20,399

82,684

Hamamatsu

Photonics

KK

3,544

720,800

Hana

Microelectronics

PCL

(Foreign)

698

355,000

Hannstar

Board

Corp

325

2,742,000

HannStar

Display

Corp

986

614,256

*

Harmonic,

Inc

8,028

224,600

Hengtong

Optic-electric

Co

Ltd

573

1,044,324

Hewlett

Packard

Enterprise

Co

12,511

1,663,098

Hexagon

AB

15,532

793,000

*

High

Tech

Computer

Corp

1,357

11,100

Hioki

EE

Corp

482

19,900

Hirose

Electric

Co

Ltd

2,610

65,000

Hiwin

Mikrosystem

Corp

152

34,388

HMS

Networks

AB

931

155,000

Holystone

Enterprise

Co

Ltd

423

22,296,640

Hon

Hai

Precision

Industry

Co,

Ltd

71,396

89,400

*,e

Hong

Kong

Aerospace

Technology

Group

Ltd

125

41,599

Horiba

Ltd

1,613

57,200

Hosiden

Corp

584

886,268

HP,

Inc

22,086

62,000

Huagong

Tech

Co

Ltd

161

118,300

Ibiden

Co

Ltd

3,234

3,599

*

Identiv,

Inc

45

24,938

Iljin

Materials

Co

Ltd

872

2,094

Inficon

Holding

AG.

1,400

24,662

*,e

Infinera

Corp

119

94,718

Innodisk

Corp

480

7,480,321

InnoLux

Display

Corp

2,437

59,123

*,e

Inseego

Corp

122

91,544

*

Insight

Enterprises,

Inc

7,544

65,500

Inspur

Electronic

Information

Industry

Co

Ltd

182

101,200

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

554

6,832

Intellian

Technologies,

Inc

258

12,799

INTOPS

Co

Ltd

269

1,573,172

Inventec

Co

Ltd

1,131

83,021

*,e

IonQ,

Inc

421

14,841

*

IPG

Photonics

Corp

1,252

24,300

Iriso

Electronics

Co

Ltd

665

250,000

ITEQ

Corp

459

31,507

*

Itron,

Inc

1,327

23,152

Ituran

Location

and

Control

Ltd

540

167,037

Jabil

Inc

9,640

55,742

e

Japan

Aviation

Electronics

Industry

Ltd

818

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

148

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,384,794

*

Japan

Display,

Inc

$

440

610,900

Jaymart

PCL

746

61,309

Jenoptik

AG.

1,207

140,848

Juniper

Networks,

Inc

3,679

19,200

Kaga

Electronics

Co

Ltd

536

878,200

KCE

Electronics

PCL

999

312,304

Keyence

Corp

103,235

96,838

*

Keysight

Technologies,

Inc

15,238

18,446

*

Kimball

Electronics,

Inc

316

69,000

King

Slide

Works

Co

Ltd

1,023

485,705

Kingboard

Chemical

Holdings

Ltd

1,367

1,191,746

Kingboard

Laminates

Holdings

Ltd

1,068

30,425

*

KMW

Co

Ltd

550

66,669

*

Knowles

Corp

811

38,300

e

Koa

Corp

583

550,200

e

Konica

Minolta

Holdings,

Inc

1,696

13,551

*

Korea

Circuit

Co

Ltd

124

39,593

Kyocera

Corp

1,995

25,552

L&F

Co

Ltd

3,107

26,171

Landis&Gyr

Group

AG.

1,424

71,625

Largan

Precision

Co

Ltd

3,755

983

LEM

Holding

S.A.

1,500

5,260,399

Lenovo

Group

Ltd

3,639

371,123

Lens

Technology

Co

Ltd

481

175,599

LG

Display

Co

Ltd

1,455

9,974

LG

Innotek

Co

Ltd

1,880

14,134

*,e

Lightwave

Logic,

Inc

104

522,684

*

Lingyi

iTech

Guangdong

Co

327

1,432,277

Lite-On

Technology

Corp

2,873

6,497

Littelfuse,

Inc

1,291

185,466

e

Logitech

International

S.A.

8,479

97,000

Lotes

Co

Ltd

2,324

608,758

*

Lumentum

Holdings,

Inc

41,743

485,224

Luxshare

Precision

Industry

Co

Ltd

2,001

57,707

Macnica

Fuji

Electronics

Holdings,

Inc

1,082

10,600

Maruwa

Co

Ltd

1,131

161,200

Maxell

Holdings

Ltd

1,526

30,534

Maxscend

Microelectronics

Co

Ltd

379

81,591

Mcj

Co

Ltd

560

14,644

Mcnex

Co

Ltd

274

24,000

e

Meiko

Electronics

Co

413

7,065

e

Melco

Holdings,

Inc

152

233,881

Merry

Electronics

Co

Ltd

626

27,181

Methode

Electronics,

Inc

1,010

6,343,900

Metrodata

Electronics

Tbk

PT

244

198,000

*,†,e

MH

Development

Ltd

0

^

88,913

e

Micronic

AB

1,072

471,200

Micro-Star

International

Co

Ltd

1,586

26,623

*,e

Microvision,

Inc

96

102,108

*,e

Mirion

Technologies,

Inc

763

1,076,000

Mitac

Holdings

Corp

913

482,287

Motorola

Solutions,

Inc

108,018

253,400

Multilaser

Industrial

S.A.

246

539,727

Murata

Manufacturing

Co

Ltd

24,842

169,000

Nan

Ya

Printed

Circuit

Board

Corp

993

311,600

*,e

Nano

Dimension

Ltd

(ADR)

745

13,628

*

Napco

Security

Technologies,

Inc

396

212,064

National

Instruments

Corp

8,003

10,346

*

Nayax

Ltd

246

49,747

Neopost

S.A.

689

202,150

NetApp,

Inc

12,503

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

149

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

22,091

*

Netgear,

Inc

$

443

53,179

*

Netscout

Systems,

Inc

1,666

51,950

e

Nichicon

Corp

499

107,315

Ninestar

Corp

651

51,100

Nippon

Ceramic

Co

Ltd

861

92,776

Nippon

Electric

Glass

Co

Ltd

1,600

46,256

e

Nippon

Signal

Co

Ltd

303

45,060

Nissha

Printing

Co

Ltd

531

34,365

*

nLight,

Inc

325

26,172

Nohmi

Bosai

Ltd

293

1

Nokia

Corp

(ADR)

0

^

6,242,583

Nokia

Oyj

26,800

27,127

*

Note

AB

387

5,296

*

Novanta,

Inc

613

348,053

*,e

Novonix

Ltd

386

171,310

*

OFILM

Group

Co

Ltd

127

102,936

Oki

Electric

Industry

Co

Ltd

511

67,168

Omron

Corp

3,077

7,344

*,e

Ondas

Holdings,

Inc

27

40,879

Optex

Co

Ltd

600

24,765

*

OSI

Systems,

Inc

1,785

116,005

*,e

Ouster,

Inc

112

481,000

Pan-International

Industrial

495

13,593

*,e

PAR

Technology

Corp

401

5,677

Park

Systems

Corp

381

48,538

Partron

Co

Ltd

254

861,000

PAX

Global

Technology

Ltd

652

37,457

PC

Connection,

Inc

1,689

1,438,915

Pegatron

Technology

Corp

2,641

9,473

*

Penta

Teknoloji

Urunleri

Dagitim

Ticaret

AS.

203

6,121

*

Plexus

Corp

536

491,000

Primax

Electronics

Ltd

981

4,910,000

Prime

View

International

Co

Ltd

32,416

393,168

*

Pure

Storage,

Inc

10,761

1,909,390

Quanta

Computer,

Inc

4,622

50,527

*

Radware

Ltd

1,101

26,318

Raytron

Technology

Co

Ltd

140

735,341

Redington

India

Ltd

1,247

44,582

Renishaw

plc

1,729

20,447

Restar

Holdings

Corp

273

56,376

*

Ribbon

Communications,

Inc

125

255,585

Ricoh

Co

Ltd

1,871

15,726

e

Riken

Keiki

Co

Ltd

423

24,098

Riso

Kagaku

Corp

390

10,614

*

Rogers

Corp

2,567

23,233

Ryosan

Co

Ltd

359

18,100

Ryoyo

Electro

Corp

265

41,283

Samsung

Electro-Mechanics

Co

Ltd

3,185

6,220,117

Samsung

Electronics

Co

Ltd

228,398

590,166

Samsung

Electronics

Co

Ltd

(Preference)

19,170

172,054

Samsung

SDI

Co

Ltd

64,717

8,715

Samwha

Capacitor

Co

Ltd

182

10,879

Sang-A

Frontec

Co

Ltd

188

137,443

*

Sanmina

Corp

6,333

70,864

*

SBW

Life

Sciences

Co

Ltd

85

26,563

*

Scansource,

Inc

702

161

e

Seagate

Technology

Holdings

plc

9

40,776

*,e

Seco

S.p.A

159

72,660

Seiko

Epson

Corp

992

14,323

*,e,g

Sensirion

Holding

AG.

1,166

32,000

Sensortek

Technology

Corp

227

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

150

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

30,128

Seojin

System

Co

Ltd

$

324

285,000

Sercomm

Corp

704

23,080

Sesa

S.p.A

2,499

5,984

*

SES-imagotag

S.A.

558

5,693

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

152

126,584

Shengyi

Technology

Co

Ltd

233

22,205

Shennan

Circuits

Co

Ltd

236

36,100

Shenzhen

Sunlord

Electronics

Co

Ltd

101

44,385

Shenzhen

Transsion

Holdings

Co

Ltd

362

54,817

Shimadzu

Corp

1,438

45,614

*,e

Sierra

Wireless,

Inc

1,387

32,100

Siix

Corp

241

393,000

Simplo

Technology

Co

Ltd

3,252

272,000

Sinbon

Electronics

Co

Ltd

2,259

1,134,400

SKP

Resources

Bhd

402

17,245

*,e

SmartRent,

Inc

39

36,255

e

Softchoice

Corp

539

846,929

e

Softwareone

Holding

AG.

9,199

44,090

*

SOLUM

Co

Ltd

577

20,853

Solus

Advanced

Materials

Co

Ltd

429

309,754

Spectris

plc

9,360

120,000

Speed

Tech

Corp

190

1,435,925

Spirent

Communications

plc

4,177

242,662

Sterlite

Technologies

Ltd

487

568,941

*

Stratasys

Ltd

8,198

252,336

e

Strix

Group

plc

347

516,549

Sunny

Optical

Technology

Group

Co

Ltd

4,909

256,249

*

Super

Micro

Computer,

Inc

14,112

516,000

Supreme

Electronics

Co

Ltd

552

142,041

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

461

34,511

SYNNEX

Corp

2,802

894,621

Synnex

Technology

International

Corp

1,482

239,500

Synnex

Thailand

PCL

106

264,000

Synnex

Thailand

PCL

117

291,000

Taiwan

Union

Technology

Corp

408

143,040

Taiyo

Yuden

Co

Ltd

3,692

55,437

TDK

Corp

1,711

1,169,759

TE

Connectivity

Ltd

129,095

240,935

*

Technicolor

S.A.

243

74,431

*,g

Tejas

Networks

Ltd

611

51,798

*

Teledyne

Technologies,

Inc

17,480

193,000

Test

Research,

Inc

376

81,000

Thinking

Electronic

Industrial

Co

Ltd

295

39,504

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

197

80,630

Tianma

Microelectronics

Co

Ltd

97

330,000

Tong

Hsing

Electronic

Industries

Ltd

1,716

124,956

Topcon

Corp

1,394

31,585

Toshiba

TEC

Corp

816

1,111,000

TPK

Holding

Co

Ltd

1,099

342,000

Transcend

Information,

Inc

693

110,273

*

Trimble

Inc

5,985

607,000

Tripod

Technology

Corp

1,779

2,174,000

Truly

International

Holdings

336

655,614

*

TTM

Technologies,

Inc

8,641

5,713

*,e

Turtle

Beach

Corp

39

350,000

TXC

Corp

789

4,902

e

Ubiquiti,

Inc

1,439

1,453,011

Unimicron

Technology

Corp

5,319

196,611

Unisplendour

Corp

Ltd

438

165,069

*,e

Velodyne

Lidar,

Inc

156

157,100

e

Venture

Corp

Ltd

1,785

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

151

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

64,000

VIA

Labs,

Inc

$

356

56,979

*

Viasat,

Inc

1,723

61,841

*

Viavi

Solutions,

Inc

807

66,924

*

Vidente

Co

Ltd

267

100,069

Vishay

Intertechnology,

Inc

1,780

47,236

*

Vishay

Precision

Group,

Inc

1,398

693,717

Vontier

Corp

11,592

3,545,500

VS

Industry

BHD

736

1,291,042

VST

Holdings

Ltd

723

201,485

Vtech

Holdings

Ltd

1,155

182,100

Wacom

Co

Ltd

892

197,000

Wah

Lee

Industrial

Corp

517

381,000

Walsin

Technology

Corp

890

137,618

*

Western

Digital

Corp

4,479

79,984

Wingtech

Technology

Co

Ltd

534

190,500

*,†,b

Wintek

Corp

0

^

3,377,000

Wistron

Corp

2,817

354,000

Wistron

NeWeb

Corp

905

92,049

Wiwynn

Corp

2,326

1,064,519

WPG

Holdings

Co

Ltd

1,555

434,000

WT

Microelectronics

Co

Ltd

799

130,881

Wuhan

Guide

Infrared

Co

Ltd

214

139,152

WUS

Printed

Circuit

Kunshan

Co

Ltd

195

86,704

Xerox

Holdings

Corp

1,134

15,500

Xiamen

Faratronic

Co

Ltd

349

11,004,400

*,g

Xiaomi

Corp

12,461

15,750

*,†

Ya

Hsin

Industrial

Co

Ltd

0

302,979

Yageo

Corp

2,557

45,547

Yealink

Network

Technology

Corp

Ltd

404

37,619

Yokogawa

Electric

Corp

593

21,684

e

Yokowo

Co

Ltd

284

44,362

*

Zebra

Technologies

Corp

(Class

A)

11,623

222,518

Zhejiang

Dahua

Technology

Co

Ltd

402

468,558

Zhen

Ding

Technology

Holding

Ltd

1,554

61,223

Zhongji

Innolight

Co

Ltd

224

17,500

Zhuzhou

Hongda

Electronics

Corp

Ltd

109

310,203

ZTE

Corp

934

551,199

ZTE

Corp

(Class

H)

984

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

5,463,331

TELECOMMUNICATION

SERVICES

-

1.4%

914,771

Advanced

Info

Service

PCL

4,717

1,319,855

g

Airtel

Africa

plc

1,893

1,240,601

AL

Yah

Satellite

Communications

Co-Pjsc-Yah

Sat

914

57,602,732

e

America

Movil

S.A.B.

de

C.V.

47,565

10,453

*

Anterix,

Inc

373

30,100

ARTERIA

Networks

Corp

248

2,927,000

*

Asia

Pacific

Telecom

Co

Ltd

599

14,349,888

AT&T,

Inc

220,127

8,505

ATN

International,

Inc

328

214,872

*

Aussie

Broadband

Ltd

312

2,018,106

Axiata

Group

Bhd

1,135

15,829

*

Bandwidth

Inc

188

89,946

e

BCE,

Inc

3,771

3,219,573

Bezeq

Israeli

Telecommunication

Corp

Ltd

5,263

2,525,649

Bharti

Airtel

Ltd

24,719

7,432,641

BT

Group

plc

9,992

173,133

*

Cellcom

Israel

Ltd

878

584,852

g

Cellnex

Telecom

SAU

18,041

18,476

*,e

Charge

Enterprises,

Inc

33

31,000

Chief

Telecom,

Inc

273

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

152

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

17,537,912

g

China

Tower

Corp

Ltd

$

1,874

549,051

Chorus

Ltd

2,336

4,494,653

Chunghwa

Telecom

Co

Ltd

16,087

3,589,641

Citic

Telecom

International

Holdings

Ltd

1,161

18,210

Cogent

Communications

Group,

Inc

950

53,602

*

Consolidated

Communications

Holdings,

Inc

223

3,696,962

Deutsche

Telekom

AG.

62,928

2,229,844

Digi.Com

BHD

1,620

53,084

Drillisch

AG.

703

79,731

*

EchoStar

Corp

(Class

A)

1,313

152,021

Elisa

Oyj

(Series

A)

6,888

3,962,568

Emirates

Telecommunications

Group

Co

PJSC

25,186

186,079

Empresa

Nacional

de

Telecomunicaciones

S.A.

527

451,377

Etihad

Etisalat

Co

4,254

1,519,282

Far

EasTone

Telecommunications

Co

Ltd

3,457

144,941

Freenet

AG.

2,747

131,462

*

Frontier

Communications

Parent,

Inc

3,080

99,766

Gamma

Communications

plc

1,164

2,327,127

*,e

Globalstar,

Inc

3,700

18,102

Globe

Telecom,

Inc

625

370,058

*

Gogo,

Inc

4,485

894,823

*,e

Helios

Towers

plc

1,125

245,270

Hellenic

Telecommunications

Organization

S.A.

3,561

870,562

Himachal

Futuristic

Communications

772

2,441,120

HKBN

Ltd

1,894

4,054,739

HKT

Trust

and

HKT

Ltd

4,749

1,641,607

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

240

5,324

*

IDT

Corp

(Class

B)

132

769,443

Indus

Towers

Ltd

1,857

359,354

g

Infrastrutture

Wireless

Italiane

S.p.A

3,135

125,048

Internet

Initiative

Japan,

Inc

1,914

1,210,000

Intouch

Holdings

PCL

(Class

F)

2,325

176,826

*

Iridium

Communications,

Inc

7,846

4,399,900

*

Jasmine

International

PCL

304

1,690,687

KDDI

Corp

49,429

12,303,136

Koninklijke

KPN

NV

33,297

31,585

*,e

KORE

Group

Holdings,

Inc

60

222,725

*,†,e

Let's

GOWEX

S.A.

2

156,688

LG

Telecom

Ltd

1,172

34,377

*

Liberty

Global

plc

(Class

A)

536

30,370

*

Liberty

Latin

America

Ltd

(Class

A)

188

392,854

*

Liberty

Latin

America

Ltd

(Class

C)

2,416

1,211,900

*

Link

Net

Tbk

PT

306

840,919

e

Lumen

Technologies,

Inc

6,122

553,918

Magyar

Telekom

379

1,740,283

Maxis

BHD

1,313

209,750

*,e

Millicom

International

Cellular

S.A.

2,409

2,709,447

Mobile

Telecommunications

Co

KSC

5,114

552,558

*

Mobile

Telecommunications

Co

Saudi

Arabia

1,671

15,712

e

Mobistar

S.A.

277

1,945,170

MTN

Group

Ltd

12,834

6,158,766

NetLink

NBN

Trust

3,881

1,331,610

Nippon

Telegraph

&

Telephone

Corp

35,917

245,558

NOS

SGPS

S.A.

804

23,000

Okinawa

Cellular

Telephone

Co

405

180,842

*

Ooma,

Inc

2,224

987,817

Ooredoo

QSC

2,407

1,422,400

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

1,182

2,258,844

Orange

S.

A.

20,430

167,906

*

Partner

Communications

1,210

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

153

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,784,000

PCCW

Ltd

$

2,610

63,322

PLDT,

Inc

1,626

164,558

Proximus

plc

1,706

390,937

*,e

Radius

Global

Infrastructure,

Inc

3,683

117,091

g

RAI

Way

S.p.A

534

436,406

e

Rogers

Communications,

Inc

(Class

B)

16,811

25,358,033

Sarana

Menara

Nusantara

Tbk

PT

2,050

1,733,780

Saudi

Telecom

Co

18,049

36,045

Shenandoah

Telecom

Co

614

7,701,396

Singapore

Telecommunications

Ltd

14,211

87,977

*,†

Sistema

PJSFC

(GDR)

(London)

1

111,870,604

*

Smartfren

Telecom

Tbk

PT

585

395,141

SmarTone

Telecommunications

Holding

Ltd

207

2,002,840

Softbank

Corp

20,000

1,240,248

Softbank

Group

Corp

42,033

918,614

StarHub

Ltd

702

3,426

*,e

Starry

Group

Holdings,

Inc

5

28,140

Swisscom

AG.

13,176

1,551,506

Taiwan

Mobile

Co

Ltd

4,670

145,031

Tata

Communications

Ltd

2,037

607,176

*

Tata

Teleservices

Maharashtra

Ltd

772

609,409

Tele2

AB

(B

Shares)

5,259

2,290,413

Telecom

Corp

of

New

Zealand

Ltd

6,408

590,432

Telecom

Egypt

517

10,210,187

e

Telecom

Italia

S.p.A.

1,889

594,885

Telefonica

Brasil

S.A.

4,465

1,102,993

Telefonica

Deutschland

Holding

AG.

2,230

5,964,036

Telefonica

S.A.

19,717

250,881

Telekom

Austria

AG.

1,453

825,084

Telekom

Malaysia

BHD

971

682,350

Telekomunikacja

Polska

S.A.

709

762,709

Telenor

ASA

6,980

75,839

Telephone

&

Data

Systems,

Inc

1,054

2,860,481

TeliaSonera

AB

8,238

57,519,201

Telkom

Indonesia

Persero

Tbk

PT

16,764

368,567

*

Telkom

S.A.

Ltd

945

4,909,634

Telstra

Corp

Ltd

12,123

573,121

e

TELUS

Corp

11,381

1,072,549

TIM

S.A.

2,402

1,779,600

Time

dotCom

BHD

1,773

1,490,717

*

T-Mobile

US,

Inc

200,010

5,237,500

Tower

Bersama

Infrastructure

970

188,392

TPG

Telecom

Ltd

585

7,494,562

True

Corp

PCL

1,000

1,442,030

Turkcell

Iletisim

Hizmet

AS

1,532

99,582

United

Internet

AG.

1,862

11,466

*

US

Cellular

Corp

298

19,200

Usen-Next

Holdings

Co

Ltd

262

3,245,082

Verizon

Communications,

Inc

123,216

1,979,642

*,e

Vision,

Inc

18,756

749,643

Vodacom

Group

Pty

Ltd

5,037

30,150,831

Vodafone

Group

plc

33,745

27,000

Vodafone

Group

plc

(ADR)

306

12,446,286

*

Vodafone

Idea

Ltd

1,335

2,156,454

Vodafone

Qatar

913

4,520,200

XL

Axiata

Tbk

PT

727

TOTAL

TELECOMMUNICATION

SERVICES

1,344,430

TRANSPORTATION

-

1.9%

604,718

Adani

Ports

&

Special

Economic

Zone

Ltd

6,059

1,620,100

*

Adi

Sarana

Armada

Tbk

PT

135

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

154

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

59,045

*

Aegean

Airlines

S.A.

$

255

79,665

*,g

Aena

S.A.

8,268

31,850

*,e

Aeroports

de

Paris

3,681

1,718,488

Agility

Public

Warehousing

Co

KSC

3,701

2,760,732

Air

Arabia

PJSC

1,563

215,546

*,e

Air

Canada

2,590

260,729

*

Air

China

Ltd

384

1,297,910

*

Air

China

Ltd

(H

shares)

987

1,400,548

*,e

Air

France-KLM

1,764

2,115,377

*

Air

New

Zealand

Ltd

845

30,614

*

Air

Transport

Services

Group,

Inc

737

4,879,688

Airports

of

Thailand

PCL

9,379

129,237

*

Alaska

Air

Group,

Inc

5,060

120,939

e,g

ALD

S.A.

1,115

109,875

*,e

All

Nippon

Airways

Co

Ltd

2,067

93,372

Allcargo

Logistics

Ltd

469

7,407

*

Allegiant

Travel

Co

541

7,385

Amerco,

Inc

3,761

531,466

*,e

American

Airlines

Group,

Inc

6,399

634,771

*,†,b,e

AMR

Corporation

6

520,000

Anhui

Expressway

Co

331

4,750

AP

Moller

-

Maersk

AS

(Class

A)

8,392

6,751

AP

Moller

-

Maersk

AS

(Class

B)

12,268

865,189

Aramex

PJSC

900

13,442

ArcBest

Corp

978

3,686,500

*

Asia

Aviation

PCL

280

46,289

*

Asiana

Airlines

384

21,313

*

Atlas

Air

Worldwide

Holdings,

Inc

2,037

1,766,937

e

Atlas

Arteria

Ltd

7,036

108,831

e

Atlas

Corp

1,513

664,809

*

Auckland

International

Airport

Ltd

2,665

2,633,341

Aurizon

Holdings

Ltd

5,824

529,743

Autostrade

S.p.A.

11,689

23,912

*

Avis

Budget

Group,

Inc

3,550

346,700

*

Azul

S.A.

946

641,900

*

Bangkok

Airways

Co

Ltd

205

140,900

*

Bangkok

Aviation

Fuel

Services

PCL

119

7,603,762

Bangkok

Expressway

&

Metro

PCL

1,850

1,532,810

*

Beijing

Capital

International

Airport

Co

Ltd

827

2,030,479

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

1,291

138,086

*,e

Bird

Global,

Inc

49

46,761

*,e

Blade

Air

Mobility,

Inc

188

5,051

Blue

Dart

Express

Ltd

547

121,543

e

bpost

S.A.

651

6,797,637

BTS

Group

Holdings

PCL

1,490

900,917

Canadian

National

Railway

Co

97,295

1,219,832

Canadian

Pacific

Railway

Ltd

81,428

10,214

e

Cargojet,

Inc

825

58,960

*,e

Cathay

Pacific

Airways

Ltd

62

218,200

*

Cebu

Air,

Inc

137

171,589

Central

Japan

Railway

Co

20,143

102,243

CH

Robinson

Worldwide,

Inc

9,847

2,099,000

China

Airlines

1,291

195,400

*

China

Eastern

Airlines

Corp

Ltd

134

950,667

China

Merchants

Holdings

International

Co

Ltd

1,194

1,458,447

*

China

Southern

Airlines

Co

Ltd

768

406,859

*

China

Southern

Airlines

Co

Ltd

(Class

A)

380

105,587

*,e

Chorus

Aviation,

Inc

179

1,400,072

Cia

de

Concessoes

Rodoviarias

3,252

106,919

Cia

de

Distribucion

Integral

Logista

Holdings

SAU

1,948

33,010

Clarkson

plc

963

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

155

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,848,100

ComfortDelgro

Corp

Ltd

$

2,610

18,106,369

Compania

SudAmericana

de

Vapores

S.A.

1,247

324,340

Container

Corp

Of

India

Ltd

2,820

953,800

*,e

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

674

77,199

*

Copa

Holdings

S.A.

(Class

A)

5,173

1,492,000

Cosco

International

Holdings

Ltd

426

1,551,536

COSCO

Pacific

Ltd

977

921,015

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

1,420

2,332,309

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

2,713

39,810

Costamare,

Inc

356

8,632

Covenant

Transportation

Group,

Inc

248

2,943,446

CSX

Corp

78,413

107,636

e

CTT-Correios

de

Portugal

S.A.

286

26,846

D/S

Norden

1,133

2,400,300

Dalian

Port

PDA

Co

Ltd

540

831,200

Daqin

Railway

Co

Ltd

792

8,274

*

Daseke,

Inc

45

814,574

*

Delta

Air

Lines,

Inc

22,857

1,062,158

*,e

Deutsche

Lufthansa

AG.

6,105

1,588,132

Deutsche

Post

AG.

47,866

52,756

Dfds

A.S.

1,370

521,383

DSV

AS

61,079

10,053

e

Eagle

Bulk

Shipping,

Inc

434

355,438

East

Japan

Railway

Co

18,228

969,234

*

easyJet

plc

3,162

278,300

*

EcoRodovias

Infraestrutura

e

Logistica

S.A.

256

364,113

*,g

Enav

S.p.A

1,325

90,303

e

Eneti,

Inc

602

1,821,000

Eva

Airways

Corp

1,610

3,143,000

Evergreen

International

Storage

&

Transport

Corp

3,107

726,013

Evergreen

Marine

Corp

Taiwan

Ltd

3,310

22,461

e

Exchange

Income

Corp

674

137,000

Expeditors

International

of

Washington,

Inc

12,098

204,582

FedEx

Corp

30,374

803,131

*,e

Finnair

Oyj

278

912,147

Firstgroup

plc

1,062

24,257

*

Flughafen

Zuerich

AG.

3,585

44,537

Forward

Air

Corp

4,020

44,566

*

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,603

6,330

*,e

Frontier

Group

Holdings,

Inc

61

33,560

e

Fukuyama

Transporting

Co

Ltd

759

29,264

Genco

Shipping

&

Trading

Ltd

367

470,161

Getlink

S.E.

7,291

2,418,862

*

GMR

Infrastructure

Ltd

1,050

49,482

*

Go-Ahead

Group

plc

854

205,000

*

Gol

Linhas

Aereas

Inteligentes

S.A.

339

91,243

e

Golden

Ocean

Group

Ltd

682

158,908

e

Golden

Ocean

Group

Ltd

1,188

4,611,743

*,e

Grab

Holdings

Ltd

12,129

351,300

e

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

2,210

400,749

e

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,065

215,783

e

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

4,250

323,200

*,e,g

Grupo

Traxion

SAB

de

C.V.

297

266,648

Gujarat

Pipavav

Port

Ltd

284

367,701

Gulf

Warehousing

Co

443

185,360

*

GXO

Logistics,

Inc

6,499

243,000

*,e

Hainan

Meilan

International

Airport

Co

Ltd

581

17,000

Hamakyorex

Co

Ltd

368

28,229

Hamburger

Hafen

und

Logistik

AG.

307

10,912

Hanjin

Transportation

Co

Ltd

155

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

156

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

205,611

Hankyu

Hanshin

Holdings,

Inc

$

6,188

38,890

*

Hawaiian

Holdings,

Inc

511

35,570

Heartland

Express,

Inc

509

163,615

*,e

Hertz

Global

Holdings,

Inc

2,664

2,013,125

*

Hidrovias

do

Brasil

S.A.

884

51,325

Hitachi

Transport

System

Ltd

3,068

137,606

*

Hub

Group,

Inc

(Class

A)

9,492

10,921,551

Hutchison

Port

Holdings

Trust

2,006

21,386

Hyundai

Glovis

Co

Ltd

2,407

219,129

e

Hyundai

Merchant

Marine

Co

Ltd

2,798

3,064

*

ID

Logistics

Group

753

286,938

Iino

Kaiun

Kaisha

Ltd

1,286

107,009

*,g

InterGlobe

Aviation

Ltd

2,428

1,134,449

International

Container

Term

Services,

Inc

3,025

247,237

*

Japan

Airlines

Co

Ltd

4,427

73,500

*

Japan

Airport

Terminal

Co

Ltd

3,072

2,619,300

*

Jasa

Marga

Tbk

PT

556

102,728

Jazeera

Airways

Co

KSCP

549

20,800

JB

Hunt

Transport

Services,

Inc

3,254

25,019

*

Jeju

Air

Co

Ltd

220

188,220

*

JET2

plc

1,441

253,971

*

JetBlue

Airways

Corp

1,684

1,068,915

Jiangsu

Express

802

29,077

*

Jin

Air

Co

Ltd

325

45,977

*,e

Joby

Aviation,

Inc

199

109,100

Kamigumi

Co

Ltd

2,014

190,464

e

Kawasaki

Kisen

Kaisha

Ltd

2,656

268,000

Keihin

Electric

Express

Railway

Co

Ltd

2,717

92,993

Keio

Corp

3,389

108,702

Keisei

Electric

Railway

Co

Ltd

2,961

159,550

Kelsian

Group

Ltd

495

601,700

*

Kerry

Express

Thailand

PCL

305

447,009

Kerry

Logistics

Network

Ltd

716

174,925

Kintetsu

Corp

5,824

226,843

*

Kirby

Corp

13,785

475,467

Knight-Swift

Transportation

Holdings,

Inc

23,265

30,468

Konoike

Transport

Co

Ltd

300

9,572

*

Korea

Express

Co

Ltd

600

850,265

*

Korea

Line

Corp

1,146

120,180

*

Korean

Air

Lines

Co

Ltd

1,834

70,992

e

Kuehne

&

Nagel

International

AG.

14,456

162,300

Kyushu

Railway

Co

3,503

5,157

Landstar

System,

Inc

744

1,771,735

Localiza

Rent

A

Car

20,065

74,733

Lotte

Rental

Co

Ltd

1,613

264,012

*

Lyft,

Inc

(Class

A)

3,477

35,500

g

Mahindra

Logistics

Ltd

226

855,654

*

Malaysia

Airports

Holdings

BHD

1,030

55,692

Marten

Transport

Ltd

1,067

47,050

e

Maruwa

Unyu

Kikan

Co

Ltd

473

29,530

Maruzen

Showa

Unyu

Co

Ltd

626

30,152

Matson,

Inc

1,855

1,694,540

MISC

BHD

2,465

54,828

Mitsubishi

Logistics

Corp

1,292

227,800

e

Mitsui

OSK

Lines

Ltd

4,076

48,214

Mitsui-Soko

Co

Ltd

1,023

177,500

Movida

Participacoes

S.A.

407

318,318

e

MPC

Container

Ships

AS.

531

1,629,363

MTR

Corp

7,474

109,975

Mullen

Group

Ltd

1,134

226,500

Nagoya

Railroad

Co

Ltd

3,485

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

157

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

124,327

Nankai

Electric

Railway

Co

Ltd

$

2,541

720,185

*

National

Express

Group

plc

1,346

121,726

Nippon

Express

Holdings,

Inc

6,187

65,049

Nippon

Konpo

Unyu

Soko

Co

Ltd

1,015

319,098

e

Nippon

Yusen

Kabushiki

Kaisha

5,416

72,600

Nishi-Nippon

Railroad

Co

Ltd

1,447

9,612

Norfolk

Southern

Corp

2,015

897,278

*,e

Norwegian

Air

Shuttle

AS

598

9,273

*

NTG

Nordic

Transport

Group

A.S.

230

261,894

Odakyu

Electric

Railway

Co

Ltd

3,375

40,496

e

Oesterreichische

Post

AG.

1,079

91,790

Old

Dominion

Freight

Line

22,835

153,500

Orient

Overseas

International

Ltd

2,671

5,859,290

Pacific

Basin

Shipping

Ltd

1,809

1,301

*

PAM

Transportation

Services,

Inc

40

180,990

Pan

Ocean

Co

Ltd

564

46,636

*

Pegasus

Hava

Tasimaciligi

AS.

595

1,073,400

Precious

Shipping

PCL

398

237,812

e

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,620

1,015,212

*

Qantas

Airways

Ltd

3,258

690,813

Qatar

Navigation

QSC

1,916

3,596,261

Qube

Logistics

Holdings

Ltd

5,710

180,563

*

Radiant

Logistics,

Inc

1,027

284,071

Redde

Northgate

plc

918

2,310,660

Regional

Container

Lines

PCL

1,769

945,938

Royal

Mail

plc

1,925

1,455,346

Rumo

S.A.

4,986

44,961

Ryder

System,

Inc

3,394

57,312

Safe

Bulkers,

Inc

142

95,597

e

Sagami

Railway

Co

Ltd

1,582

20,703

*

Saia,

Inc

3,934

96

*,†

SAir

Group

0

12,670

Sakai

Moving

Service

Co

Ltd

410

153,450

Sankyu,

Inc

4,456

612,300

Santos

Brasil

Participacoes

S.A.

867

149

*,e

SAS

AB

0

^

112,379

*

Saudi

Ground

Services

Co

766

49,548

Saudi

Industrial

Services

Co

279

75,977

*

Saudi

Public

Transport

Co

304

21,204

SBS

Holdings,

Inc

408

147,679

Schneider

National,

Inc

2,998

275,200

Seibu

Holdings,

Inc

2,749

169,106

Seino

Holdings

Corp

1,359

138,996

Senko

Co

Ltd

918

216,439

SF

Holding

Co

Ltd

1,438

218,690

SG

Holdings

Co

Ltd

2,995

53,196

*

Shanghai

International

Airport

Co

Ltd

431

530,760

Shanghai

International

Port

Group

Co

Ltd

415

1,120,902

Shenzhen

International

Holdings

Ltd

854

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

91,760

Shinwa

Kaiun

Kaisha

Ltd

2,386

192,250

Shipping

Corp

of

India

Ltd

267

372,500

*

SIA

Engineering

Co

Ltd

578

974,000

Sichuan

Expressway

Co

Ltd

203

400,700

SIMPAR

S.A.

718

3,060,000

Sincere

Navigation

1,745

2,052,550

*,e

Singapore

Airlines

Ltd

7,254

866,400

*,e

Singapore

Airport

Terminal

Services

Ltd

1,810

2,234,919

Singapore

Post

Ltd

847

108,347

Sinotrans

Ltd

(Class

A)

54

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

158

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,246,000

SITC

International

Co

Ltd

$

4,119

16,472

Sixt

AG.

1,310

22,457

Sixt

AG.

(Preference)

1,020

37,062

*

Skywest,

Inc

603

475,810

*

Southwest

Airlines

Co

14,674

498,402

*

SpiceJet

Ltd

238

81,867

Spirit

Airlines,

Inc

1,541

21,215

Stolt-Nielsen

S.A.

424

65,283

Sumitomo

Warehouse

Co

Ltd

887

5,416

*,e

Sun

Country

Airlines

Holdings,

Inc

74

250,000

T.Join

Transportation

Co

296

172,000

T3EX

Global

Holdings

Corp

341

2,122,501

Taiwan

High

Speed

Rail

Corp

1,901

213,160

*

TAV

Havalimanlari

Holding

AS

724

14,214

TCI

Express

Ltd

321

101,915

TFI

International,

Inc

9,223

24,207

Theeb

Rent

A

Car

Co

464

2,866,000

Tianjin

Port

Development

Holdings

Ltd

181

429,779

e

TNT

NV

719

155,943

Tobu

Railway

Co

Ltd

3,676

480,218

Tokyu

Corp

5,477

5,648,600

*,†

Trada

Alam

Minera

Tbk

PT

0

^

8,607

e

Trancom

Co

Ltd

452

1,223,900

Transcoal

Pacific

Tbk

PT

731

26,549

Transport

Corp

of

India

Ltd

248

3,199,561

Transurban

Group

25,268

615,564

*

Turk

Hava

Yollari

2,337

146,597

*,e

TuSimple

Holdings,

Inc

1,114

3,094,674

*

Uber

Technologies,

Inc

82,009

511,000

U-Ming

Marine

Transport

Corp

586

2,197,157

Union

Pacific

Corp

428,050

265,286

*

United

Airlines

Holdings

Inc

8,630

41,733

United

International

Transportation

Co

487

970,607

United

Parcel

Service,

Inc

(Class

B)

156,792

2,280

Universal

Logistics

Holdings

Inc

72

350,300

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

888

67,336

*,†

Virgin

Australia

Int

Holdings

0

^

128,984

e

Wallenius

Wilhelmsen

ASA

643

478,350

Wan

Hai

Lines

Ltd

998

48,452

Werner

Enterprises,

Inc

1,822

193,823

West

Japan

Railway

Co

7,409

49,476

e

Westshore

Terminals

Investment

Corp

950

127,360

*,e

Wheels

Up

Experience,

Inc

146

283,800

Wilson

Sons

Holdings

Brasil

S.A.

497

149,136

Wincanton

plc

487

1,529,000

Wisdom

Marine

Lines

Co

Ltd

2,479

166,617

*

XPO

Logistics,

Inc

7,418

314,121

Yamato

Transport

Co

Ltd

4,717

1,205,000

Yang

Ming

Marine

Transport

2,315

148,259

YTO

Express

Group

Co

Ltd

432

1,262,000

Yuexiu

Transport

Infrastructure

Ltd

513

152,615

Yunda

Holding

Co

Ltd

336

1,344,968

Zhejiang

Expressway

Co

Ltd

914

91,448

e

ZIM

Integrated

Shipping

Services

Ltd

2,149

305,583

ZTO

Express

Cayman,

Inc

(ADR)

7,343

TOTAL

TRANSPORTATION

1,824,553

UTILITIES

-

2.8%

1,897,714

A2A

S.p.A.

1,844

1,589,000

Absolute

Clean

Energy

PCL

112

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

159

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

10,335,091

AC

Energy

Corp

$

984

25,947

Acciona

S.A.

4,560

92,086

ACEA

S.p.A.

1,000

90,562

ACWA

Power

Co

4,033

311,829

Adani

Gas

Ltd

12,716

357,471

*

Adani

Green

Energy

Ltd

9,839

886,056

*

Adani

Power

Ltd

4,028

316,801

*

Adani

Transmissions

Ltd

12,695

279,400

AES

Brasil

Energia

S.A.

488

344,032

AES

Corp

7,775

348,364

*,†

AET&D

Holdings

No

1

Ptd

Ltd

0

833,804

AGL

Energy

Ltd

3,637

3,550,984

Aguas

Andinas

S.A.

689

376,694

Aksa

Enerji

Uretim

AS

751

833,048

e

Algonquin

Power

&

Utilities

Corp

9,100

10,925

AlKhorayef

Water

&

Power

Technologies

Co

372

43,513

Allete,

Inc

2,178

2,388,683

Alliant

Energy

Corp

126,576

454,143

e

AltaGas

Ltd

8,696

23,153

*

Altus

Power,

Inc

255

154,100

Alupar

Investimento

S.A.

777

1,771,946

Ameren

Corp

142,730

2,291,485

American

Electric

Power

Co,

Inc

198,099

17,090

American

States

Water

Co

1,332

72,467

American

Water

Works

Co,

Inc

9,432

1,304,270

APA

Group

8,025

2,988

Artesian

Resources

Corp

144

66,898

Ascopiave

S.p.A.

138

160,041

Atco

Ltd

4,918

48,774

Athens

Water

Supply

&

Sewage

Co

S.A.

342

23,975

Atmos

Energy

Corp

2,442

357,118

Auren

Energia

S.A.

897

11,758

Avangrid,

Inc

490

54,130

Avista

Corp

2,006

1,020,430

B

Grimm

Power

PCL

908

708,200

Banpu

Power

PCL

270

1,501,900

BCPG

PCL

365

10,220,000

*,e

Beijing

Energy

International

Holding

Co

Ltd

264

438,679

Beijing

Enterprises

Holdings

Ltd

1,229

3,358,586

Beijing

Enterprises

Water

Group

Ltd

770

1,674,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

318

42,543

BKW

S.A.

5,070

308,815

e

Black

Hills

Corp

20,916

112,612

Boralex,

Inc

3,576

120,966

e

Brookfield

Infrastructure

Corp

4,924

14,448

e

Brookfield

Infrastructure

Corp

588

105,621

Brookfield

Renewable

Corp

3,452

158,627

e

Brookfield

Renewable

Corp

5,184

32,164

California

Water

Service

Group

1,695

159,291

e

Canadian

Utilities

Ltd

4,143

712,000

Canvest

Environment

Protection

Group

Co

Ltd

448

257,505

Capital

Power

Corp

8,743

145,898

Capital

Stage

AG.

2,608

262,200

CECEP

Solar

Energy

Co

Ltd

252

435,700

CECEP

Wind-Power

Corp

269

3,383,378

Centerpoint

Energy,

Inc

95,344

1,207,251

Centrais

Eletricas

Brasileiras

S.A.

9,617

301,839

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

2,526

7,159,676

*

Centrica

plc

5,618

705,899

CESC

Ltd

667

184,858

CEZ

AS

6,335

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

160

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

910,000

e

CGN

New

Energy

Holdings

Co

Ltd

$

259

3,613,000

g

CGN

Power

Co

Ltd

780

20,150

Chesapeake

Utilities

Corp

2,325

2,770,000

China

Datang

Corp

Renewable

Power

Co

Ltd

642

931,000

e,g

China

Everbright

Greentech

Ltd

177

1,091,113

e

China

Everbright

Water

Ltd

181

2,188,965

China

Gas

Holdings

Ltd

2,618

6,628,044

China

Longyuan

Power

Group

Corp

8,282

562,900

China

National

Nuclear

Power

Co

Ltd

463

4,185,847

China

Power

International

Development

Ltd

1,657

699,512

China

Resources

Gas

Group

Ltd

2,218

1,378,373

China

Resources

Power

Holdings

Co

2,128

1,994,500

China

Three

Gorges

Renewables

Group

Co

Ltd

1,578

990,000

China

Water

Affairs

Group

Ltd

783

1,878,147

China

Yangtze

Power

Co

Ltd

6,012

623,546

Chubu

Electric

Power

Co,

Inc

5,608

328,500

e

Chugoku

Electric

Power

Co,

Inc

1,662

394,301

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

3,626

1,192,000

Cia

de

Saneamento

de

Minas

Gerais-COPASA

2,917

167,100

Cia

de

Saneamento

do

Parana

531

485,000

Cia

de

Saneamento

do

Parana

(Preference)

315

1,611,356

Cia

Energetica

de

Minas

Gerais

3,214

14,700

Cia

Energetica

do

Ceara

124

88,700

Cia

Paranaense

de

Energia

533

205,100

Cia

Paranaense

de

Energia

236

1,169,300

Cia

Paranaense

de

Energia

1,426

714,223

CK

Infrastructure

Holdings

Ltd

3,643

1,921,700

CK

Power

PCL

257

167,319

Clearway

Energy,

Inc

(Class

A)

4,869

222,222

Clearway

Energy,

Inc

(Class

C)

7,078

1,860,817

CLP

Holdings

Ltd

14,064

77,055

CMS

Energy

Corp

4,488

13,927,155

Colbun

S.A.

1,223

7,530,000

Concord

New

Energy

Group

Ltd

622

124,935

Consolidated

Edison,

Inc

10,714

311,570

Constellation

Energy

Corp

25,920

1,118,574

Contact

Energy

Ltd

4,683

255,005

g

ContourGlobal

plc

716

244,900

CPFL

Energia

S.A.

1,533

1,320,000

*,†,e

CT

Environmental

Group

Ltd

2

7,884

Daesung

Holdings

Co

Ltd

488

1,409,869

Dominion

Energy,

Inc

97,436

74,509

*

Doral

Group

Renewable

Energy

Resources

Ltd

271

484,877

Drax

Group

plc

3,226

33,730

DTE

Energy

Co

3,881

270,157

Duke

Energy

Corp

25,130

5,014,562

E.ON

AG.

38,526

133,271

Edison

International

7,540

461,600

EDP

-

Energias

do

Brasil

S.A.

1,868

306,749

EDP

Renovaveis

S.A.

6,310

347,900

Electric

Power

Development

Co

4,920

618,210

e

Electricite

de

France

7,170

348,417

Electricity

Generating

PCL

1,521

35,647

e

Elia

System

Operator

S.A.

4,195

325,185

e

Emera,

Inc

13,157

37,944

e

Enagas

587

185,066

Endesa

S.A.

2,780

645,969

*

Enea

S.A.

803

34,921,167

Enel

Chile

S.A.

1,008

13,922,494

Enel

S.p.A.

57,099

2,522,304

Energias

de

Portugal

S.A.

10,947

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

161

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

208,733

Energisa

S.A.

$

1,621

277,208

Energix-Renewable

Energies

Ltd

1,076

1,936,344

Energy

Absolute

PCL

4,513

306,050

g

Enerjisa

Enerji

AS.

285

25,474,966

Enersis

S.A.

2,684

1,255,100

*

Eneva

S.A.

3,292

192,348

Engie

Brasil

Energia

S.A.

1,373

619,651

*

Engie

Energia

Chile

S.A.

291

2,633,538

Engie

S.A.

30,312

1,122,296

*

Enlight

Renewable

Energy

Ltd

2,365

581,635

ENN

Energy

Holdings

Ltd

7,755

200,400

ENN

Natural

Gas

Co

Ltd

522

72,802

Entergy

Corp

7,326

1,119,919

Equatorial

Energia

S.A.

5,585

35,843

eRex

Co

Ltd

687

73,240

ERG

S.p.A.

2,016

116,138

Essential

Utilities

Inc

4,806

39,507

Evergy,

Inc

2,347

127,315

Eversource

Energy

9,925

42,705

EVN

AG.

711

862,787

Exelon

Corp

32,320

5,629

*,e

Fastned

BV

158

139,964

*,e

Fersa

Energias

Renovables

S.A.

115

2,223,005

FirstEnergy

Corp

82,251

587,768

e

Fortis,

Inc

22,330

271,890

e

Fortum

Oyj

3,653

3,233,488

GAIL

India

Ltd

3,436

43,028,000

*,e

GCL

New

Energy

Holdings

Ltd

470

1,091,700

GD

Power

Development

Co

Ltd

624

632,109

Genesis

Energy

Ltd

968

779,257

Global

Power

Synergy

Co

Ltd

1,310

2,859

Global

Water

Resources,

Inc

34

330,561

*

Greenvolt-Energias

Renovaveis

S.A.

2,789

13,515

*

Grenergy

Renovables

S.A.

411

2,265,210

Guangdong

Investments

Ltd

1,809

220,724

Gujarat

Gas

Ltd

1,361

351,259

Gujarat

State

Petronet

Ltd

991

3,309,927

Gulf

Energy

Development

PCL

4,587

4,895,300

Gunkul

Engineering

PCL

678

18,838

Hawaiian

Electric

Industries,

Inc

653

1,064,130

e

Hera

S.p.A.

2,261

2,869,500

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

2,011

205,393

Hokkaido

Electric

Power

Co,

Inc

644

208,877

e

Hokuriku

Electric

Power

Co

702

140,104

Holding

CO

ADMIE

IPTO

S.A.

222

12,612,979

Hong

Kong

&

China

Gas

Ltd

11,110

1,578,438

Hong

Kong

Electric

Holdings

Ltd

7,912

425,919

Huadian

Power

International

Corp

Ltd

(Class

A)

356

428,766

Huaneng

Power

International,

Inc

-

A

456

3,140,751

e

Huaneng

Power

International,

Inc

-

H

1,362

406,618

e,g

Hydro

One

Ltd

9,944

6,417,859

Iberdrola

S.A.

59,841

9,049

Idacorp,

Inc

896

445,358

*

Indiabulls

Infrastructure

and

Power

Ltd

254

371,920

Indraprastha

Gas

Ltd

1,808

884,758

Infratil

Ltd

4,281

172,478

Innergex

Renewable

Energy,

Inc

2,171

1,027,900

*,†

Inter

Far

East

Energy

Corp

0

^

498,592

Interconexion

Electrica

S.A.

1,785

478,545

Inversiones

Aguas

Metropolitanas

S.A.

203

1,492,114

Iride

S.p.A.

1,967

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

162

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

591,818

Italgas

S.p.A

$

2,748

10,103,511

*

Jaiprakash

Power

Ventures

Ltd

904

243,000

Jiangsu

Eastern

Shenghong

Co

Ltd

596

819,128

Kansai

Electric

Power

Co,

Inc

6,853

22,672

Kenon

Holdings

Ltd

772

4,263,093

Keppel

Infrastructure

Trust

1,599

193,547

Korea

Electric

Power

Corp

2,696

990,600

Kyushu

Electric

Power

Co,

Inc

5,281

438,766

Light

S.A.

439

83,292

Mahanagar

Gas

Ltd

849

3,498,600

Malakoff

Corp

BHD

463

272,992

Manila

Electric

Co

1,223

1,345,400

Manila

Water

Co,

Inc

313

658,000

Mega

First

Corp

BHD

467

712,240

Mercury

NZ

Ltd

2,267

1,322,242

Meridian

Energy

Ltd

3,548

42,873

MGE

Energy,

Inc

2,814

2,308

Middlesex

Water

Co

178

98,354

*,e

Montauk

Renewables,

Inc

1,715

14,026

National

Fuel

Gas

Co

863

43,801

National

Gas

&

Industrialization

Co

652

4,797,914

National

Grid

plc

49,390

96,229

e

Naturgy

Energy

Group

S.A.

2,226

58,398

e,g

Neoen

S.A.

1,946

68,447

New

Jersey

Resources

Corp

2,649

5,223,358

e

NextEra

Energy,

Inc

409,563

129,987

Nippon

Gas

Co

Ltd

1,851

71,393

NiSource,

Inc

1,798

289,260

Northland

Power

Income

Fund

8,470

83,010

Northwest

Natural

Holding

Co

3,601

41,052

NorthWestern

Corp

2,023

162,263

NRG

Energy,

Inc

6,210

4,607,112

NTPC

Ltd

8,998

185,105

OGE

Energy

Corp

6,749

49,801

e

Okinawa

Electric

Power

Co,

Inc

364

353,700

*

Omega

Energia

S.A.

674

40,838

ONE

Gas,

Inc

2,875

126,734

*

OPC

Energy

Ltd

1,409

1,860,775

Origin

Energy

Ltd

6,174

19,272

e

Ormat

Technologies,

Inc

1,661

211,390

g

Orsted

AS

16,848

223,534

Osaka

Gas

Co

Ltd

3,370

71,129

Otter

Tail

Corp

4,376

33,386

*

OY

Nofar

Energy

Ltd

992

347,596

Pennon

Group

plc

3,033

1,170,378

Petronas

Gas

BHD

4,149

1,482,069

*

PG&E

Corp

18,526

990,023

*

PGE

Polska

Grupa

Energetyczna

S.A.

1,245

19,927

Pinnacle

West

Capital

Corp

1,285

65,367

PNM

Resources,

Inc

2,989

153,876

Portland

General

Electric

Co

6,687

3,685,800

Power

Grid

Corp

of

India

Ltd

9,570

129,955

PPL

Corp

3,294

13,318,000

PT

Perusahaan

Gas

Negara

Persero

Tbk

1,525

228,458

*

Public

Power

Corp

1,160

421,076

Public

Service

Enterprise

Group,

Inc

23,677

30,437

*

Pure

Cycle

Corp

254

527,438

Qatar

Electricity

&

Water

Co

2,537

894,540

Ratch

Group

PCL

970

57,589

Red

Electrica

Corp

S.A.

884

480,474

Redes

Energeticas

Nacionais

S.A.

1,136

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

163

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,052,275

*

Reliance

Power

Ltd

$

1,208

42,800

*,e

RENOVA,

Inc

1,003

110,755

Rubis

S.C.A

2,305

2,189,881

RWE

AG.

80,491

25,000

e

Saibu

Gas

Co

Ltd

299

7,211

Sam

Kwang

Glass

Ind

Co

Ltd

154

985,492

Saudi

Electricity

Co

6,380

144,065

g

Scatec

Solar

ASA

985

1,041,688

Scottish

&

Southern

Energy

plc

17,590

287,212

SDIC

Power

Holdings

Co

Ltd

434

1,200,678

SembCorp

Industries

Ltd

2,565

306,084

Sempra

Energy

45,894

37,234

Severn

Trent

plc

973

708,464

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

446

184,088

Shenzhen

Energy

Group

Co

Ltd

145

300,042

Shikoku

Electric

Power

Co,

Inc

1,499

82,210

Shizuoka

Gas

Co

Ltd

562

128,900

Sichuan

Chuantou

Energy

Co

Ltd

218

20,288

SJW

Corp

1,169

252,266

Snam

Rete

Gas

S.p.A.

1,020

90,803

*

Solaria

Energia

y

Medio

Ambiente

S.A.

1,428

128,000

*,†

Sound

Global

Ltd

0

^

172,457

South

Jersey

Industries,

Inc

5,764

528,942

Southern

Co

35,968

97,990

Southwest

Gas

Holdings

Inc

6,835

595,900

SPCG

PCL

235

209,901

Spire,

Inc

13,083

122,434

*

Sunnova

Energy

International,

Inc

2,703

21,332,200

Super

Energy

Corp

PCL

(Foreign)

390

478,722

e

Superior

Plus

Corp

3,473

1,619,200

Synergy

Grid

&

Development

Phils,

Inc

323

441,000

Taiwan

Cogeneration

Corp

477

1,671,562

Tata

Power

Co

Ltd

4,409

1,274,393

*

Tauron

Polska

Energia

S.A.

519

77,014

Telecom

Plus

plc

1,474

3,095,604

Tenaga

Nasional

BHD

5,367

70,008

Terna

Energy

S.A.

1,132

1,414,750

Terna

Rete

Elettrica

Nazionale

S.p.A.

8,617

89,700

Toho

Gas

Co

Ltd

1,780

549,900

Tohoku

Electric

Power

Co,

Inc

2,585

1,101,296

*

Tokyo

Electric

Power

Co,

Inc

3,520

1,143,742

Tokyo

Gas

Co

Ltd

19,308

182,478

Torrent

Power

Ltd

1,087

1,317,000

Towngas

China

Co

Ltd

504

2,315,000

TPI

Polene

Power

PCL

216

554,791

e

TransAlta

Corp

4,904

253,587

e

TransAlta

Renewables,

Inc

2,684

252,400

Transmissora

Alianca

de

Energia

Eletrica

S.A.

1,822

1,554,000

TTW

PCL

408

36,564

UGI

Corp

1,182

97,558

e

Uniper

SE

368

97,405

United

Utilities

Group

plc

962

20,769

Unitil

Corp

965

751,605

Veolia

Environnement

14,365

75,949

e

Verbund

AG.

6,484

14,989

e

Via

Renewables,

Inc

104

449,394

Vistra

Energy

Corp

9,437

34,341

*,e

Voltalia

S.A.

602

849,887

WEC

Energy

Group,

Inc

76,005

27,730

e

West

Holdings

Corp

792

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

164

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,607,200

WHA

Utilities

and

Power

PCL

$

170

1,559,581

Xcel

Energy,

Inc

99,813

2,212

York

Water

Co

85

7,393,200

*

YTL

Corp

BHD

922

2,507,500

YTL

Power

International

BHD

375

1

*

Zorlu

Enerji

Elektrik

Uretim

AS

0

^

TOTAL

UTILITIES

2,723,159

TOTAL

COMMON

STOCKS

96,067,257

(Cost

$107,127,687)

PURCHASED

OPTIONS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

119,100

Altimmune,

Inc

989

159,200

Altimmune,

Inc

1,019

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,008

TOTAL

PURCHASED

OPTIONS

2,008

(Cost

$974)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

CAPITAL

GOODS

-

0.0%

26,206

†,e

Webuild

S.p.A

08/02/30

22

TOTAL

CAPITAL

GOODS

22

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

1,349,244

e

Securitas

AB

563

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

563

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,143,514

e

Cie

Financiere

Richemont

S.A.

11/27/23

510

TOTAL

CONSUMER

DURABLES

&

APPAREL

510

CONSUMER

SERVICES

-

0.0%

90,578

PointsBet

Holdings

Ltd

07/08/24

0

69,576

†,e

PointsBet

Holdings

Pty

Ltd

09/30/22

0

TOTAL

CONSUMER

SERVICES

0

DIVERSIFIED

FINANCIALS

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0

^

TOTAL

DIVERSIFIED

FINANCIALS

0

^

ENERGY

-

0.0%

8,715

e

Weatherford

International

plc

12/13/23

1

TOTAL

ENERGY

1

MEDIA

&

ENTERTAINMENT

-

0.0%

10,558

Advantage

Solutions,

Inc

12/31/26

1

TOTAL

MEDIA

&

ENTERTAINMENT

1

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

165

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

EXPIRATION

DATE

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

12,599

†

Chinook

Therapeutics,

Inc

$

0

6,202

Oscotec,

Inc

19

20,027

†,e

Tobira

Therapeutics,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

20

TELECOMMUNICATION

SERVICES

-

0.0%

1,367

Globe

Telecom,

Inc

7

TOTAL

TELECOMMUNICATION

SERVICES

7

TRANSPORTATION

-

0.0%

10,969

Jeju

Air

Co

Ltd

15

5,435

Localiza

Rent

a

Car

S.A.

11

TOTAL

TRANSPORTATION

26

TOTAL

RIGHTS/WARRANTS

1,150

(Cost

$962)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.2%

GOVERNMENT

AGENCY

DEBT

-

0.7%

$

93,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

10/05/22

92,985

44,500,000

FHLB

0

.000

10/13/22

44,463

15,000,000

FHLB

0

.000

10/19/22

14,980

12,500,000

FHLB

0

.000

10/21/22

12,481

33,675,000

FHLB

0

.000

10/26/22

33,611

50,000,000

FHLB

0

.000

10/31/22

49,884

199,221,000

FHLB

0

.000

11/01/22

198,716

41,000,000

FHLB

0

.000

11/02/22

40,891

10,115,000

FHLB

0

.000

11/07/22

10,084

12,500,000

FHLB

0

.000

12/21/22

12,407

20,000,000

FHLB

0

.000

12/28/22

19,838

50,000,000

FHLB

0

.000

01/11/23

49,507

15,000,000

FHLB

0

.000

02/27/23

14,773

27,450,000

Tennessee

Valley

Authority

(TVA)

0

.000

10/05/22

27,446

25,000,000

TVA

0

.000

10/12/22

24,981

TOTAL

GOVERNMENT

AGENCY

DEBT

647,047

TOTAL

SHORT-TERM

INVESTMENTS

647,047

(Cost

$647,305)

REPURCHASE

AGREEMENT

-

0.3%

354,965,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

10/03/22

354,965

TOTAL

REPURCHASE

AGREEMENT

354,965

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

-

1.2%

REPURCHASE

AGREEMENT

-

1.2%

15,000,000

s

Calyon

3

.050

10/03/22

15,000

55,958,000

t

Citigroup

2

.980

10/03/22

55,958

60,000,000

u

Citigroup

3

.050

10/03/22

60,000

45,000,000

v

Citigroup

3

.050

10/06/22

45,000

15,000,000

w

Deutsche

Bank

2

.990

10/03/22

15,000

35,000,000

x

HSBC

2

.970

10/03/22

35,000

70,000,000

y

HSBC

3

.050

10/03/22

70,000

135,000,000

z

JP

Morgan

3

.050

10/03/22

135,000

70,000,000

aa

JP

Morgan

3

.050

10/03/22

70,000

8,000,000

ab

Merrill

Lynch

2

.950

10/03/22

8,000

201,385,000

ac

Merrill

Lynch

3

.050

10/03/22

201,385

100,000,000

ad

Nomura

2

.970

10/03/22

100,000

240,000,000

ae

Royal

Bank

of

Scotland

2

.980

10/03/22

240,000

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

166

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

$

15,000,000

af

Societe

Generale

2

.980

%

10/03/22

$

15,000

25,000,000

ag

Societe

Generale

3

.050

10/03/22

25,000

TOTAL

REPURCHASE

AGREEMENT

1,090,343

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

1,090,343

TOTAL

SHORT-TERM

INVESTMENTS

1,445,308

(Cost

$1,445,308)

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

-

0.0%

CERTIFICATE

OF

DEPOSIT

-

0.0%

12,000,000

Mizuho

Bank

3

.380

03/20/23

12,000

9,000,000

MUFG

Bank

3

.490

02/17/23

9,000

2,000,000

MUFG

Bank

3

.560

03/16/23

2,000

8,000,000

Nordea

Bank

Abp

3

.140

10/24/22

8,000

21,000,000

Nordea

Bank

Abp

3

.380

12/12/22

21,000

TOTAL

CERTIFICATE

OF

DEPOSIT

52,000

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

52,000

TOTAL

SHORT-TERM

INVESTMENTS

52,000

(Cost

$52,000)

TOTAL

INVESTMENTS

-

101.0%

98,214,825

(Cost

$109,274,300)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.0)%

(

988,450

)

NET

ASSETS

-

100.0%

$97,226,375

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

HDC

Housing

Development

Corporation

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

167

College

Retirement

Equities

Fund

continued

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

a

Affiliated

holding

b

In

bankruptcy

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,494,094,890.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

n

All

or

a

portion

of

these

securities

have

been

segregated

by

the

custodian

to

cover

requirements

on

open

written

options

contracts.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$354,965,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.625%–4.125%

and

maturity

dates

1/15/26–9/30/27,

valued

at

$362,064,460.

s

Agreement

with

Calyon,

3.050%

dated

9/30/22

to

be

repurchased

at

$15,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.000%

and

maturity

date

1/20/51,

valued

at

$15,300,000.

t

Agreement

with

Citigroup,

2.980%

dated

9/30/22

to

be

repurchased

at

$55,958,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.875%–5.250%

and

maturity

dates

11/15/28–5/15/48,

valued

at

$57,077,167.

u

Agreement

with

Citigroup,

3.050%

dated

9/30/22

to

be

repurchased

at

$60,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–3.000%

and

maturity

date

10/20/51,

valued

at

$61,200,001.

v

Agreement

with

Citigroup,

3.050%

dated

9/29/22

to

be

repurchased

at

$45,000,000

on

10/6/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–1.500%

and

maturity

dates

10/15/23–4/30/25,

valued

at

$45,900,059.

w

Agreement

with

Deutsche

Bank,

2.990%

dated

9/30/22

to

be

repurchased

at

$15,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

11/15/24,

valued

at

$15,300,000.

x

Agreement

with

HSBC,

2.970%

dated

9/30/22

to

be

repurchased

at

$35,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–2.375%

and

maturity

dates

5/15/23–11/15/49,

valued

at

$35,700,001.

y

Agreement

with

HSBC,

3.050%

dated

9/30/22

to

be

repurchased

at

$70,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.220%–5.000%

and

maturity

dates

12/1/25–7/1/52,

valued

at

$71,400,000.

z

Agreement

with

JP

Morgan,

3.050%

dated

9/30/22

to

be

repurchased

at

$135,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–5.000%

and

maturity

dates

10/1/50–8/1/52,

valued

at

$137,700,001.

aa

Agreement

with

JP

Morgan,

3.050%

dated

9/30/22

to

be

repurchased

at

$70,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–7.500%

and

maturity

dates

7/1/29–9/1/52,

valued

at

$71,400,001.

ab

Agreement

with

Merrill

Lynch,

2.950%

dated

9/30/22

to

be

repurchased

at

$8,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

12/29/22,

valued

at

$8,160,015.

ac

Agreement

with

Merrill

Lynch,

3.050%

dated

9/30/22

to

be

repurchased

at

$201,385,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

4.500%–5.000%

and

maturity

date

9/20/52,

valued

at

$205,412,700.

ad

Agreement

with

Nomura,

2.970%

dated

9/30/22

to

be

repurchased

at

$100,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–5.250%

and

maturity

dates

3/31/23–2/15/50,

valued

at

$102,075,942.

ae

Agreement

with

Royal

Bank

of

Scotland,

2.980%

dated

9/30/22

to

be

repurchased

at

$240,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–2.500%

and

maturity

dates

3/31/23–5/15/31,

valued

at

$244,800,044.

af

Agreement

with

Societe

Generale,

2.980%

dated

9/30/22

to

be

repurchased

at

$15,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.125%

and

maturity

date

2/28/27,

valued

at

$15,300,046.

ag

Agreement

with

Societe

Generale,

3.050%

dated

9/26/22

to

be

repurchased

at

$25,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–4.000%

and

maturity

dates

12/20/22–9/1/44,

valued

at

$25,500,073.

Purchased

options

outstanding

as

of

September

30,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Altimmune,

Inc,

Put

1,592

$

527‌

$

19

.00‌

10/21/22

$

1,019‌

Altimmune,

Inc,

Put

1,191

447‌

21

.00‌

10/21/22

989‌

Total

2,783

 $

974‌

 $

2,008‌

Written

options

outstanding

as

of

September

30,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Altimmune,

Inc,

Call

1,592

$

(

412‌

)

$

25

.00‌

10/21/22

$

(

24‌

)

Altimmune,

Inc,

Call

1,191

(

303‌

)

27

.00‌

10/21/22

(

21‌

)

Altimmune,

Inc,

Put

1,892

(

180‌

)

13

.00‌

10/21/22

(

251‌

)

Altimmune,

Inc,

Put

891

(

108‌

)

15

.00‌

10/21/22

(

241‌

)

Amazon.com,

Inc,

Put

10

(

1‌

)

100

.00‌

10/21/22

(

1‌

)

Apple,

Inc,

Put

10

(

1‌

)

120

.00‌

10/21/22

(

1‌

)

Edwards

Lifesciences

Corp,

Call

10

(

1‌

)

95

.00‌

10/21/22

(

0‌

)

^

Portfolio

of

investments

(unaudited)

CREF

Stock

Account

September

30,

2022

168

College

Retirement

Equities

Fund

concluded

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Edwards

Lifesciences

Corp,

Put

10

$

(

3‌

)

$

80

.00‌

11/18/22

$

(

4‌

)

Meta

Platforms,

Inc,

Call

20

(

6‌

)

205

.00‌

10/21/22

(

0‌

)

^

Meta

Platforms,

Inc,

Put

10

(

1‌

)

115

.00‌

10/21/22

(

1‌

)

NetFlix,

Inc,

Call

10

(

6‌

)

300

.00‌

10/21/22

(

2‌

)

NVIDIA

Corp,

Call

10

(

3‌

)

175

.00‌

11/18/22

(

1‌

)

NVIDIA

Corp,

Put

10

(

7‌

)

115

.00‌

11/18/22

(

8‌

)

Paramount

Global,

Call

45

(

3‌

)

35

.00‌

12/16/22

(

0‌

)

^

Paramount

Global,

Put

45

(

33‌

)

30

.00‌

01/20/23

(

50‌

)

Wolfspeed,

Inc,

Call

20

(

19‌

)

135

.00‌

12/16/22

(

8‌

)

Wolfspeed,

Inc,

Put

20

(

8‌

)

80

.00‌

12/16/22

(

9‌

)

Wolfspeed,

Inc,

Put

20

(

10‌

)

85

.00‌

12/16/22

(

12‌

)

Total

5,816

 $

(

1,105‌

)

 $

(

634‌

)

^

Amount

represents

less

than

$1,000.

Futures

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

Russell

2000

E

Mini

Index

457‌

12/16/22

 $

42,376‌

$

38,155‌

$

(

4,221‌

)

S&P

500

E

Mini

Index

2,963‌

12/16/22

596,324‌

533,562‌

(

62,762‌

)

S&P

Mid-Cap

400

E

Mini

Index

268‌

12/16/22

65,916‌

59,180‌

(

6,737‌

)

Total

3,688‌

 $

704,616‌

 $

630,897‌

 $

(

73,720‌

)

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

169

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BONDS

-

0.0%

CORPORATE

BONDS

-

0.0%

INDIA

-

0.0%

INR

1,191,204

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

14

TOTAL

INDIA

14

TOTAL

CORPORATE

BONDS

14

(Cost

$16)

TOTAL

BONDS

14

(Cost

$16)

SHARES

COMPANY

COMMON

STOCKS

-

98.6%

AUSTRALIA

-

1.5%

763,580

*

AMP

Ltd

535

217,799

APA

Group

1,340

1,958,456

Australia

&

New

Zealand

Banking

Group

Ltd

28,669

43,012

Australian

Stock

Exchange

Ltd

1,980

681,005

*,†

AZ

BGP

Holdings

2

896,322

BHP

Billiton

Ltd

22,281

40,984

Cochlear

Ltd

5,091

393,330

Commonwealth

Bank

of

Australia

22,882

95,613

CSL

Ltd

17,389

160,605

Endeavour

Group

Ltd

722

19,629,164

Glencore

Xstrata

plc

103,151

728,973

IDP

Education

Ltd

12,246

3,987,981

Ingenia

Communities

Group

9,499

513,493

Insurance

Australia

Group

Ltd

1,519

77,951

Macquarie

Group

Ltd

7,605

29,165

e

Magellan

Financial

Group

Ltd

208

611,914

Medibank

Pvt

Ltd

1,368

261,899

*,e

Megaport

Ltd

1,281

220,909

Mineral

Resources

Ltd

9,272

710,170

National

Australia

Bank

Ltd

13,149

2,624,976

*,e

PointsBet

Holdings

Ltd

3,089

215,565

*

Qantas

Airways

Ltd

692

326,445

QBE

Insurance

Group

Ltd

2,422

156,435

Rio

Tinto

plc

8,464

280,170

Suncorp-Metway

Ltd

1,808

837,432

Telstra

Corp

Ltd

2,068

91,627

Wesfarmers

Ltd

2,505

815,031

Westpac

Banking

Corp

10,783

122,128

Woodside

Energy

Group

Ltd

2,495

160,605

Woolworths

Ltd

3,490

TOTAL

AUSTRALIA

298,005

AUSTRIA

-

0.1%

305,891

g

BAWAG

Group

AG.

13,150

165,138

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

3,620

12,611

Verbund

AG.

1,077

TOTAL

AUSTRIA

17,847

BELGIUM

-

0.1%

96,456

Anheuser-Busch

InBev

S.A.

4,369

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

170

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

272,890

KBC

Groep

NV

$

12,950

TOTAL

BELGIUM

17,319

BERMUDA

-

0.0%

10,387

RenaissanceRe

Holdings

Ltd

1,458

TOTAL

BERMUDA

1,458

BRAZIL

-

1.2%

1,023,100

AMBEV

S.A.

2,947

4,674,062

Americanas

S.A.

14,713

93,400

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

335

487,200

B3

SA-Brasil

Bolsa

Balcao

1,179

2,000,718

Banco

Bradesco

S.A.

6,049

15,620,718

Banco

Bradesco

S.A.

(Preference)

57,452

3,984,060

Banco

BTG

Pactual

S.A.

-

Unit

18,324

528,232

Banco

do

Brasil

S.A.

3,772

29,300

Banco

Santander

Brasil

S.A.

165

145,900

BB

Seguridade

Participacoes

S.A.

719

41,800

Braskem

S.A.

203

133,000

*

BRF

S.A.

318

225,073

Centrais

Eletricas

Brasileiras

S.A.

1,793

54,300

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

454

259,000

Cia

de

Concessoes

Rodoviarias

602

75,400

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

693

280,005

Cia

Energetica

de

Minas

Gerais

558

137,200

Cia

Siderurgica

Nacional

S.A.

323

252,168

Cosan

SA

Industria

e

Comercio

812

42,000

CPFL

Energia

S.A.

263

38,400

Energisa

S.A.

298

36,850

Engie

Brasil

Energia

S.A.

263

208,699

Equatorial

Energia

S.A.

1,041

237,100

Gerdau

S.A.

(Preference)

1,074

622,114

g

Hapvida

Participacoes

e

Investimentos

S.A.

873

250,900

Hypermarcas

S.A.

2,058

1

Inter

&

Co,

Inc

0

^

367,937

Investimentos

Itau

S.A.

-

PR

664

5,284,419

Itau

Unibanco

Holding

S.A.

27,488

161,000

Klabin

S.A.

542

1,292,788

Localiza

Rent

A

Car

14,641

207,792

Lojas

Renner

S.A.

1,073

12,058,500

*

Magazine

Luiza

S.A.

10,015

9,597

*

MercadoLibre,

Inc

7,944

189,395

Natura

&

Co

Holding

S.A.

517

518,681

*

Pagseguro

Digital

Ltd

6,862

175,100

*

Petro

Rio

S.A.

894

822,800

Petroleo

Brasileiro

S.A.

5,046

1,048,838

Petroleo

Brasileiro

S.A.

(Preference)

5,794

224,500

Raia

Drogasil

S.A.

946

74,300

g

Rede

D'Or

Sao

Luiz

S.A.

409

270,900

Rumo

S.A.

928

357,978

*

StoneCo

Ltd

3,412

158,222

Suzano

SA

1,305

115,700

Telefonica

Brasil

S.A.

868

198,200

TIM

S.A.

444

99,600

Totvus

S.A.

542

159,800

Ultrapar

Participacoes

S.A.

347

2,156,264

Vale

S.A.

28,796

237,100

Vibra

Energia

S.A.

758

354,420

Weg

S.A.

2,112

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

171

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

202,000

*

XP,

Inc

$

3,840

TOTAL

BRAZIL

243,468

CANADA

-

2.6%

38,813

e

Agnico-Eagle

Mines

Ltd

1,640

840,960

Alimentation

Couche-Tard,

Inc

33,855

435,913

Bank

of

Montreal

38,206

269,550

Bank

of

Nova

Scotia

12,820

321,192

Barrick

Gold

Corp

4,978

398

Brookfield

Asset

Management

Reinsurance

Partners

Ltd

16

56,596

Brookfield

Asset

Management,

Inc

2,315

553,316

Cameco

Corp

(Toronto)

14,685

197,808

e

Canadian

Imperial

Bank

of

Commerce

8,658

429,216

Canadian

National

Railway

Co

46,354

216,777

Canadian

Natural

Resources

Ltd

10,091

852,618

Canadian

Pacific

Railway

Ltd

56,915

46,437

CI

Financial

Corp

445

523,635

Dollarama,

Inc

30,061

330,775

Enbridge,

Inc

12,265

5,942

Fairfax

Financial

Holdings

Ltd

2,714

23,775

First

Capital

Real

Estate

Investment

Trust

260

61,833

e

Great-West

Lifeco,

Inc

1,335

23,761

iA

Financial

Corp,

Inc

1,207

18,422

e

IGM

Financial,

Inc

459

51,993

Imperial

Oil

Ltd

2,251

31,774

e

Intact

Financial

Corp

4,497

858,880

*,e

Ivanhoe

Mines

Ltd

5,528

724,647

*,e

Lightspeed

Commerce,

Inc

12,753

430,929

Manulife

Financial

Corp

6,763

74,623

National

Bank

of

Canada

4,677

434,631

e

Nutrien

Ltd

36,247

18,496

Onex

Corp

848

123,475

Power

Corp

Of

Canada

2,783

113,195

RioCan

Real

Estate

Investment

Trust

1,526

316,257

Royal

Bank

of

Canada

28,474

2,430,887

*

Shopify,

Inc

(Class

A)

65,447

129,896

Sun

Life

Financial,

Inc

5,165

459,862

Suncor

Energy,

Inc

12,950

386,485

Teck

Cominco

Ltd

11,754

38,551

Thomson

Reuters

Corp

3,957

12,520

TMX

Group

Ltd

1,152

401,982

Toronto-Dominion

Bank

24,654

85,582

e

Tourmaline

Oil

Corp

4,448

12,875

e

West

Fraser

Timber

Co

Ltd

931

TOTAL

CANADA

516,084

CHILE

-

0.0%

3,545,450

Banco

de

Chile

312

4,049

Banco

de

Credito

e

Inversiones

103

5,153,450

Banco

Santander

Chile

S.A.

180

323,194

Cencosud

S.A.

409

28,796

Cia

Cervecerias

Unidas

S.A.

156

3,102,246

Compania

SudAmericana

de

Vapores

S.A.

214

253,099

Empresas

CMPC

S.A.

385

86,423

Empresas

COPEC

S.A.

554

6,315,205

Enel

Chile

S.A.

182

4,730,562

Enersis

S.A.

499

161,976

SACI

Falabella

323

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

172

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

30,582

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

$

2,846

TOTAL

CHILE

6,163

CHINA

-

2.6%

25,300

360

Finance,

Inc

(ADR)

324

34,200

360

Security

Technology,

Inc

31

124,000

g

3SBio,

Inc

88

64,000

e

AAC

Technologies

Holdings,

Inc

99

7,918

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

120

12,600

AECC

Aero-Engine

Control

Co

Ltd

45

24,700

AECC

Aviation

Power

Co

Ltd

145

2,486,000

Agricultural

Bank

of

China

Ltd

744

489,800

Agricultural

Bank

of

China

Ltd

(Class

A)

197

33,129

Aier

Eye

Hospital

Group

Co

Ltd

134

36,800

*

Air

China

Ltd

54

152,000

*

Air

China

Ltd

(H

shares)

116

30,207

Airtac

International

Group

691

3,202,072

*

Alibaba

Group

Holding

Ltd

31,955

390,000

*

Alibaba

Health

Information

Technology

Ltd

178

70,500

g

A-Living

Services

Co

Ltd

55

950,000

Aluminum

Corp

of

China

Ltd

307

177,800

Aluminum

Corp

of

China

Ltd

(Class

A)

103

4,484

*

Amlogic

Shanghai

Co

Ltd

41

3,600

Angel

Yeast

Co

Ltd

21

104,500

Anhui

Conch

Cement

Co

Ltd

330

20,600

Anhui

Conch

Cement

Co

Ltd

(Class

A)

83

23,800

Anhui

Gujing

Distillery

Co

Ltd

352

2,300

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

88

2,730

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

13

4,000

Anhui

Kouzi

Distillery

Co

Ltd

26

9,900

Anhui

Yingjia

Distillery

Co

Ltd

78

247,200

Anta

Sports

Products

Ltd

2,595

8,400

Apeloa

Pharmaceutical

Co

Ltd

19

11,600

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

48

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

35

6,500

Autohome,

Inc

(ADR)

187

24,200

Avary

Holding

Shenzhen

Co

Ltd

88

6,200

Avic

Capital

Co

Ltd

3

29,300

AVIC

Electromechanical

Systems

Co

Ltd

47

90,000

AviChina

Industry

&

Technology

Co

35

5,600

AVICOPTER

plc

31

912,916

*

Baidu,

Inc

13,439

103,200

Bank

of

Beijing

Co

Ltd

60

90,900

Bank

of

Changsha

Co

Ltd

85

19,300

Bank

of

Chengdu

Co

Ltd

44

221,900

Bank

of

China

Ltd

-

A

97

24,064,000

Bank

of

China

Ltd

-

H

7,859

218,700

Bank

of

Communications

Co

Ltd

-

A

142

779,000

Bank

of

Communications

Co

Ltd

-

H

411

30,200

Bank

of

Hangzhou

Co

Ltd

61

71,380

Bank

of

Jiangsu

Co

Ltd

75

45,600

Bank

of

Nanjing

Co

Ltd

68

29,600

Bank

of

Ningbo

Co

Ltd

131

66,422

Bank

of

Shanghai

Co

Ltd

55

356,000

Baoshan

Iron

&

Steel

Co

Ltd

263

82,300

BBMG

Corp

29

10,700

*

BeiGene

Ltd

(ADR)

1,443

160,000

*

Beijing

Capital

International

Airport

Co

Ltd

86

29,400

Beijing

Dabeinong

Technology

Group

Co

Ltd

33

6,300

Beijing

Easpring

Material

Technology

Co

Ltd

58

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

173

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,600

Beijing

Enlight

Media

Co

Ltd

$

19

48,500

Beijing

Enterprises

Holdings

Ltd

136

406,000

Beijing

Enterprises

Water

Group

Ltd

93

5,828

Beijing

Kingsoft

Office

Software,

Inc

164

9,500

Beijing

Kunlun

Tech

Co

Ltd

17

20,900

Beijing

New

Building

Materials

plc

71

49,900

Beijing

Originwater

Technology

Co

Ltd

33

1,003

Beijing

Roborock

Technology

Co

Ltd

36

11,424

Beijing

Shiji

Information

Technology

Co

Ltd

20

3,800

Beijing

Shunxin

Agriculture

Co

Ltd

11

19,800

Beijing

Sinnet

Technology

Co

Ltd

22

8,248

Beijing

Tiantan

Biological

Products

Corp

Ltd

23

7,100

Beijing

Tongrentang

Co

Ltd

45

3,745

Beijing

United

Information

Technology

Co

Ltd

57

6,630

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

107

2,000

Beijing

Yuanliu

Hongyuan

Electronic

Technology

Co

Ltd

35

211,100

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

134

3,400

Betta

Pharmaceuticals

Co

Ltd

21

2,200

BGI

Genomics

Co

Ltd

16

14,720

*

Bilibili,

Inc

226

4,203

Bloomage

Biotechnology

Corp

Ltd

77

822,000

BOC

Hong

Kong

Holdings

Ltd

2,734

5,700

BOC

International

China

Co

Ltd

8

195,000

BOE

Technology

Group

Co

Ltd

90

278,000

Bosideng

International

Holdings

Ltd

137

136,000

*,†

Brilliance

China

Automotive

Holdings

Ltd

0

^

5,800

BTG

Hotels

Group

Co

Ltd

17

23,500

BYD

Co

Ltd

834

175,000

BYD

Co

Ltd

(H

shares)

4,311

56,500

BYD

Electronic

International

Co

Ltd

135

7,100

By-health

Co

Ltd

18

17,030

Caitong

Securities

Co

Ltd

16

647

CanSino

Biologics,

Inc

11

8,400

e,g

CanSino

Biologics,

Inc

47

49,600

CECEP

Solar

Energy

Co

Ltd

48

84,900

CECEP

Wind-Power

Corp

52

339,000

g

CGN

Power

Co

Ltd

73

1,000

Chacha

Food

Co

Ltd

7

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

48

24,000

Changjiang

Securities

Co

Ltd

18

1,300

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

28

24,600

Chaozhou

Three-Circle

Group

Co

Ltd

90

27,700

Chengtun

Mining

Group

Co

Ltd

25

11,000

Chengxin

Lithium

Group

Co

Ltd

72

23,300

*

Chifeng

Jilong

Gold

Mining

Co

Ltd

67

36,600

China

Baoan

Group

Co

Ltd

58

879,000

China

Cinda

Asset

Management

Co

Ltd

97

799,000

China

Citic

Bank

317

538,000

China

Coal

Energy

Co

485

230,000

China

Communications

Services

Corp

Ltd

77

135,000

China

Conch

Venture

Holdings

Ltd

215

74,200

China

Construction

Bank

Corp

-

A

58

21,761,000

China

Construction

Bank

Corp

-

H

12,560

60,800

China

CSSC

Holdings

Ltd

193

36,600

*

China

Eastern

Airlines

Corp

Ltd

25

486,300

China

Energy

Engineering

Corp

Ltd

153

225,800

China

Everbright

Bank

Co

Ltd

-

A

90

363,000

China

Everbright

Bank

Co

Ltd

-

H

100

314,555

China

Everbright

International

Ltd

130

781,000

*,g

China

Feihe

Ltd

545

333,500

China

Galaxy

Securities

Co

Ltd

154

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

174

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

25,200

China

Galaxy

Securities

Co

Ltd

(Class

A)

$

32

248,200

China

Gas

Holdings

Ltd

297

9,700

China

Great

Wall

Securities

Co

Ltd

11

27,400

China

Greatwall

Technology

Group

Co

Ltd

33

547,000

China

Hongqiao

Group

Ltd

448

407,400

China

Insurance

International

Holdings

Co

Ltd

341

131,200

g

China

International

Capital

Corp

Ltd

189

4,600

China

International

Capital

Corp

Ltd

22

103,425

China

International

Travel

Service

Corp

Ltd

2,858

974,000

China

Jinmao

Holdings

Group

Ltd

198

19,929

China

Jushi

Co

Ltd

37

90,000

China

Lesso

Group

Holdings

Ltd

83

1,670,000

China

Life

Insurance

Co

Ltd

2,137

39,800

China

Life

Insurance

Co

Ltd

(Class

A)

177

32,600

*,g

China

Literature

Ltd

92

1,653,000

China

Longyuan

Power

Group

Corp

2,066

115,000

China

Medical

System

Holdings

Ltd

137

21,700

China

Meheco

Co

Ltd

37

48,000

China

Meidong

Auto

Holdings

Ltd

76

694,000

China

Mengniu

Dairy

Co

Ltd

2,743

1,454,500

China

Merchants

Bank

Co

Ltd

6,731

701,000

China

Merchants

Bank

Co

Ltd

(Class

A)

3,314

132,200

China

Merchants

Energy

Shipping

Co

Ltd

132

117,426

China

Merchants

Holdings

International

Co

Ltd

147

37,020

China

Merchants

Securities

Co

Ltd

64

109,300

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

252

9,600

China

Minmetals

Rare

Earth

Co

Ltd

36

221,400

China

Minsheng

Banking

Corp

Ltd

-

A

106

618,300

e

China

Minsheng

Banking

Corp

Ltd

-

H

177

855,000

China

Molybdenum

Co

Ltd

332

89,300

China

Molybdenum

Co

Ltd

(Class

A)

59

946,000

China

National

Building

Material

Co

Ltd

720

33,800

China

National

Chemical

Engineering

Co

Ltd

38

97,100

China

National

Nuclear

Power

Co

Ltd

80

48,400

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

180

496,000

China

Oilfield

Services

Ltd

491

661,435

China

Overseas

Land

&

Investment

Ltd

1,721

220,000

China

Overseas

Property

Holdings

Ltd

191

108,600

China

Pacific

Insurance

Group

Co

Ltd

-

A

310

612,600

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,125

463,000

China

Power

International

Development

Ltd

183

105,500

China

Railway

Group

Ltd

-

A

78

363,000

China

Railway

Group

Ltd

-

H

178

83,084

China

Railway

Signal

&

Communication

Corp

Ltd

49

332,000

China

Resources

Beer

Holdings

Company

Ltd

2,303

221,999

China

Resources

Cement

Holdings

Ltd

103

77,600

China

Resources

Gas

Group

Ltd

246

711,836

China

Resources

Land

Ltd

2,788

14,775

China

Resources

Microelectronics

Ltd

99

156,600

g

China

Resources

Mixc

Lifestyle

Services

Ltd

598

158,000

China

Resources

Power

Holdings

Co

244

6,800

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

37

107,800

China

Shenhua

Energy

Co

Ltd

-

A

480

759,500

China

Shenhua

Energy

Co

Ltd

-

H

2,260

158,000

*,e

China

Southern

Airlines

Co

Ltd

83

60,500

*

China

Southern

Airlines

Co

Ltd

(Class

A)

57

207,100

China

State

Construction

Engineering

Corp

Ltd

150

166,000

China

State

Construction

International

Holdings

Ltd

167

491,000

e

China

Suntien

Green

Energy

Cor

179

389,800

China

Three

Gorges

Renewables

Group

Co

Ltd

308

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

175

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,670,000

g

China

Tower

Corp

Ltd

$

178

399,500

China

Vanke

Co

Ltd

723

144,258

China

Vanke

Co

Ltd

(Class

A)

362

484,754

China

Yangtze

Power

Co

Ltd

1,552

6,300

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

103

90,400

China

Zheshang

Bank

Co

Ltd

38

628,000

Chinasoft

International

Ltd

384

2,000

Chongqing

Brewery

Co

Ltd

31

17,654

Chongqing

Changan

Automobile

Co

Ltd

31

5,100

Chongqing

Fuling

Zhacai

Group

Co

Ltd

20

274,600

Chongqing

Rural

Commercial

Bank

Co

Ltd

138

7,500

Chongqing

Zhifei

Biological

Products

Co

Ltd

91

487,000

Citic

Pacific

Ltd

459

175,274

CITIC

Securities

Co

Ltd

297

65,570

CITIC

Securities

Co

Ltd

(Class

A)

161

3,300

CNGR

Advanced

Material

Co

Ltd

39

42,630

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

41

30,600

Contemporary

Amperex

Technology

Co

Ltd

1,723

184,445

COSCO

Pacific

Ltd

116

144,700

COSCO

SHIPPING

Development

Co

Ltd

50

87,500

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

223

182,660

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

282

263,650

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

307

1,791,000

e

Country

Garden

Holdings

Co

Ltd

414

375,000

Country

Garden

Services

Holdings

Co

Ltd

548

19,300

CSC

Financial

Co

Ltd

63

2,622,880

CSPC

Pharmaceutical

Group

Ltd

2,600

3,984

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

9

179,500

g

Dali

Foods

Group

Co

Ltd

77

441,700

Dalian

Port

PDA

Co

Ltd

99

96,400

Daqin

Railway

Co

Ltd

92

13,000

*

Daqo

New

Energy

Corp

(ADR)

690

3,408

DaShenLin

Pharmaceutical

Group

Co

Ltd

14

10,400

DHC

Software

Co

Ltd

8

11,200

Do-Fluoride

New

Materials

Co

Ltd

57

6,300

Dong-E-E-Jiao

Co

Ltd

29

43,600

Dongfang

Electric

Corp

Ltd

125

260,000

Dongfeng

Motor

Group

Co

Ltd

139

11,300

Dongxing

Securities

Co

Ltd

12

333,000

Dongyue

Group

330

67,022

East

Money

Information

Co

Ltd

166

5,700

Ecovacs

Robotics

Co

Ltd

53

63,900

ENN

Energy

Holdings

Ltd

852

31,500

ENN

Natural

Gas

Co

Ltd

82

24,370

Eve

Energy

Co

Ltd

289

21,600

Everbright

Securities

Co

Ltd

40

56,343

Fangda

Carbon

New

Material

Co

Ltd

49

74,000

e

Far

East

Horizon

Ltd

50

8,500

FAW

Jiefang

Group

Co

Ltd

9

18,900

Fiberhome

Telecommunication

Technologies

Co

Ltd

33

25,700

First

Capital

Securities

Co

Ltd

20

20,100

*

Flat

Glass

Group

Co

Ltd

92

97,000

e

Flat

Glass

Group

Co

Ltd

235

224,100

Focus

Media

Information

Technology

Co

Ltd

174

51,147

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

596

682,500

Fosun

International

422

32,700

Founder

Securities

Co

Ltd

30

49,000

Foxconn

Industrial

Internet

Co

Ltd

59

800

Fu

Jian

Anjoy

Foods

Co

Ltd

17

3,300

Fujian

Sunner

Development

Co

Ltd

9

8,500

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

43

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

176

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

133,600

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

$

536

81,880

e,g

Ganfeng

Lithium

Co

Ltd

541

20,860

Ganfeng

Lithium

Co

Ltd

219

500

G-bits

Network

Technology

Xiamen

Co

Ltd

17

100,500

*

GCL

System

Integration

Technology

Co

Ltd

45

114,600

GD

Power

Development

Co

Ltd

66

200,084

*

GDS

Holdings

Ltd

440

174,500

*

GDS

Holdings

Ltd

(ADR)

3,082

1,302,000

Geely

Automobile

Holdings

Ltd

1,782

69,600

GEM

Co

Ltd

72

31,500

Gemdale

Corp

51

96,000

*

Genscript

Biotech

Corp

208

106,800

GF

Securities

Co

Ltd

116

31,900

GF

Securities

Co

Ltd

(Class

A)

64

11,200

Giant

Network

Group

Co

Ltd

12

8,972

Gigadevice

Semiconductor

Beijing,

Inc

118

4,300

*

Ginlong

Technologies

Co

Ltd

134

17,000

GoerTek,

Inc

63

6,800

Gotion

High-tech

Co

Ltd

29

10,000

Great

Wall

Motor

Co

Ltd

39

1,971,000

Great

Wall

Motor

Co

Ltd

2,247

14,600

Gree

Electric

Appliances,

Inc

of

Zhuhai

67

197,500

Greentown

China

Holdings

Ltd

371

338,000

Greentown

Service

Group

Co

Ltd

223

40,200

GRG

Banking

Equipment

Co

Ltd

46

7,500

Guangdong

Haid

Group

Co

Ltd

64

248,000

Guangdong

Investments

Ltd

198

2,800

Guangdong

Kinlong

Hardware

Products

Co

Ltd

35

150,100

Guanghui

Energy

Co

Ltd

260

28,300

Guangzhou

Automobile

Group

Co

Ltd

48

254,000

Guangzhou

Automobile

Group

Co

Ltd

-

H

180

10,800

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

39

44,100

Guangzhou

Haige

Communications

Group,

Inc

Co

48

1,800

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

16

7,395

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

62

24,800

Guangzhou

Tinci

Materials

Technology

Co

Ltd

153

13,486

Guangzhou

Yuexiu

Financial

Holdings

Group

Co

Ltd

11

12,200

Guolian

Securities

Co

Ltd

15

29,100

Guosen

Securities

Co

Ltd

35

42,200

Guotai

Junan

Securities

Co

Ltd

81

25,790

Guoyuan

Securities

Co

Ltd

23

89,000

e,g

Haidilao

International

Holding

Ltd

173

82,600

Haier

Smart

Home

Co

Ltd

287

457,800

Haier

Smart

Home

Co

Ltd

1,393

155,000

Haitian

International

Holdings

Ltd

293

271,200

Haitong

Securities

Co

Ltd

143

54,600

Haitong

Securities

Co

Ltd

(Class

A)

66

14,036

Hangzhou

First

Applied

Material

Co

Ltd

104

8,400

Hangzhou

Lion

Electronics

Co

Ltd

54

11,100

Hangzhou

Oxygen

Plant

Group

Co

Ltd

54

6,130

Hangzhou

Robam

Appliances

Co

Ltd

20

18,800

Hangzhou

Silan

Microelectronics

Co

Ltd

84

1,800

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

23

10,900

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

88

100,000

g

Hansoh

Pharmaceutical

Group

Co

Ltd

158

9,200

Heilongjiang

Agriculture

Co

Ltd

17

38,700

Henan

Shenhuo

Coal

&

Power

Co

Ltd

91

17,200

Henan

Shuanghui

Investment

&

Development

Co

Ltd

59

53,500

Hengan

International

Group

Co

Ltd

239

71,680

Hengli

Petrochemical

Co

Ltd

170

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

177

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

980,000

*,e

HengTen

Networks

Group

Ltd

$

208

42,900

Hengtong

Optic-electric

Co

Ltd

109

51,130

Hengyi

Petrochemical

Co

Ltd

55

316,900

Hesteel

Co

Ltd

100

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

30

6,860

Hongfa

Technology

Co

Ltd

34

202,467

e

Hopson

Development

Holdings

Ltd

212

6,200

Hoshine

Silicon

Industry

Co

Ltd

96

48,000

*,g

Hua

Hong

Semiconductor

Ltd

109

56,600

Huadian

Power

International

Corp

Ltd

(Class

A)

47

9,940

Huadong

Medicine

Co

Ltd

56

51,600

Huafon

Chemical

Co

Ltd

47

12,100

Huagong

Tech

Co

Ltd

31

46,300

Huaibei

Mining

Holdings

Co

Ltd

110

9,360

Hualan

Biological

Engineering,

Inc

24

45,600

Huaneng

Power

International,

Inc

-

A

49

330,000

Huaneng

Power

International,

Inc

-

H

143

136,000

g

Huatai

Securities

Co

Ltd

149

15,500

Huatai

Securities

Co

Ltd

(Class

A)

26

14,200

Huaxi

Securities

Co

Ltd

15

59,300

Huaxia

Bank

Co

Ltd

42

3,500

Huaxin

Cement

Co

Ltd

8

15,700

Huayu

Automotive

Systems

Co

Ltd

36

75,274

Huazhu

Group

Ltd

(ADR)

2,525

16,400

Hubei

Xingfa

Chemicals

Group

Co

Ltd

77

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

112

4,700

Humanwell

Healthcare

Group

Co

Ltd

12

115,000

Hunan

Valin

Steel

Co

Ltd

66

11,112

Hundsun

Technologies,

Inc

53

7,471

*,e

Hutchison

China

MediTech

Ltd

(ADR)

66

76,000

*,e,g

Hygeia

Healthcare

Holdings

Co

Ltd

425

251,311

*

iClick

Interactive

Asia

Group

Ltd

(ADR)

88

13,000

Iflytek

Co

Ltd

60

2,300

Imeik

Technology

Development

Co

Ltd

158

341,100

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

209

12,675,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

5,946

104,000

Industrial

Bank

Co

Ltd

243

41,990

Industrial

Securities

Co

Ltd

32

6,300

Ingenic

Semiconductor

Co

Ltd

65

627,600

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

162

46,800

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

86

17,080

Inner

Mongolia

ERDOS

Resources

Co

Ltd

36

130,100

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

72

83,200

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

386

282,700

Inner

Mongolia

Yitai

Coal

Co

424

56,900

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

59

81,500

*,g

Innovent

Biologics,

Inc

250

5,000

Inspur

Electronic

Information

Industry

Co

Ltd

14

3,000

Intco

Medical

Technology

Co

Ltd

8

29,953

*,e

IQIYI,

Inc

(ADR)

81

30,100

JA

Solar

Technology

Co

Ltd

271

3,760

Jafron

Biomedical

Co

Ltd

26

2,210

Jason

Furniture

Hangzhou

Co

Ltd

12

89,100

*,g

JD

Health

International,

Inc

508

1,484,055

JD.com,

Inc

37,440

42,200

Jiangsu

Eastern

Shenghong

Co

Ltd

103

118,000

Jiangsu

Express

89

15,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

100

32,082

Jiangsu

Hengrui

Medicine

Co

Ltd

158

5,900

Jiangsu

King's

Luck

Brewery

JSC

Ltd

38

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

178

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

20,300

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

$

452

3,000

Jiangsu

Yangnong

Chemical

Co

Ltd

42

4,700

Jiangsu

Yoke

Technology

Co

Ltd

41

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

21

46,600

Jiangsu

Zhongtian

Technology

Co

Ltd

147

309,000

Jiangxi

Copper

Co

Ltd

356

28,958

Jiangxi

Copper

Co

Ltd

(Class

A)

62

20,000

*

Jiangxi

Special

Electric

Motor

Co

Ltd

55

13,300

Jiangxi

Zhengbang

Technology

Co

Ltd

8

44,700

Jinke

Properties

Group

Co

Ltd

13

124,000

g

Jinxin

Fertility

Group

Ltd

60

1,900

JiuGui

Liquor

Co

Ltd

34

170,000

e,g

Jiumaojiu

International

Holdings

Ltd

276

87,200

Jizhong

Energy

Resources

Co

Ltd

89

8,900

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

13

2,156

Joinn

Laboratories

China

Co

Ltd

17

7,900

Jointown

Pharmaceutical

Group

Co

Ltd

13

5,200

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

23

3,800

e

JOYY,

Inc

(ADR)

99

2,000

Juewei

Food

Co

Ltd

14

39,700

*

Kanzhun

Ltd

(ADR)

670

53,600

*

KE

Holdings,

Inc

(ADR)

939

23,200

Keda

Industrial

Group

Co

Ltd

54

59,500

Kingboard

Chemical

Holdings

Ltd

168

214,000

*

Kingdee

International

Software

Group

Co

Ltd

279

26,600

Kingfa

Sci

&

Tech

Co

Ltd

35

81,000

Kingsoft

Corp

Ltd

214

375,700

*,g

Kuaishou

Technology

2,410

13,000

*

Kuang-Chi

Technologies

Co

Ltd

27

16,497

Kweichow

Moutai

Co

Ltd

4,342

592,000

Lenovo

Group

Ltd

409

82,300

Lens

Technology

Co

Ltd

107

1,300

Lepu

Medical

Technology

Beijing

Co

Ltd

4

118,391

*

Li

Auto,

Inc

(ADR)

2,724

498,500

Li

Ning

Co

Ltd

3,783

70,100

*

Lingyi

iTech

Guangdong

Co

44

2,100

Livzon

Pharmaceutical

Group,

Inc

9

32,600

Lomon

Billions

Group

Co

Ltd

72

407,500

g

Longfor

Properties

Co

Ltd

1,168

98,389

LONGi

Green

Energy

Technology

Co

Ltd

660

54,900

Lufax

Holding

Ltd

(ADR)

139

3,570

Luoyang

Xinqianglian

Slewing

Bearing

Co

Ltd

44

35,700

Luxi

Chemical

Group

Co

Ltd

65

91,209

Luxshare

Precision

Industry

Co

Ltd

376

19,400

Luzhou

Laojiao

Co

Ltd

630

106,200

Maanshan

Iron

&

Steel

Co

Ltd

(Class

A)

40

10,190

Mango

Excellent

Media

Co

Ltd

36

6,208

Maxscend

Microelectronics

Co

Ltd

77

18,800

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

11

935,200

*,g

Meituan

Dianping

(Class

B)

19,655

88,200

Metallurgical

Corp

of

China

Ltd

37

51,900

e

Microport

Scientific

Corp

88

28,700

Midea

Group

Co

Ltd

199

27,700

Ming

Yang

Smart

Energy

Group

Ltd

94

50,000

e

Ming

Yuan

Cloud

Group

Holdings

Ltd

29

168,000

Minth

Group

Ltd

369

788,000

*

MMG

Ltd

188

13,528

Montage

Technology

Co

Ltd

99

68,844

Muyuan

Foodstuff

Co

Ltd

529

7,265

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

17

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

179

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

14,400

Nanjing

Securities

Co

Ltd

$

15

91,560

NARI

Technology

Co

Ltd

319

29,596

*

National

Silicon

Industry

Group

Co

Ltd

74

6,700

NAURA

Technology

Group

Co

Ltd

262

3,500

NavInfo

Co

Ltd

6

458,395

NetEase,

Inc

6,917

33,600

New

China

Life

Insurance

Co

Ltd

-

A

127

230,800

New

China

Life

insurance

Co

Ltd

-

H

440

21,600

*

New

Hope

Liuhe

Co

Ltd

42

121,440

*

New

Oriental

Education

&

Technology

Group,

Inc

297

21,486

*

New

Oriental

Education

&

Technology

Group,

Inc

(ADR)

515

19,200

Ninestar

Corp

117

2,600

Ningbo

Deye

Technology

Co

Ltd

153

3,500

Ningbo

Joyson

Electronic

Corp

6

6,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

67

5,713

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

67

28,200

Ningbo

Shanshan

Co

Ltd

82

6,100

Ningbo

Tuopu

Group

Co

Ltd

63

84,400

Ningxia

Baofeng

Energy

Group

Co

Ltd

158

289,030

*

NIO,

Inc

(ADR)

4,558

389,000

e,g

Nongfu

Spring

Co

Ltd

2,250

21,200

North

Industries

Group

Red

Arrow

Co

Ltd

67

5,300

Northeast

Securities

Co

Ltd

5

1,105

NXP

Semiconductors

NV

163

167,300

Offshore

Oil

Engineering

Co

Ltd

105

10,800

*

OFILM

Group

Co

Ltd

8

2,740

Oppein

Home

Group,

Inc

44

48,128

Orient

Securities

Co

Ltd

52

3,809

Ovctek

China,

Inc

22

134,600

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

87

2,144,000

People's

Insurance

Co

Group

of

China

Ltd

621

169,700

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

120

11,200

Perfect

World

Co

Ltd

20

5,050

Pharmaron

Beijing

Co

Ltd

-

A

38

16,850

g

Pharmaron

Beijing

Co

Ltd

-

H

82

1,570,000

PICC

Property

&

Casualty

Co

Ltd

1,624

327,802

*

Pinduoduo,

Inc

(ADR)

20,514

97,000

Ping

An

Bank

Co

Ltd

162

44,300

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

83

5,000,203

Ping

An

Insurance

Group

Co

of

China

Ltd

24,945

155,600

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

908

58,700

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

113

163,900

Poly

Real

Estate

Group

Co

Ltd

415

130,800

e,g

Pop

Mart

International

Group

Ltd

239

133,300

Postal

Savings

Bank

of

China

Co

Ltd

-

A

84

659,000

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

387

76,100

Power

Construction

Corp

of

China

Ltd

74

560

Proya

Cosmetics

Co

Ltd

13

1,642

Pylon

Technologies

Co

Ltd

93

38,600

Qingdao

Rural

Commercial

Bank

Corp

16

74,100

*

Qinghai

Salt

Lake

Industry

Co

Ltd

249

3,001

Raytron

Technology

Co

Ltd

16

12,000

Riyue

Heavy

Industry

Co

Ltd

35

115,430

*,e

RLX

Technology,

Inc

(ADR)

121

128,050

Rongsheng

Petro

Chemical

Co

Ltd

249

111,700

SAIC

Motor

Corp

Ltd

224

31,700

Sailun

Group

Co

Ltd

45

2,500

Sangfor

Technologies,

Inc

35

260,000

Sany

Heavy

Equipment

International

252

112,300

Sany

Heavy

Industry

Co

Ltd

219

45,600

SDIC

Power

Holdings

Co

Ltd

69

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

180

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

48,700

Sealand

Securities

Co

Ltd

$

22

224,000

Seazen

Group

Ltd

52

12,500

Seazen

Holdings

Co

Ltd

31

24,100

SF

Holding

Co

Ltd

160

4,800

SG

Micro

Corp

95

159,000

Shaanxi

Coal

Industry

Co

Ltd

511

58,000

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

149

7,670

Shandong

Buchang

Pharmaceuticals

Co

Ltd

19

52,120

Shandong

Gold

Mining

Co

Ltd

-

A

126

172,750

e,g

Shandong

Gold

Mining

Co

Ltd

-

H

275

31,850

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

130

4,400

Shandong

Linglong

Tyre

Co

Ltd

11

162,400

Shandong

Nanshan

Aluminum

Co

Ltd

69

4,000

Shandong

Sun

Paper

Industry

JSC

Ltd

6

204,400

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

274

3,332

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

13

5,863

Shanghai

Baosight

Software

Co

Ltd

30

113,620

Shanghai

Baosight

Software

Co

Ltd

330

51,300

Shanghai

Construction

Group

Co

Ltd

18

202,000

Shanghai

Electric

Group

Co

Ltd

110

8,700

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

36

210,500

e

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

508

1,183

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

31

6,000

*

Shanghai

International

Airport

Co

Ltd

49

60,700

Shanghai

International

Port

Group

Co

Ltd

47

3,400

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

28

8,746

*

Shanghai

Junshi

Biosciences

Co

Ltd

62

10,360

Shanghai

Lingang

Holdings

Corp

Ltd

17

345,069

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

270

3,400

Shanghai

M&G

Stationery,

Inc

22

1,155

Shanghai

Medicilon,

Inc

36

16,700

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

39

71,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

99

160,800

Shanghai

Pudong

Development

Bank

Co

Ltd

159

17,380

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

135

21,200

Shanghai

RAAS

Blood

Products

Co

Ltd

16

20,900

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

20

6,400

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

9

63,879

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

152

61,300

Shanxi

Meijin

Energy

Co

Ltd

83

19,330

Shanxi

Securities

Co

Ltd

14

98,200

Shanxi

Taigang

Stainless

Steel

Co

Ltd

62

15,920

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

678

74,070

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

156

22,900

Shenghe

Resources

Holding

Co

Ltd

49

27,100

Shengyi

Technology

Co

Ltd

50

4,680

Shennan

Circuits

Co

Ltd

50

119,600

Shenwan

Hongyuan

Group

Co

Ltd

65

9,280

Shenzhen

Capchem

Technology

Co

Ltd

55

1,600

Shenzhen

Dynanonic

Co

Ltd

63

40,900

Shenzhen

Energy

Group

Co

Ltd

32

32,900

Shenzhen

Inovance

Technology

Co

Ltd

266

123,485

Shenzhen

International

Holdings

Ltd

94

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

2

4,640

Shenzhen

Kangtai

Biological

Products

Co

Ltd

20

2,900

Shenzhen

Kedali

Industry

Co

Ltd

39

5,900

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

248

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

181

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

7,300

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

$

39

47,500

Shenzhen

Overseas

Chinese

Town

Co

Ltd

32

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

21

4,100

Shenzhen

SC

New

Energy

Technology

Corp

66

15,882

Shenzhen

Senior

Technology

Material

Co

Ltd

45

9,700

Shenzhen

Sunlord

Electronics

Co

Ltd

27

8,665

Shenzhen

Transsion

Holdings

Co

Ltd

71

181,200

Shenzhou

International

Group

Holdings

Ltd

1,399

8,580

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

26

144,500

*,†,e

Shimao

Property

Holdings

Ltd

61

24,400

Sichuan

Chuantou

Energy

Co

Ltd

41

147,200

Sichuan

Hebang

Biotechnology

Co

Ltd

66

11,900

Sichuan

Kelun

Pharmaceutical

Co

Ltd

37

18,700

*

Sichuan

New

Energy

Power

Co

Ltd

49

62,800

Sichuan

Road

&

Bridge

Co

Ltd

90

2,400

Sichuan

Swellfun

Co

Ltd

21

15,300

Sichuan

Yahua

Industrial

Group

Co

Ltd

55

8,000

Sieyuan

Electric

Co

Ltd

43

1,009,600

Silergy

Corp

13,167

13,900

Sinolink

Securities

Co

Ltd

15

21,400

Sinoma

Science

&

Technology

Co

Ltd

60

5,620

Sinomine

Resource

Group

Co

Ltd

72

164,000

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

69

108,800

Sinopharm

Group

Co

217

8,100

Sinotrans

Ltd

(Class

A)

4

204,500

Sinotruk

Hong

Kong

Ltd

170

4,200

Skshu

Paint

Co

Ltd

52

150,000

e,g

Smoore

International

Holdings

Ltd

178

8,600

Songcheng

Performance

Development

Co

Ltd

15

28,262

SooChow

Securities

Co

Ltd

24

29,700

Southwest

Securities

Co

Ltd

15

2,200

StarPower

Semiconductor

Ltd

100

699,000

*,†,e

Sunac

China

Holdings

Ltd

204

17,700

Sungrow

Power

Supply

Co

Ltd

274

57,200

Sunny

Optical

Technology

Group

Co

Ltd

544

11,800

Sunwoda

Electronic

Co

Ltd

39

27,700

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

90

1,940

Suzhou

Maxwell

Technologies

Co

Ltd

132

6,600

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

61

93,877

*

TAL

Education

Group

(ADR)

464

21,400

Tangshan

Jidong

Cement

Co

Ltd

25

55,000

TBEA

Co

Ltd

167

68,300

TCL

Technology

Group

Corp

35

3,088,700

Tencent

Holdings

Ltd

104,325

56,800

*

Tencent

Music

Entertainment

(ADR)

231

4,400

Thunder

Software

Technology

Co

Ltd

65

4,900

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

24

43,800

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

275

19,200

Tianma

Microelectronics

Co

Ltd

23

7,000

*

Tianqi

Lithium

Corp

99

40,400

Tianshan

Aluminum

Group

Co

Ltd

41

65,800

Tianshui

Huatian

Technology

Co

Ltd

75

13,400

*

Tibet

Summit

Resources

Co

Ltd

42

436,000

Tingyi

Cayman

Islands

Holding

Corp

751

26,000

Titan

Wind

Energy

Suzhou

Co

Ltd

46

4,956

Toly

Bread

Co

Ltd

9

94,400

*

Tongcheng-Elong

Holdings

Ltd

184

34,900

TongFu

Microelectronics

Co

Ltd

74

28,500

Tongkun

Group

Co

Ltd

54

165,800

Tongling

Nonferrous

Metals

Group

Co

Ltd

61

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

182

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

396,114

Tongwei

Co

Ltd

$

2,608

1,500

*

Topchoice

Medical

Corp

27

158,000

g

Topsports

International

Holdings

Ltd

110

43,300

Transfar

Zhilian

Co

Ltd

32

85,000

Travelsky

Technology

Ltd

130

26,168

Trina

Solar

Co

Ltd

235

223,067

*

Trip.com

Group

Ltd

(ADR)

6,092

50,000

Tsingtao

Brewery

Co

Ltd

471

3,900

Tsingtao

Brewery

Co

Ltd

(Class

A)

58

10,499

Unigroup

Guoxin

Microelectronics

Co

Ltd

213

299,000

Uni-President

China

Holdings

Ltd

251

38,700

Unisplendour

Corp

Ltd

86

564,186

*

Vipshop

Holdings

Ltd

(ADR)

4,745

8,900

Walvax

Biotechnology

Co

Ltd

46

41,300

Wanhua

Chemical

Group

Co

Ltd

534

1,045,000

Want

Want

China

Holdings

Ltd

682

5,700

*

Weibo

Corp

(ADR)

97

164,000

Weichai

Power

Co

Ltd

155

34,600

Weichai

Power

Co

Ltd

(Class

A)

47

7,500

Weihai

Guangwei

Composites

Co

Ltd

88

86,140

*

Wens

Foodstuffs

Group

Co

Ltd

249

26,400

Western

Securities

Co

Ltd

22

5,887

Western

Superconducting

Technologies

Co

Ltd

88

292,000

Wharf

Holdings

Ltd

934

15,390

Will

Semiconductor

Ltd

173

17,000

Wingtech

Technology

Co

Ltd

113

17,050

Winning

Health

Technology

Group

Co

Ltd

17

694,000

Winteam

Pharmaceutical

Group

Ltd

241

33,300

Wuchan

Zhongda

Group

Co

Ltd

19

30,599

Wuhan

Guide

Infrared

Co

Ltd

50

15,100

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

37

51,335

Wuliangye

Yibin

Co

Ltd

1,221

23,550

WUS

Printed

Circuit

Kunshan

Co

Ltd

33

12,916

WuXi

AppTec

Co

Ltd

-

A

130

28,385

g

WuXi

AppTec

Co

Ltd

-

H

227

765,000

*,g

Wuxi

Biologics

Cayman,

Inc

4,554

4,320

Wuxi

Shangji

Automation

Co

Ltd

82

102,300

XCMG

Construction

Machinery

Co

Ltd

65

49,300

Xiamen

C

&

D,

Inc

96

3,000

Xiamen

Faratronic

Co

Ltd

67

3,200

Xiamen

Intretech,

Inc

8

20,600

Xiamen

Tungsten

Co

Ltd

65

1,219,800

*,g

Xiaomi

Corp

1,381

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

86

185,200

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

H

214

43,800

Xinjiang

Zhongtai

Chemical

Co

Ltd

41

1,244,863

Xinyi

Solar

Holdings

Ltd

1,307

142,457

*,e

XPeng,

Inc

(ADR)

1,702

291,500

XTEP

International

Holdings

307

98,000

g

Yadea

Group

Holdings

Ltd

157

6,300

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

44

28,700

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

132

348,000

e

Yanzhou

Coal

Mining

Co

Ltd

1,257

42,200

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

298

10,250

Yealink

Network

Technology

Corp

Ltd

91

2,682

Yifeng

Pharmacy

Chain

Co

Ltd

19

40,000

Yihai

International

Holding

Ltd

84

20,300

Yihai

Kerry

Arawana

Holdings

Co

Ltd

123

29,420

Yintai

Gold

Co

Ltd

53

5,300

YongXing

Special

Materials

Technology

Co

Ltd

92

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

183

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

18,459

Yonyou

Network

Technology

Co

Ltd

$

46

3,400

*

Youngy

Co

Ltd

54

17,300

YTO

Express

Group

Co

Ltd

50

13,500

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

26

330,200

Yuexiu

Property

Co

Ltd

398

353,675

Yum

China

Holdings,

Inc

16,739

17,180

Yunda

Holding

Co

Ltd

38

44,200

Yunnan

Aluminium

Co

Ltd

57

9,100

Yunnan

Baiyao

Group

Co

Ltd

67

3,200

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

78

11,708

Yunnan

Energy

New

Material

Co

Ltd

286

22,600

Yunnan

Tin

Co

Ltd

39

25,200

*

Yunnan

Yuntianhua

Co

Ltd

84

6,878

*

Zai

Lab

Ltd

(ADR)

235

19,900

Zangge

Mining

Co

Ltd

80

3,200

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

120

258,000

Zhaojin

Mining

Industry

Co

Ltd

177

20,000

Zhefu

Holding

Group

Co

Ltd

11

96,320

*

Zhejiang

Century

Huatong

Group

Co

Ltd

51

44,100

Zhejiang

China

Commodities

City

Group

Co

Ltd

28

30,400

Zhejiang

Chint

Electrics

Co

Ltd

114

38,000

Zhejiang

Dahua

Technology

Co

Ltd

69

6,060

Zhejiang

Dingli

Machinery

Co

Ltd

31

146,000

Zhejiang

Expressway

Co

Ltd

99

4,000

Zhejiang

HangKe

Technology,

Inc

Co

28

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

25

19,903

Zhejiang

Huayou

Cobalt

Co

Ltd

179

16,800

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

159

5,000

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

28

39,600

Zhejiang

Juhua

Co

Ltd

77

16,704

Zhejiang

NHU

Co

Ltd

52

2,107

Zhejiang

Orient

Gene

Biotech

Co

Ltd

22

27,981

Zhejiang

Satellite

Petrochemical

Co

Ltd

84

6,000

Zhejiang

Semir

Garment

Co

Ltd

4

3,100

Zhejiang

Supor

Co

Ltd

20

18,590

Zhejiang

Weiming

Environment

Protection

Co

Ltd

61

24,300

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

70

4,300

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

30

12,500

Zhejiang

Yongtai

Technology

Co

Ltd

40

18,500

Zheshang

Securities

Co

Ltd

25

60,200

*,e,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

134

6,800

Zhongji

Innolight

Co

Ltd

25

128,000

Zhongsheng

Group

Holdings

Ltd

508

67,400

Zhongtai

Securities

Co

Ltd

62

7,899

Zhuzhou

CRRC

Times

Electric

Co

Ltd

60

46,700

Zhuzhou

CSR

Times

Electric

Co

Ltd

195

2,900

Zhuzhou

Hongda

Electronics

Corp

Ltd

18

32,500

Zhuzhou

Kibing

Group

Co

Ltd

44

38,500

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

37

1,274,000

Zijin

Mining

Group

Co

Ltd

1,233

281,500

Zijin

Mining

Group

Co

Ltd

(Class

A)

310

91,600

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

71

122,400

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

H

42

51,900

ZTE

Corp

156

56,600

ZTE

Corp

(Class

H)

101

33,746

ZTO

Express

Cayman,

Inc

(ADR)

811

TOTAL

CHINA

510,859

COLOMBIA

-

0.0%

17,576

BanColombia

S.A.

119

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

184

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

34,344

BanColombia

S.A.

(Preference)

$

209

1,390,253

Ecopetrol

S.A.

625

95,112

Interconexion

Electrica

S.A.

340

TOTAL

COLOMBIA

1,293

CZECH

REPUBLIC

-

0.0%

35,358

CEZ

AS

1,212

6,142

Komercni

Banka

AS

154

19,718

g

Moneta

Money

Bank

AS

55

TOTAL

CZECH

REPUBLIC

1,421

DENMARK

-

0.5%

109,774

Carlsberg

AS

(Class

B)

12,836

806,973

Novo

Nordisk

AS

80,389

78,491

g

Orsted

AS

6,256

40,000

*

Zealand

Pharma

AS

909

TOTAL

DENMARK

100,390

EGYPT

-

0.0%

202,687

Commercial

International

Bank

260

384,062

Eastern

Tobacco

203

113,431

*

Egyptian

Financial

Group-Hermes

Holding

67

TOTAL

EGYPT

530

FINLAND

-

0.3%

2,714,562

Nordea

Bank

Abp

23,198

1,817,532

Nordea

Bank

Abp

15,555

396,186

Sampo

Oyj

(A

Shares)

16,914

84,339

Stora

Enso

Oyj

(R

Shares)

1,071

134,205

UPM-Kymmene

Oyj

4,259

TOTAL

FINLAND

60,997

FRANCE

-

2.5%

355,788

*

Accor

S.A.

7,449

101,436

Air

Liquide

11,594

968,674

e

Airbus

SE

83,500

278,451

Cap

Gemini

S.A.

44,580

458,766

e

Cie

Generale

des

Etablissements

Michelin

S.C.A

10,279

566,825

Compagnie

de

Saint-Gobain

20,267

298,570

Danone

14,118

130,459

Electricite

de

France

1,513

789,940

Engie

S.A.

9,092

248,449

Essilor

International

S.A.

33,770

12,503

*

Euroapi

S.A.

208

7,543

e

Gecina

S.A.

591

10,151

e

Icade

378

123,142

Kering

54,619

176,757

L'Oreal

S.A.

56,517

56,810

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

33,494

367,112

Orange

S.

A.

3,320

9,675

Pernod-Ricard

S.A.

1,775

247,565

Sanofi-Aventis

18,851

146,739

Teleperformance

37,225

555,046

Total

S.A.

26,040

448,410

Valeo

S.A.

6,775

123,075

Veolia

Environnement

2,352

1,610,146

Vivendi

Universal

S.A.

12,489

TOTAL

FRANCE

490,796

GERMANY

-

2.3%

67,379

Adidas-Salomon

AG.

7,746

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

185

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

48,446

Allianz

AG.

$

7,632

565,982

Aroundtown

S.A.

1,239

58,726

BASF

SE

2,254

2,462,786

Bayer

AG.

113,472

259,838

Beiersdorf

AG.

25,532

58,872

BioNTech

SE

(ADR)

7,941

728,656

*

Borussia

Dortmund

GmbH

&

Co

KGaA

2,358

127,342

Deutsche

Annington

Immobilien

SE

2,748

105,213

Deutsche

Boerse

AG.

17,247

705,850

Deutsche

Telekom

AG.

12,015

173,796

*

Dr

ING

hc

F

Porsche

AG.

14,052

2,370,272

E.ON

AG.

18,210

583,808

HeidelbergCement

AG.

23,063

382,531

*

HelloFresh

SE

8,007

40,416

Henkel

KGaA

2,291

1,926,200

Infineon

Technologies

AG.

42,153

13,203

LEG

Immobilien

AG.

788

1,073

OSRAM

Licht

AG.

55

744,374

*

Paion

AG.

556

1,822,238

RWE

AG.

66,978

788,523

Siemens

AG.

77,073

TOTAL

GERMANY

453,410

GREECE

-

0.0%

173,117

*

Alpha

Bank

AE

136

201,308

*

Eurobank

Ergasias

S.A.

168

5,760

*,†

FF

Group

0

^

46,334

Hellenic

Telecommunications

Organization

S.A.

673

23,133

JUMBO

S.A.

308

17,054

Mytilineos

Holdings

S.A.

233

40,629

*

National

Bank

of

Greece

S.A.

119

42,006

OPAP

S.A.

504

43,523

*

Public

Power

Corp

221

TOTAL

GREECE

2,362

HONG

KONG

-

0.3%

2,685,900

AIA

Group

Ltd

22,362

1,070,000

*

Alibaba

Pictures

Group

Ltd

55

291,600

Bank

of

East

Asia

Ltd

319

227,000

*,e

Cathay

Pacific

Airways

Ltd

239

110,730

CK

Infrastructure

Holdings

Ltd

565

344,500

CLP

Holdings

Ltd

2,604

753,000

Hang

Lung

Properties

Ltd

1,236

169,900

Hang

Seng

Bank

Ltd

2,581

282,000

Henderson

Land

Development

Co

Ltd

790

2,192,806

Hong

Kong

&

China

Gas

Ltd

1,931

255,212

Hong

Kong

Electric

Holdings

Ltd

1,279

267,682

Hong

Kong

Exchanges

and

Clearing

Ltd

9,150

471,500

e

Hongkong

Land

Holdings

Ltd

2,072

239,000

Kingboard

Laminates

Holdings

Ltd

214

282,900

Link

REIT

1,975

777,545

*

Melco

Crown

Entertainment

Ltd

(ADR)

5,155

329,000

New

World

Development

Co

Ltd

934

449,000

Nine

Dragons

Paper

Holdings

Ltd

279

29,000

Orient

Overseas

International

Ltd

505

605,440

Prudential

plc

5,926

841,250

Sino

Biopharmaceutical

394

285,500

Sun

Hung

Kai

Properties

Ltd

3,151

32,000

e

Vinda

International

Holdings

Ltd

75

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

186

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

234,000

Wharf

Real

Estate

Investment

Co

Ltd

$

1,061

TOTAL

HONG

KONG

64,852

HUNGARY

-

0.0%

102,568

MOL

Hungarian

Oil

&

Gas

plc

570

16,439

OTP

Bank

300

79,755

Richter

Gedeon

Rt

1,366

TOTAL

HUNGARY

2,236

INDIA

-

1.1%

60,557

Adani

Enterprises

Ltd

2,556

58,623

Adani

Gas

Ltd

2,391

66,870

*

Adani

Green

Energy

Ltd

1,840

113,081

Adani

Ports

&

Special

Economic

Zone

Ltd

1,133

164,646

*

Adani

Power

Ltd

748

59,189

*

Adani

Transmissions

Ltd

2,372

127,821

Ambuja

Cements

Ltd

806

53,700

Apollo

Hospitals

Enterprise

Ltd

2,873

83,585

Asian

Paints

Ltd

3,417

16,448

Associated

Cement

Co

Ltd

486

33,183

g

AU

Small

Finance

Bank

Ltd

251

21,745

Aurobindo

Pharma

Ltd

136

35,434

*,g

Avenue

Supermarts

Ltd

1,896

752,815

Axis

Bank

Ltd

6,731

60,052

Bajaj

Finance

Ltd

5,366

30,460

Bajaj

Finserv

Ltd

623

15,050

Bajaj

Holdings

and

Investment

Ltd

649

17,906

Balkrishna

Industries

Ltd

412

50,820

*,g

Bandhan

Bank

Ltd

165

51,179

Berger

Paints

India

Ltd

386

789,045

Bharat

Electronics

Ltd

973

51,372

Bharat

Forge

Ltd

436

208,470

Bharat

Petroleum

Corp

Ltd

776

476,046

Bharti

Airtel

Ltd

4,659

84,888

Biocon

Ltd

302

23,786

Britannia

Industries

Ltd

1,119

86,475

Cholamandalam

Investment

and

Finance

Co

Ltd

773

38,923

Cipla

Ltd

531

374,051

Coal

India

Ltd

969

26,213

Colgate-Palmolive

India

Ltd

524

58,973

Container

Corp

Of

India

Ltd

513

133,882

Dabur

India

Ltd

938

10,496

Divi

S

Laboratories

Ltd

475

134,234

DLF

Ltd

583

36,298

Dr

Reddy's

Laboratories

Ltd

1,921

30,004

Eicher

Motors

Ltd

1,344

649,179

GAIL

India

Ltd

690

81,603

*

Godrej

Consumer

Products

Ltd

909

26,346

*

Godrej

Properties

Ltd

383

55,918

Grasim

Industries

Ltd

1,145

49,877

Havells

India

Ltd

823

86,481

HCL

Technologies

Ltd

982

204,752

g

HDFC

Life

Insurance

Co

Ltd

1,328

25,455

Hero

Honda

Motors

Ltd

792

289,935

Hindalco

Industries

Ltd

1,374

179,809

Hindustan

Lever

Ltd

5,930

163,502

Hindustan

Petroleum

Corp

Ltd

432

303,829

Housing

Development

Finance

Corp

8,477

1,518,343

ICICI

Bank

Ltd

15,941

51,056

g

ICICI

Lombard

General

Insurance

Co

Ltd

719

74,185

g

ICICI

Prudential

Life

Insurance

Co

Ltd

476

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

187

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

719,776

Indian

Oil

Corp

Ltd

$

589

49,587

Indian

Railway

Catering

&

Tourism

Corp

Ltd

426

71,582

Indraprastha

Gas

Ltd

348

151,305

Indus

Towers

Ltd

365

16,416

Info

Edge

India

Ltd

772

661,966

Infosys

Technologies

Ltd

11,348

19,842

*,g

InterGlobe

Aviation

Ltd

450

645,266

ITC

Ltd

2,623

84,565

Jindal

Steel

&

Power

Ltd

441

152,824

JSW

Steel

Ltd

1,178

86,081

Jubilant

Foodworks

Ltd

653

44,227

Kotak

Mahindra

Bank

Ltd

982

11,340

g

Larsen

&

Toubro

Infotech

Ltd

614

149,048

Larsen

&

Toubro

Ltd

3,365

16,702

Lupin

Ltd

139

190,377

Mahindra

&

Mahindra

Ltd

2,945

111,556

Marico

Ltd

734

28,541

Maruti

Suzuki

India

Ltd

3,081

388,635

MindTree

Ltd

14,891

282,530

Motherson

Sumi

Systems

Ltd

376

171,835

Motherson

Sumi

Wiring

India

Lt

183

17,745

Mphasis

Ltd

450

415

MRF

Ltd

414

8,599

Muthoot

Finance

Ltd

109

7,372

Nestle

India

Ltd

1,729

870,226

NTPC

Ltd

1,700

1,242

Page

Industries

Ltd

770

192,980

Petronet

LNG

Ltd

472

15,779

PI

Industries

Ltd

578

32,653

Pidilite

Industries

Ltd

1,073

116,000

Piramal

Healthcare

Ltd

1,224

502,808

*,†

Piramal

Pharma

Ltd

1,354

697,691

Power

Grid

Corp

of

India

Ltd

1,812

654,111

Reliance

Industries

Ltd

18,984

18,630

SBI

Cards

&

Payment

Services

Ltd

208

95,156

g

SBI

Life

Insurance

Co

Ltd

1,454

179,267

Sesa

Sterlite

Ltd

588

2,383

Shree

Cement

Ltd

613

15,177

Shriram

Transport

Finance

Co

Ltd

222

14,964

Siemens

India

Ltd

507

31,260

SRF

Ltd

954

1,009,982

State

Bank

of

India

6,541

542,281

Sun

Pharmaceutical

Industries

Ltd

6,298

165,500

Tata

Consultancy

Services

Ltd

6,065

7,142

Tata

Elxsi

Ltd

743

364,161

*

Tata

Motors

Ltd

1,792

312,582

Tata

Power

Co

Ltd

825

1,570,308

*

Tata

Steel

Ltd

1,896

118,573

Tata

Tea

Ltd

1,166

46,669

Tech

Mahindra

Ltd

573

77,312

Titan

Industries

Ltd

2,458

22,100

Torrent

Pharmaceuticals

Ltd

421

38,969

Trent

Ltd

676

21,908

Ultra

Tech

Cement

Ltd

1,676

62,907

*

United

Spirits

Ltd

648

109,333

UPL

Ltd

897

108,861

Wipro

Ltd

522

897,144

*

Yes

Bank

Ltd

172

501,073

*

Zomato

Ltd

379

TOTAL

INDIA

207,940

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

188

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

INDONESIA

-

0.3%

3,512,500

Adaro

Energy

Tbk

$

906

1,786,200

*

ADARO

MINERALS

INDONESIA

TBK

PT

210

9,645,000

Astra

International

Tbk

PT

4,174

12,902,500

Bank

Central

Asia

Tbk

PT

7,203

331,300

*

Bank

Jago

Tbk

PT

143

78,002,193

Bank

Rakyat

Indonesia

22,829

488,700

Indofood

CBP

Sukses

Makmur

Tbk

277

4,415,500

Kalbe

Farma

Tbk

PT

530

2,547,088

*

Merdeka

Copper

Gold

Tbk

PT

656

1,724,800

PT

Aneka

Tambang

Tbk

219

4,733,447

PT

Bank

Mandiri

Persero

Tbk

2,906

8,947,100

PT

Bank

Negara

Indonesia

5,233

5,783,000

PT

Barito

Pacific

Tbk

301

1,623,500

PT

Charoen

Pokphand

Indonesia

Tbk

602

104,300

PT

Gudang

Garam

Tbk

157

590,900

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

349

945,200

PT

Indofood

Sukses

Makmur

Tbk

373

641,600

PT

Semen

Gresik

Persero

Tbk

314

3,637,900

PT

Sumber

Alfaria

Trijaya

Tbk

571

1,663,300

PT

Unilever

Indonesia

Tbk

526

374,300

PT

United

Tractors

Tbk

804

485,900

*

PT

Vale

Indonesia

Tbk

203

4,763,900

Sarana

Menara

Nusantara

Tbk

PT

385

10,913,000

Telkom

Indonesia

Persero

Tbk

PT

3,181

974,300

Tower

Bersama

Infrastructure

180

TOTAL

INDONESIA

53,232

IRELAND

-

0.6%

6,490,498

AIB

Group

plc

15,795

2,297,521

Bank

of

Ireland

Group

plc

14,736

1,316,453

CRH

plc

42,326

212,633

*,e

Flutter

Entertainment

plc

23,332

15,900

Kerry

Group

plc

(Class

A)

1,417

428,877

Keywords

Studios

plc

10,941

29,193

*

Prothena

Corp

plc

1,770

493,757

Smurfit

Kappa

Group

plc

14,121

TOTAL

IRELAND

124,438

ISRAEL

-

0.0%

252,281

Bank

Hapoalim

Ltd

2,130

322,797

Bank

Leumi

Le-Israel

2,757

258,613

Israel

Discount

Bank

Ltd

1,302

31,149

Mizrahi

Tefahot

Bank

Ltd

1,090

TOTAL

ISRAEL

7,279

ITALY

-

0.7%

421,320

e

Amplifon

S.p.A.

10,977

3,762,717

Davide

Campari-Milano

NV

33,291

8,700,024

Enel

S.p.A.

35,681

129,794

Ferrari

NV

24,036

711,662

Moncler

S.p.A

29,053

1,973,481

Prada

S.p.A

9,152

TOTAL

ITALY

142,190

JAPAN

-

5.0%

88,700

Acom

Co

Ltd

190

325

Activia

Properties

Inc

953

300

Aeon

Mall

Co

Ltd

3

340,000

Aisin

Seiki

Co

Ltd

8,752

10,508

*

All

Nippon

Airways

Co

Ltd

198

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

189

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,300

e

Aozora

Bank

Ltd

$

470

50,500

Asahi

Intecc

Co

Ltd

805

225,179

Asahi

Kasei

Corp

1,492

368,600

Astellas

Pharma,

Inc

4,883

12,700

Bank

of

Kyoto

Ltd

466

46,000

BayCurrent

Consulting,

Inc

11,934

445,100

Benefit

One,

Inc

6,239

70,737

Central

Japan

Railway

Co

8,304

117,800

Chiba

Bank

Ltd

638

157,900

Chubu

Electric

Power

Co,

Inc

1,420

228,400

Concordia

Financial

Group

Ltd

709

75,700

Daifuku

Co

Ltd

3,561

239,600

Dai-ichi

Mutual

Life

Insurance

Co

3,810

2,377,391

Daiichi

Sankyo

Co

Ltd

66,450

100,331

Daikin

Industries

Ltd

15,438

7,100

Daito

Trust

Construction

Co

Ltd

664

322

Daiwa

House

REIT

Investment

Corp

672

321,000

*,e

Daiwa

Securities

Group,

Inc

1,260

147,886

East

Japan

Railway

Co

7,584

350,000

Eisai

Co

Ltd

18,781

542,100

ENEOS

Holdings,

Inc

1,748

6,900

Fast

Retailing

Co

Ltd

3,657

38,200

Fukuoka

Financial

Group,

Inc

680

157,099

GMO

Payment

Gateway,

Inc

10,769

271,600

*

Hitachi

Construction

Machinery

Co

Ltd

5,048

2,345,364

*

Hitachi

Ltd

99,809

36,285

*

Hitachi

Metals

Ltd

546

155,200

Hulic

Co

Ltd

1,143

751

Hulic

Reit,

Inc

860

37,837

e

Idemitsu

Kosan

Co

Ltd

822

4,143,800

Infomart

Corp

12,514

166,874

Inpex

Holdings,

Inc

1,556

8

Invincible

Investment

Corp

3

371,700

Japan

Elevator

Service

Holdings

Co

Ltd

4,864

89,900

Japan

Post

Bank

Co

Ltd

628

350,000

Japan

Post

Holdings

Co

Ltd

2,319

50,000

Japan

Post

Insurance

Co

Ltd

700

4

Japan

Retail

Fund

Investment

Corp

3

215,840

Japan

Tobacco,

Inc

3,547

91,709

JFE

Holdings,

Inc

852

466,600

JGC

Corp

5,789

34,973

JSR

Corp

663

305,300

Kansai

Electric

Power

Co,

Inc

2,554

105,200

Kao

Corp

4,281

333,100

KDDI

Corp

9,739

66

Kenedix

Realty

Investment

Corp

311

200,000

M3,

Inc

5,584

206,100

Mebuki

Financial

Group

Inc

403

250,501

Mitsubishi

Chemical

Holdings

Corp

1,148

366,373

Mitsubishi

Estate

Co

Ltd

4,827

2,715,900

Mitsubishi

UFJ

Financial

Group,

Inc

12,303

89,500

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

385

854,900

Mitsui

&

Co

Ltd

18,192

32,801

Mitsui

Chemicals,

Inc

639

7,750

Mitsui

Fudosan

Co

Ltd

148

1,207

Mitsui

Fudosan

Logistics

Park,

Inc

4,131

536,000

Mizuho

Financial

Group,

Inc

5,802

1,268,150

MonotaRO

Co

Ltd

19,460

284

Mori

Hills

REIT

Investment

Corp

308

98,900

MS&AD

Insurance

Group

Holdings

Inc

2,619

171,700

Murata

Manufacturing

Co

Ltd

7,903

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

190

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,120,900

Nikon

Corp

$

10,623

1,390,000

Nintendo

Co

Ltd

56,065

141,100

Nippon

Paint

Co

Ltd

953

134,901

Nippon

Steel

Corp

1,872

260,000

Nippon

Telegraph

&

Telephone

Corp

7,013

21,639

Nissan

Chemical

Industries

Ltd

967

29,000

Nitto

Denko

Corp

1,570

698,600

*

Nomura

Holdings,

Inc

2,314

772

Nomura

Real

Estate

Master

Fund,

Inc

853

143,395

OJI

Paper

Co

Ltd

532

136,111

Omron

Corp

6,236

35,000

Oriental

Land

Co

Ltd

4,747

291,800

ORIX

Corp

4,088

522

Orix

JREIT,

Inc

668

113,200

Osaka

Securities

Exchange

Co

Ltd

1,530

167,200

Paltac

Corp

5,145

469,600

Panasonic

Corp

3,298

1,777,500

Recruit

Holdings

Co

Ltd

51,202

3,323,600

*,e

Renesas

Electronics

Corp

27,863

464,700

Resona

Holdings,

Inc

1,701

52,400

*

SBI

Holdings,

Inc

940

138,200

Sekisui

House

Ltd

2,289

106,800

Seven

&

I

Holdings

Co

Ltd

4,290

131,100

e

Seven

Bank

Ltd

235

106,298

*

SHIFT,

Inc

13,875

52,500

Shin-Etsu

Chemical

Co

Ltd

5,195

34,500

*,e

Shinsei

Bank

Ltd

496

22,800

Shiseido

Co

Ltd

799

92,600

Shizuoka

Bank

Ltd

569

485,300

SMS

Co

Ltd

9,804

74,600

Sompo

Holdings,

Inc

2,985

2,143,965

Sony

Corp

138,102

3,296

Star

Asia

Investment

Corp

1,275

281,200

Sumitomo

Chemical

Co

Ltd

967

93,001

Sumitomo

Heavy

Industries

Ltd

1,723

43,800

Sumitomo

Metal

Mining

Co

Ltd

1,255

1,441,201

Sumitomo

Mitsui

Financial

Group,

Inc

39,952

75,100

Sumitomo

Mitsui

Trust

Holdings,

Inc

2,136

20

Sumitomo

Realty

&

Development

Co

Ltd

0

^

119,400

T&D

Holdings,

Inc

1,135

21,182

Taiyo

Nippon

Sanso

Corp

335

439,900

Takeda

Pharmaceutical

Co

Ltd

11,423

646,697

TechnoPro

Holdings,

Inc

13,776

244,400

Terumo

Corp

6,870

420,600

Tokio

Marine

Holdings,

Inc

7,475

9,500

e

Tokyo

Century

Corp

304

313,900

*

Tokyo

Electric

Power

Co,

Inc

1,003

165,700

Tokyo

Gas

Co

Ltd

2,797

251,900

Tokyo

Tatemono

Co

Ltd

3,584

257,701

Toray

Industries,

Inc

1,268

51,721

Tosoh

Corp

576

7,180,610

*

Toyota

Motor

Corp

93,854

479

United

Urban

Investment

Corp

497

TOTAL

JAPAN

985,957

KOREA,

REPUBLIC

OF

-

0.9%

2,017

*

Alteogen,

Inc

63

6,893

Amorepacific

Corp

486

1,704

BGF

retail

Co

Ltd

196

6,679

Celltrion

Healthcare

Co

Ltd

313

1,230

*

Celltrion

Pharm

Inc

54

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

191

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

20,981

Celltrion,

Inc

$

2,546

13,773

Cheil

Communications,

Inc

217

1,771

CJ

CheilJedang

Corp

505

3,252

CJ

Corp

157

2,318

CJ

O

Shopping

Co

Ltd

122

62,427

*

Coupang,

Inc

1,041

12,148

Coway

Co

Ltd

454

10,162

Dongbu

Insurance

Co

Ltd

389

10,815

Doosan

Bobcat,

Inc

213

31,722

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

312

10,160

Ecopro

BM

Co

Ltd

615

4,481

E-Mart

Co

Ltd

260

3,554

F&F

Co

Ltd

337

432

Green

Cross

Corp

37

5,755

GS

Engineering

&

Construction

Corp

90

10,196

GS

Holdings

Corp

295

23,700

Hana

Financial

Group,

Inc

582

16,592

Hankook

Tire

Co

Ltd

405

540

Hanmi

Pharm

Co

Ltd

86

40,358

Hanon

Systems

233

24,635

*

Hanwha

Chemical

Corp

802

20,197

*

HLB,

Inc

598

3,905

Honam

Petrochemical

Corp

389

6,428

Hotel

Shilla

Co

Ltd

320

3,796

*

HYBE

Co

Ltd

353

234,977

Hynix

Semiconductor,

Inc

13,441

6,418

Hyundai

Engineering

&

Construction

Co

Ltd

166

4,080

Hyundai

Glovis

Co

Ltd

459

3,336

*

Hyundai

Heavy

Industries

168

3,705

*

Hyundai

Heavy

Industries

Co

Ltd

294

21,253

Hyundai

Merchant

Marine

Co

Ltd

271

14,182

Hyundai

Mobis

1,872

30,309

Hyundai

Motor

Co

3,699

7,938

Hyundai

Motor

Co

Ltd

(2nd

Preference)

461

5,066

Hyundai

Motor

Co

Ltd

(Preference)

296

3,920

Hyundai

Robotics

Co

Ltd

147

19,037

Hyundai

Steel

Co

370

4,675

Iljin

Materials

Co

Ltd

163

20,087

Industrial

Bank

of

Korea

133

24,714

Kakao

Corp

972

7,054

*

Kakao

Games

Corp

207

9,219

*

KakaoBank

Corp

128

20,505

*

Kangwon

Land,

Inc

335

198,307

KB

Financial

Group,

Inc

5,989

57,291

Kia

Motors

Corp

2,851

15,454

Korea

Aerospace

Industries

Ltd

521

20,623

Korea

Electric

Power

Corp

287

1,977

*

Korea

Express

Co

Ltd

124

3,074

Korea

Investment

Holdings

Co

Ltd

101

1,402

Korea

Kumho

Petrochemical

112

1,770

Korea

Zinc

Co

Ltd

732

13,896

*

Korean

Air

Lines

Co

Ltd

212

5,042

*,g

Krafton,

Inc

731

24,918

KT&G

Corp

1,505

4,825

L&F

Co

Ltd

587

104,792

LG

Chem

Ltd

38,693

1,675

LG

Chem

Ltd

(Preference)

292

20,597

LG

Corp

1,057

19,251

LG

Display

Co

Ltd

160

8,509

LG

Electronics,

Inc

462

5,004

*

LG

Energy

Solution

1,475

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

192

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,048

LG

Household

&

Health

Care

Ltd

$

898

482

LG

Household

&

Health

Care

Ltd

(Preference)

110

1,166

LG

Innotek

Co

Ltd

220

18,942

LG

Telecom

Ltd

142

953

Lotte

Shopping

Co

Ltd

57

5,997

Meritz

finance

Holdings

Co

Ltd

87

6,922

Meritz

Fire

&

Marine

Insurance

Co

Ltd

142

17,971

Meritz

Securities

Co

Ltd

46

24,262

Mirae

Asset

Daewoo

Co

Ltd

100

28,844

Naver

Corp

3,842

1,293

NCsoft

309

1,486

g

Netmarble

Corp

53

5,025

Orion

Corp/Republic

of

Korea

359

6,444

Pacific

Corp

120

21,826

Pan

Ocean

Co

Ltd

68

2,213

*

Pearl

Abyss

Corp

71

17,119

POSCO

2,497

5,640

POSCO

Refractories

&

Environment

Co

Ltd

583

4,276

S1

Corp

(Korea)

172

6,238

*,g

Samsung

Biologics

Co

Ltd

3,492

17,973

Samsung

C&T

Corp

1,288

4,445

Samsung

Electro-Mechanics

Co

Ltd

343

978,399

Samsung

Electronics

Co

Ltd

35,926

65,665

Samsung

Electronics

Co

Ltd

(Preference)

2,133

12,184

*

Samsung

Engineering

Co

Ltd

192

6,793

Samsung

Fire

&

Marine

Insurance

Co

Ltd

869

47,934

*

Samsung

Heavy

Industries

Co

Ltd

177

17,066

Samsung

Life

Insurance

Co

Ltd

739

32,601

Samsung

SDI

Co

Ltd

12,263

2,670

Samsung

SDS

Co

Ltd

213

4,996

Samsung

Securities

Co

Ltd

106

7,710

SD

Biosensor,

Inc

142

20,732

Seegene,

Inc

385

103,237

Shinhan

Financial

Group

Co

Ltd

2,398

4,538

*

SK

Biopharmaceuticals

Co

Ltd

179

4,878

*

SK

Bioscience

Co

Ltd

270

2,419

SK

Chemicals

Co

Ltd

152

8,614

SK

Holdings

Co

Ltd

1,144

5,054

*,g

SK

IE

Technology

Co

Ltd

183

12,060

*

SK

Innovation

Co

Ltd

1,195

21,271

*

SK

Square

Co

Ltd

531

4,267

SKC

Co

Ltd

246

10,386

S-Oil

Corp

587

43,709

Woori

Financial

Group,

Inc

324

11,674

Woori

Investment

&

Securities

Co

Ltd

73

3,885

Yuhan

Corp

147

TOTAL

KOREA,

REPUBLIC

OF

167,516

KUWAIT

-

0.1%

318,334

Agility

Public

Warehousing

Co

KSC

686

94,317

Boubyan

Bank

KSCP

233

135,152

Gulf

Bank

KSCP

131

1,129,322

Kuwait

Finance

House

3,063

136,467

Mabanee

Co

KPSC

379

511,320

Mobile

Telecommunications

Co

KSC

965

1,591,646

National

Bank

of

Kuwait

SAKP

5,014

TOTAL

KUWAIT

10,471

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

193

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

LUXEMBOURG

-

0.0%

10,712

Reinet

Investments

S.C.A

$

158

TOTAL

LUXEMBOURG

158

MACAU

-

0.0%

296,000

Galaxy

Entertainment

Group

Ltd

1,740

TOTAL

MACAU

1,740

MALAYSIA

-

0.1%

141,200

AMMB

Holdings

BHD

118

223,543

Axiata

Group

Bhd

126

526,402

Bumiputra-Commerce

Holdings

BHD

580

925,100

Dialog

Group

BHD

395

256,300

Digi.Com

BHD

186

17,400

Fraser

&

Neave

Holdings

BHD

81

461,900

Genting

BHD

445

614,000

Genting

Malaysia

BHD

368

110,600

HAP

Seng

Consolidated

BHD

146

131,400

Hartalega

Holdings

BHD

47

44,800

Hong

Leong

Bank

BHD

198

10,900

Hong

Leong

Credit

BHD

43

830,900

IHH

Healthcare

BHD

1,053

595,200

Inari

Amertron

BHD

319

527,100

IOI

Corp

BHD

427

91,430

Kuala

Lumpur

Kepong

BHD

407

1,074,024

Malayan

Banking

BHD

1,984

179,600

*

Malaysia

Airports

Holdings

BHD

216

187,200

Maxis

BHD

141

355,400

MISC

BHD

517

421,950

g

MR

DIY

Group

M

Bhd

178

15,000

Nestle

Malaysia

BHD

422

527,400

Petronas

Chemicals

Group

BHD

949

66,400

Petronas

Dagangan

BHD

287

212,700

Petronas

Gas

BHD

754

132,280

PPB

Group

BHD

459

733,400

Press

Metal

BHD

635

3,316,200

Public

Bank

BHD

3,018

166,350

QL

Resources

BHD

179

117,051

RHB

Capital

BHD

140

595,800

Sime

Darby

BHD

274

392,000

Sime

Darby

Plantation

BHD

345

1,153

SP

Setia

BHD

0

^

98,700

Telekom

Malaysia

BHD

116

593,800

Tenaga

Nasional

BHD

1,030

468,900

Top

Glove

Corp

BHD

63

TOTAL

MALAYSIA

16,646

MEXICO

-

0.1%

648,900

Alfa

S.A.

de

C.V.

(Class

A)

413

6,032,500

America

Movil

S.A.B.

de

C.V.

4,981

3,307,294

*

Cemex

S.A.

de

C.V.

1,140

119,435

Coca-Cola

Femsa

SAB

de

C.V.

698

95,800

Embotelladoras

Arca

SAB

de

C.V.

690

659,800

Fibra

Uno

Administracion

S.A.

de

C.V.

679

423,200

Fomento

Economico

Mexicano

S.A.

de

C.V.

2,652

43,830

e

Gruma

SAB

de

C.V.

420

75,800

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

958

39,565

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

779

288,000

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

1,015

104,100

e

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

381

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

194

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

206,800

Grupo

Financiero

Banorte

S.A.

de

C.V.

$

1,328

168,027

*,e

Grupo

Financiero

Inbursa

S.A.

266

660,200

e

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

2,233

525,500

e

Grupo

Televisa

S.A.

569

28,295

e

Industrias

Penoles

S.A.

de

C.V.

275

316,500

e

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

423

243,100

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

202

218,000

Orbia

Advance

Corp

SAB

de

C.V.

366

42,965

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

293

301,625

*

Sitios

Latinoamerica

SAB

de

C.V.

135

1,129,400

Wal-Mart

de

Mexico

SAB

de

C.V.

3,972

TOTAL

MEXICO

24,868

NETHERLANDS

-

2.2%

58,403

*,g

Adyen

NV

72,838

36

*

Argenx

SE

13

19,742

*

Argenx

SE

7,026

197,166

ASML

Holding

NV

81,682

123,845

g

Euronext

NV

7,838

60,878

Heineken

NV

5,316

8,677,777

ING

Groep

NV

74,355

266,423

Koninklijke

Ahold

Delhaize

NV

6,786

647,590

Koninklijke

KPN

NV

1,753

6,016,954

Shell

plc

149,268

1,610,146

e

Universal

Music

Group

NV

30,158

TOTAL

NETHERLANDS

437,033

NORWAY

-

0.7%

676,678

Aker

BP

ASA

19,424

3,368,414

Equinor

ASA

111,086

196,073

Gjensidige

Forsikring

BA

3,364

967,364

Norsk

Hydro

ASA

5,191

TOTAL

NORWAY

139,065

PERU

-

0.0%

46,000

e

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

309

16,000

Credicorp

Ltd

1,965

18,713

Southern

Copper

Corp

839

TOTAL

PERU

3,113

PHILIPPINES

-

0.1%

377,480

Aboitiz

Equity

Ventures,

Inc

345

1,832,650

AC

Energy

Corp

174

19,970

Ayala

Corp

209

1,589,470

Ayala

Land,

Inc

617

138,140

Bank

of

the

Philippine

Islands

210

155,730

BDO

Unibank,

Inc

295

493,700

*

Converge

ICT

Solutions,

Inc

110

2,245

Globe

Telecom,

Inc

77

21,224

GT

Capital

Holdings,

Inc

150

220,520

International

Container

Term

Services,

Inc

588

625,005

JG

Summit

Holdings

(Series

B)

447

93,000

Jollibee

Foods

Corp

363

53,630

Manila

Electric

Co

240

914,900

Metro

Pacific

Investments

Corp

52

156,263

Metropolitan

Bank

&

Trust

129

1,317,900

g

Monde

Nissin

Corp

273

7,240

PLDT,

Inc

186

5,826,950

Robinsons

Retail

Holdings,

Inc

5,437

19,140

SM

Investments

Corp

236

2,525,500

SM

Prime

Holdings

1,294

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

195

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

191,990

Universal

Robina

$

373

TOTAL

PHILIPPINES

11,805

POLAND

-

0.0%

74,107

*,g

Allegro.eu

S.A.

319

14,210

Bank

Pekao

S.A.

172

2,710

Bank

Zachodni

WBK

S.A.

107

1,008

BRE

Bank

S.A.

40

5,043

CD

Projekt

Red

S.A.

101

48,705

Cyfrowy

Polsat

S.A.

157

9,891

*,g

Dino

Polska

S.A.

599

28,512

KGHM

Polska

Miedz

S.A.

498

230

LPP

S.A.

359

190,814

*

PGE

Polska

Grupa

Energetyczna

S.A.

240

91,893

Polski

Koncern

Naftowy

Orlen

S.A.

986

460,727

Polskie

Gornictwo

Naftowe

i

Gazownictwo

S.A.

451

69,587

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

304

125,184

Powszechny

Zaklad

Ubezpieczen

S.A.

581

140,211

Telekomunikacja

Polska

S.A.

146

TOTAL

POLAND

5,060

PORTUGAL

-

0.1%

899,973

e

Jeronimo

Martins

SGPS

S.A.

16,761

TOTAL

PORTUGAL

16,761

QATAR

-

0.1%

435,959

Barwa

Real

Estate

Co

409

255,260

Commercial

Bank

of

Qatar

QSC

491

326,570

Industries

Qatar

QSC

1,508

440,764

Masraf

Al

Rayan

496

870,986

Mesaieed

Petrochemical

Holding

Co

557

188,734

Ooredoo

QSC

460

99,142

Qatar

Electricity

&

Water

Co

477

119,392

Qatar

Fuel

QSC

614

595,146

Qatar

Gas

Transport

Co

Ltd

668

56,911

Qatar

International

Islamic

Bank

QSC

169

131,307

Qatar

Islamic

Bank

SAQ

886

1,397,209

Qatar

National

Bank

7,605

TOTAL

QATAR

14,340

ROMANIA

-

0.0%

99,888

NEPI

Rockcastle

NV

445

TOTAL

ROMANIA

445

RUSSIA

-

0.0%

12,672

*,†,e

Ozon

Holdings

plc

(ADR)

0

^

211,169

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

2

TOTAL

RUSSIA

2

SAUDI

ARABIA

-

0.3%

16,913

ACWA

Power

Co

753

27,589

Advanced

Petrochemical

Co

326

467,594

*

Al

Rajhi

Bank

10,010

257,822

Alinma

Bank

2,466

56,905

Almarai

Co

JSC

801

47,678

Arab

National

Bank

388

38,591

*

Bank

AlBilad

484

31,970

Bank

Al-Jazira

190

126,783

Banque

Saudi

Fransi

1,401

12,382

Bupa

Arabia

for

Cooperative

Insurance

Co

552

43,498

*

Dar

Al

Arkan

Real

Estate

Development

Co

183

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

196

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

64,365

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

$

3,544

4,717

Elm

Co

394

33,529

*

Emaar

Economic

City

87

84,623

Etihad

Etisalat

Co

798

12,938

Jarir

Marketing

Co

572

102,367

*

Mobile

Telecommunications

Co

Saudi

Arabia

310

53,471

Mouwasat

Medical

Services

Co

2,803

384,517

National

Commercial

Bank

6,416

63,921

*

National

Industrialization

Co

228

94,702

*

Rabigh

Refining

&

Petrochemical

Co

346

372,551

Riyad

Bank

3,128

45,931

SABIC

Agri-Nutrients

Co

1,908

76,579

Sahara

International

Petrochemical

Co

837

182,084

*

Saudi

Arabian

Mining

Co

3,329

534,975

g

Saudi

Arabian

Oil

Co

5,093

195,934

Saudi

Basic

Industries

Corp

4,585

542,838

Saudi

British

Bank

5,613

186,653

Saudi

Electricity

Co

1,208

77,677

Saudi

Industrial

Investment

Group

467

96,202

Saudi

Investment

Bank

434

162,240

*

Saudi

Kayan

Petrochemical

Co

583

7,347

*

Saudi

Research

&

Marketing

Group

369

7,304

Saudi

Tadawul

Group

Holding

Co

388

326,759

Saudi

Telecom

Co

3,402

56,779

Savola

Group

425

56,990

Yanbu

National

Petrochemical

Co

694

TOTAL

SAUDI

ARABIA

65,515

SINGAPORE

-

0.2%

561,500

e

Ascendas

REIT

1,047

19,300

g

BOC

Aviation

Ltd

136

453,742

e

Capitaland

Investment

Ltd

1,092

67,304

e

CapitaMall

Trust

90

398,700

e

DBS

Group

Holdings

Ltd

9,223

342,024

*

Grab

Holdings

Ltd

900

784,010

*

Grab

Holdings

Ltd.

2,062

734,561

Oversea-Chinese

Banking

Corp

6,019

178,700

e

Singapore

Exchange

Ltd

1,172

1,627,100

e

Singapore

Telecommunications

Ltd

3,002

261,316

e

United

Overseas

Bank

Ltd

4,733

TOTAL

SINGAPORE

29,476

SOUTH

AFRICA

-

0.3%

67,553

Absa

Group

Ltd

656

19,521

e

African

Rainbow

Minerals

Ltd

264

11,604

Anglo

American

Platinum

Ltd

823

223,743

Anglo

American

plc

6,718

31,150

e

Aspen

Pharmacare

Holdings

Ltd

230

72,040

e

Bid

Corp

Ltd

1,110

62,340

e

Bidvest

Group

Ltd

677

50,741

Capitec

Bank

Holdings

Ltd

4,347

51,003

Clicks

Group

Ltd

804

105,226

*

Discovery

Holdings

Ltd

608

57,437

e

Exxaro

Resources

Ltd

638

1,159,701

FirstRand

Ltd

3,871

72,375

Foschini

Ltd

470

186,190

Gold

Fields

Ltd

1,502

727,917

Growthpoint

Properties

Ltd

474

108,946

Harmony

Gold

Mining

Co

Ltd

257

180,499

e

Impala

Platinum

Holdings

Ltd

1,678

13,546

Kumba

Iron

Ore

Ltd

287

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

197

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

55,280

Mr

Price

Group

Ltd

$

527

365,803

MTN

Group

Ltd

2,414

77,394

MultiChoice

Group

Ltd

494

46,513

Naspers

Ltd

(N

Shares)

5,769

36,747

Nedbank

Group

Ltd

406

69,123

*

Northam

Platinum

Holdings

Ltd

599

1,024,895

e

Old

Mutual

Ltd

551

340,873

g

Pepkor

Holdings

Ltd

391

112,917

Remgro

Ltd

828

382,902

Sanlam

Ltd

1,083

122,206

Sasol

Ltd

1,912

107,458

e

Shoprite

Holdings

Ltd

1,283

600,071

Sibanye

Stillwater

Ltd

1,377

41,563

Spar

Group

Ltd

329

684,554

Standard

Bank

Group

Ltd

5,408

139,493

Vodacom

Group

Pty

Ltd

937

210,099

Woolworths

Holdings

Ltd

706

TOTAL

SOUTH

AFRICA

50,428

SPAIN

-

0.4%

287,054

*

Amadeus

IT

Holding

S.A.

13,309

8,920,701

Banco

Bilbao

Vizcaya

Argentaria

S.A.

40,017

1,062,273

Iberdrola

S.A.

9,905

291,545

Industria

De

Diseno

Textil

S.A.

6,016

108,528

*,†,e

Let's

GOWEX

S.A.

1

15,573

Merlin

Properties

Socimi

S.A.

120

1,090,855

Telefonica

S.A.

3,606

TOTAL

SPAIN

72,974

SWEDEN

-

0.7%

1,150,718

Assa

Abloy

AB

21,560

221,210

Boliden

AB

6,834

116,434

g

Evolution

Gaming

Group

AB

9,204

362,208

*

Fastighets

AB

Balder

1,446

1,954,210

Hexagon

AB

18,251

532,161

Intrum

Justitia

AB

6,689

1,532,424

Sandvik

AB

20,889

26,421

*,e

SAS

AB

1

5,192,970

Swedish

Match

AB

51,367

TOTAL

SWEDEN

136,241

SWITZERLAND

-

1.0%

44,301

Alcon,

Inc

2,573

110,042

Cie

Financiere

Richemont

S.A.

10,387

575,199

Credit

Suisse

Group

2,275

4,635

Givaudan

S.A.

14,002

185,632

Lonza

Group

AG.

90,383

187,843

Novartis

AG.

14,321

9,431

PSP

Swiss

Property

AG.

943

9,470

Sonova

Holdings

AG

2,084

51,427

Straumann

Holding

AG.

4,704

9,431

Swiss

Prime

Site

AG.

751

175,108

TE

Connectivity

Ltd

19,325

826,021

UBS

Group

AG

11,984

72,269

Zurich

Insurance

Group

AG

28,810

TOTAL

SWITZERLAND

202,542

TAIWAN

-

1.8%

105,000

Accton

Technology

Corp

896

242,000

Acer,

Inc

167

33,391

Advantech

Co

Ltd

308

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

198

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

265,000

ASE

Technology

Holding

Co

Ltd

$

659

182,000

Asia

Cement

Corp

225

6,000

ASMedia

Technology,

Inc

124

57,000

Asustek

Computer,

Inc

418

661,000

AU

Optronics

Corp

302

55,189

Catcher

Technology

Co

Ltd

299

1,743,412

Cathay

Financial

Holding

Co

Ltd

2,185

287,671

Chailease

Holding

Co

Ltd

1,643

377,026

Chang

Hwa

Commercial

Bank

203

400,000

Cheng

Shin

Rubber

Industry

Co

Ltd

448

217,000

China

Airlines

133

1,237,844

China

Development

Financial

Holding

Corp

465

2,521,000

China

Steel

Corp

2,113

7,969,000

Chinatrust

Financial

Holding

Co

4,958

687,000

Chunghwa

Telecom

Co

Ltd

2,459

336,000

Compal

Electronics,

Inc

229

929,727

Dadi

Early-Childhood

Education

Group

Ltd

2,701

155,000

Delta

Electronics,

Inc

1,231

2,951,532

E.Sun

Financial

Holding

Co

Ltd

2,388

679,000

Eclat

Textile

Co

Ltd

8,337

14,000

eMemory

Technology,

Inc

496

209,000

Eva

Airways

Corp

185

80,292

Evergreen

Marine

Corp

Taiwan

Ltd

366

728,000

Far

Eastern

Textile

Co

Ltd

739

255,000

Far

EasTone

Telecommunications

Co

Ltd

580

93,040

Feng

TAY

Enterprise

Co

Ltd

460

834,228

First

Financial

Holding

Co

Ltd

681

770,000

Formosa

Chemicals

&

Fibre

Corp

1,670

265,000

Formosa

Petrochemical

Corp

689

898,000

Formosa

Plastics

Corp

2,444

593,979

Fubon

Financial

Holding

Co

Ltd

929

807,778

Fuhwa

Financial

Holdings

Co

Ltd

495

63,000

Giant

Manufacturing

Co

Ltd

406

17,000

Globalwafers

Co

Ltd

194

2,133,000

Hon

Hai

Precision

Industry

Co,

Ltd

6,830

1,934,278

Hota

Industrial

Manufacturing

Co

Ltd

5,559

64,000

Hotai

Motor

Co

Ltd

1,147

702,069

Hua

Nan

Financial

Holdings

Co

Ltd

490

809,000

InnoLux

Display

Corp

264

177,000

Inventec

Co

Ltd

127

7,604

Largan

Precision

Co

Ltd

399

161,000

Lite-On

Technology

Corp

323

713,242

MediaTek,

Inc

12,308

2,613,000

Mega

Financial

Holding

Co

Ltd

2,557

53,000

Micro-Star

International

Co

Ltd

178

13,400

momo.com,

Inc

224

1,033,000

Nan

Ya

Plastics

Corp

2,168

18,000

Nan

Ya

Printed

Circuit

Board

Corp

106

103,000

Nanya

Technology

Corp

158

35,000

Nien

Made

Enterprise

Co

Ltd

276

46,000

Novatek

Microelectronics

Corp

Ltd

315

160,000

Pegatron

Technology

Corp

294

496,000

Pou

Chen

Corp

443

637,000

Powerchip

Semiconductor

Manufacturing

Corp

569

123,000

President

Chain

Store

Corp

1,091

1,506,000

Prime

View

International

Co

Ltd

9,942

216,000

Quanta

Computer,

Inc

523

36,000

Realtek

Semiconductor

Corp

304

240,540

Ruentex

Development

Co

Ltd

387

282,999

Shanghai

Commercial

&

Savings

Bank

Ltd

437

2,875,684

Shin

Kong

Financial

Holding

Co

Ltd

740

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

199

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

811,623

SinoPac

Financial

Holdings

Co

Ltd

$

440

101,000

Synnex

Technology

International

Corp

167

859,908

Taishin

Financial

Holdings

Co

Ltd

370

476,579

Taiwan

Cement

Corp

508

774,545

Taiwan

Cooperative

Financial

Holding

638

400,000

Taiwan

High

Speed

Rail

Corp

358

236,000

Taiwan

Mobile

Co

Ltd

710

18,367,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

243,463

159,273

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

10,920

100,000

Unimicron

Technology

Corp

366

1,049,000

Uni-President

Enterprises

Corp

2,218

946,000

United

Microelectronics

Corp

1,059

72,000

Vanguard

International

Semiconductor

Corp

146

13,000

Voltronic

Power

Technology

Corp

572

541,650

Walsin

Lihwa

Corp

684

56,810

Wan

Hai

Lines

Ltd

118

28,000

Win

Semiconductors

Corp

108

247,000

Winbond

Electronics

Corp

152

17,000

Wiwynn

Corp

430

111,640

WPG

Holdings

Co

Ltd

163

34,339

Yageo

Corp

290

141,000

Yang

Ming

Marine

Transport

271

54,000

Zhen

Ding

Technology

Holding

Ltd

179

TOTAL

TAIWAN

355,714

TANZANIA,

UNITED

REPUBLIC

OF

-

0.0%

86,113

AngloGold

Ashanti

Ltd

1,176

TOTAL

TANZANIA,

UNITED

REPUBLIC

OF

1,176

THAILAND

-

0.1%

97,800

Advanced

Info

Service

PCL

504

919,700

Airports

of

Thailand

PCL

1,768

1,137,000

Asset

World

Corp

PCL

174

187,600

B

Grimm

Power

PCL

167

137,400

Bangkok

Commercial

Asset

Management

PCL

59

816,500

Bangkok

Dusit

Medical

Services

PCL

633

1,427,300

Bangkok

Expressway

&

Metro

PCL

347

276,400

Berli

Jucker

PCL

239

1,386,390

BTS

Group

Holdings

PCL

304

46,500

Bumrungrad

Hospital

PCL

279

57,900

Carabao

Group

PCL

130

425,500

Central

Pattana

PCL

732

384,075

Central

Retail

Corp

PCL

400

825,400

Charoen

Pokphand

Foods

PCL

547

1,260,200

CP

ALL

plc

1,863

25,100

Delta

Electronics

Thai

PCL

435

68,400

Electricity

Generating

PCL

299

354,297

Energy

Absolute

PCL

826

150,000

Global

Power

Synergy

Co

Ltd

252

614,230

Gulf

Energy

Development

PCL

851

1,240,700

Home

Product

Center

PCL

442

358,400

Indorama

Ventures

PCL

368

227,300

Intouch

Holdings

PCL

(Class

F)

437

126,700

JMT

Network

Services

PCL

228

54,100

Kasikornbank

PCL

(Foreign)

208

877,800

Krung

Thai

Bank

PCL

387

180,400

Krungthai

Card

PCL

274

1,884,800

Land

and

Houses

PCL

Co

Reg

443

663,400

*

Minor

International

PCL

463

88,100

Muangthai

Capital

PCL

84

271,000

Osotspa

PCL

195

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

200

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

336,500

PTT

Exploration

&

Production

PCL

$

1,435

556,100

PTT

Global

Chemical

PCL

609

694,200

PTT

Oil

&

Retail

Business

PCL

473

2,255,800

PTT

PCL

2,054

93,550

Ratch

Group

PCL

101

186,800

SCB

X

PCL

512

262,500

SCG

Packaging

PCL

360

172,300

Siam

Cement

PCL

1,486

123,800

Srisawad

Corp

PCL

140

329,902

h

Thai

Oil

PCL

447

599,900

Thai

Union

Group

PCL

297

924,600

True

Corp

PCL

123

TOTAL

THAILAND

22,375

TURKEY

-

0.0%

260,160

Akbank

TAS

159

147,932

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

233

103,316

BIM

Birlesik

Magazalar

AS

647

287,453

Eregli

Demir

ve

Celik

Fabrikalari

TAS

448

13,466

Ford

Otomotiv

Sanayi

AS

237

84,263

Haci

Omer

Sabanci

Holding

AS

117

147,492

KOC

Holding

AS

359

114,944

*

Turk

Hava

Yollari

436

271,872

Turkcell

Iletisim

Hizmet

AS

289

274,528

Turkiye

Is

Bankasi

(Series

C)

111

32,188

*

Turkiye

Petrol

Rafinerileri

AS

501

285,972

Turkiye

Sise

ve

Cam

Fabrikalari

AS

393

TOTAL

TURKEY

3,930

UNITED

ARAB

EMIRATES

-

0.1%

216,868

Abu

Dhabi

Commercial

Bank

PJSC

532

116,806

Abu

Dhabi

Islamic

Bank

PJSC

287

689,316

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

833

819,504

Aldar

Properties

PJSC

936

227,216

Dubai

Islamic

Bank

PJSC

369

870,567

Emaar

Properties

PJSC

1,366

149,079

Emirates

NBD

Bank

PJSC

521

744,922

Emirates

Telecommunications

Group

Co

PJSC

4,735

1,000,892

National

Bank

of

Abu

Dhabi

PJSC

4,855

5,358

*,†

NMC

Health

plc

0

^

TOTAL

UNITED

ARAB

EMIRATES

14,434

UNITED

KINGDOM

-

4.1%

586,411

Allfunds

Group

PLC

4,286

1,338,791

Ashtead

Group

plc

60,125

144,759

Associated

British

Foods

plc

2,023

1,367,385

AstraZeneca

plc

150,316

7,840,489

Barclays

plc

12,475

1,994,150

Beazley

plc

12,431

122,628

Big

Yellow

Group

plc

1,451

2,667,015

BP

plc

12,744

678,320

British

American

Tobacco

plc

24,323

282,990

British

Land

Co

plc

1,096

100,735

*

Coca-Cola

European

Partners

plc

(Class

A)

4,293

682,496

Compass

Group

plc

13,590

2,971,182

*,e

Darktrace

plc

9,704

308,987

Dechra

Pharmaceuticals

plc

8,973

37,730

Derwent

London

plc

851

2,377,186

Diageo

plc

100,064

1,927,917

Electrocomponents

plc

20,580

879,642

Fevertree

Drinks

plc

8,140

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

201

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

188,659

Great

Portland

Estates

plc

$

920

1,141,780

*

Haleon

plc

3,560

321,329

Informa

plc

1,837

212,656

*,g

Just

Eat

Takeaway.com

NV

3,299

207,525

e

Land

Securities

Group

plc

1,199

113,128

*

Liberty

Global

plc

(Class

A)

1,764

22,153

*

Liberty

Global

plc

(Class

C)

365

233,703

Linde

plc

63,004

393,685

Linde

plc

(Xetra)

106,583

14,936,518

Lloyds

TSB

Group

plc

6,751

144,510

London

Stock

Exchange

Group

plc

12,204

6,241,496

Man

Group

plc

15,454

768,550

National

Grid

plc

7,911

2,004,379

NatWest

Group

plc

4,992

34,169

Next

plc

1,814

150,109

Reckitt

Benckiser

Group

plc

9,949

805,037

RELX

plc

19,621

257,856

RELX

plc

6,301

150,926

Safestore

Holdings

plc

1,405

209,916

Scottish

&

Southern

Energy

plc

3,545

243,033

Segro

plc

2,028

1,916,982

Standard

Chartered

plc

11,990

18,734,332

Tesco

plc

42,997

1,499,840

*,e

THG

Holdings

Ltd

626

5,371,958

Tritax

Big

Box

REIT

plc

8,107

434,708

Unilever

plc

19,101

5,431,796

Vodafone

Group

plc

6,079

269,376

WPP

plc

2,224

TOTAL

UNITED

KINGDOM

813,095

UNITED

STATES

-

63.5%

65,001

3M

Co

7,183

553

A.O.

Smith

Corp

27

895,364

Abbott

Laboratories

86,635

1,097,090

AbbVie,

Inc

147,240

192

*

Abiomed,

Inc

47

268,935

Accenture

plc

69,197

3,278

Activision

Blizzard,

Inc

244

15,135

*

Adobe,

Inc

4,165

257

Advance

Auto

Parts,

Inc

40

1,667,784

*

Advanced

Micro

Devices,

Inc

105,671

2,808

AES

Corp

63

800

*,e

Affirm

Holdings,

Inc

15

41,553

Aflac,

Inc

2,335

1,264

Agilent

Technologies,

Inc

154

11,000

Agree

Realty

Corp

743

65,113

Air

Products

&

Chemicals,

Inc

15,154

1,586

*

Airbnb,

Inc

167

675

*

Akamai

Technologies,

Inc

54

49,048

Albemarle

Corp

12,970

149,437

Alcoa

Corp

5,030

60,071

Alexandria

Real

Estate

Equities,

Inc

8,421

315

*

Align

Technology,

Inc

65

3,285

*

Alleghany

Corp

2,757

371

Allegion

plc

33

451,106

Alliant

Energy

Corp

23,904

19,267

Allstate

Corp

2,399

1,402

Ally

Financial,

Inc

39

58,344

*

Alnylam

Pharmaceuticals,

Inc

11,678

1,982,413

*

Alphabet,

Inc

(Class

A)

189,618

2,064,120

*

Alphabet,

Inc

(Class

C)

198,465

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

202

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,299,480

*,n

Altimmune,

Inc

$

16,594

342,641

Altria

Group,

Inc

13,836

3,636,283

*

Amazon.com,

Inc

410,900

2,162

*,e

AMC

Entertainment

Holdings,

Inc

15

2,162

*

AMC

Entertainment

Holdings,

Inc

6

6,369

Amcor

plc

68

41

Amerco,

Inc

21

288,748

Ameren

Corp

23,259

327,255

American

Electric

Power

Co,

Inc

28,291

244,835

American

Express

Co

33,031

304

American

Financial

Group,

Inc

37

279,442

American

Homes

4

Rent

9,169

523,367

American

International

Group,

Inc

24,849

91,442

American

Tower

Corp

19,633

765

American

Water

Works

Co,

Inc

100

85,456

Americold

Realty

Trust

2,102

73,816

Ameriprise

Financial,

Inc

18,598

59,014

AmerisourceBergen

Corp

7,986

975

Ametek,

Inc

111

104,540

Amgen,

Inc

23,563

2,520

Amphenol

Corp

(Class

A)

169

2,202

Analog

Devices,

Inc

307

1,641

Annaly

Capital

Management,

Inc

28

367

*

Ansys,

Inc

81

3,066,786

*

Antero

Resources

Corp

93,629

42,702

Aon

plc

11,439

1,460

APA

Corp

50

1,682

Apollo

Global

Management,

Inc

78

5,331,264

d

Apple,

Inc

736,781

3,643

Applied

Materials,

Inc

298

500

*,e

AppLovin

Corp

10

31,391

*

Aptiv

plc

2,455

972

ARAMARK

Holdings

Corp

30

59,816

*

Arch

Capital

Group

Ltd

2,724

2,365

Archer-Daniels-Midland

Co

190

1,036

*

Arista

Networks,

Inc

117

285

*

Arrow

Electronics,

Inc

26

877

Arthur

J.

Gallagher

&

Co

150

232

Assurant,

Inc

34

2,013,196

AT&T,

Inc

30,882

259,712

*

Atlassian

Corp

plc

54,693

570

Atmos

Energy

Corp

58

926

*

Autodesk,

Inc

173

323,019

Automatic

Data

Processing,

Inc

73,064

1,935

*

AutoZone,

Inc

4,145

368

*

Avalara,

Inc

34

45,039

AvalonBay

Communities,

Inc

8,296

20,182

*

Avantor,

Inc

396

31,786

Avery

Dennison

Corp

5,172

4,011

Baker

Hughes

Co

84

1,353

Ball

Corp

65

1,516,560

Bank

of

America

Corp

45,800

595,649

Bank

of

New

York

Mellon

Corp

22,944

1,084

Bath

&

Body

Works,

Inc

35

75,155

Baxter

International,

Inc

4,048

58,310

Becton

Dickinson

&

Co

12,993

802

Bentley

Systems,

Inc

25

361,515

*

Berkshire

Hathaway,

Inc

(Class

B)

96,532

27,169

Best

Buy

Co,

Inc

1,721

392

*

Bill.Com

Holdings,

Inc

52

30,618

*

Biogen,

Inc

8,175

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

203

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

774

*

BioMarin

Pharmaceutical,

Inc

$

66

18,720

*

Bio-Rad

Laboratories,

Inc

(Class

A)

7,809

165

Bio-Techne

Corp

47

653

*

Black

Knight,

Inc

42

39,349

BlackRock,

Inc

21,653

143,933

Blackstone,

Inc

12,047

2,181

*

Block,

Inc

120

255,452

*

Boeing

Co

30,930

6,630

*

Booking

Holdings,

Inc

10,894

561

Booz

Allen

Hamilton

Holding

Co

52

1,010

BorgWarner,

Inc

32

22,320

Boston

Properties,

Inc

1,673

1,910,350

*

Boston

Scientific

Corp

73,988

1,975,237

Bristol-Myers

Squibb

Co

140,420

349,437

Broadcom,

Inc

155,154

491

Broadridge

Financial

Solutions,

Inc

71

1,009

Brown

&

Brown,

Inc

61

1,303

Brown-Forman

Corp

(Class

B)

87

80,031

Bunge

Ltd

6,608

59,978

*

Burlington

Stores,

Inc

6,711

23

Cable

One,

Inc

20

191,225

Cabot

Oil

&

Gas

Corp

4,995

1,167

*

Cadence

Design

Systems,

Inc

191

901

*

Caesars

Entertainment,

Inc

29

413

Camden

Property

Trust

49

889

Campbell

Soup

Co

42

2,382

Capital

One

Financial

Corp

220

1,166

Cardinal

Health,

Inc

78

218

Carlisle

Cos,

Inc

61

825

Carlyle

Group,

Inc

21

680

*

CarMax,

Inc

45

79,123

*

Carnival

Corp

556

1,539,990

Carrier

Global

Corp

54,762

50,084

*

Catalent,

Inc

3,624

477,952

Caterpillar,

Inc

78,422

449

CBOE

Global

Markets,

Inc

53

1,408

CBRE

Group,

Inc

95

424,451

CDW

Corp

66,248

26,455

Celanese

Corp

(Series

A)

2,390

294,491

*

Centene

Corp

22,914

765,984

Centerpoint

Energy,

Inc

21,585

576

*

Ceridian

HCM

Holding,

Inc

32

41,220

CF

Industries

Holdings,

Inc

3,967

542

CH

Robinson

Worldwide,

Inc

52

3,241

*

Charles

River

Laboratories

International,

Inc

638

524,165

Charles

Schwab

Corp

37,672

34,816

*

Charter

Communications,

Inc

10,561

67,857

Cheniere

Energy,

Inc

11,258

389,906

Chevron

Corp

56,018

380

*,e

Chewy,

Inc

12

3,463

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

5,204

362,680

Chubb

Ltd

65,964

1,021

Church

&

Dwight

Co,

Inc

73

155,931

Cigna

Corp

43,266

641

Cincinnati

Financial

Corp

57

393

Cintas

Corp

153

1,552,842

Cisco

Systems,

Inc

62,114

67,487

Citigroup,

Inc

2,812

555,787

Citizens

Financial

Group,

Inc

19,097

528

Citrix

Systems,

Inc

55

1,300

*

Clarivate

Analytics

plc

12

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

204

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

2,206

*

Cleveland-Cliffs,

Inc

$

30

26,695

Clorox

Co

3,427

1,052

*

Cloudflare,

Inc

58

76,557

CME

Group,

Inc

13,561

57,337

CMS

Energy

Corp

3,339

2,874,709

Coca-Cola

Co

161,041

732

Cognex

Corp

30

2,207

Cognizant

Technology

Solutions

Corp

(Class

A)

127

504

*

Coinbase

Global,

Inc

33

209,489

Colgate-Palmolive

Co

14,717

1,277,566

Comcast

Corp

(Class

A)

37,471

253,470

ConAgra

Brands,

Inc

8,271

698,359

ConocoPhillips

71,470

1,490

Consolidated

Edison,

Inc

128

61,618

Constellation

Brands,

Inc

(Class

A)

14,152

89,645

Constellation

Energy

Corp

7,458

25,716

Cooper

Cos,

Inc

6,786

898

*

Copart,

Inc

96

500,000

*

Corebridge

Financial,

Inc

9,845

3,381

Corning,

Inc

98

1,559,880

Corteva,

Inc

89,147

1,662

*

CoStar

Group,

Inc

116

371,733

Costco

Wholesale

Corp

175,558

9,319

*

Coty,

Inc

59

314

*

Coupa

Software,

Inc

18

832

*

Crowdstrike

Holdings,

Inc

137

188,559

Crown

Castle

International

Corp

27,256

892,467

Crown

Holdings,

Inc

72,317

470,737

CSX

Corp

12,540

13,564

Cummins,

Inc

2,760

578,317

CVS

Health

Corp

55,154

240,223

Danaher

Corp

62,047

32,101

Darden

Restaurants,

Inc

4,055

1,011

*

Datadog,

Inc

90

243

*

DaVita,

Inc

20

168,735

Deere

&

Co

56,339

1,220

Dell

Technologies,

Inc

42

222,458

*

Delta

Air

Lines,

Inc

6,242

920

Dentsply

Sirona,

Inc

26

22,347

Devon

Energy

Corp

1,344

165,607

*

Dexcom,

Inc

13,338

558,971

Diamondback

Energy,

Inc

67,334

39,648

Digital

Realty

Trust,

Inc

3,932

196,347

Discover

Financial

Services

17,852

58,117

*

DISH

Network

Corp

(Class

A)

804

833

*

DocuSign,

Inc

45

44,487

Dollar

General

Corp

10,671

71,144

*

Dollar

Tree,

Inc

9,683

417,018

Dominion

Energy,

Inc

28,820

153

Domino's

Pizza,

Inc

47

754

*

DoorDash,

Inc

37

606

Dover

Corp

71

117,650

Dow,

Inc

5,168

1,416

DR

Horton,

Inc

95

1,212

*

Dropbox,

Inc

25

815

DTE

Energy

Co

94

194,096

Duke

Energy

Corp

18,055

50,215

Duke

Realty

Corp

2,420

740,197

DuPont

de

Nemours,

Inc

37,306

842

*

Dynatrace,

Inc

29

11,741

Eastman

Chemical

Co

834

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

205

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

393,406

Eaton

Corp

$

52,465

189,502

eBay,

Inc

6,976

45,961

Ecolab,

Inc

6,638

97,990

Edison

International

5,544

305,897

*

Edwards

Lifesciences

Corp

25,276

1,792

*

Elanco

Animal

Health,

Inc

22

1,183

Electronic

Arts,

Inc

137

109,710

Elevance

Health,

Inc

49,835

232,273

Eli

Lilly

&

Co

75,105

2,499

Emerson

Electric

Co

183

564

*

Enphase

Energy,

Inc

157

634

Entegris,

Inc

53

50,281

Entergy

Corp

5,060

250,244

EOG

Resources,

Inc

27,960

239

*

EPAM

Systems,

Inc

87

1,426

EQT

Corp

58

514

Equifax,

Inc

88

9,752

Equinix,

Inc

5,547

962,992

Equitable

Holdings,

Inc

25,375

144,339

Equity

Lifestyle

Properties,

Inc

9,070

90,806

Equity

Residential

6,104

107

Erie

Indemnity

Co

(Class

A)

24

1,010

Essential

Utilities

Inc

42

15,275

Essex

Property

Trust,

Inc

3,700

85,686

Estee

Lauder

Cos

(Class

A)

18,500

8,425

*

Etsy,

Inc

844

51,970

Everest

Re

Group

Ltd

13,639

965

Evergy,

Inc

57

1,449

Eversource

Energy

113

733

*

Exact

Sciences

Corp

24

272,507

Exelon

Corp

10,208

30,288

*

Expedia

Group,

Inc

2,838

713

Expeditors

International

of

Washington,

Inc

63

28,860

Extra

Space

Storage,

Inc

4,984

2,614,092

Exxon

Mobil

Corp

228,236

256

*

F5

Networks,

Inc

37

159

Factset

Research

Systems,

Inc

64

111

*

Fair

Isaac

Corp

46

2,422

Fastenal

Co

112

4,377

FedEx

Corp

650

116,158

Ferguson

plc

12,049

1,133

Fidelity

National

Financial

Inc

41

2,565

Fidelity

National

Information

Services,

Inc

194

1,056,515

Fifth

Third

Bancorp

33,766

50

First

Citizens

Bancshares,

Inc

(Class

A)

40

157,396

First

Republic

Bank

20,548

640,998

FirstEnergy

Corp

23,717

16,202

*

Fiserv,

Inc

1,516

325

*

FleetCor

Technologies,

Inc

57

179,303

Flowserve

Corp

4,357

529

FMC

Corp

56

16,550

Ford

Motor

Co

185

2,875

*

Fortinet,

Inc

141

512,610

Fortive

Corp

29,885

565

Fortune

Brands

Home

&

Security,

Inc

30

1,329

Fox

Corp

(Class

A)

41

624

Fox

Corp

(Class

B)

18

1,268

Franklin

Resources,

Inc

27

3,756,168

Freeport-McMoRan,

Inc

(Class

B)

102,656

87,469

Gaming

and

Leisure

Properties,

Inc

3,870

649

Garmin

Ltd

52

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

206

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

190,979

*

Gartner,

Inc

$

52,842

268

*

Generac

Holdings,

Inc

48

993

General

Dynamics

Corp

211

4,625

General

Electric

Co

286

69,770

General

Mills,

Inc

5,345

5,808

General

Motors

Co

186

597

Genuine

Parts

Co

89

437,163

Gilead

Sciences,

Inc

26,969

88,290

Global

Payments,

Inc

9,540

135,366

Globe

Life,

Inc

13,496

703

*

GoDaddy,

Inc

50

172,662

Goldman

Sachs

Group,

Inc

50,599

513,423

GSK

plc

7,415

333

*

Guidewire

Software,

Inc

21

1,227,193

Halliburton

Co

30,214

206,019

Hartford

Financial

Services

Group,

Inc

12,761

555

Hasbro,

Inc

37

7,456

HCA

Healthcare,

Inc

1,370

26,603

Healthcare

Realty

Trust,

Inc

555

148,976

Healthpeak

Properties

Inc

3,415

183

HEICO

Corp

26

308

HEICO

Corp

(Class

A)

35

121,656

Helmerich

&

Payne,

Inc

4,498

577

*

Henry

Schein,

Inc

38

613

Hershey

Co

135

187,922

Hess

Corp

20,482

5,474

Hewlett

Packard

Enterprise

Co

66

1,174

Hilton

Worldwide

Holdings,

Inc

142

40,540

*

Hologic,

Inc

2,616

655,446

Home

Depot,

Inc

180,864

728,942

Honeywell

International,

Inc

121,711

105,850

*

Horizon

Therapeutics

Plc

6,551

1,256

Hormel

Foods

Corp

57

153,931

Host

Hotels

and

Resorts,

Inc

2,444

1,586

Howmet

Aerospace,

Inc

49

4,432

HP,

Inc

110

191,665

Hubbell,

Inc

42,741

190

*

HubSpot,

Inc

51

24,689

Humana,

Inc

11,979

6,051

Huntington

Bancshares,

Inc

80

168

Huntington

Ingalls

37

335

*

IAC

19

320

IDEX

Corp

64

13,354

*

IDEXX

Laboratories,

Inc

4,351

35,892

Illinois

Tool

Works,

Inc

6,484

71,790

*

Illumina,

Inc

13,697

792

*

Incyte

Corp

53

53,000

Independence

Realty

Trust,

Inc

887

803,923

Ingersoll

Rand,

Inc

34,778

12,372

Innovative

Industrial

Properties,

Inc

1,095

291

*

Insulet

Corp

67

1,312,901

Intel

Corp

33,833

257,493

Intercontinental

Exchange

Group,

Inc

23,265

3,784

International

Business

Machines

Corp

450

549,079

International

Flavors

&

Fragrances,

Inc

49,873

61,581

International

Paper

Co

1,952

208,552

Interpublic

Group

of

Cos,

Inc

5,339

193,790

Intuit,

Inc

75,059

125,952

*

Intuitive

Surgical,

Inc

23,608

1,454

Invesco

Ltd

20

52,557

Invitation

Homes,

Inc

1,775

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

207

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

78,603

*

IQVIA

Holdings,

Inc

$

14,238

1,219

Iron

Mountain,

Inc

54

206,111

e

iShares

MSCI

Canada

Index

Fund

6,340

50,632

e

iShares

MSCI

South

Korea

Index

Fund

2,398

456

J.M.

Smucker

Co

63

306

Jack

Henry

&

Associates,

Inc

56

544

Jacobs

Solutions,

Inc

59

259

*

Jazz

Pharmaceuticals

plc

35

4,718

JB

Hunt

Transport

Services,

Inc

738

168,300

JBS

S.A.

784

722,732

Johnson

&

Johnson

118,066

2,956

Johnson

Controls

International

plc

146

1,170,120

JPMorgan

Chase

&

Co

122,278

1,358

Juniper

Networks,

Inc

35

1,078

Kellogg

Co

75

1,344,541

Keurig

Dr

Pepper,

Inc

48,161

3,904

Keycorp

63

769

*

Keysight

Technologies,

Inc

121

18,864

Kilroy

Realty

Corp

794

89,751

Kimberly-Clark

Corp

10,101

2,595

Kimco

Realty

Corp

48

471,769

Kinder

Morgan,

Inc

7,850

30,905

KKR

&

Co,

Inc

1,329

315,425

KLA

Corp

95,457

664

Knight-Swift

Transportation

Holdings,

Inc

32

297,889

Kraft

Heinz

Co

9,935

212,168

Kroger

Co

9,282

812

L3Harris

Technologies,

Inc

169

393

Laboratory

Corp

of

America

Holdings

80

587

Lam

Research

Corp

215

158,751

*

Las

Vegas

Sands

Corp

5,956

251

Lear

Corp

30

10,271

*

Legend

Biotech

Corp

(ADR)

419

562

Leidos

Holdings,

Inc

49

1,100

Lennar

Corp

(Class

A)

82

139

Lennox

International,

Inc

31

569

*

Liberty

Broadband

Corp

(Class

C)

42

821

*

Liberty

Media

Group

(Class

C)

48

319

Liberty

SiriusXM

Group

(Class

A)

12

701

*

Liberty

SiriusXM

Group

(Class

C)

26

689

Lincoln

National

Corp

30

709

*

Live

Nation,

Inc

54

1,139

LKQ

Corp

54

1,004

Lockheed

Martin

Corp

388

888

Loews

Corp

44

272,771

Lowe's

Companies,

Inc

51,229

337

LPL

Financial

Holdings,

Inc

74

1,739

*,e

Lucid

Group,

Inc

24

128,215

*

Lululemon

Athletica,

Inc

35,844

3,875

Lumen

Technologies,

Inc

28

1,287

*

Lyft,

Inc

(Class

A)

17

5,897

LyondellBasell

Industries

NV

444

192,346

M&T

Bank

Corp

33,914

3,023

Marathon

Oil

Corp

68

199,669

Marathon

Petroleum

Corp

19,833

57

*

Markel

Corp

62

159

MarketAxess

Holdings,

Inc

35

16,949

Marriott

International,

Inc

(Class

A)

2,375

114,957

Marsh

&

McLennan

Cos,

Inc

17,162

263

Martin

Marietta

Materials,

Inc

85

3,550

Marvell

Technology,

Inc

152

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

208

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,010

Masco

Corp

$

47

221

*

Masimo

Corp

31

510,975

Mastercard,

Inc

(Class

A)

145,291

1,200

*

Match

Group,

Inc

57

1,051

McCormick

&

Co,

Inc

75

648,308

McDonald's

Corp

149,591

70,858

McKesson

Corp

24,083

2,511

Medical

Properties

Trust,

Inc

30

1,001,051

Medtronic

plc

80,835

1,361,376

Merck

&

Co,

Inc

117,242

569,393

*

Meta

Platforms,

Inc

77,255

252,532

Metlife,

Inc

15,349

583

*

Mettler-Toledo

International,

Inc

632

1,478

MGM

Resorts

International

44

2,339

Microchip

Technology,

Inc

143

4,712

Micron

Technology,

Inc

236

3,204,808

Microsoft

Corp

746,400

23,120

Mid-America

Apartment

Communities,

Inc

3,585

7,817

*

Moderna,

Inc

924

219

*

Mohawk

Industries,

Inc

20

246

*

Molina

Healthcare,

Inc

81

760

Molson

Coors

Brewing

Co

(Class

B)

36

694,754

Mondelez

International,

Inc

38,093

281

*

MongoDB,

Inc

56

186

Monolithic

Power

Systems,

Inc

68

934,035

*

Monster

Beverage

Corp

81,224

701

Moody's

Corp

170

1,413,838

Morgan

Stanley

111,707

5,833

Mosaic

Co

282

708

Motorola

Solutions,

Inc

159

2,938

MSCI,

Inc

(Class

A)

1,239

1,452

Nasdaq

Inc

82

52,173

National

Storage

Affiliates

Trust

2,169

631,878

Nestle

S.A.

68,342

935

NetApp,

Inc

58

99,638

*

Netflix,

Inc

23,459

401

*

Neurocrine

Biosciences,

Inc

43

1,701

Newell

Brands

Inc

24

69,441

Newmont

Goldcorp

Corp

2,919

1,607

News

Corp

(Class

A)

24

770,030

NextEra

Energy,

Inc

60,378

984,404

Nike,

Inc

(Class

B)

81,824

1,706

NiSource,

Inc

43

220

Nordson

Corp

47

1,009

Norfolk

Southern

Corp

212

831

Northern

Trust

Corp

71

159,919

Northrop

Grumman

Corp

75,213

2,448

NortonLifelock,

Inc

49

395

*

Novocure

Ltd

30

67,001

NRG

Energy,

Inc

2,564

27,595

Nucor

Corp

2,952

395,036

NVIDIA

Corp

47,953

13

*

NVR,

Inc

52

248,613

Occidental

Petroleum

Corp

15,277

625

*

Okta,

Inc

36

411

Old

Dominion

Freight

Line

102

879

Omnicom

Group,

Inc

55

1,820

*

ON

Semiconductor

Corp

113

125,597

ONEOK,

Inc

6,436

1,298,575

Oracle

Corp

79,304

5,183

*

O'Reilly

Automotive,

Inc

3,645

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

209

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

91,332

Otis

Worldwide

Corp

$

5,827

34,992

Owens

Corning,

Inc

2,751

1,462

PACCAR,

Inc

122

10,867

Packaging

Corp

of

America

1,220

6,900

*

Palantir

Technologies,

Inc

56

509,680

*

Palo

Alto

Networks,

Inc

83,480

6,000

Parade

Technologies

Ltd

110

103,320

e

Paramount

Global

(Class

B)

1,967

175,553

Parker-Hannifin

Corp

42,538

1,366

Paychex,

Inc

153

215

*

Paycom

Software,

Inc

71

219,597

*

PayPal

Holdings,

Inc

18,901

11,836

*,e

Peloton

Interactive,

Inc

82

695

Pentair

plc

28

344,194

PepsiCo,

Inc

56,193

59,183

*

Performance

Food

Group

Co

2,542

531

PerkinElmer,

Inc

64

1,123,015

Pfizer,

Inc

49,143

395,541

*

PG&E

Corp

4,944

296,785

Philip

Morris

International,

Inc

24,636

73,465

Phillips

66

5,930

30,014

*

Pinterest,

Inc

699

146,170

Pioneer

Natural

Resources

Co

31,650

2,183

*

Plug

Power,

Inc

46

33,011

PNC

Financial

Services

Group,

Inc

4,933

169

Pool

Corp

54

138,783

PPG

Industries,

Inc

15,362

3,094

PPL

Corp

78

1,099

Principal

Financial

Group

79

1,431,466

Procter

&

Gamble

Co

180,723

120,875

Progressive

Corp

14,047

247,280

Prologis,

Inc

25,124

1,582

Prudential

Financial,

Inc

136

467

*

PTC,

Inc

49

2,113

Public

Service

Enterprise

Group,

Inc

119

34,363

Public

Storage,

Inc

10,062

1,046

Pulte

Homes,

Inc

39

456

*

Qorvo,

Inc

36

4,742

QUALCOMM,

Inc

536

605

Quanta

Services,

Inc

77

503

Quest

Diagnostics,

Inc

62

786

Raymond

James

Financial,

Inc

78

739,782

Raytheon

Technologies

Corp

60,559

51,093

Realty

Income

Corp

2,974

127,876

Regency

Centers

Corp

6,886

23,729

*

Regeneron

Pharmaceuticals,

Inc

16,346

3,943

Regions

Financial

Corp

79

932

Republic

Services,

Inc

127

615

Resmed,

Inc

134

353,842

Rexford

Industrial

Realty,

Inc

18,400

337

*

RingCentral,

Inc

13

1,329

*,e

Rivian

Automotive,

Inc

44

466

Robert

Half

International,

Inc

36

1,479

*,e

ROBLOX

Corp

53

446,484

Roche

Holding

AG.

145,345

11,576

Rockwell

Automation,

Inc

2,490

8,392

*

Roku,

Inc

473

932

Rollins,

Inc

32

68,863

Roper

Technologies,

Inc

24,766

38,895

Ross

Stores,

Inc

3,278

38,259

*

Royal

Caribbean

Cruises

Ltd

1,450

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

210

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,457

Royalty

Pharma

plc

$

59

27,727

RPM

International,

Inc

2,310

66,682

S&P

Global,

Inc

20,361

110,849

Sabra

Healthcare

REIT,

Inc

1,454

402,890

*

Salesforce,

Inc

57,952

18,778

SBA

Communications

Corp

5,345

257,775

Schlumberger

Ltd

9,254

362,420

Schneider

Electric

S.A.

40,936

875

Seagate

Technology

Holdings

plc

47

427,014

*

Seagen,

Inc

58,428

133,061

Sealed

Air

Corp

5,923

495

SEI

Investments

Co

24

75,299

Sempra

Energy

11,290

663

Sensata

Technologies

Holding

plc

25

310,444

*

ServiceNow,

Inc

117,227

47,250

Sherwin-Williams

Co

9,674

264

Signature

Bank

40

115,376

Simon

Property

Group,

Inc

10,355

3,322

Sirius

XM

Holdings,

Inc

19

690

Skyworks

Solutions,

Inc

59

4,002

e

SL

Green

Realty

Corp

161

4,611

*

Snap,

Inc

45

225

Snap-On,

Inc

45

939

*

Snowflake,

Inc

160

222

*

SolarEdge

Technologies,

Inc

51

130,248

Southern

Co

8,857

623

*

Southwest

Airlines

Co

19

668

*

Splunk,

Inc

50

971

SS&C

Technologies

Holdings,

Inc

46

17,271

Stanley

Black

&

Decker,

Inc

1,299

261,048

Starbucks

Corp

21,996

1,540

State

Street

Corp

94

805

Steel

Dynamics,

Inc

57

421

STERIS

plc

70

130,494

Stryker

Corp

26,430

71,126

Sun

Communities,

Inc

9,625

247

*

SVB

Financial

Group

83

2,193

Synchrony

Financial

62

243,302

*

Synopsys,

Inc

74,331

61,327

SYSCO

Corp

4,336

960

T

Rowe

Price

Group,

Inc

101

679

*

Take-Two

Interactive

Software,

Inc

74

9,805

Targa

Resources

Investments,

Inc

592

507,442

Target

Corp

75,299

675

*

Teladoc,

Inc

17

199

*

Teledyne

Technologies,

Inc

67

197

Teleflex,

Inc

40

100,000

*

Tenet

Healthcare

Corp

5,158

683

Teradyne,

Inc

51

48,605

Terreno

Realty

Corp

2,576

708,799

*

Tesla,

Inc

188,009

3,886

Texas

Instruments,

Inc

601

26

Texas

Pacific

Land

Corp

46

28,673

Textron,

Inc

1,670

92,746

Thermo

Fisher

Scientific,

Inc

47,040

292,788

TJX

Companies,

Inc

18,188

283,546

*

T-Mobile

US,

Inc

38,043

474

Tractor

Supply

Co

88

1,854

*

Trade

Desk,

Inc

111

450

Tradeweb

Markets,

Inc

25

252,298

*,e

Traeger,

Inc

711

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

211

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

388,046

Trane

Technologies

plc

$

56,193

222

TransDigm

Group,

Inc

117

807

TransUnion

48

1,016

Travelers

Cos,

Inc

156

1,057

*

Trimble

Inc

57

5,588

Truist

Financial

Corp

243

722

*

Twilio,

Inc

50

2,742

*

Twitter,

Inc

120

174

*

Tyler

Technologies,

Inc

60

29,925

Tyson

Foods,

Inc

(Class

A)

1,973

6,168

*

Uber

Technologies,

Inc

163

1,339

UDR,

Inc

56

883

UGI

Corp

29

20,870

*

Ulta

Beauty,

Inc

8,373

873,735

Union

Pacific

Corp

170,221

111,966

United

Parcel

Service,

Inc

(Class

B)

18,087

124,213

*

United

Rentals,

Inc

33,552

512,477

UnitedHealth

Group,

Inc

258,821

804

*,e

Unity

Software,

Inc

26

284

Universal

Health

Services,

Inc

(Class

B)

25

392,955

US

Bancorp

15,844

5,970

Vail

Resorts,

Inc

1,287

846,767

Valero

Energy

Corp

90,477

550,198

Vanguard

Emerging

Markets

ETF

20,077

50,000

e

Vanguard

FTSE

Developed

Markets

ETF

1,818

23,585

*

Veeva

Systems,

Inc

3,889

119,123

Ventas,

Inc

4,785

417

*

VeriSign,

Inc

72

679

Verisk

Analytics,

Inc

116

888,529

Verizon

Communications,

Inc

33,737

44,499

*

Vertex

Pharmaceuticals,

Inc

12,884

34,215

VF

Corp

1,023

5,089

Viatris,

Inc

43

187,497

VICI

Properties,

Inc

5,597

864,167

Visa,

Inc

(Class

A)

153,519

91,127

Vistra

Energy

Corp

1,914

881

VMware,

Inc

(Class

A)

94

686

e

Vornado

Realty

Trust

16

168,039

e

Voya

Financial,

Inc

10,166

559

Vulcan

Materials

Co

88

155,026

W.R.

Berkley

Corp

10,012

108,630

W.W.

Grainger,

Inc

53,141

3,087

Walgreens

Boots

Alliance,

Inc

97

1,004,552

Walmart,

Inc

130,290

1,175,000

*

Walt

Disney

Co

110,838

456,456

*

Warner

Bros

Discovery,

Inc

5,249

39,000

Washington

REIT

685

1,083

Waste

Connections,

Inc

146

1,744

Waste

Management,

Inc

279

255

*

Waters

Corp

69

317

*,e

Wayfair,

Inc

10

756

Webster

Financial

Corp

34

1,327

WEC

Energy

Group,

Inc

119

3,991,688

Wells

Fargo

&

Co

160,546

69,352

Welltower,

Inc

4,461

50,572

West

Pharmaceutical

Services,

Inc

12,445

1,317

*

Western

Digital

Corp

43

1,656

Western

Union

Co

22

246,340

Westinghouse

Air

Brake

Technologies

Corp

20,040

121,160

Westlake

Chemical

Corp

10,526

37,225

WestRock

Co

1,150

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

212

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

136,104

Weyerhaeuser

Co

$

3,887

247

Whirlpool

Corp

33

321,784

Williams

Cos,

Inc

9,213

9,538

Willis

Towers

Watson

plc

1,917

825

*

Workday,

Inc

126

802

WP

Carey,

Inc

56

12,963

*

Wynn

Resorts

Ltd

817

68,056

Xcel

Energy,

Inc

4,356

757

Xylem,

Inc

66

451,756

*

YETI

Holdings,

Inc

12,884

114,572

Yum!

Brands,

Inc

12,184

223

*

Zebra

Technologies

Corp

(Class

A)

58

513

*

Zendesk,

Inc

39

693

*

Zillow

Group,

Inc

(Class

C)

20

122,008

Zimmer

Biomet

Holdings,

Inc

12,756

137,687

Zoetis,

Inc

20,418

917

*

Zoom

Video

Communications,

Inc

67

1,103

*

ZoomInfo

Technologies,

Inc

46

354

*

Zscaler,

Inc

58

TOTAL

UNITED

STATES

12,565,040

TOTAL

COMMON

STOCKS

19,492,489

(Cost

$20,480,143)

PURCHASED

OPTIONS

-

0.0%

UNITED

STATES

-

0.0%

80,900

Altimmune,

Inc

671

108,200

Altimmune,

Inc

693

TOTAL

UNITED

STATES

1,364

TOTAL

PURCHASED

OPTIONS

1,364

(Cost

$662)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0.0%

3,698

Magellan

Financial

Group

Ltd

04/16/27

1

129,948

e

PointsBet

Holdings

Ltd

07/08/24

0

89,428

†,e

PointsBet

Holdings

Pty

Ltd

09/30/22

0

TOTAL

AUSTRALIA

1

BRAZIL

-

0.0%

3,966

Localiza

Rent

a

Car

S.A.

8

TOTAL

BRAZIL

8

PHILIPPINES

-

0.0%

169

Globe

Telecom,

Inc

1

TOTAL

PHILIPPINES

1

TOTAL

RIGHTS/WARRANTS

10

(Cost

$0)

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

213

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

2.2%

GOVERNMENT

AGENCY

DEBT

-

0.2%

$

12,500,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

10/21/22

$

12,481

10,000,000

FHLB

0

.000

11/07/22

9,969

5,000,000

FHLB

0

.000

12/21/22

4,963

10,000,000

FHLB

0

.000

12/28/22

9,919

TOTAL

GOVERNMENT

AGENCY

DEBT

37,332

REPURCHASE

AGREEMENT

-

1.2%

237,330,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

10/03/22

237,330

TOTAL

REPURCHASE

AGREEMENT

237,330

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

-

0.8%

CERTIFICATE

OF

DEPOSIT

-

0.0%

1,500,000

Mitsubishi

Bank

3

.490

02/17/23

1,500

500,000

Mitsubishi

Bank

3

.560

03/16/23

500

1,000,000

Mizuho

Bank

3

.380

03/20/23

1,000

1,000,000

Nordea

Bank

Abp

3

.140

10/24/22

1,000

4,000,000

Nordea

Bank

Abp

3

.380

12/12/22

4,000

TOTAL

CERTIFICATE

OF

DEPOSIT

8,000

REPURCHASE

AGREEMENT

-

0.8%

10,000,000

s

Calyon

3

.050

10/03/22

10,000

6,038,000

t

Citigroup

2

.980

10/03/22

6,038

10,000,000

u

Citigroup

3

.050

10/06/22

10,000

10,000,000

v

Deutsche

Bank

2

.990

10/03/22

10,000

15,000,000

w

HSBC

2

.970

10/03/22

15,000

10,000,000

x

HSBC

3

.050

10/03/22

10,000

25,000,000

y

JP

Morgan

3

.050

10/03/22

25,000

5,000,000

z

JP

Morgan

3

.050

10/03/22

5,000

1,000,000

aa

Merrill

Lynch

2

.950

10/03/22

1,000

20,000,000

ab

Merrill

Lynch

3

.050

10/03/22

20,000

25,000,000

ac

Nomura

2

.970

10/03/22

25,000

10,000,000

ad

Royal

Bank

of

Scotland

2

.980

10/03/22

10,000

10,000,000

ae

Societe

Generale

2

.980

10/03/22

10,000

TOTAL

REPURCHASE

AGREEMENT

157,038

TOTAL

INVESTMENT

OF

CASH

COLLATERAL

FOR

SECURITIES

LOANED

165,038

TOTAL

SHORT-TERM

INVESTMENTS

439,700

(Cost

$439,748)

TOTAL

INVESTMENTS

-

100.8%

19,933,577

(Cost

$20,920,569)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.8)%

(

154,857

)

NET

ASSETS

-

100.0%

$19,778,720

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

REIT

Real

Estate

Investment

Trust

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

214

College

Retirement

Equities

Fund

continued

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$201,694,562.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

n

All

or

a

portion

of

these

securities

have

been

segregated

by

the

custodian

to

cover

requirements

on

open

written

options

contracts.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$237,330,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.625%

and

maturity

date

1/15/26,

valued

at

$242,076,628.

s

Agreement

with

Calyon,

3.050%

dated

9/30/22

to

be

repurchased

at

$10,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.000%

and

maturity

date

1/20/51,

valued

at

$10,200,001.

t

Agreement

with

Citigroup,

2.980%

dated

9/30/22

to

be

repurchased

at

$6,038,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–3.125%

and

maturity

dates

8/31/29–5/15/48,

valued

at

$6,158,801.

u

Agreement

with

Citigroup,

3.050%

dated

9/29/22

to

be

repurchased

at

$10,000,000

on

10/6/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.125%

and

maturity

date

5/15/48,

valued

at

$10,200,077.

v

Agreement

with

Deutsche

Bank,

2.990%

dated

9/30/22

to

be

repurchased

at

$10,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

dates

10/27/22–12/15/22,

valued

at

$10,200,019.

w

Agreement

with

HSBC,

2.970%

dated

9/30/22

to

be

repurchased

at

$15,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.625%

and

maturity

date

5/15/31,

valued

at

$15,300,059.

x

Agreement

with

HSBC,

3.050%

dated

9/30/22

to

be

repurchased

at

$10,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–5.500%

and

maturity

dates

10/1/29–9/1/56,

valued

at

$10,200,000.

y

Agreement

with

JP

Morgan,

3.050%

dated

9/30/22

to

be

repurchased

at

$25,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.500%–5.000%

and

maturity

dates

7/20/48–8/1/52,

valued

at

$25,500,001.

z

Agreement

with

JP

Morgan,

3.050%

dated

9/30/22

to

be

repurchased

at

$5,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.420%–6.000%

and

maturity

dates

1/1/24–10/1/46,

valued

at

$5,100,001.

aa

Agreement

with

Merrill

Lynch,

2.950%

dated

9/30/22

to

be

repurchased

at

$1,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

2/23/23,

valued

at

$1,020,074.

ab

Agreement

with

Merrill

Lynch,

3.050%

dated

9/30/22

to

be

repurchased

at

$20,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

5.000%

and

maturity

date

11/20/48,

valued

at

$20,400,000.

ac

Agreement

with

Nomura,

2.970%

dated

9/30/22

to

be

repurchased

at

$25,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.000%–2.750%

and

maturity

dates

3/31/23–2/15/41,

valued

at

$25,594,789.

ad

Agreement

with

Royal

Bank

of

Scotland,

2.980%

dated

9/30/22

to

be

repurchased

at

$10,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.125%

and

maturity

date

8/31/29,

valued

at

$10,200,065.

ae

Agreement

with

Societe

Generale,

2.980%

dated

9/30/22

to

be

repurchased

at

$10,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.125%

and

maturity

date

2/28/27,

valued

at

$10,200,030.

Purchased

options

outstanding

as

of

September

30,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Altimmune,

Inc,

Put

1,082

$

359‌

$

19

.00‌

10/21/22

$

693‌

Altimmune,

Inc,

Put

809

303‌

21

.00‌

10/21/22

671‌

Total

1,891

 $

662‌

 $

1,364‌

Written

options

outstanding

as

of

September

30,

2022

were

as

follows

(notional

amounts

and

values

are

in

thousands):

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Altimmune,

Inc,

Call

1,082

$

(

280‌

)

$

25

.00‌

10/21/22

$

(

16‌

)

Altimmune,

Inc,

Call

809

(

206‌

)

27

.00‌

10/21/22

(

14‌

)

Altimmune,

Inc,

Put

1,285

(

122‌

)

13

.00‌

10/21/22

(

170‌

)

Altimmune,

Inc,

Put

606

(

74‌

)

15

.00‌

10/21/22

(

164‌

)

Total

3,782

 $

(

682‌

)

 $

(

364‌

)

Futures

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

MSCI

EAFE

Index

579‌

12/16/22

 $

50,876‌

$

48,074‌

$

(

2,801‌

)

Portfolio

of

investments

(unaudited)

CREF

Global

Equities

Account

September

30,

2022

215

College

Retirement

Equities

Fund

concluded

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

699‌

12/16/22

136,238‌

125,873‌

(

10,366‌

)

Total

1,278‌

 $

187,114‌

$

173,947‌

$

(

13,167‌

)

CREF

Growth

Account

September

30,

2022

Portfolio

of

investments

(unaudited)

216

College

Retirement

Equities

Fund

SHARES

COMPANY

VALUE

(000)

COMMON

STOCKS

-

99.5%

AUTOMOBILES

&

COMPONENTS

-

3.6%

731,776

*

Aptiv

plc

$

57,232

180,981

*,e

Rivian

Automotive,

Inc

5,956

3,065,091

*

Tesla,

Inc

813,016

TOTAL

AUTOMOBILES

&

COMPONENTS

876,204

CAPITAL

GOODS

-

3.0%

739,868

*,e

Boeing

Co

89,583

4,474,370

Carrier

Global

Corp

159,109

685,282

Deere

&

Co

228,809

2,372,365

Raytheon

Technologies

Corp

194,202

772,937

Safran

S.A.

70,329

TOTAL

CAPITAL

GOODS

742,032

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.9%

2,098,969

Experian

Group

Ltd

61,442

749,135

Verisk

Analytics,

Inc

127,750

1,966,837

Waste

Connections,

Inc

265,779

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

454,971

CONSUMER

DURABLES

&

APPAREL

-

0.9%

628,095

Essilor

International

S.A.

85,373

1,192,233

Nike,

Inc

(Class

B)

99,098

9,782,100

Prada

S.p.A

45,363

TOTAL

CONSUMER

DURABLES

&

APPAREL

229,834

CONSUMER

SERVICES

-

2.7%

252,791

*

Booking

Holdings,

Inc

415,389

50,569

*,e

Chipotle

Mexican

Grill,

Inc

(Class

A)

75,993

4,765,013

*

Las

Vegas

Sands

Corp

178,783

TOTAL

CONSUMER

SERVICES

670,165

DIVERSIFIED

FINANCIALS

-

3.4%

472,467

American

Express

Co

63,740

2,471,300

Charles

Schwab

Corp

177,612

8,050,962

*

Grab

Holdings

Ltd.

21,174

2,041,776

e

iShares

Russell

1000

Growth

Index

Fund

429,590

948,338

*

Liberty

Media

Acquisition

Corp

9,436

459,168

S&P

Global,

Inc

140,207

TOTAL

DIVERSIFIED

FINANCIALS

841,759

ENERGY

-

2.4%

1,445,632

ConocoPhillips

147,946

2,781,979

EOG

Resources,

Inc

310,830

349,356

Pioneer

Natural

Resources

Co

75,646

515,505

Valero

Energy

Corp

55,082

TOTAL

ENERGY

589,504

FOOD

&

STAPLES

RETAILING

-

2.7%

1,399,356

e

Costco

Wholesale

Corp

660,874

TOTAL

FOOD

&

STAPLES

RETAILING

660,874

FOOD,

BEVERAGE

&

TOBACCO

-

3.3%

5,133,712

Davide

Campari-Milano

NV

45,421

5,062,437

*

Monster

Beverage

Corp

440,229

1,921,621

PepsiCo,

Inc

313,724

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

799,374

Portfolio

of

investments

(unaudited)

CREF

Growth

Account

September

30,

2022

217

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.8%

308,944

*

Align

Technology,

Inc

$

63,985

3,419,291

*

Dexcom,

Inc

275,390

989,520

*

Edwards

Lifesciences

Corp

81,764

556,492

Elevance

Health,

Inc

252,781

1,169,864

*

Intuitive

Surgical,

Inc

219,279

1,247,996

UnitedHealth

Group,

Inc

630,288

916,364

*

Veeva

Systems,

Inc

151,090

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,674,577

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.4%

430,361

Estee

Lauder

Cos

(Class

A)

92,915

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

92,915

INSURANCE

-

0.4%

2,258,955

American

International

Group,

Inc

107,255

TOTAL

INSURANCE

107,255

MATERIALS

-

1.7%

3,455,976

Corteva,

Inc

197,509

252,785

Linde

plc

68,148

765,384

Sherwin-Williams

Co

156,713

TOTAL

MATERIALS

422,370

MEDIA

&

ENTERTAINMENT

-

7.7%

6,901,964

*

Alphabet,

Inc

(Class

A)

660,173

6,410,520

*

Alphabet,

Inc

(Class

C)

616,371

976,356

*

Match

Group,

Inc

46,621

1,799,424

*

Meta

Platforms,

Inc

244,146

320,633

*

Netflix,

Inc

75,490

1,768,094

*,e

ROBLOX

Corp

63,368

1,338,087

*

Twitter,

Inc

58,662

636,804

*

Walt

Disney

Co

60,070

1,367,427

*

ZoomInfo

Technologies,

Inc

56,967

TOTAL

MEDIA

&

ENTERTAINMENT

1,881,868

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6.9%

1,606,836

AbbVie,

Inc

215,654

3,633,701

AstraZeneca

plc

(ADR)

199,272

8,041,466

*

Avantor,

Inc

157,613

873,931

Bristol-Myers

Squibb

Co

62,128

1,000,258

Eli

Lilly

&

Co

323,433

3,711,284

*

Horizon

Therapeutics

Plc

229,691

643,425

*

Illumina,

Inc

122,759

294,243

*

Seagen,

Inc

40,261

2,372,450

Zoetis,

Inc

351,811

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,702,622

REAL

ESTATE

-

0.5%

509,574

American

Tower

Corp

109,406

TOTAL

REAL

ESTATE

109,406

RETAILING

-

9.1%

626,721

*

Alibaba

Group

Holding

Ltd

(ADR)

50,132

14,004,515

*

Amazon.com,

Inc

1,582,510

706,544

*

Burlington

Stores,

Inc

79,055

784,414

*,e

CarMax,

Inc

51,787

2,415,663

*,e

Coupang,

Inc

40,269

1,599,515

eBay,

Inc

58,878

103,746

Kering

46,017

Portfolio

of

investments

(unaudited)

CREF

Growth

Account

September

30,

2022

218

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

907,813

Lowe's

Companies,

Inc

$

170,496

2,636,564

TJX

Companies,

Inc

163,783

TOTAL

RETAILING

2,242,927

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.2%

2,192,988

*

Advanced

Micro

Devices,

Inc

138,948

1,829,361

e

Applied

Materials,

Inc

149,880

1,018,329

Broadcom,

Inc

452,148

488,183

e

Lam

Research

Corp

178,675

1,542,866

Marvell

Technology,

Inc

66,204

429,113

e

Monolithic

Power

Systems,

Inc

155,940

2,618,976

NVIDIA

Corp

317,917

851,978

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

58,412

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,518,124

SOFTWARE

&

SERVICES

-

27.5%

627,566

Accenture

plc

161,473

43,905

*,g

Adyen

NV

54,757

535,879

*

Atlassian

Corp

plc

112,851

361,825

*

Crowdstrike

Holdings,

Inc

59,632

851,193

*,e

DocuSign,

Inc

45,513

460,810

*,e

EPAM

Systems,

Inc

166,901

932,265

Intuit,

Inc

361,085

2,352,033

Mastercard,

Inc

(Class

A)

668,777

11,378,879

Microsoft

Corp

2,650,141

2,055,122

Oracle

Corp

125,506

1,724,409

*,e

Palo

Alto

Networks,

Inc

282,441

1,314,153

*

PayPal

Holdings,

Inc

113,109

2,476,073

*

Qualtrics

International,

Inc

25,206

345,241

Roper

Technologies,

Inc

124,163

2,314,212

*

Salesforce,

Inc

332,876

786,878

*

ServiceNow,

Inc

297,133

851,052

*

Synopsys,

Inc

260,005

4,000,524

Visa,

Inc

(Class

A)

710,693

645,093

*

Workday,

Inc

98,196

518,026

*

Zscaler,

Inc

85,148

TOTAL

SOFTWARE

&

SERVICES

6,735,606

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6.5%

10,968,962

Apple,

Inc

1,515,911

662,649

*

Arista

Networks,

Inc

74,806

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,590,717

TRANSPORTATION

-

1.9%

5,654,679

*

Uber

Technologies,

Inc

149,849

1,630,635

Union

Pacific

Corp

317,680

TOTAL

TRANSPORTATION

467,529

TOTAL

COMMON

STOCKS

24,410,633

(Cost

$28,452,291)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.6%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

11/07/22

9,969

Portfolio

of

investments

(unaudited)

CREF

Growth

Account

September

30,

2022

219

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

$

6,511,000

Tennessee

Valley

Authority

(TVA)

0

.000

%

10/05/22

$

6,510

TOTAL

GOVERNMENT

AGENCY

DEBT

16,479

TOTAL

SHORT-TERM

INVESTMENTS

16,479

(Cost

$16,478)

REPURCHASE

AGREEMENT

-

0.4%

107,320,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

10/03/22

107,320

TOTAL

REPURCHASE

AGREEMENT

107,320

TOTAL

SHORT-TERM

INVESTMENTS

107,320

(Cost

$107,320)

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.1%

14,718,039

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

3

.070

14,718

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

14,718

TOTAL

SHORT-TERM

INVESTMENTS

14,718

(Cost

$14,718)

TOTAL

INVESTMENTS

-

100.1%

24,549,150

(Cost

$28,590,807)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

17,055

)

NET

ASSETS

-

100.0%

$24,532,095

ADR

American

Depositary

Receipt

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$14,019,980.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$107,320,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–0.875%

and

maturity

dates

6/30/26–7/31/26,

valued

at

$109,466,525.

CREF

Equity

Index

Account

September

30,

2022

Portfolio

of

investments

(unaudited)

220

College

Retirement

Equities

Fund

SHARES

COMPANY

VALUE

(000)

COMMON

STOCKS

-

99.7%

AUTOMOBILES

&

COMPONENTS

-

2.4%

49,971

*

Adient

plc

$

1,387

60,325

*

American

Axle

&

Manufacturing

Holdings,

Inc

412

137,792

*

Aptiv

plc

10,777

131,607

BorgWarner,

Inc

4,132

43,545

*,e

Canoo,

Inc

82

94,328

*,e

Cenntro

Electric

Group

Ltd

97

76,541

e

Dana

Inc

875

12,642

*

Dorman

Products,

Inc

1,038

86,619

*,e

Fisker,

Inc

654

2,003,548

e

Ford

Motor

Co

22,440

23,054

*,e

Fox

Factory

Holding

Corp

1,823

732,954

General

Motors

Co

23,520

119,427

Gentex

Corp

2,847

18,149

*

Gentherm,

Inc

902

104,434

*

Goodyear

Tire

&

Rubber

Co

1,054

74,158

Harley-Davidson,

Inc

2,587

26,356

*,e

Holley,

Inc

107

12,667

e

LCI

Industries,

Inc

1,285

32,974

Lear

Corp

3,947

61,192

*,e

Lordstown

Motors

Corp

112

274,188

*,e

Lucid

Group,

Inc

3,830

122,392

*,e

Luminar

Technologies,

Inc

892

36,302

*

Modine

Manufacturing

Co

470

13,147

*,e

Motorcar

Parts

of

America,

Inc

200

12,396

e

Patrick

Industries,

Inc

543

111,576

*,e

QuantumScape

Corp

938

266,811

*,e

Rivian

Automotive,

Inc

8,781

29,093

*

Solid

Power,

Inc

153

11,405

Standard

Motor

Products,

Inc

371

20,247

*,e

Stoneridge,

Inc

343

42,307

*

Tenneco,

Inc

736

1,305,525

*

Tesla,

Inc

346,290

29,413

e

Thor

Industries,

Inc

2,058

12,140

*

Visteon

Corp

1,288

17,654

Winnebago

Industries,

Inc

939

67,449

*,e

Workhorse

Group,

Inc

194

9,934

*

XPEL,

Inc

640

TOTAL

AUTOMOBILES

&

COMPONENTS

448,744

BANKS

-

4.1%

4,682

1st

Source

Corp

217

4,331

e

ACNB

Corp

130

7,958

Allegiance

Bancshares,

Inc

331

7,212

Amalgamated

Financial

Corp

163

12,491

Amerant

Bancorp

Inc

310

5,882

e

American

National

Bankshares,

Inc

188

38,500

Ameris

Bancorp

1,721

9,208

Arrow

Financial

Corp

265

85,309

Associated

Banc-Corp

1,713

42,326

Atlantic

Union

Bankshares

Corp

1,286

31,941

*

Axos

Financial,

Inc

1,093

31,112

Banc

of

California,

Inc

497

10,077

Bancfirst

Corp

902

3,732

e

Bank

First

Corp

285

3,609,230

Bank

of

America

Corp

108,999

23,380

Bank

of

Hawaii

Corp

1,780

7,728

e

Bank

of

Marin

Bancorp

231

25,484

Bank

of

NT

Butterfield

&

Son

Ltd

827

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

221

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

58,249

Bank

OZK

$

2,304

50,841

BankUnited

1,737

18,925

Banner

Corp

1,118

11,016

Bar

Harbor

Bankshares

292

6,589

Baycom

Corp

116

7,362

BCB

Bancorp,

Inc

124

26,834

Berkshire

Hills

Bancorp,

Inc

733

13,432

*,e

Blue

Foundry

Bancorp

150

8,721

Blue

Ridge

Bankshares,

Inc

111

15,941

BOK

Financial

Corp

1,417

10,571

*

Bridgewater

Bancshares,

Inc

174

28,234

Brookline

Bancorp,

Inc

329

6,436

Business

First

Bancshares,

Inc

139

5,576

Byline

Bancorp,

Inc

113

107,871

Cadence

BanCorp

2,741

2,502

e

Cambridge

Bancorp

200

3,639

Camden

National

Corp

155

4,609

Capital

Bancorp,

Inc

106

9,158

Capital

City

Bank

Group,

Inc

285

33,828

e

Capitol

Federal

Financial

281

5,956

e

Capstar

Financial

Holdings,

Inc

110

14,623

*

Carter

Bankshares,

Inc

235

25,721

e

Cathay

General

Bancorp

989

21,511

Central

Pacific

Financial

Corp

445

994,589

Citigroup,

Inc

41,445

9,568

Citizens

&

Northern

Corp

231

251,872

Citizens

Financial

Group,

Inc

8,654

4,775

e

City

Holding

Co

423

7,262

e

Civista

Bancshares,

Inc

151

9,772

CNB

Financial

Corp

230

5,328

*

Coastal

Financial

Corp

212

8,393

e

Colony

Bankcorp

Inc

109

39,274

e

Columbia

Banking

System,

Inc

1,135

17,061

*

Columbia

Financial,

Inc

360

69,667

Comerica,

Inc

4,953

53,144

Commerce

Bancshares,

Inc

3,516

29,222

Community

Bank

System,

Inc

1,756

1,585

Community

Trust

Bancorp,

Inc

64

21,722

ConnectOne

Bancorp,

Inc

501

2,974

*,e

CrossFirst

Bankshares,

Inc

39

31,366

e

Cullen/Frost

Bankers,

Inc

4,147

19,196

*

Customers

Bancorp,

Inc

566

45,531

e

CVB

Financial

Corp

1,153

19,153

Dime

Community

Bancshares,

Inc

561

17,266

Eagle

Bancorp,

Inc

774

71,752

East

West

Bancorp,

Inc

4,817

94,260

Eastern

Bankshares,

Inc

1,851

15,393

Enact

Holdings,

Inc

341

6,481

Enterprise

Bancorp,

Inc

194

16,077

Enterprise

Financial

Services

Corp

708

7,477

e

Equity

Bancshares,

Inc

222

3,546

Esquire

Financial

Holdings,

Inc

133

53,471

Essent

Group

Ltd

1,865

6,206

e

Farmers

&

Merchants

Bancorp,

Inc

167

18,150

Farmers

National

Banc

Corp

238

13,107

FB

Financial

Corp

501

1,343

Federal

Agricultural

Mortgage

Corp

(FAMC)

133

351,476

Fifth

Third

Bancorp

11,233

10,211

e

Financial

Institutions,

Inc

246

114,850

First

Bancorp

1,571

15,371

First

Bancorp

562

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

222

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,485

First

Bancorp,

Inc

$

179

6,018

e

First

Bancshares,

Inc

180

7,950

First

Bank

109

26,747

First

Busey

Corp

588

4,107

e

First

Business

Financial

Services,

Inc

133

6,675

First

Citizens

Bancshares,

Inc

(Class

A)

5,323

52,091

First

Commonwealth

Financial

Corp

669

12,139

e

First

Community

Bancshares,

Inc

389

47,775

First

Financial

Bancorp

1,007

70,877

e

First

Financial

Bankshares,

Inc

2,965

505

e

First

Financial

Corp

23

19,660

First

Foundation,

Inc

357

71,845

First

Hawaiian,

Inc

1,770

250,188

First

Horizon

National

Corp

5,729

4,089

First

Internet

Bancorp

138

43,798

e

First

Interstate

Bancsystem,

Inc

1,767

29,933

First

Merchants

Corp

1,158

7,120

First

Mid-Illinois

Bancshares,

Inc

228

15,462

First

of

Long

Island

Corp

267

92,712

First

Republic

Bank

12,104

4,047

*

First

Western

Financial,

Inc

100

6,452

e

Five

Star

Bancorp

183

17,270

Flagstar

Bancorp,

Inc

577

4,145

Flushing

Financial

Corp

80

191,966

e

FNB

Corp

2,227

80,429

Fulton

Financial

Corp

1,271

6,122

*,e

FVCBankcorp,

Inc

117

5,087

e

German

American

Bancorp,

Inc

182

63,141

e

Glacier

Bancorp,

Inc

3,102

1,871

Great

Southern

Bancorp,

Inc

107

1,346

Guaranty

Bancshares,

Inc

47

47,878

Hancock

Whitney

Corp

2,193

23,963

Hanmi

Financial

Corp

567

16,668

HarborOne

Northeast

Bancorp,

Inc

224

13,408

Heartland

Financial

USA,

Inc

581

25,661

Heritage

Commerce

Corp

291

22,188

Heritage

Financial

Corp

587

35,248

e

Hilltop

Holdings,

Inc

876

997

Hingham

Institution

for

Savings

250

4,264

Home

Bancorp,

Inc

166

81,882

Home

Bancshares,

Inc

1,843

15,022

HomeStreet,

Inc

433

13,541

HomeTrust

Bancshares,

Inc

299

59,403

e

Hope

Bancorp,

Inc

751

2,709

Horizon

Bancorp

49

768,669

Huntington

Bancshares,

Inc

10,131

25,003

e

Independent

Bank

Corp

1,863

17,558

Independent

Bank

Corp

335

20,253

Independent

Bank

Group,

Inc

1,243

29,344

International

Bancshares

Corp

1,247

5,837

e

John

Marshall

Bancorp,

Inc

143

1,500,466

JPMorgan

Chase

&

Co

156,799

8,268

Kearny

Financial

Corp

88

490,546

Keycorp

7,859

9,106

Lakeland

Bancorp,

Inc

146

13,317

Lakeland

Financial

Corp

970

14,926

Live

Oak

Bancshares,

Inc

457

89,764

M&T

Bank

Corp

15,827

19,210

Macatawa

Bank

Corp

178

1,529

Mercantile

Bank

Corp

45

8,062

Merchants

Bancorp

186

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

223

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

20,574

e

Meta

Financial

Group,

Inc

$

678

10,190

Metrocity

Bankshares,

Inc

200

4,420

*

Metropolitan

Bank

Holding

Corp

284

136,986

MGIC

Investment

Corp

1,756

7,348

Mid

Penn

Bancorp,

Inc

211

10,800

e

Midland

States

Bancorp,

Inc

255

7,821

e

MidWestOne

Financial

Group,

Inc

213

37,224

*

Mr

Cooper

Group,

Inc

1,508

5,369

MVB

Financial

Corp

149

19,324

National

Bank

Holdings

Corp

715

21,431

e

NBT

Bancorp,

Inc

813

237,579

e

New

York

Community

Bancorp,

Inc

2,027

6,480

*,e

Nicolet

Bankshares,

Inc

456

38,864

*

NMI

Holdings,

Inc

792

3,442

e

Northeast

Bank

126

5,388

e

Northfield

Bancorp,

Inc

77

62,279

e

Northwest

Bancshares,

Inc

841

12,012

e

OceanFirst

Financial

Corp

224

33,903

OFG

Bancorp

852

133,138

Old

National

Bancorp

2,193

21,667

Old

Second

Bancorp,

Inc

283

11,057

e

Origin

Bancorp,

Inc

425

5,318

Orrstown

Financial

Services,

Inc

127

51,153

e

Pacific

Premier

Bancorp,

Inc

1,584

55,834

e

PacWest

Bancorp

1,262

7,855

e

Park

National

Corp

978

5,178

Parke

Bancorp,

Inc

109

5,966

PCB

Bancorp

108

13,465

PCSB

Financial

Corp

241

267

Peapack

Gladstone

Financial

Corp

9

9,684

e

PennyMac

Financial

Services,

Inc

415

4,697

e

Peoples

Bancorp,

Inc

136

5,712

Peoples

Financial

Services

Corp

268

41,191

Pinnacle

Financial

Partners,

Inc

3,341

213,142

PNC

Financial

Services

Group,

Inc

31,848

38,321

Popular,

Inc

2,761

8,859

Preferred

Bank

578

20,188

Premier

Financial

Corp

519

8,140

e

Primis

Financial

Corp

99

6,623

*,e

Professional

Holding

Corp

172

41,648

e

Prosperity

Bancshares,

Inc

2,777

6,589

Provident

Bancorp

Inc

94

12,289

Provident

Financial

Services,

Inc

240

8,729

QCR

Holdings,

Inc

445

73,149

e

Radian

Group,

Inc

1,411

9,265

RBB

Bancorp

193

2,235

Red

River

Bancshares

Inc

110

482,164

Regions

Financial

Corp

9,677

30,881

Renasant

Corp

966

6,104

e

Republic

Bancorp,

Inc

(Class

A)

234

34,776

*,e

Republic

First

Bancorp,

Inc

98

74,318

e

Rocket

Cos,

Inc

470

13,081

e

S&T

Bancorp,

Inc

383

22,606

e

Sandy

Spring

Bancorp,

Inc

797

28,631

Seacoast

Banking

Corp

of

Florida

866

24,631

ServisFirst

Bancshares,

Inc

1,970

9,123

e

Shore

Bancshares,

Inc

158

8,919

Sierra

Bancorp

176

32,409

Signature

Bank

4,894

12,494

*

Silvergate

Capital

Corp

941

55,218

Simmons

First

National

Corp

(Class

A)

1,203

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

224

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,382

SmartFinancial,

Inc

$

133

5,202

South

Plains

Financial

Inc

143

38,442

South

State

Corp

3,042

4,079

*

Southern

First

Bancshares,

Inc

170

4,139

Southern

Missouri

Bancorp,

Inc

211

10,544

Southside

Bancshares,

Inc

373

12,633

Stellar

Bancorp,

Inc

370

11,262

e

Stock

Yards

Bancorp,

Inc

766

6,101

Summit

Financial

Group,

Inc

164

30,276

*

SVB

Financial

Group

10,166

74,250

e

Synovus

Financial

Corp

2,785

27,678

*

Texas

Capital

Bancshares,

Inc

1,634

34,383

TFS

Financial

Corp

447

35,393

*

The

Bancorp,

Inc

778

6,549

*

Third

Coast

Bancshares,

Inc

112

7,201

e

Tompkins

Financial

Corp

523

34,516

Towne

Bank

926

19,212

Trico

Bancshares

858

10,668

*,e

Triumph

Bancorp,

Inc

580

686,348

Truist

Financial

Corp

29,884

2,656

TrustCo

Bank

Corp

NY

83

34,442

e

Trustmark

Corp

1,055

23,900

UMB

Financial

Corp

2,015

117,477

Umpqua

Holdings

Corp

2,008

68,198

e

United

Bankshares,

Inc

2,438

48,352

United

Community

Banks,

Inc

1,600

5,426

Univest

Financial

Corp

127

692,843

US

Bancorp

27,935

23,393

e

UWM

Holdings

Corp

69

218,557

Valley

National

Bancorp

2,360

22,054

Veritex

Holdings,

Inc

586

12,277

Walker

&

Dunlop,

Inc

1,028

25,531

e

Washington

Federal,

Inc

765

3,676

Washington

Trust

Bancorp,

Inc

171

19,189

e

Waterstone

Financial,

Inc

310

99,733

Webster

Financial

Corp

4,508

1,958,307

Wells

Fargo

&

Co

78,763

21,097

WesBanco,

Inc

704

11,970

West

Bancorporation,

Inc

249

13,352

Westamerica

Bancorporation

698

50,142

Western

Alliance

Bancorp

3,296

31,127

Wintrust

Financial

Corp

2,538

37,346

WSFS

Financial

Corp

1,735

81,460

Zions

Bancorporation

4,143

TOTAL

BANKS

761,792

CAPITAL

GOODS

-

5.9%

293,036

3M

Co

32,380

66,416

A.O.

Smith

Corp

3,226

21,498

Aaon,

Inc

1,158

23,226

*

AAR

Corp

832

16,749

Acuity

Brands,

Inc

2,637

31,531

Advanced

Drainage

Systems,

Inc

3,922

69,560

e

Aecom

Technology

Corp

4,756

39,078

*

Aerojet

Rocketdyne

Holdings,

Inc

1,563

12,268

*

Aerovironment,

Inc

1,023

8,143

*

AerSale

Corp

151

34,274

AGCO

Corp

3,296

38,532

e

Air

Lease

Corp

1,195

5,157

Alamo

Group,

Inc

631

16,794

Albany

International

Corp

(Class

A)

1,324

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

225

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

44,803

Allegion

plc

$

4,018

6,739

Allied

Motion

Technologies,

Inc

193

34,500

Allison

Transmission

Holdings,

Inc

1,165

10,745

Alta

Equipment

Group,

Inc

118

35,359

e

Altra

Industrial

Motion

Corp

1,189

13,776

*

Ameresco,

Inc

916

10,171

*,e

American

Woodmark

Corp

446

118,210

Ametek,

Inc

13,406

98,441

*

API

Group

Corp

1,306

13,802

e

Apogee

Enterprises,

Inc

528

21,181

Applied

Industrial

Technologies,

Inc

2,177

63,826

*,e

Archer

Aviation,

Inc

167

26,444

e

Arcosa,

Inc

1,512

10,471

e

Argan,

Inc

337

24,025

Armstrong

World

Industries,

Inc

1,903

69,116

*,e

Array

Technologies,

Inc

1,146

15,250

Astec

Industries,

Inc

476

73,791

*

Astra

Space,

Inc

45

15,755

*,e

Astronics

Corp

124

23,836

*

Atkore

International

Group,

Inc

1,855

35,579

*

Axon

Enterprise,

Inc

4,118

60,195

*

AZEK

Co,

Inc

1,000

13,571

AZZ,

Inc

495

30,289

*

Babcock

&

Wilcox

Enterprises,

Inc

193

25,595

Barnes

Group,

Inc

739

22,560

*

Beacon

Roofing

Supply,

Inc

1,234

19,926

*,e

Blink

Charging

Co

353

75,992

*

Bloom

Energy

Corp

1,519

3,946

*,e

Blue

Bird

Corp

33

4,896

*

BlueLinx

Holdings,

Inc

304

282,950

*

Boeing

Co

34,260

21,496

e

Boise

Cascade

Co

1,278

13,313

e

Brookfield

Business

Corp

294

73,255

*,e

Builders

FirstSource,

Inc

4,316

40,627

BWX

Technologies,

Inc

2,046

8,469

Cadre

Holdings,

Inc

204

14,163

e

Caesarstone

Sdot-Yam

Ltd

132

25,553

Carlisle

Cos,

Inc

7,165

443,197

Carrier

Global

Corp

15,760

271,264

Caterpillar,

Inc

44,509

120,169

*,e

ChargePoint

Holdings,

Inc

1,774

17,096

*,e

Chart

Industries,

Inc

3,152

12,045

*

CIRCOR

International,

Inc

199

14,727

Columbus

McKinnon

Corp

385

19,457

Comfort

Systems

USA,

Inc

1,894

11,212

*

Construction

Partners

Inc

294

18,969

*,e

Core

&

Main,

Inc

431

21,581

Crane

Holdings

Co

1,889

7,468

CSW

Industrials,

Inc

895

72,106

Cummins,

Inc

14,674

22,308

Curtiss-Wright

Corp

3,104

30,728

*,e

Custom

Truck

One

Source,

Inc

179

44,985

*,e

Decarbonization

Plus

Acquisition

Corp

76

144,827

Deere

&

Co

48,356

62,846

*,e

Desktop

Metal,

Inc

163

52,195

Donaldson

Co,

Inc

2,558

16,771

e

Douglas

Dynamics,

Inc

470

73,026

Dover

Corp

8,513

8,048

*

Ducommun,

Inc

319

11,117

*

DXP

Enterprises,

Inc

263

16,954

*,e

Dycom

Industries,

Inc

1,620

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

226

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

207,720

Eaton

Corp

$

27,702

28,208

EMCOR

Group,

Inc

3,257

297,582

Emerson

Electric

Co

21,789

10,981

Encore

Wire

Corp

1,269

24,905

*

Energy

Recovery,

Inc

541

12,892

*

Energy

Vault

Holdings,

Inc

68

32,971

*

Enerpac

Tool

Group

Corp

588

25,301

e

EnerSys

1,472

55,762

*,e

Enovix

Corp

1,022

11,263

EnPro

Industries,

Inc

957

21,428

Esab

Corp

715

13,003

e

ESCO

Technologies,

Inc

955

41,349

*,e

ESS

Tech,

Inc

169

63,155

*,e

Evoqua

Water

Technologies

Corp

2,089

297,190

Fastenal

Co

13,683

32,884

Federal

Signal

Corp

1,227

71,435

e

Flowserve

Corp

1,736

18,242

*,e

Fluence

Energy,

Inc

266

77,505

*

Fluor

Corp

1,929

185,058

Fortive

Corp

10,789

67,350

Fortune

Brands

Home

&

Security,

Inc

3,616

20,104

Franklin

Electric

Co,

Inc

1,643

21,243

*,e

FTC

Solar,

Inc

63

176,294

*,e

FuelCell

Energy,

Inc

601

30,738

*

Gates

Industrial

Corp

plc

300

18,204

e

GATX

Corp

1,550

31,919

*

Generac

Holdings,

Inc

5,686

124,399

General

Dynamics

Corp

26,394

568,236

General

Electric

Co

35,179

17,907

*,e

Gibraltar

Industries,

Inc

733

9,938

Global

Industrial

Co

267

9,583

*,e

GMS,

Inc

383

12,385

Gorman-Rupp

Co

295

85,810

e

Graco,

Inc

5,144

95,580

GrafTech

International

Ltd

412

24,972

e

Granite

Construction,

Inc

634

44,924

*,e

Great

Lakes

Dredge

&

Dock

Corp

341

19,838

Greenbrier

Cos,

Inc

481

20,793

e

Griffon

Corp

614

17,554

H&E

Equipment

Services,

Inc

497

21,061

*,e

Hayward

Holdings,

Inc

187

21,280

HEICO

Corp

3,064

38,786

HEICO

Corp

(Class

A)

4,446

16,194

Helios

Technologies,

Inc

819

13,619

Herc

Holdings,

Inc

1,415

48,986

Hexcel

Corp

2,534

32,149

Hillenbrand,

Inc

1,181

69,001

*,e

Hillman

Solutions

Corp

520

348,234

Honeywell

International,

Inc

58,145

178,854

Howmet

Aerospace,

Inc

5,532

27,556

Hubbell,

Inc

6,145

22,109

*,e

Hudson

Technologies,

Inc

162

20,298

Huntington

Ingalls

4,496

20,974

*

Hydrofarm

Holdings

Group,

Inc

41

63,978

*,e

Hyliion

Holdings

Corp

184

7,224

Hyster-Yale

Materials

Handling,

Inc

155

37,542

e

IDEX

Corp

7,503

5,334

*

IES

Holdings,

Inc

147

159,965

Illinois

Tool

Works,

Inc

28,898

15,590

*

Infrastructure

and

Energy

Alternatives,

Inc

211

210,036

e

Ingersoll

Rand,

Inc

9,086

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

227

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

3,056

Insteel

Industries,

Inc

$

81

46,862

e

ITT,

Inc

3,062

41,873

*

Janus

International

Group,

Inc

374

45,832

*,e

JELD-WEN

Holding,

Inc

401

16,888

John

Bean

Technologies

Corp

1,452

358,998

Johnson

Controls

International

plc

17,670

5,348

e

Kadant,

Inc

892

15,070

Kaman

Corp

421

45,625

Kennametal,

Inc

939

66,946

*

Kratos

Defense

&

Security

Solutions,

Inc

680

99,323

L3Harris

Technologies,

Inc

20,642

4,456

*

Lawson

Products,

Inc

126

16,699

e

Lennox

International,

Inc

3,718

28,514

e

Lincoln

Electric

Holdings,

Inc

3,585

5,950

e

Lindsay

Corp

853

122,557

e

Lockheed

Martin

Corp

47,343

17,575

Luxfer

Holdings

plc

255

22,630

*

Manitowoc

Co,

Inc

175

56,422

*,e

Markforged

Holding

Corp

112

118,584

Masco

Corp

5,537

13,395

*

Masonite

International

Corp

955

31,664

*

Mastec,

Inc

2,011

38,365

Maxar

Technologies,

Inc

718

8,494

e

McGrath

RentCorp

712

96,446

e

MDU

Resources

Group,

Inc

2,638

30,340

*

Mercury

Systems,

Inc

1,232

87,434

*,e

Microvast

Holdings,

Inc

158

27,681

*,e

Middleby

Corp

3,548

7,280

e

Miller

Industries,

Inc

155

7,270

Moog,

Inc

(Class

A)

511

43,932

*

MRC

Global,

Inc

316

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,403

28,683

e

Mueller

Industries,

Inc

1,705

85,916

Mueller

Water

Products,

Inc

(Class

A)

882

10,993

*

MYR

Group,

Inc

931

3,534

National

Presto

Industries,

Inc

230

109,431

*

Nikola

Corp

385

28,439

Nordson

Corp

6,037

75,585

e

Northrop

Grumman

Corp

35,549

6,891

*

Northwest

Pipe

Co

194

78,206

*

NOW,

Inc

786

16,026

*,e

NuScale

Power

Corp

187

5,211

*,e

NV5

Global

Inc

645

87,536

nVent

Electric

plc

2,767

2,354

e

Omega

Flex,

Inc

218

33,865

Oshkosh

Corp

2,380

217,734

Otis

Worldwide

Corp

13,891

47,520

Owens

Corning,

Inc

3,736

172,642

PACCAR,

Inc

14,448

14,228

Park

Aerospace

Corp

157

64,796

Parker-Hannifin

Corp

15,701

12,058

*

Parsons

Corp

473

88,369

Pentair

plc

3,590

36,380

*

PGT

Innovations,

Inc

763

274,975

*,e

Plug

Power,

Inc

5,777

7,077

Powell

Industries,

Inc

149

1,801

Preformed

Line

Products

Co

128

28,783

Primoris

Services

Corp

468

113,352

*,e

Proterra,

Inc

564

15,505

*,e

Proto

Labs,

Inc

565

16,969

Quanex

Building

Products

Corp

308

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

228

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

75,730

Quanta

Services,

Inc

$

9,647

767,844

Raytheon

Technologies

Corp

62,856

13,498

*

RBC

Bearings,

Inc

2,805

36,333

Regal-Beloit

Corp

5,100

82,950

*

Resideo

Technologies,

Inc

1,581

8,757

REV

Group,

Inc

97

109,316

*,e

Rocket

Lab

USA,

Inc

445

61,336

Rockwell

Automation,

Inc

13,194

15,224

Rush

Enterprises,

Inc

(Class

A)

668

6,895

Rush

Enterprises,

Inc

(Class

B)

330

38,910

*,e

Sarcos

Technology

and

Robotics

Corp

86

80,042

Sensata

Technologies

Holding

plc

2,984

50,036

*

Shoals

Technologies

Group,

Inc

1,078

18,886

Shyft

Group,

Inc

386

19,894

Simpson

Manufacturing

Co,

Inc

1,560

24,415

*,e

SiteOne

Landscape

Supply,

Inc

2,543

26,902

Snap-On,

Inc

5,417

59,911

e

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,313

23,935

*,e

SPX

Technologies,

Inc

1,322

4,143

e

Standex

International

Corp

338

77,790

Stanley

Black

&

Decker,

Inc

5,851

73,460

*,e

Stem,

Inc

980

18,886

*

Sterling

Construction

Co,

Inc

405

109,516

*,e

Sunrun,

Inc

3,022

10,075

Tennant

Co

570

35,787

Terex

Corp

1,064

13,596

Textainer

Group

Holdings

Ltd

365

109,676

Textron,

Inc

6,390

24,419

*

Thermon

Group

Holdings

376

35,263

Timken

Co

2,082

27,553

*

Titan

International,

Inc

334

11,613

*

Titan

Machinery,

Inc

328

54,608

Toro

Co

4,722

19,490

*,e

TPI

Composites,

Inc

220

118,596

Trane

Technologies

plc

17,174

3,856

*,e

Transcat

Inc

292

26,523

TransDigm

Group,

Inc

13,920

63,333

*,e

Trex

Co,

Inc

2,783

42,805

e

Trinity

Industries,

Inc

914

28,650

Triton

International

Ltd

1,568

32,779

*

Triumph

Group,

Inc

282

27,269

*

Tutor

Perini

Corp

151

26,618

UFP

Industries,

Inc

1,921

34,882

*

United

Rentals,

Inc

9,422

78,474

*

Univar

Solutions

Inc

1,784

10,628

Valmont

Industries,

Inc

2,855

7,860

*

Vectrus,

Inc

278

7,828

*

Veritiv

Corp

765

154,466

e

Vertiv

Holdings

Co

1,501

12,845

*

Vicor

Corp

760

57,371

*,e

View,

Inc

77

96,965

*,e

Virgin

Galactic

Holdings,

Inc

457

23,389

W.W.

Grainger,

Inc

11,442

28,077

e

Wabash

National

Corp

437

17,942

e

Watsco,

Inc

4,619

12,667

Watts

Water

Technologies,

Inc

(Class

A)

1,593

24,302

*

WESCO

International,

Inc

2,901

90,345

Westinghouse

Air

Brake

Technologies

Corp

7,350

111,743

*

WillScot

Mobile

Mini

Holdings

Corp

4,507

30,482

Woodward

Inc

2,446

95,020

Xylem,

Inc

8,301

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

229

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

65,462

Zurn

Water

Solutions

Corp

$

1,604

TOTAL

CAPITAL

GOODS

1,093,060

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

40,285

ABM

Industries,

Inc

1,540

5,587

ACCO

Brands

Corp

27

57,811

*,e

ACV

Auctions,

Inc

416

174,070

*,e

Alight,

Inc

1,276

11,286

e

Aris

Water

Solution,

Inc

144

27,574

*

ASGN

Inc

2,492

5,145

Barrett

Business

Services,

Inc

401

66,781

Booz

Allen

Hamilton

Holding

Co

6,167

22,496

Brady

Corp

(Class

A)

939

16,522

*

BrightView

Holdings,

Inc

131

26,557

e

Brink's

Co

1,286

12,641

*

CACI

International,

Inc

(Class

A)

3,300

26,846

*

Casella

Waste

Systems,

Inc

(Class

A)

2,051

18,053

*

CBIZ,

Inc

772

8,021

*

Cimpress

plc

196

44,551

Cintas

Corp

17,294

226,376

*

Clarivate

Analytics

plc

2,126

27,814

*

Clean

Harbors,

Inc

3,059

107,499

*

Copart,

Inc

11,438

49,610

*

CoreCivic,

Inc

439

201,024

*

CoStar

Group,

Inc

14,001

3,881

CRA

International,

Inc

344

22,984

Deluxe

Corp

383

20,676

*,e

Driven

Brands

Holdings,

Inc

579

129,661

e

Dun

&

Bradstreet

Holdings,

Inc

1,607

1,045

e

Ennis,

Inc

21

62,334

e

Equifax,

Inc

10,686

28,338

Exponent,

Inc

2,484

15,944

*

First

Advantage

Corp

205

7,582

*

Forrester

Research,

Inc

273

7,620

*

Franklin

Covey

Co

346

16,142

*

FTI

Consulting,

Inc

2,675

42,598

*,e

Geo

Group,

Inc

328

42,732

*

Harsco

Corp

160

40,910

Healthcare

Services

Group

495

14,300

Heidrick

&

Struggles

International,

Inc

372

8,893

*

Heritage-Crystal

Clean,

Inc

263

37,280

Herman

Miller,

Inc

582

10,874

*

HireRight

Holdings

Corp

166

23,758

e

HNI

Corp

630

15,850

*

Huron

Consulting

Group,

Inc

1,050

74,086

*,e

IAA,

Inc

2,360

6,267

e

ICF

International,

Inc

683

19,828

Insperity,

Inc

2,024

44,581

Interface,

Inc

401

64,684

Jacobs

Solutions,

Inc

7,018

67,918

*

KAR

Auction

Services,

Inc

759

77,169

KBR,

Inc

3,335

20,372

Kelly

Services,

Inc

(Class

A)

277

11,207

Kforce,

Inc

657

25,171

Kimball

International,

Inc

(Class

B)

158

29,134

e

Korn/Ferry

International

1,368

23,268

*,e

Legalzoom.com,

Inc

199

69,072

Leidos

Holdings,

Inc

6,042

67,802

*,e

Li-Cycle

Holdings

Corp

361

31,415

Manpower,

Inc

2,032

16,885

e

Matthews

International

Corp

(Class

A)

378

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

230

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

12,017

*,e

Montrose

Environmental

Group,

Inc

$

404

19,573

e

MSA

Safety,

Inc

2,139

196,358

Nielsen

NV

5,443

4,961

NL

Industries,

Inc

38

95,984

Pitney

Bowes,

Inc

224

79,689

*,e

Planet

Labs

PBC

433

4,854

*,e

Red

Violet,

Inc

84

104,675

Republic

Services,

Inc

14,240

20,546

Resources

Connection,

Inc

371

55,521

Robert

Half

International,

Inc

4,247

119,495

Rollins,

Inc

4,144

32,160

e

Science

Applications

International

Corp

2,844

41,609

*,e

Skillsoft

Corp

76

12,140

*,e

SP

Plus

Corp

380

61,807

Steelcase,

Inc

(Class

A)

403

49,051

*

Stericycle,

Inc

2,066

12,139

*,e

Sterling

Check

Corp

214

29,513

Tetra

Tech,

Inc

3,793

100,803

TransUnion

5,997

15,001

*

TriNet

Group,

Inc

1,068

19,072

*

TrueBlue,

Inc

364

8,983

e

Unifirst

Corp

1,511

63,645

*

Upwork,

Inc

867

80,134

Verisk

Analytics,

Inc

13,665

15,178

*

Viad

Corp

479

5,586

e

VSE

Corp

198

210,314

Waste

Management,

Inc

33,694

5,398

*

Willdan

Group,

Inc

80

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

220,662

CONSUMER

DURABLES

&

APPAREL

-

1.1%

15,286

e

Acushnet

Holdings

Corp

665

48,382

*,e

Allbirds,

Inc

147

35,953

*,e

AMMO,

Inc

105

21,459

*

Beazer

Homes

USA,

Inc

208

38,863

Brunswick

Corp

2,544

63,158

*

Callaway

Golf

Co

1,216

73,053

*

Capri

Holdings

Ltd

2,808

23,650

e

Carter's,

Inc

1,550

5,040

*

Cavco

Industries,

Inc

1,037

13,611

Century

Communities,

Inc

582

14,289

e

Clarus

Corp

193

21,656

Columbia

Sportswear

Co

1,457

31,668

*,e

Crocs,

Inc

2,174

14,122

*,e

Deckers

Outdoor

Corp

4,415

166,594

DR

Horton,

Inc

11,220

10,739

*,e

Dream

Finders

Homes,

Inc

114

24,672

Ermenegildo

Zegna

Holditalia

S.p.A

265

18,783

Ethan

Allen

Interiors,

Inc

397

31,215

*

Fossil

Group,

Inc

107

79,850

Garmin

Ltd

6,413

24,084

*

G-III

Apparel

Group

Ltd

360

74,136

*

GoPro,

Inc

366

16,535

*

Green

Brick

Partners,

Inc

354

156,073

e

Hanesbrands,

Inc

1,086

67,084

Hasbro,

Inc

4,523

13,347

*

Helen

of

Troy

Ltd

1,287

2,792

*,e

Hovnanian

Enterprises,

Inc

100

13,822

Installed

Building

Products,

Inc

1,119

15,263

*,e

iRobot

Corp

860

3,583

Johnson

Outdoors,

Inc

184

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

231

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

36,885

KB

Home

$

956

30,075

Kontoor

Brands,

Inc

1,011

12,660

*

Latham

Group,

Inc

45

25,091

La-Z-Boy,

Inc

566

73,033

e

Leggett

&

Platt,

Inc

2,426

132,136

Lennar

Corp

(Class

A)

9,851

2,824

Lennar

Corp

(Class

B)

168

12,635

*,e

LGI

Homes,

Inc

1,028

7,210

Lifetime

Brands,

Inc

49

5,568

*

Lovesac

Co

114

58,446

*

Lululemon

Athletica,

Inc

16,339

5,951

*

M/I

Homes,

Inc

216

13,092

*

Malibu

Boats,

Inc

628

8,407

Marine

Products

Corp

71

13,690

*

MasterCraft

Boat

Holdings,

Inc

258

167,123

*,e

Mattel,

Inc

3,165

23,210

MDC

Holdings,

Inc

636

17,632

*

Meritage

Homes

Corp

1,239

28,443

*

Mohawk

Industries,

Inc

2,594

11,320

e

Movado

Group,

Inc

319

207,669

e

Newell

Brands

Inc

2,885

627,101

Nike,

Inc

(Class

B)

52,125

1,503

*

NVR,

Inc

5,993

8,770

e

Oxford

Industries,

Inc

787

145,284

*,e

Peloton

Interactive,

Inc

1,007

5,912

*,e

PLBY

Group,

Inc

24

27,935

e

Polaris

Inc

2,672

107,132

Pulte

Homes,

Inc

4,017

27,406

*,e

Purple

Innovation,

Inc

111

40,092

PVH

Corp

1,796

25,991

Ralph

Lauren

Corp

2,207

3,738

e

Rocky

Brands,

Inc

75

72,360

*

Skechers

U.S.A.,

Inc

(Class

A)

2,295

28,672

*

Skyline

Champion

Corp

1,516

29,016

e

Smith

&

Wesson

Brands,

Inc

301

67,337

*

Sonos,

Inc

936

44,766

Steven

Madden

Ltd

1,194

3,716

e

Sturm

Ruger

&

Co,

Inc

189

5,163

Superior

Uniform

Group,

Inc

46

139,958

Tapestry,

Inc

3,979

52,524

*

Taylor

Morrison

Home

Corp

1,225

87,531

Tempur

Sealy

International,

Inc

2,113

47,932

Toll

Brothers,

Inc

2,013

18,124

*

TopBuild

Corp

2,986

12,158

*,e

Traeger,

Inc

34

47,835

*

TRI

Pointe

Homes,

Inc

723

28,980

*

Tupperware

Brands

Corp

190

84,878

*,e

Under

Armour,

Inc

(Class

A)

564

110,542

*

Under

Armour,

Inc

(Class

C)

659

10,905

*

Unifi,

Inc

104

10,485

*

Universal

Electronics,

Inc

206

180,319

VF

Corp

5,393

94,396

*,e

Vinco

Ventures,

Inc

88

8,898

*

Vista

Outdoor,

Inc

216

34,786

*

Vizio

Holding

Corp

304

32,024

*,e

Vuzix

Corp

185

13,847

Weber,

Inc

91

28,362

e

Whirlpool

Corp

3,824

48,726

Wolverine

World

Wide,

Inc

750

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

232

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

46,993

*

YETI

Holdings,

Inc

$

1,340

TOTAL

CONSUMER

DURABLES

&

APPAREL

196,698

CONSUMER

SERVICES

-

2.2%

36,774

*

2U,

Inc

230

25,118

*

Accel

Entertainment,

Inc

196

86,801

ADT,

Inc

650

29,568

*,e

Adtalem

Global

Education,

Inc

1,078

200,638

*

Airbnb,

Inc

21,075

12,233

*

American

Public

Education,

Inc

112

108,444

ARAMARK

Holdings

Corp

3,383

17,816

*

Bally's

Corp

352

769

*

Biglari

Holdings,

Inc

(B

Shares)

89

15,173

*

BJ's

Restaurants,

Inc

362

44,145

Bloomin'

Brands,

Inc

809

8,897

Bluegreen

Vacations

Holding

Corp

147

20,653

*

Booking

Holdings,

Inc

33,937

19,931

*,e

Bowlero

Corp

245

43,510

Boyd

Gaming

Corp

2,073

28,106

*

Bright

Horizons

Family

Solutions

1,620

25,489

*

Brinker

International,

Inc

637

109,557

*

Caesars

Entertainment,

Inc

3,534

468,051

*,e

Carnival

Corp

3,290

11,838

Carriage

Services,

Inc

381

16,727

*,e

Century

Casinos,

Inc

110

23,639

e

Cheesecake

Factory

692

76,982

*

Chegg,

Inc

1,622

14,420

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

21,670

19,126

Choice

Hotels

International,

Inc

2,095

20,586

Churchill

Downs,

Inc

3,791

12,474

*

Chuy's

Holdings,

Inc

289

57,806

*

Coursera,

Inc

623

12,944

e

Cracker

Barrel

Old

Country

Store,

Inc

1,198

64,257

e

Darden

Restaurants,

Inc

8,117

23,587

*

Dave

&

Buster's

Entertainment,

Inc

732

41,277

*

Denny's

Corp

388

8,713

Dine

Brands

Global

Inc.

554

18,765

Domino's

Pizza,

Inc

5,821

173,206

*,e

DraftKings,

Inc

2,622

12,069

*

Duolingo,

Inc

1,149

14,501

*,e

El

Pollo

Loco

Holdings,

Inc

129

10,835

e

European

Wax

Center,

Inc

200

45,885

*

Everi

Holdings,

Inc

744

75,700

*

Expedia

Group,

Inc

7,092

45,952

*

frontdoor,

Inc

937

16,841

*

Full

House

Resorts,

Inc

95

7,389

*

Golden

Entertainment,

Inc

258

1,473

Graham

Holdings

Co

792

16,404

*

Grand

Canyon

Education,

Inc

1,349

70,456

H&R

Block,

Inc

2,997

49,665

*

Hilton

Grand

Vacations,

Inc

1,633

139,998

Hilton

Worldwide

Holdings,

Inc

16,887

24,452

*,e

Hyatt

Hotels

Corp

1,980

11,356

*

Inspired

Entertainment,

Inc

100

54,564

e

International

Game

Technology

plc

862

12,544

Jack

in

the

Box,

Inc

929

44,656

e

Krispy

Kreme,

Inc

515

167,139

*

Las

Vegas

Sands

Corp

6,271

62,559

Laureate

Education,

Inc

660

20,784

*,e

Life

Time

Group

Holdings,

Inc

203

10,890

*,e

Lindblad

Expeditions

Holdings,

Inc

74

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

233

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

137,466

Marriott

International,

Inc

(Class

A)

$

19,265

22,871

e

Marriott

Vacations

Worldwide

Corp

2,787

379,214

McDonald's

Corp

87,500

168,630

MGM

Resorts

International

5,012

22,276

*,e

Mister

Car

Wash,

Inc

191

7,140

*

Monarch

Casino

&

Resort,

Inc

401

3,043

*

NEOGAMES

S.A.

39

8,091

*

Noodles

&

Co

38

204,209

*,e

Norwegian

Cruise

Line

Holdings

Ltd

2,320

29,338

*,e

OneSpaWorld

Holdings

Ltd

246

18,811

e

Papa

John's

International,

Inc

1,317

85,767

*

Penn

National

Gaming,

Inc

2,359

46,334

*

Perdoceo

Education

Corp

477

45,756

*

Planet

Fitness,

Inc

2,638

12,559

*,e

Portillo's,

Inc

247

23,203

*

PowerSchool

Holdings,

Inc

387

6,547

e

RCI

Hospitality

Holdings,

Inc

428

26,499

Red

Rock

Resorts,

Inc

908

47,538

*,e

Rover

Group,

Inc

159

120,421

*,e

Royal

Caribbean

Cruises

Ltd

4,564

28,549

*

Rush

Street

Interactive,

Inc

105

21,790

Ruth's

Hospitality

Group

Inc

367

52,481

*,e

Scientific

Games

Corp

(Class

A)

2,250

22,953

*,e

SeaWorld

Entertainment,

Inc

1,045

77,028

Service

Corp

International

4,448

20,425

*

Shake

Shack,

Inc

919

42,367

*

Six

Flags

Entertainment

Corp

750

584,742

Starbucks

Corp

49,270

11,328

e

Strategic

Education,

Inc

696

13,194

*

Stride,

Inc

555

44,740

*,e

Sweetgreen,

Inc

828

21,327

*,e

Target

Hospitality

Corp

269

56,809

*

Terminix

Global

Holdings,

Inc

2,175

35,053

Texas

Roadhouse,

Inc

(Class

A)

3,059

46,546

e

Travel

&

Leisure

Co

1,588

36,983

*

Udemy,

Inc

447

16,593

*,e

Universal

Technical

Institute,

Inc

90

57,183

*

Vacasa,

Inc

176

21,929

Vail

Resorts,

Inc

4,729

41,530

*,e

Vivint

Smart

Home,

Inc

273

97,887

Wendy's

1,830

16,288

e

Wingstop,

Inc

2,043

26,120

*

WW

International

Inc

103

45,815

Wyndham

Hotels

&

Resorts,

Inc

2,811

58,587

*

Wynn

Resorts

Ltd

3,693

8,699

*

Xponential

Fitness,

Inc

159

144,894

Yum!

Brands,

Inc

15,408

TOTAL

CONSUMER

SERVICES

401,749

DIVERSIFIED

FINANCIALS

-

5.2%

8,101

AFC

Gamma,

Inc

124

19,794

Affiliated

Managers

Group,

Inc

2,214

247,438

AGNC

Investment

Corp

2,083

8,948

Alerus

Financial

Corp

198

148,401

Ally

Financial,

Inc

4,130

9,522

A-Mark

Precious

Metals,

Inc

270

306,966

American

Express

Co

41,413

54,253

Ameriprise

Financial,

Inc

13,669

200,913

Annaly

Capital

Management,

Inc

3,448

68,911

Apollo

Commercial

Real

Estate

Finance,

Inc

572

236,910

Apollo

Global

Management,

Inc

11,016

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

234

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

61,262

Arbor

Realty

Trust,

Inc

$

705

22,112

Ares

Commercial

Real

Estate

Corp

231

78,238

Ares

Management

Corp

4,847

26,163

e

ARMOUR

Residential

REIT,

Inc

127

32,135

Artisan

Partners

Asset

Management,

Inc

865

8,796

*

Assetmark

Financial

Holdings,

Inc

161

4,316

Associated

Capital

Group,

Inc

159

10,240

e

B.

Riley

Financial,

Inc

456

21,466

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

280

378,977

Bank

of

New

York

Mellon

Corp

14,598

926,271

*

Berkshire

Hathaway,

Inc

(Class

B)

247,333

166,153

e

BGC

Partners,

Inc

(Class

A)

522

77,481

BlackRock,

Inc

42,636

87,301

e

Blackstone

Mortgage

Trust,

Inc

2,038

361,366

e

Blackstone,

Inc

30,246

30,473

*

Blucora,

Inc

589

207,831

e

Blue

Owl

Capital,

Inc

1,918

23,450

Brightsphere

Investment

Group,

Inc

350

46,061

BrightSpire

Capital,

Inc

291

37,551

e

Broadmark

Realty

Capital,

Inc

192

48,331

*

Cannae

Holdings,

Inc

999

198,611

Capital

One

Financial

Corp

18,306

106,775

e

Carlyle

Group,

Inc

2,759

53,974

CBOE

Global

Markets,

Inc

6,335

775,620

Charles

Schwab

Corp

55,744

121,929

e

Chimera

Investment

Corp

636

47,158

e

Claros

Mortgage

Trust,

Inc

554

185,659

CME

Group,

Inc

32,886

15,440

e

Cohen

&

Steers,

Inc

967

79,947

*

Coinbase

Global,

Inc

5,156

31,056

e

Compass

Diversified

Trust

561

18,127

e

Cowen

Group,

Inc

700

3,577

*,e

Credit

Acceptance

Corp

1,567

7,834

e

Curo

Group

Holdings

Corp

31

2,179

Diamond

Hill

Investment

Group,

Inc

360

138,902

Discover

Financial

Services

12,629

19,156

*

Donnelley

Financial

Solutions,

Inc

708

11,107

e

Dynex

Capital,

Inc

129

17,423

e

Ellington

Financial

Inc

198

10,179

*,e

Encore

Capital

Group,

Inc

463

23,911

*

Enova

International,

Inc

700

175,999

Equitable

Holdings,

Inc

4,638

21,958

e

Evercore

Inc

1,806

38,445

*

Ezcorp,

Inc

(Class

A)

296

19,752

Factset

Research

Systems,

Inc

7,903

51,663

Federated

Investors,

Inc

(Class

B)

1,711

24,222

e

FirstCash

Holdings,

Inc

1,777

32,102

*,e

Focus

Financial

Partners,

Inc

1,012

23,368

Franklin

BSP

Realty

Trust,

Inc

252

158,845

e

Franklin

Resources,

Inc

3,418

2,827

e

GAMCO

Investors,

Inc

(Class

A)

48

23,172

e

GCM

Grosvenor,

Inc

183

170,602

Goldman

Sachs

Group,

Inc

49,995

31,227

Granite

Point

Mortgage

Trust,

Inc

201

33,057

*

Green

Dot

Corp

627

18,233

Hamilton

Lane,

Inc

1,087

41,845

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,252

25,893

Houlihan

Lokey,

Inc

1,952

44,099

Interactive

Brokers

Group,

Inc

(Class

A)

2,818

286,870

Intercontinental

Exchange

Group,

Inc

25,919

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

235

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

183,237

Invesco

Ltd

$

2,510

10,073

e

Invesco

Mortgage

Capital,

Inc

112

38,721

Jackson

Financial,

Inc

1,075

84,445

e

Janus

Henderson

Group

plc

1,715

110,637

e

Jefferies

Financial

Group,

Inc

3,264

289,960

e

KKR

&

Co,

Inc

12,468

17,625

KKR

Real

Estate

Finance

Trust,

Inc

286

49,932

Ladder

Capital

Corp

447

55,948

Lazard

Ltd

(Class

A)

1,781

42,896

*

LendingClub

Corp

474

6,343

*

LendingTree,

Inc

151

40,959

e

LPL

Financial

Holdings,

Inc

8,949

8,130

e

Manning

&

Napier,

Inc

100

18,723

MarketAxess

Holdings,

Inc

4,166

46,018

e

MFA

Financial,

Inc

358

33,380

e

Moelis

&

Co

1,129

74,135

*,e

Moneylion,

Inc

66

83,362

Moody's

Corp

20,266

643,529

Morgan

Stanley

50,845

12,847

Morningstar,

Inc

2,728

40,953

MSCI,

Inc

(Class

A)

17,274

178,005

Nasdaq

Inc

10,089

72,107

e

Navient

Corp

1,059

3,424

e

Nelnet,

Inc

(Class

A)

271

13,129

*,e

NerdWallet,

Inc

116

185,902

New

Residential

Investment

Corp

1,361

73,139

e

New

York

Mortgage

Trust,

Inc

171

108,636

Northern

Trust

Corp

9,295

60,203

OneMain

Holdings,

Inc

1,777

56,898

*

Open

Lending

Corp

457

11,565

*

Oportun

Financial

Corp

51

7,363

e

Oppenheimer

Holdings,

Inc

228

4,738

e

Orchid

Island

Capital,

Inc

39

47,765

e

PennyMac

Mortgage

Investment

Trust

563

23,862

e

Perella

Weinberg

Partners

151

10,272

e

Piper

Jaffray

Cos

1,076

13,025

PJT

Partners,

Inc

870

24,781

*

PRA

Group,

Inc

814

36,804

*

PROG

Holdings,

Inc

551

9,591

Pzena

Investment

Management,

Inc

(Class

A)

91

98,653

Raymond

James

Financial,

Inc

9,749

22,908

e

Ready

Capital

Corp

232

49,700

e

Redwood

Trust,

Inc

285

8,577

e

Regional

Management

Corp

241

286,577

*,e

Robinhood

Markets,

Inc

2,894

171,274

S&P

Global,

Inc

52,299

10,879

e

Sculptor

Capital

Management,

Inc

96

50,003

SEI

Investments

Co

2,453

145,203

SLM

Corp

2,031

410,032

*

SoFi

Technologies,

Inc

2,001

137,605

Starwood

Property

Trust,

Inc

2,507

190,999

State

Street

Corp

11,615

20,369

StepStone

Group,

Inc

499

56,036

Stifel

Financial

Corp

2,909

11,369

*

StoneX

Group,

Inc

943

257,788

Synchrony

Financial

7,267

118,281

T

Rowe

Price

Group,

Inc

12,421

32,761

TPG

RE

Finance

Trust,

Inc

229

52,338

Tradeweb

Markets,

Inc

2,953

149,469

e

Two

Harbors

Investment

Corp

496

37,848

*,e

Upstart

Holdings,

Inc

787

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

236

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

8,459

e

Victory

Capital

Holdings,

Inc

$

197

51,259

Virtu

Financial,

Inc

1,065

2,751

e

Virtus

Investment

Partners,

Inc

439

56,679

e

Voya

Financial,

Inc

3,429

84,317

e

WisdomTree

Investments,

Inc

395

2,399

*,e

World

Acceptance

Corp

232

TOTAL

DIVERSIFIED

FINANCIALS

956,822

ENERGY

-

4.7%

39,034

*

Alto

Ingredients,

Inc

142

8,490

e

Altus

Midstream

Co

277

18,289

*,e

Amplify

Energy

Corp

120

183,627

Antero

Midstream

Corp

1,686

142,450

*

Antero

Resources

Corp

4,349

173,838

APA

Corp

5,944

7,811

e

Arch

Resources,

Inc

926

30,550

*

Archaea

Energy,

Inc

550

69,395

Archrock,

Inc

445

17,877

*

Ardmore

Shipping

Corp

163

477,668

Baker

Hughes

Co

10,012

36,376

Berry

Petroleum

Co

LLC

273

37,806

e

Bonanza

Creek

Energy,

Inc

2,170

68,885

*

Borr

Drilling

Ltd

229

23,816

Brigham

Minerals,

Inc

588

4,788

*

Bristow

Group,

Inc

112

410,279

Cabot

Oil

&

Gas

Corp

10,716

29,784

Cactus,

Inc

1,145

30,263

California

Resources

Corp

1,163

21,769

*,e

Callon

Petroleum

Co

762

5,171

*

Centrus

Energy

Corp

212

110,556

e

ChampionX

Corp

2,164

130,655

Cheniere

Energy,

Inc

21,677

65,778

e

Chesapeake

Energy

Corp

6,197

1,009,002

Chevron

Corp

144,963

75,896

*

Clean

Energy

Fuels

Corp

405

87,769

*,e

CNX

Resources

Corp

1,363

49,969

*

Comstock

Resources

Inc

864

654,324

ConocoPhillips

66,964

20,666

CONSOL

Energy,

Inc

1,329

9,978

Continental

Resources,

Inc

667

10,678

e

Crescent

Energy,

Inc

144

11,149

CVR

Energy,

Inc

323

27,497

Delek

US

Holdings,

Inc

746

27,534

*

Denbury,

Inc

2,375

339,415

Devon

Energy

Corp

20,409

55,111

DHT

Holdings,

Inc

417

51,211

*,e

Diamond

Offshore

Drilling,

Inc

340

91,354

Diamondback

Energy,

Inc

11,004

9,586

*

DMC

Global,

Inc

153

19,179

Dorian

LPG

Ltd

260

19,159

*

Dril-Quip,

Inc

374

52,968

DT

Midstream,

Inc

2,748

7,121

*,e

Earthstone

Energy,

Inc

88

56,201

*,e

Energy

Fuels,

Inc

344

15,785

e

Enviva,

Inc

948

301,947

EOG

Resources,

Inc

33,737

190,086

EQT

Corp

7,746

223,182

Equitrans

Midstream

Corp

1,669

9,511

e

Excelerate

Energy,

Inc

223

2,143,057

d

Exxon

Mobil

Corp

187,110

14,619

e

FLEX

LNG

Ltd

463

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

237

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

39,745

*,e

Frank's

International

NV

$

506

70,150

e

Frontline

Ltd

767

106,507

*,e

Gevo,

Inc

243

42,501

*

Golar

LNG

Ltd

1,059

26,945

*

Green

Plains

Inc

783

6,101

*,e

Gulfport

Energy

Operating

Corp

539

472,263

Halliburton

Co

11,627

100,808

*

Helix

Energy

Solutions

Group,

Inc

389

52,744

e

Helmerich

&

Payne,

Inc

1,950

146,598

Hess

Corp

15,978

82,202

HF

Sinclair

Corp

4,426

28,719

International

Seaways,

Inc

1,009

1,030,068

Kinder

Morgan,

Inc

17,140

234,852

*

Kosmos

Energy

Ltd

1,214

6,863

*,e

Laredo

Petroleum,

Inc

431

73,190

*

Liberty

Oilfield

Services,

Inc

928

85,538

e

Magnolia

Oil

&

Gas

Corp

1,694

363,906

Marathon

Oil

Corp

8,217

255,581

Marathon

Petroleum

Corp

25,387

61,756

Matador

Resources

Co

3,021

75,569

Murphy

Oil

Corp

2,658

4,194

*

Nabors

Industries

Ltd

425

16,237

*

National

Energy

Services

Reunited

Corp

96

24,850

e

New

Fortress

Energy,

Inc

1,086

63,344

*

Newpark

Resources,

Inc

160

76,759

*

NexTier

Oilfield

Solutions,

Inc

568

19,288

*

Noble

Corp

plc

571

68,002

Nordic

American

Tankers

Ltd

182

26,098

e

Northern

Oil

and

Gas,

Inc

715

214,007

NOV,

Inc

3,463

22,490

e

Oasis

Petroleum,

Inc

3,076

422,344

Occidental

Petroleum

Corp

25,953

54,360

*

Oceaneering

International,

Inc

433

38,178

*

Oil

States

International,

Inc

148

229,327

ONEOK,

Inc

11,751

133,988

Ovintiv,

Inc

6,163

23,180

*

Par

Pacific

Holdings,

Inc

380

101,807

Patterson-UTI

Energy,

Inc

1,189

52,566

*

PBF

Energy,

Inc

1,848

48,796

PDC

Energy,

Inc

2,820

60,358

*,e

Peabody

Energy

Corp

1,498

10,090

Penn

Virginia

Corp

317

98,820

*,e

Permian

Resources

Corp

672

246,452

Phillips

66

19,894

121,464

Pioneer

Natural

Resources

Co

26,301

48,018

*

ProPetro

Holding

Corp

387

135,610

Range

Resources

Corp

3,425

12,558

*

Rex

American

Resources

Corp

351

4,815

Riley

Exploration

Permian,

Inc

91

44,313

*,e

Ring

Energy,

Inc

103

42,512

e

RPC,

Inc

295

16,291

*

SandRidge

Energy,

Inc

266

737,945

Schlumberger

Ltd

26,492

26,610

Scorpio

Tankers,

Inc

1,119

6,869

*

Select

Energy

Services,

Inc

48

45,041

SFL

Corp

Ltd

410

6,017

*,e

SilverBow

Resources,

Inc

162

6,221

e

Sitio

Royalties

Corp

138

63,633

SM

Energy

Co

2,393

6,855

Solaris

Oilfield

Infrastructure,

Inc

64

541,965

*

Southwestern

Energy

Co

3,317

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

238

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

33,911

*

Talos

Energy,

Inc

$

565

114,858

Targa

Resources

Investments,

Inc

6,931

35,750

*

Teekay

Corp

128

11,719

*

Teekay

Tankers

Ltd

323

172,980

*,e

Tellurian,

Inc

413

66,939

*

Tetra

Technologies,

Inc

240

2,915

Texas

Pacific

Land

Corp

5,181

16,234

*

Tidewater,

Inc

352

95,169

*,e

Uranium

Energy

Corp

333

108,834

*,e

Ur-Energy,

Inc

119

37,988

*,e

US

Silica

Holdings,

Inc

416

29,976

e

Vaalco

Energy,

Inc

131

31,352

*

Valaris

Ltd

1,534

201,872

Valero

Energy

Corp

21,570

27,727

*,e

Vertex

Energy,

Inc

173

14,396

*

W&T

Offshore,

Inc

84

36,238

*,e

Weatherford

International

Ltd

1,170

628,435

e

Williams

Cos,

Inc

17,992

29,960

World

Fuel

Services

Corp

702

TOTAL

ENERGY

867,291

FOOD

&

STAPLES

RETAILING

-

1.5%

87,310

Albertsons

Cos,

Inc

2,171

19,849

Andersons,

Inc

616

74,804

*

BJ's

Wholesale

Club

Holdings,

Inc

5,447

18,360

Casey's

General

Stores,

Inc

3,718

14,374

*

Chefs'

Warehouse

Holdings,

Inc

416

227,448

Costco

Wholesale

Corp

107,417

47,990

*

Grocery

Outlet

Holding

Corp

1,598

21,180

*,e

HF

Foods

Group

Inc

82

759

Ingles

Markets,

Inc

(Class

A)

60

338,299

Kroger

Co

14,801

6,410

Natural

Grocers

by

Vitamin

C

69

81,687

*

Performance

Food

Group

Co

3,508

14,866

Pricesmart,

Inc

856

38,176

*,e

Rite

Aid

Corp

189

7,101

SpartanNash

Co

206

64,788

*

Sprouts

Farmers

Market,

Inc

1,798

255,327

SYSCO

Corp

18,054

30,449

*

United

Natural

Foods,

Inc

1,047

121,342

*

US

Foods

Holding

Corp

3,208

4,843

Village

Super

Market

(Class

A)

94

364,496

Walgreens

Boots

Alliance,

Inc

11,445

739,456

Walmart,

Inc

95,907

8,426

Weis

Markets,

Inc

600

TOTAL

FOOD

&

STAPLES

RETAILING

273,307

FOOD,

BEVERAGE

&

TOBACCO

-

3.3%

82,392

*,e

22nd

Century

Group,

Inc

76

3,213

Alico,

Inc

91

935,207

Altria

Group,

Inc

37,764

26,157

*,e

AppHarvest,

Inc

52

290,468

Archer-Daniels-Midland

Co

23,368

34,958

e

B&G

Foods,

Inc

(Class

A)

576

87,744

*,e

Benson

Hill,

Inc

240

31,483

*,e

Beyond

Meat,

Inc

446

5,121

*,e

Boston

Beer

Co,

Inc

(Class

A)

1,657

13,162

*,e

BRC,

Inc

102

25,010

Brown-Forman

Corp

(Class

A)

1,690

91,961

e

Brown-Forman

Corp

(Class

B)

6,122

70,268

Bunge

Ltd

5,802

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

239

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,455

e

Calavo

Growers,

Inc

$

364

22,629

Cal-Maine

Foods,

Inc

1,258

94,499

Campbell

Soup

Co

4,453

29,057

*,e

Celsius

Holdings,

Inc

2,635

2,006,757

Coca-Cola

Co

112,418

2,566

Coca-Cola

Consolidated

Inc

1,056

238,268

ConAgra

Brands,

Inc

7,775

78,682

Constellation

Brands,

Inc

(Class

A)

18,072

81,644

*

Darling

International,

Inc

5,401

11,007

*

Duckhorn

Portfolio,

Inc

159

85,884

Flowers

Foods,

Inc

2,120

20,613

Fresh

Del

Monte

Produce,

Inc

479

23,047

*,e

Freshpet,

Inc

1,154

302,674

General

Mills,

Inc

23,188

46,022

*

Hain

Celestial

Group,

Inc

777

75,041

Hershey

Co

16,544

143,109

Hormel

Foods

Corp

6,503

71,472

*

Hostess

Brands,

Inc

1,661

32,682

Ingredion,

Inc

2,632

8,046

e

J&J

Snack

Foods

Corp

1,042

54,783

J.M.

Smucker

Co

7,528

5,780

John

B.

Sanfilippo

&

Son,

Inc

438

122,039

Kellogg

Co

8,501

426,401

e

Keurig

Dr

Pepper,

Inc

15,274

360,590

Kraft

Heinz

Co

12,026

72,659

Lamb

Weston

Holdings,

Inc

5,622

10,268

e

Lancaster

Colony

Corp

1,543

19,323

*

Landec

Corp

172

131,394

McCormick

&

Co,

Inc

9,364

9,193

MGP

Ingredients,

Inc

976

20,226

*

Mission

Produce,

Inc

292

90,373

Molson

Coors

Brewing

Co

(Class

B)

4,337

702,720

Mondelez

International,

Inc

38,530

189,751

*

Monster

Beverage

Corp

16,501

12,819

National

Beverage

Corp

494

710,302

PepsiCo,

Inc

115,964

800,142

Philip

Morris

International,

Inc

66,420

24,393

*,e

Pilgrim's

Pride

Corp

561

27,833

*

Post

Holdings,

Inc

2,280

92,946

Primo

Water

Corp

1,166

131

Seaboard

Corp

446

5,451

*

Seneca

Foods

Corp

275

46,457

*

Simply

Good

Foods

Co

1,486

14,597

*

Sovos

Brands,

Inc

208

50,062

*,e

SunOpta,

Inc

456

25,510

*,e

Tattooed

Chef,

Inc

127

12,352

e

Tootsie

Roll

Industries,

Inc

411

29,630

*

TreeHouse

Foods,

Inc

1,257

4,760

Turning

Point

Brands,

Inc

101

140,077

Tyson

Foods,

Inc

(Class

A)

9,235

82

e

Universal

Corp

4

32,173

e

Utz

Brands,

Inc

486

78,380

Vector

Group

Ltd

690

16,593

*,e

Vintage

Wine

Estates,

Inc

46

14,289

*

Vita

Coco

Co,

Inc

163

13,394

*

Vital

Farms,

Inc

160

20,392

*

Whole

Earth

Brands,

Inc

78

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

611,295

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.2%

63,623

*

1Life

Healthcare,

Inc

1,091

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

240

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

879,667

Abbott

Laboratories

$

85,117

22,399

*

Abiomed,

Inc

5,503

48,576

*,e

Acadia

Healthcare

Co,

Inc

3,798

27,471

*,e

Accolade,

Inc

314

42,027

*,e

AdaptHealth

Corp

789

8,397

*,e

Addus

HomeCare

Corp

800

12,333

*,e

Agiliti,

Inc

176

89,660

*,e

agilon

health,

Inc

2,100

41,729

*

Align

Technology,

Inc

8,642

14,356

*,e

Alignment

Healthcare,

Inc

170

51,829

*

Allscripts

Healthcare

Solutions,

Inc

789

31,277

*,e

Alphatec

Holdings

Inc

273

17,538

*

Amedisys,

Inc

1,698

106,234

*

American

Well

Corp

381

76,774

AmerisourceBergen

Corp

10,390

25,726

*

AMN

Healthcare

Services,

Inc

2,726

26,107

*

Angiodynamics,

Inc

534

16,786

*,e

Apollo

Medical

Holdings,

Inc

655

22,609

*,e

AtriCure,

Inc

884

1,019

Atrion

Corp

576

26,266

*

Avanos

Medical,

Inc

572

21,058

*

Aveanna

Healthcare

Holdings,

Inc

32

18,090

*

AxoGen,

Inc

216

22,714

*

Axonics

Modulation

Technologies,

Inc

1,600

263,385

Baxter

International,

Inc

14,186

144,142

Becton

Dickinson

&

Co

32,119

13,317

*

BioLife

Solutions

Inc

303

16,190

*,e

Bioventus,

Inc

113

734,435

*

Boston

Scientific

Corp

28,445

100,981

*

Brookdale

Senior

Living,

Inc

431

98,379

*,e

Butterfly

Network,

Inc

462

82,987

*,e

Cano

Health,

Inc

720

134,447

Cardinal

Health,

Inc

8,965

23,626

*

Cardiovascular

Systems,

Inc

327

30,584

*,e

CareMax,

Inc

217

11,625

*

Castle

Biosciences,

Inc

303

291,876

*

Centene

Corp

22,711

44,636

*

Certara,

Inc

593

71,510

*

Cerus

Corp

257

136,076

*

Change

Healthcare,

Inc

3,741

7,521

Chemed

Corp

3,283

153,789

Cigna

Corp

42,672

195,629

*,e

Clover

Health

Investments

Corp

333

67,798

*

Community

Health

Systems,

Inc

146

8,700

*

Computer

Programs

&

Systems,

Inc

243

15,846

e

Conmed

Corp

1,270

24,480

Cooper

Cos,

Inc

6,460

4,814

*

Corvel

Corp

666

56,477

*

Covetrus,

Inc

1,179

25,224

*

Cross

Country

Healthcare,

Inc

716

23,064

*,e

CryoLife,

Inc

319

22,130

*

CryoPort,

Inc

539

55,246

*,e

Cue

Health,

Inc

166

10,004

*,e

Cutera,

Inc

456

670,760

CVS

Health

Corp

63,970

32,781

*

DaVita,

Inc

2,713

10,656

*

Definitive

Healthcare

Corp

166

106,534

Dentsply

Sirona,

Inc

3,020

201,644

*

Dexcom,

Inc

16,240

41,284

*

DocGo,

Inc

410

49,456

*,e

Doximity,

Inc

1,495

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

241

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

320,136

*

Edwards

Lifesciences

Corp

$

26,453

123,246

Elevance

Health,

Inc

55,983

30,207

e

Embecta

Corp

870

54,203

Encompass

Health

Corp

2,452

27,101

*

Enhabit,

Inc

381

21,428

*

Enovis

Corp

987

28,674

Ensign

Group,

Inc

2,280

79,184

*

Envista

Holdings

Corp

2,598

45,708

*

Evolent

Health,

Inc

1,642

65,385

*,e

Figs,

Inc

539

11,072

*,e

Fulgent

Genetics,

Inc

422

24,523

*

Glaukos

Corp

1,306

42,442

*

Globus

Medical,

Inc

2,528

49,332

*,e

Guardant

Health,

Inc

2,656

27,531

*,e

Haemonetics

Corp

2,038

23,398

*

Hanger

Inc

438

112,558

HCA

Healthcare,

Inc

20,687

24,393

*

Health

Catalyst,

Inc

237

42,554

*,e

HealthEquity,

Inc

2,858

18,780

*

HealthStream,

Inc

399

70,773

*

Henry

Schein,

Inc

4,655

4,605

*

Heska

Corp

336

62,220

*

Hims

&

Hers

Health,

Inc

347

123,936

*

Hologic,

Inc

7,996

63,960

Humana,

Inc

31,033

10,885

*

ICU

Medical,

Inc

1,639

43,685

*

IDEXX

Laboratories,

Inc

14,233

24,734

*,e

Inari

Medical,

Inc

1,797

10,000

*,e

Innovage

Holding

Corp

59

12,244

*

Inogen,

Inc

297

13,280

*

Inspire

Medical

Systems,

Inc

2,355

34,390

*

Insulet

Corp

7,889

17,928

*

Integer

Holding

Corp

1,116

39,699

*,e

Integra

LifeSciences

Holdings

Corp

1,682

184,995

*

Intuitive

Surgical,

Inc

34,675

109,344

*,e

Invitae

Corp

269

3,653

e

iRadimed

Corp

110

16,105

*,e

iRhythm

Technologies,

Inc

2,018

7,427

*,e

Joint

Corp

117

47,794

Laboratory

Corp

of

America

Holdings

9,789

34,223

*

Lantheus

Holdings,

Inc

2,407

9,523

LeMaitre

Vascular,

Inc

483

17,004

*

LHC

Group,

Inc

2,783

25,006

*,e

LifeStance

Health

Group,

Inc

166

26,810

*

LivaNova

plc

1,361

27,485

*

Masimo

Corp

3,880

73,075

McKesson

Corp

24,836

43,753

*

MEDNAX,

Inc

722

683,407

Medtronic

plc

55,185

11,623

*

Meridian

Bioscience,

Inc

366

28,011

*

Merit

Medical

Systems,

Inc

1,583

2,255

e

Mesa

Laboratories,

Inc

318

6,780

*,e

ModivCare,

Inc

676

30,182

*

Molina

Healthcare,

Inc

9,955

193,725

*,e

Multiplan

Corp

554

21,550

*,e

Nano-X

Imaging

Ltd

247

2,600

National

Healthcare

Corp

165

5,598

e

National

Research

Corp

223

55,746

*

Neogen

Corp

779

19,942

*

Nevro

Corp

929

37,773

*

NextGen

Healthcare,

Inc

669

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

242

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

56,233

*

Novocure

Ltd

$

4,273

28,270

*

NuVasive,

Inc

1,239

56,949

*,e

Oak

Street

Health,

Inc

1,396

23,061

*

Omnicell,

Inc

2,007

238,337

*

Opko

Health,

Inc

450

8,440

*,e

OptimizeRx

Corp

125

80,646

*

Option

Care

Health,

Inc

2,538

40,487

*

OraSure

Technologies,

Inc

153

12,159

*

Orthofix

Medical

Inc

232

5,177

*,e

OrthoPediatrics

Corp

239

24,964

*

Outset

Medical,

Inc

398

31,294

Owens

&

Minor,

Inc

754

23,637

*,e

Paragon

28,

Inc

421

44,685

e

Patterson

Cos,

Inc

1,073

17,723

*

Pennant

Group,

Inc

184

17,918

*

Penumbra,

Inc

3,397

14,406

*

PetIQ,

Inc

99

20,801

*,e

Phreesia,

Inc

530

56,653

Premier,

Inc

1,923

10,696

*

Privia

Health

Group,

Inc

364

13,124

*,e

PROCEPT

BioRobotics

Corp

544

34,423

*

Progyny,

Inc

1,276

72,154

*

Project

Roadrunner

Parent,

Inc

1,337

13,858

*,e

Pulmonx

Corp

231

61,785

Quest

Diagnostics,

Inc

7,580

26,154

*

QuidelOrtho

Corp

1,869

25,914

*

RadNet,

Inc

527

73,604

Resmed,

Inc

16,068

10,559

*,e

RxSight,

Inc

127

24,729

*,e

Schrodinger,

Inc

618

15,644

*

SeaSpine

Holdings

Corp

89

60,301

Select

Medical

Holdings

Corp

1,333

81,063

*,e

Sema4

Holdings

Corp

71

226,696

*,e

Senseonics

Holdings,

Inc

299

150,613

*,e

Sharecare,

Inc

286

18,412

*

Shockwave

Medical

Inc

5,120

17,531

*,e

SI-BONE,

Inc

306

34,185

*

Signify

Health,

Inc

996

18,916

*

Silk

Road

Medical

Inc

851

7,680

e

Simulations

Plus,

Inc

373

26,141

*

Staar

Surgical

Co

1,844

51,240

STERIS

plc

8,520

178,206

e

Stryker

Corp

36,094

17,295

*,e

Surgery

Partners,

Inc

405

10,275

*

SurModics,

Inc

312

10,460

*

Tactile

Systems

Technology,

Inc

81

35,006

*

Tandem

Diabetes

Care,

Inc

1,675

80,556

*,e

Teladoc,

Inc

2,042

23,691

Teleflex,

Inc

4,773

53,386

*

Tenet

Healthcare

Corp

2,754

11,786

*

Transmedics

Group,

Inc

492

5,968

*

Treace

Medical

Concepts,

Inc

132

4,630

*

UFP

Technologies,

Inc

397

480,656

UnitedHealth

Group,

Inc

242,751

33,482

Universal

Health

Services,

Inc

(Class

B)

2,952

6,975

US

Physical

Therapy,

Inc

530

2,349

e

Utah

Medical

Products,

Inc

200

27,229

*

Varex

Imaging

Corp

576

71,525

*

Veeva

Systems,

Inc

11,793

88,085

*,e

VG

Acquisition

Corp

252

27,942

*,e

Vicarious

Surgical,

Inc

94

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

243

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

74,317

*

ViewRay,

Inc

$

271

109,479

Zimmer

Biomet

Holdings,

Inc

11,446

11,472

*

Zimvie,

Inc

113

10,840

e

Zynex

Inc

98

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,140,927

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.4%

46,991

*,e

Beauty

Health

Co

554

66,090

*

BellRing

Brands,

Inc

1,362

7,431

*

Central

Garden

&

Pet

Co

268

22,079

*,e

Central

Garden

and

Pet

Co

(Class

A)

754

125,208

Church

&

Dwight

Co,

Inc

8,945

65,460

Clorox

Co

8,404

425,625

Colgate-Palmolive

Co

29,900

159,439

*,e

Coty,

Inc

1,008

29,639

Edgewell

Personal

Care

Co

1,109

24,917

*

elf

Beauty,

Inc

937

34,187

e

Energizer

Holdings,

Inc

859

116,171

Estee

Lauder

Cos

(Class

A)

25,081

58,982

*

Herbalife

Nutrition

Ltd

1,173

13,542

*,e

Honest

Co,

Inc

47

12,258

Inter

Parfums,

Inc

925

171,298

Kimberly-Clark

Corp

19,278

6,191

Medifast,

Inc

671

5,868

*

Nature's

Sunshine

Products,

Inc

48

27,121

e

Nu

Skin

Enterprises,

Inc

(Class

A)

905

43,357

*,e

Olaplex

Holdings,

Inc

414

1,229,953

Procter

&

Gamble

Co

155,282

28,002

e

Reynolds

Consumer

Products,

Inc

728

21,541

Spectrum

Brands

Holdings,

Inc

841

8,349

*

USANA

Health

Sciences,

Inc

468

30,185

*

Veru,

Inc

348

7,178

e

WD-40

Co

1,262

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

261,571

INSURANCE

-

2.4%

326,877

Aflac,

Inc

18,371

6,355

*

Alleghany

Corp

5,334

140,989

Allstate

Corp

17,557

32,424

*

AMBAC

Financial

Group,

Inc

413

46,586

American

Equity

Investment

Life

Holding

Co

1,737

34,605

American

Financial

Group,

Inc

4,254

390,356

American

International

Group,

Inc

18,534

13,468

e

Amerisafe,

Inc

629

106,480

Aon

plc

28,523

184,638

*

Arch

Capital

Group

Ltd

8,408

17,301

Argo

Group

International

Holdings

Ltd

333

107,338

Arthur

J.

Gallagher

&

Co

18,378

27,795

Assurant,

Inc

4,038

36,683

e

Assured

Guaranty

Ltd

1,777

40,126

Axis

Capital

Holdings

Ltd

1,972

28,604

*,e

Bright

Health

Group,

Inc

30

25,977

*,e

Brighthouse

Financial,

Inc

1,128

121,934

Brown

&

Brown,

Inc

7,375

25,189

*

BRP

Group,

Inc

664

214,387

Chubb

Ltd

38,993

79,605

Cincinnati

Financial

Corp

7,130

14,067

CNA

Financial

Corp

519

66,761

Conseco,

Inc

1,200

7,812

Donegal

Group,

Inc

(Class

A)

105

15,165

*

eHealth,

Inc

59

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

244

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,714

Employers

Holdings,

Inc

$

232

4,741

*

Enstar

Group

Ltd

804

13,782

Erie

Indemnity

Co

(Class

A)

3,064

18,999

e

Everest

Re

Group

Ltd

4,986

143,159

Fidelity

National

Financial

Inc

5,182

52,851

First

American

Financial

Corp

2,436

184,221

*

Genworth

Financial,

Inc

(Class

A)

645

46,672

Globe

Life,

Inc

4,653

9,663

*,e

Goosehead

Insurance,

Inc

344

20,683

*,e

Greenlight

Capital

Re

Ltd

(Class

A)

154

17,079

e

Hanover

Insurance

Group,

Inc

2,189

167,668

Hartford

Financial

Services

Group,

Inc

10,385

3,092

e

HCI

Group,

Inc

121

5,220

*

Hippo

Holdings,

Inc

97

22,775

e

Horace

Mann

Educators

Corp

804

1,119

Investors

Title

Co

158

19,526

James

River

Group

Holdings

Ltd

445

33,482

Kemper

Corp

1,381

10,502

e

Kinsale

Capital

Group,

Inc

2,682

20,988

*

Lemonade,

Inc

445

95,447

Lincoln

National

Corp

4,191

102,146

Loews

Corp

5,091

6,672

*

Markel

Corp

7,234

255,005

Marsh

&

McLennan

Cos,

Inc

38,070

26,174

*,e

MBIA,

Inc

241

12,675

Mercury

General

Corp

360

344,302

Metlife,

Inc

20,927

1,551

National

Western

Life

Group,

Inc

265

7,308

*

NI

Holdings,

Inc

98

135,376

e

Old

Republic

International

Corp

2,833

60,575

*

Oscar

Health,

Inc

302

13,408

*,e

Palomar

Holdings,

Inc

1,123

21,522

Primerica,

Inc

2,657

126,511

Principal

Financial

Group

9,128

37,307

ProAssurance

Corp

728

300,976

Progressive

Corp

34,976

193,606

Prudential

Financial,

Inc

16,608

34,463

Reinsurance

Group

of

America,

Inc

(Class

A)

4,336

21,969

RenaissanceRe

Holdings

Ltd

3,084

20,019

e

RLI

Corp

2,050

42,415

*,e

Ryan

Specialty

Group

Holdings,

Inc

1,723

4,020

Safety

Insurance

Group,

Inc

328

32,431

e

Selective

Insurance

Group,

Inc

2,640

73,128

*,e

Selectquote,

Inc

53

8,398

*

SiriusPoint

Ltd

42

15,315

Stewart

Information

Services

Corp

668

22,143

e

Tiptree

Inc

238

123,322

Travelers

Cos,

Inc

18,893

20,838

*,e

Trupanion,

Inc

1,238

16,104

United

Fire

Group

Inc

463

22,402

e

Universal

Insurance

Holdings,

Inc

221

99,041

e

Unum

Group

3,843

101,609

W.R.

Berkley

Corp

6,562

1,751

White

Mountains

Insurance

Group

Ltd

2,282

57,202

Willis

Towers

Watson

plc

11,494

TOTAL

INSURANCE

433,658

MATERIALS

-

2.8%

16,560

*

5E

Advanced

Materials,

Inc

168

14,906

AdvanSix,

Inc

478

112,477

Air

Products

&

Chemicals,

Inc

26,177

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

245

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

59,463

Albemarle

Corp

$

15,724

99,055

Alcoa

Corp

3,334

78,013

*,e

Allegheny

Technologies,

Inc

2,076

9,169

Alpha

Metallurgical

Resources,

Inc

1,255

726,379

Amcor

plc

7,794

20,501

American

Vanguard

Corp

383

100,452

*,e

Amyris,

Inc

293

36,073

Aptargroup,

Inc

3,428

57,334

*

Arconic

Corp

977

13,288

†

Ardagh

Group

S.A.

161

74,922

e

Ardagh

Metal

Packaging

S.A.

363

26,123

Ashland

Global

Holdings,

Inc

2,481

11,564

*,e

Aspen

Aerogels,

Inc

107

42,820

Avery

Dennison

Corp

6,967

49,682

Avient

Corp

1,505

113,646

*

Axalta

Coating

Systems

Ltd

2,393

15,070

e

Balchem

Corp

1,832

164,015

Ball

Corp

7,925

54,109

*

Berry

Global

Group,

Inc

2,518

31,457

Cabot

Corp

2,010

25,997

Carpenter

Technology

Corp

810

55,597

Celanese

Corp

(Series

A)

5,023

12,437

*

Century

Aluminum

Co

66

102,050

CF

Industries

Holdings,

Inc

9,822

5,158

Chase

Corp

431

78,774

e

Chemours

Co

1,942

11,678

*

Clearwater

Paper

Corp

439

267,350

*

Cleveland-Cliffs,

Inc

3,601

119,550

*

Coeur

Mining,

Inc

409

53,154

Commercial

Metals

Co

1,886

20,319

Compass

Minerals

International,

Inc

783

66,991

*

Constellium

SE

679

374,291

Corteva,

Inc

21,391

61,692

Crown

Holdings,

Inc

4,999

36,022

*,e

Danimer

Scientific,

Inc

106

28,159

*

Diversey

Holdings

Ltd

137

364,283

Dow,

Inc

16,003

267,657

DuPont

de

Nemours,

Inc

13,490

22,586

Eagle

Materials,

Inc

2,421

66,255

Eastman

Chemical

Co

4,707

125,486

Ecolab,

Inc

18,123

127,079

Element

Solutions,

Inc

2,068

67,073

FMC

Corp

7,090

732,302

Freeport-McMoRan,

Inc

(Class

B)

20,014

17,819

FutureFuel

Corp

108

423,235

*,e

Ginkgo

Bioworks

Holdings,

Inc

1,320

32,454

Glatfelter

Corp

101

145,764

Graphic

Packaging

Holding

Co

2,877

14,075

e

Greif,

Inc

(Class

A)

838

3,993

Greif,

Inc

(Class

B)

243

22,652

H.B.

Fuller

Co

1,361

15,846

Hawkins,

Inc

618

9,402

Haynes

International,

Inc

330

290,099

e

Hecla

Mining

Co

1,143

104,824

Huntsman

Corp

2,572

77,853

*

Hycroft

Mining

Holding

Corp

47

21,966

*

Ingevity

Corp

1,332

11,273

Innospec,

Inc

966

133,564

International

Flavors

&

Fragrances,

Inc

12,132

188,466

e

International

Paper

Co

5,974

6,735

*,e

Intrepid

Potash,

Inc

266

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

246

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

8,625

e

Kaiser

Aluminum

Corp

$

529

15,231

Koppers

Holdings,

Inc

316

14,288

Kronos

Worldwide,

Inc

133

257,387

Linde

plc

69,389

80,227

*,e

Livent

Corp

2,459

40,741

e

Louisiana-Pacific

Corp

2,085

16,250

*

LSB

Industries,

Inc

232

129,559

e

LyondellBasell

Industries

NV

9,753

31,591

Martin

Marietta

Materials,

Inc

10,175

11,119

e

Materion

Corp

889

12,674

Minerals

Technologies,

Inc

626

186,754

Mosaic

Co

9,026

39,809

*,e

MP

Materials

Corp

1,087

18,118

Myers

Industries,

Inc

298

2,137

NewMarket

Corp

643

410,068

Newmont

Goldcorp

Corp

17,235

149,512

*,e

Novagold

Resources

Inc

701

137,160

Nucor

Corp

14,675

90,414

*

O-I

Glass,

Inc

1,171

62,167

Olin

Corp

2,666

6,559

Olympic

Steel,

Inc

150

54,529

*

Origin

Materials,

Inc

281

38,461

e

Orion

Engineered

Carbons

SA

513

45,269

Packaging

Corp

of

America

5,083

22,477

Pactiv

Evergreen,

Inc

196

62,456

*

Perimeter

Solutions

S.A.

500

8,901

*

Piedmont

Lithium,

Inc

476

123,672

PPG

Industries,

Inc

13,689

20,162

*

PQ

Group

Holdings,

Inc

170

17,967

*,e

PureCycle

Technologies,

Inc

145

7,360

e

Quaker

Chemical

Corp

1,063

11,495

e

Ramaco

Resources,

Inc

106

16,208

*

Ranpak

Holdings

Corp

55

31,957

*

Rayonier

Advanced

Materials,

Inc

101

28,345

Reliance

Steel

&

Aluminum

Co

4,944

23,550

*

Resolute

Forest

Products

471

32,757

e

Royal

Gold,

Inc

3,073

63,937

RPM

International,

Inc

5,327

8,418

Ryerson

Holding

Corp

217

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

403

35,580

Schweitzer-Mauduit

International,

Inc

786

22,512

e

Scotts

Miracle-Gro

Co

(Class

A)

962

70,338

Sealed

Air

Corp

3,131

18,559

Sensient

Technologies

Corp

1,287

124,770

Sherwin-Williams

Co

25,547

43,054

Silgan

Holdings,

Inc

1,810

48,557

e

Sonoco

Products

Co

2,755

46,247

Southern

Copper

Corp

2,074

109,335

SSR

Mining,

Inc

1,608

83,444

Steel

Dynamics,

Inc

5,920

8,132

Stepan

Co

762

64,023

*

Summit

Materials,

Inc

1,534

48,451

SunCoke

Energy,

Inc

281

18,201

Sylvamo

Corp

617

29,755

*

TimkenSteel

Corp

446

19,671

Tredegar

Corp

186

23,586

Trimas

Corp

591

23,427

e

Trinseo

plc

429

62,538

Tronox

Holdings

plc

766

1,357

United

States

Lime

&

Minerals,

Inc

139

94,192

United

States

Steel

Corp

1,707

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

247

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

99,474

e

Valvoline,

Inc

$

2,521

70,046

Vulcan

Materials

Co

11,047

28,082

Warrior

Met

Coal,

Inc

799

14,533

Westlake

Chemical

Corp

1,263

130,721

WestRock

Co

4,038

18,895

Worthington

Industries,

Inc

721

TOTAL

MATERIALS

513,795

MEDIA

&

ENTERTAINMENT

-

6.3%

392,405

Activision

Blizzard,

Inc

29,171

57,275

Adeia,

Inc

810

41,683

*

Advantage

Solutions,

Inc

89

3,089,054

*

Alphabet,

Inc

(Class

A)

295,468

2,776,267

*

Alphabet,

Inc

(Class

C)

266,938

112,426

*

Altice

USA,

Inc

655

239,852

*,e

AMC

Entertainment

Holdings,

Inc

1,672

16,067

*

AMC

Networks,

Inc

326

7,354

*

Boston

Omaha

Corp

169

44,223

*

Bumble,

Inc

950

3,042

Cable

One,

Inc

2,595

17,446

*

Cardlytics,

Inc

164

51,402

*

Cargurus,

Inc

728

37,344

*,e

Cars.com,

Inc

429

56,848

*,e

Charter

Communications,

Inc

17,245

58,982

*

Cinemark

Holdings,

Inc

714

198,206

*

Clear

Channel

272

2,250,404

Comcast

Corp

(Class

A)

66,004

772

*,e

Daily

Journal

Corp

198

22,415

*

DHI

Group,

Inc

121

136,485

*,e

DISH

Network

Corp

(Class

A)

1,888

144,079

Electronic

Arts,

Inc

16,671

88,350

*,e

Entercom

Communications

Corp

34

50,932

Entravision

Communications

Corp

(Class

A)

202

40,961

*,e

Eventbrite

Inc

249

8,345

*,e

EverQuote

Inc

57

31,270

*

EW

Scripps

Co

(Class

A)

352

164,799

e

Fox

Corp

(Class

A)

5,056

72,327

Fox

Corp

(Class

B)

2,061

71,756

*,e

fuboTV,

Inc

255

74,491

*,e

Gannett

Co,

Inc

114

46,930

Gray

Television,

Inc

672

42,355

*

IAC

2,346

61,117

*

iHeartMedia,

Inc

448

27,196

*

Imax

Corp

384

16,911

*

Integral

Ad

Science

Holding

Corp

122

201,354

Interpublic

Group

of

Cos,

Inc

5,155

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

884

7,655

*,e

Liberty

Braves

Group

(Class

A)

216

25,374

*,e

Liberty

Braves

Group

(Class

C)

698

12,929

e

Liberty

Broadband

Corp

(Class

A)

965

66,509

*

Liberty

Broadband

Corp

(Class

C)

4,908

6,884

*

Liberty

Media

Group

(Class

A)

362

100,858

*

Liberty

Media

Group

(Class

C)

5,900

34,936

Liberty

SiriusXM

Group

(Class

A)

1,330

80,096

*

Liberty

SiriusXM

Group

(Class

C)

3,020

37,150

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

276

71,817

*

Lions

Gate

Entertainment

Corp

(Class

B)

499

79,453

*,e

Live

Nation,

Inc

6,042

10,365

*

Madison

Square

Garden

Co

1,417

13,156

*,e

Madison

Square

Garden

Entertainment

Corp

580

61,168

*,e

Magnite,

Inc

402

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

248

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

14,211

e

Marcus

Corp

$

197

148,269

*

Match

Group,

Inc

7,080

11,302

*

MediaAlpha,

Inc

99

1,177,303

*

Meta

Platforms,

Inc

159,736

224,834

*

Netflix,

Inc

52,935

89,935

New

York

Times

Co

(Class

A)

2,586

213,357

News

Corp

(Class

A)

3,224

66,535

e

News

Corp

(Class

B)

1,026

20,043

Nexstar

Media

Group

Inc

3,344

104,952

Omnicom

Group,

Inc

6,621

20,470

*,e

Outbrain,

Inc

75

4,594

e

Paramount

Global

(Class

A)

99

305,131

e

Paramount

Global

(Class

B)

5,810

300,393

*

Pinterest,

Inc

6,999

40,614

*,e

Playstudios,

Inc

142

42,908

*,e

Playtika

Holding

Corp

403

21,386

*

PubMatic,

Inc

356

20,643

*

QuinStreet,

Inc

217

227,072

*,e

ROBLOX

Corp

8,138

63,324

*,e

Roku,

Inc

3,572

19,984

Scholastic

Corp

615

25,063

Sinclair

Broadcast

Group,

Inc

(Class

A)

453

319,108

e

Sirius

XM

Holdings,

Inc

1,822

161,762

*,e

Skillz,

Inc

165

72,151

*,e

Spotify

Technology

S.A.

6,227

33,238

*,e

Stagwell,

Inc

231

81,955

*

Take-Two

Interactive

Software,

Inc

8,933

12,153

*,e

TechTarget,

Inc

719

113,655

TEGNA,

Inc

2,350

13,027

*

Thryv

Holdings,

Inc

297

56,597

*

TripAdvisor,

Inc

1,250

44,667

*

TrueCar,

Inc

67

384,858

*

Twitter,

Inc

16,872

68,763

*

Vimeo,

Inc

275

940,845

*

Walt

Disney

Co

88,750

1,217,041

*

Warner

Bros

Discovery,

Inc

13,996

28,599

*

WideOpenWest,

Inc

351

18,467

e

World

Wrestling

Entertainment,

Inc

(Class

A)

1,296

41,665

*

Yelp,

Inc

1,413

23,417

*,e

Ziff

Davis

Inc

1,604

40,960

*,e

ZipRecruiter,

Inc

676

141,765

*

ZoomInfo

Technologies,

Inc

5,906

TOTAL

MEDIA

&

ENTERTAINMENT

1,165,210

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8.7%

45,940

*,e

10X

Genomics,

Inc

1,308

11,229

*

2seventy

bio,

Inc

163

11,292

*,e

4D

Molecular

Therapeutics,

Inc

91

908,274

AbbVie,

Inc

121,899

106,154

*,e

AbCellera

Biologics,

Inc

1,050

29,156

*

Absci

Corp

91

70,913

*,e

Acadia

Pharmaceuticals,

Inc

1,160

23,691

*,e

Aclaris

Therapeutics,

Inc

373

11,379

*,e

Adagio

Therapeutics,

Inc

36

59,774

*

Adaptive

Biotechnologies

Corp

426

14,505

*

Adicet

Bio,

Inc

206

95,244

*,e

ADMA

Biologics,

Inc

231

21,807

*

Aerie

Pharmaceuticals,

Inc

330

43,765

*

Affimed

NV

90

107,560

*

Agenus,

Inc

221

154,688

Agilent

Technologies,

Inc

18,802

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

249

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

34,493

*

Agios

Pharmaceuticals,

Inc

$

975

14,029

*,e

Akero

Therapeutics,

Inc

478

6,175

*,e

Albireo

Pharma,

Inc

120

31,429

*

Alector,

Inc

297

87,531

*

Alkermes

plc

1,955

28,864

*,e

Allogene

Therapeutics,

Inc

312

10,335

*,e

Allovir,

Inc

82

64,441

*

Alnylam

Pharmaceuticals,

Inc

12,899

9,675

*,e

ALX

Oncology

Holdings,

Inc

93

273,177

Amgen,

Inc

61,574

151,298

*

Amicus

Therapeutics,

Inc

1,580

53,162

*,e

Amneal

Pharmaceuticals,

Inc

107

25,774

*

Amphastar

Pharmaceuticals,

Inc

724

5,884

*,e

Amylyx

Pharmaceuticals,

Inc

166

12,566

*,e

AnaptysBio,

Inc

321

30,524

*,e

Anavex

Life

Sciences

Corp

315

5,767

*

ANI

Pharmaceuticals,

Inc

185

10,943

*,e

Anika

Therapeutics,

Inc

260

46,610

*

Apellis

Pharmaceuticals,

Inc

3,183

55,373

*,e

Arbutus

Biopharma

Corp

106

15,098

*,e

Arcellx,

Inc

283

7,756

*,e

Arcturus

Therapeutics

Holdings,

Inc

115

20,717

*

Arcus

Biosciences,

Inc

542

15,151

*,e

Arcutis

Biotherapeutics,

Inc

290

55,310

*,e

Arrowhead

Pharmaceuticals

Inc

1,828

23,815

*,e

Arvinas,

Inc

1,060

34,194

*

Atara

Biotherapeutics,

Inc

129

35,244

*

Atea

Pharmaceuticals,

Inc

201

7,303

*,e

Athira

Pharma,

Inc

22

9,389

*

Aura

Biosciences,

Inc

170

68,772

*,e

Aurinia

Pharmaceuticals,

Inc

517

318,550

*

Avantor,

Inc

6,244

33,858

*,e

Avid

Bioservices,

Inc

647

9,645

*

Avidity

Biosciences,

Inc

158

15,727

*,e

Axsome

Therapeutics,

Inc

702

25,636

*,e

Beam

Therapeutics,

Inc

1,221

26,163

*,e

Berkeley

Lights,

Inc

75

97,016

*

BioCryst

Pharmaceuticals,

Inc

1,222

75,574

*

Biogen,

Inc

20,178

31,934

*

Biohaven

Pharmaceutical

Holding

Co

Ltd

4,827

93,702

*

BioMarin

Pharmaceutical,

Inc

7,943

153,496

*,e

Bionano

Genomics,

Inc

281

11,654

*

Bio-Rad

Laboratories,

Inc

(Class

A)

4,861

19,592

Bio-Techne

Corp

5,564

6,302

*,e

Bioxcel

Therapeutics

Inc

75

33,689

*,e

Bluebird

Bio,

Inc

213

31,927

*,e

Blueprint

Medicines

Corp

2,104

58,721

*,e

Bridgebio

Pharma,

Inc

584

1,091,148

Bristol-Myers

Squibb

Co

77,570

39,365

e

Brooks

Automation,

Inc

1,687

56,206

e

Bruker

BioSciences

Corp

2,982

18,793

*

C4

Therapeutics,

Inc

165

19,366

*,e

Cara

Therapeutics,

Inc

181

27,306

*

CareDx,

Inc

465

10,333

*

Caribou

Biosciences,

Inc

109

20,876

*,e

Cassava

Sciences,

Inc

873

85,996

*

Catalent,

Inc

6,223

50,782

*,e

Catalyst

Pharmaceuticals,

Inc

652

21,395

*

Celldex

Therapeutics,

Inc

601

19,234

*,e

Cerevel

Therapeutics

Holdings,

Inc

544

27,377

*

Charles

River

Laboratories

International,

Inc

5,388

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

250

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,464

*

ChemoCentryx,

Inc

$

1,367

30,594

*

Chimerix,

Inc

59

7,917

*

Chinook

Therapeutics,

Inc

156

6,864

*,e

CinCor

Pharma,

Inc

225

23,538

*

Codexis,

Inc

143

22,858

*

Cogent

Biosciences,

Inc

341

27,864

*,e

Coherus

Biosciences,

Inc

268

16,286

*

Collegium

Pharmaceutical,

Inc

261

52,750

*

Corcept

Therapeutics,

Inc

1,353

16,128

*

Crinetics

Pharmaceuticals,

Inc

317

47,472

*,e

CTI

BioPharma

Corp

276

7,345

*,e

Cullinan

Oncology,

Inc

94

51,177

*

Cytek

Biosciences,

Inc

753

42,716

*,e

Cytokinetics,

Inc

2,070

334,260

Danaher

Corp

86,336

11,974

*

Day

One

Biopharmaceuticals,

Inc

240

22,263

*

Deciphera

Pharmaceuticals,

Inc

412

49,642

*

Denali

Therapeutics,

Inc

1,524

14,200

*

Design

Therapeutics,

Inc

237

14,558

*,e

DICE

Therapeutics,

Inc

295

58,823

*,e

Dynavax

Technologies

Corp

614

16,387

*

Dyne

Therapeutics,

Inc

208

6,368

*

Eagle

Pharmaceuticals,

Inc

168

20,664

*,e

Edgewise

Therapeutics,

Inc

203

35,681

*,e

Editas

Medicine,

Inc

437

14,062

*

Eiger

BioPharmaceuticals,

Inc

106

242,401

*

Elanco

Animal

Health,

Inc

3,008

432,967

Eli

Lilly

&

Co

140,000

24,015

*

Emergent

Biosolutions,

Inc

504

11,786

*

Enanta

Pharmaceuticals,

Inc

611

70,095

*,e

EQRx,

Inc

347

33,527

*,e

Erasca,

Inc

262

33,414

*,e

Esperion

Thereapeutics,

Inc

224

17,590

*

Evolus,

Inc

142

93,800

*

Exact

Sciences

Corp

3,048

170,031

*

Exelixis,

Inc

2,666

52,399

*,e

EyePoint

Pharmaceuticals,

Inc

414

42,216

*

Fate

Therapeutics,

Inc

946

50,667

*

FibroGen,

Inc

659

10,305

*

Foghorn

Therapeutics,

Inc

88

17,542

*,e

Forma

Therapeutics

Holdings,

Inc

350

14,355

*,e

Fulcrum

Therapeutics,

Inc

116

23,909

*

Generation

Bio

Co

127

114,325

*,e

Geron

Corp

268

648,183

Gilead

Sciences,

Inc

39,986

36,433

*

Global

Blood

Therapeutics,

Inc

2,481

12,922

*,e

Gossamer

Bio,

Inc

155

68,124

*,e

Halozyme

Therapeutics,

Inc

2,694

12,195

*

Harmony

Biosciences

Holdings,

Inc

540

52,161

*,e

Heron

Therapeutics,

Inc

220

114,482

*

Horizon

Therapeutics

Plc

7,085

7,208

*,e

Icosavax,

Inc

23

15,316

*

Ideaya

Biosciences,

Inc

229

2,211

*,e

IGM

Biosciences,

Inc

50

81,101

*

Illumina,

Inc

15,473

13,485

*,e

Imago

Biosciences,

Inc

203

36,493

*,e

ImmunityBio,

Inc

181

106,612

*

Immunogen,

Inc

510

11,380

*,e

Immunovant,

Inc

64

94,070

*

Incyte

Corp

6,269

15,231

*,e

Inhibrx,

Inc

273

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

251

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

34,523

*

Innoviva,

Inc

$

401

7,067

*,e

Inotiv,

Inc

119

112,816

*,e

Inovio

Pharmaceuticals,

Inc

195

60,247

*

Insmed,

Inc

1,298

28,852

*,e

Instil

Bio,

Inc

140

34,856

*

Intellia

Therapeutics,

Inc

1,951

12,921

*,e

Intercept

Pharmaceuticals,

Inc

180

46,963

*

Intra-Cellular

Therapies,

Inc

2,185

79,163

*,e

Ionis

Pharmaceuticals,

Inc

3,501

74,052

*

Iovance

Biotherapeutics,

Inc

709

95,260

*

IQVIA

Holdings,

Inc

17,255

95,014

*

Ironwood

Pharmaceuticals,

Inc

984

11,046

*,e

iTeos

Therapeutics,

Inc

210

56,231

*

IVERIC

bio,

Inc

1,009

8,802

*,e

Janux

Therapeutics,

Inc

119

32,370

*

Jazz

Pharmaceuticals

plc

4,315

1,351,914

Johnson

&

Johnson

220,849

4,482

*

Jounce

Therapeutics,

Inc

10

10,666

*,e

KalVista

Pharmaceuticals

Inc

155

15,240

*

Karuna

Therapeutics,

Inc

3,428

46,110

*

Karyopharm

Therapeutics,

Inc

252

8,516

*

Keros

Therapeutics,

Inc

320

18,676

*

Kezar

Life

Sciences,

Inc

161

11,321

*,e

Kiniksa

Pharmaceuticals

Ltd

145

7,565

*,e

Kinnate

Biopharma,

Inc

90

18,276

*,e

Kodiak

Sciences,

Inc

141

21,178

*

Kronos

Bio,

Inc

71

9,785

*

Krystal

Biotech

Inc

682

31,598

*

Kura

Oncology,

Inc

432

15,771

*,e

Kymera

Therapeutics,

Inc

343

30,110

*

Lexicon

Pharmaceuticals,

Inc

72

8,586

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

739

24,455

*,e

Liquidia

Corp

133

77,816

*,e

Lyell

Immunopharma,

Inc

570

32,187

*,e

MacroGenics,

Inc

111

6,193

*

Madrigal

Pharmaceuticals,

Inc

402

94,899

*,e

MannKind

Corp

293

54,984

*

Maravai

LifeSciences

Holdings,

Inc

1,404

51,230

*,e

MaxCyte,

Inc

333

15,823

*,e

Medpace

Holdings,

Inc

2,487

10,086

*

MeiraGTx

Holdings

plc

85

1,299,112

Merck

&

Co,

Inc

111,880

27,294

*

Mersana

Therapeutics,

Inc

185

11,568

*

Mettler-Toledo

International,

Inc

12,541

60,615

*,e

MiMedx

Group,

Inc

174

21,876

*

Mirati

Therapeutics,

Inc

1,528

8,147

*

Mirum

Pharmaceuticals,

Inc

171

175,148

*,e

Moderna,

Inc

20,711

14,704

*,e

Monte

Rosa

Therapeutics,

Inc

120

8,159

*

Morphic

Holding,

Inc

231

46,607

*

Myriad

Genetics,

Inc

889

22,499

*

NanoString

Technologies,

Inc

287

42,988

*

Natera,

Inc

1,884

106,507

*,e

Nektar

Therapeutics

341

58,635

*

NeoGenomics,

Inc

505

51,383

*

Neurocrine

Biosciences,

Inc

5,457

15,360

*

NGM

Biopharmaceuticals

Inc

201

9,374

*,e

Nkarta,

Inc

123

40,572

*,e

Novavax,

Inc

738

17,085

*,e

Nurix

Therapeutics,

Inc

223

35,946

*,e

Nuvation

Bio,

Inc

81

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

252

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

100,765

*,e

Ocugen,

Inc

$

179

41,830

*

Ocular

Therapeutix,

Inc

174

13,691

*,e

Organogenesis

Holdings

Inc

44

127,492

e

Organon

&

Co

2,983

333,993

*,e

Outlook

Therapeutics,

Inc

407

100,456

*,e

Pacific

Biosciences

of

California,

Inc

583

23,821

*

Pacira

BioSciences

Inc

1,267

65,063

PerkinElmer,

Inc

7,829

69,259

Perrigo

Co

plc

2,470

2,899,841

Pfizer,

Inc

126,897

6,396

*,e

Phathom

Pharmaceuticals,

Inc

71

12,927

Phibro

Animal

Health

Corp

172

14,315

*,e

PMV

Pharmaceuticals,

Inc

170

37,958

*,e

Point

Biopharma

Global,

Inc

293

48,133

*

Praxis

Precision

Medicines,

Inc

109

39,456

*,e

Precigen,

Inc

84

27,333

*

Prestige

Consumer

Healthcare,

Inc.

1,362

51,583

*,†

Progenics

Pharmaceuticals,

Inc

0

15,994

*

Prometheus

Biosciences,

Inc

944

22,557

*

Protagonist

Therapeutics,

Inc

190

18,603

*

Prothena

Corp

plc

1,128

25,243

*,e

Provention

Bio,

Inc

114

37,990

*,e

PTC

Therapeutics,

Inc

1,907

114,179

*

QIAGEN

NV

4,713

16,838

*

Quanterix

Corp

186

46,832

*,e

Quantum-Si,

Inc

129

6,533

*,e

RAPT

Therapeutics,

Inc

157

14,987

*,e

Reata

Pharmaceuticals,

Inc

377

61,485

*,e

Recursion

Pharmaceuticals,

Inc

654

53,064

*

Regeneron

Pharmaceuticals,

Inc

36,554

19,715

*

REGENXBIO,

Inc

521

31,945

*,e

Relay

Therapeutics,

Inc

715

8,368

*,e

Relmada

Therapeutics,

Inc

310

30,248

*

Repligen

Corp

5,660

10,254

*

Replimune

Group,

Inc

177

33,815

*

Revance

Therapeutics,

Inc

913

32,407

*

REVOLUTION

Medicines,

Inc

639

86,450

*

Rigel

Pharmaceuticals,

Inc

102

20,281

*

Rocket

Pharmaceuticals,

Inc

324

189,332

Royalty

Pharma

plc

7,607

28,225

*

Sage

Therapeutics,

Inc

1,105

46,510

*,e

Sana

Biotechnology,

Inc

279

52,234

*

Sangamo

Therapeutics

Inc

256

41,917

*

Sarepta

Therapeutics,

Inc

4,634

31,930

*,e

Science

37

Holdings,

Inc

51

68,787

*

Seagen,

Inc

9,412

22,417

*,e

Seer,

Inc

174

37,976

*,e

Seres

Therapeutics,

Inc

244

35,191

SIGA

Technologies,

Inc

362

76,705

*,e

SomaLogic,

Inc

222

127,563

*,e

Sorrento

Therapeutics,

Inc

200

43,033

*

Sotera

Health

Co

293

15,930

*

SpringWorks

Therapeutics,

Inc

454

10,464

*

Stoke

Therapeutics,

Inc

134

26,807

*

Supernus

Pharmaceuticals,

Inc

907

15,843

*,e

Sutro

Biopharma,

Inc

88

24,529

*

Syndax

Pharmaceuticals,

Inc

589

55,220

*

Syneos

Health,

Inc

2,604

23,918

*

Tango

Therapeutics,

Inc

87

9,396

*

Tarsus

Pharmaceuticals,

Inc

161

69,942

*

TG

Therapeutics,

Inc

414

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

253

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

29,259

*,e

Theravance

Biopharma,

Inc

$

297

202,038

Thermo

Fisher

Scientific,

Inc

102,472

25,726

*,e

Travere

Therapeutics,

Inc

634

17,071

*,e

Tricida,

Inc

179

26,284

*,e

Twist

Bioscience

Corp

926

33,751

*

Ultragenyx

Pharmaceutical,

Inc

1,398

22,243

*,e

United

Therapeutics

Corp

4,657

31,395

*

Vanda

Pharmaceuticals,

Inc

310

65,175

*,e

Vaxart

Inc

142

21,774

*

Vaxcyte,

Inc

523

102,172

*,e

VBI

Vaccines,

Inc

72

11,485

*,e

Ventyx

Biosciences,

Inc

401

29,297

*

Vera

Therapeutics,

Inc

624

36,815

*

Veracyte,

Inc

611

24,994

*

Vericel

Corp

580

132,191

*

Vertex

Pharmaceuticals,

Inc

38,275

23,209

*,e

Verve

Therapeutics,

Inc

797

596,044

Viatris,

Inc

5,078

32,800

*,e

Vir

Biotechnology,

Inc

632

13,226

*

Viridian

Therapeutics,

Inc

271

104,364

*

VistaGen

Therapeutics,

Inc

16

30,893

*

Waters

Corp

8,327

39,169

West

Pharmaceutical

Services,

Inc

9,639

27,098

*

Xencor,

Inc

704

67,913

*,e

Xeris

Biopharma

Holdings,

Inc

106

19,065

*,e

Y-mAbs

Therapeutics,

Inc

275

18,143

*,e

Zentalis

Pharmaceuticals,

Inc

393

243,111

Zoetis,

Inc

36,051

33,098

*,†,e

Zogenix,

Inc

23

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,593,131

REAL

ESTATE

-

3.4%

46,252

Acadia

Realty

Trust

584

36,654

e

Agree

Realty

Corp

2,477

47,563

Alexander

&

Baldwin,

Inc

789

1,329

Alexander's,

Inc

278

83,569

e

Alexandria

Real

Estate

Equities,

Inc

11,716

28,646

American

Assets

Trust,

Inc

737

68,514

American

Finance

Trust,

Inc

403

152,675

American

Homes

4

Rent

5,009

237,271

American

Tower

Corp

50,942

133,721

e

Americold

Realty

Trust

3,290

85,829

Apartment

Income

REIT

Corp

3,315

11,738

e

Apartment

Investment

and

Management

Co

86

113,878

Apple

Hospitality

REIT,

Inc

1,601

31,681

Armada

Hoffler

Properties,

Inc

329

5,980

*,e

Ashford

Hospitality

Trust,

Inc

41

72,533

AvalonBay

Communities,

Inc

13,360

14,697

Bluerock

Residential

Growth

REIT,

Inc

393

81,787

Boston

Properties,

Inc

6,132

35,081

BraeMar

Hotels

&

Resorts,

Inc

151

92,621

Brandywine

Realty

Trust

625

162,598

Brixmor

Property

Group,

Inc

3,003

77,650

e

Broadstone

Net

Lease,

Inc

1,206

6,068

Brt

Realty

Trust

123

52,715

Camden

Property

Trust

6,297

50,740

CareTrust

REIT,

Inc

919

13,650

CBL

&

Associates

Properties,

Inc

350

165,888

CBRE

Group,

Inc

11,199

9,060

e

Centerspace

610

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

254

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

28,285

*,e

Chatham

Lodging

Trust

$

279

21,833

City

Office

REIT,

Inc

218

10,462

e

Clipper

Realty,

Inc

73

9,586

Community

Healthcare

Trust,

Inc

314

133,621

*,e

Compass,

Inc

310

61,652

e

Corporate

Office

Properties

Trust

1,432

84,914

Cousins

Properties,

Inc

1,983

222,772

Crown

Castle

International

Corp

32,202

11,994

e

CTO

Realty

Growth,

Inc

225

110,271

CubeSmart

4,417

66,192

*

Cushman

&

Wakefield

plc

758

114,160

DiamondRock

Hospitality

Co

857

146,213

Digital

Realty

Trust,

Inc

14,501

69,755

DigitalBridge

Group,

Inc

873

136,618

Diversified

Healthcare

Trust

135

39,190

Douglas

Elliman,

Inc

161

91,371

Douglas

Emmett,

Inc

1,638

196,555

Duke

Realty

Corp

9,474

46,730

e

Easterly

Government

Properties,

Inc

737

21,698

EastGroup

Properties,

Inc

3,132

82,308

e

Empire

State

Realty

Trust,

Inc

540

40,647

EPR

Properties

1,458

46,900

Equinix,

Inc

26,679

43,426

Equity

Commonwealth

1,058

91,603

Equity

Lifestyle

Properties,

Inc

5,756

191,041

Equity

Residential

12,842

63,885

Essential

Properties

Realty

Trust,

Inc

1,243

34,070

Essex

Property

Trust,

Inc

8,253

28,436

e

eXp

World

Holdings

Inc

319

69,414

Extra

Space

Storage,

Inc

11,988

19,962

e

Farmland

Partners,

Inc

253

39,750

e

Federal

Realty

Investment

Trust

3,582

67,202

First

Industrial

Realty

Trust,

Inc

3,011

425

*

Forestar

Group,

Inc

5

41,086

Four

Corners

Property

Trust,

Inc

994

72,511

Franklin

Street

Properties

Corp

191

4,942

*

FRP

Holdings,

Inc

269

125,236

Gaming

and

Leisure

Properties,

Inc

5,540

18,198

Getty

Realty

Corp

489

17,811

Gladstone

Commercial

Corp

276

11,325

e

Gladstone

Land

Corp

205

30,930

Global

Medical

REIT,

Inc

264

44,961

Global

Net

Lease,

Inc

479

202,313

Healthcare

Realty

Trust,

Inc

4,218

279,927

Healthpeak

Properties

Inc

6,416

27,708

Hersha

Hospitality

Trust

221

46,362

Highwoods

Properties,

Inc

1,250

366,232

e

Host

Hotels

and

Resorts,

Inc

5,816

22,285

*,e

Howard

Hughes

Corp

1,234

80,595

e

Hudson

Pacific

Properties

882

115,925

Independence

Realty

Trust,

Inc

1,939

2,737

Indus

Realty

Trust,

Inc

143

34,891

Industrial

Logistics

Properties

Trust

192

12,344

e

Innovative

Industrial

Properties,

Inc

1,092

34,736

InvenTrust

Properties

Corp

741

307,088

Invitation

Homes,

Inc

10,370

146,394

Iron

Mountain,

Inc

6,437

38,621

iStar

Inc

358

64,898

JBG

SMITH

Properties

1,206

26,164

*

Jones

Lang

LaSalle,

Inc

3,953

44,610

Kennedy-Wilson

Holdings,

Inc

690

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

255

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

63,758

Kilroy

Realty

Corp

$

2,685

300,353

Kimco

Realty

Corp

5,529

118,460

Kite

Realty

Group

Trust

2,040

47,334

Lamar

Advertising

Co

3,905

144,484

Lexington

Realty

Trust

1,323

42,193

Life

Storage,

Inc

4,673

19,960

e

LTC

Properties,

Inc

747

107,859

Macerich

Co

856

47,939

*

Mack-Cali

Realty

Corp

545

11,498

Marcus

&

Millichap,

Inc

377

283,531

e

Medical

Properties

Trust,

Inc

3,363

61,102

Mid-America

Apartment

Communities,

Inc

9,475

22,628

National

Health

Investors,

Inc

1,279

89,038

National

Retail

Properties,

Inc

3,549

38,309

e

National

Storage

Affiliates

Trust

1,593

21,654

e

NETSTREIT

Corp

386

81,428

Newmark

Group,

Inc

656

12,730

NexPoint

Residential

Trust,

Inc

588

23,677

Office

Properties

Income

Trust

333

129,929

Omega

Healthcare

Investors,

Inc

3,832

9,166

e

One

Liberty

Properties,

Inc

193

228,590

*,e

Opendoor

Technologies,

Inc

711

29,999

Orion

Office

REIT,

Inc

262

76,197

e

Outfront

Media,

Inc

1,157

101,864

Paramount

Group,

Inc

635

132,332

Park

Hotels

&

Resorts,

Inc

1,490

71,223

e

Pebblebrook

Hotel

Trust

1,033

59,852

e

Phillips

Edison

&

Co,

Inc

1,679

107,460

e

Physicians

Realty

Trust

1,616

36,714

Piedmont

Office

Realty

Trust,

Inc

388

13,733

Plymouth

Industrial

REIT,

Inc

231

9,072

e

Postal

Realty

Trust,

Inc

133

40,727

PotlatchDeltic

Corp

1,671

381,348

Prologis,

Inc

38,745

80,670

Public

Storage,

Inc

23,621

75,814

e

Rayonier,

Inc

2,272

13,117

e

Re/Max

Holdings,

Inc

248

62,854

*

Realogy

Holdings

Corp

510

317,167

e

Realty

Income

Corp

18,459

57,095

*,e

Redfin

Corp

333

92,769

Regency

Centers

Corp

4,996

63,462

Retail

Opportunities

Investment

Corp

873

84,858

Rexford

Industrial

Realty,

Inc

4,413

92,471

e

RLJ

Lodging

Trust

936

5,123

RMR

Group,

Inc

121

57,913

RPT

Realty

438

29,351

e

Ryman

Hospitality

Properties

2,160

116,469

Sabra

Healthcare

REIT,

Inc

1,528

7,521

e

Safehold,

Inc

199

6,451

Saul

Centers,

Inc

242

55,017

SBA

Communications

Corp

15,661

18,501

*,e

Seritage

Growth

Properties

167

93,168

e

Service

Properties

Trust

484

168,295

Simon

Property

Group,

Inc

15,104

103,764

SITE

Centers

Corp

1,111

38,202

e

SL

Green

Realty

Corp

1,534

62,949

Spirit

Realty

Capital,

Inc

2,276

18,561

e

St.

Joe

Co

594

84,224

STAG

Industrial,

Inc

2,394

134,185

STORE

Capital

Corp

4,204

3,112

Stratus

Properties,

Inc

72

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

256

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

73,018

Summit

Hotel

Properties,

Inc

$

491

60,721

Sun

Communities,

Inc

8,217

117,301

e

Sunstone

Hotel

Investors,

Inc

1,105

54,135

Tanger

Factory

Outlet

Centers,

Inc

741

12,164

*

Tejon

Ranch

Co

175

35,329

e

Terreno

Realty

Corp

1,872

162,250

UDR,

Inc

6,767

20,169

e

UMH

Properties,

Inc

326

121,658

e

Uniti

Group,

Inc

845

2,401

Universal

Health

Realty

Income

Trust

104

70,770

e

Urban

Edge

Properties

944

20,808

Urstadt

Biddle

Properties,

Inc

(Class

A)

323

205,950

Ventas,

Inc

8,273

477,997

VICI

Properties,

Inc

14,268

96,380

e

Vornado

Realty

Trust

2,232

46,196

Washington

REIT

811

234,476

Welltower,

Inc

15,081

67,032

*,e

WeWork,

Inc

178

379,758

Weyerhaeuser

Co

10,846

25,132

Whitestone

REIT

213

95,264

WP

Carey,

Inc

6,649

62,184

Xenia

Hotels

&

Resorts,

Inc

857

32,630

*

Zillow

Group,

Inc

(Class

A)

934

90,080

*

Zillow

Group,

Inc

(Class

C)

2,577

TOTAL

REAL

ESTATE

619,993

RETAILING

-

5.8%

18,290

*

1-800-FLOWERS.COM,

Inc

(Class

A)

119

18,402

Aaron's

Co,

Inc

179

23,424

*

Abercrombie

&

Fitch

Co

(Class

A)

364

36,738

e

Academy

Sports

&

Outdoors,

Inc

1,550

33,209

Advance

Auto

Parts,

Inc

5,192

4,567,880

*

Amazon.com,

Inc

516,170

85,497

e

American

Eagle

Outfitters,

Inc

832

3,312

*

America's

Car-Mart,

Inc

202

65,041

Arko

Corp

611

10,565

*

Asbury

Automotive

Group,

Inc

1,596

17,672

*

Autonation,

Inc

1,800

9,940

*

AutoZone,

Inc

21,291

119,103

Bath

&

Body

Works,

Inc

3,883

27,869

*,e

Bed

Bath

&

Beyond,

Inc

170

103,686

Best

Buy

Co,

Inc

6,567

11,361

e

Big

5

Sporting

Goods

Corp

122

20,052

e

Big

Lots,

Inc

313

15,681

*

Boot

Barn

Holdings,

Inc

917

14,004

Buckle,

Inc

443

7,271

Build-A-Bear

Workshop,

Inc

97

36,184

*

Burlington

Stores,

Inc

4,049

20,111

Caleres,

Inc

487

22,123

Camping

World

Holdings,

Inc

560

85,911

*,e

CarMax,

Inc

5,672

19,398

*

CarParts.com,

Inc

100

42,371

*,e

Carvana

Co

860

12,003

e

Cato

Corp

(Class

A)

115

66,517

*

Chico's

FAS,

Inc

322

7,673

*,e

Children's

Place,

Inc

237

6,121

*

Citi

Trends,

Inc

95

13,169

*,e

Conn's,

Inc

93

11,400

*

Container

Store

Group,

Inc

56

291,707

*,e

ContextLogic,

Inc

214

32,814

e

Designer

Brands,

Inc

502

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

257

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

30,615

*

Destination

XL

Group,

Inc

$

166

28,635

e

Dick's

Sporting

Goods,

Inc

2,996

1,003

e

Dillard's,

Inc

(Class

A)

274

115,572

Dollar

General

Corp

27,721

109,618

*

Dollar

Tree,

Inc

14,919

128,912

*,e

DoorDash,

Inc

6,375

7,236

*,e

Duluth

Holdings,

Inc

51

288,987

eBay,

Inc

10,638

66,094

*,e

Etsy,

Inc

6,618

34,837

*,e

EVgo,

Inc

276

30,809

*

Five

Below,

Inc

4,241

55,907

*,e

Floor

&

Decor

Holdings,

Inc

3,928

33,391

Foot

Locker,

Inc

1,039

11,421

e

Franchise

Group,

Inc

278

10,965

*,e

Funko,

Inc

222

138,452

*,e

GameStop

Corp

(Class

A)

3,479

81,317

e

Gap,

Inc

668

7,998

*

Genesco,

Inc

314

70,631

Genuine

Parts

Co

10,547

4,523

Group

1

Automotive,

Inc

646

12,244

*,e

Groupon,

Inc

97

29,518

*,e

GrowGeneration

Corp

103

21,962

e

Guess?,

Inc

322

9,098

e

Haverty

Furniture

Cos,

Inc

227

9,181

Hibbett

Sports,

Inc

457

531,216

Home

Depot,

Inc

146,584

65,995

e

Kohl's

Corp

1,660

9,431

*,e

Lands'

End,

Inc

73

59,869

*,e

Leslie's,

Inc

881

19,090

*

Liquidity

Services,

Inc

310

13,553

Lithia

Motors,

Inc

(Class

A)

2,908

121,330

LKQ

Corp

5,721

328,594

Lowe's

Companies,

Inc

61,713

19,294

*,e

Lumber

Liquidators,

Inc

134

151,054

Macy's,

Inc

2,367

11,739

*

MarineMax,

Inc

350

18,107

Monro

Muffler,

Inc

787

8,996

e

Murphy

USA,

Inc

2,473

47,869

*,e

National

Vision

Holdings,

Inc

1,563

60,699

e

Nordstrom,

Inc

1,016

18,624

*

ODP

Corp

655

35,834

*,e

Ollie's

Bargain

Outlet

Holdings,

Inc

1,849

5,690

*

OneWater

Marine,

Inc

171

32,772

*

O'Reilly

Automotive,

Inc

23,050

24,586

*

Overstock.com,

Inc

599

13,329

e

Penske

Auto

Group,

Inc

1,312

40,988

*,e

Petco

Health

&

Wellness

Co,

Inc

457

14,105

e

PetMed

Express,

Inc

275

20,231

Pool

Corp

6,438

41,549

*,e

Porch

Group,

Inc

93

23,560

*,e

Poshmark,

Inc

369

53,361

*

Quotient

Technology,

Inc

123

130,909

Qurate

Retail

Group,

Inc

QVC

Group

263

42,901

*,e

RealReal,

Inc

64

27,217

e

Rent-A-Center,

Inc

477

19,596

*,e

Revolve

Group,

Inc

425

9,426

*,e

RH

2,319

178,089

e

Ross

Stores,

Inc

15,008

66,571

*,e

Sally

Beauty

Holdings,

Inc

839

4,712

e

Shoe

Carnival,

Inc

101

13,499

Shutterstock,

Inc

677

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

258

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

29,200

e

Signet

Jewelers

Ltd

$

1,670

13,058

*,e

Sleep

Number

Corp

441

11,945

e

Sonic

Automotive,

Inc

(Class

A)

517

19,952

*

Sportsman's

Warehouse

Holdings,

Inc

166

32,244

*,e

Stitch

Fix

Inc

127

239,127

Target

Corp

35,484

30,109

*,e

ThredUp,

Inc

55

6,790

e

Tilly's,

Inc

47

596,190

TJX

Companies,

Inc

37,035

57,697

Tractor

Supply

Co

10,725

6,470

*

TravelCenters

of

America,

Inc

349

25,507

*

Ulta

Beauty,

Inc

10,233

37,439

*,e

Urban

Outfitters,

Inc

736

41,105

*,e

Victoria's

Secret

&

Co

1,197

12,686

Vivid

Seats,

Inc

97

62,669

*,e

Volta,

Inc

76

42,783

*

Warby

Parker,

Inc

571

41,399

*,e

Wayfair,

Inc

1,348

37,164

Williams-Sonoma,

Inc

4,380

1,945

Winmark

Corp

421

17,318

*,e

Xometry,

Inc

983

11,661

*

Zumiez,

Inc

251

TOTAL

RETAILING

1,063,395

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4.3%

24,578

*

ACM

Research,

Inc

306

827,551

*

Advanced

Micro

Devices,

Inc

52,434

26,133

*

Allegro

MicroSystems,

Inc

571

15,539

*

Alpha

&

Omega

Semiconductor

Ltd

478

19,074

*

Ambarella,

Inc

1,072

55,705

Amkor

Technology,

Inc

950

265,474

e

Analog

Devices,

Inc

36,991

449,206

Applied

Materials,

Inc

36,804

10,142

*,e

Atomera,

Inc

103

20,849

*,e

Axcelis

Technologies,

Inc

1,263

26,991

*

AXT,

Inc

181

202,985

Broadcom,

Inc

90,127

15,710

*

Ceva,

Inc

412

26,804

*

Cirrus

Logic,

Inc

1,844

26,675

*,e

Cohu,

Inc

688

12,042

*,e

Credo

Technology

Group

Holding

Ltd

133

3,674

*

CyberOptics

Corp

198

23,788

*,e

Diodes,

Inc

1,544

66,786

*

Enphase

Energy,

Inc

18,531

72,011

e

Entegris,

Inc

5,978

51,096

*

First

Solar,

Inc

6,759

42,439

*

Formfactor,

Inc

1,063

32,223

*,e

GLOBALFOUNDRIES,

Inc

1,558

15,133

*,e

Ichor

Holdings

Ltd

366

13,074

*,e

Impinj,

Inc

1,046

51,148

*,e

indie

Semiconductor,

Inc

374

2,090,656

Intel

Corp

53,876

72,850

KLA

Corp

22,047

33,411

Kulicke

&

Soffa

Industries,

Inc

1,287

71,539

Lam

Research

Corp

26,183

75,431

*

Lattice

Semiconductor

Corp

3,712

29,103

*,e

MACOM

Technology

Solutions

Holdings,

Inc

1,507

436,898

Marvell

Technology,

Inc

18,747

38,172

*

MaxLinear,

Inc

1,245

268,931

Microchip

Technology,

Inc

16,413

565,304

Micron

Technology,

Inc

28,322

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

259

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,862

MKS

Instruments,

Inc

$

2,220

23,066

Monolithic

Power

Systems,

Inc

8,382

26,573

*

Nanometrics,

Inc

1,702

1,236,118

NVIDIA

Corp

150,052

220,276

*

ON

Semiconductor

Corp

13,730

20,605

*

PDF

Solutions,

Inc

505

46,544

*

Photronics,

Inc

681

33,225

e

Power

Integrations,

Inc

2,137

55,854

*

Qorvo,

Inc

4,435

574,247

e

QUALCOMM,

Inc

64,878

61,164

*,e

Rambus,

Inc

1,555

52,268

*

Rockley

Photonics

Holdings

Ltd

37

35,296

*

Semtech

Corp

1,038

18,610

*

Silicon

Laboratories,

Inc

2,297

7,023

*,e

SiTime

Corp

553

84,315

Skyworks

Solutions,

Inc

7,190

15,494

*

SMART

Global

Holdings,

Inc

246

42,585

*,e

SunPower

Corp

981

19,257

*,e

Synaptics,

Inc

1,907

81,009

Teradyne,

Inc

6,088

472,207

Texas

Instruments,

Inc

73,088

23,500

*,e

Ultra

Clean

Holdings

605

24,314

Universal

Display

Corp

2,294

34,384

*,e

Veeco

Instruments,

Inc

630

62,345

*

Wolfspeed,

Inc

6,444

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

788,788

SOFTWARE

&

SERVICES

-

13.2%

65,506

*,e

8x8,

Inc

226

32,215

e

A10

Networks,

Inc

427

325,172

Accenture

plc

83,667

68,208

*

ACI

Worldwide,

Inc

1,426

242,237

*

Adobe,

Inc

66,664

90,541

*,e

Affirm

Holdings,

Inc

1,699

11,056

*

Agilysys,

Inc

612

75,911

*,e

Akamai

Technologies,

Inc

6,097

26,945

*,e

Alarm.com

Holdings,

Inc

1,748

15,192

*,e

Alkami

Technology,

Inc

229

24,769

*

Altair

Engineering,

Inc

1,095

32,290

*,e

Alteryx,

Inc

1,803

59,006

Amdocs

Ltd

4,688

15,720

American

Software,

Inc

(Class

A)

241

28,669

*,e

Amplitude,

Inc

443

45,731

*

Ansys,

Inc

10,139

9,509

*

Appfolio,

Inc

996

20,140

*,e

Appian

Corp

822

116,026

*,e

AppLovin

Corp

2,261

40,356

*,e

Asana,

Inc

897

14,242

*,e

Aspen

Technology,

Inc

3,392

70,590

*

Atlassian

Corp

plc

14,866

112,313

*

Autodesk,

Inc

20,980

212,833

Automatic

Data

Processing,

Inc

48,141

46,044

*

Avalara,

Inc

4,227

66,029

*,e

AvePoint,

Inc

265

75,147

*

AvidXchange

Holdings,

Inc

633

11,374

*

Benefitfocus,

Inc

72

86,956

Bentley

Systems,

Inc

2,660

24,476

*,e

BigCommerce

Holdings,

Inc

362

49,304

*,e

Bill.Com

Holdings,

Inc

6,526

82,754

*

Black

Knight,

Inc

5,357

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

260

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

26,411

*

Blackbaud,

Inc

$

1,164

29,853

*

Blackline,

Inc

1,788

94,859

*

Blend

Labs,

Inc

210

267,045

*

Block,

Inc

14,685

66,925

*

Box,

Inc

1,632

27,328

Bread

Financial

Holdings,

Inc

859

20,694

*

Brightcove,

Inc

130

57,307

e

Broadridge

Financial

Solutions,

Inc

8,271

25,858

*

BTRS

Holdings,

Inc

239

42,696

*,e

C3.ai,

Inc

534

137,612

*

Cadence

Design

Systems,

Inc

22,490

31,787

*

Cantaloupe,

Inc

111

10,596

Cass

Information

Systems,

Inc

368

87,215

*

CCC

Intelligent

Solutions

Holdings,

Inc

794

23,399

*

Cerberus

Cyber

Sentinel

Corp

69

22,039

*

Cerence

Inc

347

66,788

*,e

Ceridian

HCM

Holding,

Inc

3,732

15,814

*

ChannelAdvisor

Corp

358

63,090

Citrix

Systems,

Inc

6,561

17,869

*,e

Cleanspark,

Inc

57

31,897

*,e

Clear

Secure,

Inc

729

144,134

*

Cloudflare,

Inc

7,972

261,232

Cognizant

Technology

Solutions

Corp

(Class

A)

15,005

20,876

*

Commvault

Systems,

Inc

1,107

21,043

Concentrix

Corp

2,349

91,431

*

Conduent,

Inc

305

64,060

*,e

Confluent,

Inc

1,523

7,805

*

Consensus

Cloud

Solutions,

Inc

369

112,152

*,e

Core

Scientific,

Inc

146

13,583

*

Couchbase,

Inc

194

40,201

*

Coupa

Software,

Inc

2,364

108,468

*

Crowdstrike

Holdings,

Inc

17,877

6,968

*,e

CS

Disco,

Inc

70

17,763

CSG

Systems

International,

Inc

939

43,093

*,e

Cvent

Holding

Corp

226

21,825

*,e

Cyxtera

Technologies,

Inc

89

133,433

*

Datadog,

Inc

11,846

7,264

*,e

Digimarc

Corp

98

46,104

*,e

Digital

Turbine,

Inc

664

39,126

*,e

DigitalOcean

Holdings,

Inc

1,415

103,146

*

DocuSign,

Inc

5,515

35,265

Dolby

Laboratories,

Inc

(Class

A)

2,298

15,039

*

Domo,

Inc

271

35,232

*

DoubleVerify

Holdings,

Inc

964

144,561

*

Dropbox,

Inc

2,995

40,815

*

Duck

Creek

Technologies,

Inc

484

125,003

*

DXC

Technology

Co

3,060

106,722

*

Dynatrace,

Inc

3,715

87,429

*,e

E2open

Parent

Holdings,

Inc

531

17,480

e

Ebix,

Inc

332

10,699

*

eGain

Corp

79

37,517

*

Elastic

NV

2,691

13,046

*,e

Enfusion,

Inc

161

17,890

*

EngageSmart,

Inc

370

30,234

*,e

Envestnet,

Inc

1,342

27,283

*

EPAM

Systems,

Inc

9,882

27,813

*

Euronet

Worldwide,

Inc

2,107

21,053

*

Everbridge,

Inc

650

12,378

*,e

EverCommerce,

Inc

135

31,074

EVERTEC,

Inc

974

25,590

*

Evo

Payments,

Inc

852

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

261

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

17,218

*

ExlService

Holdings,

Inc

$

2,537

12,846

*,e

Fair

Isaac

Corp

5,293

58,075

*,e

Fastly,

Inc

532

315,970

Fidelity

National

Information

Services,

Inc

23,878

301,729

*

Fiserv,

Inc

28,233

37,675

*

Five9,

Inc

2,825

36,005

*

FleetCor

Technologies,

Inc

6,343

33,603

*

Flywire

Corp

772

15,452

*

ForgeRock,

Inc

225

341,945

*

Fortinet,

Inc

16,800

40,808

*

Gartner,

Inc

11,291

81,103

Genpact

Ltd

3,550

145,625

Global

Payments,

Inc

15,735

21,651

*

Globant

S.A.

4,050

86,670

*

GoDaddy,

Inc

6,143

15,258

*

Grid

Dynamics

Holdings,

Inc

286

46,084

*,e

Guidewire

Software,

Inc

2,838

17,956

Hackett

Group,

Inc

318

24,272

*

HubSpot,

Inc

6,556

9,245

*,e

I3

Verticals,

Inc

185

17,943

*,e

Informatica,

Inc

360

18,219

e

Information

Services

Group,

Inc

87

8,870

*,e

Instructure

Holdings,

Inc

198

18,324

InterDigital,

Inc

741

458,868

International

Business

Machines

Corp

54,518

13,645

*

International

Money

Express

Inc

311

142,294

Intuit,

Inc

55,113

37,546

Jack

Henry

&

Associates,

Inc

6,843

29,050

*,e

Jamf

Holding

Corp

644

37,345

*

KnowBe4,

Inc

777

95,867

*

Kyndryl

Holdings,

Inc

793

50,961

*

Limelight

Networks,

Inc

142

34,967

*

Liveperson,

Inc

329

35,615

*

LiveRamp

Holdings,

Inc

647

32,654

*

Manhattan

Associates,

Inc

4,344

52,095

*,e

Marathon

Digital

Holdings,

Inc

558

222,577

*

Marqeta,

Inc

1,585

442,681

Mastercard,

Inc

(Class

A)

125,872

112,247

*

Matterport,

Inc

425

31,583

e

MAXIMUS,

Inc

1,828

11,893

*

MeridianLink,

Inc

194

3,845,479

Microsoft

Corp

895,612

4,156

*,e

MicroStrategy,

Inc

(Class

A)

882

22,456

*

Mitek

Systems,

Inc

206

14,483

*,e

Model

N,

Inc

496

35,218

*

MoneyGram

International,

Inc

366

33,619

*,e

MongoDB,

Inc

6,675

19,169

*

N-Able,

Inc

177

25,933

*,e

nCino

OpCo,

Inc

885

68,992

*

NCR

Corp

1,312

30,028

*

New

Relic,

Inc

1,723

283,454

NortonLifelock,

Inc

5,709

105,783

*

Nutanix,

Inc

2,203

76,550

*

Okta,

Inc

4,353

46,103

*,e

Olo,

Inc

364

4,837

*

ON24,

Inc

43

21,489

*

OneSpan,

Inc

185

772,924

Oracle

Corp

47,202

41,005

*

Pagerduty,

Inc

946

933,059

*,e

Palantir

Technologies,

Inc

7,586

149,946

*

Palo

Alto

Networks,

Inc

24,560

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

262

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

44,842

*,e

Paya

Holdings,

Inc

$

274

164,950

Paychex,

Inc

18,509

26,407

*

Paycom

Software,

Inc

8,714

11,105

*

Paycor

HCM,

Inc

328

20,584

*

Paylocity

Holding

Corp

4,973

110,964

*

Payoneer

Global,

Inc

671

597,795

*

PayPal

Holdings,

Inc

51,452

225,806

*,e

Paysafe

Ltd

312

22,404

Pegasystems,

Inc

720

17,663

*

Perficient,

Inc

1,148

8,474

*,e

PFSweb,

Inc

79

23,740

*

Ping

Identity

Holding

Corp

666

31,944

*,e

Procore

Technologies,

Inc

1,581

23,997

Progress

Software

Corp

1,021

19,034

*,e

PROS

Holdings,

Inc

470

52,897

*

PTC,

Inc

5,533

29,530

*

Q2

Holdings,

Inc

951

18,605

*

Qualys,

Inc

2,593

19,217

*,e

Rackspace

Technology,

Inc

78

31,056

*

Rapid7,

Inc

1,332

43,126

*,e

Remitly

Global,

Inc

480

42,004

*,e

Repay

Holdings

Corp

297

24,959

*

Rimini

Street,

Inc

116

44,149

*

RingCentral,

Inc

1,764

38,880

*,e

Riot

Blockchain,

Inc

273

53,965

Roper

Technologies,

Inc

19,408

186,641

*,e

Sabre

Corp

961

496,945

*

Salesforce,

Inc

71,481

15,268

Sapiens

International

Corp

NV

293

4,599

*

SecureWorks

Corp

37

88,419

*,e

SentinelOne,

Inc

2,260

103,386

*

ServiceNow,

Inc

39,040

23,585

*,e

Shift4

Payments,

Inc

1,052

4,906

*,e

ShotSpotter,

Inc

141

66,115

*

Smartsheet,

Inc

2,272

157,505

*,e

Snowflake,

Inc

26,770

19,169

*

SolarWinds

Corp

149

85,374

*

Splunk,

Inc

6,420

24,107

*

Sprout

Social,

Inc

1,463

19,690

*

SPS

Commerce,

Inc

2,446

16,060

*,e

Squarespace,

Inc

343

111,085

SS&C

Technologies

Holdings,

Inc

5,304

120,616

*

StoneCo

Ltd

1,149

44,512

*

Sumo

Logic,

Inc

334

70,963

*

SVMK,

Inc

412

74,570

Switch,

Inc

2,512

77,041

*

Synopsys,

Inc

23,537

21,512

*

Telos

Corp

191

49,510

*,e

Tenable

Holdings,

Inc

1,723

51,680

*

Teradata

Corp

1,605

116,597

*

Toast,

Inc

1,949

226,382

*

Trade

Desk,

Inc

13,526

10,054

TTEC

Holdings,

Inc

445

6,516

*,e

Tucows,

Inc

244

22,872

*

Turing

Holding

Corp

240

85,658

*

Twilio,

Inc

5,922

21,091

*

Tyler

Technologies,

Inc

7,329

192,445

*,e

UiPath,

Inc

2,427

38,674

*

Unisys

Corp

292

107,430

*,e

Unity

Software,

Inc

3,423

15,606

*

Upland

Software,

Inc

127

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

263

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

24,261

*,e

UserTesting,

Inc

$

95

56,469

*

Varonis

Systems,

Inc

1,498

35,164

*,e

Verint

Systems,

Inc

1,181

46,419

*

VeriSign,

Inc

8,063

13,662

*,e

Veritone,

Inc

77

63,620

*

Verra

Mobility

Corp

978

6,012

*,e

Viant

Technology,

Inc

25

847,129

Visa,

Inc

(Class

A)

150,492

102,457

VMware,

Inc

(Class

A)

10,908

198,450

e

Western

Union

Co

2,679

24,535

*

WEX,

Inc

3,114

29,289

*

Wix.com

Ltd

2,291

36,785

*,e

WM

Technology,

Inc

59

100,015

*

Workday,

Inc

15,224

22,930

*

Workiva,

Inc

1,784

55,032

*

Yext,

Inc

245

60,907

*

Zendesk,

Inc

4,635

55,743

*,e

Zeta

Global

Holdings

Corp

368

130,278

*

Zoom

Video

Communications,

Inc

9,587

41,021

*

Zscaler,

Inc

6,743

55,037

*

Zuora

Inc

406

TOTAL

SOFTWARE

&

SERVICES

2,430,953

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.7%

66,252

*

3D

Systems

Corp

529

6,963

*,e

908

Devices,

Inc

115

35,649

e

ADTRAN

Holdings,

Inc

698

20,999

Advanced

Energy

Industries,

Inc

1,626

41,314

*,e

Aeva

Technologies,

Inc

77

18,515

*,e

Akoustis

Technologies,

Inc

55

300,825

Amphenol

Corp

(Class

A)

20,143

7,858,532

Apple,

Inc

1,086,049

123,543

*

Arista

Networks,

Inc

13,947

47,303

*

Arlo

Technologies,

Inc

219

32,986

*,e

Arrow

Electronics,

Inc

3,041

5,662

*

Aviat

Networks,

Inc

155

24,161

*

Avid

Technology,

Inc

562

46,118

Avnet,

Inc

1,666

15,939

Badger

Meter,

Inc

1,473

24,142

e

Belden

CDT,

Inc

1,449

19,531

Benchmark

Electronics,

Inc

484

28,887

*

Calix,

Inc

1,766

4,889

*

Cambium

Networks

Corp

83

9,824

*,e

Casa

Systems,

Inc

31

66,275

CDW

Corp

10,344

79,273

*

Ciena

Corp

3,205

2,133,077

Cisco

Systems,

Inc

85,323

8,964

*

Clearfield,

Inc

938

93,925

Cognex

Corp

3,893

67,503

*

Coherent

Corp

2,352

115,638

*,e

CommScope

Holding

Co,

Inc

1,065

16,237

e

Comtech

Telecommunications

Corp

162

389,788

Corning,

Inc

11,312

8,680

*,e

Corsair

Gaming,

Inc

98

17,421

CTS

Corp

726

136,382

Dell

Technologies,

Inc

4,660

18,652

*,e

Digi

International,

Inc

645

9,167

*,e

DZS,

Inc

104

24,605

*,e

Eastman

Kodak

Co

113

18,556

*

ePlus,

Inc

771

43,075

*

Evolv

Technologies

Holdings,

Inc

91

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

264

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

79,396

*

Extreme

Networks,

Inc

$

1,038

30,171

*

F5

Networks,

Inc

4,367

20,485

*

Fabrinet

1,955

9,925

*

FARO

Technologies,

Inc

272

9,076

*,e

Focus

Universal,

Inc

85

58,321

*

Harmonic,

Inc

762

670,009

Hewlett

Packard

Enterprise

Co

8,027

524,991

HP,

Inc

13,083

11,473

*

Identiv,

Inc

144

103,799

*,e

Infinera

Corp

502

40,550

*,e

Inseego

Corp

84

14,981

*

Insight

Enterprises,

Inc

1,235

60,908

*,e

IonQ,

Inc

309

19,271

*,e

IPG

Photonics

Corp

1,625

24,355

*

Itron,

Inc

1,026

59,846

Jabil

Inc

3,454

163,210

Juniper

Networks,

Inc

4,263

91,514

*

Keysight

Technologies,

Inc

14,401

21,162

*

Kimball

Electronics,

Inc

363

28,141

*

Knowles

Corp

342

57,291

*,e

Lightwave

Logic,

Inc

420

13,151

Littelfuse,

Inc

2,613

36,595

*

Lumentum

Holdings,

Inc

2,509

20,833

Methode

Electronics,

Inc

774

86,400

*,e

Microvision,

Inc

312

70,213

*

Mirion

Technologies,

Inc

524

82,239

Motorola

Solutions,

Inc

18,419

15,874

*,e

Napco

Security

Technologies,

Inc

462

72,088

National

Instruments

Corp

2,721

118,594

NetApp,

Inc

7,335

16,454

*

Netgear,

Inc

330

43,446

*

Netscout

Systems,

Inc

1,361

20,535

*

nLight,

Inc

194

18,332

*,e

Novanta,

Inc

2,120

17,528

*,e

Ondas

Holdings,

Inc

65

9,244

*

OSI

Systems,

Inc

666

15,844

*,e

Ouster,

Inc

15

12,941

*,e

PAR

Technology

Corp

382

8,216

PC

Connection,

Inc

370

17,083

*

Plexus

Corp

1,496

145,102

*

Pure

Storage,

Inc

3,971

37,508

*

Ribbon

Communications,

Inc

83

8,376

*

Rogers

Corp

2,026

36,299

*

Sanmina

Corp

1,673

17,777

*,e

Scansource,

Inc

469

61,017

*,e

SmartRent,

Inc

138

26,460

*

Super

Micro

Computer,

Inc

1,457

19,067

SYNNEX

Corp

1,548

24,117

*

Teledyne

Technologies,

Inc

8,139

129,908

*

Trimble

Inc

7,050

51,948

*

TTM

Technologies,

Inc

685

8,166

*,e

Turtle

Beach

Corp

56

3,604

e

Ubiquiti,

Inc

1,058

38,579

*,e

Velodyne

Lidar,

Inc

37

34,027

*,e

Viasat,

Inc

1,029

136,006

*

Viavi

Solutions,

Inc

1,775

52,971

Vishay

Intertechnology,

Inc

942

9,508

*

Vishay

Precision

Group,

Inc

281

92,880

Vontier

Corp

1,552

155,579

*

Western

Digital

Corp

5,064

58,625

Xerox

Holdings

Corp

767

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

265

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

27,748

*

Zebra

Technologies

Corp

(Class

A)

$

7,270

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,407,465

TELECOMMUNICATION

SERVICES

-

1.1%

7,472

*

Anterix,

Inc

267

3,661,815

AT&T,

Inc

56,172

7,918

e

ATN

International,

Inc

305

12,460

*

Bandwidth

Inc

148

55,430

*,e

Charge

Enterprises,

Inc

98

25,280

Cogent

Communications

Group,

Inc

1,319

48,355

*,e

Consolidated

Communications

Holdings,

Inc

201

22,558

*

EchoStar

Corp

(Class

A)

372

126,319

*

Frontier

Communications

Parent,

Inc

2,960

331,269

*,e

Globalstar,

Inc

527

13,459

*

Gogo,

Inc

163

11,096

*

IDT

Corp

(Class

B)

276

60,764

*

Iridium

Communications,

Inc

2,696

29,453

*

Liberty

Latin

America

Ltd

(Class

A)

182

84,348

*

Liberty

Latin

America

Ltd

(Class

C)

519

529,866

e

Lumen

Technologies,

Inc

3,857

13,047

*

Ooma,

Inc

160

23,995

*

Radius

Global

Infrastructure,

Inc

226

26,373

e

Shenandoah

Telecom

Co

449

55,138

e

Telephone

&

Data

Systems,

Inc

766

306,308

*

T-Mobile

US,

Inc

41,097

9,529

*

US

Cellular

Corp

248

2,156,068

Verizon

Communications,

Inc

81,866

TOTAL

TELECOMMUNICATION

SERVICES

194,874

TRANSPORTATION

-

1.8%

37,928

*

Air

Transport

Services

Group,

Inc

914

60,779

*

Alaska

Air

Group,

Inc

2,379

8,270

*

Allegiant

Travel

Co

603

4,307

Amerco,

Inc

2,193

347,869

*,e

American

Airlines

Group,

Inc

4,188

13,812

ArcBest

Corp

1,005

9,879

*,e

Atlas

Air

Worldwide

Holdings,

Inc

944

15,336

*

Avis

Budget

Group,

Inc

2,277

28,768

*

Blade

Air

Mobility,

Inc

116

67,597

CH

Robinson

Worldwide,

Inc

6,510

11,515

*

Copa

Holdings

S.A.

(Class

A)

772

23,634

e

Costamare,

Inc

211

8,672

e

Covenant

Transportation

Group,

Inc

249

1,102,716

CSX

Corp

29,376

14,173

*,e

Daseke,

Inc

77

316,616

*

Delta

Air

Lines,

Inc

8,884

4,116

e

Eagle

Bulk

Shipping,

Inc

178

85,367

Expeditors

International

of

Washington,

Inc

7,539

121,217

FedEx

Corp

17,997

14,836

e

Forward

Air

Corp

1,339

18,987

*,e

Frontier

Group

Holdings,

Inc

184

17,525

Genco

Shipping

&

Trading

Ltd

220

62,934

e

Golden

Ocean

Group

Ltd

470

50,638

*,e

GXO

Logistics,

Inc

1,775

27,588

*

Hawaiian

Holdings,

Inc

363

26,012

Heartland

Express,

Inc

372

120,260

*,e

Hertz

Global

Holdings,

Inc

1,958

18,067

*

Hub

Group,

Inc

(Class

A)

1,246

43,796

JB

Hunt

Transport

Services,

Inc

6,851

173,855

*

JetBlue

Airways

Corp

1,153

128,773

*,e

Joby

Aviation,

Inc

558

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

266

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

32,726

*

Kirby

Corp

$

1,989

79,606

Knight-Swift

Transportation

Holdings,

Inc

3,895

20,412

Landstar

System,

Inc

2,947

154,071

*,e

Lyft,

Inc

(Class

A)

2,029

34,852

Marten

Transport

Ltd

668

11,759

Matson,

Inc

723

120,304

Norfolk

Southern

Corp

25,222

52,587

Old

Dominion

Freight

Line

13,082

29,335

*

Radiant

Logistics,

Inc

167

25,040

Ryder

System,

Inc

1,890

33,371

e

Safe

Bulkers,

Inc

82

13,620

*,e

Saia,

Inc

2,588

22,723

e

Schneider

National,

Inc

461

28,022

*

Skywest,

Inc

456

299,691

*

Southwest

Airlines

Co

9,242

50,261

Spirit

Airlines,

Inc

946

9,455

*,e

Sun

Country

Airlines

Holdings,

Inc

129

71,175

*

TuSimple

Holdings,

Inc

541

975,524

*

Uber

Technologies,

Inc

25,851

321,382

Union

Pacific

Corp

62,612

166,987

*

United

Airlines

Holdings

Inc

5,432

378,395

United

Parcel

Service,

Inc

(Class

B)

61,126

6,297

Universal

Logistics

Holdings

Inc

200

36,247

e

Werner

Enterprises,

Inc

1,363

81,596

*,e

Wheels

Up

Experience,

Inc

94

52,508

*

XPO

Logistics,

Inc

2,338

TOTAL

TRANSPORTATION

328,974

UTILITIES

-

3.0%

344,146

e

AES

Corp

7,778

29,387

Allete,

Inc

1,471

129,301

Alliant

Energy

Corp

6,852

21,469

*

Altus

Power,

Inc

236

128,677

Ameren

Corp

10,365

264,131

American

Electric

Power

Co,

Inc

22,834

20,132

American

States

Water

Co

1,569

95,298

American

Water

Works

Co,

Inc

12,404

4,909

Artesian

Resources

Corp

236

69,836

e

Atmos

Energy

Corp

7,113

36,552

Avangrid,

Inc

1,524

33,562

e

Avista

Corp

1,244

34,402

Black

Hills

Corp

2,330

44,523

e

Brookfield

Infrastructure

Corp

1,812

72,027

Brookfield

Renewable

Corp

2,354

27,522

e

California

Water

Service

Group

1,450

325,046

Centerpoint

Energy,

Inc

9,160

9,405

e

Chesapeake

Utilities

Corp

1,085

10,556

Clearway

Energy,

Inc

(Class

A)

307

47,061

Clearway

Energy,

Inc

(Class

C)

1,499

148,205

CMS

Energy

Corp

8,631

182,270

Consolidated

Edison,

Inc

15,632

164,317

e

Constellation

Energy

Corp

13,670

427,454

Dominion

Energy,

Inc

29,541

98,822

DTE

Energy

Co

11,369

391,762

Duke

Energy

Corp

36,442

195,908

Edison

International

11,085

106,399

Entergy

Corp

10,707

120,688

Essential

Utilities

Inc

4,994

112,667

Evergy,

Inc

6,692

177,794

Eversource

Energy

13,861

505,635

Exelon

Corp

18,941

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

267

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

276,167

FirstEnergy

Corp

$

10,218

6,410

Global

Water

Resources,

Inc

75

56,097

e

Hawaiian

Electric

Industries,

Inc

1,944

23,041

Idacorp,

Inc

2,281

15,195

MGE

Energy,

Inc

997

11,759

Middlesex

Water

Co

908

33,009

*,e

Montauk

Renewables,

Inc

576

44,613

National

Fuel

Gas

Co

2,746

52,723

New

Jersey

Resources

Corp

2,040

1,013,777

NextEra

Energy,

Inc

79,490

209,437

NiSource,

Inc

5,276

14,483

e

Northwest

Natural

Holding

Co

628

27,636

NorthWestern

Corp

1,362

124,183

e

NRG

Energy,

Inc

4,753

96,380

e

OGE

Energy

Corp

3,514

27,567

e

ONE

Gas,

Inc

1,940

24,734

e

Ormat

Technologies,

Inc

2,132

16,819

e

Otter

Tail

Corp

1,035

800,219

*

PG&E

Corp

10,003

55,268

Pinnacle

West

Capital

Corp

3,565

31,359

e

PNM

Resources,

Inc

1,434

40,332

e

Portland

General

Electric

Co

1,753

390,063

PPL

Corp

9,888

256,899

Public

Service

Enterprise

Group,

Inc

14,445

11,616

*,e

Pure

Cycle

Corp

97

162,307

Sempra

Energy

24,336

12,005

e

SJW

Corp

692

58,642

South

Jersey

Industries,

Inc

1,960

539,496

Southern

Co

36,686

31,668

Southwest

Gas

Holdings

Inc

2,209

21,354

e

Spire,

Inc

1,331

46,961

*

Sunnova

Energy

International,

Inc

1,037

105,006

UGI

Corp

3,395

10,272

Unitil

Corp

477

7,544

e

Via

Renewables,

Inc

52

219,879

Vistra

Energy

Corp

4,617

159,399

WEC

Energy

Group,

Inc

14,255

280,885

Xcel

Energy,

Inc

17,977

9,006

York

Water

Co

346

TOTAL

UTILITIES

547,658

TOTAL

COMMON

STOCKS

18,321,812

(Cost

$7,828,815)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

7,917

†

Chinook

Therapeutics,

Inc

0

6,981

†

Tobira

Therapeutics,

Inc

0

^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0

^

TOTAL

RIGHTS/WARRANTS

0

^

(Cost

$0)

Portfolio

of

investments

(unaudited)

CREF

Equity

Index

Account

September

30,

2022

268

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

2.3%

REPURCHASE

AGREEMENT

-

0.3%

$

40,990,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

%

10/03/22

$

40,990

TOTAL

REPURCHASE

AGREEMENT

40,990

TOTAL

SHORT-TERM

INVESTMENTS

40,990

(Cost

$40,990)

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

2.0%

370,659,308

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

3

.070

370,659

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

370,659

TOTAL

SHORT-TERM

INVESTMENTS

370,659

(Cost

$370,659)

TOTAL

INVESTMENTS

-

102.0%

18,733,461

(Cost

$8,240,464)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(2.0)%

(

359,470

)

NET

ASSETS

-

100.0%

$18,373,991

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$384,205,630.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$40,990,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.625%

and

maturity

date

1/15/26,

valued

at

$41,809,843.

Futures

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

184‌

12/16/22

 $

36,521‌

$

33,134‌

$

(

3,387‌

)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

269

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANK

LOAN

OBLIGATIONS

-

0.6%

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

591,066

i

Adient

US

LLC

LIBOR

12

M

+

3.250%

6

.365

%

04/10/28

$

560

618,326

i

Clarios

Global

LP

LIBOR

12

M

+

3.250%

6

.365

04/30/26

587

1,454,637

i

Gates

Global

LLC

LIBOR

12

M

+

2.500%

5

.615

03/31/27

1,400

TOTAL

AUTOMOBILES

&

COMPONENTS

2,547

CAPITAL

GOODS

-

0.0%

174,057

i

Avolon

TLB

Borrower

US

LLC

LIBOR

12

M

+

1.750%

4

.764

01/15/25

170

219,938

i

Avolon

TLB

Borrower

US

LLC

LIBOR

12

M

+

1.500%

4

.514

02/12/27

211

586,543

i

Beacon

Roofing

Supply,

Inc

LIBOR

12

M

+

2.250%

5

.365

05/19/28

567

350,396

i

Cornerstone

Building

Brands,

Inc

LIBOR

12

M

+

3.250%

6

.068

04/12/28

290

978,906

i

TransDigm,

Inc

LIBOR

4

M

+

2.250%

5

.924

08/22/24

957

1,062,058

i

TransDigm,

Inc

LIBOR

4

M

+

2.250%

5

.924

05/30/25

1,022

TOTAL

CAPITAL

GOODS

3,217

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

468,314

i

AECOM

LIBOR

12

M

+

1.750%

4

.865

04/13/28

468

1,158,076

i

GFL

Environmental,

Inc

LIBOR

4

M

+

3.000%

5

.806

05/30/25

1,148

1,819,722

i

Prime

Security

Services

Borrower

LLC

LIBOR

12

M

+

2.750%

5

.303

09/23/26

1,767

552,563

i

Spin

Holdco,

Inc

LIBOR

4

M

+

4.000%

7

.144

03/04/28

487

3,008,867

i

Trans

Union

LLC

LIBOR

12

M

+

2.250%

5

.365

12/01/28

2,920

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

6,790

CONSUMER

DURABLES

&

APPAREL

-

0.0%

281,327

i

Samsonite

IP

Holdings

Sarl

LIBOR

12

M

+

1.750%

4

.865

04/25/25

274

TOTAL

CONSUMER

DURABLES

&

APPAREL

274

CONSUMER

SERVICES

-

0.1%

434,715

i

1011778

BC

ULC

LIBOR

12

M

+

2.000%

5

.115

07/03/28

417

865,844

i

Carnival

Corp

LIBOR

4

M

+

3.250%

6

.127

10/18/28

764

358,588

i

IRB

Holding

Corp

SOFR

12M

+

3.000%

5

.696

12/15/27

337

946,865

i

KFC

Holding

Co

LIBOR

12

M

+

1.750%

4

.743

03/15/28

939

1,555,372

i

Sophia

LP

LIBOR

4

M

+

3.500%

7

.174

10/07/27

1,499

1,444,000

i

Stars

Group

Holdings

BV

LIBOR

4

M

+

2.250%

5

.892

07/21/26

1,392

TOTAL

CONSUMER

SERVICES

5,348

DIVERSIFIED

FINANCIALS

-

0.0%

622,705

i

Lions

Gate

Capital

Holdings

LLC

LIBOR

12

M

+

2.250%

5

.365

03/24/25

602

1,273,135

i

Reynolds

Group

Holdings,

Inc

LIBOR

12

M

+

3.250%

6

.365

02/05/26

1,222

TOTAL

DIVERSIFIED

FINANCIALS

1,824

ENERGY

-

0.0%

1,427,225

i

Buckeye

Partners

LP

LIBOR

12

M

+

2.250%

5

.365

11/01/26

1,394

1,415,717

i

Delek

US

Holdings,

Inc

LIBOR

12

M

+

2.250%

5

.365

03/31/25

1,374

128,567

i

DT

Midstream,

Inc

LIBOR

12

M

+

2.000%

5

.125

06/26/28

129

TOTAL

ENERGY

2,897

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

430,500

i

Chobani

LLC

LIBOR

12

M

+

3.500%

6

.615

10/25/27

396

638,797

i

Hostess

Brands

LLC

LIBOR

4

M

+

2.250%

5

.056

08/03/25

619

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,015

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

324,828

i

Change

Healthcare

Holdings

LLC

LIBOR

1

M

+

2.500%

5

.024

03/01/24

324

1,592,053

i

Da

Vinci

Purchaser

Corp

LIBOR

4

M

+

4.000%

6

.250

01/08/27

1,503

707,743

i

DaVita,

Inc

LIBOR

12

M

+

1.750%

4

.865

08/12/26

675

300,449

i

Grifols

Worldwide

Operations

USA,

Inc

LIBOR

12

M

+

2.000%

5

.115

11/15/27

286

1,468,842

i

RegionalCare

Hospital

Partners

Holdings,

Inc

LIBOR

12

M

+

3.750%

6

.871

11/16/25

1,369

2,131,100

i

Select

Medical

Corp

LIBOR

12

M

+

2.500%

5

.620

03/06/25

2,067

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

270

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

80,457

i

Team

Health

Holdings,

Inc

SOFR

12M

+

5.250%

8

.284

%

03/02/27

$

69

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

6,293

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

427,143

i

Weber-Stephen

Products

LLC

LIBOR

12

M

+

3.250%

6

.365

10/30/27

351

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

351

INSURANCE

-

0.0%

1,423,350

i

NFP

Corp

LIBOR

12

M

+

3.250%

6

.365

02/15/27

1,341

1,773,395

i

USI,

Inc

LIBOR

4

M

+

2.750%

6

.424

05/16/24

1,730

TOTAL

INSURANCE

3,071

MATERIALS

-

0.1%

1,252,181

i

Asplundh

Tree

Expert

LLC

LIBOR

12

M

+

1.750%

4

.865

09/07/27

1,223

940,578

i

Berry

Global,

Inc

LIBOR

4

M

+

1.750%

4

.178

07/01/26

913

287,760

i

Messer

Industries

USA,

Inc

LIBOR

4

M

+

2.500%

6

.174

03/02/26

276

623,437

i

PolyOne

Corp

LIBOR

12

M

+

3.060%

5

.584

01/30/26

622

298,826

i

Reynolds

Consumer

Products

LLC

LIBOR

12

M

+

1.750%

4

.865

02/04/27

288

1,170,087

i

Tamko

Building

Products,

Inc

LIBOR

4

M

+

3.000%

5

.806

05/29/26

1,110

TOTAL

MATERIALS

4,432

MEDIA

&

ENTERTAINMENT

-

0.1%

1,187,873

i

Alliance

Laundry

Systems

LLC

LIBOR

4

M

+

3.500%

5

.955

10/08/27

1,142

244,129

i

Arterra

Wines

Canada,

Inc

LIBOR

4

M

+

3.500%

7

.142

11/24/27

230

304,563

i

Cablevision

Lightpath

LLC

LIBOR

12

M

+

3.250%

6

.068

11/30/27

293

1,416,350

i

Charter

Communications

Operating

LLC

LIBOR

12

M

+

1.750%

4

.870

02/01/27

1,366

700,375

i

CNT

Holdings

I

Corp

SOFR

12M

+

3.500%

6

.248

11/08/27

669

515,108

i

CSC

Holdings

LLC

LIBOR

12

M

+

2.500%

5

.318

04/15/27

483

972,556

†,i

Diamond

Sports

Group

LLC

SOFR

12M

+

8.000%

6

.458

05/25/26

195

142,084

i

Diamond

Sports

Group

LLC

SOFR

12M

+

8.000%

10

.696

05/25/26

137

929,517

i

DIRECTV

Financing

LLC

LIBOR

12

M

+

5.000%

8

.115

08/02/27

868

582,000

i

Mozart

Borrower

LP

LIBOR

12

M

+

3.250%

6

.365

10/23/28

536

492,494

i

Rackspace

Technology

Global,

Inc

LIBOR

4

M

+

2.750%

5

.617

02/15/28

354

1,143,150

i

Radiate

Holdco

LLC

LIBOR

12

M

+

3.250%

6

.365

09/25/26

1,060

594,000

i

SkyMiles

IP

Ltd

LIBOR

4

M

+

3.750%

6

.460

10/20/27

597

1,279,872

i

TK

Elevator

US

Newco,

Inc

LIBOR

2

M

+

3.500%

6

.871

07/30/27

1,230

1,642,000

i

Virgin

Media

Bristol

LLC

LIBOR

12

M

+

2.500%

5

.318

01/31/28

1,571

TOTAL

MEDIA

&

ENTERTAINMENT

10,731

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

588,884

i

Avantor,

Inc

LIBOR

12

M

+

2.250%

5

.365

11/08/27

575

540,684

i,q

Endo

Luxembourg

Finance

Co

I

Sarl

PRIME

4M

+

6.000%

12

.250

03/27/28

459

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,034

REAL

ESTATE

-

0.0%

983,871

i

Cushman

&

Wakefield

plc

LIBOR

12

M

+

2.750%

5

.865

08/21/25

943

TOTAL

REAL

ESTATE

943

RETAILING

-

0.0%

538,180

h,i

LS

GROUP

OPCO

ACQUISITIO

LIBOR

4

M

+

3.250%

6

.580

11/02/27

517

TOTAL

RETAILING

517

SOFTWARE

&

SERVICES

-

0.1%

316,852

i

Camelot

Finance

S.A.

LIBOR

12

M

+

3.000%

6

.115

10/30/26

307

717,175

i

Camelot

US

Acquisition

LIBOR

12

M

+

3.000%

6

.115

10/30/26

695

482,689

i

Hyland

Software,

Inc

LIBOR

12

M

+

3.500%

6

.615

07/01/24

469

1,927,000

i

NortonLifeLock,

Inc

SOFR

12M

+

2.000%

4

.848

09/12/29

1,857

709,292

i

Rocket

Software,

Inc

LIBOR

12

M

+

4.250%

7

.365

11/28/25

680

45,532

i

Sabre

GLBL,

Inc

LIBOR

12

M

+

2.000%

5

.115

02/22/24

45

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

271

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,165,800

i

UKG,

Inc

LIBOR

4

M

+

3.250%

5

.535

%

05/04/26

$

1,112

TOTAL

SOFTWARE

&

SERVICES

5,165

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

551,472

i

TTM

Technologies,

Inc

LIBOR

12

M

+

2.500%

5

.628

09/28/24

543

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

543

TELECOMMUNICATION

SERVICES

-

0.0%

455,553

i

Zayo

Group

Holdings,

Inc

LIBOR

12

M

+

3.000%

6

.115

03/09/27

383

TOTAL

TELECOMMUNICATION

SERVICES

383

TRANSPORTATION

-

0.0%

403,988

i

Air

Canada

LIBOR

4

M

+

3.500%

6

.421

08/11/28

385

459,616

i

American

Airlines,

Inc

LIBOR

12

M

+

2.000%

4

.818

12/15/23

455

TOTAL

TRANSPORTATION

840

UTILITIES

-

0.0%

709,141

i

Gopher

Resource

LLC

LIBOR

12

M

+

3.250%

6

.365

03/06/25

589

TOTAL

UTILITIES

589

TOTAL

BANK

LOAN

OBLIGATIONS

58,804

(Cost

$62,224)

BONDS

-

96.8%

CORPORATE

BONDS

-

33.2%

AUTOMOBILES

&

COMPONENTS

-

0.4%

EUR

500,000

Aptiv

plc

1

.500

03/10/25

459

EUR

500,000

g

Dana

Financing

Luxembourg

Sarl

3

.000

07/15/29

352

225,000

Dana,

Inc

5

.375

11/15/27

191

350,000

Dana,

Inc

5

.625

06/15/28

289

11,000,000

General

Motors

Co

6

.125

10/01/25

11,005

10,250,000

General

Motors

Co

5

.400

10/15/29

9,451

6,575,000

General

Motors

Co

6

.600

04/01/36

6,147

5,500,000

General

Motors

Co

5

.200

04/01/45

4,188

1,375,000

General

Motors

Co

6

.750

04/01/46

1,252

3,575,000

e,g

Hyundai

Capital

Services,

Inc

2

.125

04/24/25

3,273

EUR

400,000

g,o

IHO

Verwaltungs

GmbH

3

.750

09/15/26

322

4,450,000

Magna

International,

Inc

3

.625

06/15/24

4,363

EUR

300,000

Volkswagen

Bank

GmbH

2

.500

07/31/26

276

TOTAL

AUTOMOBILES

&

COMPONENTS

41,568

BANKS

-

7.2%

2,000,000

g

Akbank

T.A.S.

6

.800

06/22/31

1,622

1,775,000

g

Banco

de

Credito

del

Peru

3

.125

07/01/30

1,552

5,929,000

g

Banco

de

Credito

e

Inversiones

S.A.

2

.875

10/14/31

4,569

3,000,000

g

Banco

del

Estado

de

Chile

2

.704

01/09/25

2,802

300,000

g

Banco

General

S.A.

4

.125

08/07/27

275

3,800,000

g

Banco

Internacional

del

Peru

SAA

Interbank

3

.375

01/18/23

3,779

7,400,000

Banco

Santander

S.A.

5

.294

08/18/27

6,971

EUR

400,000

Banco

Santander

S.A.

0

.200

02/11/28

319

2,600,000

Banco

Santander

S.A.

3

.800

02/23/28

2,253

600,000

Banco

Santander

S.A.

7

.500

N/A‡

558

350,000

Bancolombia

S.A.

3

.000

01/29/25

319

2,650,000

Bancolombia

S.A.

4

.625

12/18/29

2,226

3,010,000

g

Bangkok

Bank

PCL

3

.466

09/23/36

2,327

2,750,000

g

Banistmo

S.A.

4

.250

07/31/27

2,475

8,100,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

6,723

6,300,000

g

Bank

Leumi

Le-Israel

BM

3

.275

01/29/31

5,339

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

272

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,850,000

Bank

of

America

Corp

3

.004

%

12/20/23

$

4,824

EUR

400,000

Bank

of

America

Corp

1

.375

03/26/25

374

10,000,000

Bank

of

America

Corp

4

.827

07/22/26

9,777

EUR

300,000

Bank

of

America

Corp

1

.776

05/04/27

271

17,250,000

Bank

of

America

Corp

3

.824

01/20/28

15,878

5,500,000

Bank

of

America

Corp

4

.948

07/22/28

5,285

34,450,000

Bank

of

America

Corp

2

.496

02/13/31

27,183

55,925,000

Bank

of

America

Corp

2

.592

04/29/31

44,352

39,000,000

Bank

of

America

Corp

1

.922

10/24/31

28,848

13,450,000

Bank

of

America

Corp

2

.299

07/21/32

10,052

26,750,000

Bank

of

America

Corp

2

.676

06/19/41

17,277

5,000,000

Bank

of

America

Corp

6

.250

N/A‡

4,831

3,000,000

Bank

of

America

Corp

6

.100

N/A‡

2,876

2,975,000

Bank

of

Montreal

3

.803

12/15/32

2,580

EUR

400,000

Barclays

plc

0

.625

11/14/23

391

9,475,000

Barclays

plc

3

.932

05/07/25

9,112

6,075,000

Barclays

plc

3

.330

11/24/42

3,841

5,600,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

4,519

5,000,000

g

BNP

Paribas

S.A.

2

.159

09/15/29

3,911

2,775,000

g

BNP

Paribas

S.A.

2

.588

08/12/35

1,982

4,200,000

g

CIMB

Bank

Bhd

2

.125

07/20/27

3,652

36,375,000

Citigroup,

Inc

3

.200

10/21/26

33,322

13,835,000

Citigroup,

Inc

4

.450

09/29/27

12,807

7,125,000

Citigroup,

Inc

2

.572

06/03/31

5,604

19,050,000

Citigroup,

Inc

2

.520

11/03/32

14,435

15,100,000

Citigroup,

Inc

4

.910

05/24/33

13,892

4,000,000

Citigroup,

Inc

6

.300

N/A‡

3,725

5,000,000

Citigroup,

Inc

5

.000

N/A‡

4,449

8,425,000

Cooperatieve

Rabobank

UA

3

.750

07/21/26

7,761

EUR

200,000

Cooperatieve

Rabobank

UA

3

.250

N/A‡

149

4,125,000

g

Credicorp

Ltd

2

.750

06/17/25

3,766

6,100,000

g

Credit

Agricole

S.A.

4

.125

01/10/27

5,661

2,450,000

g

DBS

Group

Holdings

Ltd

4

.520

12/11/28

2,431

200,000

g

Development

Bank

of

Kazakhstan

JSC

5

.750

05/12/25

199

2,975,000

g

Development

Bank

of

Kazakhstan

JSC

2

.950

05/06/31

2,318

7,525,000

Discover

Bank

2

.450

09/12/24

7,117

7,305,000

Discover

Bank

3

.450

07/27/26

6,650

3,750,000

Discover

Bank

2

.700

02/06/30

2,944

3,325,000

g

Grupo

Aval

Ltd

4

.375

02/04/30

2,408

2,880,000

g

Hana

Bank

3

.500

N/A‡

2,579

9,925,000

HSBC

Holdings

plc

4

.292

09/12/26

9,361

18,250,000

HSBC

Holdings

plc

2

.251

11/22/27

15,333

6,200,000

HSBC

Holdings

plc

2

.013

09/22/28

4,955

20,675,000

HSBC

Holdings

plc

2

.206

08/17/29

15,998

3,750,000

HSBC

Holdings

plc

3

.973

05/22/30

3,174

7,000,000

Huntington

Bancshares,

Inc

5

.625

N/A‡

6,487

2,125,000

g

Intercorp

Financial

Services,

Inc

4

.125

10/19/27

1,839

200,000

g

Intesa

Sanpaolo

S.p.A

4

.198

06/01/32

135

4,850,000

JPMorgan

Chase

&

Co

2

.700

05/18/23

4,803

31,125,000

JPMorgan

Chase

&

Co

2

.301

10/15/25

29,188

4,100,000

JPMorgan

Chase

&

Co

2

.005

03/13/26

3,755

14,600,000

JPMorgan

Chase

&

Co

3

.200

06/15/26

13,554

8,325,000

JPMorgan

Chase

&

Co

4

.323

04/26/28

7,801

EUR

600,000

JPMorgan

Chase

&

Co

1

.638

05/18/28

524

12,000,000

JPMorgan

Chase

&

Co

4

.203

07/23/29

10,919

18,700,000

JPMorgan

Chase

&

Co

3

.702

05/06/30

16,325

20,800,000

JPMorgan

Chase

&

Co

2

.522

04/22/31

16,442

22,900,000

JPMorgan

Chase

&

Co

1

.953

02/04/32

16,940

23,950,000

JPMorgan

Chase

&

Co

2

.963

01/25/33

18,827

4,625,000

JPMorgan

Chase

&

Co

2

.525

11/19/41

2,887

20,750,000

JPMorgan

Chase

&

Co

3

.157

04/22/42

14,207

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

273

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,500,000

JPMorgan

Chase

&

Co

5

.000

%

N/A‡

$

4,960

11,100,000

JPMorgan

Chase

&

Co

6

.100

N/A‡

10,656

6,250,000

JPMorgan

Chase

&

Co

3

.650

N/A‡

5,061

GBP

500,000

Lloyds

Banking

Group

plc

1

.985

12/15/31

435

5,950,000

M&T

Bank

Corp

3

.500

N/A‡

4,436

3,675,000

g

Mizrahi

Tefahot

Bank

Ltd

3

.077

04/07/31

3,082

5,700,000

NatWest

Group

plc

5

.516

09/30/28

5,410

9,225,000

g

NBK

SPC

Ltd

1

.625

09/15/27

7,910

2,100,000

g

Oversea-Chinese

Banking

Corp

Ltd

1

.832

09/10/30

1,879

6,000,000

PNC

Financial

Services

Group,

Inc

3

.900

04/29/24

5,913

7,465,000

PNC

Financial

Services

Group,

Inc

3

.400

N/A‡

5,571

CNY

8,000,000

QNB

Finance

Ltd

3

.150

02/04/26

1,081

8,375,000

Santander

Holdings

USA,

Inc

3

.400

01/18/23

8,340

3,675,000

Sumitomo

Mitsui

Financial

Group,

Inc

2

.778

10/18/22

3,674

7,800,000

Sumitomo

Mitsui

Financial

Group,

Inc

1

.474

07/08/25

7,017

5,385,000

SVB

Financial

Group

4

.100

N/A‡

3,672

11,700,000

Toronto-Dominion

Bank

4

.285

09/13/24

11,524

2,350,000

Toronto-Dominion

Bank

3

.625

09/15/31

2,142

2,400,000

Truist

Financial

Corp

4

.000

05/01/25

2,336

5,000,000

Truist

Financial

Corp

4

.950

N/A‡

4,804

9,000,000

Truist

Financial

Corp

4

.800

N/A‡

8,013

3,050,000

g

Turkiye

Vakiflar

Bankasi

TAO

5

.500

10/01/26

2,482

3,065,000

g

UBS

Group

AG.

3

.179

02/11/43

1,974

3,000,000

g

United

Overseas

Bank

Ltd

1

.250

04/14/26

2,661

2,350,000

g

United

Overseas

Bank

Ltd

3

.750

04/15/29

2,288

3,500,000

g

United

Overseas

Bank

Ltd

2

.000

10/14/31

3,010

GBP

500,000

Virgin

Money

UK

plc

3

.375

04/24/26

493

3,700,000

Wells

Fargo

&

Co

3

.750

01/24/24

3,642

5,300,000

Wells

Fargo

&

Co

3

.550

09/29/25

5,040

14,075,000

Wells

Fargo

&

Co

3

.526

03/24/28

12,748

16,375,000

Wells

Fargo

&

Co

2

.393

06/02/28

14,043

6,000,000

Wells

Fargo

&

Co

5

.900

N/A‡

5,459

10,000,000

Wells

Fargo

&

Co

3

.900

N/A‡

8,456

8,500,000

Wells

Fargo

&

Co

5

.875

N/A‡

8,092

4,521,000

Westpac

Banking

Corp

2

.668

11/15/35

3,326

TOTAL

BANKS

773,226

CAPITAL

GOODS

-

0.9%

3,250,000

Air

Lease

Corp

3

.125

12/01/30

2,559

25,400,000

Boeing

Co

2

.196

02/04/26

22,541

5,350,000

Boeing

Co

3

.250

02/01/28

4,667

7,600,000

Boeing

Co

2

.950

02/01/30

6,110

3,352,000

Boeing

Co

3

.250

02/01/35

2,367

3,350,000

Boeing

Co

5

.705

05/01/40

2,926

8,425,000

Boeing

Co

5

.805

05/01/50

7,321

200,000

g

DAE

Funding

LLC

3

.375

03/20/28

169

3,075,000

g

H&E

Equipment

Services,

Inc

3

.875

12/15/28

2,414

EUR

500,000

Honeywell

International,

Inc

0

.000

03/10/24

467

5,425,000

Ingersoll-Rand

Luxembourg

Finance

S.A.

3

.800

03/21/29

4,873

3,000,000

g

Korea

East-West

Power

Co

Ltd

1

.750

05/06/25

2,748

2,075,000

g

Korea

East-West

Power

Co

Ltd

3

.600

05/06/25

2,004

450,000

L3Harris

Technologies,

Inc

3

.850

06/15/23

448

7,275,000

Northrop

Grumman

Corp

3

.250

01/15/28

6,620

5,275,000

Parker-Hannifin

Corp

3

.250

06/14/29

4,645

15,300,000

Raytheon

Technologies

Corp

4

.125

11/16/28

14,295

EUR

500,000

Raytheon

Technologies

Corp

2

.150

05/18/30

427

5,575,000

Raytheon

Technologies

Corp

2

.250

07/01/30

4,505

5,390,000

Raytheon

Technologies

Corp

4

.500

06/01/42

4,609

325,000

g

Rolls-Royce

plc

5

.750

10/15/27

282

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0

.800

10/18/30

630

4,000,000

g

TSMC

Global

Ltd

1

.000

09/28/27

3,273

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

274

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

300,000

g

WESCO

Distribution,

Inc

7

.250

%

06/15/28

$

294

TOTAL

CAPITAL

GOODS

101,194

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

EUR

1,000,000

g

Albion

Financing

1

SARL

5

.250

10/15/26

837

EUR

250,000

g

Allied

Universal

Holdco

LLC

3

.625

06/01/28

182

325,000

g

ASGN,

Inc

4

.625

05/15/28

280

925,000

g

Booz

Allen

Hamilton,

Inc

3

.875

09/01/28

796

750,000

g

GFL

Environmental,

Inc

4

.250

06/01/25

703

1,000,000

g

GFL

Environmental,

Inc

3

.750

08/01/25

915

2,350,000

g

Prime

Security

Services

Borrower

LLC

5

.250

04/15/24

2,268

2,000,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

1,882

1,325,000

g

Prime

Security

Services

Borrower

LLC

3

.375

08/31/27

1,113

725,000

g

Prime

Security

Services

Borrower

LLC

6

.250

01/15/28

619

3,771,000

Republic

Services,

Inc

2

.900

07/01/26

3,464

2,525,000

Waste

Management,

Inc

2

.500

11/15/50

1,538

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,597

CONSUMER

DURABLES

&

APPAREL

-

0.0%

149,000

Newell

Brands,

Inc

4

.875

06/01/25

144

TOTAL

CONSUMER

DURABLES

&

APPAREL

144

CONSUMER

SERVICES

-

0.9%

9,820,000

Amherst

College

4

.100

11/01/45

7,955

29,085,000

Anheuser-Busch

Cos

LLC

3

.650

02/01/26

27,938

12,875,000

Anheuser-Busch

Cos

LLC

4

.900

02/01/46

11,189

1,825,000

g

Cedar

Fair

LP

5

.500

05/01/25

1,755

3,800,000

g

ENA

Master

Trust

4

.000

05/19/48

2,823

125,000

g

Hilton

Domestic

Operating

Co,

Inc

5

.750

05/01/28

117

1,610,000

g

International

Game

Technology

plc

6

.500

02/15/25

1,606

EUR

500,000

g

International

Game

Technology

plc

3

.500

06/15/26

435

6,400,000

McDonald's

Corp

4

.600

09/09/32

6,114

8,000,000

President

and

Fellows

of

Harvard

College

3

.529

10/01/31

7,142

14,250,000

President

and

Fellows

of

Harvard

College

3

.619

10/01/37

12,308

1,000,000

Sands

China

Ltd

2

.800

03/08/27

795

2,100,000

Sands

China

Ltd

5

.400

08/08/28

1,765

15,000,000

Smith

College

4

.620

07/01/45

13,390

1,125,000

g

Wynn

Macau

Ltd

5

.500

01/15/26

853

TOTAL

CONSUMER

SERVICES

96,185

DIVERSIFIED

FINANCIALS

-

3.4%

8,975,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

7,675

21,000,000

AerCap

Ireland

Capital

DAC

2

.450

10/29/26

17,716

3,144,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

2,521

2,650,000

AerCap

Ireland

Capital

DAC

3

.300

01/30/32

1,993

2,250,000

AerCap

Ireland

Capital

DAC

3

.850

10/29/41

1,495

4,000,000

American

Express

Co

3

.700

08/03/23

3,974

1,375,000

American

Express

Co

2

.550

03/04/27

1,225

7,500,000

American

Express

Co

3

.550

N/A‡

5,780

EUR

425,000

American

Honda

Finance

Corp

1

.950

10/18/24

407

2,900,000

g

B3

S.A.-Brasil

Bolsa

Balcao

4

.125

09/20/31

2,270

2,800,000

g

Banco

BTG

Pactual

S.A.

2

.750

01/11/26

2,430

10,000,000

Bank

of

New

York

Mellon

Corp

4

.700

N/A‡

9,575

300,000

g

BBVA

Bancomer

S.A.

5

.350

11/12/29

282

1,500,000

g

BBVA

Bancomer

S.A.

5

.125

01/18/33

1,241

449,000

g

BPCE

S.A.

4

.625

07/11/24

435

EUR

300,000

BPCE

S.A.

0

.500

09/15/27

253

16,950,000

Capital

One

Bank

USA

NA

3

.375

02/15/23

16,880

EUR

500,000

Capital

One

Financial

Corp

0

.800

06/12/24

464

6,635,000

e

Capital

One

Financial

Corp

3

.950

N/A‡

5,208

EUR

100,000

Celanese

US

Holdings

LLC

0

.625

09/10/28

68

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

275

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,000,000

Charles

Schwab

Corp

5

.375

%

N/A‡

$

6,808

6,250,000

Community

Preservation

Corp

2

.867

02/01/30

5,075

2,950,000

g

Credit

Suisse

Group

AG.

2

.193

06/05/26

2,565

9,100,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

7,387

GBP

300,000

Credit

Suisse

Group

AG.

2

.250

06/09/28

256

6,200,000

g

Credit

Suisse

Group

AG.

6

.442

08/11/28

5,766

7,700,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.800

06/09/23

7,577

8,825,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.750

03/26/25

8,221

GBP

300,000

Danske

Bank

A.S.

2

.250

01/14/28

269

7,350,000

Deutsche

Bank

AG.

5

.371

09/09/27

7,094

5,575,000

Deutsche

Bank

AG.

2

.311

11/16/27

4,522

600,000

Deutsche

Bank

AG.

3

.742

01/07/33

389

3,543,000

Equitable

Holdings,

Inc

4

.950

N/A‡

3,322

16,531,000

GE

Capital

International

Funding

Co

4

.418

11/15/35

14,810

20,000,000

General

Motors

Financial

Co,

Inc

2

.750

06/20/25

18,423

19,850,000

General

Motors

Financial

Co,

Inc

5

.000

04/09/27

18,816

EUR

500,000

General

Motors

Financial

Co,

Inc

0

.600

05/20/27

398

30,925,000

General

Motors

Financial

Co,

Inc

2

.700

06/10/31

22,702

5,450,000

General

Motors

Financial

Co,

Inc

5

.700

N/A‡

4,671

12,825,000

Goldman

Sachs

Group,

Inc

3

.500

04/01/25

12,251

28,750,000

Goldman

Sachs

Group,

Inc

4

.482

08/23/28

26,982

6,000,000

Goldman

Sachs

Group,

Inc

1

.992

01/27/32

4,436

12,080,000

Goldman

Sachs

Group,

Inc

2

.615

04/22/32

9,364

3,550,000

Goldman

Sachs

Group,

Inc

4

.017

10/31/38

2,804

6,825,000

Goldman

Sachs

Group,

Inc

3

.436

02/24/43

4,726

3,000,000

Goldman

Sachs

Group,

Inc

3

.800

N/A‡

2,325

200,000

g

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

163

3,600,000

g

Indian

Railway

Finance

Corp

Ltd

2

.800

02/10/31

2,748

1,700,000

g

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,370

EUR

500,000

ING

Groep

NV

1

.250

02/16/27

441

3,000,000

g

Minejesa

Capital

BV

4

.625

08/10/30

2,475

10,000,000

Morgan

Stanley

2

.188

04/28/26

9,173

31,425,000

Morgan

Stanley

3

.125

07/27/26

28,937

EUR

700,000

Morgan

Stanley

1

.342

10/23/26

633

6,200,000

Morgan

Stanley

1

.512

07/20/27

5,280

7,450,000

Morgan

Stanley

2

.699

01/22/31

6,040

3,850,000

Morgan

Stanley

1

.794

02/13/32

2,814

500,000

Morgan

Stanley

1

.928

04/28/32

365

EUR

500,000

Morgan

Stanley

2

.950

05/07/32

433

4,175,000

Morgan

Stanley

2

.239

07/21/32

3,136

4,440,000

Northern

Trust

Corp

4

.600

N/A‡

3,960

3,350,000

g

Power

Finance

Corp

Ltd

3

.950

04/23/30

2,797

4,125,000

g

Societe

Generale

S.A.

4

.027

01/21/43

2,555

550,000

Springleaf

Finance

Corp

5

.375

11/15/29

426

5,600,000

g

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

4,900

TOTAL

DIVERSIFIED

FINANCIALS

362,497

ENERGY

-

2.8%

EUR

500,000

BP

Capital

Markets

plc

1

.231

05/08/31

388

5,000,000

Cenovus

Energy,

Inc

5

.400

06/15/47

4,280

4,550,000

Diamondback

Energy,

Inc

3

.125

03/24/31

3,691

4,250,000

Diamondback

Energy,

Inc

4

.250

03/15/52

3,103

5,250,000

Ecopetrol

S.A.

5

.375

06/26/26

4,746

2,000,000

Ecopetrol

S.A.

6

.875

04/29/30

1,680

2,125,000

Ecopetrol

S.A.

4

.625

11/02/31

1,488

3,000,000

g

Empresa

Nacional

del

Petroleo

5

.250

11/06/29

2,771

2,975,000

g

Empresa

Nacional

del

Petroleo

3

.450

09/16/31

2,328

12,968,000

Enbridge,

Inc

3

.125

11/15/29

11,089

2,950,000

Enbridge,

Inc

3

.400

08/01/51

1,977

2,624,000

g

Energean

Israel

Finance

Ltd

4

.500

03/30/24

2,458

6,421,000

Energy

Transfer

Operating

LP

3

.600

02/01/23

6,394

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

276

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,500,000

Energy

Transfer

Operating

LP

4

.200

%

09/15/23

$

2,473

4,575,000

Energy

Transfer

Operating

LP

2

.900

05/15/25

4,264

4,725,000

Energy

Transfer

Operating

LP

4

.750

01/15/26

4,552

2,950,000

Energy

Transfer

Operating

LP

5

.500

06/01/27

2,874

6,350,000

Energy

Transfer

Operating

LP

4

.950

06/15/28

5,914

4,225,000

Energy

Transfer

Operating

LP

5

.250

04/15/29

3,973

8,700,000

Energy

Transfer

Operating

LP

6

.250

04/15/49

7,718

9,125,000

Energy

Transfer

Operating

LP

5

.000

05/15/50

7,132

5,125,000

Enterprise

Products

Operating

LLC

3

.700

02/15/26

4,889

5,425,000

Enterprise

Products

Operating

LLC

3

.125

07/31/29

4,673

2,650,000

Enterprise

Products

Operating

LLC

4

.250

02/15/48

2,044

6,200,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

4,734

10,600,000

Enterprise

Products

Operating

LLC

3

.700

01/31/51

7,453

4,500,000

Enterprise

Products

Operating

LLC

3

.200

02/15/52

2,872

6,500,000

Enterprise

Products

Operating

LLC

3

.300

02/15/53

4,229

450,000

g

EQM

Midstream

Partners

LP

6

.000

07/01/25

416

3,082,950

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.160

03/31/34

2,521

3,300,000

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

2,537

EUR

300,000

†,g

Gazprom

PJSC

via

Gaz

Finance

plc

1

.850

11/17/28

140

3,475,000

g

KazTransGas

JSC

4

.375

09/26/27

2,922

2,900,000

Kinder

Morgan

Energy

Partners

LP

5

.400

09/01/44

2,457

5,325,000

Magellan

Midstream

Partners

LP

3

.250

06/01/30

4,534

9,075,000

Marathon

Petroleum

Corp

3

.800

04/01/28

8,120

5,060,000

Marathon

Petroleum

Corp

4

.750

09/15/44

4,059

5,500,000

Marathon

Petroleum

Corp

5

.000

09/15/54

4,423

725,000

g

MEG

Energy

Corp

5

.875

02/01/29

651

8,950,000

MPLX

LP

1

.750

03/01/26

7,831

20,000,000

MPLX

LP

2

.650

08/15/30

15,668

5,825,000

MPLX

LP

4

.700

04/15/48

4,438

275,000

Murphy

Oil

Corp

5

.875

12/01/27

257

1,000,000

†,q

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

7

.375

07/19/24

240

2,200,000

Occidental

Petroleum

Corp

5

.550

03/15/26

2,203

1,350,000

g

Oleoducto

Central

S.A.

4

.000

07/14/27

1,041

11,642,000

ONEOK,

Inc

4

.550

07/15/28

10,658

12,150,000

ONEOK,

Inc

4

.350

03/15/29

10,869

5,000,000

ONEOK,

Inc

4

.500

03/15/50

3,616

315,000

g

Parkland

Corp

4

.625

05/01/30

255

500,000

g

Parkland

Fuel

Corp

5

.875

07/15/27

464

3,000,000

g

Pertamina

Persero

PT

4

.300

05/20/23

2,973

1,425,000

g

Pertamina

Persero

PT

3

.650

07/30/29

1,228

1,200,000

Petrobras

Global

Finance

BV

5

.999

01/27/28

1,157

560,000

Petrobras

Global

Finance

BV

7

.250

03/17/44

509

1,000,000

Petroleos

Mexicanos

1

.950

12/20/22

995

535,000

Petroleos

Mexicanos

2

.000

12/20/22

532

1,600,000

Petroleos

Mexicanos

6

.840

01/23/30

1,193

5,300,000

Petroleos

Mexicanos

5

.950

01/28/31

3,580

5,481,000

Petroleos

Mexicanos

6

.700

02/16/32

3,846

13,575,000

Phillips

66

2

.150

12/15/30

10,459

3,225,000

Phillips

66

3

.300

03/15/52

2,111

2,375,000

g

Phillips

66

Co

4

.680

02/15/45

1,957

475,000

Plains

All

American

Pipeline

LP

3

.800

09/15/30

398

2,314,510

g

Rio

Oil

Finance

Trust

8

.200

04/06/28

2,314

9,875,000

Sabine

Pass

Liquefaction

LLC

4

.200

03/15/28

9,006

8,300,000

Sabine

Pass

Liquefaction

LLC

4

.500

05/15/30

7,561

1,700,000

g

Santos

Finance

Ltd

3

.649

04/29/31

1,321

2,000,000

g

Saudi

Arabian

Oil

Co

2

.250

11/24/30

1,610

3,000,000

g

Saudi

Arabian

Oil

Co

3

.250

11/24/50

2,000

5,325,000

Shell

International

Finance

BV

3

.125

11/07/49

3,644

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4

.000

10/01/27

5,895

775,000

Sunoco

Logistics

Partners

Operations

LP

5

.400

10/01/47

627

3,350,000

Targa

Resources

Corp

4

.200

02/01/33

2,790

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

277

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,225,000

Targa

Resources

Corp

4

.950

%

04/15/52

$

1,712

425,000

Targa

Resources

Partners

LP

6

.500

07/15/27

420

4,300,000

g

Thaioil

Treasury

Center

Co

Ltd

2

.500

06/18/30

3,359

11,000,000

Total

Capital

International

S.A.

3

.127

05/29/50

7,596

13,800,000

TransCanada

PipeLines

Ltd

4

.250

05/15/28

12,775

3,475,000

TransCanada

PipeLines

Ltd

2

.500

10/12/31

2,674

4,675,000

Williams

Cos,

Inc

2

.600

03/15/31

3,666

TOTAL

ENERGY

306,415

FOOD

&

STAPLES

RETAILING

-

0.1%

4,000,000

Costco

Wholesale

Corp

1

.600

04/20/30

3,207

EUR

500,000

SYSCO

Corp

1

.250

06/23/23

482

5,450,000

SYSCO

Corp

3

.150

12/14/51

3,445

8,500,000

Walmart,

Inc

1

.800

09/22/31

6,753

4,000,000

Walmart,

Inc

2

.500

09/22/41

2,788

TOTAL

FOOD

&

STAPLES

RETAILING

16,675

FOOD,

BEVERAGE

&

TOBACCO

-

1.0%

2,600,000

g

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3

.375

06/29/28

1,845

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.750

01/23/29

16,415

4,720,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.439

10/06/48

3,829

6,275,000

BAT

Capital

Corp

2

.259

03/25/28

4,991

10,225,000

BAT

Capital

Corp

4

.906

04/02/30

9,028

4,400,000

BAT

Capital

Corp

2

.726

03/25/31

3,275

3,100,000

BAT

Capital

Corp

4

.742

03/16/32

2,593

10,000,000

BAT

International

Finance

plc

4

.448

03/16/28

8,913

1,000,000

g

BRF

S.A.

5

.750

09/21/50

689

3,875,000

g

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

3,270

4,000,000

g

Coca-Cola

Icecek

AS.

4

.500

01/20/29

3,271

1,700,000

Constellation

Brands,

Inc

4

.400

11/15/25

1,664

2,675,000

Constellation

Brands,

Inc

3

.700

12/06/26

2,514

1,050,000

Constellation

Brands,

Inc

3

.150

08/01/29

902

6,900,000

Constellation

Brands,

Inc

2

.875

05/01/30

5,723

20,175,000

Constellation

Brands,

Inc

2

.250

08/01/31

15,498

1,500,000

g

Corp

Lindley

S.A.

4

.625

04/12/23

1,492

4,500,000

Diageo

Capital

plc

1

.375

09/29/25

4,080

8,050,000

Diageo

Capital

plc

2

.375

10/24/29

6,732

2,850,000

Diageo

Capital

plc

2

.000

04/29/30

2,284

2,500,000

g

Grupo

Bimbo

SAB

de

C.V.

4

.700

11/10/47

2,079

3,500,000

g

Sigma

Alimentos

S.A.

de

C.V.

4

.125

05/02/26

3,148

GBP

300,000

Tesco

Corporate

Treasury

Services

plc

2

.750

04/27/30

253

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

104,488

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.5%

1,500,000

Abbott

Laboratories

5

.300

05/27/40

1,499

10,775,000

Anthem,

Inc

2

.250

05/15/30

8,692

EUR

430,000

Becton

Dickinson

&

Co

1

.401

05/24/23

418

1,925,000

Boston

Scientific

Corp

2

.650

06/01/30

1,597

3,285,000

Centene

Corp

2

.450

07/15/28

2,675

2,910,000

Centene

Corp

3

.000

10/15/30

2,304

19,230,000

Children's

Hospital

Medic

4

.268

05/15/44

16,741

18,475,000

CVS

Health

Corp

3

.750

04/01/30

16,429

30,950,000

CVS

Health

Corp

1

.750

08/21/30

23,690

9,750,000

CVS

Health

Corp

4

.780

03/25/38

8,548

4,050,000

CVS

Health

Corp

2

.700

08/21/40

2,659

8,350,000

CVS

Health

Corp

5

.050

03/25/48

7,353

1,950,000

CVS

Health

Corp

4

.250

04/01/50

1,526

4,105,000

Dartmouth-Hitchcock

Health

4

.178

08/01/48

3,315

4,225,000

HCA,

Inc

5

.625

09/01/28

4,026

6,200,000

g

HCA,

Inc

3

.625

03/15/32

5,016

4,300,000

HCA,

Inc

5

.500

06/15/47

3,633

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

278

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,350,000

g

HCA,

Inc

4

.625

%

03/15/52

$

4,018

3,500,000

g

Hologic,

Inc

3

.250

02/15/29

2,862

6,250,000

Humana,

Inc

3

.950

03/15/27

5,860

6,125,000

Humana,

Inc

2

.150

02/03/32

4,654

GBP

500,000

McKesson

Corp

3

.125

02/17/29

454

12,500,000

Mercy

Health

3

.382

11/01/25

11,787

5,000,000

New

York

and

Presbyterian

Hospital

3

.563

08/01/36

4,164

EUR

450,000

Stryker

Corp

2

.625

11/30/30

396

375,000

g

Tenet

Healthcare

Corp

4

.625

06/15/28

328

5,775,000

UnitedHealth

Group,

Inc

2

.950

10/15/27

5,268

10,700,000

UnitedHealth

Group,

Inc

2

.300

05/15/31

8,608

3,250,000

UnitedHealth

Group,

Inc

3

.750

10/15/47

2,496

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

161,016

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.2%

1,275,000

Church

&

Dwight

Co,

Inc

2

.300

12/15/31

1,001

5,625,000

Church

&

Dwight

Co,

Inc

5

.000

06/15/52

5,182

1,625,000

Colgate-Palmolive

Co

3

.250

08/15/32

1,448

EUR

750,000

g

Coty,

Inc

3

.875

04/15/26

660

5,975,000

g

GSK

Consumer

Healthcare

Capital

US

LLC

3

.375

03/24/27

5,419

3,500,000

g

GSK

Consumer

Healthcare

Capital

US

LLC

3

.625

03/24/32

2,968

2,525,000

g

Natura

Cosmeticos

S.A.

4

.125

05/03/28

1,995

EUR

600,000

The

Procter

&

Gamble

Company

0

.625

10/30/24

565

EUR

400,000

The

Procter

&

Gamble

Company

1

.875

10/30/38

314

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

19,552

INSURANCE

-

1.2%

825,000

g

Alliant

Holdings

Intermediate

LLC

4

.250

10/15/27

705

4,925,000

Aon

Corp

2

.800

05/15/30

4,083

8,306,000

Aon

plc

3

.500

06/14/24

8,102

5,250,000

AXIS

Specialty

Finance

LLC

4

.900

01/15/40

4,266

1,400,000

Berkshire

Hathaway

Finance

Corp

4

.250

01/15/49

1,163

16,000,000

Berkshire

Hathaway

Finance

Corp

2

.850

10/15/50

10,280

EUR

500,000

Chubb

INA

Holdings,

Inc

1

.550

03/15/28

435

EUR

450,000

Chubb

INA

Holdings,

Inc

1

.400

06/15/31

349

1,500,000

CNA

Financial

Corp

3

.950

05/15/24

1,471

1,825,000

g

Equitable

Financial

Life

Global

Funding

1

.400

07/07/25

1,644

EUR

250,000

g

Fairfax

Financial

Holdings

Ltd

2

.750

03/29/28

215

5,575,000

g

Five

Corners

Funding

Trust

4

.419

11/15/23

5,523

7,325,000

g

Five

Corners

Funding

Trust

II

2

.850

05/15/30

6,029

3,000,000

g

Hanwha

Life

Insurance

Co

Ltd

3

.379

02/04/32

2,507

22,408,000

Hartford

Financial

Services

Group,

Inc

2

.800

08/19/29

18,904

1,100,000

Hartford

Financial

Services

Group,

Inc

4

.300

04/15/43

875

2,500,000

Hartford

Financial

Services

Group,

Inc

2

.900

09/15/51

1,527

EUR

750,000

Liberty

Mutual

Group,

Inc

2

.750

05/04/26

708

4,100,000

g

Liberty

Mutual

Group,

Inc

3

.951

10/15/50

2,759

4,825,000

g

Liberty

Mutual

Group,

Inc

5

.500

06/15/52

4,159

440,000

Marsh

&

McLennan

Cos,

Inc

3

.500

03/10/25

425

4,325,000

MetLife,

Inc

3

.600

11/13/25

4,164

1,750,000

MetLife,

Inc

5

.000

07/15/52

1,595

11,820,000

MetLife,

Inc

3

.850

N/A‡

10,574

8,200,000

g

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

7,729

11,875,000

PartnerRe

Finance

B

LLC

4

.500

10/01/50

9,961

5,250,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

4,106

1,450,000

Prudential

Financial,

Inc

3

.905

12/07/47

1,102

6,960,000

Prudential

Financial,

Inc

3

.700

10/01/50

5,497

3,875,000

Prudential

Financial,

Inc

5

.125

03/01/52

3,359

3,000,000

g

Prudential

Funding

LLC

6

.750

09/15/23

3,045

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

279

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,275,000

Reinsurance

Group

of

America,

Inc

3

.900

%

05/15/29

$

2,918

TOTAL

INSURANCE

130,179

MATERIALS

-

1.1%

7,975,000

Albemarle

Corp

4

.650

06/01/27

7,644

1,925,000

g

Alpek

SAB

de

C.V.

4

.250

09/18/29

1,591

2,600,000

g

Alpek

SAB

de

C.V.

3

.250

02/25/31

1,922

9,400,000

Amcor

Flexibles

North

America,

Inc

2

.690

05/25/31

7,351

2,600,000

g

Anglo

American

Capital

plc

3

.875

03/16/29

2,234

4,550,000

g

Anglo

American

Capital

plc

2

.625

09/10/30

3,502

4,300,000

AngloGold

Ashanti

Holdings

plc

3

.375

11/01/28

3,487

11,325,000

AngloGold

Ashanti

Holdings

plc

3

.750

10/01/30

8,778

2,000,000

g

Antofagasta

plc

5

.625

05/13/32

1,848

EUR

500,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

2

.000

09/01/28

373

EUR

500,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

3

.000

09/01/29

349

1,875,000

Ball

Corp

2

.875

08/15/30

1,439

852,000

Bemis

Co,

Inc

3

.100

09/15/26

785

4,879,000

Bemis

Co,

Inc

2

.630

06/19/30

3,920

14,250,000

Berry

Global,

Inc

1

.570

01/15/26

12,424

200,000

Celulosa

Arauco

y

Constitucion

S.A.

3

.875

11/02/27

174

3,000,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.250

04/30/29

2,486

1,650,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

1,353

2,000,000

g

Cemex

SAB

de

C.V.

7

.375

06/05/27

1,980

2,500,000

g

Cemex

SAB

de

C.V.

5

.450

11/19/29

2,234

1,600,000

g

Cemex

SAB

de

C.V.

5

.125

N/A‡

1,282

4,200,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.625

08/01/27

3,841

EUR

500,000

Dow

Chemical

Co

0

.500

03/15/27

414

1,800,000

g

Freeport

Indonesia

PT

4

.763

04/14/27

1,621

2,750,000

Freeport-McMoRan,

Inc

5

.450

03/15/43

2,294

2,400,000

g

Fresnillo

plc

4

.250

10/02/50

1,650

1,975,000

g

GCC

SAB

de

C.V.

3

.614

04/20/32

1,597

1,850,000

g

Gold

Fields

Orogen

Holdings

BVI

Ltd

6

.125

05/15/29

1,738

EUR

400,000

International

Flavors

&

Fragrances,

Inc

1

.800

09/25/26

360

1,519,000

e

International

Paper

Co

4

.350

08/15/48

1,208

3,000,000

e,g

Inversiones

CMPC

S.A.

4

.375

04/04/27

2,715

3,600,000

g

Inversiones

CMPC

S.A.

3

.000

04/06/31

2,675

3,525,000

g

Midwest

Connector

Capital

Co

LLC

4

.625

04/01/29

3,145

1,100,000

Mosaic

Co

4

.875

11/15/41

890

4,000,000

Newmont

Corp

2

.250

10/01/30

3,094

3,400,000

Newmont

Corp

2

.600

07/15/32

2,592

6,675,000

Nutrien

Ltd

2

.950

05/13/30

5,579

1,920,000

g

OCI

NV

4

.625

10/15/25

1,784

875,000

g

OCP

S.A.

3

.750

06/23/31

660

EUR

250,000

g

Olympus

Water

US

Holding

Corp

3

.875

10/01/28

185

2,875,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1

.875

05/11/26

2,429

375,000

g

PolyOne

Corp

5

.750

05/15/25

362

250,000

g

SABIC

Capital

II

BV

4

.000

10/10/23

247

2,575,000

Sasol

Financing

USA

LLC

4

.375

09/18/26

2,247

3,225,000

g

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3

.500

09/10/51

2,212

1,925,000

Suzano

Austria

GmbH

6

.000

01/15/29

1,794

4,300,000

Suzano

Austria

GmbH

3

.125

01/15/32

3,095

200,000

g

UltraTech

Cement

Ltd

2

.800

02/16/31

154

3,600,000

WRKCo,

Inc

4

.900

03/15/29

3,442

4,450,000

WRKCo,

Inc

3

.000

06/15/33

3,443

TOTAL

MATERIALS

124,623

MEDIA

&

ENTERTAINMENT

-

1.9%

2,200,000

Activision

Blizzard,

Inc

3

.400

09/15/26

2,076

1,950,000

g

Adani

Electricity

Mumbai

Ltd

3

.867

07/22/31

1,391

3,985,419

g

Alfa

Desarrollo

S.p.A

4

.550

09/27/51

2,630

1,725,000

Baidu,

Inc

4

.375

05/14/24

1,701

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

280

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,550,000

Baidu,

Inc

1

.625

%

02/23/27

$

1,315

3,000,000

g

Banco

Nacional

de

Panama

2

.500

08/11/30

2,201

EUR

400,000

g

Blackstone

Private

Credit

Fund

1

.750

11/30/26

318

3,000,000

g

BOC

Aviation

USA

Corp

1

.625

04/29/24

2,832

EUR

750,000

g

BOI

Finance

BV

7

.500

02/16/27

589

1,775,000

g

Cable

Onda

S.A.

4

.500

01/30/30

1,397

5,000,000

g

CCO

Holdings

LLC

4

.250

02/01/31

3,835

8,625,000

Charter

Communications

Operating

LLC

2

.250

01/15/29

6,753

5,725,000

Charter

Communications

Operating

LLC

2

.800

04/01/31

4,328

14,100,000

Charter

Communications

Operating

LLC

3

.500

03/01/42

8,947

6,150,000

Charter

Communications

Operating

LLC

5

.125

07/01/49

4,508

20,345,000

Charter

Communications

Operating

LLC

4

.800

03/01/50

14,677

3,000,000

Charter

Communications

Operating

LLC

3

.700

04/01/51

1,818

17,300,000

Comcast

Corp

2

.350

01/15/27

15,514

EUR

450,000

Comcast

Corp

0

.250

05/20/27

381

18,750,000

Comcast

Corp

4

.150

10/15/28

17,709

16,275,000

Comcast

Corp

1

.500

02/15/31

12,217

4,100,000

Comcast

Corp

4

.400

08/15/35

3,624

17,000,000

Comcast

Corp

3

.200

07/15/36

13,145

1,925,000

Comcast

Corp

3

.900

03/01/38

1,569

28,050,000

Comcast

Corp

2

.887

11/01/51

17,566

5,000,000

g

CSC

Holdings

LLC

3

.375

02/15/31

3,525

2,099,000

Discovery

Communications

LLC

2

.950

03/20/23

2,081

GBP

300,000

Discovery

Communications

LLC

2

.500

09/20/24

310

3,000,000

g

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

2,377

1,550,000

e,g

Empresa

de

los

Ferrocarriles

del

Estado

3

.068

08/18/50

870

200,000

g

ENN

Clean

Energy

International

Investment

Ltd

3

.375

05/12/26

171

4,300,000

g

Genm

Capital

Labuan

Ltd

3

.882

04/19/31

2,944

EUR

205,000

g

Goodyear

Europe

BV

2

.750

08/15/28

152

1,895,000

Grupo

Televisa

SAB

6

.625

01/15/40

1,860

650,000

Lamar

Media

Corp

3

.750

02/15/28

568

1,000,000

e

Lamar

Media

Corp

4

.000

02/15/30

838

4,100,000

g

Magallanes,

Inc

4

.279

03/15/32

3,373

18,225,000

g

Magallanes,

Inc

5

.050

03/15/42

13,637

4,500,000

g

Meta

Platforms,

Inc

4

.450

08/15/52

3,672

3,260,000

g

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4

.875

01/15/28

2,681

3,175,000

g

Misc

Capital

Two

Labuan

Ltd

3

.625

04/06/25

3,033

3,260,000

g

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,949

200,000

g

POSCO

4

.500

08/04/27

190

2,675,000

g

Sirius

XM

Radio,

Inc

4

.125

07/01/30

2,174

4,850,000

Take-Two

Interactive

Software,

Inc

3

.700

04/14/27

4,502

975,000

g

TEGNA,

Inc

4

.750

03/15/26

941

675,000

TEGNA,

Inc

4

.625

03/15/28

623

GBP

200,000

Time

Warner

Cable

LLC

5

.750

06/02/31

195

4,400,000

Time

Warner

Cable

LLC

5

.875

11/15/40

3,622

3,450,000

Time

Warner

Cable

LLC

4

.500

09/15/42

2,382

EUR

700,000

g

VZ

Secured

Financing

BV

3

.500

01/15/32

490

2,105,000

Walt

Disney

Co

7

.625

11/30/28

2,340

2,700,000

Weibo

Corp

3

.375

07/08/30

1,982

EUR

500,000

Whirlpool

EMEA

Finance

Sarl

0

.500

02/20/28

399

TOTAL

MEDIA

&

ENTERTAINMENT

207,922

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.8%

3,250,000

AbbVie,

Inc

2

.850

05/14/23

3,214

EUR

550,000

AbbVie,

Inc

1

.250

06/01/24

522

23,650,000

AbbVie,

Inc

4

.050

11/21/39

19,024

6,325,000

AbbVie,

Inc

4

.400

11/06/42

5,253

2,230,000

AbbVie,

Inc

4

.450

05/14/46

1,812

7,350,000

AstraZeneca

Finance

LLC

1

.200

05/28/26

6,440

9,650,000

AstraZeneca

Finance

LLC

2

.250

05/28/31

7,843

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

281

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,510,000

AstraZeneca

plc

1

.375

%

08/06/30

$

5,024

EUR

750,000

g

Avantor

Funding,

Inc

3

.875

07/15/28

632

1,500,000

g

Avantor

Funding,

Inc

4

.625

07/15/28

1,335

5,275,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

3,521

2,000,000

Bristol-Myers

Squibb

Co

3

.550

03/15/42

1,565

3,125,000

Danaher

Corp

2

.800

12/10/51

2,010

10,850,000

Gilead

Sciences,

Inc

2

.800

10/01/50

6,701

4,025,000

Merck

&

Co,

Inc

2

.750

12/10/51

2,621

EUR

600,000

g

Organon

Finance  LLC

2

.875

04/30/28

469

750,000

g

Organon

Finance  LLC

5

.125

04/30/31

614

GBP

200,000

Pfizer,

Inc

2

.735

06/15/43

152

20,175,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

15,948

EUR

400,000

Takeda

Pharmaceutical

Co

Ltd

1

.375

07/09/32

308

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2

.000

07/09/40

351

1,975,000

Takeda

Pharmaceutical

Co

Ltd

3

.025

07/09/40

1,398

1,045,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4

.750

05/09/27

887

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

87,644

REAL

ESTATE

-

2.3%

5,100,000

Agree

LP

2

.000

06/15/28

4,110

1,675,000

e

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/28

1,547

5,500,000

Alexandria

Real

Estate

Equities,

Inc

4

.900

12/15/30

5,203

2,418,000

American

Tower

Corp

3

.375

10/15/26

2,209

EUR

450,000

American

Tower

Corp

0

.450

01/15/27

374

1,600,000

American

Tower

Corp

3

.600

01/15/28

1,420

4,350,000

American

Tower

Corp

3

.800

08/15/29

3,816

13,700,000

American

Tower

Corp

2

.900

01/15/30

11,262

2,750,000

American

Tower

Corp

2

.100

06/15/30

2,106

3,825,000

American

Tower

Corp

1

.875

10/15/30

2,831

4,125,000

Brandywine

Operating

Partnership

LP

4

.100

10/01/24

3,980

5,825,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

5,597

1,075,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

868

1,300,000

Brixmor

Operating

Partnership

LP

2

.500

08/16/31

947

14,275,000

Crown

Castle

International

Corp

2

.250

01/15/31

10,900

1,800,000

Crown

Castle

International

Corp

2

.100

04/01/31

1,349

3,200,000

CubeSmart

LP

2

.250

12/15/28

2,598

GBP

400,000

Digital

Stout

Holding

LLC

3

.750

10/17/30

355

1,600,000

Duke

Realty

LP

3

.250

06/30/26

1,476

1,275,000

Duke

Realty

LP

2

.875

11/15/29

1,086

3,125,000

Duke

Realty

LP

1

.750

07/01/30

2,434

2,275,000

Equinix,

Inc

2

.150

07/15/30

1,744

6,700,000

Essex

Portfolio

LP

3

.000

01/15/30

5,567

6,600,000

Healthcare

Realty

Holdings

LP

3

.875

05/01/25

6,295

3,000,000

Healthcare

Realty

Holdings

LP

3

.625

01/15/28

2,641

1,750,000

Healthcare

Realty

Holdings

LP

2

.400

03/15/30

1,341

1,050,000

Healthcare

Realty

Holdings

LP

2

.050

03/15/31

764

6,250,000

Healthcare

Trust

of

America

Holdings

LP

3

.500

08/01/26

5,758

8,975,000

Healthcare

Trust

of

America

Holdings

LP

3

.100

02/15/30

7,350

7,950,000

Highwoods

Realty

LP

3

.875

03/01/27

7,292

2,900,000

Highwoods

Realty

LP

4

.125

03/15/28

2,615

2,875,000

Highwoods

Realty

LP

4

.200

04/15/29

2,514

4,000,000

Highwoods

Realty

LP

3

.050

02/15/30

3,242

3,875,000

Life

Storage

LP

2

.400

10/15/31

2,909

5,224,000

Mid-America

Apartments

LP

4

.300

10/15/23

5,186

4,475,000

Mid-America

Apartments

LP

3

.750

06/15/24

4,375

4,300,000

Mid-America

Apartments

LP

4

.000

11/15/25

4,156

11,100,000

Mid-America

Apartments

LP

2

.750

03/15/30

9,246

3,025,000

Mid-America

Apartments

LP

1

.700

02/15/31

2,285

2,575,000

Mid-America

Apartments

LP

2

.875

09/15/51

1,608

600,000

National

Retail

Properties,

Inc

4

.000

11/15/25

574

3,000,000

National

Retail

Properties,

Inc

3

.600

12/15/26

2,773

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

282

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

360,000

ProLogis

Euro

Finance

LLC

0

.375

%

02/06/28

$

292

$

6,350,000

Regency

Centers

LP

3

.900

11/01/25

5,991

1,025,000

Regency

Centers

LP

3

.600

02/01/27

952

5,500,000

Regency

Centers

LP

2

.950

09/15/29

4,562

5,300,000

Retail

Properties

of

America,

Inc

4

.750

09/15/30

4,607

9,150,000

g

SBA

Tower

Trust

2

.836

01/15/25

8,560

11,046,000

g

SBA

Tower

Trust

1

.884

01/15/26

9,712

25,000,000

g

SBA

Tower

Trust

1

.631

11/15/26

21,310

42,100,000

g

SBA

Tower

Trust

1

.840

04/15/27

35,525

2,968,000

SITE

Centers

Corp

3

.625

02/01/25

2,805

3,850,000

SITE

Centers

Corp

4

.700

06/01/27

3,549

EUR

400,000

Vonovia

SE

0

.625

12/14/29

285

3,025,000

Weingarten

Realty

Investors

4

.450

01/15/24

2,990

1,175,000

Weyerhaeuser

Co

4

.000

03/09/52

860

TOTAL

REAL

ESTATE

248,703

RETAILING

-

0.4%

2,950,000

AutoNation,

Inc

3

.800

11/15/27

2,611

5,575,000

AutoZone,

Inc

1

.650

01/15/31

4,141

900,000

Chevron

USA,

Inc

3

.900

11/15/24

886

550,000

g

Group

1

Automotive,

Inc

4

.000

08/15/28

443

350,000

e

JD.com,

Inc

3

.375

01/14/30

302

200,000

g

Kia

Corp

2

.750

02/14/27

177

925,000

g

L

Brands,

Inc

6

.625

10/01/30

805

875,000

g

Lithia

Motors,

Inc

4

.625

12/15/27

760

5,100,000

O'Reilly

Automotive,

Inc

3

.550

03/15/26

4,860

6,875,000

O'Reilly

Automotive,

Inc

3

.600

09/01/27

6,384

4,075,000

O'Reilly

Automotive,

Inc

4

.200

04/01/30

3,736

12,400,000

O'Reilly

Automotive,

Inc

1

.750

03/15/31

9,277

6,000,000

g

Prosus

NV

3

.832

02/08/51

3,329

3,000,000

g

Staples,

Inc

7

.500

04/15/26

2,519

9,375,000

Target

Corp

2

.350

02/15/30

7,824

TOTAL

RETAILING

48,054

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.6%

16,525,000

g

Broadcom,

Inc

2

.450

02/15/31

12,454

8,750,000

g

Broadcom,

Inc

3

.469

04/15/34

6,565

5,094,000

g

Broadcom,

Inc

3

.187

11/15/36

3,484

7,031,000

g

Broadcom,

Inc

4

.926

05/15/37

5,798

1,675,000

Intel

Corp

3

.734

12/08/47

1,244

2,875,000

Lam

Research

Corp

3

.750

03/15/26

2,757

3,275,000

Lam

Research

Corp

4

.000

03/15/29

3,064

8,375,000

NVIDIA

Corp

2

.000

06/15/31

6,585

1,100,000

g

NXP

BV

2

.700

05/01/25

1,020

5,450,000

NXP

BV

3

.875

06/18/26

5,087

3,475,000

NXP

BV

4

.400

06/01/27

3,278

4,100,000

NXP

BV

3

.125

02/15/42

2,611

4,800,000

g

SK

Hynix,

Inc

1

.500

01/19/26

4,156

2,200,000

Texas

Instruments,

Inc

4

.150

05/15/48

1,876

1,575,000

TSMC

Arizona

Corp

1

.750

10/25/26

1,385

200,000

TSMC

Arizona

Corp

4

.125

04/22/29

188

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

61,552

SOFTWARE

&

SERVICES

-

0.6%

7,350,000

Adobe,

Inc

2

.300

02/01/30

6,106

200,000

g

CA

Magnum

Holdings

5

.375

10/31/26

168

100,000

g

Camelot

Finance

S.A.

4

.500

11/01/26

90

EUR

375,000

Fidelity

National

Information

Services,

Inc

1

.100

07/15/24

352

900,000

g

Gartner,

Inc

3

.750

10/01/30

737

3,000,000

g

HCL

America,

Inc

1

.375

03/10/26

2,626

EUR

400,000

International

Business

Machines

Corp

0

.650

02/11/32

298

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

283

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

EUR

500,000

g

IQVIA,

Inc

1

.750

%

03/15/26

$

423

$

1,413,000

g

j2

Global,

Inc

4

.625

10/15/30

1,159

26,300,000

Microsoft

Corp

2

.400

08/08/26

24,345

4,120,000

Microsoft

Corp

2

.525

06/01/50

2,692

550,000

g

Open

Text

Holdings,

Inc

4

.125

02/15/30

439

3,000,000

Roper

Technologies,

Inc

1

.400

09/15/27

2,482

10,050,000

Roper

Technologies,

Inc

2

.000

06/30/30

7,695

9,650,000

salesforce.com,

Inc

2

.700

07/15/41

6,644

4,225,000

Visa,

Inc

2

.700

04/15/40

3,054

2,000,000

g

Wipro

IT

Services

LLC

1

.500

06/23/26

1,743

TOTAL

SOFTWARE

&

SERVICES

61,053

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2

.800

02/15/30

3,636

4,825,000

Apple,

Inc

2

.450

08/04/26

4,449

26,100,000

Apple,

Inc

2

.050

09/11/26

23,738

3,225,000

Apple,

Inc

4

.650

02/23/46

3,016

4,675,000

Apple,

Inc

2

.650

02/08/51

3,069

1,275,000

Corning,

Inc

4

.375

11/15/57

947

5,375,000

Dell

International

LLC

5

.300

10/01/29

5,008

2,175,000

Tyco

Electronics

Group

S.A.

3

.700

02/15/26

2,093

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

45,956

TELECOMMUNICATION

SERVICES

-

2.1%

EUR

400,000

g

Altice

France

S.A.

3

.375

01/15/28

297

2,300,000

g

America

Movil

SAB

de

C.V.

5

.375

04/04/32

1,979

200,000

America

Movil

SAB

de

C.V.

4

.700

07/21/32

187

EUR

500,000

AT&T,

Inc

2

.350

09/05/29

444

42,943,000

AT&T,

Inc

2

.550

12/01/33

31,793

8,325,000

AT&T,

Inc

4

.500

05/15/35

7,210

7,375,000

AT&T,

Inc

3

.500

06/01/41

5,312

37,195,000

AT&T,

Inc

3

.550

09/15/55

24,431

6,553,000

AT&T,

Inc

3

.800

12/01/57

4,427

1,127,000

AT&T,

Inc

3

.650

09/15/59

730

7,225,000

g

Bharti

Airtel

Ltd

3

.250

06/03/31

5,812

3,000,000

g

C&W

Senior

Financing

Designated

Activity

Co

6

.875

09/15/27

2,432

850,000

Deutsche

Telekom

International

Finance

BV

8

.750

06/15/30

974

EUR

915,000

g

Iliad

Holding

SAS

5

.125

10/15/26

809

1,175,000

g

Millicom

International

Cellular

S.A.

4

.500

04/27/31

838

4,000,000

g

MTN

Mauritius

Investment

Ltd

6

.500

10/13/26

3,837

2,425,000

Orange

S.A.

5

.375

01/13/42

2,269

22,975,000

T-Mobile

USA,

Inc

2

.625

02/15/29

18,969

30,200,000

T-Mobile

USA,

Inc

3

.875

04/15/30

26,788

2,225,000

T-Mobile

USA,

Inc

3

.000

02/15/41

1,487

1,625,000

T-Mobile

USA,

Inc

4

.500

04/15/50

1,301

7,800,000

T-Mobile

USA,

Inc

3

.300

02/15/51

5,082

EUR

400,000

Verizon

Communications,

Inc

1

.875

10/26/29

347

16,939,000

Verizon

Communications,

Inc

3

.150

03/22/30

14,408

2,325,000

Verizon

Communications,

Inc

1

.680

10/30/30

1,742

8,000,000

Verizon

Communications,

Inc

1

.750

01/20/31

6,000

17,100,000

Verizon

Communications,

Inc

2

.550

03/21/31

13,653

20,626,000

Verizon

Communications,

Inc

2

.355

03/15/32

15,817

EUR

300,000

Verizon

Communications,

Inc

2

.875

01/15/38

247

14,450,000

Verizon

Communications,

Inc

2

.650

11/20/40

9,418

7,625,000

Verizon

Communications,

Inc

3

.400

03/22/41

5,567

GBP

1,000,000

g

Vmed

O2

UK

Financing

I

plc

4

.500

07/15/31

790

6,550,000

Vodafone

Group

plc

4

.375

02/19/43

5,011

5,125,000

Vodafone

Group

plc

4

.250

09/17/50

3,668

TOTAL

TELECOMMUNICATION

SERVICES

224,076

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

284

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

TRANSPORTATION

-

0.4%

$

1,850,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.000

%

07/30/27

$

1,605

2,000,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.200

08/04/27

1,751

2,700,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

3

.100

02/02/31

1,940

4,075,000

Burlington

Northern

Santa

Fe

LLC

3

.050

02/15/51

2,771

1,300,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

1,042

5,600,000

Canadian

Pacific

Railway

Co

3

.100

12/02/51

3,676

2,040,000

CSX

Corp

2

.600

11/01/26

1,855

4,000,000

CSX

Corp

3

.250

06/01/27

3,677

1,525,000

CSX

Corp

3

.800

03/01/28

1,430

14,175,000

CSX

Corp

4

.250

03/15/29

13,360

5,100,000

Union

Pacific

Corp

2

.891

04/06/36

3,886

2,275,000

Union

Pacific

Corp

3

.839

03/20/60

1,690

TOTAL

TRANSPORTATION

38,683

UTILITIES

-

2.9%

1,650,000

AEP

Transmission

Co

LLC

3

.100

12/01/26

1,539

1,650,000

AEP

Transmission

Co

LLC

4

.000

12/01/46

1,292

4,750,000

AEP

Transmission

Co

LLC

2

.750

08/15/51

2,968

1,650,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

4

.000

08/11/41

1,222

3,475,000

Alabama

Power

Co

4

.150

08/15/44

2,815

6,025,000

Alabama

Power

Co

3

.450

10/01/49

4,267

2,750,000

American

Water

Capital

Corp

3

.000

12/01/26

2,524

4,000,000

American

Water

Capital

Corp

2

.800

05/01/30

3,380

8,500,000

American

Water

Capital

Corp

2

.300

06/01/31

6,738

2,375,000

American

Water

Capital

Corp

4

.000

12/01/46

1,853

4,500,000

American

Water

Capital

Corp

3

.750

09/01/47

3,377

1,050,000

AmeriGas

Partners

LP

5

.875

08/20/26

951

5,788,000

Appalachian

Power

Co

4

.450

06/01/45

4,657

8,475,000

Atmos

Energy

Corp

1

.500

01/15/31

6,372

1,175,000

Atmos

Energy

Corp

4

.125

10/15/44

951

6,500,000

Baltimore

Gas

&

Electric

Co

3

.750

08/15/47

5,021

4,700,000

g

Becle

SAB

de

C.V.

2

.500

10/14/31

3,638

5,925,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

5,374

6,225,000

Black

Hills

Corp

4

.250

11/30/23

6,198

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3

.000

03/01/32

910

3,550,000

CenterPoint

Energy

Resources

Corp

6

.250

02/01/37

3,636

EUR

350,000

CEZ

AS.

0

.875

12/02/26

295

2,975,000

CMS

Energy

Corp

3

.600

11/15/25

2,810

200,000

g

Colbun

S.A.

3

.150

01/19/32

153

3,500,000

Commonwealth

Edison

Co

5

.900

03/15/36

3,589

8,250,000

Commonwealth

Edison

Co

3

.000

03/01/50

5,494

5,100,000

Commonwealth

Edison

Co

2

.750

09/01/51

3,208

3,800,000

Consumers

Energy

Co

2

.650

08/15/52

2,353

2,650,000

Consumers

Energy

Co

2

.500

05/01/60

1,462

EUR

300,000

Credit

Agricole

Assurances

S.A.

1

.500

10/06/31

208

2,350,000

e

Dominion

Energy,

Inc

2

.250

08/15/31

1,832

4,000,000

Dominion

Energy,

Inc

3

.300

04/15/41

2,884

2,500,000

DTE

Electric

Co

3

.650

03/01/52

1,888

4,600,000

Duke

Energy

Florida

LLC

3

.400

10/01/46

3,241

8,850,000

Duke

Energy

Indiana

LLC

2

.750

04/01/50

5,495

6,100,000

Duke

Energy

Progress

LLC

2

.500

08/15/50

3,610

EUR

300,000

Electricite

de

France

S.A.

2

.000

10/02/30

248

3,445,000

g

Empresas

Publicas

de

Medellin

ESP

4

.250

07/18/29

2,499

3,000,000

Enel

Chile

S.A.

4

.875

06/12/28

2,776

4,000,000

g

EnfraGen

Energia

Sur

S.A.

5

.375

12/30/30

2,379

4,300,000

g

ENN

Energy

Holdings

Ltd

2

.625

09/17/30

3,475

6,900,000

Entergy

Corp

0

.900

09/15/25

6,071

2,800,000

g

Equate

Petrochemical

BV

2

.625

04/28/28

2,359

5,375,000

Eversource

Energy

1

.650

08/15/30

4,051

6,350,000

Eversource

Energy

3

.450

01/15/50

4,394

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

285

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,775,000

Florida

Power

&

Light

Co

3

.990

%

03/01/49

$

4,670

UGX

2,000,000,000

†,g

ICBC

Standard

Bank

plc

14

.250

06/26/34

427

2,900,000

Indiana

Michigan

Power

Co

3

.750

07/01/47

2,134

4,525,000

g

Israel

Electric

Corp

Ltd

4

.250

08/14/28

4,188

2,675,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

2,300

2,850,000

g

Kallpa

Generacion

SA

4

.125

08/16/27

2,473

6,975,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

6,284

3,200,000

g

Korea

Southern

Power

Co

Ltd

0

.750

01/27/26

2,797

EUR

300,000

Medtronic

Global

Holdings

S.C.A

2

.625

10/15/25

289

6,975,000

MidAmerican

Energy

Co

3

.650

04/15/29

6,431

5,400,000

MidAmerican

Energy

Co

3

.650

08/01/48

4,085

EUR

300,000

g

Mondelez

International

Holdings

Netherlands

BV

1

.250

09/09/41

177

7,350,000

Nevada

Power

Co

2

.400

05/01/30

6,046

3,335,000

Nevada

Power

Co

5

.450

05/15/41

3,015

12,700,000

NextEra

Energy

Capital

Holdings,

Inc

2

.250

06/01/30

10,132

20,060,000

NiSource,

Inc

1

.700

02/15/31

14,844

6,000,000

g

NRG

Energy,

Inc

2

.450

12/02/27

4,912

2,750,000

Ohio

Power

Co

2

.600

04/01/30

2,272

6,150,000

Ohio

Power

Co

4

.150

04/01/48

4,924

4,925,000

Ohio

Power

Co

4

.000

06/01/49

3,782

1,280,000

Oncor

Electric

Delivery

Co

LLC

5

.250

09/30/40

1,234

425,000

ONE

Gas,

Inc

3

.610

02/01/24

417

600,000

g

Pattern

Energy

Operations

LP

4

.500

08/15/28

520

2,775,000

PECO

Energy

Co

3

.000

09/15/49

1,830

3,700,000

PECO

Energy

Co

2

.800

06/15/50

2,378

3,000,000

g

Perusahaan

Listrik

Negara

PT

4

.125

05/15/27

2,775

650,000

g

Perusahaan

Listrik

Negara

PT

3

.875

07/17/29

554

3,000,000

g

Perusahaan

Listrik

Negara

PT

3

.375

02/05/30

2,415

200,000

g

Perusahaan

Listrik

Negara

PT

4

.875

07/17/49

139

5,000,000

g

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4

.000

06/30/50

3,007

1,475,000

†,g

Phosagro

OAO

Via

Phosagro

Bond

Funding

DAC

2

.600

09/16/28

760

750,000

Potomac

Electric

Power

Co

7

.900

12/15/38

888

3,300,000

g

Promigas

S.A.

ESP

3

.750

10/16/29

2,552

6,800,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

5,311

2,100,000

Public

Service

Co

of

Colorado

4

.050

09/15/49

1,704

4,450,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

3,120

6,970,000

Public

Service

Electric

&

Gas

Co

3

.150

01/01/50

4,791

3,500,000

g

Saka

Energi

Indonesia

PT

4

.450

05/05/24

3,220

20,000,000

Southern

Co

4

.000

01/15/51

17,924

EUR

300,000

Southern

Co

1

.875

09/15/81

204

8,475,000

Southern

Co

Gas

Capital

Corp

3

.875

11/15/25

8,110

2,440,000

Southwestern

Public

Service

Co

3

.400

08/15/46

1,745

4,171,482

g

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

3,286

350,000

g

Tengizchevroil

Finance

Co

International

Ltd

2

.625

08/15/25

288

3,250,000

Virginia

Electric

&

Power

Co

2

.950

11/15/26

2,994

3,250,000

Virginia

Electric

&

Power

Co

3

.500

03/15/27

3,045

8,879,000

Virginia

Electric

&

Power

Co

3

.800

04/01/28

8,331

4,125,000

Wisconsin

Power

&

Light

Co

4

.100

10/15/44

3,191

2,240,000

Xcel

Energy,

Inc

4

.800

09/15/41

1,939

TOTAL

UTILITIES

311,311

TOTAL

CORPORATE

BONDS

3,587,313

(Cost

$4,310,637)

GOVERNMENT

BONDS

-

45.2%

AGENCY

SECURITIES

-

0.3%

3,032,000

Canal

Barge

Co,

Inc

4

.500

11/12/34

2,906

247

Export-Import

Bank

of

the

United

States

1

.822

05/03/25

0

^

25,747,000

Private

Export

Funding

Corp

(PEFCO)

2

.050

11/15/22

25,703

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

286

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,225,000

PEFCO

1

.750

%

11/15/24

$

7,720

TOTAL

AGENCY

SECURITIES

36,329

FOREIGN

GOVERNMENT

BONDS

-

4.2%

2,500,000

g

Abu

Dhabi

Government

International

Bond

3

.125

05/03/26

2,369

2,000,000

g

Abu

Dhabi

Government

International

Bond

2

.500

09/30/29

1,741

750,000

g

Africa

Finance

Corp

2

.875

04/28/28

603

2,325,000

g

African

Export-Import

Bank

2

.634

05/17/26

2,018

3,925,000

g

Angolan

Government

International

Bond

8

.750

04/14/32

2,902

3,325,000

g

Arab

Petroleum

Investments

Corp

4

.125

09/18/23

3,306

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6

.000

12/08/31

459

AUD

1,425,000

Australia

Government

Bond

4

.750

04/21/27

952

AUD

1,925,000

Australia

Government

Bond

2

.250

05/21/28

1,139

AUD

1,775,000

Australia

Government

Bond

1

.250

05/21/32

896

AUD

1,960,000

†

Australia

Government

Bond

1

.750

06/21/51

761

1,500,000

g

Banque

Ouest

Africaine

de

Developpement

5

.000

07/27/27

1,361

8,500,000

g

Banque

Ouest

Africaine

de

Developpement

4

.700

10/22/31

6,802

EUR

3,650,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

2,590

EUR

850,000

†,g

Benin

Government

International

Bond

4

.950

01/22/35

525

200,000

g

Bermuda

Government

International

Bond

4

.750

02/15/29

192

12,400,000

g

BNG

Bank

NV

3

.000

09/20/23

12,239

5,000,000

g

BNG

Bank

NV

3

.500

08/26/24

4,915

8,000,000

g

BNG

Bank

NV

0

.875

05/18/26

7,045

2,340,000

g

Brazil

Minas

SPE

via

State

of

Minas

Gerais

5

.333

02/15/28

2,261

BRL

3,000,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/27

525

2,900,000

Brazilian

Government

International

Bond

4

.625

01/13/28

2,691

750,000

Brazilian

Government

International

Bond

3

.875

06/12/30

620

EUR

135,000

Bundesrepublik

Deutschland

1

.250

08/15/48

110

EUR

2,575,000

Bundesrepublik

Deutschland

Bundesanleihe

0

.500

08/15/27

2,358

EUR

2,500,000

Bundesrepublik

Deutschland

Bundesanleihe

1

.000

05/15/38

2,048

EUR

1,365,000

†

Bundesrepublik

Deutschland

Bundesanleihe

0

.000

08/15/52

721

7,000,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.125

11/29/24

6,525

CAD

1,400,000

g

Canada

Housing

Trust

No

1

.100

12/15/26

913

CAD

875,000

Canadian

Government

International

Bond

2

.000

09/01/23

622

CAD

1,475,000

Canadian

Government

International

Bond

2

.000

06/01/28

999

CAD

850,000

Canadian

Government

International

Bond

2

.000

06/01/32

556

CAD

1,000,000

Canadian

Government

International

Bond

5

.000

06/01/37

870

3,050,000

e

Chile

Government

International

Bond

2

.550

01/27/32

2,392

CNY

21,000,000

China

Government

Bond

1

.990

04/09/25

2,938

CNY

20,200,000

China

Government

Bond

2

.500

07/25/27

2,840

CNY

24,000,000

China

Government

International

Bond

2

.880

11/05/23

3,419

CNY

14,550,000

China

Government

International

Bond

2

.940

10/17/24

2,087

CNY

47,400,000

China

Government

International

Bond

3

.120

12/05/26

6,863

CNY

16,100,000

China

Government

International

Bond

3

.270

11/19/30

2,360

CNY

18,900,000

China

Government

International

Bond

3

.860

07/22/49

2,964

CNY

10,000,000

China

Government

International

Bond

3

.390

03/16/50

1,448

CNY

4,700,000

China

Government

International

Bond

3

.810

09/14/50

731

CNY

4,700,000

China

Government

International

Bond

3

.720

04/12/51

721

NOK

7,000,000

City

of

Oslo

Norway

2

.050

10/31/24

617

4,775,000

Colombia

Government

International

Bond

3

.250

04/22/32

3,227

1,700,000

Colombia

Government

International

Bond

5

.000

06/15/45

1,029

2,200,000

g

Costa

Rica

Government

International

Bond

5

.625

04/30/43

1,563

5,000,000

g

Development

Bank

of

Japan,

Inc

0

.500

03/04/24

4,723

DOP

8,000,000

g

Dominican

Republic

Government

International

Bond

9

.750

06/05/26

144

3,500,000

g

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

2,631

2,950,000

g

Dominican

Republic

Government

International

Bond

6

.500

02/15/48

2,173

24,960

g

Ecuador

Government

International

Bond

0

.000

07/31/30

7

141,600

g

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

67

99,120

g

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

33

425,000

g

Egypt

Government

International

Bond

5

.750

05/29/24

376

EGP

19,025,000

Egypt

Government

International

Bond

15

.900

07/02/24

936

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

287

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,500,000

g

Egypt

Government

International

Bond

5

.800

%

09/30/27

$

1,050

725,000

g

Egypt

Government

International

Bond

7

.600

03/01/29

506

EUR

1,100,000

g

Egypt

Government

International

Bond

5

.625

04/16/30

623

EUR

700,000

g

Egypt

Government

International

Bond

6

.375

04/11/31

398

1,100,000

g

Egypt

Government

International

Bond

7

.053

01/15/32

663

2,700,000

g

Egypt

Government

International

Bond

8

.500

01/31/47

1,497

650,000

g

El

Salvador

Government

International

Bond

6

.375

01/18/27

239

1,445,000

g

El

Salvador

Government

International

Bond

7

.125

01/20/50

455

2,000,000

Emirate

of

Dubai

Government

International

Bonds

3

.900

09/09/50

1,334

772,219

†

European

Bank

for

Reconstruction

&

Development

10

.000

02/28/23

650

3,500,000

European

Investment

Bank

4

.875

02/15/36

3,753

2,000,000

g

Export-Import

Bank

of

India

3

.875

02/01/28

1,811

3,975,000

g

Export-Import

Bank

of

India

2

.250

01/13/31

2,958

2,800,000

Export-Import

Bank

of

Korea

0

.750

09/21/25

2,488

3,350,000

Export-Import

Bank

of

Korea

1

.250

09/21/30

2,587

EUR

1,800,000

French

Republic

Government

Bond

OAT

0

.500

05/25/25

1,694

EUR

1,325,000

French

Republic

Government

Bond

OAT

0

.750

11/25/28

1,180

EUR

3,400,000

French

Republic

Government

Bond

OAT

1

.250

05/25/36

2,702

EUR

2,775,000

g

French

Republic

Government

Bond

OAT

0

.500

05/25/40

1,784

EUR

860,000

French

Republic

Government

Bond

OAT

0

.750

05/25/52

479

2,325,000

g

Ghana

Government

International

Bond

8

.125

03/26/32

865

1,000,000

g

Ghana

Government

International

Bond

8

.627

06/16/49

366

1,800,000

g

Guatemala

Government

International

Bond

4

.500

05/03/26

1,698

450,000

g

Guatemala

Government

International

Bond

4

.375

06/05/27

412

600,000

g

Guatemala

Government

International

Bond

6

.125

06/01/50

492

EUR

1,250,000

g

Hellenic

Republic

Government

International

Bond

1

.500

06/18/30

975

EUR

725,000

g

Hellenic

Republic

Government

International

Bond

0

.750

06/18/31

508

1,775,000

g

Honduras

Government

International

Bond

6

.250

01/19/27

1,456

HUF

336,050,000

Hungary

Government

International

Bond

3

.000

06/26/24

662

1,725,000

g

Hungary

Government

International

Bond

5

.250

06/16/29

1,556

1,150,000

g

Hungary

Government

International

Bond

2

.125

09/22/31

786

CAD

1,475,000

Hydro-Quebec

5

.000

02/15/45

1,189

200,000

Indonesia

Government

International

Bond

4

.650

09/20/32

188

11,675,000

g

Indonesia

Government

International

Bond

4

.625

04/15/43

9,855

IDR

7,750,000,000

Indonesia

Treasury

Bond

8

.125

05/15/24

523

IDR

10,000,000,000

Indonesia

Treasury

Bond

6

.375

04/15/32

610

AUD

500,000

Inter-American

Development

Bank

4

.750

08/27/24

323

AUD

900,000

Inter-American

Development

Bank

2

.750

10/30/25

550

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1

.900

01/16/25

900

GBP

500,000

International

Finance

Corp

0

.250

12/15/25

482

1,409,375

g

Iraq

Government

International

Bond

5

.800

01/15/28

1,154

ILS

3,100,000

Israel

Government

International

Bond

5

.500

01/31/42

1,094

ILS

3,200,000

Israel

Government

International

Bond

3

.750

03/31/47

897

1,875,000

Israel

Government

International

Bond

4

.125

01/17/48

1,594

EUR

3,345,000

Italy

Buoni

Poliennali

Del

Tesoro

1

.250

12/01/26

2,996

EUR

425,000

†,g

Italy

Buoni

Poliennali

Del

Tesoro

1

.700

09/01/51

242

EUR

1,000,000

g

Ivory

Coast

Government

International

Bond

5

.875

10/17/31

706

EUR

100,000

g

Ivory

Coast

Government

International

Bond

4

.875

01/30/32

65

1,441,973

g

Ivory

Coast

Government

International

Bond

(Step

Bond)

5

.750

12/31/32

1,228

2,850,000

Jamaica

Government

International

Bond

7

.875

07/28/45

3,067

6,000,000

Japan

Bank

for

International

Cooperation

2

.375

04/20/26

5,559

6,650,000

g

Japan

Finance

Organization

for

Municipalities

3

.375

09/27/23

6,582

2,500,000

g

Japan

Finance

Organization

for

Municipalities

1

.000

05/21/25

2,275

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0

.020

03/13/26

966

JPY

498,000,000

Japan

Government

Five

Year

Bond

0

.005

09/20/26

3,440

JPY

327,000,000

Japan

Government

Ten

Year

Bond

0

.100

09/20/26

2,267

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0

.100

12/20/29

1,109

JPY

92,500,000

Japan

Government

Ten

Year

Bond

0

.200

06/20/32

636

JPY

175,000,000

Japan

Government

Thirty

Year

Bond

2

.400

11/20/31

1,439

JPY

350,000,000

Japan

Government

Thirty

Year

Bond

2

.300

05/20/32

2,877

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

288

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0

.500

%

09/20/46

$

1,330

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0

.600

09/20/50

599

JPY

259,500,000

Japan

Government

Thirty

Year

Bond

0

.700

09/20/51

1,510

JPY

220,000,000

Japan

Government

Thirty

Year

Bond

1

.300

06/20/52

1,487

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1

.400

09/20/34

1,541

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0

.600

12/20/36

636

JPY

219,000,000

Japan

Government

Twenty

Year

Bond

0

.500

12/20/38

1,440

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0

.300

06/20/39

967

$

1,450,000

g

Jordan

Government

International

Bond

4

.950

07/07/25

1,335

500,000

g

Jordan

Government

International

Bond

7

.750

01/15/28

473

1,025,000

g

Jordan

Government

International

Bond

5

.850

07/07/30

832

1,525,000

g

Kenya

Government

International

Bond

6

.875

06/24/24

1,290

975,000

g

Kenya

Government

International

Bond

7

.000

05/22/27

748

EUR

3,950,000

g

Kingdom

of

Belgium

Government

Bond

1

.450

06/22/37

3,122

EUR

1,875,000

g

Kingdom

of

Belgium

Government

International

Bond

0

.000

10/22/27

1,633

EUR

2,900,000

g

Kingdom

of

Belgium

Government

International

Bond

0

.350

06/22/32

2,258

2,600,000

g

Kommunalbanken

AS.

2

.750

02/05/24

2,545

3,000,000

g

Kommunalbanken

AS.

1

.125

06/14/30

2,404

800,000

g

Kommuninvest

I

Sverige

AB

2

.875

07/03/24

780

5,775,000

g

Korea

Housing

Finance

Corp

3

.000

10/31/22

5,769

KRW

1,270,000,000

Korea

Treasury

Bond

1

.500

03/10/25

831

KRW

1,800,000,000

Korea

Treasury

Bond

1

.500

12/10/26

1,123

KRW

2,400,000,000

Korea

Treasury

Bond

2

.000

06/10/31

1,422

KRW

1,225,000,000

Korea

Treasury

Bond

2

.375

12/10/31

743

KRW

2,380,000,000

Korea

Treasury

Bond

2

.375

09/10/38

1,331

KRW

400,000,000

Korea

Treasury

Bond

1

.875

09/10/41

198

KRW

365,000,000

Korea

Treasury

Bond

2

.500

03/10/52

191

MXN

7,800,000

Kreditanstalt

fuer

Wiederaufbau

4

.400

07/25/25

332

1,750,000

†,q

Lebanon

Government

International

Bond

6

.750

11/29/27

101

MYR

2,160,000

Malaysia

Government

Bond

3

.757

05/22/40

403

MYR

3,100,000

Malaysia

Government

International

Bond

4

.893

06/08/38

672

MXN

23,500,000

Mexican

Bonos

5

.750

03/05/26

1,024

MXN

13,700,000

Mexican

Bonos

8

.500

11/18/38

613

3,375,000

e

Mexico

Government

International

Bond

3

.250

04/16/30

2,814

3,001,000

Mexico

Government

International

Bond

6

.050

01/11/40

2,775

6,650,000

Mexico

Government

International

Bond

4

.280

08/14/41

4,837

3,500,000

Mexico

Government

International

Bond

4

.600

02/10/48

2,549

10,075,000

Mexico

Government

International

Bond

4

.400

02/12/52

6,938

825,000

e,g

Mongolia

Government

International

Bond

4

.450

07/07/31

537

EUR

900,000

g

Morocco

Government

International

Bond

1

.500

11/27/31

579

5,750,000

g

Morocco

Government

International

Bond

5

.500

12/11/42

4,209

1,675,000

g

Namibia

Government

International

Bond

5

.250

10/29/25

1,481

EUR

400,000

g

Netherlands

Government

International

Bond

2

.750

01/15/47

414

EUR

1,000,000

†,g

Netherlands

Government

International

Bond

0

.000

01/15/52

494

AUD

500,000

New

South

Wales

Treasury

Corp

4

.000

05/20/26

319

AUD

2,690,000

New

South

Wales

Treasury

Corp

3

.000

04/20/29

1,596

NZD

835,000

New

Zealand

Government

International

Bond

0

.500

05/15/24

441

NZD

625,000

New

Zealand

Government

International

Bond

4

.500

04/15/27

353

NZD

735,000

New

Zealand

Government

International

Bond

2

.000

05/15/32

339

775,000

g

Nigeria

Government

International

Bond

6

.500

11/28/27

559

1,825,000

g,k

Nigeria

Government

International

Bond

8

.375

03/24/29

1,301

NOK

17,250,000

g

Norway

Government

International

Bond

2

.000

04/26/28

1,487

1,500,000

g

Oman

Government

International

Bond

6

.000

08/01/29

1,396

3,000,000

g

Oman

Government

International

Bond

6

.250

01/25/31

2,793

21,300,000

g

OMERS

Finance

Trust

2

.500

05/02/24

20,639

15,000,000

g

Ontario

Teachers'

Finance

Trust

1

.625

09/12/24

14,196

275,000

e,g

Pakistan

Global

Sukuk

Programme

Co

Ltd

7

.950

01/31/29

192

500,000

g

Pakistan

Government

International

Bond

6

.000

04/08/26

192

6,000,000

Panama

Bonos

del

Tesoro

3

.362

06/30/31

5,220

4,000,000

Panama

Government

International

Bond

4

.300

04/29/53

2,667

4,150,000

Panama

Notas

del

Tesoro

3

.750

04/17/26

3,939

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

289

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

925,000

g

Paraguay

Government

International

Bond

5

.400

%

03/30/50

$

680

2,360,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

4

.700

06/06/32

2,216

3,000,000

Peruvian

Government

International

Bond

1

.862

12/01/32

2,106

1,970,000

Peruvian

Government

International

Bond

3

.000

01/15/34

1,479

PEN

3,515,000

g

Peruvian

Government

International

Bond

5

.400

08/12/34

664

2,645,000

k

Philippine

Government

International

Bond

4

.200

03/29/47

2,046

CAD

875,000

Province

of

Ontario

Canada

2

.150

06/02/31

551

CAD

875,000

Province

of

Ontario

Canada

1

.900

12/02/51

398

CAD

650,000

Province

of

Quebec

Canada

2

.750

09/01/27

450

6,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

7,090

2,000,000

g

Provincia

de

Mendoza

Argentina

(Step

Bond)

4

.250

03/19/29

1,382

2,050,000

g

Qatar

Government

International

Bond

3

.750

04/16/30

1,924

5,900,000

g

Qatar

Government

International

Bond

4

.400

04/16/50

5,178

EUR

425,000

g

Republic

of

Cameroon

International

Bond

5

.950

07/07/32

274

500,000

g

Republic

of

Guatemala

4

.650

10/07/41

350

7,000,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

4,974

1,000,000

g

Republic

of

Paraguay

6

.100

08/11/44

828

200,000

k

Republic

of

South

Africa

Government

International

Bond

5

.875

04/20/32

165

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8

.875

02/28/35

842

350,000

Republic

of

South

Africa

Government

International

Bond

7

.300

04/20/52

267

1,400,000

e,g

Republic

of

Uzbekistan

Bond

3

.700

11/25/30

997

2,150,000

g

Republic

of

Uzbekistan

International

Bond

4

.750

02/20/24

2,020

UZS

5,708,925,000

g

Republic

of

Uzbekistan

International

Bond

14

.000

07/19/24

493

RON

6,075,000

Romanian

Government

International

Bond

4

.000

10/25/23

1,154

1,850,000

g

Romanian

Government

International

Bond

3

.000

02/14/31

1,311

EUR

600,000

g

Romanian

Government

International

Bond

2

.000

01/28/32

360

EUR

500,000

g

Romanian

Government

International

Bond

2

.000

04/14/33

289

3,300,000

g

Romanian

Government

International

Bond

4

.000

02/14/51

1,831

RUB

72,000,000

†

Russian

Federal

Bond-OFZ

4

.500

07/16/25

377

4,850,000

g

Rwanda

International

Government

Bond

5

.500

08/09/31

3,509

4,500,000

g

Saudi

Government

International

Bond

3

.250

10/26/26

4,280

6,775,000

g

Saudi

Government

International

Bond

4

.500

04/17/30

6,611

6,150,000

g

Saudi

Government

International

Bond

3

.750

01/21/55

4,537

EUR

1,000,000

g

Senegal

Government

International

Bond

4

.750

03/13/28

789

EUR

425,000

g

Senegal

Government

International

Bond

5

.375

06/08/37

248

1,000,000

g

Senegal

Government

International

Bond

6

.750

03/13/48

621

EUR

1,250,000

g

Serbia

Government

International

Bond

1

.500

06/26/29

806

EUR

575,000

g

Serbia

Government

International

Bond

2

.050

09/23/36

294

3,450,000

g

Serbia

International

Bond

2

.125

12/01/30

2,250

RSD

96,000,000

Serbia

Treasury

Bonds

5

.875

02/08/28

746

RSD

31,700,000

Serbia

Treasury

Bonds

4

.500

08/20/32

205

SGD

815,000

Singapore

Government

Bond

3

.500

03/01/27

565

SGD

2,030,000

Singapore

Government

Bond

1

.625

07/01/31

1,210

2,000,000

South

Africa

Government

International

Bond

5

.875

09/16/25

1,960

ZAR

15,100,000

South

Africa

Government

International

Bond

8

.750

01/31/44

630

2,800,000

e

South

Africa

Government

International

Bond

5

.375

07/24/44

1,793

1,000,000

g

Southern

Gas

Corridor

CJSC

6

.875

03/24/26

981

EUR

2,550,000

g

Spain

Government

International

Bond

2

.750

10/31/24

2,528

EUR

845,000

g

Spain

Government

International

Bond

1

.400

07/30/28

765

EUR

1,475,000

g

Spain

Government

International

Bond

0

.600

10/31/29

1,231

EUR

625,000

g

Spain

Government

International

Bond

0

.100

04/30/31

475

EUR

2,350,000

g

Spain

Government

International

Bond

1

.200

10/31/40

1,575

3,100,000

State

of

Israel

3

.375

01/15/50

2,291

6,590,000

Svensk

Exportkredit

AB

1

.750

12/12/23

6,388

THB

24,600,000

Thailand

Government

International

Bond

2

.875

12/17/28

649

THB

24,400,000

Thailand

Government

International

Bond

3

.300

06/17/38

598

2,500,000

g

Turkiye

Ihracat

Kredi

Bankasi

AS.

5

.750

07/06/26

2,065

EUR

1,000,000

g

Ukraine

Government

International

Bond

6

.750

06/20/28

186

EUR

2,025,000

g

Ukraine

Government

International

Bond

4

.375

01/27/32

360

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

290

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

GBP

2,850,000

United

Kingdom

Gilt

1

.625

%

10/22/28

$

2,718

GBP

425,000

United

Kingdom

Gilt

0

.500

01/31/29

373

GBP

2,450,000

United

Kingdom

Gilt

1

.750

09/07/37

1,980

GBP

275,000

United

Kingdom

Gilt

1

.250

10/22/41

193

GBP

575,000

United

Kingdom

Gilt

1

.500

07/22/47

395

GBP

1,875,000

United

Kingdom

Gilt

0

.625

10/22/50

963

UYU

21,800,000

g

Uruguay

Government

International

Bond

8

.500

03/15/28

462

$

5,280,000

Uruguay

Government

International

Bond

4

.375

01/23/31

5,051

UYU

20,300,000

Uruguay

Government

International

Bond

8

.250

05/21/31

405

1,400,000

Uruguay

Government

International

Bond

5

.100

06/18/50

1,280

TOTAL

FOREIGN

GOVERNMENT

BONDS

448,964

MORTGAGE

BACKED

-

19.8%

13,216,056

g,i

Connecticut

Avenue

Securities

Trust

4

.181

12/25/41

12,068

6,000,000

g,i

Connecticut

Avenue

Securities

Trust

6

.781

01/25/42

5,390

16,120,000

g,i

Connecticut

Avenue

Securities

Trust

5

.381

03/25/42

15,139

1,750,000

g,i

Connecticut

Avenue

Securities

Trust

6

.349

03/25/42

1,686

28,500,000

g,i

Connecticut

Avenue

Securities

Trust

6

.131

05/25/42

27,060

15,265,000

g,i

Connecticut

Avenue

Securities

Trust

6

.955

06/25/42

15,141

4,195,273

i

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

LIBOR

1

M

+

5.920%

3

.102

03/15/44

378

14,594,489

FHLMC

4

.000

10/01/47

13,831

11,660,754

FHLMC

4

.000

06/01/48

11,031

8,850,101

i

FHLMC

LIBOR

1

M

+

9.920%

5

.412

06/15/48

8,259

7,563,358

FHLMC

4

.000

07/01/48

7,149

6,687,710

i

FHLMC

LIBOR

1

M

+

9.840%

5

.332

10/15/48

6,087

19,921,598

FHLMC

3

.000

11/01/49

17,642

17,870,125

FHLMC

2

.000

09/25/50

2,106

37,925,460

FHLMC

2

.500

02/25/51

6,078

5,167,635

FHLMC

3

.000

11/01/51

4,547

36,083,523

FHLMC

3

.000

11/01/51

31,970

3,232,838

FHLMC

3

.000

11/01/51

2,879

4,586,861

FHLMC

3

.000

11/01/51

4,064

42,741,502

FHLMC

2

.000

02/01/52

34,772

42,674,165

FHLMC

2

.500

02/01/52

36,060

35,667,194

FHLMC

2

.500

03/01/52

30,117

43,934,081

FHLMC

2

.500

03/01/52

36,997

5,113,474

FHLMC

3

.000

04/01/52

4,476

18,644,770

FHLMC

4

.500

06/01/52

17,812

17,885,709

FHLMC

4

.500

07/01/52

17,087

3,181,102

FHLMC

4

.000

08/25/52

2,832

325

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

7

.000

05/01/23

0

^

6,442

FGLMC

8

.000

01/01/31

6

4,277

FGLMC

7

.000

01/01/32

4

246,467

FGLMC

4

.500

07/01/33

241

1,833,097

FGLMC

7

.000

12/01/33

1,916

514,979

FGLMC

4

.500

10/01/34

501

322,307

FGLMC

4

.500

04/01/35

316

525,000

FGLMC

7

.000

05/01/35

544

1,390,934

FGLMC

5

.000

06/01/36

1,403

474,650

FGLMC

5

.000

07/01/39

479

63,496

FGLMC

4

.500

12/01/43

62

35,932

FGLMC

4

.500

02/01/44

35

1,324,675

FGLMC

4

.500

10/01/44

1,285

616,524

FGLMC

4

.500

11/01/44

598

1,083,317

FGLMC

4

.500

11/01/44

1,056

592,039

FGLMC

4

.500

12/01/44

576

809,632

FGLMC

4

.500

12/01/44

790

3,486,812

FGLMC

3

.500

04/01/45

3,206

697,301

FGLMC

4

.500

05/01/45

665

15,628,123

FGLMC

3

.500

08/01/45

14,428

13,557,105

FGLMC

4

.000

12/01/45

12,928

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

291

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,594,924

FGLMC

4

.500

%

06/01/47

$

1,567

2,751,192

FGLMC

4

.000

09/01/47

2,616

2,700,270

FGLMC

3

.500

12/01/47

2,473

6,588,455

FGLMC

4

.000

07/01/48

6,235

9,907,788

FGLMC

4

.500

08/01/48

9,671

4,553,793

FGLMC

4

.500

10/01/48

4,445

7,274,148

FGLMC

3

.500

11/01/48

6,652

7,526

Federal

National

Mortgage

Association

(FNMA)

8

.000

07/01/24

8

2,315

FNMA

9

.000

11/01/25

2

2,433,331

FNMA

3

.500

05/01/32

2,315

14,324,197

FNMA

3

.000

10/01/32

13,350

246,409

FNMA

4

.500

10/01/33

241

437,663

FNMA

4

.500

05/01/35

427

2,729,318

FNMA

5

.000

05/01/35

2,751

1,269,778

FNMA

5

.000

10/01/35

1,280

1,061,015

FNMA

5

.000

02/01/36

1,067

11,383,058

FNMA

3

.000

09/01/37

10,577

11,688,121

FNMA

3

.500

09/01/37

11,057

4,200,000

FNMA

3

.500

10/01/37

3,973

26,715,000

h

FNMA

4

.000

10/25/37

25,772

13,360,000

h

FNMA

4

.500

10/25/37

13,120

2,949,740

FNMA

5

.500

11/01/38

3,047

1,068,057

FNMA

3

.000

10/01/39

952

12,979,297

FNMA

3

.000

05/01/40

11,574

1,829,592

FNMA

5

.000

09/01/40

1,844

3,750,098

FNMA

5

.000

05/01/41

3,780

30,287,760

FNMA

2

.000

03/01/42

25,314

9,967,742

FNMA

4

.000

09/01/42

9,464

7,710,171

FNMA

3

.500

04/01/43

7,081

6,690,083

FNMA

3

.500

09/01/43

6,157

5,613,340

i

FNMA

LIBOR

1

M

+

5.950%

2

.866

09/25/43

565

3,052,794

FNMA

4

.000

01/01/44

2,906

7,107,478

FNMA

4

.500

03/01/44

6,963

3,107,939

FNMA

4

.500

06/01/44

3,026

3,248,143

FNMA

4

.500

10/01/44

3,163

5,208,060

FNMA

4

.500

11/01/44

5,071

1,652,213

FNMA

5

.000

11/01/44

1,665

1,965,262

FNMA

4

.500

12/01/44

1,913

2,031,437

FNMA

4

.000

01/01/45

1,923

562,640

FNMA

4

.500

03/01/45

548

287,779

FNMA

4

.500

04/01/45

280

7,112,550

FNMA

3

.500

05/01/45

6,545

5,560,647

FNMA

4

.000

12/01/45

5,284

9,104,566

FNMA

3

.500

01/01/46

8,364

15,614,069

FNMA

4

.000

01/01/46

14,831

1,066,858

FNMA

4

.000

04/01/46

1,010

7,399,792

FNMA

3

.500

06/01/46

6,798

9,394,582

FNMA

3

.500

07/01/46

8,630

16,722,362

FNMA

3

.500

07/01/46

15,360

1,553,233

FNMA

3

.000

10/01/46

1,343

9,192,826

FNMA

3

.500

10/01/46

8,430

17,517,479

FNMA

3

.500

01/01/47

16,032

3,590,395

FNMA

4

.500

05/01/47

3,518

376,731

FNMA

3

.000

11/01/47

326

6,957,733

FNMA

3

.500

11/01/47

6,391

21,418,507

FNMA

4

.000

12/01/47

20,194

14,928,595

FNMA

3

.500

01/01/48

13,643

5,961,806

FNMA

4

.500

01/01/48

5,813

5,383,156

FNMA

4

.500

02/01/48

5,249

5,223,875

FNMA

4

.000

03/01/48

4,936

21,368,532

FNMA

4

.500

03/01/48

20,837

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

292

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,317,844

FNMA

4

.500

%

05/01/48

$

4,211

3,147,721

FNMA

4

.500

05/01/48

3,069

8,198,487

FNMA

5

.000

08/01/48

8,111

460,647

FNMA

3

.000

06/01/49

399

19,493,754

FNMA

3

.000

07/01/50

17,146

12,424,774

FNMA

2

.000

08/25/50

1,753

33,961,142

FNMA

2

.500

11/25/50

5,021

11,199,507

FNMA

3

.000

12/25/50

1,760

4,132,430

FNMA

3

.000

02/25/51

850

79,286,850

FNMA

2

.000

04/01/51

64,559

12,394,066

FNMA

3

.000

09/01/51

10,911

12,296,516

FNMA

2

.500

11/25/51

1,733

33,075,359

FNMA

2

.000

12/01/51

26,877

11,198,850

FNMA

2

.000

01/01/52

9,132

19,558,465

FNMA

2

.500

01/01/52

16,475

1,534,327

FNMA

3

.000

01/01/52

1,345

40,520,865

FNMA

2

.000

02/01/52

32,965

30,512,448

FNMA

2

.500

02/01/52

25,764

29,104,488

FNMA

2

.500

02/01/52

24,491

38,035,614

FNMA

2

.500

02/01/52

32,140

24,785,647

FNMA

2

.500

02/01/52

20,862

13,509,784

FNMA

3

.500

02/01/52

12,243

12,340,530

FNMA

2

.000

03/01/52

10,028

37,151,194

FNMA

2

.000

03/01/52

30,189

2,638,835

FNMA

2

.500

04/01/52

2,220

47,222,159

FNMA

3

.000

04/01/52

41,234

5,909,240

FNMA

3

.000

04/01/52

5,173

7,752,070

FNMA

3

.000

04/01/52

6,786

83,357,721

FNMA

3

.000

04/01/52

72,965

54,117,413

FNMA

3

.000

04/01/52

47,270

4,152,616

h

FNMA

3

.500

04/01/52

3,742

45,651,145

FNMA

4

.000

05/01/52

42,428

51,222,448

h

FNMA

3

.500

06/01/52

46,203

24,146,108

FNMA

4

.000

06/01/52

22,432

9,579,133

FNMA

4

.500

06/01/52

9,151

50,863,957

FNMA

4

.000

07/01/52

47,252

8,292,619

FNMA

4

.500

07/01/52

7,922

8,747,673

h

FNMA

4

.500

07/01/52

8,357

5,519,899

FNMA

4

.500

07/01/52

5,273

55,616,362

FNMA

5

.000

08/01/52

54,236

14,874,285

FNMA

4

.000

09/01/52

13,809

24,844,012

FNMA

5

.000

09/01/52

24,228

3,988,250

FNMA

4

.000

09/25/52

3,462

4,550,117

FNMA

4

.000

09/25/52

4,014

3,800,000

†

FNMA

4

.500

10/25/52

3,657

4,340,000

†

FNMA

4

.500

10/25/52

4,208

24,900,000

h

FNMA

6

.000

11/25/52

25,203

2,272,422

g,i

Freddie

Mac

STACR

REMIC

Trust

3

.931

01/25/34

2,218

4,725,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.681

10/25/41

4,244

3,130,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.781

03/25/42

3,003

29,350,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.631

05/25/42

27,963

650,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.831

08/25/42

612

15,170,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.985

09/25/42

14,771

4,900,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

4

.581

08/25/33

4,753

7,600,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

3

.700

11/25/41

6,722

32,000,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

4

.681

02/25/42

29,796

31,100,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.781

06/25/42

31,248

11,015,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.281

07/25/42

10,582

11,185,609

Government

National

Mortgage

Association

(GNMA)

3

.700

10/15/33

10,762

195,856

GNMA

5

.000

04/15/38

195

237,203

GNMA

6

.500

11/20/38

250

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

293

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

881,204

GNMA

5

.000

%

06/15/39

$

887

450,059

GNMA

5

.000

06/15/39

450

9,961,713

GNMA

3

.700

08/15/40

9,544

11,042,508

GNMA

2

.500

12/20/43

9,895

4,689,747

GNMA

4

.500

12/20/45

4,553

4,377,338

GNMA

4

.000

06/20/46

618

7,715,419

†

GNMA

4

.500

09/20/51

7,383

5,911,403

GNMA

2

.500

02/20/52

4,907

26,029,923

GNMA

2

.500

05/20/52

22,413

119,706,663

GNMA

3

.000

05/20/52

105,994

4,968,253

GNMA

3

.500

07/20/52

4,529

5,126,297

GNMA

4

.000

07/20/52

4,373

12,988,009

GNMA

4

.000

08/20/52

12,149

8,025,000

GNMA

4

.000

09/20/52

7,503

6,431,000

†

GNMA

4

.500

09/20/52

5,913

7,715,419

†

GNMA

4

.500

09/20/52

7,359

2,251,821

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

1,950

11,189,449

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

8,828

4,997,424

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

4,310

11,621,292

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

08/26/52

9,417

2,826,117

g,i

J.P.

Morgan

Mortgage

Trust

2

.927

05/25/52

2,179

7,924,899

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

09/25/52

6,477

5,868,242

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

11/25/52

4,876

7,114,214

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

12/25/52

5,725

14,786,692

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

11,722

25,471,286

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

21,661

20,094,219

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

16,295

10,658,074

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

8,643

6,503,968

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

5,291

TOTAL

MORTGAGE

BACKED

2,130,288

MUNICIPAL

BONDS

-

3.0%

2,975,000

Chicago

Housing

Authority

3

.682

01/01/25

2,896

245,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.264

09/01/25

235

1,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.038

09/01/34

910

845,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.750

09/01/37

728

2,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.000

09/01/48

1,609

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4

.029

06/01/39

3,459

4,940,000

City

of

New

York

NY

3

.200

12/01/26

4,643

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4

.353

07/01/25

1,557

4,055,000

Commonwealth

Financing

Authority

3

.864

06/01/38

3,454

19,355,000

Commonwealth

Financing

Authority

3

.807

06/01/41

15,577

1,505,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.218

10/01/22

1,505

1,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.368

10/01/23

1,472

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.285

10/01/23

2,475

3,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.504

10/01/24

3,356

2,250,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.405

10/01/24

2,196

4,365,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.604

10/01/25

4,106

2,375,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.505

10/01/25

2,293

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.704

10/01/26

2,313

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.049

10/01/26

3,694

3,750,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.612

10/01/26

3,591

4,700,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.529

10/01/30

3,892

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.732

10/01/37

3,107

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.982

10/01/41

3,174

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4

.280

10/01/41

7,963

2,000,000

Duke

University

3

.199

10/01/38

1,589

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

294

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,080,000

Illinois

Finance

Authority

3

.944

%

08/15/47

$

4,144

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3

.375

09/01/35

3,999

750,000

New

York

City

Housing

Development

Corp

3

.453

11/01/22

750

1,360,000

New

York

City

Housing

Development

Corp

3

.523

05/01/23

1,353

1,815,000

New

York

City

Housing

Development

Corp

3

.573

11/01/23

1,801

1,000,000

New

York

City

Housing

Development

Corp

3

.650

05/01/24

986

5,680,000

New

York

State

Dormitory

Authority

3

.998

07/01/39

4,931

10,605,000

New

York

State

Dormitory

Authority

4

.294

07/01/44

9,273

6,000,000

New

York

State

Dormitory

Authority

3

.879

07/01/46

4,840

5,000,000

New

York

State

Thruway

Authority

2

.256

01/01/25

4,736

6,460,000

New

York

State

Thruway

Authority

2

.406

01/01/26

6,007

4,750,000

New

York

State

Thruway

Authority

2

.500

01/01/27

4,334

2,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.138

12/01/22

1,998

3,400,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.287

12/01/23

3,363

1,500,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.387

12/01/24

1,462

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.487

12/01/25

964

1,910,000

Public

Finance

Authority

4

.269

07/01/40

1,586

6,360,000

San

Jose

Redevelopment

Agency

3

.375

08/01/34

5,546

13,060,000

State

of

California

4

.600

04/01/38

12,228

10,500,000

State

of

Illinois

3

.150

06/15/26

9,644

12,500,000

State

of

Illinois

3

.250

06/15/27

11,261

27,150,000

State

of

Illinois

5

.100

06/01/33

25,892

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4

.103

05/01/39

8,230

9,900,000

State

of

Wisconsin

3

.154

05/01/27

9,307

25,860,000

University

of

California

3

.063

07/01/25

24,843

10,230,000

University

of

California

4

.601

05/15/31

9,849

17,045,000

University

of

California

3

.931

05/15/45

14,746

21,000,000

University

of

Chicago

4

.151

10/01/45

18,231

7,620,000

University

of

Massachusetts

Building

Authority

3

.097

11/01/35

6,138

13,000,000

University

of

Massachusetts

Building

Authority

3

.434

11/01/40

10,140

20,000,000

University

of

New

Mexico

3

.532

06/20/32

18,722

1,500,000

Utah

Municipal

Power

Agency

2

.512

07/01/23

1,480

2,160,000

Virginia

Port

Authority

4

.228

07/01/36

1,990

390,000

Washington

Convention

&

Sports

Authority

3

.969

10/01/30

350

TOTAL

MUNICIPAL

BONDS

326,918

U.S.

TREASURY

SECURITIES

-

17.9%

4,500,000

United

States

Treasury

Bond

4

.750

02/15/37

4,988

22,750,000

United

States

Treasury

Bond

3

.500

02/15/39

21,660

12,050,000

United

States

Treasury

Bond

3

.875

08/15/40

11,840

20,935,000

United

States

Treasury

Bond

4

.375

05/15/41

21,927

6,000,000

United

States

Treasury

Bond

2

.750

11/15/42

4,861

35,680,000

United

States

Treasury

Bond

3

.000

05/15/45

29,784

41,710,000

United

States

Treasury

Bond

2

.875

08/15/45

34,033

52,140,000

United

States

Treasury

Bond

2

.500

05/15/46

39,522

1,075,000

United

States

Treasury

Bond

3

.000

05/15/47

900

30,710,000

United

States

Treasury

Bond

2

.750

11/15/47

24,566

6,155,000

United

States

Treasury

Bond

3

.125

05/15/48

5,322

51,995,000

United

States

Treasury

Bond

3

.000

08/15/48

43,976

20,120,000

United

States

Treasury

Bond

3

.375

11/15/48

18,315

35,946,738

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

34,929

27,305,000

United

States

Treasury

Note

0

.125

10/31/22

27,250

14,575,000

United

States

Treasury

Note

0

.125

01/31/23

14,406

4,475,000

United

States

Treasury

Note

0

.125

03/31/23

4,393

9,875,000

United

States

Treasury

Note

0

.125

05/31/23

9,619

5,145,000

United

States

Treasury

Note

0

.125

08/31/23

4,954

73,500,000

United

States

Treasury

Note

0

.250

11/15/23

70,256

164,360,000

United

States

Treasury

Note

4

.250

09/30/24

164,437

163,690,000

United

States

Treasury

Note

3

.500

09/15/25

160,352

2,205,000

United

States

Treasury

Note

0

.250

10/31/25

1,953

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

295

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

287,456,000

United

States

Treasury

Note

3

.125

%

08/31/27

$

275,733

29,925,000

United

States

Treasury

Note

0

.500

10/31/27

25,050

1,250,000

United

States

Treasury

Note

1

.250

09/30/28

1,064

33,320,000

United

States

Treasury

Note

3

.125

08/31/29

31,623

68,948,000

United

States

Treasury

Note

2

.875

05/15/32

63,745

346,160,000

United

States

Treasury

Note

2

.750

08/15/32

316,520

10,000,000

United

States

Treasury

Note

1

.125

08/15/40

6,194

85,325,800

United

States

Treasury

Note

2

.375

02/15/42

65,381

26,721,000

United

States

Treasury

Note

3

.250

05/15/42

23,715

91,758,000

e

United

States

Treasury

Note

3

.375

08/15/42

83,113

250,102,000

United

States

Treasury

Note

2

.250

02/15/52

181,715

120,467,400

United

States

Treasury

Note

2

.875

05/15/52

101,023

TOTAL

U.S.

TREASURY

SECURITIES

1,929,119

TOTAL

GOVERNMENT

BONDS

4,871,618

(Cost

$5,398,136)

STRUCTURED

ASSETS

-

18.4%

ASSET

BACKED

-

6.7%

5,000,000

g,i

AGL

CLO

19

Ltd

4

.908

07/21/35

4,936

Series

-

2022

19A

(Class

B1)

7,100,000

g,i

AIMCO

CLO

16

Ltd

LIBOR

3

M

+

1.650%

5

.729

01/17/35

6,670

Series

-

2021

16A

(Class

B)

7,500,000

g,i

AIMCO

CLO

Series

LIBOR

3

M

+

1.500%

4

.210

04/20/34

7,009

Series

-

2017

AA

(Class

BR)

4,120,000

AmeriCredit

Automobile

Receivables

Trust

2

.130

03/18/26

3,866

Series

-

2020

2

(Class

D)

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1

.490

09/18/26

5,757

Series

-

2020

3

(Class

D)

3,499,000

g

AMSR

Trust

3

.148

01/19/39

3,125

Series

-

2019

SFR1

(Class

C)

3,347,000

g

AMSR

Trust

3

.247

01/19/39

2,960

Series

-

2019

SFR1

(Class

D)

74,236

†,g

Asset

Backed

Funding

Corp

NIM

Trust

5

.900

07/26/35

0

^

Series

-

2005

WMC1

(Class

N1)

3,650,000

g

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2

.970

03/20/24

3,635

Series

-

2017

2A

(Class

A)

9,500,000

g

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1

.380

08/20/27

8,178

Series

-

2021

1A

(Class

A)

4,400,000

g

BHG

Securitization

Trust

1

.670

10/17/34

3,830

Series

-

2021

B

(Class

B)

2,249,780

g

BRE

Grand

Islander

Timeshare

Issuer

LLC

3

.280

09/26/33

2,109

Series

-

2019

A

(Class

A)

EUR

736,707

g,i

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

2

.861

05/22/31

689

Series

-

2021

1A

(Class

D)

12,252,339

g

Capital

Automotive

REIT

2

.690

02/15/50

11,393

Series

-

2020

1A

(Class

A1)

5,804,228

g

Capital

Automotive

REIT

1

.440

08/15/51

4,942

Series

-

2021

1A

(Class

A1)

4,226,475

g

Capital

Automotive

REIT

1

.920

08/15/51

3,580

Series

-

2021

1A

(Class

A3)

9,825,000

g

Cars

Net

Lease

Mortgage

Notes

Series

2

.010

12/15/50

8,268

Series

-

2020

1A

(Class

A1)

5,000,000

Carvana

Auto

Receivables

Trust

0

.970

03/10/28

4,627

Series

-

2021

N2

(Class

A2)

1,000,000

Carvana

Auto

Receivables

Trust

1

.270

03/10/28

937

Series

-

2021

N2

(Class

D)

EUR

595,590

g,i

Cassia

SRL

EURIBOR

3

M

+

3.500%

0

.000

05/22/34

556

Series

-

2022

1A

(Class

B)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

296

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,150,000

g,i

Cayuga

Park

CLO

Ltd

LIBOR

3

M

+

1.650%

1

.000

%

07/17/34

$

3,900

Series

-

2020

1A

(Class

B1R)

714,688

i

C-BASS

Trust

LIBOR

1

M

+

0.160%

3

.244

07/25/36

679

Series

-

2006

CB6

(Class

A1)

17,581,617

g

CF

Hippolyta

LLC

1

.690

07/15/60

15,617

Series

-

2020

1

(Class

A1)

5,183,362

g

CF

Hippolyta

LLC

1

.990

07/15/60

4,319

Series

-

2020

1

(Class

A2)

3,010,046

g

CF

Hippolyta

LLC

2

.280

07/15/60

2,632

Series

-

2020

1

(Class

B1)

19,290,107

g

CF

Hippolyta

LLC

1

.530

03/15/61

16,595

Series

-

2021

1A

(Class

A1)

4,581,400

g

CF

Hippolyta

LLC

1

.980

03/15/61

3,852

Series

-

2021

1A

(Class

B1)

428,194

i

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5

.700

02/26/35

386

Series

-

2004

2

(Class

1M2)

1,500,000

g,i

CIFC

Funding

Ltd

LIBOR

3

M

+

1.220%

3

.930

07/20/30

1,474

Series

-

2017

3A

(Class

A1)

2,000,000

g,i

CIFC

Funding

Ltd

LIBOR

3

M

+

1.600%

4

.340

11/16/30

1,912

Series

-

2017

5A

(Class

A2)

70,839

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6

.200

02/25/30

68

Series

-

2002

1

(Class

AF6)

6,520,000

i

Citibank

Credit

Card

Issuance

Trust

LIBOR

1

M

+

0.770%

3

.553

05/14/29

6,397

Series

-

2017

A6

(Class

A6)

8,060,700

g

DB

Master

Finance

LLC

4

.021

05/20/49

7,495

Series

-

2019

1A

(Class

A2II)

37,218,750

g

DB

Master

Finance

LLC

2

.045

11/20/51

31,605

Series

-

2021

1A

(Class

A2I)

29,378,000

g

DB

Master

Finance

LLC

2

.493

11/20/51

24,028

Series

-

2021

1A

(Class

A2II)

1,363,078

g

Diamond

Resorts

Owner

Trust

3

.700

01/21/31

1,339

Series

-

2018

1

(Class

A)

3,346,892

g

Diamond

Resorts

Owner

Trust

2

.890

02/20/32

3,259

Series

-

2019

1A

(Class

A)

471,981

g

Diamond

Resorts

Owner

Trust

2

.700

11/21/33

431

Series

-

2021

1A

(Class

C)

28,217,813

g

Domino's

Pizza

Master

Issuer

LLC

2

.662

04/25/51

23,237

Series

-

2021

1A

(Class

A2I)

3,800,000

g,i

Dryden

49

Senior

Loan

Fund

LIBOR

3

M

+

1.600%

4

.340

07/18/30

3,632

Series

-

2017

49A

(Class

BR)

4,000,000

g

DT

Auto

Owner

Trust

0

.840

10/15/26

3,836

Series

-

2021

1A

(Class

C)

1,005,377

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

4

.184

05/25/37

998

Series

-

2007

2

(Class

A2C)

5,537,121

g

FCI

Funding

LLC

1

.130

04/15/33

5,369

Series

-

2021

1A

(Class

A)

6,573,754

g

FNA

VI

LLC

1

.350

01/10/32

6,008

Series

-

2021

1A

(Class

A)

1,919,683

g,i

GoldenTree

Loan

Opportunities

IX

Ltd

LIBOR

3

M

+

1.110%

3

.916

10/29/29

1,897

Series

-

2014

9A

(Class

AR2)

43,700,000

g,i

GRACIE

POINT

INTERNATIONAL

FUNDING

5

.780

07/01/24

43,678

Series

-

2022

2A

(Class

A)

6,925,000

g,i

GRACIE

POINT

INTERNATIONAL

FUNDING

6

.380

07/01/24

6,921

Series

-

2022

2A

(Class

B)

4,000,000

g

GSCG

Trust

2

.936

09/06/34

3,730

Series

-

2019

600C

(Class

A)

260,486

g

HERO

Funding

Trust

3

.280

09/20/48

239

Series

-

2017

2A

(Class

A1)

520,971

g

HERO

Funding

Trust

4

.070

09/20/48

483

Series

-

2017

2A

(Class

A2)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

297

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

24,000,000

g

Hertz

Vehicle

Financing

LLC

1

.210

%

12/26/25

$

21,964

Series

-

2021

1A

(Class

A)

1,647,568

g

Hilton

Grand

Vacations

Trust

2

.660

12/26/28

1,621

Series

-

2017

AA

(Class

A)

1,421,027

g

Hilton

Grand

Vacations

Trust

2

.960

12/26/28

1,387

Series

-

2017

AA

(Class

B)

3,718,368

g

Hilton

Grand

Vacations

Trust

2

.340

07/25/33

3,481

Series

-

2019

AA

(Class

A)

383,555

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

377

Series

-

2003

1

(Class

M1)

5,499,211

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

0.950%

3

.943

03/17/37

5,446

Series

-

2018

SFR1

(Class

B)

1,499,931

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

4

.243

01/17/38

1,470

Series

-

2018

SFR4

(Class

B)

3,671,002

g

JG

Wentworth

XXII

LLC

3

.820

12/15/48

3,586

Series

-

2010

3A

(Class

A)

5,000,000

g,i

KKR

Clo

32

Ltd

LIBOR

3

M

+

1.750%

4

.262

01/15/32

4,739

Series

-

2020

32A

(Class

B)

3,500,000

g,i

Madison

Park

Funding

LV

Ltd

5

.441

07/18/35

3,501

Series

-

2022

55A

(Class

B1)

5,500,000

g,i

Madison

Park

Funding

XXI

Ltd

LIBOR

3

M

+

1.650%

0

.000

10/15/32

5,198

Series

-

2016

21A

(Class

A2RR)

530,000

g,i

Magnetite

XVIII

Ltd

LIBOR

3

M

+

1.500%

4

.405

11/15/28

509

Series

-

2016

18A

(Class

BR)

3,500,000

g,i

Massachusetts

St

LIBOR

3

M

+

1.650%

5

.729

01/15/35

3,286

Series

-

2021

3A

(Class

B)

4,748,183

g

MVW

LLC

1

.140

01/22/41

4,279

Series

-

2021

1WA

(Class

A)

1,442,654

g

MVW

Owner

Trust

2

.420

12/20/34

1,410

Series

-

2017

1A

(Class

A)

1,637,638

g

MVW

Owner

Trust

3

.450

01/21/36

1,590

Series

-

2018

1A

(Class

A)

1,766,303

g

MVW

Owner

Trust

2

.890

11/20/36

1,672

Series

-

2019

1A

(Class

A)

5,726,126

g

MVW

Owner

Trust

2

.220

10/20/38

5,399

Series

-

2019

2A

(Class

A)

3,459,128

g

Navient

Private

Education

Refi

Loan

Trust

1

.310

01/15/69

3,142

Series

-

2020

HA

(Class

A)

5,844,619

g

Navient

Private

Education

Refi

Loan

Trust

0

.840

05/15/69

5,141

Series

-

2021

A

(Class

A)

2,871,191

g

Navient

Student

Loan

Trust

3

.390

12/15/59

2,719

Series

-

2019

BA

(Class

A2A)

1,370,341

g,i

Navient

Student

Loan

Trust

LIBOR

1

M

+

0.980%

3

.798

12/15/59

1,338

Series

-

2019

BA

(Class

A2B)

500,000

g,i

NCMF

Trust

6

.180

03/15/39

480

Series

-

2022

MFP

(Class

D)

10,000,000

g,i

Neuberger

Berman

CLO

Ltd

0

.000

04/25/36

9,441

Series

-

2022

48A

(Class

B)

8,600,000

g,i

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd

LIBOR

3

M

+

1.550%

4

.260

04/20/31

8,164

Series

-

2019

31A

(Class

BR)

1,000,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd

LIBOR

3

M

+

1.600%

4

.340

07/17/35

940

Series

-

2021

43A

(Class

B)

6,650,000

g,i

OHA

Credit

Funding

10

Ltd

LIBOR

3

M

+

1.650%

5

.844

01/18/36

6,247

Series

-

2021

10A

(Class

B)

2,250,000

g,i

OHA

Credit

Funding

6

Ltd

LIBOR

3

M

+

1.650%

0

.000

07/20/34

2,121

Series

-

2020

6A

(Class

BR)

10,944,861

g

OneMain

Financial

Issuance

Trust

3

.840

05/14/32

10,877

Series

-

2020

1A

(Class

A)

9,000,000

g

OneMain

Financial

Issuance

Trust

4

.890

10/14/34

8,823

Series

-

2022

2A

(Class

A)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

298

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

17,350,000

g

OneMain

Financial

Issuance

Trust

1

.750

%

09/14/35

$

15,275

Series

-

2020

2A

(Class

A)

21,646,000

g,i

OneMain

Financial

Issuance

Trust

3

.045

06/16/36

20,820

Series

-

2021

1A

(Class

A2)

5,000,000

g

Oportun

Funding

XIV

LLC

1

.210

03/08/28

4,642

Series

-

2021

A

(Class

A)

491,710

g

Orange

Lake

Timeshare

Trust

3

.100

11/08/30

476

Series

-

2018

A

(Class

A)

8,000,000

g,i

Palmer

Square

CLO

Ltd

0

.000

04/20/35

7,590

Series

-

2022

1A

(Class

B)

20,500,000

g

PFS

Financing

Corp

1

.270

06/15/25

19,933

Series

-

2020

A

(Class

A)

9,000,000

g

PFS

Financing

Corp

1

.000

10/15/25

8,633

Series

-

2020

E

(Class

A)

9,861,000

g

PFS

Financing

Corp

0

.970

02/15/26

9,296

Series

-

2020

G

(Class

A)

1,450,000

g

Progress

Residential

Trust

2

.711

11/17/40

1,160

Series

-

2021

SFR9

(Class

D)

1,000,000

g

Purchasing

Power

Funding

LLC

4

.370

10/15/25

965

Series

-

2021

A

(Class

D)

15,420,000

Santander

Drive

Auto

Receivables

Trust

2

.220

09/15/26

15,057

Series

-

2020

2

(Class

D)

3,690,000

Santander

Drive

Auto

Receivables

Trust

1

.480

01/15/27

3,547

Series

-

2020

4

(Class

D)

34,000,000

Santander

Drive

Auto

Receivables

Trust

1

.670

10/15/27

31,486

Series

-

2021

4

(Class

D)

20,391,875

g

SERVPRO

Master

Issuer

LLC

2

.394

04/25/51

16,081

Series

-

2021

1A

(Class

A2)

1,449,319

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.500

06/20/35

1,428

Series

-

2018

2A

(Class

A)

1,622,738

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.200

01/20/36

1,579

Series

-

2019

1A

(Class

A)

2,464,191

g

Sierra

Timeshare

Receivables

Funding

LLC

2

.590

05/20/36

2,380

Series

-

2019

2A

(Class

A)

1,467,369

g

Sierra

Timeshare

Receivables

Funding

LLC

2

.340

08/20/36

1,381

Series

-

2019

3A

(Class

A)

1,936,224

g

Sierra

Timeshare

Receivables

Funding

LLC

0

.990

11/20/37

1,794

Series

-

2021

1A

(Class

A)

2,099,389

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.340

11/20/37

1,947

Series

-

2021

1A

(Class

B)

1,163,910

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.790

11/20/37

1,066

Series

-

2021

1A

(Class

C)

3,370,948

g

SMB

Private

Education

Loan

Trust

2

.430

02/17/32

3,251

Series

-

2016

B

(Class

A2A)

5,501,029

g

SMB

Private

Education

Loan

Trust

2

.880

09/15/34

5,302

Series

-

2017

A

(Class

A2A)

6,162,323

g

SMB

Private

Education

Loan

Trust

2

.820

10/15/35

5,891

Series

-

2017

B

(Class

A2A)

2,734,369

g

SMB

Private

Education

Loan

Trust

3

.500

02/15/36

2,622

Series

-

2018

A

(Class

A2A)

1,527,980

g

SoFi

Professional

Loan

Program

LLC

2

.340

04/25/33

1,501

Series

-

2016

D

(Class

A2B)

268,733

g

SoFi

Professional

Loan

Program

LLC

2

.400

03/26/40

267

Series

-

2017

A

(Class

A2B)

408,568

g

SoFi

Professional

Loan

Program

LLC

2

.630

07/25/40

402

Series

-

2017

C

(Class

A2B)

3,152,129

g

SoFi

Professional

Loan

Program

LLC

2

.840

01/25/41

3,074

Series

-

2017

F

(Class

A2FX)

5,774,128

g

SoFi

Professional

Loan

Program

LLC

2

.950

02/25/42

5,643

Series

-

2018

A

(Class

A2B)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

299

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,171,398

g

SoFi

Professional

Loan

Program

LLC

3

.690

%

06/15/48

$

2,111

Series

-

2019

A

(Class

A2FX)

4,810,701

g

SpringCastle

America

Funding

LLC

1

.970

09/25/37

4,397

Series

-

2020

AA

(Class

A)

9,021,000

g

SpringCastle

America

Funding

LLC

2

.660

09/25/37

7,888

Series

-

2020

AA

(Class

B)

6,475,000

g

Stack

Infrastructure

Issuer

LLC

1

.893

08/25/45

5,749

Series

-

2020

1A

(Class

A2)

5,875,000

g

Stack

Infrastructure

Issuer

LLC

1

.877

03/26/46

5,053

Series

-

2021

1A

(Class

A2)

136,013

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

3

.984

09/25/34

132

Series

-

2004

8

(Class

M1)

1,800,250

g

Taco

Bell

Funding

LLC

4

.970

05/25/46

1,733

Series

-

2016

1A

(Class

A23)

26,668,475

g

Taco

Bell

Funding

LLC

1

.946

08/25/51

22,277

Series

-

2021

1A

(Class

A2I)

16,286,925

g

Taco

Bell

Funding

LLC

2

.294

08/25/51

13,014

Series

-

2021

1A

(Class

A2II)

2,300,000

g

Tesla

Auto

Lease

Trust

0

.780

12/20/23

2,267

Series

-

2020

A

(Class

A4)

7,000,000

g,i

TICP

CLO

VIII

Ltd

LIBOR

3

M

+

1.700%

5

.943

10/20/34

6,588

Series

-

2017

8A

(Class

A2R)

1,275,000

g

Tricon

American

Homes

Trust

2

.049

07/17/38

1,096

Series

-

2020

SFR1

(Class

B)

440,000

Verizon

Owner

Trust

0

.770

04/21/25

419

Series

-

2020

C

(Class

C)

3,500,000

g,i

Vitality

Re

X

Ltd

U.S.

Treasury

Bill

3

M

+

1.750%

4

.995

01/10/23

3,482

Series

-

2020

A

(Class

)

19,483,375

g

Wendy's

Funding

LLC

2

.370

06/15/51

15,489

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

729,615

OTHER

MORTGAGE

BACKED

-

11.7%

3,000,000

g,i

20

Times

Square

Trust

3

.203

05/15/35

2,923

Series

-

2018

20TS

(Class

B)

12,000,000

g,i

20

TSQ

GROUNDCO

LLC

3

.203

05/15/35

11,493

Series

-

2018

20TS

(Class

E)

2,432,198

g,i

ACRE

Commercial

Mortgage

Ltd

LIBOR

1

M

+

0.830%

3

.823

12/18/37

2,410

Series

-

2021

FL4

(Class

A)

1,202,076

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

1,095

Series

-

2015

6

(Class

A9)

5,000,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

5

.068

04/15/34

4,666

Series

-

2021

ACEN

(Class

C)

5,176,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

3,454

Series

-

2021

8

(Class

A3)

GBP

520,314

g,i

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

0

.000

07/22/31

534

Series

-

2021

1A

(Class

D)

1,067,340

i

BANK

4

.056

11/15/50

950

Series

-

2017

BNK8

(Class

B)

2,500,000

i

BANK

4

.200

11/15/50

2,156

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3

.093

10/17/52

828

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3

.203

12/15/52

3,190

Series

-

2019

BN23

(Class

AS)

1,000,000

i

BANK

3

.851

07/15/60

855

Series

-

2017

BNK6

(Class

C)

1,702,839

BANK

2

.758

09/15/62

1,468

Series

-

2019

BN20

(Class

A2)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

300

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,000,000

i

BANK

3

.283

%

11/15/62

$

6,698

Series

-

2019

BN24

(Class

AS)

772,000

i

BANK

3

.634

11/15/62

610

Series

-

2019

BN24

(Class

C)

6,933,254

g,i

Bayview

MSR

Opportunity

Master

Fund

Trust

3

.000

10/25/51

5,580

Series

-

2021

6

(Class

A19)

1,250,000

g,i

BBCMS

Mortgage

Trust

4

.409

08/05/38

884

Series

-

2018

CHRS

(Class

E)

4,444,518

BBCMS

Mortgage

Trust

3

.488

02/15/50

4,271

Series

-

2017

C1

(Class

ASB)

4,600,000

g,i

Benchmark

Mortgage

Trust

2

.791

09/15/48

3,731

Series

-

2020

IG2

(Class

AM)

2,740,000

g,i

Benchmark

Mortgage

Trust

3

.232

09/15/48

2,256

Series

-

2020

IG3

(Class

AS)

2,500,000

g,i

Benchmark

Mortgage

Trust

3

.654

09/15/48

2,154

Series

-

2020

IG3

(Class

BXA)

3,452,143

Benchmark

Mortgage

Trust

4

.016

03/15/52

3,210

Series

-

2019

B9

(Class

A5)

1,500,000

Benchmark

Mortgage

Trust

3

.419

08/15/52

1,290

Series

-

2019

B12

(Class

AS)

830,000

Benchmark

Mortgage

Trust

4

.241

05/15/53

780

Series

-

2018

B7

(Class

A3)

5,921,744

i

Benchmark

Mortgage

Trust

4

.510

05/15/53

5,666

Series

-

2018

B7

(Class

A4)

1,000,000

Benchmark

Mortgage

Trust

2

.355

07/15/54

745

Series

-

2021

B27

(Class

B)

10,000,000

i

Benchmark

Mortgage

Trust

2

.244

08/15/54

7,372

Series

-

2021

B28

(Class

B)

10,000,000

Benchmark

Mortgage

Trust

2

.429

08/15/54

7,571

Series

-

2021

B28

(Class

AS)

3,000,000

i

BENCHMARK

Mortgage

Trust

4

.381

02/15/51

2,622

Series

-

2018

B2

(Class

C)

9,500,000

BMARK

AS

2

.612

09/15/54

7,334

Series

-

2021

B29

(Class

AS)

2,360,000

g

BWAY

Mortgage

Trust

3

.402

02/10/44

1,914

Series

-

2022

26BW

(Class

A)

5,000,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

0.921%

3

.739

12/15/38

4,796

Series

-

2021

CIP

(Class

A)

7,500,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.271%

4

.089

12/15/38

7,141

Series

-

2021

CIP

(Class

B)

1,250,000

g,i

BX

TRUST

5

.794

08/15/39

1,243

Series

-

2022

PSB

(Class

B)

1,325,000

g

BXP

Trust

3

.459

08/13/37

1,185

Series

-

2017

CC

(Class

A)

5,000,000

g

BXP

Trust

2

.618

01/15/44

3,775

Series

-

2021

601L

(Class

A)

15,000,000

g,i

BXP

Trust

2

.868

01/15/44

10,438

Series

-

2021

601L

(Class

C)

5,500,000

g,i

BXP

Trust

2

.868

01/15/44

3,696

Series

-

2021

601L

(Class

D)

4,106,953

CD

Mortgage

Trust

2

.622

08/10/49

3,905

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2

.926

08/10/49

7,996

Series

-

2016

CD1

(Class

AM)

5,750,000

i

CD

Mortgage

Trust

3

.879

11/10/49

5,140

Series

-

2016

CD2

(Class

B)

1,000,000

i

CD

Mortgage

Trust

4

.114

11/10/49

828

Series

-

2016

CD2

(Class

C)

856,232

CD

Mortgage

Trust

3

.453

02/10/50

819

Series

-

2017

CD3

(Class

AAB)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

301

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

500,000

i

CD

Mortgage

Trust

4

.699

%

02/10/50

$

441

Series

-

2017

CD3

(Class

C)

4,843,583

CD

Mortgage

Trust

3

.220

08/15/50

4,620

Series

-

2017

CD5

(Class

AAB)

3,457,000

CD

Mortgage

Trust

2

.812

08/15/57

3,128

Series

-

2019

CD8

(Class

ASB)

899,631

CFCRE

Commercial

Mortgage

Trust

3

.121

05/10/58

828

Series

-

2016

C4

(Class

AHR)

385,647

i

CHL

Mortgage

Pass-Through

Trust

2

.522

02/20/35

385

Series

-

2004

HYB9

(Class

1A1)

2,500,000

g,i

Citigroup

Commercial

Mortgage

Trust

3

.635

05/10/35

2,399

Series

-

2013

375P

(Class

B)

4,500,000

g

Citigroup

Commercial

Mortgage

Trust

3

.341

05/10/36

4,391

Series

-

2019

PRM

(Class

A)

1,054,000

i

Citigroup

Commercial

Mortgage

Trust

3

.732

04/10/46

1,038

Series

-

2013

GC11

(Class

B)

2,400,000

Citigroup

Commercial

Mortgage

Trust

4

.023

03/10/47

2,360

Series

-

2014

GC19

(Class

A4)

1,700,000

i

Citigroup

Commercial

Mortgage

Trust

3

.758

04/10/48

1,585

Series

-

2015

GC29

(Class

B)

3,000,000

i

Citigroup

Commercial

Mortgage

Trust

4

.279

04/10/48

2,777

Series

-

2015

GC29

(Class

C)

5,228,413

Citigroup

Commercial

Mortgage

Trust

3

.243

08/15/50

4,980

Series

-

2017

B1

(Class

AAB)

6,765,000

Citigroup

Commercial

Mortgage

Trust

3

.764

10/12/50

6,111

Series

-

2017

C4

(Class

AS)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3

.778

09/10/58

1,914

Series

-

2015

GC33

(Class

A4)

5,000,000

g

COMM

Mortgage

Trust

3

.244

10/10/29

4,720

Series

-

2017

PANW

(Class

A)

3,000,000

g

COMM

Mortgage

Trust

3

.376

01/10/39

2,565

Series

-

2022

HC

(Class

C)

1,827,022

i

COMM

Mortgage

Trust

4

.410

07/10/45

1,818

Series

-

2013

CR9

(Class

A4)

1,029,536

COMM

Mortgage

Trust

2

.853

10/15/45

1,027

Series

-

2012

CR4

(Class

A3)

1,185,000

g

COMM

Mortgage

Trust

3

.147

03/10/46

1,177

Series

-

2013

CR6

(Class

AM)

4,197,221

g,i

COMM

Mortgage

Trust

4

.048

06/10/46

4,130

Series

-

2013

CR8

(Class

B)

5,000,000

g,i

COMM

Mortgage

Trust

5

.031

08/10/46

4,893

Series

-

2013

CR10

(Class

C)

2,000,000

g,i

COMM

Mortgage

Trust

5

.031

08/10/46

1,974

Series

-

2013

CR10

(Class

B)

3,000,000

COMM

Mortgage

Trust

4

.199

03/10/47

2,924

Series

-

2014

UBS2

(Class

AM)

750,000

COMM

Mortgage

Trust

4

.174

05/10/47

728

Series

-

2014

CR17

(Class

AM)

2,500,000

g,i

COMM

Mortgage

Trust

4

.926

06/10/47

2,266

Series

-

2014

UBS3

(Class

D)

5,240,000

COMM

Mortgage

Trust

3

.917

10/10/47

5,095

Series

-

2014

LC17

(Class

A5)

5,205,000

i

COMM

Mortgage

Trust

4

.188

10/10/47

5,022

Series

-

2014

LC17

(Class

AM)

2,288,546

i

COMM

Mortgage

Trust

4

.490

10/10/47

2,191

Series

-

2014

LC17

(Class

B)

2,825,979

i

COMM

Mortgage

Trust

3

.829

02/10/48

2,651

Series

-

2015

LC19

(Class

B)

1,000,000

g

COMM

Mortgage

Trust

3

.000

03/10/48

794

Series

-

2015

CR22

(Class

E)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

302

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,445,000

COMM

Mortgage

Trust

3

.309

%

03/10/48

$

1,379

Series

-

2015

CR22

(Class

A5)

3,382,775

i

COMM

Mortgage

Trust

3

.603

03/10/48

3,210

Series

-

2015

CR22

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

3

.926

03/10/48

1,872

Series

-

2015

CR22

(Class

B)

2,175,000

i

COMM

Mortgage

Trust

4

.207

03/10/48

2,009

Series

-

2015

CR22

(Class

C)

7,380,000

COMM

Mortgage

Trust

3

.801

05/10/48

6,966

Series

-

2015

CR23

(Class

AM)

4,500,000

i

COMM

Mortgage

Trust

4

.183

05/10/48

4,240

Series

-

2015

CR23

(Class

B)

2,549,000

i

COMM

Mortgage

Trust

4

.428

05/10/48

2,381

Series

-

2015

CR23

(Class

C)

2,615,286

COMM

Mortgage

Trust

3

.421

07/10/48

2,554

Series

-

2015

LC21

(Class

ASB)

4,000,000

i

COMM

Mortgage

Trust

3

.463

08/10/48

3,363

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3

.696

08/10/48

2,446

Series

-

2015

CR24

(Class

A5)

5,000,000

i

COMM

Mortgage

Trust

4

.028

08/10/48

4,738

Series

-

2015

CR24

(Class

AM)

1,467,000

i

COMM

Mortgage

Trust

4

.487

08/10/48

1,345

Series

-

2015

CR24

(Class

C)

2,000,000

i

COMM

Mortgage

Trust

4

.487

08/10/48

1,880

Series

-

2015

CR24

(Class

B)

1,352,000

COMM

Mortgage

Trust

3

.612

10/10/48

1,285

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3

.630

10/10/48

3,060

Series

-

2015

CR26

(Class

A4)

1,575,000

COMM

Mortgage

Trust

3

.774

10/10/48

1,505

Series

-

2015

LC23

(Class

A4)

1,875,000

i

COMM

Mortgage

Trust

4

.619

10/10/48

1,763

Series

-

2015

CR26

(Class

B)

4,855,000

i

COMM

Mortgage

Trust

4

.718

10/10/48

4,462

Series

-

2015

LC23

(Class

C)

1,007,586

COMM

Mortgage

Trust

3

.651

02/10/49

966

Series

-

2016

CR28

(Class

AHR)

4,650,000

i

COMM

Mortgage

Trust

4

.758

02/10/49

4,404

Series

-

2016

CR28

(Class

B)

6,500,000

COMM

Mortgage

Trust

3

.263

08/15/57

5,491

Series

-

2019

GC44

(Class

AM)

2,000,000

i

COMM

Mortgage

Trust

3

.642

08/15/57

1,586

Series

-

2019

GC44

(Class

C)

2,600,000

i

COMM

MORTGAGE

TRUST

4

.493

05/10/51

2,375

Series

-

2018

COR3

(Class

AM)

9,950,527

i

Connecticut

Avenue

Securities

Trust

LIBOR

1

M

+

2.600%

5

.684

05/25/24

9,936

Series

-

2014

C02

(Class

1M2)

2,785,777

i

Connecticut

Avenue

Securities

Trust

LIBOR

1

M

+

3.000%

6

.084

07/25/24

2,799

Series

-

2014

C03

(Class

1M2)

2,122,308

g,i

Connecticut

Avenue

Securities

Trust

3

.831

10/25/41

2,019

Series

-

2021

R01

(Class

1M2)

1,870,000

g,i

Connecticut

Avenue

Securities

Trust

5

.581

11/25/41

1,695

Series

-

2021

R02

(Class

2B1)

3,070,000

g,i

Connecticut

Avenue

Securities

Trust

5

.031

12/25/41

2,612

Series

-

2021

R03

(Class

1B1)

15,755,000

g,i

Connecticut

Avenue

Securities

Trust

5

.781

03/25/42

15,013

Series

-

2022

R03

(Class

1M2)

4,990,000

g,i

Connecticut

Avenue

Securities

Trust

5

.281

04/25/42

4,617

Series

-

2022

R05

(Class

2M2)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

303

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

9,405,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

5

.905

%

07/25/42

$

8,929

Series

-

2022

R08

(Class

1M2)

7,400,000

g,i

Credit

Suisse

Commercial

Mortgage

Trust

3

.854

11/10/32

6,877

Series

-

2017

CALI

(Class

B)

1,910,000

g,i

Credit

Suisse

Mortgage

Capital

Certificates

LIBOR

1

M

+

1.600%

4

.418

05/15/36

1,855

Series

-

2019

ICE4

(Class

D)

8,729,460

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

7,343

Series

-

2021

NQM8

(Class

A3)

4,270,400

g,i

CSMC

Series

3

.388

10/25/59

3,735

Series

-

2019

NQM1

(Class

M1)

9,250,000

DBGS

Mortgage

Trust

4

.466

10/15/51

8,835

Series

-

2018

C1

(Class

A4)

8,598,481

DBJPM

Mortgage

Trust

2

.756

08/10/49

8,246

Series

-

2016

C3

(Class

ASB)

9,368,752

DBJPM

Mortgage

Trust

3

.121

06/10/50

8,930

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2

.340

08/15/53

4,134

Series

-

2020

C9

(Class

AM)

17,410,000

g

DBUBS

Mortgage

Trust

3

.452

10/10/34

16,442

Series

-

2017

BRBK

(Class

A)

15,500,000

g,i

DBUBS

Mortgage

Trust

3

.648

10/10/34

14,552

Series

-

2017

BRBK

(Class

B)

5,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.120%

3

.938

11/15/38

4,748

Series

-

2021

ELP

(Class

B)

7,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

4

.138

11/15/38

6,631

Series

-

2021

ELP

(Class

C)

6,870,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

4

.936

11/15/38

6,427

Series

-

2021

ELP

(Class

E)

5,000,000

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

0.755%

3

.573

10/15/38

4,760

Series

-

2021

EQAZ

(Class

A)

4,730,000

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

2.300%

5

.118

10/15/38

4,414

Series

-

2021

EQAZ

(Class

E)

2,443,498

g,i

Flagstar

Mortgage

Trust

4

.044

10/25/47

2,205

Series

-

2017

2

(Class

B3)

155,593

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

149

Series

-

2018

5

(Class

A11)

3,337,435

g,i

Flagstar

Mortgage

Trust

2

.500

04/25/51

2,633

Series

-

2021

2

(Class

A4)

9,523,595

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

7,514

Series

-

2021

4

(Class

A21)

28,861,246

g,i

Flagstar

Mortgage

Trust

3

.000

10/25/51

23,946

Series

-

2021

10IN

(Class

A1)

6,030,000

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.781

01/25/42

5,282

Series

-

2022

DNA1

(Class

M2)

12,750,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.181

04/25/42

12,064

Series

-

2022

DNA3

(Class

M1B)

GBP

900,000

g,i

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

0

.000

11/20/33

958

Series

-

2021

1A

(Class

GBD)

4,430,000

g

GS

Mortgage

Securities

Corp

II

2

.954

11/05/34

4,211

Series

-

2012

BWTR

(Class

A)

5,000,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

1.250%

4

.068

11/15/36

4,857

Series

-

2021

ARDN

(Class

A)

2,600,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

3.350%

6

.168

11/15/36

2,411

Series

-

2021

ARDN

(Class

E)

1,130,000

g,i

GS

Mortgage

Securities

Corp

II

3

.591

09/10/37

1,004

Series

-

2017

375H

(Class

A)

2,500,000

g,i

GS

Mortgage

Securities

Corp

II

3

.599

09/10/37

2,168

Series

-

2017

375H

(Class

B)

1,350,000

i

GS

Mortgage

Securities

Corp

II

3

.777

05/10/50

1,271

Series

-

2015

GC30

(Class

AS)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

304

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,235,000

g,i

GS

Mortgage

Securities

Corp

Trust

LIBOR

1

M

+

1.850%

4

.668

%

07/15/31

$

4,853

Series

-

2018

TWR

(Class

D)

2,000,000

g,i

GS

Mortgage

Securities

Trust

LIBOR

1

M

+

1.700%

4

.518

07/15/31

1,893

Series

-

2018

TWR

(Class

C)

704,805

GS

Mortgage

Securities

Trust

3

.206

02/10/48

688

Series

-

2015

GC28

(Class

AAB)

2,816,500

GS

Mortgage

Securities

Trust

3

.396

02/10/48

2,702

Series

-

2015

GC28

(Class

A5)

7,400,000

i

GS

Mortgage

Securities

Trust

4

.018

07/10/48

6,992

Series

-

2015

GC32

(Class

AS)

2,286,691

GS

Mortgage

Securities

Trust

3

.278

10/10/48

2,227

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

1,796

Series

-

2016

GS3

(Class

AS)

1,500,000

i

GS

Mortgage

Securities

Trust

4

.079

11/10/49

1,292

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3

.674

03/10/50

1,869

Series

-

2017

GS5

(Class

A4)

4,150,000

i

GS

Mortgage

Securities

Trust

3

.826

03/10/50

3,804

Series

-

2017

GS5

(Class

AS)

11,173,463

GS

Mortgage

Securities

Trust

3

.230

05/10/50

10,693

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3

.433

05/10/50

5,544

Series

-

2017

GS6

(Class

A3)

2,540,000

i

GS

Mortgage

Securities

Trust

4

.161

05/10/50

2,377

Series

-

2015

GC30

(Class

B)

4,061,000

i

GS

Mortgage

Securities

Trust

4

.205

05/10/50

3,725

Series

-

2015

GC30

(Class

C)

3,000,000

GS

Mortgage

Securities

Trust

3

.837

11/10/50

2,798

Series

-

2017

GS8

(Class

ABP)

4,844,000

i

GS

Mortgage

Securities

Trust

4

.480

11/10/50

4,219

Series

-

2017

GS8

(Class

C)

3,050,000

i

GS

Mortgage

Securities

Trust

4

.158

02/10/52

2,771

Series

-

2019

GC38

(Class

AS)

2,500,000

i

GS

Mortgage

Securities

Trust

3

.173

02/13/53

2,097

Series

-

2020

GC45

(Class

AS)

525,331

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

501

Series

-

2019

PJ2

(Class

A4)

201,107

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

192

Series

-

2019

PJ2

(Class

A1)

1,056,823

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.500

07/25/50

925

Series

-

2020

PJ2

(Class

A4)

978,965

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

827

Series

-

2020

PJ4

(Class

A4)

745,186

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

622

Series

-

2020

PJ5

(Class

A4)

1,908,052

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

1,508

Series

-

2020

PJ6

(Class

A4)

6,492,895

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

5,123

Series

-

2021

PJ5

(Class

A4)

12,670,346

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

10,243

Series

-

2022

PJ2

(Class

A36)

4,582,191

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

3,704

Series

-

2022

PJ4

(Class

A36)

1,048,392

g,i

GS

Mortgage-Backed

Securities

Trust

3

.654

05/25/50

843

Series

-

2020

PJ1

(Class

B2)

2,507,813

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

1,951

Series

-

2021

PJ2

(Class

A4)

18,616,855

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

14,647

Series

-

2021

PJ6

(Class

A4)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

305

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

22,588,265

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

%

01/25/52

$

17,822

Series

-

2021

PJ7

(Class

A4)

10,617,282

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

8,377

Series

-

2021

PJ8

(Class

A4)

7,777,173

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

07/25/52

6,259

Series

-

2022

INV1

(Class

A4)

9,846,578

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

09/25/52

7,924

Series

-

2022

HP1

(Class

A4)

7,328,249

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

5,898

Series

-

2022

PJ5

(Class

A36)

1,769,078

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

3

.613

08/19/45

1,628

Series

-

2005

11

(Class

2A1A)

6,000,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

5,392

Series

-

2016

10HY

(Class

A)

2,500,000

g,i

Hudson

Yards

Mortgage

Trust

3

.076

08/10/38

2,202

Series

-

2016

10HY

(Class

B)

7,250,000

g,i

Hudson

Yards

Mortgage

Trust

3

.076

08/10/38

6,268

Series

-

2016

10HY

(Class

C)

5,500,000

g,i

Hudson

Yards

Mortgage

Trust

3

.041

12/10/41

4,211

Series

-

2019

55HY

(Class

D)

2,750,000

g,i

Hudson

Yards

Mortgage

Trust

3

.041

12/10/41

2,032

Series

-

2019

55HY

(Class

E)

305,602

i

Impac

CMB

Trust

LIBOR

1

M

+

0.660%

3

.744

03/25/35

290

Series

-

2004

11

(Class

2A1)

3,218,336

g,i

Imperial

Fund

Mortgage

Trust

2

.051

10/25/55

2,966

Series

-

2020

NQM1

(Class

A3)

1,043,500

g,i

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

904

Series

-

2020

NQM1

(Class

M1)

1,000,000

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4

.767

07/05/31

872

Series

-

2018

AON

(Class

D)

2,800,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.372

12/15/47

2,775

Series

-

2013

C10

(Class

AS)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.914

01/15/49

1,703

Series

-

2015

JP1

(Class

A5)

5,320,628

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2

.713

08/15/49

5,079

Series

-

2016

JP2

(Class

ASB)

4,500,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.379

09/15/50

4,335

Series

-

2017

JP7

(Class

A3)

3,155,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.065

01/16/37

2,826

Series

-

2020

NNN

(Class

BFX)

260,000

i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

4

.212

01/15/46

256

Series

-

2013

C13

(Class

AS)

4,340,210

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

3

.413

12/25/44

4,219

Series

-

2015

1

(Class

B1)

233,979

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

213

Series

-

2015

3

(Class

A19)

2,394,472

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

2,120

Series

-

2015

6

(Class

A13)

445,097

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

402

Series

-

2016

1

(Class

A13)

1,186,332

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

1,057

Series

-

2017

2

(Class

A13)

1,855,643

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

1,613

Series

-

2018

3

(Class

A13)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

306

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

739,182

g,i

JP

Morgan

Mortgage

Trust

3

.500

%

10/25/48

$

648

Series

-

2018

4

(Class

A13)

3,177,890

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

2,768

Series

-

2018

5

(Class

A13)

2,079,597

g,i

JP

Morgan

Mortgage

Trust

3

.124

10/26/48

1,990

Series

-

2017

5

(Class

A2)

275,929

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

258

Series

-

2018

8

(Class

A13)

744,739

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

695

Series

-

2018

9

(Class

A13)

393,171

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

372

Series

-

2019

1

(Class

A3)

721,640

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

683

Series

-

2019

1

(Class

A15)

1,444,946

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

4

.034

10/25/49

1,428

Series

-

2019

INV1

(Class

A11)

6,752,627

g,i

JP

Morgan

Mortgage

Trust

3

.836

06/25/50

5,489

Series

-

2020

1

(Class

B2)

10,241,514

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

8,014

Series

-

2021

6

(Class

A15)

5,495,723

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

4,301

Series

-

2021

7

(Class

A15)

6,728,853

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

5,309

Series

-

2021

8

(Class

A15)

2,603,261

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

2,047

Series

-

2021

10

(Class

A15)

9,111,485

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

7,189

Series

-

2021

11

(Class

A15)

2,667,895

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

2,105

Series

-

2021

12

(Class

A15)

5,809,000

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

4,386

Series

-

2021

INV6

(Class

B2)

9,078,091

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

6,961

Series

-

2021

INV6

(Class

B1)

4,118,256

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

3,249

Series

-

2021

14

(Class

A15)

11,700,317

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

9,232

Series

-

2021

15

(Class

A15)

17,956,573

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

14,517

Series

-

2022

2

(Class

A25)

12,734,199

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

11,083

Series

-

2022

LTV2

(Class

A6)

753,794

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.133

08/15/46

748

Series

-

2013

C14

(Class

A4)

5,172,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.997

08/15/47

4,985

Series

-

2014

C21

(Class

AS)

2,686,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.632

09/15/47

2,572

Series

-

2014

C23

(Class

B)

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.898

02/15/48

2,800

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.611

05/15/48

2,439

Series

-

2015

C29

(Class

A4)

2,500,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

3

.917

05/15/48

2,365

Series

-

2015

C29

(Class

AS)

2,350,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.118

05/15/48

2,185

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4

.106

08/15/48

3,270

Series

-

2015

C31

(Class

AS)

9,952,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.776

08/15/48

9,268

Series

-

2015

C31

(Class

B)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

307

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

3,000,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.776

%

08/15/48

$

2,756

Series

-

2015

C31

(Class

C)

1,820,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.894

03/17/49

1,667

Series

-

2016

C1

(Class

C)

2,963,968

JPMCC

Commercial

Mortgage

Securities

Trust

3

.457

03/15/50

2,884

Series

-

2017

JP5

(Class

A4)

1,067,373

JPMCC

Commercial

Mortgage

Securities

Trust

3

.549

03/15/50

1,021

Series

-

2017

JP5

(Class

ASB)

1,000,000

i

JPMDB

Commercial

Mortgage

Securities

Trust

3

.196

12/15/49

842

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3

.694

03/15/50

2,809

Series

-

2017

C5

(Class

A5)

9,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

2

.536

05/13/53

7,153

Series

-

2020

COR7

(Class

AS)

2,843,019

g

Ladder

Capital

Commercial

Mortgage

Securities

3

.575

02/15/36

2,645

Series

-

2013

GCP

(Class

A1)

4,839,587

g

Ladder

Capital

Commercial

Mortgage

Securities

3

.357

07/12/50

4,623

Series

-

2017

LC26

(Class

ASB)

EUR

597,323

g,i

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1

.000

08/17/33

545

Series

-

2021

1A

(Class

E)

EUR

599,877

g,i

Last

Mile

Securities

PE

2021

DAC

EURIBOR

3

M

+

2.350%

2

.689

08/17/31

545

Series

-

2021

1A

(Class

D)

7,250,000

g

Liberty

Street

Trust

3

.597

02/10/36

6,642

Series

-

2016

225L

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.294

08/15/34

3,768

Series

-

2017

330M

(Class

A)

1,500,000

g,i

Manhattan

West

2

.413

09/10/39

1,262

Series

-

2020

1MW

(Class

B)

576,933

i

Merrill

Lynch

Mortgage

Investors

Trust

LIBOR

1

M

+

0.520%

2

.278

01/25/37

546

Series

-

2006

WMC1

(Class

A1B)

61,795

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2

.469

02/15/46

62

Series

-

2013

C7

(Class

AAB)

2,765,728

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.989

12/15/46

2,610

Series

-

2014

C19

(Class

LNC1)

911,278

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.384

12/15/46

852

Series

-

2014

C19

(Class

LNC2)

4,650,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.832

12/15/47

4,433

Series

-

2014

C19

(Class

AS)

1,600,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.605

02/15/48

1,514

Series

-

2015

C20

(Class

AS)

1,250,000

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.602

02/15/48

1,168

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.338

03/15/48

2,375

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.652

03/15/48

6,077

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.561

04/15/48

2,815

Series

-

2015

C22

(Class

AS)

3,380,820

g,i

Morgan

Stanley

Capital

I

Inc

LIBOR

1

M

+

1.377%

4

.195

11/15/23

3,170

Series

-

2021

ILP

(Class

C)

2,795,000

i

Morgan

Stanley

Capital

I

Trust

3

.779

05/15/48

2,670

Series

-

2015

MS1

(Class

A4)

388,737

†,i

Morgan

Stanley

Capital

I

Trust

6

.282

12/12/49

196

Series

-

2007

IQ16

(Class

AJ)

265,169

†,i

Morgan

Stanley

Capital

I

Trust

6

.282

12/12/49

134

Series

-

2007

IQ16

(Class

AJFX)

5,570,563

Morgan

Stanley

Capital

I

Trust

3

.304

06/15/50

5,368

Series

-

2017

H1

(Class

ASB)

1,458,000

Morgan

Stanley

Capital

I

Trust

3

.587

12/15/50

1,344

Series

-

2017

HR2

(Class

A4)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

308

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,840,000

i

Morgan

Stanley

Capital

I

Trust

4

.429

%

07/15/51

$

2,632

Series

-

2018

H3

(Class

AS)

5,027,114

Morgan

Stanley

Capital

I

Trust

4

.310

12/15/51

4,709

Series

-

2018

H4

(Class

A4)

698,166

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

599

Series

-

2021

4

(Class

A4)

8,568,957

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

6,761

Series

-

2021

5

(Class

A9)

2,149,296

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,857

Series

-

2021

6

(Class

A4)

5,752,421

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

4,539

Series

-

2021

6

(Class

A9)

3,000,000

g,i

MSDB

Trust

3

.427

07/11/39

2,647

Series

-

2017

712F

(Class

A)

500,000

g,i

MTN

Commercial

Mortgage

Trust

7

.134

03/15/39

477

Series

-

2022

LPFL

(Class

E)

1,200,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

3

.917

11/15/32

1,195

Series

-

2018

285M

(Class

A)

15,010,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.500%

4

.318

07/15/36

14,779

Series

-

2019

MILE

(Class

A)

5,000,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.800%

4

.618

07/15/36

4,905

Series

-

2019

MILE

(Class

B)

2,900,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.200%

5

.018

07/15/36

2,828

Series

-

2019

MILE

(Class

C)

5,000,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.750%

5

.568

07/15/36

4,849

Series

-

2019

MILE

(Class

D)

703,488

g

Natixis

Commercial

Mortgage

Securities

Trust

2

.966

12/15/38

653

Series

-

2020

2PAC

(Class

A)

1,216,755

g,i

New

Residential

Mortgage

Loan

Trust

2

.797

09/25/59

1,115

Series

-

2019

NQM4

(Class

A3)

980,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

821

Series

-

2019

NQM4

(Class

M1)

371,900

i

New

York

Mortgage

Trust

LIBOR

1

M

+

0.480%

3

.564

02/25/36

365

Series

-

2005

3

(Class

A1)

1,825,000

g,i

NLT

Trust

2

.569

08/25/56

1,297

Series

-

2021

INV2

(Class

M1)

11,504,611

g,i

OBX

Trust

2

.500

07/25/51

9,077

Series

-

2021

J2

(Class

A19)

967,436

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

3

.734

06/25/57

940

Series

-

2018

1

(Class

A2)

3,609,371

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

2,848

Series

-

2021

1

(Class

A19)

5,434,000

g

Olympic

Tower

Mortgage

Trust

3

.566

05/10/39

4,837

Series

-

2017

OT

(Class

A)

5,120,000

g

One

Bryant

Park

Trust

2

.516

09/15/54

4,217

Series

-

2019

OBP

(Class

A)

2,000,000

g

RBS

Commercial

Funding,

Inc

Trust

3

.511

03/11/31

1,964

Series

-

2013

SMV

(Class

B)

15,564,175

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

12,280

Series

-

2022

2

(Class

A22)

3,472,852

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

2,901

Series

-

2022

4

(Class

A22)

688,721

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

611

Series

-

2015

2

(Class

A1)

598,591

g,i

Sequoia

Mortgage

Trust

3

.500

06/25/46

540

Series

-

2016

1

(Class

A19)

151,472

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/47

135

Series

-

2017

2

(Class

A19)

47,386

g,i

Sequoia

Mortgage

Trust

3

.500

04/25/47

42

Series

-

2017

3

(Class

A19)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

309

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,158,017

g,i

Sequoia

Mortgage

Trust

3

.719

%

09/25/47

$

1,870

Series

-

2017

6

(Class

B1)

62,622

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/48

56

Series

-

2018

2

(Class

A19)

1,000,815

g,i

Sequoia

Mortgage

Trust

3

.500

03/25/48

905

Series

-

2018

3

(Class

A1)

97,942

g,i

Sequoia

Mortgage

Trust

4

.000

09/25/48

93

Series

-

2018

7

(Class

A19)

331,339

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

320

Series

-

2019

2

(Class

A19)

1,472,576

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

1,308

Series

-

2019

5

(Class

A19)

6,264,374

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

5,064

Series

-

2020

3

(Class

A19)

6,017,674

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

4,748

Series

-

2021

4

(Class

A19)

470,772

g,i

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

418

Series

-

2017

1

(Class

A19)

7,750,000

g

SLG

Office

Trust

2

.585

07/15/41

6,229

Series

-

2021

OVA

(Class

A)

26,865,000

g

SLG

Office

Trust

2

.851

07/15/41

20,064

Series

-

2021

OVA

(Class

D)

10,128,200

g,i

SMR

Mortgage

Trust

4

.495

02/15/39

9,860

Series

-

2022

IND

(Class

A)

9,645,905

g,i

SMR

Mortgage

Trust

5

.795

02/15/39

9,245

Series

-

2022

IND

(Class

C)

1,205,738

g,i

SMR

Mortgage

Trust

6

.795

02/15/39

1,142

Series

-

2022

IND

(Class

D)

5,000,000

g,i

SREIT

Trust

LIBOR

1

M

+

0.822%

3

.640

11/15/36

4,796

Series

-

2021

MFP2

(Class

A)

6,930,000

g,i

SREIT

Trust

LIBOR

1

M

+

1.171%

3

.989

11/15/36

6,615

Series

-

2021

MFP2

(Class

B)

7,302,000

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

4

.381

10/25/33

6,966

Series

-

2021

DNA3

(Class

M2)

140,861

g,i

STACR

3

.763

02/25/48

135

Series

-

2018

SPI1

(Class

M2)

29,416

g,i

STACR

3

.840

05/25/48

28

Series

-

2018

SPI2

(Class

M2)

1,730,000

g,i

STACR

LIBOR

1

M

+

2.500%

5

.584

02/25/50

1,567

Series

-

2020

DNA2

(Class

B1)

GBP

347,448

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

3

.261

05/17/31

372

Series

-

2021

UK1A

(Class

B)

GBP

506,281

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

3

.611

05/17/31

537

Series

-

2021

UK1A

(Class

C)

11,469,283

UBS

Commercial

Mortgage

Trust

3

.256

06/15/50

10,990

Series

-

2017

C1

(Class

ASB)

1,999,994

UBS

Commercial

Mortgage

Trust

3

.366

10/15/50

1,911

Series

-

2017

C4

(Class

ASB)

1,450,000

UBS

Commercial

Mortgage

Trust

3

.563

10/15/50

1,331

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4

.334

10/15/51

1,648

Series

-

2018

C13

(Class

A4)

2,070,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

1,901

Series

-

2019

4

(Class

M1)

1,450,658

g

Verus

Securitization

Trust

1

.733

05/25/65

1,323

Series

-

2020

5

(Class

A3)

1,988,240

g,i

Verus

Securitization

Trust

2

.240

10/25/66

1,643

Series

-

2021

7

(Class

A3)

1,672,707

g

VSE

VOI

Mortgage

LLC

2

.330

03/20/35

1,600

Series

-

2017

A

(Class

A)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

310

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

1,740,030

Wells

Fargo

Commercial

Mortgage

Trust

3

.405

%

12/15/47

$

1,669

Series

-

2014

LC18

(Class

A5)

990,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.406

05/15/48

929

Series

-

2015

NXS1

(Class

AS)

2,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

3

.658

05/15/48

1,854

Series

-

2015

NXS1

(Class

B)

2,279,000

i

Wells

Fargo

Commercial

Mortgage

Trust

4

.287

05/15/48

1,994

Series

-

2015

NXS1

(Class

D)

7,278,700

Wells

Fargo

Commercial

Mortgage

Trust

2

.788

07/15/48

6,978

Series

-

2016

C35

(Class

ASB)

11,385,092

Wells

Fargo

Commercial

Mortgage

Trust

2

.514

08/15/49

10,863

Series

-

2016

BNK1

(Class

ASB)

11,286,651

Wells

Fargo

Commercial

Mortgage

Trust

2

.825

10/15/49

10,790

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3

.635

03/15/50

809

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.757

03/15/50

1,820

Series

-

2017

RB1

(Class

AS)

14,152,542

Wells

Fargo

Commercial

Mortgage

Trust

3

.261

07/15/50

13,610

Series

-

2017

C38

(Class

ASB)

2,197,255

i

Wells

Fargo

Commercial

Mortgage

Trust

3

.903

07/15/50

1,883

Series

-

2017

C38

(Class

C)

9,684,411

Wells

Fargo

Commercial

Mortgage

Trust

3

.212

09/15/50

9,264

Series

-

2017

C39

(Class

ASB)

4,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

3

.767

07/15/58

3,827

Series

-

2015

NXS2

(Class

A5)

1,000,000

i

Wells

Fargo

Commercial

Mortgage

Trust

4

.423

07/15/58

941

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.749

03/15/59

5,541

Series

-

2016

C33

(Class

AS)

223,442

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

216

Series

-

2019

2

(Class

A17)

2,652,533

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.490

09/25/49

2,355

Series

-

2019

4

(Class

A1)

684,953

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

562

Series

-

2020

4

(Class

A17)

11,874,003

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

9,369

Series

-

2021

2

(Class

A17)

4,949,116

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

08/25/51

3,993

Series

-

2021

INV1

(Class

A17)

5,481,115

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.318

08/25/51

4,432

Series

-

2021

INV1

(Class

B1)

4,788,476

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

3,778

Series

-

2022

2

(Class

A18)

4,268,420

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

03/25/52

3,435

Series

-

2022

INV1

(Class

A18)

7,332,952

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

03/25/52

6,186

Series

-

2022

INV1

(Class

A17)

1,770,000

WFRBS

Commercial

Mortgage

Trust

3

.345

05/15/45

1,743

Series

-

2013

C13

(Class

AS)

3,639,052

i

WFRBS

Commercial

Mortgage

Trust

4

.079

03/15/46

3,592

Series

-

2013

UBS1

(Class

A4)

1,050,000

i

WFRBS

Commercial

Mortgage

Trust

4

.162

12/15/46

1,035

Series

-

2013

C18

(Class

A5)

2,185,281

WFRBS

Commercial

Mortgage

Trust

3

.995

05/15/47

2,135

Series

-

2014

C20

(Class

A5)

3,865,000

WFRBS

Commercial

Mortgage

Trust

3

.607

11/15/47

3,724

Series

-

2014

C24

(Class

A5)

8,000,000

WFRBS

Commercial

Mortgage

Trust

3

.560

03/15/48

7,943

Series

-

2013

C12

(Class

AS)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

311

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

289,210

g,i

WinWater

Mortgage

Loan

Trust

3

.926

%

06/20/44

$

245

Series

-

2014

1

(Class

B4)

6,739,874

g,i

Woodward

Capital

Management

3

.000

05/25/52

5,424

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

1,260,071

TOTAL

STRUCTURED

ASSETS

1,989,686

(Cost

$2,241,296)

TOTAL

BONDS

10,448,617

(Cost

$11,950,069)

SHARES

COMPANY

PREFERRED

STOCKS

-

0.1%

BANKS

-

0.1%

470,597

*,e

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

1,572

1,527,061

*

Federal

National

Mortgage

Association

(FNMA)

5,619

TOTAL

BANKS

7,191

DIVERSIFIED

FINANCIALS

-

0.0%

173,925

e

Morgan

Stanley

4,373

TOTAL

DIVERSIFIED

FINANCIALS

4,373

TOTAL

PREFERRED

STOCKS

11,564

(Cost

$54,290)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.9%

TREASURY

DEBT

-

0.2%

JPY

693,000,000

Japan

Treasury

Discount

Bill

0

.000

11/28/22

4,789

10,000,000

United

States

Treasury

Bill

0

.000

10/06/22

9,998

1,975,000

United

States

Treasury

Bill

0

.000

12/22/22

1,961

TOTAL

TREASURY

DEBT

16,748

TOTAL

SHORT-TERM

INVESTMENTS

16,748

(Cost

$16,956)

GOVERNMENT

AGENCY

DEBT

-

0.1%

15,130,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

11/08/22

15,082

TOTAL

GOVERNMENT

AGENCY

DEBT

15,082

TOTAL

SHORT-TERM

INVESTMENTS

15,082

(Cost

$15,126)

REPURCHASE

AGREEMENT

-

0.8%

83,000,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

10/03/22

83,000

TOTAL

REPURCHASE

AGREEMENT

83,000

TOTAL

SHORT-TERM

INVESTMENTS

83,000

(Cost

$83,000)

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.8%

90,173,588

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

3

.070

90,174

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

90,174

TOTAL

SHORT-TERM

INVESTMENTS

90,174

(Cost

$90,174)

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

312

College

Retirement

Equities

Fund

continued

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

SHARES

COMPANY

RATE

VALUE

(000)

TOTAL

INVESTMENTS

-

99.4%

$

10,723,989

(Cost

$12,271,839)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.6%

65,672

NET

ASSETS

-

100.0%

$10,789,661

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

DOP

Dominican

Republic

Peso

EGP

Egyptian

Pound

EUR

Euro

EURIBOR

EURO

Interbank

Offer

Rate

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

LIBOR

London

Interbank

Offered

Rate

M

Month

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

RON

Romanian

Leu

RSD

Serbian

Dinar

RUB

Russian

Ruble

SGD

Singapore

Dollar

SOFR

Secure

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

THB

Thai

Baht

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$87,502,926.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

o

Payment

in

Kind

Bond

q

In

default

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$83,000,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.375%–0.625%

and

maturity

dates

1/15/26–1/31/26,

valued

at

$84,660,163.

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

313

College

Retirement

Equities

Fund

continued

Futures

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

US

10

Year

Ultra

(

1,000‌

)

12/20/22

 $

(

125,419‌

)

$

(

118,484‌

)

$

6,935‌

US

Ultra

Bond

250‌

12/20/22

37,008‌

34,250‌

(

2,758‌

)

Total

(

750‌

)

 $

(

88,411‌

)

 $

(

84,234‌

)

 $

4,177‌

Forward

foreign

currency

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Currency

to

be

purchased

Receive

Currency

to

be

sold

Deliver

Counterparty

Settlement

date

Unrealized

appreciation

(depreciation)

$

367

EUR

358

Australia

and

New

Zealand

Banking

Group

10/31/22

 $

16‌

$

300

EUR

299

Australia

and

New

Zealand

Banking

Group

10/31/22

6‌

$

1,705

JPY

228,549

Australia

and

New

Zealand

Banking

Group

10/31/22

121‌

$

708

JPY

92,780

Australia

and

New

Zealand

Banking

Group

10/31/22

65‌

EUR

761

$

734

Australia

and

New

Zealand

Banking

Group

10/31/22

13‌

EUR

376

$

363

Australia

and

New

Zealand

Banking

Group

10/31/22

7‌

JPY

512,425

$

3,552

Australia

and

New

Zealand

Banking

Group

10/31/22

(

1‌

)

Total

 $

227‌

$

3,828

EUR

3,748

Bank

of

America

10/31/22

 $

147‌

$

23,768

JPY

3,229,331

Bank

of

America

10/31/22

1,391‌

$

1,718

JPY

224,683

Bank

of

America

10/31/22

161‌

$

629

THB

24,127

Bank

of

America

10/31/22

(

11‌

)

Total

 $

1,688‌

$

343

PEN

1,360

Citibank

N.A.

10/31/22

 $

3‌

$

583

RON

2,993

Citibank

N.A.

10/31/22

(

7‌

)

EUR

4,534

$

4,397

Citibank

N.A.

10/31/22

56‌

KRW

589,369

$

411

Citibank

N.A.

12/02/22

(

2‌

)

Total

 $

50‌

$

1,060

ILS

3,721

Goldman

Sachs

10/31/22

 $

14‌

$

2,376

NOK

23,339

Goldman

Sachs

10/31/22

232‌

Total

 $

246‌

$

7,388

AUD

10,620

Morgan

Stanley

10/31/22

 $

592‌

$

7,676

CAD

9,897

Morgan

Stanley

10/31/22

512‌

$

342

HUF

146,203

Morgan

Stanley

11/02/22

7‌

$

5,057

JPY

693,201

Morgan

Stanley

11/28/22

238‌

$

1,303

NZD

2,096

Morgan

Stanley

10/31/22

130‌

EUR

32

$

33

Morgan

Stanley

10/31/22

(

1‌

)

GBP

16

$

19

Morgan

Stanley

10/31/22

(

1‌

)

GBP

1,891

$

2,050

Morgan

Stanley

10/31/22

62‌

Total

 $

1,539‌

$

33

EUR

32

Standard

Chartered

Bank

10/31/22

 $

1‌

$

4,637

EUR

4,498

Standard

Chartered

Bank

10/31/22

220‌

$

17,539

GBP

14,541

Standard

Chartered

Bank

10/31/22

1,292‌

$

2

GBP

2

Standard

Chartered

Bank

10/31/22

0‌

^

Total

 $

1,513‌

$

22,491

CNY

161,817

Toronto

Dominion

Bank

10/31/22

 $

(

257‌

)

$

69,204

EUR

67,950

Toronto

Dominion

Bank

10/31/22

2,467‌

$

6,674

KRW

8,877,503

Toronto

Dominion

Bank

12/02/22

508‌

EUR

181

$

184

Toronto

Dominion

Bank

10/31/22

(

6‌

)

EUR

195

$

195

Toronto

Dominion

Bank

10/31/22

(

3‌

)

EUR

493

$

479

Toronto

Dominion

Bank

10/31/22

6‌

GBP

291

$

315

Toronto

Dominion

Bank

10/31/22

10‌

$

376

ZAR

6,727

Toronto

Dominion

Bank

10/31/22

5‌

Total

 $

2,730‌

Total

 $

7,993‌

^

Amount

represents

less

than

$1,000.

Portfolio

of

investments

(unaudited)

CREF

Core

Bond

Account

September

30,

2022

314

College

Retirement

Equities

Fund

concluded

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

Centrally

cleared

credit

default

swap

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

PURCHASED

Reference

entity

Terms

of

payments

to

be

paid

Terms

of

payments

to

be

received

Counterparty

Fixed

rate

payment

frequency

Maturity

date

Notional

amount

*

Value

Premiums

paid

(received)

Unrealized

appreciation

(depreciation)

CDX-NAHYS38V2-5Y

5.000%

Credit

event

as

specified

in

contract

Citigroup

Global

Markets,

Inc

Quarterly

06/20/27

$

148,500‌

$

(

3,135‌

)

$

(

4,003‌

)

$

868‌

*  

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.

SOLD

Reference

entity

Terms

of

payments

to

be

paid

Terms

of

payments

to

be

received

Counterparty

Fixed

rate

payment

frequency

Maturity

date

Notional

amount

*

Value

Premiums

paid

(received)

Unrealized

appreciation

(depreciation)

CDX-NAHYS38V2-5Y

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

06/20/27

150,000‌

$

3,166‌

$

2,726‌

$

441‌

CDX-NAHYS39V1-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/27

150,000‌

5,927‌

6,773‌

(

846‌

)

CDX-NAIGS39V1-5Y

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/27

300,000‌

938‌

(

497‌

)

1,435‌

Total

$

10,031‌

$

9,002‌

$

1,029‌

*  

The

maximum

potential

amount

the

Account

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

315

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANK

LOAN

OBLIGATIONS

-

0.5%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.0%

$

2,478,472

i

Trans

Union

LLC

LIBOR

12

M

+

2.250%

5

.365

%

12/01/28

$

2,406

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,406

CONSUMER

DURABLES

&

APPAREL

-

0.0%

2,713,200

i

Crocs,

Inc

SOFR

12M

+

3.500%

6

.784

02/20/29

2,562

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,562

CONSUMER

SERVICES

-

0.1%

2,969,466

i

1011778

BC

ULC

LIBOR

12

M

+

2.000%

5

.115

07/03/28

2,847

2,475,000

i

Stars

Group

Holdings

BV

LIBOR

4

M

+

2.250%

5

.892

07/21/26

2,386

TOTAL

CONSUMER

SERVICES

5,233

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

3,000,000

i

Select

Medical

Corp

LIBOR

12

M

+

2.500%

5

.620

03/06/25

2,909

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,909

MEDIA

&

ENTERTAINMENT

-

0.1%

1,985,000

i

Fluidra

Finco

SL

SOFR

12M

+

2.000%

5

.134

01/29/29

1,928

2,752,690

i

Nascar

Holdings,

Inc

LIBOR

12

M

+

2.500%

5

.615

10/19/26

2,715

TOTAL

MEDIA

&

ENTERTAINMENT

4,643

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

3,213,072

i

Avantor,

Inc

LIBOR

12

M

+

2.250%

5

.365

11/08/27

3,137

2,232,396

i

Jazz

Financing

Lux

Sarl

LIBOR

12

M

+

3.500%

6

.615

05/05/28

2,162

2,332,916

i

Organon

&

Co

LIBOR

4

M

+

3.000%

6

.188

06/02/28

2,286

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,585

RETAILING

-

0.1%

2,977,500

i

Rexnord

LLC

LIBOR

12

M

+

2.250%

5

.365

10/04/28

2,944

TOTAL

RETAILING

2,944

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1

h,i

MKS

Instruments,

Inc

LIBOR

1

M

+

2.250%

2

.750

10/22/28

0

^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0

SOFTWARE

&

SERVICES

-

0.1%

2,640,000

h,i

NortonLifeLock,

Inc

SOFR

12M

+

2.000%

4

.848

09/12/29

2,543

1,642,264

i

SS&C

Technologies,

Inc

LIBOR

12

M

+

1.750%

4

.865

04/16/25

1,594

1,333,183

i

SS&C

Technologies,

Inc

LIBOR

12

M

+

1.750%

4

.865

04/16/25

1,294

TOTAL

SOFTWARE

&

SERVICES

5,431

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

375,000

i

Coherent

Corp

LIBOR

3

M

+

2.750%

5

.043

07/01/29

364

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

364

UTILITIES

-

0.0%

2,487,469

i

Core

&

Main

LP

LIBOR

4

M

+

2.500%

5

.580

07/27/28

2,384

TOTAL

UTILITIES

2,384

TOTAL

BANK

LOAN

OBLIGATIONS

36,461

(Cost

$37,426)

BONDS

-

99.2%

CORPORATE

BONDS

-

1.9%

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

316

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANKS

-

0.1%

$

3,000,000

Bank

of

America

Corp

2

.572

%

10/20/32

$

2,295

3,000,000

JPMorgan

Chase

&

Co

2

.545

11/08/32

2,276

TOTAL

BANKS

4,571

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

3,485,000

g

Albion

Financing

1

SARL

6

.125

10/15/26

2,946

5,000,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

4,705

5,000,000

United

Rentals

North

America,

Inc

4

.875

01/15/28

4,584

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

12,235

CONSUMER

DURABLES

&

APPAREL

-

0.0%

1,200,000

e

Newell

Brands,

Inc

6

.375

09/15/27

1,188

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,188

DIVERSIFIED

FINANCIALS

-

0.2%

3,125,000

g

Banco

de

Chile

2

.990

12/09/31

2,423

2,000,000

Ford

Motor

Credit

Co

LLC

4

.950

05/28/27

1,786

1,700,000

e,g

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,370

3,000,000

Morgan

Stanley

2

.511

10/20/32

2,293

5,000,000

OneMain

Finance

Corp

3

.500

01/15/27

3,895

TOTAL

DIVERSIFIED

FINANCIALS

11,767

ENERGY

-

0.3%

2,275,000

Ecopetrol

S.A.

4

.625

11/02/31

1,592

680,000

g

EQM

Midstream

Partners

LP

7

.500

06/01/27

648

5,000,000

g

Hess

Midstream

Operations

LP

5

.625

02/15/26

4,746

2,000,000

g

Hilcorp

Energy

I

LP

6

.250

04/15/32

1,772

2,500,000

g

MEG

Energy

Corp

7

.125

02/01/27

2,538

5,000,000

Murphy

Oil

Corp

5

.875

12/01/27

4,674

5,000,000

e

Occidental

Petroleum

Corp

3

.500

08/15/29

4,568

3,150,000

g

Parkland

Corp

4

.625

05/01/30

2,554

2,375,000

Petroleos

Mexicanos

6

.700

02/16/32

1,666

TOTAL

ENERGY

24,758

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

6,000,000

g

Tenet

Healthcare

Corp

4

.375

01/15/30

5,008

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,008

MATERIALS

-

0.2%

2,950,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

2,441

3,275,000

g

GCC

SAB

de

C.V.

3

.614

04/20/32

2,649

7,000,000

g

POSCO

4

.375

08/04/25

6,762

5,000,000

g

SunCoke

Energy,

Inc

4

.875

06/30/29

3,855

TOTAL

MATERIALS

15,707

MEDIA

&

ENTERTAINMENT

-

0.2%

5,000,000

g

CCO

Holdings

LLC

5

.125

05/01/27

4,513

5,000,000

g

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

3,962

3,260,000

g

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,949

5,000,000

g

Sirius

XM

Radio,

Inc

3

.125

09/01/26

4,391

TOTAL

MEDIA

&

ENTERTAINMENT

15,815

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

3,400,000

e,g

Avantor

Funding,

Inc

3

.875

11/01/29

2,761

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,761

REAL

ESTATE

-

0.1%

5,000,000

g

Howard

Hughes

Corp

4

.125

02/01/29

3,863

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

317

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,000,000

g

RLJ

Lodging

Trust

LP

3

.750

%

07/01/26

$

4,270

TOTAL

REAL

ESTATE

8,133

RETAILING

-

0.1%

4,340,000

g

Asbury

Automotive

Group,

Inc

4

.625

11/15/29

3,469

3,600,000

g

Prosus

NV

3

.257

01/19/27

3,014

TOTAL

RETAILING

6,483

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

1,575,000

TSMC

Arizona

Corp

1

.750

10/25/26

1,385

2,000,000

TSMC

Arizona

Corp

4

.250

04/22/32

1,841

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,226

SOFTWARE

&

SERVICES

-

0.1%

2,435,000

g

CA

Magnum

Holdings

5

.375

10/31/26

2,046

2,315,000

g

NortonLifeLock,

Inc

6

.750

09/30/27

2,221

2,830,000

g

Open

Text

Corp

3

.875

12/01/29

2,180

TOTAL

SOFTWARE

&

SERVICES

6,447

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

3,000,000

g

Imola

Merger

Corp

4

.750

05/15/29

2,531

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,531

TELECOMMUNICATION

SERVICES

-

0.2%

2,900,000

AT&T,

Inc

2

.250

02/01/32

2,193

4,925,000

g

Iliad

Holding

SASU

6

.500

10/15/26

4,307

3,000,000

g

Telefonica

Moviles

Chile

S.A.

3

.537

11/18/31

2,355

3,100,000

Verizon

Communications,

Inc

2

.355

03/15/32

2,377

TOTAL

TELECOMMUNICATION

SERVICES

11,232

TRANSPORTATION

-

0.1%

5,000,000

g

Grupo

Aeromexico

SAB

de

C.V.

8

.500

03/17/27

4,375

TOTAL

TRANSPORTATION

4,375

UTILITIES

-

0.0%

1,450,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

1,247

TOTAL

UTILITIES

1,247

TOTAL

CORPORATE

BONDS

137,484

(Cost

$161,380)

GOVERNMENT

BONDS

-

94.6%

AGENCY

SECURITIES

-

0.2%

15,545,000

Montefiore

Medical

Center

2

.895

04/20/32

14,416

2,302,631

Reliance

Industries

Ltd

2

.444

01/15/26

2,215

TOTAL

AGENCY

SECURITIES

16,631

MORTGAGE

BACKED

-

2.6%

6,225,000

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.531

08/25/33

6,144

2,305,000

g,i

Freddie

Mac

STACR

REMIC

Trust

3

.781

10/25/41

2,097

9,856,085

g,i

Freddie

Mac

STACR

REMIC

Trust

3

.231

12/25/41

9,397

20,000,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.631

05/25/42

19,055

18,765,020

Government

National

Mortgage

Association

(GNMA)

3

.600

09/15/31

18,354

9,379,720

GNMA

3

.650

02/15/32

9,052

2,145,914

GNMA

3

.380

07/15/35

2,054

2,812,546

GNMA

3

.870

10/15/36

2,720

36,445,323

GNMA

1

.730

07/15/37

31,015

33,828,929

GNMA

4

.250

09/15/38

33,640

23,527,544

GNMA

1

.650

07/15/42

19,467

25,630,472

GNMA

2

.750

01/15/45

23,007

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

318

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,184,603

GNMA

4

.930

%

10/15/45

$

5,182

TOTAL

MORTGAGE

BACKED

181,184

U.S.

TREASURY

SECURITIES

-

91.8%

268,266,130

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/23

265,584

187,266,460

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

04/15/23

184,458

244,439,040

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/23

240,591

203,480,643

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

198,701

239,644,920

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

232,861

202,762,625

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/24

195,824

239,616,850

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/24

230,422

228,912,870

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

01/15/25

219,056

121,045,120

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/25

121,502

185,817,240

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

176,252

247,373,280

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/25

236,391

322,004,520

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

304,181

264,998,669

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

252,939

79,600,894

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

79,349

163,813,750

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

152,979

182,932,440

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/26

171,016

307,126,159

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

286,089

243,464,220

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

227,420

121,881,514

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/27

123,719

131,167,500

e,k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

120,937

139,891,290

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/27

130,516

246,832,215

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

229,074

243,813,252

k

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

241,423

130,104,305

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

141,393

151,079,680

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

141,969

221,765,040

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

208,537

162,697,284

k

United

States

Treasury

Inflation

Indexed

Bonds

2

.500

01/15/29

168,352

9,173,453

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

10,273

216,596,490

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

195,301

178,491,800

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

157,798

141,557,325

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

124,630

172,997,280

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

151,128

260,285,653

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

226,944

97,029,564

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/32

83,881

69,437,472

k

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

79,155

140,211,500

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

07/15/32

127,215

145,150,917

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

02/15/52

91,736

13,298,000

United

States

Treasury

Note

3

.375

08/15/42

12,045

TOTAL

U.S.

TREASURY

SECURITIES

6,541,641

TOTAL

GOVERNMENT

BONDS

6,739,456

(Cost

$7,278,356)

STRUCTURED

ASSETS

-

2.7%

ASSET

BACKED

-

0.5%

4,214,000

i

Bayview

Financial

Mortgage

Pass-Through

Trust

LIBOR

1

M

+

1.125%

4

.238

02/28/41

4,148

Series

-

2006

A

(Class

M4)

2,977,500

g

DB

Master

Finance

LLC

2

.045

11/20/51

2,528

Series

-

2021

1A

(Class

A2I)

5,855,750

g

DB

Master

Finance

LLC

2

.493

11/20/51

4,789

Series

-

2021

1A

(Class

A2II)

4,367,000

g

DB

Master

Finance

LLC

2

.791

11/20/51

3,426

Series

-

2021

1A

(Class

A23)

3,000,000

†,g

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

2,679

Series

-

2022

1A

(Class

1)

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

319

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,331,594

g

MVW

LLC

1

.830

%

05/20/39

$

5,645

Series

-

2021

2A

(Class

B)

6,900,079

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

6,020

Series

-

2021

2A

(Class

A1)

4,575,385

g

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

4,034

Series

-

2022

A

(Class

A)

TOTAL

ASSET

BACKED

33,269

OTHER

MORTGAGE

BACKED

-

2.2%

5,000,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

3

.996

01/15/39

4,875

Series

-

2022

DKLX

(Class

A)

7,500,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

4

.996

01/15/39

7,213

Series

-

2022

DKLX

(Class

C)

2,500,000

g,i

BAMLL

Commercial

Mortgage

Securities

Trust

5

.846

01/15/39

2,388

Series

-

2022

DKLX

(Class

D)

2,000,000

i

BENCHMARK

Mortgage

Trust

4

.381

02/15/51

1,748

Series

-

2018

B2

(Class

C)

26,370,303

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.197%

4

.015

10/15/38

24,912

Series

-

2021

XL2

(Class

C)

1,400,193

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.846%

4

.664

10/15/38

1,313

Series

-

2021

XL2

(Class

E)

6,000,000

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.271%

4

.089

12/15/38

5,713

Series

-

2021

CIP

(Class

B)

2,000,000

g,i

BX

Commercial

Mortgage

Trust

4

.685

01/17/39

1,923

Series

-

2022

AHP

(Class

B)

5,650,000

g,i

Citigroup

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.900%

4

.718

10/15/36

5,361

Series

-

2021

PRM2

(Class

D)

7,000,000

g,i

Citigroup

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.400%

5

.218

10/15/36

6,606

Series

-

2021

PRM2

(Class

E)

2,000,000

g

COMM

Mortgage

Trust

3

.397

03/10/46

1,976

Series

-

2013

CR6

(Class

B)

1,000,000

i

COMM

Mortgage

Trust

4

.696

10/10/47

946

Series

-

2014

LC17

(Class

C)

2,500,000

i

COMM

Mortgage

Trust

4

.619

10/10/48

2,351

Series

-

2015

CR26

(Class

B)

10,000,000

g,i

Connecticut

Avenue

Securities

Trust

3

.831

10/25/41

9,513

Series

-

2021

R01

(Class

1M2)

4,481,384

g,i

Connecticut

Avenue

Securities

Trust

3

.181

11/25/41

4,390

Series

-

2021

R02

(Class

2M1)

9,000,000

g,i

Connecticut

Avenue

Securities

Trust

3

.931

12/25/41

8,217

Series

-

2021

R03

(Class

1M2)

6,000,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

4

.138

11/15/38

5,684

Series

-

2021

ELP

(Class

C)

4,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

4

.936

11/15/38

4,210

Series

-

2021

ELP

(Class

E)

5,000,000

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

2.300%

5

.118

10/15/38

4,666

Series

-

2021

EQAZ

(Class

E)

15,000,000

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.781

01/25/42

13,138

Series

-

2022

DNA1

(Class

M2)

5,883,761

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

1

.349

02/25/42

5,782

Series

-

2022

DNA2

(Class

M1A)

4,000,000

g,i

GS

Mortgage

Securities

Corp

II

LIBOR

1

M

+

3.350%

6

.168

11/15/36

3,709

Series

-

2021

ARDN

(Class

E)

2,000,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.620

01/16/37

1,734

Series

-

2020

NNN

(Class

DFX)

3,986,816

g,i

Morgan

Stanley

Capital

I

Inc

LIBOR

1

M

+

1.377%

4

.195

11/15/23

3,738

Series

-

2021

ILP

(Class

C)

2,500,000

g

MRCD

Mortgage

Trust

2

.718

12/15/36

2,215

Series

-

2019

PARK

(Class

D)

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

320

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,500,000

g

MRCD

Mortgage

Trust

2

.718

%

12/15/36

$

2,198

Series

-

2019

PARK

(Class

E)

2,500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.200%

5

.018

07/15/36

2,438

Series

-

2019

MILE

(Class

C)

7,716,724

g,i

SMR

Mortgage

Trust

5

.245

02/15/39

7,466

Series

-

2022

IND

(Class

B)

2,000,000

g,i

SREIT

Trust

LIBOR

1

M

+

1.171%

3

.989

11/15/36

1,909

Series

-

2021

MFP2

(Class

B)

1,763,496

g

Verus

Securitization

Trust

3

.000

11/25/59

1,719

Series

-

2019

4

(Class

A3)

8,389,197

g,i

Verus

Securitization

Trust

2

.240

10/25/66

6,932

Series

-

2021

7

(Class

A3)

1,951,000

i

WFRBS

Commercial

Mortgage

Trust

4

.309

03/15/45

1,933

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

158,916

TOTAL

STRUCTURED

ASSETS

192,185

(Cost

$208,147)

TOTAL

BONDS

7,069,125

(Cost

$7,647,883)

SHORT-TERM

INVESTMENTS

-

1.9%

REPURCHASE

AGREEMENT

-

0.1%

4,010,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

10/03/22

4,010

TOTAL

REPURCHASE

AGREEMENT

4,010

TOTAL

SHORT-TERM

INVESTMENTS

4,010

(Cost

$4,010)

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1.8%

129,684,813

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

3

.070

129,685

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

129,685

TOTAL

SHORT-TERM

INVESTMENTS

129,685

(Cost

$129,685)

TOTAL

INVESTMENTS

-

101.6%

7,239,281

(Cost

$7,819,004)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.6)%

(

114,248

)

NET

ASSETS

-

100.0%

$7,125,033

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

Portfolio

of

investments

(unaudited)

CREF

Inflation-Linked

Bond

Account

September

30,

2022

321

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

^

Amount

represents

less

than

$1,000.

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$120,287,884.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$4,010,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.625%

and

maturity

date

7/31/26,

valued

at

$4,090,233.

Futures

contracts

outstanding

as

of

September

30,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

US

Long

Bond

(

19‌

)

12/20/22

 $

(

2,596‌

)

$

(

2,402‌

)

$

194‌

US

Ultra

Bond

(

480‌

)

12/20/22

(

71,054‌

)

(

65,760‌

)

5,294‌

Total

(

499‌

)

 $

(

73,650‌

)

 $

(

68,162‌

)

 $

5,488‌

CREF

Social

Choice

Account

September

30,

2022

Portfolio

of

investments

(unaudited)

322

College

Retirement

Equities

Fund

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

BANK

LOAN

OBLIGATIONS

-

0.2%

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

$

15,800,000

i

LTR

Intermediate

Holdings,

Inc

LIBOR

4

M

+

4.500%

8

.174

%

05/05/28

$

14,457

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

14,457

UTILITIES

-

0.1%

11,910,150

i

TerraForm

Power

Operating

LLC

SOFR

4M

+

2.750%

6

.403

05/21/29

11,813

TOTAL

UTILITIES

11,813

TOTAL

BANK

LOAN

OBLIGATIONS

26,270

(Cost

$27,389)

BONDS

-

40.6%

CORPORATE

BONDS

-

14.6%

AUTOMOBILES

&

COMPONENTS

-

0.3%

9,000,000

Aptiv

plc

2

.396

02/18/25

8,398

9,665,000

Ford

Motor

Co

3

.250

02/12/32

6,962

10,000,000

e

General

Motors

Co

5

.400

10/15/29

9,221

14,900,000

General

Motors

Co

5

.600

10/15/32

13,301

12,925,000

g

Hyundai

Capital

Services,

Inc

1

.250

02/08/26

11,234

TOTAL

AUTOMOBILES

&

COMPONENTS

49,116

BANKS

-

2.2%

15,000,000

g

ABN

AMRO

Bank

NV

2

.470

12/13/29

11,890

6,925,000

g

Banco

Nacional

de

Comercio

Exterior

SNC

2

.720

08/11/31

5,953

11,575,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

9,607

11,985,000

Bank

of

America

Corp

0

.981

09/25/25

10,904

14,025,000

Bank

of

America

Corp

2

.456

10/22/25

13,131

15,000,000

i

Bank

of

America

Corp

SOFR

+

0.970%

3

.443

07/22/27

14,515

12,500,000

Bank

of

America

Corp

2

.087

06/14/29

10,158

11,750,000

Bank

of

America

Corp

2

.687

04/22/32

9,174

10,000,000

Bank

of

Montreal

3

.803

12/15/32

8,671

4,350,000

e,g

BNP

Paribas

S.A.

1

.904

09/30/28

3,510

15,300,000

g

BNP

Paribas

S.A.

2

.871

04/19/32

11,568

1,825,000

e

Canadian

Imperial

Bank

of

Commerce

0

.950

10/23/25

1,609

11,250,000

Citigroup,

Inc

0

.776

10/30/24

10,684

14,091,000

e

Citigroup,

Inc

1

.281

11/03/25

12,872

6,375,000

i

Citigroup,

Inc

SOFR

+

0.694%

3

.141

01/25/26

6,214

5,475,000

Citizens

Bank

NA

2

.250

04/28/25

5,080

3,203,000

HSBC

Holdings

plc

3

.033

11/22/23

3,191

10,000,000

e

HSBC

Holdings

plc

5

.210

08/11/28

9,349

6,575,000

HSBC

Holdings

plc

5

.402

08/11/33

5,846

10,000,000

g

ING

Groep

NV

1

.400

07/01/26

8,830

8,300,000

ING

Groep

NV

4

.017

03/28/28

7,536

10,000,000

ING

Groep

NV

2

.727

04/01/32

7,613

5,375,000

ING

Groep

NV

4

.252

03/28/33

4,556

2,714,000

g

Intesa

Sanpaolo

S.p.A

3

.375

01/12/23

2,699

1,825,000

g

Intesa

Sanpaolo

S.p.A

5

.017

06/26/24

1,702

9,750,000

g

Intesa

Sanpaolo

S.p.A

3

.250

09/23/24

9,179

6,000,000

g

Intesa

Sanpaolo

S.p.A

4

.950

06/01/42

3,563

5,000,000

JPMorgan

Chase

&

Co

1

.040

02/04/27

4,249

5,990,000

e

JPMorgan

Chase

&

Co

3

.650

N/A‡

4,851

4,000,000

Lloyds

Banking

Group

plc

4

.500

11/04/24

3,892

9,494,000

Lloyds

Banking

Group

plc

3

.870

07/09/25

9,154

11,125,000

g

National

Australia

Bank

Ltd

2

.332

08/21/30

8,283

8,705,000

g

National

Australia

Bank

Ltd

2

.990

05/21/31

6,698

12,638,000

National

Bank

of

Canada

0

.550

11/15/24

11,964

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

323

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,790,000

NatWest

Group

plc

2

.359

%

05/22/24

$

2,724

6,425,000

Santander

Holdings

USA,

Inc

5

.807

09/09/26

6,280

7,656,000

e

SVB

Financial

Group

2

.100

05/15/28

6,203

1,925,000

SVB

Financial

Group

3

.125

06/05/30

1,551

12,775,000

SVB

Financial

Group

1

.800

02/02/31

9,143

12,635,000

SVB

Financial

Group

4

.100

N/A‡

8,616

11,675,000

g

UBS

Group

AG.

1

.494

08/10/27

9,808

10,000,000

g

UBS

Group

AG.

2

.746

02/11/33

7,429

10,275,000

g

UBS

Group

AG.

3

.179

02/11/43

6,617

15,000,000

g

UniCredit

S.p.A

2

.569

09/22/26

12,852

3,600,000

g

UniCredit

S.p.A

5

.459

06/30/35

2,677

10,000,000

g

United

Overseas

Bank

Ltd

2

.000

10/14/31

8,600

5,385,000

g

USAA

Capital

Corp

2

.125

05/01/30

4,324

10,450,000

Wells

Fargo

&

Co

4

.540

08/15/26

10,109

9,500,000

Westpac

Banking

Corp

3

.020

11/18/36

6,950

TOTAL

BANKS

362,578

CAPITAL

GOODS

-

0.2%

1,685,000

g

Korea

East-West

Power

Co

Ltd

3

.600

05/06/25

1,627

5,000,000

Otis

Worldwide

Corp

3

.112

02/15/40

3,529

450,000

Siemens

Financieringsmaatschappij

NV

1

.200

03/11/26

393

12,500,000

g

Siemens

Financieringsmaatschappij

NV

1

.200

03/11/26

10,903

10,500,000

g

Triton

Container

International

Ltd

1

.150

06/07/24

9,563

3,500,000

e,g

Triton

Container

International

Ltd

3

.150

06/15/31

2,563

3,575,000

Xylem,

Inc

2

.250

01/30/31

2,858

TOTAL

CAPITAL

GOODS

31,436

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

10,000,000

Mather

Foundation

2

.675

10/01/31

8,193

15,810,000

Rockefeller

Foundation

2

.492

10/01/50

9,887

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,080

CONSUMER

SERVICES

-

0.7%

2,900,000

Bush

Foundation

2

.754

10/01/50

1,881

3,125,000

Conservation

Fund

3

.474

12/15/29

2,673

10,000,000

Henry

J

Kaiser

Family

Foundation

3

.356

12/01/25

9,393

5,145,000

Low

Income

Investment

Fund

3

.711

07/01/29

4,739

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2

.673

07/01/31

6,382

3,440,000

i

Nature

Conservancy

LIBOR

3

M

+

1.080%

3

.862

02/01/24

3,434

1,720,000

Nature

Conservancy

2

.668

03/01/26

1,616

3,000,000

Nature

Conservancy

3

.001

03/01/29

2,705

10,437,000

Nature

Conservancy

3

.957

03/01/52

8,494

17,500,000

New

York

Public

Library

Astor

Lenox

&

Tilden

Foundations

4

.305

07/01/45

14,908

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4

.479

12/01/32

8,919

2,855,000

Salvation

Army

5

.637

09/01/26

2,867

20,000,000

Salvation

Army

4

.528

09/01/48

17,629

12,300,000

Starbucks

Corp

2

.450

06/15/26

11,279

11,440,000

Wisconsin

Alumni

Research

Foundation

3

.564

10/01/49

8,382

11,065,000

YMCA

of

Greater

New

York

5

.151

08/01/48

9,618

TOTAL

CONSUMER

SERVICES

114,919

DIVERSIFIED

FINANCIALS

-

2.0%

9,400,000

i

AerCap

Ireland

Capital

DAC

SOFR

+

0.680%

3

.651

09/29/23

9,200

10,800,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

9,236

10,500,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

8,421

12,900,000

e

American

Express

Co

4

.050

05/03/29

11,873

5,000,000

Bank

of

Nova

Scotia

0

.650

07/31/24

4,618

11,875,000

g

BPCE

S.A.

1

.652

10/06/26

10,313

20,525,000

g

BPCE

S.A.

2

.045

10/19/27

17,281

15,850,000

g

BPCE

S.A.

3

.116

10/19/32

11,339

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

324

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

11,645,000

Community

Preservation

Corp

2

.867

%

02/01/30

$

9,456

2,550,000

g

Cooperatieve

Rabobank

UA

1

.004

09/24/26

2,217

18,375,000

Credit

Suisse

AG.

5

.000

07/09/27

16,944

16,190,000

g

Credit

Suisse

Group

AG.

2

.997

12/14/23

16,064

5,000,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

4,059

6,750,000

g

Credit

Suisse

Group

AG.

6

.442

08/11/28

6,277

4,750,000

Enterprise

Community

Loan

Fund,

Inc

4

.152

11/01/28

4,357

15,000,000

Ford

Foundation

2

.815

06/01/70

8,917

10,000,000

Goldman

Sachs

Group,

Inc

0

.855

02/12/26

8,922

10,000,000

Morgan

Stanley

0

.791

01/22/25

9,368

11,950,000

e

Morgan

Stanley

0

.985

12/10/26

10,304

1,450,000

Morgan

Stanley

1

.512

07/20/27

1,235

14,150,000

Morgan

Stanley

2

.484

09/16/36

10,140

6,500,000

e

National

Rural

Utilities

Cooperative

Finance

Corp

4

.150

12/15/32

5,948

11,400,000

g,i

NatWest

Markets

plc

SOFR

+

0.530%

3

.179

08/12/24

11,163

10,000,000

g

NongHyup

Bank

1

.250

07/20/25

8,988

1,295,000

Reinvestment

Fund,

Inc

3

.166

11/01/23

1,261

3,000,000

Reinvestment

Fund,

Inc

3

.600

02/15/24

2,927

10,250,000

Reinvestment

Fund,

Inc

3

.366

11/01/24

9,834

2,570,000

Reinvestment

Fund,

Inc

3

.513

11/01/25

2,422

15,240,000

Reinvestment

Fund,

Inc

3

.880

02/15/27

14,186

7,435,000

Reinvestment

Fund,

Inc

3

.930

02/15/28

6,824

11,150,000

g

Societe

Generale

S.A.

2

.889

06/09/32

8,145

1,325,000

g

Starwood

Property

Trust,

Inc

5

.500

11/01/23

1,302

4,430,000

g

Starwood

Property

Trust,

Inc

4

.375

01/15/27

3,776

7,900,000

g

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

6,912

8,727,000

Toyota

Motor

Credit

Corp

2

.150

02/13/30

7,166

11,075,000

Unilever

Capital

Corp

2

.000

07/28/26

10,030

5,523,000

Unilever

Capital

Corp

2

.125

09/06/29

4,593

6,125,000

Unilever

Capital

Corp

1

.375

09/14/30

4,696

8,475,000

Unilever

Capital

Corp

1

.750

08/12/31

6,530

9,425,000

e

Unilever

Capital

Corp

2

.625

08/12/51

6,080

3,450,000

g

WLB

Asset

II

B

Pte

Ltd

3

.950

12/10/24

3,258

5,500,000

g

WLB

Asset

II

C

Pte

Ltd

3

.900

12/23/25

5,224

1,925,000

g

WLB

Asset

II

Pte

Ltd

4

.000

01/14/24

1,886

TOTAL

DIVERSIFIED

FINANCIALS

323,692

ENERGY

-

0.6%

8,000,000

g

Aker

BP

ASA

2

.875

01/15/26

7,265

10,000,000

g

Aker

BP

ASA

4

.000

01/15/31

8,486

9,875,000

BP

Capital

Markets

America,

Inc

2

.772

11/10/50

6,132

2,650,000

Cenovus

Energy,

Inc

2

.650

01/15/32

2,042

9,625,000

Enbridge,

Inc

2

.500

01/15/25

9,037

4,423,000

Enbridge,

Inc

5

.750

07/15/80

3,891

8,125,000

Equinor

ASA

2

.375

05/22/30

6,748

5,932,000

Equinor

ASA

3

.950

05/15/43

4,826

12,450,000

Equinor

ASA

3

.250

11/18/49

8,924

3,875,000

ONEOK,

Inc

4

.000

07/13/27

3,556

6,200,000

ONEOK,

Inc

4

.950

07/13/47

4,771

11,700,000

g

Santos

Finance

Ltd

3

.649

04/29/31

9,092

4,540,000

e,g

Sunnova

Energy

Corp

5

.875

09/01/26

4,057

12,850,000

Total

Capital

International

S.A.

2

.986

06/29/41

9,160

11,316,000

Total

Capital

International

S.A.

3

.127

05/29/50

7,814

TOTAL

ENERGY

95,801

FOOD

&

STAPLES

RETAILING

-

0.2%

15,563,000

SYSCO

Corp

2

.400

02/15/30

12,666

18,954,000

e

Walmart,

Inc

1

.800

09/22/31

15,058

TOTAL

FOOD

&

STAPLES

RETAILING

27,724

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

325

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

-

0.2%

$

10,000,000

g

NBM

US

Holdings,

Inc

6

.625

%

08/06/29

$

9,124

10,000,000

PepsiCo,

Inc

3

.900

07/18/32

9,244

16,674,000

PepsiCo,

Inc

2

.875

10/15/49

11,681

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

30,049

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3

.786

04/01/51

1,631

10,385,000

Stanford

Health

Care

3

.027

08/15/51

6,872

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

8,503

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.1%

5,300,000

Procter

&

Gamble

Co

3

.000

03/25/30

4,746

12,975,000

Procter

&

Gamble

Co

1

.200

10/29/30

10,013

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

14,759

INSURANCE

-

0.5%

11,450,000

g

AIA

Group

Ltd

3

.375

04/07/30

10,168

11,400,000

g

Empower

Finance

2020

LP

1

.357

09/17/27

9,364

4,000,000

g

Empower

Finance

2020

LP

1

.776

03/17/31

2,965

8,178,000

First

American

Financial

Corp

2

.400

08/15/31

5,842

3,975,000

g

Five

Corners

Funding

Trust

4

.419

11/15/23

3,938

14,425,000

g

Five

Corners

Funding

Trust

II

2

.850

05/15/30

11,873

4,700,000

g

Great-West

Lifeco

US

Finance

2020

LP

0

.904

08/12/25

4,131

5,200,000

g

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

4,902

10,000,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

7,821

7,504,000

Prudential

Financial,

Inc

1

.500

03/10/26

6,711

2,152,000

Prudential

Financial,

Inc

3

.700

10/01/50

1,700

6,100,000

Reinsurance

Group

of

America,

Inc

3

.150

06/15/30

5,080

14,024,000

g

Swiss

Re

Treasury

US

Corp

4

.250

12/06/42

11,890

TOTAL

INSURANCE

86,385

MATERIALS

-

0.7%

6,550,000

e,g

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

5,371

10,000,000

g

Celulosa

Arauco

y

Constitucion

S.A.

5

.150

01/29/50

7,061

10,500,000

Fibria

Overseas

Finance

Ltd

5

.500

01/17/27

10,030

10,500,000

g

FMG

Resources

August

2006

Pty

Ltd

6

.125

04/15/32

9,022

3,409,000

International

Paper

Co

4

.800

06/15/44

2,836

12,000,000

g

Inversiones

CMPC

S.A.

4

.375

04/04/27

10,860

8,000,000

g

Klabin

Austria

GmbH

7

.000

04/03/49

6,737

6,855,000

g

LG

Chem

Ltd

4

.375

07/14/25

6,695

3,250,000

g

LG

Chem

Ltd

3

.625

04/15/29

2,933

6,925,000

LYB

International

Finance

III

LLC

3

.375

10/01/40

4,746

5,000,000

e

Newmont

Corp

2

.250

10/01/30

3,868

9,875,000

PPG

Industries,

Inc

1

.200

03/15/26

8,618

11,500,000

Sonoco

Products

Co

1

.800

02/01/25

10,654

5,525,000

Sonoco

Products

Co

2

.250

02/01/27

4,893

11,000,000

e

Sonoco

Products

Co

2

.850

02/01/32

8,716

12,736,000

e

Teck

Resources

Ltd

3

.900

07/15/30

10,834

TOTAL

MATERIALS

113,874

MEDIA

&

ENTERTAINMENT

-

0.1%

10,000,000

Alphabet,

Inc

1

.100

08/15/30

7,731

7,025,000

Paramount

Global

6

.375

03/30/62

6,069

9,100,000

g

RGA

Global

Funding

2

.700

01/18/29

7,618

TOTAL

MEDIA

&

ENTERTAINMENT

21,418

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.4%

4,800,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

3,204

11,825,000

Bristol-Myers

Squibb

Co

3

.700

03/15/52

9,051

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

326

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,625,000

Gilead

Sciences,

Inc

2

.600

%

10/01/40

$

3,714

15,400,000

Gilead

Sciences,

Inc

2

.800

10/01/50

9,511

12,550,000

Merck

&

Co,

Inc

2

.150

12/10/31

10,122

8,800,000

Merck

&

Co,

Inc

2

.750

12/10/51

5,731

7,000,000

PerkinElmer,

Inc

2

.250

09/15/31

5,264

1,600,000

Pfizer,

Inc

2

.625

04/01/30

1,375

5,400,000

e

Pfizer,

Inc

1

.750

08/18/31

4,214

14,675,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

11,600

8,500,000

Takeda

Pharmaceutical

Co

Ltd

3

.175

07/09/50

5,639

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

69,425

REAL

ESTATE

-

0.6%

5,350,000

Alexandria

Real

Estate

Equities,

Inc

2

.950

03/15/34

4,136

1,975,000

Brandywine

Operating

Partnership

LP

3

.950

02/15/23

1,965

6,225,000

Brandywine

Operating

Partnership

LP

3

.950

11/15/27

5,479

8,595,000

Brixmor

Operating

Partnership

LP

3

.900

03/15/27

7,818

6,600,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

5,327

5,975,000

Corporate

Office

Properties

LP

2

.750

04/15/31

4,393

2,600,000

Duke

Realty

LP

2

.875

11/15/29

2,214

1,500,000

ERP

Operating

LP

4

.150

12/01/28

1,379

8,800,000

Federal

Realty

Investment

Trust

1

.250

02/15/26

7,744

5,970,000

g

HAT

Holdings

I

LLC

3

.375

06/15/26

4,791

10,000,000

g

HAT

Holdings

I

LLC

3

.750

09/15/30

7,272

3,900,000

Host

Hotels

&

Resorts

LP

2

.900

12/15/31

2,862

11,075,000

Kilroy

Realty

LP

3

.450

12/15/24

10,609

1,211,000

Kilroy

Realty

LP

2

.650

11/15/33

849

8,550,000

National

Community

Renaissance

of

California

3

.270

12/01/32

6,731

16,822,000

Regency

Centers

LP

3

.750

06/15/24

16,308

8,245,000

g

Scentre

Group

Trust

2

5

.125

09/24/80

6,712

TOTAL

REAL

ESTATE

96,589

RETAILING

-

0.1%

4,100,000

Advance

Auto

Parts,

Inc

1

.750

10/01/27

3,381

6,200,000

Genuine

Parts

Co

1

.750

02/01/25

5,724

5,525,000

Lowe's

Cos,

Inc

2

.800

09/15/41

3,519

TOTAL

RETAILING

12,624

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

11,550,000

e

Intel

Corp

4

.150

08/05/32

10,518

7,208,000

e

NXP

BV

3

.400

05/01/30

6,007

10,000,000

g

SK

Hynix,

Inc

2

.375

01/19/31

7,394

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

23,919

SOFTWARE

&

SERVICES

-

0.3%

3,250,000

Autodesk,

Inc

2

.400

12/15/31

2,528

9,500,000

Automatic

Data

Processing,

Inc

1

.700

05/15/28

8,129

10,000,000

Automatic

Data

Processing,

Inc

1

.250

09/01/30

7,689

7,725,000

Mastercard,

Inc

1

.900

03/15/31

6,162

7,500,000

Visa,

Inc

1

.900

04/15/27

6,664

17,000,000

e

Visa,

Inc

1

.100

02/15/31

12,721

TOTAL

SOFTWARE

&

SERVICES

43,893

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

Apple,

Inc

3

.000

06/20/27

13,389

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,389

TELECOMMUNICATION

SERVICES

-

0.3%

9,000,000

i

Verizon

Communications,

Inc

SOFR

+

0.790%

3

.717

03/20/26

8,826

14,225,000

e

Verizon

Communications,

Inc

2

.550

03/21/31

11,358

22,950,000

Verizon

Communications,

Inc

3

.400

03/22/41

16,757

1,800,000

Vodafone

Group

plc

3

.250

06/04/81

1,425

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

327

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,000,000

Vodafone

Group

plc

4

.125

%

06/04/81

$

6,925

TOTAL

TELECOMMUNICATION

SERVICES

45,291

TRANSPORTATION

-

0.1%

6,125,000

Canadian

National

Railway

Co

3

.850

08/05/32

5,584

6,950,000

Canadian

Pacific

Railway

Co

2

.450

12/02/31

5,559

5,650,000

Canadian

Pacific

Railway

Co

3

.000

12/02/41

4,002

1,083,000

Vessel

Management

Services,

Inc

5

.125

04/16/35

1,071

TOTAL

TRANSPORTATION

16,216

UTILITIES

-

4.7%

14,114,000

AES

Corp

2

.450

01/15/31

10,797

14,500,000

g

AES

Gener

S.A.

6

.350

10/07/79

12,473

8,500,000

Algonquin

Power

&

Utilities

Corp

4

.750

01/18/82

6,943

12,325,000

e

Ameren

Illinois

Co

2

.900

06/15/51

7,938

3,605,000

Arizona

Public

Service

Co

3

.750

05/15/46

2,591

4,500,000

Atlantic

City

Electric

Co

2

.300

03/15/31

3,646

3,345,000

Avangrid,

Inc

3

.150

12/01/24

3,198

14,950,000

Avangrid,

Inc

3

.200

04/15/25

14,138

13,200,000

Avangrid,

Inc

3

.800

06/01/29

11,730

10,275,000

Avista

Corp

4

.350

06/01/48

8,659

5,900,000

e,g

Azure

Power

Solar

Energy

Pvt

Ltd

5

.650

12/24/24

4,879

7,050,000

g

Brooklyn

Union

Gas

Co

4

.632

08/05/27

6,635

10,000,000

g

Brooklyn

Union

Gas

Co

4

.866

08/05/32

9,155

9,750,000

g

Brooklyn

Union

Gas

Co

4

.273

03/15/48

7,117

13,500,000

g

Brooklyn

Union

Gas

Co

4

.487

03/04/49

10,145

9,875,000

CenterPoint

Energy

Houston

Electric

LLC

2

.350

04/01/31

8,057

12,350,000

CenterPoint

Energy

Houston

Electric

LLC

3

.350

04/01/51

8,854

6,368,000

e,g

Clearway

Energy

Operating

LLC

3

.750

02/15/31

5,058

3,550,000

CMS

Energy

Corp

4

.750

06/01/50

3,000

3,100,000

CMS

Energy

Corp

3

.750

12/01/50

2,278

11,300,000

g

Colbun

S.A.

3

.150

01/19/32

8,633

17,500,000

Commonwealth

Edison

Co

2

.750

09/01/51

11,009

7,525,000

g

Consorcio

Transmantaro

SA

4

.700

04/16/34

6,491

9,376,000

Consumers

Energy

Co

2

.500

05/01/60

5,171

5,358,950

g

Continental

Wind

LLC

6

.000

02/28/33

5,385

2,162,363

g

Continuum

Energy

Levanter

Pte

Ltd

4

.500

02/09/27

1,745

7,110,000

Dominion

Energy,

Inc

3

.600

03/15/27

6,639

8,325,000

e

Dominion

Energy,

Inc

4

.350

N/A‡

7,063

4,000,000

Dominion

Energy,

Inc

(Step

Bond)

3

.071

08/15/24

3,836

14,125,000

DTE

Electric

Co

1

.900

04/01/28

12,019

9,025,000

DTE

Electric

Co

3

.250

04/01/51

6,329

10,000,000

Duke

Energy

Florida

LLC

2

.500

12/01/29

8,452

4,000,000

Duke

Energy

Progress

LLC

3

.450

03/15/29

3,627

3,350,000

g

East

Ohio

Gas

Co

1

.300

06/15/25

3,008

8,850,000

Eastern

Energy

Gas

Holdings

LLC

2

.500

11/15/24

8,395

11,625,000

g

EDP

Finance

BV

3

.625

07/15/24

11,222

20,250,000

g

Electricite

de

France

S.A.

3

.625

10/13/25

19,451

11,735,000

Essential

Utilities,

Inc

2

.704

04/15/30

9,605

9,375,000

Essential

Utilities,

Inc

3

.351

04/15/50

6,163

2,800,000

e

Eversource

Energy

0

.800

08/15/25

2,476

9,885,000

Georgia

Power

Co

3

.250

04/01/26

9,264

8,700,000

Georgia

Power

Co

5

.125

05/15/52

7,843

8,096,850

g

India

Cleantech

Energy

4

.700

08/10/26

6,133

9,700,000

Interstate

Power

&

Light

Co

3

.500

09/30/49

6,915

10,100,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

9,100

24,325,000

g

Korea

Hydro

&

Nuclear

Power

Co

Ltd

3

.750

07/25/23

24,123

16,441,000

g

Liberty

Utilities

Finance

GP

2

.050

09/15/30

12,442

1,500,000

MidAmerican

Energy

Co

3

.100

05/01/27

1,390

1,000,000

MidAmerican

Energy

Co

3

.950

08/01/47

793

3,596,000

MidAmerican

Energy

Co

3

.150

04/15/50

2,445

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

328

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

4,300,000

g

Narragansett

Electric

Co

3

.919

%

08/01/28

$

4,001

12,350,000

National

Fuel

Gas

Co

5

.500

01/15/26

12,129

3,400,000

National

Fuel

Gas

Co

4

.750

09/01/28

3,135

11,250,000

National

Fuel

Gas

Co

2

.950

03/01/31

8,781

11,610,000

g

New

York

State

Electric

&

Gas

Corp

2

.150

10/01/31

8,992

3,000,000

g

NextEra

Energy

Operating

Partners

LP

4

.250

07/15/24

2,873

19,809,000

g

Niagara

Mohawk

Power

Corp

1

.960

06/27/30

15,288

9,732,000

g

Niagara

Mohawk

Power

Corp

4

.278

10/01/34

8,340

9,750,000

g

Niagara

Mohawk

Power

Corp

4

.119

11/28/42

7,456

8,400,000

g

Niagara

Mohawk

Power

Corp

5

.783

09/16/52

7,951

9,700,000

NiSource,

Inc

5

.000

06/15/52

8,466

5,250,000

Northwest

Natural

Gas

Co

3

.078

12/01/51

3,097

3,000,000

NorthWestern

Corp

4

.176

11/15/44

2,381

16,250,000

PacifiCorp

2

.900

06/15/52

10,398

7,113,000

Piedmont

Natural

Gas

Co,

Inc

3

.350

06/01/50

4,716

630,000

Public

Service

Co

of

Colorado

4

.750

08/15/41

553

5,000,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

3,505

2,975,000

Public

Service

Co

of

New

Hampshire

3

.600

07/01/49

2,251

1,379,000

Public

Service

Co

of

Oklahoma

2

.200

08/15/31

1,073

6,134,000

Public

Service

Electric

&

Gas

Co

3

.200

08/01/49

4,271

19,475,000

Public

Service

Enterprise

Group,

Inc

0

.800

08/15/25

17,129

10,000,000

Public

Service

Enterprise

Group,

Inc

1

.600

08/15/30

7,499

10,825,000

Puget

Energy,

Inc

4

.224

03/15/32

9,344

14,000,000

San

Diego

Gas

&

Electric

Co

2

.950

08/15/51

9,094

3,280,000

SCE

Recovery

Funding

LLC

1

.977

11/15/28

2,977

7,100,000

SCE

Recovery

Funding

LLC

2

.943

11/15/42

5,500

2,640,000

SCE

Recovery

Funding

LLC

3

.240

11/15/46

1,937

6,900,000

Sempra

Energy

4

.875

N/A‡

6,417

6,250,000

g

Sociedad

de

Transmision

Austral

S.A.

4

.000

01/27/32

5,066

21,141,380

g

Solar

Star

Funding

LLC

3

.950

06/30/35

19,546

20,019,691

g

Solar

Star

Funding

LLC

5

.375

06/30/35

19,901

750,000

e

Southern

California

Edison

Co

2

.750

02/01/32

594

5,000,000

Southern

California

Edison

Co

3

.450

02/01/52

3,362

10,348,000

Southern

Power

Co

4

.150

12/01/25

9,987

14,825,000

Southwestern

Electric

Power

Co

3

.250

11/01/51

9,420

5,613,000

Southwestern

Public

Service

Co

3

.750

06/15/49

4,241

18,650,000

Southwestern

Public

Service

Co

3

.150

05/01/50

12,724

19,415,720

g

Star

Energy

Geothermal

Wayang

Windu

Ltd

6

.750

04/24/33

17,620

15,643,058

g

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

12,322

16,612,000

g

TerraForm

Power

Operating

LLC

5

.000

01/31/28

14,636

17,370,989

g

Topaz

Solar

Farms

LLC

4

.875

09/30/39

15,113

9,776,284

g

Topaz

Solar

Farms

LLC

5

.750

09/30/39

8,994

8,305,191

g

UEP

Penonome

II

S.A.

6

.500

10/01/38

7,142

15,000,000

Union

Electric

Co

2

.150

03/15/32

11,584

8,325,000

Union

Electric

Co

2

.625

03/15/51

5,119

6,275,000

Union

Electric

Co

3

.900

04/01/52

4,927

3,775,000

g

Vistra

Corp

7

.000

N/A‡

3,296

10,975,000

Wisconsin

Electric

Power

Co

4

.750

09/30/32

10,577

11,875,000

Wisconsin

Power

and

Light

Co

3

.950

09/01/32

10,730

TOTAL

UTILITIES

760,913

TOTAL

CORPORATE

BONDS

2,380,593

(Cost

$2,864,005)

GOVERNMENT

BONDS

-

21.4%

AGENCY

SECURITIES

-

1.5%

3,787,000

Canal

Barge

Co,

Inc

4

.500

11/12/34

3,629

13,014,095

Crowley

Conro

LLC

4

.181

08/15/43

12,167

817,084

DY7

Leasing

LLC

2

.578

12/10/25

787

5,057,873

Ethiopian

Leasing

LLC

2

.566

08/14/26

4,728

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

329

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

23,000,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.375

%

05/05/23

$

22,489

18,700,000

FHLMC

0

.250

08/24/23

18,051

13,650,000

FHLMC

0

.250

09/08/23

13,142

23,636,000

FHLMC

0

.250

12/04/23

22,551

20,000,000

Federal

National

Mortgage

Association

(FNMA)

0

.250

07/10/23

19,402

8,000,000

FNMA

0

.625

04/22/25

7,290

18,880,000

FNMA

0

.875

08/05/30

14,767

5,950,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3

.000

06/30/25

5,721

3,375,000

i

India

Government

AID

Bond

LIBOR

3

M

+

0.100%

2

.882

02/01/27

3,299

15,240,000

Montefiore

Medical

Center

2

.895

04/20/32

14,134

580,900

Overseas

Private

Investment

Corp

(OPIC)

2

.040

12/15/26

561

10,975,434

OPIC

3

.220

09/15/29

10,419

5,038,383

OPIC

1

.790

10/15/29

4,541

15,744,948

OPIC

2

.360

10/15/29

14,493

2,598,250

OPIC

2

.930

05/15/30

2,440

4,293,950

OPIC

3

.040

05/15/30

4,049

11,066,372

OPIC

3

.430

06/01/33

10,353

5,187,806

OPIC

2

.450

07/15/38

4,419

4,000,000

Private

Export

Funding

Corp

(PEFCO)

3

.550

01/15/24

3,963

8,000,000

PEFCO

3

.250

06/15/25

7,702

12,224,886

Thirax  LLC

0

.968

01/14/33

10,057

3,854,506

Thirax

2

LLC

2

.320

01/22/34

3,343

1,775,000

United

States

International

Development

Finance

Corp

1

.440

04/15/28

1,534

1,000,000

United

States

International

Development

Finance

Corp

1

.650

04/15/28

873

8,406,168

United

States

International

Development

Finance

Corp

1

.630

07/15/38

6,709

2,386,000

US

Department

of

Housing

and

Urban

Development

(HUD)

2

.910

08/01/23

2,367

5,000,000

HUD

3

.535

08/01/36

4,339

TOTAL

AGENCY

SECURITIES

254,319

FOREIGN

GOVERNMENT

BONDS

-

3.4%

17,761,000

African

Development

Bank

0

.750

04/03/23

17,468

11,850,000

g

Arab

Petroleum

Investments

Corp

1

.483

10/06/26

10,479

9,500,000

Asian

Development

Bank

2

.125

03/19/25

8,989

6,500,000

Asian

Development

Bank

1

.750

08/14/26

5,894

19,194,000

Asian

Development

Bank

3

.125

09/26/28

18,019

12,500,000

Asian

Development

Bank

1

.500

03/04/31

10,262

EUR

7,925,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

5,624

12,400,000

g

BNG

Bank

NV

2

.625

02/27/24

12,097

CLP

9,475,000,000

g

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos

2

.300

10/01/28

7,602

5,500,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.375

05/27/24

5,139

1,900,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.625

02/18/26

1,671

4,750,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.375

01/20/31

3,814

5,000,000

g

Caisse

d'Amortissement

de

la

Dette

Sociale

2

.125

01/26/32

4,200

21,980,000

Canada

Government

International

Bond

2

.875

04/28/25

21,189

12,500,000

g

CDP

Financial,

Inc

1

.000

05/26/26

11,022

10,075,000

Chile

Government

International

Bond

3

.100

05/07/41

6,826

9,500,000

Chile

Government

International

Bond

3

.500

01/25/50

6,453

10,125,000

Council

Of

Europe

Development

Bank

3

.000

06/16/25

9,774

15,000,000

g

Development

Bank

of

Japan,

Inc

0

.500

03/04/24

14,170

19,500,000

European

Bank

for

Reconstruction

&

Development

1

.625

09/27/24

18,494

6,540,000

g

European

Investment

Bank

2

.875

06/13/25

6,299

3,750,000

e

European

Investment

Bank

2

.375

05/24/27

3,466

11,961,000

e

European

Investment

Bank

0

.625

10/21/27

10,040

3,750,000

e

European

Investment

Bank

3

.250

11/15/27

3,589

11,600,000

e

European

Investment

Bank

1

.625

10/09/29

9,888

19,749,000

European

Investment

Bank

0

.750

09/23/30

15,354

2,000,000

European

Investment

Bank

4

.875

02/15/36

2,144

10,875,000

Export

Development

Canada

3

.375

08/26/25

10,563

6,619,000

Inter-American

Development

Bank

0

.500

05/24/23

6,467

5,000,000

Inter-American

Development

Bank

1

.125

01/13/31

3,985

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

330

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

10,625,000

Inter-American

Investment

Corp

2

.625

%

04/22/25

$

10,153

3,215,000

i

International

Bank

for

Reconstruction

&

Development

3

.287

06/17/24

3,228

15,000,000

International

Bank

for

Reconstruction

&

Development

0

.625

04/22/25

13,654

14,750,000

International

Bank

for

Reconstruction

&

Development

3

.125

11/20/25

14,221

20,150,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/27

18,012

10,000,000

e

International

Bank

for

Reconstruction

&

Development

1

.625

11/03/31

8,209

17,150,000

g

International

Development

Association

2

.750

04/24/23

17,006

10,555,000

International

Finance

Corp

2

.000

10/24/22

10,548

10,205,000

International

Finance

Corp

0

.500

03/20/23

10,041

8,750,000

Japan

International

Cooperation

Agency

1

.750

04/28/31

7,117

12,500,000

g

Kommunalbanken

AS.

2

.125

02/11/25

11,886

9,200,000

i

Kreditanstalt

fuer

Wiederaufbau

SOFR

+

1.000%

3

.612

02/12/24

9,314

11,250,000

Kreditanstalt

fuer

Wiederaufbau

0

.250

03/08/24

10,618

9,537,000

Kreditanstalt

fuer

Wiederaufbau

1

.000

10/01/26

8,381

6,500,000

Kreditanstalt

fuer

Wiederaufbau

1

.750

09/14/29

5,591

13,000,000

Landwirtschaftliche

Rentenbank

0

.875

09/03/30

10,217

18,250,000

e,g

Nederlandse

Waterschapsbank

NV

1

.750

01/15/25

17,222

19,000,000

g

Nederlandse

Waterschapsbank

NV

2

.375

03/24/26

17,750

4,430,000

g

Nederlandse

Waterschapsbank

NV

1

.000

05/28/30

3,527

11,250,000

g

OMERS

Finance

Trust

3

.500

04/19/32

10,227

9,000,000

g

OMERS

Finance

Trust

4

.000

04/19/52

7,520

10,500,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

3

.900

08/20/24

10,385

10,690,000

Peruvian

Government

International

Bond

3

.000

01/15/34

8,027

10,000,000

Province

of

Quebec

Canada

2

.750

04/12/27

9,355

5,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

5,909

15,250,000

Province

of

Quebec

Canada

1

.900

04/21/31

12,626

10,000,000

Republic

of

Italy

Government

International

Bond

2

.875

10/17/29

8,165

7,750,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

5,507

TOTAL

FOREIGN

GOVERNMENT

BONDS

555,397

MORTGAGE

BACKED

-

6.2%

5,780,000

g,i

Connecticut

Avenue

Securities

Trust

4

.181

12/25/41

5,278

3,000,000

g,i

Connecticut

Avenue

Securities

Trust

6

.781

01/25/42

2,695

7,995,000

g,i

Connecticut

Avenue

Securities

Trust

5

.381

03/25/42

7,508

13,610,000

g,i

Connecticut

Avenue

Securities

Trust

6

.131

05/25/42

12,923

7,180,000

g,i

Connecticut

Avenue

Securities

Trust

6

.955

06/25/42

7,122

98,018

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4

.000

06/01/42

93

995,451

i

FHLMC

LIBOR

1

M

+

5.920%

3

.102

03/15/44

90

3,196,641

FHLMC

4

.000

10/01/47

3,029

1,880,857

FHLMC

4

.000

06/01/48

1,779

3,371,901

i

FHLMC

LIBOR

1

M

+

9.920%

5

.412

06/15/48

3,147

3,144,847

FHLMC

4

.000

07/01/48

2,973

2,324,775

i

FHLMC

LIBOR

1

M

+

9.840%

5

.332

10/15/48

2,116

9,194,584

FHLMC

3

.000

11/01/49

8,143

9,594,698

FHLMC

2

.000

09/25/50

1,131

17,706,832

FHLMC

2

.500

02/25/51

2,838

1,479,893

FHLMC

3

.000

11/01/51

1,302

12,630,244

FHLMC

3

.000

11/01/51

11,190

1,326,012

FHLMC

3

.000

11/01/51

1,181

1,795,879

FHLMC

3

.000

11/01/51

1,591

19,625,395

FHLMC

2

.000

02/01/52

15,966

23,625,337

FHLMC

2

.500

02/01/52

19,964

16,758,599

FHLMC

2

.500

03/01/52

14,151

20,687,062

FHLMC

2

.500

03/01/52

17,421

2,808,441

FHLMC

3

.000

04/01/52

2,458

10,067,767

FHLMC

4

.500

06/01/52

9,618

9,674,093

FHLMC

4

.500

07/01/52

9,242

1,525,117

FHLMC

4

.000

08/25/52

1,358

130

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

7

.000

05/01/23

0

^

3,829

FGLMC

8

.000

01/01/31

4

108,170

FGLMC

4

.500

07/01/33

106

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

331

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

805,462

FGLMC

7

.000

%

12/01/33

$

842

230,588

FGLMC

7

.000

05/01/35

239

515,332

FGLMC

5

.000

06/01/36

520

148,214

FGLMC

5

.000

07/01/39

150

220,779

FGLMC

4

.500

10/01/44

214

274,010

FGLMC

4

.500

11/01/44

266

481,474

FGLMC

4

.500

11/01/44

469

263,129

FGLMC

4

.500

12/01/44

256

359,836

FGLMC

4

.500

12/01/44

351

1,153,473

FGLMC

3

.500

04/01/45

1,061

4,489,173

FGLMC

3

.500

10/01/45

4,128

4,059,856

FGLMC

4

.000

12/01/45

3,871

574,723

FGLMC

4

.500

06/01/47

565

1,176,337

FGLMC

4

.000

09/01/47

1,118

847,885

FGLMC

3

.500

12/01/47

776

1,166,738

FGLMC

4

.000

07/01/48

1,104

3,551,790

FGLMC

4

.500

08/01/48

3,467

2,082

Federal

National

Mortgage

Association

(FNMA)

8

.000

07/01/24

2

13,885,379

i

FNMA

2

.851

02/25/27

12,961

3,181,538

i

FNMA

3

.412

06/25/28

2,989

15,250,000

i

FNMA

1

.515

11/25/30

12,103

15,500,000

i

FNMA

1

.292

01/25/31

12,042

1,179,904

FNMA

3

.500

05/01/32

1,122

1,307,224

FNMA

3

.000

10/01/32

1,218

1,273,682

FNMA

5

.000

05/01/35

1,284

846,518

FNMA

5

.000

10/01/35

853

634,234

FNMA

5

.000

02/01/36

638

1,179,896

FNMA

5

.500

11/01/38

1,219

160,370

FNMA

3

.000

05/01/40

143

509,914

FNMA

5

.000

09/01/40

514

1,184,241

FNMA

5

.000

05/01/41

1,194

14,935,567

FNMA

2

.000

03/01/42

12,483

795,881

FNMA

4

.000

09/01/42

756

1,634,762

i

FNMA

LIBOR

1

M

+

5.950%

2

.866

09/25/43

165

380,109

FNMA

4

.000

01/01/44

362

1,346,327

FNMA

4

.500

03/01/44

1,319

325,424

FNMA

4

.500

06/01/44

317

3,944,071

FNMA

4

.500

06/01/44

3,840

846,624

FNMA

4

.500

08/01/44

824

2,273,074

FNMA

4

.500

10/01/44

2,213

3,905,428

FNMA

4

.500

11/01/44

3,803

725,617

FNMA

5

.000

11/01/44

731

1,095,268

FNMA

4

.500

12/01/44

1,066

428,842

FNMA

4

.000

01/01/45

406

187,546

FNMA

4

.500

03/01/45

183

287,779

FNMA

4

.500

04/01/45

280

2,265,143

FNMA

3

.500

05/01/45

2,084

1,128,008

FNMA

4

.000

12/01/45

1,072

3,251,630

FNMA

3

.500

01/01/46

2,987

3,835,035

FNMA

4

.000

01/01/46

3,643

644,123

FNMA

4

.000

04/01/46

610

3,699,896

FNMA

3

.500

06/01/46

3,399

2,444,721

FNMA

3

.500

07/01/46

2,246

4,050,315

FNMA

3

.500

07/01/46

3,720

1,092,405

FNMA

3

.500

08/01/46

1,004

323,590

FNMA

3

.000

10/01/46

280

2,984,928

FNMA

3

.500

10/01/46

2,737

5,541,832

FNMA

3

.500

01/01/47

5,072

1,216,904

FNMA

4

.500

05/01/47

1,192

1,749,271

FNMA

4

.000

10/01/47

1,656

255,458

FNMA

3

.500

11/01/47

235

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

332

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

305,732

FNMA

4

.500

%

11/01/47

$

297

2,674,791

FNMA

4

.000

12/01/47

2,522

3,262,934

FNMA

3

.500

01/01/48

2,984

2,136,003

FNMA

4

.500

01/01/48

2,083

1,784,651

FNMA

4

.500

02/01/48

1,740

1,992,065

FNMA

4

.000

03/01/48

1,882

7,087,076

FNMA

4

.500

03/01/48

6,911

1,553,635

FNMA

4

.500

05/01/48

1,515

1,123,469

FNMA

4

.500

05/01/48

1,096

2,689,814

FNMA

5

.000

08/01/48

2,661

13,144,164

FNMA

3

.000

07/01/50

11,561

5,747,784

FNMA

2

.000

08/25/50

811

15,039,934

FNMA

2

.500

11/25/50

2,224

5,152,960

FNMA

3

.000

12/25/50

810

4,207,565

FNMA

3

.000

02/25/51

866

36,408,444

FNMA

2

.000

04/01/51

29,646

4,756,415

FNMA

3

.000

09/01/51

4,187

5,274,665

FNMA

2

.500

11/25/51

743

15,309,735

FNMA

2

.000

12/01/51

12,441

6,504,324

FNMA

2

.000

01/01/52

5,304

5,638,334

FNMA

2

.500

01/01/52

4,749

842,878

FNMA

3

.000

01/01/52

739

18,611,298

FNMA

2

.000

02/01/52

15,141

14,312,461

FNMA

2

.500

02/01/52

12,085

24,622,845

FNMA

2

.500

02/01/52

20,806

5,128,978

FNMA

3

.500

02/01/52

4,648

12,209,859

FNMA

2

.000

03/01/52

9,922

2,083,042

FNMA

2

.500

04/01/52

1,760

3,248,337

FNMA

3

.000

04/01/52

2,843

4,242,616

FNMA

3

.000

04/01/52

3,705

4,261,701

FNMA

3

.000

04/01/52

3,730

44,796,955

FNMA

3

.000

04/01/52

39,212

32,660,858

FNMA

3

.000

04/01/52

28,528

1,434,101

h

FNMA

3

.500

04/01/52

1,292

13,796,617

FNMA

3

.500

05/01/52

12,432

24,068,992

FNMA

4

.000

05/01/52

22,370

16,948,678

h

FNMA

3

.500

06/01/52

15,288

16,453,017

FNMA

4

.000

06/01/52

15,285

5,180,906

FNMA

4

.500

06/01/52

4,950

41,059,979

FNMA

4

.000

07/01/52

38,144

4,265,183

FNMA

4

.500

07/01/52

4,075

32,491,511

FNMA

4

.500

07/01/52

31,040

31,340,780

FNMA

5

.000

08/01/52

30,563

37,652

FNMA

4

.000

09/01/52

35

5,987,407

FNMA

5

.000

09/01/52

5,839

2,187,267

FNMA

4

.000

09/25/52

1,929

1,755,833

FNMA

4

.000

09/25/52

1,524

1,916,665

†

FNMA

4

.500

10/25/52

1,858

1,670,000

†

FNMA

4

.500

10/25/52

1,607

8,300,000

h

FNMA

6

.000

11/25/52

8,401

2,490,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.781

03/25/42

2,389

17,140,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.631

05/25/42

16,330

9,320,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.831

08/25/42

8,768

6,670,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.985

09/25/42

6,495

3,125,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

4

.581

08/25/33

3,031

14,000,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

4

.681

02/25/42

13,036

14,900,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.781

06/25/42

14,971

5,055,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.281

07/25/42

4,856

2,246,318

Government

National

Mortgage

Association

(GNMA)

2

.580

08/15/25

2,220

8,379,459

GNMA

2

.690

06/15/33

7,730

6,954,011

GNMA

3

.700

10/15/33

6,691

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

333

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

59,598

GNMA

5

.000

%

04/15/38

$

59

118,601

GNMA

6

.500

11/20/38

125

7,173,890

GNMA

3

.700

08/15/40

6,873

8,641,009

GNMA

2

.500

12/20/43

7,743

11,566,592

GNMA

2

.750

01/15/45

10,382

1,728,711

GNMA

4

.500

12/20/45

1,678

1,467,393

GNMA

4

.000

06/20/46

207

4,663,169

GNMA

3

.500

12/20/46

4,309

3,176,166

GNMA

3

.500

01/20/47

2,938

1,733,816

GNMA

3

.500

10/20/50

1,588

5,909,641

GNMA

3

.000

07/20/51

5,255

3,395,000

†

GNMA

4

.500

09/20/51

3,249

4,631,413

GNMA

2

.500

02/20/52

3,844

21,722,672

GNMA

2

.500

05/20/52

18,704

61,098,418

GNMA

3

.000

05/20/52

54,099

993,651

GNMA

3

.500

07/20/52

906

2,355,626

GNMA

4

.000

07/20/52

2,009

7,664,073

GNMA

4

.000

08/20/52

7,169

4,750,000

GNMA

4

.000

09/20/52

4,441

3,395,000

†

GNMA

4

.500

09/20/52

3,238

2,855,000

†

GNMA

4

.500

09/20/52

2,625

4,812,567

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

3,797

3,172,209

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

2,748

3,007,709

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

2,594

1,276,751

g,i

J.P.

Morgan

Mortgage

Trust

2

.927

05/25/52

984

2,591,807

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

11/25/52

2,153

3,436,337

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

12/25/52

2,765

6,746,133

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

5,348

10,415,635

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

8,858

10,431,709

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

8,460

5,377,483

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

4,361

4,939,104

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

4,018

TOTAL

MORTGAGE

BACKED

1,005,609

MUNICIPAL

BONDS

-

3.2%

4,500,000

g

Basin

Electric

Power

Coop

6

.127

06/01/41

4,691

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3

.060

04/01/25

1,131

3,000,000

California

Earthquake

Authority

1

.477

07/01/23

2,929

1,990,000

California

Health

Facilities

Financing

Authority

2

.984

06/01/33

1,621

915,000

California

Health

Facilities

Financing

Authority

4

.353

06/01/41

812

675,000

g

California

Municipal

Finance

Authority

4

.250

11/01/23

670

455,000

California

Municipal

Finance

Authority

2

.138

08/15/27

394

350,000

California

Municipal

Finance

Authority

2

.288

08/15/28

296

500,000

California

Municipal

Finance

Authority

3

.694

08/15/56

342

16,250,000

Chicago

Housing

Authority

4

.361

01/01/38

14,999

11,645,000

Chicago

Metropolitan

Water

Reclamation

District-

Greater

Chicago

5

.720

12/01/38

12,565

3,035,000

City

&

County

of

Honolulu

HI

2

.668

10/01/27

2,770

5,645,000

City

&

County

of

Honolulu

HI

3

.974

09/01/35

5,111

1,615,000

City

&

County

of

Honolulu

HI

4

.004

09/01/36

1,449

7,085,000

City

&

County

of

San

Francisco

CA

4

.000

04/01/47

5,910

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.000

09/01/48

4,424

5,465,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.482

09/01/50

3,918

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.091

09/01/36

286

1,105,000

City

of

Chicago

IL

7

.750

01/01/42

1,154

5,395,000

City

of

Chicago

IL

7

.750

01/01/42

5,750

1,250,000

City

of

Florence

SC

4

.250

12/01/34

1,163

1,000,000

City

of

Houston

TX

Combined

Utility

System

Revenue

3

.375

11/15/24

976

1,275,000

City

of

Houston

TX

Combined

Utility

System

Revenue

4

.172

11/15/38

1,141

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

334

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

7,500,000

City

of

Los

Angeles

CA

3

.880

%

09/01/38

$

6,572

7,190,000

City

of

Los

Angeles

CA

5

.000

09/01/42

6,899

5,850,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

4

.242

05/15/48

4,978

1,780,000

g

City

of

Miami

FL

4

.808

01/01/39

1,667

3,665,000

City

of

Norfolk

VA

3

.050

10/01/36

2,939

4,835,000

City

of

Oakland

CA

2

.070

01/15/29

4,094

3,345,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.000

11/01/26

3,155

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.950

11/01/36

3,356

8,615,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.303

11/01/39

7,044

23,050,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

2

.825

11/01/41

17,303

18,500,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

4

.185

11/01/46

15,726

1,000,000

City

of

San

Juan

Capistrano

CA

3

.700

08/01/31

927

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2

.999

11/01/43

4,344

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3

.079

11/01/43

4,278

2,730,000

Commonwealth

Financing

Authority

3

.864

06/01/38

2,325

7,650,000

County

of

Alameda

CA

3

.820

08/01/38

6,686

4,430,000

g

County

of

Fond

Du

Lac

WI

5

.569

11/01/51

4,235

3,500,000

g

County

of

Gallatin

MT

11

.500

09/01/27

3,650

1,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.218

10/01/22

1,500

12,015,000

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

3

.490

10/01/42

9,399

15,000

County

of

Saline

AR

3

.550

06/01/42

12

3,500,000

District

of

Columbia

3

.432

04/01/42

2,598

15,000,000

District

of

Columbia

Water

&

Sewer

Authority

4

.814

10/01/14

13,202

6,500,000

g

Florida

Development

Finance

Corp

7

.250

07/01/57

6,346

1,000,000

Grant

County

Public

Utility

District

No

2

5

.470

01/01/34

1,008

1,250,000

Grant

County

Public

Utility

District

No

2

4

.164

01/01/35

1,157

22,445,000

Grant

County

Public

Utility

District

No

2

2

.918

01/01/40

16,617

9,255,000

Grant

County

Public

Utility

District

No

2

3

.210

01/01/40

7,079

3,230,000

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

3

.056

07/01/39

2,514

16,915,000

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

3

.473

07/01/41

13,642

1,100,000

Guadalupe

Valley

Electric

Coop,

Inc

5

.671

10/01/32

1,144

210,000

Guadalupe-Blanco

River

Authority

Industrial

Development

Corp

3

.287

04/15/23

210

640,000

Henry

County

Water

Authority

3

.000

01/01/43

451

850,000

Henry

County

Water

Authority

3

.200

01/01/49

577

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2

.327

07/01/32

800

2,000,000

Kern

County

Water

Agency

Improvement

District

No

4

4

.276

05/01/36

1,869

6,430,000

Lavaca-Navidad

River

Authority

4

.430

08/01/35

6,132

8,655,000

Los

Angeles

Community

College

District

2

.106

08/01/32

6,787

1,025,000

Maine

State

Housing

Authority

2

.331

11/15/30

853

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3

.797

03/01/39

2,402

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.020

07/01/28

2,571

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.485

07/01/32

2,415

4,190,000

Massachusetts

St.

Water

Pollution

Abatement

5

.192

08/01/40

4,229

11,620,000

Metropolitan

Transportation

Authority

5

.175

11/15/49

10,376

2,000,000

Michigan

Finance

Authority

5

.000

07/01/31

2,040

7,400,000

New

Jersey

Economic

Development

Authority

5

.706

06/15/30

7,525

3,000,000

New

Jersey

Economic

Development

Authority

5

.756

06/15/31

3,049

3,375,000

New

Mexico

Finance

Authority

4

.090

06/15/38

2,938

4,065,000

New

York

City

Housing

Development

Corp

3

.119

08/01/38

3,071

2,500,000

New

York

City

Housing

Development

Corp

3

.720

11/01/39

2,027

1,225,000

New

York

State

Environmental

Facilities

Corp

3

.195

06/15/25

1,186

2,120,000

New

York

State

Environmental

Facilities

Corp

3

.520

07/15/27

2,032

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

335

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

17,500,000

New

York

Transportation

Development

Corp

5

.000

%

01/01/26

$

17,631

11,245,000

Ohio

State

Water

Development

Authority

4

.879

12/01/34

11,330

13,250,000

†,g,q

Oregon

State

Business

Development

Commission

6

.500

04/01/31

967

3,470,000

†,g

Oregon

State

Business

Development

Commission

9

.000

04/01/37

253

2,500,000

Palm

Beach

County

Solid

Waste

Authority

2

.636

10/01/24

2,410

4,615,000

Papio-Missouri

River

Natural

Resource

District

2

.088

12/15/24

4,428

4,500,000

Pend

Oreille

County

Public

Utility

District

No

Box

Canyon

5

.000

01/01/30

4,423

7,250,000

g

Pennsylvania

Economic

Development

Financing

Authority

10

.000

12/01/29

6,715

1,170,000

Pharr

Economic

Development

Corp

3

.513

08/15/30

1,057

1,140,000

Pharr

Economic

Development

Corp

3

.893

08/15/33

1,017

1,735,000

g

Public

Finance

Authority

7

.500

06/01/29

1,696

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1

.927

09/01/27

1,092

1,710,000

Redevelopment

Authority

of

the

City

of

Philadelphia

3

.172

09/01/41

1,290

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4

.375

08/01/44

1,616

3,870,000

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

3

.293

12/01/35

3,211

1,600,000

h

South

Dakota

Housing

Development

Authority

5

.460

05/01/53

1,608

36,330,000

State

of

California

3

.750

10/01/37

34,688

11,565,000

State

of

California

4

.600

04/01/38

10,829

10,050,000

State

of

California

4

.988

04/01/39

10,057

9,000,000

State

of

Illinois

5

.520

04/01/38

8,362

4,405,000

State

of

Michigan

3

.590

12/01/26

4,234

2,500,000

State

of

Ohio

5

.412

09/01/28

2,609

3,370,000

State

of

Texas

3

.726

08/01/43

3,354

3,000

State

of

Wisconsin

5

.700

05/01/26

3

1,650,000

†,g

Syracuse

Industrial

Development

Agency

5

.000

01/01/36

1,110

2,280,000

Tampa

Bay

Water

2

.612

10/01/25

2,166

3,225,000

Tampa

Bay

Water

2

.782

10/01/26

3,043

3,000,000

Tampa

Bay

Water

2

.952

10/01/27

2,836

1,255,000

Texas

Water

Development

Board

4

.248

10/15/35

1,193

5,880,000

Texas

Water

Development

Board

4

.340

10/15/48

5,123

4,170,000

Texas

Water

Development

Board

4

.648

04/15/50

3,888

5,000,000

Tuolumne

Wind

Project

Authority

6

.918

01/01/34

5,614

3,035,000

University

of

California

3

.809

05/15/28

2,864

11,400,000

University

of

California

4

.009

05/15/30

10,665

1,000,000

University

of

Cincinnati

3

.250

06/01/29

946

1,560,000

University

of

Cincinnati

3

.650

06/01/34

1,403

1,615,000

University

of

Cincinnati

3

.700

06/01/35

1,438

18,000,000

University

of

New

Mexico

3

.532

06/20/32

16,850

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.550

09/01/39

401

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.800

09/01/49

1,136

5,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4

.000

12/01/42

4,361

3,000,000

Vermont

Educational

&

Health

Buildings

Financing

Agency

4

.000

12/01/46

2,543

750,000

Village

of

Bellwood

IL

5

.375

12/01/32

704

4,500,000

Village

of

Bellwood

IL

6

.000

12/01/50

3,999

1,000,000

Washington

County

Clean

Water

Services

5

.078

10/01/24

1,010

TOTAL

MUNICIPAL

BONDS

522,611

U.S.

TREASURY

SECURITIES

-

7.1%

35,830,000

United

States

Treasury

Bond

2

.875

11/15/46

29,260

2,500,000

United

States

Treasury

Bond

3

.000

02/15/49

2,133

31,509,720

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/23

31,014

15,713,404

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/24

15,344

21,821,000

United

States

Treasury

Note

0

.125

10/31/22

21,777

10,350,000

United

States

Treasury

Note

0

.125

12/31/22

10,266

19,250,000

United

States

Treasury

Note

0

.125

03/31/23

18,897

3,780,000

United

States

Treasury

Note

0

.250

09/30/23

3,631

31,765,000

United

States

Treasury

Note

2

.875

09/30/23

31,356

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

336

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

6,100,000

United

States

Treasury

Note

2

.625

%

12/31/23

$

5,975

46,460,000

United

States

Treasury

Note

4

.250

09/30/24

46,482

1,525,000

United

States

Treasury

Note

2

.250

10/31/24

1,464

18,530,000

United

States

Treasury

Note

3

.500

09/15/25

18,152

1,500,000

United

States

Treasury

Note

0

.375

12/31/25

1,326

18,842,000

United

States

Treasury

Note

2

.500

02/28/26

17,809

150,358,000

United

States

Treasury

Note

3

.125

08/31/27

144,226

15,031,000

United

States

Treasury

Note

0

.500

10/31/27

12,583

35,275,000

United

States

Treasury

Note

0

.625

11/30/27

29,652

28,250,000

United

States

Treasury

Note

1

.125

08/31/28

23,916

40,085,000

United

States

Treasury

Note

3

.125

08/31/29

38,043

308,200,000

United

States

Treasury

Note

2

.750

08/15/32

281,810

14,508,000

United

States

Treasury

Note

1

.875

02/15/41

10,276

4,700,000

United

States

Treasury

Note

2

.250

05/15/41

3,553

232,705,800

United

States

Treasury

Note

2

.375

02/15/42

178,311

29,796,000

United

States

Treasury

Note

3

.250

05/15/42

26,444

36,151,000

United

States

Treasury

Note

3

.375

08/15/42

32,745

65,008,000

United

States

Treasury

Note

2

.250

02/15/52

47,232

90,227,500

United

States

Treasury

Note

2

.875

05/15/52

75,664

TOTAL

U.S.

TREASURY

SECURITIES

1,159,341

TOTAL

GOVERNMENT

BONDS

3,497,277

(Cost

$3,871,293)

STRUCTURED

ASSETS

-

4.6%

ASSET

BACKED

-

1.4%

900,000

g

AMSR

Trust

3

.148

01/19/39

804

Series

-

2019

SFR1

(Class

C)

800,000

g

AMSR

Trust

3

.247

01/19/39

708

Series

-

2019

SFR1

(Class

D)

2,000,000

g,i

BFLD

Trust

LIBOR

1

M

+

2.100%

4

.918

10/15/35

1,895

Series

-

2020

EYP

(Class

C)

256,399

i

C-BASS

Trust

LIBOR

1

M

+

0.160%

3

.244

07/25/36

244

Series

-

2006

CB6

(Class

A1)

2,950,150

i

Chase

Funding

Loan

Acquisition

Trust

LIBOR

1

M

+

0.855%

3

.939

06/25/34

2,739

Series

-

2004

OPT1

(Class

M1)

1,861,157

Delta

Air

Lines

Pass

Through

Trust

4

.250

07/30/23

1,817

Series

-

2015

1

(Class

B)

7,150,000

Delta

Air

Lines

Pass

Through

Trust

3

.204

04/25/24

6,908

Series

-

2019

1

(Class

AA)

4,402,061

Delta

Air

Lines

Pass

Through

Trust

2

.000

06/10/28

3,734

Series

-

2020

1

(Class

AA)

18,677,176

Delta

Air

Lines

Pass

Through

Trust

2

.500

06/10/28

15,652

Series

-

2020

1

(Class

A)

104,428

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

4

.184

05/25/37

104

Series

-

2007

2

(Class

A2C)

3,534,080

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.100

05/20/48

2,890

Series

-

2021

3CS

(Class

A)

3,848,694

g

GoodLeap

Sustainable

Home

Solutions

Trust

1

.930

07/20/48

3,091

Series

-

2021

4GS

(Class

A)

13,907,585

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.310

10/20/48

11,558

Series

-

2021

5CS

(Class

A)

4,906,190

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.700

01/20/49

4,133

Series

-

2022

1GS

(Class

A)

3,231,175

g

GoodLeap

Sustainable

Home

Solutions

Trust

2

.940

01/20/49

2,674

Series

-

2022

1GS

(Class

B)

15,295,457

g

GoodLeap

Sustainable

Home

Solutions

Trust

4

.950

07/20/49

14,648

Series

-

2022

3CS

(Class

A)

8,297,000

g

Grace

Trust

2

.347

12/10/40

6,397

Series

-

2020

GRCE

(Class

A)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

337

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,557,311

g

HERO

Funding

Trust

3

.840

%

09/21/40

$

2,510

Series

-

2015

1A

(Class

A)

689,240

g

HERO

Funding

Trust

3

.990

09/21/40

638

Series

-

2014

2A

(Class

A)

1,254,877

g

HERO

Funding

Trust

3

.750

09/20/41

1,213

Series

-

2016

2A

(Class

A)

1,166,666

g

HERO

Funding

Trust

4

.050

09/20/41

1,128

Series

-

2016

1A

(Class

A)

436,885

g

HERO

Funding

Trust

3

.080

09/20/42

410

Series

-

2016

3A

(Class

A1)

3,356,357

g

HERO

Funding

Trust

3

.710

09/20/47

3,138

Series

-

2017

1A

(Class

A1)

3,352,311

g

HERO

Funding

Trust

3

.190

09/20/48

3,023

Series

-

2017

3A

(Class

A1)

781,457

g

HERO

Funding

Trust

3

.280

09/20/48

717

Series

-

2017

2A

(Class

A1)

3,674,337

g

HERO

Funding

Trust

4

.670

09/20/48

3,506

Series

-

2018

1A

(Class

A2)

2,776,150

g

HERO

Funding

Trust

2

.240

09/20/51

2,393

Series

-

2021

1A

(Class

A)

14,710

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

14

Series

-

2003

1

(Class

M1)

1,291,815

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

0.950%

3

.943

03/17/37

1,279

Series

-

2018

SFR1

(Class

B)

599,972

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

4

.243

01/17/38

588

Series

-

2018

SFR4

(Class

B)

3,523,480

g

Loanpal

Solar

Loan

Ltd

2

.290

01/20/48

2,890

Series

-

2021

1GS

(Class

A)

5,958,448

g

Loanpal

Solar

Loan

Ltd

2

.220

03/20/48

4,739

Series

-

2021

2GS

(Class

A)

2,353,592

†,g

Mosaic

Solar

Loan

Trust

0

.000

04/20/46

1,923

Series

-

2020

1A

(Class

R)

1,497,631

g

Mosaic

Solar

Loan

Trust

2

.100

04/20/46

1,291

Series

-

2020

1A

(Class

A)

2,072,615

g

Mosaic

Solar

Loan

Trust

3

.100

04/20/46

1,822

Series

-

2020

1A

(Class

B)

2,365,839

g

Mosaic

Solar

Loan

Trust

2

.050

12/20/46

1,861

Series

-

2021

1A

(Class

B)

3,564,005

g

Mosaic

Solar

Loan

Trust

1

.440

06/20/52

2,883

Series

-

2021

3A

(Class

A)

3,277,030

g

Mosaic

Solar

Loans

LLC

3

.820

06/22/43

3,019

Series

-

2017

2A

(Class

A)

3,732,278

g

Mosaic

Solar

Loans

LLC

1

.640

04/22/47

3,060

Series

-

2021

2A

(Class

A)

750,000

g

Progress

Residential

Trust

2

.711

11/17/40

600

Series

-

2021

SFR9

(Class

D)

2,179,981

g

Renew

3

.670

09/20/52

1,956

Series

-

2017

1A

(Class

A)

4,635,975

g

Renew

3

.950

09/20/53

4,227

Series

-

2018

1

(Class

A)

4,285,882

g

Renew

2

.060

11/20/56

3,638

Series

-

2021

1

(Class

A)

5,885,746

SCE

Recovery

Funding

LLC

0

.861

11/15/31

4,814

10,444

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

3

.984

09/25/34

10

Series

-

2004

8

(Class

M1)

6,923,532

g

Sunnova

Helios

VII

Issuer

LLC

2

.030

10/20/48

5,861

Series

-

2021

C

(Class

A)

3,884,311

g

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,425

Series

-

2022

A

(Class

A)

2,744,155

g

Sunrun

Athena

Issuer

LLC

5

.310

04/30/49

2,567

Series

-

2018

1

(Class

A)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

338

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

8,992,131

g

Sunrun

Atlas

Issuer

LLC

3

.610

%

02/01/55

$

7,960

Series

-

2019

2

(Class

A)

5,864,807

g

Sunrun

Callisto

Issuer

LLC

2

.270

01/30/57

4,517

Series

-

2021

2A

(Class

A)

7,210,976

g

Sunrun

Jupiter

Issuer

LLC

4

.750

07/30/57

6,539

Series

-

2022

1A

(Class

A)

5,400,000

g

Tesla

Auto

Lease

Trust

0

.560

03/20/25

5,208

Series

-

2021

A

(Class

A3)

6,650,000

g

Tesla

Auto

Lease

Trust

0

.660

03/20/25

6,328

Series

-

2021

A

(Class

A4)

6,250,000

g

Tesla

Auto

Lease

Trust

1

.180

03/20/25

5,918

Series

-

2021

A

(Class

C)

4,500,000

g

Tesla

Auto

Lease

Trust

0

.600

09/22/25

4,219

Series

-

2021

B

(Class

A3)

5,000,000

g

Tesla

Auto

Lease

Trust

0

.630

09/22/25

4,651

Series

-

2021

B

(Class

A4)

9,500,000

Toyota

Auto

Receivables

Owner

Trust

0

.260

11/17/25

9,102

Series

-

2021

B

(Class

A3)

9,900,000

Toyota

Auto

Receivables

Owner

Trust

0

.530

10/15/26

9,003

Series

-

2021

B

(Class

A4)

475,000

g

Tricon

American

Homes

Trust

2

.049

07/17/38

408

Series

-

2020

SFR1

(Class

B)

13,952,092

g

Vivint

Colar

Financing

V

LLC

4

.730

04/30/48

12,329

Series

-

2018

1A

(Class

A)

4,823,972

g

Vivint

Solar

Financing

VII

LLC

2

.210

07/31/51

3,912

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

231,233

OTHER

MORTGAGE

BACKED

-

3.2%

85,863

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

78

Series

-

2015

6

(Class

A9)

4,075,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

5

.068

04/15/34

3,803

Series

-

2021

ACEN

(Class

C)

2,115,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

1,412

Series

-

2021

8

(Class

A3)

5,000,000

g

BANK

2

.500

10/17/52

3,394

Series

-

2019

BN21

(Class

D)

6,500,000

i

BANK

3

.517

10/17/52

5,141

Series

-

2019

BN21

(Class

C)

8,000,000

i

BANK

3

.576

11/15/62

6,442

Series

-

2019

BN22

(Class

C)

4,940,000

g,i

BBCMS

Mortgage

Trust

4

.409

08/05/38

3,495

Series

-

2018

CHRS

(Class

E)

12,500,000

g

BBCMS

Trust

3

.593

09/15/32

12,479

Series

-

2015

MSQ

(Class

A)

3,600,000

g

BBCMS

Trust

3

.894

09/15/32

3,594

Series

-

2015

MSQ

(Class

B)

2,750,000

g

BBCMS

Trust

4

.798

08/10/35

2,411

Series

-

2015

SRCH

(Class

C)

3,000,000

g,i

BBCMS

Trust

3

.811

02/15/53

2,410

Series

-

2020

C6

(Class

F5TA)

8,870,000

g,i

Benchmark

Mortgage

Trust

4

.029

03/15/62

6,710

Series

-

2019

B10

(Class

3CCA)

5,200,000

g

BMO

360A

3

.776

02/15/42

4,283

Series

-

2022

C1

(Class

360A)

10,478,112

g,i

BX

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.197%

4

.015

10/15/38

9,899

Series

-

2021

XL2

(Class

C)

6,000,000

g,i

BX

Commercial

Mortgage

Trust

4

.685

01/17/39

5,770

Series

-

2022

AHP

(Class

B)

5,000,000

g,i

BX

TRUST

4

.335

01/17/39

4,857

Series

-

2022

AHP

(Class

AS)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

339

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,901,500

g,i

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5

.703

%

06/25/34

$

2,691

Series

-

2017

Q005

(Class

B)

2,000,000

i

CD

Mortgage

Trust

3

.879

11/10/49

1,788

Series

-

2016

CD2

(Class

B)

1,000,000

g,i

Century

Plaza

Towers

3

.097

11/13/39

777

Series

-

2019

CPT

(Class

B)

2,000,000

i

Citigroup

Commercial

Mortgage

Trust

4

.279

04/10/48

1,852

Series

-

2015

GC29

(Class

C)

2,000,000

Citigroup

Commercial

Mortgage

Trust

3

.300

11/10/52

1,698

Series

-

2019

GC43

(Class

AS)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3

.018

08/10/56

1,356

Series

-

2019

GC41

(Class

AS)

3,000,000

g,i

Cityline

Commercial

Mortgage

Trust

2

.871

11/10/31

2,890

Series

-

2016

CLNE

(Class

A)

3,740,000

g,i

COMM

Mortgage

Trust

3

.527

10/10/29

3,498

Series

-

2017

PANW

(Class

B)

3,000,000

g,i

COMM

Mortgage

Trust

3

.712

10/10/29

2,780

Series

-

2017

PANW

(Class

C)

5,120,000

g

COMM

Mortgage

Trust

4

.353

08/10/30

5,044

Series

-

2013

300P

(Class

A1)

4,375,000

g

COMM

Mortgage

Trust

3

.376

01/10/39

3,741

Series

-

2022

HC

(Class

C)

3,500,000

g,i

COMM

Mortgage

Trust

4

.207

03/10/48

3,076

Series

-

2015

CR22

(Class

D)

1,100,000

i

COMM

Mortgage

Trust

4

.428

05/10/48

1,027

Series

-

2015

CR23

(Class

C)

1,000,000

i

COMM

Mortgage

Trust

4

.428

05/10/48

853

Series

-

2015

CR23

(Class

D)

2,500,000

i

COMM

Mortgage

Trust

3

.463

08/10/48

2,102

Series

-

2015

CR24

(Class

D)

1,000,000

COMM

Mortgage

Trust

3

.263

08/15/57

845

Series

-

2019

GC44

(Class

AM)

6,000,000

g,i

Commercial

Mortgage

Pass

Through

Certificates

3

.896

01/10/39

5,088

Series

-

2022

HC

(Class

D)

1,254,307

i

Connecticut

Avenue

Securities

Trust

LIBOR

1

M

+

2.600%

5

.684

05/25/24

1,252

Series

-

2014

C02

(Class

1M2)

1,366,126

i

Connecticut

Avenue

Securities

Trust

LIBOR

1

M

+

3.000%

6

.084

07/25/24

1,373

Series

-

2014

C03

(Class

1M2)

1,155,000

g,i

Connecticut

Avenue

Securities

Trust

3

.831

10/25/41

1,099

Series

-

2021

R01

(Class

1M2)

2,800,000

g,i

Connecticut

Avenue

Securities

Trust

5

.581

11/25/41

2,538

Series

-

2021

R02

(Class

2B1)

12,380,000

g,i

Connecticut

Avenue

Securities

Trust

5

.781

03/25/42

11,797

Series

-

2022

R03

(Class

1M2)

2,830,000

g,i

Connecticut

Avenue

Securities

Trust

5

.281

04/25/42

2,618

Series

-

2022

R05

(Class

2M2)

4,203,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

5

.905

07/25/42

3,990

Series

-

2022

R08

(Class

1M2)

15,000,000

g

CPT

Mortgage

Trust

2

.865

11/13/39

12,258

Series

-

2019

CPT

(Class

A)

2,000,000

g,i

CPT

Mortgage

Trust

3

.097

11/13/39

1,414

Series

-

2019

CPT

(Class

E)

5,000,000

g,i

Credit

Suisse

Commercial

Mortgage

Trust

3

.854

11/10/32

4,647

Series

-

2017

CALI

(Class

B)

3,423,694

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

2,880

Series

-

2021

NQM8

(Class

A3)

6,100,000

g,i

CSAIL

Commercial

Mortgage

Trust

3

.800

06/15/37

5,083

Series

-

2017

C8

(Class

85BB)

6,650,000

g,i

CSAIL

Commercial

Mortgage

Trust

3

.800

06/15/37

5,784

Series

-

2017

C8

(Class

85BA)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

340

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

2,000,000

g,i

CSMC

Series

3

.388

%

10/25/59

$

1,749

Series

-

2019

NQM1

(Class

M1)

102,725,000

g,i

DOLP

Trust

0

.665

05/10/41

4,236

Series

-

2021

NYC

(Class

X)

7,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

1.320%

4

.138

11/15/38

7,105

Series

-

2021

ELP

(Class

C)

7,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.118%

4

.936

11/15/38

7,017

Series

-

2021

ELP

(Class

E)

534,877

g,i

Flagstar

Mortgage

Trust

4

.044

10/25/47

483

Series

-

2017

2

(Class

B3)

54,467

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

52

Series

-

2018

5

(Class

A11)

1,462,865

g,i

Flagstar

Mortgage

Trust

2

.500

04/25/51

1,154

Series

-

2021

2

(Class

A4)

4,500,011

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

3,551

Series

-

2021

4

(Class

A21)

12,175,838

g,i

Flagstar

Mortgage

Trust

3

.000

10/25/51

10,102

Series

-

2021

10IN

(Class

A1)

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1

.878

01/25/31

8,483

Series

-

2021

P009

(Class

A2)

7,324,000

i

Freddie

Mac

Multiclass

Certificates

Series

2

.852

02/25/32

6,405

Series

-

2022

P013

(Class

A2)

6,732,208

Freddie

Mac

Multifamily

ML

Certificates

1

.877

07/25/37

5,131

Series

-

2021

ML08

(Class

)

40,038,594

i

Freddie

Mac

Multifamily

ML

Certificates

1

.779

11/25/37

5,394

Series

-

2021

ML08

(Class

XCA)

3,185,729

Freddie

Mac

Multifamily

ML

Certificates

1

.896

11/25/37

2,435

Series

-

2021

ML08

(Class

)

16,633,104

Freddie

Mac

Multifamily

ML

Certificates

2

.340

07/25/41

13,205

Series

-

2021

ML12

(Class

AUS)

1,024,998

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.518

09/25/35

767

Series

-

2020

Q012

(Class

A3)

4,706,526

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.555

01/25/36

3,799

Series

-

2020

Q014

(Class

A1)

16,651,350

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3

.150

10/15/36

14,361

Series

-

2022

M068

(Class

A)

1,750,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4

.013

04/15/37

1,657

Series

-

2022

M069

(Class

A)

6,095,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1

.761

09/15/38

4,866

Series

-

2020

M061

(Class

A)

6,140,000

g,i

Freddie

Mac

STACR

REMIC

Trust

5

.181

04/25/42

5,810

Series

-

2022

DNA3

(Class

M1B)

2,972,000

g,i

GS

Mortgage

Securities

Corp

II

5

.067

03/10/33

2,644

Series

-

2018

GS10

(Class

WLSC)

2,000,000

g,i

GS

Mortgage

Securities

Trust

LIBOR

1

M

+

1.090%

3

.910

10/15/31

1,980

Series

-

2018

HART

(Class

A)

3,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

2,694

Series

-

2016

GS3

(Class

AS)

830,000

i

GS

Mortgage

Securities

Trust

4

.079

11/10/49

715

Series

-

2016

GS4

(Class

C)

963,064

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.500

07/25/50

843

Series

-

2020

PJ2

(Class

A4)

388,210

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

328

Series

-

2020

PJ4

(Class

A4)

305,526

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

255

Series

-

2020

PJ5

(Class

A4)

988,592

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

781

Series

-

2020

PJ6

(Class

A4)

2,876,047

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

2,269

Series

-

2021

PJ5

(Class

A4)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

341

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

5,115,066

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

%

06/25/52

$

4,135

Series

-

2022

PJ2

(Class

A36)

2,450,473

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

1,981

Series

-

2022

PJ4

(Class

A36)

419,357

g,i

GS

Mortgage-Backed

Securities

Trust

3

.654

05/25/50

337

Series

-

2020

PJ1

(Class

B2)

1,158,699

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

901

Series

-

2021

PJ2

(Class

A4)

8,505,520

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

6,692

Series

-

2021

PJ6

(Class

A4)

10,828,166

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

8,543

Series

-

2021

PJ7

(Class

A4)

4,937,262

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

3,896

Series

-

2021

PJ8

(Class

A4)

5,551,704

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

4,468

Series

-

2022

PJ5

(Class

A36)

635,326

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

3

.613

08/19/45

585

Series

-

2005

11

(Class

2A1A)

6,000,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

5,392

Series

-

2016

10HY

(Class

A)

5,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.076

08/10/38

4,405

Series

-

2016

10HY

(Class

B)

5,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.076

08/10/38

4,323

Series

-

2016

10HY

(Class

C)

7,000,000

g

Hudson

Yards

Mortgage

Trust

3

.228

07/10/39

6,070

Series

-

2019

30HY

(Class

A)

1,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.041

12/10/41

766

Series

-

2019

55HY

(Class

D)

7,000,000

g,i

Hudson

Yards

Mortgage

Trust

3

.041

12/10/41

5,171

Series

-

2019

55HY

(Class

E)

147,105

i

Impac

CMB

Trust

LIBOR

1

M

+

0.660%

3

.744

03/25/35

139

Series

-

2004

11

(Class

2A1)

480,000

g,i

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

416

Series

-

2020

NQM1

(Class

M1)

2,000,000

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.170%

4

.988

10/15/33

1,885

Series

-

2020

609M

(Class

C)

1,951,533

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

3

.413

12/25/44

1,897

Series

-

2015

1

(Class

B1)

89,439

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

82

Series

-

2015

3

(Class

A19)

480,995

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

426

Series

-

2015

6

(Class

A13)

219,650

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

198

Series

-

2016

1

(Class

A13)

234,744

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

209

Series

-

2017

2

(Class

A13)

250,206

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

218

Series

-

2018

3

(Class

A13)

168,470

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

148

Series

-

2018

4

(Class

A13)

865,485

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

754

Series

-

2018

5

(Class

A13)

870,419

g,i

JP

Morgan

Mortgage

Trust

3

.124

10/26/48

833

Series

-

2017

5

(Class

A2)

107,757

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

101

Series

-

2018

8

(Class

A13)

211,283

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

197

Series

-

2018

9

(Class

A13)

229,810

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

217

Series

-

2019

1

(Class

A15)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

342

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

35,421

g,i

JP

Morgan

Mortgage

Trust

4

.000

%

05/25/49

$

34

Series

-

2019

1

(Class

A3)

509,004

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

4

.034

10/25/49

503

Series

-

2019

INV1

(Class

A11)

1,591,131

g,i

JP

Morgan

Mortgage

Trust

3

.836

06/25/50

1,293

Series

-

2020

1

(Class

B2)

4,449,182

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

3,482

Series

-

2021

6

(Class

A15)

2,327,600

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

1,821

Series

-

2021

7

(Class

A15)

2,958,970

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

2,335

Series

-

2021

8

(Class

A15)

1,256,746

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

988

Series

-

2021

10

(Class

A15)

4,192,865

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

3,308

Series

-

2021

11

(Class

A15)

1,161,825

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

917

Series

-

2021

12

(Class

A15)

1,926,723

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

1,520

Series

-

2021

14

(Class

A15)

6,078,684

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

4,796

Series

-

2021

15

(Class

A15)

7,306,797

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

5,907

Series

-

2022

2

(Class

A25)

6,643,590

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

5,782

Series

-

2022

LTV2

(Class

A6)

5,000,000

g

Liberty

Street

Trust

3

.597

02/10/36

4,580

Series

-

2016

225L

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.294

08/15/34

3,768

Series

-

2017

330M

(Class

A)

4,000,000

g,i

MAD

Mortgage

Trust

3

.478

08/15/34

3,719

Series

-

2017

330M

(Class

B)

2,000,000

g,i

Manhattan

West

2

.413

09/10/39

1,621

Series

-

2020

1MW

(Class

C)

2,000,000

g

Manhattan

West

Mortgage

Trust

2

.130

09/10/39

1,696

Series

-

2020

1MW

(Class

A)

2,169,000

g,i

Menora

Mivtachim

Holdings

Ltd

4

.070

02/15/42

1,481

Series

-

2022

C1

(Class

360D)

132,584

†,i

Morgan

Stanley

Capital

I

Trust

6

.282

12/12/49

67

Series

-

2007

IQ16

(Class

AJFX)

984,371

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

844

Series

-

2021

4

(Class

A4)

3,991,261

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

3,149

Series

-

2021

5

(Class

A9)

3,026,039

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

2,614

Series

-

2021

6

(Class

A4)

2,581,705

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

2,037

Series

-

2021

6

(Class

A9)

3,000,000

g,i

MSDB

Trust

3

.427

07/11/39

2,647

Series

-

2017

712F

(Class

A)

5,750,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.500%

4

.318

07/15/36

5,662

Series

-

2019

MILE

(Class

A)

4,250,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

2.200%

5

.018

07/15/36

4,145

Series

-

2019

MILE

(Class

C)

9,800,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

3.500%

6

.318

07/15/36

9,361

Series

-

2019

MILE

(Class

E)

1,500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

4.250%

7

.068

07/15/36

1,419

Series

-

2019

MILE

(Class

F)

518,247

g,i

New

Residential

Mortgage

Loan

Trust

2

.797

09/25/59

475

Series

-

2019

NQM4

(Class

A3)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

343

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

470,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

%

09/25/59

$

394

Series

-

2019

NQM4

(Class

M1)

54,034

i

New

York

Mortgage

Trust

LIBOR

1

M

+

0.480%

3

.564

02/25/36

53

Series

-

2005

3

(Class

A1)

5,358,345

g,i

OBX

Trust

2

.500

07/25/51

4,228

Series

-

2021

J2

(Class

A19)

364,127

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

3

.734

06/25/57

354

Series

-

2018

1

(Class

A2)

1,635,161

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

1,290

Series

-

2021

1

(Class

A19)

11,800,000

g

One

Bryant

Park

Trust

2

.516

09/15/54

9,719

Series

-

2019

OBP

(Class

A)

4,699,000

g

One

Market

Plaza

Trust

3

.614

02/10/32

4,546

Series

-

2017

1MKT

(Class

A)

1,000,000

g

One

Market

Plaza

Trust

3

.845

02/10/32

959

Series

-

2017

1MKT

(Class

B)

4,693,323

g,i

RCKT

Mortgage

Trust

2

.500

09/25/51

3,703

Series

-

2021

4

(Class

A21)

7,260,118

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

5,728

Series

-

2022

2

(Class

A22)

5,585,276

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

4,666

Series

-

2022

4

(Class

A22)

467,817

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

415

Series

-

2015

2

(Class

A1)

199,529

g,i

Sequoia

Mortgage

Trust

3

.500

06/25/46

180

Series

-

2016

1

(Class

A19)

446,779

g,i

Sequoia

Mortgage

Trust

3

.500

04/25/47

393

Series

-

2017

3

(Class

A19)

676,121

g,i

Sequoia

Mortgage

Trust

3

.719

09/25/47

586

Series

-

2017

6

(Class

B1)

102,205

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/48

92

Series

-

2018

2

(Class

A19)

13,059

g,i

Sequoia

Mortgage

Trust

4

.000

09/25/48

12

Series

-

2018

7

(Class

A19)

79,908

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

77

Series

-

2019

2

(Class

A19)

193,358

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

172

Series

-

2019

5

(Class

A19)

1,505,154

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

1,217

Series

-

2020

3

(Class

A19)

2,926,778

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

2,309

Series

-

2021

4

(Class

A19)

305,680

g,i

Shellpoint

Co-Originator

Trust

3

.500

10/25/47

276

Series

-

2017

2

(Class

A1)

78,068,000

g,i

SLG

Office

Trust

0

.258

07/15/41

1,299

Series

-

2021

OVA

(Class

X)

6,640,000

g

SLG

Office

Trust

2

.585

07/15/41

5,337

Series

-

2021

OVA

(Class

A)

5,350,000

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

4

.381

10/25/33

5,104

Series

-

2021

DNA3

(Class

M2)

58,931

g,i

STACR

3

.763

02/25/48

57

Series

-

2018

SPI1

(Class

M2)

74,055

g,i

STACR

3

.840

05/25/48

71

Series

-

2018

SPI2

(Class

M2)

1,125,000

g,i

STWD

Mortgage

Trust

LIBOR

1

M

+

1.257%

4

.075

11/15/36

1,073

Series

-

2021

LIH

(Class

AS)

4,000,000

g

SUMIT

Mortgage

Trust

2

.789

02/12/41

3,349

Series

-

2022

BVUE

(Class

A)

982,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

902

Series

-

2019

4

(Class

M1)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

344

College

Retirement

Equities

Fund

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

(000)

$

557,945

g

Verus

Securitization

Trust

1

.733

%

05/25/65

$

509

Series

-

2020

5

(Class

A3)

2,789,408

g,i

Verus

Securitization

Trust

2

.240

10/25/66

2,305

Series

-

2021

7

(Class

A3)

59,049

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

57

Series

-

2019

2

(Class

A17)

273,981

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

225

Series

-

2020

4

(Class

A17)

7,214,527

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

5,692

Series

-

2021

2

(Class

A17)

2,479,313

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

1,956

Series

-

2022

2

(Class

A18)

170,650

g,i

WinWater

Mortgage

Loan

Trust

3

.926

06/20/44

145

Series

-

2014

1

(Class

B4)

3,554,578

g,i

Woodward

Capital

Management

3

.000

05/25/52

2,861

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

513,955

TOTAL

STRUCTURED

ASSETS

745,188

(Cost

$860,567)

TOTAL

BONDS

6,623,058

(Cost

$7,595,865)

SHARES

COMPANY

COMMON

STOCKS

-

57.1%

AUTOMOBILES

&

COMPONENTS

-

1.6%

229,881

*

American

Axle

&

Manufacturing

Holdings,

Inc

1,570

130,032

*

Aptiv

plc

10,170

168,484

Bayerische

Motoren

Werke

AG.

11,419

70,988

Bayerische

Motoren

Werke

AG.

(Preference)

4,610

14,525

BorgWarner,

Inc

456

462,133

Cie

Generale

des

Etablissements

Michelin

S.C.A

10,354

283,563

Daimler

AG.

(Registered)

14,339

275,872

*,e

Lordstown

Motors

Corp

505

212,095

e

Magna

International,

Inc

10,062

39,191

*

Modine

Manufacturing

Co

507

492

*,e

Rivian

Automotive,

Inc

16

582,355

*

Tesla,

Inc

154,470

2,750,800

*

Toyota

Motor

Corp

35,954

243,482

Valeo

S.A.

3,679

TOTAL

AUTOMOBILES

&

COMPONENTS

258,111

BANKS

-

2.9%

2,364

e

Ameris

Bancorp

106

1,089,980

e

Australia

&

New

Zealand

Banking

Group

Ltd

15,956

3,171,172

Banco

Bilbao

Vizcaya

Argentaria

S.A.

14,225

1,159,504

Bank

Hapoalim

Ltd

9,788

231,467

Bank

of

Montreal

20,287

405,720

Bank

of

Nova

Scotia

19,297

50,471

e

Bank

OZK

1,997

2,405

Banner

Corp

142

50,885

Berkshire

Hills

Bancorp,

Inc

1,389

2,949,000

BOC

Hong

Kong

Holdings

Ltd

9,808

8,511

Brookline

Bancorp,

Inc

99

1,840

Cadence

BanCorp

47

6,038

Camden

National

Corp

257

333,495

e

Canadian

Imperial

Bank

of

Commerce

14,597

967,123

Citigroup,

Inc

40,300

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

345

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

545,007

Citizens

Financial

Group,

Inc

$

18,726

2,120

e

Columbia

Banking

System,

Inc

61

125,164

Comerica,

Inc

8,899

784

Commerce

Bancshares,

Inc

52

481,262

e

Commonwealth

Bank

of

Australia

27,997

889

Community

Trust

Bancorp,

Inc

36

47,906

*,e

Customers

Bancorp,

Inc

1,412

701,393

DBS

Group

Holdings

Ltd

16,226

90,936

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

1,993

7,467

e

Federal

Agricultural

Mortgage

Corp

(FAMC)

740

7,030

First

Busey

Corp

155

52,360

First

Republic

Bank

6,836

1,019

Glacier

Bancorp,

Inc

50

1,984

Hancock

Whitney

Corp

91

616,500

Hang

Seng

Bank

Ltd

9,366

4,964

Heritage

Financial

Corp

131

19,873

HomeStreet,

Inc

573

5,490,492

HSBC

Holdings

plc

28,429

320,493

Huntington

Bancshares,

Inc

4,224

8,128,966

Intesa

Sanpaolo

S.p.A.

13,437

196,067

KBC

Groep

NV

9,304

254,247

Keycorp

4,073

25,729

e

Live

Oak

Bancshares,

Inc

787

17,431

*

Mr

Cooper

Group,

Inc

706

27,409

National

Bank

Holdings

Corp

1,014

39,440

National

Bank

of

Canada

2,472

9,051

Old

National

Bancorp

149

1,100

Oversea-Chinese

Banking

Corp

9

61,959

e

Pinnacle

Financial

Partners,

Inc

5,025

269,850

PNC

Financial

Services

Group,

Inc

40,321

791,618

Regions

Financial

Corp

15,888

1,852,800

Resona

Holdings,

Inc

6,780

530,666

Societe

Generale

10,494

1,909,116

Standard

Chartered

plc

11,941

346,100

Sumitomo

Mitsui

Trust

Holdings,

Inc

9,843

22,683

*

SVB

Financial

Group

7,616

2,226

*

Texas

Capital

Bancshares,

Inc

131

6,965

TFS

Financial

Corp

91

20,196

*,e

The

Bancorp,

Inc

444

500,070

Toronto-Dominion

Bank

30,670

4,787

Trico

Bancshares

214

598,750

Truist

Financial

Corp

26,070

2,114

UMB

Financial

Corp

178

18,027

Univest

Financial

Corp

423

2,021

Westamerica

Bancorporation

106

1,110

Wintrust

Financial

Corp

91

61,934

Zions

Bancorporation

3,150

TOTAL

BANKS

475,719

CAPITAL

GOODS

-

3.6%

248,378

3M

Co

27,446

362

A.O.

Smith

Corp

18

359,542

ABB

Ltd

9,283

790

Acuity

Brands,

Inc

124

247

Allegion

plc

22

188,087

Ashtead

Group

plc

8,447

510,377

Assa

Abloy

AB

9,562

1,105,709

*

Atlas

Copco

AB

10,277

1,241,341

*

Atlas

Copco

AB

10,290

98,899

*

Axon

Enterprise,

Inc

11,448

688

*

Beacon

Roofing

Supply,

Inc

38

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

346

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

11,104

*

Bloom

Energy

Corp

$

222

237,076

Bouygues

S.A.

6,202

39,132

Brenntag

AG.

2,366

387,083

*

CAE,

Inc

5,938

287,040

Carrier

Global

Corp

10,207

272,816

Caterpillar,

Inc

44,764

947,492

CNH

Industrial

NV

10,605

40,776

Cummins,

Inc

8,298

75,933

e

Curtiss-Wright

Corp

10,567

39,200

Daifuku

Co

Ltd

1,844

81,100

Daikin

Industries

Ltd

12,479

92,545

DCC

plc

4,806

142,459

Deere

&

Co

47,566

396

Dover

Corp

46

209,703

Eaton

Corp

27,966

99,773

Eiffage

S.A.

8,001

1,733

EMCOR

Group,

Inc

200

57,606

Emerson

Electric

Co

4,218

137,288

Fastenal

Co

6,321

98,411

Ferguson

plc

10,208

114,170

Fortive

Corp

6,656

1,653

Fortune

Brands

Home

&

Security,

Inc

89

422

*

Generac

Holdings,

Inc

75

12,219

Herc

Holdings,

Inc

1,269

164,257

e

Hexcel

Corp

8,495

58,000

*

Hitachi

Construction

Machinery

Co

Ltd

1,078

1,155

Husqvarna

AB

(B

Shares)

6

1,811

e

IDEX

Corp

362

223,308

Illinois

Tool

Works,

Inc

40,341

374,432

Johnson

Controls

International

plc

18,430

1,220,570

Keppel

Corp

Ltd

5,873

417,800

Komatsu

Ltd

7,607

383,900

Kubota

Corp

5,335

14,888

Legrand

S.A.

963

86

e

Lennox

International,

Inc

19

635,200

Marubeni

Corp

5,542

200,504

e

Masco

Corp

9,362

111,680

*

Mercury

Systems,

Inc

4,534

501,500

Mitsubishi

Corp

13,716

7,392

e

Moog,

Inc

(Class

A)

520

62,883

MTU

Aero

Engines

Holding

AG.

9,398

4,501

*

MYR

Group,

Inc

381

333,800

Obayashi

Corp

2,142

7,069

Owens

Corning,

Inc

556

71,909

PACCAR,

Inc

6,018

455

Pentair

plc

19

396

Quanta

Services,

Inc

50

45,182

Rockwell

Automation,

Inc

9,719

4,744

Rush

Enterprises,

Inc

(Class

A)

208

298,998

Sandvik

AB

4,076

183,923

Schneider

Electric

S.A.

20,774

355,600

Shimizu

Corp

1,739

215,351

Siemens

AG.

21,049

829,300

Singapore

Technologies

Engineering

Ltd

2,060

81,375

Skanska

AB

(B

Shares)

1,013

29,742

SKF

AB

(B

Shares)

398

10,842

Snap-On,

Inc

2,183

81,680

Trane

Technologies

plc

11,828

124,121

*

Triumph

Group,

Inc

1,066

35,309

*

United

Rentals,

Inc

9,538

20,908

*

Vectrus,

Inc

740

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

347

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

229,354

Vestas

Wind

Systems

A.S.

$

4,223

697,434

Volvo

AB

(B

Shares)

9,869

15,254

W.W.

Grainger,

Inc

7,462

1,964

e

Wabash

National

Corp

31

351,801

e

Wartsila

Oyj

(B

Shares)

2,247

3,684

*

WESCO

International,

Inc

440

40,330

Woodward

Inc

3,237

47,485

e

WSP

Global,

Inc

5,229

42,015

Xylem,

Inc

3,670

700

Yaskawa

Electric

Corp

20

TOTAL

CAPITAL

GOODS

581,434

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.9%

834

ABM

Industries,

Inc

32

33,977

ACCO

Brands

Corp

167

134,701

Adecco

S.A.

3,718

1,000

*,e

ASGN

Inc

90

372

Booz

Allen

Hamilton

Holding

Co

34

3,969

Brambles

Ltd

29

221,508

Bureau

Veritas

S.A.

4,957

18,384

Cintas

Corp

7,137

330,971

*

Copart,

Inc

35,215

5,059

Heidrick

&

Struggles

International,

Inc

131

120,130

Intertek

Group

plc

4,929

154,820

*

KAR

Auction

Services,

Inc

1,729

45,168

Kelly

Services,

Inc

(Class

A)

614

37,996

e

Randstad

Holdings

NV

1,640

299,100

Recruit

Holdings

Co

Ltd

8,616

731,219

RELX

plc

17,868

304

Ritchie

Bros

Auctioneers,

Inc

19

60,499

e

Robert

Half

International,

Inc

4,628

3,908

SGS

S.A.

8,362

14,329

Teleperformance

3,635

40,042

Thomson

Reuters

Corp

4,110

140,176

TransUnion

8,339

2,948

*

TriNet

Group,

Inc

210

17,022

Verisk

Analytics,

Inc

2,903

169,743

Waste

Management,

Inc

27,195

29,805

Wolters

Kluwer

NV

2,902

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

149,209

CONSUMER

DURABLES

&

APPAREL

-

1.0%

74,165

Adidas-Salomon

AG.

8,526

543,400

Barratt

Developments

plc

2,054

68,119

Berkeley

Group

Holdings

plc

2,489

179,246

Burberry

Group

plc

3,581

55,318

DR

Horton,

Inc

3,726

622

e

Electrolux

AB

6

116,978

Essilor

International

S.A.

15,900

42,842

e

Ethan

Allen

Interiors,

Inc

906

68,431

Gildan

Activewear,

Inc

1,934

58,468

*

GoPro,

Inc

288

9,916

*

Green

Brick

Partners,

Inc

212

804

Hasbro,

Inc

54

13,251

Hermes

International

15,585

25,198

*,e

iRobot

Corp

1,419

18,915

*

Lovesac

Co

385

31,785

*

Lululemon

Athletica,

Inc

8,886

10,439

e

Newell

Brands

Inc

145

553,483

Nike,

Inc

(Class

B)

46,006

2,176

*

NVR,

Inc

8,676

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

348

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

990,000

Panasonic

Corp

$

6,952

31,468

Pandora

AS

1,472

39,656

Persimmon

plc

542

714

Pulte

Homes,

Inc

27

9,326

Puma

AG.

Rudolf

Dassler

Sport

431

2,388

PVH

Corp

107

22,299

SEB

S.A.

1,403

296,900

Sekisui

House

Ltd

4,917

153,481

*,e

Sonos,

Inc

2,133

353,400

Sony

Corp

22,764

1,172,098

Taylor

Wimpey

plc

1,141

62,773

*,e

Traeger,

Inc

177

94,128

*,e

Tupperware

Brands

Corp

617

67,452

VF

Corp

2,017

TOTAL

CONSUMER

DURABLES

&

APPAREL

165,478

CONSUMER

SERVICES

-

1.2%

204,289

*

Accor

S.A.

4,277

38,630

ADT,

Inc

289

30,274

*,e

American

Public

Education,

Inc

277

25,916

*

Booking

Holdings,

Inc

42,585

36,920

*,e

Bright

Horizons

Family

Solutions

2,128

29,278

Carriage

Services,

Inc

942

766,239

Compass

Group

plc

15,258

92,056

*

Dave

&

Buster's

Entertainment,

Inc

2,856

27,990

Domino's

Pizza,

Inc

8,683

40,919

*,e

El

Pollo

Loco

Holdings,

Inc

365

1,669

Graham

Holdings

Co

898

294,267

e

Hilton

Worldwide

Holdings,

Inc

35,494

575

e

IDP

Education

Ltd

10

188,016

InterContinental

Hotels

Group

plc

9,055

94,100

Oriental

Land

Co

Ltd

12,763

30,085

*

Planet

Fitness,

Inc

1,735

3,541

*

Shake

Shack,

Inc

159

76,407

*,e

Six

Flags

Entertainment

Corp

1,352

598,006

Starbucks

Corp

50,388

96,848

*

Terminix

Global

Holdings,

Inc

3,708

22,406

Vail

Resorts,

Inc

4,832

81,211

Wendy's

1,518

129,335

Whitbread

plc

3,278

95,091

*

WW

International

Inc

374

TOTAL

CONSUMER

SERVICES

203,224

DIVERSIFIED

FINANCIALS

-

3.7%

839,509

3i

Group

plc

10,080

206,997

e

Ally

Financial,

Inc

5,761

335,633

American

Express

Co

45,280

70,904

Ameriprise

Financial,

Inc

17,864

6,129

Annaly

Capital

Management,

Inc

105

588,199

Bank

of

New

York

Mellon

Corp

22,657

76,826

BlackRock,

Inc

42,276

540

e

Carlyle

Group,

Inc

14

740,562

Charles

Schwab

Corp

53,224

148,609

CME

Group,

Inc

26,323

56,212

Deutsche

Boerse

AG.

9,215

368,608

Discover

Financial

Services

33,514

50,574

Eurazeo

2,639

9,996

Factset

Research

Systems,

Inc

4,000

3,347

e

Franklin

Resources,

Inc

72

169,036

Goldman

Sachs

Group,

Inc

49,536

10,629

*

Green

Dot

Corp

202

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

349

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

351,146

Hong

Kong

Exchanges

and

Clearing

Ltd

$

12,003

388,609

Intercontinental

Exchange

Group,

Inc

35,111

43,051

Invesco

Ltd

590

164,930

London

Stock

Exchange

Group

plc

13,928

144,725

Macquarie

Group

Ltd

14,119

260

MarketAxess

Holdings,

Inc

58

91,000

e

Moody's

Corp

22,123

636,862

Morgan

Stanley

50,319

77,304

Nasdaq

Inc

4,382

2,220,800

*

Nomura

Holdings,

Inc

7,357

117,271

Northern

Trust

Corp

10,034

651,800

ORIX

Corp

9,131

5,978

*

PRA

Group,

Inc

196

2,150

*

PROG

Holdings,

Inc

32

9,000

Raymond

James

Financial,

Inc

889

161,331

S&P

Global,

Inc

49,262

656,988

Schroders

plc

2,824

2,200

Singapore

Exchange

Ltd

14

96,869

St.

James's

Place

plc

1,103

2,388,396

e

Standard

Life

Aberdeen

plc

3,654

144,431

State

Street

Corp

8,783

1,437

Synchrony

Financial

41

75,242

e

T

Rowe

Price

Group,

Inc

7,901

1,262,510

UBS

Group

AG

18,317

27,954

e

Voya

Financial,

Inc

1,691

31,162

Wendel

2,230

TOTAL

DIVERSIFIED

FINANCIALS

598,854

ENERGY

-

3.1%

19,225

Aker

BP

ASA

552

402,618

e

Antero

Midstream

Corp

3,696

206,453

APA

Corp

7,059

549,457

e

ARC

Resources

Ltd

6,599

303,045

e

Baker

Hughes

Co

6,352

5,544,387

BP

plc

26,493

776,798

Cenovus

Energy,

Inc

(Toronto)

11,933

3,725

e

ChampionX

Corp

73

217,690

Cheniere

Energy,

Inc

36,117

543,358

e

ConocoPhillips

55,607

2,773

Delek

US

Holdings,

Inc

75

171,521

e

Devon

Energy

Corp

10,314

11,858

*

DMC

Global,

Inc

189

619,763

e

Enbridge,

Inc

22,981

2,808,200

ENEOS

Holdings,

Inc

9,057

177,554

EOG

Resources,

Inc

19,838

243,748

EQT

Corp

9,933

456,368

Equinor

ASA

15,050

537,285

Galp

Energia

SGPS

S.A.

5,169

1,424

Halliburton

Co

35

113,047

Hess

Corp

12,321

232,350

e

Imperial

Oil

Ltd

10,060

178,600

Inpex

Holdings,

Inc

1,666

5,808

e

Keyera

Corp

120

1,111,912

Kinder

Morgan,

Inc

18,502

754,687

*

Kosmos

Energy

Ltd

3,902

107,598

Marathon

Petroleum

Corp

10,688

263,195

Neste

Oil

Oyj

11,472

364,008

NOV,

Inc

5,890

342,628

Occidental

Petroleum

Corp

21,054

5,830

*

Oceaneering

International,

Inc

46

163,865

OMV

AG.

5,931

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

350

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

23,705

ONEOK,

Inc

$

1,215

20,321

Ovintiv,

Inc

935

170,132

e

Parkland

Corp

3,646

776

Phillips

66

63

94,436

Pioneer

Natural

Resources

Co

20,448

954,332

Repsol

YPF

S.A.

10,965

1,047,151

e

Schlumberger

Ltd

37,593

860,782

*

Southwestern

Energy

Co

5,268

517,374

Suncor

Energy,

Inc

14,570

678,694

Total

S.A.

31,841

234,792

Valero

Energy

Corp

25,087

241,654

e

Woodside

Energy

Group

Ltd

4,937

TOTAL

ENERGY

505,342

FOOD

&

STAPLES

RETAILING

-

0.7%

220,700

Aeon

Co

Ltd

4,121

372,479

Alimentation

Couche-Tard,

Inc

14,995

221,846

*

BJ's

Wholesale

Club

Holdings,

Inc

16,153

253,286

e

Coles

Group

Ltd

2,670

77,367

George

Weston

Ltd

8,100

1,743,514

e

J

Sainsbury

plc

3,376

98,864

Kesko

Oyj

(B

Shares)

1,845

83,380

Koninklijke

Ahold

Delhaize

NV

2,124

131,921

Loblaw

Cos

Ltd

10,446

37,655

Metro,

Inc

1,886

90,738

*,e

Performance

Food

Group

Co

3,897

41,773

Pricesmart,

Inc

2,406

63,935

e

SpartanNash

Co

1,855

215,869

*

Sprouts

Farmers

Market,

Inc

5,990

4,597,636

Tesco

plc

10,552

101,575

*,e

United

Natural

Foods,

Inc

3,491

288,828

*

US

Foods

Holding

Corp

7,637

394,030

e

Woolworths

Ltd

8,563

TOTAL

FOOD

&

STAPLES

RETAILING

110,107

FOOD,

BEVERAGE

&

TOBACCO

-

2.3%

417,200

Ajinomoto

Co,

Inc

11,403

82,701

Archer-Daniels-Midland

Co

6,653

396,182

Associated

British

Foods

plc

5,536

1,758

Bunge

Ltd

145

54,454

Campbell

Soup

Co

2,566

1,293,671

Coca-Cola

Co

72,471

220,158

*,e

Coca-Cola

European

Partners

plc

(Class

A)

9,383

243,853

Coca-Cola

HBC

AG.

5,095

303,650

Danone

14,358

14,883

*

Darling

International,

Inc

985

36,706

Fresh

Del

Monte

Produce,

Inc

853

427,965

General

Mills,

Inc

32,786

2,360

*

Hain

Celestial

Group,

Inc

40

243,765

Hormel

Foods

Corp

11,077

155,046

e

Kellogg

Co

10,800

117,888

Kerry

Group

plc

(Class

A)

10,508

174,800

Kikkoman

Corp

9,910

84,722

McCormick

&

Co,

Inc

6,038

169,452

Mowi

ASA

2,155

648,145

Nestle

S.A.

70,102

38,200

Nissin

Food

Products

Co

Ltd

2,655

304,982

Orkla

ASA

2,217

451,175

PepsiCo,

Inc

73,659

168,300

Suntory

Beverage

&

Food

Ltd

5,990

6,454

*

TreeHouse

Foods,

Inc

274

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

351

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,632,100

Wilmar

International

Ltd

$

4,342

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

372,001

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.6%

42,987

*

Abiomed,

Inc

10,560

48,969

*

Align

Technology,

Inc

10,142

71,383

*,e

Allscripts

Healthcare

Solutions,

Inc

1,087

149,137

Amplifon

S.p.A.

3,886

64,063

*,e

Angiodynamics,

Inc

1,311

8,730

*,e

AtriCure,

Inc

341

1,253

*,e

Axonics

Modulation

Technologies,

Inc

88

1,376

Baxter

International,

Inc

74

48,498

BioMerieux

3,836

4,607

Cardinal

Health,

Inc

307

31,597

Carl

Zeiss

Meditec

AG.

3,282

249,927

*

Cerus

Corp

900

175,318

Cigna

Corp

48,645

23,683

Cochlear

Ltd

2,942

50,637

Coloplast

AS

5,146

22,324

*

Computer

Programs

&

Systems,

Inc

622

40,775

Cooper

Cos,

Inc

10,761

13,160

*

Covetrus,

Inc

275

188

*

DaVita,

Inc

16

71,367

*

Demant

A.S.

1,764

37,686

Dentsply

Sirona,

Inc

1,068

224,454

*

Dexcom,

Inc

18,078

416,139

*

Edwards

Lifesciences

Corp

34,386

114,916

Elevance

Health,

Inc

52,199

159,115

*,e

Envista

Holdings

Corp

5,221

334,461

Fisher

&

Paykel

Healthcare

Corp

3,467

13,596

*,e

Globus

Medical,

Inc

810

82,796

GN

Store

Nord

1,450

123,928

HCA

Healthcare,

Inc

22,777

59,326

*

Health

Catalyst,

Inc

575

21,864

*

Henry

Schein,

Inc

1,438

5,801

*

Heska

Corp

423

110,324

*,e

Hologic,

Inc

7,118

91,480

Humana,

Inc

44,385

58,066

*

IDEXX

Laboratories,

Inc

18,918

8,609

*

Inogen,

Inc

209

527

*

Insulet

Corp

121

171,877

*

Intuitive

Surgical,

Inc

32,217

45,086

Laboratory

Corp

of

America

Holdings

9,234

27,738

e

LeMaitre

Vascular,

Inc

1,406

8,932

*

LivaNova

plc

453

39,504

*

Merit

Medical

Systems,

Inc

2,232

98,516

*,e

NextGen

Healthcare,

Inc

1,744

257

*

Novocure

Ltd

20

42,235

*,e

Omnicell,

Inc

3,676

387,642

*,e

Opko

Health,

Inc

733

57,111

*

OraSure

Technologies,

Inc

216

32,369

*,e

Orthofix

Medical

Inc

619

15,017

*,e

Penumbra,

Inc

2,847

2,830

Premier,

Inc

96

26,663

e

Quest

Diagnostics,

Inc

3,271

143,876

Ramsay

Health

Care

Ltd

5,281

80,094

Resmed,

Inc

17,484

44,933

Sonova

Holdings

AG

9,888

22,395

*

Staar

Surgical

Co

1,580

31,887

STERIS

plc

5,302

68,100

Sysmex

Corp

3,639

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

352

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

5,738

*

Tactile

Systems

Technology,

Inc

$

45

15,158

*

Tandem

Diabetes

Care,

Inc

725

4,565

*

Teladoc,

Inc

116

92,700

Terumo

Corp

2,606

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

424,058

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.2%

105,134

Beiersdorf

AG.

10,331

589

Clorox

Co

76

301,765

Colgate-Palmolive

Co

21,199

367,053

Essity

AB

7,252

113,986

Henkel

KGaA

6,460

148,576

Henkel

KGaA

(Preference)

8,824

172,700

Kao

Corp

7,027

63,678

Kimberly-Clark

Corp

7,166

74,340

L'Oreal

S.A.

23,770

683,758

Procter

&

Gamble

Co

86,324

220,600

Shiseido

Co

Ltd

7,731

216,400

Uni-Charm

Corp

7,099

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

193,259

INSURANCE

-

2.3%

1,404,168

Aegon

NV

5,582

319,576

Aflac,

Inc

17,960

2,161,000

AIA

Group

Ltd

17,992

115,468

Allianz

AG.

18,190

112,807

Allstate

Corp

14,048

11,647

Arthur

J.

Gallagher

&

Co

1,994

817,454

Assicurazioni

Generali

S.p.A.

11,162

741,293

AXA

S.A.

16,185

257,297

Chubb

Ltd

46,797

1,006,914

*

Genworth

Financial,

Inc

(Class

A)

3,524

914

Hartford

Financial

Services

Group,

Inc

57

1,068

Insurance

Australia

Group

Ltd

3

4,159,654

Legal

&

General

Group

plc

9,929

81,139

e

Lincoln

National

Corp

3,563

206,642

Loews

Corp

10,299

314,288

Marsh

&

McLennan

Cos,

Inc

46,920

82,300

MS&AD

Insurance

Group

Holdings

Inc

2,179

31,684

Muenchener

Rueckver

AG.

7,627

225,357

NN

Group

NV

8,765

720

Principal

Financial

Group

52

287,835

Progressive

Corp

33,449

313,232

Prudential

Financial,

Inc

26,869

304,703

QBE

Insurance

Group

Ltd

2,261

149,200

Sompo

Holdings,

Inc

5,970

75,475

Sun

Life

Financial,

Inc

3,001

22,077

Swiss

Life

Holding

9,754

121,443

Swiss

Re

Ltd

8,957

150,358

Travelers

Cos,

Inc

23,035

15,094

Willis

Towers

Watson

plc

3,033

51,520

Zurich

Insurance

Group

AG

20,538

TOTAL

INSURANCE

379,695

MATERIALS

-

2.5%

117,018

e

Agnico-Eagle

Mines

Ltd

4,944

63

Akzo

Nobel

NV

4

19,088

Amcor

plc

205

483,566

e

Antofagasta

plc

5,926

10,825

Aptargroup,

Inc

1,029

480,800

Asahi

Kasei

Corp

3,186

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

353

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

282,428

e

Ball

Corp

$

13,647

185,990

BASF

SE

7,138

287,508

BlueScope

Steel

Ltd

2,792

330,012

Boliden

AB

10,196

83,968

*

Century

Aluminum

Co

443

290

Chr

Hansen

Holding

A/S

14

595

e

Clariant

AG.

10

19,088

*

Coeur

Mining,

Inc

65

1,679

Compass

Minerals

International,

Inc

65

320,091

CRH

plc

10,292

41,736

Croda

International

plc

2,981

113,783

Dow,

Inc

4,998

45,775

DSM

NV

5,209

225,751

Ecolab,

Inc

32,603

496,318

e

Evolution

Mining

Ltd

647

127,194

Evonik

Industries

AG.

2,130

956,824

e

Fortescue

Metals

Group

Ltd

10,272

58,042

Franco-Nevada

Corp

6,933

3,439

Givaudan

S.A.

10,389

52,353

Glatfelter

Corp

163

114,550

HeidelbergCement

AG.

4,525

204,900

*

Hitachi

Metals

Ltd

3,083

66,948

International

Flavors

&

Fragrances,

Inc

6,081

1,576

e

International

Paper

Co

50

309,800

JFE

Holdings,

Inc

2,877

11,455

Johnson

Matthey

plc

231

84,500

JSR

Corp

1,602

50,955

Koppers

Holdings,

Inc

1,059

218,583

Linde

plc

58,928

17,539

Martin

Marietta

Materials,

Inc

5,649

203,485

Mineral

Resources

Ltd

8,541

302,800

Mitsubishi

Chemical

Holdings

Corp

1,387

61,692

Mitsui

Chemicals,

Inc

1,202

279,430

Mondi

plc

4,293

315,776

Mosaic

Co

15,261

605,266

Newcrest

Mining

Ltd

6,645

484,380

Newmont

Goldcorp

Corp

20,359

626,700

Nippon

Paint

Co

Ltd

4,233

600,800

Nippon

Steel

Corp

8,338

89,700

Nitto

Denko

Corp

4,857

1,643,171

Norsk

Hydro

ASA

8,817

375,868

Northern

Star

Resources

Ltd

1,882

188,560

Nucor

Corp

20,174

208,391

Nutrien

Ltd

17,379

1,122

Orica

Ltd

10

22,371

PPG

Industries,

Inc

2,476

2,785

e

Reliance

Steel

&

Aluminum

Co

486

5,386

Schnitzer

Steel

Industries,

Inc

(Class

A)

153

116,800

Shin-Etsu

Chemical

Co

Ltd

11,558

58,204

Sika

AG.

11,699

678

Smurfit

Kappa

Group

plc

19

204

Solvay

S.A.

16

527

Steel

Dynamics,

Inc

37

152,065

Stora

Enso

Oyj

(R

Shares)

1,932

1,341,900

Sumitomo

Chemical

Co

Ltd

4,616

290,200

Sumitomo

Metal

Mining

Co

Ltd

8,316

166,349

*

Summit

Materials,

Inc

3,986

369,939

Svenska

Cellulosa

AB

(B

Shares)

4,694

9,000

Toray

Industries,

Inc

44

30,132

e

Trinseo

plc

552

229,455

Umicore

S.A.

6,736

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

354

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

25,842

UPM-Kymmene

Oyj

$

820

112,930

Voestalpine

AG.

1,913

206,469

Wheaton

Precious

Metals

Corp

6,686

TOTAL

MATERIALS

410,483

MEDIA

&

ENTERTAINMENT

-

1.8%

1,413

*,e

AMC

Entertainment

Holdings,

Inc

10

78

Cable

One,

Inc

66

209,432

*

Cinemark

Holdings,

Inc

2,536

1,239,638

Comcast

Corp

(Class

A)

36,359

148,504

e

Electronic

Arts,

Inc

17,183

870

e

Fox

Corp

(Class

A)

27

409

Fox

Corp

(Class

B)

12

174,822

Gray

Television,

Inc

2,503

109,942

*,e

iHeartMedia,

Inc

806

9,348

*

Imax

Corp

132

1,517,332

Informa

plc

8,673

118,565

Interpublic

Group

of

Cos,

Inc

3,035

14,063

John

Wiley

&

Sons,

Inc

(Class

A)

528

106,661

*

Liberty

Broadband

Corp

(Class

C)

7,872

148,598

*

Netflix,

Inc

34,986

15,892

e

New

York

Times

Co

(Class

A)

457

402,000

Nintendo

Co

Ltd

16,214

342,389

Omnicom

Group,

Inc

21,601

1,668

e

Paramount

Global

(Class

B)

32

2,083

Pearson

plc

20

70,046

*

Pinterest,

Inc

1,632

98,282

Publicis

Groupe

S.A.

4,657

146

e

REA

Group

Ltd

11

5,556

*,e

Roku,

Inc

313

13,853

Scholastic

Corp

426

10,426

e

Seek

Ltd

127

59,889

e

Sinclair

Broadcast

Group,

Inc

(Class

A)

1,083

1,449,913

e

Sirius

XM

Holdings,

Inc

8,279

9,104

*

Snap,

Inc

89

163,350

*,e

Take-Two

Interactive

Software,

Inc

17,805

9,574

e

TEGNA,

Inc

198

207,995

*,e

TripAdvisor,

Inc

4,592

121,660

*,e

Vimeo,

Inc

487

634,400

Vivendi

Universal

S.A.

4,921

597,243

*

Walt

Disney

Co

56,338

330,050

*

Warner

Bros

Discovery,

Inc

3,796

766,310

WPP

plc

6,326

100,907

*

Yelp,

Inc

3,422

2,798,400

Z

Holdings

Corp

7,418

546,171

*

ZoomInfo

Technologies,

Inc

22,753

TOTAL

MEDIA

&

ENTERTAINMENT

297,725

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5.2%

77,531

*

Aerie

Pharmaceuticals,

Inc

1,173

262,491

Agilent

Technologies,

Inc

31,906

49,927

*

Agios

Pharmaceuticals,

Inc

1,412

212,070

Amgen,

Inc

47,801

789,014

Astellas

Pharma,

Inc

10,452

380,569

AstraZeneca

plc

41,836

73,556

*

Atara

Biotherapeutics,

Inc

278

2,859

*,e

Axsome

Therapeutics,

Inc

128

99,760

*

BioCryst

Pharmaceuticals,

Inc

1,257

492

*

Biogen,

Inc

131

53,286

*

BioMarin

Pharmaceutical,

Inc

4,517

846,759

Bristol-Myers

Squibb

Co

60,196

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

355

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

469

*

Catalent,

Inc

$

34

36,414

*

Chimerix,

Inc

70

462,391

Chugai

Pharmaceutical

Co

Ltd

11,552

58,062

*,e

Collegium

Pharmaceutical,

Inc

930

127,542

CSL

Ltd

23,196

542,000

Daiichi

Sankyo

Co

Ltd

15,149

243,057

Danaher

Corp

62,779

117,600

Eisai

Co

Ltd

6,310

261,785

Eli

Lilly

&

Co

84,648

2,088

*,e

Exact

Sciences

Corp

68

22,200

*

Genmab

AS

7,142

385,240

Gilead

Sciences,

Inc

23,765

1,242,756

GSK

plc

17,949

19,276

*

Illumina,

Inc

3,678

35,026

*

Insmed,

Inc

755

18,922

*

Intra-Cellular

Therapies,

Inc

880

76,659

*

IQVIA

Holdings,

Inc

13,886

32,372

*

Jazz

Pharmaceuticals

plc

4,315

35,373

*

Karyopharm

Therapeutics,

Inc

193

31,962

Lonza

Group

AG.

15,562

34,997

*,e

MacroGenics,

Inc

121

347,816

Merck

&

Co,

Inc

29,954

77,562

Merck

KGaA

12,556

6,855

*

Mettler-Toledo

International,

Inc

7,432

3,119

*

Mirati

Therapeutics,

Inc

218

420,675

Novo

Nordisk

AS

41,907

263,600

Ono

Pharmaceutical

Co

Ltd

6,157

65,953

Orion

Oyj

(Class

B)

2,777

45,551

Perrigo

Co

plc

1,624

70,172

*,e

Prothena

Corp

plc

4,255

99,790

*,e

Provention

Bio,

Inc

449

11,946

*

Regeneron

Pharmaceuticals,

Inc

8,229

16,960

*

Repligen

Corp

3,173

80,012

*

Revance

Therapeutics,

Inc

2,160

164,108

Roche

Holding

AG.

53,423

116,300

Shionogi

&

Co

Ltd

5,617

134,070

Thermo

Fisher

Scientific,

Inc

67,999

103,681

UCB

S.A.

7,195

5,150

*

Ultragenyx

Pharmaceutical,

Inc

213

163,538

*

Vertex

Pharmaceuticals,

Inc

47,351

21,371

*

Waters

Corp

5,760

43,650

West

Pharmaceutical

Services,

Inc

10,741

267,685

Zoetis,

Inc

39,695

15,799

*,†,e

Zogenix,

Inc

11

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

852,965

REAL

ESTATE

-

1.6%

222,424

American

Tower

Corp

47,754

83,741

Boston

Properties,

Inc

6,278

545,111

British

Land

Co

plc

2,111

55,992

Brixmor

Property

Group,

Inc

1,034

2,080,173

Capitaland

Investment

Ltd

5,005

416,653

CapitaMall

Trust

554

98,155

CBRE

Group,

Inc

6,626

177,700

City

Developments

Ltd

937

50,850

City

Office

REIT,

Inc

507

54,871

Crown

Castle

International

Corp

7,932

301,100

Daiwa

House

Industry

Co

Ltd

6,122

349,173

e

DiamondRock

Hospitality

Co

2,622

784

Digital

Realty

Trust,

Inc

78

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

356

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

6,866

Douglas

Emmett,

Inc

$

123

42,281

e

Equinix,

Inc

24,051

35,008

First

Industrial

Realty

Trust,

Inc

1,569

5,328

FirstService

Corp

634

51,892

Fonciere

Des

Regions

2,500

133,069

Franklin

Street

Properties

Corp

350

665

Gecina

S.A.

52

565,550

e

Goodman

Group

5,716

683,337

GPT

Group

1,682

234,715

Healthpeak

Properties

Inc

5,380

1,608

*,e

Howard

Hughes

Corp

89

274,300

Hulic

Co

Ltd

2,021

945

Iron

Mountain,

Inc

42

30,104

iStar

Inc

279

6,486

*,e

Jones

Lang

LaSalle,

Inc

980

4,380

Kilroy

Realty

Corp

184

257,657

Klepierre

4,479

1,939

Land

Securities

Group

plc

11

14,484

LEG

Immobilien

AG.

865

505,854

Lend

Lease

Corp

Ltd

2,892

1,231,900

Link

REIT

8,599

277,961

Macerich

Co

2,207

1,039,835

e

Mirvac

Group

1,295

559,000

Mitsubishi

Estate

Co

Ltd

7,366

357,710

Mitsui

Fudosan

Co

Ltd

6,814

97,100

Nomura

Real

Estate

Holdings,

Inc

2,193

471,737

Park

Hotels

&

Resorts,

Inc

5,312

7,536

PotlatchDeltic

Corp

309

373,435

Prologis,

Inc

37,941

66,712

*,e

Realogy

Holdings

Corp

541

418

RioCan

Real

Estate

Investment

Trust

6

2,740

RMR

Group,

Inc

65

672,078

Segro

plc

5,608

888,670

Stockland

Trust

Group

1,860

610,000

Swire

Pacific

Ltd

(Class

A)

4,559

1,367,000

Swire

Properties

Ltd

2,941

104,837

*

Unibail-Rodamco-Westfield

4,338

4,838

*

Unibail-Rodamco-Westfield

203

1,300

UOL

Group

Ltd

6

75,195

Ventas,

Inc

3,021

182,973

Vicinity

Centres

204

205,342

Welltower,

Inc

13,208

278,512

Weyerhaeuser

Co

7,954

63,158

Xenia

Hotels

&

Resorts,

Inc

871

TOTAL

REAL

ESTATE

258,880

RETAILING

-

2.1%

45,506

*

1-800-FLOWERS.COM,

Inc

(Class

A)

295

17,736

Advance

Auto

Parts,

Inc

2,773

621

Best

Buy

Co,

Inc

39

184

*

Burlington

Stores,

Inc

21

158

Canadian

Tire

Corp

Ltd

17

2,874

*,e

CarMax,

Inc

190

80,482

*,e,g

Delivery

Hero

AG.

2,940

29,808

Dieteren

S.A.

4,200

39,048

Dollarama,

Inc

2,242

899,216

eBay,

Inc

33,100

13,700

Fast

Retailing

Co

Ltd

7,260

7,052

*,e

Five

Below,

Inc

971

29,570

*,e

Genesco,

Inc

1,163

679

Genuine

Parts

Co

101

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

357

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

289,675

e

Hennes

&

Mauritz

AB

(B

Shares)

$

2,678

26,127

e

Hibbett

Sports,

Inc

1,301

312,115

Home

Depot,

Inc

86,125

440,328

Industria

De

Diseno

Textil

S.A.

9,087

24,243

Kering

10,753

250,761

e

Kingfisher

plc

610

27,150

*,e

Lands'

End,

Inc

210

50,425

*

Liquidity

Services,

Inc

820

88,177

LKQ

Corp

4,158

283,699

Lowe's

Companies,

Inc

53,282

490,963

Macy's,

Inc

7,693

38,743

*,e

MarineMax,

Inc

1,154

370

*,e

MercadoLibre,

Inc

306

21,905

Next

plc

1,163

569

Pool

Corp

181

292,661

Prosus

NV

15,226

157,019

*

Quotient

Technology,

Inc

363

144,672

*,e

RealReal,

Inc

217

49,547

e

Ross

Stores,

Inc

4,175

1,746

*,e

Sally

Beauty

Holdings,

Inc

22

34,896

e

Shoe

Carnival,

Inc

748

255,061

Target

Corp

37,849

105,140

*,e

ThredUp,

Inc

193

541,618

TJX

Companies,

Inc

33,645

18,462

Tractor

Supply

Co

3,432

11,452

*,e

TravelCenters

of

America,

Inc

618

62,274

Wesfarmers

Ltd

1,702

874

Winmark

Corp

189

44,752

*,g

Zalando

SE

874

20,869

*

Zumiez,

Inc

449

TOTAL

RETAILING

334,535

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2.4%

504,929

Applied

Materials,

Inc

41,369

100,844

ASML

Holding

NV

41,778

23,227

*,e

Cirrus

Logic,

Inc

1,598

86,625

*

First

Solar,

Inc

11,458

1,680,642

Intel

Corp

43,310

92,593

Lam

Research

Corp

33,889

677,001

NVIDIA

Corp

82,181

730

NXP

Semiconductors

NV

108

602,867

*,e

ON

Semiconductor

Corp

37,577

20,924

*

Silicon

Laboratories,

Inc

2,583

375,283

Texas

Instruments,

Inc

58,086

55,200

Tokyo

Electron

Ltd

13,601

14,129

Universal

Display

Corp

1,333

137,929

*,e

Wolfspeed,

Inc

14,256

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

383,127

SOFTWARE

&

SERVICES

-

7.7%

236,812

Accenture

plc

60,932

166,996

*

Adobe,

Inc

45,957

9,776

*

Ansys,

Inc

2,167

192,969

*

Autodesk,

Inc

36,047

219,434

Automatic

Data

Processing,

Inc

49,634

59,147

*,e

Benefitfocus,

Inc

376

428

*

Black

Knight,

Inc

28

100,072

*

Blackline,

Inc

5,994

157,317

*

Cadence

Design

Systems,

Inc

25,710

84,676

Cap

Gemini

S.A.

13,557

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

358

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

56,198

*

CGI,

Inc

$

4,231

54,183

*

ChannelAdvisor

Corp

1,228

342

Citrix

Systems,

Inc

36

248,974

Computershare

Ltd

3,971

31,352

Concentrix

Corp

3,500

61,545

CSG

Systems

International,

Inc

3,254

131,244

e

Dolby

Laboratories,

Inc

(Class

A)

8,550

490,919

*

DXC

Technology

Co

12,018

43,160

*,e

Elastic

NV

3,096

65,152

*,e

ExlService

Holdings,

Inc

9,601

349,787

Fidelity

National

Information

Services,

Inc

26,433

121,616

*

Five9,

Inc

9,119

97,800

Fujitsu

Ltd

10,724

218

*,e

Guidewire

Software,

Inc

13

36,106

*

HubSpot,

Inc

9,753

413,533

e

International

Business

Machines

Corp

49,132

118,930

Intuit,

Inc

46,064

154,711

*

Lightspeed

Commerce,

Inc

2,723

267,370

Mastercard,

Inc

(Class

A)

76,024

1,500,769

Microsoft

Corp

349,529

265,881

NEC

Corp

8,514

98,739

*

New

Relic,

Inc

5,666

211,300

Nomura

Research

Institute

Ltd

5,161

1,601

NortonLifelock,

Inc

32

142,438

*,e

Nutanix,

Inc

2,967

231,089

*

Okta,

Inc

13,142

6,151

*

OneSpan,

Inc

53

165,017

Open

Text

Corp

(Toronto)

4,361

38,600

Otsuka

Corp

1,204

31,780

*,e

Paylocity

Holding

Corp

7,677

577,804

*

PayPal

Holdings,

Inc

49,732

65,034

*

Perficient,

Inc

4,228

33,075

*

Rapid7,

Inc

1,419

43,444

Roper

Technologies,

Inc

15,624

351,443

*

Salesforce,

Inc

50,551

315,193

SAP

AG.

25,687

105,963

*

ServiceNow,

Inc

40,013

409,970

*

Shopify,

Inc

(Class

A)

11,038

37,192

*

Smartsheet,

Inc

1,278

451

*

Splunk,

Inc

34

70,786

*

SPS

Commerce,

Inc

8,794

91,800

Sumisho

Computer

Systems

Corp

1,390

119,055

*

SVMK,

Inc

692

97,559

*

Synopsys,

Inc

29,805

66,879

*,e

Teradata

Corp

2,077

34,608

TTEC

Holdings,

Inc

1,533

325,598

VMware,

Inc

(Class

A)

34,663

1,119

e

Western

Union

Co

15

91,430

*

WEX,

Inc

11,606

180,031

Wisetech

Global

Ltd

5,882

187,252

*

Workday,

Inc

28,503

9,773

*

Workiva,

Inc

760

122,223

*

Xero

Ltd

5,656

336

*

Zendesk,

Inc

26

TOTAL

SOFTWARE

&

SERVICES

1,249,184

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2.1%

81,708

Avnet,

Inc

2,951

3,200

Azbil

Corp

83

23,497

Badger

Meter,

Inc

2,171

71,868

Benchmark

Electronics,

Inc

1,781

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

359

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

150,776

*,e

Ciena

Corp

$

6,096

1,480,407

Cisco

Systems,

Inc

59,216

345,281

e

Cognex

Corp

14,312

64,983

e

CTS

Corp

2,707

46,072

*

ePlus,

Inc

1,914

72,841

*,e

Fabrinet

6,953

36,066

*

FARO

Technologies,

Inc

990

85,100

Fujifilm

Holdings

Corp

3,887

1,958,445

Hewlett

Packard

Enterprise

Co

23,462

1,384,094

HP,

Inc

34,492

29,100

e

Ibiden

Co

Ltd

796

44,108

*,e

Insight

Enterprises,

Inc

3,635

4,037

*

Itron,

Inc

170

56,174

Keyence

Corp

18,569

246,413

*

Keysight

Technologies,

Inc

38,776

39,615

*

Kimball

Electronics,

Inc

679

170,914

*

Knowles

Corp

2,080

15,513

*,e

Lumentum

Holdings,

Inc

1,064

8,736

e

Methode

Electronics,

Inc

325

302,569

*,e

Microvision,

Inc

1,092

4,828

Motorola

Solutions,

Inc

1,081

236,500

Murata

Manufacturing

Co

Ltd

10,885

61,550

National

Instruments

Corp

2,323

2,128,338

Nokia

Oyj

9,137

3,862

*

Novanta,

Inc

447

58,300

Omron

Corp

2,671

732

*

OSI

Systems,

Inc

53

44,932

*,e

PAR

Technology

Corp

1,327

24,248

*,e

Plexus

Corp

2,123

64,222

*,e

Ribbon

Communications,

Inc

143

38,330

*

Rogers

Corp

9,271

5,900

Shimadzu

Corp

155

84,364

SYNNEX

Corp

6,849

151,500

TDK

Corp

4,677

504,631

*,e

Trimble

Inc

27,386

204,402

*

TTM

Technologies,

Inc

2,694

18,093

*

Vishay

Precision

Group,

Inc

535

316,292

e

Vontier

Corp

5,285

231,370

Xerox

Holdings

Corp

3,026

105,504

*

Zebra

Technologies

Corp

(Class

A)

27,643

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

345,912

TELECOMMUNICATION

SERVICES

-

0.9%

4,985,806

e

BT

Group

plc

6,702

10,000

HKT

Trust

and

HKT

Ltd

12

193,536

*,e

Iridium

Communications,

Inc

8,587

562,532

KDDI

Corp

16,446

108,559

Koninklijke

KPN

NV

294

2,960

*

Liberty

Global

plc

(Class

A)

46

7,192

*,e

Liberty

Global

plc

(Class

C)

119

2,586

e

Lumen

Technologies,

Inc

19

1,111,209

Orange

S.

A.

10,050

185,118

Rogers

Communications,

Inc

(Class

B)

7,131

3,175,800

Singapore

Telecommunications

Ltd

5,860

1,298,600

e

Softbank

Corp

12,968

6,454

Swisscom

AG.

3,022

8,252

Tele2

AB

(B

Shares)

71

394,386

Telefonica

Deutschland

Holding

AG.

797

210,023

Telenor

ASA

1,922

1,677,759

TeliaSonera

AB

4,832

29,534

e

TELUS

Corp

587

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

360

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

1,448,406

Verizon

Communications,

Inc

$

54,996

12,305,924

Vodafone

Group

plc

13,773

TOTAL

TELECOMMUNICATION

SERVICES

148,234

TRANSPORTATION

-

1.7%

115,400

*,e

All

Nippon

Airways

Co

Ltd

2,171

27

Amerco,

Inc

14

47,788

ArcBest

Corp

3,476

275,121

*

Auckland

International

Airport

Ltd

1,103

620,413

Aurizon

Holdings

Ltd

1,372

30,796

*

Avis

Budget

Group,

Inc

4,572

193,373

Canadian

National

Railway

Co

20,883

63,302

CH

Robinson

Worldwide,

Inc

6,097

1,470,687

CSX

Corp

39,179

1,022,763

*

Delta

Air

Lines,

Inc

28,699

233,700

East

Japan

Railway

Co

11,985

118,158

Expeditors

International

of

Washington,

Inc

10,434

107,386

*,e

Grab

Holdings

Ltd

282

194,900

Hankyu

Hanshin

Holdings,

Inc

5,866

100

Keio

Corp

4

111,500

Keisei

Electric

Railway

Co

Ltd

3,037

200

Kintetsu

Corp

7

44,193

Kuehne

&

Nagel

International

AG.

8,999

459

Landstar

System,

Inc

66

1,885,364

MTR

Corp

8,648

82,500

Nippon

Express

Holdings,

Inc

4,193

327,234

e

Nippon

Yusen

Kabushiki

Kaisha

5,554

131,980

Norfolk

Southern

Corp

27,670

59,927

Old

Dominion

Freight

Line

14,908

121,800

SG

Holdings

Co

Ltd

1,668

1,029,849

*,e

Singapore

Airlines

Ltd

3,640

1,569,579

Transurban

Group

12,396

318,044

United

Parcel

Service,

Inc

(Class

B)

51,377

19,000

West

Japan

Railway

Co

726

TOTAL

TRANSPORTATION

279,026

UTILITIES

-

2.0%

478,619

e

Algonquin

Power

&

Utilities

Corp

5,229

689

Alliant

Energy

Corp

37

323,343

American

Electric

Power

Co,

Inc

27,953

500,415

APA

Group

3,079

1,233,500

CLP

Holdings

Ltd

9,322

797

CMS

Energy

Corp

46

218,333

Consolidated

Edison,

Inc

18,724

23,903

DTE

Energy

Co

2,750

3,217,265

Enel

S.p.A.

13,195

911,108

Energias

de

Portugal

S.A.

3,954

87,671

Eversource

Energy

6,835

118,617

Fortis,

Inc

4,506

2,047,984

Iberdrola

S.A.

19,096

1,905

Mercury

NZ

Ltd

6

247,549

Meridian

Energy

Ltd

664

1,142,193

National

Grid

plc

11,758

202,403

e

Naturgy

Energy

Group

S.A.

4,682

760,382

NextEra

Energy,

Inc

59,622

4,849

Origin

Energy

Ltd

16

71,195

g

Orsted

AS

5,674

145,500

Osaka

Gas

Co

Ltd

2,194

242,270

Public

Service

Enterprise

Group,

Inc

13,623

589,945

Scottish

&

Southern

Energy

plc

9,962

189,253

Sempra

Energy

28,377

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

361

College

Retirement

Equities

Fund

continued

SHARES

COMPANY

VALUE

(000)

7,999

e

South

Jersey

Industries,

Inc

$

267

583,757

Southern

Co

39,695

181,100

Tokyo

Gas

Co

Ltd

3,057

34,209

e

UGI

Corp

1,106

131,911

WEC

Energy

Group,

Inc

11,797

212,825

Xcel

Energy,

Inc

13,621

TOTAL

UTILITIES

320,847

TOTAL

COMMON

STOCKS

9,297,409

(Cost

$9,108,394)

PREFERRED

STOCKS

-

0.3%

BANKS

-

0.1%

233,115

*,e

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

778

740,991

*,e

Federal

National

Mortgage

Association

(FNMA)

2,727

490,000

e

First

Republic

Bank

8,737

TOTAL

BANKS

12,242

INSURANCE

-

0.0%

178,941

Assurant,

Inc

3,808

TOTAL

INSURANCE

3,808

REAL

ESTATE

-

0.1%

695,000

Brookfield

Property

Partners

LP

11,815

390,000

e

Brookfield

Property

Partners

LP

7,207

TOTAL

REAL

ESTATE

19,022

UTILITIES

-

0.1%

490,000

e

Brookfield

Infrastructure

Partners

LP

8,227

308,000

e

Brookfield

Renewable

Partners

LP

6,040

TOTAL

UTILITIES

14,267

TOTAL

PREFERRED

STOCKS

49,339

(Cost

$88,151)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.4%

GOVERNMENT

AGENCY

DEBT

-

0.3%

$

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

11/01/22

9,975

10,000,000

FHLB

0

.000

11/07/22

9,969

5,000,000

FHLB

0

.000

12/21/22

4,963

10,000,000

FHLB

0

.000

02/27/23

9,849

10,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

10/05/22

9,998

TOTAL

GOVERNMENT

AGENCY

DEBT

44,754

TOTAL

SHORT-TERM

INVESTMENTS

44,754

(Cost

$44,800)

REPURCHASE

AGREEMENT

-

0.7%

122,700,000

r

Fixed

Income

Clearing

Corp

(FICC)

2

.950

10/03/22

122,700

TOTAL

REPURCHASE

AGREEMENT

122,700

TOTAL

SHORT-TERM

INVESTMENTS

122,700

(Cost

$122,700)

Portfolio

of

investments

(unaudited)

CREF

Social

Choice

Account

September

30,

2022

362

College

Retirement

Equities

Fund

concluded

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

VALUE

(000)

TREASURY

DEBT

-

0.1%

$

10,000,000

United

States

Treasury

Bill

0

.000

%

10/06/22

$

9,998

TOTAL

TREASURY

DEBT

9,998

TOTAL

SHORT-TERM

INVESTMENTS

9,998

(Cost

$10,000)

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1.3%

221,897,809

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

3

.070

221,898

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

221,898

TOTAL

SHORT-TERM

INVESTMENTS

221,898

(Cost

$221,898)

TOTAL

INVESTMENTS

-

100.6%

16,395,426

(Cost

$17,219,197)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.6)%

(

104,025

)

NET

ASSETS

-

100.0%

$16,291,401

CLP

Chilean

Peso

CCRC

Congregate

Care

Retirement

Center

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$244,845,090.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

q

In

default

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

2.950%

dated

9/30/22

to

be

repurchased

at

$122,700,000

on

10/3/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.625%–3.250%

and

maturity

dates

5/31/27–6/30/27,

valued

at

$125,154,071.

Notes

to

portfolios

of

investments

(unaudited)

College

Retirement

Equities

Fund

September

30,

2022

363

Notes

to

portfolios

of

investments

(unaudited)

Organization

and

significant

accounting

policies

Part

F

of

Form

N-PORT

was

prepared in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission related

to

interim

filings. Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report.

For

a

full

set

of

financial

statement

notes,

please

refer

to

the

most

recently

filed

annual

or

semiannual

report.

Valuation

of

investments

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Trustees.

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

which

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).

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

September

30,

2022,

based

on

the

inputs

used

to

value

them:

Account

Level

1

Level

2

Level

3

Total

Stock

Corporate

bonds

$—

$55

$—

$55

Common

stocks

67,329,699

28,707,178

30,380

96,067,257

Rights/Warrants

13

1,114

23

1,150

Short-term

investments

—

2,144,355

—

2,144,355

Purchased

options

2,008

—

—

2,008

Written

options*

(634)

—

—

(634)

Futures

contracts*

(73,720)

—

—

(73,720)

Total

$67,257,366

$30,852,702

$30,403

$98,140,471

Global

Equities

Corporate

bonds

$—

$14

$—

$14

Common

stocks

13,273,757

6,217,108

1,624

19,492,489

Rights/Warrants

8

2

—

10

Short-term

investments

—

439,700

—

439,700

Purchased

options

1,364

—

—

1,364

Written

options*

(364)

—

—

(364)

Futures

contracts*

(13,167)

—

—

(13,167)

Total

$13,261,598

$6,656,824

$1,624

$19,920,046

Growth

Common

stocks

$23,980,757

$429,876

$—

$24,410,633

Short-term

investments

14,718

123,799

—

138,517

Total

$23,995,475

$553,675

$—

$24,549,150

Equity

Index

Common

stocks

$18,315,067

$6,561

$184

$18,321,812

Short-term

investments

370,659

40,990

—

411,649

Futures

contracts*

(3,387)

—

—

(3,387)

Total

$18,682,339

$47,551

$184

$18,730,074

Notes

to

portfolios

of

investments

(unaudited)

College

Retirement

Equities

Fund

September

30,

2022

364

Notes

to

portfolios

of

investments

(unaudited)

concluded

Account

Level

1

Level

2

Level

3

Total

Core

Bond

Bank

loan

obligations

$—

$58,609

$195

$58,804

Corporate

bonds

—

3,585,746

1,567

3,587,313

Government

bonds

—

4,839,227

32,391

4,871,618

Structured

assets

—

1,989,356

330

1,989,686

Preferred

stocks

11,564

—

—

11,564

Short-term

investments

90,174

114,830

—

205,004

Futures

contracts*

4,177

—

—

4,177

Forward

foreign

currency

contracts*

—

7,993

—

7,993

Credit

default

swap

contracts*

—

1,897

—

1,897

Total

$105,915

$10,597,658

$34,483

$10,738,056

Inflation-Linked

Bond

Bank

loan

obligations

$—

$36,461

$—

$36,461

Corporate

bonds

—

137,484

—

137,484

Government

bonds

—

6,739,456

—

6,739,456

Structured

assets

—

189,506

2,679

192,185

Short-term

investments

129,685

4,010

—

133,695

Futures

contracts*

5,488

—

—

5,488

Total

$135,173

$7,106,917

$2,679

$7,244,769

Social

Choice

Bank

loan

obligations

$—

$26,270

$—

$26,270

Corporate

bonds

—

2,380,593

—

2,380,593

Government

bonds

—

3,482,370

14,907

3,497,277

Structured

assets

—

743,198

1,990

745,188

Common

stocks

6,857,402

2,439,996

11

9,297,409

Preferred

stocks

49,339

—

—

49,339

Short-term

investments

221,898

177,452

—

399,350

Total

$7,128,639

$9,249,879

$16,908

$16,395,426

*

Derivative

instruments

are

not

reflected

in

the

market

value

of

portfolio

investments.

A10944-B

(5/22)